Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 23, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ASTEC INDUSTRIES INC | ' |
Entity Central Index Key | '0000792987 | ' |
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 | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 22,853,558 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $46,342 | $80,929 |
Short-term investments | 16,343 | 1,334 |
Trade receivables, net | 95,023 | 85,595 |
Other receivables | 2,324 | 3,453 |
Inventories | 339,826 | 312,683 |
Prepaid expenses and other | 9,838 | 9,875 |
Deferred income tax assets | 11,863 | 10,215 |
Total current assets | 521,559 | 504,084 |
Property and equipment, net | 186,546 | 182,839 |
Investments | 11,599 | 10,232 |
Goodwill | 15,037 | 15,011 |
Other long-term assets | 15,322 | 16,617 |
Total assets | 750,063 | 728,783 |
Current liabilities: | ' | ' |
Accounts payable | 48,492 | 46,210 |
Accrued product warranty | 12,553 | 11,052 |
Customer deposits | 40,445 | 44,224 |
Accrued payroll and related liabilities | 17,388 | 16,590 |
Accrued loss reserves | 3,611 | 3,221 |
Other current liabilities | 21,086 | 24,245 |
Total current liabilities | 143,575 | 145,542 |
Deferred income tax liabilities | 14,084 | 15,170 |
Other long-term liabilities | 18,819 | 17,330 |
Total liabilities | 176,478 | 178,042 |
Shareholders' equity | 570,169 | 549,097 |
Non-controlling interest | 3,416 | 1,644 |
Total equity | 573,585 | 550,741 |
Total liabilities and equity | $750,063 | $728,783 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Consolidated Statements of Income (unaudited) [Abstract] | ' | ' | ' | ' |
Net sales | $213,177 | $218,391 | $709,136 | $708,633 |
Cost of sales | 167,390 | 171,094 | 549,341 | 548,993 |
Gross profit | 45,787 | 47,297 | 159,795 | 159,640 |
Selling, general, administrative and engineering expenses | 36,635 | 38,411 | 114,797 | 117,010 |
Income from operations | 9,152 | 8,886 | 44,998 | 42,630 |
Interest expense | 269 | 152 | 417 | 240 |
Other income, net of expenses | 1,100 | 836 | 1,885 | 2,305 |
Income from continuing operations before income taxes | 9,983 | 9,570 | 46,466 | 44,695 |
Income taxes on continuing operations | 3,456 | 2,937 | 15,536 | 16,028 |
Net income from continuing operations | 6,527 | 6,633 | 30,930 | 28,667 |
Income from discontinued operations, net of tax | 0 | 318 | 0 | 1,400 |
Net income | 6,527 | 6,951 | 30,930 | 30,067 |
Net income attributable to non-controlling interest | 13 | 48 | 154 | 124 |
Net income attributable to controlling interest | $6,514 | $6,903 | $30,776 | $29,943 |
Net income attributable to controlling interest from continuing operations: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.29 | $0.29 | $1.35 | $1.26 |
Diluted (in dollars per share) | $0.28 | $0.29 | $1.33 | $1.24 |
Income from discontinued operations, net of tax | ' | ' | ' | ' |
Basic (in dollars per share) | $0 | $0.01 | $0 | $0.06 |
Diluted (in dollars per share) | $0 | $0.01 | $0 | $0.06 |
Net income attributable to controlling interest: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.29 | $0.30 | $1.35 | $1.32 |
Diluted (in dollars per share) | $0.28 | $0.30 | $1.33 | $1.30 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 22,756 | 22,691 | 22,744 | 22,675 |
Diluted (in shares) | 23,082 | 23,053 | 23,077 | 23,049 |
Dividends declared per common share | $0.10 | $0 | $0.20 | $0 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Consolidated Statements of Comprehensive Income (unaudited) [Abstract] | ' | ' | ' | ' |
Net income | $6,527 | $6,951 | $30,930 | $30,067 |
Other comprehensive income | ' | ' | ' | ' |
Change in unrecognized pension and post-retirement benefit costs | 0 | 0 | 2 | 0 |
Income tax (provision) benefit on change in unrecognized pension and post-retirement benefit costs | -4 | -29 | 54 | -70 |
Foreign currency translation adjustments | -168 | 803 | -6,984 | 276 |
Income tax benefit on foreign currency translation adjustments | 118 | 12 | 1,111 | 130 |
Other comprehensive income (loss) | -54 | 786 | -5,817 | 336 |
Comprehensive income | 6,473 | 7,737 | 25,113 | 30,403 |
Comprehensive income (loss) attributable to non-controlling interest | -40 | 29 | -297 | 32 |
Comprehensive income attributable to controlling interest | $6,513 | $7,708 | $25,410 | $30,371 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $30,930 | $30,067 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' |
Depreciation and amortization | 16,664 | 17,523 |
Provision for doubtful accounts | 223 | 244 |
Provision for warranties | 9,418 | 9,118 |
Deferred compensation provision (benefit) | 307 | -86 |
Purchase of trading securities, net | -1,226 | -745 |
Stock-based compensation | 1,012 | 731 |
Tax expense (benefit) from stock incentive plans | 77 | -170 |
Deferred income tax provision (benefit) | -1,541 | 3,794 |
Gain on disposition of fixed assets | -157 | -251 |
(Increase) decrease in: | ' | ' |
Trade and other receivables | -9,479 | -6,960 |
Inventories | -27,143 | -46,984 |
Prepaid expenses | 864 | 773 |
Other assets | -639 | -860 |
Increase (decrease) in: | ' | ' |
Accounts payable | 2,282 | -5,714 |
Accrued product warranty | -7,640 | -8,366 |
Customer deposits | -3,778 | 3,257 |
Prepaid and income taxes payable | -1,697 | -1,515 |
Other liabilities | -1,745 | -60 |
Net cash provided (used) by operating activities | 6,732 | -6,204 |
Cash flows from investing activities: | ' | ' |
Expenditures for property and equipment | -22,142 | -17,288 |
Purchase of short-term investments | -15,000 | 0 |
Proceeds from sale of property and equipment | 351 | 620 |
Net cash used by investing activities | -36,791 | -16,668 |
Cash flows from financing activities: | ' | ' |
Payment of dividends | -4,570 | 0 |
Tax (expense) benefit from stock issued under incentive plans | -77 | 170 |
Supplemental Executive Retirement Plan transactions, net | 2 | -198 |
Withholding tax paid upon vesting of restricted stock units | -783 | -716 |
Proceeds from exercise of stock options | 78 | 492 |
Purchase of subsidiary shares from minority shareholders | 0 | -23 |
Sale of subsidiaries shares to minority shareholders | 2,069 | 1,030 |
Net cash provided (used) by financing activities | -3,281 | 755 |
Effect of exchange rates on cash | -1,247 | 176 |
Net decrease in cash and cash equivalents | -34,587 | -21,941 |
Cash and cash equivalents, beginning of period | 80,929 | 57,505 |
Cash and cash equivalents, end of period | $46,342 | $35,564 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Equity (unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Company Shares held by SERP [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
In Thousands | |||||||
Balance at Dec. 31, 2012 | $4,560 | $133,810 | $508 | ($2,855) | $413,074 | $1,644 | $550,741 |
Balance (in shares) at Dec. 31, 2012 | 22,799 | ' | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | 0 | 30,776 | 154 | 30,930 |
Other comprehensive income | 0 | 0 | -5,366 | 0 | 0 | -451 | -5,817 |
Dividends declared | 0 | 4 | 0 | 0 | -4,574 | 0 | -4,570 |
Change in ownership percentage of subsidiaries | 0 | 0 | 0 | 0 | 0 | 2,069 | 2,069 |
Stock-based compensation | 1 | 1,011 | 0 | 0 | 0 | 0 | 1,012 |
Stock-based compensation (in shares) | 4 | ' | ' | ' | ' | ' | ' |
Stock issued under incentive plans | 10 | -9 | 0 | 0 | 0 | 0 | 1 |
Stock issued under incentive plans (in shares) | 51 | ' | ' | ' | ' | ' | ' |
Withholding tax paid upon vesting of RSUs | 0 | -783 | 0 | 0 | 0 | 0 | -783 |
SERP transactions, net | 0 | 63 | 0 | -61 | 0 | 0 | 2 |
Balance at Sep. 30, 2013 | $4,571 | $134,096 | ($4,858) | ($2,916) | $439,276 | $3,416 | $573,585 |
Balance (in shares) at Sep. 30, 2013 | 22,854 | ' | ' | ' | ' | ' | ' |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Note 1. Â Significant Accounting Policies | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated under the Securities Act of 1933. Â Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("U.S. GAAP") for complete financial statements. Â In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Â Operating results for the three and nine-month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. Â It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Astec Industries, Inc. Annual Report on Form 10-K for the year ended December 31, 2012. | |
The condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Â The Company has restated the accompanying Condensed Consolidated Balance Sheet as of December 31, 2012, the Condensed Consolidated Statements of Income for the three and nine-month periods ended September 30, 2012 and the Condensed Consolidated Statement of Cash Flows and Condensed Consolidated Statement of Equity for the nine-month period ended September 30, 2012 to correct immaterial accounting errors in these statements contained in previous filings. Â See Note 19, "Restatement of Previously Issued Financial Statements," for additional information regarding the restatement. | |
Recent Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11, "Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities," which describes when it is appropriate to offset financial assets and liabilities on the balance sheet. Companies will now have to disclose both gross and net information about instruments eligible for offset in the statement of financial position, instruments and transactions subject to an agreement similar to a master netting arrangement, and the collateral received in a master netting arrangement. The new disclosure will enable users of financial statements to understand significant quantitative differences in balance sheets prepared under U.S. GAAP and International Financial Reporting Standards related to the offsetting of financial instruments. The update was effective for annual and interim reporting periods beginning on or after January 1, 2013. The Company adopted this standard as of January 1, 2013. Â Adopting this standard did not have a significant impact on the Company's financial position or results of operations. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings per Share [Abstract] | ' | ||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
Note 2. Â Earnings per Share | |||||||||||||||||
Basic earnings per share are determined by dividing earnings by the weighted average number of common shares outstanding during each period. Â Diluted earnings per share include the potential dilutive effects of options, restricted stock units and shares held in the Company's Supplemental Executive Retirement Plan. | |||||||||||||||||
The following table sets forth the computation of net income attributable to controlling interest from continuing operations and the number of basic and diluted shares used in the computation of earnings per share (in thousands): | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended | Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income from continuing operations | $ | 6,527 | $ | 6,633 | $ | 30,930 | $ | 28,667 | |||||||||
Net income attributable to non-controlling interests | 13 | 48 | 154 | 124 | |||||||||||||
Net income attributable to controlling interest from continuing operations | $ | 6,514 | $ | 6,585 | $ | 30,776 | $ | 28,543 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share | 22,756 | 22,691 | 22,744 | 22,675 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Employee stock options and restricted stock units | 211 | 252 | 218 | 266 | |||||||||||||
Supplemental Executive Retirement Plan | 115 | 110 | 115 | 108 | |||||||||||||
Denominator for diluted earnings per share | 23,082 | 23,053 | 23,077 | 23,049 | |||||||||||||
A total of 323 and 1,072 options were antidilutive for each of the three-month periods ended September 30, 2013 and 2012, respectively. Â A total of 573 and 822 options were antidilutive for each of the nine-month periods ended September 30, 2013 and 2012, respectively. Â Antidilutive options are not included in the diluted earnings per share computation. |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2013 | |
Receivables [Abstract] | ' |
Receivables | ' |
Note 3. Â Receivables | |
Receivables are net of allowances for doubtful accounts of $1,807,000 and $2,143,000 as of September 30, 2013 and December 31, 2012, respectively. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 4. Â Inventories | |||||||||
Inventories consist of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials and parts | $ | 131,780 | $ | 129,676 | |||||
Work-in-process | 86,754 | 76,052 | |||||||
Finished goods | 95,010 | 85,060 | |||||||
Used equipment | 26,282 | 21,895 | |||||||
   Total | $ | 339,826 | $ | 312,683 |
Property_and_Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2013 | |
Property and Equipment [Abstract] | ' |
Property and Equipment | ' |
Note 5. Â Property and Equipment | |
Property and equipment is stated at cost, less accumulated depreciation of $204,786,000 and $192,165,000 as of September 30, 2013 and December 31, 2012, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
Note 6. Â Fair Value Measurements | |||||||||||||
The Company has various financial instruments that must be measured at fair value on a recurring basis, including marketable debt and equity securities held by Astec Insurance Company ("Astec Insurance"), the Company's captive insurance company, and marketable equity securities held in an unqualified Supplemental Executive Retirement Plan ("SERP"). Â The obligations of the Company associated with the financial assets held in the SERP also constitute a liability of the Company for financial reporting purposes. Â The Company's subsidiaries also occasionally enter into foreign currency exchange contracts to mitigate exposure to fluctuations in currency exchange rates. | |||||||||||||
The carrying amount of cash and cash equivalents, trade receivables, other receivables, revolving debt and accounts payable approximates their fair value because of the short-term nature of these instruments. Â Investments are carried at their fair value based on quoted market prices for identical or similar assets or, where no quoted prices exist, other observable inputs for the asset. Â The fair values of foreign currency exchange contracts are based on quotations from various banks for similar instruments using models with market based inputs. | |||||||||||||
Financial assets and liabilities are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Â The inputs used to measure the fair value are identified in the following hierarchy: | |||||||||||||
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; or unadjusted | ||||||||||||
  quoted prices for identical or similar assets or liabilities in markets that are not active; or | |||||||||||||
  inputs other than quoted prices that are observable for the asset or liability. | |||||||||||||
Level 3 - | Inputs reflect management's best estimate of what market participants would use in pricing | ||||||||||||
  the asset or liability at the measurement date. Consideration is given to the risk inherent in | |||||||||||||
  the valuation technique and the risk inherent in the inputs to the model. | |||||||||||||
As indicated in the tables below (which excludes the Company's pension assets), the Company has determined that all of its financial assets and liabilities as of September 30, 2013 and December 31, 2012 are level 1 and level 2 in the fair value hierarchy as defined above (in thousands): | |||||||||||||
  | 30-Sep-13 | ||||||||||||
  | Level 1 | Level 2 | Total | ||||||||||
Financial Assets: | |||||||||||||
Trading equity securities: | |||||||||||||
SERP money market fund | $ | 998 | $ | - | $ | 998 | |||||||
SERP mutual funds | 2,248 | - | 2,248 | ||||||||||
Preferred stocks | 676 | - | 676 | ||||||||||
Short-term investment in mutual funds | 15,536 | - | 15,536 | ||||||||||
Trading debt securities: | |||||||||||||
Corporate bonds | 3,815 | 1,227 | 5,042 | ||||||||||
Municipal bonds | - | 1,449 | 1,449 | ||||||||||
Floating rate notes | 102 | 467 | 569 | ||||||||||
U.S. Treasury bonds and bills | 472 | - | 472 | ||||||||||
Other | - | 952 | 952 | ||||||||||
Short-term derivative financial instruments | - | 216 | 216 | ||||||||||
    Total financial assets | $ | 23,847 | $ | 4,311 | $ | 28,158 | |||||||
Financial Liabilities: | |||||||||||||
SERP liabilities | $ | - | $ | 7,394 | $ | 7,394 | |||||||
    Total financial liabilities | $ | - | $ | 7,394 | $ | 7,394 | |||||||
   | 31-Dec-12 | ||||||||||||
   | Level 1 | Level 2 | Total | ||||||||||
Financial Assets: | |||||||||||||
Trading equity securities: | |||||||||||||
SERP money market fund | $ | 996 | $ | - | $ | 996 | |||||||
SERP mutual funds | 1,835 | - | 1,835 | ||||||||||
Preferred stocks | 720 | - | 720 | ||||||||||
Trading debt securities: | |||||||||||||
Corporate bonds | 3,342 | 909 | 4,251 | ||||||||||
Municipal bonds | 1,449 | 957 | 2,406 | ||||||||||
Floating rate notes | 749 | - | 749 | ||||||||||
U.S. treasury bonds | 200 | - | 200 | ||||||||||
Other | - | 409 | 409 | ||||||||||
    Total financial assets | $ | 9,291 | $ | 2,275 | $ | 11,566 | |||||||
Financial Liabilities: | |||||||||||||
SERP liabilities | $ | - | $ | 6,674 | $ | 6,674 | |||||||
Short-term derivative financial instruments | - | 145 | 145 | ||||||||||
    Total financial liabilities | $ | - | $ | 6,819 | $ | 6,819 | |||||||
The Company reevaluates the volume of trading activity for each of its investments at the end of each quarter and adjusts the level within the fair value hierarchy as needed. Â Due to increased trading activity, $951,000 of investments included in Level 2 at December 31, 2012 were transferred to Level 1 at September 30, 2013. | |||||||||||||
The trading equity investments noted above are valued at their fair value based on their quoted market prices, and the debt securities are valued based upon a mix of observable market prices and model driven prices derived from a matrix of observable market prices for assets with similar characteristics obtained with the assistance of a nationally recognized third party pricing service. Â Additionally, a significant portion of the SERP's investments in trading equity securities are in money market and mutual funds. Â As these money market and mutual funds are held in a SERP, they are also included in the Company's liability under its SERP. | |||||||||||||
Trading debt securities are comprised of marketable debt securities held by Astec Insurance. Astec Insurance has an investment strategy that focuses on providing regular and predictable interest income from a diversified portfolio of high-quality fixed income securities. As of September 30, 2013 and December 31, 2012, $807,000 and $1,334,000, respectively, of trading debt securities were due to mature within twelve months and, accordingly, are included in short-term investments in the accompanying balance sheets. Â The financial liabilities related to the SERP shown above are included in other long-term liabilities in the accompanying balance sheets. | |||||||||||||
Net unrealized gains or losses incurred during the three-month periods ended September 30, 2013 and 2012 on investments still held as of the end of each reporting period amounted to gains of $656,000 and $105,000, respectively. Net unrealized gains or losses incurred during the nine-month periods ended September 30, 2013 and 2012 on investments still held as of the end of each reporting period amounted to gains of $553,000 and $273,000, respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2013 | |
Debt [Abstract] | ' |
Debt | ' |
Note 7. Â Debt | |
On April 12, 2012, the Company and certain of its subsidiaries entered into an amended and restated credit agreement with Wells Fargo Bank, National Association ("Wells Fargo"), whereby Wells Fargo extended to the Company an unsecured line of credit of up to $100,000,000, including a sub-limit for letters of credit of up to $25,000,000. Â The new amended and restated credit agreement replaced an expiring $100,000,000 credit facility between the Company and Wells Fargo. Â To date, there have been no revolving or term loan borrowings under the credit facilities. Â Letters of credit totaling $6,903,000 were outstanding under the new agreement as of September 30, 2013, resulting in additional borrowing capacity of $93,097,000 on the Wells Fargo credit facility as of September 30, 2013. Â The agreement has a five-year term expiring in April 2017. Â Borrowings under the agreement are subject to an interest rate equal to the daily one month LIBOR rate plus a 0.75% margin. Â The unused facility fee is 0.175%. Â Interest only payments are due monthly. Â The agreement contains certain financial covenants, including provisions concerning required levels of annual net income, minimum tangible net worth and maximum allowed capital expenditures. Â The Company was in compliance with these covenants as of September 30, 2013. | |
The Company's South African subsidiary, Osborn Engineered Products SA (Pty) Ltd ("Osborn"), has a credit facility of $7,465,000 (ZAR 75,000,000) to finance short-term working capital needs, as well as to cover performance letters of credit, advance payment and retention guarantees. As of September 30, 2013, Osborn had $328,000 of borrowings, which are included in other current liabilities in the balance sheet, and $1,478,000 in performance, advance payment and retention guarantees outstanding under the facility. The facility is unsecured and no unused facility fees are charged. Â As of September 30, 2013, Osborn had available credit under the facility of $5,658,000. The interest rate is 0.25% less than the South Africa prime rate, resulting in a rate of 8.25% as of September 30, 2013. | |
The Company's Australian subsidiary, Astec Australia Pty Ltd ("Astec Australia"), entered into a new banking agreement in July 2013 that includes a banking facility to finance foreign exchange dealer limit orders of up to $7,447,000 (AUD 8,000,000) and a flexible options finance facility of $3,025,000 (AUD 3,250,000) secured by a mortgage on Astec Australia's property and a general security agreement.  Amounts outstanding under Astec Australia's prior banking arrangements are currently being transferred to the new bank, and the existing $1,600,000 letter of credit issued by the parent Company in connection with Astec Australia's prior credit facility is expected to be terminated once the transfers are complete. No amounts were outstanding under the credit facilities as of September 30, 2013; however, performance guarantees in the amount of $849,000 were outstanding under the bank guarantee facilities as of September 30, 2013. The interest rate is the bank's Business One Loan Rate plus a line fee of 1.35%. The interest rate was 5.21% as of September 30, 2013. |
Product_Warranty_Reserves
Product Warranty Reserves | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Product Warranty Reserves [Abstract] | ' | ||||||||||||||||
Product Warranty Reserves | ' | ||||||||||||||||
Note 8. Â Product Warranty Reserves | |||||||||||||||||
The Company warrants its products against manufacturing defects and performance to specified standards. The warranty period and performance standards vary by market and uses of its products, but generally range from three months to one year or up to a specified number of hours of operations. The Company estimates the costs that may be incurred under its warranties and records a liability at the time product sales are recorded. Â The product warranty liability is primarily based on historical claim rates, nature of claims and the associated cost. | |||||||||||||||||
Changes in the Company's product warranty liability for the three and nine-month periods ended September 30, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Reserve balance, beginning of the period | $ | 11,690 | $ | 12,634 | $ | 11,052 | $ | 12,663 | |||||||||
Warranty liabilities accrued | 3,151 | 3,270 | 9,418 | 9,118 | |||||||||||||
Warranty liabilities settled | (2,288 | ) | (2,494 | ) | (7,640 | ) | (8,366 | ) | |||||||||
Other | - | 31 | (277 | ) | 26 | ||||||||||||
Reserve balance, end of the period | $ | 12,553 | $ | 13,441 | $ | 12,553 | $ | 13,441 |
Accrued_Loss_Reserves
Accrued Loss Reserves | 9 Months Ended |
Sep. 30, 2013 | |
Accrued Loss Reserves [Abstract] | ' |
Accrued Loss Reserves | ' |
Note 9. Â Accrued Loss Reserves | |
The Company accrues reserves for losses related to known workers' compensation and general liability claims that have been incurred but not yet paid or are estimated to have been incurred but not yet reported to the Company. Â The undiscounted reserves are actuarially determined based on the Company's evaluation of the type and severity of individual claims and historical information, primarily its own claims experience, along with assumptions about future events. Â Changes in assumptions, as well as changes in actual experience, could cause these estimates to change in the future. Â Total accrued loss reserves were $7,911,000 as of September 30, 2013 compared to $7,315,000 as of December 31, 2012, of which $4,299,000 and $4,094,000 were included in other long-term liabilities as of September 30, 2013 and December 31, 2012, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 10. Â Income Taxes | |
The Company's combined effective income tax rate on continuing operations was 34.6% and 30.7% for the three-month periods ended September 30, 2013 and 2012, respectively.  The Company's combined effective income tax rate on continuing operations was 33.4% and 35.9% for the nine-month periods ended September 30, 2013 and 2012, respectively.  The Company's effective tax rate for the three-month period ended September 30, 2013 includes the effect of state income taxes and other discrete items as well as a benefit for tax credits on third quarter 2013 research and development tax expenditures. The Company's effective tax rate for the nine-month period ended September 30, 2013 includes the effect of state income taxes and other discrete items as well as a benefit for tax credits for research and development tax expenditures during both the first nine months of 2013 and all of the fiscal year 2012, as legislation extending the research and development credit for both 2012 and 2013 was not enacted by Congress until January 2013. The Company's effective tax rate for the three and nine-month periods ended September 30, 2012 did not include a benefit for research and development tax credits. | |
The Company's liability recorded for uncertain tax positions as of September 30, 2013 has changed significantly in composition since December 31, 2012 due to the settlement of an income tax audit for tax years 2006, 2007, and 2008.  |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
Note 11. Â Segment Information | |||||||||||||||||||||||||
The Company has four reportable segments. These segments are combinations of business units that offer similar products and services. A brief description of each segment is as follows: | |||||||||||||||||||||||||
Asphalt Group - This segment consists of three business units that design, engineer, manufacture and market a complete line of portable, stationary and relocatable hot-mix asphalt plants and related components and a variety of heaters, heat transfer processing equipment, thermal fluid storage tanks and concrete plants. The principal purchasers of these products are asphalt producers, highway and heavy equipment contractors and foreign and domestic governmental agencies. | |||||||||||||||||||||||||
Aggregate and Mining Group - This segment consists of seven business units that design, engineer, manufacture and market a complete line of rock crushers, feeders, conveyors, screens and washing equipment. The principal purchasers of these products are open-mine and quarry operators. | |||||||||||||||||||||||||
Mobile Asphalt Paving Group - This segment consists of three business units that design, engineer, manufacture and market asphalt pavers, asphalt material transfer vehicles, milling machines and paver screeds. The principal purchasers of these products are highway and heavy equipment contractors and foreign and domestic governmental agencies. | |||||||||||||||||||||||||
Underground Group - This segment currently consists of two business units that design, engineer, manufacture and market a complete line of drilling rigs for the oil and gas, geothermal and water well industries, high pressure diesel pump trailers for fracking and cleaning oil and gas wells and a four-track surface miner. This segment previously included American Augers, Inc., which was sold in November 2012. | |||||||||||||||||||||||||
All Others - This category consists of the Company's other business units, including Peterson Pacific Corp., Astec Australia Pty Ltd, Astec Insurance Company and the parent company, Astec Industries, Inc., that do not meet the requirements for separate disclosure as an operating segment. | |||||||||||||||||||||||||
The Company evaluates performance and allocates resources based on profit or loss from operations before U.S. federal income taxes and corporate overhead. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. | |||||||||||||||||||||||||
Segment Information: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Asphalt | Aggregate | Mobile Asphalt | Underground | All | Total | ||||||||||||||||||||
Group | and Mining | Paving | Group | Others | |||||||||||||||||||||
Group | Group | ||||||||||||||||||||||||
Net sales to external | $ | 47,058 | $ | 79,792 | $ | 35,419 | $ | 27,266 | $ | 23,642 | $ | 213,177 | |||||||||||||
  customers | |||||||||||||||||||||||||
Intersegment sales | 3,686 | 11,301 | 3,996 | - | - | 18,983 | |||||||||||||||||||
Gross profit | 12,257 | 19,584 | 7,922 | 1,979 | 4,045 | 45,787 | |||||||||||||||||||
Gross profit percent | 26 | % | 24.5 | % | 22.4 | % | 7.3 | % | 17.1 | % | 21.5 | % | |||||||||||||
Segment profit (loss) | $ | 4,846 | $ | 6,765 | $ | 2,059 | $Â | (813 | ) | $Â | (5,652 | ) | $ | 7,205 | |||||||||||
(in thousands) | |||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Asphalt | Aggregate | Mobile Asphalt | Underground | All | Total | ||||||||||||||||||||
Group | and Mining | Paving | Group | Others | |||||||||||||||||||||
Group | Group | ||||||||||||||||||||||||
Net sales to external | $ | 181,761 | $ | 270,438 | $ | 128,459 | $ | 59,066 | $ | 69,412 | $ | 709,136 | |||||||||||||
  customers | |||||||||||||||||||||||||
Intersegment sales | 11,432 | 34,361 | 15,571 | 2,298 | - | 63,662 | |||||||||||||||||||
Gross profit | 44,289 | 68,240 | 29,652 | 4,486 | 13,128 | 159,795 | |||||||||||||||||||
Gross profit percent | 24.4 | % | 25.2 | % | 23.1 | % | 7.6 | % | 18.9 | % | 22.5 | % | |||||||||||||
Segment profit (loss) | $ | 20,048 | $ | 26,963 | $ | 10,888 | $Â | (3,963 | ) | $Â | (21,578 | ) | $ | 32,358 | |||||||||||
(in thousands) | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||
Asphalt | Aggregate | Mobile Asphalt | Underground | All | Total | ||||||||||||||||||||
Group | and Mining | Paving | Group | Others | |||||||||||||||||||||
Group | Group | ||||||||||||||||||||||||
Net sales to external | $ | 46,797 | $ | 91,860 | $ | 36,618 | $ | 20,529 | $ | 22,587 | $ | 218,391 | |||||||||||||
  customers | |||||||||||||||||||||||||
Intersegment sales | 5,860 | 5,939 | 4,276 | 50 | 57 | 16,182 | |||||||||||||||||||
Gross profit | 9,645 | 22,957 | 7,575 | 2,701 | 4,419 | 47,297 | |||||||||||||||||||
Gross profit percent | 20.6 | % | 25 | % | 20.7 | % | 13.2 | % | 19.6 | % | 21.7 | % | |||||||||||||
Segment profit (loss) | $ | 2,324 | $ | 8,697 | $ | 1,631 | $Â | (127 | ) | $ | (5,243 | ) | $ | 7,282 | |||||||||||
(in thousands) | |||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||
Asphalt | Aggregate | Mobile Asphalt | Underground | All | Total | ||||||||||||||||||||
Group | and Mining | Paving | Group | Others | |||||||||||||||||||||
Group | Group | ||||||||||||||||||||||||
Net sales to external | $ | 174,898 | $ | 278,024 | $ | 123,770 | $ | 61,817 | $ | 70,124 | $ | 708,633 | |||||||||||||
  customers | |||||||||||||||||||||||||
Intersegment sales | 19,910 | 19,256 | 13,759 | 1,008 | 168 | 54,101 | |||||||||||||||||||
Gross profit | 38,502 | 72,512 | 28,331 | 7,838 | 12,457 | 159,640 | |||||||||||||||||||
Gross profit percent | 22 | % | 26.1 | % | 22.9 | % | 12.7 | % | 17.8 | % | 22.5 | % | |||||||||||||
Segment profit (loss) | $ | 14,308 | $ | 29,836 | $ | 9,634 | $Â | (1,173 | ) | $ | (22,929 | ) | $ | 29,676 | |||||||||||
A reconciliation of total segment profits to the Company's consolidated totals is as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Total segment profits | $ | 7,205 | $ | 7,282 | $ | 32,358 | $ | 29,676 | |||||||||||||||||
Elimination of intersegment profit | (678 | ) | (649 | ) | (1,428 | ) | (1,009 | ) | |||||||||||||||||
Net income from continuing operations | 6,527 | 6,633 | 30,930 | 28,667 | |||||||||||||||||||||
Income from discontinued operations, net of tax | - | 318 | - | 1,400 | |||||||||||||||||||||
Net income attributable to non-controlling interest in subsidiaries | (13 | ) | (48 | ) | (154 | ) | (124 | ) | |||||||||||||||||
Net income attributable to controlling interest | $ | 6,514 | $ | 6,903 | $ | 30,776 | $ | 29,943 |
Contingent_Matters
Contingent Matters | 9 Months Ended |
Sep. 30, 2013 | |
Contingent Matters [Abstract] | ' |
Contingent Matters | ' |
Note 12. Â Contingent Matters | |
Certain customers have financed purchases of Company products through arrangements in which the Company is contingently liable for customer debt of $1,291,000 and $2,091,000 as of September 30, 2013 and December 31, 2012, respectively. Â The maximum potential amount of future payments for which the Company would be liable was equal to $1,291,000 as of September 30, 2013. Â These arrangements also provide that the Company will receive the lender's full security interest in the equipment financed if the Company is required to fulfill its contingent liability under these arrangements. Â The Company has recorded a liability of $266,000 related to these guarantees as of September 30, 2013. | |
In addition, the Company is contingently liable under letters of credit issued by Wells Fargo totaling $6,903,000 as of September 30, 2013, including a $1,600,000 letter of credit issued on behalf of Astec Australia, one of the Company's foreign subsidiaries. Â The outstanding letters of credit expire at various dates through November 2017. Â As of September 30, 2013, Osborn is contingently liable for a total of $1,478,000 in performance letters of credit, advance payments and retention guarantees. Â As of September 30, 2013, Astec Australia is contingently liable for a total of $849,000 in performance bank guarantees. Â The maximum potential amount of future payments under these letters of credit and guarantees for which the Company could be liable is $9,230,000 as of September 30, 2013. | |
The Company is currently a party to various claims and legal proceedings that have arisen in the ordinary course of business. Â If management believes that a loss arising from such claims and legal proceedings is probable and can reasonably be estimated, the Company records the amount of the loss (excluding estimated legal fees) or the minimum estimated liability when the loss is estimated using a range and no point within the range is more probable than another. Â As management becomes aware of additional information concerning such contingencies, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Â If management believes that a loss arising from such claims and legal proceedings is either (i) probable but cannot be reasonably estimated or (ii) reasonably possible but not probable, the Company does not record the amount of the loss, but does make specific disclosure of such matter. Â Based upon currently available information and with the advice of counsel, management believes that the ultimate outcome of its current claims and legal proceedings, individually and in the aggregate, will not have a material adverse effect on the Company's financial position, cash flows or results of operations. Â However, claims and legal proceedings are subject to inherent uncertainties and rulings unfavorable to the Company could occur. Â If an unfavorable ruling were to occur, there exists the possibility of a material adverse effect on the Company's financial position, cash flows or results of operations. | |
During 2004, the Company received notice from the Environmental Protection Agency ("EPA") that it may be responsible for a portion of the costs incurred in connection with an environmental cleanup in Illinois. The discharge of hazardous materials and associated cleanup relate to activities occurring prior to the Company's acquisition of Barber-Greene in 1986. The Company believes that over 300 other parties have received similar notices. At this time, the Company cannot predict whether the EPA will seek to hold the Company liable for a portion of the cleanup costs or the amount of any such liability. Â The Company has not recorded a liability with respect to this matter because no estimate of the amount of any such liability can be made at this time. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Shareholders' Equity [Abstract] | ' |
Shareholders' Equity | ' |
Note 13. Â Shareholders' Equity | |
Under terms of the Company's stock option plans, officers and certain other employees were granted options to purchase the Company's common stock at no less than 100% of the market price on the date the option was granted. Â No additional options can be granted under these plans; however, the Company has reserved unissued shares of common stock for the exercise of the 17,862 unexercised and outstanding options as of September 30, 2013 under these employee plans. Â All options granted under these plans vested prior to 2007. | |
In addition, the Company's Non-employee Directors Stock Incentive Plan allows non-employee directors to have a personal financial stake in the Company through an ownership interest. Â Directors may elect to receive their compensation in cash, common stock, deferred stock or stock options. Â Options granted under the Non-employee Directors Stock Incentive Plan vest and become fully exercisable immediately. Â All stock options have a 10-year term. Â The shares reserved under the 1998 Non-Employee Directors Stock Incentive Plan total 121,177 as of September 30, 2013, of which 99,222 shares are available for future grants of stock or deferred stock to directors. Â No additional options can be granted under this plan. Â The fair value of stock awards granted to non-employee directors totaled $58,000 for each of the three-month periods ended September 30, 2013 and 2012. Â The fair value of stock awards granted to non-employee directors totaled $173,000 for each of the nine-month periods ended September 30, 2013 and 2012. | |
In 2006, the Company adopted a five-year plan to award key members of management restricted stock units ("RSUs") each year under the Company's 2006 Incentive Plan. Â The plan allowed the Company to grant up to 700,000 RSUs to employees based upon the annual performance of individual subsidiaries and the Company as a whole during each of the five years ended December 31, 2010. Â Additional RSUs were granted in 2011 based upon cumulative five-year performance. Â Generally, each award will vest at the end of five years from its date of grant, or at the time a recipient retires after reaching age 65, if earlier. Â In early 2011, a subsequent plan was formulated under the Company's 2011 Incentive Plan, which was approved by the Company's shareholders in their annual meeting held in April 2011. Â This plan also allows the Company to grant up to 700,000 RSUs to employees and will operate in a similar fashion to the 2006 Incentive Plan for each of the five years ending December 31, 2015. Â Compensation expense of $312,000 and $184,000 has been recorded in the three-month periods ended September 30, 2013 and 2012, respectively, to reflect the fair value of the total shares granted or expected to be granted under both plans, amortized over the portion of the vesting period occurring during the periods. Â Compensation expense of $839,000 and $623,000 has been recorded in the nine-month periods ended September 30, 2013 and 2012, respectively, to reflect the fair value of the total shares granted or expected to be granted under both plans, amortized over the portion of the vesting period occurring during the periods. Â No RSUs vested during the three-month periods ended September 30, 2013 and 2012. Â A total of 68,629 and 65,785 RSUs vested during the nine-month periods ended September 30, 2013 and 2012, respectively. Â The Company withheld 22,330 and 20,121 shares due to statutory payroll tax withholding requirements upon the vesting of the RSUs in the first nine months of 2013 and 2012, respectively, and used Company funds to remit the related required minimum withholding taxes to the various tax authorities. Â The vesting date fair value of the RSUs that vested in the nine-month periods ended September 30, 2013 and 2012 was $2,405,000 and $2,338,000, respectively. |
Seasonality
Seasonality | 9 Months Ended |
Sep. 30, 2013 | |
Seasonality [Abstract] | ' |
Seasonality | ' |
Note 14. Â Seasonality | |
Based upon historical results of the past several years, 73% to 75% of the Company's annual revenues typically occur during the first nine months of the year. |
Other_Income_net_of_expenses
Other Income, net of expenses | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Income, net of expenses [Abstract] | ' | ||||||||||||||||
Other Income, net of expenses | ' | ||||||||||||||||
Note 15. Â Other Income, net of expenses | |||||||||||||||||
Other income, net of expenses for the three and nine-month periods ended September 30, 2013 and 2012 is presented below (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest income | $ | 225 | $ | 332 | $ | 803 | $ | 866 | |||||||||
Gain on investments | 576 | 22 | 412 | 73 | |||||||||||||
License fee income | 256 | 268 | 547 | 762 | |||||||||||||
Other | 43 | 214 | 123 | 604 | |||||||||||||
  Total | $ | 1,100 | $ | 836 | $ | 1,885 | $ | 2,305 |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Derivative Financial Instruments [Abstract] | ' |
Derivative Financial Instruments | ' |
Note 16. Â Derivative Financial Instruments | |
The Company is exposed to certain risks related to its ongoing business operations. The primary risk managed by using derivative instruments is foreign currency risk. From time to time the Company's foreign subsidiaries enter into foreign currency exchange contracts to mitigate exposure to fluctuations in currency exchange rates. The fair value of the derivative financial instrument is recorded on the Company's balance sheet and is adjusted to fair value at each measurement date.  The changes in fair value are recognized in the consolidated statements of income in the current period.  The Company does not engage in speculative transactions nor does it hold or issue financial instruments for trading purposes.  The average U.S. dollar equivalent notional amount of outstanding foreign currency exchange contracts was $11,692,000 during the nine-month period ended September 30, 2013. The Company reported $216,000 of derivative assets in other current assets at September 30, 2013.  At December 31, 2012, the Company reported $145,000 of derivative liabilities in other accrued liabilities.  The Company recognized, as a component of cost of sales, a net loss on the change in fair value of derivative financial instruments of $496,000 and $106,000 in the three-month periods ended September 30, 2013 and 2012, respectively. For the nine-month periods ended September 30, 2013 and 2012, the Company recognized, as a component of cost of sales, a net gain of $780,000 and a net loss of $507,000, respectively.  There were no derivatives that were designated as hedges at September 30, 2013. |
Business_Formation
Business Formation | 9 Months Ended |
Sep. 30, 2013 | |
Business Formation [Abstract] | ' |
Business Formation | ' |
Note 17. Â Business Formation | |
The Company has funded $9,000,000 of an expected $12,000,000 investment in Astec Agregados E Mineracao Do Brasil LTDA ("Astec Brazil") located in Vespasiano, Minas Gerais, Brazil, a consolidated subsidiary of the Company. Â When fully funded by both the Company and a minority Brazil based shareholder, the Company anticipates a 75% ownership in Astec Brazil. Â To date, Astec Brazil has had only limited revenues and start-up related expenditures, but it began constructing a manufacturing facility in Brazil in June 2013 with an expected completion date in early 2014. Â Total expected cost of the facility is approximately $20,000,000. Â Astec Brazil plans to fund the acquisition costs of the plant with borrowings from the parent company and the costs of equipment with borrowings from a local Brazilian bank. Â The Company expects to increase its international market penetration in Brazil and Latin American countries with the aggregate and mining segment's product lines to be produced in this facility. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2013 | |
Discontinued Operations [Abstract] | ' |
Discontinued Operations | ' |
Note 18. Â Discontinued Operations | |
In October 2012, the Company entered into an agreement to sell its American Augers, Inc. ("Augers") subsidiary, as well as certain assets related to the Trencor large trencher product line of Astec Underground, Inc., to The Charles Machine Works, Inc. of Perry, Oklahoma. Augers and the Trencor large trencher product line were part of the Company's Underground Group. The sale of Augers included substantially all the assets and liabilities of Augers and was completed on November 30, 2012 for $42,940,000, net of cash included in the sale and subject to closing adjustments. The Company retained the Augers vertical oil and gas drill rig product line and transferred it to the Company's GEFCO, Inc. subsidiary located in Enid, Oklahoma. This divestiture, as well as the sale of the small utility trencher and drill line of products to Toro earlier in 2012, is part of the Company's strategy to exit the cyclical underground sector. | |
Augers' results of operations are presented as discontinued operations for the three and nine-month periods ended September 30, 2012 in the Company's consolidated statements of income. Â The sales of the Trencor large trencher product line, the small utility trencher and drill product lines, and their operating results during 2012 were immaterial and are included in 2012 results from continuing operations in the consolidated statements of income. Â Augers' previously reported sales of $8,650,000 and $38,921,000 for the three and nine-month periods ended September 30, 2012 are excluded from sales reported in the accompanying consolidated statements of income. Â The post-closing adjustments to the sales price were finalized in June 2013, and the resulting $499,000 purchase price adjustment due from the Company to the buyer was paid in July 2013. |
Restatement_of_Previously_Issu
Restatement of Previously Issued Financial States | 9 Months Ended |
Sep. 30, 2013 | |
Restatement of Previously issued Financial States [Abstract] | ' |
Restatement of Previously issued Financial States | ' |
Note 19. Â Restatement of Previously Issued Financial Statements | |
During the third quarter of 2013, the Company identified errors related to the elimination of intercompany profits on interdivisional sales within the Asphalt Group during the years from 2009 through June 30, 2013. Management discovered the errors during its month-end review of its September 2013 internal financial statements while investigating a variance at one of its subsidiaries. Â The errors caused the gross margins, income taxes, profits, retained earnings and inventory levels previously reported for 2009 through June 30, 2013 to be understated each period. Â The adjustments necessary to correct the errors do not have a material impact on our previously presented financial statements as of any date; however, the correction of the cumulative effect of the errors would have been material to our income statement for 2013 and 2012. Â The impact of the errors on the Company's first two quarters of 2013 results was not material, and as such, the correction of the 2013 year-to-date error was recorded in the third quarter of 2013. Â The errors had no impact on total cash flows from operations as previously reported. | |
In accordance with applicable accounting guidance, an adjustment to the financial statements for each individual period presented is required to reflect the correction of the period-specific effects of the errors described above. Â Consequently, the Company has restated its consolidated financial statements by increasing finished goods inventory by $4,060,000 and $3,050,000 and retained earnings by $2,740,000 and $2,120,000 at December 31, 2012 and 2011, respectively. Â In the accompanying income statements, gross profit has been increased by $80,000 and $770,000 and net income from continuing operations has been increased by $50,000 and $480,000 for the three and nine-month periods ended September 30, 2012, respectively from amounts previously reported. Â Additionally, in the Company's financial statements for the years ended December 31, 2012, 2011 and 2010, gross profit has been increased by $1,010,000, $1,040,000 and $1,344,000 and net income from continuing operations has been increased by $620,000, $650,000 and $807,000, respectively, from amounts previously reported. Â These corrections did not have an impact on previously reported earnings per share for the three-month period ended September 30, 2013; however, both basic and diluted earnings per share were increased by $0.02 per share in the restated financial statements for the nine-month period ended September 30, 2012 and by $0.03 per share for each of the years ended December 31, 2012 and 2011 and by $0.04 per share in 2010. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated under the Securities Act of 1933. Â Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("U.S. GAAP") for complete financial statements. Â In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Â Operating results for the three and nine-month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. Â It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Astec Industries, Inc. Annual Report on Form 10-K for the year ended December 31, 2012. | |
The condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Â The Company has restated the accompanying Condensed Consolidated Balance Sheet as of December 31, 2012, the Condensed Consolidated Statements of Income for the three and nine-month periods ended September 30, 2012 and the Condensed Consolidated Statement of Cash Flows and Condensed Consolidated Statement of Equity for the nine-month period ended September 30, 2012 to correct immaterial accounting errors in these statements contained in previous filings. Â See Note 19, "Restatement of Previously Issued Financial Statements," for additional information regarding the restatement. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11, "Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities," which describes when it is appropriate to offset financial assets and liabilities on the balance sheet. Companies will now have to disclose both gross and net information about instruments eligible for offset in the statement of financial position, instruments and transactions subject to an agreement similar to a master netting arrangement, and the collateral received in a master netting arrangement. The new disclosure will enable users of financial statements to understand significant quantitative differences in balance sheets prepared under U.S. GAAP and International Financial Reporting Standards related to the offsetting of financial instruments. The update was effective for annual and interim reporting periods beginning on or after January 1, 2013. The Company adopted this standard as of January 1, 2013. Â Adopting this standard did not have a significant impact on the Company's financial position or results of operations. |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings per Share [Abstract] | ' | ||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
The following table sets forth the computation of net income attributable to controlling interest from continuing operations and the number of basic and diluted shares used in the computation of earnings per share (in thousands): | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended | Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income from continuing operations | $ | 6,527 | $ | 6,633 | $ | 30,930 | $ | 28,667 | |||||||||
Net income attributable to non-controlling interests | 13 | 48 | 154 | 124 | |||||||||||||
Net income attributable to controlling interest from continuing operations | $ | 6,514 | $ | 6,585 | $ | 30,776 | $ | 28,543 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share | 22,756 | 22,691 | 22,744 | 22,675 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Employee stock options and restricted stock units | 211 | 252 | 218 | 266 | |||||||||||||
Supplemental Executive Retirement Plan | 115 | 110 | 115 | 108 | |||||||||||||
Denominator for diluted earnings per share | 23,082 | 23,053 | 23,077 | 23,049 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories consist of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials and parts | $ | 131,780 | $ | 129,676 | |||||
Work-in-process | 86,754 | 76,052 | |||||||
Finished goods | 95,010 | 85,060 | |||||||
Used equipment | 26,282 | 21,895 | |||||||
   Total | $ | 339,826 | $ | 312,683 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Schedule of financial assets and liabilities, at fair value | ' | ||||||||||||
As indicated in the tables below (which excludes the Company's pension assets), the Company has determined that all of its financial assets and liabilities as of September 30, 2013 and December 31, 2012 are level 1 and level 2 in the fair value hierarchy as defined above (in thousands): | |||||||||||||
  | 30-Sep-13 | ||||||||||||
  | Level 1 | Level 2 | Total | ||||||||||
Financial Assets: | |||||||||||||
Trading equity securities: | |||||||||||||
SERP money market fund | $ | 998 | $ | - | $ | 998 | |||||||
SERP mutual funds | 2,248 | - | 2,248 | ||||||||||
Preferred stocks | 676 | - | 676 | ||||||||||
Short-term investment in mutual funds | 15,536 | - | 15,536 | ||||||||||
Trading debt securities: | |||||||||||||
Corporate bonds | 3,815 | 1,227 | 5,042 | ||||||||||
Municipal bonds | - | 1,449 | 1,449 | ||||||||||
Floating rate notes | 102 | 467 | 569 | ||||||||||
U.S. Treasury bonds and bills | 472 | - | 472 | ||||||||||
Other | - | 952 | 952 | ||||||||||
Short-term derivative financial instruments | - | 216 | 216 | ||||||||||
    Total financial assets | $ | 23,847 | $ | 4,311 | $ | 28,158 | |||||||
Financial Liabilities: | |||||||||||||
SERP liabilities | $ | - | $ | 7,394 | $ | 7,394 | |||||||
    Total financial liabilities | $ | - | $ | 7,394 | $ | 7,394 | |||||||
   | 31-Dec-12 | ||||||||||||
   | Level 1 | Level 2 | Total | ||||||||||
Financial Assets: | |||||||||||||
Trading equity securities: | |||||||||||||
SERP money market fund | $ | 996 | $ | - | $ | 996 | |||||||
SERP mutual funds | 1,835 | - | 1,835 | ||||||||||
Preferred stocks | 720 | - | 720 | ||||||||||
Trading debt securities: | |||||||||||||
Corporate bonds | 3,342 | 909 | 4,251 | ||||||||||
Municipal bonds | 1,449 | 957 | 2,406 | ||||||||||
Floating rate notes | 749 | - | 749 | ||||||||||
U.S. treasury bonds | 200 | - | 200 | ||||||||||
Other | - | 409 | 409 | ||||||||||
    Total financial assets | $ | 9,291 | $ | 2,275 | $ | 11,566 | |||||||
Financial Liabilities: | |||||||||||||
SERP liabilities | $ | - | $ | 6,674 | $ | 6,674 | |||||||
Short-term derivative financial instruments | - | 145 | 145 | ||||||||||
    Total financial liabilities | $ | - | $ | 6,819 | $ | 6,819 |
Product_Warranty_Reserves_Tabl
Product Warranty Reserves (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Product Warranty Reserves [Abstract] | ' | ||||||||||||||||
Product warranty reserves | ' | ||||||||||||||||
Changes in the Company's product warranty liability for the three and nine-month periods ended September 30, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Reserve balance, beginning of the period | $ | 11,690 | $ | 12,634 | $ | 11,052 | $ | 12,663 | |||||||||
Warranty liabilities accrued | 3,151 | 3,270 | 9,418 | 9,118 | |||||||||||||
Warranty liabilities settled | (2,288 | ) | (2,494 | ) | (7,640 | ) | (8,366 | ) | |||||||||
Other | - | 31 | (277 | ) | 26 | ||||||||||||
Reserve balance, end of the period | $ | 12,553 | $ | 13,441 | $ | 12,553 | $ | 13,441 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||||||
Schedule of reportable segment revenues and profits | ' | ||||||||||||||||||||||||
Segment Information: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Asphalt | Aggregate | Mobile Asphalt | Underground | All | Total | ||||||||||||||||||||
Group | and Mining | Paving | Group | Others | |||||||||||||||||||||
Group | Group | ||||||||||||||||||||||||
Net sales to external | $ | 47,058 | $ | 79,792 | $ | 35,419 | $ | 27,266 | $ | 23,642 | $ | 213,177 | |||||||||||||
  customers | |||||||||||||||||||||||||
Intersegment sales | 3,686 | 11,301 | 3,996 | - | - | 18,983 | |||||||||||||||||||
Gross profit | 12,257 | 19,584 | 7,922 | 1,979 | 4,045 | 45,787 | |||||||||||||||||||
Gross profit percent | 26 | % | 24.5 | % | 22.4 | % | 7.3 | % | 17.1 | % | 21.5 | % | |||||||||||||
Segment profit (loss) | $ | 4,846 | $ | 6,765 | $ | 2,059 | $Â | (813 | ) | $Â | (5,652 | ) | $ | 7,205 | |||||||||||
(in thousands) | |||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Asphalt | Aggregate | Mobile Asphalt | Underground | All | Total | ||||||||||||||||||||
Group | and Mining | Paving | Group | Others | |||||||||||||||||||||
Group | Group | ||||||||||||||||||||||||
Net sales to external | $ | 181,761 | $ | 270,438 | $ | 128,459 | $ | 59,066 | $ | 69,412 | $ | 709,136 | |||||||||||||
  customers | |||||||||||||||||||||||||
Intersegment sales | 11,432 | 34,361 | 15,571 | 2,298 | - | 63,662 | |||||||||||||||||||
Gross profit | 44,289 | 68,240 | 29,652 | 4,486 | 13,128 | 159,795 | |||||||||||||||||||
Gross profit percent | 24.4 | % | 25.2 | % | 23.1 | % | 7.6 | % | 18.9 | % | 22.5 | % | |||||||||||||
Segment profit (loss) | $ | 20,048 | $ | 26,963 | $ | 10,888 | $Â | (3,963 | ) | $Â | (21,578 | ) | $ | 32,358 | |||||||||||
(in thousands) | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||
Asphalt | Aggregate | Mobile Asphalt | Underground | All | Total | ||||||||||||||||||||
Group | and Mining | Paving | Group | Others | |||||||||||||||||||||
Group | Group | ||||||||||||||||||||||||
Net sales to external | $ | 46,797 | $ | 91,860 | $ | 36,618 | $ | 20,529 | $ | 22,587 | $ | 218,391 | |||||||||||||
  customers | |||||||||||||||||||||||||
Intersegment sales | 5,860 | 5,939 | 4,276 | 50 | 57 | 16,182 | |||||||||||||||||||
Gross profit | 9,645 | 22,957 | 7,575 | 2,701 | 4,419 | 47,297 | |||||||||||||||||||
Gross profit percent | 20.6 | % | 25 | % | 20.7 | % | 13.2 | % | 19.6 | % | 21.7 | % | |||||||||||||
Segment profit (loss) | $ | 2,324 | $ | 8,697 | $ | 1,631 | $Â | (127 | ) | $ | (5,243 | ) | $ | 7,282 | |||||||||||
(in thousands) | |||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||
Asphalt | Aggregate | Mobile Asphalt | Underground | All | Total | ||||||||||||||||||||
Group | and Mining | Paving | Group | Others | |||||||||||||||||||||
Group | Group | ||||||||||||||||||||||||
Net sales to external | $ | 174,898 | $ | 278,024 | $ | 123,770 | $ | 61,817 | $ | 70,124 | $ | 708,633 | |||||||||||||
  customers | |||||||||||||||||||||||||
Intersegment sales | 19,910 | 19,256 | 13,759 | 1,008 | 168 | 54,101 | |||||||||||||||||||
Gross profit | 38,502 | 72,512 | 28,331 | 7,838 | 12,457 | 159,640 | |||||||||||||||||||
Gross profit percent | 22 | % | 26.1 | % | 22.9 | % | 12.7 | % | 17.8 | % | 22.5 | % | |||||||||||||
Segment profit (loss) | $ | 14,308 | $ | 29,836 | $ | 9,634 | $Â | (1,173 | ) | $ | (22,929 | ) | $ | 29,676 | |||||||||||
Schedule of segment profits to the Company's consolidated totals | ' | ||||||||||||||||||||||||
A reconciliation of total segment profits to the Company's consolidated totals is as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Total segment profits | $ | 7,205 | $ | 7,282 | $ | 32,358 | $ | 29,676 | |||||||||||||||||
Elimination of intersegment profit | (678 | ) | (649 | ) | (1,428 | ) | (1,009 | ) | |||||||||||||||||
Net income from continuing operations | 6,527 | 6,633 | 30,930 | 28,667 | |||||||||||||||||||||
Income from discontinued operations, net of tax | - | 318 | - | 1,400 | |||||||||||||||||||||
Net income attributable to non-controlling interest in subsidiaries | (13 | ) | (48 | ) | (154 | ) | (124 | ) | |||||||||||||||||
Net income attributable to controlling interest | $ | 6,514 | $ | 6,903 | $ | 30,776 | $ | 29,943 |
Other_Income_net_of_expenses_T
Other Income, net of expenses (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Income, net of expenses [Abstract] | ' | ||||||||||||||||
Schedule of Other income, net of expenses | ' | ||||||||||||||||
Other income, net of expenses for the three and nine-month periods ended September 30, 2013 and 2012 is presented below (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest income | $ | 225 | $ | 332 | $ | 803 | $ | 866 | |||||||||
Gain on investments | 576 | 22 | 412 | 73 | |||||||||||||
License fee income | 256 | 268 | 547 | 762 | |||||||||||||
Other | 43 | 214 | 123 | 604 | |||||||||||||
  Total | $ | 1,100 | $ | 836 | $ | 1,885 | $ | 2,305 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income from continuing operations | $6,527 | $6,633 | $30,930 | $28,667 |
Net income attributable to non-controlling interests | 13 | 48 | 154 | 124 |
Net income attributable to controlling interest from continuing operations | $6,514 | $6,585 | $30,776 | $28,543 |
Denominator: | ' | ' | ' | ' |
Denominator for basic earnings per share (in shares) | 22,756,000 | 22,691,000 | 22,744,000 | 22,675,000 |
Effect of dilutive securities [Abstract] | ' | ' | ' | ' |
Employee stock options and restricted stock units (in shares) | 211,000 | 252,000 | 218,000 | 266,000 |
Supplemental Executive Retirement Plan (in shares) | 115,000 | 110,000 | 115,000 | 108,000 |
Denominator for diluted earnings per share (in shares) | 23,082,000 | 23,053,000 | 23,077,000 | 23,049,000 |
Antidilutive options (in shares) | 323 | 1,072 | 573 | 822 |
Receivables_Details
Receivables (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ' | ' |
Allowances for doubtful accounts | $1,807,000 | $2,143,000 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials and parts | $131,780 | $129,676 |
Work-in-process | 86,754 | 76,052 |
Finished goods | 95,010 | 85,060 |
Used equipment | 26,282 | 21,895 |
Total | $339,826 | $312,683 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Property and Equipment [Abstract] | ' | ' |
Accumulated depreciation | $204,786,000 | $192,165,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Trading equity securities [Abstract] | ' | ' | ' | ' | ' |
SERP money market fund | $998,000 | ' | $998,000 | ' | $996,000 |
SERP mutual funds | 2,248,000 | ' | 2,248,000 | ' | 1,835,000 |
Preferred stocks | 676,000 | ' | 676,000 | ' | 720,000 |
Short-term investment in mutual funds | 15,536,000 | ' | 15,536,000 | ' | ' |
Trading debt securities [Abstract] | ' | ' | ' | ' | ' |
Corporate bonds | 5,042,000 | ' | 5,042,000 | ' | 4,251,000 |
Municipal bonds | 1,449,000 | ' | 1,449,000 | ' | 2,406,000 |
Floating rate notes | 569,000 | ' | 569,000 | ' | 749,000 |
U.S. Treasury bonds and bills | 472,000 | ' | 472,000 | ' | 200,000 |
Other | 952,000 | ' | 952,000 | ' | 409,000 |
Short-term derivative financial instruments | 216,000 | ' | 216,000 | ' | ' |
Total financial assets | 28,158,000 | ' | 28,158,000 | ' | 11,566,000 |
Financial Liabilities [Abstract] | ' | ' | ' | ' | ' |
SERP liabilities | 7,394,000 | ' | 7,394,000 | ' | 6,674,000 |
Short-term derivative financial instruments | ' | ' | ' | ' | 145,000 |
Total financial liabilities | 7,394,000 | ' | 7,394,000 | ' | 6,819,000 |
Investments included in Level 2 were transferred to Level 1 | 951,000 | ' | 951,000 | ' | ' |
Trading debt securities due to mature within twelve months | 807,000 | ' | 807,000 | ' | 1,334,000 |
Net unrealized gains (losses) incurred | 656,000 | 105,000 | 553,000 | 273,000 | ' |
Level 1 [Member] | ' | ' | ' | ' | ' |
Trading equity securities [Abstract] | ' | ' | ' | ' | ' |
SERP money market fund | 998,000 | ' | 998,000 | ' | 996,000 |
SERP mutual funds | 2,248,000 | ' | 2,248,000 | ' | 1,835,000 |
Preferred stocks | 676,000 | ' | 676,000 | ' | 720,000 |
Short-term investment in mutual funds | 15,536,000 | ' | 15,536,000 | ' | ' |
Trading debt securities [Abstract] | ' | ' | ' | ' | ' |
Corporate bonds | 3,815,000 | ' | 3,815,000 | ' | 3,342,000 |
Municipal bonds | 0 | ' | 0 | ' | 1,449,000 |
Floating rate notes | 102,000 | ' | 102,000 | ' | 749,000 |
U.S. Treasury bonds and bills | 472,000 | ' | 472,000 | ' | 200,000 |
Other | 0 | ' | 0 | ' | 0 |
Short-term derivative financial instruments | 0 | ' | 0 | ' | ' |
Total financial assets | 23,847,000 | ' | 23,847,000 | ' | 9,291,000 |
Financial Liabilities [Abstract] | ' | ' | ' | ' | ' |
SERP liabilities | 0 | ' | 0 | ' | 0 |
Short-term derivative financial instruments | ' | ' | ' | ' | 0 |
Total financial liabilities | 0 | ' | 0 | ' | 0 |
Level 2 [Member] | ' | ' | ' | ' | ' |
Trading equity securities [Abstract] | ' | ' | ' | ' | ' |
SERP money market fund | 0 | ' | 0 | ' | 0 |
SERP mutual funds | 0 | ' | 0 | ' | 0 |
Preferred stocks | 0 | ' | 0 | ' | 0 |
Short-term investment in mutual funds | 0 | ' | 0 | ' | ' |
Trading debt securities [Abstract] | ' | ' | ' | ' | ' |
Corporate bonds | 1,227,000 | ' | 1,227,000 | ' | 909,000 |
Municipal bonds | 1,449,000 | ' | 1,449,000 | ' | 957,000 |
Floating rate notes | 467,000 | ' | 467,000 | ' | 0 |
U.S. Treasury bonds and bills | 0 | ' | 0 | ' | 0 |
Other | 952,000 | ' | 952,000 | ' | 409,000 |
Short-term derivative financial instruments | 216,000 | ' | 216,000 | ' | ' |
Total financial assets | 4,311,000 | ' | 4,311,000 | ' | 2,275,000 |
Financial Liabilities [Abstract] | ' | ' | ' | ' | ' |
SERP liabilities | 7,394,000 | ' | 7,394,000 | ' | 6,674,000 |
Short-term derivative financial instruments | ' | ' | ' | ' | 145,000 |
Total financial liabilities | $7,394,000 | ' | $7,394,000 | ' | $6,819,000 |
Debt_Details
Debt (Details) | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Wells Fargo [Member] | Osborn [Member] | Osborn [Member] | Astec Australia [Member] | Astec Australia [Member] | |
USD ($) | USD ($) | ZAR | USD ($) | AUD | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Amount of credit facility | $100,000,000 | $7,465,000 | 75,000,000 | ' | ' |
Sub-limit for letters of credit | 25,000,000 | ' | ' | ' | ' |
Original term of credit facility | 100,000,000 | ' | ' | ' | ' |
Letters of credit outstanding | 6,903,000 | ' | ' | ' | ' |
Borrowings outstanding | ' | 328,000 | ' | ' | ' |
Line of credit, additional borrowing capacity | 93,037,000 | ' | ' | ' | ' |
Expiration of amended and restated agreement (in years) | '5 | ' | ' | ' | ' |
Interest rate description | 'daily one month LIBOR rate plus a 0.75% margin. | ' | ' | ' | ' |
Unused facility fee as a percentage of line of credit (in hundredths) | 0.18% | ' | ' | ' | ' |
Performance guarantees | ' | 1,478,000 | ' | ' | ' |
Available credit under the facility | ' | 5,658,000 | ' | ' | ' |
Basis Spread on Variable Rate | ' | -0.25% | -0.25% | 1.35% | ' |
Interest rate (in hundredths) | ' | ' | ' | 5.21% | ' |
Interest rate (in hundredths) | ' | 8.25% | 8.25% | ' | ' |
Credit facility for financing foreign exchange dealer limit orders | ' | ' | ' | 7,447,000 | 8,000,000 |
Flexible options finance facility | ' | ' | ' | 3,025,000 | 3,250,000 |
Letter of credit issued by the parent company to secure banking arrangements | ' | ' | ' | 1,600,000 | ' |
Performance guarantee outstanding amount | ' | ' | ' | $849,000 | ' |
Product_Warranty_Reserves_Deta
Product Warranty Reserves (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Product warranty reserves [Roll Forward] | ' | ' | ' | ' |
Reserve balance, beginning of the period | $11,690 | $12,634 | $11,052 | $12,663 |
Warranty liabilities accrued | 3,151 | 3,270 | 9,418 | 9,118 |
Warranty liabilities settled | -2,288 | -2,494 | -7,640 | -8,366 |
Other | 0 | 31 | -277 | 26 |
Reserve balance, end of the period | $12,553 | $13,441 | $12,553 | $13,441 |
Accrued_Loss_Reserves_Details
Accrued Loss Reserves (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Accrued Loss Reserves [Abstract] | ' | ' |
Total accrued loss reserves | $7,911,000 | $7,315,000 |
Accrued loss reserves included in other long-term liabilities | $4,299,000 | $4,094,000 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Effective income tax rate (in hundredths) | 34.60% | 30.70% | 33.40% | 35.90% |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment | ||||
Segment Information [Abstract] | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 4 | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales to external customers | $213,177,000 | $218,391,000 | $709,136,000 | $708,633,000 |
Gross profit | 45,787,000 | 47,297,000 | 159,795,000 | 159,640,000 |
Gross profit (in hundredths) | 21.50% | 21.70% | 22.50% | 22.50% |
Segment profit (loss) | 7,205,000 | 7,282,000 | 32,358,000 | 29,676,000 |
Reconciliation of total segment profits to the Company's consolidated totals [Abstract] | ' | ' | ' | ' |
Total segment profits | 7,205,000 | 7,282,000 | 32,358,000 | 29,676,000 |
Elimination of intersegment profit | -678,000 | -649,000 | -1,428,000 | -1,009,000 |
Net income from continuing operations | 6,527,000 | 6,633,000 | 30,930,000 | 28,667,000 |
Income from discontinued operations, net of tax | 0 | 318,000 | 0 | 1,400,000 |
Net income attributable to non-controlling interest in subsidiary | -13,000 | -48,000 | -154,000 | -124,000 |
Net income attributable to controlling interest | 6,514,000 | 6,903,000 | 30,776,000 | 29,943,000 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intersegment sales | 18,983,000 | 16,182,000 | 63,662,000 | 54,101,000 |
Asphalt Group [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of business units | ' | ' | 3 | ' |
Net sales to external customers | 47,058,000 | 46,797,000 | 181,761,000 | 174,898,000 |
Gross profit | 12,257,000 | 9,645,000 | 44,289,000 | 38,502,000 |
Gross profit (in hundredths) | 26.00% | 20.60% | 24.40% | 22.00% |
Segment profit (loss) | 4,846,000 | 2,324,000 | 20,048,000 | 14,308,000 |
Reconciliation of total segment profits to the Company's consolidated totals [Abstract] | ' | ' | ' | ' |
Total segment profits | 4,846,000 | 2,324,000 | 20,048,000 | 14,308,000 |
Asphalt Group [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intersegment sales | 3,686,000 | 5,860,000 | 11,432,000 | 19,910,000 |
Aggregate and Mining Group [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of business units | ' | ' | 7 | ' |
Net sales to external customers | 79,792,000 | 91,860,000 | 270,438,000 | 278,024,000 |
Gross profit | 19,584,000 | 22,957,000 | 68,240,000 | 72,512,000 |
Gross profit (in hundredths) | 24.50% | 25.00% | 25.20% | 26.10% |
Segment profit (loss) | 6,765,000 | 8,697,000 | 26,963,000 | 29,836,000 |
Reconciliation of total segment profits to the Company's consolidated totals [Abstract] | ' | ' | ' | ' |
Total segment profits | 6,765,000 | 8,697,000 | 26,963,000 | 29,836,000 |
Aggregate and Mining Group [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intersegment sales | 11,301,000 | 5,939,000 | 34,361,000 | 19,256,000 |
Mobile Asphalt Paving Group [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of business units | ' | ' | 3 | ' |
Net sales to external customers | 35,419,000 | 36,618,000 | 128,459,000 | 123,770,000 |
Gross profit | 7,922,000 | 7,575,000 | 29,652,000 | 28,331,000 |
Gross profit (in hundredths) | 22.40% | 20.70% | 23.10% | 22.90% |
Segment profit (loss) | 2,059,000 | 1,631,000 | 10,888,000 | 9,634,000 |
Reconciliation of total segment profits to the Company's consolidated totals [Abstract] | ' | ' | ' | ' |
Total segment profits | 2,059,000 | 1,631,000 | 10,888,000 | 9,634,000 |
Mobile Asphalt Paving Group [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intersegment sales | 3,996,000 | 4,276,000 | 15,571,000 | 13,759,000 |
Underground Group [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of business units | ' | ' | 2 | ' |
Net sales to external customers | 27,266,000 | 20,529,000 | 59,066,000 | 61,817,000 |
Gross profit | 1,979,000 | 2,701,000 | 4,486,000 | 7,838,000 |
Gross profit (in hundredths) | 7.30% | 13.20% | 7.60% | 12.70% |
Segment profit (loss) | -813,000 | -127,000 | -3,963,000 | -1,173,000 |
Reconciliation of total segment profits to the Company's consolidated totals [Abstract] | ' | ' | ' | ' |
Total segment profits | -813,000 | -127,000 | -3,963,000 | -1,173,000 |
Underground Group [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intersegment sales | 0 | 50,000 | 2,298,000 | 1,008,000 |
All Others [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales to external customers | 23,642,000 | 22,587,000 | 69,412,000 | 70,124,000 |
Gross profit | 4,045,000 | 4,419,000 | 13,128,000 | 12,457,000 |
Gross profit (in hundredths) | 17.10% | 19.60% | 18.90% | 17.80% |
Segment profit (loss) | -5,652,000 | -5,243,000 | -21,578,000 | -22,929,000 |
Reconciliation of total segment profits to the Company's consolidated totals [Abstract] | ' | ' | ' | ' |
Total segment profits | -5,652,000 | -5,243,000 | -21,578,000 | -22,929,000 |
All Others [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intersegment sales | $0 | $57,000 | $0 | $168,000 |
Contingent_Matters_Details
Contingent Matters (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Party | ||
Contingent Matters [Abstract] | ' | ' |
Contingent liability for customer debt | $1,291,000 | $2,091,000 |
Maximum potential amount of future payments for customer debt | 1,291,000 | ' |
Liability recorded related to guarantees | 266,000 | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total letters of credit and performance guarantees | 9,230,000 | ' |
Number of parties involved in EPA cleanup | 300 | ' |
Letter of Credit Wells Fargo [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total letters of credit and performance guarantees | 6,903,000 | ' |
Letters of Credit Osborn [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Total letters of credit and performance guarantees | 1,478,000 | ' |
Letters of Credit Astec Australia [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Contingent liabilities for letters of credit issued on behalf of foreign subsidiaries | 1,600,000 | ' |
Total letters of credit and performance guarantees | $849,000 | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock option plans [Abstract] | ' | ' | ' | ' |
Percentage option price (in hundredths) | ' | ' | 100.00% | ' |
Reserved unissued shares of common stock for the exercise of unexercised and outstanding options (in shares) | 17,862 | ' | 17,862 | ' |
Restricted stock units under the 2006 and 2011 Incentive Plan [Abstract] | ' | ' | ' | ' |
Maximum shares granted to employees (in shares) | 700,000 | ' | 700,000 | ' |
Compensation expense for 2006 and 2011 incentive plans | $312,000 | $184,000 | $839,000 | $623,000 |
Restricted Stock Units vested (in shares) | 0 | 0 | 68,629 | 65,785 |
Shares withheld upon vesting (in shares) | ' | ' | 22,330 | 20,121 |
Fair value of vested Restricted Stock Units | ' | ' | 2,405,000 | 2,338,000 |
2006 Incentive Plan [Member] | ' | ' | ' | ' |
Restricted stock units under the 2006 and 2011 Incentive Plan [Abstract] | ' | ' | ' | ' |
Award vesting period | '5 years | ' | ' | ' |
2011 Incentive Plan [Member] | ' | ' | ' | ' |
Restricted stock units under the 2006 and 2011 Incentive Plan [Abstract] | ' | ' | ' | ' |
Award vesting period | ' | '5 years | ' | ' |
Non Employee Directors Stock Incentive Plan [Member] | ' | ' | ' | ' |
Non employee Directors Stock Incentive Plan [Abstract] | ' | ' | ' | ' |
Term of stock options | '10 years | ' | '10 years | ' |
Shares reserved under the 1998 Non-Employee Directors Stock Incentive Plan (in shares) | 121,177 | ' | 121,177 | ' |
Shares are available for future grants of stock or deferred stock to directors (in shares) | 99,222 | ' | 99,222 | ' |
Fair value of stock awards granted to non-employee directors | $58,000 | $58,000 | $173,000 | $173,000 |
Seasonality_Details
Seasonality (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Seasonality [Abstract] | ' |
Percentage of annual revenues occur during the period, minimum(in hundredths) | 73.00% |
Percentage of annual revenues occur during the period, maximum (in hundredths) | 75.00% |
Other_Income_net_of_expenses_D
Other Income, net of expenses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Income, net of expenses [Abstract] | ' | ' | ' | ' |
Interest income | $225 | $332 | $803 | $866 |
Gain on investments | 576 | 22 | 412 | 73 |
License fee income | 256 | 268 | 547 | 762 |
Other | 43 | 214 | 123 | 604 |
Total | $1,100 | $836 | $1,885 | $2,305 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | $216,000 | ' |
Derivative liabilities | ' | 145,000 |
Foreign Exchange Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Average notional amount | $11,692,000 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments, Gain (Loss) recognized in income (Details) (Foreign Exchange Contract [Member], Cost of Sales [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) of derivative financial instruments recognized in income, net | ($496,000) | ($106,000) | $780,000 | ($507,000) |
Business_Formation_Details
Business Formation (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Business Formation [Abstract] | ' |
Investment to date | $9,000,000 |
Expected investment in business | 12,000,000 |
Expected ownership percentage (in hundredth) | 75.00% |
Expected cost to construct manufacturing facility | $20,000,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2013 | Nov. 30, 2012 | |
American Augers, Inc. [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Proceeds from sale of Augers | ' | ' | ' | $42,940,000 |
Previously reported sales excluded from reported sales | 8,650,000 | 38,921,000 | ' | ' |
Post closing adjustment | ' | ' | $499,000 | ' |
Restatement_of_Previously_Issu1
Restatement of Previously Issued Financial States (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Impact of errors [Member] | Impact of errors [Member] | Impact of errors [Member] | Impact of errors [Member] | Impact of errors [Member] | |||||
Balance Sheet [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finished goods inventory | ' | ' | ' | ' | ' | ' | $4,060,000 | $3,050,000 | ' |
Retained Earnings | ' | ' | ' | ' | ' | ' | 2,740,000 | 2,120,000 | ' |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross profit | 45,787,000 | 47,297,000 | 159,795,000 | 159,640,000 | 80,000 | 770,000 | 1,010,000 | 1,040,000 | 1,344,000 |
Net income from continuing operations | $6,527,000 | $6,633,000 | $30,930,000 | $28,667,000 | $50,000 | $480,000 | $620,000 | $650,000 | $807,000 |
Earnings per share on net income attributable to controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.29 | $0.29 | $1.35 | $1.26 | ' | $0.02 | $0.03 | $0.03 | $0.04 |
Diluted (in dollars per share) | $0.28 | $0.29 | $1.33 | $1.24 | ' | $0.02 | $0.03 | $0.03 | $0.04 |