Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ASTEC INDUSTRIES INC | |
Entity Central Index Key | 0000792987 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 22,530,632 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 28,606 | $ 25,821 |
Investments | 1,589 | 1,946 |
Trade receivables | 133,431 | 130,569 |
Other receivables | 3,780 | 3,409 |
Inventories | 366,835 | 355,944 |
Prepaid income taxes | 23,918 | 24,459 |
Prepaid expenses and other | 17,914 | 18,843 |
Total current assets | 576,073 | 560,991 |
Property and equipment, net | 192,143 | 192,448 |
Investments | 14,973 | 14,890 |
Operating lease right-of-use assets | 4,335 | 0 |
Goodwill | 33,067 | 32,748 |
Deferred income tax assets | 23,543 | 27,490 |
Other long-term assets | 28,171 | 26,890 |
Total assets | 872,305 | 855,457 |
Current liabilities: | ||
Current maturities of long-term debt | 279 | 413 |
Accounts payable | 76,451 | 70,614 |
Customer deposits | 43,300 | 48,069 |
Accrued product warranty | 11,051 | 10,928 |
Accrued payroll and related liabilities | 19,160 | 24,126 |
Accrued loss reserves | 2,071 | 1,832 |
Other current liabilities | 38,481 | 33,249 |
Total current liabilities | 190,793 | 189,231 |
Long-term debt | 56,629 | 59,709 |
Deferred income tax liabilities | 1,004 | 1,020 |
Other long-term liabilities | 24,613 | 20,207 |
Total liabilities | 273,039 | 270,167 |
Shareholders' equity | 598,619 | 584,580 |
Non-controlling interest | 647 | 710 |
Total equity | 599,266 | 585,290 |
Total liabilities and equity | $ 872,305 | $ 855,457 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Consolidated Statements of Income (unaudited) [Abstract] | ||
Net sales | $ 325,780 | $ 325,453 |
Cost of sales | 249,254 | 247,448 |
Gross profit | 76,526 | 78,005 |
Selling, general, administrative and engineering expenses | 58,348 | 52,078 |
Income from operations | 18,178 | 25,927 |
Interest expense | (648) | (150) |
Other income, net of expenses | 468 | 461 |
Income from operations before income taxes | 17,998 | 26,238 |
Income tax provision | 3,781 | 6,022 |
Net income | 14,217 | 20,216 |
Net loss attributable to non-controlling interest | 57 | 51 |
Net income attributable to controlling interest | $ 14,274 | $ 20,267 |
Net income attributable to controlling interest: | ||
Basic (in dollars per share) | $ 0.63 | $ 0.88 |
Diluted (in dollars per share) | $ 0.63 | $ 0.87 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 22,498 | 23,045 |
Diluted (in shares) | 22,646 | 23,236 |
Dividends declared per common share (in dollars per share) | $ 0.11 | $ 0.10 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Consolidated Statements of Comprehensive Income (unaudited) [Abstract] | ||
Net income | $ 14,217 | $ 20,216 |
Other comprehensive income: | ||
Foreign currency translation adjustments | 963 | 1,712 |
Change in unrecognized pension benefit cost | 0 | 65 |
Other comprehensive income | 963 | 1,777 |
Comprehensive income | 15,180 | 21,993 |
Comprehensive loss attributable to non-controlling interest | 59 | 48 |
Comprehensive income attributable to controlling interest | $ 15,239 | $ 22,041 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 14,217 | $ 20,216 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ||
Depreciation and amortization | 6,551 | 7,013 |
Provision (credit) for doubtful accounts | 56 | (82) |
Provision for warranties | 2,746 | 3,453 |
Deferred compensation expense (benefit) | 411 | (166) |
Stock-based compensation | 1,038 | 903 |
Deferred income tax provision | 3,931 | 86 |
(Gain) loss on disposition of fixed assets | 251 | (48) |
Distributions to SERP participants | (312) | (124) |
Change in operating assets and liabilities: | ||
Sale (purchase) of trading securities, net | 1,044 | (108) |
Trade and other receivables | (3,809) | (33,744) |
Inventories | (10,891) | (19,780) |
Prepaid expenses and other assets | 1,156 | (3,098) |
Accounts payable | 3,970 | 9,293 |
Accrued payroll and related expenses | (4,966) | (3,929) |
Accrued product warranty | (2,643) | (2,825) |
Customer deposits | (4,769) | 2,138 |
Prepaid and income taxes payable, net | 594 | 6,468 |
Other | 3,412 | 2,013 |
Net cash provided (used) by operating activities | 11,987 | (12,321) |
Cash flows from investing activities: | ||
Expenditures for property and equipment | (3,723) | (5,011) |
Proceeds from sale of property and equipment | 40 | 59 |
Other | (91) | (393) |
Net cash used by investing activities | (3,774) | (5,345) |
Cash flows from financing activities: | ||
Payment of dividends | (2,478) | (2,308) |
Borrowings under bank loans | 64,862 | 0 |
Repayments of bank loans | (68,075) | (643) |
Sale of Company shares held by SERP | 263 | 376 |
Withholding tax paid upon vesting of restricted stock units | (160) | (364) |
Net cash used by financing activities | (5,588) | (2,939) |
Effect of exchange rates on cash | 160 | 265 |
Net change in cash and cash equivalents | 2,785 | (20,340) |
Cash and cash equivalents, beginning of period | 25,821 | 62,280 |
Cash and cash equivalents, end of period | $ 28,606 | $ 41,940 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in-Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Company Shares Held by SERP [Member] | Retained Earnings [Member] | Non-controlling Interest [Member] | Total |
Balance at Dec. 31, 2017 | $ 4,614 | $ 141,931 | $ (24,243) | $ (1,960) | $ 565,330 | $ 1,093 | $ 686,765 |
Balance (in shares) at Dec. 31, 2017 | 23,070 | ||||||
Net income | $ 0 | 0 | 0 | 0 | 20,267 | (51) | 20,216 |
Other comprehensive income | 0 | 0 | 1,777 | 0 | 0 | 0 | 1,777 |
Change in ownership percentage of subsidiary | 0 | 0 | 0 | 0 | 0 | (43) | (43) |
Dividends declared | 0 | 3 | 0 | 0 | (2,311) | 0 | (2,308) |
Stock-based compensation | $ 0 | 1,581 | 0 | 0 | 0 | 0 | 1,581 |
Stock-based compensation (in shares) | 0 | ||||||
Stock issued under incentive plans | $ 3 | (3) | 0 | 0 | 0 | 0 | 0 |
Stock issued under incentive plans (in shares) | 17 | ||||||
Withholding tax paid upon vesting of RSUs | $ 0 | (364) | 0 | 0 | 0 | 0 | (364) |
SERP transactions, net | 0 | 207 | 0 | 169 | 0 | 0 | 376 |
Other | 0 | 0 | 0 | 0 | 0 | 76 | 76 |
Balance at Mar. 31, 2018 | $ 4,617 | 143,355 | (22,466) | (1,791) | 583,286 | 1,075 | 708,076 |
Balance (in shares) at Mar. 31, 2018 | 23,087 | ||||||
Cumulative impact of No. ASU 2018-02 | ASU 2018-02 [Member] | $ 0 | 0 | (721) | 0 | 721 | 0 | 0 |
Balance at Dec. 31, 2018 | $ 4,503 | 120,601 | (33,883) | (1,886) | 495,245 | 710 | 585,290 |
Balance (in shares) at Dec. 31, 2018 | 22,513 | ||||||
Net income | $ 0 | 0 | 0 | 0 | 14,274 | (57) | 14,217 |
Other comprehensive income | 0 | 0 | 963 | 0 | 0 | 0 | 963 |
Dividends declared | 0 | 3 | 0 | 0 | (2,481) | 0 | (2,478) |
Stock-based compensation | $ 0 | 1,177 | 0 | 0 | 0 | 0 | 1,177 |
Stock-based compensation (in shares) | 1 | ||||||
RSU vesting | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 |
RSU vesting (in shares) | 9 | ||||||
Withholding tax paid upon vesting of RSUs | $ 0 | (160) | 0 | 0 | 0 | 0 | (160) |
SERP transactions, net | 0 | 46 | 0 | 217 | 0 | 0 | 263 |
Other | 0 | 0 | 0 | 0 | 0 | (6) | (6) |
Balance at Mar. 31, 2019 | $ 4,505 | $ 121,665 | $ (33,641) | $ (1,669) | $ 507,759 | $ 647 | $ 599,266 |
Balance (in shares) at Mar. 31, 2019 | 22,523 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1. Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated under the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Astec Industries, Inc. Annual Report on Form 10-K for the year ended December 31, 2018. The unaudited condensed consolidated balance sheet as of December 31, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Dollar and share amounts shown are in thousands, except per share amounts, unless otherwise specified. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which significantly changes the accounting for operating leases by lessees. The accounting applied by lessors is largely unchanged from that applied under previous guidance. The new guidance establishes a right-of-use (“ROU”) model and requires lessees to recognize lease assets and lease liabilities in the balance sheet, initially measured at the present value of the lease payments, for leases which were classified as operating leases under previous guidance. Lease cost included in the statements of income will be calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Lessees may make an accounting policy election to exclude leases with a term of 12 months or less from the requirement to record related assets and liabilities. Certain provisions of ASU No. 2016-02 were later modified or clarified by the issuance of ASU 2018-11, “Leases (Topic 842): Targeted Improvements” and ASU 2018-10, “Codification Improvements to Topic 842, Leases”. A modified retrospective transition approach is required by the ASU and its provisions must be applied to all leases existing at the date of initial application. An entity may choose to use either (1) the standard’s effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. The new standards were effective for public companies for fiscal years beginning after December 15, 2018 and the Company adopted the new standards effective January 1, 2019 using the effective date as the date of initial application . In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments”. The standard changes how credit losses are measured for most financial assets and certain other instruments that currently are not measured through net income. The standard will require an expected loss model for instruments measured at amortized cost as opposed to the current incurred loss approach. In valuing available for sale debt securities, allowances will be required to be recorded, rather than the current approach of reducing the carrying amount, for other than temporary impairments. A cumulative adjustment to retained earnings is to be recorded as of the beginning of the period of adoption to reflect the impact of applying the provisions of the standard. The standard is effective for public companies for periods beginning after December 15, 2019 and the Company expects to adopt the new standard as of January 1, 2020. As the Company’s credit losses are typically minimal, the Company does not expect the adoption of this new standard to have a material impact on the Company's financial position, results of operations or cash flows. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815), Targeted Improvements to Hedging Activities”, to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The new guidance is effective for public companies for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted in any interim period after its issuance. The Company adopted the new standard effective January 1, 2019. The application of this standard did not have a material impact on the Company’s financial position, results of operations or cash flows. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, which permits companies to reclassify tax effects stranded in accumulated other comprehensive income (“OCI”) as a result of U.S. tax reform impacting tax rates or other items, such as changing from a worldwide tax system to a territorial system, from OCI to retained earnings. Other tax effects stranded in OCI due to other reasons, such as prior changes in tax laws or changes in valuation allowances, may not be reclassified. The new standard was effective for fiscal years beginning after December 15, 2018, and the Company adopted its provisions as of January 1, 2019. As a result of adopting this new standard, the Company reclassified $721 of previously stranded tax effects from accumulated comprehensive loss to retained earnings as shown on the accompanying unaudited condensed consolidated statement of equity for the three months ended March 31, 2019. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing fair value measurement disclosures. The standard is effective for annual and interim periods beginning after December 15, 2019 with early adoption permitted. The Company has not yet adopted this new standard. The Company does not expect the adoption of this new standard to have a material impact on its financial position, results of operations or cash flows. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings per Share [Abstract] | |
Earnings per Share | Note 2. Earnings per Share Basic earnings per share are determined by dividing earnings by the weighted average number of common shares outstanding during each period. Diluted earnings per share include the potential dilutive effect of restricted stock units and shares held in the Company’s Supplemental Executive Retirement Plan. The following table sets forth net income attributable to controlling interest and the number of basic and diluted shares used in the computation of earnings per share: Three Months Ended 2019 2018 Numerator: Net income attributable to controlling interest $ 14,274 $ 20,267 Denominator: Denominator for basic earnings per share 22,498 23,045 Effect of dilutive securities: Restricted stock units 100 136 Supplemental Executive Retirement Plan 48 55 Denominator for diluted earnings per share 22,646 23,236 |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Receivables | Note 3. Receivables Receivables are net of allowances for doubtful accounts of $1,183 and $1,184 as of March 31, 2019 and December 31, 2018, respectively. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventories [Abstract] | |
Inventories | Note 4. Inventories Inventories consist of the following: March 31, December 31, Raw materials and parts $ 181,982 $ 173,919 Work-in-process 70,327 69,718 Finished goods 90,583 89,152 Used equipment 23,943 23,155 Total $ 366,835 $ 355,944 Raw materials and parts are comprised of purchased steel and other purchased items for use in the manufacturing process or held for sale for the after-market parts business. The category also includes the manufacturing cost of completed equipment sub-assemblies produced for either integration into equipment manufactured at a later date or for sale in the Company’s after-market parts business. Work-in-process consists of the value of materials, labor and overhead incurred to date in the manufacturing of incomplete equipment or incomplete equipment sub-assemblies being produced. Finished goods consist of completed equipment manufactured for sale to customers. Used equipment consists of equipment accepted in trade or purchased on the open market. The category also includes equipment rented to prospective customers on a short-term or month-to-month basis. Used equipment is valued at the lower of acquired or trade-in cost or net realizable value determined on each separate unit. Each unit of rental equipment is valued at the lower of original manufacturing, acquired or trade-in cost or net realizable value. Inventories are valued at the lower of cost (first-in, first-out) or net realizable value, which requires the Company to make specific estimates, assumptions and judgments in determining the amount, if any, of reductions in the valuation of inventories to their net realizable values. The net realizable values of the Company’s products are impacted by a number of factors, including changes in the price of steel, competitive sales pricing, quantities of inventories on hand, the age of the individual inventory items, market acceptance of the Company’s products, actions by our competitors, the condition of our used and rental inventory and general economic factors. Once an inventory item’s value has been deemed to be less than cost, a net realizable value adjustment is calculated and a new “cost basis” for that item is effectively established. This new cost is retained for that item until such time as the item is disposed of or the Company determines that an additional write-down is necessary. Additional write-downs may be required in the future based upon changes in assumptions due to general economic downturns in the markets in which the Company operates, changes in competitor pricing, new product design or other technological advances introduced by the Company or its competitors and other factors unique to individual inventory items. The most significant component of the Company’s inventory is steel. A significant decline in the market price of steel could result in a decline in the market value of the Company's equipment or parts. During periods of significant declining steel prices, the Company reviews the valuation of its inventories to determine if reductions are needed in the recorded value of inventory on hand to its net realizable value. The Company reviews the individual items included in its finished goods, used equipment and rental equipment inventory on a model-by-model or unit-by-unit basis to determine if any item’s net realizable value is below its carrying value. This analysis is expanded to include items in work-in-process and raw material inventory if factors indicate those items may also be impacted. In performing this review, judgments are made and, in addition to the factors discussed above, additional consideration is given to the age of the specific items of used or rental inventory, prior sales offers or lack thereof, the physical condition of the specific items and general market conditions for the specific items. Additionally, an analysis of raw material inventory is performed to calculate reserves needed for obsolete inventory based upon quantities of items on hand, the age of those items and their recent and expected future usage or sale. When the Company determines that the value of inventory has become impaired through damage, deterioration, obsolescence, changes in price levels, excessive levels of inventory or other causes, the Company reduces the carrying value to the net realizable value based on estimates, assumptions and judgments made from the information available at that time. Abnormal amounts of idle facility expense, freight, handling cost and wasted materials are recognized as current period charges. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2019 | |
Property and Equipment [Abstract] | |
Property and Equipment | Note 5. Property and Equipment Property and equipment is stated at cost, less accumulated depreciation of $257,402 and $254,493 as of March 31, 2019 and December 31, 2018, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 6. 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”). 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 and are included in other long-term liabilities in the accompanying unaudited condensed consolidated balance sheets. 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, accounts payable and long-term debt approximates their fair value because of their short-term nature and/or interest rates associated with the instruments. 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. 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. 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 Level 3 - Inputs reflect management’s best estimate of what market participants would use in pricing 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 March 31, 2019 and December 31, 2018 are Level 1 and Level 2 in the fair value hierarchy as defined above: March 31, 2019 Level 1 Level 2 Total Financial Assets: Trading equity securities: SERP money market fund $ 452 $ -- $ 452 SERP mutual funds 5,127 -- 5,127 Preferred stocks 266 -- 266 Trading debt securities: Corporate bonds 4,371 -- 4,371 Municipal bonds -- 1,301 1,301 Floating rate notes 1,356 -- 1,356 U.S. government securities 2,227 -- 2,227 Asset backed securities -- 428 428 Other -- 1,034 1,034 Derivative financial instruments -- 147 147 Total financial assets $ 13,799 $ 2,910 $ 16,709 Financial Liabilities: SERP liabilities $ -- $ 7,387 $ 7,387 Total financial liabilities $ -- $ 7,387 $ 7,387 December 31, 2018 Level 1 Level 2 Total Financial Assets: Trading equity securities: SERP money market fund $ 229 $ -- $ 229 SERP mutual funds 4,755 -- 4,755 Preferred stocks 248 -- 248 Trading debt securities: Corporate bonds 5,398 -- 5,398 Municipal bonds -- 1,546 1,546 Floating rate notes 1,300 -- 1,300 U.S. government securities 2,210 -- 2,210 Asset backed securities -- 442 442 Other -- 708 708 Derivative financial instruments -- 333 333 Total financial assets $ 14,140 $ 3,029 $ 17,169 Financial Liabilities: SERP liabilities $ -- $ 6,641 $ 6,641 Total financial liabilities $ -- $ 6,641 $ 6,641 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. No investments changed hierarchy levels from December 31, 2018 to March 31, 2019. 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. Additionally, a significant portion of the SERP’s investments in trading equity securities are in money market and mutual funds. 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. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt [Abstract] | |
Debt | Note 7. Debt On April 12, 2017, the Company and certain of its subsidiaries entered into an amended and restated credit agreement whereby Wells Fargo extended to the Company an unsecured line of credit of up to $100,000, including a sub-limit for letters of credit of up to $30,000. In February 2019, the agreement was again amended to increase the unsecured line of credit to a maximum of $150,000 and to extend the maturity date to December 29, 2023. Upon disposition of the wood pellet plant, the Company is required to apply the proceeds, if any, as payment against any outstanding balance on the line of credit. Other significant terms were left unchanged. As of March 31, 2019, outstanding borrowings under the agreement totaled $55,758, which are included in long-term debt in the accompanying unaudited condensed consolidated balance sheets. The highest borrowing amount outstanding at any time during the three-month period ended March 31, 2019 was $81,776. Letters of credit totaling $9,481, including $3,200 of letters of credit issued to banks in Brazil to secure the local debt of Astec do Brasil Fabricacao de Equipamentos Ltda. (“Astec Brazil”), were outstanding under the credit facility as of March 31, 2019. Additional borrowing available under the credit facility is $84,761 as of March 31, 2019. Borrowings under the agreement are subject to an interest rate equal to the daily one-month LIBOR rate plus a 0.75% margin, resulting in a rate of 3.25% as of March 31, 2019. The unused facility fee is 0.125%. Interest only payments are due monthly. The amended and restated credit agreement contains certain financial covenants, including provisions concerning required levels of annual net income and minimum tangible net worth. The Company’s South African subsidiary, Osborn Engineered Products SA (Pty) Ltd (“Osborn”), has a credit facility of $6,544 with a South African bank to finance short-term working capital needs, as well as to cover performance letters of credit, advance payment and retention guarantees. As of March 31, 2019, Osborn had no outstanding borrowings but had $461 in performance, advance payment and retention guarantees outstanding under the facility. The facility has been guaranteed by Astec Industries, Inc., but is otherwise unsecured. A 0.75% unused facility fee is charged if less than 50% of the facility is utilized. As of March 31, 2019, Osborn had available credit under the facility of $6,083. The interest rate is 0.25% less than the South Africa prime rate, resulting in a rate of 10.0% as of March 31, 2019. The Company’s Brazilian subsidiary, Astec Brazil, has a $1,084 working capital loan outstanding as of March 31, 2019 from Brazilian banks with an interest rate of 10.4%. The loan’s final monthly payment is due in April 2024 and the debt is secured by Astec Brazil’s manufacturing facility and also by letters of credit totaling $3,200 issued by Astec Industries, Inc. Additionally, Astec Brazil has various five-year equipment financing loans outstanding with Brazilian banks in the aggregate of $66 as of March 31, 2019 that have interest rates ranging from 6.0% to 16.3%. These equipment loans have maturity dates ranging from April 2019 to April 2020. Astec Brazil’s loans are included in the accompanying unaudited condensed consolidated balance sheets as current maturities of long-term debt ($279) and long-term debt ($871) as of March 31, 2019. |
Product Warranty Reserves
Product Warranty Reserves | 3 Months Ended |
Mar. 31, 2019 | |
Product Warranty Reserves [Abstract] | |
Product Warranty Reserves | Note 8. 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 two years or up to a specified number of hours of operation. The Company estimates the costs that may be incurred under its warranties and records a liability at the time product sales are recorded. 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-month periods ended March 31, 2019 and 2018 are as follows: Three Months Ended 2019 2018 Reserve balance, beginning of the period $ 10,928 $ 15,410 Warranty liabilities accrued 2,746 3,453 Warranty liabilities settled (2,643 ) (2,825 ) Other 20 (25 ) Reserve balance, end of the period $ 11,051 $ 16,013 |
Accrued Loss Reserves
Accrued Loss Reserves | 3 Months Ended |
Mar. 31, 2019 | |
Accrued Loss Reserves [Abstract] | |
Accrued Loss Reserves | Note 9. Accrued Loss Reserves The Company records 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. 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. Changes in assumptions, as well as changes in actual experience, could cause these estimates to change in the future. Total accrued loss reserves were $8,301 as of March 31, 2019 and $7,889 as of December 31, 2018, of which $6,230 and $6,057 were included in other long-term liabilities in the accompanying unaudited condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018, respectively. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 10. Leases The Company leases certain real estate, computer systems, material handling, office, automobiles and other equipment. The Company determines if a contract is a lease at the inception of the agreement. The Company adopted ASU No. 2016-02, Leases, on January 1, 2019 using the effective date method. Upon adoption, right-of-use (“ROU”) assets totaling $4,973 were recorded on the Company’s balance sheet. Incremental borrowing rates used in the calculation of the ROU asset, when not apparent in the lease agreements, were estimated based upon secured borrowing rates quoted by the Company’s banks for loans of various lengths ranging from 1 to 20 years. Operating leases with original maturities less than one year in duration or with present values of less than $5 were excluded. The calculation of the ROU asset considered lease agreement provisions concerning termination, extensions, end of lease purchase and whether or not those provisions were reasonably certain of being exercised. Certain agreements contain lease and non-lease components, which are accounted for separately. The financial results for periods prior to January 1, 2019 are unchanged from results previously reported. No cumulative effect adjustment was necessary at the time of adoption. Based upon an extensive contract review and related calculations, none of the Company’s leases were deemed to be financing leases. Lease expense recorded in the three-month period ended March 31, 2019 under ASC 842 was not materially different from lease expense that would have been recorded under the previous lease accounting standard. Other transitional practical expedients allowed under ASU No. 2016-02 were adopted. Other information concerning the Company’s operating leases and the related expense, assets and liabilities follow: Three Months Operating lease expense for the three months ended March 31, 2019 $ 601 Cash paid for operating leases included in operating cash flows 645 As of Operating lease right-of-use asset $ 4,335 Operating lease short-term liability included in other current liabilities 1,824 Operating lease long-term liability included in other long-term liabilities 2,529 Weighted average remaining lease term 4.86 years Weighted average discount rate used in calculating right-of-use asset 4.11 % Future annual minimum lease payments as of March 31, 2019 are as follows: Amount 2019 (nine months remaining) $ 1,628 2020 1,175 2021 631 2022 331 2023 168 2024 and thereafter 891 Total $ 4,824 The Company adopted ASU No. 2016-02 on January 1, 2019 as noted above. As required by the ASU, the following table discloses the minimum rental commitments for all non-cancelable operating leases at December 31, 2018 as reported in the Company’s 2018 10-K under previous ASC 840 guidance: Amount 2019 $ 1,992 2020 1,100 2021 388 2022 144 2023 66 2024 and thereafter 12 Total $ 3,702 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | Note 11. Income Taxes The Company's combined effective income tax rates were 21.0% and 23.0% for the three-month periods ended March 31, 2019 and 2018, respectively. The Company's effective tax rate for each period includes the effect of state income taxes and other discrete items as well as a benefit for research and development credits. The Company's recorded liability for uncertain tax positions as of March 31, 2019 has increased by approximately $49 as compared to December 31, 2018 due to exposure related to federal and state credits, plus additional taxes and interest on existing reserves. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 12. Revenue Recognition: The following tables disaggregate our revenue by major source for the three-month periods ended March 31, 2019 and 2018 (excluding intercompany sales): Three Months Ended March 31, 2019 Infrastructure Aggregate Energy Total Net Sales-Domestic: Equipment sales $ 79,364 $ 55,204 $ 39,731 $ 174,299 Parts and component sales 42,191 19,159 12,308 73,658 Service and equipment installation revenue 3,231 625 1,543 5,399 Used equipment sales 1,493 413 1,270 3,176 Freight revenue 3,830 1,595 1,570 6,995 Other 437 (1,281 ) 146 (698 ) Total domestic revenue 130,546 75,715 56,568 262,829 Net Sales-International: Equipment sales 16,452 19,049 4,962 40,463 Parts and component sales 6,273 10,178 2,492 18,943 Service and equipment installation revenue 1,364 391 33 1,788 Used equipment sales 110 466 -- 576 Freight revenue 240 668 183 1,091 Other 9 64 17 90 Total international revenue 24,448 30,816 7,687 62,951 Total net sales $ 154,994 $ 106,531 $ 64,255 $ 325,780 Three Months Ended March 31, 2018 Infrastructure Aggregate Energy Total Net Sales-Domestic: Equipment sales $ 85,518 $ 63,494 $ 36,731 $ 185,743 Parts and component sales 41,113 17,834 11,315 70,262 Service and equipment installation revenue 1,928 326 2,096 4,350 Used equipment sales 1,624 1,410 167 3,201 Freight revenue 4,038 1,808 1,332 7,178 Other 265 (1,036 ) 113 (658 ) Total domestic revenue 134,486 83,836 51,754 270,076 Net Sales-International: Equipment sales 5,914 22,327 4,762 33,003 Parts and component sales 5,062 10,289 2,473 17,824 Service and equipment installation revenue 812 311 -- 1,123 Used equipment sales 503 856 -- 1,359 Freight revenue 256 1,331 264 1,851 Other 61 117 39 217 Total international revenue 12,608 35,231 7,538 55,377 Total net sales $ 147,094 $ 119,067 $ 59,292 $ 325,453 Sales into major geographic regions were as follows: Three Months Ended 2019 2018 United States $ 262,829 $ 270,076 Canada 22,993 14,109 Australia 8,813 5,967 Africa 7,091 10,041 South America 7,054 8,867 Europe 6,490 10,461 Central America 3,549 3,553 China, Japan & Korea 2,140 656 Asia (excl. China, Japan & Korea) 2,131 844 West Indies 1,378 109 Middle East 851 630 Other 461 140 Total foreign 62,951 55,377 Total consolidated sales $ 325,780 $ 325,453 Revenue is generally recognized when obligations under the terms of a contract are satisfied and generally occurs with the transfer of control of the product or services at a point in time. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company generally obtains purchase authorizations from its customers for a specified amount of products at a specified price with specific delivery terms. A significant portion of the Company’s equipment sales represents equipment produced in the Company’s manufacturing facilities under short-term contracts for a customer’s project or equipment designed to meet a customer’s requirements. Most of the equipment sold by the Company is based on standard configurations, some of which are modified to meet customer’s needs or specifications. The Company provides customers with technical design and performance specifications and typically performs pre-shipment testing, when feasible, to ensure the equipment performs according to the customer’s need, regardless of whether the Company provides installation services in addition to selling the equipment. Significant down payments are required on many equipment orders with other terms allowing for payment shortly after shipment, typically 30 days. Taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions between the Company and its customers, such as sales, use, value-added and some excise taxes, are excluded from revenue. Expected warranty costs for our standard warranties are expensed at the time the related revenue is recognized. Costs of obtaining sales contracts with an expected duration of one year or less are expensed as incurred. As contracts are typically fulfilled within one year from the date of the contract, revenue adjustments for a potential financing component or the costs to obtain the contract are not made. Depending on the terms of the arrangement with the customer, recognition of a portion of the consideration received may be deferred and recorded as a contract liability if we have to satisfy a future obligation, such as to provide installation assistance, service work to be performed in the future without charge, floor plan interest to be reimbursed to our dealer customers, payments for extended warranties, for annual rebates given to certain high volume customers or for obligations for future estimated returns to be allowed based upon historical trends. Certain contracts include terms and conditions pursuant to which the Company recognizes revenues upon the completion of production, and the equipment is subsequently stored at the Company’s plant at the customer’s request. Revenue is recorded on such contracts upon the customer’s assumption of title and risk of ownership, which transfers control of the equipment, and when collectability is reasonably assured. In addition, there must be a fixed schedule of delivery of the goods consistent with the customer’s business practices, the Company must not have retained any specific performance obligations such that the earnings process is not complete and the goods must have been segregated from the Company’s inventory prior to revenue recognition. Service and Equipment Installation Revenue – Purchasers of certain of the Company’s equipment often contract with the Company to provide installation services. Installation is typically separately priced in the contract based upon observable market prices for stand-alone performance obligations or a cost plus margin approach when one is not available. The Company may also provide future services on equipment sold at the customer’s request, which may be for equipment repairs after the warranty period expires. Service is billed on a cost plus margin approach or at a standard rate per hour. Used Equipment Sales – Freight Revenue – Under a practical expedient allowed under ASU No. 2014-09, the Company records revenues earned for shipping and handling as revenue at the time of shipment, regardless of whether or not it is identified as a separate performance obligation. The cost of shipping and handling is classified as cost of goods sold concurrently. Other Revenues – Miscellaneous revenues and offsets not associated with one of the above classifications include rental revenues, extended warranty revenues, early pay discounts and floor plan interest reimbursements. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Information [Abstract] | |
Segment Information | Note 13. Segment Information The Company has three reportable segments, each of which is comprised of multiple business units that offer similar products and services and meet the requirements for aggregation. A brief description of each segment is as follows: Infrastructure Group Aggregate and Mining Group Energy Group Corporate The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Intersegment sales and transfers are valued at prices comparable to those for unrelated parties. Segment Information: Three Months Ended March 31, 2019 Infrastructure Aggregate Energy Corporate Total Net sales to external customers $ 154,994 $ 106,531 $ 64,255 $ -- $ 325,780 Intersegment sales 2,071 4,757 7,021 -- 13,849 Gross profit (loss) 35,506 25,545 15,479 (4 ) 76,526 Gross profit percent 22.9 % 24.0 % 24.1 % -- 23.5 % Segment profit (loss) $ 15,238 $ 8,678 $ 3,394 $ (13,470 ) $ 13,840 Three Months Ended March 31, 2018 Infrastructure Aggregate Energy Corporate Total Net sales to external customers $ 147,094 $ 119,067 $ 59,292 $ -- $ 325,453 Intersegment sales 8,271 3,906 5,139 -- 17,316 Gross profit 33,280 29,289 15,286 150 78,005 Gross profit percent 22.6 % 24.6 % 25.8 % -- 24.0 % Segment profit (loss) $ 14,852 $ 13,110 $ 4,611 $ (11,248 ) $ 21,325 A reconciliation of total segment profit to the Company’s consolidated totals is as follows: Three Months Ended 2019 2018 Total segment profit $ 13,840 $ 21,325 Recapture (elimination) of intersegment profit 377 (1,109 ) Net income 14,217 20,216 Net loss attributable to non-controlling interest in subsidiaries 57 51 Net income attributable to controlling interest $ 14,274 $ 20,267 |
Contingent Matters
Contingent Matters | 3 Months Ended |
Mar. 31, 2019 | |
Contingent Matters [Abstract] | |
Contingent Matters | Note 14. Contingent Matters Certain customers have financed purchases of Company products through arrangements in which the Company is contingently liable for customer debt of $2,646 at March 31, 2019. These arrangements expire at various dates through December 2023 and 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. The Company has recorded a liability of $1,362 related to these guarantees as of March 31, 2019 . In addition, the Company is contingently liable under letters of credit issued by a domestic lender totaling $9,481 as of March 31, 2019, including $3,200 of letters of credit guaranteeing certain Astec Brazil bank debt. The outstanding letters of credit expire at various dates through December 2020. As of March 31, 2019, the Company’s foreign subsidiaries are contingently liable for a total of $2,498 in performance letters of credit, advance payments and retention guarantees. The maximum potential amount of future payments under these letters of credit and guarantees for which the Company could be liable is $11,979 as of March 31, 2019 . The Company manufactured its first wood pellet plant for a customer under a Company-financed arrangement whereby the Company deferred the recognition of revenue as payment under the arrangement was not assured. The original customer is attempting to obtain financing to purchase the plant at a reduced price; however, the Company believes the ultimate consummation of the sale to this customer is uncertain. After considering the uncertainty of completing the sale to the existing customer; the lack of success in attempting to market the plant to other pellet plant operators; the cost of repossessing the plant; and the Company’s decision to exit the pellet plant business line, the pellet plant inventory’s net realizable value was written down to zero in late 2018. The Company and certain of its current and former executive officers have been named as defendants in a putative shareholder class action lawsuit filed on February 1, 2019, in the United States District Court for the Eastern District of Tennessee. The action is styled City of Taylor General Employees Retirement System v. Astec Industries, Inc., et al., Case No. 1:19-cv-00024-PLR-CHS. The complaint generally alleges that the defendants violated the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder by making allegedly false and misleading statements and that the individual defendants are control person under Section 20(a) of the Exchange Act. The complaint was filed on behalf of shareholders who purchased shares of the Company’s stock between July 26, 2016 and October 22, 2018 and seeks monetary damages on behalf of the purported class. The Company disputes these allegations and intends to defend this lawsuit vigorously. The Company is unable to estimate the possible loss or range of loss at this time. The Company is currently a party to various claims and legal proceedings that have arisen in the ordinary course of business. 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. 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. 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. 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. However, claims and legal proceedings are subject to inherent uncertainties and rulings unfavorable to the Company could occur. 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. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note 15. Shareholders’ Equity Under the Company’s long-term incentive plans, key members of management may be issued restricted stock units (“RSUs”) each year based upon the financial performance of the Company and its subsidiaries. The number of RSUs granted to employees each year is determined based upon the performance of individual subsidiaries and consolidated financial performance. Generally, for RSUs granted through 2016, each award will vest at the end of five years from the date of grant, or at the time a recipient retires after reaching age 65, if earlier. Awards granted in 2017 and thereafter will vest at the end of three years from the date of grant or at the time a recipient retires after reaching age 65, if earlier. Additional RSUs are granted to the Company’s outside directors under the Company’s Non-Employee Directors Compensation Plan with a one-year vesting period. A total of 13 and 24 RSUs vested during the three-month periods ended March 31, 2019 and 2018, respectively. The Company withheld 4 and 7 shares due to statutory payroll tax withholding requirements upon the vesting of the RSUs during each of the first three-month periods in 2019 and 2018, respectively, and used Company funds to remit the related required minimum withholding taxes to the various tax authorities. The vesting date fair value of the RSUs that vested during the first three months of 2019 and 2018 was $509 and $1,412, respectively. The grant date fair value of the RSUs granted during the first three months of 2019 and 2018 was $1,448 and $3,098, respectively. Compensation expense of $887 and $752 was recorded in the three-month periods ended March 31, 2019 and 2018, respectively, to reflect the fair value of RSUs granted (or anticipated to be granted for 2019 performance) to employees amortized over the portion of the vesting period occurring during the periods. |
Other Income, Net of Expenses
Other Income, Net of Expenses | 3 Months Ended |
Mar. 31, 2019 | |
Other Income, Net of Expenses [Abstract] | |
Other Income, Net of Expenses | Note 16. Other Income, Net of Expenses Other income, net of expenses for the three-month periods ended March 31, 2019 and 2018 is presented below: Three Months Ended , 2019 2018 Interest income $ 275 $ 214 Gain (loss) on investments 149 (103 ) Other 44 350 $ 468 $ 461 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | Note 17. 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 instruments is recorded on the Company’s unaudited condensed consolidated balance sheet and is adjusted to fair value at each measurement date. The changes in fair value are recognized in the accompanying unaudited condensed 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 $10,116 during the three-month period ended March 31, 2019. The Company reported $147 and $333 of derivative assets in other current assets at March 31, 2019 and December 31, 2018, respectively. The Company recognized, as a component of cost of sales, a net loss of $76 and a net gain of $187 on the changes in fair value of derivative financial instruments in the three-month periods ended March 31, 2019 and 2018, respectively. There were no derivatives that were designated as hedges at March 31, 2019. |
Stock Buy Back Program
Stock Buy Back Program | 3 Months Ended |
Mar. 31, 2019 | |
Stock Buy Back Program [Abstract] | |
Stock Buy Back Program | Note 18. Stock Buy Back Program On July 29, 2018, the Company’s Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $150,000 of its common stock. Under the share repurchase plan, the Company may purchase common stock in open market transactions, block or privately negotiated transactions, and may from time to time purchase shares pursuant to a trading plan in accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended, or by any combination of such methods. The number of shares to be purchased and the timing of the purchases are based on a variety of factors. During 2018, the Company repurchased 582 shares of its stock at total cost of $24,138 under this program. No additional shares were repurchased during the three months ended March 31, 2019. No time limit was set for completion of repurchases under the authorization and the program may be suspended or discontinued at any time. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated under the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Astec Industries, Inc. Annual Report on Form 10-K for the year ended December 31, 2018. The unaudited condensed consolidated balance sheet as of December 31, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Dollar and share amounts shown are in thousands, except per share amounts, unless otherwise specified. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which significantly changes the accounting for operating leases by lessees. The accounting applied by lessors is largely unchanged from that applied under previous guidance. The new guidance establishes a right-of-use (“ROU”) model and requires lessees to recognize lease assets and lease liabilities in the balance sheet, initially measured at the present value of the lease payments, for leases which were classified as operating leases under previous guidance. Lease cost included in the statements of income will be calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Lessees may make an accounting policy election to exclude leases with a term of 12 months or less from the requirement to record related assets and liabilities. Certain provisions of ASU No. 2016-02 were later modified or clarified by the issuance of ASU 2018-11, “Leases (Topic 842): Targeted Improvements” and ASU 2018-10, “Codification Improvements to Topic 842, Leases”. A modified retrospective transition approach is required by the ASU and its provisions must be applied to all leases existing at the date of initial application. An entity may choose to use either (1) the standard’s effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. The new standards were effective for public companies for fiscal years beginning after December 15, 2018 and the Company adopted the new standards effective January 1, 2019 using the effective date as the date of initial application . In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments”. The standard changes how credit losses are measured for most financial assets and certain other instruments that currently are not measured through net income. The standard will require an expected loss model for instruments measured at amortized cost as opposed to the current incurred loss approach. In valuing available for sale debt securities, allowances will be required to be recorded, rather than the current approach of reducing the carrying amount, for other than temporary impairments. A cumulative adjustment to retained earnings is to be recorded as of the beginning of the period of adoption to reflect the impact of applying the provisions of the standard. The standard is effective for public companies for periods beginning after December 15, 2019 and the Company expects to adopt the new standard as of January 1, 2020. As the Company’s credit losses are typically minimal, the Company does not expect the adoption of this new standard to have a material impact on the Company's financial position, results of operations or cash flows. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815), Targeted Improvements to Hedging Activities”, to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The new guidance is effective for public companies for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted in any interim period after its issuance. The Company adopted the new standard effective January 1, 2019. The application of this standard did not have a material impact on the Company’s financial position, results of operations or cash flows. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, which permits companies to reclassify tax effects stranded in accumulated other comprehensive income (“OCI”) as a result of U.S. tax reform impacting tax rates or other items, such as changing from a worldwide tax system to a territorial system, from OCI to retained earnings. Other tax effects stranded in OCI due to other reasons, such as prior changes in tax laws or changes in valuation allowances, may not be reclassified. The new standard was effective for fiscal years beginning after December 15, 2018, and the Company adopted its provisions as of January 1, 2019. As a result of adopting this new standard, the Company reclassified $721 of previously stranded tax effects from accumulated comprehensive loss to retained earnings as shown on the accompanying unaudited condensed consolidated statement of equity for the three months ended March 31, 2019. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing fair value measurement disclosures. The standard is effective for annual and interim periods beginning after December 15, 2019 with early adoption permitted. The Company has not yet adopted this new standard. The Company does not expect the adoption of this new standard to have a material impact on its financial position, results of operations or cash flows. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings per Share [Abstract] | |
Computation of Earnings Per Share | The following table sets forth net income attributable to controlling interest and the number of basic and diluted shares used in the computation of earnings per share: Three Months Ended 2019 2018 Numerator: Net income attributable to controlling interest $ 14,274 $ 20,267 Denominator: Denominator for basic earnings per share 22,498 23,045 Effect of dilutive securities: Restricted stock units 100 136 Supplemental Executive Retirement Plan 48 55 Denominator for diluted earnings per share 22,646 23,236 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventories [Abstract] | |
Inventories | Inventories consist of the following: March 31, December 31, Raw materials and parts $ 181,982 $ 173,919 Work-in-process 70,327 69,718 Finished goods 90,583 89,152 Used equipment 23,943 23,155 Total $ 366,835 $ 355,944 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurements [Abstract] | |
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 March 31, 2019 and December 31, 2018 are Level 1 and Level 2 in the fair value hierarchy as defined above: March 31, 2019 Level 1 Level 2 Total Financial Assets: Trading equity securities: SERP money market fund $ 452 $ -- $ 452 SERP mutual funds 5,127 -- 5,127 Preferred stocks 266 -- 266 Trading debt securities: Corporate bonds 4,371 -- 4,371 Municipal bonds -- 1,301 1,301 Floating rate notes 1,356 -- 1,356 U.S. government securities 2,227 -- 2,227 Asset backed securities -- 428 428 Other -- 1,034 1,034 Derivative financial instruments -- 147 147 Total financial assets $ 13,799 $ 2,910 $ 16,709 Financial Liabilities: SERP liabilities $ -- $ 7,387 $ 7,387 Total financial liabilities $ -- $ 7,387 $ 7,387 December 31, 2018 Level 1 Level 2 Total Financial Assets: Trading equity securities: SERP money market fund $ 229 $ -- $ 229 SERP mutual funds 4,755 -- 4,755 Preferred stocks 248 -- 248 Trading debt securities: Corporate bonds 5,398 -- 5,398 Municipal bonds -- 1,546 1,546 Floating rate notes 1,300 -- 1,300 U.S. government securities 2,210 -- 2,210 Asset backed securities -- 442 442 Other -- 708 708 Derivative financial instruments -- 333 333 Total financial assets $ 14,140 $ 3,029 $ 17,169 Financial Liabilities: SERP liabilities $ -- $ 6,641 $ 6,641 Total financial liabilities $ -- $ 6,641 $ 6,641 |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Product Warranty Reserves [Abstract] | |
Product Warranty Liability | Changes in the Company’s product warranty liability for the three-month periods ended March 31, 2019 and 2018 are as follows: Three Months Ended 2019 2018 Reserve balance, beginning of the period $ 10,928 $ 15,410 Warranty liabilities accrued 2,746 3,453 Warranty liabilities settled (2,643 ) (2,825 ) Other 20 (25 ) Reserve balance, end of the period $ 11,051 $ 16,013 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Operating Leases and Related Expense | Other information concerning the Company’s operating leases and the related expense, assets and liabilities follow: Three Months Operating lease expense for the three months ended March 31, 2019 $ 601 Cash paid for operating leases included in operating cash flows 645 |
Assets and Liabilities | As of Operating lease right-of-use asset $ 4,335 Operating lease short-term liability included in other current liabilities 1,824 Operating lease long-term liability included in other long-term liabilities 2,529 Weighted average remaining lease term 4.86 years Weighted average discount rate used in calculating right-of-use asset 4.11 % |
Future Annual Minimum Lease Payments | Future annual minimum lease payments as of March 31, 2019 are as follows: Amount 2019 (nine months remaining) $ 1,628 2020 1,175 2021 631 2022 331 2023 168 2024 and thereafter 891 Total $ 4,824 |
Minimum Rental Commitments | As required by the ASU, the following table discloses the minimum rental commitments for all non-cancelable operating leases at December 31, 2018 as reported in the Company’s 2018 10-K under previous ASC 840 guidance: Amount 2019 $ 1,992 2020 1,100 2021 388 2022 144 2023 66 2024 and thereafter 12 Total $ 3,702 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate our revenue by major source for the three-month periods ended March 31, 2019 and 2018 (excluding intercompany sales): Three Months Ended March 31, 2019 Infrastructure Aggregate Energy Total Net Sales-Domestic: Equipment sales $ 79,364 $ 55,204 $ 39,731 $ 174,299 Parts and component sales 42,191 19,159 12,308 73,658 Service and equipment installation revenue 3,231 625 1,543 5,399 Used equipment sales 1,493 413 1,270 3,176 Freight revenue 3,830 1,595 1,570 6,995 Other 437 (1,281 ) 146 (698 ) Total domestic revenue 130,546 75,715 56,568 262,829 Net Sales-International: Equipment sales 16,452 19,049 4,962 40,463 Parts and component sales 6,273 10,178 2,492 18,943 Service and equipment installation revenue 1,364 391 33 1,788 Used equipment sales 110 466 -- 576 Freight revenue 240 668 183 1,091 Other 9 64 17 90 Total international revenue 24,448 30,816 7,687 62,951 Total net sales $ 154,994 $ 106,531 $ 64,255 $ 325,780 Three Months Ended March 31, 2018 Infrastructure Aggregate Energy Total Net Sales-Domestic: Equipment sales $ 85,518 $ 63,494 $ 36,731 $ 185,743 Parts and component sales 41,113 17,834 11,315 70,262 Service and equipment installation revenue 1,928 326 2,096 4,350 Used equipment sales 1,624 1,410 167 3,201 Freight revenue 4,038 1,808 1,332 7,178 Other 265 (1,036 ) 113 (658 ) Total domestic revenue 134,486 83,836 51,754 270,076 Net Sales-International: Equipment sales 5,914 22,327 4,762 33,003 Parts and component sales 5,062 10,289 2,473 17,824 Service and equipment installation revenue 812 311 -- 1,123 Used equipment sales 503 856 -- 1,359 Freight revenue 256 1,331 264 1,851 Other 61 117 39 217 Total international revenue 12,608 35,231 7,538 55,377 Total net sales $ 147,094 $ 119,067 $ 59,292 $ 325,453 |
Sales Into Major Geographic Regions | Sales into major geographic regions were as follows: Three Months Ended 2019 2018 United States $ 262,829 $ 270,076 Canada 22,993 14,109 Australia 8,813 5,967 Africa 7,091 10,041 South America 7,054 8,867 Europe 6,490 10,461 Central America 3,549 3,553 China, Japan & Korea 2,140 656 Asia (excl. China, Japan & Korea) 2,131 844 West Indies 1,378 109 Middle East 851 630 Other 461 140 Total foreign 62,951 55,377 Total consolidated sales $ 325,780 $ 325,453 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Information [Abstract] | |
Segment Information | The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Intersegment sales and transfers are valued at prices comparable to those for unrelated parties. Segment Information: Three Months Ended March 31, 2019 Infrastructure Aggregate Energy Corporate Total Net sales to external customers $ 154,994 $ 106,531 $ 64,255 $ -- $ 325,780 Intersegment sales 2,071 4,757 7,021 -- 13,849 Gross profit (loss) 35,506 25,545 15,479 (4 ) 76,526 Gross profit percent 22.9 % 24.0 % 24.1 % -- 23.5 % Segment profit (loss) $ 15,238 $ 8,678 $ 3,394 $ (13,470 ) $ 13,840 Three Months Ended March 31, 2018 Infrastructure Aggregate Energy Corporate Total Net sales to external customers $ 147,094 $ 119,067 $ 59,292 $ -- $ 325,453 Intersegment sales 8,271 3,906 5,139 -- 17,316 Gross profit 33,280 29,289 15,286 150 78,005 Gross profit percent 22.6 % 24.6 % 25.8 % -- 24.0 % Segment profit (loss) $ 14,852 $ 13,110 $ 4,611 $ (11,248 ) $ 21,325 |
Segment Profit (Loss) to the Company's Consolidated Totals | A reconciliation of total segment profit to the Company’s consolidated totals is as follows: Three Months Ended 2019 2018 Total segment profit $ 13,840 $ 21,325 Recapture (elimination) of intersegment profit 377 (1,109 ) Net income 14,217 20,216 Net loss attributable to non-controlling interest in subsidiaries 57 51 Net income attributable to controlling interest $ 14,274 $ 20,267 |
Other Income, Net of Expenses (
Other Income, Net of Expenses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Income, Net of Expenses [Abstract] | |
Other Income, Net of Expenses | Other income, net of expenses for the three-month periods ended March 31, 2019 and 2018 is presented below: Three Months Ended , 2019 2018 Interest income $ 275 $ 214 Gain (loss) on investments 149 (103 ) Other 44 350 $ 468 $ 461 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - ASU 2018-02 [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Accumulated Other Comprehensive Loss [Member] | |
Recent Accounting Pronouncements [Abstract] | |
Reclassification of stranded tax effects related to TCJA | $ (721) |
Retained Earnings [Member] | |
Recent Accounting Pronouncements [Abstract] | |
Reclassification of stranded tax effects related to TCJA | $ 721 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator [Abstract] | ||
Net income attributable to controlling interest | $ 14,274 | $ 20,267 |
Denominator [Abstract] | ||
Denominator for basic earnings per share (in shares) | 22,498 | 23,045 |
Effect of dilutive securities [Abstract] | ||
Restricted stock units (in shares) | 100 | 136 |
Supplemental Executive Retirement Plan (in shares) | 48 | 55 |
Denominator for diluted earnings per share (in shares) | 22,646 | 23,236 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Allowances for doubtful accounts | $ 1,183 | $ 1,184 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
Raw materials and parts | $ 181,982 | $ 173,919 |
Work-in-process | 70,327 | 69,718 |
Finished goods | 90,583 | 89,152 |
Used equipment | 23,943 | 23,155 |
Total | $ 366,835 | $ 355,944 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Property and Equipment [Abstract] | ||
Accumulated depreciation | $ 257,402 | $ 254,493 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financial Liabilities [Abstract] | ||
Amount of investments, Level 1 to Level 2 transfer amount | $ 0 | |
Amount of investments, Level 2 to Level 1 transfer amount | 0 | |
Measured at Fair Value on a Recurring Basis [Member] | ||
Financial Assets [Abstract] | ||
Derivative financial instruments | 147 | $ 333 |
Total financial assets | 16,709 | 17,169 |
Financial Liabilities [Abstract] | ||
SERP liabilities | 7,387 | 6,641 |
Total financial liabilities | 7,387 | 6,641 |
Measured at Fair Value on a Recurring Basis [Member] | Corporate Bonds [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 4,371 | 5,398 |
Measured at Fair Value on a Recurring Basis [Member] | Municipal Bonds [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 1,301 | 1,546 |
Measured at Fair Value on a Recurring Basis [Member] | Floating Rate Notes [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 1,356 | 1,300 |
Measured at Fair Value on a Recurring Basis [Member] | U.S. Government Securities [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 2,227 | 2,210 |
Measured at Fair Value on a Recurring Basis [Member] | Asset Backed Securities [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 428 | 442 |
Measured at Fair Value on a Recurring Basis [Member] | Other [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 1,034 | 708 |
Measured at Fair Value on a Recurring Basis [Member] | Preferred Stocks [Member] | ||
Financial Assets [Abstract] | ||
Trading equity securities | 266 | 248 |
Measured at Fair Value on a Recurring Basis [Member] | Supplemental Employee Retirement Plan [Member] | Money Market Fund [Member] | ||
Financial Assets [Abstract] | ||
Trading equity securities | 452 | 229 |
Measured at Fair Value on a Recurring Basis [Member] | Supplemental Employee Retirement Plan [Member] | Mutual Funds [Member] | ||
Financial Assets [Abstract] | ||
Trading equity securities | 5,127 | 4,755 |
Measured at Fair Value on a Recurring Basis [Member] | Level 1 [Member] | ||
Financial Assets [Abstract] | ||
Derivative financial instruments | 0 | 0 |
Total financial assets | 13,799 | 14,140 |
Financial Liabilities [Abstract] | ||
SERP liabilities | 0 | 0 |
Total financial liabilities | 0 | 0 |
Measured at Fair Value on a Recurring Basis [Member] | Level 1 [Member] | Corporate Bonds [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 4,371 | 5,398 |
Measured at Fair Value on a Recurring Basis [Member] | Level 1 [Member] | Municipal Bonds [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis [Member] | Level 1 [Member] | Floating Rate Notes [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 1,356 | 1,300 |
Measured at Fair Value on a Recurring Basis [Member] | Level 1 [Member] | U.S. Government Securities [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 2,227 | 2,210 |
Measured at Fair Value on a Recurring Basis [Member] | Level 1 [Member] | Asset Backed Securities [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis [Member] | Level 1 [Member] | Other [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis [Member] | Level 1 [Member] | Preferred Stocks [Member] | ||
Financial Assets [Abstract] | ||
Trading equity securities | 266 | 248 |
Measured at Fair Value on a Recurring Basis [Member] | Level 1 [Member] | Supplemental Employee Retirement Plan [Member] | Money Market Fund [Member] | ||
Financial Assets [Abstract] | ||
Trading equity securities | 452 | 229 |
Measured at Fair Value on a Recurring Basis [Member] | Level 1 [Member] | Supplemental Employee Retirement Plan [Member] | Mutual Funds [Member] | ||
Financial Assets [Abstract] | ||
Trading equity securities | 5,127 | 4,755 |
Measured at Fair Value on a Recurring Basis [Member] | Level 2 [Member] | ||
Financial Assets [Abstract] | ||
Derivative financial instruments | 147 | 333 |
Total financial assets | 2,910 | 3,029 |
Financial Liabilities [Abstract] | ||
SERP liabilities | 7,387 | 6,641 |
Total financial liabilities | 7,387 | 6,641 |
Measured at Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Corporate Bonds [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Municipal Bonds [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 1,301 | 1,546 |
Measured at Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Floating Rate Notes [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis [Member] | Level 2 [Member] | U.S. Government Securities [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Asset Backed Securities [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 428 | 442 |
Measured at Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Other [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 1,034 | 708 |
Measured at Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Preferred Stocks [Member] | ||
Financial Assets [Abstract] | ||
Trading equity securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Supplemental Employee Retirement Plan [Member] | Money Market Fund [Member] | ||
Financial Assets [Abstract] | ||
Trading equity securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Supplemental Employee Retirement Plan [Member] | Mutual Funds [Member] | ||
Financial Assets [Abstract] | ||
Trading equity securities | $ 0 | $ 0 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Feb. 01, 2019 | Dec. 31, 2018 | Apr. 12, 2017 | |
Debt [Abstract] | ||||
Current maturities of long-term debt | $ 279 | $ 413 | ||
Long-term debt | 56,629 | $ 59,709 | ||
Maximum [Member] | ||||
Line of Credit Facility [Abstract] | ||||
Amount of letters of credit outstanding | 11,979 | |||
Osborn [Member] | ||||
Line of Credit Facility [Abstract] | ||||
Amount of credit facility | 6,544 | |||
Borrowings outstanding | $ 0 | |||
Interest rate at period end | 10.00% | |||
Unused facility fee as a percentage of line of credit | 0.75% | |||
Performance bank guarantee, subsidiary obligation to fulfill contracts | $ 461 | |||
Under utilized facility resulting in unused facility fee | 50.00% | |||
Available credit under the facility | $ 6,083 | |||
Differential rate (less than prime rate) | 0.25% | |||
Astec Brazil Working Capital Loans [Member] | ||||
Debt [Abstract] | ||||
Loan amount | $ 1,084 | |||
Debt instrument, interest rate | 10.40% | |||
Debt instrument, maturity date | Apr. 30, 2024 | |||
Astec Brazil Equipment Financing [Member] | ||||
Debt [Abstract] | ||||
Loan amount | $ 66 | |||
Term loan | 5 years | |||
Astec Brazil Equipment Financing [Member] | Minimum [Member] | ||||
Debt [Abstract] | ||||
Debt instrument, interest rate | 6.00% | |||
Debt instrument, maturity date | Apr. 30, 2019 | |||
Astec Brazil Equipment Financing [Member] | Maximum [Member] | ||||
Debt [Abstract] | ||||
Debt instrument, interest rate | 16.30% | |||
Debt instrument, maturity date | Apr. 30, 2020 | |||
Astec Brazil Working Capital Loans and Equipment Financing [Member] | ||||
Debt [Abstract] | ||||
Current maturities of long-term debt | $ 279 | |||
Long-term debt | $ 871 | |||
Wells Fargo [Member] | ||||
Line of Credit Facility [Abstract] | ||||
Maturity date | Dec. 29, 2023 | |||
Borrowings outstanding | $ 55,758 | |||
Amount of letters of credit outstanding | 9,481 | |||
Line of credit, additional borrowing capacity | $ 84,761 | |||
Interest rate at period end | 3.25% | |||
Wells Fargo [Member] | Maximum [Member] | ||||
Line of Credit Facility [Abstract] | ||||
Amount of credit facility | $ 150,000 | $ 100,000 | ||
Sub-limit for letters of credit | $ 30,000 | |||
Borrowings outstanding | $ 81,776 | |||
Wells Fargo [Member] | Astec Brazil [Member] | ||||
Line of Credit Facility [Abstract] | ||||
Contingent liabilities for letters of credit issued on behalf of foreign subsidiaries | $ 3,200 | |||
Wells Fargo [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Abstract] | ||||
Term of variable rate | 1 month | |||
Additional rate over base, percentage | 0.75% | |||
Unused facility fee as a percentage of line of credit | 0.125% |
Product Warranty Reserves (Deta
Product Warranty Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Product warranty reserves [Roll Forward] | ||
Reserve balance, beginning of the period | $ 10,928 | $ 15,410 |
Warranty liabilities accrued | 2,746 | 3,453 |
Warranty liabilities settled | (2,643) | (2,825) |
Other | 20 | (25) |
Reserve balance, end of the period | $ 11,051 | $ 16,013 |
Minimum [Member] | ||
Standard Product Warranty Disclosure [Abstract] | ||
Product warranty reserve term | 3 months | |
Maximum [Member] | ||
Standard Product Warranty Disclosure [Abstract] | ||
Product warranty reserve term | 2 years |
Accrued Loss Reserves (Details)
Accrued Loss Reserves (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accrued Loss Reserves [Abstract] | ||
Total accrued loss reserves | $ 8,301 | $ 7,889 |
Accrued loss reserves included in other long-term liabilities | $ 6,230 | $ 6,057 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Operating Lease and Related Expense [Abstract] | ||
Operating lease expense | $ 601 | |
Cash paid for operating leases included in operating cash flows | 645 | |
Assets and Liabilities [Abstract] | ||
Operating lease right-of-use assets | 4,335 | $ 0 |
Operating lease short-term liability included in other current liabilities | 1,824 | |
Operating lease long-term liability included in other long-term liabilities | $ 2,529 | |
Weighted average remaining lease term | 4 years 10 months 10 days | |
Weighted average discount rate used in calculating right-of-use asset | 4.11% | |
Future Annual Minimum Lease Payments [Abstract] | ||
2019 (nine months remaining) | $ 1,628 | |
2020 | 1,175 | |
2021 | 631 | |
2022 | 331 | |
2023 | 168 | |
2024 and thereafter | 891 | |
Total | $ 4,824 | |
Minimum Rental Commitments [Abstract] | ||
2019 | 1,992 | |
2020 | 1,100 | |
2021 | 388 | |
2022 | 144 | |
2023 | 66 | |
2024 and thereafter | 12 | |
Total | 3,702 | |
Minimum [Member] | ||
Lessee, Operating Lease, Description [Abstract] | ||
Secured borrowing term | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Description [Abstract] | ||
Secured borrowing term | 20 years | |
Amount of present value of operating leases before exclusion from calculation of ROU asset | $ 5 | |
ASU 2016-02 [Member] | ||
Assets and Liabilities [Abstract] | ||
Operating lease right-of-use assets | $ 4,973 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Abstract] | ||
Effective income tax rate | 21.00% | 23.00% |
Additions for tax positions taken in current year | $ 49 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Abstract] | ||
Total net sales | $ 325,780 | $ 325,453 |
Domestic [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 262,829 | 270,076 |
Domestic [Member] | Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 174,299 | 185,743 |
Domestic [Member] | Parts and Component Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 73,658 | 70,262 |
Domestic [Member] | Service and Equipment Installation Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 5,399 | 4,350 |
Domestic [Member] | Used Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 3,176 | 3,201 |
Domestic [Member] | Freight Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 6,995 | 7,178 |
Domestic [Member] | Other [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | (698) | (658) |
International [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 62,951 | 55,377 |
International [Member] | Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 40,463 | 33,003 |
International [Member] | Parts and Component Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 18,943 | 17,824 |
International [Member] | Service and Equipment Installation Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 1,788 | 1,123 |
International [Member] | Used Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 576 | 1,359 |
International [Member] | Freight Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 1,091 | 1,851 |
International [Member] | Other [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 90 | 217 |
Canada [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 22,993 | 14,109 |
Australia [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 8,813 | 5,967 |
Africa [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 7,091 | 10,041 |
South America [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 7,054 | 8,867 |
Europe [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 6,490 | 10,461 |
Central America [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 3,549 | 3,553 |
China, Japan and Korea [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 2,140 | 656 |
Asia (excl. China, Japan and Korea) [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 2,131 | 844 |
West Indies [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 1,378 | 109 |
Middle East [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 851 | 630 |
Other Foreign Countries [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 461 | 140 |
Total Foreign [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 62,951 | 55,377 |
Infrastructure Group [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 154,994 | 147,094 |
Infrastructure Group [Member] | Domestic [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 130,546 | 134,486 |
Infrastructure Group [Member] | Domestic [Member] | Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 79,364 | 85,518 |
Infrastructure Group [Member] | Domestic [Member] | Parts and Component Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 42,191 | 41,113 |
Infrastructure Group [Member] | Domestic [Member] | Service and Equipment Installation Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 3,231 | 1,928 |
Infrastructure Group [Member] | Domestic [Member] | Used Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 1,493 | 1,624 |
Infrastructure Group [Member] | Domestic [Member] | Freight Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 3,830 | 4,038 |
Infrastructure Group [Member] | Domestic [Member] | Other [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 437 | 265 |
Infrastructure Group [Member] | International [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 24,448 | 12,608 |
Infrastructure Group [Member] | International [Member] | Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 16,452 | 5,914 |
Infrastructure Group [Member] | International [Member] | Parts and Component Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 6,273 | 5,062 |
Infrastructure Group [Member] | International [Member] | Service and Equipment Installation Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 1,364 | 812 |
Infrastructure Group [Member] | International [Member] | Used Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 110 | 503 |
Infrastructure Group [Member] | International [Member] | Freight Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 240 | 256 |
Infrastructure Group [Member] | International [Member] | Other [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 9 | 61 |
Aggregate and Mining Group [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 106,531 | 119,067 |
Aggregate and Mining Group [Member] | Domestic [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 75,715 | 83,836 |
Aggregate and Mining Group [Member] | Domestic [Member] | Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 55,204 | 63,494 |
Aggregate and Mining Group [Member] | Domestic [Member] | Parts and Component Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 19,159 | 17,834 |
Aggregate and Mining Group [Member] | Domestic [Member] | Service and Equipment Installation Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 625 | 326 |
Aggregate and Mining Group [Member] | Domestic [Member] | Used Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 413 | 1,410 |
Aggregate and Mining Group [Member] | Domestic [Member] | Freight Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 1,595 | 1,808 |
Aggregate and Mining Group [Member] | Domestic [Member] | Other [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | (1,281) | (1,036) |
Aggregate and Mining Group [Member] | International [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 30,816 | 35,231 |
Aggregate and Mining Group [Member] | International [Member] | Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 19,049 | 22,327 |
Aggregate and Mining Group [Member] | International [Member] | Parts and Component Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 10,178 | 10,289 |
Aggregate and Mining Group [Member] | International [Member] | Service and Equipment Installation Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 391 | 311 |
Aggregate and Mining Group [Member] | International [Member] | Used Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 466 | 856 |
Aggregate and Mining Group [Member] | International [Member] | Freight Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 668 | 1,331 |
Aggregate and Mining Group [Member] | International [Member] | Other [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 64 | 117 |
Energy Group [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 64,255 | 59,292 |
Energy Group [Member] | Domestic [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 56,568 | 51,754 |
Energy Group [Member] | Domestic [Member] | Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 39,731 | 36,731 |
Energy Group [Member] | Domestic [Member] | Parts and Component Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 12,308 | 11,315 |
Energy Group [Member] | Domestic [Member] | Service and Equipment Installation Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 1,543 | 2,096 |
Energy Group [Member] | Domestic [Member] | Used Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 1,270 | 167 |
Energy Group [Member] | Domestic [Member] | Freight Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 1,570 | 1,332 |
Energy Group [Member] | Domestic [Member] | Other [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 146 | 113 |
Energy Group [Member] | International [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 7,687 | 7,538 |
Energy Group [Member] | International [Member] | Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 4,962 | 4,762 |
Energy Group [Member] | International [Member] | Parts and Component Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 2,492 | 2,473 |
Energy Group [Member] | International [Member] | Service and Equipment Installation Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 33 | 0 |
Energy Group [Member] | International [Member] | Used Equipment Sales [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 0 | 0 |
Energy Group [Member] | International [Member] | Freight Revenue [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | 183 | 264 |
Energy Group [Member] | International [Member] | Other [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Total net sales | $ 17 | $ 39 |
Segment Information, Segment In
Segment Information, Segment Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)SegmentBusinessunit | Mar. 31, 2018USD ($) | |
Segment Information [Abstract] | ||
Number of reportable segments | Segment | 3 | |
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Net sales | $ 325,780 | $ 325,453 |
Gross profit (loss) | 76,526 | 78,005 |
Segment profit (loss) | $ 14,217 | 20,216 |
Infrastructure Group [Member] | ||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Number of business units | Businessunit | 5 | |
Number of business units which design, engineer, manufacture and market product lines | Businessunit | 3 | |
Number of business units that operate as Company-owned dealers | Businessunit | 2 | |
Net sales | $ 154,994 | 147,094 |
Aggregate and Mining Group [Member] | ||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Number of business units | Businessunit | 8 | |
Net sales | $ 106,531 | 119,067 |
Energy Group [Member] | ||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Number of business units | Businessunit | 6 | |
Net sales | $ 64,255 | 59,292 |
Corporate [Member] | ||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Net sales | 0 | 0 |
Gross profit (loss) | $ (4) | $ 150 |
Gross profit percent | 0.00% | 0.00% |
Segment profit (loss) | $ (13,470) | $ (11,248) |
Reportable Segments [Member] | ||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Net sales | 325,780 | 325,453 |
Gross profit (loss) | $ 76,526 | $ 78,005 |
Gross profit percent | 23.50% | 24.00% |
Segment profit (loss) | $ 13,840 | $ 21,325 |
Reportable Segments [Member] | Infrastructure Group [Member] | ||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Net sales | 154,994 | 147,094 |
Gross profit (loss) | $ 35,506 | $ 33,280 |
Gross profit percent | 22.90% | 22.60% |
Segment profit (loss) | $ 15,238 | $ 14,852 |
Reportable Segments [Member] | Aggregate and Mining Group [Member] | ||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Net sales | 106,531 | 119,067 |
Gross profit (loss) | $ 25,545 | $ 29,289 |
Gross profit percent | 24.00% | 24.60% |
Segment profit (loss) | $ 8,678 | $ 13,110 |
Reportable Segments [Member] | Energy Group [Member] | ||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Net sales | 64,255 | 59,292 |
Gross profit (loss) | $ 15,479 | $ 15,286 |
Gross profit percent | 24.10% | 25.80% |
Segment profit (loss) | $ 3,394 | $ 4,611 |
Intersegment Eliminations [Member] | ||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Net sales | 13,849 | 17,316 |
Segment profit (loss) | 377 | (1,109) |
Intersegment Eliminations [Member] | Infrastructure Group [Member] | ||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Net sales | 2,071 | 8,271 |
Intersegment Eliminations [Member] | Aggregate and Mining Group [Member] | ||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Net sales | 4,757 | 3,906 |
Intersegment Eliminations [Member] | Energy Group [Member] | ||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Net sales | 7,021 | 5,139 |
Intersegment Eliminations [Member] | Corporate [Member] | ||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | ||
Net sales | $ 0 | $ 0 |
Segment Information, Reconcilia
Segment Information, Reconciliation of Total Segment Profits to Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reconciliation of total segment profits (losses) to the Company's consolidated totals [Abstract] | ||
Net income | $ 14,217 | $ 20,216 |
Net loss attributable to non-controlling interest in subsidiaries | 57 | 51 |
Net income attributable to controlling interest | 14,274 | 20,267 |
Reportable Segments [Member] | ||
Reconciliation of total segment profits (losses) to the Company's consolidated totals [Abstract] | ||
Net income | 13,840 | 21,325 |
Intersegment Eliminations [Member] | ||
Reconciliation of total segment profits (losses) to the Company's consolidated totals [Abstract] | ||
Net income | $ 377 | $ (1,109) |
Contingent Matters (Details)
Contingent Matters (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Contingent Matters [Abstract] | |
Liability recorded related to guarantees | $ 1,362 |
Loss Contingency, Estimate [Abstract] | |
Contingent liability for customer debt | $ 2,646 |
Maximum maturity date of customer debt | Dec. 31, 2023 |
Pellet Plant [Member] | |
Loss Contingency, Estimate [Abstract] | |
Pellet plant inventory net realizable value | $ 0 |
Maximum [Member] | |
Loss Contingency, Estimate [Abstract] | |
Contingent liabilities for letters of credit | 11,979 |
Letter of Credit Lender [Member] | |
Loss Contingency, Estimate [Abstract] | |
Contingent liabilities for letters of credit | 9,481 |
Astec Brazil Working Capital Loans [Member] | |
Loss Contingency, Estimate [Abstract] | |
Contingent liabilities for letters of credit issued on behalf of foreign subsidiaries | $ 3,200 |
Letter of Credit [Member] | Maximum [Member] | |
Loss Contingency, Estimate [Abstract] | |
Letter of credit expiration date | Dec. 31, 2020 |
Performance Letters of Credit [Member] | |
Loss Contingency, Estimate [Abstract] | |
Contingent liabilities for letters of credit issued on behalf of foreign subsidiaries | $ 2,498 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restricted stock units under the long-term Incentive Plans [Abstract] | ||
Vesting period | 5 years | |
Awards granted in February 2017 and after | 3 years | |
Restricted stock units vested (in shares) | 13 | 24 |
Shares withheld upon vesting (in shares) | 4 | 7 |
Vesting date fair value of vested restricted stock units during the period | $ 509 | $ 1,412 |
Grant date fair value of restricted stock units granted | 1,448 | 3,098 |
Compensation expense | $ 887 | $ 752 |
Non-Employee Directors Compensation Plan [Member] | ||
Restricted stock units under the long-term Incentive Plans [Abstract] | ||
Vesting period | 1 year |
Other Income, Net of Expenses_2
Other Income, Net of Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Income, Net of Expenses [Abstract] | ||
Interest income | $ 275 | $ 214 |
Gain (loss) on investments | 149 | (103) |
Other | 44 | 350 |
Total | $ 468 | $ 461 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Other Current Assets [Member] | ||
Summary of Derivative Instruments [Abstract] | ||
Derivative assets | $ 147 | $ 333 |
Foreign Exchange Contract [Member] | ||
Summary of Derivative Instruments [Abstract] | ||
Average notional amount | $ 10,116 |
Derivative Financial Instrume_3
Derivative Financial Instruments, Gain (Loss) recognized in income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member] | ||
Gain (loss) on derivative financial instruments recognized in income, net [Abstract] | ||
Gain (loss) on derivative financial instruments recognized in income, net | $ (76) | $ 187 |
Stock Buy Back Program (Details
Stock Buy Back Program (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | Jul. 29, 2018 | |
Stock Buy Back Program [Abstract] | |||
Stock repurchase program, authorized amount | $ 150,000 | ||
Stock repurchased (in shares) | 0 | 582 | |
Stock repurchased value | $ 24,138 |