Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | ASTEC INDUSTRIES, INC. | ||
Entity Central Index Key | 0000792987 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 730,414,000 | ||
Entity Common Stock, Shares Outstanding | 22,551,781 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-11595 | ||
Entity Tax Identification Number | 62-0873631 | ||
Entity Incorporation, State or Country Code | TN | ||
Entity Address, Address Line One | 1725 Shepherd Road | ||
Entity Address, City or Town | Chattanooga | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37421 | ||
City Area Code | 423 | ||
Local Phone Number | 899-5898 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | ASTE | ||
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 48,857 | $ 25,821 |
Investments | 1,547 | 1,946 |
Trade receivables and contract assets | 120,271 | 130,569 |
Other receivables | 4,576 | 3,409 |
Inventories | 294,536 | 355,944 |
Prepaid income taxes | 15,234 | 24,459 |
Prepaid expenses and other assets | 18,199 | 18,843 |
Assets held for sale | 3,084 | 0 |
Total current assets | 506,304 | 560,991 |
Property and equipment, net | 190,363 | 192,448 |
Investments | 16,104 | 14,890 |
Goodwill | 33,176 | 32,748 |
Intangible assets, net | 23,536 | 25,370 |
Deferred tax assets | 24,696 | 27,490 |
Other long-term assets | 6,319 | 1,520 |
Total assets | 800,498 | 855,457 |
Current liabilities: | ||
Current maturities of long-term debt | 209 | 413 |
Short-term debt | 1,130 | 0 |
Accounts payable | 57,162 | 70,614 |
Customer deposits | 42,874 | 48,069 |
Accrued product warranty | 10,261 | 10,928 |
Accrued payroll and related liabilities | 24,718 | 24,126 |
Accrued loss reserves | 2,299 | 1,832 |
Other accrued liabilities | 34,114 | 33,249 |
Total current liabilities | 172,767 | 189,231 |
Long-term debt | 690 | 59,709 |
Deferred tax liabilities | 896 | 1,020 |
Other long-term liabilities | 23,658 | 20,207 |
Total liabilities | 198,011 | 270,167 |
Equity: | ||
Preferred stock - authorized 4,000 shares of $1.00 par value; none issued | 0 | 0 |
Common stock - authorized 40,000 shares of $0.20 par value; issued and outstanding - 22,551 in 2019 and 22,513 in 2018 | 4,510 | 4,503 |
Additional paid-in capital | 122,613 | 120,601 |
Accumulated other comprehensive loss | (31,803) | (33,883) |
Company shares held by SERP, at cost | (1,714) | (1,886) |
Retained earnings | 508,343 | 495,245 |
Shareholders' equity | 601,949 | 584,580 |
Non-controlling interest | 538 | 710 |
Total equity | 602,487 | 585,290 |
Total liabilities and equity | $ 800,498 | $ 855,457 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Equity: | ||
Preferred stock, shares authorized (in shares) | 4,000 | 4,000 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 40,000 | 40,000 |
Common stock, par value (in dollars per share) | $ 0.20 | $ 0.20 |
Common stock, shares issued (in shares) | 22,551 | 22,513 |
Common stock, shares outstanding (in shares) | 22,551 | 22,513 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||
Net sales | $ 1,169,613 | $ 1,171,599 | $ 1,184,739 |
Cost of sales | 930,205 | 1,035,833 | 941,610 |
Gross profit | 239,408 | 135,766 | 243,129 |
Selling, general and administrative expenses | 183,934 | 180,795 | 160,775 |
Research and development expenses | 27,214 | 28,332 | 26,817 |
Restructuring and asset impairment charges | 3,204 | 13,060 | 0 |
Income (loss) from operations | 25,056 | (86,421) | 55,537 |
Other income: | |||
Interest expense | (1,367) | (1,045) | (840) |
Interest income | 1,192 | 952 | 1,302 |
Other income | 305 | 536 | 1,218 |
Income (loss) before income taxes | 25,186 | (85,978) | 57,217 |
Income tax provision (benefit) | 3,012 | (25,234) | 19,627 |
Net income (loss) | 22,174 | (60,744) | 37,590 |
Net loss attributable to non-controlling interest | 132 | 295 | 205 |
Net income (loss) attributable to controlling interest | $ 22,306 | $ (60,449) | $ 37,795 |
Net income (loss) attributable to controlling interest: | |||
Basic (in dollars per share) | $ 0.99 | $ (2.64) | $ 1.64 |
Diluted (in dollars per share) | $ 0.98 | $ (2.64) | $ 1.63 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 22,515 | 22,902 | 23,025 |
Diluted (in shares) | 22,674 | 22,902 | 23,184 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | |||
Net income (loss) | $ 22,174 | $ (60,744) | $ 37,590 |
Other comprehensive income (loss): | |||
Change in unrecognized pension and post-retirement benefit costs | 1,016 | (162) | 689 |
Tax (expense) benefit on change in unrecognized pension and post-retirement benefit costs | (244) | 38 | (69) |
Foreign currency translation adjustments | 2,014 | (9,516) | 6,699 |
Other comprehensive income (loss) | 2,786 | (9,640) | 7,319 |
Comprehensive loss attributable to non-controlling interest | 154 | 439 | 232 |
Comprehensive income (loss) attributable to controlling interest | $ 25,114 | $ (69,945) | $ 45,141 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ 22,174 | $ (60,744) | $ 37,590 |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | |||
Depreciation | 21,436 | 22,411 | 21,312 |
Amortization | 4,764 | 5,502 | 4,490 |
Provision for doubtful accounts | 1,249 | 223 | 482 |
Provision for warranties | 9,762 | 13,219 | 16,725 |
Deferred compensation provision (benefit) | 617 | (1,554) | (574) |
Deferred tax provision (benefit) | 1,715 | (25,385) | (291) |
(Gain) loss on disposition of fixed assets | 255 | (71) | (388) |
Stock-based compensation | 2,637 | 2,182 | 3,142 |
Asset impairment charges | 250 | 13,060 | 0 |
Distributions to SERP participants | (2,207) | (767) | (206) |
Change in operating assets and liabilities, net of effects of acquisitions: | |||
Sale (purchase) of trading securities, net | (864) | (758) | 473 |
Receivables and other contract assets | 7,531 | (16,189) | (7,749) |
Inventories | 61,297 | 30,757 | (19,618) |
Prepaid expenses | (2,260) | (11,943) | (5,181) |
Other assets | 216 | (3,698) | (779) |
Accounts payable | (12,968) | 9,843 | 630 |
Customer deposits | (5,299) | (522) | 9,379 |
Accrued product warranty | (10,473) | (17,539) | (14,642) |
Income taxes payable/prepaid | 12,192 | 3,683 | (597) |
Accrued retirement benefit costs | (1,276) | (1,100) | 45 |
Accrued loss reserves | (1,073) | (125) | 122 |
Other accrued liabilities | 2,033 | 8,887 | (1,118) |
Other | 726 | 843 | (1,366) |
Net cash provided (used) by operating activities | 112,434 | (29,785) | 41,881 |
Cash Flows from Investing Activities | |||
Business acquisition, net of cash acquired | 0 | 0 | (26,443) |
Proceeds from sale of property and equipment | 483 | 375 | 480 |
Expenditures for property and equipment | (23,360) | (27,440) | (20,046) |
Sale (purchase) of investments | 1,337 | (360) | (891) |
Net cash used by investing activities | (21,540) | (27,425) | (46,900) |
Cash Flows from Financing Activities | |||
Payment of dividends | (9,916) | (9,625) | (9,226) |
Borrowings under bank loans | 165,980 | 148,504 | 0 |
Repayment of bank loans | (224,034) | (91,964) | (7,242) |
Purchase of shares of subsidiaries | (16) | (28) | (106) |
Sale (purchase) of Company shares by SERP, net | 256 | 377 | 289 |
Withholding tax paid upon vesting of restricted stock units | (355) | (432) | (507) |
Repurchase of Company stock | 0 | (24,138) | 0 |
Net cash provided (used) by financing activities | (68,085) | 22,694 | (16,792) |
Effect of exchange rates on cash | 227 | (1,943) | 1,720 |
Increase (decrease) in cash and cash equivalents | 23,036 | (36,459) | (20,091) |
Cash and cash equivalents, beginning of year | 25,821 | 62,280 | 82,371 |
Cash and cash equivalents, end of year | 48,857 | 25,821 | 62,280 |
Cash paid during the year for: | |||
Interest, net of capitalized interest | 1,771 | 856 | 588 |
Income taxes paid (refunded), net | $ (11,262) | $ 8,523 | $ 26,917 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - 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, 2016 | $ 4,609 | $ 139,970 | $ (31,562) | $ (1,958) | $ 536,771 | $ 1,011 | $ 648,841 |
Balance (in shares) at Dec. 31, 2016 | 23,046 | ||||||
Net income (loss) | 37,795 | (205) | 37,590 | ||||
Dividends declared | 10 | (9,236) | (9,226) | ||||
Other comprehensive income (loss) | 7,319 | 7,319 | |||||
Change in ownership percentage of subsidiary | (43) | (43) | |||||
Stock-based compensation | 2,172 | 2,172 | |||||
Stock-based compensation (in shares) | 1 | ||||||
RSU vesting | $ 5 | (5) | 0 | ||||
RSU vesting (in shares) | 23 | ||||||
Withholding tax on vested RSUs | (507) | (507) | |||||
Sale of Company stock held by SERP, net | 291 | (2) | 289 | ||||
Other | 330 | 330 | |||||
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 (loss) | (60,449) | (295) | (60,744) | ||||
Dividends declared | 11 | (9,636) | (9,625) | ||||
Other comprehensive income (loss) | (9,640) | (9,640) | |||||
Change in ownership percentage of subsidiary | (159) | (159) | |||||
Stock-based compensation | 2,815 | 2,815 | |||||
Stock-based compensation (in shares) | 2 | ||||||
RSU vesting | $ 5 | (5) | 0 | ||||
RSU vesting (in shares) | 23 | ||||||
Withholding tax on vested RSUs | (432) | (432) | |||||
Sale of Company stock held by SERP, net | 303 | 74 | 377 | ||||
Stock buy-back program | $ (116) | (24,022) | (24,138) | ||||
Stock buy-back program (in shares) | (582) | ||||||
Other | 71 | 71 | |||||
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 | 22,513 | |||||
Cumulative impact of No. ASU 2018-02 | (721) | 721 | $ 0 | ||||
Net income (loss) | 22,306 | (132) | 22,174 | ||||
Dividends declared | 13 | (9,929) | (9,916) | ||||
Other comprehensive income (loss) | 2,808 | (22) | 2,786 | ||||
Change in ownership percentage of subsidiary | (15) | (15) | |||||
Stock-based compensation | 2,277 | 2,277 | |||||
Stock-based compensation (in shares) | 3 | ||||||
RSU vesting | $ 7 | (7) | 0 | ||||
RSU vesting (in shares) | 35 | ||||||
Withholding tax on vested RSUs | (355) | (355) | |||||
Sale of Company stock held by SERP, net | 84 | 172 | 256 | ||||
Other | (7) | (3) | (10) | ||||
Balance at Dec. 31, 2019 | $ 4,510 | $ 122,613 | $ (31,803) | $ (1,714) | $ 508,343 | $ 538 | $ 602,487 |
Balance (in shares) at Dec. 31, 2019 | 22,551 | 22,551 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF EQUITY [Abstract] | |||
Common stock dividends (in dollars per share) | $ 0.44 | $ 0.42 | $ 0.40 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation Astec Australia Pty Ltd Astec do Brasil Fabricacao de Equipamentos Ltda. (93% owned) Astec, Inc. Astec Insurance Company Astec Industries LatAm SpA Astec Mobile Machinery GmbH Astec Mobile Screens, Inc. Breaker Technology, Inc. Breaker Technology Ltd. Carlson Paving Products, Inc. CEI Enterprises, Inc. GEFCO, Inc. Heatec, Inc. Johnson Crushers International, Inc. Kolberg-Pioneer, Inc. Osborn Engineered Products SA (Pty) Ltd Peterson Pacific Corp. Power Flame Incorporated RexCon, Inc. Roadtec, Inc. Telestack Limited Telsmith, Inc. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from those estimates. Foreign Currency Translation - Subsidiaries located in Australia, Brazil, Canada, Chile, Germany, Northern Ireland, and South Africa operate primarily using local functional currencies. Accordingly, assets and liabilities of these subsidiaries are translated using exchange rates in effect at the end of the period, and revenues and costs are translated using average exchange rates for the period. The resulting adjustments are presented as a separate component of accumulated other comprehensive income (loss). Foreign currency transaction gains and losses, net are included in cost of sales and amounted to a loss of $618 in 2019 , and gains of $539 and $431 in 2018 and 2017 , respectively. Fair Value of Financial Instruments Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Unadjusted quoted prices in active markets for similar assets or liabilities; or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability. Level 3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. All financial assets and liabilities held by the Company at December 31, 2019 and 2018 are classified as Level 1 or Level 2, as summarized in Note 3, Fair Value Measurements. Cash and Cash Equivalents - All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash and cash equivalents. Investments - Investments consist primarily of investment-grade marketable securities. Trading securities are carried at fair value, with unrealized holding gains and losses included in net income (loss). Realized gains and losses are accounted for on the specific identification method. Purchases and sales are recorded on a trade-date basis. Management determines the appropriate classification of its investments at the time of acquisition and reevaluates such determination at each balance sheet date. Accounts Receivable - The Company sells products to a wide variety of customers. Accounts receivable are carried at their outstanding principal amounts, less an allowance for doubtful accounts. The Company extends credit to its customers based on an evaluation of the customers’ financial condition generally without requiring collateral, although the Company normally requires advance payments or letters of credit on large equipment orders. Credit risk is driven by conditions within the economy and the industry and is principally dependent on each customer’s financial condition. To minimize credit risk, the Company monitors credit levels and financial conditions of customers on a continuing basis. After considering historical trends for uncollectible accounts, current economic conditions and specific customer recent payment history and financial stability, the Company records an allowance for doubtful accounts at a level which management believes is sufficient to cover probable credit losses. Amounts are deemed past due when they exceed the payment terms agreed to by the customer in the sales contract. Past due amounts are charged off when reasonable collection efforts have been exhausted and the amounts are deemed uncollectible by management. As of December 31, 2019 , concentrations of credit risk with respect to receivables are limited due to the wide variety of customers. Allowance for Doubtful Accounts - The following table represents a rollforward of the allowance for doubtful accounts for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31 2019 2018 2017 Allowance balance, beginning of year $ 1,184 $ 1,716 $ 1,511 Provision 1,249 223 482 Write offs (1,016 ) (696 ) (308 ) Other (1 ) (59 ) 31 Allowance balance, end of year $ 1,416 $ 1,184 $ 1,716 Inventories Raw material inventory is 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 inventory 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 inventory consists of completed equipment manufactured for sale to customers. Used equipment inventory consists of equipment accepted in trade or purchased on the open market. This 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, the Company’s normal gross margins, actions by the Company or its 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 allowance 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 equipment or parts we sell. 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 slow-moving 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. Assets Held for Sale Property and Equipment - Property and equipment is stated at cost. Depreciation is calculated for financial reporting purposes using the straight-line method based on the estimated useful lives of the assets as follows: airplanes (20 years), buildings (40 years) and equipment (3 to 10 years). Both accelerated and straight-line methods are used for tax compliance purposes. Routine repair and maintenance costs and planned major maintenance are expensed when incurred. Goodwill and Other Intangible Assets - The Company classifies intangible assets as either goodwill or intangible assets with definite lives subject to amortization. The Company tests intangible assets with definite lives for impairment if conditions exist that indicate the carrying value may not be recoverable. Such conditions may include an economic downturn in a geographic market or a change in the assessment of future operations. An impairment charge is recorded when the carrying value of the definite lived intangible asset is not recoverable by the future undiscounted cash flows expected to be generated from the use of the asset. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors considered when determining useful lives include the contractual terms of agreements, the history of the asset, the Company’s long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized over their useful lives as follows: dealer network and customer relationships: 8-19 years; trade names: 14-15 years; other: 3-19 years. Goodwill is not amortized. The Company tests goodwill for impairment during the fourth quarter of each year or more frequently if events or circumstances indicate that goodwill might be impaired. Beginning in 2018, the Company changed its annual goodwill impairment testing date from December 31 to October 31 to better align the testing date with its financial planning process and alleviate resource constraints. The Company would not expect a materially different outcome in any given year as a result of testing on October 31 as compared to December 31. The Company uses qualitative factors to determine whether it is more likely than not (a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying value, including goodwill. The Company estimates the fair values of each of its reporting units with goodwill using a combination of the income and market approaches. The income approach uses a reporting unit’s projection of estimated future operating results and cash flows which are then discounted using a weighted average cost of capital determined based on current market conditions for the individual reporting unit. The projection uses management’s best estimates of cash flows over the projection period based on estimates of annual and terminal growth rates in sales and costs, changes in operating margins, selling, general and administrative expenses, working capital requirements and capital expenditures. The market approach relies upon valuation multiples derived from stock prices and enterprise values of publicly traded companies comparable to the Company. The multiples under the market approach are used to develop estimates of the operating value of the reporting units. Other factors used in evaluating the fair value of a reporting unit could include deterioration in the general economy, fluctuations in foreign exchange, deterioration in the industry or markets in which the reporting unit operates, an increased competitive market, a regulatory or political development in the market, increases in raw materials, labor costs or other factors that have a negative effect on earnings and cash flows, a decline in actual or budgeted earnings and cash flows, or entity specific changes in management, key personnel, strategy or customer base. If the fair value of a reporting unit is found to be less than its book value, the Company will record an impairment loss equal to the excess, if any, of the book value over the fair value. The fair value of reporting units that do not have goodwill are estimated using either the income or market approaches, depending on which approach is the most appropriate for each reporting unit. The fair value of the reporting units that serve operating units in supporting roles, such as the captive insurance company and the corporate reporting unit are estimated using the cost approach. The sum of the fair values of all reporting units is compared to the fair value of the consolidated Company, calculated using the market approach, which is inferred from the market capitalization of the Company at the date of the valuation, to confirm that the Company’s estimation of the fair value of its reporting units is reasonable. Determining the fair values of the Company’s reporting units involves the use of significant estimates and assumptions. Due to the inherent uncertainty involved in making these estimates and assumptions, actual results could differ materially from those estimates. Impairment of Long-lived Assets - In the event that facts and circumstances indicate the carrying amounts of long-lived assets may be impaired, an evaluation of recoverability is performed. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the carrying amount for each asset (or group of assets) to determine if a write-down is required. If this review indicates that the assets will not be recoverable, the carrying values of the impaired assets are reduced to their estimated fair value. Fair value is estimated using discounted cash flows, prices for similar assets or other valuation techniques. Self-Insurance Reserves For general liability claims, the captive is liable for the first $1,000 per occurrence. The Company carries general liability, excess liability and umbrella policies for claims in excess of amounts covered by the captive. For workers’ compensation claims, the captive is liable for the first $350 per occurrence. The Company utilizes a large national insurance company as third-party administrator for workers’ compensation claims and carries insurance coverage for claims liabilities in excess of amounts covered by the captive. The financial statements of the captive are consolidated into the consolidated financial statements of the Company. The short-term and long-term reserves for claims and potential claims related to general liability and workers’ compensation under the captive are included in accrued loss reserves or other long-term liabilities in the consolidated balance sheets depending on the expected timing of future payments. The undiscounted reserves are actuarially determined to cover the ultimate cost of each claim 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. However, the Company does not believe it is reasonably likely that the reserve level will materially change in the foreseeable future. The Company is self-insured for health and prescription claims under its Group Health Insurance Plan at all but one of the Company’s domestic manufacturing subsidiaries. The Company carries reinsurance coverage to limit its exposure for individual health claims above certain limits. Third parties administer health claims and prescription medication claims. The Company maintains a reserve for the self-insured health plan which is included in accrued loss reserves on the Company’s consolidated balance sheets. This reserve includes both unpaid claims and an estimate of claims incurred but not reported, based on historical claims and payment experience. Historically, the reserves have been sufficient to provide for claims payments. Changes in actual claims experience or payment patterns could cause the reserve to change, but the Company does not believe it is reasonably likely that the reserve level will materially change in the near future. The remaining U.S. subsidiary is covered under a fully insured group health plan. Employees of the Company’s foreign subsidiaries are insured under separate health plans. No reserves are necessary for these fully-insured health plans. Revenue Recognition 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. The Company had one large wood pellet plant sale through 2018 and other smaller non-wood pellet plant orders in 2019 on which revenue was recorded over time based upon the ratio of costs incurred to estimated total costs. Penalties were accounted for as a reduction in sales. 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 - Used equipment is obtained by trade-in on new equipment sales, as a separate purchase in the open market or from the Company’s equipment rental business. Revenues from the sale of used equipment are recognized upon transfer of control to the customer at agreed upon pricing. Freight Revenue – Under a practical expedient allowed under ASU 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. Advertising Expense - The cost of advertising is expensed as incurred. The Company incurred $3,668 , $4,136 and $3,793 in advertising costs during 2019 , 2018 and 2017 , respectively, which are included in selling, general and administrative expenses. Income Taxes The Company evaluates a tax position to determine whether it is more likely than not that the tax position will be sustained upon examination, based upon the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to recognize and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold, no benefit is recognized. The Company is periodically audited by U.S. federal and state as well as foreign tax authorities. While it is often difficult to predict final outcome or timing of resolution of any particular tax matter, the Company believes its reserve for uncertain tax positions is adequate to reduce the uncertain positions to the greatest amount of benefit that is more likely than not realizable. Product Warranty Reserve - The Company accrues for the estimated cost of product warranties at the time revenue is recognized. Warranty obligations by product line or model are evaluated based on historical warranty claims experience. For equipment, the Company’s standard product warranty terms generally include post-sales support and repairs of products at no additional charge for periods ranging from three months to two years or up to a specified number of hours of operation. For parts from component suppliers, the Company relies on the original manufacturer’s warranty that accompanies those parts. Generally, Company fabricated parts are not covered by specific warranty terms. Although failure of fabricated parts due to material or workmanship is rare, if it occurs, the Company’s policy is to replace fabricated parts at no additional charge. Estimated warranty obligations are based upon warranty terms, product failure rates, repair costs and current period machine shipments. If actual product failure rates, repair costs, service delivery costs or post-sales support costs differ from our estimates, revisions to the estimated warranty liability may be required. Pension and Retirement Plans The Company recognizes the overfunded or underfunded status of its pension plan as an asset or liability. Actuarial gains and losses, amortization of prior service cost (credit) and amortization of transition obligations are recognized through other comprehensive income (loss) in the year in which the changes occur. The Company measures the funded status of its pension plan as of the date of the Company’s fiscal year-end. Stock-based Compensation - The Company recognizes the cost of employee and director services received in exchange for equity awards in the consolidated financial statements based on the grant date calculated fair value of the awards. The Company recognizes stock-based compensation expense over the period during which a recipient is required to provide service in exchange for the award (the vesting period). The Company’s equity awards are further described in Note 16, Shareholders’ Equity. Earnings Per Share - Basic earnings (loss) per share is based on the weighted average number of common shares outstanding and diluted earnings (loss) per share includes potential dilutive effects of restricted stock units and shares held in the Company’s supplemental executive retirement plan. The following table sets forth a reconciliation of the number of shares used in the computation of basic and diluted earnings (loss) per share: Year Ended December 31 2019 2018 2017 Denominator: Denominator for basic earnings (loss) per share 22,515 22,902 23,025 Effect of dilutive securities: Restricted stock units 111 – 96 Supplemental executive retirement plan 48 – 63 Denominator for diluted earnings (loss) per share 22,674 22,902 23,184 Derivatives and Hedging Activities - The Company recognizes all derivatives in the consolidated balance sheets at their fair value. Derivatives that are not hedges are adjusted to fair value through income. If the derivative is a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against the change in fair value of assets, liabilities, or firm commitments through income or recognized in other comprehensive income (loss) until the hedged item is recognized in income. The ineffective portion of a derivative’s change in fair value is immediately recognized in income. From time to time, the Company’s foreign subsidiaries enter into foreign currency exchange contracts to mitigate exposure to fluctuation in currency exchange rates. See Note 13, Derivative Financial Instruments, regarding foreign exchange contracts outstanding at December 31, 2019 and 2018 . Business Combinations and Divestitures - The Company accounts for business combinations using the acquisition method. Accordingly, intangible assets are recorded apart from goodwill if they arise from contractual or legal rights or if they are separable from goodwill. Related third-party acquisition costs are expensed as incurred and contingent consideration is booked at its fair value as part of the purchase price. Business divestitures are accounted for using the exit and disposal method including the assets held for sale guidance. See Note 21, Business Combinations, regarding acquisitions and divestitures announced or completed by the Company in the years ended December 31, 2019 , 2018 and 2017 . Subsequent Events Review - Management has evaluated events occurring between December 31, 2019 and the date these consolidated financial statements were filed with the Securities and Exchange Commission for proper recording or disclosure therein. Recent Accounting Pronouncements 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 (loss). 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. Certain provisions of ASU No. 2016-13 were modified or amended by the issuance of ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. The ASU makes several narrow–scope amendments to the new credit losses standard, including an amendment requiring entities to include certain expected recoveries of the amortized cost basis of previously written off, or expected to be written off, in the allowance for credit losses for purchase credit deteriorated assets. The amendment also provides transition relief related to troubled debt restructurings, allow entities to exclude accrued interest amounts from certain required disclosures and clarify the requirements for applying the collateral maintenance expedient. The standards are effective for public companies for periods beginning after December 15, 2019 and the Company expects to adopt the new standards as of January 1, 2020. As the Company’s credit losses are typically minimal, the Company does not expect the adoption of the new standards 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 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. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes”, which eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The new standard is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted in interim or annual periods if the Company has not yet issued financial statements. If the Company elects to early adopt the amendments in an interim period, it should reflect any adjustments as of the beginning of the annual period that includes the interim period and must adopt all amendments in the same period applying all guidance prospectively, except for certain amendments. The Company has not determined the impact of the statement’s provision on its financial position, results of operations or cash flows. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [Abstract] | |
Inventories | 2. Inventories Inventories consist of the following: December 31 2019 2018 Raw materials and parts $ 160,872 $ 173,919 Work-in-process 61,287 69,718 Finished goods 53,650 89,152 Used equipment 18,727 23,155 Total $ 294,536 $ 355,944 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 3. 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, and marketable equity securities held in an unqualified Supplemental Executive Retirement Plan (“SERP”). The financial assets held in the SERP also constitute a liability of the Company for financial reporting purposes. The Company’s subsidiaries also occasionally enter into foreign currency exchange contracts to mitigate exposure to fluctuations in currency exchange rates. For cash and cash equivalents, trade receivables and contract assets, other receivables and accounts payable, the carrying amount approximates the fair value because of the short-term nature of these 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. As indicated in the tables below, the Company has determined that its financial assets and liabilities at December 31, 2019 and 2018 are level 1 and level 2 in the fair value hierarchy: December 31, 2019 Level 1 Level 2 Total Financial Assets: Trading equity securities: SERP money market fund $ 208 $ – $ 208 SERP mutual funds 4,419 – 4,419 Preferred stocks 282 – 282 Trading debt securities: Corporate bonds 5,117 – 5,117 Municipal bonds – 1,154 1,154 Floating rate notes 535 – 535 U.S. Government Securities 2,035 – 2,035 Asset-backed securities – 2,316 2,316 Other 473 1,112 1,585 Derivative financial instruments – 4 4 Total financial assets $ 13,069 $ 4,586 $ 17,655 Financial Liabilities: Derivative financial instruments $ – $ 49 $ 49 SERP liabilities – 6,645 6,645 Total financial liabilities $ – $ 6,694 $ 6,694 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 reporting period and adjusts the level within the fair value hierarchy as needed. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investments | 4. Investments The Company’s trading securities consist of the following: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Net Carrying Amount) December 31, 2019 Trading equity securities $ 4,722 $ 273 $ 86 $ 4,909 Trading debt securities 12,681 115 54 12,742 Total $ 17,403 $ 388 $ 140 $ 17,651 December 31, 2018 Trading equity securities $ 5,546 $ 50 $ 364 $ 5,232 Trading debt securities 11,817 55 268 11,604 Total $ 17,363 $ 105 $ 632 $ 16,836 Trading equity investments are valued at their estimated fair value based on their quoted market prices and trading 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 from a nationally recognized third-party pricing service. Additionally, a significant portion of the trading equity securities are in equity money market and mutual funds and also comprise a portion of the Company’s liability under its SERP. See Note 12, Pension and Retirement Plans, for additional information on these investments and the SERP. Trading debt securities are comprised mainly 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. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill [Abstract] | |
Goodwill | 5. Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. Current U.S. accounting guidance provides that goodwill and indefinite-lived intangible assets be tested for impairment at least annually. The Company performs the required valuation procedures each year as of October 31 after the following year’s forecasts are submitted and reviewed. Goodwill impairment is the excess of the carrying amount of a reporting unit (that includes goodwill) over its fair value. Impairment is limited to the carrying amount of goodwill allocated to the reporting unit. The Company estimated the fair value of its reporting units as of October 31, 2019 based upon a combination of discounted cash flows and market approaches. Weighted average cost of capital used in the discounted cash flow calculations was 13% and terminal growth rate of 2% was assumed. The sum of the reporting units valuations determined by the Company was reconciled to the Company’s overall market capitalization. The valuations performed in the fourth quarter of 2019 indicated no impairment. The valuations performed in 2018 and 2017 indicated $11,190 impairment in the Energy Group in 2018 and no impairment of goodwill in 2017. In addition, as part of a business unit restructuring, additional goodwill of $955 was written off in 2018. The changes in the carrying amount of goodwill and accumulated impairment losses by reporting segment during the years ended December 31, 2019 and 2018 are as follows: Infrastructure Group Aggregate and Mining Group Energy Group Total Balance, December 31, 2017: Goodwill $ 10,883 $ 33,235 $ 22,857 $ 66,975 Accumulated impairment (2,310 ) (12,196 ) (6,737 ) (21,243 ) Net 8,573 21,039 16,120 45,732 2018 Activity: Restructuring write off (955 ) – – (955 ) Foreign currency translation (49 ) (790 ) – (839 ) Impairment – – (11,190 ) (11,190 ) Total 2018 activity (1,004 ) (790 ) (11,190 ) (12,984 ) Balance, December 31, 2018: Goodwill 9,879 32,445 22,857 65,181 Accumulated impairment losses (2,310 ) (12,196 ) (17,927 ) (32,433 ) Net 7,569 20,249 4,930 32,748 2019 Activity: Foreign currency translation – 428 – 428 Total 2019 activity – 428 – 428 Balance, December 31, 2019: Goodwill 9,879 32,873 22,857 65,609 Accumulated impairment (2,310 ) (12,196 ) (17,927 ) (32,433 ) Net $ 7,569 $ 20,677 $ 4,930 $ 33,176 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets [Abstract] | |
Intangible Assets | 6. Intangible Assets Intangible assets consisted of the following at December 31, 2019 and 2018 : 2019 2018 Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Dealer network and customer relationships $ 31,086 $ 17,656 $ 13,430 $ 30,909 $ 14,472 $ 16,437 Trade names 9,593 3,170 6,423 9,536 2,509 7,027 Other 8,737 5,054 3,683 6,618 4,712 1,906 Total $ 49,416 $ 25,880 $ 23,536 $ 47,063 $ 21,693 $ 25,370 Amortization expense on intangible assets was $4,409, $5,125 and $4,064 for 2019, 2018 and 2017, respectively. Intangible asset amortization expense is expected to be $4,057, $3,666, $3,204, $2,626 and $1,910 in the years ending December 31, 2020, 2021, 2022, 2023 and 2024, respectively, and $8,073 thereafter. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property and Equipment [Abstract] | |
Property and Equipment | 7. Property and Equipment Property and equipment at cost, less accumulated depreciation, is as follows: December 31 2019 2018 Land $ 15,198 $ 15,774 Building and land improvements 151,628 145,913 Construction in progress 10,167 10,410 Manufacturing and office equipment 266,650 260,420 Aviation equipment 14,439 14,424 Less accumulated depreciation (267,719 ) (254,493 ) Total $ 190,363 $ 192,448 Depreciation expense was $21,436, $22,411 and $21,312 for the years ended December 31, 2019, 2018 and 2017, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 8. Leases The Company leases certain real estate, computer systems, material handling equipment, offices, automobiles and other equipment. The Company determines if a contract is a lease (or contains an embedded 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 $4,993 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 one Other information concerning the Company’s operating leases accounted for under ASC 842 guidelines and the related expense, assets and liabilities follows: Year Ended December 31, 2019 Operating lease expense $ 2,629 Cash paid for operating leases included in operating cash flows 2,727 As of December 31, 2019 Operating lease right-of-use asset $ 3,853 Operating lease short-term liability included in other current liabilities 1,846 Operating lease long-term liability included in other long-term liabilities 2,020 Weighted average remaining lease term (in years) 4.66 Weighted average discount rate used in calculating right-of-use asset 3.56 % Future annual minimum lease payments as of December 31, 2019 are as follows: 2020 $ 1,960 2021 717 2022 418 2023 252 2024 146 2025 and thereafter 776 Total 4,269 Less interest (403 ) Present value of lease liabilities $ 3,866 Operating lease expense under prior guidance for 2018 and 2017 was $3,618 and $3,211, respectively. 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 Form10-K under previous ASC 840 guidance: 2019 $ 1,992 2020 1,100 2021 388 2022 144 2023 66 2024 and thereafter 12 Total $ 3,702 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt [Abstract] | |
Debt | 9. Debt In February the Company and certain of its subsidiaries entered into an amended and restated credit agreement whereby the lender extended to the Company an unsecured line of credit of up to including a sub-limit for letters of credit of up to and extended the maturity date to Other significant terms were left unchanged. There were borrowings outstanding under the agreement as of December Outstanding borrowings under the agreement were as of December which are included in long-term debt in the accompanying consolidated balance sheets. The highest borrowing amount outstanding at any time during the months period ended December was Letters of credit totaling including 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 December Additional borrowing available under the credit facility was as of December Borrowings under the agreement are subject to an interest rate equal to the daily LIBOR rate plus a margin, resulting in a rate of as of December The unused facility fee is . 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 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 December and Osborn had outstanding borrowings but had in performance, advance payment and retention guarantees outstanding under the facility at December The facility has been guaranteed by Astec Industries, Inc., but is otherwise unsecured. A unused facility fee is charged if less than of the facility is utilized. As of December Osborn had available credit under the facility of The interest rate is less than the South Africa prime rate, resulting in a rate of as of December The Company's Brazilian subsidiary, Astec Brazil, has an working capital loan outstanding as of December from a Brazilian bank with an interest rate of . The loan’s final monthly payment is due in April 2024 As of December Astec Brazil had outstanding working capital loans totaling from Brazilian banks with interest rates ranging from to and maturity dates ranging from January 2019 to April 2024 The debt is secured by Astec Brazil’s manufacturing facility and also by letters of credit totaling issued by Astec Industries, Inc. Additionally, Astec Brazil has equipment financing loans outstanding with Brazilian banks in the aggregate of as of December that have interest rates of to . Each equipment loan has a maturity date in April 2020 As of December Astec Brazil had various equipment financing loans outstanding with Brazilian banks in the aggregate of Astec Brazil’s loans are including in the accompanying consolidated balance sheets as current maturities of long-term debt of and long-term debt of as of December September 2020 Long-term debt maturities are expected to be and in the years ending December and respectively. |
Product Warranty Reserves
Product Warranty Reserves | 12 Months Ended |
Dec. 31, 2019 | |
Product Warranty Reserves [Abstract] | |
Product Warranty Reserves | 10. Product Warranty Reserves The Company warrants its products against manufacturing defects and performance to specified standards. The warranty period and performance standards vary by product, 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 warranty liability is primarily based on historical claim rates, nature of claims and the associated costs. Changes in the Company’s product warranty liability during 2019 , 2018 and 2017 are as follows: 2019 2018 2017 Reserve balance, beginning of year $ 10,928 $ 15,410 $ 13,156 Warranty liabilities accrued 9,762 13,219 16,725 Warranty liabilities settled (10,473 ) (17,539 ) (14,642 ) Other 44 (162 ) 171 Reserve balance, end of year $ 10,261 $ 10,928 $ 15,410 |
Accrued Loss Reserves
Accrued Loss Reserves | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Loss Reserves [Abstract] | |
Accrued Loss Reserves | 11. Accrued Loss Reserves The Company accrues reserves for losses related to known workers’ compensation and general liability claims that have been incurred but not yet paid or are estimated to have been incurred but not yet reported to the Company. 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 claim 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 at December 31, 2019 were $6,817 and $7,889 at December 31, 2018, of which $4,518 and $6,057 were included in other long-term liabilities at December 31, 2019 and 2018, respectively. |
Pension and Retirement Plans
Pension and Retirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
Pension and Retirement Plans [Abstract] | |
Pension and Retirement Plans | 12. Pension and Retirement Plans Prior to December 31, 2003, all employees of the Company’s Kolberg-Pioneer, Inc. subsidiary were covered by a defined benefit pension plan. After December 31, 2003, all benefit accruals under the plan ceased and no new employees could become participants in the plan. Benefits paid under this plan are based on years of service multiplied by a monthly amount. The Company’s funding policy for the plan is to make at least the minimum annual contributions required by applicable regulations. The Company’s investment strategy for the plan is to earn a rate of return sufficient to match or exceed the long-term growth of pension liabilities. The investment policy states that the Plan Committee in its sole discretion shall determine the allocation of plan assets among the following four asset classes: cash equivalents, fixed-income securities, domestic equities and international equities. The Plan Committee attempts to ensure adequate diversification of the invested assets through investment in an exchange traded mutual fund that invests in a diversified portfolio of stocks, bonds and money market securities. The following provides information regarding benefit obligations, plan assets and the funded status of the plan: Pension Benefits 2019 2018 Change in benefit obligation: Benefit obligation, beginning of year $ 15,741 $ 16,916 Interest cost 628 578 Actuarial (gain)/loss 1,577 (1,021 ) Benefits paid (789 ) (732 ) Benefit obligation, end of year 17,157 15,741 Accumulated benefit obligation 17,157 15,741 Change in plan assets: Fair value of plan assets, beginning of year 14,452 14,717 Actual gain/(loss) on plan assets 2,729 (909 ) Employer contribution 1,613 1,376 Benefits paid (789 ) (732 ) Fair value of plan assets, end of year 18,005 14,452 Funded status, end of year $ 848 $ (1,289 ) Amounts recognized in the consolidated balance sheets: Noncurrent asset / (liability) $ 848 $ (1,289 ) Net amount recognized $ 848 $ (1,289 ) Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 4,860 $ 5,687 Net amount recognized $ 4,860 $ 5,687 Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 3.10 % 4.10 % Expected return on plan assets 6.00 % 6.00 % Rate of compensation increase N/A N/A The measurement date used for the plan was December 31. In determining the expected return on plan assets, the historical experience of the plan assets, the current and expected allocation of the plan assets and the expected long-term rates of return were considered. All assets in the plan are invested in an exchange-traded mutual fund (level 1 in the fair value hierarchy). The allocation of assets within the mutual fund as of December 31 and the target asset allocation ranges by asset category are as follows: Actual Allocation Asset Category 2019 2018 2019 & 2018 Target Allocation Ranges Equity securities 45.9% 46.9% 40 - 65% Debt securities 42.2% 46.2% 30 - 50% Cash and equivalents 11.9% 6.9% 0 - 15% Total 100.0% 100.0% Net periodic benefit cost for 2019 , 2018 and 2017 included the following components: Pension Benefits 2019 2018 2017 Components of net periodic benefit cost: Interest cost $ 628 $ 578 $ 630 Expected return on plan assets (844 ) (802 ) (720 ) Amortization of actuarial loss 520 465 530 Net periodic benefit cost 304 241 440 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial (gain) loss for the year (308 ) 690 (159 ) Amortization of net loss (520 ) (465 ) (530 ) Total recognized in other comprehensive income (loss) (828 ) 225 (689 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (524 ) $ 466 $ (249 ) Weighted average assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 4.10 % 3.50 % 4.00 % Expected return on plan assets 6.00 % 6.25 % 6.25 % No contributions are expected to be funded by the Company during 2020. Amounts in accumulated other comprehensive loss expected to be recognized in net periodic benefit cost in 2020 for the amortization of a net loss is $403. The following estimated future benefit payments are expected in the years indicated: Pension Benefits 2020 $ 870 2021 910 2022 910 2023 930 2024 960 2025 - 2029 4,860 The Company sponsors a 401(k) defined contribution plan to provide eligible employees with additional income upon retirement. The Company’s contributions to the plan are based on employee contributions. The Company’s contributions totaled $6,977, $7,451 and $7,182 in 2019, 2018 and 2017, respectively. The Company maintains a SERP for certain of its executive officers. The plan is a non-qualified deferred compensation plan administered by the Board of Directors of the Company, pursuant to which the Company makes quarterly cash contributions of a certain percentage of executive officers’ compensation. Investments are self-directed by participants and can include Company stock. Upon retirement, participants receive their apportioned share of the plan assets in the form of cash. Assets of the SERP consist of the following: December 31, 2019 December 31, 2018 Cost Market Cost Market Company stock $ 1,714 $ 2,018 $ 1,886 $ 1,658 Equity securities 4,437 4,627 5,262 4,983 Total $ 6,151 $ 6,645 $ 7,148 $ 6,641 The Company periodically adjusts the deferred compensation liability such that the balance of the liability equals the total fair market value of all assets held by the trust established under the SERP. Such liabilities are included in other long-term liabilities on the consolidated balance sheets. The equity securities are included in investments in the consolidated balance sheets and classified as trading equity securities. See Note 4, Investments, for additional information. The cost of the Company stock held by the plan is included as a reduction in shareholders’ equity in the consolidated balance sheets. The change in the fair market value of Company stock held in the SERP results in a charge or credit to selling, general and administrative expenses in the consolidated statements of operations because the acquisition cost of the Company stock in the SERP is recorded as a reduction of shareholders’ equity and is not adjusted to fair market value; however, the related liability is adjusted to the fair market value of the stock as of each period end. The Company recognized income of $616, $1,556 and $575 in 2019, 2018 and 2017, respectively, related to the change in the fair value of the Company stock held in the SERP. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 13. Derivative Financial Instruments The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is foreign currency risk. From time to time, the Company’s foreign subsidiaries enter into foreign currency exchange contracts to mitigate exposure to fluctuations in currency exchange rates. The fair value of the derivative financial instrument is recorded on the Company’s consolidated balance sheet and is adjusted to fair value at each measurement date. The changes in fair value are recognized in the consolidated statements of operations in the current period. The Company does not engage in speculative transactions nor does it hold or issue derivative financial instruments for trading purposes. The average U.S. dollar equivalent notional amount of outstanding foreign currency exchange contracts was $10,304 during 2019. At December 31, 2019, the Company reported $4 of derivative assets in other current assets and $49 of derivative liabilities in other current liabilities. The Company reported $333 of derivative assets in other current assets at December 31, 2018. The Company recognized, as a component of cost of sales, a net loss on the change in fair value of derivative instruments of $74 for the year ended December 31, 2019. The Company recognized a net gain on the change in fair value of derivative instruments of $1,147 and a net loss of $663 for the years ended December 31, 2018 and 2017, respectively. There were no derivatives that were designated as hedges at December 31, 2019 or 2018. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 14. Income Taxes For financial reporting purposes, income (loss) before income taxes includes the following components: Year Ended December 31 2019 2018 2017 United States $ 26,675 $ (86,874 ) $ 55,980 Foreign (1,489 ) 896 1,237 Income (loss) before income taxes $ 25,186 $ (85,978 ) $ 57,217 The provision (benefit) for income taxes consists of the following: Year Ended December 31 2019 2018 2017 Current provision (benefit): Federal $ (495 ) $ (3,995 ) $ 16,178 State 769 892 2,866 Foreign 1,023 3,254 874 Total current provision 1,297 151 19,918 Deferred provision (benefit): Federal 2,818 (19,142 ) 107 State (1,052 ) (5,788 ) (455 ) Foreign (51 ) (455 ) 57 Total deferred benefit 1,715 (25,385 ) (291 ) Total provision (benefit): Federal 2,323 (23,137 ) 16,285 State (283 ) (4,896 ) 2,411 Foreign 972 2,799 931 Total income tax provision (benefit) $ 3,012 $ (25,234 ) $ 19,627 The Company’s income tax provision (benefit) is computed based on the domestic and foreign federal statutory rates and the average state statutory rates, net of related federal benefit. The provision (benefit) for income taxes differs from the amount computed by applying the statutory federal income tax rate to income (loss) before income taxes. A reconciliation of the provision (benefit) for income taxes at the statutory federal income tax rate to the amount provided is as follows: Year Ended December 31 2019 2018 2017 Tax expense (benefit) at the statutory federal income tax rate $ 5,289 $ (18,055 ) $ 20,026 Domestic production activity deduction – – (1,661 ) State income tax, net of federal income tax (2,291 ) (2,976 ) 1,520 Research and development tax credits (6,614 ) (4,660 ) (922 ) FIN 48 impact 3,215 1,856 124 Liquidation of subsidiary (918 ) (1,403 ) – True-up of foreign subsidiary net operation loss carryforward (1,441 ) – – Valuation allowance impact 5,785 978 1,585 Changes in tax rates 83 (193 ) (505 ) Other items (96 ) (781 ) (540 ) Total income tax provision (benefit) $ 3,012 $ (25,234 ) $ 19,627 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31 2019 2018 Deferred tax assets: Inventory reserves $ 5,798 $ 4,513 Warranty reserves 2,198 2,275 Bad debt reserves 261 182 State tax loss carryforwards 9,762 7,265 Accrued vacation 1,412 1,612 SERP – 364 Deferred compensation 1,063 881 Restricted stock units 1,539 1,728 Goodwill 1,981 2,157 Pension and post-employment benefits 1,309 1,536 Outside basis difference 4,017 4,496 Federal net operating loss 12,118 15,655 Foreign net operating losses 8,615 5,069 Lease obligation 849 – Other 5,800 5,025 Valuation allowances (14,586 ) (8,540 ) Total deferred tax assets 42,136 44,218 Deferred tax liabilities: Property and equipment 16,000 16,156 Intangibles 121 541 Right of use asset 843 – Pension 1,372 1,051 Total deferred tax liabilities 18,336 17,748 Total net deferred assets $ 23,800 $ 26,470 As of December 31, 2019, the Company has a federal net operating loss carryforward of $57,705 from year 2018, which the Company expects to utilize against earnings in 2020 and in future years. As of December 31, 2019, the Company has state net operating loss carryforwards of $179,076 and foreign net operating loss carryforwards of approximately $27,357, which will be available to offset future taxable income. If not used, these carryforwards will expire between 2020 2031 The following table represents a roll forward of the deferred tax asset valuation allowance for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31 2019 2018 2017 Allowance balance, beginning of year $ 8,540 $ 8,318 $ 8,280 Provision 5,785 978 1,585 Write-offs – – (1,862 ) Other 261 (756 ) 315 Allowance balance, end of year $ 14,586 $ 8,540 $ 8,318 Undistributed earnings of the Company’s Canadian subsidiary, Breaker Technology Ltd. (“BTL”), South African subsidiary, Osborn Engineered Products SA, (Pty), Ltd. (“Osborn”), and Northern Ireland subsidiary, Telestack Limited (“Telestack”), are considered to be indefinitely reinvested; accordingly, no provision for U.S. federal and state income taxes has been provided thereon. As of December 31, 2019, the cumulative amounts of undistributed GAAP earnings for BTL, Osborn and Telestack are $10,124, $30,908 and $2,496, respectively. A portion of these amounts were subjected to taxation under the one-time transition tax included in the Tax Cuts and Jobs Act of 2017. Based upon the provisions in the Tax Cuts and Jobs Act of 2017, any future qualified dividends out of these amounts will not be subject to U.S. income taxes. However, upon any future inclusion as Subpart F income or capital gains, the Company would be subject to additional U.S. income taxes (subject to an adjustment for foreign tax credits). Upon any repatriation, withholding taxes due to the foreign jurisdictions may have to be paid. At this time, it is not practicable to determine the amount of the unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries. The Company files income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by authorities for years prior to 2014. With few exceptions, the Company is no longer subject to state and local or non-U.S. income tax examinations by authorities for years prior to 2013. The Company has a liability for unrecognized tax benefits of $5,723 and $2,048 (excluding accrued interest and penalties) as of December 31, 2019 and 2018, respectively. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in tax expense. The Company recognized tax benefits of $120 and $66 in 2019 and 2018, respectively, for penalties and interest related to amounts that were settled for less than previously accrued. The net total amount of unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate is $6,148 and $2,243 at December 31, 2019 and 2018, respectively. The Company does not expect a significant increase or decrease to the total amount of unrecognized tax benefits within the next twelve months. A reconciliation of the beginning and ending unrecognized tax benefits excluding interest and penalties is as follows: Year Ended December 31 2019 2018 2017 Balance, beginning of year $ 2,048 $ 365 $ 238 Additions for tax positions taken in current year 2,985 1,722 127 Additions for tax positions taken in prior period 719 – – Reductions due to lapse of statutes of limitations – (39 ) – Decreases related to settlements with tax authorities (29 ) – – Balance, end of year $ 5,723 $ 2,048 $ 365 The December 31, 2019 balance of unrecognized tax benefits includes no tax positions for which the ultimate deductibility is highly certain but the timing of such deductibility is uncertain. Accordingly, there is no impact to the deferred tax accounting for certain tax benefits. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a federal corporate tax rate decrease from 35% to 21% for tax years beginning after December 31, 2017, the transition of U.S international taxation from a worldwide tax system to a territorial system and a one-time transition tax on the mandatory deemed repatriation of foreign earnings. The Company’s fourth quarter 2017 provision for income taxes was reduced by $1,056, (comprised of a $1,548 reduction in income tax expense recorded in connection with the remeasurement of deferred tax assets and liabilities and $492 of additional income tax expense recorded in connection with the transition tax on the mandatory deemed repatriation of foreign earnings) due to applying the provisions of the Tax Act. On December 22, 2017, Staff Accounting Bulletin No. 118 (“SAB 118”) was issued to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. In accordance with SAB 118, the Company determined that the $492 additional 2017 income tax expense was a provisional amount and constituted a reasonable estimate at December 31, 2017, based upon the best information then available. The final impact was $1,727 and differed from the provisional amount due to, among other things, additional analysis, changes in interpretations and assumptions the Company made, additional regulatory guidance issued and actions the Company took as a result of the Tax Act. The subsequent adjustment, $1,235, was included in 2018 income tax expense. While the Tax Act provides for a territorial tax system beginning in 2018, it includes two new U.S. tax base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions require the Company to include, in its U.S. income tax return, foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company has elected to account for GILTI tax in the period in which it is incurred. For 2019, the Company’s foreign subsidiaries are in an overall tested loss position, and therefore, have no GILTI inclusion for 2019. The BEAT provisions in the Tax Act eliminates the deduction of certain base-erosion payments made to related foreign corporations, and impose a minimum tax, if greater than regular tax. The Company does not expect to be subject to this tax, and therefore, has not included any tax impacts of BEAT in its consolidated financial statements for the year ended December 31, 2019. The changes to existing U.S. tax laws as a result of the Tax Act, which we believe have the most significant impact on the Company’s federal income taxes are as follows: Reduction of the U.S. Corporate Income Tax Rate: Transition Tax on Foreign Earnings: Repeal of Domestic Production Activities Deduction: |
Contingent Matters
Contingent Matters | 12 Months Ended |
Dec. 31, 2019 | |
Contingent Matters [Abstract] | |
Contingent Matters | 15. Contingent Matters Certain customers have financed purchases of Company products through arrangements with a bank in which the Company is contingently liable for customer debt of at December These arrangements expire at various dates through December 2023 Additionally, the Company is also potentially liable for of the unpaid balance, determined as of December of the prior year (or on certain past customer equipment purchases that were financed by an outside finance company. The agreements 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 related to these guarantees as of December In addition, the Company is contingently liable under letters of credit issued by a lender totaling as of December including of letters of credit guaranteeing certain Astec Brazil bank debt. The outstanding letters of credit expire at various dates through January 2021 As of December the Company’s foreign subsidiaries are contingently liable for a total of 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 as of December 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 as amended on August 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. : -cv- -PLR-CHS. The complaint generally alleges that the defendants violated the Securities Exchange Act of as amended (the “Exchange Act”), and Rule b- promulgated thereunder by making allegedly false and misleading statements and that the individual defendants are control person under Section (a) of the Exchange Act. The complaint was filed on behalf of shareholders who purchased shares of the Company’s stock between July and October and seeks monetary damages on behalf of the purported class. The Company disputes these allegations and intends to defend this lawsuit vigorously and filed a motion to dismiss the lawsuit on October The Company is unable to determine whether or not a future loss will be incurred due to this litigation, or estimate a range of loss, if any, at this time. The Company’s GEFCO subsidiary has been named a defendant in a lawsuit originally filed on August with an amended complaint filed on January in the United States District Court for the Western District of Oklahoma. The action is styled VenVer S.A. and Americas Coil Tubing LLP v. GEFCO, Inc., Case No. CIV- - -SLP. The complaint alleges breaches of warranty and other similar claims regarding equipment sold by GEFCO in In addition to seeking a rejection (rescission) of the purchase contract, the plaintiff is seeking special and consequential damages. The original purchase price of the equipment was approximately GEFCO disputes the plaintiff’s 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 | 12 Months Ended |
Dec. 31, 2019 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 16. Shareholders’ Equity The Company rewards key members of management with restricted stock units (“RSUs”) each year based upon the financial performance of the Company and its subsidiaries. Under the terms of the Company’s shareholder-approved Incentive Plan, up to shares of newly-issued Company stock is available for awards. Awards granted in and prior vest at the end of from the date of grant, or at the time a recipient retires after reaching age if earlier, while awards granted in to February vest from the date of grant. RSUs granted in early for performance vest ratably, at the end of each period, over a period. Additional RSUs are granted to the Company’s outside directors under the Company’s Non-Employee Directors Compensation Plan with a vesting period. During the Company granted a total of RSUs to newly hired members of executive management as of their respective dates of hire which will vest ratably, at the end of each period from their date of hire, over a period. The fair value of the RSUs vesting during and was and respectively. The tax impact upon the vesting of RSUs was tax expense of in and tax benefits of and respectively, in and Compensation expense of $2,567, $2,032 and $2,978 was recorded in the years ended December 31, 2019, 2018 and 2017, respectively, to reflect the fair value of RSUs granted (or anticipated to be granted for 2019 performance) amortized over the portion of the vesting period occurring during the period. Related income tax benefits of $706, $528 and $1,132 were recorded in 2019, 2018 and 2017, respectively. Based upon the grant date fair value of RSUs, it is anticipated that $3,869 of additional compensation costs will be recognized in future periods through 2023 Changes in restricted stock units during the year ended December 31, 2019 are as follows: 2019 Weighted Average Grant Date Fair Value Unvested restricted stock units, beginning of year 165 $ 56.82 Units granted 92 34.57 Units forfeited (23 ) 56.52 Units vested (46 ) 57.65 Unvested restricted stock units, end of year 188 45.78 The grant date fair value of the restricted stock units granted during 2019, 2018 and 2017 was $3,168, $3,553 and $5,399, respectively. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 17. Revenue Recognition The following tables disaggregates the Company’s revenue by major source for the period ended December 31, 2019 and 2018 (excluding intercompany sales): For the Year Ended December 31, 2019 Infrastructure Group Aggregate and Mining Group Energy Group Other Group Total Net Sales – Domestic: Equipment sales $ 253,227 $ 166,868 $ 160,359 $ – $ 580,454 Pellet plant revenue 20,000 – – – 20,000 Parts and component sales 121,354 74,503 47,622 – 243,479 Service and equipment installation revenue 13,389 8,039 5,837 – 27,265 Used equipment sales 5,569 1,244 5,874 – 12,687 Freight revenue 11,989 6,279 5,993 – 24,261 Other (677 ) (2,944 ) 3,941 – 320 Total domestic revenue 424,851 253,989 229,626 – 908,466 Net Sales – International: Equipment sales 39,477 95,514 30,725 206 165,922 Parts and component sales 19,097 46,984 9,344 159 75,584 Service and equipment installation revenue 5,606 1,977 617 39 8,239 Used equipment sales 1,180 3,272 1,059 – 5,511 Freight revenue 1,892 3,000 558 – 5,450 Other 15 235 193 (2 ) 441 Total international revenue 67,267 150,982 42,496 402 261,147 Total net sales $ 492,118 $ 404,971 $ 272,122 $ 402 $ 1,169,613 For the Year Ended December 31, 2018 Infrastructure Group Aggregate and Mining Group Energy Group Other Group Total Net Sales – Domestic: Equipment sales $ 296,974 $ 220,015 $ 178,584 $ – $ 695,573 Pellet plant agreement sale reduction (75,315 ) – – – (75,315 ) Parts and component sales 119,823 71,862 42,666 – 234,351 Service and equipment installation revenue 10,822 1,844 6,355 – 19,021 Used equipment sales 8,098 3,127 4,358 – 15,583 Freight revenue 12,502 6,265 5,896 – 24,663 Other 1,022 (741 ) 1,657 – 1,938 Total domestic revenue 373,926 302,372 239,516 – 915,814 Net Sales – International: Equipment sales 43,516 98,604 24,308 – 166,428 Parts and component sales 19,215 44,609 10,528 – 74,352 Service and equipment installation revenue 3,152 1,069 390 – 4,611 Used equipment sales 1,693 2,948 908 – 5,549 Freight revenue 1,043 3,266 417 – 4,726 Other (256 ) 296 79 – 119 Total international revenue 68,363 150,792 36,630 – 255,785 Total net sales $ 442,289 $ 453,164 $ 276,146 $ – $ 1,171,599 Revenue is 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 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 year or less are expensed as incurred. As contracts are typically fulfilled within 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, annual rebates given to certain high volume customers or 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 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 – Used equipment is obtained by trade-in on new equipment sales, as a separate purchase in the open market or from the Company’s equipment rental business. Revenues from the sale of used equipment are recognized upon transfer of control to the customer at agreed upon pricing. Freight Revenue – Under a practical expedient allowed under ASU No. - 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 of the above classifications include rental revenues, extended warranty revenues, early pay discounts and floor plan interest reimbursements. |
Operations by Industry Segment
Operations by Industry Segment and Geographic Area | 12 Months Ended |
Dec. 31, 2019 | |
Operations by Industry Segment and Geographic Area [Abstract] | |
Operations by Industry Segment and Geographic Area | 18. Operations by Industry Segment and Geographic Area 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 RexCon, located in Burlington, WI, was formed to acquire substantially all of the assets and liabilities of RexCon, LLC on October In The principal purchasers of products produced by this group are oil, gas and water well drilling industry contractors, processors of oil, gas and biomass for energy production, ready mix concrete producers and contractors in the construction and demolition recycling markets. 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 for 2019 Infrastructure Group Aggregate and Mining Group Energy Group Corporate Total Revenues from external customers $ 492,118 $ 404,971 $ 272,122 $ 402 $ 1,169,613 Intersegment revenues 10,860 22,164 18,353 – 51,377 Restructuring and asset impairment charges 1,811 250 1,143 – 3,204 Interest expense 6 311 13 1,037 1,367 Interest income 1 574 47 570 1,192 Depreciation and amortization 8,484 8,211 8,371 1,134 26,200 Income taxes 349 624 397 1,642 3,012 Profit (loss) 36,106 22,790 556 (38,440 ) 21,012 Assets 564,808 608,369 301,014 420,931 1,895,122 Capital expenditures 11,097 7,442 3,096 985 22,620 Segment information for 2018 Infrastructure Aggregate and Mining Group Energy Group Corporate Total Revenues from external customers $ 442,289 $ 453,164 $ 276,146 $ – $ 1,171,599 Intersegment revenues 21,568 16,603 17,578 – 55,749 Restructuring and asset impairment charges 1,870 – 11,190 – 13,060 Interest expense 10 384 17 634 1,045 Interest income 49 372 29 502 952 Depreciation and amortization 8,424 9,383 9,149 957 27,913 Income taxes 880 2,349 306 (28,769 ) (25,234 ) Profit (loss) (112,954 ) 45,464 3,070 1,586 (62,834 ) Assets 536,744 590,512 309,397 367,211 1,803,864 Capital expenditures 14,823 8,731 4,580 769 28,903 Segment information for 2017 Infrastructure Aggregate and Mining Group Energy Group Corporate Total Revenues from external customers $ 553,691 $ 403,720 $ 227,328 $ – $ 1,184,739 Intersegment revenues 25,965 16,209 24,877 – 67,051 Interest expense 49 634 9 148 840 Interest income 509 276 8 509 1,302 Depreciation and amortization 7,581 9,363 7,904 954 25,802 Income taxes 1,318 462 491 17,356 19,627 Profit (loss) 26,641 35,748 16,219 (40,963 ) 37,645 Assets 666,651 558,684 304,158 390,300 1,919,793 Capital expenditures 7,424 9,194 3,540 604 20,762 The totals of segment information for all reportable segments reconciles to consolidated totals as follows: 2019 2018 2017 Net income attributable to controlling interest Total profit (loss) for reportable segments $ 59,452 $ (64,420 ) $ 78,608 Corporate expenses, net (38,440 ) 1,586 (40,963 ) Net loss attributable to non-controlling interest 132 295 205 Recapture (elimination) of intersegment profit 1,162 2,090 (55 ) Total consolidated net income (loss) attributable to controlling interest $ 22,306 $ (60,449 ) $ 37,795 Assets Total assets for reportable segments $ 1,474,191 $ 1,436,653 $ 1,529,493 Corporate assets 420,931 367,211 390,300 Elimination of intercompany profit in inventory (3,823 ) (4,986 ) (7,075 ) Elimination of intercompany receivables (767,907 ) (664,914 ) (717,873 ) Elimination of investment in subsidiaries (296,650 ) (300,709 ) (303,209 ) Other (26,244 ) 22,202 (2,057 ) Total consolidated assets $ 800,498 $ 855,457 $ 889,579 Sales into major geographic regions were as follows: Year Ended December 31 2019 2018 2017 United States $ 908,466 $ 915,814 $ 932,294 Canada 66,855 61,582 65,509 Africa 44,749 45,613 36,847 Australia and Oceania 42,304 38,645 40,201 Other European Countries 32,170 25,985 18,679 South America (excluding Brazil) 17,928 30,081 18,562 Brazil 11,582 6,292 10,478 Post-Soviet States (excluding Russia) 7,276 2,730 5,951 Other Asian Countries 6,520 5,472 10,286 West Indies 6,366 1,494 3,421 Mexico 5,280 9,632 8,508 Russia 5,097 9,571 13,609 Central America (excluding Mexico) 4,910 2,706 2,929 Japan and Korea 3,594 3,649 4,760 Middle East 2,584 7,877 4,881 China 2,231 2,765 6,113 India 1,003 957 1,026 Other 698 734 685 Total foreign 261,147 255,785 252,445 Total consolidated sales $ 1,169,613 $ 1,171,599 $ 1,184,739 Long-lived assets by major geographic region are as follows: December 31 2019 2018 United States $ 157,872 $ 162,775 Northern Ireland 10,790 7,641 Brazil 8,349 8,866 Australia 4,649 4,624 South Africa 4,512 4,682 Canada 4,007 3,480 Chile 184 35 Germany – 345 Total foreign 32,491 29,673 Total $ 190,363 $ 192,448 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 19. Accumulated Other Comprehensive Loss The after-tax components comprising accumulated other comprehensive loss is summarized below: December 31 2019 2018 Foreign currency translation adjustment $ (28,627 ) $ (30,656 ) Unrecognized pension and post-retirement benefit cost, net of tax of $1,265 and $2,230, respectively (3,176 ) (3,227 ) Accumulated other comprehensive loss $ (31,803 ) $ (33,883 ) See Note 12, Pension and Retirement Plans, for discussion of the amounts recognized in accumulated other comprehensive loss related to the Company’s Kolberg-Pioneer, Inc. defined pension plan. |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2019 | |
Other Income [Abstract] | |
Other Income | 20. Other Income Other income consists of the following: Year Ended December 31 2019 2018 2017 Investment income (loss) $ 202 $ (228 ) $ (96 ) Licensing fees – – 651 Other 103 764 663 Total $ 305 $ 536 $ 1,218 |
Business Combinations and Dives
Business Combinations and Divestitures | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations and Divestitures [Abstract] | |
Business Combinations and Divestitures | 21. Business Combinations and Divestitures In October 2017 RexCon, located in Burlington, Wisconsin was founded in 2003 through an asset acquisition with the original company founded over 100 years ago. RexCon is a manufacturer of high-quality stationary and portable, central mix and ready mix concrete batch plants, concrete mixers and concrete paving equipment. RexCon specializes in providing portable, high-production concrete equipment to contractors and producers worldwide in a totally integrated turnkey production system, including customized site layout and design engineering, batch plants, mixers, water heaters and chillers, ice production and delivery systems, material handling conveyors, gensets and power distribution, cement silos and screws, central dust collection, aggregate heating and cooling systems, batch automation controls and batch office trailers. On October the Company announced the closing of CEI Enterprises, Inc. (“CEI”) located in Albuquerque, New Mexico. The decision to close the business was based in part on market conditions and manufacturing facilities underutilization. The marketing and manufacturing of products previously produced by CEI will be transferred to other Company facilities. The industrial and heat-related products and inventory of CEI will be transferred to the Company’s Heatec, Inc. location, while the concrete-related products and inventory will be relocated to RexCon, Inc. CEI’s land, building and leasehold improvements (which are included in assets held for sale and valued at $ in the accompanying consolidated balance sheet as of December are expected to be sold While reviewing performance criteria against actual results of all Astec companies during a strategic planning meeting held by management in late it was determined that Astec Mobile Machinery GmbH (“AMM”) did not meet the desired performance metrics. Documents were filed by the Company in the German court system in December to begin the process of liquidating AMM. Essentially all of the assets were liquidated prior to December with the exception of the sale of its land and building, which are included in assets held for sale and valued at $ in the accompanying consolidated balance sheet at Losses on the liquidation incurred in are included in restructuring and asset impairment charges in the accompanying statement of operations for the year ended The sale of AMM’s land and building was completed in January with no additional loss being incurred. The Company had total assets held for sale of $3,084 at December 31, 2019, including $335 at AMM and $2,749 at CEI. |
Restructuring and Asset Impairm
Restructuring and Asset Impairment Charges | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Asset Impairment Charges [Abstract] | |
Restructuring and Asset Impairment Charges | 22. Restructuring and Asset Impairment Charges During 2018 and 2019, the Company made several strategic decisions to divest of non-performing product lines or manufacturing sites, including its plan to exit from the wood pellet plant line of business; the closing of its subsidiary in Germany (Astec Mobile Machinery (“AMM”)); its plan to close and sell its CEI, Inc. manufacturing site in Albuquerque, NM (the CEI product lines will continue to be produced and marketed at other Company locations); its plan to exit the GEFCO oil and gas product line; and its plan to sell a Company-owned airplane. Certain of the costs associated with these decisions are separately identified as restructuring and asset impairment charges of $3,204 and $13,060 in 2019 and 2018, respectively, in the accompanying consolidated statements of operations. The restructuring and asset impairment charges incurred in 2019 and 2018 are as follows: 2019 2018 Costs associated with exiting the wood pellet business $ 530 $ – Costs associated with closing AMM 1,282 1,870 Goodwill impairment charges – 11,190 Energy Group severance and other costs 1,142 – Airplane impairment charge 250 – Total restructuring and asset impairment charges $ 3,204 $ 13,060 Restructuring charges accrued, but not paid, as of December 31, 2019 and 2018 are not significant. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Astec Australia Pty Ltd Astec do Brasil Fabricacao de Equipamentos Ltda. (93% owned) Astec, Inc. Astec Insurance Company Astec Industries LatAm SpA Astec Mobile Machinery GmbH Astec Mobile Screens, Inc. Breaker Technology, Inc. Breaker Technology Ltd. Carlson Paving Products, Inc. CEI Enterprises, Inc. GEFCO, Inc. Heatec, Inc. Johnson Crushers International, Inc. Kolberg-Pioneer, Inc. Osborn Engineered Products SA (Pty) Ltd Peterson Pacific Corp. Power Flame Incorporated RexCon, Inc. Roadtec, Inc. Telestack Limited Telsmith, Inc. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Foreign Currency Translation | Foreign Currency Translation - Subsidiaries located in Australia, Brazil, Canada, Chile, Germany, Northern Ireland, and South Africa operate primarily using local functional currencies. Accordingly, assets and liabilities of these subsidiaries are translated using exchange rates in effect at the end of the period, and revenues and costs are translated using average exchange rates for the period. The resulting adjustments are presented as a separate component of accumulated other comprehensive income (loss). Foreign currency transaction gains and losses, net are included in cost of sales and amounted to a loss of $618 in 2019 , and gains of $539 and $431 in 2018 and 2017 , respectively. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Unadjusted quoted prices in active markets for similar assets or liabilities; or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability. Level 3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. All financial assets and liabilities held by the Company at December 31, 2019 and 2018 are classified as Level 1 or Level 2, as summarized in Note 3, Fair Value Measurements. |
Cash and Cash Equivalents | Cash and Cash Equivalents - All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash and cash equivalents. |
Investments | Investments - Investments consist primarily of investment-grade marketable securities. Trading securities are carried at fair value, with unrealized holding gains and losses included in net income (loss). Realized gains and losses are accounted for on the specific identification method. Purchases and sales are recorded on a trade-date basis. Management determines the appropriate classification of its investments at the time of acquisition and reevaluates such determination at each balance sheet date. |
Accounts Receivable | Accounts Receivable - The Company sells products to a wide variety of customers. Accounts receivable are carried at their outstanding principal amounts, less an allowance for doubtful accounts. The Company extends credit to its customers based on an evaluation of the customers’ financial condition generally without requiring collateral, although the Company normally requires advance payments or letters of credit on large equipment orders. Credit risk is driven by conditions within the economy and the industry and is principally dependent on each customer’s financial condition. To minimize credit risk, the Company monitors credit levels and financial conditions of customers on a continuing basis. After considering historical trends for uncollectible accounts, current economic conditions and specific customer recent payment history and financial stability, the Company records an allowance for doubtful accounts at a level which management believes is sufficient to cover probable credit losses. Amounts are deemed past due when they exceed the payment terms agreed to by the customer in the sales contract. Past due amounts are charged off when reasonable collection efforts have been exhausted and the amounts are deemed uncollectible by management. As of December 31, 2019 , concentrations of credit risk with respect to receivables are limited due to the wide variety of customers. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts - The following table represents a rollforward of the allowance for doubtful accounts for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31 2019 2018 2017 Allowance balance, beginning of year $ 1,184 $ 1,716 $ 1,511 Provision 1,249 223 482 Write offs (1,016 ) (696 ) (308 ) Other (1 ) (59 ) 31 Allowance balance, end of year $ 1,416 $ 1,184 $ 1,716 |
Inventories | Inventories Raw material inventory is 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 inventory 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 inventory consists of completed equipment manufactured for sale to customers. Used equipment inventory consists of equipment accepted in trade or purchased on the open market. This 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, the Company’s normal gross margins, actions by the Company or its 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 allowance 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 equipment or parts we sell. 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 slow-moving 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. |
Assets Held for Sale | Assets Held for Sale |
Property and Equipment | Property and Equipment - Property and equipment is stated at cost. Depreciation is calculated for financial reporting purposes using the straight-line method based on the estimated useful lives of the assets as follows: airplanes (20 years), buildings (40 years) and equipment (3 to 10 years). Both accelerated and straight-line methods are used for tax compliance purposes. Routine repair and maintenance costs and planned major maintenance are expensed when incurred. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets - The Company classifies intangible assets as either goodwill or intangible assets with definite lives subject to amortization. The Company tests intangible assets with definite lives for impairment if conditions exist that indicate the carrying value may not be recoverable. Such conditions may include an economic downturn in a geographic market or a change in the assessment of future operations. An impairment charge is recorded when the carrying value of the definite lived intangible asset is not recoverable by the future undiscounted cash flows expected to be generated from the use of the asset. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors considered when determining useful lives include the contractual terms of agreements, the history of the asset, the Company’s long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized over their useful lives as follows: dealer network and customer relationships: 8-19 years; trade names: 14-15 years; other: 3-19 years. Goodwill is not amortized. The Company tests goodwill for impairment during the fourth quarter of each year or more frequently if events or circumstances indicate that goodwill might be impaired. Beginning in 2018, the Company changed its annual goodwill impairment testing date from December 31 to October 31 to better align the testing date with its financial planning process and alleviate resource constraints. The Company would not expect a materially different outcome in any given year as a result of testing on October 31 as compared to December 31. The Company uses qualitative factors to determine whether it is more likely than not (a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying value, including goodwill. The Company estimates the fair values of each of its reporting units with goodwill using a combination of the income and market approaches. The income approach uses a reporting unit’s projection of estimated future operating results and cash flows which are then discounted using a weighted average cost of capital determined based on current market conditions for the individual reporting unit. The projection uses management’s best estimates of cash flows over the projection period based on estimates of annual and terminal growth rates in sales and costs, changes in operating margins, selling, general and administrative expenses, working capital requirements and capital expenditures. The market approach relies upon valuation multiples derived from stock prices and enterprise values of publicly traded companies comparable to the Company. The multiples under the market approach are used to develop estimates of the operating value of the reporting units. Other factors used in evaluating the fair value of a reporting unit could include deterioration in the general economy, fluctuations in foreign exchange, deterioration in the industry or markets in which the reporting unit operates, an increased competitive market, a regulatory or political development in the market, increases in raw materials, labor costs or other factors that have a negative effect on earnings and cash flows, a decline in actual or budgeted earnings and cash flows, or entity specific changes in management, key personnel, strategy or customer base. If the fair value of a reporting unit is found to be less than its book value, the Company will record an impairment loss equal to the excess, if any, of the book value over the fair value. The fair value of reporting units that do not have goodwill are estimated using either the income or market approaches, depending on which approach is the most appropriate for each reporting unit. The fair value of the reporting units that serve operating units in supporting roles, such as the captive insurance company and the corporate reporting unit are estimated using the cost approach. The sum of the fair values of all reporting units is compared to the fair value of the consolidated Company, calculated using the market approach, which is inferred from the market capitalization of the Company at the date of the valuation, to confirm that the Company’s estimation of the fair value of its reporting units is reasonable. Determining the fair values of the Company’s reporting units involves the use of significant estimates and assumptions. Due to the inherent uncertainty involved in making these estimates and assumptions, actual results could differ materially from those estimates. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets - In the event that facts and circumstances indicate the carrying amounts of long-lived assets may be impaired, an evaluation of recoverability is performed. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the carrying amount for each asset (or group of assets) to determine if a write-down is required. If this review indicates that the assets will not be recoverable, the carrying values of the impaired assets are reduced to their estimated fair value. Fair value is estimated using discounted cash flows, prices for similar assets or other valuation techniques. |
Self-Insurance Reserves | Self-Insurance Reserves For general liability claims, the captive is liable for the first $1,000 per occurrence. The Company carries general liability, excess liability and umbrella policies for claims in excess of amounts covered by the captive. For workers’ compensation claims, the captive is liable for the first $350 per occurrence. The Company utilizes a large national insurance company as third-party administrator for workers’ compensation claims and carries insurance coverage for claims liabilities in excess of amounts covered by the captive. The financial statements of the captive are consolidated into the consolidated financial statements of the Company. The short-term and long-term reserves for claims and potential claims related to general liability and workers’ compensation under the captive are included in accrued loss reserves or other long-term liabilities in the consolidated balance sheets depending on the expected timing of future payments. The undiscounted reserves are actuarially determined to cover the ultimate cost of each claim 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. However, the Company does not believe it is reasonably likely that the reserve level will materially change in the foreseeable future. The Company is self-insured for health and prescription claims under its Group Health Insurance Plan at all but one of the Company’s domestic manufacturing subsidiaries. The Company carries reinsurance coverage to limit its exposure for individual health claims above certain limits. Third parties administer health claims and prescription medication claims. The Company maintains a reserve for the self-insured health plan which is included in accrued loss reserves on the Company’s consolidated balance sheets. This reserve includes both unpaid claims and an estimate of claims incurred but not reported, based on historical claims and payment experience. Historically, the reserves have been sufficient to provide for claims payments. Changes in actual claims experience or payment patterns could cause the reserve to change, but the Company does not believe it is reasonably likely that the reserve level will materially change in the near future. The remaining U.S. subsidiary is covered under a fully insured group health plan. Employees of the Company’s foreign subsidiaries are insured under separate health plans. No reserves are necessary for these fully-insured health plans. |
Revenue Recognition | Revenue Recognition 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. The Company had one large wood pellet plant sale through 2018 and other smaller non-wood pellet plant orders in 2019 on which revenue was recorded over time based upon the ratio of costs incurred to estimated total costs. Penalties were accounted for as a reduction in sales. 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 - Used equipment is obtained by trade-in on new equipment sales, as a separate purchase in the open market or from the Company’s equipment rental business. Revenues from the sale of used equipment are recognized upon transfer of control to the customer at agreed upon pricing. Freight Revenue – Under a practical expedient allowed under ASU 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. |
Advertising Expense | Advertising Expense - The cost of advertising is expensed as incurred. The Company incurred $3,668 , $4,136 and $3,793 in advertising costs during 2019 , 2018 and 2017 , respectively, which are included in selling, general and administrative expenses. |
Income Taxes | Income Taxes The Company evaluates a tax position to determine whether it is more likely than not that the tax position will be sustained upon examination, based upon the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to recognize and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold, no benefit is recognized. The Company is periodically audited by U.S. federal and state as well as foreign tax authorities. While it is often difficult to predict final outcome or timing of resolution of any particular tax matter, the Company believes its reserve for uncertain tax positions is adequate to reduce the uncertain positions to the greatest amount of benefit that is more likely than not realizable. |
Product Warranty Reserve | Product Warranty Reserve - The Company accrues for the estimated cost of product warranties at the time revenue is recognized. Warranty obligations by product line or model are evaluated based on historical warranty claims experience. For equipment, the Company’s standard product warranty terms generally include post-sales support and repairs of products at no additional charge for periods ranging from three months to two years or up to a specified number of hours of operation. For parts from component suppliers, the Company relies on the original manufacturer’s warranty that accompanies those parts. Generally, Company fabricated parts are not covered by specific warranty terms. Although failure of fabricated parts due to material or workmanship is rare, if it occurs, the Company’s policy is to replace fabricated parts at no additional charge. Estimated warranty obligations are based upon warranty terms, product failure rates, repair costs and current period machine shipments. If actual product failure rates, repair costs, service delivery costs or post-sales support costs differ from our estimates, revisions to the estimated warranty liability may be required. |
Pension and Retirement Plans | Pension and Retirement Plans The Company recognizes the overfunded or underfunded status of its pension plan as an asset or liability. Actuarial gains and losses, amortization of prior service cost (credit) and amortization of transition obligations are recognized through other comprehensive income (loss) in the year in which the changes occur. The Company measures the funded status of its pension plan as of the date of the Company’s fiscal year-end. |
Stock-based Compensation | Stock-based Compensation - The Company recognizes the cost of employee and director services received in exchange for equity awards in the consolidated financial statements based on the grant date calculated fair value of the awards. The Company recognizes stock-based compensation expense over the period during which a recipient is required to provide service in exchange for the award (the vesting period). The Company’s equity awards are further described in Note 16, Shareholders’ Equity. |
Earnings Per Share | Earnings Per Share - Basic earnings (loss) per share is based on the weighted average number of common shares outstanding and diluted earnings (loss) per share includes potential dilutive effects of restricted stock units and shares held in the Company’s supplemental executive retirement plan. The following table sets forth a reconciliation of the number of shares used in the computation of basic and diluted earnings (loss) per share: Year Ended December 31 2019 2018 2017 Denominator: Denominator for basic earnings (loss) per share 22,515 22,902 23,025 Effect of dilutive securities: Restricted stock units 111 – 96 Supplemental executive retirement plan 48 – 63 Denominator for diluted earnings (loss) per share 22,674 22,902 23,184 |
Derivatives and Hedging Activities | Derivatives and Hedging Activities - The Company recognizes all derivatives in the consolidated balance sheets at their fair value. Derivatives that are not hedges are adjusted to fair value through income. If the derivative is a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against the change in fair value of assets, liabilities, or firm commitments through income or recognized in other comprehensive income (loss) until the hedged item is recognized in income. The ineffective portion of a derivative’s change in fair value is immediately recognized in income. From time to time, the Company’s foreign subsidiaries enter into foreign currency exchange contracts to mitigate exposure to fluctuation in currency exchange rates. See Note 13, Derivative Financial Instruments, regarding foreign exchange contracts outstanding at December 31, 2019 and 2018 . |
Business Combinations and Divestitures | Business Combinations and Divestitures - The Company accounts for business combinations using the acquisition method. Accordingly, intangible assets are recorded apart from goodwill if they arise from contractual or legal rights or if they are separable from goodwill. Related third-party acquisition costs are expensed as incurred and contingent consideration is booked at its fair value as part of the purchase price. Business divestitures are accounted for using the exit and disposal method including the assets held for sale guidance. See Note 21, Business Combinations, regarding acquisitions and divestitures announced or completed by the Company in the years ended December 31, 2019 , 2018 and 2017 . |
Subsequent Events Review | Subsequent Events Review - Management has evaluated events occurring between December 31, 2019 and the date these consolidated financial statements were filed with the Securities and Exchange Commission for proper recording or disclosure therein. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 (loss). 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. Certain provisions of ASU No. 2016-13 were modified or amended by the issuance of ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. The ASU makes several narrow–scope amendments to the new credit losses standard, including an amendment requiring entities to include certain expected recoveries of the amortized cost basis of previously written off, or expected to be written off, in the allowance for credit losses for purchase credit deteriorated assets. The amendment also provides transition relief related to troubled debt restructurings, allow entities to exclude accrued interest amounts from certain required disclosures and clarify the requirements for applying the collateral maintenance expedient. The standards are effective for public companies for periods beginning after December 15, 2019 and the Company expects to adopt the new standards as of January 1, 2020. As the Company’s credit losses are typically minimal, the Company does not expect the adoption of the new standards 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 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. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes”, which eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The new standard is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted in interim or annual periods if the Company has not yet issued financial statements. If the Company elects to early adopt the amendments in an interim period, it should reflect any adjustments as of the beginning of the annual period that includes the interim period and must adopt all amendments in the same period applying all guidance prospectively, except for certain amendments. The Company has not determined the impact of the statement’s provision on its financial position, results of operations or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Allowance for Doubtful Accounts | The following table represents a rollforward of the allowance for doubtful accounts for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31 2019 2018 2017 Allowance balance, beginning of year $ 1,184 $ 1,716 $ 1,511 Provision 1,249 223 482 Write offs (1,016 ) (696 ) (308 ) Other (1 ) (59 ) 31 Allowance balance, end of year $ 1,416 $ 1,184 $ 1,716 |
Computation of Earnings Per Share | The following table sets forth a reconciliation of the number of shares used in the computation of basic and diluted earnings (loss) per share: Year Ended December 31 2019 2018 2017 Denominator: Denominator for basic earnings (loss) per share 22,515 22,902 23,025 Effect of dilutive securities: Restricted stock units 111 – 96 Supplemental executive retirement plan 48 – 63 Denominator for diluted earnings (loss) per share 22,674 22,902 23,184 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [Abstract] | |
Inventories | Inventories consist of the following: December 31 2019 2018 Raw materials and parts $ 160,872 $ 173,919 Work-in-process 61,287 69,718 Finished goods 53,650 89,152 Used equipment 18,727 23,155 Total $ 294,536 $ 355,944 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Financial Assets and Liabilities, at Fair Value | As indicated in the tables below, the Company has determined that its financial assets and liabilities at December 31, 2019 and 2018 are level 1 and level 2 in the fair value hierarchy: December 31, 2019 Level 1 Level 2 Total Financial Assets: Trading equity securities: SERP money market fund $ 208 $ – $ 208 SERP mutual funds 4,419 – 4,419 Preferred stocks 282 – 282 Trading debt securities: Corporate bonds 5,117 – 5,117 Municipal bonds – 1,154 1,154 Floating rate notes 535 – 535 U.S. Government Securities 2,035 – 2,035 Asset-backed securities – 2,316 2,316 Other 473 1,112 1,585 Derivative financial instruments – 4 4 Total financial assets $ 13,069 $ 4,586 $ 17,655 Financial Liabilities: Derivative financial instruments $ – $ 49 $ 49 SERP liabilities – 6,645 6,645 Total financial liabilities $ – $ 6,694 $ 6,694 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 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Trading Securities | The Company’s trading securities consist of the following: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Net Carrying Amount) December 31, 2019 Trading equity securities $ 4,722 $ 273 $ 86 $ 4,909 Trading debt securities 12,681 115 54 12,742 Total $ 17,403 $ 388 $ 140 $ 17,651 December 31, 2018 Trading equity securities $ 5,546 $ 50 $ 364 $ 5,232 Trading debt securities 11,817 55 268 11,604 Total $ 17,363 $ 105 $ 632 $ 16,836 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill [Abstract] | |
Goodwill by Reporting Segment | The changes in the carrying amount of goodwill and accumulated impairment losses by reporting segment during the years ended December 31, 2019 and 2018 are as follows: Infrastructure Group Aggregate and Mining Group Energy Group Total Balance, December 31, 2017: Goodwill $ 10,883 $ 33,235 $ 22,857 $ 66,975 Accumulated impairment (2,310 ) (12,196 ) (6,737 ) (21,243 ) Net 8,573 21,039 16,120 45,732 2018 Activity: Restructuring write off (955 ) – – (955 ) Foreign currency translation (49 ) (790 ) – (839 ) Impairment – – (11,190 ) (11,190 ) Total 2018 activity (1,004 ) (790 ) (11,190 ) (12,984 ) Balance, December 31, 2018: Goodwill 9,879 32,445 22,857 65,181 Accumulated impairment losses (2,310 ) (12,196 ) (17,927 ) (32,433 ) Net 7,569 20,249 4,930 32,748 2019 Activity: Foreign currency translation – 428 – 428 Total 2019 activity – 428 – 428 Balance, December 31, 2019: Goodwill 9,879 32,873 22,857 65,609 Accumulated impairment (2,310 ) (12,196 ) (17,927 ) (32,433 ) Net $ 7,569 $ 20,677 $ 4,930 $ 33,176 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets [Abstract] | |
Intangible Assets | Intangible assets consisted of the following at December 31, 2019 and 2018 : 2019 2018 Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Dealer network and customer relationships $ 31,086 $ 17,656 $ 13,430 $ 30,909 $ 14,472 $ 16,437 Trade names 9,593 3,170 6,423 9,536 2,509 7,027 Other 8,737 5,054 3,683 6,618 4,712 1,906 Total $ 49,416 $ 25,880 $ 23,536 $ 47,063 $ 21,693 $ 25,370 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property and Equipment [Abstract] | |
Property and Equipment | Property and equipment at cost, less accumulated depreciation, is as follows: December 31 2019 2018 Land $ 15,198 $ 15,774 Building and land improvements 151,628 145,913 Construction in progress 10,167 10,410 Manufacturing and office equipment 266,650 260,420 Aviation equipment 14,439 14,424 Less accumulated depreciation (267,719 ) (254,493 ) Total $ 190,363 $ 192,448 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Leases and Related Expense | Other information concerning the Company’s operating leases accounted for under ASC 842 guidelines and the related expense, assets and liabilities follows: Year Ended December 31, 2019 Operating lease expense $ 2,629 Cash paid for operating leases included in operating cash flows 2,727 |
Assets and Liabilities | As of December 31, 2019 Operating lease right-of-use asset $ 3,853 Operating lease short-term liability included in other current liabilities 1,846 Operating lease long-term liability included in other long-term liabilities 2,020 Weighted average remaining lease term (in years) 4.66 Weighted average discount rate used in calculating right-of-use asset 3.56 % |
Future Annual Minimum Lease Payments | Future annual minimum lease payments as of December 31, 2019 are as follows: 2020 $ 1,960 2021 717 2022 418 2023 252 2024 146 2025 and thereafter 776 Total 4,269 Less interest (403 ) Present value of lease liabilities $ 3,866 |
Minimum Rental Commitments | 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 Form10-K under previous ASC 840 guidance: 2019 $ 1,992 2020 1,100 2021 388 2022 144 2023 66 2024 and thereafter 12 Total $ 3,702 |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Product Warranty Reserves [Abstract] | |
Product Warranty Reserves | Changes in the Company’s product warranty liability during 2019 , 2018 and 2017 are as follows: 2019 2018 2017 Reserve balance, beginning of year $ 10,928 $ 15,410 $ 13,156 Warranty liabilities accrued 9,762 13,219 16,725 Warranty liabilities settled (10,473 ) (17,539 ) (14,642 ) Other 44 (162 ) 171 Reserve balance, end of year $ 10,261 $ 10,928 $ 15,410 |
Pension and Retirement Plans (T
Pension and Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Pension and Retirement Plans [Abstract] | |
Benefit Obligations, Plan Assets and Funded Status of Plans | The following provides information regarding benefit obligations, plan assets and the funded status of the plan: Pension Benefits 2019 2018 Change in benefit obligation: Benefit obligation, beginning of year $ 15,741 $ 16,916 Interest cost 628 578 Actuarial (gain)/loss 1,577 (1,021 ) Benefits paid (789 ) (732 ) Benefit obligation, end of year 17,157 15,741 Accumulated benefit obligation 17,157 15,741 Change in plan assets: Fair value of plan assets, beginning of year 14,452 14,717 Actual gain/(loss) on plan assets 2,729 (909 ) Employer contribution 1,613 1,376 Benefits paid (789 ) (732 ) Fair value of plan assets, end of year 18,005 14,452 Funded status, end of year $ 848 $ (1,289 ) |
Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheets: Noncurrent asset / (liability) $ 848 $ (1,289 ) Net amount recognized $ 848 $ (1,289 ) |
Amounts Recognized in Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 4,860 $ 5,687 Net amount recognized $ 4,860 $ 5,687 |
Weighted Average Assumptions Used | Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 3.10 % 4.10 % Expected return on plan assets 6.00 % 6.00 % Rate of compensation increase N/A N/A |
Allocation of Pension Plan Assets and Target Allocation Range of Assets | The allocation of assets within the mutual fund as of December 31 and the target asset allocation ranges by asset category are as follows: Actual Allocation Asset Category 2019 2018 2019 & 2018 Target Allocation Ranges Equity securities 45.9% 46.9% 40 - 65% Debt securities 42.2% 46.2% 30 - 50% Cash and equivalents 11.9% 6.9% 0 - 15% Total 100.0% 100.0% |
Net Periodic Benefit Cost | Net periodic benefit cost for 2019 , 2018 and 2017 included the following components: Pension Benefits 2019 2018 2017 Components of net periodic benefit cost: Interest cost $ 628 $ 578 $ 630 Expected return on plan assets (844 ) (802 ) (720 ) Amortization of actuarial loss 520 465 530 Net periodic benefit cost 304 241 440 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial (gain) loss for the year (308 ) 690 (159 ) Amortization of net loss (520 ) (465 ) (530 ) Total recognized in other comprehensive income (loss) (828 ) 225 (689 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (524 ) $ 466 $ (249 ) Weighted average assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 4.10 % 3.50 % 4.00 % Expected return on plan assets 6.00 % 6.25 % 6.25 % |
Estimated Future Benefit Payments | The following estimated future benefit payments are expected in the years indicated: Pension Benefits 2020 $ 870 2021 910 2022 910 2023 930 2024 960 2025 - 2029 4,860 |
Assets of SERP | Assets of the SERP consist of the following: December 31, 2019 December 31, 2018 Cost Market Cost Market Company stock $ 1,714 $ 2,018 $ 1,886 $ 1,658 Equity securities 4,437 4,627 5,262 4,983 Total $ 6,151 $ 6,645 $ 7,148 $ 6,641 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income (Loss) Before Income Taxes | For financial reporting purposes, income (loss) before income taxes includes the following components: Year Ended December 31 2019 2018 2017 United States $ 26,675 $ (86,874 ) $ 55,980 Foreign (1,489 ) 896 1,237 Income (loss) before income taxes $ 25,186 $ (85,978 ) $ 57,217 |
Provision (Benefit) for Income Tax | The provision (benefit) for income taxes consists of the following: Year Ended December 31 2019 2018 2017 Current provision (benefit): Federal $ (495 ) $ (3,995 ) $ 16,178 State 769 892 2,866 Foreign 1,023 3,254 874 Total current provision 1,297 151 19,918 Deferred provision (benefit): Federal 2,818 (19,142 ) 107 State (1,052 ) (5,788 ) (455 ) Foreign (51 ) (455 ) 57 Total deferred benefit 1,715 (25,385 ) (291 ) Total provision (benefit): Federal 2,323 (23,137 ) 16,285 State (283 ) (4,896 ) 2,411 Foreign 972 2,799 931 Total income tax provision (benefit) $ 3,012 $ (25,234 ) $ 19,627 |
Reconciliation of Provision for Income Taxes at Statutory Federal Income Tax Rate | A reconciliation of the provision (benefit) for income taxes at the statutory federal income tax rate to the amount provided is as follows: Year Ended December 31 2019 2018 2017 Tax expense (benefit) at the statutory federal income tax rate $ 5,289 $ (18,055 ) $ 20,026 Domestic production activity deduction – – (1,661 ) State income tax, net of federal income tax (2,291 ) (2,976 ) 1,520 Research and development tax credits (6,614 ) (4,660 ) (922 ) FIN 48 impact 3,215 1,856 124 Liquidation of subsidiary (918 ) (1,403 ) – True-up of foreign subsidiary net operation loss carryforward (1,441 ) – – Valuation allowance impact 5,785 978 1,585 Changes in tax rates 83 (193 ) (505 ) Other items (96 ) (781 ) (540 ) Total income tax provision (benefit) $ 3,012 $ (25,234 ) $ 19,627 |
Significant Components of Company's Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31 2019 2018 Deferred tax assets: Inventory reserves $ 5,798 $ 4,513 Warranty reserves 2,198 2,275 Bad debt reserves 261 182 State tax loss carryforwards 9,762 7,265 Accrued vacation 1,412 1,612 SERP – 364 Deferred compensation 1,063 881 Restricted stock units 1,539 1,728 Goodwill 1,981 2,157 Pension and post-employment benefits 1,309 1,536 Outside basis difference 4,017 4,496 Federal net operating loss 12,118 15,655 Foreign net operating losses 8,615 5,069 Lease obligation 849 – Other 5,800 5,025 Valuation allowances (14,586 ) (8,540 ) Total deferred tax assets 42,136 44,218 Deferred tax liabilities: Property and equipment 16,000 16,156 Intangibles 121 541 Right of use asset 843 – Pension 1,372 1,051 Total deferred tax liabilities 18,336 17,748 Total net deferred assets $ 23,800 $ 26,470 |
Rollforward of Deferred Tax Assets Valuation Allowance | The following table represents a roll forward of the deferred tax asset valuation allowance for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31 2019 2018 2017 Allowance balance, beginning of year $ 8,540 $ 8,318 $ 8,280 Provision 5,785 978 1,585 Write-offs – – (1,862 ) Other 261 (756 ) 315 Allowance balance, end of year $ 14,586 $ 8,540 $ 8,318 |
Reconciliation of Unrecognized Tax Benefit | A reconciliation of the beginning and ending unrecognized tax benefits excluding interest and penalties is as follows: Year Ended December 31 2019 2018 2017 Balance, beginning of year $ 2,048 $ 365 $ 238 Additions for tax positions taken in current year 2,985 1,722 127 Additions for tax positions taken in prior period 719 – – Reductions due to lapse of statutes of limitations – (39 ) – Decreases related to settlements with tax authorities (29 ) – – Balance, end of year $ 5,723 $ 2,048 $ 365 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Shareholders' Equity [Abstract] | |
Changes in Restricted Stock Units | Changes in restricted stock units during the year ended December 31, 2019 are as follows: 2019 Weighted Average Grant Date Fair Value Unvested restricted stock units, beginning of year 165 $ 56.82 Units granted 92 34.57 Units forfeited (23 ) 56.52 Units vested (46 ) 57.65 Unvested restricted stock units, end of year 188 45.78 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | The following tables disaggregates the Company’s revenue by major source for the period ended December 31, 2019 and 2018 (excluding intercompany sales): For the Year Ended December 31, 2019 Infrastructure Group Aggregate and Mining Group Energy Group Other Group Total Net Sales – Domestic: Equipment sales $ 253,227 $ 166,868 $ 160,359 $ – $ 580,454 Pellet plant revenue 20,000 – – – 20,000 Parts and component sales 121,354 74,503 47,622 – 243,479 Service and equipment installation revenue 13,389 8,039 5,837 – 27,265 Used equipment sales 5,569 1,244 5,874 – 12,687 Freight revenue 11,989 6,279 5,993 – 24,261 Other (677 ) (2,944 ) 3,941 – 320 Total domestic revenue 424,851 253,989 229,626 – 908,466 Net Sales – International: Equipment sales 39,477 95,514 30,725 206 165,922 Parts and component sales 19,097 46,984 9,344 159 75,584 Service and equipment installation revenue 5,606 1,977 617 39 8,239 Used equipment sales 1,180 3,272 1,059 – 5,511 Freight revenue 1,892 3,000 558 – 5,450 Other 15 235 193 (2 ) 441 Total international revenue 67,267 150,982 42,496 402 261,147 Total net sales $ 492,118 $ 404,971 $ 272,122 $ 402 $ 1,169,613 For the Year Ended December 31, 2018 Infrastructure Group Aggregate and Mining Group Energy Group Other Group Total Net Sales – Domestic: Equipment sales $ 296,974 $ 220,015 $ 178,584 $ – $ 695,573 Pellet plant agreement sale reduction (75,315 ) – – – (75,315 ) Parts and component sales 119,823 71,862 42,666 – 234,351 Service and equipment installation revenue 10,822 1,844 6,355 – 19,021 Used equipment sales 8,098 3,127 4,358 – 15,583 Freight revenue 12,502 6,265 5,896 – 24,663 Other 1,022 (741 ) 1,657 – 1,938 Total domestic revenue 373,926 302,372 239,516 – 915,814 Net Sales – International: Equipment sales 43,516 98,604 24,308 – 166,428 Parts and component sales 19,215 44,609 10,528 – 74,352 Service and equipment installation revenue 3,152 1,069 390 – 4,611 Used equipment sales 1,693 2,948 908 – 5,549 Freight revenue 1,043 3,266 417 – 4,726 Other (256 ) 296 79 – 119 Total international revenue 68,363 150,792 36,630 – 255,785 Total net sales $ 442,289 $ 453,164 $ 276,146 $ – $ 1,171,599 |
Operations by Industry Segmen_2
Operations by Industry Segment and Geographic Area (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operations by Industry Segment and Geographic Area [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 for 2019 Infrastructure Group Aggregate and Mining Group Energy Group Corporate Total Revenues from external customers $ 492,118 $ 404,971 $ 272,122 $ 402 $ 1,169,613 Intersegment revenues 10,860 22,164 18,353 – 51,377 Restructuring and asset impairment charges 1,811 250 1,143 – 3,204 Interest expense 6 311 13 1,037 1,367 Interest income 1 574 47 570 1,192 Depreciation and amortization 8,484 8,211 8,371 1,134 26,200 Income taxes 349 624 397 1,642 3,012 Profit (loss) 36,106 22,790 556 (38,440 ) 21,012 Assets 564,808 608,369 301,014 420,931 1,895,122 Capital expenditures 11,097 7,442 3,096 985 22,620 Segment information for 2018 Infrastructure Aggregate and Mining Group Energy Group Corporate Total Revenues from external customers $ 442,289 $ 453,164 $ 276,146 $ – $ 1,171,599 Intersegment revenues 21,568 16,603 17,578 – 55,749 Restructuring and asset impairment charges 1,870 – 11,190 – 13,060 Interest expense 10 384 17 634 1,045 Interest income 49 372 29 502 952 Depreciation and amortization 8,424 9,383 9,149 957 27,913 Income taxes 880 2,349 306 (28,769 ) (25,234 ) Profit (loss) (112,954 ) 45,464 3,070 1,586 (62,834 ) Assets 536,744 590,512 309,397 367,211 1,803,864 Capital expenditures 14,823 8,731 4,580 769 28,903 Segment information for 2017 Infrastructure Aggregate and Mining Group Energy Group Corporate Total Revenues from external customers $ 553,691 $ 403,720 $ 227,328 $ – $ 1,184,739 Intersegment revenues 25,965 16,209 24,877 – 67,051 Interest expense 49 634 9 148 840 Interest income 509 276 8 509 1,302 Depreciation and amortization 7,581 9,363 7,904 954 25,802 Income taxes 1,318 462 491 17,356 19,627 Profit (loss) 26,641 35,748 16,219 (40,963 ) 37,645 Assets 666,651 558,684 304,158 390,300 1,919,793 Capital expenditures 7,424 9,194 3,540 604 20,762 |
Totals Segment Information for all Reportable Segments Reconciled to Consolidated Totals | The totals of segment information for all reportable segments reconciles to consolidated totals as follows: 2019 2018 2017 Net income attributable to controlling interest Total profit (loss) for reportable segments $ 59,452 $ (64,420 ) $ 78,608 Corporate expenses, net (38,440 ) 1,586 (40,963 ) Net loss attributable to non-controlling interest 132 295 205 Recapture (elimination) of intersegment profit 1,162 2,090 (55 ) Total consolidated net income (loss) attributable to controlling interest $ 22,306 $ (60,449 ) $ 37,795 |
Reconciliation of Assets from Segment to Consolidated Totals | Assets Total assets for reportable segments $ 1,474,191 $ 1,436,653 $ 1,529,493 Corporate assets 420,931 367,211 390,300 Elimination of intercompany profit in inventory (3,823 ) (4,986 ) (7,075 ) Elimination of intercompany receivables (767,907 ) (664,914 ) (717,873 ) Elimination of investment in subsidiaries (296,650 ) (300,709 ) (303,209 ) Other (26,244 ) 22,202 (2,057 ) Total consolidated assets $ 800,498 $ 855,457 $ 889,579 |
Sales into Major Geographic Regions | Sales into major geographic regions were as follows: Year Ended December 31 2019 2018 2017 United States $ 908,466 $ 915,814 $ 932,294 Canada 66,855 61,582 65,509 Africa 44,749 45,613 36,847 Australia and Oceania 42,304 38,645 40,201 Other European Countries 32,170 25,985 18,679 South America (excluding Brazil) 17,928 30,081 18,562 Brazil 11,582 6,292 10,478 Post-Soviet States (excluding Russia) 7,276 2,730 5,951 Other Asian Countries 6,520 5,472 10,286 West Indies 6,366 1,494 3,421 Mexico 5,280 9,632 8,508 Russia 5,097 9,571 13,609 Central America (excluding Mexico) 4,910 2,706 2,929 Japan and Korea 3,594 3,649 4,760 Middle East 2,584 7,877 4,881 China 2,231 2,765 6,113 India 1,003 957 1,026 Other 698 734 685 Total foreign 261,147 255,785 252,445 Total consolidated sales $ 1,169,613 $ 1,171,599 $ 1,184,739 |
Long-Lived Assets by Major Geographic Region | Long-lived assets by major geographic region are as follows: December 31 2019 2018 United States $ 157,872 $ 162,775 Northern Ireland 10,790 7,641 Brazil 8,349 8,866 Australia 4,649 4,624 South Africa 4,512 4,682 Canada 4,007 3,480 Chile 184 35 Germany – 345 Total foreign 32,491 29,673 Total $ 190,363 $ 192,448 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The after-tax components comprising accumulated other comprehensive loss is summarized below: December 31 2019 2018 Foreign currency translation adjustment $ (28,627 ) $ (30,656 ) Unrecognized pension and post-retirement benefit cost, net of tax of $1,265 and $2,230, respectively (3,176 ) (3,227 ) Accumulated other comprehensive loss $ (31,803 ) $ (33,883 ) |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income [Abstract] | |
Other Income, Net of Expenses | Other income consists of the following: Year Ended December 31 2019 2018 2017 Investment income (loss) $ 202 $ (228 ) $ (96 ) Licensing fees – – 651 Other 103 764 663 Total $ 305 $ 536 $ 1,218 |
Restructuring and Asset Impai_2
Restructuring and Asset Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Asset Impairment Charges [Abstract] | |
Restructuring and Asset Impairment Charges | The restructuring and asset impairment charges incurred in 2019 and 2018 are as follows: 2019 2018 Costs associated with exiting the wood pellet business $ 530 $ – Costs associated with closing AMM 1,282 1,870 Goodwill impairment charges – 11,190 Energy Group severance and other costs 1,142 – Airplane impairment charge 250 – Total restructuring and asset impairment charges $ 3,204 $ 13,060 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Foreign Currency Translation [Abstract] | |||
Foreign currency transaction gains and (losses), net | $ (618) | $ 539 | $ 431 |
Allowance for doubtful accounts [Roll Forward] | |||
Allowance balance, beginning of year | 1,184 | 1,716 | 1,511 |
Provision | 1,249 | 223 | 482 |
Write offs | (1,016) | (696) | (308) |
Other | (1) | (59) | 31 |
Allowance balance, end of year | 1,416 | 1,184 | 1,716 |
Revenue Recognition [Abstract] | |||
Net sales | 1,169,613 | 1,171,599 | 1,184,739 |
Contract assets | 4,660 | ||
Contract liabilities | 6,511 | ||
Advertising Expense [Abstract] | |||
Advertising costs | $ 3,668 | $ 4,136 | $ 3,793 |
Denominator [Abstract] | |||
Denominator for basic earnings (loss) per share (in shares) | 22,515 | 22,902 | 23,025 |
Effect of dilutive securities [Abstract] | |||
Restricted stock units (in shares) | 111 | 0 | 96 |
Supplemental executive retirement plan (in shares) | 48 | 0 | 63 |
Denominator for diluted earnings (loss) per share (in shares) | 22,674 | 22,902 | 23,184 |
Minimum [Member] | |||
Product Warranty Reserve [Abstract] | |||
Product warranty reserve term | three months | ||
Maximum [Member] | |||
Product Warranty Reserve [Abstract] | |||
Product warranty reserve term | two years | ||
Extended Warranty Revenue [Member] | |||
Revenue Recognition [Abstract] | |||
Net sales | $ 1,895 | ||
Deferred revenue | 3,536 | ||
Energy Group [Member] | |||
Revenue Recognition [Abstract] | |||
Net sales | 272,122 | $ 276,146 | |
Energy Group [Member] | One Large Order [Member] | |||
Revenue Recognition [Abstract] | |||
Net sales | $ 7,249 | ||
Airplanes [Member] | |||
Useful Lives [Abstract] | |||
Estimated useful lives of assets | 20 years | ||
Buildings [Member] | |||
Useful Lives [Abstract] | |||
Estimated useful lives of assets | 40 years | ||
Equipment [Member] | Minimum [Member] | |||
Useful Lives [Abstract] | |||
Estimated useful lives of assets | 3 years | ||
Equipment [Member] | Maximum [Member] | |||
Useful Lives [Abstract] | |||
Estimated useful lives of assets | 10 years | ||
Astec do Brasil Fabricacao de Equipamentos LTDA [Member] | |||
Basis of Presentation [Abstract] | |||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Percentage | 93.00% | ||
General Liability Insurance [Member] | |||
Self-Insurance Reserves [Abstract] | |||
Amount captive is liable per occurrence of claims | $ 1,000 | ||
Workers' Compensation Insurance [Member] | |||
Self-Insurance Reserves [Abstract] | |||
Amount captive is liable per occurrence of claims | $ 350 | ||
Dealer Network and Customer Relationships [Member] | Minimum [Member] | |||
Estimated useful lives of definite lived intangible assets [Abstract] | |||
Estimated useful lives of intangible assets | 8 years | ||
Dealer Network and Customer Relationships [Member] | Maximum [Member] | |||
Estimated useful lives of definite lived intangible assets [Abstract] | |||
Estimated useful lives of intangible assets | 19 years | ||
Trade Names [Member] | Minimum [Member] | |||
Estimated useful lives of definite lived intangible assets [Abstract] | |||
Estimated useful lives of intangible assets | 14 years | ||
Trade Names [Member] | Maximum [Member] | |||
Estimated useful lives of definite lived intangible assets [Abstract] | |||
Estimated useful lives of intangible assets | 15 years | ||
Other [Member] | Minimum [Member] | |||
Estimated useful lives of definite lived intangible assets [Abstract] | |||
Estimated useful lives of intangible assets | 3 years | ||
Other [Member] | Maximum [Member] | |||
Estimated useful lives of definite lived intangible assets [Abstract] | |||
Estimated useful lives of intangible assets | 19 years | ||
ASU 2018-02 [Member] | Accumulated Other Comprehensive Loss [Member] | |||
Recent Accounting Pronouncements [Abstract] | |||
Reclassification of stranded tax effects related to TCJA | $ (721) | ||
ASU 2018-02 [Member] | Retained Earnings [Member] | |||
Recent Accounting Pronouncements [Abstract] | |||
Reclassification of stranded tax effects related to TCJA | $ 721 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
Raw materials and parts | $ 160,872 | $ 173,919 |
Work-in-process | 61,287 | 69,718 |
Finished goods | 53,650 | 89,152 |
Used equipment | 18,727 | 23,155 |
Total | $ 294,536 | $ 355,944 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Assets [Abstract] | ||
Trading equity securities | $ 4,909 | $ 5,232 |
Trading debt securities | 12,742 | 11,604 |
Measured at Fair Value on a Recurring Basis [Member] | ||
Financial Assets [Abstract] | ||
Total financial assets | 17,655 | 17,169 |
Financial Liabilities [Abstract] | ||
SERP liabilities | 6,645 | 6,641 |
Derivative financial instruments | 49 | |
Total financial liabilities | 6,694 | 6,641 |
Measured at Fair Value on a Recurring Basis [Member] | Corporate Bonds [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 5,117 | 5,398 |
Measured at Fair Value on a Recurring Basis [Member] | Municipal Bonds [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 1,154 | 1,546 |
Measured at Fair Value on a Recurring Basis [Member] | Floating Rate Notes [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 535 | 1,300 |
Measured at Fair Value on a Recurring Basis [Member] | U.S. Government Securities [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 2,035 | 2,210 |
Measured at Fair Value on a Recurring Basis [Member] | Asset-Backed Securities [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 2,316 | 442 |
Measured at Fair Value on a Recurring Basis [Member] | Other [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 1,585 | 708 |
Measured at Fair Value on a Recurring Basis [Member] | Derivative Financial Instruments [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 4 | 333 |
Measured at Fair Value on a Recurring Basis [Member] | Preferred Stocks [Member] | ||
Financial Assets [Abstract] | ||
Trading equity securities | 282 | 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 | 208 | 229 |
Measured at Fair Value on a Recurring Basis [Member] | Supplemental Employee Retirement Plan [Member] | Mutual Funds [Member] | ||
Financial Assets [Abstract] | ||
Trading equity securities | 4,419 | 4,755 |
Measured at Fair Value on a Recurring Basis [Member] | Level 1 [Member] | ||
Financial Assets [Abstract] | ||
Total financial assets | 13,069 | 14,140 |
Financial Liabilities [Abstract] | ||
SERP liabilities | 0 | 0 |
Derivative financial instruments | 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 | 5,117 | 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 | 535 | 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 | 2,035 | 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 | 473 | 0 |
Measured at Fair Value on a Recurring Basis [Member] | Level 1 [Member] | Derivative Financial Instruments [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 | 282 | 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 | 208 | 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 | 4,419 | 4,755 |
Measured at Fair Value on a Recurring Basis [Member] | Level 2 [Member] | ||
Financial Assets [Abstract] | ||
Total financial assets | 4,586 | 3,029 |
Financial Liabilities [Abstract] | ||
SERP liabilities | 6,645 | 6,641 |
Derivative financial instruments | 49 | |
Total financial liabilities | 6,694 | 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 | 1,154 | 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 | 2,316 | 442 |
Measured at Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Other [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 1,112 | 708 |
Measured at Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Derivative Financial Instruments [Member] | ||
Financial Assets [Abstract] | ||
Trading debt securities | 4 | 333 |
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 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Trading, and Equity Securities [Abstract] | ||
Trading equity securities, Amortized cost | $ 4,722 | $ 5,546 |
Trading equity securities, Gross unrealized gains | 273 | 50 |
Trading equity securities, Gross unrealized losses | 86 | 364 |
Trading equity securities, Fair value (net carrying value) | 4,909 | 5,232 |
Trading debt securities, Amortized cost | 12,681 | 11,817 |
Trading debt securities, Gross unrealized gains | 115 | 55 |
Trading debt securities, Gross unrealized losses | 54 | 268 |
Trading debt securities, Fair value (net carrying value) | 12,742 | 11,604 |
Total trading equity and debt securities, Amortized cost | 17,403 | 17,363 |
Total trading equity and debt securities, Gross unrealized gains | 388 | 105 |
Total trading equity and debt securities, Gross unrealized losses | 140 | 632 |
Total trading equity and debt securities, Fair value (net carrying value) | $ 17,651 | $ 16,836 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Abstract] | |||
Weighted average cost of capital assumptions | 13.00% | ||
Weighted terminal growth assumed | 2.00% | ||
Goodwill [Abstract] | |||
Goodwill | $ 65,609 | $ 65,181 | $ 66,975 |
Accumulated impairment | (32,433) | (32,433) | (21,243) |
Net | 33,176 | 32,748 | 45,732 |
Restructuring write off | (955) | ||
Foreign currency translation | 428 | (839) | |
Impairment | 0 | (11,190) | 0 |
Total activity | 428 | (12,984) | |
Infrastructure Group [Member] | |||
Goodwill [Abstract] | |||
Goodwill | 9,879 | 9,879 | 10,883 |
Accumulated impairment | (2,310) | (2,310) | (2,310) |
Net | 7,569 | 7,569 | 8,573 |
Restructuring write off | (955) | ||
Foreign currency translation | 0 | (49) | |
Impairment | 0 | ||
Total activity | 0 | (1,004) | |
Aggregate and Mining Group [Member] | |||
Goodwill [Abstract] | |||
Goodwill | 32,873 | 32,445 | 33,235 |
Accumulated impairment | (12,196) | (12,196) | (12,196) |
Net | 20,677 | 20,249 | 21,039 |
Restructuring write off | 0 | ||
Foreign currency translation | 428 | (790) | |
Impairment | 0 | ||
Total activity | 428 | (790) | |
Energy Group [Member] | |||
Goodwill [Abstract] | |||
Goodwill | 22,857 | 22,857 | 22,857 |
Accumulated impairment | (17,927) | (17,927) | (6,737) |
Net | 4,930 | 4,930 | $ 16,120 |
Restructuring write off | 0 | ||
Foreign currency translation | 0 | 0 | |
Impairment | (11,190) | ||
Total activity | $ 0 | $ (11,190) |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets [Abstract] | |||
Amortization expense on intangible assets | $ 4,409 | $ 5,125 | $ 4,064 |
Intangible assets [Abstract] | |||
Gross Carrying Value | 49,416 | 47,063 | |
Accumulated Amortization | 25,880 | 21,693 | |
Net Carrying Value | 23,536 | 25,370 | |
Expected amortization expense over the next five years [Abstract] | |||
2020 | 4,057 | ||
2021 | 3,666 | ||
2022 | 3,204 | ||
2023 | 2,626 | ||
2024 | 1,910 | ||
Thereafter | 8,073 | ||
Dealer Network and Customer Relationships [Member] | |||
Intangible assets [Abstract] | |||
Gross Carrying Value | 31,086 | 30,909 | |
Accumulated Amortization | 17,656 | 14,472 | |
Net Carrying Value | 13,430 | 16,437 | |
Trade Names [Member] | |||
Intangible assets [Abstract] | |||
Gross Carrying Value | 9,593 | 9,536 | |
Accumulated Amortization | 3,170 | 2,509 | |
Net Carrying Value | 6,423 | 7,027 | |
Other [Member] | |||
Intangible assets [Abstract] | |||
Gross Carrying Value | 8,737 | 6,618 | |
Accumulated Amortization | 5,054 | 4,712 | |
Net Carrying Value | $ 3,683 | $ 1,906 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |||
Accumulated depreciation | $ (267,719) | $ (254,493) | |
Total | 190,363 | 192,448 | |
Depreciation expense | 21,436 | 22,411 | $ 21,312 |
Land [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property and equipment, gross | 15,198 | 15,774 | |
Building and Land Improvements [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property and equipment, gross | 151,628 | 145,913 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property and equipment, gross | 10,167 | 10,410 | |
Manufacturing and Office Equipment [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property and equipment, gross | 266,650 | 260,420 | |
Aviation Equipment [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property and equipment, gross | $ 14,439 | $ 14,424 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Lease and Related Expense [Abstract] | |||
Operating lease expense | $ 2,629 | ||
Cash paid for operating leases included in operating cash flows | 2,727 | ||
Assets and Liabilities [Abstract] | |||
Operating lease right-of-use asset | 3,853 | ||
Operating lease short-term liability included in other current liabilities | 1,846 | ||
Operating lease long-term liability included in other long-term liabilities | $ 2,020 | ||
Weighted average remaining lease term (in years) | 4 years 7 months 28 days | ||
Weighted average discount rate used in calculating right-of-use asset | 3.56% | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | ||
Future Annual Minimum Lease Payments [Abstract] | |||
2020 | $ 1,960 | ||
2021 | 717 | ||
2022 | 418 | ||
2023 | 252 | ||
2024 | 146 | ||
2025 and thereafter | 776 | ||
Total | 4,269 | ||
Less interest | (403) | ||
Present value of lease liabilities | $ 3,866 | ||
Operating lease expense | $ 3,618 | $ 3,211 | |
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] | |||
Loan length used to estimate borrowing rates | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Description [Abstract] | |||
Loan length used to estimate borrowing rates | 20 years | ||
ASU 2016-02 [Member] | |||
Assets and Liabilities [Abstract] | |||
Operating lease right-of-use asset | $ 4,993 |
Debt (Details)
Debt (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Loan | Dec. 31, 2018USD ($) | Feb. 01, 2019USD ($) | |
Debt [Abstract] | |||
Current maturities of long-term debt | $ 209 | $ 413 | |
Long-term debt | 690 | 59,709 | |
Short-term debt | 1,130 | 0 | |
Long-term debt maturities [Abstract] | |||
2020 | 209 | ||
2021 | 414 | ||
2022 | 207 | ||
2023 | 69 | ||
Maximum [Member] | |||
Line of Credit Facility [Abstract] | |||
Amount of letters of credit outstanding | $ 10,958 | ||
Astec Brazil [Member] | |||
Debt [Abstract] | |||
Debt instrument, maturity date | Sep. 30, 2020 | ||
Short-term debt | $ 1,130 | ||
Osborn [Member] | |||
Line of Credit Facility [Abstract] | |||
Amount of credit facility | 6,760 | ||
Borrowing outstanding | 0 | 0 | |
Performance bank guarantee, subsidiary obligations to fulfill contracts | $ 1,076 | ||
Unused facility fee as a percentage of line of credit | 0.75% | ||
Under utilized facility resulting in unused facility fee | 50.00% | ||
Available credit under the facility | $ 5,684 | ||
Interest rate at period end | 9.75% | ||
Debt [Abstract] | |||
Differential rate (less than prime rate) | 0.25% | ||
Astec Brazil Working Capital Loans [Member] | |||
Debt [Abstract] | |||
Loan amount | $ 897 | $ 1,207 | |
Debt instrument, interest rate | 10.40% | ||
Debt instrument, maturity date | Apr. 30, 2024 | ||
Astec Brazil Working Capital Loans [Member] | Minimum [Member] | |||
Debt [Abstract] | |||
Debt instrument, interest rate | 10.40% | ||
Debt instrument, maturity date | Jan. 31, 2019 | ||
Astec Brazil Working Capital Loans [Member] | Maximum [Member] | |||
Debt [Abstract] | |||
Debt instrument, interest rate | 11.00% | ||
Debt instrument, maturity date | Apr. 30, 2024 | ||
Astec Brazil Equipment Financing [Member] | |||
Line of Credit Facility [Abstract] | |||
Term loan | 5 years | 5 years | |
Debt [Abstract] | |||
Loan amount | $ 2 | $ 137 | |
Number of loans | Loan | 2 | ||
Astec Brazil Equipment Financing [Member] | Equipment Loan 1 [Member] | |||
Debt [Abstract] | |||
Debt instrument, interest rate | 9.50% | ||
Debt instrument, maturity date | Apr. 30, 2020 | ||
Astec Brazil Equipment Financing [Member] | Equipment Loan 2 [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 | $ 209 | ||
Long-term debt | 690 | ||
Wells Fargo [Member] | |||
Line of Credit Facility [Abstract] | |||
Amount of letters of credit outstanding | $ 8,335 | ||
Maturity date | Dec. 29, 2023 | ||
Borrowing outstanding | $ 0 | $ 58,778 | |
Line of credit, additional borrowing capacity | $ 141,665 | ||
Interest rate at period end | 2.52% | ||
Wells Fargo [Member] | Maximum [Member] | |||
Line of Credit Facility [Abstract] | |||
Amount of credit facility | $ 150,000 | ||
Sub-limit for letters of credit | $ 30,000 | ||
Maximum borrowing amount 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Product warranty reserves [Roll Forward] | |||
Reserve balance, beginning of year | $ 10,928 | $ 15,410 | $ 13,156 |
Warranty liabilities accrued | 9,762 | 13,219 | 16,725 |
Warranty liabilities settled | (10,473) | (17,539) | (14,642) |
Other | 44 | (162) | 171 |
Reserve balance, end of year | $ 10,261 | $ 10,928 | $ 15,410 |
Minimum [Member] | |||
Standard Product Warranty Disclosure [Abstract] | |||
Product warranty reserve term | three months | ||
Maximum [Member] | |||
Standard Product Warranty Disclosure [Abstract] | |||
Product warranty reserve term | two years |
Accrued Loss Reserves (Details)
Accrued Loss Reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Loss Reserves [Abstract] | ||
Total accrued loss reserves | $ 6,817 | $ 7,889 |
Accrued loss reserves included in other long-term liabilities | $ 4,518 | $ 6,057 |
Pension and Retirement Plans (D
Pension and Retirement Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Actual allocations | 100.00% | 100.00% | |
Equity Securities [Member] | |||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Actual allocations | 45.90% | 46.90% | |
Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Target plan asset allocations | 40.00% | 40.00% | |
Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Target plan asset allocations | 65.00% | 65.00% | |
Debt Securities [Member] | |||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Actual allocations | 42.20% | 46.20% | |
Debt Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Target plan asset allocations | 30.00% | 30.00% | |
Debt Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Target plan asset allocations | 50.00% | 50.00% | |
Cash and Equivalents [Member] | |||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Actual allocations | 11.90% | 6.90% | |
Cash and Equivalents [Member] | Minimum [Member] | |||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Target plan asset allocations | 0.00% | 0.00% | |
Cash and Equivalents [Member] | Maximum [Member] | |||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Target plan asset allocations | 15.00% | 15.00% | |
Pension Benefits [Member] | |||
Change in benefit obligation [Roll forward] | |||
Benefit obligation, beginning of year | $ 15,741 | $ 16,916 | |
Interest cost | 628 | 578 | $ 630 |
Actuarial (gain)/loss | 1,577 | (1,021) | |
Benefits paid | (789) | (732) | |
Benefit obligation, end of year | 17,157 | 15,741 | 16,916 |
Accumulated benefit obligation | 17,157 | 15,741 | |
Change in plan assets [Roll forward] | |||
Fair value of plan assets, beginning of year | 14,452 | 14,717 | |
Actual gain/(loss) on plan assets | 2,729 | (909) | |
Employer contribution | 1,613 | 1,376 | |
Benefits paid | (789) | (732) | |
Fair value of plan assets, end of year | 18,005 | 14,452 | 14,717 |
Funded status, end of year | 848 | (1,289) | |
Amounts recognized in the consolidated balance sheets [Abstract] | |||
Noncurrent asset / (liability) | 848 | (1,289) | |
Net amount recognized | 848 | (1,289) | |
Amounts recognized in accumulated other comprehensive loss consist of [Abstract] | |||
Net loss | 4,860 | 5,687 | |
Net amount recognized | $ 4,860 | $ 5,687 | |
Weighted average assumptions used to determine benefit obligations as of December 31 [Abstract] | |||
Discount rate | 3.10% | 4.10% | |
Expected return on plan assets | 6.00% | 6.00% | |
Rate of compensation increase | |||
Components of net periodic benefit cost [Abstract] | |||
Interest cost | $ 628 | $ 578 | 630 |
Expected return on plan assets | (844) | (802) | (720) |
Amortization of actuarial loss | 520 | 465 | 530 |
Net periodic benefit cost | 304 | 241 | 440 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) [Abstract] | |||
Net actuarial (gain) loss for the year | (308) | 690 | (159) |
Amortization of net loss | (520) | (465) | (530) |
Total recognized in other comprehensive income (loss) | (828) | 225 | (689) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ (524) | $ 466 | $ (249) |
Weighted average assumptions used to determine net periodic benefit cost for years ended December 31 [Abstract] | |||
Discount rate | 4.10% | 3.50% | 4.00% |
Expected return on plan assets | 6.00% | 6.25% | 6.25% |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Company's expectation to contribute to the plans during the next year | $ 0 | ||
Future amortization of a net loss in pension benefits in next year | (403) | ||
Estimated future benefit payments [Abstract] | |||
2020 | 870 | ||
2021 | 910 | ||
2022 | 910 | ||
2023 | 930 | ||
2024 | 960 | ||
2025 - 2029 | $ 4,860 |
Pension and Retirement Plans, D
Pension and Retirement Plans, Deferred Compensation Arrangement with Individual, Postretirement Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Assets [Abstract] | |||
Company's 401(K) contributions for the year | $ 6,977 | $ 7,451 | $ 7,182 |
SERP [Member] | |||
Defined Benefit Plan Assets [Abstract] | |||
Income expense due to change in the fair market value of Company stock held in the SERP | 616 | 1,556 | $ 575 |
Cost [Member] | |||
Defined Benefit Plan Assets [Abstract] | |||
Plan Assets | 6,151 | 7,148 | |
Cost [Member] | Company Stock [Member] | |||
Defined Benefit Plan Assets [Abstract] | |||
Plan Assets | 1,714 | 1,886 | |
Cost [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Assets [Abstract] | |||
Plan Assets | 4,437 | 5,262 | |
Market [Member] | |||
Defined Benefit Plan Assets [Abstract] | |||
Plan Assets | 6,645 | 6,641 | |
Market [Member] | Company Stock [Member] | |||
Defined Benefit Plan Assets [Abstract] | |||
Plan Assets | 2,018 | 1,658 | |
Market [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Assets [Abstract] | |||
Plan Assets | $ 4,627 | $ 4,983 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Current Assets [Member] | ||
Summary of Derivative Instruments [Abstract] | ||
Derivative assets | $ 4 | $ 333 |
Other Current Liabilities [Member] | ||
Summary of Derivative Instruments [Abstract] | ||
Derivative liabilities | 49 | |
Foreign Exchange Contract [Member] | ||
Summary of Derivative Instruments [Abstract] | ||
Average notional amount | $ 10,304 |
Derivative Financial Instrume_3
Derivative Financial Instruments, Gain (Loss) recognized in income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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) of derivative financial instruments recognized in income, net | $ (74) | $ 1,147 | $ (663) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income before income taxes [Abstract] | |||||
United States | $ 26,675 | $ (86,874) | $ 55,980 | ||
Foreign | (1,489) | 896 | 1,237 | ||
Income (loss) before income taxes | 25,186 | (85,978) | 57,217 | ||
Current provision (benefit) [Abstract] | |||||
Federal | (495) | (3,995) | 16,178 | ||
State | 769 | 892 | 2,866 | ||
Foreign | 1,023 | 3,254 | 874 | ||
Total current provision | 1,297 | 151 | 19,918 | ||
Deferred provision (benefit) [Abstract] | |||||
Federal | 2,818 | (19,142) | 107 | ||
State | (1,052) | (5,788) | (455) | ||
Foreign | (51) | (455) | 57 | ||
Total deferred benefit | 1,715 | (25,385) | (291) | ||
Total provision (benefit) [Abstract] | |||||
Federal | 2,323 | (23,137) | 16,285 | ||
State | (283) | (4,896) | 2,411 | ||
Foreign | 972 | 2,799 | 931 | ||
Total income tax provision (benefit) | 3,012 | (25,234) | 19,627 | ||
Reconciliation of provision for income taxes [Abstract] | |||||
Tax expense (benefit) at the statutory federal income tax rate | 5,289 | (18,055) | 20,026 | ||
Domestic production activity deduction | 0 | 0 | (1,661) | ||
State income tax, net of federal income tax | (2,291) | (2,976) | 1,520 | ||
Research and development tax credits | (6,614) | (4,660) | (922) | ||
FIN 48 impact | 3,215 | 1,856 | 124 | ||
Liquidation of subsidiary | (918) | (1,403) | 0 | ||
True-up of foreign subsidiary net operation loss carryforward | (1,441) | 0 | 0 | ||
Valuation allowance impact | 5,785 | 978 | 1,585 | ||
Changes in tax rates | 83 | (193) | (505) | ||
Other items | (96) | (781) | (540) | ||
Total income tax provision (benefit) | 3,012 | (25,234) | 19,627 | ||
Deferred tax assets [Abstract] | |||||
Inventory reserves | $ 5,798 | $ 4,513 | |||
Warranty reserves | 2,198 | 2,275 | |||
Bad debt reserves | 261 | 182 | |||
State tax loss carryforwards | 9,762 | 7,265 | |||
Accrued vacation | 1,412 | 1,612 | |||
SERP | 0 | 364 | |||
Deferred compensation | 1,063 | 881 | |||
Restricted stock units | 1,539 | 1,728 | |||
Goodwill | 1,981 | 2,157 | |||
Pension and post-employment benefits | 1,309 | 1,536 | |||
Outside basis differences | 4,017 | 4,496 | |||
Federal net operating loss | 12,118 | 15,655 | |||
Foreign net operating losses | 8,615 | 5,069 | |||
Lease obligation | 849 | 0 | |||
Other | 5,800 | 5,025 | |||
Valuation allowances | (8,540) | (8,318) | (8,280) | (14,586) | (8,540) |
Total deferred tax assets | 42,136 | 44,218 | |||
Deferred tax liabilities [Abstract] | |||||
Property and equipment | 16,000 | 16,156 | |||
Intangibles | 121 | 541 | |||
Right of use asset | 843 | 0 | |||
Pension | 1,372 | 1,051 | |||
Total deferred tax liabilities | 18,336 | 17,748 | |||
Total net deferred assets | 23,800 | 26,470 | |||
Operating Loss Carryforwards [Abstract] | |||||
Recognized tax benefits related to penalties and interest settled for less than previously accrued | (120) | (66) | |||
Unrecognized tax benefits, if recognized that would effect the effective rate | 6,148 | $ 2,243 | |||
Deferred Tax Asset Valuation Allowance [Roll Forward] | |||||
Allowance balance, beginning of year | 8,540 | 8,318 | 8,280 | ||
Provision | 5,785 | 978 | 1,585 | ||
Write-offs | 0 | 0 | (1,862) | ||
Other | 261 | (756) | 315 | ||
Allowance balance, end of year | 14,586 | 8,540 | 8,318 | ||
Reconciliation on unrecognized tax benefits [Roll forward] | |||||
Balance, beginning of year | 2,048 | 365 | 238 | ||
Additions for tax positions taken in current year | 2,985 | 1,722 | 127 | ||
Additions for tax positions taken in prior period | 719 | 0 | 0 | ||
Reductions due to lapse of statutes of limitations | 0 | (39) | 0 | ||
Decreases related to settlements with tax authorities | (29) | 0 | 0 | ||
Balance, end of year | $ 5,723 | $ 2,048 | $ 365 | ||
Federal Income Taxes [Abstract] | |||||
Federal corporate tax rate | 21.00% | 21.00% | 35.00% | ||
Provision of income tax expense (benefit) | $ (1,056) | ||||
Income tax expense (benefit) recorded in connection with remeasurement of deferred tax assets and liabilities | (1,548) | ||||
Transition tax | $ 1,235 | $ 492 | |||
Income tax expense (benefit) | $ 1,727 | ||||
Breaker Technology, Ltd. [Member] | |||||
Operating Loss Carryforwards [Abstract] | |||||
Undistributed earnings of foreign subsidiaries | 10,124 | ||||
Osborn Engineered Products [Member] | |||||
Operating Loss Carryforwards [Abstract] | |||||
Undistributed earnings of foreign subsidiaries | 30,908 | ||||
Telestack Limited [Member] | |||||
Operating Loss Carryforwards [Abstract] | |||||
Undistributed earnings of foreign subsidiaries | 2,496 | ||||
U.S. Federal [Member] | |||||
Operating Loss Carryforwards [Abstract] | |||||
Net operating loss carryforwards | 57,705 | ||||
State [Member] | |||||
Operating Loss Carryforwards [Abstract] | |||||
Net operating loss carryforwards | 179,076 | ||||
State [Member] | Minimum [Member] | |||||
Operating Loss Carryforwards [Abstract] | |||||
Operating loss carryforwards, expiration date | Dec. 31, 2020 | ||||
State [Member] | Maximum [Member] | |||||
Operating Loss Carryforwards [Abstract] | |||||
Operating loss carryforwards, expiration date | Dec. 31, 2031 | ||||
Foreign Tax Authority [Member] | |||||
Operating Loss Carryforwards [Abstract] | |||||
Net operating loss carryforwards | $ 27,357 |
Contingent Matters (Details)
Contingent Matters (Details) - USD ($) $ in Thousands | Aug. 16, 2018 | Dec. 31, 2019 |
Loss Contingency [Abstract] | ||
Contingent liability for customer debt | $ 1,466 | |
Percentage of potential contingent liability on unpaid balance | 1.75% | |
Maximum exposure | $ 932 | |
Liability recorded related to guarantees | $ 1,666 | |
Maximum maturity date of customer debt | Dec. 31, 2023 | |
VenVer S.A. and Americas Coil Tubing LLP vs GEFCO [Member] | ||
Loss Contingency [Abstract] | ||
Damages sought for purchase price of equipment | $ 8,500 | |
Maximum [Member] | ||
Loss Contingency [Abstract] | ||
Contingent liabilities for letters of credit | $ 10,958 | |
Letter of Credit Lender [Member] | ||
Loss Contingency [Abstract] | ||
Contingent liabilities for letters of credit | 8,335 | |
Astec Brazil Working Capital Loans [Member] | ||
Loss Contingency [Abstract] | ||
Contingent liabilities for letters of credit issued on behalf of foreign subsidiaries | $ 3,200 | |
Letter of Credit [Member] | Maximum [Member] | ||
Loss Contingency [Abstract] | ||
Letter of credit expiration date | Jan. 31, 2021 | |
Performance Letters of Credit [Member] | ||
Loss Contingency [Abstract] | ||
Contingent liabilities for letters of credit issued on behalf of foreign subsidiaries | $ 2,623 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Age$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | |
Restricted stock units under the 2006 and 2011 Incentive Plan [Abstract] | |||
Maximum shares granted to employees (in shares) | 700 | ||
Vesting period | 5 years | ||
Retirement age | Age | 65 | ||
Vesting period for awards granted in 2017 to February 2019 | 3 years | ||
Ratable vesting period | 12 months | ||
Vesting period for awards granted in early 2020 | 3 years | ||
Vesting date fair value of vested restricted stock units during the period | $ | $ 1,577 | $ 1,869 | $ 1,991 |
Increase in tax expense (benefit) | $ | 278 | (67) | (290) |
Compensation expense | $ | 2,567 | 2,032 | 2,978 |
Income tax benefits | $ | 706 | $ 528 | 1,132 |
Anticipated additional compensation costs to be recognized in future periods | $ | $ 3,869 | ||
Maximum date compensation costs will be recognized in future periods | Dec. 31, 2023 | ||
Weighted average period over which additional compensation cost will be expensed | 1 year 9 months 18 days | ||
Restricted stock units [Roll Forward] | |||
Unvested restricted stock units, beginning of year (in shares) | 165 | ||
Units granted (in shares) | 92 | ||
Units forfeited (in shares) | (23) | ||
Units vested (in shares) | (46) | ||
Unvested restricted stock units, end of year (in shares) | 188 | 165 | |
Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 56.82 | ||
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | 34.57 | ||
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 56.52 | ||
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 57.65 | ||
Weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 45.78 | $ 56.82 | |
Grant date fair value of restricted stock units granted | $ | $ 3,168 | $ 3,553 | $ 5,399 |
Newly Hired Members of Executive Management [Member] | |||
Restricted stock units under the 2006 and 2011 Incentive Plan [Abstract] | |||
Vesting period | 3 years | ||
Ratable vesting period | 12 months | ||
Restricted stock units [Roll Forward] | |||
Units granted (in shares) | 34 | ||
Non-Employee Directors Compensation Plan [Member] | |||
Restricted stock units under the 2006 and 2011 Incentive Plan [Abstract] | |||
Vesting period | 1 year |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Abstract] | |||
Net sales | $ 1,169,613 | $ 1,171,599 | $ 1,184,739 |
Contract assets | 4,660 | ||
Contract liabilities | 6,511 | ||
Extended Warranty Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 1,895 | ||
Deferred revenue | 3,536 | ||
United States [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 908,466 | 915,814 | |
United States [Member] | Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 580,454 | 695,573 | |
United States [Member] | Pellet Plant Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 20,000 | ||
United States [Member] | Pellet Plant Agreement Sale Reduction [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | (75,315) | ||
United States [Member] | Parts and Component Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 243,479 | 234,351 | |
United States [Member] | Service and Equipment Installation Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 27,265 | 19,021 | |
United States [Member] | Used Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 12,687 | 15,583 | |
United States [Member] | Freight Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 24,261 | 24,663 | |
United States [Member] | Other [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 320 | 1,938 | |
International [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 261,147 | 255,785 | |
International [Member] | Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 165,922 | 166,428 | |
International [Member] | Parts and Component Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 75,584 | 74,352 | |
International [Member] | Service and Equipment Installation Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 8,239 | 4,611 | |
International [Member] | Used Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 5,511 | 5,549 | |
International [Member] | Freight Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 5,450 | 4,726 | |
International [Member] | Other [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 441 | 119 | |
Infrastructure Group [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 492,118 | 442,289 | |
Infrastructure Group [Member] | United States [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 424,851 | 373,926 | |
Infrastructure Group [Member] | United States [Member] | Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 253,227 | 296,974 | |
Infrastructure Group [Member] | United States [Member] | Pellet Plant Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 20,000 | ||
Infrastructure Group [Member] | United States [Member] | Pellet Plant Agreement Sale Reduction [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | (75,315) | ||
Infrastructure Group [Member] | United States [Member] | Parts and Component Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 121,354 | 119,823 | |
Infrastructure Group [Member] | United States [Member] | Service and Equipment Installation Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 13,389 | 10,822 | |
Infrastructure Group [Member] | United States [Member] | Used Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 5,569 | 8,098 | |
Infrastructure Group [Member] | United States [Member] | Freight Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 11,989 | 12,502 | |
Infrastructure Group [Member] | United States [Member] | Other [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | (677) | 1,022 | |
Infrastructure Group [Member] | International [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 67,267 | 68,363 | |
Infrastructure Group [Member] | International [Member] | Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 39,477 | 43,516 | |
Infrastructure Group [Member] | International [Member] | Parts and Component Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 19,097 | 19,215 | |
Infrastructure Group [Member] | International [Member] | Service and Equipment Installation Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 5,606 | 3,152 | |
Infrastructure Group [Member] | International [Member] | Used Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 1,180 | 1,693 | |
Infrastructure Group [Member] | International [Member] | Freight Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 1,892 | 1,043 | |
Infrastructure Group [Member] | International [Member] | Other [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 15 | (256) | |
Aggregate and Mining Group [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 404,971 | 453,164 | |
Aggregate and Mining Group [Member] | United States [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 253,989 | 302,372 | |
Aggregate and Mining Group [Member] | United States [Member] | Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 166,868 | 220,015 | |
Aggregate and Mining Group [Member] | United States [Member] | Pellet Plant Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | ||
Aggregate and Mining Group [Member] | United States [Member] | Pellet Plant Agreement Sale Reduction [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | ||
Aggregate and Mining Group [Member] | United States [Member] | Parts and Component Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 74,503 | 71,862 | |
Aggregate and Mining Group [Member] | United States [Member] | Service and Equipment Installation Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 8,039 | 1,844 | |
Aggregate and Mining Group [Member] | United States [Member] | Used Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 1,244 | 3,127 | |
Aggregate and Mining Group [Member] | United States [Member] | Freight Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 6,279 | 6,265 | |
Aggregate and Mining Group [Member] | United States [Member] | Other [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | (2,944) | (741) | |
Aggregate and Mining Group [Member] | International [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 150,982 | 150,792 | |
Aggregate and Mining Group [Member] | International [Member] | Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 95,514 | 98,604 | |
Aggregate and Mining Group [Member] | International [Member] | Parts and Component Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 46,984 | 44,609 | |
Aggregate and Mining Group [Member] | International [Member] | Service and Equipment Installation Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 1,977 | 1,069 | |
Aggregate and Mining Group [Member] | International [Member] | Used Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 3,272 | 2,948 | |
Aggregate and Mining Group [Member] | International [Member] | Freight Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 3,000 | 3,266 | |
Aggregate and Mining Group [Member] | International [Member] | Other [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 235 | 296 | |
Energy Group [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 272,122 | 276,146 | |
Energy Group [Member] | One Large Order [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 7,249 | ||
Energy Group [Member] | United States [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 229,626 | 239,516 | |
Energy Group [Member] | United States [Member] | Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 160,359 | 178,584 | |
Energy Group [Member] | United States [Member] | Pellet Plant Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | ||
Energy Group [Member] | United States [Member] | Pellet Plant Agreement Sale Reduction [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | ||
Energy Group [Member] | United States [Member] | Parts and Component Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 47,622 | 42,666 | |
Energy Group [Member] | United States [Member] | Service and Equipment Installation Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 5,837 | 6,355 | |
Energy Group [Member] | United States [Member] | Used Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 5,874 | 4,358 | |
Energy Group [Member] | United States [Member] | Freight Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 5,993 | 5,896 | |
Energy Group [Member] | United States [Member] | Other [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 3,941 | 1,657 | |
Energy Group [Member] | International [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 42,496 | 36,630 | |
Energy Group [Member] | International [Member] | Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 30,725 | 24,308 | |
Energy Group [Member] | International [Member] | Parts and Component Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 9,344 | 10,528 | |
Energy Group [Member] | International [Member] | Service and Equipment Installation Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 617 | 390 | |
Energy Group [Member] | International [Member] | Used Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 1,059 | 908 | |
Energy Group [Member] | International [Member] | Freight Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 558 | 417 | |
Energy Group [Member] | International [Member] | Other [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 193 | 79 | |
Other Group [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 402 | 0 | |
Other Group [Member] | United States [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | 0 | |
Other Group [Member] | United States [Member] | Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | 0 | |
Other Group [Member] | United States [Member] | Pellet Plant Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | ||
Other Group [Member] | United States [Member] | Pellet Plant Agreement Sale Reduction [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | ||
Other Group [Member] | United States [Member] | Parts and Component Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | 0 | |
Other Group [Member] | United States [Member] | Service and Equipment Installation Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | 0 | |
Other Group [Member] | United States [Member] | Used Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | 0 | |
Other Group [Member] | United States [Member] | Freight Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | 0 | |
Other Group [Member] | United States [Member] | Other [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | 0 | |
Other Group [Member] | International [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 402 | 0 | |
Other Group [Member] | International [Member] | Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 206 | 0 | |
Other Group [Member] | International [Member] | Parts and Component Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 159 | 0 | |
Other Group [Member] | International [Member] | Service and Equipment Installation Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 39 | 0 | |
Other Group [Member] | International [Member] | Used Equipment Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | 0 | |
Other Group [Member] | International [Member] | Freight Revenue [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 0 | 0 | |
Other Group [Member] | International [Member] | Other [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | $ (2) | $ 0 |
Operations by Industry Segmen_3
Operations by Industry Segment and Geographic Area (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)BusinessunitSegment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Operations by Industry Segment and Geographic Area [Abstract] | |||
Number of reportable segments | Segment | 3 | ||
Sales [Abstract] | |||
Revenues | $ 1,169,613 | $ 1,171,599 | $ 1,184,739 |
Amount of restructuring and asset impairment charges | 3,204 | 13,060 | 0 |
Interest expense | 1,367 | 1,045 | 840 |
Interest income | 1,192 | 952 | 1,302 |
Depreciation and amortization | 26,200 | 27,913 | 25,802 |
Income taxes | 3,012 | (25,234) | 19,627 |
Profit (loss) | 21,012 | (62,834) | 37,645 |
Assets | 1,895,122 | 1,803,864 | 1,919,793 |
Capital expenditures | 22,620 | 28,903 | 20,762 |
Net income attributable to controlling interest [Abstract] | |||
Net loss attributable to non-controlling interest | 132 | 295 | 205 |
Net income (loss) attributable to controlling interest | 22,306 | (60,449) | 37,795 |
Assets [Abstract] | |||
Total assets | $ 800,498 | 855,457 | 889,579 |
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 | ||
Sales [Abstract] | |||
Revenues | $ 492,118 | 442,289 | |
Aggregate and Mining Group [Member] | |||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | |||
Number of business units | Businessunit | 8 | ||
Sales [Abstract] | |||
Revenues | $ 404,971 | 453,164 | |
Energy Group [Member] | |||
Segment reporting, disclosure and reportable segments revenues and profits [Abstract] | |||
Number of business units | Businessunit | 6 | ||
Sales [Abstract] | |||
Revenues | $ 272,122 | 276,146 | |
Reportable Segments [Member] | |||
Net income attributable to controlling interest [Abstract] | |||
Total profit (loss) | 59,452 | (64,420) | 78,608 |
Assets [Abstract] | |||
Total assets | 1,474,191 | 1,436,653 | 1,529,493 |
Reportable Segments [Member] | Infrastructure Group [Member] | |||
Sales [Abstract] | |||
Revenues | 492,118 | 442,289 | 553,691 |
Amount of restructuring and asset impairment charges | 1,811 | 1,870 | |
Interest expense | 6 | 10 | 49 |
Interest income | 1 | 49 | 509 |
Depreciation and amortization | 8,484 | 8,424 | 7,581 |
Income taxes | 349 | 880 | 1,318 |
Profit (loss) | 36,106 | (112,954) | 26,641 |
Assets | 564,808 | 536,744 | 666,651 |
Capital expenditures | 11,097 | 14,823 | 7,424 |
Reportable Segments [Member] | Aggregate and Mining Group [Member] | |||
Sales [Abstract] | |||
Revenues | 404,971 | 453,164 | 403,720 |
Amount of restructuring and asset impairment charges | 250 | 0 | |
Interest expense | 311 | 384 | 634 |
Interest income | 574 | 372 | 276 |
Depreciation and amortization | 8,211 | 9,383 | 9,363 |
Income taxes | 624 | 2,349 | 462 |
Profit (loss) | 22,790 | 45,464 | 35,748 |
Assets | 608,369 | 590,512 | 558,684 |
Capital expenditures | 7,442 | 8,731 | 9,194 |
Reportable Segments [Member] | Energy Group [Member] | |||
Sales [Abstract] | |||
Revenues | 272,122 | 276,146 | 227,328 |
Amount of restructuring and asset impairment charges | 1,143 | 11,190 | |
Interest expense | 13 | 17 | 9 |
Interest income | 47 | 29 | 8 |
Depreciation and amortization | 8,371 | 9,149 | 7,904 |
Income taxes | 397 | 306 | 491 |
Profit (loss) | 556 | 3,070 | 16,219 |
Assets | 301,014 | 309,397 | 304,158 |
Capital expenditures | 3,096 | 4,580 | 3,540 |
Reportable Segments [Member] | Corporate [Member] | |||
Sales [Abstract] | |||
Revenues | 402 | 0 | 0 |
Amount of restructuring and asset impairment charges | 0 | 0 | |
Interest expense | 1,037 | 634 | 148 |
Interest income | 570 | 502 | 509 |
Depreciation and amortization | 1,134 | 957 | 954 |
Income taxes | 1,642 | (28,769) | 17,356 |
Profit (loss) | (38,440) | 1,586 | (40,963) |
Assets | 420,931 | 367,211 | 390,300 |
Capital expenditures | 985 | 769 | 604 |
Corporate, Non-Segment [Member] | |||
Net income attributable to controlling interest [Abstract] | |||
Total profit (loss) | (38,440) | 1,586 | (40,963) |
Assets [Abstract] | |||
Total assets | 420,931 | 367,211 | 390,300 |
Segment Reconciling Items [Member] | |||
Assets [Abstract] | |||
Elimination of investment in subsidiaries | (296,650) | (300,709) | (303,209) |
Other | (26,244) | 22,202 | (2,057) |
Intersegment Eliminations [Member] | |||
Sales [Abstract] | |||
Revenues | 51,377 | 55,749 | 67,051 |
Net income attributable to controlling interest [Abstract] | |||
Total profit (loss) | 1,162 | 2,090 | (55) |
Assets [Abstract] | |||
Elimination of intercompany profit in inventory | (3,823) | (4,986) | (7,075) |
Elimination of intercompany receivables | (767,907) | (664,914) | (717,873) |
Intersegment Eliminations [Member] | Infrastructure Group [Member] | |||
Sales [Abstract] | |||
Revenues | 10,860 | 21,568 | 25,965 |
Intersegment Eliminations [Member] | Aggregate and Mining Group [Member] | |||
Sales [Abstract] | |||
Revenues | 22,164 | 16,603 | 16,209 |
Intersegment Eliminations [Member] | Energy Group [Member] | |||
Sales [Abstract] | |||
Revenues | 18,353 | 17,578 | 24,877 |
Intersegment Eliminations [Member] | Corporate [Member] | |||
Sales [Abstract] | |||
Revenues | $ 0 | $ 0 | $ 0 |
Operations by Industry Segmen_4
Operations by Industry Segment and Geographic Area, External Customers and Long-Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | $ 1,169,613 | $ 1,171,599 | $ 1,184,739 |
Long-lived assets by geographic region | 190,363 | 192,448 | |
United States [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 908,466 | 915,814 | |
Reportable Geographical Components [Member] | United States [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 908,466 | 915,814 | 932,294 |
Long-lived assets by geographic region | 157,872 | 162,775 | |
Reportable Geographical Components [Member] | Northern Ireland [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Long-lived assets by geographic region | 10,790 | 7,641 | |
Reportable Geographical Components [Member] | Canada [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 66,855 | 61,582 | 65,509 |
Long-lived assets by geographic region | 4,007 | 3,480 | |
Reportable Geographical Components [Member] | Africa [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 44,749 | 45,613 | 36,847 |
Reportable Geographical Components [Member] | Australia and Oceania [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 42,304 | 38,645 | 40,201 |
Reportable Geographical Components [Member] | Other European Countries [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 32,170 | 25,985 | 18,679 |
Reportable Geographical Components [Member] | South America (excluding Brazil) [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 17,928 | 30,081 | 18,562 |
Reportable Geographical Components [Member] | Brazil [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 11,582 | 6,292 | 10,478 |
Long-lived assets by geographic region | 8,349 | 8,866 | |
Reportable Geographical Components [Member] | Post-Soviet States (excluding Russia) [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 7,276 | 2,730 | 5,951 |
Reportable Geographical Components [Member] | Other Asian Countries [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 6,520 | 5,472 | 10,286 |
Reportable Geographical Components [Member] | West Indies [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 6,366 | 1,494 | 3,421 |
Reportable Geographical Components [Member] | Mexico [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 5,280 | 9,632 | 8,508 |
Reportable Geographical Components [Member] | Russia [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 5,097 | 9,571 | 13,609 |
Reportable Geographical Components [Member] | Central America (excluding Mexico) [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 4,910 | 2,706 | 2,929 |
Reportable Geographical Components [Member] | Japan and Korea [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 3,594 | 3,649 | 4,760 |
Reportable Geographical Components [Member] | Middle East [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 2,584 | 7,877 | 4,881 |
Reportable Geographical Components [Member] | China [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 2,231 | 2,765 | 6,113 |
Reportable Geographical Components [Member] | India [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 1,003 | 957 | 1,026 |
Reportable Geographical Components [Member] | Other [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 698 | 734 | 685 |
Reportable Geographical Components [Member] | Australia [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Long-lived assets by geographic region | 4,649 | 4,624 | |
Reportable Geographical Components [Member] | South Africa [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Long-lived assets by geographic region | 4,512 | 4,682 | |
Reportable Geographical Components [Member] | Chile [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Long-lived assets by geographic region | 184 | 35 | |
Reportable Geographical Components [Member] | Germany [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Long-lived assets by geographic region | 0 | 345 | |
Reportable Geographical Components [Member] | Total Foreign [Member] | |||
Geographic Areas, Sales and Long-lived Assets [Abstract] | |||
Revenues | 261,147 | 255,785 | $ 252,445 |
Long-lived assets by geographic region | $ 32,491 | $ 29,673 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
After Tax components of accumulated comprehensive loss [Abstract] | ||
Foreign currency translation adjustment | $ (28,627) | $ (30,656) |
Unrecognized pension and post-retirement benefit cost, net of tax of $1,265 and $2,230, respectively | (3,176) | (3,227) |
Accumulated other comprehensive loss | (31,803) | (33,883) |
Unrecognized pension and post-retirement benefit cost, tax | $ 1,265 | $ 2,230 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income [Abstract] | |||
Investment income (loss) | $ 202 | $ (228) | $ (96) |
Licensing fees | 0 | 0 | 651 |
Other | 103 | 764 | 663 |
Total | $ 305 | $ 536 | $ 1,218 |
Business Combinations and Div_2
Business Combinations and Divestitures (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 21, 2019 | |
Business Acquisition [Abstract] | |||||
Goodwill | $ 33,176 | $ 32,748 | $ 45,732 | ||
Goodwill impaired | 0 | 11,190 | $ 0 | ||
Assets held for sale | 3,084 | 0 | |||
CEI Enterprises, Inc [Member] | |||||
Business Acquisition [Abstract] | |||||
Assets held for sale | 2,749 | $ 2,749 | |||
Astec Mobile Machinery GmbH [Member] | |||||
Business Acquisition [Abstract] | |||||
Assets held for sale | $ 335 | ||||
RexCon Inc. [Member] | |||||
Business Acquisition [Abstract] | |||||
Date of acquisition | Oct. 1, 2017 | ||||
Cash purchase price | $ 26,443 | ||||
Goodwill | 3,488 | ||||
Other intangible assets | $ 7,778 | ||||
Goodwill impaired | $ 3,488 | ||||
RexCon Inc. [Member] | Noncompete Agreements [Member] | |||||
Business Acquisition [Abstract] | |||||
Useful life of intangible assets | 5 years | ||||
RexCon Inc. [Member] | Technology [Member] | |||||
Business Acquisition [Abstract] | |||||
Useful life of intangible assets | 19 years | ||||
RexCon Inc. [Member] | Trade Names [Member] | |||||
Business Acquisition [Abstract] | |||||
Useful life of intangible assets | 15 years | ||||
RexCon Inc. [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Abstract] | |||||
Useful life of intangible assets | 18 years |
Restructuring and Asset Impai_3
Restructuring and Asset Impairment Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring and Asset Impairment Charges [Abstract] | |||
Goodwill impairment charges | $ 0 | $ 11,190 | $ 0 |
Energy Group severance and other costs | 1,142 | 0 | |
Airplane impairment charge | 250 | 0 | |
Total restructuring and asset impairment charges | 3,204 | 13,060 | $ 0 |
Wood Pellet Business Exiting [Member] | |||
Restructuring and Asset Impairment Charges [Abstract] | |||
Costs | 530 | 0 | |
AMM Closing [Member] | |||
Restructuring and Asset Impairment Charges [Abstract] | |||
Costs | $ 1,282 | $ 1,870 |