Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ALAMO GROUP INC | ' |
Entity Central Index Key | '0000897077 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 12,080,483 |
Interim_Condensed_Consolidated
Interim Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $53,603 | $48,291 |
Accounts receivable, net | 161,704 | 140,268 |
Inventories | 121,639 | 108,758 |
Deferred income taxes | 5,245 | 3,824 |
Prepaid expenses | 5,883 | 5,659 |
Total current assets | 348,074 | 306,800 |
Property, plant and equipment | 154,884 | 146,454 |
Less: Accumulated depreciation | -94,251 | -89,653 |
Property, Plant And Equipment, Net | 60,633 | 56,801 |
Goodwill | 31,814 | 31,648 |
Intangible assets | 5,500 | 5,500 |
Deferred income taxes | 2,597 | 2,593 |
Other assets | 1,026 | 997 |
Total assets | 449,644 | 404,339 |
Current liabilities: | ' | ' |
Trade accounts payable | 55,911 | 41,641 |
Income taxes payable | 1,869 | 4,045 |
Accrued liabilities | 36,170 | 31,601 |
Current maturities of long-term debt and capital lease obligations | 499 | 588 |
Deferred income tax | 243 | 253 |
Total current liabilities | 94,692 | 78,128 |
Long-term debt and capital lease obligations, net of current maturities | 90 | 118 |
Deferred pension liability | 8,248 | 9,871 |
Other long-term liabilities | 3,710 | 3,646 |
Deferred income taxes | 2,705 | 2,290 |
Stockholders’ equity: | ' | ' |
Common stock, $.10 par value, 20,000,000 shares authorized; 12,110,509 and 12,028,354 issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 1,211 | 1,203 |
Additional paid-in-capital | 91,046 | 88,660 |
Treasury stock, at cost; 42,600 shares at September 30, 2013 and December 31, 2012 | -426 | -426 |
Retained earnings | 250,025 | 222,480 |
Accumulated other comprehensive income, net | -1,657 | -1,631 |
Total stockholders’ equity | 340,199 | 310,286 |
Total liabilities and stockholders’ equity | $449,644 | $404,339 |
Interim_Condensed_Consolidated1
Interim Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Stockholders' Equity: | ' | ' |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 12,110,509 | 12,028,354 |
Common stock, shares outstanding | 12,110,509 | 12,028,354 |
Treasury stock, shares | 42,600 | 42,600 |
Interim_Condensed_Consolidated2
Interim Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales: | ' | ' | ' | ' |
Net sales | $174,738 | $156,078 | $511,231 | $478,998 |
Cost of sales | 131,582 | 119,008 | 389,072 | 367,529 |
Gross profit | 43,156 | 37,070 | 122,159 | 111,469 |
Selling, general and administrative expenses | 27,830 | 23,992 | 79,533 | 73,073 |
Income from operations | 15,326 | 13,078 | 42,626 | 38,396 |
Interest expense | -319 | -392 | -897 | -1,360 |
Interest income | 44 | 66 | 129 | 179 |
Other income (expense), net | 558 | -234 | 1,190 | -656 |
Income before income taxes | 15,609 | 12,518 | 43,048 | 36,559 |
Provision for income taxes | 4,276 | 3,943 | 12,978 | 11,855 |
Net Income | 11,333 | 8,575 | 30,070 | 24,704 |
Net income per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.94 | $0.72 | $2.50 | $2.08 |
Diluted (in dollars per share) | $0.93 | $0.71 | $2.47 | $2.05 |
Average common shares: | ' | ' | ' | ' |
Basic (in shares) | 12,069 | 11,903 | 12,040 | 11,887 |
Diluted (in shares) | 12,229 | 12,056 | 12,196 | 12,047 |
Dividends declared (in dollars per share) | $0.07 | $0.06 | $0.21 | $0.18 |
North American Industrial | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 71,890 | 61,972 | 218,863 | 196,841 |
Income from operations | 6,489 | 3,866 | 20,030 | 14,954 |
North American Agricultural | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 61,157 | 54,135 | 168,048 | 155,487 |
Income from operations | 6,250 | 5,787 | 16,261 | 14,547 |
European | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 41,691 | 39,971 | 124,320 | 126,670 |
Income from operations | $2,587 | $3,425 | $6,335 | $8,895 |
Interim_Condensed_Consolidated3
Interim Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Income | $11,333 | $8,575 | $30,070 | $24,704 |
Other Comprehensive Income, net of tax: | ' | ' | ' | ' |
Foreign Currency Translation adjustments | 6,284 | 3,606 | -559 | 3,473 |
Net gains (losses) arising during the period | 172 | 149 | 533 | 446 |
Other Comprehensive Income | 6,456 | 3,755 | -26 | 3,919 |
Comprehensive Income | $17,789 | $12,330 | $30,044 | $28,623 |
Interim_Condensed_Consolidated4
Interim Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net income | $30,070 | $24,704 |
Adjustment to reconcile net income to net cash used by operating activities: | ' | ' |
Provision for doubtful accounts | -73 | 209 |
Depreciation | 6,585 | 7,698 |
Amortization of debt issuance | 95 | 95 |
Stock-based compensation expense | 1,146 | 774 |
Excess tax benefits from stock-based payment arrangements | -221 | -99 |
Provision for deferred income tax (benefit) expense | -983 | -308 |
Loss on sale of property, plant & equipment | -253 | 264 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -20,857 | -9,056 |
Inventories | -11,818 | -4,279 |
Prepaid expenses and other assets | -1,405 | -1,225 |
Trade accounts payable and accrued liabilities | 17,761 | 7,640 |
Income taxes payable | -2,195 | 1,849 |
Other long-term liabilities | -898 | -731 |
Net cash provided by (used in) operating activities | 16,954 | 27,535 |
Investing Activities | ' | ' |
Acquisitions, net of cash acquired | -1,021 | 0 |
Purchase of property, plant and equipment | -9,910 | -3,540 |
Proceeds from sale of property, plant and equipment | 429 | 523 |
Net cash used in investing activities | -10,502 | -3,017 |
Financing Activities | ' | ' |
Net change in bank revolving credit facility | 0 | 5,000 |
Principal payments on long-term debt and capital leases | -223 | -731 |
Dividends paid | -2,526 | -2,139 |
Proceeds from sale of common stock | 1,248 | 490 |
Excess tax benefits from stock-based payment arrangements | 221 | 99 |
Net cash provided by (used in) financing activities | -1,280 | 2,719 |
Effect of exchange rate changes on cash | 140 | 788 |
Net change in cash and cash equivalents | 5,312 | 28,025 |
Cash and cash equivalents at beginning of the period | 48,291 | 10,288 |
Cash and cash equivalents at end of the period | 53,603 | 38,313 |
Cash paid during the period for: | ' | ' |
Interest | 888 | 1,502 |
Income taxes | $15,550 | $11,183 |
Basis_of_Financial_Statement_P
Basis of Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Financial Statement Presentation | ' |
Basis of Financial Statement Presentation | |
The accompanying unaudited interim consolidated financial statements of Alamo Group Inc. and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulations S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. The balance sheet at December 31, 2012, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2012. | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, 2013-02, Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This update requires companies to provide information regarding the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the accompanying notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The requirements of ASU 2013-02 were adopted in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013. The adoption of ASU 2013-02 did not have a material impact on the Company's consolidated financial statements. | |
On January 2, 2013, the American Taxpayer Relief Act of 2012 (the “ATR Act”) was enacted which included an extension of the federal research and development credit retroactively to 2012 and prospectively through 2013. The effects of the ATR Act are recognized in 2013. | |
In December 2012, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2011-11, “Disclosures about Offsetting Assets and Liabilities”. ASU 2011-11 will require the Company to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The new guidance is effective for the Company's interim period ending March 31, 2013. The disclosures required are to be applied retrospectively for all comparative periods presented. This guidance will not have an impact on the Company's financial position, results of operations or cash flows, as it is disclosure-only in nature. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 2013 | |
Receivables [Abstract] | ' |
Accounts Receivable | ' |
Accounts Receivable | |
Accounts Receivable is shown net of the allowance for doubtful accounts of $2,761,000 and $3,077,000 at September 30, 2013 and December 31, 2012, respectively. |
Inventories
Inventories | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||
Inventories | ' | ||||||||||
Inventories | |||||||||||
Inventories valued at LIFO cost represented 58% and 56% of total inventory at September 30, 2013 and December 31, 2012, respectively. The excess of current cost over LIFO valued inventories was $8,975,000 at September 30, 2013 and December 31, 2012. Inventory obsolescence reserves were $8,799,000 at September 30, 2013 and $9,099,000 at December 31, 2012. The decrease in reserve for obsolescence resulted from the Company's quarterly review in the normal course of business. Net inventories consist of the following: | |||||||||||
September 30, | December 31, | ||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Finished goods | $ | 95,506 | $ | 93,095 | |||||||
Work in process | 11,378 | 7,922 | |||||||||
Raw materials | 14,755 | 7,741 | |||||||||
$ | 121,639 | $ | 108,758 | ||||||||
An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO must necessarily be based, to some extent, on management's estimates at each quarter end. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
Fair Value Measurements | |
The Company adopted ASC Subtopic 820-10, “Fair Value Measurements and Disclosures, as amended” as of January 1, 2008. ASC Subtopic 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. There is a three-tier fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. Fair value measurements are classified under the following hierarchy: | |
Level 1 – Quoted prices for identical instruments in active markets. | |
Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. | |
Level 3 – Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable | |
When available, the Company uses quoted market prices to determine fair value, and the Company classifies such measurements within Level 1. In some cases where market prices are not available, the Company makes use of observable market based inputs to calculate fair value, in which case the measurements are classified with Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters such as interest rates, yield curves, currency rates, etc. These measurements are classified within Level 3. | |
Fair value measurements are classified to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable. |
Common_Stock_and_Dividends
Common Stock and Dividends | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Common Stock and Dividends | ' | |||||||||||||||
Common Stock and Dividends | ||||||||||||||||
Dividends declared and paid on a per share basis were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Dividends declared | $ | 0.07 | $ | 0.06 | $ | 0.21 | $ | 0.18 | ||||||||
Dividends paid | $ | 0.07 | $ | 0.06 | $ | 0.21 | $ | 0.18 | ||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company has granted options to purchase its common stock to certain employees and directors of the Company and its affiliates under various stock option plans at no less than the fair market value of the underlying stock on the date of grant. These options are granted for a term not exceeding ten years and are forfeited in the event the employee or director terminates his or her employment or relationship with the Company or one of its affiliates other than by retirement or death. These options generally vest over five years. All option plans contain anti-dilutive provisions that permit an adjustment of the number of shares of the Company’s common stock represented by each option for any change in capitalization. | ||||||||||||||
The Company’s stock-based compensation expense was $501,000 and $174,000 for the three months ended September 30, 2013 and 2012 respectively and $1,146,000 and $774,000 for the nine months ended September 30, 2013 and 2012 respectively. | ||||||||||||||
Qualified Options | ||||||||||||||
Following is a summary of activity in the Incentive Stock Option Plans for the period indicated: | ||||||||||||||
For nine months ending September 30, 2013 | ||||||||||||||
Shares | Exercise | |||||||||||||
Price* | ||||||||||||||
Outstanding at beginning of year | 330,730 | |||||||||||||
Granted | 49,000 | $ | 42.7 | |||||||||||
Exercised | (79,280 | ) | $ | 16.84 | ||||||||||
Canceled | (5,500 | ) | $ | 24.24 | ||||||||||
Outstanding at September 30, 2013 | 294,950 | $ | 26.58 | |||||||||||
Exercisable at September 30, 2013 | 157,550 | $ | 21.46 | |||||||||||
Available for grant at September 30, 2013 | 66,100 | |||||||||||||
*Weighted Averages | ||||||||||||||
Options outstanding and exercisable at September 30, 2013 were as follows: | ||||||||||||||
Qualified Stock Options | Options Outstanding | Options Exercisable | ||||||||||||
Remaining | ||||||||||||||
Contractual | Exercise | Exercise | ||||||||||||
Shares | Life(yrs)* | Price* | Shares | Price* | ||||||||||
Range of Exercise Price | ||||||||||||||
$11.45 - $17.85 | 56,150 | 5.33 | $ | 11.79 | 39,950 | $ | 11.93 | |||||||
$19.79 - $32.76 | 189,800 | 6 | $ | 26.79 | 117,600 | $ | 24.69 | |||||||
$42.70 - $42.70 | 49,000 | 9.6 | $ | 42.7 | — | $ | — | |||||||
Total | 294,950 | 157,550 | ||||||||||||
*Weighted Averages | ||||||||||||||
Non-qualified Options | ||||||||||||||
Following is a summary of activity in the Non-Qualified Stock Option Plans for the period indicated: | ||||||||||||||
For nine months ending September 30, 2013 | ||||||||||||||
Shares | Exercise | |||||||||||||
Price* | ||||||||||||||
Outstanding at beginning of year | 89,700 | |||||||||||||
Granted | 25,000 | $ | 42.7 | |||||||||||
Exercised | — | $ | — | |||||||||||
Canceled | — | $ | — | |||||||||||
Outstanding at September 30, 2013 | 114,700 | $ | 24.87 | |||||||||||
Exercisable at September 30, 2013 | 57,900 | $ | 19.89 | |||||||||||
Available for grant at September 30, 2013 | 293,526 | |||||||||||||
*Weighted Averages | ||||||||||||||
Options outstanding and exercisable at September 30, 2013 were as follows: | ||||||||||||||
Non-Qualified Stock Options | Options Outstanding | Options Exercisable | ||||||||||||
Remaining | ||||||||||||||
Contractual | Exercise | Exercise | ||||||||||||
Shares | Life(yrs)* | Price* | Shares | Price* | ||||||||||
Range of Exercise Price | ||||||||||||||
$11.45 - $17.85 | 37,200 | 5.61 | $ | 11.45 | 23,400 | $ | 11.45 | |||||||
$19.79 - $32.76 | 52,500 | 5.86 | $ | 25.9 | 34,500 | $ | 25.61 | |||||||
$42.70 - $42.70 | 25,000 | 9.6 | $ | 42.7 | — | $ | — | |||||||
Total | 114,700 | 57,900 | ||||||||||||
*Weighted Averages | ||||||||||||||
Restricted Stock | ||||||||||||||
Following is a summary of activity in the Restricted Stock for the periods indicated: | ||||||||||||||
For nine months ending September 30, 2013 | ||||||||||||||
Shares | Price | Weighted- average remaining | ||||||||||||
contractual term (in years) | ||||||||||||||
Outstanding at beginning of year | 11,375 | $ | 24.24 | 2.65 | ||||||||||
Granted | 4,224 | $ | 42.7 | — | ||||||||||
Vested | (4,875 | ) | $ | 22.07 | — | |||||||||
Forfeited or Canceled | — | $ | — | — | ||||||||||
Outstanding at September 30, 2013 | 10,724 | $ | 32.49 | 2.34 | ||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
The following table sets forth the reconciliation from basic to diluted average common shares and the calculations of net income per common share. Net income for basic and diluted calculations do not differ. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(In thousands, except per share) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Income | $ | 11,333 | $ | 8,575 | $ | 30,070 | $ | 24,704 | ||||||||
Average Common Shares: | ||||||||||||||||
Basic (weighted-average outstanding shares) | 12,069 | 11,903 | 12,040 | 11,887 | ||||||||||||
Dilutive potential common shares from stock options | 160 | 153 | 156 | 160 | ||||||||||||
Diluted (weighted-average outstanding shares) | 12,229 | 12,056 | 12,196 | 12,047 | ||||||||||||
Basic earnings per share | $ | 0.94 | $ | 0.72 | $ | 2.5 | $ | 2.08 | ||||||||
Diluted earnings per share | $ | 0.93 | $ | 0.71 | $ | 2.47 | $ | 2.05 | ||||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
Segment Reporting | ||||||||||||||||
At September 30, 2013 the following includes a summary of the unaudited financial information by reporting segment: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Revenue | ||||||||||||||||
Industrial | $ | 71,890 | $ | 61,972 | $ | 218,863 | $ | 196,841 | ||||||||
Agricultural | 61,157 | 54,135 | 168,048 | 155,487 | ||||||||||||
European | 41,691 | 39,971 | 124,320 | 126,670 | ||||||||||||
Consolidated | $ | 174,738 | $ | 156,078 | $ | 511,231 | $ | 478,998 | ||||||||
Operating Income | ||||||||||||||||
Industrial | $ | 6,489 | $ | 3,866 | $ | 20,030 | $ | 14,954 | ||||||||
Agricultural | 6,250 | 5,787 | 16,261 | 14,547 | ||||||||||||
European | 2,587 | 3,425 | 6,335 | 8,895 | ||||||||||||
Consolidated | $ | 15,326 | $ | 13,078 | $ | 42,626 | $ | 38,396 | ||||||||
Goodwill | ||||||||||||||||
Industrial | $ | 13,282 | $ | 13,453 | $ | 13,282 | $ | 13,453 | ||||||||
Agricultural | — | — | — | — | ||||||||||||
European | 18,532 | 18,566 | 18,532 | 18,566 | ||||||||||||
Consolidated | $ | 31,814 | $ | 32,019 | $ | 31,814 | $ | 32,019 | ||||||||
Total Identifiable Assets | ||||||||||||||||
Industrial | $ | 171,463 | $ | 155,730 | $ | 171,463 | $ | 155,730 | ||||||||
Agricultural | 124,096 | 118,773 | 124,096 | 118,773 | ||||||||||||
European | 154,085 | 144,719 | 154,085 | 144,719 | ||||||||||||
Consolidated | $ | 449,644 | $ | 419,222 | $ | 449,644 | $ | 419,222 | ||||||||
OffBalance_Sheet_Arrangements
Off-Balance Sheet Arrangements | 9 Months Ended |
Sep. 30, 2013 | |
Off Balance Sheet Arrangements [Abstract] | ' |
Off Balance Sheet Arrangements | ' |
Off-Balance Sheet Arrangements | |
The Company does not have any obligation under any transaction, agreement or other contractual arrangement to which an entity unconsolidated with the Company is party, that has or is reasonably likely to have a material effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||
Accumulated Other Comprehensive Income | |||||||||||
The components of Accumulated Other Comprehensive Income as shown on the Balance Sheet are as follows: | |||||||||||
September 30, | December 31, | ||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Foreign currency translation | $ | 5,560 | $ | 6,119 | |||||||
Actuarial gains (losses) related to defined benefit plans | (7,217 | ) | (7,750 | ) | |||||||
Accumulated other comprehensive income | $ | (1,657 | ) | $ | (1,631 | ) |
Contingent_Matters
Contingent Matters | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingent Matters | ' |
Contingent Matters | |
Like other manufacturers, the Company is subject to a broad range of federal, state, local and foreign laws and requirements, including those concerning air emissions, discharges into waterways, and the generation, handling, storage, transportation, treatment and disposal of hazardous substances and waste materials, as well as the remediation of contamination associated with releases of hazardous substances at the Company’s facilities and offsite disposal locations, workplace safety and equal employment opportunities. These laws and regulations are constantly changing, and it is impossible to predict with accuracy the effect that changes to such laws and regulations may have on the Company in the future. Like other industrial concerns, the Company’s manufacturing operations entail the risk of noncompliance, and there can be no assurance that the Company will not incur material costs or other liabilities as a result thereof. | |
The Company knows that its Indianola, Iowa property is contaminated with chromium which most likely resulted from chrome plating operations which were discontinued before the Company purchased the property. Chlorinated volatile organic compounds have also been detected in water samples on the property, though the source is unknown at this time. The Company voluntarily worked with an environmental consultant and the state of Iowa with respect to these issues and believes it completed its remediation program in June 2006. The work was accomplished within the Company’s environmental liability reserve balance. We requested a “no further action” classification from the state. We received a "conditional no further action” letter in January of 2009. When we demonstrate stable or improving conditions below residential standards for a certain period of time by monitoring existing wells, an unconditional “no further action” letter will be requested. | |
Prior to December 31, 2012, the Company had an environmental reserve in the amount of $1,185,000 related to the acquisition of Gradall’s facility in New Philadelphia, Ohio. The reserve was for potential ground water contamination/remediation that was identified before the acquisition and believed to have been generated by a third party company located near the Gradall facility. Monitoring of the test wells by the City of New Philadelphia as required by the Ohio EPA has shown no increase in contamination over the past 30 years and the Company was informed in the fourth quarter of 2012 that the wells were plugged during the second half of the year. Based on this information, the Company determined that a reserve is no longer required at that time. | |
The Company knows that Bush Hog’s main manufacturing property in Selma, Alabama was contaminated with chlorinated volatile organic compounds which most likely resulted from painting and cleaning operations during the 1960s and 1970s. The contaminated areas were primarily in the location of underground storage tanks and underneath the former waste storage area. Under the Asset Purchase Agreement, Bush Hog’s prior owner agreed to and has removed the underground storage tanks at its cost and has remediated the identified contamination in accordance with the regulations of the Alabama Department of Environmental Management. An environmental consulting firm was retained by the prior owner and administered the cleanup and will monitor the site on an ongoing basis until the remediation program is complete and approved by the applicable authorities. | |
Certain other assets of the Company contain asbestos that may have to be remediated over time. The Company believes that any subsequent change in the liability associated with the asbestos removal will not have a material adverse effect on the Company’s consolidated financial position or results of operations. | |
The Company is subject to various other federal, state, and local laws affecting its business, as well as a variety of regulations relating to such matters as working conditions, equal employment opportunities, and product safety. A variety of state laws regulate the Company’s contractual relationships with its dealers, some of which impose restrictive standards on the relationship between the Company and its dealers, including events of default, grounds for termination, non-renewal of dealer contracts, and equipment repurchase requirements. The Company believes it is currently in material compliance with all such applicable laws and regulations. |
Retirement_Benefit_Plans
Retirement Benefit Plans | 9 Months Ended |
Sep. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Retirement Benefit Plans | ' |
Retirement Benefit Plans | |
Defined Benefit Plan | |
In connection with the February 3, 2006 purchase of all the net assets of the Gradall excavator business, Alamo Group Inc. assumed sponsorship of two Gradall non-contributory defined benefit pension plans, both of which were frozen with respect to both future benefit accruals and future new entrants. | |
The Gradall Company Hourly Employees’ Pension Plan covers approximately 330 former employees and 135 current employees who (i) were formerly employed by the former parent of Gradall, (ii) were covered by a collective bargaining agreement and (iii) first participated in the plan before April 6, 1997. An amendment ceasing all future benefit accruals was effective April 6, 1997. | |
The Gradall Company Employees’ Retirement Plan covers approximately 239 former employees and 87 current employees who (i) were formerly employed by the former parent of Gradall, (ii) were not covered by a collective bargaining agreement and (iii) first participated in the plan before December 31, 2004. An amendment ceasing future benefit accruals for certain participants was effective December 31, 2004. A second amendment discontinued all future benefit accruals for all participants effective April 24, 2006. | |
The Company’s pension expense was $71,000 and $100,000 for the three months ended September 30, 2013 and 2012, respectively and $212,000 and $301,000 for the nine months ended September 30, 2013 and 2012 respectively. The Company is required to contribute $1,571,000 to the pension plans for 2013, of which $1,308,000 has been paid through September 30, 2013. | |
Supplemental Retirement Plan | |
The Board of Directors of the Company adopted the Alamo Group Inc. Supplemental Executive Retirement Plan (the “SERP”), effective as of January 3, 2011. The SERP will benefit certain key management or other highly compensated employees of the Company and/or certain subsidiaries who are selected by the Compensation Committee and approved by the Board to participate. | |
The SERP is intended to provide a benefit from the Company upon retirement, death or disability, or a change in control of the Company. Accordingly, the SERP obligates the Company to pay to a participant a Retirement Benefit (as defined in the SERP) upon the occurrence of certain payment events to the extent a participant has a vested right thereto. A participant’s right to his or her Retirement Benefit becomes vested in the Company’s contributions upon ten years of Credited Service (as defined in the SERP) or a change in control of the Company. The Retirement Benefit is based on 20% of the final three year average salary of each participant on or after his or her normal retirement age (65 years of age). In the event of the participant’s death or a change in control, the participant’s vested retirement benefit will be paid in a lump sum to the participant or his or her estate, as applicable, within 90 days after the participant’s death or a change in control, as applicable. In the event the participant is entitled to a benefit from the SERP due to disability, retirement or other termination of employment, the benefit will be paid in monthly installments over a period of fifteen years. | |
The Company records amounts relating to the SERP based on calculations that incorporate various actuarial and other assumptions, including discount rates, rate of compensation increases, retirement dates and life expectancies. The net periodic costs are recognized as employees render the services necessary to earn the SERP benefits. | |
The net period expense for the three months ended September 30, 2013 and 2012 were $136,000 and $123,000, respectively, and $407,000 and $369,000 for the nine months ended September 30, 2013 and 2012, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
We are subject to U.S. federal income tax and various state, local, and international income taxes in numerous jurisdictions. Our domestic and international tax liabilities are subject to the allocation of revenue and expenses in different jurisdictions and the timing of recognizing revenue and expenses. Additionally, the amount of income taxes paid is subject to our interpretation of applicable tax laws in the jurisdictions in which we file. | |
We currently file income tax returns in the U.S., and all foreign jurisdictions in which we have entities, which are periodically audited by federal, state, and international tax authorities. These audits can involve complex matters that may require an extended period of time for resolution. There are no income tax examinations currently in process. Although the outcome of open tax audits is uncertain, in management’s opinion, adequate provisions for income taxes have been made. If actual outcomes differ materially from these estimates, they could have a material impact on our financial condition and results of operations. Differences between actual results and assumptions, or changes in assumptions in future periods are recorded in the period they become known. To the extent additional information becomes available prior to resolution; such accruals are adjusted to reflect probable outcomes. Our effective tax rate is impacted by earnings being realized in countries which have lower statutory rates. | |
On January 2, 2013, the American Taxpayer Relief Act of 2012 (Act) was enacted. The Act provides tax relief for businesses by reinstating certain tax benefits retroactively to January 1, 2012. There are several provisions of the Act that impact the Company, most notably the extension of the Research and Development credit. Income tax accounting rules require tax law changes to be recognized in the period of enactment; as such, the associated tax benefits of the Act was recognized in the amount of $350,000 and is reflected in the Company's provision for income taxes in the first quarter of 2013. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||
Schedule of Inventory, Current | ' | ||||||||||
Net inventories consist of the following: | |||||||||||
September 30, | December 31, | ||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Finished goods | $ | 95,506 | $ | 93,095 | |||||||
Work in process | 11,378 | 7,922 | |||||||||
Raw materials | 14,755 | 7,741 | |||||||||
$ | 121,639 | $ | 108,758 | ||||||||
Common_Stock_and_Dividends_Tab
Common Stock and Dividends (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Schedule of Dividends Declared And Paid | ' | |||||||||||||||
Dividends declared and paid on a per share basis were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Dividends declared | $ | 0.07 | $ | 0.06 | $ | 0.21 | $ | 0.18 | ||||||||
Dividends paid | $ | 0.07 | $ | 0.06 | $ | 0.21 | $ | 0.18 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | |||||||||||||
Following is a summary of activity in the Restricted Stock for the periods indicated: | ||||||||||||||
For nine months ending September 30, 2013 | ||||||||||||||
Shares | Price | Weighted- average remaining | ||||||||||||
contractual term (in years) | ||||||||||||||
Outstanding at beginning of year | 11,375 | $ | 24.24 | 2.65 | ||||||||||
Granted | 4,224 | $ | 42.7 | — | ||||||||||
Vested | (4,875 | ) | $ | 22.07 | — | |||||||||
Forfeited or Canceled | — | $ | — | — | ||||||||||
Outstanding at September 30, 2013 | 10,724 | $ | 32.49 | 2.34 | ||||||||||
Qualified Stock Options | ' | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||
Following is a summary of activity in the Incentive Stock Option Plans for the period indicated: | ||||||||||||||
For nine months ending September 30, 2013 | ||||||||||||||
Shares | Exercise | |||||||||||||
Price* | ||||||||||||||
Outstanding at beginning of year | 330,730 | |||||||||||||
Granted | 49,000 | $ | 42.7 | |||||||||||
Exercised | (79,280 | ) | $ | 16.84 | ||||||||||
Canceled | (5,500 | ) | $ | 24.24 | ||||||||||
Outstanding at September 30, 2013 | 294,950 | $ | 26.58 | |||||||||||
Exercisable at September 30, 2013 | 157,550 | $ | 21.46 | |||||||||||
Available for grant at September 30, 2013 | 66,100 | |||||||||||||
*Weighted Averages | ||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | |||||||||||||
Options outstanding and exercisable at September 30, 2013 were as follows: | ||||||||||||||
Qualified Stock Options | Options Outstanding | Options Exercisable | ||||||||||||
Remaining | ||||||||||||||
Contractual | Exercise | Exercise | ||||||||||||
Shares | Life(yrs)* | Price* | Shares | Price* | ||||||||||
Range of Exercise Price | ||||||||||||||
$11.45 - $17.85 | 56,150 | 5.33 | $ | 11.79 | 39,950 | $ | 11.93 | |||||||
$19.79 - $32.76 | 189,800 | 6 | $ | 26.79 | 117,600 | $ | 24.69 | |||||||
$42.70 - $42.70 | 49,000 | 9.6 | $ | 42.7 | — | $ | — | |||||||
Total | 294,950 | 157,550 | ||||||||||||
*Weighted Averages | ||||||||||||||
Non Qualified Options | ' | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||
Following is a summary of activity in the Non-Qualified Stock Option Plans for the period indicated: | ||||||||||||||
For nine months ending September 30, 2013 | ||||||||||||||
Shares | Exercise | |||||||||||||
Price* | ||||||||||||||
Outstanding at beginning of year | 89,700 | |||||||||||||
Granted | 25,000 | $ | 42.7 | |||||||||||
Exercised | — | $ | — | |||||||||||
Canceled | — | $ | — | |||||||||||
Outstanding at September 30, 2013 | 114,700 | $ | 24.87 | |||||||||||
Exercisable at September 30, 2013 | 57,900 | $ | 19.89 | |||||||||||
Available for grant at September 30, 2013 | 293,526 | |||||||||||||
*Weighted Averages | ||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | |||||||||||||
Options outstanding and exercisable at September 30, 2013 were as follows: | ||||||||||||||
Non-Qualified Stock Options | Options Outstanding | Options Exercisable | ||||||||||||
Remaining | ||||||||||||||
Contractual | Exercise | Exercise | ||||||||||||
Shares | Life(yrs)* | Price* | Shares | Price* | ||||||||||
Range of Exercise Price | ||||||||||||||
$11.45 - $17.85 | 37,200 | 5.61 | $ | 11.45 | 23,400 | $ | 11.45 | |||||||
$19.79 - $32.76 | 52,500 | 5.86 | $ | 25.9 | 34,500 | $ | 25.61 | |||||||
$42.70 - $42.70 | 25,000 | 9.6 | $ | 42.7 | — | $ | — | |||||||
Total | 114,700 | 57,900 | ||||||||||||
*Weighted Averages |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
The following table sets forth the reconciliation from basic to diluted average common shares and the calculations of net income per common share. Net income for basic and diluted calculations do not differ. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(In thousands, except per share) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Income | $ | 11,333 | $ | 8,575 | $ | 30,070 | $ | 24,704 | ||||||||
Average Common Shares: | ||||||||||||||||
Basic (weighted-average outstanding shares) | 12,069 | 11,903 | 12,040 | 11,887 | ||||||||||||
Dilutive potential common shares from stock options | 160 | 153 | 156 | 160 | ||||||||||||
Diluted (weighted-average outstanding shares) | 12,229 | 12,056 | 12,196 | 12,047 | ||||||||||||
Basic earnings per share | $ | 0.94 | $ | 0.72 | $ | 2.5 | $ | 2.08 | ||||||||
Diluted earnings per share | $ | 0.93 | $ | 0.71 | $ | 2.47 | $ | 2.05 | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
At September 30, 2013 the following includes a summary of the unaudited financial information by reporting segment: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Revenue | ||||||||||||||||
Industrial | $ | 71,890 | $ | 61,972 | $ | 218,863 | $ | 196,841 | ||||||||
Agricultural | 61,157 | 54,135 | 168,048 | 155,487 | ||||||||||||
European | 41,691 | 39,971 | 124,320 | 126,670 | ||||||||||||
Consolidated | $ | 174,738 | $ | 156,078 | $ | 511,231 | $ | 478,998 | ||||||||
Operating Income | ||||||||||||||||
Industrial | $ | 6,489 | $ | 3,866 | $ | 20,030 | $ | 14,954 | ||||||||
Agricultural | 6,250 | 5,787 | 16,261 | 14,547 | ||||||||||||
European | 2,587 | 3,425 | 6,335 | 8,895 | ||||||||||||
Consolidated | $ | 15,326 | $ | 13,078 | $ | 42,626 | $ | 38,396 | ||||||||
Goodwill | ||||||||||||||||
Industrial | $ | 13,282 | $ | 13,453 | $ | 13,282 | $ | 13,453 | ||||||||
Agricultural | — | — | — | — | ||||||||||||
European | 18,532 | 18,566 | 18,532 | 18,566 | ||||||||||||
Consolidated | $ | 31,814 | $ | 32,019 | $ | 31,814 | $ | 32,019 | ||||||||
Total Identifiable Assets | ||||||||||||||||
Industrial | $ | 171,463 | $ | 155,730 | $ | 171,463 | $ | 155,730 | ||||||||
Agricultural | 124,096 | 118,773 | 124,096 | 118,773 | ||||||||||||
European | 154,085 | 144,719 | 154,085 | 144,719 | ||||||||||||
Consolidated | $ | 449,644 | $ | 419,222 | $ | 449,644 | $ | 419,222 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||
The components of Accumulated Other Comprehensive Income as shown on the Balance Sheet are as follows: | |||||||||||
September 30, | December 31, | ||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Foreign currency translation | $ | 5,560 | $ | 6,119 | |||||||
Actuarial gains (losses) related to defined benefit plans | (7,217 | ) | (7,750 | ) | |||||||
Accumulated other comprehensive income | $ | (1,657 | ) | $ | (1,631 | ) |
Accounts_Receivable_Narrative_
Accounts Receivable (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable | $2,761 | $3,077 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Percentage of LIFO inventory | 58.00% | 56.00% |
Excess of current costs over stated LIFO value | $8,975 | $8,975 |
Inventory obsolescence reserves | $8,799 | $9,099 |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventory, Current) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $95,506 | $93,095 |
Work in process | 11,378 | 7,922 |
Raw materials | 14,755 | 7,741 |
Inventory, Net | $121,639 | $108,758 |
Common_Stock_and_Dividends_Det
Common Stock and Dividends (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Dividends declared (in dollars per share) | $0.07 | $0.06 | $0.21 | $0.18 |
Dividends paid (in dollars per share) | $0.07 | $0.06 | $0.21 | $0.18 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Option term | ' | ' | '10 years | ' |
Award vesting period | ' | ' | '5 years | ' |
Stock-based compensation expense | $501 | $174 | $1,146 | $774 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Qualified Stock Option Activity) (Details) (Qualified Stock Options, USD $) | 9 Months Ended | |
Sep. 30, 2013 | ||
Qualified Stock Options | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | |
Outstanding at beginning of year | 330,730 | |
Granted | 49,000 | |
Exercised | -79,280 | |
Canceled | -5,500 | |
Outstanding at September 30, 2013 | 294,950 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | |
Granted, Exercise Price, in dollars per share | $42.70 | [1] |
Exercised, Exercise Price, in dollars per share | $16.84 | [1] |
Cancelled, Exercise Price, in dollars per share | $24.24 | [1] |
Outstanding at September 30, 2013, Exercise Price, in dollars per share | $26.58 | [1] |
Exercisable at September 30, 2013 | 157,550 | |
Excercisable at September 30, 2013, Exercise Price, in dollars per share | $21.46 | [1] |
Available for grant at September 30, 2013 | 66,100 | |
[1] | Weighted Averages |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule of Qualified Stock Options Outstanding and Excercisable) (Details) (Qualified Stock Options, USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||
$11.45 - $17.85 | $19.79 - $32.76 | $42.70 - $42.70 | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | |||
Range of Exercise Price, Lower Range Limit | ' | ' | $11.45 | $19.79 | $42.70 | |||
Range of Exercise Price, Upper Range Limit | ' | ' | $17.85 | $32.76 | $42.70 | |||
Options Outstanding, Shares | ' | ' | 56,150 | 189,800 | 49,000 | |||
Options Outstanding, Shares, Total | 294,950 | 330,730 | ' | ' | ' | |||
Remaining Contractual Life(yrs) | ' | ' | '5 years 3 months 29 days | [1] | '6 years | [1] | '9 years 7 months 6 days | [1] |
Options, Outstanding, Exercise Price | ' | ' | $11.79 | [1] | $26.79 | [1] | $42.70 | [1] |
Options Exercisable, Shares | ' | ' | 39,950 | 117,600 | 0 | |||
Options Exercisable, Shares, Total | 157,550 | ' | ' | ' | ' | |||
Options Exercisable, Exercise Price | ' | ' | $11.93 | [1] | $24.69 | [1] | $0 | [1] |
[1] | Weighted Averages |
StockBased_Compensation_Schedu2
Stock-Based Compensation (Schedule of Non-Qualified Stock Options Activity) (Details) (Non Qualified Options, USD $) | 9 Months Ended | |
Sep. 30, 2013 | ||
Non Qualified Options | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | |
Outstanding at beginning of year | 89,700 | |
Granted | 25,000 | |
Exercised | 0 | |
Canceled | 0 | |
Outstanding at September 30, 2013 | 114,700 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | |
Granted, Exercise Price, in dollars per share | $42.70 | [1] |
Exercised, Exercise Price, in dollars per share | $0 | [1] |
Cancelled, Exercise Price, in dollars per share | $0 | [1] |
Outstanding at September 30, 2013, Exercise Price, in dollars per share | $24.87 | [1] |
Exercisable at September 30, 2013 | 57,900 | |
Exercisable at September 30, 2013, Exercise Price, in dollars per share | $19.89 | [1] |
Available for grant at September 30, 2013 | 293,526 | |
[1] | Weighted Averages |
StockBased_Compensation_Schedu3
Stock-Based Compensation (Schedule of Non-Qualified Stock Options Outstanding and Excercisable) (Details) (Non Qualified Options, USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||
$11.45 - $17.85 | $19.79 - $32.76 | $42.70 - $42.70 | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | |||
Range of Excercise Price, Lower Range Limit | ' | ' | $11.45 | $19.79 | $42.70 | |||
Range of Exercise Price, Upper Range Limit | ' | ' | $17.85 | $32.76 | $42.70 | |||
Options Outstanding, Shares | ' | ' | 37,200 | 52,500 | 25,000 | |||
Options Outstanding, Shares, Total | 114,700 | 89,700 | ' | ' | ' | |||
Remaining Contractual Life(yrs) | ' | ' | '5 years 7 months 10 days | [1] | '5 years 10 months 10 days | [1] | '9 years 7 months 6 days | [1] |
Options Outstanding, Exercise Price | ' | ' | $11.45 | [1] | $25.90 | [1] | $42.70 | [1] |
Options Exercisable, Shares | ' | ' | 23,400 | 34,500 | 0 | |||
Options Exercisable, Shares, Total | 57,900 | ' | ' | ' | ' | |||
Options Exercisable, Exercise Price | ' | ' | $11.45 | [1] | $25.61 | [1] | $0 | [1] |
[1] | Weighted Averages |
StockBased_Compensation_Schedu4
Stock-Based Compensation (Schedule of Restricted Stock Award Activity) (Details) (Restricted Stock, USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Restricted Stock | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Outstanding at beginning of year, Shares | 11,375 | ' |
Granted, Shares | 4,224 | ' |
Vested, Shares | -4,875 | ' |
Forfeited or Cancelled, Shares | 0 | ' |
Outstanding at September 30, 2013, Shares | 10,724 | 11,375 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value [Roll Forward] | ' | ' |
Outstanding at beginning of year, Price | $24.24 | ' |
Granted, Price | $42.70 | ' |
Vested, Price | $22.07 | ' |
Forfeited or Cancelled, Price | $0 | ' |
Outstanding at September 30, 2013, Price | $32.49 | $24.24 |
Outstanding at September 30, 2013, Weighted-average remaining contractual term | '2 years 4 months 2 days | '2 years 7 months 24 days |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation of Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $11,333 | $8,575 | $30,070 | $24,704 |
Average Common Shares: | ' | ' | ' | ' |
Basic (weighted-average outstanding shares) | 12,069 | 11,903 | 12,040 | 11,887 |
Dilutive potential common shares from stock options, shares | 160 | 153 | 156 | 160 |
Diluted (weighted-average outstanding shares) | 12,229 | 12,056 | 12,196 | 12,047 |
Basic earnings per share (in dollars per share) | $0.94 | $0.72 | $2.50 | $2.08 |
Diluted earnings per share (in dollars per share) | $0.93 | $0.71 | $2.47 | $2.05 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenue | $174,738 | $156,078 | $511,231 | $478,998 | ' |
Operating Income | 15,326 | 13,078 | 42,626 | 38,396 | ' |
Goodwill | 31,814 | 32,019 | 31,814 | 32,019 | 31,648 |
Total Identifiable Assets | 449,644 | 419,222 | 449,644 | 419,222 | 404,339 |
Industrial | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenue | 71,890 | 61,972 | 218,863 | 196,841 | ' |
Operating Income | 6,489 | 3,866 | 20,030 | 14,954 | ' |
Goodwill | 13,282 | 13,453 | 13,282 | 13,453 | ' |
Total Identifiable Assets | 171,463 | 155,730 | 171,463 | 155,730 | ' |
Agricultural | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenue | 61,157 | 54,135 | 168,048 | 155,487 | ' |
Operating Income | 6,250 | 5,787 | 16,261 | 14,547 | ' |
Goodwill | 0 | 0 | 0 | 0 | ' |
Total Identifiable Assets | 124,096 | 118,773 | 124,096 | 118,773 | ' |
European | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenue | 41,691 | 39,971 | 124,320 | 126,670 | ' |
Operating Income | 2,587 | 3,425 | 6,335 | 8,895 | ' |
Goodwill | 18,532 | 18,566 | 18,532 | 18,566 | ' |
Total Identifiable Assets | $154,085 | $144,719 | $154,085 | $144,719 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' |
Foreign currency translation | $5,560 | $6,119 |
Actuarial gains (losses) related to defined benefit plans | -7,217 | -7,750 |
Accumulated other comprehensive income | ($1,657) | ($1,631) |
Contingent_Matters_Narrative_D
Contingent Matters (Narrative) (Details) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Environmental reserve | $1,185 |
Retirement_Benefit_Plans_Narra
Retirement Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Pension expense | $71 | $100 | $212 | $301 |
Required 2012 pension contributions | ' | ' | 1,571 | ' |
Current contributions | ' | ' | 1,308 | ' |
Supplemental Employee Retirement Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Pension expense | $136 | $123 | $407 | $369 |
Requisite service period | ' | ' | '10 years | ' |
Percentage of final 3 year average salary in which retirement benefit is based (percentage) | ' | ' | 20.00% | ' |
Term of final average salary used to determine retirement benefit | ' | ' | '3 years | ' |
Retirement age | ' | ' | '65 years | ' |
Period after death or change in control benefit will be paid | ' | ' | '90 days | ' |
Maximum contractual term | ' | ' | '15 years | ' |
Gradall Company Hourly Employees Pension Plan | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Former employees covered by pension plan | ' | ' | 330 | ' |
Current employees covered in the Gradall Company Hourly Employees' Pension Plan who were formerly employeed by former parent (Employees) | ' | ' | 135 | ' |
Gradall Company Hourly Employees Retirement Plan | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Former employees covered by pension plan | ' | ' | 239 | ' |
Current employees covered in the Gradall Company Hourly Employees' Pension Plan who were formerly employeed by former parent (Employees) | ' | ' | 87 | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' |
Tax benefit recognized from the American Taxpayer Relief Act of 2012 | $350 |