Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
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 | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 12,134,983 |
Interim_Condensed_Consolidated
Interim Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $42,253 | $63,960 |
Accounts receivable, net | 183,361 | 151,396 |
Inventories | 123,932 | 109,104 |
Deferred income taxes | 5,880 | 5,741 |
Prepaid expenses | 7,158 | 5,129 |
Income tax receivable | 1,623 | 1,623 |
Total current assets | 364,207 | 336,953 |
Property, plant and equipment | 160,926 | 158,376 |
Less: Accumulated depreciation | -99,374 | -96,472 |
Property, Plant And Equipment, Net | 61,552 | 61,904 |
Goodwill | 31,980 | 32,073 |
Intangible assets | 5,500 | 5,500 |
Deferred income taxes | 461 | 457 |
Other assets | 1,743 | 1,589 |
Total assets | 465,443 | 438,476 |
Current liabilities: | ' | ' |
Trade accounts payable | 66,335 | 45,593 |
Income taxes payable | 1,947 | 1,126 |
Accrued liabilities | 32,473 | 33,482 |
Current maturities of long-term debt and capital lease obligations | 1,139 | 420 |
Total current liabilities | 101,894 | 80,621 |
Long-term debt and capital lease obligations, net of current maturities | 0 | 8 |
Deferred pension liability | 2,138 | 2,538 |
Other long-term liabilities | 3,540 | 3,494 |
Deferred income taxes | 1,304 | 1,350 |
Stockholders’ equity: | ' | ' |
Common stock, $.10 par value, 20,000,000 shares authorized; 12,125,009 and 12,113,109 issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 1,213 | 1,211 |
Additional paid-in-capital | 91,989 | 91,439 |
Treasury stock, at cost; 42,600 shares at March 31, 2014 and December 31, 2013 | -426 | -426 |
Retained earnings | 261,595 | 255,203 |
Accumulated other comprehensive income, net | 2,196 | 3,038 |
Total stockholders’ equity | 356,567 | 350,465 |
Total liabilities and stockholders’ equity | $465,443 | $438,476 |
Interim_Condensed_Consolidated1
Interim Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Stockholders' Equity: | ' | ' |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 12,125,009 | 12,113,109 |
Common stock, shares outstanding | 12,125,009 | 12,113,109 |
Treasury stock, shares | 42,600 | 42,600 |
Interim_Condensed_Consolidated2
Interim Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales: | ' | ' |
Net sales | $171,250 | $158,429 |
Cost of sales | 133,120 | 123,517 |
Gross profit | 38,130 | 34,912 |
Selling, general and administrative expenses | 27,499 | 25,173 |
Income from operations | 10,631 | 9,739 |
Interest expense | -239 | -242 |
Interest income | 61 | 44 |
Other income (expense), net | 474 | 289 |
Income before income taxes | 10,927 | 9,830 |
Provision for income taxes | 3,689 | 2,880 |
Net Income | 7,238 | 6,950 |
Net income per common share: | ' | ' |
Basic (in dollars per share) | $0.60 | $0.58 |
Diluted (in dollars per share) | $0.59 | $0.57 |
Average common shares: | ' | ' |
Basic (in shares) | 12,084 | 12,006 |
Diluted (in shares) | 12,270 | 12,158 |
Dividends declared (in dollars per share) | $0.07 | $0.07 |
North American Industrial | ' | ' |
Net sales: | ' | ' |
Net sales | 77,314 | 69,334 |
Income from operations | 6,300 | 5,197 |
North American Agricultural | ' | ' |
Net sales: | ' | ' |
Net sales | 49,845 | 49,636 |
Income from operations | 2,415 | 2,636 |
European | ' | ' |
Net sales: | ' | ' |
Net sales | 44,091 | 39,459 |
Income from operations | $1,916 | $1,906 |
Interim_Condensed_Consolidated3
Interim Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Income | $7,238 | $6,950 |
Other comprehensive income (loss): | ' | ' |
Foreign Currency Translation adjustments | -926 | -5,793 |
Net gains (losses) arising during the period | 84 | 189 |
Other Comprehensive Income | -842 | -5,604 |
Comprehensive Income | $6,396 | $1,346 |
Interim_Condensed_Consolidated4
Interim Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities | ' | ' |
Net income | $7,238 | $6,950 |
Adjustment to reconcile net income to net cash used in operating activities: | ' | ' |
Provision for doubtful accounts | -27 | -86 |
Depreciation | 2,314 | 2,154 |
Amortization of debt issuance | 32 | 32 |
Stock-based compensation expense | 301 | 192 |
Excess tax benefits from stock-based payment arrangements | -74 | -20 |
Provision for deferred income tax (benefit) expense | -131 | 93 |
Loss on sale of property, plant and equipment | -22 | -128 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -32,185 | -31,377 |
Inventories | -14,853 | -11,123 |
Prepaid expenses and other assets | -2,312 | -313 |
Trade accounts payable and accrued liabilities | 19,767 | 14,634 |
Income taxes payable | 832 | -983 |
Other long-term liabilities | -268 | -318 |
Net cash used in operating activities | -19,388 | -20,293 |
Investing Activities | ' | ' |
Acquisitions, net of cash acquired | 0 | 0 |
Purchase of property, plant and equipment | -2,218 | -3,116 |
Proceeds from sale of property, plant and equipment | 48 | 277 |
Net cash used in investing activities | -2,170 | -2,839 |
Financing Activities | ' | ' |
Net change in bank revolving credit facility | 0 | 10,000 |
Principal payments on long-term debt and capital leases | -76 | -73 |
Proceeds from issuance of debt | 762 | 0 |
Dividends paid | -846 | -840 |
Proceeds from sale of common stock | 250 | 565 |
Excess tax benefits from stock-based payment arrangements | 74 | 20 |
Net cash provided by financing activities | 164 | 9,672 |
Effect of exchange rate changes on cash | -313 | -1,340 |
Net change in cash and cash equivalents | -21,707 | -14,800 |
Cash and cash equivalents at beginning of the period | 63,960 | 48,291 |
Cash and cash equivalents at end of the period | 42,253 | 33,491 |
Cash paid during the period for: | ' | ' |
Interest | 256 | 186 |
Income taxes | $3,541 | $3,848 |
Basis_of_Financial_Statement_P
Basis of Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Financial Statement Presentation | ' |
Basis of Financial Statement Presentation | |
The accompanying unaudited interim condensed 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, 2014. The balance sheet at December 31, 2013, 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, 2013. | |
In July 2013, the provisions of Accounting Standards Codification Topic 740, “Income Taxes,” were amended to provide specific guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The amendment requires entities to present an unrecognized tax benefit as a reduction to the deferred tax asset generated by the net operating loss carryforward, similar tax loss, or tax credit carryforward, if such items are available to be used to offset the unrecognized tax benefit. These provisions were effective for interim and annual reporting periods beginning after December 15, 2013. The Company adopted this guidance for the year ended December 31,2013 and the guidance did not have a material impact on our financial statements. | |
The SEC adopted the conflict mineral rules under Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act on August 22, 2012. The rules require public companies to disclose information about their use of specific minerals originating from and financing armed groups in the Democratic Republic of the Congo or adjoining countries. The conflict mineral rules cover minerals frequently used to manufacture a wide array of electronic and industrial products including semiconductor devices. The rules do not ban the use of minerals from conflict sources, but require SEC filings and public disclosure covering the calendar year 2013 though the public disclosure provision is being challenged in court. We have determined that we are subject to the rules and are evaluating our supply chain and continue to develop processes to assess the impacts and will file the required document by the May 2014 deadline. |
Accounts_Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2014 | |
Receivables [Abstract] | ' |
Accounts Receivable | ' |
Accounts Receivable | |
Accounts receivable is shown net of the allowance for doubtful accounts of $2,678,000 and $2,738,000 at March 31, 2014 and December 31, 2013, respectively. |
Inventories
Inventories | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||
Inventories | ' | ||||||||||
Inventories | |||||||||||
Inventories valued at LIFO cost represented 56% and 55% of total inventory at March 31, 2014 and December 31, 2013, respectively. The excess of current cost over LIFO valued inventories was $9,483,000 at March 31, 2014 and December 31, 2013. Inventory obsolescence reserves were $8,495,000 at March 31, 2014 and $8,596,000 at December 31, 2013. 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: | |||||||||||
March 31, | December 31, | ||||||||||
(in thousands) | 2014 | 2013 | |||||||||
Finished goods | $ | 97,904 | $ | 84,548 | |||||||
Work in process | 11,354 | 9,906 | |||||||||
Raw materials | 14,674 | 14,650 | |||||||||
$ | 123,932 | $ | 109,104 | ||||||||
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 | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
Fair Value Measurements | |
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 within 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. The Company does not currently have any assets or liabilities recorded at fair value on a recurring basis. |
Common_Stock_and_Dividends
Common Stock and Dividends | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Dividends declared | $ | 0.07 | $ | 0.07 | ||||
Dividends paid | $ | 0.07 | $ | 0.07 | ||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||
Mar. 31, 2014 | |||
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 $301,000 and $192,000 for the three months ended March 31, 2014 and 2013, respectively. | |||
Qualified Options | |||
Following is a summary of activity in the Incentive Stock Option Plans for the period indicated: | |||
For three months ending March 31, 2014 | |||
Shares | |||
Outstanding at beginning of year | 292,350 | ||
Granted | — | ||
Exercised | (5,300 | ) | |
Canceled | (2,400 | ) | |
Outstanding at March 31, 2014 | 284,650 | ||
Exercisable at March 31, 2014 | 149,650 | ||
Available for grant at March 31, 2014 | 68,500 | ||
Non-qualified Options | |||
Following is a summary of activity in the Non-Qualified Stock Option Plans for the period indicated: | |||
For three months ending March 31, 2014 | |||
Shares | |||
Outstanding at beginning of year | 114,700 | ||
Granted | — | ||
Exercised | (6,600 | ) | |
Canceled | — | ||
Outstanding at March 31, 2014 | 108,100 | ||
Exercisable at March 31, 2014 | 51,300 | ||
Available for grant at March 31, 2014 | 293,526 | ||
Restricted Stock | |||
Following is a summary of activity in the Restricted Stock for the periods indicated: | |||
For three months ending March 31, 2014 | |||
Shares | |||
Outstanding at beginning of year | 10,724 | ||
Granted | — | ||
Vested | — | ||
Forfeited or Canceled | — | ||
Outstanding at March 31, 2014 | 10,724 | ||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 | ||||||||
March 31, | ||||||||
(In thousands, except per share) | 2014 | 2013 | ||||||
Net Income | $ | 7,238 | $ | 6,950 | ||||
Average Common Shares: | ||||||||
Basic (weighted-average outstanding shares) | 12,084 | 12,006 | ||||||
Dilutive potential common shares from stock options | 186 | 152 | ||||||
Diluted (weighted-average outstanding shares) | 12,270 | 12,158 | ||||||
Basic earnings per share | $ | 0.6 | $ | 0.58 | ||||
Diluted earnings per share | $ | 0.59 | $ | 0.57 | ||||
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Reporting | ' | |||||||
Segment Reporting | ||||||||
At March 31, 2014 the following includes a summary of the unaudited financial information by reporting segment: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Net Revenue | ||||||||
Industrial | $ | 77,314 | $ | 69,334 | ||||
Agricultural | 49,845 | 49,636 | ||||||
European | 44,091 | 39,459 | ||||||
Consolidated | $ | 171,250 | $ | 158,429 | ||||
Operating Income | ||||||||
Industrial | $ | 6,300 | $ | 5,197 | ||||
Agricultural | 2,415 | 2,636 | ||||||
European | 1,916 | 1,906 | ||||||
Consolidated | $ | 10,631 | $ | 9,739 | ||||
Goodwill | ||||||||
Industrial | $ | 13,042 | $ | 13,328 | ||||
Agricultural | — | — | ||||||
European | 18,938 | 17,542 | ||||||
Consolidated | $ | 31,980 | $ | 30,870 | ||||
Total Identifiable Assets | ||||||||
Industrial | $ | 171,722 | $ | 149,005 | ||||
Agricultural | 151,253 | 134,790 | ||||||
European | 142,468 | 143,445 | ||||||
Consolidated | $ | 465,443 | $ | 427,240 | ||||
OffBalance_Sheet_Arrangements
Off-Balance Sheet Arrangements | 3 Months Ended |
Mar. 31, 2014 | |
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. |
Contingent_Matters
Contingent Matters | 3 Months Ended |
Mar. 31, 2014 | |
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, we will request an unconditional “no further action” letter. | |
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 to administer the cleanup and monitor the site on an ongoing basis until the remediation program is complete and approved by the applicable authorities. | |
In December of 2012, a federal district court jury in Louisiana found that Gradall was unjustly enriched in the amount of $1,000,000 plus interest when it sold several telescopic fire apparatuses after properly terminating what the jury determined to be an enforceable contract with the plaintiff, a fire truck manufacturer. Gradall has appealed the decision and has reserved the full amount. | |
Alamo Group Inc. and Bush Hog, Inc. were added as defendants in 2013 to ongoing litigation by Deere & Company as plaintiff against Bush Hog, LLC (now Duroc, LLC) and Great Plains Manufacturing Incorporated, in which Deere alleged infringement of a mower-related patent. The jury concluded in December 2013 that not only did the defendants not infringe the patent but that the patent was invalid as well. The Company expensed $2,100,000 in legal fees related to this lawsuit in 2013. Deere & Company has filed notice of appeal. | |
Certain 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 | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
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 328 former employees and 132 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 240 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 following tables present the components of net periodic benefit cost (gains are denoted with parentheses and losses are not): | |||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||
Hourly Employees’ | Employees’ | Total | |||||||||||||
(in thousands) | Pension Plan | Retirement Plan | |||||||||||||
Service cost | $ | 2 | $ | 1 | $ | 3 | |||||||||
Interest cost | 105 | 213 | 318 | ||||||||||||
Expected return on plan assets | (159 | ) | (295 | ) | (454 | ) | |||||||||
Amortization of prior service cost | — | — | — | ||||||||||||
Amortization of net (gain)/loss | 18 | 15 | 33 | ||||||||||||
Net periodic benefit cost | $ | (34 | ) | $ | (66 | ) | $ | (100 | ) | ||||||
Three Months Ended March 31, 2013 | |||||||||||||||
Hourly Employees’ | Employees’ | Total | |||||||||||||
(in thousands) | Pension Plan | Retirement Plan | |||||||||||||
Service cost | $ | 3 | $ | 1 | $ | 4 | |||||||||
Interest cost | 93 | 190 | 283 | ||||||||||||
Expected return on plan assets | (137 | ) | (255 | ) | (392 | ) | |||||||||
Amortization of prior service cost | — | — | — | ||||||||||||
Amortization of net (gain)/loss | 71 | 105 | 176 | ||||||||||||
Net periodic benefit cost | $ | 30 | $ | 41 | $ | 71 | |||||||||
The Company had net pension income of $100,000 for the three months ended March 31, 2014 and net pension expense of $71,000 for the three months ended March 31, 2013. The Company is required to contribute $1,199,000 to the pension plans for 2014, of which $267,000 has been paid through March 31, 2014. | |||||||||||||||
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 March 31, 2014 and 2013 was $140,000 and $136,000, respectively. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
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., Canada, UK, France and Australia in which we have entities, and 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 future 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 was reflected in the Company's provision for income taxes in the first quarter of 2013. Research and Development tax credits have not yet been approved by the U.S. federal government for 2014. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Recent Developments | |
On February 24, 2014, the Company entered into an agreement to acquire the operating units of Specialized Industries, LP. This includes the businesses of Super Products LLC, Wausau-Everest LP and Howard P. Fairfield LLC (the “Pending Acquisition”). Super Products is a manufacturer of vacuum trucks and related equipment, parts and service, which is complementary to Alamo’s VacAll operation. Wausau-Everest is a manufacturer of snow removal equipment which is complementary to Alamo’s Tenco and Henke operations. Howard P. Fairfield is a dealer/distribution operation primarily in the New England area. Total consideration for the purchase is approximately $186 million, subject to certain adjustments. The purchase is anticipated to close during the second quarter of 2014 and the regulatory review process has now been satisfactorily completed. Effective May 12, 2014, the Company amended its revolving credit facility and increased its line of credit from $100 million to $250 million to accommodate the Pending Acquisition and meet the ongoing needs of the combined entities. | |
Acquisition of Kellands | |
On April 2, 2014 the Company announced its European subsidiary Alamo Group Europe Ltd acquired Kellands Agricultural Ltd. and its subsidiary Multidrive Tractors Ltd. based near Cheltenham, Gloucestershire in England. The Kellands Group manufactures and markets self-propelled sprayers and a range of multi-purpose load carrying tractor vehicles. The company had sales of approximately US $11 million in 2013. | |
The acquisition will be accounted for as a business combination, whereby the Company will measure the identifiable assets acquired and liabilities assumed based on the acquisition date fair value. The Company is required to recognize and measure any related goodwill acquired in the business combination or a gain from a bargain purchase. The Company has not yet determined the fair values of the assets acquired and liabilities assumed. | |
The Company closed in April 2014, the contract to sell the SMC plant for $900,000. We expect to record a gain of approximately $840,000 on the sale of the facility. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||
Schedule of Inventory, Current | ' | ||||||||||
Net inventories consist of the following: | |||||||||||
March 31, | December 31, | ||||||||||
(in thousands) | 2014 | 2013 | |||||||||
Finished goods | $ | 97,904 | $ | 84,548 | |||||||
Work in process | 11,354 | 9,906 | |||||||||
Raw materials | 14,674 | 14,650 | |||||||||
$ | 123,932 | $ | 109,104 | ||||||||
Common_Stock_and_Dividends_Tab
Common Stock and Dividends (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Dividends declared | $ | 0.07 | $ | 0.07 | ||||
Dividends paid | $ | 0.07 | $ | 0.07 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||
Mar. 31, 2014 | |||
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 three months ending March 31, 2014 | |||
Shares | |||
Outstanding at beginning of year | 10,724 | ||
Granted | — | ||
Vested | — | ||
Forfeited or Canceled | — | ||
Outstanding at March 31, 2014 | 10,724 | ||
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 three months ending March 31, 2014 | |||
Shares | |||
Outstanding at beginning of year | 292,350 | ||
Granted | — | ||
Exercised | (5,300 | ) | |
Canceled | (2,400 | ) | |
Outstanding at March 31, 2014 | 284,650 | ||
Exercisable at March 31, 2014 | 149,650 | ||
Available for grant at March 31, 2014 | 68,500 | ||
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 three months ending March 31, 2014 | |||
Shares | |||
Outstanding at beginning of year | 114,700 | ||
Granted | — | ||
Exercised | (6,600 | ) | |
Canceled | — | ||
Outstanding at March 31, 2014 | 108,100 | ||
Exercisable at March 31, 2014 | 51,300 | ||
Available for grant at March 31, 2014 | 293,526 | ||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 | ||||||||
March 31, | ||||||||
(In thousands, except per share) | 2014 | 2013 | ||||||
Net Income | $ | 7,238 | $ | 6,950 | ||||
Average Common Shares: | ||||||||
Basic (weighted-average outstanding shares) | 12,084 | 12,006 | ||||||
Dilutive potential common shares from stock options | 186 | 152 | ||||||
Diluted (weighted-average outstanding shares) | 12,270 | 12,158 | ||||||
Basic earnings per share | $ | 0.6 | $ | 0.58 | ||||
Diluted earnings per share | $ | 0.59 | $ | 0.57 | ||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||
At March 31, 2014 the following includes a summary of the unaudited financial information by reporting segment: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Net Revenue | ||||||||
Industrial | $ | 77,314 | $ | 69,334 | ||||
Agricultural | 49,845 | 49,636 | ||||||
European | 44,091 | 39,459 | ||||||
Consolidated | $ | 171,250 | $ | 158,429 | ||||
Operating Income | ||||||||
Industrial | $ | 6,300 | $ | 5,197 | ||||
Agricultural | 2,415 | 2,636 | ||||||
European | 1,916 | 1,906 | ||||||
Consolidated | $ | 10,631 | $ | 9,739 | ||||
Goodwill | ||||||||
Industrial | $ | 13,042 | $ | 13,328 | ||||
Agricultural | — | — | ||||||
European | 18,938 | 17,542 | ||||||
Consolidated | $ | 31,980 | $ | 30,870 | ||||
Total Identifiable Assets | ||||||||
Industrial | $ | 171,722 | $ | 149,005 | ||||
Agricultural | 151,253 | 134,790 | ||||||
European | 142,468 | 143,445 | ||||||
Consolidated | $ | 465,443 | $ | 427,240 | ||||
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||
Schedule of Net Benefit Cost | ' | ||||||||||||||
The following tables present the components of net periodic benefit cost (gains are denoted with parentheses and losses are not): | |||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||
Hourly Employees’ | Employees’ | Total | |||||||||||||
(in thousands) | Pension Plan | Retirement Plan | |||||||||||||
Service cost | $ | 2 | $ | 1 | $ | 3 | |||||||||
Interest cost | 105 | 213 | 318 | ||||||||||||
Expected return on plan assets | (159 | ) | (295 | ) | (454 | ) | |||||||||
Amortization of prior service cost | — | — | — | ||||||||||||
Amortization of net (gain)/loss | 18 | 15 | 33 | ||||||||||||
Net periodic benefit cost | $ | (34 | ) | $ | (66 | ) | $ | (100 | ) | ||||||
Three Months Ended March 31, 2013 | |||||||||||||||
Hourly Employees’ | Employees’ | Total | |||||||||||||
(in thousands) | Pension Plan | Retirement Plan | |||||||||||||
Service cost | $ | 3 | $ | 1 | $ | 4 | |||||||||
Interest cost | 93 | 190 | 283 | ||||||||||||
Expected return on plan assets | (137 | ) | (255 | ) | (392 | ) | |||||||||
Amortization of prior service cost | — | — | — | ||||||||||||
Amortization of net (gain)/loss | 71 | 105 | 176 | ||||||||||||
Net periodic benefit cost | $ | 30 | $ | 41 | $ | 71 | |||||||||
Accounts_Receivable_Narrative_
Accounts Receivable (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable | $2,678 | $2,738 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Percentage of LIFO inventory | 56.00% | 55.00% |
Excess of current costs over stated LIFO value | $9,483 | $9,483 |
Inventory obsolescence reserves | $8,495 | $8,596 |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventory, Current) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $97,904 | $84,548 |
Work in process | 11,354 | 9,906 |
Raw materials | 14,674 | 14,650 |
Inventory, Net | $123,932 | $109,104 |
Common_Stock_and_Dividends_Det
Common Stock and Dividends (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' | ' |
Dividends declared (in dollars per share) | $0.07 | $0.07 |
Dividends paid (in dollars per share) | $0.07 | $0.07 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Option term | '10 years | ' |
Award vesting period | '5 years | ' |
Stock-based compensation expense | $301 | $192 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Qualified Stock Option Activity) (Details) (Qualified Stock Options) | 3 Months Ended |
Mar. 31, 2014 | |
Qualified Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding at beginning of year | 292,350 |
Granted | 0 |
Exercised | -5,300 |
Canceled | -2,400 |
Outstanding at March 31, 2014 | 284,650 |
Exercisable at March 31, 2014 | 149,650 |
Available for grant at March 31, 2014 | 68,500 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule of Non-Qualified Stock Options Activity) (Details) (Non Qualified Options) | 3 Months Ended |
Mar. 31, 2014 | |
Non Qualified Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding at beginning of year | 114,700 |
Granted | 0 |
Exercised | -6,600 |
Canceled | 0 |
Outstanding at March 31, 2014 | 108,100 |
Exercisable at March 31, 2014 | 51,300 |
Available for grant at March 31, 2014 | 293,526 |
StockBased_Compensation_Schedu2
Stock-Based Compensation (Schedule of Restricted Stock Award Activity) (Details) (Restricted Stock) | 3 Months Ended |
Mar. 31, 2014 | |
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 | 10,724 |
Granted, Shares | 0 |
Vested, Shares | 0 |
Forfeited or Cancelled, Shares | 0 |
Outstanding at March 31, 2014, Shares | 10,724 |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation of Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income | $7,238 | $6,950 |
Average Common Shares: | ' | ' |
Basic (weighted-average outstanding shares) | 12,084 | 12,006 |
Dilutive potential common shares from stock options, shares | 186 | 152 |
Diluted (weighted-average outstanding shares) | 12,270 | 12,158 |
Basic earnings per share (in dollars per share) | $0.60 | $0.58 |
Diluted earnings per share (in dollars per share) | $0.59 | $0.57 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Revenue | $171,250 | $158,429 | ' |
Operating Income | 10,631 | 9,739 | ' |
Goodwill | 31,980 | 30,870 | 32,073 |
Total Identifiable Assets | 465,443 | 427,240 | 438,476 |
Industrial | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Revenue | 77,314 | 69,334 | ' |
Operating Income | 6,300 | 5,197 | ' |
Goodwill | 13,042 | 13,328 | ' |
Total Identifiable Assets | 171,722 | 149,005 | ' |
Agricultural | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Revenue | 49,845 | 49,636 | ' |
Operating Income | 2,415 | 2,636 | ' |
Goodwill | 0 | 0 | ' |
Total Identifiable Assets | 151,253 | 134,790 | ' |
European | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Revenue | 44,091 | 39,459 | ' |
Operating Income | 1,916 | 1,906 | ' |
Goodwill | 18,938 | 17,542 | ' |
Total Identifiable Assets | $142,468 | $143,445 | ' |
Contingent_Matters_Narrative_D
Contingent Matters (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deere and Company v Bush Hog LLC and Great Plains Manufacturing Inc | Unfavorable Litigation Action | |
Loss Contingencies [Line Items] | ' | ' |
Amount of unjust enrichment | ' | $1,000 |
Legal fees expensed | $2,100 | ' |
Retirement_Benefit_Plans_Perio
Retirement Benefit Plans Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $3 | $4 |
Interest cost | 318 | 283 |
Expected return on plan assets | -454 | -392 |
Amortization of prior service cost | 0 | 0 |
Amortization of net (gain)/loss | 33 | 176 |
Net periodic benefit cost | -100 | 71 |
Gradall Company Hourly Employees Pension Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 2 | 3 |
Interest cost | 105 | 93 |
Expected return on plan assets | -159 | -137 |
Amortization of prior service cost | 0 | 0 |
Amortization of net (gain)/loss | 18 | 71 |
Net periodic benefit cost | -34 | 30 |
Gradall Company Hourly Employees Retirement Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 1 | 1 |
Interest cost | 213 | 190 |
Expected return on plan assets | -295 | -255 |
Amortization of prior service cost | 0 | 0 |
Amortization of net (gain)/loss | 15 | 105 |
Net periodic benefit cost | ($66) | $41 |
Retirement_Benefit_Plans_Narra
Retirement Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Pension expense | ($100) | $71 |
Required 2012 pension contributions | 1,199 | ' |
Current contributions | 267 | ' |
Supplemental Employee Retirement Plans, Defined Benefit | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Pension expense | $140 | $136 |
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 | 328 | ' |
Current employees covered in the Gradall Company Hourly Employees' Pension Plan who were formerly employed by former parent (Employees) | 132 | ' |
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 | 240 | ' |
Current employees covered in the Gradall Company Hourly Employees' Pension Plan who were formerly employed 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 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||
Feb. 24, 2014 | Apr. 30, 2014 | 6-May-14 | 5-May-14 | Apr. 02, 2014 | |
Super Products LLC, Wausau-Everest LP, and Howard P Fairfield LLC | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |
SMC Plant | Revolving Credit Facility | Revolving Credit Facility | Kellands Agricultural Ltd. | ||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Total consideration for the purchase | $186,000,000 | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | 250,000,000 | 100,000,000 | ' |
Sales during 2013 | ' | ' | ' | ' | 11,000,000 |
Contract selling price amount for SMC plant | ' | 900,000 | ' | ' | ' |
Expected gain on sale of facility | ' | $840,000 | ' | ' | ' |