Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 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 | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 12,148,383 |
Interim_Condensed_Consolidated
Interim Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $37,359 | $63,960 |
Accounts receivable, net | 201,930 | 151,396 |
Inventories | 182,148 | 109,104 |
Deferred income taxes | 6,071 | 5,741 |
Prepaid expenses | 7,716 | 5,129 |
Income tax receivable | 915 | 1,623 |
Total current assets | 436,139 | 336,953 |
Rental equipment, net | 29,160 | 0 |
Property, plant and equipment | 177,235 | 158,376 |
Less: Accumulated depreciation | -101,907 | -96,472 |
Property, Plant And Equipment, Net | 75,328 | 61,904 |
Goodwill | 73,594 | 32,073 |
Intangible assets | 63,161 | 5,500 |
Deferred income taxes | 2,283 | 457 |
Other assets | 2,497 | 1,589 |
Total assets | 682,162 | 438,476 |
Current liabilities: | ' | ' |
Trade accounts payable | 65,905 | 45,593 |
Income taxes payable | 1,369 | 1,126 |
Accrued liabilities | 45,228 | 33,482 |
Current maturities of long-term debt and capital lease obligations | 1,241 | 420 |
Deferred income tax | 884 | 0 |
Total current liabilities | 114,627 | 80,621 |
Long-term debt and capital lease obligations, net of current maturities | 188,006 | 8 |
Deferred pension liability | 1,720 | 2,538 |
Other long-term liabilities | 3,756 | 3,494 |
Deferred income taxes | 4,080 | 1,350 |
Stockholders’ equity: | ' | ' |
Common stock, $.10 par value, 20,000,000 shares authorized; 12,132,765 and 12,113,109 issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 1,213 | 1,211 |
Additional paid-in-capital | 93,431 | 91,439 |
Treasury stock, at cost; 42,600 shares at June 30, 2014 and December 31, 2013 | -426 | -426 |
Retained earnings | 269,943 | 255,203 |
Accumulated other comprehensive income, net | 5,812 | 3,038 |
Total stockholders’ equity | 369,973 | 350,465 |
Total liabilities and stockholders’ equity | $682,162 | $438,476 |
Interim_Condensed_Consolidated1
Interim Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 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 | 12,132,765 | 12,113,109 |
Common stock, shares outstanding | 12,132,765 | 12,113,109 |
Treasury stock, shares | 42,600 | 42,600 |
Interim_Condensed_Consolidated2
Interim Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales: | ' | ' | ' | ' |
Net sales | $206,353 | $178,064 | $377,603 | $336,493 |
Cost of sales | 159,067 | 133,973 | 292,187 | 257,490 |
Gross profit | 47,286 | 44,091 | 85,416 | 79,003 |
Selling, general and administrative expenses | 32,490 | 26,530 | 59,989 | 51,703 |
Income from operations | 14,796 | 17,561 | 25,427 | 27,300 |
Interest expense | -1,044 | -336 | -1,283 | -578 |
Interest income | 35 | 41 | 96 | 85 |
Other income, net | 153 | 343 | 627 | 632 |
Income before income taxes | 13,940 | 17,609 | 24,867 | 27,439 |
Provision for income taxes | 4,745 | 5,822 | 8,434 | 8,702 |
Net Income | 9,195 | 11,787 | 16,433 | 18,737 |
Net income per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.76 | $0.98 | $1.36 | $1.56 |
Diluted (in dollars per share) | $0.75 | $0.97 | $1.34 | $1.54 |
Average common shares: | ' | ' | ' | ' |
Basic (in shares) | 12,097 | 12,044 | 12,090 | 12,025 |
Diluted (in shares) | 12,276 | 12,200 | 12,273 | 12,179 |
Dividends declared (in dollars per share) | $0.07 | $0.07 | $0.14 | $0.14 |
North American Industrial | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 105,082 | 77,639 | 182,396 | 146,973 |
Income from operations | 10,128 | 8,344 | 16,428 | 13,541 |
North American Agricultural | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 52,631 | 57,255 | 102,476 | 106,891 |
Income from operations | 2,375 | 7,375 | 4,790 | 10,011 |
European | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 48,640 | 43,170 | 92,731 | 82,629 |
Income from operations | $2,293 | $1,842 | $4,209 | $3,748 |
Interim_Condensed_Consolidated3
Interim Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $9,195 | $11,787 | $16,433 | $18,737 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustment | 3,531 | -1,050 | 2,605 | -6,843 |
Post Retirement adjustments: | ' | ' | ' | ' |
Net gains arising during the period | 85 | 172 | 169 | 361 |
Other comprehensive (loss) income | 3,616 | -878 | 2,774 | -6,482 |
Comprehensive Income | $12,811 | $10,909 | $19,207 | $12,255 |
Interim_Condensed_Consolidated4
Interim Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities | ' | ' |
Net income | $16,433 | $18,737 |
Adjustment to reconcile net income to net cash used in operating activities: | ' | ' |
Provision for doubtful accounts | 106 | -53 |
Depreciation | 4,913 | 4,340 |
Amortization of intangibles | 55 | 0 |
Amortization of debt issuance | 77 | 63 |
Stock-based compensation expense | 1,660 | 645 |
Excess tax benefits from stock-based payment arrangements | -426 | -111 |
Provision for deferred income tax (benefit) expense | -1,332 | 56 |
Gain on sale of property, plant and equipment | -895 | -202 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -32,856 | -41,018 |
Inventories | -22,876 | -14,378 |
Prepaid expenses and other assets | 2,946 | -449 |
Trade accounts payable and accrued liabilities | 16,292 | 12,982 |
Income taxes payable | 874 | -1,712 |
Other long-term liabilities | -96 | -465 |
Net cash used in operating activities | -15,125 | -21,565 |
Investing Activities | ' | ' |
Acquisitions, net of cash acquired | -195,612 | 0 |
Purchase of property, plant and equipment | -4,319 | -7,195 |
Proceeds from sale of property, plant and equipment | 1,004 | 373 |
Net cash used in investing activities | -198,927 | -6,822 |
Financing Activities | ' | ' |
Borrowings on bank revolving credit facility | 200,000 | 0 |
Repayments on bank revolving credit facility | -12,000 | ' |
Principal payments on long-term debt and capital leases | -118 | -146 |
Proceeds from issuance of debt | 778 | 0 |
Debt issuance cost | -818 | 0 |
Dividends paid | -1,692 | -1,682 |
Proceeds from sale of common stock | 334 | 865 |
Excess tax benefits from stock-based payment arrangements | 426 | 111 |
Net cash provided by (used in) financing activities | 186,910 | -852 |
Effect of exchange rate changes on cash | 541 | -1,211 |
Net change in cash and cash equivalents | -26,601 | -30,450 |
Cash and cash equivalents at beginning of the period | 63,960 | 48,291 |
Cash and cash equivalents at end of the period | 37,359 | 17,841 |
Cash paid during the period for: | ' | ' |
Interest | 500 | 400 |
Income taxes | $9,201 | $7,543 |
Basis_of_Financial_Statement_P
Basis of Financial Statement Presentation | 6 Months Ended |
Jun. 30, 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 with early adoption permitted. 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, developed processes to assess the impacts and filed the required document before the May 2014 deadline. | |
In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in ASC Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The amendments in the ASU must be applied using one of two retrospective methods and are effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. We will evaluate the effects, if any, that adoption of this guidance will have on our consolidated financial statements. |
Accounting_Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Accounting Policies | ' |
Accounting Policies | |
There have been no changes or additions to our significant accounting policies described in Note 1 to the Consolidated Financial Statements in the Company’s 2013 10-K, with the exception of the following associated with the acquisition of the operating units of Specialized Industries LP (see Note 3): | |
Rental Equipment | |
The Company enters into lease agreements with customers related to the rental of certain equipment. All of these leasing agreements are classified as operating leases, and are for periods not to exceed two years. In accounting for these leases, the cost of the equipment purchased or manufactured by the Company is recorded as an asset, and is depreciated over its estimated useful life. The rental income is recognized ratably over the term of the leases. |
Acquisitions_and_Investments
Acquisitions and Investments | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisitions and Investments | ' | |||||||||||||||
Acquisitions and Investments | ||||||||||||||||
Specialized | ||||||||||||||||
On May 13, 2014, the Company acquired all of the operating units of Specialized Industries LP, a portfolio company of ELB Capital Management, LLC. The purchase included the businesses of Super Products LLC, Wausau-Everest LP and Howard P. Fairfield LLC as well as several related entities ("Specialized"), including all brand names and related product names and trademarks (the "Acquisition") pursuant to the terms of the Membership Interests and Partnership Interests Purchase Agreement dated February 24, 2014 (the “Agreement”). The purchase price consideration was approximately $193 million, on a debt free basis and subject to certain post-closing adjustments. | ||||||||||||||||
In connection with the Acquisition on May 13, 2014 Alamo Group amended its revolving credit facility and increased its line of credit from $100 million to $250 million. Alamo Group financed the Acquisition through $190 million of new borrowings under the amended credit facility. | ||||||||||||||||
The Acquisition is being accounted for in accordance with ASC Topic 805 Business Combinations (“ASC Topic 805”). Accordingly, the total purchase price has been allocated on a preliminary basis to assets acquired and liabilities assumed in connection with the Acquisition based on their estimated fair values as of the completion of the Acquisition. These allocations reflect various provisional estimates that were available at the time and are subject to change during the measurement period as valuations are finalized. | ||||||||||||||||
The primary reason for the Specialized acquisition was to broaden the Company's existing equipment lines. This acquisition broadens our product offering and enhances our market position both in vacuum trucks and snow removal equipment. | ||||||||||||||||
The following table summarizes the provisional amounts recognized for assets acquired and liabilities assumed as of the closing date. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The Company’s judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s results of operations. Certain estimated values are not yet finalized and are subject to change, which could be significant. The Company will finalize the amounts recognized as information necessary to complete the analyses is obtained. The Company expects to finalize these amounts as soon as possible but no later than one year from the acquisition date. The following are the estimated fair value of the assets acquired and liabilities assumed as of the Acquisition date (in thousands): | ||||||||||||||||
Cash | $ | 2,025 | ||||||||||||||
Accounts receivable | 16,417 | |||||||||||||||
Inventory | 46,490 | |||||||||||||||
Prepaid expenses | 3,223 | |||||||||||||||
Deferred income tax assets | 1,106 | |||||||||||||||
Rental equipment | 27,923 | |||||||||||||||
Property, plant & equipment | 12,886 | |||||||||||||||
Intangible assets | 57,457 | |||||||||||||||
Other assets | 675 | |||||||||||||||
Deferred income tax liabilities | (3,863 | ) | ||||||||||||||
Other liabilities assumed | (10,765 | ) | ||||||||||||||
Net assets assumed | 153,574 | |||||||||||||||
Goodwill | 39,383 | |||||||||||||||
Preliminary Purchase Price | $ | 192,957 | ||||||||||||||
Under 805-10, acquisition related costs (i.e., advisory, legal, valuation and other professional fees) are not included as a component of consideration transferred, but are accounted for as expenses in the periods in which the costs are incurred. The Company incurred $1.7 million of acquisition related costs which have been recorded in Selling, general and administrative expenses on the interim condensed consolidated statement of operations. The Company will incur integration expenses during 2014 and 2015 relating to manufacturing process changes and computer conversion. They are expected to be immaterial. | ||||||||||||||||
This allocation resulted in goodwill of approximately $39.4 million, all of which has been assigned to the Company's Industrial reporting segment. The recognized goodwill is primarily attributable to expected synergies in both the vacuum truck and snow removal product lines. The Company expects to finalize the fair value measurement of acquired assets and assumed liabilities by the end of 2014. | ||||||||||||||||
In the period between the Closing Date and June 30, 2014, Specialized generated approximately $19.0 million of net revenue and $1.5 million net income. The Company has included the operating results of Specialized in its interim condensed consolidated financial statements since the Closing Date. | ||||||||||||||||
The following table presents the unaudited pro forma combined results of operations of the Company and the acquired business units of Specialized for the three and six months ended June 30, 2014 and 2013, after giving effect to certain pro forma adjustments including: (i) recognition of the costs related to the step-up in fair value of the Specialized inventory, (ii) amortization of acquired intangible assets, (iii) the impact of certain fair value adjustments such as depreciation on the acquired rental equipment and property, plant and equipment, and (iv) interest expense for historical long-term debt of Specialized that was repaid and interest expense on additional borrowings by the Company to fund the acquisition. The unaudited pro forma statement of income of the Company assuming this transaction occurred at January 1, 2013 is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net Sales | $ | 218,051 | $ | 214,857 | $ | 425,482 | $ | 405,109 | ||||||||
Net Income | $ | 8,782 | $ | 13,035 | $ | 17,857 | $ | 19,201 | ||||||||
Diluted Earnings per Share | $ | 0.72 | $ | 1.07 | $ | 1.45 | $ | 1.58 | ||||||||
The unaudited pro forma financial information is presented for informational purposes only and is not intended to represent or be indicative of the consolidated results of operations of the Company that would have been reported had the acquisition been completed as of the beginning of the periods presented, and should not be taken as being representative of the future consolidated results of operations of the Company. | ||||||||||||||||
Other Acquisitions | ||||||||||||||||
The Company also completed two smaller acquisitions during the second quarter of 2014. Kellands Agricultural Ltd. was acquired on April 2, 2014 and Fieldquip Australia PTY LTD was acquired on April 7, 2014. Both acquisitions were on a debt free basis and subject to certain post-closing adjustments with total consideration of $6,204,000. | ||||||||||||||||
These acquisitions are being accounted for in accordance with ASC Topic 805. Accordingly, the total purchase price has been allocated on a preliminary basis to assets acquired and liabilities assumed based on their estimated fair values as of the completion of the acquisitions. These allocations reflect various provisional estimates that were available at the time and are subject to change during the purchase price allocation period as valuations are finalized. | ||||||||||||||||
The primary reason for the Kellands acquisition was to increase the Company's presence in the manufacturing and distribution of agricultural machinery in the UK. This acquisition broadens our product offering and allow the Company to enter the self-propelled sprayer market. | ||||||||||||||||
The primary reason for the Fieldquip acquisition was to broaden the Company's presence in the manufacturing and distribution of agricultural machinery in Australia. |
Accounts_Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2014 | |
Receivables [Abstract] | ' |
Accounts Receivable | ' |
Accounts Receivable | |
Accounts receivable is shown net of the allowance for doubtful accounts of $2,785,000 and $2,738,000 at June 30, 2014 and December 31, 2013, respectively. |
Inventories
Inventories | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||
Inventories | ' | ||||||||||
Inventories | |||||||||||
Inventories valued at LIFO cost represented 39% and 55% of total inventory at June 30, 2014 and December 31, 2013, respectively. The excess of current cost over LIFO valued inventories was $9,483,000 at June 30, 2014 and December 31, 2013. Inventory obsolescence reserves were $8,559,000 at June 30, 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. The inventory acquired from Specialized, Kellands and Fieldquip were recorded at their preliminary estimated fair value and obsolescence reserves will be recorded prospectively. Net inventories consist of the following: | |||||||||||
June 30, | December 31, | ||||||||||
(in thousands) | 2014 | 2013 | |||||||||
Finished goods | $ | 120,383 | $ | 84,548 | |||||||
Work in process | 20,763 | 9,906 | |||||||||
Raw materials | 41,002 | 14,650 | |||||||||
$ | 182,148 | $ | 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 | 6 Months Ended |
Jun. 30, 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. Fair value measurements are also used in connection with nonrecurring valuations performed in connection with impairment assessments and acquisition accounting. As we complete the analyses of the fair values of certain of the acquired assets in the current year acquisitions, discounted cash flow models will be used, which will be principally based upon internal assumptions. In valuing certain of the acquired intangible assets we will use an excess earnings methodology, which is a form of a discounted cash flow analysis. Tangible assets are typically valued using a replacement or reproduction cost approach, considering factors such as current prices of the same or similar equipment, the age of the equipment and economic obsolescence. The implied value of goodwill is determined by allocating the acquisition cost to all of the assets and liabilities of the acquired entity, with the residual amount allocated to goodwill. All of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. |
Goodwill
Goodwill | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Goodwill | ' | |||
Goodwill | ||||
The following is the summary of changes to the Company's Goodwill for the six months ended June 30, 2014, with estimated amounts for the acquisitions made during the second quarter of 2014: | ||||
(in thousands) | ||||
Balance at December 31, 2013 | $ | 32,073 | ||
Goodwill acquired | 41,403 | |||
Translation adjustments | 118 | |||
Balance at June 30, 2014 | $ | 73,594 | ||
Definite_and_Indefinite_Lived_
Definite and Indefinite Lived Intangible Assets | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Definite and Indefinite Lived Intangible Assets | ' | |||||||||||
Definite and Indefinite Lived Intangible Assets | ||||||||||||
The Company has estimated the definite lived assets related to the acquisitions made during the second quarter of 2014. The following is a summary of the Company's definite and indefinite lived intangible assets: | ||||||||||||
(in thousands) | Estimated Useful Lives | June 30, | December 31, 2013 | |||||||||
2014 | ||||||||||||
Definite: | ||||||||||||
Trade names and trademarks | 25 years | $ | 17,298 | — | ||||||||
Customer and dealer relationships | 17 years | 34,597 | — | |||||||||
Patents and drawings | 12 years | 5,766 | — | |||||||||
Total Definite | 57,661 | — | ||||||||||
Indefinite: | ||||||||||||
Trade names and trademarks | 5,500 | 5,500 | ||||||||||
Total Intangible Assets | $ | 63,161 | $ | 5,500 | ||||||||
Debt
Debt | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Debt | ' | ||||||||||
Debt | |||||||||||
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 acquisition of Specialized and meet the ongoing needs of the combined entities. | |||||||||||
The Company maintains a revolving credit facility with certain lenders under its Amended and Restated Revolving Credit Agreement. The aggregate commitments from lenders under such revolving credit facility is $250,000,000 and, subject to certain conditions, the Company has the option to request an increase in aggregate commitments of up to an additional $50,000,000. The revolving credit agreement requires us to maintain various financial covenants including a minimum EBIT to interest expense ratio, a maximum leverage ratio and a minimum asset coverage ratio. The agreement also contains various covenants relating to limitations on indebtedness, limitations on investments and acquisitions, limitations on sale of properties and limitations on liens and capital expenditures. The revolving credit agreement also contains other customary covenants, representations and events of defaults. As of June 30, 2014, the Company was in compliance with the covenants under the revolving credit facility. The termination date of the revolving credit facility is May 12, 2019. As of June 30, 2014, $188,000,000 was outstanding under the revolving credit facility. On June 30, 2014, $722,000 of the revolver capacity was committed to irrevocable standby letters of credit issued in the ordinary course of business as required by vendors' contracts, resulting in $61,278,000 in available borrowings. | |||||||||||
June 30, | December 31, | ||||||||||
(in thousands) | 2014 | 2013 | |||||||||
Bank revolving credit facility | $ | 188,000 | $ | — | |||||||
Capital lease obligations | 127 | 120 | |||||||||
Other notes payable | 1,120 | 308 | |||||||||
Total debt | $ | 189,247 | $ | 428 | |||||||
Common_Stock_and_Dividends
Common Stock and Dividends | 6 Months Ended | |||||||||||||||
Jun. 30, 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Dividends declared | $ | 0.07 | $ | 0.07 | $ | 0.14 | $ | 0.14 | ||||||||
Dividends paid | $ | 0.07 | $ | 0.07 | $ | 0.14 | $ | 0.14 | ||||||||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||
Jun. 30, 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 and or stock grants 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 $1,359,000 and $453,000 for the three months ended June 30, 2014 and 2013, respectively and $1,660,000 and $645,000 for the six months ended June 30, 2014 and 2013, respectively. The increase of stock-based compensation expense in 2014 is related to the accelerated vesting of awards to retirement eligible recipients. | |||
Qualified Options | |||
Following is a summary of activity in the Incentive Stock Option Plans for the period indicated: | |||
For six months ended June 30, 2014 | |||
Shares | |||
Outstanding at beginning of year | 292,350 | ||
Granted | 38,250 | ||
Exercised | (9,500 | ) | |
Canceled | (6,300 | ) | |
Outstanding at June 30, 2014 | 314,800 | ||
Exercisable at June 30, 2014 | 193,250 | ||
Available for grant at June 30, 2014 | 34,150 | ||
Non-qualified Options | |||
Following is a summary of activity in the Non-Qualified Stock Option Plans for the period indicated: | |||
For six months ended June 30, 2014 | |||
Shares | |||
Outstanding at beginning of year | 114,700 | ||
Granted | 29,000 | ||
Exercised | (6,600 | ) | |
Canceled | — | ||
Outstanding at June 30, 2014 | 137,100 | ||
Exercisable at June 30, 2014 | 76,100 | ||
Available for grant at June 30, 2014 | 258,526 | ||
Restricted Stock | |||
Following is a summary of activity in the Restricted Stock for the periods indicated: | |||
For six months ended June 30, 2014 | |||
Shares | |||
Outstanding at beginning of year | 10,724 | ||
Granted | 6,000 | ||
Vested | (4,306 | ) | |
Forfeited or Canceled | — | ||
Outstanding at June 30, 2014 | 12,418 | ||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands, except per share) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net Income | $ | 9,195 | $ | 11,787 | $ | 16,433 | $ | 18,737 | ||||||||
Average Common Shares: | ||||||||||||||||
Basic (weighted-average outstanding shares) | 12,097 | 12,044 | 12,090 | 12,025 | ||||||||||||
Dilutive potential common shares from stock options | 179 | 156 | 183 | 154 | ||||||||||||
Diluted (weighted-average outstanding shares) | 12,276 | 12,200 | 12,273 | 12,179 | ||||||||||||
Basic earnings per share | $ | 0.76 | $ | 0.98 | $ | 1.36 | $ | 1.56 | ||||||||
Diluted earnings per share | $ | 0.75 | $ | 0.97 | $ | 1.34 | $ | 1.54 | ||||||||
Segment_Reporting
Segment Reporting | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
Segment Reporting | ||||||||||||||||
At June 30, 2014 the following includes a summary of the unaudited financial information by reporting segment: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net Revenue | ||||||||||||||||
Industrial | $ | 105,082 | $ | 77,639 | $ | 182,396 | $ | 146,973 | ||||||||
Agricultural | 52,631 | 57,255 | 102,476 | 106,891 | ||||||||||||
European | 48,640 | 43,170 | 92,731 | 82,629 | ||||||||||||
Consolidated | $ | 206,353 | $ | 178,064 | $ | 377,603 | $ | 336,493 | ||||||||
Operating Income | ||||||||||||||||
Industrial | $ | 10,128 | $ | 8,344 | $ | 16,428 | $ | 13,541 | ||||||||
Agricultural | 2,375 | 7,375 | 4,790 | 10,011 | ||||||||||||
European | 2,293 | 1,842 | 4,209 | 3,748 | ||||||||||||
Consolidated | $ | 14,796 | $ | 17,561 | $ | 25,427 | $ | 27,300 | ||||||||
Goodwill | ||||||||||||||||
Industrial | $ | 52,543 | $ | 13,210 | $ | 52,543 | $ | 13,210 | ||||||||
Agricultural | 802 | — | 802 | — | ||||||||||||
European | 20,249 | 17,713 | 20,249 | 17,713 | ||||||||||||
Consolidated | $ | 73,594 | $ | 30,923 | $ | 73,594 | $ | 30,923 | ||||||||
Total Identifiable Assets | ||||||||||||||||
Industrial | $ | 374,795 | $ | 155,314 | $ | 374,795 | $ | 155,314 | ||||||||
Agricultural | 142,344 | 138,501 | 142,344 | 138,501 | ||||||||||||
European | 165,023 | 131,355 | 165,023 | 131,355 | ||||||||||||
Consolidated | $ | 682,162 | $ | 425,170 | $ | 682,162 | $ | 425,170 | ||||||||
The 2014 acquisitions are reflected in the above segment reporting. Business units of Specialized are in the Industrial segment, Fieldquip and Superior are in the Agricultural segment and Kellands is in the European segment. |
OffBalance_Sheet_Arrangements
Off-Balance Sheet Arrangements | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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. 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 appealed and is requesting a new trial. | |
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 | 6 Months Ended | ||||||||||||||
Jun. 30, 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 331 former employees and 127 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 84 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): | |||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||
Hourly Employees’ | Employees’ | Total | |||||||||||||
(in thousands) | Pension Plan | Retirement Plan | |||||||||||||
Service cost | $ | 4 | $ | 2 | $ | 6 | |||||||||
Interest cost | 210 | 426 | 636 | ||||||||||||
Expected return on plan assets | (318 | ) | (590 | ) | (908 | ) | |||||||||
Amortization of prior service cost | — | — | — | ||||||||||||
Amortization of net (gain)/loss | 36 | 30 | 66 | ||||||||||||
Net periodic benefit cost | $ | (68 | ) | $ | (132 | ) | $ | (200 | ) | ||||||
Six Months Ended June 30, 2013 | |||||||||||||||
Hourly Employees’ | Employees’ | Total | |||||||||||||
(in thousands) | Pension Plan | Retirement Plan | |||||||||||||
Service cost | $ | 6 | $ | 2 | $ | 8 | |||||||||
Interest cost | 186 | 380 | 566 | ||||||||||||
Expected return on plan assets | (274 | ) | (510 | ) | (784 | ) | |||||||||
Amortization of prior service cost | — | — | — | ||||||||||||
Amortization of net (gain)/loss | 142 | 210 | 352 | ||||||||||||
Net periodic benefit cost | $ | 60 | $ | 82 | $ | 142 | |||||||||
The Company amortizes pension expense evenly over four quarters. Pension income was $100,000 for the three months ended June 30, 2014 and net pension expense for the three months ended June 30, 2013 was $71,000. Pension income for the six months ended June 30, 2014 was $200,000 and pension expense for the six month ending June 30, 2013 was $142,000. The Company is required to contribute $1,199,000 to the pension plans for 2014, of which $552,000 has been paid through June 30, 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 June 30, 2014 and 2013 was $140,000 and $136,000, respectively and $280,000 and $271,000 for the six months ended June 30, 2014 and 2013, respectively. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 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. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Rental Equipment | ' |
Rental Equipment | |
The Company enters into lease agreements with customers related to the rental of certain equipment. All of these leasing agreements are classified as operating leases, and are for periods not to exceed two years. In accounting for these leases, the cost of the equipment purchased or manufactured by the Company is recorded as an asset, and is depreciated over its estimated useful life. The rental income is recognized ratably over the term of the leases. |
Acquisitions_and_Investments_T
Acquisitions and Investments (Tables) (Specialized Industries LP) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Specialized Industries LP | ' | |||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||
Schedule of Business Acquisitions, by Acquisition | ' | |||||||||||||||
The following are the estimated fair value of the assets acquired and liabilities assumed as of the Acquisition date (in thousands): | ||||||||||||||||
Cash | $ | 2,025 | ||||||||||||||
Accounts receivable | 16,417 | |||||||||||||||
Inventory | 46,490 | |||||||||||||||
Prepaid expenses | 3,223 | |||||||||||||||
Deferred income tax assets | 1,106 | |||||||||||||||
Rental equipment | 27,923 | |||||||||||||||
Property, plant & equipment | 12,886 | |||||||||||||||
Intangible assets | 57,457 | |||||||||||||||
Other assets | 675 | |||||||||||||||
Deferred income tax liabilities | (3,863 | ) | ||||||||||||||
Other liabilities assumed | (10,765 | ) | ||||||||||||||
Net assets assumed | 153,574 | |||||||||||||||
Goodwill | 39,383 | |||||||||||||||
Preliminary Purchase Price | $ | 192,957 | ||||||||||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||||||
The unaudited pro forma statement of income of the Company assuming this transaction occurred at January 1, 2013 is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net Sales | $ | 218,051 | $ | 214,857 | $ | 425,482 | $ | 405,109 | ||||||||
Net Income | $ | 8,782 | $ | 13,035 | $ | 17,857 | $ | 19,201 | ||||||||
Diluted Earnings per Share | $ | 0.72 | $ | 1.07 | $ | 1.45 | $ | 1.58 | ||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||
Schedule of Inventory, Current | ' | ||||||||||
Net inventories consist of the following: | |||||||||||
June 30, | December 31, | ||||||||||
(in thousands) | 2014 | 2013 | |||||||||
Finished goods | $ | 120,383 | $ | 84,548 | |||||||
Work in process | 20,763 | 9,906 | |||||||||
Raw materials | 41,002 | 14,650 | |||||||||
$ | 182,148 | $ | 109,104 | ||||||||
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Schedule of Goodwill | ' | |||
The following is the summary of changes to the Company's Goodwill for the six months ended June 30, 2014, with estimated amounts for the acquisitions made during the second quarter of 2014: | ||||
(in thousands) | ||||
Balance at December 31, 2013 | $ | 32,073 | ||
Goodwill acquired | 41,403 | |||
Translation adjustments | 118 | |||
Balance at June 30, 2014 | $ | 73,594 | ||
Definite_and_Indefinite_Lived_1
Definite and Indefinite Lived Intangible Assets (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | ' | |||||||||||
The following is a summary of the Company's definite and indefinite lived intangible assets: | ||||||||||||
(in thousands) | Estimated Useful Lives | June 30, | December 31, 2013 | |||||||||
2014 | ||||||||||||
Definite: | ||||||||||||
Trade names and trademarks | 25 years | $ | 17,298 | — | ||||||||
Customer and dealer relationships | 17 years | 34,597 | — | |||||||||
Patents and drawings | 12 years | 5,766 | — | |||||||||
Total Definite | 57,661 | — | ||||||||||
Indefinite: | ||||||||||||
Trade names and trademarks | 5,500 | 5,500 | ||||||||||
Total Intangible Assets | $ | 63,161 | $ | 5,500 | ||||||||
Long_Term_Debt_Tables
Long Term Debt (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||||
June 30, | December 31, | ||||||||||
(in thousands) | 2014 | 2013 | |||||||||
Bank revolving credit facility | $ | 188,000 | $ | — | |||||||
Capital lease obligations | 127 | 120 | |||||||||
Other notes payable | 1,120 | 308 | |||||||||
Total debt | $ | 189,247 | $ | 428 | |||||||
Common_Stock_and_Dividends_Tab
Common Stock and Dividends (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Dividends declared | $ | 0.07 | $ | 0.07 | $ | 0.14 | $ | 0.14 | ||||||||
Dividends paid | $ | 0.07 | $ | 0.07 | $ | 0.14 | $ | 0.14 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||
Jun. 30, 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 six months ended June 30, 2014 | |||
Shares | |||
Outstanding at beginning of year | 10,724 | ||
Granted | 6,000 | ||
Vested | (4,306 | ) | |
Forfeited or Canceled | — | ||
Outstanding at June 30, 2014 | 12,418 | ||
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 six months ended June 30, 2014 | |||
Shares | |||
Outstanding at beginning of year | 292,350 | ||
Granted | 38,250 | ||
Exercised | (9,500 | ) | |
Canceled | (6,300 | ) | |
Outstanding at June 30, 2014 | 314,800 | ||
Exercisable at June 30, 2014 | 193,250 | ||
Available for grant at June 30, 2014 | 34,150 | ||
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 six months ended June 30, 2014 | |||
Shares | |||
Outstanding at beginning of year | 114,700 | ||
Granted | 29,000 | ||
Exercised | (6,600 | ) | |
Canceled | — | ||
Outstanding at June 30, 2014 | 137,100 | ||
Exercisable at June 30, 2014 | 76,100 | ||
Available for grant at June 30, 2014 | 258,526 | ||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands, except per share) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net Income | $ | 9,195 | $ | 11,787 | $ | 16,433 | $ | 18,737 | ||||||||
Average Common Shares: | ||||||||||||||||
Basic (weighted-average outstanding shares) | 12,097 | 12,044 | 12,090 | 12,025 | ||||||||||||
Dilutive potential common shares from stock options | 179 | 156 | 183 | 154 | ||||||||||||
Diluted (weighted-average outstanding shares) | 12,276 | 12,200 | 12,273 | 12,179 | ||||||||||||
Basic earnings per share | $ | 0.76 | $ | 0.98 | $ | 1.36 | $ | 1.56 | ||||||||
Diluted earnings per share | $ | 0.75 | $ | 0.97 | $ | 1.34 | $ | 1.54 | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
At June 30, 2014 the following includes a summary of the unaudited financial information by reporting segment: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net Revenue | ||||||||||||||||
Industrial | $ | 105,082 | $ | 77,639 | $ | 182,396 | $ | 146,973 | ||||||||
Agricultural | 52,631 | 57,255 | 102,476 | 106,891 | ||||||||||||
European | 48,640 | 43,170 | 92,731 | 82,629 | ||||||||||||
Consolidated | $ | 206,353 | $ | 178,064 | $ | 377,603 | $ | 336,493 | ||||||||
Operating Income | ||||||||||||||||
Industrial | $ | 10,128 | $ | 8,344 | $ | 16,428 | $ | 13,541 | ||||||||
Agricultural | 2,375 | 7,375 | 4,790 | 10,011 | ||||||||||||
European | 2,293 | 1,842 | 4,209 | 3,748 | ||||||||||||
Consolidated | $ | 14,796 | $ | 17,561 | $ | 25,427 | $ | 27,300 | ||||||||
Goodwill | ||||||||||||||||
Industrial | $ | 52,543 | $ | 13,210 | $ | 52,543 | $ | 13,210 | ||||||||
Agricultural | 802 | — | 802 | — | ||||||||||||
European | 20,249 | 17,713 | 20,249 | 17,713 | ||||||||||||
Consolidated | $ | 73,594 | $ | 30,923 | $ | 73,594 | $ | 30,923 | ||||||||
Total Identifiable Assets | ||||||||||||||||
Industrial | $ | 374,795 | $ | 155,314 | $ | 374,795 | $ | 155,314 | ||||||||
Agricultural | 142,344 | 138,501 | 142,344 | 138,501 | ||||||||||||
European | 165,023 | 131,355 | 165,023 | 131,355 | ||||||||||||
Consolidated | $ | 682,162 | $ | 425,170 | $ | 682,162 | $ | 425,170 | ||||||||
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 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): | |||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||
Hourly Employees’ | Employees’ | Total | |||||||||||||
(in thousands) | Pension Plan | Retirement Plan | |||||||||||||
Service cost | $ | 4 | $ | 2 | $ | 6 | |||||||||
Interest cost | 210 | 426 | 636 | ||||||||||||
Expected return on plan assets | (318 | ) | (590 | ) | (908 | ) | |||||||||
Amortization of prior service cost | — | — | — | ||||||||||||
Amortization of net (gain)/loss | 36 | 30 | 66 | ||||||||||||
Net periodic benefit cost | $ | (68 | ) | $ | (132 | ) | $ | (200 | ) | ||||||
Six Months Ended June 30, 2013 | |||||||||||||||
Hourly Employees’ | Employees’ | Total | |||||||||||||
(in thousands) | Pension Plan | Retirement Plan | |||||||||||||
Service cost | $ | 6 | $ | 2 | $ | 8 | |||||||||
Interest cost | 186 | 380 | 566 | ||||||||||||
Expected return on plan assets | (274 | ) | (510 | ) | (784 | ) | |||||||||
Amortization of prior service cost | — | — | — | ||||||||||||
Amortization of net (gain)/loss | 142 | 210 | 352 | ||||||||||||
Net periodic benefit cost | $ | 60 | $ | 82 | $ | 142 | |||||||||
Accounting_Policies_Narrative_
Accounting Policies (Narrative) (Details) (Maximum) | 6 Months Ended |
Jun. 30, 2014 | |
Maximum | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Period of lease agreements | '2 years |
Acquisitions_and_Investments_N
Acquisitions and Investments (Narrative) (Details) (USD $) | 6 Months Ended | 0 Months Ended | 2 Months Ended | 3 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | 13-May-14 | Jun. 30, 2014 | 13-May-14 | 13-May-14 | 13-May-14 | 12-May-14 | Jun. 30, 2014 | |
Industrial | Industrial | Specialized Industries LP | Specialized Industries LP | Specialized Industries LP | Specialized Industries LP | Specialized Industries LP | Specialized Industries LP | Smaller immaterial acquisitions | ||||
Industrial | Amended and Restated Revolving Credit Agreement | Amended and Restated Revolving Credit Agreement | Aquisition | |||||||||
Revolving Credit Facility | Revolving Credit Facility | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration for the purchase | ' | ' | ' | ' | ' | $193,000,000 | ' | ' | ' | ' | ' | $6,204,000 |
Amount of line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 100,000,000 | ' |
Borrowings on bank revolving credit facility | 200,000,000 | 0 | ' | ' | ' | 190,000,000 | ' | ' | ' | ' | ' | ' |
Acquisition related costs incurred | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' |
Goodwill | 73,594,000 | 30,923,000 | 32,073,000 | 52,543,000 | 13,210,000 | ' | ' | 39,383,000 | 39,400,000 | ' | ' | ' |
Net revenue generated since closing date | ' | ' | ' | ' | ' | ' | 19,000,000 | ' | ' | ' | ' | ' |
Net income generated since closing date | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ' | ' | ' |
Number of businesses acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Acquisitions_and_Investments_S
Acquisitions and Investments (Schedule of Assets Acquired and Liabilities Assumed) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | 13-May-14 |
In Thousands, unless otherwise specified | Specialized Industries LP | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash | ' | ' | ' | $2,025 |
Accounts receivable | ' | ' | ' | 16,417 |
Inventory | ' | ' | ' | 46,490 |
Prepaid expenses | ' | ' | ' | 3,223 |
Deferred income tax assets | ' | ' | ' | 1,106 |
Rental equipment | ' | ' | ' | 27,923 |
Property, plant & equipment | ' | ' | ' | 12,886 |
Intangible assets | ' | ' | ' | 57,457 |
Other assets | ' | ' | ' | 675 |
Deferred income tax liabilities | ' | ' | ' | -3,863 |
Other liabilities assumed | ' | ' | ' | -10,765 |
Net assets assumed | ' | ' | ' | 153,574 |
Goodwill | 73,594 | 32,073 | 30,923 | 39,383 |
Preliminary Purchase Price | ' | ' | ' | $192,957 |
Acquisitions_and_Investments_S1
Acquisitions and Investments (Schedule of Unaudited Pro Forma Information) (Details) (Specialized Industries LP, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Specialized Industries LP | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Net Sales | $218,051 | $214,857 | $425,482 | $405,109 |
Net Income | $8,782 | $13,035 | $17,857 | $19,201 |
Diluted Earnings per Share | $0.72 | $1.07 | $1.45 | $1.58 |
Accounts_Receivable_Narrative_
Accounts Receivable (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable | $2,785 | $2,738 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Percentage of LIFO inventory | 39.00% | 55.00% |
Excess of current costs over stated LIFO value | $9,483 | $9,483 |
Inventory obsolescence reserves | $8,559 | $8,596 |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventory, Current) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $120,383 | $84,548 |
Work in process | 20,763 | 9,906 |
Raw materials | 41,002 | 14,650 |
Inventory, Net | $182,148 | $109,104 |
Goodwill_Details
Goodwill (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill [Roll Forward] | ' | ' |
Balance at December 31, 2013 | $32,073 | $30,923 |
Goodwill acquired | 41,403 | ' |
Translation adjustments | 118 | ' |
Balance at June 30, 2014 | $73,594 | $30,923 |
Definite_and_Indefinite_Lived_2
Definite and Indefinite Lived Intangible Assets (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by Major Class [Line Items] | ' | ' |
Definite: | $57,661 | $0 |
Total Intangible Assets | 63,161 | 5,500 |
Trade names and trademarks | ' | ' |
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by Major Class [Line Items] | ' | ' |
Indefinite: | 5,500 | 5,500 |
Trade names and trademarks | ' | ' |
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by Major Class [Line Items] | ' | ' |
Estimated Useful Lives | '25 years | ' |
Definite: | 17,298 | 0 |
Customer and dealer relationships | ' | ' |
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by Major Class [Line Items] | ' | ' |
Estimated Useful Lives | '17 years | ' |
Definite: | 34,597 | 0 |
Patents and drawings | ' | ' |
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by Major Class [Line Items] | ' | ' |
Estimated Useful Lives | '12 years | ' |
Definite: | $5,766 | $0 |
Long_Term_Debt_Narrative_Detai
Long Term Debt (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | 13-May-14 | 12-May-14 |
Bank revolving credit facility | Bank revolving credit facility | Standby Letters of Credit | Specialized Industries LP | Specialized Industries LP | |||
Amended and Restated Revolving Credit Agreement | Amended and Restated Revolving Credit Agreement | Bank revolving credit facility | Revolving Credit Facility | Revolving Credit Facility | |||
Amended and Restated Revolving Credit Agreement | Amended and Restated Revolving Credit Agreement | Amended and Restated Revolving Credit Agreement | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Amount of line of credit | ' | ' | ' | ' | ' | $250,000,000 | $100,000,000 |
Aggregate Commitments | ' | ' | 250,000,000 | ' | ' | ' | ' |
Maximum amount of additional aggregate commitments (Up to $50,000,000) | ' | ' | 50,000,000 | ' | ' | ' | ' |
Total debt | 189,247,000 | 428,000 | 188,000,000 | 0 | ' | ' | ' |
Amount of capacity | ' | ' | ' | ' | 722,000 | ' | ' |
Available borrowings | ' | ' | $61,278,000 | ' | ' | ' | ' |
Long_Term_Debt_Schedule_of_Lon
Long Term Debt (Schedule of Long Term Debt) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt | $189,247 | $428 |
Bank revolving credit facility | Amended and Restated Revolving Credit Agreement | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 188,000 | 0 |
Capital lease obligations | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 127 | 120 |
Other notes payable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | $1,120 | $308 |
Common_Stock_and_Dividends_Det
Common Stock and Dividends (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Dividends declared (in dollars per share) | $0.07 | $0.07 | $0.14 | $0.14 |
Dividends paid (in dollars per share) | $0.07 | $0.07 | $0.14 | $0.14 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Option term | ' | ' | '10 years | ' |
Award vesting period | ' | ' | '5 years | ' |
Stock-based compensation expense | $1,359 | $453 | $1,660 | $645 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Qualified Stock Option Activity) (Details) (Qualified Stock Options) | 6 Months Ended |
Jun. 30, 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 | 38,250 |
Exercised | -9,500 |
Canceled | -6,300 |
Outstanding at June 30, 2014 | 314,800 |
Exercisable at June 30, 2014 | 193,250 |
Available for grant at June 30, 2014 | 34,150 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule of Non-Qualified Stock Options Activity) (Details) (Non Qualified Options) | 6 Months Ended |
Jun. 30, 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 | 29,000 |
Exercised | -6,600 |
Canceled | 0 |
Outstanding at June 30, 2014 | 137,100 |
Exercisable at June 30, 2014 | 76,100 |
Available for grant at June 30, 2014 | 258,526 |
StockBased_Compensation_Schedu2
Stock-Based Compensation (Schedule of Restricted Stock Award Activity) (Details) (Restricted Stock) | 6 Months Ended |
Jun. 30, 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 | 6,000 |
Vested, Shares | -4,306 |
Forfeited or Cancelled, Shares | 0 |
Outstanding at June 30, 2014, Shares | 12,418 |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation of Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $9,195 | $11,787 | $16,433 | $18,737 |
Average Common Shares: | ' | ' | ' | ' |
Basic (weighted-average outstanding shares) | 12,097 | 12,044 | 12,090 | 12,025 |
Dilutive potential common shares from stock options, shares | 179 | 156 | 183 | 154 |
Diluted (weighted-average outstanding shares) | 12,276 | 12,200 | 12,273 | 12,179 |
Basic earnings per share (in dollars per share) | $0.76 | $0.98 | $1.36 | $1.56 |
Diluted earnings per share (in dollars per share) | $0.75 | $0.97 | $1.34 | $1.54 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenue | $206,353 | $178,064 | $377,603 | $336,493 | ' |
Operating Income | 14,796 | 17,561 | 25,427 | 27,300 | ' |
Goodwill | 73,594 | 30,923 | 73,594 | 30,923 | 32,073 |
Total Identifiable Assets | 682,162 | 425,170 | 682,162 | 425,170 | 438,476 |
Industrial | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenue | 105,082 | 77,639 | 182,396 | 146,973 | ' |
Operating Income | 10,128 | 8,344 | 16,428 | 13,541 | ' |
Goodwill | 52,543 | 13,210 | 52,543 | 13,210 | ' |
Total Identifiable Assets | 374,795 | 155,314 | 374,795 | 155,314 | ' |
Agricultural | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenue | 52,631 | 57,255 | 102,476 | 106,891 | ' |
Operating Income | 2,375 | 7,375 | 4,790 | 10,011 | ' |
Goodwill | 802 | 0 | 802 | 0 | ' |
Total Identifiable Assets | 142,344 | 138,501 | 142,344 | 138,501 | ' |
European | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Revenue | 48,640 | 43,170 | 92,731 | 82,629 | ' |
Operating Income | 2,293 | 1,842 | 4,209 | 3,748 | ' |
Goodwill | 20,249 | 17,713 | 20,249 | 17,713 | ' |
Total Identifiable Assets | $165,023 | $131,355 | $165,023 | $131,355 | ' |
Contingent_Matters_Narrative_D
Contingent Matters (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended |
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 | ' | $1,000,000 |
Legal fees expensed | $2,100,000 | ' |
Retirement_Benefit_Plans_Perio
Retirement Benefit Plans Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | ' | ' | $6 | $8 |
Interest cost | ' | ' | 636 | 566 |
Expected return on plan assets | ' | ' | -908 | -784 |
Amortization of prior service cost | ' | ' | 0 | 0 |
Amortization of net (gain)/loss | ' | ' | 66 | 352 |
Net periodic benefit cost | -100 | 71 | -200 | 142 |
Gradall Company Hourly Employees Pension Plan | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | ' | ' | 4 | 6 |
Interest cost | ' | ' | 210 | 186 |
Expected return on plan assets | ' | ' | -318 | -274 |
Amortization of prior service cost | ' | ' | 0 | 0 |
Amortization of net (gain)/loss | ' | ' | 36 | 142 |
Net periodic benefit cost | ' | ' | -68 | 60 |
Gradall Company Hourly Employees Retirement Plan | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | ' | ' | 2 | 2 |
Interest cost | ' | ' | 426 | 380 |
Expected return on plan assets | ' | ' | -590 | -510 |
Amortization of prior service cost | ' | ' | 0 | 0 |
Amortization of net (gain)/loss | ' | ' | 30 | 210 |
Net periodic benefit cost | ' | ' | ($132) | $82 |
Retirement_Benefit_Plans_Narra
Retirement Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Pension expense | ($100) | $71 | ($200) | $142 |
Required 2012 pension contributions | ' | ' | 1,199 | ' |
Current contributions | ' | ' | 552 | ' |
Supplemental Employee Retirement Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Pension expense | $140 | $136 | $280 | $271 |
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 | ' | ' | 331 | ' |
Current employees covered in the Gradall Company Hourly Employees' Pension Plan who were formerly employed by former parent (Employees) | ' | ' | 127 | ' |
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 employed by former parent (Employees) | ' | ' | 84 | ' |
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 |