Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ALAMO GROUP INC | |
Entity Central Index Key | 897,077 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 11,498,041 |
Interim Condensed Consolidated
Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 44,972 | $ 26,922 |
Accounts receivable, net | 196,901 | 178,305 |
Inventories, net | 159,840 | 150,758 |
Prepaid expenses | 4,928 | 5,410 |
Income tax receivable | 1,631 | 1,491 |
Total current assets | 408,272 | 362,886 |
Rental equipment, net | 34,063 | 37,564 |
Property, plant and equipment | 180,994 | 178,044 |
Less: Accumulated depreciation | (110,321) | (107,094) |
Property, plant and equipment, net | 70,673 | 70,950 |
Goodwill | 75,919 | 75,509 |
Intangible assets, net | 51,724 | 52,950 |
Deferred income taxes | 1,601 | 1,475 |
Other assets | 3,076 | 2,169 |
Total assets | 645,328 | 603,503 |
Current liabilities: | ||
Trade accounts payable | 55,702 | 45,486 |
Income taxes payable | 1,159 | 1,320 |
Accrued liabilities | 33,081 | 38,141 |
Current maturities of long-term debt and capital lease obligations | 1,211 | 77 |
Total current liabilities | 91,153 | 85,024 |
Long-term debt and capital lease obligations, net of current maturities | 164,003 | 144,006 |
Deferred pension liability | 3,926 | 4,499 |
Other long-term liabilities | 5,843 | 5,782 |
Deferred income taxes | 4,165 | 3,723 |
Stockholders’ equity: | ||
Common stock, $.10 par value, 20,000,000 shares authorized; 11,448,358 and 11,392,236 outstanding at June 30, 2016 and December 31, 2015, respectively | 1,145 | 1,139 |
Additional paid-in-capital | 98,616 | 96,778 |
Treasury stock, at cost; 42,600 shares at June 30, 2016 and December 31, 2015 | (426) | (426) |
Retained earnings | 316,227 | 299,057 |
Accumulated other comprehensive loss, net | (39,324) | (36,079) |
Total stockholders’ equity | 376,238 | 360,469 |
Total liabilities and stockholders’ equity | $ 645,328 | $ 603,503 |
Interim Condensed Consolidated3
Interim Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Stockholders' Equity: | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 11,448,358 | 11,392,236 |
Treasury stock, shares | 42,600 | 42,600 |
Interim Condensed Consolidated4
Interim Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net sales: | ||||
Net sales | $ 211,489 | $ 215,734 | $ 422,460 | $ 423,532 |
Cost of sales | 159,311 | 165,069 | 320,005 | 327,330 |
Gross profit | 52,178 | 50,665 | 102,455 | 96,202 |
Selling, general and administrative expenses | 34,137 | 34,230 | 68,125 | 67,639 |
Income from operations | 18,041 | 16,435 | 34,330 | 28,563 |
Interest expense | (1,523) | (1,848) | (2,929) | (3,471) |
Interest income | 56 | 41 | 118 | 93 |
Other income (expense), net | 242 | 488 | (380) | 1,348 |
Income before income taxes | 16,816 | 15,116 | 31,139 | 26,533 |
Provision for income taxes | 6,254 | 5,406 | 11,918 | 9,464 |
Net Income | $ 10,562 | $ 9,710 | $ 19,221 | $ 17,069 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.93 | $ 0.86 | $ 1.69 | $ 1.51 |
Diluted (in dollars per share) | $ 0.92 | $ 0.84 | $ 1.67 | $ 1.49 |
Average common shares: | ||||
Basic (in shares) | 11,422 | 11,352 | 11,405 | 11,316 |
Diluted (in shares) | 11,550 | 11,498 | 11,529 | 11,467 |
Dividends declared (in dollars per share) | $ 0.09000 | $ 0.08000 | $ 0.18000 | $ 0.16000 |
Industrial | ||||
Net sales: | ||||
Net sales | $ 117,146 | $ 118,521 | $ 240,424 | $ 235,433 |
Income from operations | 9,171 | 10,100 | 20,698 | 19,437 |
Agricultural | ||||
Net sales: | ||||
Net sales | 51,845 | 52,981 | 100,507 | 101,438 |
Income from operations | 6,048 | 3,722 | 8,807 | 4,514 |
European | ||||
Net sales: | ||||
Net sales | 42,498 | 44,232 | 81,529 | 86,661 |
Income from operations | $ 2,822 | $ 2,613 | $ 4,825 | $ 4,612 |
Interim Condensed Consolidated5
Interim Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 10,562 | $ 9,710 | $ 19,221 | $ 17,069 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | (7,140) | 5,830 | (3,581) | (7,822) |
Net gain on pension and other postretirement benefits | 268 | 272 | 533 | 571 |
Other comprehensive (loss) income before income tax expense | (6,872) | 6,102 | (3,048) | (7,251) |
Income tax expense related to items of other comprehensive (loss) income | (98) | (94) | (197) | (188) |
Other comprehensive (loss) income | (6,970) | 6,008 | (3,245) | (7,439) |
Comprehensive Income | $ 3,592 | $ 15,718 | $ 15,976 | $ 9,630 |
Interim Condensed Consolidated6
Interim Condensed Consolidated Statements of Stockholders' Equity - 6 months ended Jun. 30, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss |
Balance at Dec. 31, 2015 | $ 360,469 | $ 1,139 | $ 96,778 | $ (426) | $ 299,057 | $ (36,079) |
Balance (shares) at Dec. 31, 2015 | 11,350 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 19,221 | 19,221 | ||||
Translation adjustment | (3,581) | (3,581) | ||||
Net actuarial gain arising during period | 336 | 336 | ||||
Tax effect of non-qualified stock options | 141 | 141 | ||||
Stock-based compensation | 724 | 724 | ||||
Exercise of stock options | 998 | $ 6 | 992 | |||
Exercise of stock options (shares) | 56 | |||||
Repurchased shares | (19) | (19) | ||||
Dividends paid ($.18 per share) | (2,051) | (2,051) | ||||
Balance at Jun. 30, 2016 | $ 376,238 | $ 1,145 | $ 98,616 | $ (426) | $ 316,227 | $ (39,324) |
Balance (shares) at Jun. 30, 2016 | 11,406 |
Interim Condensed Consolidated7
Interim Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends paid (in dollars per share) | $ 0.09000 | $ 0.08000 | $ 0.18000 | $ 0.16000 |
Interim Condensed Consolidated8
Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Activities | ||
Net income | $ 19,221 | $ 17,069 |
Adjustment to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for doubtful accounts | 172 | 500 |
Depreciation | 9,155 | 9,361 |
Amortization of intangibles | 1,549 | 1,563 |
Amortization of debt issuance costs | 106 | 106 |
Stock-based compensation expense | 724 | 466 |
Excess tax benefits from stock-based payment arrangements | (141) | (39) |
Provision for deferred income tax expense (benefit) | 262 | (858) |
Gain on sale of property, plant and equipment | (239) | (83) |
Changes in operating assets and liabilities, net of amounts acquired: | ||
Accounts receivable | (20,149) | (22,152) |
Inventories | (9,519) | (11,713) |
Rental equipment | 153 | (14,496) |
Prepaid expenses and other assets | (1,895) | (1,353) |
Trade accounts payable and accrued liabilities | 5,736 | 9,617 |
Income taxes payable | (193) | 3,647 |
Other long-term liabilities | (83) | (394) |
Net cash provided by (used in) operating activities | 4,859 | (8,759) |
Investing Activities | ||
Acquisitions, net of cash acquired | (188) | (3,465) |
Purchase of property, plant and equipment | (6,191) | (5,101) |
Proceeds from sale of property, plant and equipment | 500 | 99 |
Net cash used in investing activities | (5,879) | (8,467) |
Financing Activities | ||
Borrowings on bank revolving credit facility | 49,000 | 52,000 |
Repayments on bank revolving credit facility | (29,000) | (39,000) |
Principal payments on long-term debt and capital leases | (10) | (19) |
Proceeds from issuance of debt | 918 | 0 |
Dividends paid | (2,051) | (1,808) |
Proceeds from sale of common stock | 998 | 1,939 |
Excess tax benefits from stock-based payment arrangements | 141 | 39 |
Stock repurchased | (19) | 0 |
Net cash provided by financing activities | 19,977 | 13,151 |
Effect of exchange rate changes on cash and cash equivalents | (907) | (936) |
Net change in cash and cash equivalents | 18,050 | (5,011) |
Cash and cash equivalents at beginning of the period | 26,922 | 39,533 |
Cash and cash equivalents at end of the period | 44,972 | 34,522 |
Cash paid during the period for: | ||
Interest | 2,918 | 3,157 |
Income taxes | $ 11,725 | $ 8,138 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 . The balance sheet at December 31, 2015 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, 2015 . In May 2014, the Financial Accounting Standards Board ("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 either the retrospective or cumulative effect transition method and are effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. In April 2015, the FASB voted to propose a delay in the effective date of this ASU for reporting periods beginning after December 15, 2017, with early adoption permitted as of the original effective date. As a result, the proposed new effective date for the Company will be January 1, 2018. This update could impact the timing and amounts of revenue recognized. We are evaluating the effects, if any, that adoption of this guidance will have on our consolidated financial statements and have not yet selected a transition approach to implement the standard. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory,” as part of its simplification initiative. ASU 2015-11 amends existing guidance for measuring inventories. This amendment will require the Company to measure inventories recorded using the first-in, first-out method at the lower of cost and net realizable value. This amendment does not change the methodology for measuring inventories recorded using the last-in, first-out method. This amendment will be effective prospectively for the Company on January 1, 2017, with early adoption permitted. We are evaluating the effect this guidance will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases.” This update requires that a lessee recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. Similar to current guidance, the update continues to differentiate between finance leases and operating leases, however this distinction now primarily relates to differences in the manner of expense recognition over time and in the classification of lease payments in the statement of cash flows. The updated guidance leaves the accounting for leases by lessors largely unchanged from existing GAAP. Early application is permitted. Entities are required to use a modified retrospective adoption, with certain relief provisions, for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements when adopted. The guidance will become effective for us on January 1, 2019. The impacts that adoption of the ASU is expected to have on our consolidated financial statements and related disclosures are being evaluated. Additionally, we have not determined the effect of the ASU on our internal control over financial reporting or other changes in business practices and processes. In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation,” to simplify the accounting and reporting for employee share-based payments. This amendment involves several aspects of the accounting for share-based payment transactions, including accounting for income taxes as it pertains to the timing of when excess tax benefits are recognized and to the recognition of excess tax benefits and tax deficiencies in the statements of income, forfeitures, minimum statutory tax withholding requirements, as well as classification of excess tax benefits and employee taxes paid in the statement of cash flows. This amendment will be effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments provide specific transition and disclosure guidance for each provision. The Company has not yet evaluated the effect the adoption of this ASU will have on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13 “Financial Instruments - Credit Losses,” to improve information on credit losses for financial instruments. The ASU replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses. The ASU is effective for the Company for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted beginning in fiscal years beginning after December 18, 2018. The Company has not yet evaluated the effect the adoption of this ASU will have on its consolidated financial statements. |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
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 2015 10-K. |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable is shown net of sales discounts and the allowance for doubtful accounts. At June 30, 2016 the Company had $17,838,000 in reserves for sales discounts compared to $15,094,000 at December 31, 2015 on products shipped to our customers under various promotional programs. The increase was primarily due to additional discounts reserved on the Company's agricultural products during the pre-season, which runs from August to December of each year and orders are shipped through the second quarter of 2017. The Company reviews the reserve quarterly based on analysis made on each program outstanding at the time. The allowance for doubtful accounts was $3,550,000 at June 30, 2016 and $3,484,000 at December 31, 2015 . |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories valued at LIFO cost represented 47% and 45% of total inventory at June 30, 2016 and December 31, 2015 , respectively. The excess of current cost over LIFO valued inventories was approximately $8,712,000 at June 30, 2016 and December 31, 2015 . An actual valuation of inventory under the LIFO method is 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. Net inventories consist of the following: (in thousands) June 30, December 31, Finished goods $ 132,363 $ 129,995 Work in process 14,756 9,561 Raw materials 12,721 11,202 Total inventory $ 159,840 $ 150,758 Inventory obsolescence reserves were $7,581,000 at June 30, 2016 and $9,675,000 at December 31, 2015 . The decrease in reserve for obsolescence resulted from the Company's write-off of previously reserved inventory. |
Rental Equipment
Rental Equipment | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Rental Equipment | Rental Equipment Rental equipment is shown net of accumulated depreciation of $9,832,000 and $8,322,000 at June 30, 2016 and December 31, 2015 , respectively. The Company recognized depreciation expense of $1,699,000 and $1,918,000 for the three months ended June 30, 2016 and June 30, 2015 , respectively and $3,443,000 and $3,664,000 for the six months ended June 30, 2016 and June 30, 2015 , respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying values of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, approximate their fair value because of the short-term nature of these items. The carrying value of our debt approximates the fair value as of June 30, 2016 and December 31, 2015 , as the floating rates on our outstanding balances approximate current market rates. This conclusion was made based on Level 2 inputs. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following is the summary of changes to the Company's Goodwill for the six months ended June 30, 2016 : (in thousands) Balance at December 31, 2015 $ 75,509 Goodwill acquired — Translation adjustments 410 Balance at June 30, 2016 $ 75,919 As of June 30, 2016 , the Company had $75,919,000 of goodwill, which represents 12% of total assets. The following is a summary of the Company's definite and indefinite-lived intangible assets net of the accumulated amortization: (in thousands) Estimated Useful Lives June 30, December 31, 2015 Definite: Trade names and trademarks 25 years $ 21,962 $ 21,878 Customer and dealer relationships 14 years 28,970 28,715 Patents and drawings 12 years 1,921 1,893 Total at cost 52,853 52,486 Less accumulated amortization (6,629 ) (5,036 ) Total net 46,224 47,450 Indefinite: Trade names and trademarks 5,500 5,500 Total Intangible Assets $ 51,724 $ 52,950 The Company recognized amortization expense of $777,000 and $782,000 for the three months ending June 30, 2016 and 2015 , respectively and $1,549,000 and $1,563,000 for the six months ended June 30, 2016 and 2015 , respectively. As of June 30, 2016 , the Company had $51,724,000 of intangible assets which represents 8% of total assets. |
Warranty
Warranty | 6 Months Ended |
Jun. 30, 2016 | |
Product Warranties Disclosures [Abstract] | |
Warranty | Warranty Warranty reserve, as a percentage of sales, is generally calculated by looking at the current twelve months’ expenses and prorating that amount based on twelve months’ sales with a ninety -day to six -month lag period. The Company’s historical experience is that an end-user takes approximately 90 days to six months from the receipt of the unit to file a warranty claim. A warranty reserve is established for each different marketing group. Reserve balances are evaluated on a quarterly basis and adjustments made when required. The current liability warranty reserve balance was $5,133,000 at June 30, 2016 and $5,566,000 at December 31, 2015 . The decrease was mainly from the Company's U.S. Operations. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt The components of long-term debt are as follows: June 30, December 31, Current Maturities: Capital lease obligations $ 9 $ 17 Other notes payable 1,202 60 1,211 77 Long-term debt: Bank revolving credit facility 164,000 144,000 Capital lease obligations 3 6 164,003 144,006 Total debt $ 165,214 $ 144,083 As of June 30, 2016 , $1,582,000 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 $84,418,000 in available borrowings. As of June 30, 2016 , the Company was in compliance with the covenants under the Agreement. |
Common Stock and Dividends
Common Stock and Dividends | 6 Months Ended |
Jun. 30, 2016 | |
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 2016 2015 2016 2015 Dividends declared $ 0.09 $ 0.08 $ 0.18 $ 0.16 Dividends paid $ 0.09 $ 0.08 $ 0.18 $ 0.16 On July 1, 2016, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.09 per share, which was paid on July 29, 2016, to shareholders of record at the close of business on July 15, 2016. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company’s stock-based compensation expense was $439,000 and $290,000 for the three months ended June 30, 2016 and 2015 , respectively and $724,000 and $466,000 for the six months ended June 30, 2016 and 2015 , respectively. The Company granted 21,000 Qualified Stock Options and 26,600 Restricted Stock Awards during the second quarter of 2016 . |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
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 (In thousands, except per share) 2016 2015 2016 2015 Net Income $ 10,562 $ 9,710 $ 19,221 $ 17,069 Average Common Shares: Basic (weighted-average outstanding shares) 11,422 11,352 11,405 11,316 Dilutive potential common shares from stock options 128 146 124 151 Diluted (weighted-average outstanding shares) 11,550 11,498 11,529 11,467 Basic earnings per share $ 0.93 $ 0.86 $ 1.69 $ 1.51 Diluted earnings per share $ 0.92 $ 0.84 $ 1.67 $ 1.49 Stock options totaling 42,981 shares for the six months ended June 30, 2016 were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting At June 30, 2016 the following includes a summary of the unaudited financial information by reporting segment: Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Net Sales Industrial $ 117,146 $ 118,521 $ 240,424 $ 235,433 Agricultural 51,845 52,981 100,507 101,438 European 42,498 44,232 81,529 86,661 Consolidated $ 211,489 $ 215,734 $ 422,460 $ 423,532 Income from Operations Industrial $ 9,171 $ 10,100 $ 20,698 $ 19,437 Agricultural 6,048 3,722 8,807 4,514 European 2,822 2,613 4,825 4,612 Consolidated $ 18,041 $ 16,435 $ 34,330 $ 28,563 (in thousands) June 30, 2016 December 31, 2015 Goodwill Industrial $ 56,660 $ 56,293 Agricultural 3,548 2,984 European 15,711 16,232 Consolidated $ 75,919 $ 75,509 Total Identifiable Assets Industrial $ 370,278 $ 370,642 Agricultural 132,894 110,489 European 142,156 122,372 Consolidated $ 645,328 $ 603,503 |
Contingent Matters
Contingent Matters | 6 Months Ended |
Jun. 30, 2016 | |
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 off-site 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. Alamo Group Inc. and Bush Hog, Inc. were added as defendants in 2013 to 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 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 appealed and requested a new trial. A hearing on the appeal was held on October 8, 2015. On May 26, 2016 the Federal Circuit Court of Appeals affirmed the lower court ruling and validating the jury’s finding that the defendants did not infringe the patent, and that the Deere & Company patent was invalid. 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, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans Defined Benefit Plan 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, 2016 (in thousands) Hourly Employees’ Pension Plan Employees’ Retirement Plan Total Service cost $ 4 $ 2 $ 6 Interest cost 200 444 644 Expected return on plan assets (324 ) (598 ) (922 ) Amortization of net loss 142 220 362 Net periodic benefit cost $ 22 $ 68 $ 90 Six Months Ended June 30, 2015 (in thousands) Hourly Employees’ Pension Plan Employees’ Retirement Plan Total Service cost $ 4 $ 2 $ 6 Interest cost 202 434 636 Expected return on plan assets (330 ) (614 ) (944 ) Amortization of net loss 124 200 324 Net periodic benefit cost $ — $ 22 $ 22 The Company amortizes annual pension expense evenly over four quarters. Pension expense was $45,000 and $11,000 the three months ended June 30, 2016 and June 30, 2015 , respectively. Pension expense for the six months ended June 30, 2016 was $90,000 and $22,000 for the six month ending June 30, 2015 . The Company is not required to contribute to the pension plans for the 2016 plan year but may do so. On April 6, 2016 we notified all participants in the Gradall Company Hourly Employees’ Pension Plan of our decision to terminate the plan. Participants in the plan will not lose any benefits but will be given a choice between obtaining certain continued annuity benefits that match the benefits offered under the plan or receiving an immediate one-time lump sum payment in total settlement of benefits. We must meet various legal requirements in connection with the proper termination of the plan, and as a result we do not expect termination of the plan to be completed until 2017. Supplemental Retirement Plan In May of 2015, the Board amended the SERP to allow the Board to modify the retirement benefit percentage either higher or lower than 20% . In May of 2016, the Board added additional highly compensated employees to the plan. As of June 30, 2016 , the current retirement benefit (as defined in the plan) for the participants ranges from 10% and 20% . The net period expense for the three months ended June 30, 2016 and 2015 was $148,000 and $150,000 , respectively and $295,000 and $300,000 for the six months ended June 30, 2016 and 2015 , respectively. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Net inventories consist of the following: (in thousands) June 30, December 31, Finished goods $ 132,363 $ 129,995 Work in process 14,756 9,561 Raw materials 12,721 11,202 Total inventory $ 159,840 $ 150,758 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 : (in thousands) Balance at December 31, 2015 $ 75,509 Goodwill acquired — Translation adjustments 410 Balance at June 30, 2016 $ 75,919 |
Schedule of Definite and Indefinite Lived Intangible Assets | The following is a summary of the Company's definite and indefinite-lived intangible assets net of the accumulated amortization: (in thousands) Estimated Useful Lives June 30, December 31, 2015 Definite: Trade names and trademarks 25 years $ 21,962 $ 21,878 Customer and dealer relationships 14 years 28,970 28,715 Patents and drawings 12 years 1,921 1,893 Total at cost 52,853 52,486 Less accumulated amortization (6,629 ) (5,036 ) Total net 46,224 47,450 Indefinite: Trade names and trademarks 5,500 5,500 Total Intangible Assets $ 51,724 $ 52,950 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The components of long-term debt are as follows: June 30, December 31, Current Maturities: Capital lease obligations $ 9 $ 17 Other notes payable 1,202 60 1,211 77 Long-term debt: Bank revolving credit facility 164,000 144,000 Capital lease obligations 3 6 164,003 144,006 Total debt $ 165,214 $ 144,083 |
Common Stock and Dividends (Tab
Common Stock and Dividends (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 2016 2015 2016 2015 Dividends declared $ 0.09 $ 0.08 $ 0.18 $ 0.16 Dividends paid $ 0.09 $ 0.08 $ 0.18 $ 0.16 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 (In thousands, except per share) 2016 2015 2016 2015 Net Income $ 10,562 $ 9,710 $ 19,221 $ 17,069 Average Common Shares: Basic (weighted-average outstanding shares) 11,422 11,352 11,405 11,316 Dilutive potential common shares from stock options 128 146 124 151 Diluted (weighted-average outstanding shares) 11,550 11,498 11,529 11,467 Basic earnings per share $ 0.93 $ 0.86 $ 1.69 $ 1.51 Diluted earnings per share $ 0.92 $ 0.84 $ 1.67 $ 1.49 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | At June 30, 2016 the following includes a summary of the unaudited financial information by reporting segment: Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Net Sales Industrial $ 117,146 $ 118,521 $ 240,424 $ 235,433 Agricultural 51,845 52,981 100,507 101,438 European 42,498 44,232 81,529 86,661 Consolidated $ 211,489 $ 215,734 $ 422,460 $ 423,532 Income from Operations Industrial $ 9,171 $ 10,100 $ 20,698 $ 19,437 Agricultural 6,048 3,722 8,807 4,514 European 2,822 2,613 4,825 4,612 Consolidated $ 18,041 $ 16,435 $ 34,330 $ 28,563 (in thousands) June 30, 2016 December 31, 2015 Goodwill Industrial $ 56,660 $ 56,293 Agricultural 3,548 2,984 European 15,711 16,232 Consolidated $ 75,919 $ 75,509 Total Identifiable Assets Industrial $ 370,278 $ 370,642 Agricultural 132,894 110,489 European 142,156 122,372 Consolidated $ 645,328 $ 603,503 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 (in thousands) Hourly Employees’ Pension Plan Employees’ Retirement Plan Total Service cost $ 4 $ 2 $ 6 Interest cost 200 444 644 Expected return on plan assets (324 ) (598 ) (922 ) Amortization of net loss 142 220 362 Net periodic benefit cost $ 22 $ 68 $ 90 Six Months Ended June 30, 2015 (in thousands) Hourly Employees’ Pension Plan Employees’ Retirement Plan Total Service cost $ 4 $ 2 $ 6 Interest cost 202 434 636 Expected return on plan assets (330 ) (614 ) (944 ) Amortization of net loss 124 200 324 Net periodic benefit cost $ — $ 22 $ 22 |
Accounts Receivable (Narrative)
Accounts Receivable (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Allowance for doubtful accounts | $ 3,550 | $ 3,484 |
Reserves for sales discounts | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Reserves for sales discounts on products shipped under promotional programs | $ 17,838 | $ 15,094 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Percentage of LIFO inventory | 47.00% | 45.00% |
Excess of current costs over stated LIFO value | $ 8,712 | $ 8,712 |
Inventory obsolescence reserves | $ 7,581 | $ 9,675 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory, Current) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 132,363 | $ 129,995 |
Work in process | 14,756 | 9,561 |
Raw materials | 12,721 | 11,202 |
Total inventory | $ 159,840 | $ 150,758 |
Rental Equipment (Details)
Rental Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||||
Accumulated depreciation | $ (110,321) | $ (110,321) | $ (107,094) | ||
Depreciation | 9,155 | $ 9,361 | |||
Rental Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Accumulated depreciation | (9,832) | (9,832) | $ (8,322) | ||
Depreciation | $ 1,699 | $ 1,918 | $ 3,443 | $ 3,664 |
Goodwill and Intangible Asset35
Goodwill and Intangible Assets (Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill [Roll Forward] | |
Balance at December 31, 2015 | $ 75,509 |
Goodwill acquired | 0 |
Translation adjustments | 410 |
Balance at June 30, 2016 | $ 75,919 |
Goodwill | Total assets | |
Goodwill [Roll Forward] | |
Percentage of total assets | 12.00% |
Goodwill and Intangible Asset36
Goodwill and Intangible Assets (Definite and Indefinite Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by Major Class [Line Items] | |||||
Definite: | $ 52,853 | $ 52,853 | $ 52,486 | ||
Less accumulated amortization | (6,629) | (6,629) | (5,036) | ||
Total net | 46,224 | 46,224 | 47,450 | ||
Total Intangible Assets | 51,724 | 51,724 | 52,950 | ||
Amortization of intangibles | 777 | $ 782 | 1,549 | $ 1,563 | |
Intangible assets, net | 51,724 | $ 51,724 | 52,950 | ||
Total assets | Indefinite-lived and Finite-Lived Intangible Assets | |||||
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by Major Class [Line Items] | |||||
Percentage of total assets | 8.00% | ||||
Trade names and trademarks | |||||
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by Major Class [Line Items] | |||||
Estimated Useful Lives | 25 years | ||||
Definite: | 21,962 | $ 21,962 | 21,878 | ||
Customer and dealer relationships | |||||
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by Major Class [Line Items] | |||||
Estimated Useful Lives | 14 years | ||||
Definite: | 28,970 | $ 28,970 | 28,715 | ||
Patents and drawings | |||||
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by Major Class [Line Items] | |||||
Estimated Useful Lives | 12 years | ||||
Definite: | 1,921 | $ 1,921 | 1,893 | ||
Trade names and trademarks | |||||
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by Major Class [Line Items] | |||||
Indefinite: | $ 5,500 | $ 5,500 | $ 5,500 |
Warranty (Details)
Warranty (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Product Warranty Liability [Line Items] | ||
Current liability warranty reserve balance | $ 5,133 | $ 5,566 |
Minimum | ||
Product Warranty Liability [Line Items] | ||
Warranty claim lag period | 90 days | |
Maximum | ||
Product Warranty Liability [Line Items] | ||
Warranty claim lag period | 6 months |
Debt (Schedule of Long Term Deb
Debt (Schedule of Long Term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Current Maturities: | $ 1,211 | $ 77 |
Long-term debt: | 164,003 | 144,006 |
Total debt | 165,214 | 144,083 |
Capital lease obligations | ||
Debt Instrument [Line Items] | ||
Current Maturities: | 9 | 17 |
Long-term debt: | 3 | 6 |
Other notes payable | ||
Debt Instrument [Line Items] | ||
Current Maturities: | 1,202 | 60 |
Bank revolving credit facility | ||
Debt Instrument [Line Items] | ||
Long-term debt: | $ 164,000 | $ 144,000 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Bank revolving credit facility | |
Debt Instrument [Line Items] | |
Available borrowings | $ 84,418 |
Standby Letters of Credit | |
Debt Instrument [Line Items] | |
Amount of capacity | $ 1,582 |
Common Stock and Dividends (Det
Common Stock and Dividends (Details) - $ / shares | Jul. 01, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Class of Stock [Line Items] | |||||
Dividends declared (in dollars per share) | $ 0.09000 | $ 0.08000 | $ 0.18000 | $ 0.16000 | |
Dividends paid (in dollars per share) | $ 0.09000 | $ 0.08000 | $ 0.18000 | $ 0.16000 | |
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Dividends declared (in dollars per share) | $ 0.09 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 439 | $ 290 | $ 724 | $ 466 |
Qualified Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of qualified stock options granted (in shares) | 21,000 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock awards granted (in shares) | 26,600 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 10,562 | $ 9,710 | $ 19,221 | $ 17,069 |
Average Common Shares: | ||||
Basic (weighted-average outstanding shares) | 11,422,000 | 11,352,000 | 11,405,000 | 11,316,000 |
Dilutive potential common shares from stock options, shares | 128,000 | 146,000 | 124,000 | 151,000 |
Diluted (weighted-average outstanding shares) | 11,550,000 | 11,498,000 | 11,529,000 | 11,467,000 |
Basic earnings per share (in dollars per share) | $ 0.93 | $ 0.86 | $ 1.69 | $ 1.51 |
Diluted earnings per share (in dollars per share) | $ 0.92 | $ 0.84 | $ 1.67 | $ 1.49 |
Stock options excluded from diluted earnings per share calculation because the effect would be anti-dilutive | 42,981 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Net Sales | $ 211,489 | $ 215,734 | $ 422,460 | $ 423,532 | |
Income from Operations | 18,041 | 16,435 | 34,330 | 28,563 | |
Goodwill | 75,919 | 75,919 | $ 75,509 | ||
Total Identifiable Assets | 645,328 | 645,328 | 603,503 | ||
Industrial | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 117,146 | 118,521 | 240,424 | 235,433 | |
Income from Operations | 9,171 | 10,100 | 20,698 | 19,437 | |
Goodwill | 56,660 | 56,660 | 56,293 | ||
Total Identifiable Assets | 370,278 | 370,278 | 370,642 | ||
Agricultural | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 51,845 | 52,981 | 100,507 | 101,438 | |
Income from Operations | 6,048 | 3,722 | 8,807 | 4,514 | |
Goodwill | 3,548 | 3,548 | 2,984 | ||
Total Identifiable Assets | 132,894 | 132,894 | 110,489 | ||
European | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 42,498 | 44,232 | 81,529 | 86,661 | |
Income from Operations | 2,822 | $ 2,613 | 4,825 | $ 4,612 | |
Goodwill | 15,711 | 15,711 | 16,232 | ||
Total Identifiable Assets | $ 142,156 | $ 142,156 | $ 122,372 |
Contingent Matters (Narrative)
Contingent Matters (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Deere and Company v Bush Hog LLC and Great Plains Manufacturing Inc | |
Loss Contingencies [Line Items] | |
Legal fees expensed | $ 2,100 |
Retirement Benefit Plans (Compo
Retirement Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 6 | $ 6 | ||
Interest cost | 644 | 636 | ||
Expected return on plan assets | (922) | (944) | ||
Amortization of net loss | 362 | 324 | ||
Net periodic benefit cost | $ 45 | $ 11 | 90 | 22 |
Hourly Employees’ Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4 | 4 | ||
Interest cost | 200 | 202 | ||
Expected return on plan assets | (324) | (330) | ||
Amortization of net loss | 142 | 124 | ||
Net periodic benefit cost | 22 | 0 | ||
Employees’ Retirement Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 2 | ||
Interest cost | 444 | 434 | ||
Expected return on plan assets | (598) | (614) | ||
Amortization of net loss | 220 | 200 | ||
Net periodic benefit cost | $ 68 | $ 22 |
Retirement Benefit Plans (Narra
Retirement Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension expense | $ 45 | $ 11 | $ 90 | $ 22 |
Supplemental Employee Retirement Plans, Defined Benefit | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension expense | $ 148 | $ 150 | $ 295 | $ 300 |
Supplemental Employee Retirement Plans, Defined Benefit | Minimum | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Retirement benefit percentage | 10.00% | |||
Supplemental Employee Retirement Plans, Defined Benefit | Maximum | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Retirement benefit percentage | 20.00% |