Alamo (ALG) 10-Q 31 Oct 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 26, 2018
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	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		11,735,274

Interim Condensed Consolidated

Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 48,880	$ 25,373
Accounts receivable, net	227,828	205,767
Inventories, net	184,018	155,568
Prepaid expenses	6,122	5,336
Income tax receivable	4,460	483
Total current assets	471,308	392,527
Rental equipment, net	40,461	28,493
Property, plant and equipment	214,175	202,293
Less: Accumulated depreciation	(130,606)	(125,629)
Property, plant and equipment, net	83,569	76,664
Goodwill	83,716	84,761
Intangible assets, net	49,763	52,872
Deferred income taxes	1,553	992
Other assets	4,403	3,362
Total assets	734,773	639,671
Current liabilities:
Trade accounts payable	71,944	55,825
Income taxes payable	0	5,002
Accrued liabilities	38,297	40,454
Current maturities of long-term debt and capital lease obligations	189	82
Total current liabilities	110,430	101,363
Long-term debt and capital lease obligations, net of current maturities	101,000	60,000
Long-term tax liability	7,347	12,316
Deferred pension liability	706	1,225
Other long-term liabilities	7,474	7,291
Deferred income taxes	10,924	8,368
Stockholders’ equity:
Common stock, $.10 par value, 20,000,000 shares authorized; 11,652,597 and 11,577,048 outstanding at September 30, 2018 and December 31, 2017, respectively	1,166	1,158
Additional paid-in-capital	107,737	103,864
Treasury stock, at cost; 42,600 shares at September 30, 2018 and December 31, 2017	(426)	(426)
Retained earnings	427,737	374,678
Accumulated other comprehensive loss	(39,322)	(30,166)
Total stockholders’ equity	496,892	449,108
Total liabilities and stockholders’ equity	$ 734,773	$ 639,671

Interim Condensed Consolidate_2

Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Stockholders' Equity:
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares outstanding	11,660,933	11,577,048
Treasury stock, shares	42,600	42,600

Interim Condensed Consolidate_3

Interim Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net sales:
Net sales	$ 257,572	$ 240,455	$ 752,784	$ 669,120
Cost of sales	190,800	175,516	559,301	495,338
Gross profit	66,772	64,939	193,483	173,782
Selling, general and administrative expenses	38,523	37,178	117,087	105,463
Income from operations	28,249	27,761	76,396	68,319
Interest expense	(1,399)	(1,414)	(4,233)	(4,241)
Interest income	100	100	309	257
Other income (expense)	(265)	(1,561)	(491)	(2,734)
Income before income taxes	26,685	24,886	71,981	61,601
Provision for income taxes	3,142	8,294	15,084	20,526
Net Income	$ 23,543	$ 16,592	$ 56,897	$ 41,075
Net income per common share:
Basic (in dollars per share)	$ 2.01	$ 1.43	$ 4.88	$ 3.56
Diluted (in dollars per share)	$ 2	$ 1.42	$ 4.84	$ 3.52
Average common shares:
Basic (in shares)	11,689	11,586	11,649	11,535
Diluted (in shares)	11,777	11,708	11,758	11,666
Dividends declared (in dollars per share)	$ 0.11	$ 0.10	$ 0.33	$ 0.30
Industrial
Net sales:
Net sales	$ 156,721	$ 132,388	$ 438,919	$ 375,546
Income from operations	18,351	14,941	46,316	38,563
Agricultural
Net sales:
Net sales	61,464	64,923	179,182	170,921
Income from operations	6,608	8,598	18,047	19,315
European
Net sales:
Net sales	39,387	43,144	134,683	122,653
Income from operations	$ 3,290	$ 4,222	$ 12,033	$ 10,441

Interim Condensed Consolidate_4

Interim Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net Income	$ 23,543	$ 16,592	$ 56,897	$ 41,075
Other comprehensive income:
Foreign currency translation adjustments	(924)	7,452	(9,657)	17,596
Net gain on pension and other postretirement benefits	211	218	634	652
Other comprehensive income before income tax expense	(713)	7,670	(9,023)	18,248
Income tax expense related to items of other comprehensive loss	(44)	(80)	(133)	(239)
Other comprehensive income	(757)	7,590	(9,156)	18,009
Comprehensive Income	$ 22,786	$ 24,182	$ 47,741	$ 59,084

Interim Condensed Consolidate_5

Interim Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Balance (shares) at Dec. 31, 2017		11,534
Balance at Dec. 31, 2017	$ 449,108	$ 1,158	$ 103,864	$ (426)	$ 374,678	$ (30,166)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56,897
Translation adjustment	(9,657)					(9,657)
Net actuarial gain arising during period, net of taxes	501					501
Stock-based compensation	1,810		1,810
Exercise of stock options (shares)		84
Exercise of stock options	2,071	$ 8	2,063
Dividends paid ($0.22 per share)	(3,838)				(3,838)
Balance (shares) at Sep. 30, 2018		11,618
Balance at Sep. 30, 2018	$ 496,892	$ 1,166	$ 107,737	$ (426)	$ 427,737	$ (39,322)

Interim Condensed Consolidate_6

Interim Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.11	$ 0.10	$ 0.33	$ 0.30

Interim Condensed Consolidate_7

Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities
Net income	$ 56,897	$ 41,075
Adjustment to reconcile net income to net cash (used in) provided by operating activities:
Provision for doubtful accounts	(132)	(2)
Depreciation - Property, plant and equipment	9,388	8,631
Depreciation - Rental equipment	4,790	4,253
Amortization of intangibles	2,630	2,445
Amortization of debt issuance costs	166	166
Stock-based compensation expense	1,810	1,254
Deferred income tax expense (benefit)	1,160	(74)
Gain on sale of property, plant and equipment	(298)	(312)
Changes in operating assets and liabilities:
Accounts receivable	(24,916)	(20,330)
Inventories	(31,521)	(4,075)
Rental equipment	(16,758)	(4,327)
Prepaid expenses and other assets	(1,887)	2,828
Trade accounts payable and accrued liabilities	15,797	10,811
Income taxes payable	(8,887)	(665)
Long-term tax liability	(4,969)	0
Other assets and long-term liabilities	317	204
Net cash (used in) provided by operating activities	3,587	41,882
Investing Activities
Payments to Acquire Businesses, Net of Cash Acquired	0	(38,523)
Purchase of property, plant and equipment	(18,781)	(9,686)
Proceeds from sale of property, plant and equipment	1,037	555
Net cash used in investing activities	(17,744)	(47,654)
Financing Activities
Borrowings on bank revolving credit facility	126,000	126,000
Repayments on bank revolving credit facility	(85,000)	(70,000)
Principal payments on long-term debt and capital leases	(82)	(17)
Dividends paid	(3,838)	(3,455)
Proceeds from sale of common stock	2,507	2,059
Redemptions of common stock to satisfy withholding taxes related to stock-based compensation	(436)	(166)
Net cash provided by financing activities	39,151	54,421
Effect of exchange rate changes on cash and cash equivalents	(1,487)	3,626
Cash and Cash Equivalents, Period Increase (Decrease), Total	23,507	52,275
Cash and cash equivalents at beginning of the period	25,373	16,793
Cash and cash equivalents at end of the period	48,880	69,068
Cash paid during the period for:
Interest	3,889	5,073
Income taxes	$ 26,568	$ 20,699

Basis of Financial Statement Pr

Basis of Financial Statement Presentation	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation General 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, 2018. The balance sheet at December 31, 2017 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, 2017 (the "2017 10-K"). Reclassifications Certain amounts reported for the three and nine months ended September 30, 2017 have been reclassified in order to conform to the 2018 presentation. Accounting Pronouncements Adopted on January 1, 2018 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 Accounting Standards Codification ("ASC") Topic 605. “Revenue Recognition,” and most industry-specific guidance. Effective January 1, 2018 the Company adopted the provisions of Topic 606 using the modified retrospective method of adoption. There was no impact to our financial position or results of operations as of and for the nine months ended September 30, 2018 as a result of adopting Topic 606. Therefore, there was no cumulative-effect adjustment to retained earnings as of January 1, 2018 for the impact of the adoption of Topic 606. See “Revenue Recognition” below for our accounting policy affected by our adoption of Topic 606. In March 2017, the FASB issued ASU No. 2017-07, “Compensation-Retirement Benefits (Topic 715),” which requires employers to report the service cost component of net periodic pension cost and net periodic postretirement benefit cost in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. It also requires the other components of net periodic pension cost and net periodic postretirement benefit cost (non-service cost components) to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This ASU is to be applied retrospectively for income statement items and prospectively for any capitalized benefit costs. The adoption of this ASU effective January 1, 2018 did not affect our financial position or results of operations. Accordingly, for the three months ended September 30, 2018 and 2017, we reclassified the non-service cost components out of selling, general and administrative expenses of $62,000 and $150,000 respectively, and into other income (expense), net . For the nine months ended September 30, 2018 and 2017 we reclassified the non-service cost components out of selling, general and administrative expenses of $187,000 and $450,000 respectively, and into other income (expense), net. Accounting Pronouncements Not Yet Adopted 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. Entities may elect the modified retrospective method of adoption or a cumulative transition adjustment on the effective date. The guidance will become effective for us on January 1, 2019 and we have not yet elected a transition method. We are evaluating the impacts that adoption of the ASU is expected to have on our consolidated financial statements and related disclosures. We anticipate this standard will have a material impact on our financial position by increasing our assets and liabilities by equal amounts through the recognition of right-of-use assets and lease liabilities for our operating leases. However, we do not expect adoption to have a material impact on our results of operations or liquidity. Additionally, we are evaluating the effect of the ASU on our internal control over financial reporting or other potential changes in business practices and processes including contract review and approval procedures. In February 2018, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” to allow reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act ("TCJA"). Upon adoption of the ASU, entities will be required to disclose a description of the accounting policy for releasing income tax effects from accumulated other comprehensive income. The standard is required to be adopted for periods beginning after December 15, 2018, with early adoption available for any set of financial statements that have yet to be issued or made available for issuance including retrospectively for any period in which the effect of the change is the U.S. corporate income tax rate in the TCJA is recognized. The Company has not yet determined the effect of the ASU. In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740)-Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118,” which amends certain SEC material in Topic 740 for the income tax accounting implications of the recently issued Tax Reform. This guidance clarifies the application of Topic 740 in situations where a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting under ASC Topic 740 for certain income tax effects of Tax Reform for the reporting period in which the Tax Reform was enacted. We are currently evaluating the effects of Tax Reform, and in the absence of clarifying guidance in the application of certain provisions of Tax Reform, we used reasonable estimates to determine our provisional tax amounts and are awaiting guidance for those items for which a reasonable estimate cannot be made. In August 2018, the FASB issued Accounting Statement Update (ASU) No. 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which modifies the disclosures requirements on fair value measurements. Among other things, the amendments add disclosures for changes in unrealized gains and losses on Level 3 fair value measurements and requires additional disclosures on unobservable inputs associated with Level 3 assets. The guidance will become effective for us on January 1, 2020. The impacts that adoption of the ASU is expected to have on our financial disclosures is being evaluated. In August 2018, the FASB issued Accounting Statement Update (ASU) No. 2018-14, “Compensation, Defined Benefit Plans,” which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The update removes certain disclosures that are no longer considered cost beneficial and adds disclosure requirements identified as relevant. The guidance will become effective for us on January 1, 2021 with early adoption permitted for any financial statements that have not been issued. The impacts that adoption of the ASU is expected to have on our financial disclosures is being evaluated.

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Revenue Recognition The following policy resulted from our adoption of the provisions of ASC Topic 606, “Revenue from Contracts with Customers,” effective January 1, 2018, as described above in “Accounting Pronouncements Adopted on January 1, 2018.” The majority of the Company's revenue is recognized from product sales under contracts with customers. The Company presents three reportable operating segments within its financial statements; Industrial, Agricultural and European. Contract terms and performance obligations within each contractual agreement are generally consistent for all three divisions with small differences that do not have a significant impact on the revenue recognition considerations under Topic 606. Revenues are recognized when we satisfy our performance obligation to transfer product to our customers, which typically occurs at a point in time upon shipment or delivery of the product, and for an amount that reflects the transaction price that is allocated to the performance obligation. Our contracts with customers state the final terms of sale, including the description, quantity and price for goods sold. In the normal course of business, we generally do not accept product returns. The transaction price is the consideration that we expect to be entitled to in exchange for our products. Some of our contracts contain variable consideration in the form of sales incentives to our customers, such as discounts and rebates. For contracts that include variable consideration, we estimate the factors that determine the variable consideration in order to establish the transaction price. We have elected that any taxes collected from customers and remitted to government authorities (i.e. sales tax, use tax, etc.) are excluded from the measurement of the transaction price and therefore are excluded from net sales in the consolidated statements of operations. There are instances where we provide shipping services in relation to the goods sold to our customers. Shipping and handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are included in cost of goods sold. We have elected to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities (i.e. an expense) rather than as a promised service.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Business Combinations	Business Combinations Santa Izabel Agro Industria Ltda. On June 6, 2017, the Company completed the acquisition of Santa Izabel Agro Industria Ltda. ("Santa Izabel"). Santa Izabel designs, manufactures and markets a variety of agricultural implements and trailers sold throughout Brazil. The primary reason for the Santa Izabel acquisition was to broaden the Company's presence in the manufacturing and distribution of agricultural machinery in Brazil. The acquisition price was approximately $10 million. Old Dominion Brush Company On June 26, 2017, the Company completed the acquisition of Old Dominion Brush Company, Inc. ("Old Dominion"). Old Dominion manufactures and sells replacement brooms for street sweepers and leaf vacuum equipment. The acquisition price was approximately $18 million. The primary reason for the Old Dominion acquisition was to increase the Company's presence in the sweeper market and broaden our product offerings. R.P.M. Tech Inc. On August 8, 2017, the Company completed the acquisition of R.P.M. Tech Inc. ("R.P.M."). R.P.M. manufactures and sells heavy duty snow removal equipment. The primary reason for the R.P.M acquisition was to strengthen the Company's offering in industrial snowblowers. The acquisition price was approximately $13 million. Consolidated Acquisitions The Company has included the operating results of Old Dominion, Santa Izabel, and R.P.M. in its consolidated financial statements since their acquisitions. The total purchase price has been allocated to assets acquired and liabilities assumed, including deferred taxes, based on their fair values as of the completion of the acquisitions. The following represents the final fair value of the assets acquired and liabilities assumed for all acquisitions as of the acquisition dates (in thousands): Cash $ 2,547 Accounts receivable 7,111 Inventory 15,387 Prepaid expenses 134 Property, plant & equipment 5,902 Intangible assets 5,855 Other assets 1,057 Other liabilities assumed (5,635) Net assets assumed $ 32,358 Goodwill 8,741 Acquisition Price $ 41,099

Accounts Receivable

Accounts Receivable	9 Months Ended
	Sep. 30, 2018
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable is shown net of sales discounts and the allowance for doubtful accounts.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories valued at LIFO cost represented 60% and 62% of total inventory at September 30, 2018 and December 31, 2017, respectively. The excess of current cost over LIFO valued inventories was approximately $7,919,000 at September 30, 2018 and December 31, 2017. 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 be based, to some extent, on management's estimates at each quarter end. Net inventories consist of the following: (in thousands) September 30, 2018 December 31, 2017 Finished goods $ 154,555 $ 133,161 Work in process 14,345 10,243 Raw materials 15,118 12,164 Total inventory $ 184,018 $ 155,568

Rental Equipment

Rental Equipment	9 Months Ended
	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Rental Equipment	Rental EquipmentRental equipment is shown net of accumulated depreciation of $11,247,000 and $9,413,000 at September 30, 2018 and December 31, 2017, respectively. The Company recognized depreciation expense of $1,808,000 and $1,449,000 for the three months ended September 30, 2018 and September 30, 2017, respectively and $4,790,000 and $4,253,000 for the nine months ended September 30, 2018 and September 30, 2017, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 and December 31, 2017, as the floating rates on our outstanding balances approximate current market rates. This conclusion was made based on Level 2 inputs.

Goodwill and Definite and Indef

Goodwill and Definite and Indefinite-lived Intangible Assets	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Definite- and Indefinite-lived Intangible Assets	Goodwill and Definite and Indefinite-lived Intangible Assets The following is the summary of changes to the Company's Goodwill for the nine months ended September 30, 2018: Industrial Agricultural European Consolidated (in thousands) Balance at December 31, 2017 $ 61,682 $ 6,357 $ 16,722 $ 84,761 Translation adjustment (220) (1,122) (561) (1,903) Goodwill adjustment 84 774 — 858 Balance at September 30, 2018 $ 61,546 $ 6,009 $ 16,161 $ 83,716 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 September 30, 2018 December 31, 2017 Definite: Trade names and trademarks 25 years $ 23,966 $ 24,276 Customer and dealer relationships 10-14 years 32,435 32,654 Patents and drawings 3-12 years 1,971 1,982 Total at cost 58,372 58,912 Less accumulated amortization (14,109) (11,540) Total net 44,263 47,372 Indefinite: Trade names and trademarks 5,500 5,500 Total Intangible Assets $ 49,763 $ 52,872 The Company recognized amortization expense of $874,000 and $891,000 for the three months ending September 30, 2018 and 2017, respectively, and $2,630,000 and $2,445,000 for the nine months ended September 30, 2018 and 2017, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt The components of long-term debt are as follows: September 30, 2018 December 31, 2017 Current Maturities: Other notes payable $ 189 $ 82 189 82 Long-term debt: Bank revolving credit facility 101,000 60,000 101,000 60,000 Total debt $ 101,189 $ 60,082

Common Stock and Dividends

Common Stock and Dividends	9 Months Ended
	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
Common Stock and Dividends	Common Stock and Dividends Dividends declared and paid on a per share basis were as follows: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Dividends declared $ 0.11 $ 0.10 $ 0.33 $ 0.30 Dividends paid $ 0.11 $ 0.10 $ 0.33 $ 0.30 On October 1, 2018, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.11 per share, which was paid on October 26, 2018, to shareholders of record at the close of business on October 15, 2018.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the reconciliation from basic to diluted average common shares and the calculations of net income per common share. Net income for basic and diluted calculations do not differ. Three Months Ended Nine Months Ended (In thousands, except per share) 2018 2017 2018 2017 Net Income $ 23,543 $ 16,592 $ 56,897 $ 41,075 Average Common Shares: Basic (weighted-average outstanding shares) 11,689 11,586 11,649 11,535 Dilutive potential common shares from stock options 88 122 109 131 Diluted (weighted-average outstanding shares) 11,777 11,708 11,758 11,666 Basic earnings per share $ 2.01 $ 1.43 $ 4.88 $ 3.56 Diluted earnings per share $ 2.00 $ 1.42 $ 4.84 $ 3.52

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Tax Reform On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act ("TCJA") that instituted fundamental changes to the U.S. Internal Revenue Code of 1986, as amended ("the Code"). We reflected an overall income tax liability for the year ended December 31, 2017 with respect to TCJA as a result of remeasuring our U.S. deferred tax assets and liabilities using the 21% rate and recognizing a one-time transition tax charge on the deemed repatriation of previously undistributed accumulated earnings and profits of our international subsidiaries. Due to the significant and complex changes to the Code from the TCJA, the SEC issued Staff Accounting Bulletin No. 118, "Income Tax Accounting Implications of the Tax Cuts and Jobs Act," (SAB 118). SAB 118 provides measurement period for up to one year for adjustments to be made to account for the effects of the TCJA. The Company reflected the income tax effects of those aspects of TCJA for which the accounting was complete. To the extent the Company’s accounting for certain income tax effects of TCJA was incomplete but the Company was able to determine a reasonable estimate, the Company recorded a provisional estimate in the financial statements. For those items where a reasonable estimate could not be made, a provisional amount was not recorded and the Company continued to apply the provisions of the tax laws that were in effect immediately before the enactment of TCJA. During the three months ended September 30, 2018, we revised our initial provisional amount recorded for the transitional tax on the deemed repatriation of the accumulated earnings and profits of our international subsidiaries and the impact of the federal tax rate change on the value of our deferred tax assets and liabilities. The transition tax liability on the deemed repatriation decreased $4.2 million, primarily as a result of additional analysis performed over our historical foreign earnings and foreign source income which provided increased ability to credit foreign taxes associated with the deemed repatriation. In addition, the impact of rate the change on deferred increased by $1.2 million due to adjustments resulting from the filing of our 2017 federal income tax return. We continue to gather additional information regarding the state impacts of repatriation and will finalize our calculation of the tax effects of the TCJA in the fourth quarter of 2018. In addition to the changes described above, TCJA imposes a U.S. tax on Global Intangible Low Taxed Income (“GILTI”) that is earned by certain foreign affiliates owned by a U.S. shareholder. The computation of GILTI is still subject to interpretation and additional clarifying guidance is expected, but is generally intended to impose tax on the earnings of a foreign corporation that are deemed to exceed a certain threshold return relative to the underlying business investment. We are still assessing impacts GILTI may have.

Revenue and Segment Information

Revenue and Segment Information	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Revenue and Segment Information	Revenue and Segment Information Revenues from Contracts with Customers Disaggregation of revenue is presented in the tables below by product type and by geographical location. Management has determined that this level of disaggregation would be beneficial to users of the financial statements. Revenue by Product Type Three Months Ended Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Net Sales Wholegoods $ 204,349 $ 187,696 $ 604,073 $ 528,807 Parts 47,911 48,302 135,153 128,927 Other 5,312 4,457 13,558 11,386 Consolidated $ 257,572 $ 240,455 $ 752,784 $ 669,120 Other includes rental sales, extended warranty sales and service sales as it is considered immaterial. Revenue by Geographical Location Three Months Ended Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Net Sales United States $ 188,037 $ 174,807 $ 536,505 $ 486,513 United Kingdom 15,141 13,319 41,003 35,745 France 17,048 21,660 66,321 62,563 Canada 15,167 13,064 44,819 35,242 Australia 2,023 2,203 7,550 10,093 Brazil 3,050 4,058 13,368 6,579 Other 17,106 11,344 43,218 32,385 Consolidated $ 257,572 $ 240,455 $ 752,784 $ 669,120 Net sales are attributed to countries based on the location of the customer. Segment Information The following includes a summary of the unaudited financial information by reporting segment at September 30, 2018: Three Months Ended Nine Months Ended (in thousands) 2018 2017 2018 2017 Net Sales Industrial $ 156,721 $ 132,388 $ 438,919 $ 375,546 Agricultural 61,464 64,923 179,182 170,921 European 39,387 43,144 134,683 122,653 Consolidated $ 257,572 $ 240,455 $ 752,784 $ 669,120 Income from Operations Industrial $ 18,351 $ 14,941 $ 46,316 $ 38,563 Agricultural 6,608 8,598 18,047 19,315 European 3,290 4,222 12,033 10,441 Consolidated $ 28,249 $ 27,761 $ 76,396 $ 68,319 (in thousands) September 30, 2018 December 31, 2017 Goodwill Industrial $ 61,546 $ 61,682 Agricultural 6,009 6,357 European 16,161 16,722 Consolidated $ 83,716 $ 84,761 Total Identifiable Assets Industrial $ 419,444 $ 369,271 Agricultural 167,851 141,023 European 147,478 129,377 Consolidated $ 734,773 $ 639,671

Contingent Matters

Contingent Matters	9 Months Ended
	Sep. 30, 2018
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.

Retirement Benefit Plans

Retirement Benefit Plans	9 Months Ended
	Sep. 30, 2018
Retirement Benefits [Abstract]
Retirement Benefit Plans	Retirement Benefit Plans Defined Benefit Plan The Company amortizes annual pension income or expense evenly over four quarters. Pension income was $87,000 and $2,000 for the three months ended September 30, 2018 and September 30, 2017, respectively. Pension income for the nine months ended September 30, 2018 was $260,000 and pension income for the nine months ended September 30, 2017 was $5,000. The Company is not required to contribute to the pension plans for the 2018 plan year but may do so. 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 key management to the plan. As of September 30, 2018, the current retirement benefit (as defined in the plan) for the participants ranges from 10% to 20%.

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
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, 2018.  The balance sheet at December 31, 2017 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, 2017 (the "2017 10-K").
New Accounting Pronouncements	Accounting Pronouncements Adopted on January 1, 2018 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 Accounting Standards Codification ("ASC") Topic 605. “Revenue Recognition,” and most industry-specific guidance. Effective January 1, 2018 the Company adopted the provisions of Topic 606 using the modified retrospective method of adoption. There was no impact to our financial position or results of operations as of and for the nine months ended September 30, 2018 as a result of adopting Topic 606. Therefore, there was no cumulative-effect adjustment to retained earnings as of January 1, 2018 for the impact of the adoption of Topic 606. See “Revenue Recognition” below for our accounting policy affected by our adoption of Topic 606. In March 2017, the FASB issued ASU No. 2017-07, “Compensation-Retirement Benefits (Topic 715),” which requires employers to report the service cost component of net periodic pension cost and net periodic postretirement benefit cost in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. It also requires the other components of net periodic pension cost and net periodic postretirement benefit cost (non-service cost components) to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This ASU is to be applied retrospectively for income statement items and prospectively for any capitalized benefit costs. The adoption of this ASU effective January 1, 2018 did not affect our financial position or results of operations. Accordingly, for the three months ended September 30, 2018 and 2017, we reclassified the non-service cost components out of selling, general and administrative expenses of $62,000 and $150,000 respectively, and into other income (expense), net . For the nine months ended September 30, 2018 and 2017 we reclassified the non-service cost components out of selling, general and administrative expenses of $187,000 and $450,000 respectively, and into other income (expense), net. Accounting Pronouncements Not Yet Adopted 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. Entities may elect the modified retrospective method of adoption or a cumulative transition adjustment on the effective date. The guidance will become effective for us on January 1, 2019 and we have not yet elected a transition method. We are evaluating the impacts that adoption of the ASU is expected to have on our consolidated financial statements and related disclosures. We anticipate this standard will have a material impact on our financial position by increasing our assets and liabilities by equal amounts through the recognition of right-of-use assets and lease liabilities for our operating leases. However, we do not expect adoption to have a material impact on our results of operations or liquidity. Additionally, we are evaluating the effect of the ASU on our internal control over financial reporting or other potential changes in business practices and processes including contract review and approval procedures. In February 2018, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” to allow reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act ("TCJA"). Upon adoption of the ASU, entities will be required to disclose a description of the accounting policy for releasing income tax effects from accumulated other comprehensive income. The standard is required to be adopted for periods beginning after December 15, 2018, with early adoption available for any set of financial statements that have yet to be issued or made available for issuance including retrospectively for any period in which the effect of the change is the U.S. corporate income tax rate in the TCJA is recognized. The Company has not yet determined the effect of the ASU. In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740)-Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118,” which amends certain SEC material in Topic 740 for the income tax accounting implications of the recently issued Tax Reform. This guidance clarifies the application of Topic 740 in situations where a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting under ASC Topic 740 for certain income tax effects of Tax Reform for the reporting period in which the Tax Reform was enacted. We are currently evaluating the effects of Tax Reform, and in the absence of clarifying guidance in the application of certain provisions of Tax Reform, we used reasonable estimates to determine our provisional tax amounts and are awaiting guidance for those items for which a reasonable estimate cannot be made. In August 2018, the FASB issued Accounting Statement Update (ASU) No. 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which modifies the disclosures requirements on fair value measurements. Among other things, the amendments add disclosures for changes in unrealized gains and losses on Level 3 fair value measurements and requires additional disclosures on unobservable inputs associated with Level 3 assets. The guidance will become effective for us on January 1, 2020. The impacts that adoption of the ASU is expected to have on our financial disclosures is being evaluated. In August 2018, the FASB issued Accounting Statement Update (ASU) No. 2018-14, “Compensation, Defined Benefit Plans,” which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The update removes certain disclosures that are no longer considered cost beneficial and adds disclosure requirements identified as relevant. The guidance will become effective for us on January 1, 2021 with early adoption permitted for any financial statements that have not been issued. The impacts that adoption of the ASU is expected to have on our financial disclosures is being evaluated.
Revenue Recognition	Revenue Recognition The following policy resulted from our adoption of the provisions of ASC Topic 606, “Revenue from Contracts with Customers,” effective January 1, 2018, as described above in “Accounting Pronouncements Adopted on January 1, 2018.” The majority of the Company's revenue is recognized from product sales under contracts with customers. The Company presents three reportable operating segments within its financial statements; Industrial, Agricultural and European. Contract terms and performance obligations within each contractual agreement are generally consistent for all three divisions with small differences that do not have a significant impact on the revenue recognition considerations under Topic 606. Revenues are recognized when we satisfy our performance obligation to transfer product to our customers, which typically occurs at a point in time upon shipment or delivery of the product, and for an amount that reflects the transaction price that is allocated to the performance obligation. Our contracts with customers state the final terms of sale, including the description, quantity and price for goods sold. In the normal course of business, we generally do not accept product returns. The transaction price is the consideration that we expect to be entitled to in exchange for our products. Some of our contracts contain variable consideration in the form of sales incentives to our customers, such as discounts and rebates. For contracts that include variable consideration, we estimate the factors that determine the variable consideration in order to establish the transaction price. We have elected that any taxes collected from customers and remitted to government authorities (i.e. sales tax, use tax, etc.) are excluded from the measurement of the transaction price and therefore are excluded from net sales in the consolidated statements of operations. There are instances where we provide shipping services in relation to the goods sold to our customers. Shipping and handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are included in cost of goods sold. We have elected to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities (i.e. an expense) rather than as a promised service.

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Estimated fair value of assets acquired and liabilities assumed as of the acquisition date	The following represents the final fair value of the assets acquired and liabilities assumed for all acquisitions as of the acquisition dates (in thousands): Cash $ 2,547 Accounts receivable 7,111 Inventory 15,387 Prepaid expenses 134 Property, plant & equipment 5,902 Intangible assets 5,855 Other assets 1,057 Other liabilities assumed (5,635) Net assets assumed $ 32,358 Goodwill 8,741 Acquisition Price $ 41,099

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Schedule of inventory	Net inventories consist of the following: (in thousands) September 30, 2018 December 31, 2017 Finished goods $ 154,555 $ 133,161 Work in process 14,345 10,243 Raw materials 15,118 12,164 Total inventory $ 184,018 $ 155,568

Goodwill and Definite and Ind_2

Goodwill and Definite and Indefinite-lived Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following is the summary of changes to the Company's Goodwill for the nine months ended September 30, 2018: Industrial Agricultural European Consolidated (in thousands) Balance at December 31, 2017 $ 61,682 $ 6,357 $ 16,722 $ 84,761 Translation adjustment (220) (1,122) (561) (1,903) Goodwill adjustment 84 774 — 858 Balance at September 30, 2018 $ 61,546 $ 6,009 $ 16,161 $ 83,716
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 September 30, 2018 December 31, 2017 Definite: Trade names and trademarks 25 years $ 23,966 $ 24,276 Customer and dealer relationships 10-14 years 32,435 32,654 Patents and drawings 3-12 years 1,971 1,982 Total at cost 58,372 58,912 Less accumulated amortization (14,109) (11,540) Total net 44,263 47,372 Indefinite: Trade names and trademarks 5,500 5,500 Total Intangible Assets $ 49,763 $ 52,872

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The components of long-term debt are as follows: September 30, 2018 December 31, 2017 Current Maturities: Other notes payable $ 189 $ 82 189 82 Long-term debt: Bank revolving credit facility 101,000 60,000 101,000 60,000 Total debt $ 101,189 $ 60,082

Common Stock and Dividends (Tab

Common Stock and Dividends (Tables)	9 Months Ended
	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
Schedule of Dividends Declared and Paid	Dividends declared and paid on a per share basis were as follows: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Dividends declared $ 0.11 $ 0.10 $ 0.33 $ 0.30 Dividends paid $ 0.11 $ 0.10 $ 0.33 $ 0.30

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Schedule of earnings per share	The following table sets forth the reconciliation from basic to diluted average common shares and the calculations of net income per common share. Net income for basic and diluted calculations do not differ. Three Months Ended Nine Months Ended (In thousands, except per share) 2018 2017 2018 2017 Net Income $ 23,543 $ 16,592 $ 56,897 $ 41,075 Average Common Shares: Basic (weighted-average outstanding shares) 11,689 11,586 11,649 11,535 Dilutive potential common shares from stock options 88 122 109 131 Diluted (weighted-average outstanding shares) 11,777 11,708 11,758 11,666 Basic earnings per share $ 2.01 $ 1.43 $ 4.88 $ 3.56 Diluted earnings per share $ 2.00 $ 1.42 $ 4.84 $ 3.52

Revenue and Segment Informati_2

Revenue and Segment Information (Tables)	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Disaggregation of Revenue	Disaggregation of revenue is presented in the tables below by product type and by geographical location. Management has determined that this level of disaggregation would be beneficial to users of the financial statements. Revenue by Product Type Three Months Ended Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Net Sales Wholegoods $ 204,349 $ 187,696 $ 604,073 $ 528,807 Parts 47,911 48,302 135,153 128,927 Other 5,312 4,457 13,558 11,386 Consolidated $ 257,572 $ 240,455 $ 752,784 $ 669,120 Other includes rental sales, extended warranty sales and service sales as it is considered immaterial. Revenue by Geographical Location Three Months Ended Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Net Sales United States $ 188,037 $ 174,807 $ 536,505 $ 486,513 United Kingdom 15,141 13,319 41,003 35,745 France 17,048 21,660 66,321 62,563 Canada 15,167 13,064 44,819 35,242 Australia 2,023 2,203 7,550 10,093 Brazil 3,050 4,058 13,368 6,579 Other 17,106 11,344 43,218 32,385 Consolidated $ 257,572 $ 240,455 $ 752,784 $ 669,120
Schedule of Segment Reporting by Segment	The following includes a summary of the unaudited financial information by reporting segment at September 30, 2018: Three Months Ended Nine Months Ended (in thousands) 2018 2017 2018 2017 Net Sales Industrial $ 156,721 $ 132,388 $ 438,919 $ 375,546 Agricultural 61,464 64,923 179,182 170,921 European 39,387 43,144 134,683 122,653 Consolidated $ 257,572 $ 240,455 $ 752,784 $ 669,120 Income from Operations Industrial $ 18,351 $ 14,941 $ 46,316 $ 38,563 Agricultural 6,608 8,598 18,047 19,315 European 3,290 4,222 12,033 10,441 Consolidated $ 28,249 $ 27,761 $ 76,396 $ 68,319 (in thousands) September 30, 2018 December 31, 2017 Goodwill Industrial $ 61,546 $ 61,682 Agricultural 6,009 6,357 European 16,161 16,722 Consolidated $ 83,716 $ 84,761 Total Identifiable Assets Industrial $ 419,444 $ 369,271 Agricultural 167,851 141,023 European 147,478 129,377 Consolidated $ 734,773 $ 639,671

Basis of Financial Statement _2

Basis of Financial Statement Presentation - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Selling, general and administrative expenses	$ (38,523,000)	$ (37,178,000)	$ (117,087,000)	$ (105,463,000)
Other income (expense)	265,000	1,561,000	491,000	2,734,000
Accounting Standards Update 2017-07 | Reclassification
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Selling, general and administrative expenses	62,000	150,000	187,000	450,000
Other income (expense)	$ 62,000	$ 150,000	$ 187,000	$ 450,000
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative adjustment to retained earnings					$ 0

Accounting Policies - Narrative

Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2018segment
Accounting Policies [Abstract]
Number of reportable operating segments	3

Business Combinations (Narrativ

Business Combinations (Narrative) (Details) - USD ($) $ in Millions	Aug. 08, 2017	Jun. 26, 2017	Jun. 06, 2017
Santa Izabel Agro Industria, LTDA
Business Acquisition [Line Items]
Acquisition price			$ 10
Old Dominion
Business Acquisition [Line Items]
Acquisition price		$ 18
R.P.M.
Business Acquisition [Line Items]
Acquisition price	$ 13

Business Combinations (Schedule

Business Combinations (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill	$ 83,716	$ 84,761
R.P.M.
Business Acquisition [Line Items]
Cash	2,547
Accounts receivable	7,111
Inventory	15,387
Prepaid expenses	134
Property, plant & equipment	5,902
Intangible assets	5,855
Other assets	1,057
Other liabilities assumed	(5,635)
Net assets assumed	32,358
Goodwill	8,741
Acquisition Price	$ 41,099

Accounts Receivable (Narrative)

Accounts Receivable (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Reserves for sales discounts
Valuation and Qualifying Accounts Disclosure [Line Items]
Reserves for sales discounts on products shipped under promotional programs	$ 17,091	$ 15,652

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Percentage of LIFO inventory	60.00%	62.00%
Excess of current costs over stated LIFO value	$ 7,919	$ 7,919
Inventory obsolescence reserves	$ 7,106	$ 6,932

Inventories (Schedule of Invent

Inventories (Schedule of Inventory, Current) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Finished goods	$ 154,555	$ 133,161
Work in process	14,345	10,243
Raw materials	15,118	12,164
Total inventory	$ 184,018	$ 155,568

Rental Equipment (Details)

Rental Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ 130,606		$ 130,606		$ 125,629
Depreciation - Property, plant and equipment			9,388	$ 8,631
Rental Equipment
Property, Plant and Equipment [Line Items]
Accumulated depreciation	11,247		11,247		$ 9,413
Depreciation - Property, plant and equipment	$ 1,808	$ 1,449	$ 4,790	$ 4,253

Goodwill and Definite and Ind_3

Goodwill and Definite and Indefinite-lived Intangible Assets (Goodwill) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2017	$ 84,761
Translation adjustment	(1,903)
Goodwill adjustment	858
Balance at September 30, 2018	83,716
Industrial
Goodwill [Roll Forward]
Balance at December 31, 2017	61,682
Translation adjustment	(220)
Goodwill adjustment	84
Balance at September 30, 2018	61,546
Agricultural
Goodwill [Roll Forward]
Balance at December 31, 2017	6,357
Translation adjustment	(1,122)
Goodwill adjustment	774
Balance at September 30, 2018	6,009
European
Goodwill [Roll Forward]
Balance at December 31, 2017	16,722
Translation adjustment	(561)
Goodwill adjustment	0
Balance at September 30, 2018	$ 16,161

Goodwill and Definite and Ind_4

Goodwill and Definite and Indefinite-lived Intangible Assets (Definite and Indefinite Lived Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items]
Definite intangible assets	$ 58,372		$ 58,372		$ 58,912
Less accumulated amortization	(14,109)		(14,109)		(11,540)
Total net	44,263		44,263		47,372
Intangible assets, net	49,763		49,763		52,872
Amortization of intangibles	874	$ 891	2,630	$ 2,445
Intangible assets, net	49,763		$ 49,763		52,872
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			7.00%
Trade names and trademarks
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items]
Indefinite intangible assets	5,500		$ 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 intangible assets	23,966		$ 23,966		24,276
Customer and dealer relationships
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items]
Definite intangible assets	32,435		$ 32,435		32,654
Customer and dealer relationships | Minimum
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items]
Estimated Useful Lives			10 years
Customer and dealer relationships | Maximum
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items]
Estimated Useful Lives			14 years
Patents and drawings
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items]
Definite intangible assets	$ 1,971		$ 1,971		$ 1,982
Patents and drawings | Minimum
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items]
Estimated Useful Lives			3 years
Patents and drawings | Maximum
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items]
Estimated Useful Lives			12 years

Debt (Schedule of Long Term Deb

Debt (Schedule of Long Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Current Maturities	$ 189	$ 82
Long-term debt	101,000	60,000
Total debt	101,189	60,082
Other notes payable
Debt Instrument [Line Items]
Current Maturities	189	82
Bank revolving credit facility
Debt Instrument [Line Items]
Long-term debt	$ 101,000	$ 60,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) $ in Thousands	Sep. 30, 2018USD ($)
Bank revolving credit facility
Debt Instrument [Line Items]
Available borrowings	$ 147,675
Standby letters of credit
Debt Instrument [Line Items]
Amount of capacity	$ 1,325

Common Stock and Dividends (Det

Common Stock and Dividends (Details) - $ / shares	Oct. 26, 2018	Oct. 01, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Class of Stock [Line Items]
Dividends declared (in dollars per share)			$ 0.11	$ 0.10	$ 0.33	$ 0.30
Dividends paid (in dollars per share)			$ 0.11	$ 0.10	$ 0.33	$ 0.30
Subsequent Event
Class of Stock [Line Items]
Dividends declared (in dollars per share)		$ 0.11
Dividends paid (in dollars per share)	$ 0.11

Earnings Per Share (Calculation

Earnings Per Share (Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Net income	$ 23,543	$ 16,592	$ 56,897	$ 41,075
Average Common Shares:
Basic (weighted-average outstanding shares)	11,689	11,586	11,649	11,535
Dilutive potential common shares from stock options (in shares)	88	122	109	131
Diluted (weighted-average outstanding shares)	11,777	11,708	11,758	11,666
Basic earnings per share (in dollars per share)	$ 2.01	$ 1.43	$ 4.88	$ 3.56
Diluted earnings per share (in dollars per share)	$ 2	$ 1.42	$ 4.84	$ 3.52

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended
	Sep. 30, 2018USD ($)
Income Tax Disclosure [Abstract]
Federal tax expense decrease, deemed repatriation	$ 4.2
Federal tax expense increase, impact of rate change on deferred	$ 1.2

Revenue and Segment Informati_3

Revenue and Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Net Sales	$ 257,572	$ 240,455	$ 752,784	$ 669,120
Wholegoods
Disaggregation of Revenue [Line Items]
Net Sales	204,349	187,696	604,073	528,807
Parts
Disaggregation of Revenue [Line Items]
Net Sales	47,911	48,302	135,153	128,927
Other
Disaggregation of Revenue [Line Items]
Net Sales	$ 5,312	$ 4,457	$ 13,558	$ 11,386

Revenue and Segment Informati_4

Revenue and Segment Information - Revenue by Geographical Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Net Sales	$ 257,572	$ 240,455	$ 752,784	$ 669,120
United States
Disaggregation of Revenue [Line Items]
Net Sales	188,037	174,807	536,505	486,513
United Kingdom
Disaggregation of Revenue [Line Items]
Net Sales	15,141	13,319	41,003	35,745
France
Disaggregation of Revenue [Line Items]
Net Sales	17,048	21,660	66,321	62,563
Canada
Disaggregation of Revenue [Line Items]
Net Sales	15,167	13,064	44,819	35,242
Australia
Disaggregation of Revenue [Line Items]
Net Sales	2,023	2,203	7,550	10,093
Brazil
Disaggregation of Revenue [Line Items]
Net Sales	3,050	4,058	13,368	6,579
Other
Disaggregation of Revenue [Line Items]
Net Sales	$ 17,106	$ 11,344	$ 43,218	$ 32,385

Revenue and Segment Informati_5

Revenue and Segment Information - Revenue, Income, Goodwill and Identifiable Assets by Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net Sales	$ 257,572	$ 240,455	$ 752,784	$ 669,120
Income from Operations	28,249	27,761	76,396	68,319
Goodwill	83,716		83,716		$ 84,761
Total Identifiable Assets	734,773		734,773		639,671
Industrial
Segment Reporting Information [Line Items]
Net Sales	156,721	132,388	438,919	375,546
Income from Operations	18,351	14,941	46,316	38,563
Goodwill	61,546		61,546		61,682
Total Identifiable Assets	419,444		419,444		369,271
Agricultural
Segment Reporting Information [Line Items]
Net Sales	61,464	64,923	179,182	170,921
Income from Operations	6,608	8,598	18,047	19,315
Goodwill	6,009		6,009		6,357
Total Identifiable Assets	167,851		167,851		141,023
European
Segment Reporting Information [Line Items]
Net Sales	39,387	43,144	134,683	122,653
Income from Operations	3,290	$ 4,222	12,033	$ 10,441
Goodwill	16,161		16,161		16,722
Total Identifiable Assets	$ 147,478		$ 147,478		$ 129,377

Retirement Benefit Plans (Narra

Retirement Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Defined Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension expense (income)	$ (87)	$ (2)	$ (260)	$ (5)
Supplemental Employee Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension expense (income)	$ 250	$ 202	$ 749	$ 606
Supplemental Employee Retirement Plan | Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Retirement benefit, percentage			10.00%
Supplemental Employee Retirement Plan | Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Retirement benefit, percentage			20.00%