Alamo (ALG) 10-Q 1 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 26, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	ALAMO GROUP INC
Entity Central Index Key	0000897077
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		11,751,974

Interim Condensed Consolidated

Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 39,023	$ 34,043
Accounts receivable, net	269,785	228,098
Inventories, net	211,355	176,630
Prepaid expenses and other current assets	6,906	5,327
Income tax receivable	4,918	8,745
Total current assets	531,987	452,843
Rental equipment, net	49,342	43,978
Property, plant and equipment	236,692	219,135
Less:  Accumulated depreciation	(134,955)	(131,905)
Total property, plant and equipment, net	101,737	87,230
Goodwill	88,821	83,243
Intangible assets, net	63,568	48,857
Deferred income taxes	1,893	1,783
Other non-current assets	14,905	3,699
Total assets	852,253	721,633
Current liabilities:
Trade accounts payable	70,251	54,083
Income taxes payable	2,019	2,865
Accrued liabilities	42,490	43,785
Current maturities of long-term debt and finance lease obligations	134	119
Total current liabilities	114,894	100,852
Long-term debt and finance lease obligations, net of current maturities	180,234	85,179
Long-term tax liability	6,378	6,120
Deferred pension liability	1,832	1,944
Other long-term liabilities	13,127	8,436
Deferred income taxes	14,304	11,731
Stockholders’ equity:
Common stock, $.10 Par Value, 20,000,000 shares authorized; 11,673,838 and 11,662,688 outstanding at March 31, 2019 and December 31, 2018, respectively	1,167	1,166
Additional paid-in-capital	109,285	108,422
Treasury stock, at cost, 57,600 and 42,600 shares at March 31, 2019 and December 31, 2018, respectively	(1,916)	(426)
Retained earnings	456,889	443,040
Accumulated other comprehensive loss	(43,941)	(44,831)
Total stockholders’ equity	521,484	507,371
Total liabilities and stockholders’ equity	$ 852,253	$ 721,633

Interim Condensed Consolidate_2

Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	11,673,838	11,662,688
Treasury stock, shares	57,600	42,600

Interim Condensed Consolidate_3

Interim Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net sales:
Total net sales	$ 261,934	$ 238,087
Cost of sales	198,626	177,830
Gross profit	63,308	60,257
Selling, general and administrative expenses	40,702	38,896
Income from operations	22,606	21,361
Interest expense	(1,450)	(1,337)
Interest income	173	100
Other expense, net	(389)	(134)
Income before income taxes	20,940	19,990
Provision for income taxes	5,687	5,407
Net Income	$ 15,253	$ 14,583
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 1.30	$ 1.26
Diluted (in dollars per share)	$ 1.30	$ 1.24
Average common shares:
Basic (in shares)	11,698	11,606
Diluted (in shares)	11,777	11,739
Dividends declared (in dollars per share)	$ 0.12	$ 0.11
Industrial
Net sales:
Total net sales	$ 158,425	$ 132,167
Income from operations	16,472	11,800
Agricultural
Net sales:
Total net sales	53,173	58,647
Income from operations	2,172	5,253
European
Net sales:
Total net sales	50,336	47,273
Income from operations	$ 3,962	$ 4,308

Interim Condensed Consolidate_4

Interim Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 15,253	$ 14,583
Other comprehensive income:
Foreign currency translation adjustments	720	3,117
Net gain on pension and other post-retirement benefits	215	195
Other comprehensive income before income tax expense	935	3,312
Income tax expense related to items of other comprehensive income	(45)	(69)
Other comprehensive income	890	3,243
Comprehensive income	$ 16,143	$ 17,826

Interim Condensed Consolidate_5

Interim Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	AdditionalPaid-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	14,583				14,583
Translation adjustment	3,117					3,117
Net actuarial gain arising during period, net of taxes	126					126
Stock-based compensation	458		458
Exercise of stock options (shares)		9
Exercise of stock options	266		266
Dividends paid ($0.12 per share)	(1,276)				(1,276)
Balance (shares) at Mar. 31, 2018		11,543
Balance at Mar. 31, 2018	466,382	$ 1,158	104,588	(426)	387,985	(26,923)
Balance (shares) at Dec. 31, 2018		11,620
Balance at Dec. 31, 2018	507,371	$ 1,166	108,422	(426)	443,040	(44,831)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,253				15,253
Translation adjustment	720					720
Net actuarial gain arising during period, net of taxes	170					170
Stock-based compensation	627		627
Common stock repurchase (in shares)		(15)
Common stock repurchase	(1,490)			(1,490)
Exercise of stock options (shares)		11
Exercise of stock options	237	$ 1	236
Dividends paid ($0.12 per share)	(1,404)				(1,404)
Balance (shares) at Mar. 31, 2019		11,616
Balance at Mar. 31, 2019	$ 521,484	$ 1,167	$ 109,285	$ (1,916)	$ 456,889	$ (43,941)

Interim Condensed Consolidate_6

Interim Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.12	$ 0.11

Interim Condensed Consolidate_7

Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Activities
Net income	$ 15,253	$ 14,583
Adjustment to reconcile net income to net cash used in operating activities:
Provision for doubtful accounts	(24)	(94)
Depreciation - Property, plant and equipment	3,338	3,135
Depreciation - Rental equipment	2,088	1,405
Amortization of intangibles	855	881
Amortization of debt issuance costs	55	55
Stock-based compensation expense	627	458
Provision for deferred income tax expense	1,865	930
Gain on sale of property, plant and equipment	(180)	(17)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(34,936)	(27,998)
Inventories	(17,098)	(12,291)
Rental equipment	(7,453)	(5,663)
Prepaid expenses and other assets	(1,472)	(1,765)
Trade accounts payable and accrued liabilities	1,563	(1,483)
Income taxes payable	2,925	(386)
Long-term tax payable	258	0
Other assets and long-term liabilities	(25)	104
Net cash used in operating activities	(32,361)	(28,146)
Investing Activities
Acquisitions, net of cash acquired	(50,477)	0
Purchase of property, plant and equipment	(5,284)	(7,645)
Proceeds from sale of property, plant and equipment	472	97
Net cash used in investing activities	(55,289)	(7,548)
Financing Activities
Borrowings on bank revolving credit facility	103,000	90,000
Repayments on bank revolving credit facility	(8,000)	(3,000)
Principal payments on finance leases	37	0
Dividends paid	(1,404)	(1,276)
Proceeds from exercise of stock options	237	266
Cost of common stock repurchased	(1,490)	0
Net cash provided by financing activities	92,306	85,990
Effect of exchange rate changes on cash and cash equivalents	324	181
Net change in cash and cash equivalents	4,980	50,477
Cash and cash equivalents at beginning of the year	34,043	25,373
Cash and cash equivalents at end of the period	39,023	75,850
Cash paid during the period for:
Interest	1,061	1,123
Income taxes	$ 2,814	$ 5,066

Basis of Financial Statement Pr

Basis of Financial Statement Presentation	3 Months Ended
	Mar. 31, 2019
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, 2019. The balance sheet at December 31, 2018 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, 2018 (the "2018 10-K"). Accounting Pronouncements Adopted on January 1, 2019 In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)." 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. The guidance became effective for us on January 1, 2019. As a lessee, this standard primarily impacted our accounting for long-term real estate and equipment leases, for which we recognized right-of-use assets of $7,747,000 and a corresponding lease liability of $7,868,000 on our consolidated balance sheet. As a lessee, this standard primarily impacted our accounting for long-term real estate and equipment leases, for which we recognized a right-of-use asset and a corresponding lease liability on our consolidated balance sheet. We adopted these provisions on January 1, 2019 using the optional transition method that permits us to apply the new disclosure requirements in 2019 and continue to present comparative period information as required under FASB ASC Topic 840, "Leases." We did not have a cumulative-effect adjustment to the opening balance of retained earnings at the date of adoption. We elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed us to not account for lease and non-lease components separately for most of our asset classes and to exclude leases with an initial term of 12 months or less from the right-of-use assets and liabilities. Adoption of the standards had no impact on results of operations or liquidity. 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 adoption of this ASU did not have a material impact on the Company's consolidated financial statements. Accounting Pronouncements Not Yet Adopted 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	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Leases The following policy resulted from our adoption of the provisions of ASC Topic 842, “Leases,” effective January 1, 2019, as described above in “Accounting Pronouncements Adopted on January 1, 2019.” If we determine that an arrangement is or contains a lease, we recognize a right-of-use (ROU) asset and lease liability at the commencement date of the lease. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have elected to not account for the lease and non-lease components separately for most of our asset classes with the exception of real-estate. We have also elected to exclude all lease agreements with an initial term of 12 months or less from the lease recognition requirements.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Business Combinations	Business Combinations On March 4, 2019, the Company acquired 100 percent of the issued and outstanding equity interests of Dutch Power Company B.V. ("Dutch Power"). Dutch Power designs, manufactures and sells a variety of landscape and vegetation management machines primarily in Europe. The primary reason for the Dutch Power acquisition was to enhance the Company's platform for growth by increasing both the Company's product portfolio and capabilities in the European market. The acquisition price was approximately $53 million and has not yet been finalized. The Company has included the operating results of Dutch Power in its consolidated financial statements since the acquisition. Certain estimated values are not yet finalized and are subject to change. The Company will finalize the amounts once the necessary information is obtained and the analysis is complete. The following are the estimated fair value of the assets acquired and liabilities assumed as of the acquisition date (in thousands): Cash $ 87 Accounts receivable 6,278 Inventory 17,498 Prepaid and other assets 3,564 Property, plant and equipment 12,828 Intangible assets 15,787 Other liabilities assumed (9,082) Net assets assumed $ 46,960 Goodwill 5,651 Acquisition Price $ 52,611

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable is shown net of sales discounts and the allowance for doubtful accounts.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories valued at LIFO cost represented 54% and 60% of total inventory at March 31, 2019 and December 31, 2018, respectively. The excess of current cost over LIFO valued inventories was approximately $10,646,000 at March 31, 2019 and December 31, 2018. 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) March 31, 2019 December 31, 2018 Finished goods $ 178,413 $ 149,298 Work in process 17,675 12,732 Raw materials 15,267 14,600 Inventories, net $ 211,355 $ 176,630

Rental Equipment

Rental Equipment	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Rental Equipment	Rental EquipmentRental equipment is shown net of accumulated depreciation of $12,463,000 and $11,145,000 at March 31, 2019 and December 31, 2018, respectively. The Company recognized depreciation expense of $2,088,000 and $1,405,000 for the three months ended March 31, 2019 and March 31, 2018, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018, 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	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019: Industrial Agricultural European Consolidated (in thousands) Balance at December 31, 2018 $ 61,107 $ 6,230 $ 15,906 $ 83,243 Translation adjustment 170 (53) (190) (73) Goodwill acquired — — 5,651 5,651 Balance at March 31, 2019 $ 61,277 $ 6,177 $ 21,367 $ 88,821 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 March 31, 2019 December 31, 2018 Definite: Trade names and trademarks 25 years $ 32,940 $ 23,938 Customer and dealer relationships 10-14 years 34,354 32,260 Patents and drawings 3-12 years 6,562 2,061 Total at cost 73,856 58,259 Less accumulated amortization (15,788) (14,902) Total net 58,068 43,357 Indefinite: Trade names and trademarks 5,500 5,500 Total Intangible Assets $ 63,568 $ 48,857 The Company recognized amortization expense of $855,000 and $881,000 for the three months ending March 31, 2019 and 2018, respectively,.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt The components of long-term debt are as follows: March 31, 2019 December 31, 2018 Current Maturities: Finance lease obligations $ 134 $ 119 134 119 Long-term debt: Bank revolving credit facility 180,000 85,000 Finance lease obligations 234 179 180,234 85,179 Total debt $ 180,368 $ 85,298

Common Stock and Dividends

Common Stock and Dividends	3 Months Ended
	Mar. 31, 2019
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 2019 2018 Dividends declared $ 0.12 $ 0.11 Dividends paid $ 0.12 $ 0.11 On April 2, 2019, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per share, which was paid on April 29, 2019, to shareholders of record at the close of business on April 16, 2019.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
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 (In thousands, except per share) 2019 2018 Net Income $ 15,253 $ 14,583 Average Common Shares: Basic (weighted-average outstanding shares) 11,698 11,606 Dilutive potential common shares from stock options 79 133 Diluted (weighted-average outstanding shares) 11,777 11,739 Basic earnings per share $ 1.30 $ 1.26 Diluted earnings per share $ 1.30 $ 1.24

Revenue and Segment Information

Revenue and Segment Information	3 Months Ended
	Mar. 31, 2019
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 (in thousands) 2019 2018 Net Sales Wholegoods $ 207,771 $ 187,929 Parts 48,255 46,433 Other 5,908 3,725 Consolidated $ 261,934 $ 238,087 Other includes rental sales, extended warranty sales and service sales as it is considered immaterial. Revenue by Geographical Location Three Months Ended (in thousands) 2019 2018 Net Sales United States $ 185,313 $ 165,177 France 25,935 24,927 Canada 13,944 14,234 United Kingdom 13,798 13,443 Brazil 4,273 5,460 Netherlands 2,674 1,289 Australia 2,496 2,382 Chile 2,195 1,120 Other 11,306 10,055 Consolidated $ 261,934 $ 238,087 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 March 31, 2019: Three Months Ended (in thousands) 2019 2018 Net Sales Industrial $ 158,425 $ 132,167 Agricultural 53,173 58,647 European 50,336 47,273 Consolidated $ 261,934 $ 238,087 Income from Operations Industrial $ 16,472 $ 11,800 Agricultural 2,172 5,253 European 3,962 4,308 Consolidated $ 22,606 $ 21,361 (in thousands) March 31, 2019 December 31, 2018 Goodwill Industrial $ 61,277 $ 61,107 Agricultural 6,177 6,230 European 21,367 15,906 Consolidated $ 88,821 $ 83,243 Total Identifiable Assets Industrial $ 451,549 $ 421,539 Agricultural 184,495 162,548 European 216,209 137,546 Consolidated $ 852,253 $ 721,633

Contingent Matters

Contingent Matters	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingent Matters	Contingent Matters The Company is subject to various legal actions which have arisen in the ordinary course of its business. The most prevalent of such actions relate to product liability, which is generally covered by insurance after various self-insured retention amounts. While amounts claimed might be substantial and the ultimate liability with respect to such litigation cannot be determined at this time, the Company believes that the ultimate outcome of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations; however, the ultimate resolution cannot be determined at this time. 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.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Commitments and Contingencies	The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. As of March 31, 2019, the components of lease cost were as follows: Components of Lease Cost Three Months Ended (in thousands) 2019 Finance lease cost: Amortization of right-of-use assets $ 31 Interest on lease liabilities 2 Operating lease cost 1,024 Short-term lease cost 52 Variable lease cost 105 Total lease cost $ 1,214 Rent expense for March 31, 2018 was immaterial. Maturities of lease liabilities were as follows: Future Minimum Lease Payments March 31, 2019 December 31, 2018 (in thousands) Operating Leases Finance Leases Operating Leases Capital Leases 2019 $ 3,494 $ 144 $ 3,310 $ 125 2020 2,408 101 2,453 97 2021 1,221 74 1,308 62 2022 758 31 743 24 2023 361 17 419 1 Thereafter 29 26 79 — Total minimum lease payments $ 8,271 $ 393 $ 8,312 $ 309 Less imputed interest (385) (25) — (11) Total lease liabilities $ 7,886 $ 368 $ 8,312 $ 298
Commitments and Contingencies	The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. As of March 31, 2019, the components of lease cost were as follows: Components of Lease Cost Three Months Ended (in thousands) 2019 Finance lease cost: Amortization of right-of-use assets $ 31 Interest on lease liabilities 2 Operating lease cost 1,024 Short-term lease cost 52 Variable lease cost 105 Total lease cost $ 1,214 Rent expense for March 31, 2018 was immaterial. Maturities of lease liabilities were as follows: Future Minimum Lease Payments March 31, 2019 December 31, 2018 (in thousands) Operating Leases Finance Leases Operating Leases Capital Leases 2019 $ 3,494 $ 144 $ 3,310 $ 125 2020 2,408 101 2,453 97 2021 1,221 74 1,308 62 2022 758 31 743 24 2023 361 17 419 1 Thereafter 29 26 79 — Total minimum lease payments $ 8,271 $ 393 $ 8,312 $ 309 Less imputed interest (385) (25) — (11) Total lease liabilities $ 7,886 $ 368 $ 8,312 $ 298

Retirement Benefit Plans

Retirement Benefit Plans	3 Months Ended
	Mar. 31, 2019
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 expense was $23,000 and pension income was $87,000 for the three months ended March 31, 2019 and March 31, 2018, respectively. The Company is not required to contribute to the pension plans for the 2019 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 March 31, 2019, the current retirement benefit (as defined in the plan) for the participants ranges from 10% to 20%.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
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, 2019.  The balance sheet at December 31, 2018 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, 2018 (the "2018 10-K").
Accounting Pronouncements Adopted and Not Yet Adopted	Accounting Pronouncements Adopted on January 1, 2019 In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)." 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. The guidance became effective for us on January 1, 2019. As a lessee, this standard primarily impacted our accounting for long-term real estate and equipment leases, for which we recognized right-of-use assets of $7,747,000 and a corresponding lease liability of $7,868,000 on our consolidated balance sheet. As a lessee, this standard primarily impacted our accounting for long-term real estate and equipment leases, for which we recognized a right-of-use asset and a corresponding lease liability on our consolidated balance sheet. We adopted these provisions on January 1, 2019 using the optional transition method that permits us to apply the new disclosure requirements in 2019 and continue to present comparative period information as required under FASB ASC Topic 840, "Leases." We did not have a cumulative-effect adjustment to the opening balance of retained earnings at the date of adoption. We elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed us to not account for lease and non-lease components separately for most of our asset classes and to exclude leases with an initial term of 12 months or less from the right-of-use assets and liabilities. Adoption of the standards had no impact on results of operations or liquidity. 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 adoption of this ASU did not have a material impact on the Company's consolidated financial statements. Accounting Pronouncements Not Yet Adopted 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.
Leases	The following policy resulted from our adoption of the provisions of ASC Topic 842, “Leases,” effective January 1, 2019, as described above in “Accounting Pronouncements Adopted on January 1, 2019.” If we determine that an arrangement is or contains a lease, we recognize a right-of-use (ROU) asset and lease liability at the commencement date of the lease. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have elected to not account for the lease and non-lease components separately for most of our asset classes with the exception of real-estate. We have also elected to exclude all lease agreements with an initial term of 12 months or less from the lease recognition requirements.

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Estimated fair value of assets acquired and liabilities assumed as of the acquisition date	Cash $ 87 Accounts receivable 6,278 Inventory 17,498 Prepaid and other assets 3,564 Property, plant and equipment 12,828 Intangible assets 15,787 Other liabilities assumed (9,082) Net assets assumed $ 46,960 Goodwill 5,651 Acquisition Price $ 52,611

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Schedule of inventory	Net inventories consist of the following: (in thousands) March 31, 2019 December 31, 2018 Finished goods $ 178,413 $ 149,298 Work in process 17,675 12,732 Raw materials 15,267 14,600 Inventories, net $ 211,355 $ 176,630

Goodwill and Definite and Ind_2

Goodwill and Definite and Indefinite-lived Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following is the summary of changes to the Company's Goodwill for the three months ended March 31, 2019: Industrial Agricultural European Consolidated (in thousands) Balance at December 31, 2018 $ 61,107 $ 6,230 $ 15,906 $ 83,243 Translation adjustment 170 (53) (190) (73) Goodwill acquired — — 5,651 5,651 Balance at March 31, 2019 $ 61,277 $ 6,177 $ 21,367 $ 88,821
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 March 31, 2019 December 31, 2018 Definite: Trade names and trademarks 25 years $ 32,940 $ 23,938 Customer and dealer relationships 10-14 years 34,354 32,260 Patents and drawings 3-12 years 6,562 2,061 Total at cost 73,856 58,259 Less accumulated amortization (15,788) (14,902) Total net 58,068 43,357 Indefinite: Trade names and trademarks 5,500 5,500 Total Intangible Assets $ 63,568 $ 48,857

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The components of long-term debt are as follows: March 31, 2019 December 31, 2018 Current Maturities: Finance lease obligations $ 134 $ 119 134 119 Long-term debt: Bank revolving credit facility 180,000 85,000 Finance lease obligations 234 179 180,234 85,179 Total debt $ 180,368 $ 85,298

Common Stock and Dividends (Tab

Common Stock and Dividends (Tables)	3 Months Ended
	Mar. 31, 2019
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 2019 2018 Dividends declared $ 0.12 $ 0.11 Dividends paid $ 0.12 $ 0.11

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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 (In thousands, except per share) 2019 2018 Net Income $ 15,253 $ 14,583 Average Common Shares: Basic (weighted-average outstanding shares) 11,698 11,606 Dilutive potential common shares from stock options 79 133 Diluted (weighted-average outstanding shares) 11,777 11,739 Basic earnings per share $ 1.30 $ 1.26 Diluted earnings per share $ 1.30 $ 1.24

Revenue and Segment Informati_2

Revenue and Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
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 (in thousands) 2019 2018 Net Sales Wholegoods $ 207,771 $ 187,929 Parts 48,255 46,433 Other 5,908 3,725 Consolidated $ 261,934 $ 238,087 Other includes rental sales, extended warranty sales and service sales as it is considered immaterial. Revenue by Geographical Location Three Months Ended (in thousands) 2019 2018 Net Sales United States $ 185,313 $ 165,177 France 25,935 24,927 Canada 13,944 14,234 United Kingdom 13,798 13,443 Brazil 4,273 5,460 Netherlands 2,674 1,289 Australia 2,496 2,382 Chile 2,195 1,120 Other 11,306 10,055 Consolidated $ 261,934 $ 238,087
Schedule of Segment Reporting by Segment	The following includes a summary of the unaudited financial information by reporting segment at March 31, 2019: Three Months Ended (in thousands) 2019 2018 Net Sales Industrial $ 158,425 $ 132,167 Agricultural 53,173 58,647 European 50,336 47,273 Consolidated $ 261,934 $ 238,087 Income from Operations Industrial $ 16,472 $ 11,800 Agricultural 2,172 5,253 European 3,962 4,308 Consolidated $ 22,606 $ 21,361 (in thousands) March 31, 2019 December 31, 2018 Goodwill Industrial $ 61,277 $ 61,107 Agricultural 6,177 6,230 European 21,367 15,906 Consolidated $ 88,821 $ 83,243 Total Identifiable Assets Industrial $ 451,549 $ 421,539 Agricultural 184,495 162,548 European 216,209 137,546 Consolidated $ 852,253 $ 721,633

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Components of Lease Expense	As of March 31, 2019, the components of lease cost were as follows: Components of Lease Cost Three Months Ended (in thousands) 2019 Finance lease cost: Amortization of right-of-use assets $ 31 Interest on lease liabilities 2 Operating lease cost 1,024 Short-term lease cost 52 Variable lease cost 105 Total lease cost $ 1,214
Finance Lease Maturity	Maturities of lease liabilities were as follows: Future Minimum Lease Payments March 31, 2019 December 31, 2018 (in thousands) Operating Leases Finance Leases Operating Leases Capital Leases 2019 $ 3,494 $ 144 $ 3,310 $ 125 2020 2,408 101 2,453 97 2021 1,221 74 1,308 62 2022 758 31 743 24 2023 361 17 419 1 Thereafter 29 26 79 — Total minimum lease payments $ 8,271 $ 393 $ 8,312 $ 309 Less imputed interest (385) (25) — (11) Total lease liabilities $ 7,886 $ 368 $ 8,312 $ 298
Operating Lease Maturity	Maturities of lease liabilities were as follows: Future Minimum Lease Payments March 31, 2019 December 31, 2018 (in thousands) Operating Leases Finance Leases Operating Leases Capital Leases 2019 $ 3,494 $ 144 $ 3,310 $ 125 2020 2,408 101 2,453 97 2021 1,221 74 1,308 62 2022 758 31 743 24 2023 361 17 419 1 Thereafter 29 26 79 — Total minimum lease payments $ 8,271 $ 393 $ 8,312 $ 309 Less imputed interest (385) (25) — (11) Total lease liabilities $ 7,886 $ 368 $ 8,312 $ 298
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases was as follows: Operating Leases Three Months Ended (in thousands) 2019 Other non-current assets $ 7,777 Accrued liabilities 3,300 Other long-term liabilities 4,586 Total operating lease liabilities $ 7,886 Finance Leases Three Months Ended (in thousands) 2019 Property, plant and equipment, gross $ 627 Accumulated Depreciation (270) Property, plant and equipment, net $ 357 Current maturities of long-term debt and finance lease obligations $ 134 Long-term debt and finance lease obligations, net of current maturities 234 Total finance lease liabilities $ 368 Weighted Average Remaining Lease Term Operating leases 2.86 years Finance leases 3.73 years Weighted Average Discount Rate Operating leases 3.18 % Finance leases 3.31 %
Supplemental Cash Flow Information Related to Leases	Supplemental Cash Flow information related to leases was as follows: Three Months Ended (in thousands) 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 3 Operating cash flows from operating leases 982 Financing cash flows from finance leases 37

Basis of Financial Statement _2

Basis of Financial Statement Presentation (Details) $ in Thousands	Jan. 01, 2019USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Right-of-use asset recognized	$ 7,747
Lease liability recognized	$ 7,868

Business Combinations - Additio

Business Combinations - Additional Information (Details) - Dutch Power $ in Millions	Mar. 04, 2019USD ($)
Business Acquisition [Line Items]
Percentage of interests acquired	100.00%
Acquisition price	$ 53

Business Combinations - Schedul

Business Combinations - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 04, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 88,821		$ 83,243
Dutch Power
Business Acquisition [Line Items]
Cash		$ 87
Accounts receivable		6,278
Inventory		17,498
Prepaid and other assets		3,564
Property, plant and equipment		12,828
Intangible assets		15,787
Other liabilities assumed		(9,082)
Net assets assumed		46,960
Goodwill		5,651
Acquisition Price		$ 52,611

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Reserves for sales discounts
Valuation and Qualifying Accounts Disclosure [Line Items]
Reserves for sales discounts on products shipped under promotional programs	$ 20,741	$ 18,123

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Percentage of LIFO inventory	54.00%	60.00%
Excess of current costs over stated LIFO value	$ 10,646	$ 10,646
Inventory obsolescence reserves	$ 7,162	$ 7,194

Inventories - Schedule of Inven

Inventories - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 178,413	$ 149,298
Work in process	17,675	12,732
Raw materials	15,267	14,600
Inventories, net	$ 211,355	$ 176,630

Rental Equipment (Details)

Rental Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ 134,955		$ 131,905
Depreciation - Property, plant and equipment	3,338	$ 3,135
Rental Equipment
Property, Plant and Equipment [Line Items]
Accumulated depreciation	12,463		$ 11,145
Depreciation - Property, plant and equipment	$ 2,088	$ 1,405

Goodwill and Definite and Ind_3

Goodwill and Definite and Indefinite-lived Intangible Assets - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 83,243
Translation adjustment	(73)
Goodwill acquired	5,651
Ending Balance	88,821
Industrial
Goodwill [Roll Forward]
Beginning balance	61,107
Translation adjustment	170
Goodwill acquired	0
Ending Balance	61,277
Agricultural
Goodwill [Roll Forward]
Beginning balance	6,230
Translation adjustment	(53)
Goodwill acquired	0
Ending Balance	6,177
European
Goodwill [Roll Forward]
Beginning balance	15,906
Translation adjustment	(190)
Goodwill acquired	5,651
Ending Balance	$ 21,367

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
	Mar. 31, 2019	Dec. 31, 2018
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items]
Finite-lived intangible assets	$ 73,856	$ 58,259
Less accumulated amortization	(15,788)	(14,902)
Total net	58,068	43,357
Total Intangible Assets	63,568	48,857
Trade names and trademarks
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items]
Indefinite-lived intangible assets	$ 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
Finite-lived intangible assets	$ 32,940	23,938
Customer and dealer relationships
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items]
Finite-lived intangible assets	$ 34,354	32,260
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]
Finite-lived intangible assets	$ 6,562	$ 2,061
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

Goodwill and Definite and Ind_5

Goodwill and Definite and Indefinite-lived Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	$ 855	$ 881
Intangible assets, net	$ 63,568		$ 48,857
Indefinite-lived and Finite-Lived Intangible Assets | Total assets
Finite-Lived Intangible Assets [Line Items]
Percentage of total assets	7.00%

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Finance lease obligations	$ 134
Finance Lease Obligations		$ 119
Current Maturities	134	119
Bank revolving credit facility	180,000	85,000
Finance lease obligations	234
Finance Lease Obligations		179
Long-term debt	180,234	85,179
Total debt	$ 180,368	$ 85,298
Entity Small Business	false

Debt - Additional Information (

Debt - Additional Information (Details) $ in Thousands	Mar. 31, 2019USD ($)
Standby letters of credit
Debt Instrument [Line Items]
Amount of capacity	$ 3,188
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Available borrowings	$ 66,812

Common Stock and Dividends - Di

Common Stock and Dividends - Dividend Declared and Paid (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Dividends paid (in dollars per share)	$ 0.12	$ 0.11
Dividends declared (in dollars per share)	$ 0.12	$ 0.11

Common Stock and Dividends - Ad

Common Stock and Dividends - Additional Information (Details) - $ / shares	Apr. 29, 2019	Apr. 02, 2019	Mar. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Dividends declared (in dollars per share)			$ 0.12	$ 0.11
Dividends paid (in dollars per share)			$ 0.12	$ 0.11
Subsequent Event
Class of Stock [Line Items]
Dividends declared (in dollars per share)		$ 0.12
Dividends paid (in dollars per share)	$ 0.12

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income	$ 15,253	$ 14,583
Average Common Shares:
Basic (weighted-average outstanding shares)	11,698	11,606
Dilutive potential common shares from stock options	79	133
Diluted (weighted-average outstanding shares)	11,777	11,739
Basic earnings per share (in dollars per share)	$ 1.30	$ 1.26
Diluted earnings per share (in dollars per share)	$ 1.30	$ 1.24

Revenue and Segment Informati_3

Revenue and Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Net Sales	$ 261,934	$ 238,087
Wholegoods
Disaggregation of Revenue [Line Items]
Net Sales	207,771	187,929
Parts
Disaggregation of Revenue [Line Items]
Net Sales	48,255	46,433
Other
Disaggregation of Revenue [Line Items]
Net Sales	$ 5,908	$ 3,725

Revenue and Segment Informati_4

Revenue and Segment Information - Revenue by Geographical Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Net Sales	$ 261,934	$ 238,087
United States
Disaggregation of Revenue [Line Items]
Net Sales	185,313	165,177
United Kingdom
Disaggregation of Revenue [Line Items]
Net Sales	13,798	13,443
France
Disaggregation of Revenue [Line Items]
Net Sales	25,935	24,927
Canada
Disaggregation of Revenue [Line Items]
Net Sales	13,944	14,234
Australia
Disaggregation of Revenue [Line Items]
Net Sales	2,496	2,382
Brazil
Disaggregation of Revenue [Line Items]
Net Sales	4,273	5,460
Chile
Disaggregation of Revenue [Line Items]
Net Sales	2,195	1,120
Netherlands
Disaggregation of Revenue [Line Items]
Net Sales	2,674	1,289
Other
Disaggregation of Revenue [Line Items]
Net Sales	$ 11,306	$ 10,055

Revenue and Segment Informati_5

Revenue and Segment Information - Revenue, Income, Goodwill and Identifiable Assets by Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net Sales	$ 261,934	$ 238,087
Income from Operations	22,606	21,361
Goodwill	88,821		$ 83,243
Total Identifiable Assets	852,253		721,633
Industrial
Segment Reporting Information [Line Items]
Net Sales	158,425	132,167
Income from Operations	16,472	11,800
Goodwill	61,277		61,107
Total Identifiable Assets	451,549		421,539
Agricultural
Segment Reporting Information [Line Items]
Net Sales	53,173	58,647
Income from Operations	2,172	5,253
Goodwill	6,177		6,230
Total Identifiable Assets	184,495		162,548
European
Segment Reporting Information [Line Items]
Net Sales	50,336	47,273
Income from Operations	3,962	$ 4,308
Goodwill	21,367		15,906
Total Identifiable Assets	$ 216,209		$ 137,546

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Amortization of right-of-use assets	$ 31
Interest on lease liabilities	2
Operating lease cost	1,024
Short-term lease cost	52
Variable lease cost	105
Total lease cost	$ 1,214

Leases - Maturity Schedule (Det

Leases - Maturity Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Operating Leases, After Adoption of 842
2019	$ 3,494
2020	2,408
2021	1,221
2022	758
2023	361
Thereafter	29
Total minimum lease payments	8,271
Less imputed interest	385
Total operating lease liabilities	7,886
Finance Leases After Adoption of 842
2019	144
2020	101
2021	74
2022	31
2023	17
Thereafter	26
Total minimum lease payments	393
Less imputed interest	25
Total finance lease liabilities	$ 368
Operating Leases, Before Adoption of 842
2019		$ 3,310
2020		2,453
2021		1,308
2022		743
2023		419
Thereafter		79
Total lease liabilities		8,312
Capital Leases, Before Adoption of 842
2019		125
2020		97
2021		62
2022		24
2023		1
Thereafter		0
Total minimum lease payments		309
Less imputed interest		11
Total lease liabilities		$ 298

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) $ in Thousands	Mar. 31, 2019USD ($)
Lessee, Operating Lease, Description [Abstract]
Other non-current assets	$ 7,777
Accrued liabilities	3,300
Other long-term liabilities	4,586
Total operating lease liabilities	7,886
Finance Leases
Property, plant and equipment, gross	627
Accumulated Depreciation	(270)
Property, plant and equipment, net	357
Finance Lease, Liability, Current	134
Long-term debt and finance lease obligations, net of current maturities	234
Total finance lease liabilities	$ 368
Operating Leases Weighted Average Remaining Lease Term	2 years 10 months 9 days
Finance Leases Weighted Average Remaining Lease Term	3 years 8 months 23 days
Operating Lease Weighted Average Discount Rate (as percent)	3.18%
Finance Lease Weighted Average Discount Rate (as percent)	3.31%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Leases [Abstract]
Operating cash flows from finance leases	$ 3
Operating cash flows from operating leases	982
Financing cash flows from finance leases	$ 37	$ 0

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
Additional operating lease not yet commenced	$ 627
Term of operating lease not yet commenced	5 years

Retirement Benefit Plans - Addi

Retirement Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Defined Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension expense (income)	$ 23	$ 87
Supplemental Employee Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension expense (income)	$ 214	$ 212
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%