Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-21220 | |
Entity Registrant Name | ALAMO GROUP INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 74-1621248 | |
Entity Address, Address Line One | 1627 East Walnut | |
Entity Address, City or Town | Seguin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78155 | |
City Area Code | 830 | |
Local Phone Number | 379-1480 | |
Title of 12(b) Security | Common Stock, par value$.10 per share | |
Trading Symbol | ALG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,958,609 | |
Entity Central Index Key | 0000897077 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Interim Condensed Consolidated
Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 84,277 | $ 42,115 |
Accounts receivable, net | 296,857 | 237,970 |
Inventories, net | 355,389 | 320,917 |
Prepaid expenses and other current assets | 12,531 | 9,500 |
Income tax receivable | 209 | 1,666 |
Total current assets | 749,263 | 612,168 |
Rental equipment, net | 31,850 | 32,514 |
Property, plant and equipment | 324,236 | 321,863 |
Less: Accumulated depreciation | (172,552) | (169,372) |
Total property, plant and equipment, net | 151,684 | 152,491 |
Goodwill | 198,726 | 202,406 |
Intangible assets, net | 182,305 | 183,466 |
Deferred income taxes | 1,054 | 1,110 |
Other non-current assets | 23,133 | 21,587 |
Total assets | 1,338,015 | 1,205,742 |
Current liabilities: | ||
Trade accounts payable | 114,312 | 101,396 |
Income taxes payable | 867 | 2,613 |
Accrued liabilities | 68,315 | 73,523 |
Current maturities of long-term debt and finance lease obligations | 15,022 | 15,032 |
Total current liabilities | 198,516 | 192,564 |
Long-term debt and finance lease obligations, net of current maturities | 357,834 | 254,522 |
Long-term tax liability | 4,416 | 4,416 |
Other long-term liabilities | 25,908 | 27,119 |
Deferred income taxes | 24,161 | 21,458 |
Stockholders’ equity: | ||
Common stock, $0.10 par value, 20,000,000 shares authorized; 11,894,188 and 11,874,178 outstanding at March 31, 2022 and December 31, 2021, respectively | 1,189 | 1,187 |
Additional paid-in-capital | 125,681 | 124,228 |
Treasury stock, at cost; 82,600 shares at March 31, 2022 and December 31, 2021, respectively | (4,566) | (4,566) |
Retained earnings | 650,141 | 633,804 |
Accumulated other comprehensive loss | (45,265) | (48,990) |
Total stockholders’ equity | 727,180 | 705,663 |
Total liabilities and stockholders’ equity | $ 1,338,015 | $ 1,205,742 |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.1 | $ 0.1 |
Common stock authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock outstanding (in shares) | 11,894,188 | 11,874,178 |
Treasury stock (in shares) | 82,600 | 82,600 |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales: | ||
Total net sales | $ 362,005 | $ 311,189 |
Cost of sales | 275,364 | 234,763 |
Gross profit | 86,641 | 76,426 |
Selling, general and administrative expenses | 53,635 | 47,330 |
Amortization expense | 3,887 | 3,658 |
Income from operations | 29,119 | 25,438 |
Interest expense | (2,647) | (2,613) |
Interest income | 72 | 288 |
Other income (expense), net | (1,752) | (630) |
Income before income taxes | 24,792 | 22,483 |
Provision for income taxes | 6,322 | 5,021 |
Net Income | $ 18,470 | $ 17,462 |
Net income per common share: | ||
Basic (in dollars per share) | $ 1.56 | $ 1.48 |
Diluted (in dollars per share) | $ 1.55 | $ 1.47 |
Average common shares: | ||
Basic (in shares) | 11,860 | 11,820 |
Diluted (in shares) | 11,916 | 11,882 |
Dividends declared (in dollars per share) | $ 0.18 | $ 0.14 |
Vegetation Management | ||
Net sales: | ||
Total net sales | $ 221,006 | $ 183,884 |
Income from operations | 18,334 | 16,750 |
Industrial Equipment | ||
Net sales: | ||
Total net sales | 140,999 | 127,305 |
Income from operations | $ 10,785 | $ 8,688 |
Interim Condensed Consolidate_4
Interim Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 18,470 | $ 17,462 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments, net of tax expense of $(250) and $(115), respectively | 1,667 | (4,010) |
Recognition of deferred pension and other post-retirement benefits, net of tax benefit of $255 and expense of $(67), respectively | 206 | 251 |
Unrealized income on derivative instruments, net of tax expense of $(367) and $(578), respectively | 1,852 | 2,173 |
Other comprehensive income (loss), net of tax | 3,725 | (1,586) |
Comprehensive income | $ 22,195 | $ 15,876 |
Interim Condensed Consolidate_5
Interim Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustment, tax expense | $ (250) | $ (115) |
Net gain on pension and other post-retirement benefits | (255) | (67) |
Unrealized gain (loss) on derivative instruments | $ (367) | $ (578) |
Interim Condensed Consolidate_6
Interim Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | AdditionalPaid-in Capital | Treasury Stock | Retained Earnings | AccumulatedOtherComprehensive Loss |
Beginning balance ( in shares) at Dec. 31, 2020 | 11,727 | |||||
Beginning balance at Dec. 31, 2020 | $ 635,003 | $ 1,181 | $ 118,528 | $ (4,566) | $ 560,186 | $ (40,326) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Other comprehensive income | 15,876 | 17,462 | (1,586) | |||
Stock-based compensation expense | 1,240 | 1,240 | ||||
Stock-based compensation transactions (in shares) | 29 | |||||
Stock-based compensation transactions | 776 | $ 3 | 773 | |||
Dividends paid | (1,654) | (1,654) | ||||
Ending balance (in shares) at Mar. 31, 2021 | 11,756 | |||||
Ending balance at Mar. 31, 2021 | 651,241 | $ 1,184 | 120,541 | (4,566) | 575,994 | (41,912) |
Beginning balance ( in shares) at Dec. 31, 2021 | 11,791 | |||||
Beginning balance at Dec. 31, 2021 | 705,663 | $ 1,187 | 124,228 | (4,566) | 633,804 | (48,990) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Other comprehensive income | 22,195 | 18,470 | 3,725 | |||
Stock-based compensation expense | 1,371 | 1,371 | ||||
Stock-based compensation transactions (in shares) | 20 | |||||
Stock-based compensation transactions | 84 | $ 2 | 82 | |||
Dividends paid | (2,133) | (2,133) | ||||
Ending balance (in shares) at Mar. 31, 2022 | 11,811 | |||||
Ending balance at Mar. 31, 2022 | $ 727,180 | $ 1,189 | $ 125,681 | $ (4,566) | $ 650,141 | $ (45,265) |
Interim Condensed Consolidate_7
Interim Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends paid (in dollars per share) | $ 0.18 | $ 0.14 |
Interim Condensed Consolidate_8
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net income | $ 18,470 | $ 17,462 |
Adjustment to reconcile net income to net cash used in operating activities: | ||
Provision for doubtful accounts | 339 | (113) |
Depreciation - Property, plant and equipment | 5,236 | 5,247 |
Depreciation - Rental equipment | 1,890 | 2,207 |
Amortization of intangibles | 3,887 | 3,658 |
Amortization of debt issuance | 167 | 167 |
Stock-based compensation expense | 1,371 | 1,240 |
Provision for deferred income tax (benefit) | 2,797 | (502) |
Gain on sale of property, plant and equipment | (22) | (615) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (58,231) | (34,239) |
Inventories | (34,139) | (21,552) |
Rental equipment | (1,227) | 365 |
Prepaid expenses and other assets | (3,989) | (712) |
Trade accounts payable and accrued liabilities | 7,979 | 16,021 |
Income taxes payable | (382) | 2,629 |
Long-term tax payable | 0 | 454 |
Other assets and long-term liabilities, net | 869 | (318) |
Net cash used in operating activities | (54,985) | (8,601) |
Investing Activities | ||
Purchase of property, plant and equipment | (4,358) | (3,477) |
Proceeds from sale of property, plant and equipment | 33 | 681 |
Net cash used in investing activities | (4,325) | (2,796) |
Financing Activities | ||
Borrowings on bank revolving credit facility | 128,000 | 86,000 |
Repayments on bank revolving credit facility | (21,000) | (14,000) |
Principal payments on long-term debt and finance leases | (3,763) | (3,766) |
Dividends paid | (2,133) | (1,654) |
Proceeds from exercise of stock options | 474 | 1,072 |
Common stock repurchased | (390) | (296) |
Net cash provided by financing activities | 101,188 | 67,356 |
Effect of exchange rate changes on cash and cash equivalents | 284 | (889) |
Net change in cash and cash equivalents | 42,162 | 55,070 |
Cash and cash equivalents at beginning of the year | 42,115 | 50,195 |
Cash and cash equivalents at end of the period | 84,277 | 105,265 |
Cash paid during the period for: | ||
Interest | 2,619 | 2,557 |
Income taxes | $ 3,574 | $ 2,758 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022. The balance sheet at December 31, 2021 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, 2021 (the "2021 10-K"). Effective July 1, 2021, the Company changed its method of accounting for its U.S. inventories from last-in, first-out ("LIFO") method to the first-in, first-out ("FIFO") method. The Company applied this change retrospectively for all prior periods presented. Accounting Pronouncements Not Yet Adopted |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations On October 26, 2021, the Company acquired 100% of the issued and outstanding equity interests of Timberwolf Limited (“ Timberwolf ”). Timberwolf manufactures a broad range of commercial wood chippers, primarily serving markets in the U.K. and the European Union. The primary reason for the Timberwolf acquisition was to enhance the Company's forestry and tree care platform for growth by increasing both the Company's product portfolio and capabilities in the European market. The acquisition price was approximately $25.0 million. The Company has included the operating results of Timberwolf in its consolidated financial statements since the date of acquisition, these results are considered immaterial. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts ReceivableAccounts receivable is shown net of sales discounts and the allowance for credit losses.At March 31, 2022 the Company had $17.1 million in reserves for sales discounts compared to $12.6 million at December 31, 2021 related to products shipped to our customers under various promotional programs. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Net inventories consist of the following: (in thousands) March 31, 2022 December 31, 2021 Finished goods $ 311,492 $ 277,760 Work in process 30,527 24,895 Raw materials 13,370 18,262 Inventories, net $ 355,389 $ 320,917 Inventory obsolescence reserves were $14.0 million at March 31, 2022 and $12.9 million at December 31, 2021. |
Rental Equipment
Rental Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Rental Equipment | Rental EquipmentRental equipment is shown net of accumulated depreciation of $19.8 million and $20.1 million at March 31, 2022 and December 31, 2021, respectively. The Company recognized depreciation expense of $1.9 million and $2.2 million for the three months ended March 31, 2022 and 2021. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 and December 31, 2021, as the floating rates on our outstanding balances approximate current market rates. This conclusion was made based on Level 2 inputs. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following is the summary of changes to the Company's Goodwill for the three months ended March 31, 2022: Vegetation Management Industrial Equipment Consolidated (in thousands) Balance at December 31, 2021 $ 132,963 $ 69,443 $ 202,406 Translation adjustment 167 (190) (23) Goodwill adjustment (3,657) — (3,657) Balance at March 31, 2022 $ 129,473 $ 69,253 $ 198,726 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, 2022 December 31, 2021 Definite: Trade names and trademarks 15-25 years $ 69,242 $ 68,321 Customer and dealer relationships 8-15 years 128,843 126,104 Patents and drawings 3-12 years 28,429 29,338 Favorable leasehold interests 7 years 4,200 4,200 Total at cost 230,714 227,963 Less accumulated amortization (53,909) (49,997) Total net 176,805 177,966 Indefinite: Trade names and trademarks 5,500 5,500 Total Intangible Assets $ 182,305 $ 183,466 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases 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. The finance leases currently held are considered immaterial. The components of lease cost were as follows: Components of Lease Cost Three Months Ended (in thousands) 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 13 $ 17 Interest on lease liabilities 1 1 Operating lease cost 1,497 1,233 Short-term lease cost 299 214 Variable lease cost 109 116 Total lease cost $ 1,919 $ 1,581 Rent expense for the three months ended March 31, 2022 and 2021 was immaterial. Maturities of operating lease liabilities were as follows: Future Minimum Lease Payments (in thousands) March 31, 2022 December 31, 2021 2022 $ 4,077 * $ 4,949 2023 4,245 3,793 2024 3,154 2,683 2025 2,531 2,036 2026 2,110 1,652 Thereafter 3,089 3,090 Total minimum lease payments $ 19,206 $ 18,203 Less imputed interest (1,303) (1,311) Total operating lease liabilities $ 17,903 $ 16,892 *Period ended March 31, 2022 represents the remaining nine months of 2022. Future Lease Commencements As of March 31, 2022, there are additional operating leases, primarily for office equipment, autos and forklifts, that have not yet commenced in the amount of $0.7 million. These operating leases will commence in fiscal year 2022 with lease terms of 1 to 5 years. Supplemental balance sheet information related to leases was as follows: Operating Leases (in thousands) March 31, 2022 December 31, 2021 Other non-current assets $ 17,797 $ 16,744 Accrued liabilities 4,762 4,655 Other long-term liabilities 13,141 12,237 Total operating lease liabilities $ 17,903 $ 16,892 Weighted Average Remaining Lease Term 5.05 years 5.14 years Weighted Average Discount Rate 2.88 % 2.83 % Supplemental Cash Flow information related to leases was as follows: Three Months Ended (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,355 $ 1,121 |
Leases | Leases 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. The finance leases currently held are considered immaterial. The components of lease cost were as follows: Components of Lease Cost Three Months Ended (in thousands) 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 13 $ 17 Interest on lease liabilities 1 1 Operating lease cost 1,497 1,233 Short-term lease cost 299 214 Variable lease cost 109 116 Total lease cost $ 1,919 $ 1,581 Rent expense for the three months ended March 31, 2022 and 2021 was immaterial. Maturities of operating lease liabilities were as follows: Future Minimum Lease Payments (in thousands) March 31, 2022 December 31, 2021 2022 $ 4,077 * $ 4,949 2023 4,245 3,793 2024 3,154 2,683 2025 2,531 2,036 2026 2,110 1,652 Thereafter 3,089 3,090 Total minimum lease payments $ 19,206 $ 18,203 Less imputed interest (1,303) (1,311) Total operating lease liabilities $ 17,903 $ 16,892 *Period ended March 31, 2022 represents the remaining nine months of 2022. Future Lease Commencements As of March 31, 2022, there are additional operating leases, primarily for office equipment, autos and forklifts, that have not yet commenced in the amount of $0.7 million. These operating leases will commence in fiscal year 2022 with lease terms of 1 to 5 years. Supplemental balance sheet information related to leases was as follows: Operating Leases (in thousands) March 31, 2022 December 31, 2021 Other non-current assets $ 17,797 $ 16,744 Accrued liabilities 4,762 4,655 Other long-term liabilities 13,141 12,237 Total operating lease liabilities $ 17,903 $ 16,892 Weighted Average Remaining Lease Term 5.05 years 5.14 years Weighted Average Discount Rate 2.88 % 2.83 % Supplemental Cash Flow information related to leases was as follows: Three Months Ended (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,355 $ 1,121 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt The components of long-term debt are as follows: March 31, 2022 December 31, 2021 Current Maturities: Finance lease obligations $ 22 $ 32 Term debt 15,000 15,000 15,022 15,032 Long-term debt: Finance lease obligations 20 24 Term debt, net 246,814 250,498 Bank revolving credit facility 111,000 4,000 Total Long-term debt 357,834 254,522 Total debt $ 372,856 $ 269,554 |
Common Stock and Dividends
Common Stock and Dividends | 3 Months Ended |
Mar. 31, 2022 | |
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 2022 2021 Dividends declared $ 0.18 $ 0.14 Dividends paid $ 0.18 $ 0.14 On April 4, 2022, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.18 per share, which was paid on May 2, 2022, to shareholders of record at the close of business on April 18, 2022. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
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) 2022 2021 Net Income $ 18,470 $ 17,462 Average Common Shares: Basic (weighted-average outstanding shares) 11,860 11,820 Dilutive potential common shares from stock options 56 62 Diluted (weighted-average outstanding shares) 11,916 11,882 Basic earnings per share $ 1.56 $ 1.48 Diluted earnings per share $ 1.55 $ 1.47 |
Revenue and Segment Information
Revenue and Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
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) 2022 2021 Net Sales Wholegoods $ 280,943 $ 239,297 Parts 67,972 63,538 Other 13,090 8,354 Consolidated $ 362,005 $ 311,189 Other includes rental sales, extended warranty sales and service sales as it is considered immaterial. Revenue by Geographical Location Three Months Ended (in thousands) 2022 2021 Net Sales United States $ 255,187 $ 219,429 France 23,046 24,952 Canada 20,453 19,209 United Kingdom 17,674 12,499 Netherlands 3,480 7,485 Brazil 13,094 5,881 Australia 7,156 4,793 Germany — 1,939 Other 21,915 15,002 Consolidated $ 362,005 $ 311,189 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, 2022: Three Months Ended (in thousands) 2022 2021 Net Sales Vegetation Management $ 221,006 $ 183,884 Industrial Equipment 140,999 127,305 Consolidated $ 362,005 $ 311,189 Income from Operations Vegetation Management $ 18,334 $ 16,750 Industrial Equipment 10,785 8,688 Consolidated $ 29,119 $ 25,438 (in thousands) March 31, 2022 December 31, 2021 Goodwill Vegetation Management $ 129,473 $ 132,963 Industrial Equipment 69,253 69,443 Consolidated $ 198,726 $ 202,406 Total Identifiable Assets Vegetation Management $ 892,028 $ 789,838 Industrial Equipment 445,987 415,904 Consolidated $ 1,338,015 $ 1,205,742 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows: Three Months Ended March 31, 2022 2021 (in thousands) Foreign Currency Translation Adjustment Defined Benefit Plans Items Gaines (Losses) on Cash Flow Hedges Total Foreign Currency Translation Adjustment Defined Benefit Plans Items Gaines (Losses) on Cash Flow Hedges Total Balance as of beginning of period $ (42,397) $ (5,017) $ (1,576) $ (48,990) $ (26,597) $ (6,855) $ (6,874) $ (40,326) Other comprehensive income (loss) before reclassifications 1,667 — 2,496 4,163 (4,010) — 2,823 (1,187) Amounts reclassified from accumulated other comprehensive loss — 206 (644) (438) — 251 (650) (399) Other comprehensive income (loss) 1,667 206 1,852 3,725 (4,010) 251 2,173 (1,586) Balance as of end of period $ (40,730) $ (4,811) $ 276 $ (45,265) $ (30,607) $ (6,604) $ (4,701) $ (41,912) |
Basis of Financial Statement _2
Basis of Financial Statement Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | 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, 2022. The balance sheet at December 31, 2021 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, 2021 (the "2021 10-K"). Effective July 1, 2021, the Company changed its method of accounting for its U.S. inventories from last-in, first-out ("LIFO") method to the first-in, first-out ("FIFO") method. The Company applied this change retrospectively for all prior periods presented. |
Accounting Pronouncements Adopted and Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. This Topic provides accounting relief for the transition away from LIBOR and certain other reference rates. The amendments for this update are effective through December 31, 2022. The Company is evaluating the impact the adoption of this standard will have on our financial statements. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Net inventories consist of the following: (in thousands) March 31, 2022 December 31, 2021 Finished goods $ 311,492 $ 277,760 Work in process 30,527 24,895 Raw materials 13,370 18,262 Inventories, net $ 355,389 $ 320,917 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes to The Company's Goodwill | The following is the summary of changes to the Company's Goodwill for the three months ended March 31, 2022: Vegetation Management Industrial Equipment Consolidated (in thousands) Balance at December 31, 2021 $ 132,963 $ 69,443 $ 202,406 Translation adjustment 167 (190) (23) Goodwill adjustment (3,657) — (3,657) Balance at March 31, 2022 $ 129,473 $ 69,253 $ 198,726 |
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, 2022 December 31, 2021 Definite: Trade names and trademarks 15-25 years $ 69,242 $ 68,321 Customer and dealer relationships 8-15 years 128,843 126,104 Patents and drawings 3-12 years 28,429 29,338 Favorable leasehold interests 7 years 4,200 4,200 Total at cost 230,714 227,963 Less accumulated amortization (53,909) (49,997) Total net 176,805 177,966 Indefinite: Trade names and trademarks 5,500 5,500 Total Intangible Assets $ 182,305 $ 183,466 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease cost were as follows: Components of Lease Cost Three Months Ended (in thousands) 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 13 $ 17 Interest on lease liabilities 1 1 Operating lease cost 1,497 1,233 Short-term lease cost 299 214 Variable lease cost 109 116 Total lease cost $ 1,919 $ 1,581 |
Operating Lease Maturity | Maturities of operating lease liabilities were as follows: Future Minimum Lease Payments (in thousands) March 31, 2022 December 31, 2021 2022 $ 4,077 * $ 4,949 2023 4,245 3,793 2024 3,154 2,683 2025 2,531 2,036 2026 2,110 1,652 Thereafter 3,089 3,090 Total minimum lease payments $ 19,206 $ 18,203 Less imputed interest (1,303) (1,311) Total operating lease liabilities $ 17,903 $ 16,892 *Period ended March 31, 2022 represents the remaining nine months of 2022. |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: Operating Leases (in thousands) March 31, 2022 December 31, 2021 Other non-current assets $ 17,797 $ 16,744 Accrued liabilities 4,762 4,655 Other long-term liabilities 13,141 12,237 Total operating lease liabilities $ 17,903 $ 16,892 Weighted Average Remaining Lease Term 5.05 years 5.14 years Weighted Average Discount Rate 2.88 % 2.83 % |
Supplemental Cash Flow Information Related to Leases | Supplemental Cash Flow information related to leases was as follows: Three Months Ended (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,355 $ 1,121 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The components of long-term debt are as follows: March 31, 2022 December 31, 2021 Current Maturities: Finance lease obligations $ 22 $ 32 Term debt 15,000 15,000 15,022 15,032 Long-term debt: Finance lease obligations 20 24 Term debt, net 246,814 250,498 Bank revolving credit facility 111,000 4,000 Total Long-term debt 357,834 254,522 Total debt $ 372,856 $ 269,554 |
Common Stock and Dividends (Tab
Common Stock and Dividends (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 2022 2021 Dividends declared $ 0.18 $ 0.14 Dividends paid $ 0.18 $ 0.14 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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) 2022 2021 Net Income $ 18,470 $ 17,462 Average Common Shares: Basic (weighted-average outstanding shares) 11,860 11,820 Dilutive potential common shares from stock options 56 62 Diluted (weighted-average outstanding shares) 11,916 11,882 Basic earnings per share $ 1.56 $ 1.48 Diluted earnings per share $ 1.55 $ 1.47 |
Revenue and Segment Informati_2
Revenue and Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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) 2022 2021 Net Sales Wholegoods $ 280,943 $ 239,297 Parts 67,972 63,538 Other 13,090 8,354 Consolidated $ 362,005 $ 311,189 Other includes rental sales, extended warranty sales and service sales as it is considered immaterial. Revenue by Geographical Location Three Months Ended (in thousands) 2022 2021 Net Sales United States $ 255,187 $ 219,429 France 23,046 24,952 Canada 20,453 19,209 United Kingdom 17,674 12,499 Netherlands 3,480 7,485 Brazil 13,094 5,881 Australia 7,156 4,793 Germany — 1,939 Other 21,915 15,002 Consolidated $ 362,005 $ 311,189 |
Schedule of financial information by segment | The following includes a summary of the unaudited financial information by reporting segment at March 31, 2022: Three Months Ended (in thousands) 2022 2021 Net Sales Vegetation Management $ 221,006 $ 183,884 Industrial Equipment 140,999 127,305 Consolidated $ 362,005 $ 311,189 Income from Operations Vegetation Management $ 18,334 $ 16,750 Industrial Equipment 10,785 8,688 Consolidated $ 29,119 $ 25,438 (in thousands) March 31, 2022 December 31, 2021 Goodwill Vegetation Management $ 129,473 $ 132,963 Industrial Equipment 69,253 69,443 Consolidated $ 198,726 $ 202,406 Total Identifiable Assets Vegetation Management $ 892,028 $ 789,838 Industrial Equipment 445,987 415,904 Consolidated $ 1,338,015 $ 1,205,742 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component, net of tax, were as follows: Three Months Ended March 31, 2022 2021 (in thousands) Foreign Currency Translation Adjustment Defined Benefit Plans Items Gaines (Losses) on Cash Flow Hedges Total Foreign Currency Translation Adjustment Defined Benefit Plans Items Gaines (Losses) on Cash Flow Hedges Total Balance as of beginning of period $ (42,397) $ (5,017) $ (1,576) $ (48,990) $ (26,597) $ (6,855) $ (6,874) $ (40,326) Other comprehensive income (loss) before reclassifications 1,667 — 2,496 4,163 (4,010) — 2,823 (1,187) Amounts reclassified from accumulated other comprehensive loss — 206 (644) (438) — 251 (650) (399) Other comprehensive income (loss) 1,667 206 1,852 3,725 (4,010) 251 2,173 (1,586) Balance as of end of period $ (40,730) $ (4,811) $ 276 $ (45,265) $ (30,607) $ (6,604) $ (4,701) $ (41,912) |
Business Combinations (Details)
Business Combinations (Details) - Timberwolf Limited $ in Millions | Oct. 26, 2021USD ($) |
Business Acquisition [Line Items] | |
Percentage of interests acquired | 100.00% |
Total consideration for purchase | $ 25 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Reserves for sales discounts | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Reserves for sales discounts on products shipped under promotional programs | $ 17.1 | $ 12.6 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 311,492 | $ 277,760 |
Work in process | 30,527 | 24,895 |
Raw materials | 13,370 | 18,262 |
Inventories, net | $ 355,389 | $ 320,917 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Inventory obsolescence reserves | $ 14 | $ 12.9 |
Rental Equipment (Details)
Rental Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | $ 172,552 | $ 169,372 | |
Depreciation - Property, plant and equipment | 5,236 | $ 5,247 | |
Rental Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | 19,800 | $ 20,100 | |
Depreciation - Property, plant and equipment | $ 1,900 | $ 2,200 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 202,406 |
Translation adjustment | (23) |
Goodwill adjustment | (3,657) |
Ending Balance | 198,726 |
Vegetation Management | |
Goodwill [Roll Forward] | |
Beginning balance | 132,963 |
Translation adjustment | 167 |
Goodwill adjustment | (3,657) |
Ending Balance | 129,473 |
Industrial Equipment | |
Goodwill [Roll Forward] | |
Beginning balance | 69,443 |
Translation adjustment | (190) |
Goodwill adjustment | 0 |
Ending Balance | $ 69,253 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Definite and Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items] | ||
Finite-lived intangible assets | $ 230,714 | $ 227,963 |
Less accumulated amortization | (53,909) | (49,997) |
Total net | 176,805 | 177,966 |
Total Intangible Assets | 182,305 | 183,466 |
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] | ||
Finite-lived intangible assets | $ 69,242 | 68,321 |
Trade names and trademarks | Minimum | ||
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items] | ||
Estimated Useful Lives | 15 years | |
Trade names and trademarks | Maximum | ||
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items] | ||
Estimated Useful Lives | 25 years | |
Customer and dealer relationships | ||
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items] | ||
Finite-lived intangible assets | $ 128,843 | 126,104 |
Customer and dealer relationships | Minimum | ||
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items] | ||
Estimated Useful Lives | 8 years | |
Customer and dealer relationships | Maximum | ||
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items] | ||
Estimated Useful Lives | 15 years | |
Patents and drawings | ||
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items] | ||
Finite-lived intangible assets | $ 28,429 | 29,338 |
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 | |
Favorable leasehold interests | ||
Schedule of Acquired Indefinite-lived and Finite Intangible Assets by major class [Line Items] | ||
Estimated Useful Lives | 7 years | |
Finite-lived intangible assets | $ 4,200 | $ 4,200 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 3,887 | $ 3,658 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Amortization of right-of-use assets | $ 13 | $ 17 |
Interest on lease liabilities | 1 | 1 |
Operating lease cost | 1,497 | 1,233 |
Short-term lease cost | 299 | 214 |
Variable lease cost | 109 | 116 |
Total lease cost | $ 1,919 | $ 1,581 |
Leases - Maturity Schedule (Det
Leases - Maturity Schedule (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Future Minimum Lease Payments | ||
2022 | $ 4,077 | |
2022 | 4,245 | $ 4,949 |
Year two | 3,154 | 3,793 |
Year three | 2,531 | 2,683 |
Year four | 2,110 | 2,036 |
2026 | 1,652 | |
Thereafter | 3,089 | |
Thereafter | 3,090 | |
Total minimum lease payments | 19,206 | 18,203 |
Less imputed interest | (1,303) | (1,311) |
Total operating lease liabilities | $ 17,903 | $ 16,892 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | Mar. 31, 2022USD ($) |
Lessee, Lease, Description [Line Items] | |
Additional operating lease not yet commenced | $ 0.7 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Additional operating lease not yet commenced, lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Additional operating lease not yet commenced, lease terms | 5 years |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
Other non-current assets | $ 17,797 | $ 16,744 |
Accrued liabilities | 4,762 | 4,655 |
Other long-term liabilities | 13,141 | 12,237 |
Total operating lease liabilities | $ 17,903 | $ 16,892 |
Operating leases, weighted average remaining lease term | 5 years 18 days | 5 years 1 month 20 days |
Operating leases, weighted average remaining discount rate | 2.88% | 2.83% |
Other non-current assets | Other non-current assets | Other non-current assets |
Accrued liabilities | Accrued liabilities | Accrued liabilities |
Other long-term liabilities | Other long-term liabilities | Other long-term liabilities |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 1,355 | $ 1,121 |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current Maturities: | ||
Finance lease obligations | $ 22 | $ 32 |
Term debt | 15,000 | 15,000 |
Total Long-term debt, current maturities | 15,022 | 15,032 |
Long-term debt: | ||
Finance lease obligations | 20 | 24 |
Total Long-term debt | 357,834 | 254,522 |
Total debt | 372,856 | 269,554 |
Term Loan | ||
Long-term debt: | ||
Long-term debt, excluding current maturities | 246,814 | 250,498 |
Line of Credit | Unsecured Debt | ||
Long-term debt: | ||
Long-term debt, excluding current maturities | $ 111,000 | $ 4,000 |
Debt - Additional Information (
Debt - Additional Information (Details) $ in Millions | Mar. 31, 2022USD ($) |
Standby letters of credit | |
Debt Instrument [Line Items] | |
Amount of capacity | $ 2.4 |
Revolving Line of Credit | |
Debt Instrument [Line Items] | |
Available borrowings | $ 160.9 |
Common Stock and Dividends - Di
Common Stock and Dividends - Dividend Declared and Paid (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | ||
Dividends declared (in dollars per share) | $ 0.18 | $ 0.14 |
Dividends paid (in dollars per share) | $ 0.18 | $ 0.14 |
Common Stock and Dividends - Ad
Common Stock and Dividends - Additional Information (Details) - $ / shares | May 02, 2022 | Apr. 04, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Class of Stock [Line Items] | ||||
Dividends declared (in dollars per share) | $ 0.18 | $ 0.14 | ||
Dividends paid (in dollars per share) | $ 0.18 | $ 0.14 | ||
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Dividends declared (in dollars per share) | $ 0.18 | |||
Dividends paid (in dollars per share) | $ 0.18 |
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, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income | $ 18,470 | $ 17,462 |
Average Common Shares: | ||
Basic (weighted-average outstanding shares) (in shares) | 11,860 | 11,820 |
Dilutive potential common shares from stock options (in shares) | 56 | 62 |
Diluted (weighted-average outstanding shares) (in shares) | 11,916 | 11,882 |
Basic earnings per share (in dollars per share) | $ 1.56 | $ 1.48 |
Diluted earnings per share (in dollars per share) | $ 1.55 | $ 1.47 |
Revenue and Segment Informati_3
Revenue and Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 362,005 | $ 311,189 |
Wholegoods | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 280,943 | 239,297 |
Parts | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 67,972 | 63,538 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 13,090 | $ 8,354 |
Revenue and Segment Informati_4
Revenue and Segment Information - Revenue by Geographical Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 362,005 | $ 311,189 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 255,187 | 219,429 |
France | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 23,046 | 24,952 |
Canada | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 20,453 | 19,209 |
United Kingdom | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 17,674 | 12,499 |
Netherlands | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 3,480 | 7,485 |
Brazil | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 13,094 | 5,881 |
Australia | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 7,156 | 4,793 |
Germany | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 0 | 1,939 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 21,915 | $ 15,002 |
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, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 362,005 | $ 311,189 | |
Income from Operations | 29,119 | 25,438 | |
Goodwill | 198,726 | $ 202,406 | |
Total Identifiable Assets | 1,338,015 | 1,205,742 | |
Vegetation Management | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 221,006 | 183,884 | |
Income from Operations | 18,334 | 16,750 | |
Goodwill | 129,473 | 132,963 | |
Total Identifiable Assets | 892,028 | 789,838 | |
Industrial Equipment | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 140,999 | 127,305 | |
Income from Operations | 10,785 | $ 8,688 | |
Goodwill | 69,253 | 69,443 | |
Total Identifiable Assets | $ 445,987 | $ 415,904 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 705,663 | $ 635,003 |
Other comprehensive income (loss) before reclassifications | 4,163 | (1,187) |
Amounts reclassified from accumulated other comprehensive loss | (438) | (399) |
Other comprehensive income (loss), net of tax | 3,725 | (1,586) |
Ending balance | 727,180 | 651,241 |
Foreign Currency Translation Adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (42,397) | (26,597) |
Other comprehensive income (loss) before reclassifications | 1,667 | (4,010) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Other comprehensive income (loss), net of tax | 1,667 | (4,010) |
Ending balance | (40,730) | (30,607) |
Defined Benefit Plans Items | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (5,017) | (6,855) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 206 | 251 |
Other comprehensive income (loss), net of tax | 206 | 251 |
Ending balance | (4,811) | (6,604) |
Gaines (Losses) on Cash Flow Hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (1,576) | (6,874) |
Other comprehensive income (loss) before reclassifications | 2,496 | 2,823 |
Amounts reclassified from accumulated other comprehensive loss | (644) | (650) |
Other comprehensive income (loss), net of tax | 1,852 | 2,173 |
Ending balance | 276 | (4,701) |
AccumulatedOtherComprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (48,990) | (40,326) |
Ending balance | $ (45,265) | $ (41,912) |