Commission file number 0-21220 | ||||||||
ALAMO GROUP INC. | ||||||||
(Exact name of registrant as specified in its charter) | ||||||||
DELAWARE (State or other jurisdiction of incorporation or organization) | 74-1621248 (I.R.S. Employer Identification Number) |
LARGE ACCELERATED FILER ☒ | ACCELERATED FILER ¨ | ||||
NON-ACCELERATED FILER ¨ | SMALLER REPORTING COMPANY ¨ | ||||
EMERGING GROWTH COMPANY ¨ |
PART I. | FINANCIAL INFORMATION | PAGE | |||||||||
Item 1. | Interim Condensed Consolidated Financial Statements (Unaudited) | ||||||||||
September 30, 2018 and December 31, 2017 | |||||||||||
Three and Nine Months Ended September 30, 2018 and September 30, 2017 | |||||||||||
Three and Nine Months Ended September 30, 2018 and September 30, 2017 | |||||||||||
Nine Months Ended September 30, 2018 | |||||||||||
Nine Months Ended September 30, 2018 and September 30, 2017 | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. | |||||||||||
Item 1. | Legal Proceedings | ||||||||||
Item 1A. | Risk Factors | ||||||||||
Item 2. | None | ||||||||||
Item 3. | None | ||||||||||
Item 4. | None | ||||||||||
Item 5. | Other Information | ||||||||||
Item 6. | Exhibits | ||||||||||
(in thousands, except share amounts) | September 30, 2018 | December 31, 2017 | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||||||||
Accounts receivable, net | ||||||||||||||||||||
Inventories, net | ||||||||||||||||||||
Prepaid expenses | ||||||||||||||||||||
Income tax receivable | ||||||||||||||||||||
Total current assets | ||||||||||||||||||||
Rental equipment, net | ||||||||||||||||||||
Property, plant and equipment | ||||||||||||||||||||
Less: Accumulated depreciation | ( | ( | ||||||||||||||||||
Goodwill | ||||||||||||||||||||
Intangible assets, net | ||||||||||||||||||||
Deferred income taxes | ||||||||||||||||||||
Other assets | ||||||||||||||||||||
Total assets | $ | $ | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Trade accounts payable | $ | $ | ||||||||||||||||||
Income taxes payable | ||||||||||||||||||||
Accrued liabilities | ||||||||||||||||||||
Current maturities of long-term debt and capital lease obligations | ||||||||||||||||||||
Total current liabilities | ||||||||||||||||||||
Long-term debt and capital lease obligations, net of current maturities | ||||||||||||||||||||
Long-term tax liability | ||||||||||||||||||||
Deferred pension liability | ||||||||||||||||||||
Other long-term liabilities | ||||||||||||||||||||
Deferred income taxes | ||||||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock, $.10 par value, 20,000,000 shares authorized; 11,660,933 and 11,577,048 outstanding at September 30, 2018 and December 31, 2017, respectively | ||||||||||||||||||||
Additional paid-in-capital | ||||||||||||||||||||
Treasury stock, at cost; 42,600 shares at September 30, 2018 and December 31, 2017 | ( | ( | ||||||||||||||||||
Retained earnings | ||||||||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||||||||
Total stockholders’ equity | ||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands, except per share amounts) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Industrial | $ | $ | $ | $ | |||||||||||||||||||
Agricultural | |||||||||||||||||||||||
European | |||||||||||||||||||||||
Total net sales | |||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Other income (expense) | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Net income per common share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Average common shares: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Dividends declared | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||
Net gain on pension and other postretirement benefits | |||||||||||||||||||||||
Other comprehensive income (loss) before income tax expense | ( | ( | |||||||||||||||||||||
Income tax expense related to items of other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stock- holders’ Equity | ||||||||||||||||||
(in thousands) | Shares | Amount | |||||||||||||||||||||
Balance at December 31, 2017 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||
Translation adjustment | — | — | — | — | — | ( | ( | ||||||||||||||||
Net actuarial gain arising during period, net of taxes | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||
Dividends paid ($0.33 per share) | — | — | — | — | ( | — | ( | ||||||||||||||||
Balance at September 30, 2018 | $ | $ | $ | ( | $ | $ | ( | $ |
Nine Months Ended September 30, | |||||||||||
(in thousands) | 2018 | 2017 | |||||||||
Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustment to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Provision for doubtful accounts | ( | ( | |||||||||
Depreciation - Property, plant and equipment | |||||||||||
Depreciation - Rental equipment | |||||||||||
Amortization of intangibles | |||||||||||
Amortization of debt issuance costs | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred income tax expense (benefit) | ( | ||||||||||
Gain on sale of property, plant and equipment | ( | ( | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Rental equipment | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ||||||||||
Trade accounts payable and accrued liabilities | |||||||||||
Income taxes payable | ( | ( | |||||||||
Long-term tax liability | ( | ||||||||||
Other assets and long-term liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing Activities | |||||||||||
Acquisitions, net of cash acquired | ( | ||||||||||
Purchase of property, plant and equipment | ( | ( | |||||||||
Proceeds from sale of property, plant and equipment | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Borrowings on bank revolving credit facility | |||||||||||
Repayments on bank revolving credit facility | ( | ( | |||||||||
Principal payments on long-term debt and capital leases | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Proceeds from sale of common stock | |||||||||||
Redemptions of common stock to satisfy withholding taxes related to stock-based compensation | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
Net change in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of the period | |||||||||||
Cash and cash equivalents at end of the period | $ | $ | |||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes |
Cash | $ | ||||
Accounts receivable | |||||
Inventory | |||||
Prepaid expenses | |||||
Property, plant & equipment | |||||
Intangible assets | |||||
Other assets | |||||
Other liabilities assumed | ( | ||||
Net assets assumed | $ | ||||
Goodwill | |||||
Acquisition Price | $ |
(in thousands) | September 30, 2018 | December 31, 2017 | ||||||||||||||||||
Finished goods | $ | $ | ||||||||||||||||||
Work in process | ||||||||||||||||||||
Raw materials | ||||||||||||||||||||
Total inventory | $ | $ |
Industrial | Agricultural | European | Consolidated | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Translation adjustment | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Goodwill adjustment | |||||||||||||||||||||||||||||||||||
Balance at September 30, 2018 | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
(in thousands) | Estimated Useful Lives | September 30, 2018 | December 31, 2017 | |||||||||||||||||
Definite: | ||||||||||||||||||||
Trade names and trademarks | $ | $ | ||||||||||||||||||
Customer and dealer relationships | 10-14 years | |||||||||||||||||||
Patents and drawings | 3-12 years | |||||||||||||||||||
Total at cost | ||||||||||||||||||||
Less accumulated amortization | ( | ( | ||||||||||||||||||
Total net | ||||||||||||||||||||
Indefinite: | ||||||||||||||||||||
Trade names and trademarks | ||||||||||||||||||||
Total Intangible Assets | $ | $ |
(in thousands) | September 30, 2018 | December 31, 2017 | ||||||||||||||||||
Current Maturities: | ||||||||||||||||||||
Other notes payable | $ | $ | ||||||||||||||||||
Long-term debt: | ||||||||||||||||||||
Bank revolving credit facility | ||||||||||||||||||||
Total debt | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||
Dividends declared | $ | $ | $ | $ | |||||||||||||||||||
Dividends paid | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In thousands, except per share) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Average Common Shares: | |||||||||||||||||||||||
Basic (weighted-average outstanding shares) | |||||||||||||||||||||||
Dilutive potential common shares from stock options | |||||||||||||||||||||||
Diluted (weighted-average outstanding shares) | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
Revenue by Product Type | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Wholegoods | $ | $ | $ | $ | |||||||||||||||||||
Parts | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Consolidated | $ | $ | $ | $ |
Revenue by Geographical Location | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Net Sales | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
United Kingdom | |||||||||||||||||||||||
France | |||||||||||||||||||||||
Canada | |||||||||||||||||||||||
Australia | |||||||||||||||||||||||
Brazil | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Consolidated | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Industrial | $ | $ | $ | $ | |||||||||||||||||||
Agricultural | |||||||||||||||||||||||
European | |||||||||||||||||||||||
Consolidated | $ | $ | $ | $ | |||||||||||||||||||
Income from Operations | |||||||||||||||||||||||
Industrial | $ | $ | $ | $ | |||||||||||||||||||
Agricultural | |||||||||||||||||||||||
European | |||||||||||||||||||||||
Consolidated | $ | $ | $ | $ |
(in thousands) | September 30, 2018 | December 31, 2017 | |||||||||
Goodwill | |||||||||||
Industrial | $ | $ | |||||||||
Agricultural | |||||||||||
European | |||||||||||
Consolidated | $ | $ | |||||||||
Total Identifiable Assets | |||||||||||
Industrial | $ | $ | |||||||||
Agricultural | |||||||||||
European | |||||||||||
Consolidated | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
As a Percent of Net Sales | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Industrial | 60.8 | % | 55.1 | % | 58.3 | % | 56.1 | % | |||||||||||||||
Agricultural | 23.9 | % | 27.0 | % | 23.8 | % | 25.6 | % | |||||||||||||||
European | 15.3 | % | 17.9 | % | 17.9 | % | 18.3 | % | |||||||||||||||
Total sales, net | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Cost Trends and Profit Margin, as Percentages of Net Sales | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Gross profit | 25.9 | % | 27.0 | % | 25.7 | % | 26.0 | % | |||||||||||||||
Income from operations | 11.0 | % | 11.5 | % | 10.1 | % | 10.2 | % | |||||||||||||||
Income before income taxes | 10.4 | % | 10.3 | % | 9.6 | % | 9.2 | % | |||||||||||||||
Net income | 9.1 | % | 6.9 | % | 7.6 | % | 6.1 | % |
31.1 | — | Filed Herewith | ||||||||||||
31.2 | — | Filed Herewith | ||||||||||||
31.3 | — | Filed Herewith | ||||||||||||
32.1 | — | Filed Herewith | ||||||||||||
32.2 | — | Filed Herewith | ||||||||||||
32.3 | — | Filed Herewith | ||||||||||||
101.INS | — | XBRL Instance Document - the instance document does not appear in the Interactive Data Files because its XBRL tags are embedded within the Inline XBRL document | Filed Herewith | |||||||||||
101.SCH | — | XBRL Taxonomy Extension Schema Document | Filed Herewith | |||||||||||
101.CAL | — | XBRL Taxonomy Extension Calculation Linkbase Document | Filed Herewith | |||||||||||
101.DEF | — | XBRL Taxonomy Extension Definition Linkbase Document | Filed Herewith | |||||||||||
101.LAB | — | XBRL Taxonomy Extension Label Linkbase Document | Filed Herewith | |||||||||||
101.PRE | — | XBRL Taxonomy Extension Presentation Linkbase Document | Filed Herewith |
October 31, 2018 | Alamo Group Inc. | ||||
(Registrant) | |||||
/s/ Ronald A. Robinson | |||||
Ronald A. Robinson | |||||
President & Chief Executive Officer |
/s/ Dan E. Malone | |||||
Dan E. Malone | |||||
Executive Vice President & Chief Financial Officer | |||||
(Principal Financial Officer) |
/s/ Richard J. Wehrle | |||||
Richard J. Wehrle | |||||
Vice President & Corporate Controller | |||||
(Principal Accounting Officer) |
Date: | October 31, 2018 | /s/ Ronald A. Robinson | ||||||
Ronald A. Robinson | ||||||||
President & Chief Executive Officer |
Date: | October 31, 2018 | /s/ Dan E. Malone | ||||||
Dan E. Malone | ||||||||
Executive Vice President & Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: | October 31, 2018 | /s/ Richard J. Wehrle | ||||||
Richard J. Wehrle | ||||||||
Vice President & Corporate Controller | ||||||||
(Principal Accounting Officer) |
Date: | October 31, 2018 | /s/ Ronald A. Robinson | ||||||
Ronald A. Robinson | ||||||||
President & Chief Executive Officer |
Date: | October 31, 2018 | /s/ Dan E. Malone | ||||||
Dan E. Malone | ||||||||
Executive Vice President & Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: | October 31, 2018 | /s/ Richard J. Wehrle | ||||||
Richard J. Wehrle | ||||||||
Vice President & Corporate Controller | ||||||||
(Principal Accounting Officer) |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Oct. 26, 2018 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ALAMO GROUP INC | |
Entity Central Index Key | 0000897077 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 11,735,274 |
Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 11,660,933 | 11,577,048 |
Treasury stock, shares | 42,600 | 42,600 |
Interim Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Net sales: | ||||
Net sales | $ 257,572 | $ 240,455 | $ 752,784 | $ 669,120 |
Cost of sales | 190,800 | 175,516 | 559,301 | 495,338 |
Gross profit | 66,772 | 64,939 | 193,483 | 173,782 |
Selling, general and administrative expenses | 38,523 | 37,178 | 117,087 | 105,463 |
Income from operations | 28,249 | 27,761 | 76,396 | 68,319 |
Interest expense | (1,399) | (1,414) | (4,233) | (4,241) |
Interest income | 100 | 100 | 309 | 257 |
Other income (expense) | (265) | (1,561) | (491) | (2,734) |
Income before income taxes | 26,685 | 24,886 | 71,981 | 61,601 |
Provision for income taxes | 3,142 | 8,294 | 15,084 | 20,526 |
Net Income | $ 23,543 | $ 16,592 | $ 56,897 | $ 41,075 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 2.01 | $ 1.43 | $ 4.88 | $ 3.56 |
Diluted (in dollars per share) | $ 2.00 | $ 1.42 | $ 4.84 | $ 3.52 |
Average common shares: | ||||
Basic (in shares) | 11,689 | 11,586 | 11,649 | 11,535 |
Diluted (in shares) | 11,777 | 11,708 | 11,758 | 11,666 |
Dividends declared (in dollars per share) | $ 0.11 | $ 0.10 | $ 0.33 | $ 0.30 |
Industrial | ||||
Net sales: | ||||
Net sales | $ 156,721 | $ 132,388 | $ 438,919 | $ 375,546 |
Income from operations | 18,351 | 14,941 | 46,316 | 38,563 |
Agricultural | ||||
Net sales: | ||||
Net sales | 61,464 | 64,923 | 179,182 | 170,921 |
Income from operations | 6,608 | 8,598 | 18,047 | 19,315 |
European | ||||
Net sales: | ||||
Net sales | 39,387 | 43,144 | 134,683 | 122,653 |
Income from operations | $ 3,290 | $ 4,222 | $ 12,033 | $ 10,441 |
Interim Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 23,543 | $ 16,592 | $ 56,897 | $ 41,075 |
Other comprehensive income: | ||||
Foreign currency translation adjustments | (924) | 7,452 | (9,657) | 17,596 |
Net gain on pension and other postretirement benefits | 211 | 218 | 634 | 652 |
Other comprehensive income before income tax expense | (713) | 7,670 | (9,023) | 18,248 |
Income tax expense related to items of other comprehensive loss | (44) | (80) | (133) | (239) |
Other comprehensive income | (757) | 7,590 | (9,156) | 18,009 |
Comprehensive Income | $ 22,786 | $ 24,182 | $ 47,741 | $ 59,084 |
Interim Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
---|---|---|---|---|---|---|
Balance (shares) at Dec. 31, 2017 | 11,534 | |||||
Balance at Dec. 31, 2017 | $ 449,108 | $ 1,158 | $ 103,864 | $ (426) | $ 374,678 | $ (30,166) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 56,897 | |||||
Translation adjustment | (9,657) | (9,657) | ||||
Net actuarial gain arising during period, net of taxes | 501 | 501 | ||||
Stock-based compensation | 1,810 | 1,810 | ||||
Exercise of stock options (shares) | 84 | |||||
Exercise of stock options | 2,071 | $ 8 | 2,063 | |||
Dividends paid ($0.22 per share) | (3,838) | (3,838) | ||||
Balance (shares) at Sep. 30, 2018 | 11,618 | |||||
Balance at Sep. 30, 2018 | $ 496,892 | $ 1,166 | $ 107,737 | $ (426) | $ 427,737 | $ (39,322) |
Interim Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends paid (in dollars per share) | $ 0.11 | $ 0.10 | $ 0.33 | $ 0.30 |
Basis of Financial Statement Presentation |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation General The accompanying unaudited interim condensed consolidated financial statements of Alamo Group Inc. and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulations S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The balance sheet at December 31, 2017 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2017 (the "2017 10-K"). Reclassifications Certain amounts reported for the three and nine months ended September 30, 2017 have been reclassified in order to conform to the 2018 presentation. Accounting Pronouncements Adopted on January 1, 2018 In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") Topic 605. “Revenue Recognition,” and most industry-specific guidance. Effective January 1, 2018 the Company adopted the provisions of Topic 606 using the modified retrospective method of adoption. There was no impact to our financial position or results of operations as of and for the nine months ended September 30, 2018 as a result of adopting Topic 606. Therefore, there was no cumulative-effect adjustment to retained earnings as of January 1, 2018 for the impact of the adoption of Topic 606. See “Revenue Recognition” below for our accounting policy affected by our adoption of Topic 606. In March 2017, the FASB issued ASU No. 2017-07, “Compensation-Retirement Benefits (Topic 715),” which requires employers to report the service cost component of net periodic pension cost and net periodic postretirement benefit cost in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. It also requires the other components of net periodic pension cost and net periodic postretirement benefit cost (non-service cost components) to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This ASU is to be applied retrospectively for income statement items and prospectively for any capitalized benefit costs. The adoption of this ASU effective January 1, 2018 did not affect our financial position or results of operations. Accordingly, for the three months ended September 30, 2018 and 2017, we reclassified the non-service cost components out of selling, general and administrative expenses of $62,000 and $150,000 respectively, and into other income (expense), net. For the nine months ended September 30, 2018 and 2017 we reclassified the non-service cost components out of selling, general and administrative expenses of $187,000 and $450,000 respectively, and into other income (expense), net. Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, “Leases.” This update requires that a lessee recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. Similar to current guidance, the update continues to differentiate between finance leases and operating leases, however this distinction now primarily relates to differences in the manner of expense recognition over time and in the classification of lease payments in the statement of cash flows. The updated guidance leaves the accounting for leases by lessors largely unchanged from existing GAAP. Entities may elect the modified retrospective method of adoption or a cumulative transition adjustment on the effective date. The guidance will become effective for us on January 1, 2019 and we have not yet elected a transition method. We are evaluating the impacts that adoption of the ASU is expected to have on our consolidated financial statements and related disclosures. We anticipate this standard will have a material impact on our financial position by increasing our assets and liabilities by equal amounts through the recognition of right-of-use assets and lease liabilities for our operating leases. However, we do not expect adoption to have a material impact on our results of operations or liquidity. Additionally, we are evaluating the effect of the ASU on our internal control over financial reporting or other potential changes in business practices and processes including contract review and approval procedures. In February 2018, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” to allow reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act ("TCJA"). Upon adoption of the ASU, entities will be required to disclose a description of the accounting policy for releasing income tax effects from accumulated other comprehensive income. The standard is required to be adopted for periods beginning after December 15, 2018, with early adoption available for any set of financial statements that have yet to be issued or made available for issuance including retrospectively for any period in which the effect of the change is the U.S. corporate income tax rate in the TCJA is recognized. The Company has not yet determined the effect of the ASU. In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740)-Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118,” which amends certain SEC material in Topic 740 for the income tax accounting implications of the recently issued Tax Reform. This guidance clarifies the application of Topic 740 in situations where a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting under ASC Topic 740 for certain income tax effects of Tax Reform for the reporting period in which the Tax Reform was enacted. We are currently evaluating the effects of Tax Reform, and in the absence of clarifying guidance in the application of certain provisions of Tax Reform, we used reasonable estimates to determine our provisional tax amounts and are awaiting guidance for those items for which a reasonable estimate cannot be made. In August 2018, the FASB issued Accounting Statement Update (ASU) No. 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which modifies the disclosures requirements on fair value measurements. Among other things, the amendments add disclosures for changes in unrealized gains and losses on Level 3 fair value measurements and requires additional disclosures on unobservable inputs associated with Level 3 assets. The guidance will become effective for us on January 1, 2020. The impacts that adoption of the ASU is expected to have on our financial disclosures is being evaluated. In August 2018, the FASB issued Accounting Statement Update (ASU) No. 2018-14, “Compensation, Defined Benefit Plans,” which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The update removes certain disclosures that are no longer considered cost beneficial and adds disclosure requirements identified as relevant. The guidance will become effective for us on January 1, 2021 with early adoption permitted for any financial statements that have not been issued. The impacts that adoption of the ASU is expected to have on our financial disclosures is being evaluated.
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Accounting Policies |
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Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies Revenue Recognition The following policy resulted from our adoption of the provisions of ASC Topic 606, “Revenue from Contracts with Customers,” effective January 1, 2018, as described above in “Accounting Pronouncements Adopted on January 1, 2018.” The majority of the Company's revenue is recognized from product sales under contracts with customers. The Company presents three reportable operating segments within its financial statements; Industrial, Agricultural and European. Contract terms and performance obligations within each contractual agreement are generally consistent for all three divisions with small differences that do not have a significant impact on the revenue recognition considerations under Topic 606. Revenues are recognized when we satisfy our performance obligation to transfer product to our customers, which typically occurs at a point in time upon shipment or delivery of the product, and for an amount that reflects the transaction price that is allocated to the performance obligation. Our contracts with customers state the final terms of sale, including the description, quantity and price for goods sold. In the normal course of business, we generally do not accept product returns. The transaction price is the consideration that we expect to be entitled to in exchange for our products. Some of our contracts contain variable consideration in the form of sales incentives to our customers, such as discounts and rebates. For contracts that include variable consideration, we estimate the factors that determine the variable consideration in order to establish the transaction price. We have elected that any taxes collected from customers and remitted to government authorities (i.e. sales tax, use tax, etc.) are excluded from the measurement of the transaction price and therefore are excluded from net sales in the consolidated statements of operations. There are instances where we provide shipping services in relation to the goods sold to our customers. Shipping and handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are included in cost of goods sold. We have elected to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities (i.e. an expense) rather than as a promised service.
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Business Combinations |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Business Combinations Santa Izabel Agro Industria Ltda. On June 6, 2017, the Company completed the acquisition of Santa Izabel Agro Industria Ltda. ("Santa Izabel"). Santa Izabel designs, manufactures and markets a variety of agricultural implements and trailers sold throughout Brazil. The primary reason for the Santa Izabel acquisition was to broaden the Company's presence in the manufacturing and distribution of agricultural machinery in Brazil. The acquisition price was approximately $10 million. Old Dominion Brush Company On June 26, 2017, the Company completed the acquisition of Old Dominion Brush Company, Inc. ("Old Dominion"). Old Dominion manufactures and sells replacement brooms for street sweepers and leaf vacuum equipment. The acquisition price was approximately $18 million. The primary reason for the Old Dominion acquisition was to increase the Company's presence in the sweeper market and broaden our product offerings. R.P.M. Tech Inc. On August 8, 2017, the Company completed the acquisition of R.P.M. Tech Inc. ("R.P.M."). R.P.M. manufactures and sells heavy duty snow removal equipment. The primary reason for the R.P.M acquisition was to strengthen the Company's offering in industrial snowblowers. The acquisition price was approximately $13 million. Consolidated Acquisitions The Company has included the operating results of Old Dominion, Santa Izabel, and R.P.M. in its consolidated financial statements since their acquisitions. The total purchase price has been allocated to assets acquired and liabilities assumed, including deferred taxes, based on their fair values as of the completion of the acquisitions. The following represents the final fair value of the assets acquired and liabilities assumed for all acquisitions as of the acquisition dates (in thousands):
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Accounts Receivable |
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Sep. 30, 2018 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable is shown net of sales discounts and the allowance for doubtful accounts. At September 30, 2018 the Company had $17,091,000 in reserves for sales discounts compared to $15,652,000 at December 31, 2017 related to products shipped to our customers under various promotional programs. The increase was primarily due to additional discounts reserved related to increased sales of the Company's agricultural products sold during the first nine months of 2018.
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Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories valued at LIFO cost represented 60% and 62% of total inventory at September 30, 2018 and December 31, 2017, respectively. The excess of current cost over LIFO valued inventories was approximately $7,919,000 at September 30, 2018 and December 31, 2017. An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO must be based, to some extent, on management's estimates at each quarter end. Net inventories consist of the following:
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Rental Equipment |
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Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Rental Equipment | Rental EquipmentRental equipment is shown net of accumulated depreciation of $11,247,000 and $9,413,000 at September 30, 2018 and December 31, 2017, respectively. The Company recognized depreciation expense of $1,808,000 and $1,449,000 for the three months ended September 30, 2018 and September 30, 2017, respectively and $4,790,000 and $4,253,000 for the nine months ended September 30, 2018 and September 30, 2017, respectively. |
Fair Value Measurements |
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Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying values of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, approximate their fair value because of the short-term nature of these items. The carrying value of our debt approximates the fair value as of September 30, 2018 and December 31, 2017, as the floating rates on our outstanding balances approximate current market rates. This conclusion was made based on Level 2 inputs.
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Goodwill and Definite and Indefinite-lived Intangible Assets |
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Goodwill and Definite- and Indefinite-lived Intangible Assets | Goodwill and Definite and Indefinite-lived Intangible Assets The following is the summary of changes to the Company's Goodwill for the nine months ended September 30, 2018:
The following is a summary of the Company's definite and indefinite-lived intangible assets net of the accumulated amortization:
The Company recognized amortization expense of $874,000 and $891,000 for the three months ending September 30, 2018 and 2017, respectively, and $2,630,000 and $2,445,000 for the nine months ended September 30, 2018 and 2017, respectively. As of September 30, 2018, the Company had $49,763,000 of intangible assets, which represents 7% of total assets.
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The components of long-term debt are as follows:
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Common Stock and Dividends |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock and Dividends | Common Stock and Dividends Dividends declared and paid on a per share basis were as follows:
On October 1, 2018, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.11 per share, which was paid on October 26, 2018, to shareholders of record at the close of business on October 15, 2018.
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Earnings Per Share |
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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.
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Income Taxes |
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Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Tax Reform On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act ("TCJA") that instituted fundamental changes to the U.S. Internal Revenue Code of 1986, as amended ("the Code"). We reflected an overall income tax liability for the year ended December 31, 2017 with respect to TCJA as a result of remeasuring our U.S. deferred tax assets and liabilities using the 21% rate and recognizing a one-time transition tax charge on the deemed repatriation of previously undistributed accumulated earnings and profits of our international subsidiaries. Due to the significant and complex changes to the Code from the TCJA, the SEC issued Staff Accounting Bulletin No. 118, "Income Tax Accounting Implications of the Tax Cuts and Jobs Act," (SAB 118). SAB 118 provides measurement period for up to one year for adjustments to be made to account for the effects of the TCJA. The Company reflected the income tax effects of those aspects of TCJA for which the accounting was complete. To the extent the Company’s accounting for certain income tax effects of TCJA was incomplete but the Company was able to determine a reasonable estimate, the Company recorded a provisional estimate in the financial statements. For those items where a reasonable estimate could not be made, a provisional amount was not recorded and the Company continued to apply the provisions of the tax laws that were in effect immediately before the enactment of TCJA. During the three months ended September 30, 2018, we revised our initial provisional amount recorded for the transitional tax on the deemed repatriation of the accumulated earnings and profits of our international subsidiaries and the impact of the federal tax rate change on the value of our deferred tax assets and liabilities. The transition tax liability on the deemed repatriation decreased $4.2 million, primarily as a result of additional analysis performed over our historical foreign earnings and foreign source income which provided increased ability to credit foreign taxes associated with the deemed repatriation. In addition, the impact of rate the change on deferred increased by $1.2 million due to adjustments resulting from the filing of our 2017 federal income tax return. We continue to gather additional information regarding the state impacts of repatriation and will finalize our calculation of the tax effects of the TCJA in the fourth quarter of 2018. In addition to the changes described above, TCJA imposes a U.S. tax on Global Intangible Low Taxed Income (“GILTI”) that is earned by certain foreign affiliates owned by a U.S. shareholder. The computation of GILTI is still subject to interpretation and additional clarifying guidance is expected, but is generally intended to impose tax on the earnings of a foreign corporation that are deemed to exceed a certain threshold return relative to the underlying business investment. We are still assessing impacts GILTI may have.
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Revenue and Segment Information |
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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.
Other includes rental sales, extended warranty sales and service sales as it is considered immaterial.
Net sales are attributed to countries based on the location of the customer. Segment Information The following includes a summary of the unaudited financial information by reporting segment at September 30, 2018:
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Contingent Matters |
9 Months Ended |
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Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Matters | Contingent Matters Like other manufacturers, the Company is subject to a broad range of federal, state, local and foreign laws and requirements, including those concerning air emissions, discharges into waterways, and the generation, handling, storage, transportation, treatment and disposal of hazardous substances and waste materials, as well as the remediation of contamination associated with releases of hazardous substances at the Company’s facilities and off-site disposal locations, workplace safety and equal employment opportunities. These laws and regulations are constantly changing, and it is impossible to predict with accuracy the effect that changes to such laws and regulations may have on the Company in the future. Like other industrial concerns, the Company’s manufacturing operations entail the risk of noncompliance, and there can be no assurance that the Company will not incur material costs or other liabilities as a result thereof.
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Retirement Benefit Plans |
9 Months Ended |
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Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans Defined Benefit Plan The Company amortizes annual pension income or expense evenly over four quarters. Pension income was $87,000 and $2,000 for the three months ended September 30, 2018 and September 30, 2017, respectively. Pension income for the nine months ended September 30, 2018 was $260,000 and pension income for the nine months ended September 30, 2017 was $5,000. The Company is not required to contribute to the pension plans for the 2018 plan year but may do so. Supplemental Retirement Plan In May of 2015, the Board amended the SERP to allow the Board to modify the retirement benefit percentage either higher or lower than 20%. In May of 2016, the Board added additional key management to the plan. As of September 30, 2018, the current retirement benefit (as defined in the plan) for the participants ranges from 10% to 20%. The net period expense for the three months ended September 30, 2018 and 2017 was $250,000 and, $202,000 respectively, and $749,000 and $606,000 for the nine months ended September 30, 2018 and 2017, respectively.
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Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | The accompanying unaudited interim condensed consolidated financial statements of Alamo Group Inc. and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulations S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The balance sheet at December 31, 2017 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2017 (the "2017 10-K"). |
New Accounting Pronouncements | Accounting Pronouncements Adopted on January 1, 2018 In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") Topic 605. “Revenue Recognition,” and most industry-specific guidance. Effective January 1, 2018 the Company adopted the provisions of Topic 606 using the modified retrospective method of adoption. There was no impact to our financial position or results of operations as of and for the nine months ended September 30, 2018 as a result of adopting Topic 606. Therefore, there was no cumulative-effect adjustment to retained earnings as of January 1, 2018 for the impact of the adoption of Topic 606. See “Revenue Recognition” below for our accounting policy affected by our adoption of Topic 606. In March 2017, the FASB issued ASU No. 2017-07, “Compensation-Retirement Benefits (Topic 715),” which requires employers to report the service cost component of net periodic pension cost and net periodic postretirement benefit cost in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. It also requires the other components of net periodic pension cost and net periodic postretirement benefit cost (non-service cost components) to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This ASU is to be applied retrospectively for income statement items and prospectively for any capitalized benefit costs. The adoption of this ASU effective January 1, 2018 did not affect our financial position or results of operations. Accordingly, for the three months ended September 30, 2018 and 2017, we reclassified the non-service cost components out of selling, general and administrative expenses of $62,000 and $150,000 respectively, and into other income (expense), net. For the nine months ended September 30, 2018 and 2017 we reclassified the non-service cost components out of selling, general and administrative expenses of $187,000 and $450,000 respectively, and into other income (expense), net. Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, “Leases.” This update requires that a lessee recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. Similar to current guidance, the update continues to differentiate between finance leases and operating leases, however this distinction now primarily relates to differences in the manner of expense recognition over time and in the classification of lease payments in the statement of cash flows. The updated guidance leaves the accounting for leases by lessors largely unchanged from existing GAAP. Entities may elect the modified retrospective method of adoption or a cumulative transition adjustment on the effective date. The guidance will become effective for us on January 1, 2019 and we have not yet elected a transition method. We are evaluating the impacts that adoption of the ASU is expected to have on our consolidated financial statements and related disclosures. We anticipate this standard will have a material impact on our financial position by increasing our assets and liabilities by equal amounts through the recognition of right-of-use assets and lease liabilities for our operating leases. However, we do not expect adoption to have a material impact on our results of operations or liquidity. Additionally, we are evaluating the effect of the ASU on our internal control over financial reporting or other potential changes in business practices and processes including contract review and approval procedures. In February 2018, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” to allow reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act ("TCJA"). Upon adoption of the ASU, entities will be required to disclose a description of the accounting policy for releasing income tax effects from accumulated other comprehensive income. The standard is required to be adopted for periods beginning after December 15, 2018, with early adoption available for any set of financial statements that have yet to be issued or made available for issuance including retrospectively for any period in which the effect of the change is the U.S. corporate income tax rate in the TCJA is recognized. The Company has not yet determined the effect of the ASU. In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740)-Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118,” which amends certain SEC material in Topic 740 for the income tax accounting implications of the recently issued Tax Reform. This guidance clarifies the application of Topic 740 in situations where a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting under ASC Topic 740 for certain income tax effects of Tax Reform for the reporting period in which the Tax Reform was enacted. We are currently evaluating the effects of Tax Reform, and in the absence of clarifying guidance in the application of certain provisions of Tax Reform, we used reasonable estimates to determine our provisional tax amounts and are awaiting guidance for those items for which a reasonable estimate cannot be made. In August 2018, the FASB issued Accounting Statement Update (ASU) No. 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which modifies the disclosures requirements on fair value measurements. Among other things, the amendments add disclosures for changes in unrealized gains and losses on Level 3 fair value measurements and requires additional disclosures on unobservable inputs associated with Level 3 assets. The guidance will become effective for us on January 1, 2020. The impacts that adoption of the ASU is expected to have on our financial disclosures is being evaluated. In August 2018, the FASB issued Accounting Statement Update (ASU) No. 2018-14, “Compensation, Defined Benefit Plans,” which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The update removes certain disclosures that are no longer considered cost beneficial and adds disclosure requirements identified as relevant. The guidance will become effective for us on January 1, 2021 with early adoption permitted for any financial statements that have not been issued. The impacts that adoption of the ASU is expected to have on our financial disclosures is being evaluated.
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Revenue Recognition | Revenue Recognition The following policy resulted from our adoption of the provisions of ASC Topic 606, “Revenue from Contracts with Customers,” effective January 1, 2018, as described above in “Accounting Pronouncements Adopted on January 1, 2018.” The majority of the Company's revenue is recognized from product sales under contracts with customers. The Company presents three reportable operating segments within its financial statements; Industrial, Agricultural and European. Contract terms and performance obligations within each contractual agreement are generally consistent for all three divisions with small differences that do not have a significant impact on the revenue recognition considerations under Topic 606. Revenues are recognized when we satisfy our performance obligation to transfer product to our customers, which typically occurs at a point in time upon shipment or delivery of the product, and for an amount that reflects the transaction price that is allocated to the performance obligation. Our contracts with customers state the final terms of sale, including the description, quantity and price for goods sold. In the normal course of business, we generally do not accept product returns. The transaction price is the consideration that we expect to be entitled to in exchange for our products. Some of our contracts contain variable consideration in the form of sales incentives to our customers, such as discounts and rebates. For contracts that include variable consideration, we estimate the factors that determine the variable consideration in order to establish the transaction price. We have elected that any taxes collected from customers and remitted to government authorities (i.e. sales tax, use tax, etc.) are excluded from the measurement of the transaction price and therefore are excluded from net sales in the consolidated statements of operations. There are instances where we provide shipping services in relation to the goods sold to our customers. Shipping and handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are included in cost of goods sold. We have elected to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities (i.e. an expense) rather than as a promised service.
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Business Combinations (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair value of assets acquired and liabilities assumed as of the acquisition date | The following represents the final fair value of the assets acquired and liabilities assumed for all acquisitions as of the acquisition dates (in thousands):
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventory | Net inventories consist of the following:
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Goodwill and Definite and Indefinite-lived Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following is the summary of changes to the Company's Goodwill for the nine months ended September 30, 2018:
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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:
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Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | The components of long-term debt are as follows:
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Common Stock and Dividends (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Declared and Paid | Dividends declared and paid on a per share basis were as follows:
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Earnings Per Share (Tables) |
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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.
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Revenue and Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
Other includes rental sales, extended warranty sales and service sales as it is considered immaterial.
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Schedule of Segment Reporting by Segment | The following includes a summary of the unaudited financial information by reporting segment at September 30, 2018:
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Basis of Financial Statement Presentation - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Selling, general and administrative expenses | $ (38,523,000) | $ (37,178,000) | $ (117,087,000) | $ (105,463,000) | |
Other income (expense) | 265,000 | 1,561,000 | 491,000 | 2,734,000 | |
Accounting Standards Update 2017-07 | Reclassification | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Selling, general and administrative expenses | 62,000 | 150,000 | 187,000 | 450,000 | |
Other income (expense) | $ 62,000 | $ 150,000 | $ 187,000 | $ 450,000 | |
Accounting Standards Update 2014-09 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative adjustment to retained earnings | $ 0 |
Accounting Policies - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2018
segment
| |
Accounting Policies [Abstract] | |
Number of reportable operating segments | 3 |
Business Combinations (Narrative) (Details) - USD ($) $ in Millions |
Aug. 08, 2017 |
Jun. 26, 2017 |
Jun. 06, 2017 |
---|---|---|---|
Santa Izabel Agro Industria, LTDA | |||
Business Acquisition [Line Items] | |||
Acquisition price | $ 10 | ||
Old Dominion | |||
Business Acquisition [Line Items] | |||
Acquisition price | $ 18 | ||
R.P.M. | |||
Business Acquisition [Line Items] | |||
Acquisition price | $ 13 |
Business Combinations (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Business Acquisition [Line Items] | ||
Goodwill | $ 83,716 | $ 84,761 |
R.P.M. | ||
Business Acquisition [Line Items] | ||
Cash | 2,547 | |
Accounts receivable | 7,111 | |
Inventory | 15,387 | |
Prepaid expenses | 134 | |
Property, plant & equipment | 5,902 | |
Intangible assets | 5,855 | |
Other assets | 1,057 | |
Other liabilities assumed | (5,635) | |
Net assets assumed | 32,358 | |
Goodwill | 8,741 | |
Acquisition Price | $ 41,099 |
Accounts Receivable (Narrative) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Reserves for sales discounts | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Reserves for sales discounts on products shipped under promotional programs | $ 17,091 | $ 15,652 |
Inventories (Narrative) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Percentage of LIFO inventory | 60.00% | 62.00% |
Excess of current costs over stated LIFO value | $ 7,919 | $ 7,919 |
Inventory obsolescence reserves | $ 7,106 | $ 6,932 |
Inventories (Schedule of Inventory, Current) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 154,555 | $ 133,161 |
Work in process | 14,345 | 10,243 |
Raw materials | 15,118 | 12,164 |
Total inventory | $ 184,018 | $ 155,568 |
Rental Equipment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Property, Plant and Equipment [Line Items] | |||||
Accumulated depreciation | $ 130,606 | $ 130,606 | $ 125,629 | ||
Depreciation - Property, plant and equipment | 9,388 | $ 8,631 | |||
Rental Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Accumulated depreciation | 11,247 | 11,247 | $ 9,413 | ||
Depreciation - Property, plant and equipment | $ 1,808 | $ 1,449 | $ 4,790 | $ 4,253 |
Goodwill and Definite and Indefinite-lived Intangible Assets (Goodwill) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Goodwill [Roll Forward] | |
Balance at December 31, 2017 | $ 84,761 |
Translation adjustment | (1,903) |
Goodwill adjustment | 858 |
Balance at September 30, 2018 | 83,716 |
Industrial | |
Goodwill [Roll Forward] | |
Balance at December 31, 2017 | 61,682 |
Translation adjustment | (220) |
Goodwill adjustment | 84 |
Balance at September 30, 2018 | 61,546 |
Agricultural | |
Goodwill [Roll Forward] | |
Balance at December 31, 2017 | 6,357 |
Translation adjustment | (1,122) |
Goodwill adjustment | 774 |
Balance at September 30, 2018 | 6,009 |
European | |
Goodwill [Roll Forward] | |
Balance at December 31, 2017 | 16,722 |
Translation adjustment | (561) |
Goodwill adjustment | 0 |
Balance at September 30, 2018 | $ 16,161 |
Debt (Schedule of Long Term Debt) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Current Maturities | $ 189 | $ 82 |
Long-term debt | 101,000 | 60,000 |
Total debt | 101,189 | 60,082 |
Other notes payable | ||
Debt Instrument [Line Items] | ||
Current Maturities | 189 | 82 |
Bank revolving credit facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 101,000 | $ 60,000 |
Debt (Narrative) (Details) $ in Thousands |
Sep. 30, 2018
USD ($)
|
---|---|
Bank revolving credit facility | |
Debt Instrument [Line Items] | |
Available borrowings | $ 147,675 |
Standby letters of credit | |
Debt Instrument [Line Items] | |
Amount of capacity | $ 1,325 |
Common Stock and Dividends (Details) - $ / shares |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Oct. 26, 2018 |
Oct. 01, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Class of Stock [Line Items] | ||||||
Dividends declared (in dollars per share) | $ 0.11 | $ 0.10 | $ 0.33 | $ 0.30 | ||
Dividends paid (in dollars per share) | $ 0.11 | $ 0.10 | $ 0.33 | $ 0.30 | ||
Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Dividends declared (in dollars per share) | $ 0.11 | |||||
Dividends paid (in dollars per share) | $ 0.11 |
Earnings Per Share (Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 23,543 | $ 16,592 | $ 56,897 | $ 41,075 |
Average Common Shares: | ||||
Basic (weighted-average outstanding shares) | 11,689 | 11,586 | 11,649 | 11,535 |
Dilutive potential common shares from stock options (in shares) | 88 | 122 | 109 | 131 |
Diluted (weighted-average outstanding shares) | 11,777 | 11,708 | 11,758 | 11,666 |
Basic earnings per share (in dollars per share) | $ 2.01 | $ 1.43 | $ 4.88 | $ 3.56 |
Diluted earnings per share (in dollars per share) | $ 2.00 | $ 1.42 | $ 4.84 | $ 3.52 |
Income Taxes (Details) $ in Millions |
3 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Income Tax Disclosure [Abstract] | |
Federal tax expense decrease, deemed repatriation | $ 4.2 |
Federal tax expense increase, impact of rate change on deferred | $ 1.2 |
Revenue and Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 257,572 | $ 240,455 | $ 752,784 | $ 669,120 |
Wholegoods | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 204,349 | 187,696 | 604,073 | 528,807 |
Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 47,911 | 48,302 | 135,153 | 128,927 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 5,312 | $ 4,457 | $ 13,558 | $ 11,386 |
Revenue and Segment Information - Revenue by Geographical Location (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 257,572 | $ 240,455 | $ 752,784 | $ 669,120 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 188,037 | 174,807 | 536,505 | 486,513 |
United Kingdom | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 15,141 | 13,319 | 41,003 | 35,745 |
France | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 17,048 | 21,660 | 66,321 | 62,563 |
Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 15,167 | 13,064 | 44,819 | 35,242 |
Australia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 2,023 | 2,203 | 7,550 | 10,093 |
Brazil | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 3,050 | 4,058 | 13,368 | 6,579 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 17,106 | $ 11,344 | $ 43,218 | $ 32,385 |
Revenue and Segment Information - Revenue, Income, Goodwill and Identifiable Assets by Location (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Segment Reporting Information [Line Items] | |||||
Net Sales | $ 257,572 | $ 240,455 | $ 752,784 | $ 669,120 | |
Income from Operations | 28,249 | 27,761 | 76,396 | 68,319 | |
Goodwill | 83,716 | 83,716 | $ 84,761 | ||
Total Identifiable Assets | 734,773 | 734,773 | 639,671 | ||
Industrial | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 156,721 | 132,388 | 438,919 | 375,546 | |
Income from Operations | 18,351 | 14,941 | 46,316 | 38,563 | |
Goodwill | 61,546 | 61,546 | 61,682 | ||
Total Identifiable Assets | 419,444 | 419,444 | 369,271 | ||
Agricultural | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 61,464 | 64,923 | 179,182 | 170,921 | |
Income from Operations | 6,608 | 8,598 | 18,047 | 19,315 | |
Goodwill | 6,009 | 6,009 | 6,357 | ||
Total Identifiable Assets | 167,851 | 167,851 | 141,023 | ||
European | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 39,387 | 43,144 | 134,683 | 122,653 | |
Income from Operations | 3,290 | $ 4,222 | 12,033 | $ 10,441 | |
Goodwill | 16,161 | 16,161 | 16,722 | ||
Total Identifiable Assets | $ 147,478 | $ 147,478 | $ 129,377 |
Retirement Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Defined Benefit Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension expense (income) | $ (87) | $ (2) | $ (260) | $ (5) |
Supplemental Employee Retirement Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension expense (income) | $ 250 | $ 202 | $ 749 | $ 606 |
Supplemental Employee Retirement Plan | Minimum | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Retirement benefit, percentage | 10.00% | |||
Supplemental Employee Retirement Plan | Maximum | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Retirement benefit, percentage | 20.00% |
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