(Exact name of registrant as specified in its charter) | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Securities registered pursuant to Section 12(b) of the Act: | |||||||||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered | |||||||||
Common Stock, par value $.10 per share | |||||||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
PART I. | FINANCIAL INFORMATION | PAGE | |||||||||
Item 1. | Interim Condensed Consolidated Financial Statements (Unaudited) | ||||||||||
March 31, 2021 and December 31, 2020 | |||||||||||
Three Months Ended March 31, 2021 and March 31, 2020 | |||||||||||
Three Months Ended March 31, 2021 and March 31, 2020 | |||||||||||
Three Months Ended March 31, 2021 and March 31, 2020 | |||||||||||
Three Months Ended March 31, 2021 and March 31, 2020 | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. | |||||||||||
Item 1. | Legal Proceedings | ||||||||||
Item 1A. | Risk Factors | ||||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||||
Item 3. | Defaults Upon Senior Securities | ||||||||||
Item 4. | Mine Safety Disclosures | ||||||||||
Item 5. | Other Information | ||||||||||
Item 6. | Exhibits | ||||||||||
(in thousands, except share amounts) | March 31, 2021 | December 31, 2020 | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||||||||
Accounts receivable, net | ||||||||||||||||||||
Inventories, net | ||||||||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||||||||
Income tax receivable | ||||||||||||||||||||
Total current assets | ||||||||||||||||||||
Rental equipment, net | ||||||||||||||||||||
Property, plant and equipment | ||||||||||||||||||||
Less: Accumulated depreciation | ( | ( | ||||||||||||||||||
Total property, plant and equipment, net | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
Intangible assets, net | ||||||||||||||||||||
Deferred income taxes | ||||||||||||||||||||
Other non-current assets | ||||||||||||||||||||
Total assets | $ | $ | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Trade accounts payable | $ | $ | ||||||||||||||||||
Income taxes payable | ||||||||||||||||||||
Accrued liabilities | ||||||||||||||||||||
Current maturities of long-term debt and finance lease obligations | ||||||||||||||||||||
Total current liabilities | ||||||||||||||||||||
Long-term debt and finance lease obligations, net of current maturities | ||||||||||||||||||||
Long-term tax liability | ||||||||||||||||||||
Deferred pension liability | ||||||||||||||||||||
Other long-term liabilities | ||||||||||||||||||||
Deferred income taxes | ||||||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock, $ | ||||||||||||||||||||
Additional paid-in-capital | ||||||||||||||||||||
Treasury stock, at cost; | ( | ( | ||||||||||||||||||
Retained earnings | ||||||||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||||||||
Total stockholders’ equity | ||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | |||||||||
Net sales: | |||||||||||
Industrial | $ | $ | |||||||||
Agricultural | |||||||||||
Total net sales | |||||||||||
Cost of sales | |||||||||||
Gross profit | |||||||||||
Selling, general and administrative expenses | |||||||||||
Amortization expense | |||||||||||
Income from operations | |||||||||||
Interest expense | ( | ( | |||||||||
Interest income | |||||||||||
Other income (expense), net | ( | ||||||||||
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 March 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments, net of tax expense of $( | ( | ( | |||||||||
Recognition of deferred pension and other post-retirement benefits, net of tax expense of $( | |||||||||||
Unrealized income (loss) on derivative instruments, net of tax (expense) benefit of $( | ( | ||||||||||
Other comprehensive losses, net of tax | ( | ( | |||||||||
Comprehensive income (loss) | $ | $ | ( |
For three months ended March 31, 2021 | |||||||||||||||||||||||
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, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||
Other comprehensive income | — | — | — | — | ( | ||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation transactions | — | — | — | ||||||||||||||||||||
Dividends paid ($ | — | — | — | — | ( | — | ( | ||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||
For three months ended March 31, 2020 | |||||||||||||||||||||||
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, 2019 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||
Other comprehensive income | — | — | — | — | ( | ( | |||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation transactions | — | — | — | ||||||||||||||||||||
Dividends paid ($ | — | — | — | — | ( | — | ( | ||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||
Three Months Ended March 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for doubtful accounts | ( | ||||||||||
Depreciation - Property, plant and equipment | |||||||||||
Depreciation - Rental equipment | |||||||||||
Amortization of intangibles | |||||||||||
Amortization of debt issuance | |||||||||||
Stock-based compensation expense | |||||||||||
Provision for deferred income tax (benefit) | ( | ( | |||||||||
Gain on sale of property, plant and equipment | ( | ( | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Rental equipment | |||||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Trade accounts payable and accrued liabilities | |||||||||||
Income taxes payable | |||||||||||
Long-term tax payable | ( | ||||||||||
Other assets and long-term liabilities, net | ( | ||||||||||
Net cash (used in) provided by operating activities | ( | ||||||||||
Investing Activities | |||||||||||
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 finance leases | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Proceeds from exercise of stock options | |||||||||||
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 year | |||||||||||
Cash and cash equivalents at end of the period | $ | $ | |||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes |
(in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||||||||
Finished goods | $ | $ | ||||||||||||||||||
Work in process | ||||||||||||||||||||
Raw materials | ||||||||||||||||||||
Inventories, net | $ | $ |
Industrial | Agricultural | Consolidated | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | |||||||||||||||||||||||
Translation adjustment | ( | ( | ( | |||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | |||||||||||||||||||||||
(in thousands) | Estimated Useful Lives | March 31, 2021 | December 31, 2020 | |||||||||||||||||
Definite: | ||||||||||||||||||||
Trade names and trademarks | $ | $ | ||||||||||||||||||
Customer and dealer relationships | ||||||||||||||||||||
Patents and drawings | ||||||||||||||||||||
Favorable leasehold interests | ||||||||||||||||||||
Total at cost | ||||||||||||||||||||
Less accumulated amortization | ( | ( | ||||||||||||||||||
Total net | ||||||||||||||||||||
Indefinite: | ||||||||||||||||||||
Trade names and trademarks | ||||||||||||||||||||
Total Intangible Assets | $ | $ |
Components of Lease Cost | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Finance lease cost: | ||||||||||||||
Amortization of right-of-use assets | $ | $ | ||||||||||||
Interest on lease liabilities | ||||||||||||||
Operating lease cost | ||||||||||||||
Short-term lease cost | ||||||||||||||
Variable lease cost | ||||||||||||||
Total lease cost | $ | $ |
Future Minimum Lease Payments | ||||||||||||||
(in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
2021 | $ | * | $ | |||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
Thereafter | ||||||||||||||
Total minimum lease payments | $ | $ | ||||||||||||
Less imputed interest | ( | ( | ||||||||||||
Total operating lease liabilities | $ | $ | ||||||||||||
*Period ending March 31, 2021 represents the remaining nine months of 2021. |
Operating Leases | ||||||||||||||
(in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
$ | $ | |||||||||||||
Total operating lease liabilities | $ | $ | ||||||||||||
Weighted Average Remaining Lease Term | ||||||||||||||
Weighted Average Discount Rate | % | % | ||||||||||||
Three Months Ended March 31, | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||||||||
Current Maturities: | |||||||||||||||||
Finance lease obligations | $ | $ | |||||||||||||||
Term debt | |||||||||||||||||
Long-term debt: | |||||||||||||||||
Finance lease obligations | |||||||||||||||||
Term debt, net | |||||||||||||||||
Bank revolving credit facility | |||||||||||||||||
Total Long-term debt | |||||||||||||||||
Total debt | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Dividends declared | $ | $ | |||||||||
Dividends paid | $ | $ |
Three Months Ended March 31, | |||||||||||
(In thousands, except per share) | 2021 | 2020 | |||||||||
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 March 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Net Sales | |||||||||||
Wholegoods | $ | $ | |||||||||
Parts | |||||||||||
Other | |||||||||||
Consolidated | $ | $ |
Revenue by Geographical Location | |||||||||||
Three Months Ended March 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Net Sales | |||||||||||
United States | $ | $ | |||||||||
France | |||||||||||
Canada | |||||||||||
United Kingdom | |||||||||||
Netherlands | |||||||||||
Brazil | |||||||||||
Australia | |||||||||||
Germany | |||||||||||
Other | |||||||||||
Consolidated | $ | $ |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Net Sales | |||||||||||
Industrial | $ | $ | |||||||||
Agricultural | |||||||||||
Consolidated | $ | $ | |||||||||
Income from Operations | |||||||||||
Industrial | $ | $ | |||||||||
Agricultural | |||||||||||
Consolidated | $ | $ |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Goodwill | |||||||||||
Industrial | $ | $ | |||||||||
Agricultural | |||||||||||
Consolidated | $ | $ | |||||||||
Total Identifiable Assets | |||||||||||
Industrial | $ | $ | |||||||||
Agricultural | |||||||||||
Consolidated | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
(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 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ( | |||||||||||||||||||||||||||
Other comprehensive (loss) income | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Balance as of end of period | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||
Three Months Ended March 31, | |||||||||||
As a Percent of Net Sales | 2021 | 2020 | |||||||||
Industrial | 68.1 | % | 73.1 | % | |||||||
Agricultural | 31.9 | % | 26.9 | % | |||||||
Total sales, net | 100.0 | % | 100.0 | % |
Three Months Ended March 31, | |||||||||||
Cost Trends and Profit Margin, as Percentages of Net Sales | 2021 | 2020 | |||||||||
Gross profit | 24.6 | % | 25.1 | % | |||||||
Income from operations | 8.2 | % | 7.6 | % | |||||||
Income before income taxes | 7.2 | % | 6.7 | % | |||||||
Net income | 5.6 | % | 4.9 | % |
Issuer Purchases of Equity Securities | ||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly announced Plans or Programs | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (a) | ||||||||||
January 1-31, 2021 | — | — | — | $25,861,222 | ||||||||||
February 1-28, 2021 | — | — | — | $25,861,222 | ||||||||||
March 1-31, 2021 | — | — | — | $25,861,222 | ||||||||||
(a) On December 13, 2018, the Board authorized a stock repurchase program of up to $30.0 million of the Company's common stock. The program shall have a term of five (5) years, terminating on December 12, 2023. |
Exhibits | Exhibit Title | Incorporated by Reference From the Following Documents | ||||||||||||
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 | |||||||||||
104 | — | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Filed Herewith |
May 5, 2021 | 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, Controller & Treasurer | |||||
(Principal Accounting Officer) |
Date: | May 5, 2021 | /s/ Ronald A. Robinson | ||||||
Ronald A. Robinson | ||||||||
President & Chief Executive Officer |
Date: | May 5, 2021 | /s/ Dan E. Malone | ||||||
Dan E. Malone | ||||||||
Executive Vice President & Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: | May 5, 2021 | /s/ Richard J. Wehrle | ||||||
Richard J. Wehrle | ||||||||
Vice President, Controller & Treasurer | ||||||||
(Principal Accounting Officer) |
Date: | May 5, 2021 | /s/ Ronald A. Robinson | ||||||
Ronald A. Robinson | ||||||||
President & Chief Executive Officer |
Date: | May 5, 2021 | /s/ Dan E. Malone | ||||||
Dan E. Malone | ||||||||
Executive Vice President & Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: | May 5, 2021 | /s/ Richard J. Wehrle | ||||||
Richard J. Wehrle | ||||||||
Vice President, Controller & Treasurer | ||||||||
(Principal Accounting Officer) |
Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock outstanding (in shares) | 11,838,746 | 11,809,926 |
Treasury stock (in shares) | 82,600 | 82,600 |
Interim Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 17,462 | $ 15,528 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments, net of tax expense of $(115) and zero, respectively | (4,010) | (20,454) |
Recognition of deferred pension and other post-retirement benefits, net of tax expense of $(67) and $(52), respectively | 251 | 194 |
Unrealized income (loss) on derivative instruments, net of tax (expense) benefit of $(578) and $1,308, respectively | 2,173 | (4,390) |
Other comprehensive (loss) income | (1,586) | (24,650) |
Comprehensive income (loss) | $ 15,876 | $ (9,122) |
Interim Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends paid (in dollars per share) | $ 0.14 | $ 0.13 |
Interim Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustment | $ (115) | $ 0 |
Net gain on pension and other post-retirement benefits | (67) | (52) |
Unrealized gain (loss) on derivative instruments | $ 578 | $ (1,308) |
Accumulated Other Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Statement of Other Comprehensive Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | $ (1,187) | $ (24,909) |
Basis of Financial Statement Presentation |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
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, 2021. The balance sheet at December 31, 2020 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, 2020 (the "2020 10-K"). Accounting Pronouncements Adopted on January 1, 2021 In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes” to simplify the accounting for income taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This guidance became effective for us on January 1, 2021. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. 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.
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Accounts Receivable |
3 Months Ended |
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Mar. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts ReceivableAccounts receivable is shown net of sales discounts and the allowance for credit losses.At March 31, 2021 the Company had $14.5 million in reserves for sales discounts compared to $13.5 million at December 31, 2020 related to products shipped to our customers under various promotional programs. The increase was primarily due to higher sales within the Company's Agricultural Division. |
Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories valued at LIFO cost represented 58% and 41% of total inventory at March 31, 2021 and December 31, 2020, respectively. The excess of current cost (market value) over LIFO valued inventories was approximately $12.5 million at March 31, 2021 and December 31, 2020. 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 |
3 Months Ended |
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Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Rental Equipment | Rental EquipmentRental equipment is shown net of accumulated depreciation of $19.4 million and $18.0 million at March 31, 2021 and December 31, 2020, respectively. The Company recognized depreciation expense of $2.2 million and $2.5 million for the three months ended March 31, 2021 and March 31, 2020. |
Fair Value Measurements |
3 Months Ended |
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Mar. 31, 2021 | |
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, 2021 and December 31, 2020, 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 Intangible Assets |
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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, 2021:
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 $3.7 million and $3.8 million for the three months ending March 31, 2021 and 2020, respectively. As of March 31, 2021, the Company had $189.0 million of intangible assets, which represents 16% of total assets.
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Leases |
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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:
Rent expense for the three months ending March 31, 2021 and 2020 was immaterial. Maturities of operating lease liabilities were as follows:
Future Lease Commencements As of March 31, 2021, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $2.3 million. These operating leases will commence in fiscal year 2021 with lease terms of 1 to 7 years. Supplemental balance sheet information related to leases was as follows:
Supplemental Cash Flow information related to leases was as follows:
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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:
Rent expense for the three months ending March 31, 2021 and 2020 was immaterial. Maturities of operating lease liabilities were as follows:
Future Lease Commencements As of March 31, 2021, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $2.3 million. These operating leases will commence in fiscal year 2021 with lease terms of 1 to 7 years. Supplemental balance sheet information related to leases was as follows:
Supplemental Cash Flow information related to leases was as follows:
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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 April 1, 2021, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.14 per share, which was paid on April 29, 2021, to shareholders of record at the close of business on April 15, 2021.
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Earnings Per Share |
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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.
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Income Taxes |
3 Months Ended |
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Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Tax Rate MethodologyThe Company calculates the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full year to income for the interim period. |
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 March 31, 2021:
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Contingent Matters |
3 Months Ended |
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Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Matters | Contingent Matters 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, 2020 (the "2020 10-K"). |
Basis of Financial Statement Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
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, 2021. The balance sheet at December 31, 2020 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, 2020 (the "2020 10-K").
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Accounting Pronouncements Adopted and Not Yet Adopted | Accounting Pronouncements Adopted on January 1, 2021 In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes” to simplify the accounting for income taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This guidance became effective for us on January 1, 2021. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. 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.
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Inventories (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventories | Net inventories consist of the following:
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Goodwill and Intangible Assets (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021:
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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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Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Expense | The components of lease cost were as follows:
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Operating Lease Maturity | Maturities of operating lease liabilities were as follows:
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Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows:
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Supplemental Cash Flow Information Related to Leases | Supplemental Cash Flow information related to leases was as follows:
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 financial information by segment | The following includes a summary of the unaudited financial information by reporting segment at March 31, 2021:
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Accumulated Other Comprehensive Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss by component, net of tax, were as follows:
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Accounts Receivable (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
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Reserves for sales discounts | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Reserves for sales discounts on products shipped under promotional programs | $ 14.5 | $ 13.5 |
Inventories - Additional Information (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
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Inventory Disclosure [Abstract] | ||
Percentage of LIFO inventory | 58.00% | 41.00% |
Excess of current costs over stated LIFO value | $ 12.5 | $ 12.5 |
Inventory obsolescence reserves | $ 11.1 | $ 12.0 |
Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 213,327 | $ 196,126 |
Work in process | 23,574 | 21,225 |
Raw materials | 13,349 | 12,620 |
Inventories, net | $ 250,250 | $ 229,971 |
Rental Equipment (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
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Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
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Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | $ 160,970 | $ 156,928 | |
Depreciation - Property, plant and equipment | 5,247 | $ 4,624 | |
Rental Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | 19,400 | $ 18,000 | |
Depreciation - Property, plant and equipment | $ 2,200 | $ 2,500 |
Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands |
3 Months Ended |
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Mar. 31, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balance | $ 195,132 |
Translation adjustment | (1,107) |
Ending Balance | 194,025 |
Industrial | |
Goodwill [Roll Forward] | |
Beginning balance | 181,338 |
Translation adjustment | (848) |
Ending Balance | 180,490 |
Agricultural | |
Goodwill [Roll Forward] | |
Beginning balance | 13,794 |
Translation adjustment | (259) |
Ending Balance | $ 13,535 |
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
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Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
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Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 3,658 | $ 3,836 | |
Intangible assets, net | $ 188,955 | $ 193,172 | |
Indefinite-lived and Finite-Lived Intangible Assets | Total assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Percentage of total assets | 16.00% |
Leases - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Leases [Abstract] | ||
Amortization of right-of-use assets | $ 17 | $ 24 |
Interest on lease liabilities | 1 | 2 |
Operating lease cost | 1,233 | 1,225 |
Short-term lease cost | 214 | 235 |
Variable lease cost | 116 | 118 |
Total lease cost | $ 1,581 | $ 1,604 |
Leases - Maturity Schedule (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2021 | $ 3,908 | |
2022 | 2,905 | $ 4,072 |
2023 | 2,014 | 3,063 |
2024 | 1,398 | 2,089 |
2025 | 1,247 | 1,465 |
2025 | 1,244 | |
Thereafter | 3,348 | |
Thereafter | 3,622 | |
Total minimum lease payments | 14,820 | 15,555 |
Less imputed interest | (1,229) | (1,310) |
Total operating lease liabilities | $ 13,591 | $ 14,245 |
Leases - Additional Information (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
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Lessee, Lease, Description [Line Items] | |
Additional operating lease not yet commenced | $ 2.3 |
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 | 7 years |
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating Leases | ||
Other non-current assets | $ 13,479 | $ 14,144 |
Accrued liabilities | 3,584 | 3,680 |
Other long-term liabilities | 10,007 | 10,565 |
Total operating lease liabilities | $ 13,591 | $ 14,245 |
Operating leases, weighted average remaining lease term | 5 years 8 months 23 days | 5 years 9 months 29 days |
Operating leases, weighted average remaining discount rate | 3.01% | 3.04% |
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 Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 1,121 | $ 1,122 |
Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Current Maturities: | ||
Finance lease obligations | $ 78 | $ 66 |
Term debt | 15,000 | 15,000 |
Total Long-term debt, current maturities | 15,078 | 15,066 |
Long-term debt: | ||
Finance lease obligations | 56 | 87 |
Total Long-term debt | 338,605 | 270,320 |
Total debt | 353,683 | 285,386 |
Term Loan | ||
Long-term debt: | ||
Long-term debt, excluding current maturities | 261,549 | 265,233 |
Line of Credit | Unsecured Debt | ||
Long-term debt: | ||
Long-term debt, excluding current maturities | $ 77,000 | $ 5,000 |
Debt - Additional Information (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
---|---|
Standby letters of credit | |
Debt Instrument [Line Items] | |
Amount of capacity | $ 2.2 |
Revolving Line of Credit | |
Debt Instrument [Line Items] | |
Available borrowings | $ 98.2 |
Common Stock and Dividends - Dividend Declared and Paid (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Stockholders' Equity Note [Abstract] | ||
Dividends declared (in dollars per share) | $ 0.14 | $ 0.13 |
Dividends paid (in dollars per share) | $ 0.14 | $ 0.13 |
Common Stock and Dividends - Additional Information (Details) - $ / shares |
3 Months Ended | |||
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Apr. 29, 2021 |
Apr. 01, 2021 |
Mar. 31, 2021 |
Mar. 31, 2020 |
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Class of Stock [Line Items] | ||||
Dividends declared (in dollars per share) | $ 0.14 | $ 0.13 | ||
Dividends paid (in dollars per share) | $ 0.14 | $ 0.13 | ||
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Dividends declared (in dollars per share) | $ 0.14 | |||
Dividends paid (in dollars per share) | $ 0.14 |
Earnings Per Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Net income | $ 17,462 | $ 15,528 |
Average Common Shares: | ||
Basic (weighted-average outstanding shares) (in shares) | 11,820 | 11,761 |
Dilutive potential common shares from stock options (in shares) | 62 | 66 |
Diluted (weighted-average outstanding shares) (in shares) | 11,882 | 11,827 |
Basic earnings per share (in dollars per share) | $ 1.48 | $ 1.32 |
Diluted earnings per share (in dollars per share) | $ 1.47 | $ 1.31 |
Revenue and Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 311,189 | $ 314,448 |
Wholegoods | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 239,297 | 243,531 |
Parts | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 63,538 | 59,610 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 8,354 | $ 11,307 |
Revenue and Segment Information - Revenue by Geographical Location (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 311,189 | $ 314,448 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 219,429 | 234,159 |
France | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 24,952 | 22,083 |
Canada | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 19,209 | 13,612 |
United Kingdom | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 12,499 | 13,229 |
Netherlands | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 7,485 | 7,647 |
Brazil | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 5,881 | 4,546 |
Australia | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 4,793 | 2,353 |
Germany | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 1,939 | 2,344 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 15,002 | $ 14,475 |
Revenue and Segment Information - Revenue, Income, Goodwill and Identifiable Assets by Location (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Segment Reporting Information [Line Items] | |||
Net Sales | $ 311,189 | $ 314,448 | |
Income from Operations | 25,438 | 23,856 | |
Goodwill | 194,025 | $ 195,132 | |
Total Identifiable Assets | 1,206,153 | 1,109,329 | |
Industrial | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 211,911 | 229,975 | |
Income from Operations | 16,091 | 18,123 | |
Goodwill | 180,490 | 181,338 | |
Total Identifiable Assets | 912,201 | 868,688 | |
Agricultural | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 99,278 | 84,473 | |
Income from Operations | 9,347 | $ 5,733 | |
Goodwill | 13,535 | 13,794 | |
Total Identifiable Assets | $ 293,952 | $ 240,641 |
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