MYERS INDUSTRIES INC, 10-K filed on 3/6/2020
Annual Report
v3.19.3.a.u2
Document and Entity Information - USD ($)
12 Months Ended
Dec. 31, 2019
Feb. 28, 2020
Jun. 28, 2019
Cover [Abstract]      
Entity Registrant Name MYERS INDUSTRIES INC    
Entity Central Index Key 0000069488    
Document Type 10-K    
Document Period End Date Dec. 31, 2019    
Amendment Flag false    
Document Fiscal Year Focus 2019    
Document Fiscal Period Focus FY    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Interactive Data Current Yes    
Entity Current Reporting Status Yes    
Entity Filer Category Accelerated Filer    
Entity Shell Company false    
Entity Small Business false    
Entity Emerging Growth Company false    
Title of 12(b) Security Common Stock, without par value    
Trading Symbol MYE    
Security Exchange Name NYSE    
Entity File Number 001-08524    
Entity Incorporation, State or Country Code OH    
Entity Tax Identification Number 34-0778636    
Entity Address, Address Line One 1293 S. MAIN STREET    
Entity Address, City or Town AKRON    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 44301    
City Area Code 330    
Local Phone Number 253-5592    
Document Annual Report true    
Document Transition Report false    
Entity Public Float     $ 349,734,506
Entity Common Stock, Shares Outstanding   35,719,817  
Documents Incorporated by Reference

DOCUMENTS INCORPORATED BY REFERENCE:

Portions of the Registrant’s Definitive Proxy Statement for its 2020 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K.

   
v3.19.3.a.u2
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]      
Net sales $ 515,698 $ 566,735 $ 547,043
Cost of sales 344,386 387,442 389,590
Gross profit 171,312 179,293 157,453
Selling expenses 56,350 59,503 56,614
General and administrative expenses 76,780 79,832 78,889
Operating expenses excluding impairment charges 133,130 139,335 135,503
(Gain) loss on disposal of fixed assets 0 (8) (3,482)
Impairment charges 916 308 544
Other expenses   33,331  
Operating income 37,266 6,327 24,888
Interest income (808) (1,221) (1,361)
Interest expense 4,891 6,159 8,653
Interest expense, net 4,083 4,938 7,292
Loss on extinguishment of debt 0 0 1,888
Income from continuing operations before income taxes 33,183 1,389 15,708
Income tax expense 8,968 3,037 4,864
Income (loss) from continuing operations 24,215 (1,648) 10,844
Income (loss) from discontinued operations, net of income tax 118 (1,701) (20,733)
Net income (loss) $ 24,333 $ (3,349) $ (9,889)
Income (loss) per common share from continuing operations:      
Basic $ 0.68 $ (0.05) $ 0.36
Diluted 0.68 (0.05) 0.35
Income (loss) per common share from discontinued operations:      
Basic 0 (0.05) (0.69)
Diluted 0 (0.05) (0.68)
Net income (loss) per common share:      
Basic 0.68 (0.10) (0.33)
Diluted 0.68 (0.10) (0.33)
Dividends declared per share $ 0.54 $ 0.54 $ 0.54
v3.19.3.a.u2
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]      
Net income (loss) $ 24,333 $ (3,349) $ (9,889)
Other comprehensive income (loss)      
Adoption of ASU 2018-02   (315)  
Foreign currency translation adjustment 1,649 (3,501) 2,391
Reclassification of foreign currency translation adjustment into net income (loss)     17,201
Pension liability, net of tax expense of $94, $25 and $14, respectively 282 77 41
Total other comprehensive income (loss) 1,931 (3,739) 19,633
Comprehensive income (loss) $ 26,264 $ (7,088) $ 9,744
v3.19.3.a.u2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]      
Tax expense on pension liability $ 94 $ 25 $ 14
v3.19.3.a.u2
Consolidated Statements of Financial Position - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current Assets    
Cash $ 75,527 $ 58,894
Accounts receivable, less allowances of $1,945 and $2,259, respectively 62,279 72,939
Income tax receivable 142 4,892
Inventories, net 44,260 43,596
Prepaid expenses and other current assets 2,834 2,534
Total Current Assets 185,042 182,855
Property, plant, and equipment, net 54,964 65,460
Right of use asset - operating leases 5,901 0
Goodwill 66,774 59,068
Intangible assets, net 30,754 30,280
Deferred income taxes 5,807 5,270
Other 3,897 5,712
Total Assets 353,139 348,645
Current Liabilities    
Accounts payable 46,867 60,849
Accrued employee compensation 12,488 16,531
Accrued taxes payable, other than income taxes 1,104 1,403
Accrued interest 1,785 1,939
Other current liabilities 18,324 16,701
Operating lease liability - short-term 2,057 0
Total Current Liabilities 82,625 97,423
Long-term debt 77,176 76,790
Operating lease liability - long-term 4,074 0
Other liabilities 22,582 19,794
Shareholders’ Equity    
Serial Preferred Shares (authorized 1,000,000 shares; none issued and outstanding) 0 0
Common Shares, without par value (authorized 60,000,000 shares; outstanding 35,710,934 and 35,374,121; net of treasury shares of 6,841,523 and 7,178,336, respectively) 21,785 21,547
Additional paid-in capital 296,363 292,558
Accumulated other comprehensive loss (16,349) (18,280)
Retained deficit (135,117) (141,187)
Total Shareholders’ Equity 166,682 154,638
Total Liabilities and Shareholders’ Equity $ 353,139 $ 348,645
v3.19.3.a.u2
Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current Assets    
Allowance for Doubtful Accounts Receivable, Current $ 1,945 $ 2,259
Shareholders’ Equity    
Preferred Shares, shares authorized (in shares) 1,000,000 1,000,000
Preferred Shares, shares issued (in shares) 0 0
Preferred Shares, shares outstanding (in shares) 0 0
Common Shares, shares authorized (in shares) 60,000,000 60,000,000
Common Shares, shares outstanding (in shares) 35,710,934 35,374,121
Common shares, treasury (in shares) 6,841,523 7,178,336
v3.19.3.a.u2
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Common Shares [Member]
Additional Paid-In Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Deficit [Member]
Beginning balance at Dec. 31, 2016 $ 93,033 $ 18,234 $ 202,033 $ (34,174) $ (93,060)
Beginning balance, shares at Dec. 31, 2016   30,019,561      
Stockholders' Equity [Roll Forward]          
Net income (loss) (9,889) $ 0 0 0 (9,889)
Issuances under option plans $ 4,396 $ 229 4,167 0 0
Issuances under option plans, shares 375,292 375,292      
Dividend reinvestment plan $ 131 $ 5 126 0 0
Dividend reinvestment plan, shares   7,625      
Restricted stock vested 0 $ 79 (79) 0 0
Restricted stock vested, shares   130,036      
Stock compensation expense 3,626 $ 0 3,626 0 0
Shares withheld for employee taxes on equity awards (620) $ 0 (620) 0 0
Shares withheld for employee taxes on equity awards, shares   (36,777)      
Foreign currency translation adjustment 2,391 $ 0 0 2,391 0
Declared dividends (16,558) 0 0 0 (16,558)
Pension liability, net of tax 41 0 0 41 0
Reclassification of foreign currency translation adjustment into net loss 17,201 0 0 17,201 0
Ending balance at Dec. 31, 2017 93,752 $ 18,547 209,253 (14,541) (119,507)
Ending balance, shares at Dec. 31, 2017   30,495,737      
Stockholders' Equity [Roll Forward]          
Net income (loss) (3,349) $ 0 0 0 (3,349)
Issuances under option plans $ 2,735 $ 117 2,618 0 0
Issuances under option plans, shares 191,169 191,169      
Dividend reinvestment plan $ 118 $ 4 114 0 0
Dividend reinvestment plan, shares   5,712      
Restricted stock vested 0 $ 73 (73) 0 0
Restricted stock vested, shares   120,142      
Stock compensation expense 4,644 $ 0 4,644 0 0
Shares withheld for employee taxes on equity awards (714) $ 0 (714) 0 0
Shares withheld for employee taxes on equity awards, shares   (38,639)      
Foreign currency translation adjustment (3,501) $ 0 0 (3,501) 0
Declared dividends (18,646) 0 0 0 (18,646)
Pension liability, net of tax 77 0 0 77 0
Shares issued in public offering, net of equity issuance costs 79,522 $ 2,806 76,716 0 0
Shares issued in public offering, net of equity issuance costs, shares   4,600,000      
Ending balance at Dec. 31, 2018 $ 154,638 $ 21,547 292,558 (18,280) (141,187)
Ending balance, shares at Dec. 31, 2018 35,374,121 35,374,121      
Stockholders' Equity [Roll Forward]          
Adoption of ASU | ASU 2018-02 [Member] $ 0 $ 0 0 (315) 315
Net income (loss) 24,333 0 0 0 24,333
Issuances under option plans $ 3,207 $ 146 3,061 0 0
Issuances under option plans, shares 221,695 240,499      
Dividend reinvestment plan $ 129 $ 5 124 0 0
Dividend reinvestment plan, shares   7,619      
Restricted stock vested 0 $ 87 (87) 0 0
Restricted stock vested, shares   142,580      
Stock compensation expense 1,715 $ 0 1,715 0 0
Shares withheld for employee taxes on equity awards (1,008) $ 0 (1,008) 0 0
Shares withheld for employee taxes on equity awards, shares   (53,885)      
Foreign currency translation adjustment 1,649 $ 0 0 1,649 0
Declared dividends (19,168) 0 0 0 (19,168)
Pension liability, net of tax 282 0 0 282 0
Ending balance at Dec. 31, 2019 $ 166,682 $ 21,785 296,363 (16,349) (135,117)
Ending balance, shares at Dec. 31, 2019 35,710,934 35,710,934      
Stockholders' Equity [Roll Forward]          
Adoption of ASU | ASU 2016-02 [Member] $ 905 $ 0 $ 0 $ 0 $ 905
v3.19.3.a.u2
Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dividends declared per share $ 0.54 $ 0.54 $ 0.54
Tax expense on pension liability $ 94 $ 25 $ 14
Retained Deficit [Member]      
Dividends declared per share $ 0.54 $ 0.54 $ 0.54
Accumulated Other Comprehensive Income (Loss) [Member]      
Tax expense on pension liability $ 94 $ 25 $ 14
v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows From Operating Activities      
Net income (loss) $ 24,333 $ (3,349) $ (9,889)
Income (loss) from discontinued operations, net of income taxes 118 (1,701) (20,733)
Income (loss) from continuing operations 24,215 (1,648) 10,844
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities      
Depreciation 15,120 17,638 19,952
Amortization 8,463 8,485 8,886
Accelerated depreciation associated with restructuring activities 0 16 1,993
Non-cash stock-based compensation expense 1,715 4,257 3,626
(Gain) loss on disposal of fixed assets 0 (8) (3,482)
Provision for loss on note receivable 0 23,008 0
Lease guarantee contingency 0 10,323 0
Loss on extinguishment of debt 0 0 1,888
Deferred taxes (922) (9,450) (5,663)
Interest income accrued on note receivable 0 (361) (1,384)
Impairment charges 916 308 544
Other 583 457 256
Payments on performance based compensation (413) (1,249) (1,010)
Other long-term liabilities 3,578 180 723
Cash flows provided by (used for) working capital      
Accounts receivable 12,479 4,927 (6,709)
Inventories 2,222 3,151 (1,876)
Prepaid expenses and other current assets (243) (353) 2,209
Accounts payable and accrued expenses (20,687) 713 18,299
Net cash provided by (used for) operating activities - continuing operations 47,026 60,394 49,096
Net cash provided by (used for) operating activities - discontinued operations 7,297 858 (4,633)
Net cash provided by (used for) operating activities 54,323 61,252 44,463
Cash Flows From Investing Activities      
Capital expenditures (10,294) (5,123) (5,814)
Acquisition of business (18,000) 0 0
Proceeds from sale of property, plant and equipment 7,537 2,633 11,058
Net cash provided by (used for) investing activities - continuing operations (20,757) (2,490) 5,244
Net cash provided by (used for) investing activities - discontinued operations 0 0 (1,107)
Net cash provided by (used for) investing activities (20,757) (2,490) 4,137
Cash Flows From Financing Activities      
Net repayments of credit facility 0 (74,557) (16,474)
Repayments of senior unsecured notes 0 0 (23,798)
Cash dividends paid (19,316) (17,862) (16,341)
Proceeds from issuance of common stock 3,336 2,853 4,527
Proceeds from public offering of common stock, net of equity issuance costs 0 79,522 0
Shares withheld for employee taxes on equity awards (1,008) (714) (620)
Deferred financing costs 0 0 (1,030)
Net cash provided by (used for) financing activities - continuing operations (16,988) (10,758) (53,736)
Net cash provided by (used for) financing activities - discontinued operations 0 0 0
Net cash provided by (used for) financing activities (16,988) (10,758) (53,736)
Foreign exchange rate effect on cash 55 (289) (208)
Less: Net increase (decrease) in cash classified within discontinued operations 0 0 (5,484)
Net increase in cash and restricted cash 16,633 47,715 140
Cash and restricted cash at January 1 58,894 11,179 11,039
Cash and restricted cash at December 31 75,527 58,894 11,179
Supplemental Disclosures of Cash Flow Information      
Interest 4,657 6,236 8,913
Income taxes $ 11,437 $ 5,539 $ 5,651
v3.19.3.a.u2
Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Summary of Significant Accounting Policies

1.  Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries that are not wholly owned and are not included in the consolidated operating results of the Company are immaterial investments which have been accounted for under the equity or cost method. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the timing and amount of assets, liabilities, equity, revenues, and expenses recorded and disclosed. Actual results could differ from those estimates.

During the fourth quarter of 2017, the Company completed the sale of certain subsidiaries in Brazil. As further discussed in Note 6, the results of operations and cash flows of these subsidiaries have been classified as discontinued operations in the consolidated financial statements for all periods presented.

Accounting Standards Adopted

In February 2016, the FASB issued ASU 2016-02, Leases, which created Accounting Standards Codification (“ASC”) Topic 842. Under ASU 2016-02, an entity recognizes right-of-use assets and lease liabilities on its balance sheet, and discloses key information about the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company adopted the new guidance effective January 1, 2019, using the optional transition method, which required application of the new guidance to only those leases that existed at the date of adoption. The Company elected the “package of practical expedients,” which permitted the Company to not reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The Company also elected to apply the guidance at a portfolio level and to use the discount rate corresponding to the remaining lease term at transition. Adoption of the new standard resulted in the recognition of right-of-use assets and lease liabilities of $5.9 million and $6.2 million, respectively, on January 1, 2019. The difference between the right-of-use assets and lease liabilities related primarily to the removal of previously recorded accrued rent balances as a result of recording straight-line rent expense for certain leases. In addition, the adoption resulted in an adjustment to opening retained earnings (deficit) of approximately $0.9 million, net of tax, on January 1, 2019. This cumulative-effect transition adjustment to opening retained earnings (deficit) related to the recognition of the remaining deferred gain on a sale-leaseback transaction that occurred in 2018. The standard did not have a material impact on the Company’s consolidated results of operations or cash flows.

The following tables summarize the impacts of ASC 842 on the Company’s consolidated financial statements:

 

 

 

For the Year Ended December 31, 2019

 

 

 

As Reported

 

 

Adjustments

 

 

Balances Without

Adoption of

ASC 842

 

Net sales

 

$

515,698

 

 

$

 

 

$

515,698

 

Cost of sales

 

 

344,386

 

 

 

 

 

 

344,386

 

Gross profit

 

 

171,312

 

 

 

 

 

 

171,312

 

Selling, general and administrative expenses

 

 

133,130

 

 

 

(135

)

 

 

132,995

 

Impairment charges

 

 

916

 

 

 

 

 

 

916

 

Operating income

 

 

37,266

 

 

 

135

 

 

 

37,401

 

Interest expense, net

 

 

4,083

 

 

 

 

 

 

4,083

 

Income from continuing operations before income taxes

 

 

33,183

 

 

 

135

 

 

 

33,318

 

Income tax expense

 

 

8,968

 

 

 

36

 

 

 

9,004

 

Income from continuing operations

 

$

24,215

 

 

$

99

 

 

$

24,314

 

 

 

 

As of  December 31, 2019

 

 

 

As Reported

 

 

Adjustments

 

 

Balances Without

Adoption of

ASC 842

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Right of use asset - operating leases

 

$

5,901

 

 

$

(5,901

)

 

$

 

Deferred tax asset

 

 

5,807

 

 

 

298

 

 

 

6,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

18,324

 

 

$

230

 

 

$

18,554

 

Operating lease liability - short-term

 

 

2,057

 

 

 

(2,057

)

 

 

 

Operating lease liability - long-term

 

 

4,074

 

 

 

(4,074

)

 

 

 

Other liabilities

 

 

22,582

 

 

 

1,102

 

 

 

23,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Retained deficit

 

$

(135,117

)

 

$

(804

)

 

$

(135,921

)

 

Accounting Standards Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. For the Company, this ASU is effective beginning with the first quarter of 2021. Early adoption is permitted. Certain amendments within this ASU are required to be applied on a retrospective basis, certain other amendments are required to be applied on a modified retrospective basis and all other amendments on a prospective basis. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40). This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). For the Company, the ASU is effective prospectively beginning with the first quarter of 2020. As the Company has not had and is not in process of implementing significant hosted software arrangements as of December 31, 2019, the adoption of this standard is not expected to have a material effect on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20). This ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For the Company, the ASU is effective retrospectively beginning with the 2020 annual financial statements, but is not applicable to its interim financial statements. Adoption of this guidance is not expected to have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This ASU modifies the disclosure requirements on fair value measurements by removing, modifying, or adding certain disclosures. For the Company, the ASU is effective beginning with the first quarter of 2020. Certain disclosures in this ASU are required to be applied on a retrospective basis and others on a prospective basis. Adoption of this guidance is not expected to have a material impact on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment.  This ASU eliminates Step 2 of the goodwill impairment test and requires goodwill impairment to be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of its goodwill. For the Company, this ASU is effective for annual and any interim goodwill impairment tests beginning in 2020.  Adoption of this guidance is not expected to have a material impact on its consolidated financial statements unless a goodwill impairment were to occur.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, which introduces new guidance for the accounting for credit losses on instruments.  The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade accounts receivable. For the Company, this ASU is effective beginning with the first quarter of 2020. The Company does not expect the adoption of this ASU to have a material effect on its consolidated financial statements.

Translation of Foreign Currencies

All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting foreign currency translation adjustment is recorded in other comprehensive income (loss) as a separate component of shareholders’ equity.

Fair Value Measurement

Fair value is the price to hypothetically sell an asset or transfer a liability in an orderly manner in the principal market for that asset or liability. Accounting standards prioritize the use of observable inputs in measuring fair value. The level of a fair value measurement is determined entirely by the lowest level input that is significant to the measurement. The three levels are (from highest to lowest):

 

Level 1:

Unadjusted quoted prices in active markets for identical assets or liabilities.

 

Level 2:

Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly.

 

Level 3:

Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions.

The Company has financial instruments, including cash, accounts receivable, accounts payable and accrued expenses. The fair value of these financial instruments approximate carrying value due to the nature and relative short maturity of these assets and liabilities.

The fair value of debt under the Company’s Loan Agreement, as defined in Note 13, approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered Level 2 inputs. At December 31, 2019 and 2018, the aggregate fair value of the Company’s outstanding fixed rate senior unsecured notes was estimated at $79.0 million and $76.8 million, respectively.

The purchase price allocation associated with the August 26, 2019 acquisition of Tuffy Manufacturing Industries, Inc., as described in Note 3, required fair value measurements using unobservable inputs which are considered Level 3 inputs. The fair value of the acquired intangible assets was determined using the income approach.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk primarily consist of trade accounts receivable. The concentration of accounts receivable credit risk is generally limited based on the Company’s diversified operations, with customers spread across many industries and countries. In 2019, there were no customers that accounted for more than ten percent of net sales. Outside of the United States, only customers located in Canada, which account for approximately 4.7% of net sales, are significant to the Company’s operations. In addition, management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. Additionally, the Company also reviews historical trends for collectability in determining an estimate for its allowance for doubtful accounts. If economic circumstances change substantially, estimates of the recoverability of amounts due the Company could be reduced by a material amount. Expense related to bad debts was approximately $0.6 million, $0.7 million and $0.7 million for 2019, 2018 and 2017, respectively, and is recorded within selling expenses in the Consolidated Statements of Operations. Deductions from the allowance for doubtful accounts, net of recoveries, were approximately $0.3 million, $0.5 million and $0.7 million for 2019, 2018 and 2017, respectively.

Inventories

Inventories are valued at the lower of cost or market for last-in, first-out (“LIFO”) inventory and lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. Approximately 40 percent of our inventories are valued using the LIFO method of determining cost. All other inventories are valued at the FIFO method of determining cost.

 

Inventories at December 31 consist of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Finished and in-process products

 

$

32,537

 

 

$

27,960

 

Raw materials and supplies

 

 

11,723

 

 

 

15,636

 

 

 

$

44,260

 

 

$

43,596

 

 

If the FIFO method of inventory cost valuation had been used exclusively by the Company, inventories would have been $4.4 million and $5.1 million higher than reported at December 31, 2019 and 2018, respectively. Cost of sales decreased by $0.7 million, $0.5 million and $0.1 million in 2019, 2018 and 2017, respectively, as a result of the liquidation of LIFO inventories.

Property, Plant and Equipment

Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows:

 

Buildings

20 to 40 years

Machinery and Equipment

3 to 10 years

Leasehold Improvements

5 to 10 years

 

The Company’s property, plant and equipment by major asset class at December 31 consists of:

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Land

 

$

6,622

 

 

$

7,017

 

Buildings and leasehold improvements

 

 

43,803

 

 

 

53,821

 

Machinery and equipment

 

 

252,384

 

 

 

253,785

 

 

 

 

302,809

 

 

 

314,623

 

Less allowances for depreciation and amortization

 

 

(247,845

)

 

 

(249,163

)

 

 

$

54,964

 

 

$

65,460

 

 

Long-Lived Assets

The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of potential impairment related to assets to be held and used is based upon undiscounted future cash flows resulting from the use and ultimate disposition of the asset and related asset group. For assets held for sale, the amount of potential impairment may be based upon appraisal of the asset, estimated market value of similar assets or estimated cash flow from the disposition of the asset. Refer to Note 4 for discussion of impairment charges.

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) were as follows:

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at January 1, 2017

 

$

(32,342

)

 

$

(1,832

)

 

$

(34,174

)

Other comprehensive income (loss) before reclassifications

 

 

2,391

 

 

 

(31

)

 

 

2,360

 

Amounts reclassified from accumulated other comprehensive income, net

   of tax of ($24) (1) (2)

 

 

17,201

 

 

 

72

 

 

 

17,273

 

Net current-period other comprehensive income (loss)

 

 

19,592

 

 

 

41

 

 

 

19,633

 

Balance at December 31, 2017

 

 

(12,750

)

 

 

(1,791

)

 

 

(14,541

)

Other comprehensive income (loss) before reclassifications

 

 

(3,501

)

 

 

14

 

 

 

(3,487

)

Amounts reclassified from accumulated other comprehensive income, net

   of tax of ($21) (1)

 

 

 

 

 

63

 

 

 

63

 

Reclassification of stranded tax effects to retained earnings(3)

 

 

 

 

 

(315

)

 

 

(315

)

Net current-period other comprehensive income (loss)

 

 

(3,501

)

 

 

(238

)

 

 

(3,739

)

Balance at December 31, 2018

 

 

(16,251

)

 

 

(2,029

)

 

 

(18,280

)

Other comprehensive income (loss) before reclassifications

 

 

1,649

 

 

 

209

 

 

 

1,858

 

Amounts reclassified from accumulated other comprehensive income, net

   of tax of ($24) (1)

 

 

 

 

 

73

 

 

 

73

 

Net current-period other comprehensive income (loss)

 

 

1,649

 

 

 

282

 

 

 

1,931

 

Balance at December 31, 2019

 

$

(14,602

)

 

$

(1,747

)

 

$

(16,349

)

 

(1)

The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. See Note 15, Retirement Plans for additional details.

(2)

Cumulative translation adjustment associated with the 2017 sale of the Brazil Business, as further disclosed in Note 6, was realized as part of the loss on disposal included within discontinued operations when the subsidiary was disposed.

(3)

Reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act to retained earnings due to the adoption of ASU 2018-02 during the first quarter of 2018.

Stock Based Compensation

The Company has stock incentive plans that provide for the granting of stock-based compensation to employees and directors. Shares issued for option exercises, restricted stock units and performance units may be either from authorized, but unissued shares or treasury shares. For equity-classified awards, the fair value is determined on the date of the grant and not remeasured. The fair value of restricted stock units and performance units are determined using the closing price of the Company’s common stock on the grant date (Level 1 measurement). The fair value of options are determined using a binomial lattice option pricing model as further described in Note 10, which uses market-based inputs (Level 2 measurement). Expense for all stock-based awards is recognized on a straight-line basis over the requisite service period, which is generally equivalent to the vesting term. Forfeitures result in reversal of previously recognized expenses for unvested shares and are recognized in the period in which the forfeiture occurs.

 

Income Taxes

Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be received or settled. Any effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period the change is enacted.

Deferred tax assets are reduced by a valuation allowance, if based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. The Company evaluates the recovery of its deferred tax assets by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These sources of income inherently rely heavily on estimates.

In the ordinary course of business there is inherent uncertainty in quantifying certain income tax positions. The Company evaluates uncertain tax positions for all years subject to examination based upon management’s evaluations of the facts, circumstances and information available at the reporting date. Income tax positions must meet a more-likely-than-not recognition threshold at the reporting date to be recognized. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value.

Cash flows used in investing activities excluded $0.6 million, $1.1 million and $0.6 million of accrued, but unpaid, capital expenditures in 2019, 2018 and 2017, respectively.

v3.19.3.a.u2
Revenue Recognition
12 Months Ended
Dec. 31, 2019
Revenue Recognition [Abstract]  
Revenue Recognition

2.  Revenue Recognition

The Company’s revenue by major market is as follows:

 

 

 

 

For the Year Ended December 31, 2019

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

71,272

 

 

$

 

 

$

 

 

$

71,272

 

Vehicle

 

 

82,768

 

 

 

 

 

 

 

 

 

82,768

 

Food and beverage

 

 

68,416

 

 

 

 

 

 

 

 

 

68,416

 

Industrial

 

 

133,951

 

 

 

 

 

 

(58

)

 

 

133,893

 

Auto aftermarket

 

 

 

 

 

159,349

 

 

 

 

 

 

159,349

 

Total net sales

 

$

356,407

 

 

$

159,349

 

 

$

(58

)

 

$

515,698

 

 

 

 

For the Year Ended December 31, 2018

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

78,174

 

 

$

 

 

$

 

 

$

78,174

 

Vehicle

 

 

95,247

 

 

 

 

 

 

 

 

 

95,247

 

Food and beverage

 

 

101,610

 

 

 

 

 

 

 

 

 

101,610

 

Industrial

 

 

142,168

 

 

 

 

 

 

(100

)

 

 

142,068

 

Auto aftermarket

 

 

 

 

 

149,636

 

 

 

 

 

 

149,636

 

Total net sales

 

$

417,199

 

 

$

149,636

 

 

$

(100

)

 

$

566,735

 

 

Revenue is recognized when obligations under the terms of a contract with customers are satisfied. In both the Distribution and Material Handling segments, this generally occurs with the transfer of control of the Company’s products.  This transfer of control may occur at either the time of shipment from a Company facility, or at the time of delivery to a designated customer location. Obligations under contracts with customers are typically fulfilled within 90 days of receiving a purchase order from a customer, and generally no other future obligations are required to be performed.  The Company generally does not enter into any long-term contracts with customers greater than one year.  Based on the nature of the Company’s products and customer contracts, the Company has not recorded any deferred revenue, with the exception of cash advances or deposits received from customers prior to transfer of control of the product. These advances are typically fulfilled within the 90 day time frame mentioned above.

 

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring the products.  Certain contracts with customers include variable consideration, such as rebates or discounts.  The Company recognizes estimates of this variable consideration each period, primarily based on the most likely level of consideration to be paid to the customer under the specific terms of the underlying programs.  While the Company’s contracts with customers do not generally include explicit rights to return product, the Company will in practice allow returns in the normal course of business and as part of the customer relationship.  Thus, the Company estimates the expected returns each period based on an analysis of historical experience.  For certain businesses where physical recovery of the product from returns occurs, the Company records an estimated right to return asset from such recovery, based on the approximate cost of the product.

Amounts included in the Consolidated Statements of Financial Position related to revenue recognition include:

 

 

 

December 31,

 

 

December 31,

 

 

Statement of Financial

Position

 

 

2019

 

 

2018

 

 

Classification

Returns, discounts and other allowances

 

$

(589

)

 

$

(1,169

)

 

Accounts receivable

Right of return asset

 

 

312

 

 

 

535

 

 

Inventories, net

Customer deposits

 

 

(269

)

 

 

(806

)

 

Other current liabilities

Accrued rebates

 

 

(2,349

)

 

 

(2,559

)

 

Other current liabilities

 

Sales, value added, and other taxes the Company collects concurrent with revenue from customers are excluded from net sales.  The Company has elected to recognize the cost for shipments to customers when control over products has transferred to the customer.  Costs for shipments to customers are classified as selling expenses for the Company’s manufacturing businesses and as cost of sales for the Company’s distribution business in the accompanying Consolidated Statements of Operations. The Company incurred costs for shipments to customers of approximately $8.4 million, $9.7 million and $8.2 million in selling expenses for the years ended December 31, 2019, 2018 and 2017, respectively, and $5.9 million, $5.7 million, and $6.0 million in cost of sales for the years ended December 31, 2019, 2018 and 2017, respectively.

Based on the short term nature of contracts described above, the Company does not incur significant contract acquisition costs. These costs, as well as other incidental items that are immaterial in the context of the contract, are recognized as expense as incurred.

v3.19.3.a.u2
Acquisition
12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
Acquisition

3.  Acquisition

On August 26, 2019, the Company acquired the assets of Tuffy Manufacturing Industries, Inc. (“Tuffy”), a warehouse distributor of tire repair equipment and supplies, which is included in the Company’s Distribution Segment. The Tuffy acquisition aligns with the Company’s strategy to grow in key niche markets and focus on strategic account customers. The purchase price for the acquisition was $18.7 million, which includes a preliminary estimated working capital adjustment of $0.7 million subject to further adjustment based on the final working capital. The Company funded the acquisition using available cash.

The acquisition of Tuffy was accounted for using the acquisition method, whereby all of the assets acquired and liabilities assumed were recognized at their fair value on the acquisition date, with any excess of the purchase price over the estimated fair value recorded as goodwill. The following table summarizes the allocation of the purchase price based on the estimated fair value of assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase accounting will be finalized within one year from the acquisition date.

 

Assets acquired:

 

 

 

Accounts receivable

$

2,105

 

Inventories

 

2,662

 

Prepaid expenses

 

43

 

Property, plant and equipment

 

124

 

Right of use asset - operating leases

 

229

 

Intangible assets

 

8,400

 

Goodwill

 

7,211

 

Assets acquired

$

20,774

 

 

 

 

 

Liabilities assumed:

 

 

 

Accounts payable

$

1,685

 

Accrued expenses

 

162

 

Operating lease liability - short term

 

112

 

Operating lease liability - long term

 

117

 

Total liabilities assumed

 

2,076

 

 

 

 

 

Net acquisition cost

$

18,698

 

 

The goodwill represents the future economic benefits arising from other assets acquired that could not be individually and separately recognized, and the Company expects that the goodwill recognized for the acquisition will be deductible for tax purposes.

The intangible assets included above consist of the following:

 

 

 

Fair Value

 

 

Weighted Average

Estimated

Useful Life

Customer relationships

 

$

7,300

 

 

7.3 years

Trade name

 

 

500

 

 

5.0 years

Non-competition agreements

 

 

600

 

 

5.0 years

Total amortizable intangible assets

 

$

8,400

 

 

 

 

v3.19.3.a.u2
Assets Held for Sale
12 Months Ended
Dec. 31, 2019
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract]  
Assets Held for Sale

4.  Assets Held for Sale

As part of its ongoing strategy, the Company continues to evaluate its various real estate holdings and has sold certain facilities. When a facility becomes held for sale, it is evaluated for impairment by comparing the carrying value to the estimated fair value of these buildings (using primarily third party offers considered to be Level 2 inputs), less estimated costs to sell. As a result of holding facilities for sale, the Company recorded impairment charges of $0.9 million, $0.3 million and $0.5 million during the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019 and 2018, the Company had classified $1.9 million and $4.4 million as buildings held for sale, in Other Assets in the Consolidated Statements of Financial Position. During 2019, 2018 and 2017, the Company sold certain buildings previously held for sale for net proceeds of $7.4 million, $2.3 million and $3.1 million, respectively. The buildings sold during 2019 and 2017 were included in the Company’s Material Handling Segment and the building sold in 2018 was included in the Company’s Distribution Segment.

v3.19.3.a.u2
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

5.  Goodwill and Intangible Assets

The Company tests goodwill and indefinite-lived intangible assets for impairment annually and between annual tests if impairment indicators are present. Such indicators may include, but are not limited to, significant changes in economic and competitive conditions, the impact of the economic environment on the Company’s customer base or its businesses, or a material negative change in its relationships with significant customers.    

The Company’s annual goodwill impairment assessment as of October 1 for all of its reporting units found no impairment in continuing operations in 2019, 2018 or 2017. During 2019, management performed a qualitative assessment for all of its reporting units. After considering changes to assumptions used in the most recent quantitative annual testing for each reporting unit, including macroeconomic conditions, industry and market considerations, overall financial performance, the magnitude of the excess of fair value over the carrying amount of each reporting unit as determined in the most recent quantitative annual testing, and other factors, management concluded that it was not more likely than not that the fair values of the reporting units were less than their respective carrying values and, therefore, did not perform a quantitative analysis in 2019. A qualitative analysis was also performed at October 1, 2018 and 2017. 

The changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 were as follows:

 

 

 

Distribution

 

 

Material

Handling

 

 

Total

 

January 1, 2018

 

$

505

 

 

$

59,466

 

 

$

59,971

 

Foreign currency translation

 

 

 

 

 

(903

)

 

 

(903

)

January 1, 2019

 

$

505

 

 

$

58,563

 

 

$

59,068

 

Acquisition

 

 

7,211

 

 

 

 

 

 

7,211

 

Foreign currency translation

 

 

 

 

 

495

 

 

 

495

 

December 31, 2019

 

$

7,716

 

 

$

59,058

 

 

$

66,774

 

 

Intangible assets were established in connection with acquisitions. These intangible assets, other than goodwill and certain trade names, are amortized over their estimated useful lives. The Company performed an annual impairment assessment for the indefinite lived trade names as of October 1, 2019, 2018 and 2017. In performing this assessment the Company uses an income approach, based primarily on Level 3 inputs, to estimate the fair value of the trade name. An impairment charge would be recorded if the carrying value of the trade name exceeds the estimated fair value at the date of assessment. Refer to Note 3 for the intangible assets acquired through the Tuffy acquisition during 2019.

Intangible assets at December 31, 2019 and 2018 consisted of the following:

 

 

 

 

 

 

 

2019

 

 

2018

 

 

 

Weighted Average

Remaining Useful

Life (years)

 

 

Gross

 

 

Accumulated

Amortization

 

 

Net

 

 

Gross

 

 

Accumulated

Amortization

 

 

Net

 

Trade Names - Indefinite Lived

 

 

 

 

 

$

9,782

 

 

$

 

 

$

9,782

 

 

$

9,782

 

 

$

 

 

$

9,782

 

Trade Names

 

 

4.8

 

 

 

580

 

 

 

(84

)

 

 

496

 

 

 

80

 

 

 

(45

)

 

 

35

 

Customer Relationships

 

 

1.7

 

 

 

47,656

 

 

 

(38,096

)

 

 

9,560

 

 

 

39,521

 

 

 

(31,896

)

 

 

7,625

 

Technology

 

 

4.6

 

 

 

24,980

 

 

 

(14,624

)

 

 

10,356

 

 

 

24,980

 

 

 

(12,142

)

 

 

12,838

 

Non-competition agreements

 

 

4.7

 

 

 

600

 

 

 

(40

)

 

 

560

 

 

 

 

 

 

 

 

 

 

Patents

 

 

0.0

 

 

 

11,730

 

 

 

(11,730

)

 

 

 

 

 

11,730

 

 

 

(11,730

)

 

 

 

 

 

 

 

 

 

$

95,328

 

 

$

(64,574

)

 

$

30,754

 

 

$

86,093

 

 

$

(55,813

)

 

$

30,280

 

 

Intangible amortization expense was $8,077, $8,099 and $8,378 in 2019, 2018 and 2017, respectively. Estimated annual amortization expense for intangible assets with finite lives for the next five years is: $6,165 in 2020; $3,554 in 2021; $3,554 in 2022; $3,554 in 2023 and $2,366 in 2024.

v3.19.3.a.u2
Disposal of Businesses
12 Months Ended
Dec. 31, 2019
Discontinued Operations And Disposal Groups [Abstract]  
Disposal of Businesses

6.  Disposal of Businesses

On December 18, 2017, the Company, collectively with its wholly owned subsidiary, Myers Holdings Brasil, Ltda. (“Holdings”), completed the sale of its subsidiaries, Myers do Brasil Embalagens Plasticas Ltda. and Plasticos Novel do Nordeste Ltda. (collectively, the “Brazil Business”), to Novel Holdings – Eireli (“Buyer”), an entity controlled by a member of the Brazil Business’ management team.  The divestiture of the Brazil Business allows the Company to focus resources on its core businesses and additional growth opportunities. The Brazil Business is a leading designer and manufacturer of reusable plastic shipping containers, plastic pallets, crates and totes used for closed-loop shipping and storage in Brazil’s automotive, distribution, food, beverage and agriculture industries. The sale of the Brazil Business included manufacturing facilities and offices located in Lauro de Freitas City, Bahia, Brazil; Ibipora, Parana, Brazil; and Jaguarinuna, Brazil. The Brazil Business was part of the Company’s Material Handling Segment.

 

Pursuant to the terms of the Quota Purchase Agreement by and among the Company, Holdings and Buyer (the “Purchase Agreement”), the Buyer paid a purchase price of one U.S. Dollar to the Company and assumed all liabilities and obligations of the Brazil Business, whether arising prior to or after the closing of the transaction. There are no additional amounts due, or to be settled, under the terms of the Purchase Agreement with the Buyer. The Company recorded a loss on the sale of the Brazil Business during the fourth quarter of 2017 of $35.0 million, which included $1.2 million of cash held by the Brazil Business and approximately $0.3 million of costs to sell. In addition, the Company recorded a U.S. tax benefit of approximately $15 million in 2017 as a result of a worthless stock deduction related to the Company’s investment in the Brazil Business. As a result of the Company’s U.S. Federal income tax filings in 2018, the Company reduced this estimated tax benefit by $0.7 million and recognized this adjustment within net loss from discontinued operations.

The Company agreed to be the guarantor under a factoring arrangement between the Buyer and Banco Alfa de Investimento S.A. until December 31, 2019 for up to $7 million, in the event the Buyer was unable to meet its obligations under this arrangement. The Company also held a first lien against certain machinery and equipment, exercisable only upon default by the Buyer under the guarantee. Based on the nature of the guarantee, as well as the existence of the lien, the Company estimated the fair value of the guarantee was immaterial (based primarily on Level 3 inputs), and did not record a liability and was ultimately not required to make any payments related to this guarantee. This guarantee also created a variable interest in the Brazil Business until its expiration on December 31, 2019. However, based on the terms of the transaction and the fact that the Company had no management involvement or voting interests in the Brazil Business following the sale, the Company did not have any power to direct the significant activities of the Brazil Business, and was not the primary beneficiary.

On February 17, 2015, the Company sold its Lawn and Garden business to an entity controlled by Wingate Partners V, L.P. (“L&G Buyer”). The terms of the sale included promissory notes totaling $20 million that were originally set to mature in August 2020 with a 6% interest rate. During the third quarter of 2018, management of the Lawn and Garden business, now named HC Companies, Inc. (“HC”), requested an extension to the maturity of the notes as part of an effort to restructure their debt. Due to uncertainty about the ability to collect on the notes and corresponding accrued interest, the Company recorded a provision for expected loss of $23.0 million within continuing operations to Other Expenses in the Consolidated Statements of Operations during the third quarter of 2018 to fully impair the notes and corresponding interest receivable. The Company also ceased recognizing interest income following the recording of the provision. Prior to the impairment, interest income recognized on the notes receivable was $1.0 million and $1.3 million during the years ended December 31, 2018 and 2017, respectively, based on the stated interest rate. In April 2019, the Company entered into an agreement with HC to amend and restate the notes (“Amended and Restated Notes”). The Amended and Restated Notes maintained the amounts due under the original terms of the notes, including interest, and extended the maturity to August 2022. The agreement to amend and restate the notes did not change management’s assessment of the uncertainty to collect on the notes and they remained fully reserved. As described in Note 18, the Company sold the notes to HC in January 2020 in exchange for $1.2 million and the release of the lease guarantee described in Note 12.

In addition, approximately $8.6 million of the purchase price related to the Lawn and Garden sale was placed in escrow, of which $7.4 million was released to the Company in the second quarter of 2018, pursuant to the terms of a settlement. The Company recorded a pre-tax charge of $1.2 million to discontinued operations in 2018 for the reduction in the escrow receivable.

Summarized selected financial information for discontinued operations for the years ended December 31, 2019, 2018 and 2017 are presented in the following table:

 

 

 

For the Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017*

 

Net sales

 

$

 

 

$

 

 

$

29,976

 

Cost of sales

 

 

 

 

 

 

 

 

25,359

 

Selling, general, and administrative

 

 

 

 

 

1,348

 

 

 

6,748

 

(Gain) loss on disposal of assets

 

 

 

 

 

 

 

 

(32

)

Interest income, net

 

 

(174

)

 

 

 

 

 

(286

)

Income (loss) from discontinued operations before income tax

 

 

174

 

 

 

(1,348

)

 

 

(36,769

)

Income tax expense (benefit)

 

 

56

 

 

 

353

 

 

 

(16,036

)

Income (loss) from discontinued operations, net of income tax

 

$

118

 

 

$

(1,701

)

 

$

(20,733

)

 

*

Includes Brazil Business operating results through December 18, 2017.

 

Net cash flows provided by discontinued operations in 2019 and 2018 primarily related to the receipt of the tax benefit from a worthless stock deduction, which was recognized as part of the sale of the Brazil Business. Net cash flows from discontinued operations in 2018 were also partially offset by the payment of expenses related to the sale of the Brazil Business and the payment of the settlement with the L&G Buyer noted above.

v3.19.3.a.u2
Net Income (Loss) Per Common Share
12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Net Income (Loss) Per Common Share

 

7.  Net Income (Loss) Per Common Share

Net income (loss) per common share, as shown on the accompanying Consolidated Statements of Operations, is determined on the basis of the weighted average number of common shares outstanding during the periods as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Weighted average common shares outstanding basic

 

 

35,491,958

 

 

 

33,426,855

 

 

 

30,222,289

 

Dilutive effect of stock options and restricted stock

 

 

161,189

 

 

 

 

 

 

340,357

 

Weighted average common shares outstanding diluted

 

 

35,653,147

 

 

 

33,426,855

 

 

 

30,562,646

 

 

Options to purchase 470,185 and 242,500 shares of common stock that were outstanding at December 31, 2019 and 2017, respectively, were not included in the computation of diluted earnings per share as the exercise prices of these options was greater than the average market price of common shares, and were therefore anti-dilutive. Due to the net loss for the year ended December 31, 2018, diluted weighted-average shares outstanding are equal to basic weighted-average shares outstanding because the effect of all equity awards is anti-dilutive.

v3.19.3.a.u2
Restructuring
12 Months Ended
Dec. 31, 2019
Restructuring And Related Activities [Abstract]  
Restructuring

 

8.  Restructuring

In March 2019, the Company committed to implementing a restructuring plan involving its Ameri-Kart Corp. subsidiary (“Ameri-Kart”) that operates within the Company’s Material Handling Segment. The Company plans to consolidate manufacturing operations currently conducted at Ameri-Kart’s Cassopolis, Michigan and Bristol, Indiana facilities with expanded operations in a new facility in Bristol, Indiana (the “Ameri-Kart Plan”). In December 2019, the Company entered into an agreement where a new manufacturing and distribution facility in Bristol, Indiana will be constructed, and when substantially complete, the Company will lease that new facility and sell its existing facility in Bristol, Indiana. In December 2019, the Company also provided one year advance termination notice on the lease of its Cassopolis, Michigan facility. The Ameri-Kart Plan is expected to be substantially completed in the second half of 2020 and total restructuring costs expected to be incurred are approximately $1.1 million, primarily related to equipment relocation and facility shut down costs. No costs were incurred during the year ended December 31, 2019 related to the Ameri-Kart Plan. See further discussion of the new facility lease in Note 16.

In March 2019, the Company also committed to implementing transformation initiatives within the Company’s Distribution Segment (the “Distribution Transformation Plan”) that are intended to increase sales force effectiveness, reduce costs and improve contribution margins. The Company realigned its Distribution Segment’s commercial sales structure, which included the elimination of certain sales and administrative positions, and put into place plans to expand its e-commerce platform. All actions under the Distribution Transformation Plan were substantially completed by the end of 2019. During 2019, restructuring charges related to the Distribution Transformation Plan totaled $0.9 million.

In March 2017, the Company announced a restructuring plan to improve its organizational structure and operational efficiency within the Material Handling Segment (the “Material Handling Plan”), which primarily related to facility shutdowns and associated activities.  Total restructuring costs incurred related to the Material Handling Plan were approximately $7.7 million, including approximately $3.1 million of employee severance and other employee-related costs, approximately $2.6 million of equipment relocation and facility shut down costs and approximately $2.0 million of non-cash charges, primarily accelerated depreciation. All actions under the Material Handling Plan were substantially completed by the end of 2017. The Company incurred $0.1 million and $7.6 million of restructuring charges associated with the Material Handling Plan during 2018 and 2017, respectively. No costs were incurred during 2019. In 2018 and 2017, the Company also recognized gains of $0.2 million and $3.9 million, respectively, on asset dispositions in connection with the planned facility closures under the Material Handling Plan.

The restructuring charges noted above recognized in the years ended 2019, 2018 and 2017 are presented in the Consolidated Statements of Operations as follows:  

 

 

 

2019

 

 

2018

 

 

2017

 

Segment

 

Cost of

Sales

 

 

SG&A

 

 

Total

 

 

Cost of

Sales

 

 

SG&A

 

 

Total

 

 

Cost of

sales

 

 

SG&A

 

 

Total

 

Distribution

 

$

 

 

$

865

 

 

$

865

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Material Handling

 

 

 

 

 

 

 

 

 

 

 

119

 

 

 

 

 

 

119

 

 

 

7,389

 

 

 

164

 

 

 

7,553

 

Total

 

$

 

 

$

865

 

 

$

865

 

 

$

119

 

 

$

 

 

$

119

 

 

$

7,389

 

 

$

164

 

 

$

7,553

 

 

The table below summarizes restructuring activity for the years ended December 31, 2019 and 2018:

 

 

 

Employee

Reduction

 

 

Accelerated

Depreciation

 

 

Other Exit

Costs

 

 

Total

 

Balance at January 1, 2018

 

$

1,098

 

 

$

 

 

$

90

 

 

$

1,188

 

Charges to expense

 

 

31

 

 

 

16

 

 

 

72

 

 

 

119

 

Cash payments

 

 

(1,099

)

 

 

 

 

 

(162

)

 

 

(1,261

)

Non-cash utilization

 

 

 

 

 

(16

)

 

 

 

 

 

(16

)

Balance at January 1, 2019

 

$

30

 

 

$

 

 

$

 

 

$

30

 

Charges to expense

 

 

865

 

 

 

 

 

 

 

 

 

865

 

Cash payments

 

 

(895

)

 

 

 

 

 

 

 

 

(895

)

Balance at December 31, 2019

 

$

 

 

$

 

 

$

 

 

$

 

 

In addition to the restructuring costs noted above, the Company also incurred other costs associated with the restructuring plans, primarily related to consulting. In 2019, these costs included $0.2 million associated with the Distribution Transformation Plan and $0.2 million associated with the Ameri-Kart Plan, both of which are included in general and administrative expenses. In 2017, the Company incurred other associated costs of the Material Handling Plan of $1.1 million, of which $0.1 million is included in cost of sales and $1.0 is included in general and administrative expenses.

v3.19.3.a.u2
Other Liabilities
12 Months Ended
Dec. 31, 2019
Other Liabilities Disclosure [Abstract]  
Other Liabilities

9.  Other Liabilities

The balance of other current liabilities is comprised of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Customer deposits and accrued rebates

 

$

2,618

 

 

$

3,365

 

Dividends payable

 

 

5,114

 

 

 

5,260

 

Accrued litigation, claims and professional fees

 

 

479

 

 

 

460

 

Current portion of environmental reserves

 

 

1,533

 

 

 

1,229

 

Accrued product replacement costs

 

 

1,835

 

 

 

 

Other accrued expenses

 

 

6,745

 

 

 

6,387

 

 

 

$

18,324

 

 

$

16,701

 

 

In August 2019, a manufacturing defect was identified for certain boxes produced within the Material Handling segment in May and June 2019. Certain of the affected boxes require replacement. The total range of cost to replace these boxes is estimated to be $3.5 million to $4.0 million. In the year ended December 31, 2019, $3.5 million of estimated costs were recorded related to this matter, of which $1.8 million remains accrued as of December 31, 2019 and is included within other current liabilities on the Consolidated Statements of Financial Position.

 

The balance of other liabilities (long-term) is comprised of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Lease guarantee contingency

 

$

10,724

 

 

$

10,402

 

Environmental reserves

 

 

6,658

 

 

 

3,702

 

Supplemental executive retirement plan liability

 

 

1,776

 

 

 

2,026

 

Pension liability

 

 

956

 

 

 

1,207

 

Deferred gain on sale of assets

 

 

 

 

 

1,237

 

Other long-term liabilities

 

 

2,468

 

 

 

1,220

 

 

 

$

22,582

 

 

$

19,794

 

 

v3.19.3.a.u2
Stock Compensation
12 Months Ended
Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Compensation

10.  Stock Compensation

The Company’s Amended and Restated 2017 Incentive Stock Plan (the “2017 Plan”) authorizes the Compensation Committee of the Board of Directors to issue up to 5,126,950 shares of various stock awards including stock options, performance-based restricted stock units, restricted stock units and other forms of equity-based awards to key employees and directors. Options granted and outstanding vest over the requisite service period and expire ten years from the date of grant. The following tables summarize stock option activity in the past three years.

Stock compensation expense was approximately $1,715, $4,257 and $3,626 for the years ended December 31, 2019, 2018 and 2017, respectively, and are included in general and administrative expenses. During 2019, the Company reversed previously recognized compensation expense of $2,031 related to the resignation of the Company’s President and Chief Executive Officer effective October 25, 2019. Total unrecognized compensation cost related to non-vested share based compensation arrangements at December 31, 2019 was approximately $3,353 which will be recognized over the next three years, as such compensation is earned.

Options granted in 2019, 2018 and 2017 were as follows:

 

Year

 

Options

 

 

Exercise

Price

 

2019

 

 

235,474

 

 

$

18.54

 

2018

 

 

255,072

 

 

$

21.30

 

2017

 

 

397,759

 

 

$

14.30

 

 

Options exercised in 2019, 2018 and 2017 were as follows:

 

Year

 

Options

 

 

Exercise

Price

2019

 

 

221,695

 

 

$11.62 to $14.30

2018

 

 

191,169

 

 

$9.97 to $20.93

2017

 

 

375,292

 

 

$9.97 to $20.93

 

In addition, options totaling 268,545, 86,411 and 218,130 expired or were forfeited during the years ended December 31, 2019, 2018 and 2017, respectively.

Options outstanding and exercisable at December 31, 2019, 2018 and 2017 were as follows:

 

Year

 

Outstanding

 

 

Range of Exercise

Prices

 

Exercisable

 

 

Weighted Average

Exercise Price

 

2019

 

 

710,893

 

 

$10.10 to $21.30

 

 

486,382

 

 

$

17.31

 

2018

 

 

965,659

 

 

$10.10 to $21.30

 

 

521,202

 

 

$

16.08

 

2017

 

 

988,167

 

 

$9.97 to $20.93

 

 

539,993

 

 

$

16.23

 

 

The fair value of options granted is estimated using an option pricing model based on the assumptions set forth in the following table. The Company uses historical data to estimate employee exercise and departure behavior. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant and through the expected term. The dividend yield rate is based on the Company’s historical dividend yield. The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole. The Company used the binomial lattice option pricing model based on the assumptions set forth in the following table.

 

  

 

2019

 

 

2018

 

 

2017

 

Risk free interest rate

 

 

2.70

%

 

 

2.90

%

 

 

2.50

%

Expected dividend yield

 

 

2.76

%

 

 

2.50

%

 

 

3.80

%

Expected life of award (years)

 

 

6.17

 

 

 

4.00

 

 

 

4.10

 

Expected volatility

 

 

44.89

%

 

 

42.50

%

 

 

50.00

%

Fair value per option

 

$

5.78

 

 

$

6.30

 

 

$

4.47

 

 

The following table provides a summary of stock option activity for the period ended December 31, 2019:

 

 

 

Shares

 

 

Average

Exercise

Price

 

 

Weighted

Average

Life (in Years)

 

Outstanding at December 31, 2018

 

 

965,659

 

 

$

16.69

 

 

 

 

 

Options granted

 

 

235,474

 

 

 

18.54

 

 

 

 

 

Options exercised

 

 

(221,695

)

 

 

13.26

 

 

 

 

 

Canceled or forfeited

 

 

(268,545

)

 

 

18.36

 

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2019

 

 

710,893

 

 

 

17.75

 

 

 

5.96

 

Exercisable at December 31, 2019

 

 

486,382

 

 

$

17.31

 

 

 

4.72

 

 

The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The intrinsic value of stock options exercised in 2019, 2018 and 2017 was $732, $1,745 and $2,813, respectively.

The following table provides a summary of restricted stock units, including performance-based restricted stock units, and restricted stock activity for the year ended December 31, 2019:

 

 

 

Shares

 

 

Average

Grant-Date

Fair Value

 

Unvested shares at December 31, 2018

 

 

423,795

 

 

 

 

 

Granted

 

 

253,318

 

 

$

18.14

 

Vested

 

 

(151,823

)

 

 

15.35

 

Forfeited

 

 

(256,023

)

 

 

16.95

 

Unvested shares at December 31, 2019

 

 

269,267

 

 

 

 

 

 

Restricted stock units are rights to receive shares of common stock, subject to forfeiture and other restrictions, which vest over a one or three year period. Restricted stock units are considered to be non-vested shares under the accounting guidance for share-based payment and are not reflected as issued and outstanding shares until the restrictions lapse. At that time, the shares are released to the grantee and the Company records the issuance of the shares. Restricted stock awards are valued based on the market price of the underlying shares on the grant date. Compensation expense is recognized on a straight-line basis over the requisite service period. At December 31, 2019, restricted stock awards had vesting periods through October 2022.

Included in the December 31, 2019 unvested shares are 112,541 performance-based restricted stock units. The fair value of these awards is calculated using the market price of the underlying common stock on the date of grant. In determining fair value per share, the Company does not take into account performance-based vesting requirements. For these awards, the performance-based vesting requirements determines the number of shares that ultimately vest, which can vary from 0% to 200% of target depending on the level of achievement of established performance criteria. Compensation expense is recognized over the requisite service period subject to adjustment based on the probable number of shares expected to vest under the performance condition.

v3.19.3.a.u2
Equity
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Equity

11.  Equity

In May 2018, the Company completed a public offering of 4,600,000 shares of its common stock at a price to the public of $18.50 per share. The net proceeds from the offering were approximately $79.5 million, after deducting underwriting discounts and commissions and $0.5 million of offering expenses paid by the Company. The Company used a portion of the net proceeds received from the offering to repay a portion of its outstanding debt during the second quarter of 2018.

v3.19.3.a.u2
Contingencies
12 Months Ended
Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]  
Contingencies

12.  Contingencies

The Company is a defendant in various lawsuits and a party to various other legal proceedings arising in the ordinary course of business, some of which are covered in whole or in part by insurance. When a loss arising from these matters is probable and can reasonably be estimated, the most likely amount of the estimated probable loss is recorded, or if a range of probable loss can be estimated and no amount within the range is a better estimate than any other amount, the minimum amount in the range is recorded. As additional information becomes available, any potential liability related to these matters is assessed and the estimates revised, if necessary.

Based on current available information, management believes that the ultimate outcome of these matters, including those described below, will not have a material adverse effect on our financial position, cash flows or overall trends in our results of operations. However, these matters are subject to inherent uncertainties, and unfavorable rulings could occur. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the financial position and results of operations of the period in which the ruling occurs, or in future periods.

New Idria Mercury Mine

In September 2015, the U.S. Environmental Protection Agency (“EPA”) informed a subsidiary of the Company, Buckhorn, Inc. (“Buckhorn”) via a notice letter and related documents (the “Notice Letter”) that it considers Buckhorn to be a potentially responsible party (“PRP”) in connection with the New Idria Mercury Mine site (“New Idria Mine”).  New Idria Mining & Chemical Company (“NIMCC”), which owned and/or operated the New Idria Mine through 1976, was merged into Buckhorn Metal Products Inc. in 1981, which was subsequently acquired by Myers Industries in 1987.  As a result of the EPA Notice Letter, Buckhorn and the Company engaged in negotiations with the EPA with respect to a draft Administrative Order of Consent (“AOC”) proposed by the EPA for the Remedial Investigation/Feasibility Study (“RI/FS”) to determine the extent of remediation necessary and the screening of alternatives.

During the fourth quarter of 2018, the Company and the EPA finalized the AOC and related Statement of Work (“SOW”) with regards to the New Idria Mine. The AOC is effective as of November 27, 2018, the date that it was executed by the EPA. The AOC and accompanying SOW document the terms, conditions and procedures for the Company’s performance of the RI/FS. In addition, the AOC required the Company to provide $2 million of financial assurance to the EPA to secure its performance during the estimated life of the RI/FS.  In January 2019, the Company provided a letter of credit to satisfy this assurance requirement. The AOC also includes provisions for payment by the Company of the EPA’s costs of oversight of the RI/FS, including a prepayment in the amount of $0.2 million, which was paid in January 2019.

A draft work plan for the RI/FS, in accordance with the AOC and related SOW, was submitted to the EPA for review and approval in July 2019. Upon preparation of the draft work plan for the RI/FS, the Company received preliminary estimates from its consultants for the cost of the execution of the work plan. Based on these preliminary estimates, the Company recognized additional expense of $4.0 million during the year ended December 31, 2019. These preliminary estimates will continue to be refined through the finalization and approval of the draft work plan, which is anticipated to occur in 2020. The Company believes it has insurance coverage that applies to the New Idria Mine and thus may be able to recover a portion of the estimated costs; however, as of December 31, 2019, the Company has not recognized potential recovery in its consolidated financial statements.

Since October 2011, when New Idria was added to the Superfund National Priorities List by the EPA, the Company has recognized $9.9 million of costs, of which approximately $3.2 million has been paid through December 31, 2019. These costs are comprised primarily of estimates to perform the RI/FS, negotiation of the AOC, identification of possible insurance resources and other PRPs, EPA oversight fees, past cost claims made by the EPA, periodic monitoring, and responses to unilateral administrative orders issued by the EPA. Expenses of $4.0 million, $0.2 million, and $1.3 million were recorded in the years ended December 31, 2019, 2018 and 2017, respectively, in general and administrative expenses.  As of December 31, 2019 and 2018, the Company had a total reserve of $6.7 million and $3.4 million, respectively, related to the New Idria Mine.  As of December 31, 2019, $1.2 million is classified in Other Current Liabilities and $5.5 million is classified in Other Liabilities (long-term).

It is possible that adjustments to the aforementioned reserves will be necessary as new information is obtained, including after finalization and EPA approval of the work plan for the RI/FS. Estimates of the Company’s liability are based on current facts, laws, regulations and technology. Estimates of the Company’s environmental liabilities are further subject to uncertainties regarding the nature and extent of site contamination, the range of remediation alternatives available, evolving remediation standards, imprecise engineering evaluation and cost estimates, the extent of remedial actions that may be required, the extent of oversight by the EPA, and the number and financial condition of other PRPs that may be named as well as the extent of their responsibility for the remediation.

At this time, the Company has not accrued for remediation costs in connection with this site as it has been unable to estimate the liability, given the circumstances referred to above, including the fact that the final remediation strategy has not yet been determined.

New Almaden Mine (formerly referred to as Guadalupe River Watershed)

A number of parties, including the Company and its subsidiary, Buckhorn (as successor to NIMCC), were alleged by trustee agencies of the United States and the State of California to be responsible for natural resource damages due to environmental contamination of areas comprising the historical New Almaden mercury mines located in the Guadalupe River Watershed region in Santa Clara County, California (“County”). In 2005, Buckhorn and the Company, without admitting liability or chain of ownership of NIMCC, resolved the trustees’ claim against them through a consent decree that required them to contribute financially to the implementation by the County of an environmentally beneficial project within the impacted area.  Buckhorn and the Company negotiated an agreement with the County whereby Buckhorn and the Company agreed to reimburse one-half of the County’s costs of implementing the project, originally estimated to be approximately $1.6 million. As a result, in 2005, the Company recognized expense of $0.8 million representing its share of the initial estimated project costs, of which approximately $0.5 million has been paid to date. In April 2016, the Company was notified by the County that the original cost estimate may no longer be appropriate due to expanded scope and increased costs of construction, and provided a revised estimate of between $3.3 million and $4.4 million.  The Company completed a detailed review of the support provided by the County for the revised estimate, and as a result, recognized additional expense of $1.2 million in 2016.  As of December 31, 2019 and 2018, the Company has a total reserve of $1.5 million related to the New Almaden Mine. As of December 31, 2019, $0.3 million is classified in Other Current Liabilities and $1.2 million is classified in Other Liabilities (long-term). All charges related to this claim have been recorded within general and administrative expenses.

The project has not yet been implemented, though significant work on design and planning has been performed. The Company is awaiting notice from Santa Clara County on the expected timing of fieldwork to commence.  As work on the project occurs, it is possible that adjustments to the aforementioned reserves will be necessary to reflect new information.  In addition, the Company may have claims against and defenses to claims by the County under the 2005 agreement that could reduce or offset its obligation for reimbursement of some of these potential additional costs. With the assistance of environmental consultants, the Company will closely monitor this matter and will continue to assess its reserves as additional information becomes available.

Lawn and Garden Lease Guarantee

In connection with the sale of the Lawn and Garden business, as described in Note 6, the Company became a guarantor for one of HC’s facility leases expiring in September 2025 for any remaining rent payments under the lease if HC was unable to meet its obligations. Annual rent for the facility is approximately $2 million. In connection with the financial risk associated with HC, as described in Note 6, the Company assessed its range of potential obligations under the lease guarantee and recorded a liability and related pre-tax charge of $10.3 million during 2018. The carrying value of the lease obligation as of December 31, 2019 and 2018 was $10.7 million and $10.4 million, respectively, which represents the initial liability recorded plus accretion and is included in Other Liabilities (long-term). The 2018 charge to initially record this lease guarantee liability was included in Other Expenses in the Consolidated Statements of Operations. As described in Notes 6 and 18, the Company was released from this lease guarantee in January 2020 as part of an agreement to sell promissory notes receivable back to HC.  

Patent Infringement

On December 11, 2018, No Spill Inc. filed suit against Scepter Manufacturing LLC and Scepter Corporation (“Scepter”) in the United States District Court for the District of Kansas asserting infringement of two patents, breach of contract, and trade dress claims in relation to plastic gasoline containers Scepter manufactures and sells in the United States. A schedule in the case has not yet been issued. Scepter intends to defend itself vigorously in this matter. Due to the inherent uncertainties of litigation, the Company cannot accurately predict the ultimate outcome of this matter, and is unable at this time to determine whether the outcome of the litigation will have a material impact on its results of operations, financial condition, or cash flows. Accordingly, the Company has not recorded any reserves for this matter.

v3.19.3.a.u2
Long-Term Debt and Loan Agreements
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Long-Term Debt and Loan Agreements

13.  Long-Term Debt and Loan Agreements

Long-term debt at December 31, 2019 and 2018 consisted of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Loan Agreement

 

$

 

 

$

 

4.67% Senior Unsecured Notes due January 15, 2021

 

 

40,000

 

 

 

40,000

 

5.25% Senior Unsecured Notes due January 15, 2024

 

 

11,000

 

 

 

11,000

 

5.30% Senior Unsecured Notes due January 15, 2024

 

 

15,000

 

 

 

15,000

 

5.45% Senior Unsecured Notes due January 15, 2026

 

 

12,000

 

 

 

12,000

 

 

 

 

78,000

 

 

 

78,000

 

Less unamortized deferred financing costs

 

 

824

 

 

 

1,210

 

 

 

$

77,176

 

 

$

76,790

 

 

In March 2017, the Company entered into a Fifth Amended and Restated Loan Agreement (the “Loan Agreement”).  The Loan Agreement amended the pre-existing senior revolving credit facility’s borrowing limit to $200 million, inclusive of letters of credit, and extended the maturity date from December 2018 to March 2022. As of December 31, 2019, the Company had $194.2 million available under the Loan Agreement after $5.8 million of letters of credit issued related to insurance and other financing contracts in the ordinary course of business, including the $2 million provided to the EPA as discussed in Note 12. Borrowings under the Loan Agreement bear interest at the LIBOR rate, prime rate, federal funds effective rate, the Canadian deposit offered rate, or the eurocurrency reference rate depending on the type of loan requested by the Company, in each case plus the applicable margin as set forth in the Loan Agreement.

The Company’s Senior Unsecured Notes (“Notes”) range in face value from $11 million to $40 million, with interest rates ranging from 4.67% to 5.45%, payable semiannually, and maturing between 2021 and 2026. In September 2017, the Company offered to all Note holders to purchase all or a portion of the then-outstanding $100 million Notes prior to their maturity dates. In October 2017, one note holder accepted the offer and elected to tender $22 million in Notes. The Company purchased the Notes from the holder on October 31, 2017 for approximately $23.8 million, which includes the outstanding principal balance of $22.0 million and a make-whole premium of $1.8 million. A loss on extinguishment of debt of approximately $1.9 million was recorded during 2017, which consisted of the make-whole premium plus unamortized deferred financing costs of $0.1 million.

Amortization expense of the deferred financing costs was $386, $386, and $508 for the years ended December 31, 2019, 2018 and 2017, respectively, and is included in interest expense.

The weighted average interest rate on borrowings under the Company’s loan agreements were 6.27% for 2019, 5.75% for 2018, and 4.94% for 2017, which includes a quarterly facility fee on the used and unused portion, as well as amortization of deferred financing costs.

As of December 31, 2019, the Company was in compliance with all of its debt covenants associated with its Loan Agreement and Notes. The most restrictive financial covenants for all of the Company’s debt are an interest coverage ratio (defined as earnings before interest, taxes, depreciation and amortization, as adjusted, divided by interest expense) and a leverage ratio (defined as total debt divided by earnings before interest, taxes, depreciation and amortization, as adjusted). The ratios as of December 31, 2019 are shown in the following table:

 

 

 

Required Level

 

Actual Level

 

Interest Coverage Ratio

 

3.00 to 1 (minimum)

 

 

14.26

 

Leverage Ratio

 

3.25 to 1 (maximum)

 

 

1.20

 

 

v3.19.3.a.u2
Income Taxes
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

14.  Income Taxes

The effective tax rate from continuing operations was 27.0% in 2019, 218.7% in 2018 and 31.0% in 2017. A reconciliation of the Federal statutory income tax rate to the Company’s effective tax rate is as follows:

 

 

 

Percent of Income before

Income Taxes

 

 

 

2019

 

 

2018

 

 

2017

 

Statutory Federal income tax rate

 

 

21.0

%

 

 

21.0

%

 

 

35.0

%

State income taxes - net of Federal tax benefit

 

 

5.2

 

 

 

42.5

 

 

 

8.3

 

Foreign tax rate differential

 

 

 

 

 

3.9

 

 

 

(1.6

)

Domestic production deduction

 

 

 

 

 

 

 

 

(5.2

)

Non-deductible expenses

 

 

1.0

 

 

 

93.8

 

 

 

0.4

 

Impact of tax law changes

 

 

 

 

 

22.1

 

 

 

(7.4

)

Changes in unrecognized tax benefits

 

 

0.4

 

 

 

42.9

 

 

 

0.9

 

Foreign tax incentives

 

 

(0.4

)

 

 

(3.1

)

 

 

 

Other

 

 

(0.2

)

 

 

(4.4

)

 

 

0.6

 

Effective tax rate for the year

 

 

27.0

%

 

 

218.7

%

 

 

31.0

%

 

Income (loss) from continuing operations before income taxes was attributable to the following sources:

 

 

 

2019

 

 

2018

 

 

2017

 

United States

 

$

33,612

 

 

$

419

 

 

$

12,979

 

Foreign

 

 

(429

)

 

 

970

 

 

 

2,729

 

Totals

 

$

33,183

 

 

$

1,389

 

 

$

15,708

 

 

Income tax expense (benefit) from continuing operations consisted of the following:

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

Current

 

 

Deferred

 

 

Current

 

 

Deferred

 

 

Current

 

 

Deferred

 

Federal

 

$

7,270

 

 

$

(447

)

 

$

9,694

 

 

$

(7,910

)

 

$

6,304

 

 

$

(4,394

)

Foreign

 

 

497

 

 

 

(538

)

 

 

1,218

 

 

 

(718

)

 

 

1,821

 

 

 

(883

)

State and local

 

 

2,123

 

 

 

63

 

 

 

1,575

 

 

 

(822

)

 

 

2,402

 

 

 

(386

)

 

 

$

9,890

 

 

$

(922

)

 

$

12,487

 

 

$

(9,450

)

 

$

10,527

 

 

$

(5,663

)

 

On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Tax Act”). Effective January 1, 2018, the Tax Act established a corporate income tax rate of 21%, replacing the former 35% rate, and created a territorial tax system rather than a worldwide system, which generally eliminated the U.S. federal income tax on dividends from foreign subsidiaries. The transition to the territorial system included a one-time deemed repatriation transition tax (“Transition Tax”) on certain foreign earnings previously untaxed in the United States. At December 31, 2017, the Company recorded an initial provisional net benefit to income tax expense of $1.2 million related to the enactment of the Tax Act. This net benefit included a provisional deferred tax benefit of $3.0 million related to revaluing the net U.S. deferred tax liabilities to reflect the lower U.S. corporate tax rate. The deferred tax benefit was offset by a provision of $1.8 million related to the Transition Tax. Based on the finalized accounting and preparation of the Company’s 2017 U.S. Federal Tax Return, the Company recorded a reduction of income tax expense of $0.3 million for the year ended December 31, 2018 to reflect adjustments to the previously recognized provisional amounts under the Tax Act. In addition, in 2018 the Company recorded income tax expense of $0.6 million associated with an uncertain tax position related to the calculation of the Transition Tax included in the 2017 return.

During 2018, the Company recorded a provision and related deferred tax liability of $0.6 million related primarily to the earnings of the Company’s subsidiary in Guatemala, which were deemed by management to no longer be permanently reinvested. The E&P for all foreign subsidiaries has been previously included in the calculation of the Transition Tax, and thus, should there be a repatriation of earnings from any other foreign subsidiaries in future periods, the Company expects to be subject to only foreign withholding tax. Management does not currently anticipate a repatriation of earnings from any other foreign subsidiaries, except as provided above, as these earnings are deemed to be permanently reinvested.

 

Significant components of the Company’s deferred taxes as of December 31, 2019 and 2018 are as follows:

 

 

 

2019

 

 

2018

 

Deferred income tax assets

 

 

 

 

 

 

 

 

Compensation

 

$

2,268

 

 

$

2,774

 

Inventory valuation

 

 

873

 

 

 

695

 

Allowance for uncollectible accounts

 

 

290

 

 

 

237

 

Provision for loss on note receivable

 

 

5,031

 

 

 

5,031

 

Non-deductible accruals

 

 

5,370

 

 

 

4,196

 

Operating lease liability

 

 

1,288

 

 

 

 

Non-deductible intangibles

 

 

1,862

 

 

 

1,574

 

State deferred taxes

 

 

730

 

 

 

843

 

Capital loss carryforwards

 

 

1,982

 

 

 

1,982

 

 

 

 

19,694

 

 

 

17,332

 

Valuation allowance

 

 

(1,982

)

 

 

(1,982

)

 

 

 

17,712

 

 

 

15,350

 

Deferred income tax liabilities

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

4,867

 

 

 

4,247

 

Tax-deductible goodwill

 

 

4,862

 

 

 

5,089

 

Right of use asset - operating leases

 

 

1,239

 

 

 

 

Other

 

 

937

 

 

 

744

 

 

 

 

11,905

 

 

 

10,080

 

Net deferred income tax asset

 

$

5,807

 

 

$

5,270

 

 

Deferred tax assets are reduced by a valuation allowance, if based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. Available evidence includes the reversal of existing taxable temporary differences, future taxable income exclusive of temporary differences, taxable income in carryback years and tax planning strategies. Based on the current available evidence, the Company considers the net deferred tax asset at December 31, 2019 to be fully realizable except for the deferred tax asset related to the capital loss carryforward described below.

As further discussed in Note 6, the Company sold its investments in certain Brazilian subsidiaries in December 2017. In connection with this divestiture, the Company incurred a capital loss of $9.5 million on its investment in the Myers do Brazil business and recorded a deferred tax asset of $2.0 million for this capital loss carryforward. A valuation allowance of $2.0 million is recorded against this deferred tax asset as the recovery of the asset is not more likely than not.

The Company also recorded a tax benefit of approximately $15 million generated as a result of a worthless stock deduction for the Novel do Nordeste business included in the divestiture. Although management believes that the worthless stock deduction is valid, there can be no assurance that the IRS will not challenge it and, if challenged, that the Company will prevail. This tax benefit is included in the net loss from discontinued operations for the year ended December 31, 2017. As a result of the Company’s U.S. Federal income tax filings in 2018, the Company reduced this estimated tax benefit by $0.7 million and recognized this adjustment within net loss from discontinued operations in the year ended December 31, 2018.

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

 

 

 

2019

 

 

2018

 

 

2017

 

Balance at January 1

 

$

955

 

 

$

359

 

 

$

478

 

Increases related to previous year tax positions

 

 

143

 

 

 

596

 

 

 

359

 

Reductions due to lapse of applicable statute of limitations

 

 

 

 

 

 

 

 

(478

)

Balance at December 31

 

$

1,098

 

 

$

955

 

 

$

359

 

 

The total amount of gross unrecognized tax benefits that would reduce the Company’s effective tax rate was $1.1 million, $1.0 million and $0.4 million at December 31, 2019, 2018 and 2017.  

The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns.  As of December 31, 2019, the Company is no longer subject to U.S. Federal examinations by tax authorities for tax years before 2015. The Company’s 2017 U.S. Federal tax return is currently under audit by the Internal Revenue Service (“IRS”). The Company is subject to state and local examinations for tax years of 2013 through 2018. In addition, the Company is subject to non-U.S. income tax examinations for tax years of 2014 through 2018.

v3.19.3.a.u2
Retirement Plans
12 Months Ended
Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]  
Retirement Plans

15.  Retirement Plans

The Company and certain of its subsidiaries have pension and profit sharing plans covering substantially all of their employees. The Company’s defined benefit pension plan, The Pension Agreement between Akro-Mils and United Steelworkers of America Local No. 1761-02, (the “Plan”) provides benefits primarily based upon a fixed amount for each year of service. The Plan was frozen in 2007, and no benefits for service have been accumulated after this date.

Net periodic pension cost of the Plan for the years ended December 31, 2019, 2018 and 2017 was as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Interest cost

 

$

242

 

 

$

224

 

 

$

253

 

Expected return on assets

 

 

(184

)

 

 

(317

)

 

 

(295

)

Amortization of net loss

 

 

97

 

 

 

84

 

 

 

96

 

Net periodic pension cost

 

$

155

 

 

$

(9

)

 

$

54

 

 

The reconciliation of changes in the Plan’s projected benefit obligations and assets are as follows:

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

5,944

 

 

$

6,579

 

Interest cost

 

 

242

 

 

 

224

 

Actuarial loss (gain)

 

 

510

 

 

 

(362

)

Expenses paid

 

 

 

 

 

(135

)

Benefits paid

 

 

(357

)

 

 

(362

)

Projected benefit obligation at end of year

 

$

6,339

 

 

$

5,944

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

4,737

 

 

$

5,261

 

Actual return on plan assets

 

 

972

 

 

 

(27

)

Company contributions

 

 

31

 

 

 

 

Expenses paid

 

 

 

 

 

(135

)

Benefits paid

 

 

(357

)

 

 

(362

)

Fair value of plan assets at end of year

 

$

5,383

 

 

$

4,737

 

Funded status

 

$

(956

)

 

$

(1,207

)

 

The Plan’s funded status shown above is included in Other Liabilities in the Company’s Consolidated Statements of Financial Position at December 31, 2019 and 2018. The Company expects to make a contribution to the plan of $150 in 2020. Because the Plan has been frozen, the accumulated benefit obligation is equal to the projected benefit obligation.

 

The assumptions used to determine the Plan’s net periodic benefit cost and benefit obligations are as follows:

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Discount rate for net periodic pension cost

 

 

4.20

%

 

 

3.50

%

 

 

4.00

%

Discount rate for benefit obligations

 

 

3.10

%

 

 

4.20

%

 

 

3.50

%

Expected long-term return of plan assets

 

 

7.00

%

 

 

7.50

%

 

 

7.75

%

 

The expected long-term rate of return is based on the long-term expected returns for the investment mix consistent with the Plan’s current asset allocation and investment policy. In 2018, the Plan’s asset allocation and investment policy transitioned from a total-return strategy to a liability-driven strategy, which increased the allocation of fixed income investments that are managed to match the duration of the underlying pension liability. The assumed discount rates represent long-term high quality corporate bond rates commensurate with the liability duration of the Plan.

 

The fair value of Plan assets at December 31, 2019 and 2018 consist of mutual funds valued at $2,829 and $2,352, respectively, and pooled separate accounts valued at $2,554 and $2,385, respectively. All of the Plan asset values are categorized as Level 1. Mutual fund values are determined based on period end, closing quoted prices in active markets. The pooled separate accounts are measured at net asset value, which is made readily available to investors. Each of the pooled separate accounts invest in multiple fixed securities and provide for daily redemptions by the plan with no advance notice requirements, and have redemption prices that are also determined by the fund’s net asset value per unit with no redemption fees.

The weighted average asset allocations for the Plan at December 31, 2019 and 2018 were as follows:

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

U.S. Equities securities

 

 

53

%

 

 

50

%

U.S. Debt securities

 

 

47

%

 

 

50

%

 

 

 

100

%

 

 

100

%

 

Benefit payments projected for the Plan are as follows:

 

2020

 

$

360

 

2021

 

 

350

 

2022

 

 

350

 

2023

 

 

360

 

2024

 

 

360

 

2025-2029

 

 

1,840

 

 

The Myers Industries Profit Sharing and 401(k) Plan is maintained for the Company’s U.S. based employees, not covered under defined benefit plans, who have met eligibility service requirements. The Company recognized expense related to the 401(k) employer matching contribution in the amount of $2,500, $2,216 and $2,302 in 2019, 2018 and 2017, respectively.

In addition, the Company has a Supplemental Executive Retirement Plan (“SERP”) to provide certain former senior executives with retirement benefits in addition to amounts payable under the 401(k) plan. Expense related to the SERP was approximately $174, $33 and $128 for the years ended December 2019, 2018 and 2017, respectively. The SERP liability was based on the discounted present value of expected future benefit payments using a discount rate of 3.1% at December 31, 2019 and 4.2% at December 31, 2018. The SERP liability was approximately $2,200 and $2,449 at December 31, 2019 and 2018, respectively, and is included in Accrued Employee Compensation and Other Liabilities on the accompanying Consolidated Statements of Financial Position. The SERP is unfunded.

v3.19.3.a.u2
Leases
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Leases

16.  Leases

The Company determines if an arrangement is a lease at inception. The Company has leases for manufacturing facilities, distribution centers, warehouses, office space and equipment, with remaining lease terms of one to nine years. Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early. Leases with an initial term of 12 months or less are not recorded on the statement of financial position; the Company recognizes lease expense for these short-term leases on a straight-line basis over the lease term. Operating leases with an initial term greater than 12 months are included in right of use asset – operating leases (“ROU assets”), operating lease liability – short term, and operating lease liability – long term in the Consolidated Statement of Financial Position.

The ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the obligation to make lease payments. ROU assets and lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. When leases do not provide an implicit rate, the Company’s incremental borrowing rate is used, which is then applied at the portfolio level, based on the information available at commencement date in determining the present value of lease payments. The Company has also elected not to separate lease and non-lease components. The lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.

Amounts included in the Consolidated Statement of Financial Position related to leases include:

 

 

 

December 31, 2019

 

Right of use asset - operating leases

 

$

5,901

 

 

 

 

 

 

Operating lease liability - short-term

 

$

2,057

 

Operating lease liability - long-term

 

 

4,074

 

Total operating lease liabilities

 

$

6,131

 

 

The components of lease expense include:

 

 

 

 

 

For the Year Ended December 31,

 

Lease Cost

 

Classification

 

2019

 

 

2018

 

 

2017

 

Operating lease cost (1)

 

Cost of sales

 

$

1,744

 

 

$

1,696

 

 

$

1,718

 

Operating lease cost (1)

 

Selling, general and administrative expenses

 

 

1,741

 

 

 

1,616

 

 

 

1,480

 

Total lease cost

 

 

 

$

3,485

 

 

$

3,312

 

 

$

3,198

 

 

(1)

Includes short-term leases and variable lease costs, which are immaterial

Supplemental cash flow information related to leases was as follows:

 

 

 

Year Ended

 

Supplemental Cash Flow Information

 

December 31, 2019

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

Operating cash flows from operating leases

 

$

2,428

 

Right-of-use assets obtained in exchange for new lease liabilities:

 

 

 

 

Operating leases

 

$

2,083

 

 

Lease Term and Discount Rate

 

December 31, 2019

 

Weighted-average remaining lease term (years)

 

 

 

 

Operating leases

 

 

4.23

 

Weighted-average discount rate

 

 

 

 

Operating leases

 

 

5.0

%

 

Maturity of Lease Liabilities - As of December 31, 2019

 

Operating Leases

 

2020

 

$

2,304

 

2021

 

 

1,339

 

2022

 

 

1,189

 

2023

 

 

1,016

 

2024

 

 

339

 

After 2024

 

 

621

 

Total lease payments

 

 

6,808

 

Less: Interest

 

 

(677

)

Present value of lease liabilities

 

$

6,131

 

 

Future minimum rental commitments (undiscounted) as of December 31, 2018 under ASC 840 were as follows:

 

Year Ended December 31,

 

 

 

 

2019

 

$

2,492

 

2020

 

 

1,739

 

2021

 

 

982

 

2022

 

 

966

 

2023

 

 

841

 

Thereafter

 

 

811

 

 

 

$

7,831

 

 

In December 2019, the Company entered into an agreement where a new manufacturing and distribution facility in Bristol, Indiana will be constructed, and when it is substantially complete, the Company will lease that new facility and sell its existing facility in Bristol, Indiana. As described in Note 8, this agreement was in connection with the Ameri-Kart Plan, which includes facility consolidation for this business within the Material Handling Segment. This lease is not included in the tables disclosed above because it has not yet commenced; it commences when the facility is substantially complete, which is expected to be in the second half of 2020. Upon commencement, the lease has an initial term of fifteen years with base annual rent of approximately $0.8 million during the first year. Inclusive of scheduled increases the total expected future minimum lease payments during the initial term of the lease is approximately $13.5 million, but may vary depending on the actual cost of certain construction activities. At commencement of this lease, the Company expects assets and liabilities within the Consolidated Statement of Financial Position to each increase by approximately $9 million.

 

In February 2018, the Company completed a sale-leaseback transaction for its distribution center in Pomona, California for a net purchase price of $2.3 million. Simultaneous with the closing of the sale, the Company entered into a ten-year operating lease arrangement with base annual rent of approximately $0.1 million during the first year, followed by annual increases of 3% through the remainder of the lease period. The Company realized a gain on the sale of $2.0 million, of which $0.7 million was recognized at the time of the sale. The remaining $1.3 million was recognized ratably over the term of the lease at approximately $0.1 million per year, until the January 1, 2019 adoption of ASU 2016-02 as discussed in Note 1. This facility is included in the Company’s Distribution Segment.

v3.19.3.a.u2
Industry Segments
12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Industry Segments

17.  Industry Segments

The Company manages its business under two operating segments, Material Handling and Distribution, consistent with the manner in which our Chief Operating Decision Maker evaluates performance and makes resource allocation decisions. None of the reportable segments include operating segments that have been aggregated.  These segments contain individual business components that have been combined on the basis of common management, customers, products, production processes and other economic characteristics. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up.

The Material Handling Segment manufactures a broad selection of plastic reusable containers, pallets, small parts bins, bulk shipping containers, storage and organization products and rotationally-molded plastic tanks for water, fuel and waste handling. This segment conducts its primary operations in the United States and Canada. Markets served include industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, automotive, recreational vehicles, marine vehicles, healthcare, appliance, bakery, electronics, textiles, consumer, and others. Products are sold both directly to end-users and through distributors.

The Distribution Segment is engaged in the distribution of equipment, tools, and supplies used for tire servicing and automotive undervehicle repair and the manufacture of tire repair and retreading products. The product line includes categories such as tire valves and accessories, tire changing and balancing equipment, lifts and alignment equipment, service equipment and tools, and tire repair/retread supplies. The Distribution Segment also manufactures and sells certain traffic markings, including reflective highway marking tape. The Distribution Segment operates domestically through its sales offices and five regional distribution centers in the United States, and in certain foreign countries through export sales. In addition, the Distribution Segment operates directly in certain foreign markets, principally Central America, through foreign branch operations. Markets served include retail and truck tire dealers, commercial auto and truck fleets, auto dealers, general service and repair centers, tire retreaders, and government agencies. The acquisition of Tuffy, described in Note 3, is included in the Distribution Segment.

Total sales from foreign business units were approximately $42.0 million, $50.6 million, and $53.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. Total export sales to countries outside the U.S. were approximately $23.6 million, $19.6 million, and $17.2 million for the years ended December 31, 2019, 2018 and 2017 respectively. Sales made to customers in Canada accounted for approximately 4.7% of total net sales in 2019, 4.1% in 2018 and 2.4% in 2017. There are no other individual foreign countries for which sales are material. Long-lived assets in foreign countries, primarily in Canada, consisted of property, plant and equipment, and were approximately $13.2 million at December 31, 2019 and $14.1 million at December 31, 2018.

 

 

 

2019

 

 

2018

 

 

2017

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling

 

$

356,407

 

 

$

417,199

 

 

$

391,313

 

Distribution

 

 

159,349

 

 

 

149,636

 

 

 

156,428

 

Inter-company sales

 

 

(58

)

 

 

(100

)

 

 

(698

)

Total net sales

 

$

515,698

 

 

$

566,735

 

 

$

547,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling

 

$

53,144

 

 

$

57,948

 

 

$

38,874

 

Distribution

 

 

10,076

 

 

 

7,441

 

 

 

9,073

 

Corporate

 

 

(25,954

)

 

 

(59,062

)

 

 

(23,059

)

Total operating income

 

 

37,266

 

 

 

6,327

 

 

 

24,888

 

Interest expense, net

 

 

(4,083

)

 

 

(4,938

)

 

 

(7,292

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

(1,888

)

Income from continuing operations before income taxes

 

$

33,183

 

 

$

1,389

 

 

$

15,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling

 

$

193,751

 

 

$

229,962

 

 

$

257,863

 

Distribution

 

 

75,338

 

 

 

48,575

 

 

 

49,822

 

Corporate

 

 

84,050

 

 

 

70,108

 

 

 

48,257

 

Total assets

 

$

353,139

 

 

$

348,645

 

 

$

355,942

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Additions, Net

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling

 

$

8,835

 

 

$

4,500

 

 

$

5,165

 

Distribution

 

 

1,396

 

 

 

587

 

 

 

622

 

Corporate

 

 

63

 

 

 

36

 

 

 

27

 

Total capital additions, net

 

$

10,294

 

 

$

5,123

 

 

$

5,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling

 

$

21,282

 

 

$

24,159

 

 

$

28,506

 

Distribution

 

 

1,501

 

 

 

1,169

 

 

 

1,174

 

Corporate

 

 

800

 

 

 

811

 

 

 

1,151

 

Total depreciation and amortization

 

$

23,583

 

 

$

26,139

 

 

$

30,831

 

v3.19.3.a.u2
Subsequent Event - Sale of HC Notes and Release of Lease Guarantee
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Event - Sale of HC Notes and Release of Lease Guarantee

18.  Subsequent Event – Sale of HC Notes and Release of Lease Guarantee

On January 6, 2020, the Company sold to HC the fully-reserved promissory notes and related accrued interest receivable from HC in exchange for $1.2 million and the release from a lease guarantee related to one of HC’s facilities which extended to 2025 and had annual rent of approximately $2 million. At December 31, 2019, the carrying value of the lease guarantee was $10.7 million. Both the promissory notes and the lease guarantee were part of the sale of the Company’s Lawn and Garden business in 2015. The $11.9 million pre-tax gain from the sale of the notes and release of the lease guarantee liability is expected to be included in the Company’s first quarter 2020 results. See further information in Notes 6 and 12.

v3.19.3.a.u2
Summarized Quarterly Results of Operations (Notes)
12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Summarized Quarterly Results of Operations

19.  Summarized Quarterly Results of Operations (Unaudited)

 

Quarter Ended 2019

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

 

Total

 

Net sales

 

$

139,115

 

 

$

134,285

 

 

$

125,480

 

 

$

116,818

 

 

$

515,698

 

Gross profit

 

 

45,559

 

 

 

46,936

 

 

 

39,586

 

 

 

39,231

 

 

 

171,312

 

Operating income (1)

 

 

10,218

 

 

 

10,182

 

 

 

8,060

 

 

 

8,806

 

 

 

37,266

 

Income from continuing operations (1)

 

 

6,643

 

 

 

6,606

 

 

 

5,219

 

 

 

5,747

 

 

 

24,215

 

Income (loss) from discontinued operations, net

 

 

127

 

 

 

 

 

 

 

 

 

(9

)

 

 

118

 

Net income (1)

 

 

6,770

 

 

 

6,606

 

 

 

5,219

 

 

 

5,738

 

 

 

24,333

 

Income per common share from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic*

 

$

0.19

 

 

$

0.19

 

 

$

0.15

 

 

$

0.16

 

 

$

0.68

 

Diluted*

 

$

0.19

 

 

$

0.18

 

 

$

0.15

 

 

$

0.16

 

 

$

0.68

 

Income (loss) per common share from discontinued

   operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic*

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Diluted*

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic*

 

$

0.19

 

 

$

0.19

 

 

$

0.15

 

 

$

0.16

 

 

$

0.68

 

Diluted*

 

$

0.19

 

 

$

0.18

 

 

$

0.15

 

 

$

0.16

 

 

$

0.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended 2018

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

 

Total

 

Net sales

 

$

152,568

 

 

$

140,560

 

 

$

135,219

 

 

$

138,388

 

 

$

566,735

 

Gross profit

 

 

47,115

 

 

 

47,991

 

 

 

42,091

 

 

 

42,096

 

 

 

179,293

 

Operating income (loss)

 

 

12,022

 

 

 

13,111

 

 

 

(25,839

)

 

 

7,033

 

 

 

6,327

 

Income (loss) from continuing operations

 

 

7,755

 

 

 

8,608

 

 

 

(21,137

)

 

 

3,126

 

 

 

(1,648

)

Income (loss) from discontinued operations, net

 

 

(911

)

 

 

 

 

 

(2

)

 

 

(788

)

 

 

(1,701

)

Net income (loss)

 

$

6,844

 

 

$

8,608

 

 

$

(21,139

)

 

$

2,338

 

 

 

(3,349

)

Income (loss) per common share from continuing

   operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic*

 

$

0.25

 

 

$

0.26

 

 

$

(0.60

)

 

$

0.09

 

 

$

(0.05

)

Diluted*

 

$

0.25

 

 

$

0.26

 

 

$

(0.60

)

 

$

0.09

 

 

$

(0.05

)

Income (loss) per common share from discontinued

   operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic*

 

$

(0.03

)

 

$

 

 

$

 

 

$

(0.02

)

 

$

(0.05

)

Diluted*

 

$

(0.03

)

 

$

 

 

$

 

 

$

(0.02

)

 

$

(0.05

)

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic*

 

$

0.22

 

 

$

0.26

 

 

$

(0.60

)

 

$

0.07

 

 

$

(0.10

)

Diluted*

 

$

0.22

 

 

$

0.26

 

 

$

(0.60

)

 

$

0.07

 

 

$

(0.10

)

 

 

*

The sum of the earnings per share for the four quarters in a year does not necessarily equal the total year earnings per share due to the computation of weighted shares outstanding during each respective period.

 

v3.19.3.a.u2
Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Basis of Presentation

Basis of Presentation

The consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries that are not wholly owned and are not included in the consolidated operating results of the Company are immaterial investments which have been accounted for under the equity or cost method. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the timing and amount of assets, liabilities, equity, revenues, and expenses recorded and disclosed. Actual results could differ from those estimates.

During the fourth quarter of 2017, the Company completed the sale of certain subsidiaries in Brazil. As further discussed in Note 6, the results of operations and cash flows of these subsidiaries have been classified as discontinued operations in the consolidated financial statements for all periods presented.

Accounting Standards Adopted and Not Yet Adopted

Accounting Standards Adopted

In February 2016, the FASB issued ASU 2016-02, Leases, which created Accounting Standards Codification (“ASC”) Topic 842. Under ASU 2016-02, an entity recognizes right-of-use assets and lease liabilities on its balance sheet, and discloses key information about the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company adopted the new guidance effective January 1, 2019, using the optional transition method, which required application of the new guidance to only those leases that existed at the date of adoption. The Company elected the “package of practical expedients,” which permitted the Company to not reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The Company also elected to apply the guidance at a portfolio level and to use the discount rate corresponding to the remaining lease term at transition. Adoption of the new standard resulted in the recognition of right-of-use assets and lease liabilities of $5.9 million and $6.2 million, respectively, on January 1, 2019. The difference between the right-of-use assets and lease liabilities related primarily to the removal of previously recorded accrued rent balances as a result of recording straight-line rent expense for certain leases. In addition, the adoption resulted in an adjustment to opening retained earnings (deficit) of approximately $0.9 million, net of tax, on January 1, 2019. This cumulative-effect transition adjustment to opening retained earnings (deficit) related to the recognition of the remaining deferred gain on a sale-leaseback transaction that occurred in 2018. The standard did not have a material impact on the Company’s consolidated results of operations or cash flows.

The following tables summarize the impacts of ASC 842 on the Company’s consolidated financial statements:

 

 

 

For the Year Ended December 31, 2019

 

 

 

As Reported

 

 

Adjustments

 

 

Balances Without

Adoption of

ASC 842

 

Net sales

 

$

515,698

 

 

$

 

 

$

515,698

 

Cost of sales

 

 

344,386

 

 

 

 

 

 

344,386

 

Gross profit

 

 

171,312

 

 

 

 

 

 

171,312

 

Selling, general and administrative expenses

 

 

133,130

 

 

 

(135

)

 

 

132,995

 

Impairment charges

 

 

916

 

 

 

 

 

 

916

 

Operating income

 

 

37,266

 

 

 

135

 

 

 

37,401

 

Interest expense, net

 

 

4,083

 

 

 

 

 

 

4,083

 

Income from continuing operations before income taxes

 

 

33,183

 

 

 

135

 

 

 

33,318

 

Income tax expense

 

 

8,968

 

 

 

36

 

 

 

9,004

 

Income from continuing operations

 

$

24,215

 

 

$

99

 

 

$

24,314

 

 

 

 

As of  December 31, 2019

 

 

 

As Reported

 

 

Adjustments

 

 

Balances Without

Adoption of

ASC 842

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Right of use asset - operating leases

 

$

5,901

 

 

$

(5,901

)

 

$

 

Deferred tax asset

 

 

5,807

 

 

 

298

 

 

 

6,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

18,324

 

 

$

230

 

 

$

18,554

 

Operating lease liability - short-term

 

 

2,057

 

 

 

(2,057

)

 

 

 

Operating lease liability - long-term

 

 

4,074

 

 

 

(4,074

)

 

 

 

Other liabilities

 

 

22,582

 

 

 

1,102

 

 

 

23,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Retained deficit

 

$

(135,117

)

 

$

(804

)

 

$

(135,921

)

 

Accounting Standards Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. For the Company, this ASU is effective beginning with the first quarter of 2021. Early adoption is permitted. Certain amendments within this ASU are required to be applied on a retrospective basis, certain other amendments are required to be applied on a modified retrospective basis and all other amendments on a prospective basis. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40). This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). For the Company, the ASU is effective prospectively beginning with the first quarter of 2020. As the Company has not had and is not in process of implementing significant hosted software arrangements as of December 31, 2019, the adoption of this standard is not expected to have a material effect on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20). This ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For the Company, the ASU is effective retrospectively beginning with the 2020 annual financial statements, but is not applicable to its interim financial statements. Adoption of this guidance is not expected to have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This ASU modifies the disclosure requirements on fair value measurements by removing, modifying, or adding certain disclosures. For the Company, the ASU is effective beginning with the first quarter of 2020. Certain disclosures in this ASU are required to be applied on a retrospective basis and others on a prospective basis. Adoption of this guidance is not expected to have a material impact on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment.  This ASU eliminates Step 2 of the goodwill impairment test and requires goodwill impairment to be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of its goodwill. For the Company, this ASU is effective for annual and any interim goodwill impairment tests beginning in 2020.  Adoption of this guidance is not expected to have a material impact on its consolidated financial statements unless a goodwill impairment were to occur.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, which introduces new guidance for the accounting for credit losses on instruments.  The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade accounts receivable. For the Company, this ASU is effective beginning with the first quarter of 2020. The Company does not expect the adoption of this ASU to have a material effect on its consolidated financial statements.

Translation of Foreign Currencies

Translation of Foreign Currencies

All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting foreign currency translation adjustment is recorded in other comprehensive income (loss) as a separate component of shareholders’ equity.

Fair Value Measurement

Fair Value Measurement

Fair value is the price to hypothetically sell an asset or transfer a liability in an orderly manner in the principal market for that asset or liability. Accounting standards prioritize the use of observable inputs in measuring fair value. The level of a fair value measurement is determined entirely by the lowest level input that is significant to the measurement. The three levels are (from highest to lowest):

 

Level 1:

Unadjusted quoted prices in active markets for identical assets or liabilities.

 

Level 2:

Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly.

 

Level 3:

Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions.

The Company has financial instruments, including cash, accounts receivable, accounts payable and accrued expenses. The fair value of these financial instruments approximate carrying value due to the nature and relative short maturity of these assets and liabilities.

The fair value of debt under the Company’s Loan Agreement, as defined in Note 13, approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered Level 2 inputs. At December 31, 2019 and 2018, the aggregate fair value of the Company’s outstanding fixed rate senior unsecured notes was estimated at $79.0 million and $76.8 million, respectively.

The purchase price allocation associated with the August 26, 2019 acquisition of Tuffy Manufacturing Industries, Inc., as described in Note 3, required fair value measurements using unobservable inputs which are considered Level 3 inputs. The fair value of the acquired intangible assets was determined using the income approach.

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk primarily consist of trade accounts receivable. The concentration of accounts receivable credit risk is generally limited based on the Company’s diversified operations, with customers spread across many industries and countries. In 2019, there were no customers that accounted for more than ten percent of net sales. Outside of the United States, only customers located in Canada, which account for approximately 4.7% of net sales, are significant to the Company’s operations. In addition, management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. Additionally, the Company also reviews historical trends for collectability in determining an estimate for its allowance for doubtful accounts. If economic circumstances change substantially, estimates of the recoverability of amounts due the Company could be reduced by a material amount. Expense related to bad debts was approximately $0.6 million, $0.7 million and $0.7 million for 2019, 2018 and 2017, respectively, and is recorded within selling expenses in the Consolidated Statements of Operations. Deductions from the allowance for doubtful accounts, net of recoveries, were approximately $0.3 million, $0.5 million and $0.7 million for 2019, 2018 and 2017, respectively.

Inventories

Inventories

Inventories are valued at the lower of cost or market for last-in, first-out (“LIFO”) inventory and lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. Approximately 40 percent of our inventories are valued using the LIFO method of determining cost. All other inventories are valued at the FIFO method of determining cost.

 

Inventories at December 31 consist of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Finished and in-process products

 

$

32,537

 

 

$

27,960

 

Raw materials and supplies

 

 

11,723

 

 

 

15,636

 

 

 

$

44,260

 

 

$

43,596

 

 

If the FIFO method of inventory cost valuation had been used exclusively by the Company, inventories would have been $4.4 million and $5.1 million higher than reported at December 31, 2019 and 2018, respectively. Cost of sales decreased by $0.7 million, $0.5 million and $0.1 million in 2019, 2018 and 2017, respectively, as a result of the liquidation of LIFO inventories.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows:

 

Buildings

20 to 40 years

Machinery and Equipment

3 to 10 years

Leasehold Improvements

5 to 10 years

 

The Company’s property, plant and equipment by major asset class at December 31 consists of:

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Land

 

$

6,622

 

 

$

7,017

 

Buildings and leasehold improvements

 

 

43,803

 

 

 

53,821

 

Machinery and equipment

 

 

252,384

 

 

 

253,785

 

 

 

 

302,809

 

 

 

314,623

 

Less allowances for depreciation and amortization

 

 

(247,845

)

 

 

(249,163

)

 

 

$

54,964

 

 

$

65,460

 

 

Long-Lived Assets

Long-Lived Assets

The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of potential impairment related to assets to be held and used is based upon undiscounted future cash flows resulting from the use and ultimate disposition of the asset and related asset group. For assets held for sale, the amount of potential impairment may be based upon appraisal of the asset, estimated market value of similar assets or estimated cash flow from the disposition of the asset. Refer to Note 4 for discussion of impairment charges.

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) were as follows:

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at January 1, 2017

 

$

(32,342

)

 

$

(1,832

)

 

$

(34,174

)

Other comprehensive income (loss) before reclassifications

 

 

2,391

 

 

 

(31

)

 

 

2,360

 

Amounts reclassified from accumulated other comprehensive income, net

   of tax of ($24) (1) (2)

 

 

17,201

 

 

 

72

 

 

 

17,273

 

Net current-period other comprehensive income (loss)

 

 

19,592

 

 

 

41

 

 

 

19,633

 

Balance at December 31, 2017

 

 

(12,750

)

 

 

(1,791

)

 

 

(14,541

)

Other comprehensive income (loss) before reclassifications

 

 

(3,501

)

 

 

14

 

 

 

(3,487

)

Amounts reclassified from accumulated other comprehensive income, net

   of tax of ($21) (1)

 

 

 

 

 

63

 

 

 

63

 

Reclassification of stranded tax effects to retained earnings(3)

 

 

 

 

 

(315

)

 

 

(315

)

Net current-period other comprehensive income (loss)

 

 

(3,501

)

 

 

(238

)

 

 

(3,739

)

Balance at December 31, 2018

 

 

(16,251

)

 

 

(2,029

)

 

 

(18,280

)

Other comprehensive income (loss) before reclassifications

 

 

1,649

 

 

 

209

 

 

 

1,858

 

Amounts reclassified from accumulated other comprehensive income, net

   of tax of ($24) (1)

 

 

 

 

 

73

 

 

 

73

 

Net current-period other comprehensive income (loss)

 

 

1,649

 

 

 

282

 

 

 

1,931

 

Balance at December 31, 2019

 

$

(14,602

)

 

$

(1,747

)

 

$

(16,349

)

 

(1)

The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. See Note 15, Retirement Plans for additional details.

(2)

Cumulative translation adjustment associated with the 2017 sale of the Brazil Business, as further disclosed in Note 6, was realized as part of the loss on disposal included within discontinued operations when the subsidiary was disposed.

(3)

Reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act to retained earnings due to the adoption of ASU 2018-02 during the first quarter of 2018.

Stock Based Compensation

Stock Based Compensation

The Company has stock incentive plans that provide for the granting of stock-based compensation to employees and directors. Shares issued for option exercises, restricted stock units and performance units may be either from authorized, but unissued shares or treasury shares. For equity-classified awards, the fair value is determined on the date of the grant and not remeasured. The fair value of restricted stock units and performance units are determined using the closing price of the Company’s common stock on the grant date (Level 1 measurement). The fair value of options are determined using a binomial lattice option pricing model as further described in Note 10, which uses market-based inputs (Level 2 measurement). Expense for all stock-based awards is recognized on a straight-line basis over the requisite service period, which is generally equivalent to the vesting term. Forfeitures result in reversal of previously recognized expenses for unvested shares and are recognized in the period in which the forfeiture occurs.

Income Taxes

 

Income Taxes

Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be received or settled. Any effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period the change is enacted.

Deferred tax assets are reduced by a valuation allowance, if based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. The Company evaluates the recovery of its deferred tax assets by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These sources of income inherently rely heavily on estimates.

In the ordinary course of business there is inherent uncertainty in quantifying certain income tax positions. The Company evaluates uncertain tax positions for all years subject to examination based upon management’s evaluations of the facts, circumstances and information available at the reporting date. Income tax positions must meet a more-likely-than-not recognition threshold at the reporting date to be recognized. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value.

Cash flows used in investing activities excluded $0.6 million, $1.1 million and $0.6 million of accrued, but unpaid, capital expenditures in 2019, 2018 and 2017, respectively.

Revenue Recognition

Revenue is recognized when obligations under the terms of a contract with customers are satisfied. In both the Distribution and Material Handling segments, this generally occurs with the transfer of control of the Company’s products.  This transfer of control may occur at either the time of shipment from a Company facility, or at the time of delivery to a designated customer location. Obligations under contracts with customers are typically fulfilled within 90 days of receiving a purchase order from a customer, and generally no other future obligations are required to be performed.  The Company generally does not enter into any long-term contracts with customers greater than one year.  Based on the nature of the Company’s products and customer contracts, the Company has not recorded any deferred revenue, with the exception of cash advances or deposits received from customers prior to transfer of control of the product. These advances are typically fulfilled within the 90 day time frame mentioned above.

 

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring the products.  Certain contracts with customers include variable consideration, such as rebates or discounts.  The Company recognizes estimates of this variable consideration each period, primarily based on the most likely level of consideration to be paid to the customer under the specific terms of the underlying programs.  While the Company’s contracts with customers do not generally include explicit rights to return product, the Company will in practice allow returns in the normal course of business and as part of the customer relationship.  Thus, the Company estimates the expected returns each period based on an analysis of historical experience.  For certain businesses where physical recovery of the product from returns occurs, the Company records an estimated right to return asset from such recovery, based on the approximate cost of the product.

Shipping and Handling

 

Sales, value added, and other taxes the Company collects concurrent with revenue from customers are excluded from net sales.  The Company has elected to recognize the cost for shipments to customers when control over products has transferred to the customer.  Costs for shipments to customers are classified as selling expenses for the Company’s manufacturing businesses and as cost of sales for the Company’s distribution business in the accompanying Consolidated Statements of Operations. The Company incurred costs for shipments to customers of approximately $8.4 million, $9.7 million and $8.2 million in selling expenses for the years ended December 31, 2019, 2018 and 2017, respectively, and $5.9 million, $5.7 million, and $6.0 million in cost of sales for the years ended December 31, 2019, 2018 and 2017, respectively.

Leases

The Company determines if an arrangement is a lease at inception. The Company has leases for manufacturing facilities, distribution centers, warehouses, office space and equipment, with remaining lease terms of one to nine years. Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early. Leases with an initial term of 12 months or less are not recorded on the statement of financial position; the Company recognizes lease expense for these short-term leases on a straight-line basis over the lease term. Operating leases with an initial term greater than 12 months are included in right of use asset – operating leases (“ROU assets”), operating lease liability – short term, and operating lease liability – long term in the Consolidated Statement of Financial Position.

The ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the obligation to make lease payments. ROU assets and lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. When leases do not provide an implicit rate, the Company’s incremental borrowing rate is used, which is then applied at the portfolio level, based on the information available at commencement date in determining the present value of lease payments. The Company has also elected not to separate lease and non-lease components. The lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.

v3.19.3.a.u2
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Summary of Impacts of ASC 842 on Consolidated Financial Statements

The following tables summarize the impacts of ASC 842 on the Company’s consolidated financial statements:

 

 

 

For the Year Ended December 31, 2019

 

 

 

As Reported

 

 

Adjustments

 

 

Balances Without

Adoption of

ASC 842

 

Net sales

 

$

515,698

 

 

$

 

 

$

515,698

 

Cost of sales

 

 

344,386

 

 

 

 

 

 

344,386

 

Gross profit

 

 

171,312

 

 

 

 

 

 

171,312

 

Selling, general and administrative expenses

 

 

133,130

 

 

 

(135

)

 

 

132,995

 

Impairment charges

 

 

916

 

 

 

 

 

 

916

 

Operating income

 

 

37,266

 

 

 

135

 

 

 

37,401

 

Interest expense, net

 

 

4,083

 

 

 

 

 

 

4,083

 

Income from continuing operations before income taxes

 

 

33,183

 

 

 

135

 

 

 

33,318

 

Income tax expense

 

 

8,968

 

 

 

36

 

 

 

9,004

 

Income from continuing operations

 

$

24,215

 

 

$

99

 

 

$

24,314

 

 

 

As of  December 31, 2019

 

 

 

As Reported

 

 

Adjustments

 

 

Balances Without

Adoption of

ASC 842

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Right of use asset - operating leases

 

$

5,901

 

 

$

(5,901

)

 

$

 

Deferred tax asset

 

 

5,807

 

 

 

298

 

 

 

6,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

18,324

 

 

$

230

 

 

$

18,554

 

Operating lease liability - short-term

 

 

2,057

 

 

 

(2,057

)

 

 

 

Operating lease liability - long-term

 

 

4,074

 

 

 

(4,074

)

 

 

 

Other liabilities

 

 

22,582

 

 

 

1,102

 

 

 

23,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Retained deficit

 

$

(135,117

)

 

$

(804

)

 

$

(135,921

)

Summary of Determination Cost of Inventories

Inventories at December 31 consist of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Finished and in-process products

 

$

32,537

 

 

$

27,960

 

Raw materials and supplies

 

 

11,723

 

 

 

15,636

 

 

 

$

44,260

 

 

$

43,596

 

Schedule of Estimated Useful Lives of the Assets The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows:

 

Buildings

20 to 40 years

Machinery and Equipment

3 to 10 years

Leasehold Improvements

5 to 10 years

Schedule of Property Plant and Equipment by Major Assets Class

The Company’s property, plant and equipment by major asset class at December 31 consists of:

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Land

 

$

6,622

 

 

$

7,017

 

Buildings and leasehold improvements

 

 

43,803

 

 

 

53,821

 

Machinery and equipment

 

 

252,384

 

 

 

253,785

 

 

 

 

302,809

 

 

 

314,623

 

Less allowances for depreciation and amortization

 

 

(247,845

)

 

 

(249,163

)

 

 

$

54,964

 

 

$

65,460

 

The balances in the Company's Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) were as follows:

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at January 1, 2017

 

$

(32,342

)

 

$

(1,832

)

 

$

(34,174

)

Other comprehensive income (loss) before reclassifications

 

 

2,391

 

 

 

(31

)

 

 

2,360

 

Amounts reclassified from accumulated other comprehensive income, net

   of tax of ($24) (1) (2)

 

 

17,201

 

 

 

72

 

 

 

17,273

 

Net current-period other comprehensive income (loss)

 

 

19,592

 

 

 

41

 

 

 

19,633

 

Balance at December 31, 2017

 

 

(12,750

)

 

 

(1,791

)

 

 

(14,541

)

Other comprehensive income (loss) before reclassifications

 

 

(3,501

)

 

 

14

 

 

 

(3,487

)

Amounts reclassified from accumulated other comprehensive income, net

   of tax of ($21) (1)

 

 

 

 

 

63

 

 

 

63

 

Reclassification of stranded tax effects to retained earnings(3)

 

 

 

 

 

(315

)

 

 

(315

)

Net current-period other comprehensive income (loss)

 

 

(3,501

)

 

 

(238

)

 

 

(3,739

)

Balance at December 31, 2018

 

 

(16,251

)

 

 

(2,029

)

 

 

(18,280

)

Other comprehensive income (loss) before reclassifications

 

 

1,649

 

 

 

209

 

 

 

1,858

 

Amounts reclassified from accumulated other comprehensive income, net

   of tax of ($24) (1)

 

 

 

 

 

73

 

 

 

73

 

Net current-period other comprehensive income (loss)

 

 

1,649

 

 

 

282

 

 

 

1,931

 

Balance at December 31, 2019

 

$

(14,602

)

 

$

(1,747

)

 

$

(16,349

)

 

(1)

The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. See Note 15, Retirement Plans for additional details.

(2)

Cumulative translation adjustment associated with the 2017 sale of the Brazil Business, as further disclosed in Note 6, was realized as part of the loss on disposal included within discontinued operations when the subsidiary was disposed.

(3)

Reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act to retained earnings due to the adoption of ASU 2018-02 during the first quarter of 2018.

v3.19.3.a.u2
Revenue Recognition (Tables)
12 Months Ended
Dec. 31, 2019
Revenue Recognition [Abstract]  
Schedule of Revenue by Major Market

The Company’s revenue by major market is as follows:

 

 

For the Year Ended December 31, 2019

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

71,272

 

 

$

 

 

$

 

 

$

71,272

 

Vehicle

 

 

82,768

 

 

 

 

 

 

 

 

 

82,768

 

Food and beverage

 

 

68,416

 

 

 

 

 

 

 

 

 

68,416

 

Industrial

 

 

133,951

 

 

 

 

 

 

(58

)

 

 

133,893

 

Auto aftermarket

 

 

 

 

 

159,349

 

 

 

 

 

 

159,349

 

Total net sales

 

$

356,407

 

 

$

159,349

 

 

$

(58

)

 

$

515,698

 

 

 

 

For the Year Ended December 31, 2018

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

78,174

 

 

$

 

 

$

 

 

$

78,174

 

Vehicle

 

 

95,247

 

 

 

 

 

 

 

 

 

95,247

 

Food and beverage

 

 

101,610

 

 

 

 

 

 

 

 

 

101,610

 

Industrial

 

 

142,168

 

 

 

 

 

 

(100

)

 

 

142,068

 

Auto aftermarket

 

 

 

 

 

149,636

 

 

 

 

 

 

149,636

 

Total net sales

 

$

417,199

 

 

$

149,636

 

 

$

(100

)

 

$

566,735

 

Schedule of Balances Included in Consolidated Statements of Financial Position Related to Revenue Recognition

Amounts included in the Consolidated Statements of Financial Position related to revenue recognition include:

 

 

 

December 31,

 

 

December 31,

 

 

Statement of Financial

Position

 

 

2019

 

 

2018

 

 

Classification

Returns, discounts and other allowances

 

$

(589

)

 

$

(1,169

)

 

Accounts receivable

Right of return asset

 

 

312

 

 

 

535

 

 

Inventories, net

Customer deposits

 

 

(269

)

 

 

(806

)

 

Other current liabilities

Accrued rebates

 

 

(2,349

)

 

 

(2,559

)

 

Other current liabilities

v3.19.3.a.u2
Acquisition (Tables)
12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed The following table summarizes the allocation of the purchase price based on the estimated fair value of assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase accounting will be finalized within one year from the acquisition date.

 

Assets acquired:

 

 

 

Accounts receivable

$

2,105

 

Inventories

 

2,662

 

Prepaid expenses

 

43

 

Property, plant and equipment

 

124

 

Right of use asset - operating leases

 

229

 

Intangible assets

 

8,400

 

Goodwill

 

7,211

 

Assets acquired

$

20,774

 

 

 

 

 

Liabilities assumed:

 

 

 

Accounts payable

$

1,685

 

Accrued expenses

 

162

 

Operating lease liability - short term

 

112

 

Operating lease liability - long term

 

117

 

Total liabilities assumed

 

2,076

 

 

 

 

 

Net acquisition cost

$

18,698

 

 

Summary of Intangible Assets

The intangible assets included above consist of the following:

 

 

 

Fair Value

 

 

Weighted Average

Estimated

Useful Life

Customer relationships

 

$

7,300

 

 

7.3 years

Trade name

 

 

500

 

 

5.0 years

Non-competition agreements

 

 

600

 

 

5.0 years

Total amortizable intangible assets

 

$

8,400

 

 

 

 

v3.19.3.a.u2
Goodwill and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
The change in goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 were as follows:

 

 

 

Distribution

 

 

Material

Handling

 

 

Total

 

January 1, 2018

 

$

505

 

 

$

59,466

 

 

$

59,971

 

Foreign currency translation

 

 

 

 

 

(903

)

 

 

(903

)

January 1, 2019

 

$

505

 

 

$

58,563

 

 

$

59,068

 

Acquisition

 

 

7,211

 

 

 

 

 

 

7,211

 

Foreign currency translation

 

 

 

 

 

495

 

 

 

495

 

December 31, 2019

 

$

7,716

 

 

$

59,058

 

 

$

66,774

 

Intangible assets

Intangible assets at December 31, 2019 and 2018 consisted of the following:

 

 

 

 

 

 

2019

 

 

2018

 

 

 

Weighted Average

Remaining Useful

Life (years)

 

 

Gross

 

 

Accumulated

Amortization

 

 

Net

 

 

Gross

 

 

Accumulated

Amortization

 

 

Net

 

Trade Names - Indefinite Lived

 

 

 

 

 

$

9,782

 

 

$

 

 

$

9,782

 

 

$

9,782

 

 

$

 

 

$

9,782

 

Trade Names

 

 

4.8

 

 

 

580

 

 

 

(84

)

 

 

496

 

 

 

80

 

 

 

(45

)

 

 

35

 

Customer Relationships

 

 

1.7

 

 

 

47,656

 

 

 

(38,096

)

 

 

9,560

 

 

 

39,521

 

 

 

(31,896

)

 

 

7,625

 

Technology

 

 

4.6

 

 

 

24,980

 

 

 

(14,624

)

 

 

10,356

 

 

 

24,980

 

 

 

(12,142

)

 

 

12,838

 

Non-competition agreements

 

 

4.7

 

 

 

600

 

 

 

(40

)

 

 

560

 

 

 

 

 

 

 

 

 

 

Patents

 

 

0.0

 

 

 

11,730

 

 

 

(11,730

)

 

 

 

 

 

11,730

 

 

 

(11,730

)

 

 

 

 

 

 

 

 

 

$

95,328

 

 

$

(64,574

)

 

$

30,754

 

 

$

86,093

 

 

$

(55,813

)

 

$

30,280

 

v3.19.3.a.u2
Disposal of Businesses (Tables)
12 Months Ended
Dec. 31, 2019
Brazil Business, Lawn and Garden Business [Member]  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]  
Summary of Selected Financial Information for Discontinued Operations

Summarized selected financial information for discontinued operations for the years ended December 31, 2019, 2018 and 2017 are presented in the following table:

 

 

 

For the Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017*

 

Net sales

 

$

 

 

$

 

 

$

29,976

 

Cost of sales

 

 

 

 

 

 

 

 

25,359

 

Selling, general, and administrative

 

 

 

 

 

1,348

 

 

 

6,748

 

(Gain) loss on disposal of assets

 

 

 

 

 

 

 

 

(32

)

Interest income, net

 

 

(174

)

 

 

 

 

 

(286

)

Income (loss) from discontinued operations before income tax

 

 

174

 

 

 

(1,348

)

 

 

(36,769

)

Income tax expense (benefit)

 

 

56

 

 

 

353

 

 

 

(16,036

)

Income (loss) from discontinued operations, net of income tax

 

$

118

 

 

$

(1,701

)

 

$

(20,733

)

 

*

Includes Brazil Business operating results through December 18, 2017.

v3.19.3.a.u2
Net Income (Loss) Per Common Share (Tables)
12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Weighted average number of common shares outstanding during the period

Net income (loss) per common share, as shown on the accompanying Consolidated Statements of Operations, is determined on the basis of the weighted average number of common shares outstanding during the periods as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Weighted average common shares outstanding basic

 

 

35,491,958

 

 

 

33,426,855

 

 

 

30,222,289

 

Dilutive effect of stock options and restricted stock

 

 

161,189

 

 

 

 

 

 

340,357

 

Weighted average common shares outstanding diluted

 

 

35,653,147

 

 

 

33,426,855

 

 

 

30,562,646

 

v3.19.3.a.u2
Restructuring (Tables)
12 Months Ended
Dec. 31, 2019
Restructuring And Related Activities [Abstract]  
Summary of Restructuring Charges The restructuring charges noted above recognized in the years ended 2019, 2018 and 2017 are presented in the Consolidated Statements of Operations as follows:

 

 

 

2019

 

 

2018

 

 

2017

 

Segment

 

Cost of

Sales

 

 

SG&A

 

 

Total

 

 

Cost of

Sales

 

 

SG&A

 

 

Total

 

 

Cost of

sales

 

 

SG&A

 

 

Total

 

Distribution

 

$

 

 

$

865

 

 

$

865

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Material Handling

 

 

 

 

 

 

 

 

 

 

 

119

 

 

 

 

 

 

119

 

 

 

7,389

 

 

 

164

 

 

 

7,553

 

Total

 

$

 

 

$

865

 

 

$

865

 

 

$

119

 

 

$

 

 

$

119

 

 

$

7,389

 

 

$

164

 

 

$

7,553

 

Summary of Restructuring Activity

The table below summarizes restructuring activity for the years ended December 31, 2019 and 2018:

 

 

 

Employee

Reduction

 

 

Accelerated

Depreciation

 

 

Other Exit

Costs

 

 

Total

 

Balance at January 1, 2018

 

$

1,098

 

 

$

 

 

$

90

 

 

$

1,188

 

Charges to expense

 

 

31

 

 

 

16

 

 

 

72

 

 

 

119

 

Cash payments

 

 

(1,099

)

 

 

 

 

 

(162

)

 

 

(1,261

)

Non-cash utilization

 

 

 

 

 

(16

)

 

 

 

 

 

(16

)

Balance at January 1, 2019

 

$

30

 

 

$

 

 

$

 

 

$

30

 

Charges to expense

 

 

865

 

 

 

 

 

 

 

 

 

865

 

Cash payments

 

 

(895

)

 

 

 

 

 

 

 

 

(895

)

Balance at December 31, 2019

 

$

 

 

$

 

 

$

 

 

$

 

 

v3.19.3.a.u2
Other Liabilities (Tables)
12 Months Ended
Dec. 31, 2019
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities

The balance of other current liabilities is comprised of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Customer deposits and accrued rebates

 

$

2,618

 

 

$

3,365

 

Dividends payable

 

 

5,114

 

 

 

5,260

 

Accrued litigation, claims and professional fees

 

 

479

 

 

 

460

 

Current portion of environmental reserves

 

 

1,533

 

 

 

1,229

 

Accrued product replacement costs

 

 

1,835

 

 

 

 

Other accrued expenses

 

 

6,745

 

 

 

6,387

 

 

 

$

18,324

 

 

$

16,701

 

Schedule of Other Liabilities (Long-term)

The balance of other liabilities (long-term) is comprised of the following:

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Lease guarantee contingency

 

$

10,724

 

 

$

10,402

 

Environmental reserves

 

 

6,658

 

 

 

3,702

 

Supplemental executive retirement plan liability

 

 

1,776

 

 

 

2,026

 

Pension liability

 

 

956

 

 

 

1,207

 

Deferred gain on sale of assets

 

 

 

 

 

1,237

 

Other long-term liabilities

 

 

2,468

 

 

 

1,220

 

 

 

$

22,582

 

 

$

19,794

 

 

v3.19.3.a.u2
Stock Compensation (Tables)
12 Months Ended
Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of stock option activity for the period

Options granted in 2019, 2018 and 2017 were as follows:

 

Year

 

Options

 

 

Exercise

Price

 

2019

 

 

235,474

 

 

$

18.54

 

2018

 

 

255,072

 

 

$

21.30

 

2017

 

 

397,759

 

 

$

14.30

 

 

Options exercised in 2019, 2018 and 2017 were as follows:

 

Year

 

Options

 

 

Exercise

Price

2019

 

 

221,695

 

 

$11.62 to $14.30

2018

 

 

191,169

 

 

$9.97 to $20.93

2017

 

 

375,292

 

 

$9.97 to $20.93

Options outstanding and exercisable at December 31, 2019, 2018 and 2017 were as follows:

 

Year

 

Outstanding

 

 

Range of Exercise

Prices

 

Exercisable

 

 

Weighted Average

Exercise Price

 

2019

 

 

710,893

 

 

$10.10 to $21.30

 

 

486,382

 

 

$

17.31

 

2018

 

 

965,659

 

 

$10.10 to $21.30

 

 

521,202

 

 

$

16.08

 

2017

 

 

988,167

 

 

$9.97 to $20.93

 

 

539,993

 

 

$

16.23

 

The following table provides a summary of stock option activity for the period ended December 31, 2019:

 

 

 

Shares

 

 

Average

Exercise

Price

 

 

Weighted

Average

Life (in Years)

 

Outstanding at December 31, 2018

 

 

965,659

 

 

$

16.69

 

 

 

 

 

Options granted

 

 

235,474

 

 

 

18.54

 

 

 

 

 

Options exercised

 

 

(221,695

)

 

 

13.26

 

 

 

 

 

Canceled or forfeited

 

 

(268,545

)

 

 

18.36

 

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2019

 

 

710,893

 

 

 

17.75

 

 

 

5.96

 

Exercisable at December 31, 2019

 

 

486,382

 

 

$

17.31

 

 

 

4.72

 

Fair Value of stock options granted assumptions used The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole. The Company used the binomial lattice option pricing model based on the assumptions set forth in the following table.

 

  

 

2019

 

 

2018

 

 

2017

 

Risk free interest rate

 

 

2.70

%

 

 

2.90

%

 

 

2.50

%

Expected dividend yield

 

 

2.76

%

 

 

2.50

%

 

 

3.80

%

Expected life of award (years)

 

 

6.17

 

 

 

4.00

 

 

 

4.10

 

Expected volatility

 

 

44.89

%

 

 

42.50

%

 

 

50.00

%

Fair value per option

 

$

5.78

 

 

$

6.30

 

 

$

4.47

 

Summary of combined restricted stock units, including performance-based restricted stock units and restricted stock activity for the period

The following table provides a summary of restricted stock units, including performance-based restricted stock units, and restricted stock activity for the year ended December 31, 2019:

 

 

 

Shares

 

 

Average

Grant-Date

Fair Value

 

Unvested shares at December 31, 2018

 

 

423,795

 

 

 

 

 

Granted

 

 

253,318

 

 

$

18.14

 

Vested

 

 

(151,823

)

 

 

15.35

 

Forfeited

 

 

(256,023

)

 

 

16.95

 

Unvested shares at December 31, 2019

 

 

269,267

 

 

 

 

 

v3.19.3.a.u2
Long-Term Debt and Loan Agreements (Tables)
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Long Term Debt

Long-term debt at December 31, 2019 and 2018 consisted of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Loan Agreement

 

$

 

 

$

 

4.67% Senior Unsecured Notes due January 15, 2021

 

 

40,000

 

 

 

40,000

 

5.25% Senior Unsecured Notes due January 15, 2024

 

 

11,000

 

 

 

11,000

 

5.30% Senior Unsecured Notes due January 15, 2024

 

 

15,000

 

 

 

15,000

 

5.45% Senior Unsecured Notes due January 15, 2026

 

 

12,000

 

 

 

12,000

 

 

 

 

78,000

 

 

 

78,000

 

Less unamortized deferred financing costs

 

 

824

 

 

 

1,210

 

 

 

$

77,176

 

 

$

76,790

 

Schedule of Debt Ratios The ratios as of December 31, 2019 are shown in the following table:

 

 

 

Required Level

 

Actual Level

 

Interest Coverage Ratio

 

3.00 to 1 (minimum)

 

 

14.26

 

Leverage Ratio

 

3.25 to 1 (maximum)

 

 

1.20

 

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Tax Rate A reconciliation of the Federal statutory income tax rate to the Company’s effective tax rate is as follows:

 

 

 

Percent of Income before

Income Taxes

 

 

 

2019

 

 

2018

 

 

2017

 

Statutory Federal income tax rate

 

 

21.0

%

 

 

21.0

%

 

 

35.0

%

State income taxes - net of Federal tax benefit

 

 

5.2

 

 

 

42.5

 

 

 

8.3

 

Foreign tax rate differential

 

 

 

 

 

3.9

 

 

 

(1.6

)

Domestic production deduction

 

 

 

 

 

 

 

 

(5.2

)

Non-deductible expenses

 

 

1.0

 

 

 

93.8

 

 

 

0.4

 

Impact of tax law changes

 

 

 

 

 

22.1

 

 

 

(7.4

)

Changes in unrecognized tax benefits

 

 

0.4

 

 

 

42.9

 

 

 

0.9

 

Foreign tax incentives

 

 

(0.4

)

 

 

(3.1

)

 

 

 

Other

 

 

(0.2

)

 

 

(4.4

)

 

 

0.6

 

Effective tax rate for the year

 

 

27.0

%

 

 

218.7

%

 

 

31.0

%

Income (Loss) from Continuing Operations Before Income Taxes

 

Income (loss) from continuing operations before income taxes was attributable to the following sources:

 

 

 

2019

 

 

2018

 

 

2017

 

United States

 

$

33,612

 

 

$

419

 

 

$

12,979

 

Foreign

 

 

(429

)

 

 

970

 

 

 

2,729

 

Totals

 

$

33,183

 

 

$

1,389

 

 

$

15,708

 

Income Tax Expense (Benefit) from Continuing Operations

 

Income tax expense (benefit) from continuing operations consisted of the following:

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

Current

 

 

Deferred

 

 

Current

 

 

Deferred

 

 

Current

 

 

Deferred

 

Federal

 

$

7,270

 

 

$

(447

)

 

$

9,694

 

 

$

(7,910

)

 

$

6,304

 

 

$

(4,394

)

Foreign

 

 

497

 

 

 

(538

)

 

 

1,218

 

 

 

(718

)

 

 

1,821

 

 

 

(883

)

State and local

 

 

2,123

 

 

 

63

 

 

 

1,575

 

 

 

(822

)

 

 

2,402

 

 

 

(386

)

 

 

$

9,890

 

 

$

(922

)

 

$

12,487

 

 

$

(9,450

)

 

$

10,527

 

 

$

(5,663

)

Significant Components of the Company's Deferred Taxes

Significant components of the Company’s deferred taxes as of December 31, 2019 and 2018 are as follows:

 

 

 

2019

 

 

2018

 

Deferred income tax assets

 

 

 

 

 

 

 

 

Compensation

 

$

2,268

 

 

$

2,774

 

Inventory valuation

 

 

873

 

 

 

695

 

Allowance for uncollectible accounts

 

 

290

 

 

 

237

 

Provision for loss on note receivable

 

 

5,031

 

 

 

5,031

 

Non-deductible accruals

 

 

5,370

 

 

 

4,196

 

Operating lease liability

 

 

1,288

 

 

 

 

Non-deductible intangibles

 

 

1,862

 

 

 

1,574

 

State deferred taxes

 

 

730

 

 

 

843

 

Capital loss carryforwards

 

 

1,982

 

 

 

1,982

 

 

 

 

19,694

 

 

 

17,332

 

Valuation allowance

 

 

(1,982

)

 

 

(1,982

)

 

 

 

17,712

 

 

 

15,350

 

Deferred income tax liabilities

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

4,867

 

 

 

4,247

 

Tax-deductible goodwill

 

 

4,862

 

 

 

5,089

 

Right of use asset - operating leases

 

 

1,239

 

 

 

 

Other

 

 

937

 

 

 

744

 

 

 

 

11,905

 

 

 

10,080

 

Net deferred income tax asset

 

$

5,807

 

 

$

5,270

 

Activity Related to the Company's Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

 

 

 

2019

 

 

2018

 

 

2017

 

Balance at January 1

 

$

955

 

 

$

359

 

 

$

478

 

Increases related to previous year tax positions

 

 

143

 

 

 

596

 

 

 

359

 

Reductions due to lapse of applicable statute of limitations

 

 

 

 

 

 

 

 

(478

)

Balance at December 31

 

$

1,098

 

 

$

955

 

 

$

359

 

v3.19.3.a.u2
Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]  
Net periodic pension cost of plan

Net periodic pension cost of the Plan for the years ended December 31, 2019, 2018 and 2017 was as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Interest cost

 

$

242

 

 

$

224

 

 

$

253

 

Expected return on assets

 

 

(184

)

 

 

(317

)

 

 

(295

)

Amortization of net loss

 

 

97

 

 

 

84

 

 

 

96

 

Net periodic pension cost

 

$

155

 

 

$

(9

)

 

$

54

 

Reconciliation of changes in plan’s projected benefit obligations and assets

The reconciliation of changes in the Plan’s projected benefit obligations and assets are as follows:

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

5,944

 

 

$

6,579

 

Interest cost

 

 

242

 

 

 

224

 

Actuarial loss (gain)

 

 

510

 

 

 

(362

)

Expenses paid

 

 

 

 

 

(135

)

Benefits paid

 

 

(357

)

 

 

(362

)

Projected benefit obligation at end of year

 

$

6,339

 

 

$

5,944

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

4,737

 

 

$

5,261

 

Actual return on plan assets

 

 

972

 

 

 

(27

)

Company contributions

 

 

31

 

 

 

 

Expenses paid

 

 

 

 

 

(135

)

Benefits paid

 

 

(357

)

 

 

(362

)

Fair value of plan assets at end of year

 

$

5,383

 

 

$

4,737

 

Funded status

 

$

(956

)

 

$

(1,207

)

Assumptions used to determine the net periodic benefit cost and benefit obligations

The assumptions used to determine the Plan’s net periodic benefit cost and benefit obligations are as follows:

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Discount rate for net periodic pension cost

 

 

4.20

%

 

 

3.50

%

 

 

4.00

%

Discount rate for benefit obligations

 

 

3.10

%

 

 

4.20

%

 

 

3.50

%

Expected long-term return of plan assets

 

 

7.00

%

 

 

7.50

%

 

 

7.75

%

Weighted average asset allocations for plan

The weighted average asset allocations for the Plan at December 31, 2019 and 2018 were as follows:

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

U.S. Equities securities

 

 

53

%

 

 

50

%

U.S. Debt securities

 

 

47

%

 

 

50

%

 

 

 

100

%

 

 

100

%

Benefit payments projected for the plan

Benefit payments projected for the Plan are as follows:

 

2020

 

$

360

 

2021

 

 

350

 

2022

 

 

350

 

2023

 

 

360

 

2024

 

 

360

 

2025-2029

 

 

1,840

 

v3.19.3.a.u2
Leases (Table)
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Schedule of Balances Included in Consolidated Statement of Financial Position Related to Leases

Amounts included in the Consolidated Statement of Financial Position related to leases include:

 

 

 

December 31, 2019

 

Right of use asset - operating leases

 

$

5,901

 

 

 

 

 

 

Operating lease liability - short-term

 

$

2,057

 

Operating lease liability - long-term

 

 

4,074

 

Total operating lease liabilities

 

$

6,131

 

 

Schedule of Lease Expense

The components of lease expense include:

 

 

 

 

 

For the Year Ended December 31,

 

Lease Cost

 

Classification

 

2019

 

 

2018

 

 

2017

 

Operating lease cost (1)

 

Cost of sales

 

$

1,744

 

 

$

1,696

 

 

$

1,718

 

Operating lease cost (1)

 

Selling, general and administrative expenses

 

 

1,741

 

 

 

1,616

 

 

 

1,480

 

Total lease cost

 

 

 

$

3,485

 

 

$

3,312

 

 

$

3,198

 

 

(1)

Includes short-term leases and variable lease costs, which are immaterial

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

 

 

 

Year Ended

 

Supplemental Cash Flow Information

 

December 31, 2019

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

Operating cash flows from operating leases

 

$

2,428

 

Right-of-use assets obtained in exchange for new lease liabilities:

 

 

 

 

Operating leases

 

$

2,083

 

 

Lease Term and Discount Rate

 

December 31, 2019

 

Weighted-average remaining lease term (years)

 

 

 

 

Operating leases

 

 

4.23

 

Weighted-average discount rate

 

 

 

 

Operating leases

 

 

5.0

%

 

Maturity of Operating Lease Lease Liabilities

Maturity of Lease Liabilities - As of December 31, 2019

 

Operating Leases

 

2020

 

$

2,304

 

2021

 

 

1,339

 

2022

 

 

1,189

 

2023

 

 

1,016

 

2024

 

 

339

 

After 2024

 

 

621

 

Total lease payments

 

 

6,808

 

Less: Interest

 

 

(677

)

Present value of lease liabilities

 

$

6,131

 

 

Future Minimum Rental Commitments (Undiscounted)

Future minimum rental commitments (undiscounted) as of December 31, 2018 under ASC 840 were as follows:

 

Year Ended December 31,

 

 

 

 

2019

 

$

2,492

 

2020

 

 

1,739

 

2021

 

 

982

 

2022

 

 

966

 

2023

 

 

841

 

Thereafter

 

 

811

 

 

 

$

7,831

 

v3.19.3.a.u2
Industry Segments (Tables)
12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Schedule of Reporting Information by Segment Total sales from foreign business units were approximately $42.0 million, $50.6 million, and $53.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. Total export sales to countries outside the U.S. were approximately $23.6 million, $19.6 million, and $17.2 million for the years ended December 31, 2019, 2018 and 2017 respectively. Sales made to customers in Canada accounted for approximately 4.7% of total net sales in 2019, 4.1% in 2018 and 2.4% in 2017. There are no other individual foreign countries for which sales are material. Long-lived assets in foreign countries, primarily in Canada, consisted of property, plant and equipment, and were approximately $13.2 million at December 31, 2019 and $14.1 million at December 31, 2018.

 

 

 

2019

 

 

2018

 

 

2017

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling

 

$

356,407

 

 

$

417,199

 

 

$

391,313

 

Distribution

 

 

159,349

 

 

 

149,636

 

 

 

156,428

 

Inter-company sales

 

 

(58

)

 

 

(100

)

 

 

(698

)

Total net sales

 

$

515,698

 

 

$

566,735

 

 

$

547,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling

 

$

53,144

 

 

$

57,948

 

 

$

38,874

 

Distribution

 

 

10,076

 

 

 

7,441

 

 

 

9,073

 

Corporate

 

 

(25,954

)

 

 

(59,062

)

 

 

(23,059

)

Total operating income

 

 

37,266

 

 

 

6,327

 

 

 

24,888

 

Interest expense, net

 

 

(4,083

)

 

 

(4,938

)

 

 

(7,292

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

(1,888

)

Income from continuing operations before income taxes

 

$

33,183

 

 

$

1,389

 

 

$

15,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling

 

$

193,751

 

 

$

229,962

 

 

$

257,863

 

Distribution

 

 

75,338

 

 

 

48,575

 

 

 

49,822

 

Corporate

 

 

84,050

 

 

 

70,108

 

 

 

48,257

 

Total assets

 

$

353,139

 

 

$

348,645

 

 

$

355,942

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Additions, Net

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling

 

$

8,835

 

 

$

4,500

 

 

$

5,165

 

Distribution

 

 

1,396

 

 

 

587

 

 

 

622

 

Corporate

 

 

63

 

 

 

36

 

 

 

27

 

Total capital additions, net

 

$

10,294

 

 

$

5,123

 

 

$

5,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling

 

$

21,282

 

 

$

24,159

 

 

$

28,506

 

Distribution

 

 

1,501

 

 

 

1,169

 

 

 

1,174

 

Corporate

 

 

800

 

 

 

811

 

 

 

1,151

 

Total depreciation and amortization

 

$

23,583

 

 

$

26,139

 

 

$

30,831

 

v3.19.3.a.u2
Summarized Quarterly Results of Operations (Tables)
12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information

Quarter Ended 2019

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

 

Total

 

Net sales

 

$

139,115

 

 

$

134,285

 

 

$

125,480

 

 

$

116,818

 

 

$

515,698

 

Gross profit

 

 

45,559

 

 

 

46,936

 

 

 

39,586

 

 

 

39,231

 

 

 

171,312

 

Operating income (1)

 

 

10,218

 

 

 

10,182

 

 

 

8,060

 

 

 

8,806

 

 

 

37,266

 

Income from continuing operations (1)

 

 

6,643

 

 

 

6,606

 

 

 

5,219

 

 

 

5,747

 

 

 

24,215

 

Income (loss) from discontinued operations, net

 

 

127

 

 

 

 

 

 

 

 

 

(9

)

 

 

118

 

Net income (1)

 

 

6,770

 

 

 

6,606

 

 

 

5,219

 

 

 

5,738

 

 

 

24,333

 

Income per common share from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic*

 

$

0.19

 

 

$

0.19

 

 

$

0.15

 

 

$

0.16

 

 

$

0.68

 

Diluted*

 

$

0.19

 

 

$

0.18

 

 

$

0.15

 

 

$

0.16

 

 

$

0.68

 

Income (loss) per common share from discontinued

   operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic*

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Diluted*

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic*

 

$

0.19

 

 

$

0.19

 

 

$

0.15

 

 

$

0.16

 

 

$

0.68

 

Diluted*

 

$

0.19

 

 

$

0.18

 

 

$

0.15

 

 

$

0.16

 

 

$

0.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended 2018

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

 

Total

 

Net sales

 

$

152,568

 

 

$

140,560

 

 

$

135,219

 

 

$

138,388

 

 

$

566,735

 

Gross profit

 

 

47,115

 

 

 

47,991

 

 

 

42,091

 

 

 

42,096

 

 

 

179,293

 

Operating income (loss)

 

 

12,022

 

 

 

13,111

 

 

 

(25,839

)

 

 

7,033

 

 

 

6,327

 

Income (loss) from continuing operations

 

 

7,755

 

 

 

8,608

 

 

 

(21,137

)

 

 

3,126

 

 

 

(1,648

)

Income (loss) from discontinued operations, net

 

 

(911

)

 

 

 

 

 

(2

)

 

 

(788

)

 

 

(1,701

)

Net income (loss)

 

$

6,844

 

 

$

8,608

 

 

$

(21,139

)

 

$

2,338

 

 

 

(3,349

)

Income (loss) per common share from continuing

   operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic*

 

$

0.25

 

 

$

0.26

 

 

$

(0.60

)

 

$

0.09

 

 

$

(0.05

)

Diluted*

 

$

0.25

 

 

$

0.26

 

 

$

(0.60

)

 

$

0.09

 

 

$

(0.05

)

Income (loss) per common share from discontinued

   operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic*

 

$

(0.03

)

 

$

 

 

$

 

 

$

(0.02

)

 

$

(0.05

)

Diluted*

 

$

(0.03

)

 

$

 

 

$

 

 

$

(0.02

)

 

$

(0.05

)

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic*

 

$

0.22

 

 

$

0.26

 

 

$

(0.60

)

 

$

0.07

 

 

$

(0.10

)

Diluted*

 

$

0.22

 

 

$

0.26

 

 

$

(0.60

)

 

$

0.07

 

 

$

(0.10

)

 

*

The sum of the earnings per share for the four quarters in a year does not necessarily equal the total year earnings per share due to the computation of weighted shares outstanding during each respective period.

 

v3.19.3.a.u2
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)
$ in Thousands
12 Months Ended
Jan. 01, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Right-of-use assets   $ 5,901 $ 0  
Lease liabilities   6,131    
Concentration of Credit Risk        
Expense for bad debts   0 23,008 $ 0
Deductions from allowance for doubtful accounts, net of recoveries   $ 300 500 700
Inventories        
Percentage of LIFO Inventory   40.00%    
Cost valuation of inventory if FIFO had been used exclusively   $ 4,400 5,100  
LIFO inventories increased (decreased) cost of sales   (700) (500) 100
Cash and Cash Equivalents        
Accrued capital expenditures excluded from investing activities   600 1,100 600
Selling Expense [Member]        
Concentration of Credit Risk        
Expense for bad debts   $ 600 $ 700 $ 700
Canada [Member] | Sales [Member] | Customer Concentration Risk [Member]        
Concentration of Credit Risk        
Concentration risk percentage   4.70% 4.10% 2.40%
Maximum [Member] | Sales [Member] | Customer Concentration Risk [Member]        
Concentration of Credit Risk        
Concentration risk percentage   10.00%    
Estimate of Fair Value, Fair Value Disclosure [Member] | Less unamortized deferred financing fees [Member]        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Notes payable, fair value disclosure   $ 79,000 $ 76,800  
ASU 2016-02 [Member]        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Right-of-use assets $ 5,900 $ 5,901    
Lease liabilities 6,200      
Cumulative-effect transition adjustment to opening retained earnings (deficit) $ 900      
v3.19.3.a.u2
Summary of Significant Accounting Policies - Summary of Impacts of ASC 842 on Consolidated Financial Statements (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Jan. 01, 2019
Organization Consolidation And Presentation Of Financial Statements [Line Items]                        
Net sales $ 116,818 $ 125,480 $ 134,285 $ 139,115 $ 138,388 $ 135,219 $ 140,560 $ 152,568 $ 515,698 $ 566,735 $ 547,043  
Cost of sales                 344,386 387,442 389,590  
Gross profit 39,231 39,586 46,936 45,559 42,096 42,091 47,991 47,115 171,312 179,293 157,453  
Impairment charges                 916 308 544  
Operating income 8,806 8,060 10,182 10,218 7,033 (25,839) 13,111 12,022 37,266 6,327 24,888  
Interest expense, net                 (4,083) (4,938) (7,292)  
Income from continuing operations before income taxes                 33,183 1,389 15,708  
Income tax expense                 8,968 3,037 4,864  
Income (loss) from continuing operations 5,747 $ 5,219 $ 6,606 $ 6,643 3,126 $ (21,137) $ 8,608 $ 7,755 24,215 (1,648) $ 10,844  
Assets                        
Right of use asset - operating leases 5,901       0       5,901 0    
Deferred income taxes 5,807       5,270       5,807 5,270    
Liabilities                        
Other current liabilities 18,324       16,701       18,324 16,701    
Operating lease liability - short-term 2,057       0       2,057 0    
Operating lease liability - long-term 4,074       0       4,074 0    
Other liabilities 22,582       19,794       22,582 19,794    
Shareholders’ Equity                        
Retained deficit (135,117)       $ (141,187)       (135,117) $ (141,187)    
ASU 2016-02 [Member]                        
Organization Consolidation And Presentation Of Financial Statements [Line Items]                        
Net sales                 515,698      
Cost of sales                 344,386      
Gross profit                 171,312      
Selling, general and administrative expenses                 133,130      
Impairment charges                 916      
Operating income                 37,266      
Interest expense, net                 4,083      
Income from continuing operations before income taxes                 33,183      
Income tax expense                 8,968      
Income (loss) from continuing operations                 24,215      
Assets                        
Right of use asset - operating leases 5,901               5,901     $ 5,900
Deferred income taxes 5,807               5,807      
Liabilities                        
Other current liabilities 18,324               18,324      
Operating lease liability - short-term 2,057               2,057      
Operating lease liability - long-term 4,074               4,074      
Other liabilities 22,582               22,582      
Shareholders’ Equity                        
Retained deficit (135,117)               (135,117)      
Adjustments [Member] | ASU 2016-02 [Member]                        
Organization Consolidation And Presentation Of Financial Statements [Line Items]                        
Selling, general and administrative expenses                 (135)      
Operating income                 135      
Income from continuing operations before income taxes                 135      
Income tax expense                 36      
Income (loss) from continuing operations                 99      
Assets                        
Right of use asset - operating leases (5,901)               (5,901)      
Deferred income taxes 298               298      
Liabilities                        
Other current liabilities 230               230      
Operating lease liability - short-term (2,057)               (2,057)      
Operating lease liability - long-term (4,074)               (4,074)      
Other liabilities 1,102               1,102      
Shareholders’ Equity                        
Retained deficit (804)               (804)      
Balances Without Adoption of ASC 842 [Member] | ASU 2016-02 [Member]                        
Organization Consolidation And Presentation Of Financial Statements [Line Items]                        
Net sales                 515,698      
Cost of sales                 344,386      
Gross profit                 171,312      
Selling, general and administrative expenses                 132,995      
Impairment charges                 916      
Operating income                 37,401      
Interest expense, net                 4,083      
Income from continuing operations before income taxes                 33,318      
Income tax expense                 9,004      
Income (loss) from continuing operations                 24,314      
Assets                        
Deferred income taxes 6,105               6,105      
Liabilities                        
Other current liabilities 18,554               18,554      
Other liabilities 23,684               23,684      
Shareholders’ Equity                        
Retained deficit $ (135,921)               $ (135,921)      
v3.19.3.a.u2
Summary of Significant Accounting Policies - Summary of Determination Cost of Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Inventory Disclosure [Abstract]    
Finished and in-process products $ 32,537 $ 27,960
Raw materials and supplies 11,723 15,636
Inventory net $ 44,260 $ 43,596
v3.19.3.a.u2
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of the Assets (Details)
12 Months Ended
Dec. 31, 2019
Minimum [Member] | Buildings [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment useful lives 20 years
Minimum [Member] | Machinery and Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment useful lives 3 years
Minimum [Member] | Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment useful lives 5 years
Maximum [Member] | Buildings [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment useful lives 40 years
Maximum [Member] | Machinery and Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment useful lives 10 years
Maximum [Member] | Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment useful lives 10 years
v3.19.3.a.u2
Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment by Major Assets Class (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Property Plant And Equipment Net [Abstract]    
Land $ 6,622 $ 7,017
Buildings and leasehold improvements 43,803 53,821
Machinery and equipment 252,384 253,785
Property, Plant and Equipment, at cost 302,809 314,623
Less allowances for depreciation and amortization (247,845) (249,163)
Property, plant and equipment, net $ 54,964 $ 65,460
v3.19.3.a.u2
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance $ 154,638 $ 93,752 $ 93,033
Total other comprehensive income (loss) 1,931 (3,739) 19,633
Ending balance 166,682 154,638 93,752
Foreign Currency [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (16,251) (12,750) (32,342)
Other comprehensive income (loss) before reclassifications 1,649 (3,501) 2,391
Amounts reclassified from accumulated other comprehensive income, net of tax 0 0 17,201
Reclassification of stranded tax effects to retained earnings   0  
Total other comprehensive income (loss) 1,649 (3,501) 19,592
Ending balance (14,602) (16,251) (12,750)
Defined Benefit Pension Plans [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (2,029) (1,791) (1,832)
Other comprehensive income (loss) before reclassifications 209 14 (31)
Amounts reclassified from accumulated other comprehensive income, net of tax 73 63 72
Reclassification of stranded tax effects to retained earnings   (315)  
Total other comprehensive income (loss) 282 (238) 41
Ending balance (1,747) (2,029) (1,791)
Accumulated Other Comprehensive Income (Loss) [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (18,280) (14,541) (34,174)
Other comprehensive income (loss) before reclassifications 1,858 (3,487) 2,360
Amounts reclassified from accumulated other comprehensive income, net of tax 73 63 17,273
Reclassification of stranded tax effects to retained earnings   (315)  
Total other comprehensive income (loss) 1,931 (3,739) 19,633
Ending balance $ (16,349) $ (18,280) $ (14,541)
v3.19.3.a.u2
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Reclassification from AOCI, Current Period, Tax [Abstract]      
Amounts reclassified from accumulated other comprehensive income, tax $ 24 $ 21 $ 24
v3.19.3.a.u2
Revenue Recognition - Schedule of Revenue by Major Market (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Disaggregation Of Revenue [Line Items]                      
Net sales $ 116,818 $ 125,480 $ 134,285 $ 139,115 $ 138,388 $ 135,219 $ 140,560 $ 152,568 $ 515,698 $ 566,735 $ 547,043
Operating Segments [Member] | Material Handling [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 356,407 417,199 391,313
Operating Segments [Member] | Distribution [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 159,349 149,636 156,428
Inter-company [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 (58) (100) $ (698)
Consumer [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 71,272 78,174  
Consumer [Member] | Operating Segments [Member] | Material Handling [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 71,272 78,174  
Vehicle [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 82,768 95,247  
Vehicle [Member] | Operating Segments [Member] | Material Handling [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 82,768 95,247  
Food and Beverage [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 68,416 101,610  
Food and Beverage [Member] | Operating Segments [Member] | Material Handling [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 68,416 101,610  
Industrial [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 133,893 142,068  
Industrial [Member] | Operating Segments [Member] | Material Handling [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 133,951 142,168  
Industrial [Member] | Inter-company [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 (58) (100)  
Auto Aftermarket [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 159,349 149,636  
Auto Aftermarket [Member] | Operating Segments [Member] | Distribution [Member]                      
Disaggregation Of Revenue [Line Items]                      
Net sales                 $ 159,349 $ 149,636  
v3.19.3.a.u2
Revenue Recognition - Schedule of Balances Included in Consolidated Statements of Financial Position Related to Revenue Recognition (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Accounts Receivable [Member]    
Disaggregation Of Revenue [Line Items]    
Returns, discounts and other allowances $ (589) $ (1,169)
Inventories, net [Member]    
Disaggregation Of Revenue [Line Items]    
Right of return asset 312 535
Other Current Liabilities [Member]    
Disaggregation Of Revenue [Line Items]    
Customer deposits (269) (806)
Accrued rebates $ (2,349) $ (2,559)
v3.19.3.a.u2
Revenue Recognition - Additional Information (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Disaggregation Of Revenue [Line Items]      
Type of Cost, Good or Service [Extensible List] us-gaap:ShippingAndHandlingMember us-gaap:ShippingAndHandlingMember us-gaap:ShippingAndHandlingMember
Cost of sales $ 344,386 $ 387,442 $ 389,590
Selling Expense [Member]      
Disaggregation Of Revenue [Line Items]      
Cost of sales 8,400 9,700 8,200
Cost of Sales [Member]      
Disaggregation Of Revenue [Line Items]      
Cost of sales $ 5,900 $ 5,700 $ 6,000
v3.19.3.a.u2
Acquisition - Additional Information (Details) - Tuffy Manufacturing Industries, Inc. [Member]
$ in Millions
Aug. 26, 2019
USD ($)
Business Acquisition [Line Items]  
Purchase price of acquisition $ 18.7
Estimated working capital adjustment $ 0.7
v3.19.3.a.u2
Acquisition - Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Aug. 26, 2019
Dec. 31, 2018
Dec. 31, 2017
Assets acquired:        
Goodwill $ 66,774   $ 59,068 $ 59,971
Tuffy Manufacturing Industries, Inc. [Member]        
Assets acquired:        
Accounts receivable   $ 2,105    
Inventories   2,662    
Prepaid expenses   43    
Property, plant and equipment   124    
Right of use asset - operating leases   229    
Intangible assets   8,400    
Goodwill   7,211    
Assets acquired   20,774    
Liabilities assumed:        
Accounts payable   1,685    
Accrued expenses   162    
Operating lease liability - short term   112    
Operating lease liability - long term   117    
Total liabilities assumed   2,076    
Net acquisition cost   $ 18,698    
v3.19.3.a.u2
Acquisition - Summary of Intangible Assets (Details) - Tuffy Manufacturing Industries, Inc. [Member]
$ in Thousands
Aug. 26, 2019
USD ($)
Acquired Finite Lived Intangible Assets [Line Items]  
Total amortizable intangible assets, Fair value $ 8,400
Customer Relationships [Member]  
Acquired Finite Lived Intangible Assets [Line Items]  
Total amortizable intangible assets, Fair value $ 7,300
Weighted Average Estimated Useful Life 7 years 3 months 18 days
Trade Name [Member]  
Acquired Finite Lived Intangible Assets [Line Items]  
Total amortizable intangible assets, Fair value $ 500
Weighted Average Estimated Useful Life 5 years
Non-competition Agreements [Member]  
Acquired Finite Lived Intangible Assets [Line Items]  
Total amortizable intangible assets, Fair value $ 600
Weighted Average Estimated Useful Life 5 years
v3.19.3.a.u2
Assets Held for Sale - Additional Information (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Long Lived Assets Held For Sale [Line Items]      
Impairment charges $ 916 $ 308 $ 544
Net proceeds from sale of building 7,400 2,300 3,100
Other Assets [Member]      
Long Lived Assets Held For Sale [Line Items]      
Building classified held for sale 1,900 4,400  
Level 2 [Member]      
Long Lived Assets Held For Sale [Line Items]      
Impairment charges $ 900 $ 300 $ 500
v3.19.3.a.u2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]      
Impairment of goodwill and indefinite-lived intangible assets $ 0 $ 0 $ 0
Amortization of Intangible Assets 8,077,000 $ 8,099,000 $ 8,378,000
Estimated amortization expense, 2020 6,165,000    
Estimated amortization expense, 2021 3,554,000    
Estimated amortization expense, 2022 3,554,000    
Estimated amortization expense, 2023 3,554,000    
Estimated amortization expense, 2024 $ 2,366,000    
v3.19.3.a.u2
Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Goodwill [Roll Forward]    
Beginning balance $ 59,068 $ 59,971
Acquisition 7,211  
Foreign currency translation 495 (903)
Ending balance 66,774 59,068
Distribution [Member]    
Goodwill [Roll Forward]    
Beginning balance 505 505
Acquisition 7,211  
Foreign currency translation 0 0
Ending balance 7,716 505
Material Handling [Member]    
Goodwill [Roll Forward]    
Beginning balance 58,563 59,466
Acquisition 0  
Foreign currency translation 495 (903)
Ending balance $ 59,058 $ 58,563
v3.19.3.a.u2
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Finite and Indefinite Lived Intangible Assets [Line Items]    
Gross $ 95,328 $ 86,093
Accumulated amortization (64,574) (55,813)
Net 30,754 30,280
Trade Names [Member]    
Finite and Indefinite Lived Intangible Assets [Line Items]    
Indefinite-lived intangibles $ 9,782 9,782
Trade Names [Member]    
Finite and Indefinite Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (years) 4 years 9 months 18 days  
Gross $ 580 80
Accumulated amortization (84) (45)
Net $ 496 35
Customer Relationships [Member]    
Finite and Indefinite Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (years) 1 year 8 months 12 days  
Gross $ 47,656 39,521
Accumulated amortization (38,096) (31,896)
Net $ 9,560 7,625
Technology [Member]    
Finite and Indefinite Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (years) 4 years 7 months 6 days  
Gross $ 24,980 24,980
Accumulated amortization (14,624) (12,142)
Net $ 10,356 12,838
Non-competition Agreements [Member]    
Finite and Indefinite Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (years) 4 years 8 months 12 days  
Gross $ 600  
Accumulated amortization (40)  
Net $ 560  
Patents [Member]    
Finite and Indefinite Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (years) 0 years  
Gross $ 11,730 11,730
Accumulated amortization $ (11,730) $ (11,730)
v3.19.3.a.u2
Disposal of Businesses - Additional Information (Details) - USD ($)
3 Months Ended 12 Months Ended
Dec. 18, 2017
Feb. 17, 2015
Sep. 30, 2018
Dec. 31, 2017
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Jan. 06, 2020
Jun. 30, 2018
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                  
Provision for loss on note receivable         $ 0 $ 23,008,000 $ 0    
Interest income on notes receivable         $ 808,000 1,221,000 1,361,000    
Maximum [Member]                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                  
Interest rate         5.45%        
Minimum [Member]                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                  
Interest rate         4.67%        
Brazil Business [Member]                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                  
Consideration received for discontinued operation $ 1                
Additional amounts due, or to be settled 0                
Gain (Loss) on sale of Business       $ 35,000,000          
Cash held by discontinued business       1,200,000     1,200,000    
Cost incurred to sell business       $ 300,000          
U.S. tax benefit as a result of a worthless stock deduction $ 15,000,000         700,000      
Brazil Business [Member] | Maximum [Member] | Factoring Arrangement [Member]                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                  
Guarantee obligation amount until December 31, 2019         $ 7,000,000        
Brazil Business [Member] | Level 3 [Member]                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                  
Liability related to guaranty         $ 0        
Lawn and Garden Business [Member]                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                  
Promissory note receivable   $ 20,000,000              
Maturity date of promissory note receivable   2020-08     2022-08        
Interest rate   6.00%              
Provision for loss on note receivable     $ 23,000,000            
Escrow deposit   $ 8,600,000              
Escrow deposit released                 $ 7,400,000
Discontinued operations pre-tax charge           1,200,000      
Lawn and Garden Business [Member] | Notes Receivable [Member]                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                  
Interest income on notes receivable           $ 1,000,000 $ 1,300,000    
Lawn and Garden Business [Member] | Guarantee Obligation [Member] | Subsequent Event [Member]                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                  
Sale of fully reserved promissory notes and related accrued interest receivable               $ 1,200,000  
v3.19.3.a.u2
Disposal of Businesses - Summary of Selected Financial Information for Discontinued Operations (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]                      
Income (loss) from discontinued operations, net of income tax $ (9) $ 0 $ 0 $ 127 $ (788) $ (2) $ 0 $ (911) $ 118 $ (1,701) $ (20,733)
Brazil Business, Lawn and Garden Business [Member]                      
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]                      
Net sales                 0 0 29,976
Cost of sales                 0 0 25,359
Selling, general, and administrative                 0 1,348 6,748
(Gain) loss on disposal of assets                 0 0 (32)
Interest income, net                 (174) 0 (286)
Income (loss) from discontinued operations before income tax                 174 (1,348) (36,769)
Income tax expense (benefit)                 56 353 (16,036)
Income (loss) from discontinued operations, net of income tax                 $ 118 $ (1,701) $ (20,733)
v3.19.3.a.u2
Net Income (Loss) Per Common Share (Details) - shares
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Earnings Per Share [Abstract]      
Weighted average common shares outstanding basic 35,491,958 33,426,855 30,222,289
Dilutive effect of stock options and restricted stock (in shares) 161,189   340,357
Weighted average common shares outstanding diluted (in shares) 35,653,147 33,426,855 30,562,646
v3.19.3.a.u2
Net Income (Loss) Per Common Share - Additional Information (Details) - shares
12 Months Ended
Dec. 31, 2019
Dec. 31, 2017
Earnings Per Share [Abstract]    
Anti-dilutive securities excluded from computation of net earnings or loss per common share 470,185 242,500
v3.19.3.a.u2
Restructuring - Additional Information (Details) - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Restructuring Cost And Reserve [Line Items]      
Restructuring charges $ 865,000 $ 119,000 $ 7,553,000
General and Administrative Expense [Member]      
Restructuring Cost And Reserve [Line Items]      
Other restructuring associated costs incurred     1,000,000
Cost of Sales [Member]      
Restructuring Cost And Reserve [Line Items]      
Restructuring charges 0 119,000 7,389,000
Other restructuring associated costs incurred     100,000
Ameri-Kart [Member]      
Restructuring Cost And Reserve [Line Items]      
Expected restructuring charges 1,100,000    
Restructuring charges 0    
Ameri-Kart [Member] | General and Administrative Expense [Member]      
Restructuring Cost And Reserve [Line Items]      
Other restructuring associated costs incurred 200,000    
Distribution Transformation Plan [Member]      
Restructuring Cost And Reserve [Line Items]      
Expected restructuring charges 900,000    
Distribution Transformation Plan [Member] | General and Administrative Expense [Member]      
Restructuring Cost And Reserve [Line Items]      
Other restructuring associated costs incurred 200,000    
Material Handling [Member]      
Restructuring Cost And Reserve [Line Items]      
Restructuring charges 0 119,000 7,553,000
Other restructuring associated costs incurred     1,100,000
Material Handling [Member] | Cost of Sales [Member]      
Restructuring Cost And Reserve [Line Items]      
Restructuring charges 0 119,000 7,389,000
Material Handling [Member] | Equipment Relocation and Facility Shut Down Costs [Member]      
Restructuring Cost And Reserve [Line Items]      
Restructuring charges $ 0 100,000 7,600,000
Total restructuring costs incurred     7,700,000
Restructuring charges in employee severance and other employee-related costs     3,100,000
Restructuring charges in equipment relocation and facility shut down costs     2,600,000
Restructuring charges in accelerated depreciation     2,000,000
Recognized gains on asset dispositions   $ 200,000 $ 3,900,000
v3.19.3.a.u2
Restructuring - Restructuring Charges by Segment (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Restructuring Cost And Reserve [Line Items]      
Restructuring charges $ 865 $ 119 $ 7,553
Cost of Sales [Member]      
Restructuring Cost And Reserve [Line Items]      
Restructuring charges 0 119 7,389
SG&A [Member]      
Restructuring Cost And Reserve [Line Items]      
Restructuring charges 865 0 164
Distribution [Member]      
Restructuring Cost And Reserve [Line Items]      
Restructuring charges 865 0 0
Distribution [Member] | Cost of Sales [Member]      
Restructuring Cost And Reserve [Line Items]      
Restructuring charges 0 0 0
Distribution [Member] | SG&A [Member]      
Restructuring Cost And Reserve [Line Items]      
Restructuring charges 865 0 0
Material Handling [Member]      
Restructuring Cost And Reserve [Line Items]      
Restructuring charges 0 119 7,553
Material Handling [Member] | Cost of Sales [Member]      
Restructuring Cost And Reserve [Line Items]      
Restructuring charges 0 119 7,389
Material Handling [Member] | SG&A [Member]      
Restructuring Cost And Reserve [Line Items]      
Restructuring charges $ 0 $ 0 $ 164
v3.19.3.a.u2
Restructuring - Summary of Restructuring Activity (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Restructuring Cost And Reserve [Line Items]      
Beginning balance $ 30 $ 1,188  
Charges to expense 865 119 $ 7,553
Cash payments (895) (1,261)  
Non-cash utilization   (16)  
Ending balance   30 1,188
Employee Reduction [Member]      
Restructuring Cost And Reserve [Line Items]      
Beginning balance 30 1,098  
Charges to expense 865 31  
Cash payments $ (895) (1,099)  
Ending balance   30 1,098
Accelerated Depreciation [Member]      
Restructuring Cost And Reserve [Line Items]      
Charges to expense   16  
Non-cash utilization   (16)  
Other Exit Costs [Member]      
Restructuring Cost And Reserve [Line Items]      
Beginning balance   90  
Charges to expense   72  
Cash payments   $ (162)  
Ending balance     $ 90
v3.19.3.a.u2
Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Other Liabilities Disclosure [Abstract]    
Customer deposits and accrued rebates $ 2,618 $ 3,365
Dividends payable 5,114 5,260
Accrued litigation, claims and professional fees 479 460
Current portion of environmental reserves 1,533 1,229
Accrued product replacement costs 1,835  
Other accrued expenses 6,745 6,387
Other current liabilities, Total $ 18,324 $ 16,701
v3.19.3.a.u2
Other Liabilities - Additional Information (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Other Liabilities Disclosure [Line Items]  
Accrued product replacement costs $ 1,835
Material Handling [Member]  
Other Liabilities Disclosure [Line Items]  
Product replacement costs 3,500
Accrued product replacement costs 1,800
Minimum [Member] | Material Handling [Member]  
Other Liabilities Disclosure [Line Items]  
Product replacement costs 3,500
Maximum [Member] | Material Handling [Member]  
Other Liabilities Disclosure [Line Items]  
Product replacement costs $ 4,000
v3.19.3.a.u2
Other Liabilities - Schedule of Other Liabilities (Long-term) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Other Liabilities Disclosure [Abstract]    
Lease guarantee contingency $ 10,724 $ 10,402
Environmental reserves 6,658 3,702
Supplemental executive retirement plan liability 1,776 2,026
Pension liability 956 1,207
Deferred gain on sale of assets   1,237
Other long-term liabilities 2,468 1,220
Other liabilities (long-term), Total $ 22,582 $ 19,794
v3.19.3.a.u2
Stock Compensation - Additional Information (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock compensation expense $ 1,715 $ 4,257 $ 3,626
Total unrecognized compensation cost related to non-vested share based compensation arrangements $ 3,353    
Unrecognized compensation cost period for recognition 3 years    
Reversal of recognized stock compensation expense $ 2,031    
Stock options expired or forfeited 268,545 86,411 218,130
The total intrinsic value of all stock options exercised $ 732 $ 1,745 $ 2,813
Stock Options [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Period of expiration, term 10 years    
Restricted Stock Units [Member] | Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period, in years 1 year    
Restricted Stock Units [Member] | Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period, in years 3 years    
Performance-Based Restricted Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock granted during period 112,541    
Performance-Based Restricted Stock Units [Member] | Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of established target performance criteria 0.00%    
Performance-Based Restricted Stock Units [Member] | Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of established target performance criteria 200.00%    
2017 Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares authorized for grant under plan (in shares) 5,126,950    
v3.19.3.a.u2
Stock Compensation - Summary of Stock Option Activity for the Period (Details) - $ / shares
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Options Granted (in shares) 235,474 255,072 397,759
Options Exercised, Shares (in shares) 221,695 191,169 375,292
Outstanding at December 31, 2018 965,659 988,167  
Options Exercised, Shares (in shares) (221,695) (191,169) (375,292)
Cancelled or forfeited (in shares) (268,545)    
Outstanding at December 31, 2019 710,893 965,659 988,167
Exercisable at December 31, 2019 486,382 521,202 539,993
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]      
Options Granted, Average Exercise Price (in dollars per share) $ 18.54 $ 21.30 $ 14.30
Options Exercised, Average Exercise Price (in dollars per share) 13.26    
Outstanding, Average Price (in dollars per share) 16.69    
Cancelled or forfeited, average exercise price (in dollars per share) 18.36    
Outstanding, Average Price (in dollars per share) 17.75 16.69  
Exercisable, Average Exercise Price (in dollars per share) $ 17.31 16.08 16.23
Outstanding, Weighted Average Life 5 years 11 months 15 days    
Exercisable, Weighted Average Life 4 years 8 months 19 days    
Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]      
Options Exercised, Average Exercise Price (in dollars per share) $ 11.62 9.97 9.97
Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]      
Options Exercised, Average Exercise Price (in dollars per share) $ 14.30 $ 20.93 $ 20.93
v3.19.3.a.u2
Stock Compensation - Options outstanding and exercisable (Details) - $ / shares
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]      
Outstanding (in shares) 710,893 965,659 988,167
Exercise price range, minimum (in dollars per share) $ 10.10 $ 10.10 $ 9.97
Exercise price range, maximum (in dollars per share) $ 21.30 $ 21.30 $ 20.93
Exercisable (in shares) 486,382 521,202 539,993
Weighted average exercise price (in dollars per share) $ 17.31 $ 16.08 $ 16.23
v3.19.3.a.u2
Stock Compensation - Fair Value of Stock Options Granted Assumptions Used (Details) - $ / shares
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]      
Risk free interest rate 2.70% 2.90% 2.50%
Expected dividend yield 2.76% 2.50% 3.80%
Expected life of award (in years) 6 years 2 months 1 day 4 years 4 years 1 month 6 days
Expected volatility 44.89% 42.50% 50.00%
Fair value per option $ 5.78 $ 6.30 $ 4.47
v3.19.3.a.u2
Stock Compensation - Summary of Combined Restricted Stock Units Including Performance Based Restricted Stock Units and Restricted Stock Activity (Details) - Restricted Stock Units Including Performance Based Restricted Stock Units and Restricted Stock [Member]
12 Months Ended
Dec. 31, 2019
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Unvested (in shares) 423,795
Granted (in shares) 253,318
Vested (in shares) (151,823)
Forfeited (in shares) (256,023)
Unvested (in shares) 269,267
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]  
Granted, Average Grant Date Fair Value (in dollars per share) | $ / shares $ 18.14
Vested, Average Grant Date Fair Value (in dollars per share) | $ / shares 15.35
Forfeited, Average Grant Date Fair Value (in dollars per share) | $ / shares $ 16.95
v3.19.3.a.u2
Equity - Additional Information (Details) - Common Shares [Member] - USD ($)
$ / shares in Units, $ in Millions
12 Months Ended
May 30, 2018
Dec. 31, 2018
Class Of Stock [Line Items]    
Shares of common stock issued in public offering   4,600,000
Secondary Public Offering [Member]    
Class Of Stock [Line Items]    
Shares of common stock issued in public offering 4,600,000  
Common stock sale price per share $ 18.50  
Net proceeds from sale of common stock in public offering $ 79.5  
Payments of offering costs $ 0.5  
v3.19.3.a.u2
Contingencies - Additional Information (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 12 Months Ended 99 Months Ended
Jan. 31, 2019
Apr. 30, 2016
Dec. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2005
Dec. 31, 2019
Loss Contingencies [Line Items]                  
Other current liabilities     $ 16,701 $ 18,324 $ 16,701       $ 18,324
Other liabilities     19,794 22,582 19,794       22,582
Lease guarantee contingency     10,402 10,724 10,402       10,724
New Idria Mercury Mine [Member]                  
Loss Contingencies [Line Items]                  
Financial assurance required to be provided to EPA to secure performance     2,000            
Prepayment amount $ 200                
New Almaden Mine (Formerly Referred to as Guadalupe River Watershed) [Member] | Natural Resource Damage Claim [Member]                  
Loss Contingencies [Line Items]                  
Total reserve     1,500 1,500 1,500       1,500
Other current liabilities       300         300
Other liabilities       1,200         1,200
Expense recognized             $ 1,200 $ 800  
Accrued balance       $ 500          
Original estimated project costs   $ 1,600              
Revised estimated project costs, Low Estimate   3,300              
Revised estimated project costs, High Estimate   $ 4,400              
Lawn and Garden Indemnification Claim [Member] | Guarantee Obligation [Member]                  
Loss Contingencies [Line Items]                  
Lease expiring period       September 2025          
Annual rent       $ 2,000          
Liabilities and related pre tax charges         10,300        
Lease guarantee contingency     10,400 10,700 10,400       10,700
Pending Litigation [Member] | New Idria Mercury Mine [Member] | EPA Notice Letter [Member]                  
Loss Contingencies [Line Items]                  
Loss contingencies, payments                 3,200
Loss contingency, Loss in period       4,000 200 $ 1,300     9,900
Total reserve     $ 3,400 6,700 $ 3,400       6,700
Other current liabilities       1,200         1,200
Other liabilities       $ 5,500         $ 5,500
v3.19.3.a.u2
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Debt Instrument [Line Items]    
Long-term Debt $ 78,000 $ 78,000
Less unamortized deferred financing fees 824 1,210
Long-term Debt, net of deferred financing costs 77,176 76,790
4.67% Senior Unsecured Notes due January 15, 2021 [Member]    
Debt Instrument [Line Items]    
Long-term Debt 40,000 40,000
5.25% Senior Unsecured Notes due January 15, 2024 [Member]    
Debt Instrument [Line Items]    
Long-term Debt 11,000 11,000
5.30% Senior Unsecured Notes due January 15, 2024 [Member]    
Debt Instrument [Line Items]    
Long-term Debt 15,000 15,000
5.45% Senior Unsecured Notes due January 15, 2026 [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 12,000 $ 12,000
v3.19.3.a.u2
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Parenthetical) (Details)
12 Months Ended
Dec. 31, 2019
4.67% Senior Unsecured Notes due January 15, 2021 [Member]  
Debt Instrument [Line Items]  
Interest rate 4.67%
Debt instrument maturity date Jan. 15, 2021
5.25% Senior Unsecured Notes due January 15, 2024 [Member]  
Debt Instrument [Line Items]  
Interest rate 5.25%
Debt instrument maturity date Jan. 15, 2024
5.30% Senior Unsecured Notes due January 15, 2024 [Member]  
Debt Instrument [Line Items]  
Interest rate 5.30%
Debt instrument maturity date Jan. 15, 2024
5.45% Senior Unsecured Notes due January 15, 2026 [Member]  
Debt Instrument [Line Items]  
Interest rate 5.45%
Debt instrument maturity date Jan. 15, 2026
v3.19.3.a.u2
Long-Term Debt and Loan Agreements - Additional Information (Details)
1 Months Ended 3 Months Ended 12 Months Ended
May 30, 2014
Oct. 31, 2017
USD ($)
NoteHolder
Dec. 31, 2017
USD ($)
Mar. 31, 2017
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Debt Instrument [Line Items]              
Long-term Debt         $ 78,000,000 $ 78,000,000  
Loss on extinguishment of debt         0 0 $ 1,888,000
Unamortized deferred financing costs         824,000 1,210,000  
Interest Expense [Member]              
Debt Instrument [Line Items]              
Amortization expense of deferred financing costs         386,000 $ 386,000 508,000
Minimum [Member]              
Debt Instrument [Line Items]              
Long-term Debt         $ 11,000,000    
Interest rate         4.67%    
Maximum [Member]              
Debt Instrument [Line Items]              
Long-term Debt         $ 40,000,000    
Interest rate         5.45%    
Senior Unsecured Notes [Member]              
Debt Instrument [Line Items]              
Face value of debt instrument with offer to be repurchased         $ 100,000,000    
Debt instrument repurchase amount   $ 22,000,000          
Outstanding principal balance of notes purchased   22,000,000          
Debt instrument repurchase amount including make-whole premium   23,800,000          
Debt instrument repurchase make-whole premium amount   $ 1,800,000          
Debt instrument repurchase date   Oct. 31, 2017          
Number of note holder accepted the offer | NoteHolder   1          
Loss on extinguishment of debt     $ 1,900,000        
Unamortized deferred financing costs     $ 100,000       $ 100,000
Loan Agreement [Member]              
Debt Instrument [Line Items]              
Maximum borrowing capacity on line of credit       $ 200,000,000      
Loan maturity period 2018-12     2022-03      
Remaining amount available under the line of credit         194,200,000    
Letters of credit         $ 5,800,000    
Weighted average interest rate during period     4.94%   6.27% 5.75% 4.94%
Loan Agreement [Member] | EPA [Member]              
Debt Instrument [Line Items]              
Financial assurance required to be provided         $ 2,000,000    
v3.19.3.a.u2
Long-Term Debt and Loan Agreements - Schedule of Debt Ratios (Details) - Unsecured Senior Notes [Member]
Dec. 31, 2019
Debt Instrument [Line Items]  
Debt Instrument, Interest Coverage Ratio, Actual 14.26%
Debt Instrument, Leverage Ratio, Actual 1.20%
Debt Instrument, Covenant, Interest Coverage Ratio Required, Minimum 3.00%
Debt Instrument, Covenant, Leverage Ratio Required, Maximum 3.25%
v3.19.3.a.u2
Income Taxes - Additional Information (Details)
$ in Thousands
12 Months Ended
Dec. 18, 2017
USD ($)
Dec. 31, 2019
USD ($)
Transition
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Income Taxes [Line Items]        
Effective tax rate for the year   27.00% 218.70% 31.00%
Corporate income tax rate   21.00% 21.00% 35.00%
Number of foreign subsidiaries | Transition   1    
Tax cuts and jobs act of 2017 net benefit to income tax expense       $ 1,200
Tax cuts and jobs act of 2017 due to change in tax rate deferred tax benefit       3,000
Tax cuts and jobs act of 2017 provisional income tax expense benefit       1,800
Income tax expense reduction due to tax impact     $ 300  
Income tax expense associated with uncertain tax position     600  
Provision and related deferred tax liability on earnings from subsidiary     600  
Deferred tax assets, operating loss carryforwards   $ 1,982 1,982  
Deferred tax assets, valuation allowance   1,982 1,982  
Unrecognized tax benefits that would impact effective tax rate   $ 1,100 1,000 $ 400
Income tax examination, description   The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of December 31, 2019, the Company is no longer subject to U.S. Federal examinations by tax authorities for tax years before 2015.    
State and Local [Member]        
Income Taxes [Line Items]        
Income tax examination for tax years   2013 2014 2015 2016 2017 2018    
Non-U.S [Member]        
Income Taxes [Line Items]        
Income tax examination for tax years   2014 2015 2016 2017 2018    
Brazil Business [Member]        
Income Taxes [Line Items]        
Capital loss incurred divestiture $ 9,500      
Deferred tax assets, operating loss carryforwards 2,000      
Deferred tax assets, valuation allowance     2,000  
Tax benefit as a result of a worthless stock deduction $ 15,000      
Reduced estimated tax benefit as a result of a worthless stock deduction     $ 700  
v3.19.3.a.u2
Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Tax Rate (Details)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract]      
Statutory Federal income tax rate 21.00% 21.00% 35.00%
State income taxes - net of Federal tax benefit 5.20% 42.50% 8.30%
Foreign tax rate differential 0.00% 3.90% (1.60%)
Domestic production deduction (0.00%) (0.00%) (5.20%)
Non-deductible expenses 1.00% 93.80% 0.40%
Impact of tax law changes 0.00% 22.10% (7.40%)
Changes in unrecognized tax benefits 0.40% 42.90% 0.90%
Foreign tax incentives (0.40%) (3.10%) (0.00%)
Other (0.20%) (4.40%) 0.60%
Effective tax rate for the year 27.00% 218.70% 31.00%
v3.19.3.a.u2
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Tax Disclosure [Abstract]      
United States $ 33,612 $ 419 $ 12,979
Foreign (429) 970 2,729
Income from continuing operations before income taxes $ 33,183 $ 1,389 $ 15,708
v3.19.3.a.u2
Income Taxes - Income Tax Expense (Benefit) from Continuing Operations (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Current      
Federal $ 7,270 $ 9,694 $ 6,304
Foreign 497 1,218 1,821
State and local 2,123 1,575 2,402
Current Income Tax Expense (Benefit) 9,890 12,487 10,527
Deferred      
Federal (447) (7,910) (4,394)
Foreign (538) (718) (883)
State and local 63 (822) (386)
Deferred Income Tax Expense (Benefit) $ (922) $ (9,450) $ (5,663)
v3.19.3.a.u2
Income Taxes - Significant Components of the Company's Deferred Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Deferred income tax assets    
Compensation $ 2,268 $ 2,774
Inventory valuation 873 695
Allowance for uncollectible accounts 290 237
Provision for loss on note receivable 5,031 5,031
Non-deductible accruals 5,370 4,196
Operating lease liability 1,288 0
Non-deductible intangibles 1,862 1,574
State deferred taxes 730 843
Capital loss carryforwards 1,982 1,982
Deferred tax assets, gross 19,694 17,332
Valuation allowance (1,982) (1,982)
Deferred Tax Assets, Net of Valuation Allowance 17,712 15,350
Deferred income tax liabilities    
Property, plant and equipment 4,867 4,247
Tax-deductible goodwill 4,862 5,089
Right of use asset - operating leases 1,239 0
Other 937 744
Deferred tax liabilities, gross 11,905 10,080
Net deferred income tax asset $ 5,807 $ 5,270
v3.19.3.a.u2
Income Taxes - Activity Related to the Company's Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at January 1 $ 955 $ 359 $ 478
Increases related to previous year tax positions 143 596 359
Reductions due to lapse of applicable statute of limitations 0 0 (478)
Balance at December 31 $ 1,098 $ 955 $ 359
v3.19.3.a.u2
Retirement Plans - Net Periodic Pension Cost of Plan (Details) - Pension Plans, Defined Benefit [Member] - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]      
Interest cost $ 242 $ 224 $ 253
Expected return on assets (184) (317) (295)
Amortization of net loss 97 84 96
Net periodic pension cost $ 155 $ (9) $ 54
v3.19.3.a.u2
Retirement Plans - Reconciliation of Changes in Plan's Projected Benefit Obligations and Assets (Details) - Pension Plans, Defined Benefit [Member] - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Change in benefit obligation:      
Projected benefit obligation at beginning of year $ 5,944 $ 6,579  
Interest cost 242 224 $ 253
Actuarial loss (gain) 510 (362)  
Expenses paid 0 (135)  
Benefits paid (357) (362)  
Projected benefit obligation at end of year 6,339 5,944 6,579
Change in plan assets:      
Fair value of plan assets at beginning of year 4,737 5,261  
Actual return on plan assets 972 (27)  
Company contributions 31 0  
Benefits paid (357) (362)  
Fair value of plan assets at end of year 5,383 4,737 $ 5,261
Funded status $ (956) $ (1,207)  
v3.19.3.a.u2
Retirement Plans - Additional Information (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]        
Redemption fees for mutual fund's net asset value   $ 0    
Executive Officer [Member] | SERP [Member]        
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]        
Plan expense recognized   $ 174 $ 33 $ 128
Discount rate for benefit obligations   3.10% 4.20%  
Accrued compensation   $ 2,200 $ 2,449  
401K Plan [Member]        
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]        
Recognized expense   2,500 2,216 $ 2,302
Mutual Funds [Member]        
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]        
Fair value of plan assets   2,829 2,352  
Pooled Separate Accounts [Member]        
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]        
Fair value of plan assets   $ 2,554 $ 2,385  
Scenario Forecast [Member]        
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]        
Contribution to plan $ 150      
v3.19.3.a.u2
Retirement Plans - Assumptions Used to Determine the Net Periodic Benefit Cost and Benefit Obligations (Details) - Pension Plans, Defined Benefit [Member]
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]      
Discount rate for net periodic pension cost 4.20% 3.50% 4.00%
Discount rate for benefit obligations 3.10% 4.20% 3.50%
Expected long-term return of plan assets 7.00% 7.50% 7.75%
v3.19.3.a.u2
Retirement Plans - Weighted Average Asset Allocations for Plan (Details) - Pension Plans, Defined Benefit [Member]
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Weighted average asset allocations 100.00% 100.00%
U.S. Equities securities [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Weighted average asset allocations 53.00% 50.00%
U.S. Debt securities [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Weighted average asset allocations 47.00% 50.00%
v3.19.3.a.u2
Retirement Plans - Benefit Payments Projected for the Plan (Details) - Pension Plans, Defined Benefit [Member]
$ in Thousands
Dec. 31, 2019
USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
2020 $ 360
2021 350
2022 350
2023 360
2024 360
2025-2029 $ 1,840
v3.19.3.a.u2
Leases - Additional Information (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2019
Feb. 28, 2018
Mar. 31, 2017
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Lessee Lease Description [Line Items]            
Operating lease, existence of option to extend       true    
Operating lease, option to extend       Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early.    
Lessee, operating lease, renewal term 5 years     5 years    
Operating lease, existence of option to terminate       true    
Operating lease, option to terminate       Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early.    
Total expected future minimum lease payments $ 2,304     $ 2,304    
Proceeds from sale of property, plant and equipment       $ 7,537 $ 2,633 $ 11,058
Indiana [Member] | Manufacturing and Distribution [Member]            
Lessee Lease Description [Line Items]            
Facility lease period 15 years     15 years    
Base annual rent, first year $ 800          
Total expected future minimum lease payments 13,500     $ 13,500    
Increase in assets and liabilities $ 9,000          
California [Member] | Distribution [Member]            
Lessee Lease Description [Line Items]            
Facility lease period 10 years     10 years    
Base annual rent, first year       $ 100    
Proceeds from sale of property, plant and equipment   $ 2,300        
Gain on sale of distribution center   $ 2,000 $ 700      
Remaining gain on sale of distribution center       1,300    
Base annual rent, per year       $ 100    
Percentage of annual rent increase in remaining lease period 3.00%     3.00%    
Minimum [Member]            
Lessee Lease Description [Line Items]            
Facility lease period 1 year     1 year    
Maximum [Member]            
Lessee Lease Description [Line Items]            
Facility lease period 9 years     9 years    
v3.19.3.a.u2
Leases - Summary of Amounts Included in the Consolidated Statement of Financial Position (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Assets And Liabilities Lessee [Abstract]    
Right of use asset - operating leases $ 5,901 $ 0
Operating lease liability - short-term 2,057 0
Operating lease liability - long-term 4,074 $ 0
Total operating lease liabilities $ 6,131  
v3.19.3.a.u2
Leases - Summary of Components of Lease Expense (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Lessee Lease Description [Line Items]      
Total lease cost $ 3,485 $ 3,312 $ 3,198
Cost of Sales [Member]      
Lessee Lease Description [Line Items]      
Total lease cost 1,744 1,696 1,718
SG&A [Member]      
Lessee Lease Description [Line Items]      
Total lease cost $ 1,741 $ 1,616 $ 1,480
v3.19.3.a.u2
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Cash paid for amounts included in the measurement of lease liabilities:  
Operating cash flows from operating leases $ 2,428
Right-of-use assets obtained in exchange for new lease liabilities:  
Operating leases $ 2,083
v3.19.3.a.u2
Leases - Summary of Lease Term and Discount Rate (Details)
Dec. 31, 2019
Lessee Disclosure [Abstract]  
Weighted-average remaining lease term (years), operating leases 4 years 2 months 23 days
Weighted-average discount rate, operating leases 5.00%
v3.19.3.a.u2
Leases - Maturity of Operating Lease Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2019
USD ($)
Operating Lease Liabilities Payments Due [Abstract]  
2020 $ 2,304
2021 1,339
2022 1,189
2023 1,016
2024 339
After 2024 621
Total lease payments 6,808
Less: Interest (677)
Present value of lease liabilities $ 6,131
v3.19.3.a.u2
Leases - Future Minimum Rental Commitments (Undiscounted) (Details)
$ in Thousands
Dec. 31, 2018
USD ($)
Operating Leases, Future Rental Payments  
2019 $ 2,492
2020 1,739
2021 982
2022 966
2023 841
Thereafter 811
Total $ 7,831
v3.19.3.a.u2
Industry Segments - Additional Information (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Mar. 31, 2018
USD ($)
Dec. 31, 2019
USD ($)
Segment
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Segment Reporting Information [Line Items]                      
Number of operating segments | Segment                 2    
Net sales $ 116,818 $ 125,480 $ 134,285 $ 139,115 $ 138,388 $ 135,219 $ 140,560 $ 152,568 $ 515,698 $ 566,735 $ 547,043
Foreign Countries [Member]                      
Segment Reporting Information [Line Items]                      
Net sales                 42,000 50,600 53,900
Long-lived assets $ 13,200       $ 14,100       13,200 14,100  
Export Sales [Member] | Foreign Countries [Member]                      
Segment Reporting Information [Line Items]                      
Net sales                 $ 23,600 $ 19,600 $ 17,200
Sales [Member] | Customer Concentration Risk [Member] | Canada [Member]                      
Segment Reporting Information [Line Items]                      
Concentration risk percentage                 4.70% 4.10% 2.40%
v3.19.3.a.u2
Industry Segments - Schedule of reporting information by segment (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment Reporting Information [Line Items]                      
Net sales $ 116,818 $ 125,480 $ 134,285 $ 139,115 $ 138,388 $ 135,219 $ 140,560 $ 152,568 $ 515,698 $ 566,735 $ 547,043
Total operating income 8,806 $ 8,060 $ 10,182 $ 10,218 7,033 $ (25,839) $ 13,111 $ 12,022 37,266 6,327 24,888
Interest expense, net                 (4,083) (4,938) (7,292)
Loss on extinguishment of debt                 0 0 (1,888)
Income from continuing operations before income taxes                 33,183 1,389 15,708
Total Assets 353,139       348,645       353,139 348,645 355,942
Capital Additions, Net                 10,294 5,123 5,814
Depreciation and Amortization                 23,583 26,139 30,831
Operating Segments [Member] | Material Handling [Member]                      
Segment Reporting Information [Line Items]                      
Net sales                 356,407 417,199 391,313
Total operating income                 53,144 57,948 38,874
Total Assets 193,751       229,962       193,751 229,962 257,863
Capital Additions, Net                 8,835 4,500 5,165
Depreciation and Amortization                 21,282 24,159 28,506
Operating Segments [Member] | Distribution [Member]                      
Segment Reporting Information [Line Items]                      
Net sales                 159,349 149,636 156,428
Total operating income                 10,076 7,441 9,073
Total Assets 75,338       48,575       75,338 48,575 49,822
Capital Additions, Net                 1,396 587 622
Depreciation and Amortization                 1,501 1,169 1,174
Inter-company sales [Member]                      
Segment Reporting Information [Line Items]                      
Net sales                 (58) (100) (698)
Corporate [Member]                      
Segment Reporting Information [Line Items]                      
Total operating income                 (25,954) (59,062) (23,059)
Total Assets $ 84,050       $ 70,108       84,050 70,108 48,257
Capital Additions, Net                 63 36 27
Depreciation and Amortization                 $ 800 $ 811 $ 1,151
v3.19.3.a.u2
Subsequent Event - Sale of HC Notes and Release of Lease Guarantee - Additional Information (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Jan. 06, 2020
Mar. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Subsequent Event [Line Items]        
Lease guarantee contingency     $ 10,724 $ 10,402
Lawn and Garden Indemnification Claim [Member] | Guarantee Obligation [Member]        
Subsequent Event [Line Items]        
Lease expiring period     September 2025  
Annual rent     $ 2,000  
Lease guarantee contingency     $ 10,700 10,400
Liabilities and related pre tax charges       $ 10,300
Lawn and Garden Indemnification Claim [Member] | Guarantee Obligation [Member] | Scenario Forecast [Member]        
Subsequent Event [Line Items]        
Liabilities and related pre tax charges   $ 11,900    
Lawn and Garden Indemnification Claim [Member] | Subsequent Event [Member] | Guarantee Obligation [Member]        
Subsequent Event [Line Items]        
Sale of fully reserved promissory notes and related accrued interest receivable $ 1,200      
Lease expiring period 2025      
Annual rent $ 2,000      
v3.19.3.a.u2
Summarized Quarterly Results of Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]                      
Net sales $ 116,818 $ 125,480 $ 134,285 $ 139,115 $ 138,388 $ 135,219 $ 140,560 $ 152,568 $ 515,698 $ 566,735 $ 547,043
Gross profit 39,231 39,586 46,936 45,559 42,096 42,091 47,991 47,115 171,312 179,293 157,453
Operating income (loss) 8,806 8,060 10,182 10,218 7,033 (25,839) 13,111 12,022 37,266 6,327 24,888
Income (loss) from continuing operations 5,747 5,219 6,606 6,643 3,126 (21,137) 8,608 7,755 24,215 (1,648) 10,844
Income (loss) from discontinued operations, net of income tax (9) 0 0 127 (788) (2) 0 (911) 118 (1,701) (20,733)
Net income (loss) $ 5,738 $ 5,219 $ 6,606 $ 6,770 $ 2,338 $ (21,139) $ 8,608 $ 6,844 $ 24,333 $ (3,349) $ (9,889)
Basic (in dollars per share) $ 0.16 $ 0.15 $ 0.19 $ 0.19 $ 0.09 $ (0.60) $ 0.26 $ 0.25 $ 0.68 $ (0.05) $ 0.36
Diluted (in dollars per share) 0.16 0.15 0.18 0.19 0.09 (0.60) 0.26 0.25 0.68 (0.05)  
Basic (in dollars per share) 0 0 0 0 (0.02) 0 0 (0.03) 0 (0.05) (0.69)
Diluted (in dollars per share) 0 0 0 0 (0.02) 0 0 (0.03) 0 (0.05) (0.68)
Basic (in dollars per share) 0.16 0.15 0.19 0.19 0.07 (0.60) 0.26 0.22 0.68 (0.10) (0.33)
Diluted (in dollars per share) $ 0.16 $ 0.15 $ 0.18 $ 0.19 $ 0.07 $ (0.60) $ 0.26 $ 0.22 $ 0.68 $ (0.10) $ (0.33)