MYERS INDUSTRIES INC, 10-Q filed on 10/29/2020
Quarterly Report
v3.20.2
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2020
Oct. 23, 2020
Cover [Abstract]    
Entity Registrant Name Myers Industries, Inc.  
Entity Central Index Key 0000069488  
Trading Symbol MYE  
Document Type 10-Q  
Document Period End Date Sep. 30, 2020  
Amendment Flag false  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Filer Category Accelerated Filer  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   35,825,079
Entity File Number 1-8524  
Entity Tax Identification Number 34-0778636  
Entity Address, Address Line One 1293 South 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  
Entity Incorporation, State or Country Code OH  
Entity Interactive Data Current Yes  
Title of 12(b) Security Common Stock, without par value  
Security Exchange Name NYSE  
Document Quarterly Report true  
Document Transition Report false  
v3.20.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Net sales $ 132,258 $ 125,480 $ 372,902 $ 398,880
Cost of sales 85,191 85,894 240,779 266,799
Gross profit 47,067 39,586 132,123 132,081
Selling, general and administrative expenses 33,927 31,515 95,360 102,792
(Gain) loss on disposal of fixed assets 0 11 (7) (87)
Impairment charges 0 0 0 916
Gain on sale of notes receivable 0 0 (11,924) 0
Operating income 13,140 8,060 48,694 28,460
Interest expense, net 1,204 993 3,467 3,059
Income from continuing operations before income taxes 11,936 7,067 45,227 25,401
Income tax expense 3,251 1,848 11,448 6,933
Income from continuing operations 8,685 5,219 33,779 18,468
Income from discontinued operations, net of income tax 0 0 0 127
Net income $ 8,685 $ 5,219 $ 33,779 $ 18,595
Income per common share from continuing operations:        
Basic $ 0.24 $ 0.15 $ 0.94 $ 0.52
Diluted 0.24 0.15 0.94 0.52
Income (loss) per common share from discontinued operations:        
Basic 0 0 0 0
Diluted 0 0 0 0
Net income per common share:        
Basic 0.24 0.15 0.94 0.52
Diluted $ 0.24 $ 0.15 $ 0.94 $ 0.52
v3.20.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]        
Net income $ 8,685 $ 5,219 $ 33,779 $ 18,595
Other comprehensive income (loss):        
Foreign currency translation adjustment 611 (466) (924) 1,069
Total other comprehensive income (loss) 611 (466) (924) 1,069
Comprehensive income $ 9,296 $ 4,753 $ 32,855 $ 19,664
v3.20.2
Condensed Consolidated Statements of Financial Position - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current Assets    
Cash $ 83,746 $ 75,527
Accounts receivable, less allowances of $2,954 and $1,945, respectively 75,539 62,279
Income tax receivable 0 142
Inventories, net 48,137 44,260
Prepaid expenses and other current assets 4,553 2,834
Total Current Assets 211,975 185,042
Property, plant, and equipment, net 53,945 54,964
Right of use asset - operating leases 4,935 5,901
Goodwill 66,420 66,774
Intangible assets, net 25,477 30,754
Deferred income taxes 178 5,807
Other 3,453 3,897
Total Assets 366,383 353,139
Current Liabilities    
Accounts payable 47,562 46,867
Accrued employee compensation 13,348 12,488
Income taxes payable 3,391 0
Accrued taxes payable, other than income taxes 1,505 1,104
Accrued interest 965 1,785
Other current liabilities 16,454 18,324
Operating lease liability - short-term 1,786 2,057
Long-term debt - current portion 39,975 0
Total Current Liabilities 124,986 82,625
Long-term debt 37,501 77,176
Operating lease liability - long-term 3,365 4,074
Other liabilities 12,933 22,582
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 35,802,092 and 35,710,934; net of treasury shares of 6,750,365 and 6,841,523, respectively) 21,858 21,785
Additional paid-in capital 299,003 296,363
Accumulated other comprehensive loss (17,273) (16,349)
Retained deficit (115,990) (135,117)
Total Shareholders’ Equity 187,598 166,682
Total Liabilities and Shareholders’ Equity $ 366,383 $ 353,139
v3.20.2
Condensed Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current Assets    
Allowance for Doubtful Accounts Receivable, Current $ 2,954 $ 1,945
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) 35,802,092 35,710,934
Common shares, treasury (in shares) 6,750,365 6,841,523
v3.20.2
Condensed Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Cumulative Effect Period of Adoption Adjustment [Member]
Common Shares [Member]
Common Shares [Member]
Cumulative Effect Period of Adoption Adjustment [Member]
Additional Paid-In Capital [Member]
Additional Paid-In Capital [Member]
Cumulative Effect Period of Adoption Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Cumulative Effect Period of Adoption Adjustment [Member]
Retained Deficit [Member]
Retained Deficit [Member]
Cumulative Effect Period of Adoption Adjustment [Member]
Beginning balance at Dec. 31, 2018 $ 154,638 $ 905 $ 21,547 $ 0 $ 292,558 $ 0 $ (18,280) $ 0 $ (141,187) $ 905
Stockholders' Equity [Roll Forward]                    
Net income 18,595   0   0   0   18,595  
Beginning balance at Dec. 31, 2018 154,638 $ 905 21,547 $ 0 292,558 $ 0 (18,280) $ 0 (141,187) $ 905
Stockholders' Equity [Roll Forward]                    
Accounting Standards Update [Extensible List]   us-gaap:AccountingStandardsUpdate201602Member               us-gaap:AccountingStandardsUpdate201602Member
Foreign currency translation adjustment 1,069   0   0   1,069   0  
Shares issued under incentive plans, net of shares withheld for tax (230)   116   (346)   0   0  
Stock compensation expense 3,348   0   3,348   0   0  
Declared dividends (14,505)   0   0   0   (14,505)  
Ending balance at Sep. 30, 2019 163,820   21,663   295,560   (17,211)   (136,192)  
Beginning balance at Jun. 30, 2019 162,410   21,646   294,066   (16,745)   (136,557)  
Stockholders' Equity [Roll Forward]                    
Net income 5,219   0   0   0   5,219  
Beginning balance at Jun. 30, 2019 162,410   21,646   294,066   (16,745)   (136,557)  
Stockholders' Equity [Roll Forward]                    
Foreign currency translation adjustment (466)   0   0   (466)   0  
Shares issued under incentive plans, net of shares withheld for tax 383   17   366   0   0  
Stock compensation expense 1,128   0   1,128   0   0  
Declared dividends (4,854)   0   0   0   (4,854)  
Ending balance at Sep. 30, 2019 163,820   21,663   295,560   (17,211)   (136,192)  
Beginning balance at Dec. 31, 2019 166,682   21,785   296,363   (16,349)   (135,117)  
Stockholders' Equity [Roll Forward]                    
Net income 33,779   0   0   0   33,779  
Beginning balance at Dec. 31, 2019 166,682   21,785   296,363   (16,349)   (135,117)  
Stockholders' Equity [Roll Forward]                    
Foreign currency translation adjustment (924)   0   0   (924)   0  
Shares issued under incentive plans, net of shares withheld for tax (50)   73   (123)   0   0  
Stock compensation expense 2,763   0   2,763   0   0  
Declared dividends (14,652)   0   0   0   (14,652)  
Ending balance at Sep. 30, 2020 187,598   21,858   299,003   (17,273)   (115,990)  
Beginning balance at Jun. 30, 2020 181,695   21,845   297,522   (17,884)   (119,788)  
Stockholders' Equity [Roll Forward]                    
Net income 8,685   0   0   0   8,685  
Beginning balance at Jun. 30, 2020 181,695   21,845   297,522   (17,884)   (119,788)  
Stockholders' Equity [Roll Forward]                    
Foreign currency translation adjustment 611   0   0   611   0  
Shares issued under incentive plans, net of shares withheld for tax 77   13   64   0   0  
Stock compensation expense 1,417   0   1,417   0   0  
Declared dividends (4,887)   0   0   0   (4,887)  
Ending balance at Sep. 30, 2020 $ 187,598   $ 21,858   $ 299,003   $ (17,273)   $ (115,990)  
v3.20.2
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Retained Deficit [Member]        
Dividends declared per share $ 0.135 $ 0.135 $ 0.405 $ 0.405
v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows From Operating Activities    
Net income (loss) $ 33,779 $ 18,595
Income (loss) from discontinued operations, net of income taxes 0 127
Income (loss) from continuing operations 33,779 18,468
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities    
Depreciation 10,400 11,505
Amortization 5,507 6,183
Non-cash stock-based compensation expense 2,763 3,348
Gain on disposal of fixed assets (7) (87)
Gain on sale of notes receivable (11,924) 0
Impairment charges 0 916
Other 844 441
Payments on long-term performance based compensation 0 (413)
Other long-term liabilities 1,538 3,388
Cash flows provided by (used for) working capital    
Accounts receivable (14,266) 9,775
Inventories (3,939) 2,386
Prepaid expenses and other current assets (1,728) (877)
Accounts payable and accrued expenses 8,367 (15,541)
Net cash provided by (used for) operating activities - continuing operations 31,334 39,492
Net cash provided by (used for) operating activities - discontinued operations 0 7,297
Net cash provided by (used for) operating activities 31,334 46,789
Cash Flows From Investing Activities    
Capital expenditures (8,955) (5,669)
Acquisition of business (716) (18,000)
Proceeds from sale of property, plant and equipment 0 7,514
Proceeds on sale of notes receivable 1,200 0
Net cash provided by (used for) investing activities - continuing operations (8,471) (16,155)
Net cash provided by (used for) investing activities - discontinued operations 0 0
Net cash provided by (used for) investing activities (8,471) (16,155)
Cash Flows From Financing Activities    
Cash dividends paid (14,570) (14,524)
Proceeds from issuance of common stock 367 755
Shares withheld for employee taxes on equity awards (416) (985)
Net cash provided by (used for) financing activities - continuing operations (14,619) (14,754)
Net cash provided by (used for) financing activities - discontinued operations 0 0
Net cash provided by (used for) financing activities (14,619) (14,754)
Foreign exchange rate effect on cash (25) 40
Net increase in cash 8,219 15,920
Cash at January 1 75,527 58,894
Cash at September 30 $ 83,746 $ 74,814
v3.20.2
Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Summary of Significant Accounting Policies

1.  Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2019.

Results from our former Brazil Business, which was sold in 2017, are presented as discontinued operations. Net cash flows provided by discontinued operations in 2019 resulted from the remaining receipt of the tax benefit from a worthless stock deduction, which was recognized as part of the sale. Net income from discontinued operations for the nine months ended September 30, 2019 related to interest income net of tax recognized on the receipt of the tax benefit in the first quarter of 2019. There was no discontinued operations activity for the quarter and nine months ended September 30, 2020.

In the opinion of the Company, the accompanying condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position as of September 30, 2020, and the results of operations and cash flows for the periods presented. The results of operations for the quarter and nine months ended September 30, 2020 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2020.

Accounting Standards Adopted

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting due to the cessation of the London Interbank Offered Rate (“LIBOR”). The amendments in this update are effective for the Company as of March 12, 2020 through December 31, 2022. The Company adopted this standard effective March 12, 2020. The adoption of this standard had no effect in the quarter or nine months ended September 30, 2020, and its future impact will depend on the manner in which the Company and its lenders ultimately address the removal of LIBOR as it relates to the Loan Agreement described in Note 13.

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). The Company adopted this standard effective January 1, 2020 and the adoption of this standard did not have a material impact on its condensed 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. The Company adopted this standard effective January 1, 2020 and the adoption of this standard is not expected to have a material impact on its annual 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. Certain disclosures in this ASU are required to be applied on a retrospective basis and others on a prospective basis. The Company adopted this standard effective January 1, 2020 and the adoption of this standard did not have a material impact on its condensed 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. The Company adopted this standard effective January 1, 2020 and the adoption of this standard did not have a material impact on its condensed consolidated financial statements.

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. The Company adopted the new guidance effective January 1, 2020. Adoption of the new standard resulted in changes to the Company’s accounting policy and disclosures related to its allowance for expected credit losses for accounts receivable. The impact of adopting this standard on its condensed consolidated financial statements was not material and no cumulative transition adjustment was required.

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 condensed consolidated financial statements.

Fair Value Measurement

The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, as required. Under ASC 820, the hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels:

 

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 or 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 approximates 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 any 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 September 30, 2020 and December 31, 2019, the aggregate fair value of the Company's outstanding fixed rate senior unsecured notes was estimated to be $80.3 million and $79.0 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 an income approach.

Accumulated Other Comprehensive Income (Loss)

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

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at July 1, 2020

 

$

(16,137

)

 

$

(1,747

)

 

$

(17,884

)

Other comprehensive income (loss) before reclassifications

 

 

611

 

 

 

 

 

 

611

 

Net current-period other comprehensive income (loss)

 

 

611

 

 

 

 

 

 

611

 

Balance at September 30, 2020

 

$

(15,526

)

 

$

(1,747

)

 

$

(17,273

)

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at July 1, 2019

 

$

(14,716

)

 

$

(2,029

)

 

$

(16,745

)

Other comprehensive income (loss) before reclassifications

 

 

(466

)

 

 

 

 

 

(466

)

Net current-period other comprehensive income (loss)

 

 

(466

)

 

 

 

 

 

(466

)

Balance at September 30, 2019

 

$

(15,182

)

 

$

(2,029

)

 

$

(17,211

)

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at January 1, 2020

 

$

(14,602

)

 

$

(1,747

)

 

$

(16,349

)

Other comprehensive income (loss) before reclassifications

 

 

(924

)

 

 

 

 

 

(924

)

Net current-period other comprehensive income (loss)

 

 

(924

)

 

 

 

 

 

(924

)

Balance at September 30, 2020

 

$

(15,526

)

 

$

(1,747

)

 

$

(17,273

)

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at January 1, 2019

 

$

(16,251

)

 

$

(2,029

)

 

$

(18,280

)

Other comprehensive income (loss) before reclassifications

 

 

1,069

 

 

 

 

 

 

1,069

 

Net current-period other comprehensive income (loss)

 

 

1,069

 

 

 

 

 

 

1,069

 

Balance at September 30, 2019

 

$

(15,182

)

 

$

(2,029

)

 

$

(17,211

)

 

Allowance for Credit Losses

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. The Company reviews historical trends for credit loss as well as current economic conditions in determining an estimate for its allowance for credit losses. Additionally, in circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for credit losses is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably expects will be collected.

The change in the allowance for credit losses for the nine months ended September 30, 2020 was as follows:

 

 

 

2020

 

Balance at January 1

 

$

1,356

 

Provision for expected credit loss, net of recoveries

 

 

879

 

Write-offs and other

 

 

(324

)

Balance at September 30

 

$

1,911

 

 

v3.20.2
Revenue Recognition
9 Months Ended
Sep. 30, 2020
Revenue Recognition [Abstract]  
Revenue Recognition

2.  Revenue Recognition

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended September 30, 2020

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

26,865

 

 

$

 

 

$

 

 

$

26,865

 

Vehicle

 

 

19,715

 

 

 

 

 

 

 

 

 

19,715

 

Food and beverage

 

 

11,882

 

 

 

 

 

 

 

 

 

11,882

 

Industrial

 

 

28,307

 

 

 

 

 

 

(28

)

 

 

28,279

 

Auto aftermarket

 

 

 

 

 

45,517

 

 

 

 

 

 

45,517

 

Total net sales

 

$

86,769

 

 

$

45,517

 

 

$

(28

)

 

$

132,258

 

 

 

 

For the Quarter Ended September 30, 2019

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

19,205

 

 

$

 

 

$

 

 

$

19,205

 

Vehicle

 

 

21,951

 

 

 

 

 

 

 

 

 

21,951

 

Food and beverage

 

 

13,010

 

 

 

 

 

 

 

 

 

13,010

 

Industrial

 

 

29,944

 

 

 

 

 

 

(18

)

 

 

29,926

 

Auto aftermarket

 

 

 

 

 

41,388

 

 

 

 

 

 

41,388

 

Total net sales

 

$

84,110

 

 

$

41,388

 

 

$

(18

)

 

$

125,480

 

 

 

 

For the Nine Months Ended September 30, 2020

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

78,363

 

 

$

 

 

$

 

 

$

78,363

 

Vehicle

 

 

49,840

 

 

 

 

 

 

 

 

 

49,840

 

Food and beverage

 

 

38,373

 

 

 

 

 

 

 

 

 

38,373

 

Industrial

 

 

85,124

 

 

 

 

 

 

(51

)

 

 

85,073

 

Auto aftermarket

 

 

 

 

 

121,253

 

 

 

 

 

 

121,253

 

Total net sales

 

$

251,700

 

 

$

121,253

 

 

$

(51

)

 

$

372,902

 

 

 

 

For the Nine Months Ended September 30, 2019

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

59,505

 

 

$

 

 

$

 

 

$

59,505

 

Vehicle

 

 

66,433

 

 

 

 

 

 

 

 

 

66,433

 

Food and beverage

 

 

54,977

 

 

 

 

 

 

 

 

 

54,977

 

Industrial

 

 

102,048

 

 

 

 

 

 

(40

)

 

 

102,008

 

Auto aftermarket

 

 

 

 

 

115,957

 

 

 

 

 

 

115,957

 

Total net sales

 

$

282,963

 

 

$

115,957

 

 

$

(40

)

 

$

398,880

 

 

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 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, no deferred revenue has been recorded, 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.  Expected returns allowances are recognized each period based on an analysis of historical experience, and when physical recovery of the product from returns occurs, an estimated right to return asset is also recorded based on the approximate cost of the product.

Amounts included in the Condensed Consolidated Statements of Financial Position (Unaudited) related to revenue recognition include:

 

 

 

September 30,

 

 

December 31,

 

 

Statement of Financial

Position

 

 

2020

 

 

2019

 

 

Classification

Returns, discounts and other allowances

 

$

(1,043

)

 

$

(589

)

 

Accounts receivable

Right of return asset

 

 

379

 

 

 

312

 

 

Inventories, net

Customer deposits

 

 

(142

)

 

 

(269

)

 

Other current liabilities

Accrued rebates

 

 

(2,620

)

 

 

(2,349

)

 

Other current liabilities

 

Sales, value added, and other taxes collected with revenue from customers are excluded from net sales.  The cost for shipments to customers is recognized when control over products has transferred to the customer and is classified as Selling, General and Administrative expenses for the Company’s manufacturing business and as Cost of Sales for the Company’s distribution business. Costs for shipments to customers in Selling, General and Administrative expenses were approximately $2.2 million and $2.0 million for the quarters ended September 30, 2020 and 2019, respectively, and $5.5 million and $6.2 million for the nine months ended September 30, 2020 and 2019, respectively, and in Cost of Sales were approximately $1.7 million and $1.3 million for the quarters ended September 30, 2020 and 2019, respectively, and $4.6 million and $4.3 million for the nine months ended September 30, 2020 and 2019, respectively.

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

v3.20.2
Acquisition
9 Months Ended
Sep. 30, 2020
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 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 working capital adjustment of $0.7 million that was paid in 2020. 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 estimated fair values at the acquisition date.

 

Assets acquired:

 

 

 

Accounts receivable

$

2,105

 

Inventories

 

2,719

 

Prepaid expenses

 

43

 

Property, plant and equipment

 

124

 

Right of use asset - operating leases

 

229

 

Intangible assets

 

8,400

 

Goodwill

 

7,143

 

Assets acquired

$

20,763

 

 

 

 

 

Liabilities assumed:

 

 

 

Accounts payable

$

1,675

 

Accrued expenses

 

143

 

Operating lease liability - short term

 

112

 

Operating lease liability - long term

 

117

 

Total liabilities assumed

 

2,047

 

 

 

 

 

Net acquisition cost

$

18,716

 

 

The goodwill represents the future economic benefits arising from other assets acquired that could not be individually and separately recognized and is 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

 

 

 

 

v3.20.2
Assets Held for Sale
9 Months Ended
Sep. 30, 2020
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract]  
Assets Held for Sale

4.  Assets Held for Sale

As of September 30, 2020 and December 31, 2019, a building with a carrying value of $1.9 million was classified as held for sale and is included in Other Assets.  During the first half of 2019, the Company sold two buildings, which had previously been held for sale, for total net proceeds of $7.4 million. These buildings were in the Material Handling Segment.

When a facility meets held for sale classification criteria, it is also evaluated for impairment by comparing its carrying value to its estimated fair value less estimated costs to sell. Estimated fair value of these buildings was based on third party offers, which are Level 2 inputs. No impairment related to assets held for sale was recognized in the quarters ended September 30, 2020 or 2019 or for the nine months ended September 30, 2020. An impairment charge of $0.9 million was recorded during the nine months ended September 30, 2019 in connection with a building meeting the held for sale criteria.  

v3.20.2
Settlement of Note Receivable and Lease Guarantee
9 Months Ended
Sep. 30, 2020
Settlement Of Note Receivable And Lease Guarantee [Abstract]  
Settlement of Note Receivable and Lease Guarantee

5.  Settlement of Note Receivable and Lease Guarantee

In 2015, the Company sold its Lawn and Garden business to an entity controlled by Wingate Partners V, L.P. (“L&G Buyer”), which later became HC Companies, Inc. (“HC”). The terms of the sale included promissory notes from HC. Due to uncertainty of collection, a provision for expected loss of $23.0 million was recorded within continuing operations during the third quarter of 2018 to fully impair the notes and corresponding interest receivable. The Company also ceased recognizing interest income following recognition of the provision.  

Also, in connection with the sale of the Lawn and Garden business, the Company became a guarantor for any remaining rent payments under one of HC’s facility leases expiring in September 2025. Annual rent for the facility is approximately $2 million. Due to the financial risk associated with HC, 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 the third quarter of 2018. The carrying value of the lease contingency as of December 31, 2019 was $10.7 million, which represented the initial liability recorded plus accretion and was included in Other Liabilities.

In January 2020, the Company sold to HC the fully-reserved promissory notes and related accrued interest receivable in exchange for $1.2 million and the release from the lease guarantee resulting in an $11.9 million pre-tax gain.

v3.20.2
Restructuring
9 Months Ended
Sep. 30, 2020
Restructuring And Related Activities [Abstract]  
Restructuring

6.  Restructuring

In March 2019, the Company committed to implementing a restructuring plan involving its Ameri-Kart Corp. subsidiary (“Ameri-Kart”) that operates within the 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 first quarter of 2021 and total restructuring costs expected to be incurred are approximately $1.1 million, primarily related to equipment relocation and facility shut down costs.

In March 2019, the Company committed to implementing transformation initiatives within the 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.

 

No restructuring charges were incurred during the quarter ended September 30, 2020 and no significant amounts were recognized  during the quarter ended September 30, 2019. Charges for the above restructuring plans for the nine months ended September 30, 2020 and 2019 are as follows:

 

 

 

For the Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

Segment

 

Cost of

Sales

 

 

SG&A

 

 

Total

 

 

Cost of

Sales

 

 

SG&A

 

 

Total

 

Distribution

 

$

 

 

$

 

 

$

 

 

$

 

 

$

865

 

 

$

865

 

Material Handling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

 

 

$

 

 

$

 

 

$

 

 

$

865

 

 

$

865

 

 

v3.20.2
Inventories
9 Months Ended
Sep. 30, 2020
Inventory Disclosure [Abstract]  
Inventories

7.  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 50 percent of inventories are valued using the LIFO method of determining cost. All other inventories are valued using the FIFO method of determining cost. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because these calculations are subject to many factors beyond management’s control, annual results may differ from interim results as they are subject to the final year-end LIFO inventory valuation. Based on management’s projections of inventory levels and costs, no adjustment to the LIFO reserve was recorded for the quarter or nine months ended September 30, 2020 or for the quarter ended September 30, 2019. During 2019, one inventory pool had a reduction in inventory quantities that was expected to remain through year-end, and therefore, a LIFO liquidation adjustment of $0.3 million was recorded to decrease cost of sales in the nine months ended September 30, 2019.

 

Inventories consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Finished and in-process products

 

$

34,035

 

 

$

32,537

 

Raw materials and supplies

 

 

14,102

 

 

 

11,723

 

 

 

$

48,137

 

 

$

44,260

 

 

v3.20.2
Other Liabilities
9 Months Ended
Sep. 30, 2020
Other Liabilities Disclosure [Abstract]  
Other Liabilities

8.  Other Liabilities

The balance in Other Current Liabilities is comprised of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Customer deposits and accrued rebates

 

$

2,762

 

 

$

2,618

 

Dividends payable

 

 

5,196

 

 

 

5,114

 

Accrued litigation, claims and professional fees

 

 

609

 

 

 

479

 

Current portion of environmental reserves

 

 

1,453

 

 

 

1,533

 

Accrued product replacement costs

 

 

477

 

 

 

1,835

 

Other accrued expenses

 

 

5,957

 

 

 

6,745

 

 

 

$

16,454

 

 

$

18,324

 

 

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 quarter ended September 30, 2019, approximately $3.5 million of estimated costs were recorded related to this matter, of which approximately $0.5 million remains accrued as of September 30, 2020 and is included within Other Current Liabilities.

 

The balance in Other Liabilities (long-term) is comprised of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Lease guarantee contingency

 

$

 

 

$

10,724

 

Environmental reserves

 

 

6,760

 

 

 

6,658

 

Supplemental executive retirement plan liability

 

 

1,542

 

 

 

1,776

 

Pension liability

 

 

875

 

 

 

956

 

Other long-term liabilities

 

 

3,756

 

 

 

2,468

 

 

 

$

12,933

 

 

$

22,582

 

 

v3.20.2
Goodwill and Intangible Assets
9 Months Ended
Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

9.  Goodwill and Intangible Assets

The change in goodwill for the nine months ended September 30, 2020 was as follows:

 

 

 

Distribution

 

 

Material

Handling

 

 

Total

 

January 1, 2020

 

$

7,716

 

 

$

59,058

 

 

$

66,774

 

Purchase accounting adjustment

 

 

(68

)

 

 

 

 

 

(68

)

Foreign currency translation

 

 

 

 

 

(286

)

 

 

(286

)

September 30, 2020

 

$

7,648

 

 

$

58,772

 

 

$

66,420

 

 

Intangible assets other than goodwill primarily consist of trade names, customer relationships, patents, non-competition agreements and technology assets established in connection with acquisitions. These intangible assets, other than certain trade names, are amortized over their estimated useful lives. Indefinite-lived trade names had a carrying value of $9.8 million at both September 30, 2020 and December 31, 2019. Refer to Note 3 for the intangible assets acquired through the Tuffy acquisition during the quarter ended September 30, 2019.

v3.20.2
Net Income per Common Share
9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Net Income per Common Share

10.  Net Income per Common Share

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

 

 

 

For the Quarter Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Weighted average common shares outstanding basic

 

 

35,796,247

 

 

 

35,495,157

 

 

 

35,764,822

 

 

 

35,451,980

 

Dilutive effect of stock options and restricted stock

 

 

146,882

 

 

 

263,875

 

 

 

173,364

 

 

 

371,251

 

Weighted average common shares outstanding diluted

 

 

35,943,129

 

 

 

35,759,032

 

 

 

35,938,186

 

 

 

35,823,231

 

 

Options to purchase 607,123 and 435,998 shares of common stock that were outstanding for the quarter and nine months ended September 30, 2020, respectively, and 638,073 and 631,300 for the quarter and nine months ended September 30, 2019, respectively, were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and were therefore anti-dilutive.

v3.20.2
Stock Compensation
9 Months Ended
Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Compensation

11.  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 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.

Stock compensation expense was approximately $1.4 million and $1.1 million for the quarters ended September 30, 2020 and 2019, respectively, and $2.8 million and $3.3 million for the nine months ended September 30, 2020 and 2019, respectively. Stock compensation expense in quarter ended September 30, 2020 included $0.6 million from award acceleration related to executive severances. These expenses are included in Selling, General and Administrative expenses. Total unrecognized compensation cost related to non-vested stock-based compensation arrangements at September 30, 2020 was approximately $4.8 million, which will be recognized over the next three years, as such compensation is earned.

v3.20.2
Contingencies
9 Months Ended
Sep. 30, 2020
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 are 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, Inc. 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 requires 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 this assurance as a letter of credit. 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 approximately $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 second quarter of 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 early 2021. 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 September 30, 2020, the Company has not recognized potential recovery in its condensed 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 to date. 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 (who, as of April 2020, is represented by the U.S. Department of Justice), periodic monitoring, and responses to unilateral administrative orders issued by the EPA. No expenses were recorded related to the New Idria Mine in the quarter and nine months ended September 30, 2020 and in the quarter ended September 30, 2019. Expenses of $4.0 million were recorded in the nine months ended September 30, 2019. As of September 30, 2020, the Company has a total reserve of $6.7 million related to the New Idria Mine, of which $1.1 million is classified in Other Current Liabilities and $5.6 million 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, we have not accrued for remediation costs in connection with this site as we are 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

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.  No costs were incurred related to New Almaden in the quarters or nine months ended September 30, 2020 or 2019. As of September 30, 2020, the Company has a total reserve of $1.5 million related to the New Almaden Mine, of which $0.3 million is classified in Other Current Liabilities and $1.2 million in Other Liabilities (long-term).

The project has not yet been implemented though significant work on design and planning has been performed. The Company is currently 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.

Patent Infringement

On December 11, 2018, No Spill Inc. filed suit against Scepter Manufacturing LLC and Scepter Corporation 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. Scepter Canada, Inc. was later added in a second amended complaint. On November 15, 2019 the court dismissed Scepter Corporation from the action. A full schedule in the case has not yet issued. The Scepter companies intend to defend themselves vigorously in this matter. On December 28, 2019, Scepter Canada, Inc. filed petitions for inter partes review (“IPR”) of the two patents asserted by No Spill, Inc. in the District of Kansas litigation. The U.S. Patent & Trademark Office (“USPTO”) instituted one IPR and denied the other. For the instituted IPR, a final decision on the validity of the patent is expected by July 2021. 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.

v3.20.2
Long-Term Debt and Loan Agreements
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Long-Term Debt and Loan Agreements

13.  Long-Term Debt and Loan Agreements

Long-term debt consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

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

 

 

524

 

 

 

824

 

 

 

 

77,476

 

 

 

77,176

 

Less current portion long-term debt

 

 

39,975

 

 

 

 

Long-term debt

 

$

37,501

 

 

$

77,176

 

 

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 September 30, 2020, the Company had $194.2 million available under the Loan Agreement. The Company had $5.8 million of letters of credit issued related to insurance and other contracts requiring financial assurance 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 euro currency reference rate depending on the type of loan requested by the Company, plus the applicable margin as set forth in the Loan Agreement.

The Company also holds Senior Unsecured Notes (“Notes”), which 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 January 2021 and January 2026. At September 30, 2020, $78.0 million of the Notes were outstanding.  

The weighted average interest rate on borrowings under the Company’s long-term debt was 6.28% for each of the quarters ended September 30, 2020 and 2019, and 6.27% and 6.26% for the nine months ended September 30, 2020 and 2019, respectively, which includes a quarterly facility fee on the used and unused portion, as well as amortization of deferred financing costs. 

As of September 30, 2020, 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).

v3.20.2
Retirement Plans
9 Months Ended
Sep. 30, 2020
Compensation And Retirement Disclosure [Abstract]  
Retirement Plans

14.  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, provides benefits primarily based upon a fixed amount for each year of service. The plan was frozen in 2007, and no benefits for service were accumulated after this date.

Net periodic pension cost is as follows:

 

 

 

For the Quarter Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest cost

 

$

48

 

 

$

60

 

 

$

144

 

 

$

180

 

Expected return on assets

 

 

(51

)

 

 

(46

)

 

 

(153

)

 

 

(138

)

Amortization of net loss

 

 

20

 

 

 

24

 

 

 

60

 

 

 

72

 

Net periodic pension cost

 

$

17

 

 

$

38

 

 

$

51

 

 

$

114

 

 

The Company expects to make contributions to the plan totaling $150 in 2020.

v3.20.2
Income Taxes
9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

15.  Income Taxes

The Company’s effective tax rate was 27.2% and 25.3% for the quarter and nine months ended September 30, 2020, respectively, compared to 26.2% and 27.3% for the quarter and nine months ended September 30, 2019, respectively. The effective income tax rate for both periods was different than the Company’s statutory rate, primarily due to state taxes and non-deductible expenses.

The total amount of gross unrecognized tax benefits that would reduce the Company’s effective tax rate was $1.1 million at September 30, 2020 and December 31, 2019.

The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of September 30, 2020, the Company is no longer subject to U.S. Federal examination 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 2015 through 2018. In addition, the Company is subject to non-U.S. income tax examinations for tax years of 2015 through 2019.

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. While the Company expects to realize certain benefits under the CARES Act and is continuing to evaluate its impacts, it does not believe the CARES Act will materially affect its condensed consolidated financial statements.

v3.20.2
Leases
9 Months Ended
Sep. 30, 2020
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 seven 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 Condensed Consolidated Statement of Financial Position (Unaudited).

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 the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term.

Amounts included in the Condensed Consolidated Statement of Financial Position (Unaudited) related to leases include:

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Right of use asset - operating leases

 

$

4,935

 

 

$

5,901

 

 

 

 

 

 

 

 

 

 

Operating lease liability - short-term

 

$

1,786

 

 

$

2,057

 

Operating lease liability - long-term

 

 

3,365

 

 

 

4,074

 

Total operating lease liabilities

 

$

5,151

 

 

$

6,131

 

 

 

The components of lease expense include:

 

 

 

 

 

For the Quarter Ended September 30,

 

 

For the Nine Months Ended September 30,

 

Lease Cost

 

Classification

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating lease cost (1)

 

Cost of sales

 

$

392

 

 

$

453

 

 

$

1,226

 

 

$

1,310

 

Operating lease cost (1)

 

Selling, general and administrative expenses

 

 

396

 

 

 

441

 

 

 

1,264

 

 

 

1,338

 

Total lease cost

 

 

 

$

788

 

 

$

894

 

 

$

2,490

 

 

$

2,648

 

 

(1)

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

Supplemental cash flow information related to leases was as follows:

 

 

 

For the Nine Months Ended September 30,

 

Supplemental Cash Flow Information

 

2020

 

 

2019

 

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

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

1,877

 

 

$

1,808

 

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

 

 

 

 

 

 

 

 

Operating leases

 

$

701

 

 

$

2,029

 

 

Lease Term and Discount Rate

 

September 30, 2020

 

 

December 31, 2019

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

 

 

Operating leases

 

 

3.81

 

 

 

4.23

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

Operating leases

 

 

5.0

%

 

 

5.0

%

 

Maturity of Lease Liabilities - As of September 30, 2020

 

Operating Leases

 

2020 (1)

 

$

568

 

2021

 

 

1,782

 

2022

 

 

1,312

 

2023

 

 

1,038

 

2024

 

 

339

 

After 2024

 

 

621

 

Total lease payments

 

 

5,660

 

Less: Interest

 

 

(509

)

Present value of lease liabilities

 

$

5,151

 

 

(1)

Represents amounts due in 2020 after September 30, 2020

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 6, 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 during the first quarter of 2021. 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 Condensed Consolidated Statement of Financial Position to each increase by approximately $9 million.

v3.20.2
Industry Segments
9 Months Ended
Sep. 30, 2020
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 the Chief Operating Decision Maker (“CODM”) 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 and consumer, among 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 within the Distribution Segment.

Total sales from foreign business units were approximately $9.8 million and $8.6 million for the quarters ended September 30, 2020 and 2019, respectively, and $28.0 million and $32.8 million for the nine months ended September 30, 2020 and 2019.

Summarized segment detail for the quarters and nine months ended September 30, 2020 and 2019 are presented in the following table:

 

 

For the Quarter Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling

$

86,769

 

 

$

84,110

 

 

$

251,700

 

 

$

282,963

 

Distribution

 

45,517

 

 

 

41,388

 

 

 

121,253

 

 

 

115,957

 

Inter-company sales

 

(28

)

 

 

(18

)

 

 

(51

)

 

 

(40

)

Total net sales

$

132,258

 

 

$

125,480

 

 

$

372,902

 

 

$

398,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling (1)

$

15,593

 

 

$

10,385

 

 

$

46,556

 

 

$

44,181

 

Distribution

 

5,091

 

 

 

3,382

 

 

 

8,577

 

 

 

6,923

 

Corporate (1) (2) (3)

 

(7,544

)

 

 

(5,707

)

 

 

(6,439

)

 

 

(22,644

)

Total operating income

 

13,140

 

 

 

8,060

 

 

 

48,694

 

 

 

28,460

 

Interest expense, net

 

(1,204

)

 

 

(993

)

 

 

(3,467

)

 

 

(3,059

)

Income from continuing operations before income taxes

$

11,936

 

 

$

7,067

 

 

$

45,227

 

 

$

25,401

 

 

(1)

In the quarter and nine months ended September 30, 2020, the Company incurred $2.4 million of executive severance charges, of which $1.5 million is included in Corporate and $0.9 million is included in Material Handling. This executive severance cost includes $1.8 million of severance and benefits and $0.6 million of charges for acceleration of stock compensaton.

(2)

In the nine months ended September 30, 2020, the Company recognized in Corporate a $11.9 million gain on the sale of notes receivable as described in Note 5.

(3)

In the nine months ended September 30, 2019, the Company recognized in Corporate a $4.0 million environmental charge as described in Note 12.

v3.20.2
Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2019.

Results from our former Brazil Business, which was sold in 2017, are presented as discontinued operations. Net cash flows provided by discontinued operations in 2019 resulted from the remaining receipt of the tax benefit from a worthless stock deduction, which was recognized as part of the sale. Net income from discontinued operations for the nine months ended September 30, 2019 related to interest income net of tax recognized on the receipt of the tax benefit in the first quarter of 2019. There was no discontinued operations activity for the quarter and nine months ended September 30, 2020.

In the opinion of the Company, the accompanying condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position as of September 30, 2020, and the results of operations and cash flows for the periods presented. The results of operations for the quarter and nine months ended September 30, 2020 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2020.

Accounting Standards Adopted and Not Yet Adopted

Accounting Standards Adopted

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting due to the cessation of the London Interbank Offered Rate (“LIBOR”). The amendments in this update are effective for the Company as of March 12, 2020 through December 31, 2022. The Company adopted this standard effective March 12, 2020. The adoption of this standard had no effect in the quarter or nine months ended September 30, 2020, and its future impact will depend on the manner in which the Company and its lenders ultimately address the removal of LIBOR as it relates to the Loan Agreement described in Note 13.

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). The Company adopted this standard effective January 1, 2020 and the adoption of this standard did not have a material impact on its condensed 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. The Company adopted this standard effective January 1, 2020 and the adoption of this standard is not expected to have a material impact on its annual 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. Certain disclosures in this ASU are required to be applied on a retrospective basis and others on a prospective basis. The Company adopted this standard effective January 1, 2020 and the adoption of this standard did not have a material impact on its condensed 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. The Company adopted this standard effective January 1, 2020 and the adoption of this standard did not have a material impact on its condensed consolidated financial statements.

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. The Company adopted the new guidance effective January 1, 2020. Adoption of the new standard resulted in changes to the Company’s accounting policy and disclosures related to its allowance for expected credit losses for accounts receivable. The impact of adopting this standard on its condensed consolidated financial statements was not material and no cumulative transition adjustment was required.

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 condensed consolidated financial statements.

Fair Value Measurement

Fair Value Measurement

The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, as required. Under ASC 820, the hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels:

 

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 or 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 approximates 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 any 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 September 30, 2020 and December 31, 2019, the aggregate fair value of the Company's outstanding fixed rate senior unsecured notes was estimated to be $80.3 million and $79.0 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 an income approach.

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

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

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at July 1, 2020

 

$

(16,137

)

 

$

(1,747

)

 

$

(17,884

)

Other comprehensive income (loss) before reclassifications

 

 

611

 

 

 

 

 

 

611

 

Net current-period other comprehensive income (loss)

 

 

611

 

 

 

 

 

 

611

 

Balance at September 30, 2020

 

$

(15,526

)

 

$

(1,747

)

 

$

(17,273

)

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at July 1, 2019

 

$

(14,716

)

 

$

(2,029

)

 

$

(16,745

)

Other comprehensive income (loss) before reclassifications

 

 

(466

)

 

 

 

 

 

(466

)

Net current-period other comprehensive income (loss)

 

 

(466

)

 

 

 

 

 

(466

)

Balance at September 30, 2019

 

$

(15,182

)

 

$

(2,029

)

 

$

(17,211

)

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at January 1, 2020

 

$

(14,602

)

 

$

(1,747

)

 

$

(16,349

)

Other comprehensive income (loss) before reclassifications

 

 

(924

)

 

 

 

 

 

(924

)

Net current-period other comprehensive income (loss)

 

 

(924

)

 

 

 

 

 

(924

)

Balance at September 30, 2020

 

$

(15,526

)

 

$

(1,747

)

 

$

(17,273

)

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at January 1, 2019

 

$

(16,251

)

 

$

(2,029

)

 

$

(18,280

)

Other comprehensive income (loss) before reclassifications

 

 

1,069

 

 

 

 

 

 

1,069

 

Net current-period other comprehensive income (loss)

 

 

1,069

 

 

 

 

 

 

1,069

 

Balance at September 30, 2019

 

$

(15,182

)

 

$

(2,029

)

 

$

(17,211

)

 

Allowance for Credit Losses

Allowance for Credit Losses

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. The Company reviews historical trends for credit loss as well as current economic conditions in determining an estimate for its allowance for credit losses. Additionally, in circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for credit losses is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably expects will be collected.

The change in the allowance for credit losses for the nine months ended September 30, 2020 was as follows:

 

 

 

2020

 

Balance at January 1

 

$

1,356

 

Provision for expected credit loss, net of recoveries

 

 

879

 

Write-offs and other

 

 

(324

)

Balance at September 30

 

$

1,911

 

 

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 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, no deferred revenue has been recorded, 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.  Expected returns allowances are recognized each period based on an analysis of historical experience, and when physical recovery of the product from returns occurs, an estimated right to return asset is also recorded based on the approximate cost of the product.

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 seven 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 Condensed Consolidated Statement of Financial Position (Unaudited).

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 the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term.

v3.20.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
The balances in the Company's Accumulated Other Comprehensive Income (Loss)

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

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at July 1, 2020

 

$

(16,137

)

 

$

(1,747

)

 

$

(17,884

)

Other comprehensive income (loss) before reclassifications

 

 

611

 

 

 

 

 

 

611

 

Net current-period other comprehensive income (loss)

 

 

611

 

 

 

 

 

 

611

 

Balance at September 30, 2020

 

$

(15,526

)

 

$

(1,747

)

 

$

(17,273

)

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at July 1, 2019

 

$

(14,716

)

 

$

(2,029

)

 

$

(16,745

)

Other comprehensive income (loss) before reclassifications

 

 

(466

)

 

 

 

 

 

(466

)

Net current-period other comprehensive income (loss)

 

 

(466

)

 

 

 

 

 

(466

)

Balance at September 30, 2019

 

$

(15,182

)

 

$

(2,029

)

 

$

(17,211

)

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at January 1, 2020

 

$

(14,602

)

 

$

(1,747

)

 

$

(16,349

)

Other comprehensive income (loss) before reclassifications

 

 

(924

)

 

 

 

 

 

(924

)

Net current-period other comprehensive income (loss)

 

 

(924

)

 

 

 

 

 

(924

)

Balance at September 30, 2020

 

$

(15,526

)

 

$

(1,747

)

 

$

(17,273

)

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at January 1, 2019

 

$

(16,251

)

 

$

(2,029

)

 

$

(18,280

)

Other comprehensive income (loss) before reclassifications

 

 

1,069

 

 

 

 

 

 

1,069

 

Net current-period other comprehensive income (loss)

 

 

1,069

 

 

 

 

 

 

1,069

 

Balance at September 30, 2019

 

$

(15,182

)

 

$

(2,029

)

 

$

(17,211

)

 

Summary of Change in Allowance for Credit Losses

The change in the allowance for credit losses for the nine months ended September 30, 2020 was as follows:

 

 

 

2020

 

Balance at January 1

 

$

1,356

 

Provision for expected credit loss, net of recoveries

 

 

879

 

Write-offs and other

 

 

(324

)

Balance at September 30

 

$

1,911

 

 

v3.20.2
Revenue Recognition (Tables)
9 Months Ended
Sep. 30, 2020
Revenue Recognition [Abstract]  
Schedule of Revenue by Major Market

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended September 30, 2020

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

26,865

 

 

$

 

 

$

 

 

$

26,865

 

Vehicle

 

 

19,715

 

 

 

 

 

 

 

 

 

19,715

 

Food and beverage

 

 

11,882

 

 

 

 

 

 

 

 

 

11,882

 

Industrial

 

 

28,307

 

 

 

 

 

 

(28

)

 

 

28,279

 

Auto aftermarket

 

 

 

 

 

45,517

 

 

 

 

 

 

45,517

 

Total net sales

 

$

86,769

 

 

$

45,517

 

 

$

(28

)

 

$

132,258

 

 

 

 

For the Quarter Ended September 30, 2019

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

19,205

 

 

$

 

 

$

 

 

$

19,205

 

Vehicle

 

 

21,951

 

 

 

 

 

 

 

 

 

21,951

 

Food and beverage

 

 

13,010

 

 

 

 

 

 

 

 

 

13,010

 

Industrial

 

 

29,944

 

 

 

 

 

 

(18

)

 

 

29,926

 

Auto aftermarket

 

 

 

 

 

41,388

 

 

 

 

 

 

41,388

 

Total net sales

 

$

84,110

 

 

$

41,388

 

 

$

(18

)

 

$

125,480

 

 

 

 

For the Nine Months Ended September 30, 2020

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

78,363

 

 

$

 

 

$

 

 

$

78,363

 

Vehicle

 

 

49,840

 

 

 

 

 

 

 

 

 

49,840

 

Food and beverage

 

 

38,373

 

 

 

 

 

 

 

 

 

38,373

 

Industrial

 

 

85,124

 

 

 

 

 

 

(51

)

 

 

85,073

 

Auto aftermarket

 

 

 

 

 

121,253

 

 

 

 

 

 

121,253

 

Total net sales

 

$

251,700

 

 

$

121,253

 

 

$

(51

)

 

$

372,902

 

 

 

 

For the Nine Months Ended September 30, 2019

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

59,505

 

 

$

 

 

$

 

 

$

59,505

 

Vehicle

 

 

66,433

 

 

 

 

 

 

 

 

 

66,433

 

Food and beverage

 

 

54,977

 

 

 

 

 

 

 

 

 

54,977

 

Industrial

 

 

102,048

 

 

 

 

 

 

(40

)

 

 

102,008

 

Auto aftermarket

 

 

 

 

 

115,957

 

 

 

 

 

 

115,957

 

Total net sales

 

$

282,963

 

 

$

115,957

 

 

$

(40

)

 

$

398,880

 

 

Schedule of Balances included in Condensed Consolidated Statements of Financial Position (Unaudited) Related to Revenue Recognition

Amounts included in the Condensed Consolidated Statements of Financial Position (Unaudited) related to revenue recognition include:

 

 

 

September 30,

 

 

December 31,

 

 

Statement of Financial

Position

 

 

2020

 

 

2019

 

 

Classification

Returns, discounts and other allowances

 

$

(1,043

)

 

$

(589

)

 

Accounts receivable

Right of return asset

 

 

379

 

 

 

312

 

 

Inventories, net

Customer deposits

 

 

(142

)

 

 

(269

)

 

Other current liabilities

Accrued rebates

 

 

(2,620

)

 

 

(2,349

)

 

Other current liabilities

v3.20.2
Acquisition (Tables)
9 Months Ended
Sep. 30, 2020
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 estimated fair values at the acquisition date.

Assets acquired:

 

 

 

Accounts receivable

$

2,105

 

Inventories

 

2,719

 

Prepaid expenses

 

43

 

Property, plant and equipment

 

124

 

Right of use asset - operating leases

 

229

 

Intangible assets

 

8,400

 

Goodwill

 

7,143

 

Assets acquired

$

20,763

 

 

 

 

 

Liabilities assumed:

 

 

 

Accounts payable

$

1,675

 

Accrued expenses

 

143

 

Operating lease liability - short term

 

112

 

Operating lease liability - long term

 

117

 

Total liabilities assumed

 

2,047

 

 

 

 

 

Net acquisition cost

$

18,716

 

 

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

 

 

 

v3.20.2
Restructuring (Tables)
9 Months Ended
Sep. 30, 2020
Restructuring And Related Activities [Abstract]  
Summary of Charges for Restructuring Plans Charges for the above restructuring plans for the nine months ended September 30, 2020 and 2019 are as follows:

 

 

 

For the Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

Segment

 

Cost of

Sales

 

 

SG&A

 

 

Total

 

 

Cost of

Sales

 

 

SG&A

 

 

Total

 

Distribution

 

$

 

 

$

 

 

$

 

 

$

 

 

$

865

 

 

$

865

 

Material Handling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

 

 

$

 

 

$

 

 

$

 

 

$

865

 

 

$

865

 

 

v3.20.2
Inventories (Tables)
9 Months Ended
Sep. 30, 2020
Inventory Disclosure [Abstract]  
Summary of Determination Cost of Inventories

 

Inventories consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Finished and in-process products

 

$

34,035

 

 

$

32,537

 

Raw materials and supplies

 

 

14,102

 

 

 

11,723

 

 

 

$

48,137

 

 

$

44,260

 

v3.20.2
Other Liabilities (Tables)
9 Months Ended
Sep. 30, 2020
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities

The balance in Other Current Liabilities is comprised of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Customer deposits and accrued rebates

 

$

2,762

 

 

$

2,618

 

Dividends payable

 

 

5,196

 

 

 

5,114

 

Accrued litigation, claims and professional fees

 

 

609

 

 

 

479

 

Current portion of environmental reserves

 

 

1,453

 

 

 

1,533

 

Accrued product replacement costs

 

 

477

 

 

 

1,835

 

Other accrued expenses

 

 

5,957

 

 

 

6,745

 

 

 

$

16,454

 

 

$

18,324

 

Schedule of Other Liabilities (Long-term)

The balance in Other Liabilities (long-term) is comprised of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Lease guarantee contingency

 

$

 

 

$

10,724

 

Environmental reserves

 

 

6,760

 

 

 

6,658

 

Supplemental executive retirement plan liability

 

 

1,542

 

 

 

1,776

 

Pension liability

 

 

875

 

 

 

956

 

Other long-term liabilities

 

 

3,756

 

 

 

2,468

 

 

 

$

12,933

 

 

$

22,582

 

v3.20.2
Goodwill and Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
The change in goodwill

The change in goodwill for the nine months ended September 30, 2020 was as follows:

 

 

 

Distribution

 

 

Material

Handling

 

 

Total

 

January 1, 2020

 

$

7,716

 

 

$

59,058

 

 

$

66,774

 

Purchase accounting adjustment

 

 

(68

)

 

 

 

 

 

(68

)

Foreign currency translation

 

 

 

 

 

(286

)

 

 

(286

)

September 30, 2020

 

$

7,648

 

 

$

58,772

 

 

$

66,420

 

v3.20.2
Net Income per Common Share (Tables)
9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Weighted average number of common shares outstanding during the period

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

 

 

 

For the Quarter Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Weighted average common shares outstanding basic

 

 

35,796,247

 

 

 

35,495,157

 

 

 

35,764,822

 

 

 

35,451,980

 

Dilutive effect of stock options and restricted stock

 

 

146,882

 

 

 

263,875

 

 

 

173,364

 

 

 

371,251

 

Weighted average common shares outstanding diluted

 

 

35,943,129

 

 

 

35,759,032

 

 

 

35,938,186

 

 

 

35,823,231

 

v3.20.2
Long-Term Debt and Loan Agreements (Tables)
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Long Term Debt

Long-term debt consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

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

 

 

524

 

 

 

824

 

 

 

 

77,476

 

 

 

77,176

 

Less current portion long-term debt

 

 

39,975

 

 

 

 

Long-term debt

 

$

37,501

 

 

$

77,176

 

v3.20.2
Retirement Plans (Tables)
9 Months Ended
Sep. 30, 2020
Compensation And Retirement Disclosure [Abstract]  
Net periodic pension cost

Net periodic pension cost is as follows:

 

 

 

For the Quarter Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest cost

 

$

48

 

 

$

60

 

 

$

144

 

 

$

180

 

Expected return on assets

 

 

(51

)

 

 

(46

)

 

 

(153

)

 

 

(138

)

Amortization of net loss

 

 

20

 

 

 

24

 

 

 

60

 

 

 

72

 

Net periodic pension cost

 

$

17

 

 

$

38

 

 

$

51

 

 

$

114

 

v3.20.2
Leases (Table)
9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Schedule of Balances Included in Condensed Consolidated Statement of Financial Position (Unaudited) Related to Leases

Amounts included in the Condensed Consolidated Statement of Financial Position (Unaudited) related to leases include:

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Right of use asset - operating leases

 

$

4,935

 

 

$

5,901

 

 

 

 

 

 

 

 

 

 

Operating lease liability - short-term

 

$

1,786

 

 

$

2,057

 

Operating lease liability - long-term

 

 

3,365

 

 

 

4,074

 

Total operating lease liabilities

 

$

5,151

 

 

$

6,131

 

 

Schedule of Lease Expense

 

The components of lease expense include:

 

 

 

 

 

For the Quarter Ended September 30,

 

 

For the Nine Months Ended September 30,

 

Lease Cost

 

Classification

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating lease cost (1)

 

Cost of sales

 

$

392

 

 

$

453

 

 

$

1,226

 

 

$

1,310

 

Operating lease cost (1)

 

Selling, general and administrative expenses

 

 

396

 

 

 

441

 

 

 

1,264

 

 

 

1,338

 

Total lease cost

 

 

 

$

788

 

 

$

894

 

 

$

2,490

 

 

$

2,648

 

 

(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:

 

 

 

For the Nine Months Ended September 30,

 

Supplemental Cash Flow Information

 

2020

 

 

2019

 

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

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

1,877

 

 

$

1,808

 

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

 

 

 

 

 

 

 

 

Operating leases

 

$

701

 

 

$

2,029

 

 

Lease Term and Discount Rate

 

September 30, 2020

 

 

December 31, 2019

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

 

 

Operating leases

 

 

3.81

 

 

 

4.23

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

Operating leases

 

 

5.0

%

 

 

5.0

%

 

Maturity of Operating Lease Lease Liabilities

Maturity of Lease Liabilities - As of September 30, 2020

 

Operating Leases

 

2020 (1)

 

$

568

 

2021

 

 

1,782

 

2022

 

 

1,312

 

2023

 

 

1,038

 

2024

 

 

339

 

After 2024

 

 

621

 

Total lease payments

 

 

5,660

 

Less: Interest

 

 

(509

)

Present value of lease liabilities

 

$

5,151

 

 

(1)

Represents amounts due in 2020 after September 30, 2020

v3.20.2
Industry Segments (Tables)
9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Schedule of Reporting Information by Segment

Summarized segment detail for the quarters and nine months ended September 30, 2020 and 2019 are presented in the following table:

 

 

For the Quarter Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling

$

86,769

 

 

$

84,110

 

 

$

251,700

 

 

$

282,963

 

Distribution

 

45,517

 

 

 

41,388

 

 

 

121,253

 

 

 

115,957

 

Inter-company sales

 

(28

)

 

 

(18

)

 

 

(51

)

 

 

(40

)

Total net sales

$

132,258

 

 

$

125,480

 

 

$

372,902

 

 

$

398,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Material Handling (1)

$

15,593

 

 

$

10,385

 

 

$

46,556

 

 

$

44,181

 

Distribution

 

5,091

 

 

 

3,382

 

 

 

8,577

 

 

 

6,923

 

Corporate (1) (2) (3)

 

(7,544

)

 

 

(5,707

)

 

 

(6,439

)

 

 

(22,644

)

Total operating income

 

13,140

 

 

 

8,060

 

 

 

48,694

 

 

 

28,460

 

Interest expense, net

 

(1,204

)

 

 

(993

)

 

 

(3,467

)

 

 

(3,059

)

Income from continuing operations before income taxes

$

11,936

 

 

$

7,067

 

 

$

45,227

 

 

$

25,401

 

 

(1)

In the quarter and nine months ended September 30, 2020, the Company incurred $2.4 million of executive severance charges, of which $1.5 million is included in Corporate and $0.9 million is included in Material Handling. This executive severance cost includes $1.8 million of severance and benefits and $0.6 million of charges for acceleration of stock compensaton.

(2)

In the nine months ended September 30, 2020, the Company recognized in Corporate a $11.9 million gain on the sale of notes receivable as described in Note 5.

(3)

In the nine months ended September 30, 2019, the Company recognized in Corporate a $4.0 million environmental charge as described in Note 12.

v3.20.2
Summary of Significant Accounting Policies - Additional Information (Details)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
USD ($)
DiscontinuedOperation
Sep. 30, 2020
USD ($)
DiscontinuedOperation
Dec. 31, 2019
USD ($)
Organization Consolidation And Presentation Of Financial Statements [Line Items]      
Number of discontinued operations | DiscontinuedOperation 0 0  
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 | $ $ 80.3 $ 80.3 $ 79.0
v3.20.2
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance $ 181,695 $ 162,410 $ 166,682 $ 154,638
Total other comprehensive income (loss) 611 (466) (924) 1,069
Ending balance 187,598 163,820 187,598 163,820
Foreign Currency [Member]        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance (16,137) (14,716) (14,602) (16,251)
Other comprehensive income (loss) before reclassifications 611 (466) (924) 1,069
Total other comprehensive income (loss) 611 (466) (924) 1,069
Ending balance (15,526) (15,182) (15,526) (15,182)
Defined Benefit Pension Plans [Member]        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance (1,747) (2,029) (1,747) (2,029)
Other comprehensive income (loss) before reclassifications 0 0 0 0
Total other comprehensive income (loss) 0 0 0 0
Ending balance (1,747) (2,029) (1,747) (2,029)
Accumulated Other Comprehensive Income (Loss) [Member]        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance (17,884) (16,745) (16,349) (18,280)
Other comprehensive income (loss) before reclassifications 611 (466) (924) 1,069
Total other comprehensive income (loss) 611 (466) (924) 1,069
Ending balance $ (17,273) $ (17,211) $ (17,273) $ (17,211)
v3.20.2
Summary of Significant Accounting Policies - Summary of Change in Allowance for Credit Losses (Details)
$ in Thousands
9 Months Ended
Sep. 30, 2020
USD ($)
Accounts Receivable Net [Abstract]  
Balance at January 1 $ 1,356
Provision for expected credit loss, net of recoveries 879
Write-offs and other (324)
Balance at September 30 $ 1,911
v3.20.2
Revenue Recognition - Schedule of Revenue by Major Market (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Disaggregation Of Revenue [Line Items]        
Net sales $ 132,258 $ 125,480 $ 372,902 $ 398,880
Consumer [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 26,865 19,205 78,363 59,505
Vehicle [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 19,715 21,951 49,840 66,433
Food and Beverage [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 11,882 13,010 38,373 54,977
Industrial [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 28,279 29,926 85,073 102,008
Auto Aftermarket [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 45,517 41,388 121,253 115,957
Operating Segments [Member] | Material Handling [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 86,769 84,110 251,700 282,963
Operating Segments [Member] | Material Handling [Member] | Consumer [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 26,865 19,205 78,363 59,505
Operating Segments [Member] | Material Handling [Member] | Vehicle [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 19,715 21,951 49,840 66,433
Operating Segments [Member] | Material Handling [Member] | Food and Beverage [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 11,882 13,010 38,373 54,977
Operating Segments [Member] | Material Handling [Member] | Industrial [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 28,307 29,944 85,124 102,048
Operating Segments [Member] | Distribution [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 45,517 41,388 121,253 115,957
Operating Segments [Member] | Distribution [Member] | Auto Aftermarket [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales 45,517 41,388 121,253 115,957
Inter-company [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales (28) (18) (51) (40)
Inter-company [Member] | Industrial [Member]        
Disaggregation Of Revenue [Line Items]        
Net sales $ (28) $ (18) $ (51) $ (40)
v3.20.2
Revenue Recognition - Schedule of Balances included in Condensed Consolidated Statements of Financial Position (Unaudited) Related to Revenue Recognition (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Accounts Receivable [Member]    
Disaggregation Of Revenue [Line Items]    
Returns, discounts and other allowances $ (1,043) $ (589)
Inventories, net [Member]    
Disaggregation Of Revenue [Line Items]    
Right of return asset 379 312
Other Current Liabilities [Member]    
Disaggregation Of Revenue [Line Items]    
Customer deposits (142) (269)
Accrued rebates $ (2,620) $ (2,349)
v3.20.2
Revenue Recognition - Additional Information (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Disaggregation Of Revenue [Line Items]        
Type of Cost, Good or Service [Extensible List] us-gaap:ShippingAndHandlingMember us-gaap:ShippingAndHandlingMember us-gaap:ShippingAndHandlingMember us-gaap:ShippingAndHandlingMember
Cost of sales $ 85,191 $ 85,894 $ 240,779 $ 266,799
Selling, General and Administrative Expenses [Member]        
Disaggregation Of Revenue [Line Items]        
Cost of sales 2,200 2,000 5,500 6,200
Cost of Sales [Member]        
Disaggregation Of Revenue [Line Items]        
Cost of sales $ 1,700 $ 1,300 $ 4,600 $ 4,300
v3.20.2
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
v3.20.2
Acquisition - Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Aug. 26, 2019
Assets acquired:      
Goodwill $ 66,420 $ 66,774  
Tuffy Manufacturing Industries, Inc. [Member]      
Assets acquired:      
Accounts receivable     $ 2,105
Inventories     2,719
Prepaid expenses     43
Property, plant and equipment     124
Right of use asset - operating leases     229
Intangible assets     8,400
Goodwill     7,143
Assets acquired     20,763
Liabilities assumed:      
Accounts payable     1,675
Accrued expenses     143
Operating lease liability - short term     112
Operating lease liability - long term     117
Total liabilities assumed     2,047
Net acquisition cost     $ 18,716
v3.20.2
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
v3.20.2
Assets Held for Sale - Additional Information (Details) - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Jun. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Long Lived Assets Held For Sale [Line Items]            
Net proceeds from sale of building     $ 7,400,000      
Impairment charges $ 0 $ 0   $ 0 $ 916,000  
Level 2 [Member]            
Long Lived Assets Held For Sale [Line Items]            
Impairment charges 0 $ 0   0 $ 900,000  
Other Assets [Member]            
Long Lived Assets Held For Sale [Line Items]            
Building classified as held for sale $ 1,900,000     $ 1,900,000   $ 1,900,000
v3.20.2
Settlement of Note Receivable and Lease Guarantee - Additional Information (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended
Jan. 31, 2020
Sep. 30, 2018
Sep. 30, 2020
Dec. 31, 2019
Settlement Of Note Receivable And Lease Guarantee [Line Items]        
Provision for loss on note receivable     $ 879  
Lease guarantee contingency       $ 10,724
Lawn and Garden Indemnification Claim [Member] | Guarantee Obligation [Member]        
Settlement Of Note Receivable And Lease Guarantee [Line Items]        
Lease expiring period     September 2025  
Annual rent     $ 2,000  
Liabilities and related pre tax charges   $ 10,300    
Lease guarantee contingency       $ 10,700
Sale of fully reserved promissory notes and related accrued interest receivable $ 1,200      
Pre-tax gain on sale of notes receivable $ 11,900      
Lawn and Garden Business [Member]        
Settlement Of Note Receivable And Lease Guarantee [Line Items]        
Provision for loss on note receivable   $ 23,000    
v3.20.2
Restructuring - Additional Information (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Mar. 31, 2021
Restructuring Cost And Reserve [Line Items]          
Restructuring charges $ 0 $ 0 $ 0 $ 865,000  
Ameri-Kart [Member] | Scenario Forecast [Member]          
Restructuring Cost And Reserve [Line Items]          
Expected restructuring charges         $ 1,100,000
v3.20.2
Restructuring - Summary of Charges for Restructuring Plans (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Restructuring Cost And Reserve [Line Items]        
Restructuring charges $ 0 $ 0 $ 0 $ 865,000
Cost of Sales [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring charges     0 0
SG&A [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring charges     0 865,000
Distribution [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring charges     0 865,000
Distribution [Member] | Cost of Sales [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring charges     0 0
Distribution [Member] | SG&A [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring charges     0 865,000
Material Handling [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring charges     0 0
Material Handling [Member] | Cost of Sales [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring charges     0 0
Material Handling [Member] | SG&A [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring charges     $ 0 $ 0
v3.20.2
Inventories - Additional Information (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Inventories        
Percentage of LIFO Inventory 50.00%   50.00%  
LIFO inventories, change in cost of sales $ 0 $ 0 $ 0 $ (300,000)
v3.20.2
Inventories - Summary of Determination Cost of Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Inventory Disclosure [Abstract]    
Finished and in-process products $ 34,035 $ 32,537
Raw materials and supplies 14,102 11,723
Inventory net $ 48,137 $ 44,260
v3.20.2
Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Other Liabilities Disclosure [Abstract]    
Customer deposits and accrued rebates $ 2,762 $ 2,618
Dividends payable 5,196 5,114
Accrued litigation, claims and professional fees 609 479
Current portion of environmental reserves 1,453 1,533
Accrued product replacement costs 477 1,835
Other accrued expenses 5,957 6,745
Other current liabilities, Total $ 16,454 $ 18,324
v3.20.2
Other Liabilities - Additional Information (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2020
Dec. 31, 2019
Other Liabilities Disclosure [Line Items]      
Accrued product replacement costs   $ 477 $ 1,835
Material Handling [Member]      
Other Liabilities Disclosure [Line Items]      
Product replacement costs $ 3,500    
Accrued product replacement costs   500  
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  
v3.20.2
Other Liabilities - Schedule of Other Liabilities (Long-term) (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Other Liabilities Disclosure [Abstract]    
Lease guarantee contingency   $ 10,724
Environmental reserves $ 6,760 6,658
Supplemental executive retirement plan liability 1,542 1,776
Pension liability 875 956
Other long-term liabilities 3,756 2,468
Other liabilities (long-term), Total $ 12,933 $ 22,582
v3.20.2
Goodwill and Intangible Assets - Change in Goodwill (Details)
$ in Thousands
9 Months Ended
Sep. 30, 2020
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 66,774
Purchase accounting adjustment (68)
Foreign currency translation (286)
Ending balance 66,420
Distribution [Member]  
Goodwill [Roll Forward]  
Beginning balance 7,716
Purchase accounting adjustment (68)
Foreign currency translation 0
Ending balance 7,648
Material Handling [Member]  
Goodwill [Roll Forward]  
Beginning balance 59,058
Purchase accounting adjustment 0
Foreign currency translation (286)
Ending balance $ 58,772
v3.20.2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Trade Names [Member]    
Finite And Indefinite Lived Intangible Assets [Line Items]    
Carrying value of indefinite-lived intangible assets $ 9.8 $ 9.8
v3.20.2
Net Income per Common Share (Details) - shares
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Earnings Per Share [Abstract]        
Weighted average common shares outstanding basic 35,796,247 35,495,157 35,764,822 35,451,980
Dilutive effect of stock options and restricted stock (in shares) 146,882 263,875 173,364 371,251
Weighted average common shares outstanding diluted (in shares) 35,943,129 35,759,032 35,938,186 35,823,231
v3.20.2
Net Income per Common Share - Additional Information (Details) - shares
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Earnings Per Share [Abstract]        
Anti-dilutive securities excluded from computation of net earnings or loss per common share 607,123 638,073 435,998 631,300
v3.20.2
Stock Compensation - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock compensation expense $ 1.4 $ 1.1 $ 2.8 $ 3.3
Total unrecognized compensation cost related to non-vested share based compensation arrangements 4.8   $ 4.8  
Unrecognized compensation cost period for recognition     3 years  
Executive Severances [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, award accelerated cost $ 0.6   $ 0.6  
Stock Options [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Period of expiration, term     10 years  
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   5,126,950  
v3.20.2
Contingencies - Additional Information (Details) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 108 Months Ended
Jan. 31, 2019
Apr. 30, 2016
Sep. 30, 2020
Sep. 30, 2019
Jun. 30, 2019
Dec. 31, 2018
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2016
Dec. 31, 2005
Sep. 30, 2020
Dec. 31, 2019
Loss Contingencies [Line Items]                        
Loss contingency, Loss in period               $ 4,000,000.0        
Other current liabilities     $ 16,454,000       $ 16,454,000       $ 16,454,000 $ 18,324,000
Other liabilities     12,933,000       12,933,000       12,933,000 $ 22,582,000
New Idria Mercury Mine [Member]                        
Loss Contingencies [Line Items]                        
Financial assurance required to be provided to EPA to secure performance           $ 2,000,000            
Prepayment amount $ 200,000                      
Loss contingency, Loss in period       $ 0                
New Almaden Mine (Formerly Referred to as Guadalupe River Watershed) [Member] | Natural Resource Damage Claim [Member]                        
Loss Contingencies [Line Items]                        
Total reserve     1,500,000       1,500,000       1,500,000  
Other current liabilities     300,000       300,000       300,000  
Other liabilities     1,200,000       1,200,000       1,200,000  
Expense recognized     0 $ 0     0 0 $ 1,200,000 $ 800,000    
Accrued balance             500,000          
Original estimated project costs   $ 1,600,000                    
Revised estimated project costs, Low Estimate   3,300,000                    
Revised estimated project costs, High Estimate   $ 4,400,000                    
Pending Litigation [Member] | New Idria Mercury Mine [Member] | EPA Notice Letter [Member]                        
Loss Contingencies [Line Items]                        
Loss contingencies, payments                     3,200,000  
Loss contingency, Loss in period     0   $ 4,000,000.0   0 $ 4,000,000.0     9,900,000  
Total reserve     6,700,000       6,700,000       6,700,000  
Other current liabilities     1,100,000       1,100,000       1,100,000  
Other liabilities     $ 5,600,000       $ 5,600,000       $ 5,600,000  
v3.20.2
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Long-term Debt $ 78,000 $ 78,000
Less unamortized deferred financing fees 524 824
Long-term Debt, net of deferred financing costs 77,476 77,176
Less current portion long-term debt 39,975 0
Long-term debt 37,501 77,176
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
v3.20.2
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Parenthetical) (Details)
9 Months Ended
Sep. 30, 2020
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
v3.20.2
Long-Term Debt and Loan Agreements - Additional Information (Details) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
May 30, 2014
Mar. 31, 2017
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Debt Instrument [Line Items]              
Long-term Debt     $ 78,000,000   $ 78,000,000   $ 78,000,000
Long-term Debt     $ 37,501,000   $ 37,501,000   $ 77,176,000
Weighted average interest rate during period     6.28% 6.28% 6.27% 6.26%  
Minimum [Member]              
Debt Instrument [Line Items]              
Long-term Debt     $ 11,000,000   $ 11,000,000    
Interest rate     4.67%   4.67%    
Maximum [Member]              
Debt Instrument [Line Items]              
Long-term Debt     $ 40,000,000   $ 40,000,000    
Interest rate     5.45%   5.45%    
Senior Unsecured Notes [Member]              
Debt Instrument [Line Items]              
Long-term Debt     $ 78,000,000.0   $ 78,000,000.0    
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   194,200,000    
Letters of credit     $ 5,800,000   5,800,000    
Loan Agreement [Member] | EPA [Member]              
Debt Instrument [Line Items]              
Financial assurance required to be provided         $ 2,000,000    
v3.20.2
Retirement Plans - Net Periodic Pension Cost (Details) - Pension Plans, Defined Benefit [Member] - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Defined Benefit Plan Disclosure [Line Items]        
Interest cost $ 48 $ 60 $ 144 $ 180
Expected return on assets (51) (46) (153) (138)
Amortization of net loss 20 24 60 72
Net periodic pension cost $ 17 $ 38 $ 51 $ 114
v3.20.2
Retirement Plans - Additional Information (Details)
$ in Thousands
9 Months Ended
Sep. 30, 2020
USD ($)
Compensation And Retirement Disclosure [Abstract]  
Contributions to plan $ 150
v3.20.2
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Income Taxes [Line Items]          
Effective tax rate for the year 27.20% 26.20% 25.30% 27.30%  
Unrecognized tax benefits that would impact effective tax rate $ 1.1   $ 1.1   $ 1.1
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 September 30, 2020, the Company is no longer subject to U.S. Federal examination by tax authorities for tax years before 2015.    
State and Local [Member]          
Income Taxes [Line Items]          
Income tax examination for tax years     2015 2016 2017 2018    
Non-U.S [Member]          
Income Taxes [Line Items]          
Income tax examination for tax years     2015 2016 2017 2018 2019    
v3.20.2
Leases - Additional Information (Details) - USD ($)
$ in Thousands
1 Months Ended 9 Months Ended
Dec. 31, 2019
Sep. 30, 2020
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
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   $ 1,782
Indiana [Member] | Manufacturing and Distribution [Member]    
Lessee Lease Description [Line Items]    
Facility lease period 15 years  
Base annual rent, first year $ 800  
Total expected future minimum lease payments 13,500  
Increase in assets and liabilities $ 9,000  
Minimum [Member]    
Lessee Lease Description [Line Items]    
Facility lease period   1 year
Maximum [Member]    
Lessee Lease Description [Line Items]    
Facility lease period   7 years
v3.20.2
Leases - Summary of Amounts Included in the Condensed Consolidated Statement of Financial Position (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Assets And Liabilities Lessee [Abstract]    
Right of use asset - operating leases $ 4,935 $ 5,901
Operating lease liability - short-term 1,786 2,057
Operating lease liability - long-term 3,365 4,074
Total operating lease liabilities $ 5,151 $ 6,131
v3.20.2
Leases - Summary of Components of Lease Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Lessee Lease Description [Line Items]        
Total lease cost $ 788 $ 894 $ 2,490 $ 2,648
Cost of Sales [Member]        
Lessee Lease Description [Line Items]        
Total lease cost 392 453 1,226 1,310
SG&A [Member]        
Lessee Lease Description [Line Items]        
Total lease cost $ 396 $ 441 $ 1,264 $ 1,338
v3.20.2
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ 1,877 $ 1,808
Right-of-use assets obtained in exchange for new lease liabilities:    
Operating leases $ 701 $ 2,029
v3.20.2
Leases - Summary of Lease Term and Discount Rate (Details)
Sep. 30, 2020
Dec. 31, 2019
Lessee Disclosure [Abstract]    
Weighted-average remaining lease term (years), operating leases 3 years 9 months 21 days 4 years 2 months 23 days
Weighted-average discount rate, operating leases 5.00% 5.00%
v3.20.2
Leases - Maturity of Operating Lease Lease Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Operating Lease Liabilities Payments Due [Abstract]    
2020 $ 568  
2021 1,782  
2022 1,312  
2023 1,038  
2024 339  
After 2024 621  
Total lease payments 5,660  
Less: Interest (509)  
Present value of lease liabilities $ 5,151 $ 6,131
v3.20.2
Industry Segments - Additional Information (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2020
USD ($)
Segment
Sep. 30, 2019
USD ($)
Segment Reporting Information [Line Items]        
Number of operating segments | Segment     2  
Net sales $ 132,258 $ 125,480 $ 372,902 $ 398,880
Foreign Countries [Member]        
Segment Reporting Information [Line Items]        
Net sales $ 9,800 $ 8,600 $ 28,000 $ 32,800
v3.20.2
Industry Segments - Schedule of reporting information by segment (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Segment Reporting Information [Line Items]        
Net sales $ 132,258 $ 125,480 $ 372,902 $ 398,880
Total operating income 13,140 8,060 48,694 28,460
Interest expense, net (1,204) (993) (3,467) (3,059)
Income from continuing operations before income taxes 11,936 7,067 45,227 25,401
Operating Segments [Member] | Material Handling [Member]        
Segment Reporting Information [Line Items]        
Net sales 86,769 84,110 251,700 282,963
Total operating income 15,593 10,385 46,556 44,181
Operating Segments [Member] | Distribution [Member]        
Segment Reporting Information [Line Items]        
Net sales 45,517 41,388 121,253 115,957
Total operating income 5,091 3,382 8,577 6,923
Inter-company sales [Member]        
Segment Reporting Information [Line Items]        
Net sales (28) (18) (51) (40)
Corporate [Member]        
Segment Reporting Information [Line Items]        
Total operating income $ (7,544) $ (5,707) $ (6,439) $ (22,644)
v3.20.2
Industry Segments - Schedule of reporting information by segment (Parenthetical) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Segment Reporting Information [Line Items]        
Executive severance charges $ 2,400   $ 2,400  
Gain on sale of notes receivable 0 $ 0 11,924 $ 0
Environmental charge       $ 4,000
Executive Severances [Member]        
Segment Reporting Information [Line Items]        
Severance and benefit 1,800   1,800  
Share-based payment arrangement, award accelerated cost 600   600  
Material Handling [Member]        
Segment Reporting Information [Line Items]        
Executive severance charges 900   900  
Corporate [Member]        
Segment Reporting Information [Line Items]        
Executive severance charges $ 1,500   $ 1,500