MYERS INDUSTRIES INC, 10-Q filed on 5/4/2023
Quarterly Report
v3.23.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2023
Apr. 28, 2023
Cover [Abstract]    
Entity Registrant Name Myers Industries, Inc.  
Entity Central Index Key 0000069488  
Trading Symbol MYE  
Document Type 10-Q  
Document Period End Date Mar. 31, 2023  
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
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   36,741,718
Entity File Number 001-08524  
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  
v3.23.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Statement [Abstract]    
Net sales $ 215,739 $ 225,486
Cost of sales 144,674 153,558
Gross profit 71,065 71,928
Selling, general and administrative expenses 52,081 47,990
(Gain) loss on disposal of fixed assets 27 (467)
Operating income 18,957 24,405
Interest expense, net 1,646 1,147
Income before income taxes 17,311 23,258
Income tax expense 4,335 5,921
Net income $ 12,976 $ 17,337
Net income per common share:    
Basic $ 0.35 $ 0.48
Diluted $ 0.35 $ 0.47
v3.23.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net income $ 12,976 $ 17,337
Other comprehensive income (loss):    
Foreign currency translation adjustment 42 570
Total other comprehensive income 42 570
Comprehensive income $ 13,018 $ 17,907
v3.23.1
Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current Assets    
Cash $ 28,241 $ 23,139
Accounts receivable, less allowances of $3,183 and $3,259, respectively 130,616 133,716
Inventories, net 102,141 93,351
Prepaid expenses and other current assets 5,781 7,001
Total Current Assets 266,779 257,207
Property, plant, and equipment, net 105,803 101,566
Right of use asset - operating leases 28,381 28,908
Goodwill 95,166 95,157
Intangible assets, net 50,096 51,752
Deferred income taxes 130 129
Other 9,842 7,915
Total Assets 556,197 542,634
Current Liabilities    
Accounts payable 93,477 73,536
Accrued employee compensation 13,647 24,664
Income taxes payable 4,889 2,054
Accrued taxes payable, other than income taxes 2,940 3,169
Accrued interest 661 1,264
Other current liabilities 27,016 26,380
Operating lease liability - short-term 6,072 6,177
Finance lease liability - short-term 523 518
Long-term debt - current portion 25,984 0
Total Current Liabilities 175,209 137,762
Long-term debt 62,784 93,962
Operating lease liability - long-term 22,409 22,786
Finance lease liability - long-term 8,785 8,919
Other liabilities 13,681 15,270
Deferred income taxes 8,082 7,508
Total Liabilities 290,950 286,207
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 36,716,788 and 36,500,020; net of treasury shares of 5,835,669 and 6,052,437, respectively) 22,525 22,332
Additional paid-in capital 316,709 315,865
Accumulated other comprehensive loss (17,751) (17,793)
Retained deficit (56,236) (63,977)
Total Shareholders’ Equity 265,247 256,427
Total Liabilities and Shareholders’ Equity $ 556,197 $ 542,634
v3.23.1
Condensed Consolidated Statements of Financial Position (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current Assets    
Allowance for doubtful accounts receivable, current $ 3,183 $ 3,259
Shareholders’ Equity    
Preferred Shares, shares authorized (in shares) 1,000,000 1,000,000
Preferred Shares, shares issued (in shares) 0 0
Preferred Shares, shares outstanding (in shares) 0 0
Common Shares, shares authorized (in shares) 60,000,000 60,000,000
Common Shares, shares outstanding (in shares) 36,716,788 36,500,020
Common shares, treasury (in shares) 5,835,669 6,052,437
v3.23.1
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Shares [Member]
Additional Paid-In Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Deficit [Member]
Beginning balance at Dec. 31, 2021 $ 209,325 $ 22,172 $ 306,720 $ (15,401) $ (104,166)
Stockholders' Equity [Roll Forward]          
Net income 17,337 0 0 0 17,337
Foreign currency translation adjustment 570 0 0 570 0
Shares issued under incentive plans, net of shares withheld for tax 127 53 74 0 0
Stock compensation expense 1,727 0 1,727 0 0
Declared dividends (4,948) 0 0 0 (4,948)
Ending balance at Mar. 31, 2022 224,138 22,225 308,521 (14,831) (91,777)
Beginning balance at Dec. 31, 2022 256,427 22,332 315,865 (17,793) (63,977)
Stockholders' Equity [Roll Forward]          
Net income 12,976 0 0 0 12,976
Foreign currency translation adjustment 42 0 0 42 0
Shares issued under incentive plans, net of shares withheld for tax (867) 193 (1,060) 0 0
Stock compensation expense 1,904 0 1,904 0 0
Declared dividends (5,235) 0 0 0 (5,235)
Ending balance at Mar. 31, 2023 $ 265,247 $ 22,525 $ 316,709 $ (17,751) $ (56,236)
v3.23.1
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) (Unaudited) - $ / shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Retained Deficit [Member]    
Dividends declared per share $ 0.135 $ 0.135
v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities    
Net income $ 12,976 $ 17,337
Adjustments to reconcile net income to net cash provided by (used for) operating activities    
Depreciation and amortization 5,618 5,200
Amortization of deferred financing costs 78 121
Non-cash stock-based compensation expense 1,904 1,727
(Gain) loss on disposal of fixed assets 27 (467)
Other (827) 521
Cash flows provided by (used for) working capital    
Accounts receivable 3,181 (31,894)
Inventories (8,778) (5,980)
Prepaid expenses and other current assets 1,220 614
Accounts payable and accrued expenses 10,387 20,113
Net cash provided by (used for) operating activities 25,786 7,292
Cash Flows From Investing Activities    
Capital expenditures (9,091) (5,060)
Acquisition of business, net of cash acquired (160) 0
Proceeds from sale of property, plant and equipment 33 1,076
Net cash provided by (used for) investing activities (9,218) (3,984)
Cash Flows From Financing Activities    
Net borrowings from revolving credit facility (5,200) 1,500
Payments on finance lease (129) (124)
Cash dividends paid (5,274) (4,939)
Proceeds from issuance of common stock 1,132 471
Shares withheld for employee taxes on equity awards (1,999) (344)
Net cash provided by (used for) financing activities (11,470) (3,436)
Foreign exchange rate effect on cash 4 49
Net increase (decrease) in cash 5,102 (79)
Cash at January 1 23,139 17,655
Cash at March 31 $ 28,241 $ 17,576
v3.23.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2023
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, 2022.

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 March 31, 2023, and the results of operations and cash flows for the periods presented. The results of operations for the quarter ended March 31, 2023 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2023.

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 11, 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 March 31, 2023 and December 31, 2022, the aggregate fair value of the Company's outstanding fixed rate senior unsecured notes was estimated to be $37.6 million and $37.4 million, respectively.

The purchase price allocations associated with the May 31, 2022 acquisition of Mohawk Rubber Sales of New England Inc. ("Mohawk"), 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 January 1, 2023

 

$

(16,410

)

 

$

(1,383

)

 

$

(17,793

)

Other comprehensive income (loss) before reclassifications

 

 

42

 

 

 

—

 

 

 

42

 

Net current-period other comprehensive income (loss)

 

 

42

 

 

 

—

 

 

 

42

 

Balance at March 31, 2023

 

$

(16,368

)

 

$

(1,383

)

 

$

(17,751

)

 

 

 

Foreign
Currency

 

 

Defined Benefit
Pension Plans

 

 

Total

 

Balance at January 1, 2022

 

$

(13,935

)

 

$

(1,466

)

 

$

(15,401

)

Other comprehensive income (loss) before reclassifications

 

 

570

 

 

 

—

 

 

 

570

 

Net current-period other comprehensive income (loss)

 

 

570

 

 

 

—

 

 

 

570

 

Balance at March 31, 2022

 

$

(13,365

)

 

$

(1,466

)

 

$

(14,831

)

 

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 changes in the allowance for credit losses for the quarter ended March 31, 2023 and 2022 were as follows:

 

 

 

2023

 

 

2022

 

Balance at January 1

 

$

2,273

 

 

$

2,173

 

Provision for expected credit loss, net of recoveries

 

 

135

 

 

 

31

 

Write-offs and other

 

 

(195

)

 

 

(268

)

Balance at March 31

 

$

2,213

 

 

$

1,936

 
v3.23.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2023
Revenue Recognition [Abstract]  
Revenue Recognition

2. Revenue Recognition

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

 

 

 

For the Quarter Ended March 31, 2023

 

 

 

Material
Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

23,876

 

 

$

—

 

 

$

—

 

 

$

23,876

 

Vehicle

 

 

32,008

 

 

 

—

 

 

 

—

 

 

 

32,008

 

Food and beverage

 

 

41,156

 

 

 

—

 

 

 

—

 

 

 

41,156

 

Industrial

 

 

55,522

 

 

 

—

 

 

 

(8

)

 

 

55,514

 

Auto aftermarket

 

 

—

 

 

 

63,185

 

 

 

—

 

 

 

63,185

 

Total net sales

 

$

152,562

 

 

$

63,185

 

 

$

(8

)

 

$

215,739

 

 

 

 

For the Quarter Ended March 31, 2022

 

 

 

Material
Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

31,924

 

 

$

—

 

 

$

—

 

 

$

31,924

 

Vehicle

 

 

47,777

 

 

 

—

 

 

 

—

 

 

 

47,777

 

Food and beverage

 

 

34,680

 

 

 

—

 

 

 

—

 

 

 

34,680

 

Industrial

 

 

62,255

 

 

 

—

 

 

 

(11

)

 

 

62,244

 

Auto aftermarket

 

 

—

 

 

 

48,861

 

 

 

—

 

 

 

48,861

 

Total net sales

 

$

176,636

 

 

$

48,861

 

 

$

(11

)

 

$

225,486

 

 

 

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:

 

 

 

March 31,

 

 

December 31,

 

 

Statement of Financial
Position

 

 

2023

 

 

2022

 

 

Classification

Returns, discounts and other allowances

 

$

(970

)

 

$

(986

)

 

Accounts receivable

Right of return asset

 

$

354

 

 

$

350

 

 

Inventories, net

Customer deposits

 

$

(3,297

)

 

$

(5,896

)

 

Other current liabilities

Accrued rebates

 

$

(3,641

)

 

$

(4,711

)

 

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 $3.0 million and $3.2 million for the quarters ended March 31, 2023 and 2022, respectively, and in Cost of sales were approximately $4.1 million and $1.6 million for the quarters ended March 31, 2023 and 2022, 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.
v3.23.1
Acquisitions
 3 Months Ended
Mar. 31, 2023
Business Combinations [Abstract]  
Acquisitions

3. Acquisitions

Mohawk

On May 31, 2022, the Company acquired the assets of Mohawk, a leading auto aftermarket distributor, which is included in the Distribution Segment. The Mohawk acquisition aligns with the Company's long-term objective to optimize and grow its Distribution business. Cash consideration was $27.8 million, net of $1.1 million of cash acquired. Total cash consideration also includes a $3.5 million working capital adjustment, of which $3.3 million was settled in November 2022 and $0.2 million was settled in February 2023. The Company estimated additional consideration payable of less than $0.1 million, subject to finalization of working capital and other adjustments. The Company funded the acquisition with proceeds from the Loan Agreement described in Note 11.

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

 

 

Initial Allocation of Consideration

 

Measurement Period Adjustments(1)

 

Updated Preliminary Allocation

 

Assets acquired:

 

 

 

 

 

 

Accounts receivable

$

10,137

 

$

458

 

$

10,595

 

Inventories

 

8,209

 

 

(16

)

 

8,193

 

Prepaid expenses

 

104

 

 

—

 

 

104

 

Other assets - long term

 

30

 

 

—

 

 

30

 

Property, plant and equipment

 

1,432

 

 

(261

)

 

1,171

 

Right of use asset - operating leases

 

1,367

 

 

—

 

 

1,367

 

Intangible assets

 

7,720

 

 

90

 

 

7,810

 

Goodwill

 

7,485

 

 

(403

)

 

7,082

 

Assets acquired

$

36,484

 

$

(132

)

$

36,352

 

 

 

 

 

 

 

 

Liabilities assumed:

 

 

 

 

 

 

Accounts payable

$

5,996

 

$

(191

)

$

5,805

 

Accrued expenses

 

1,414

 

 

(70

)

 

1,344

 

Operating lease liability - short term

 

399

 

 

—

 

 

399

 

Operating lease liability - long term

 

968

 

 

—

 

 

968

 

Total liabilities assumed

 

8,777

 

 

(261

)

 

8,516

 

 

 

 

 

 

 

 

Net acquisition cost

$

27,707

 

$

129

 

$

27,836

 

(1) The Company's preliminary purchase price allocation changed due to additional information and further analysis.

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

The intangible assets included above consist of the following:

 

 

Fair Value

 

 

Weighted Average
Estimated
Useful Life

Customer relationships

 

$

5,500

 

 

12.0 years

Trade name

 

 

2,000

 

 

5.0 years

Non-competition agreements

 

 

310

 

 

5.0 years

Total amortizable intangible assets

 

$

7,810

 

 

 

 
v3.23.1
Restructuring
 3 Months Ended
Mar. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring

4. Restructuring

In March 2019, the Company committed to implementing a restructuring plan involving its Ameri-Kart Corp. subsidiary (“Ameri-Kart”), a rotational molding business within the Material Handling Segment. The Company is consolidating certain manufacturing operations into a new facility in Bristol, Indiana (the “Ameri-Kart Plan”). In December 2019, as amended in March 2021, Ameri-Kart entered into a lease agreement for a newly constructed manufacturing and distribution facility in Bristol, Indiana. The building became substantially complete in March 2021 as defined in the lease agreement, and the 15-year finance lease of the new Bristol facility commenced. In connection with the lease agreement, Ameri-Kart agreed to sell its original Bristol facility and lease it back for a period of 5 years. During the second quarter of 2021, the sale of the original facility for net proceeds of $2.8 million was completed, which resulted in a gain of $1.0 million, and the lease back commenced. The new Bristol facility is in service and the original facility is planned to be closed in the first half of 2023. Remaining costs to complete this consolidation are expected to be approximately $2.9 million, including approximately $0.5 million in 2023 related to remaining equipment moves and $2.4 million to be incurred through 2026 related to remaining lease and maintenance costs for the idled facility.

The Company incurred $0.3 million and $0.4 million of restructuring charges related to the initiatives discussed above during the three months ended March 31, 2023 and March 31, 2022, respectively, which were recorded within Cost of sales and Selling, General and Administrative and $0.3 million related to loss on disposal of fixed assets during the three months ended March 31, 2022. Accrued and unpaid restructuring expenses were not significant at March 31, 2023 or December 31, 2022.

Severance charges from other restructuring initiatives to reduce overhead costs during the three months ended March 31, 2023 totaled $0.3 million in Selling, General and Administrative. Accrued and unpaid costs for these initiatives were not significant at March 31, 2023. Remaining costs associated with these other restructuring initiatives are not expected to be meaningful.

v3.23.1
Inventories
 3 Months Ended
Mar. 31, 2023
Inventory Disclosure [Abstract]  
Inventories

5. Inventories

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

 

Inventories consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Finished and in-process products

 

$

61,873

 

 

$

54,991

 

Raw materials and supplies

 

 

40,268

 

 

 

38,360

 

 

 

$

102,141

 

 

$

93,351

 
v3.23.1
Other Liabilities
 3 Months Ended
Mar. 31, 2023
Other Liabilities Disclosure [Abstract]  
Other Liabilities

6. Other Liabilities

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

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Customer deposits and accrued rebates

 

$

6,938

 

 

$

10,607

 

Dividends payable

 

 

5,712

 

 

 

5,722

 

Accrued litigation, claims and professional fees

 

 

3,523

 

 

 

596

 

Current portion of environmental reserves

 

 

4,205

 

 

 

3,284

 

Other accrued expenses

 

 

6,638

 

 

 

6,171

 

 

 

$

27,016

 

 

$

26,380

 

 

 

 

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

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Environmental reserves

 

$

10,989

 

 

$

13,078

 

Supplemental executive retirement plan liability

 

 

757

 

 

 

824

 

Pension liability

 

 

174

 

 

 

184

 

Other long-term liabilities

 

 

1,761

 

 

 

1,184

 

 

 

$

13,681

 

 

$

15,270

 
v3.23.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

The change in goodwill for the quarter ended March 31, 2023 was as follows:

 

 

 

Distribution

 

 

Material
Handling

 

 

Total

 

January 1, 2023

 

$

14,730

 

 

$

80,427

 

 

$

95,157

 

Foreign currency translation

 

 

—

 

 

 

9

 

 

 

9

 

March 31, 2023

 

$

14,730

 

 

$

80,436

 

 

$

95,166

 

 

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 March 31, 2023 and December 31, 2022. Refer to Note 3 for the intangible assets acquired through the Mohawk acquisition in May 2022.
v3.23.1
Net Income per Common Share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Net Income per Common Share

8. 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 March 31,

 

 

 

2023

 

 

2022

 

Weighted average common shares outstanding basic

 

 

36,564,775

 

 

 

36,280,268

 

Dilutive effect of stock options and restricted stock

 

 

251,181

 

 

 

230,766

 

Weighted average common shares outstanding diluted

 

 

36,815,956

 

 

 

36,511,034

 

Options to purchase 245,608 shares of common stock that were outstanding for the quarter ended March 31, 2022 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. There were no options to purchase shares of common stock excluded from the computation of diluted earnings for the quarter ended March 31, 2023.
v3.23.1
Stock Compensation
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Compensation

9. Stock Compensation

The Company’s 2021 Long-Term Incentive Plan (the “2021 Plan”) was adopted by the Board of Directors on March 4, 2021, amended by the Board of Directors on April 20, 2021, and approved by shareholders in the annual shareholder meeting on April 29, 2021. The 2021 Plan authorizes the Compensation and Management Development Committee of the Board of Directors (“Compensation Committee”) to issue up to 2,000,000 additional various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards to key employees and directors.

Stock compensation expense was approximately $1.9 million and $1.7 million for the quarters ended March 31, 2023 and 2022, respectively. These expenses are included in Selling, General and Administrative expenses. Total unrecognized compensation cost related to non-vested stock-based compensation arrangements at March 31, 2023 was approximately $14.2 million, which will be recognized over the next three years, as such compensation is earned. Outstanding options expire, if unexercised, ten years from the date of grant.
v3.23.1
Contingencies
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Contingencies

10. 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, Buckhorn 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 Buckhorn’s performance of the RI/FS. In addition, the AOC required $2 million of financial assurance to be provided to the EPA to secure Buckhorn's performance during the estimated life of the RI/FS. In January 2019, a letter of credit was provided to satisfy this assurance requirement. The AOC also includes provisions for payment of the EPA’s costs of oversight of the RI/FS. 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, Buckhorn received preliminary estimates from its environmental consultants for the cost of the execution of the work plan. Beginning in late 2021 and continuing through the current period, Buckhorn and the EPA continue to actively discuss the scope of the activities in the work plan, resulting in changes to the estimated costs to perform the work plan from time to time. Cost estimates will continue to be refined as the work plan is finalized and as the activities are performed over a period expected to last several years. In the fourth quarter of 2022, Buckhorn reached an agreement with respect to certain insurance coverage related to defense costs, which is expected to apply to a substantial portion of the estimated remediation investigation costs. Buckhorn established a receivable related to the probable insurance recovery of these costs totaling $6.0 million, as of December 31, 2022. During the three months ended March 31, 2023 Buckhorn received insurance recovery reimbursements of $0.9 million and recorded additional probable insurance recoveries of $1.1 million, related to the additional cost estimates discussed below. As of March 31, 2023, Buckhorn has a total receivable related to the probable insurance recovery of $6.2 million, of which $1.7 million is classified in Accounts receivable and $4.5 million is classified in Other (long-term).

As part of the Notice Letter in 2015, the EPA also made a claim for approximately $1.6 million in past costs for actions it claims it has taken in connection with the New Idria Mine from 1993 through February 2014 ("Past Costs Claim"). In December 2020, the EPA updated its Past Costs Claim to include costs incurred from March 2014 through June 2020, which it further revised through September 2022 to a total claim of $2.0 million, plus interest. Buckhorn has reached an agreement with the EPA to resolve the past costs claim for $1.9 million with no interest, which Buckhorn paid in the first quarter of 2023.

Since October 2011, when the New Idria Mine was added to the Superfund National Priorities List by the EPA, Buckhorn has recognized $17.1 million of cumulative charges, made cumulative payments of $8.3 million, received insurance recoveries of $2.9 million and recorded $7.1 million of probable insurance recoveries through March 31, 2023. These costs are comprised primarily of estimates to perform the RI/FS, negotiation of the AOC, identification of possible other PRPs, EPA oversight fees, past cost claims made by the EPA, periodic monitoring, and responses to demands issued by the EPA under the AOC. Expenses, net of probable insurance recoveries, of $0.5 million and $0.7 million were recorded for the quarter ended March 31, 2023 and March 31, 2022, respectively, primarily related to updated estimates of the cost to perform the RI/FS. As of March 31, 2023, Buckhorn has a total reserve of $10.7 million related to the New Idria Mine, of which $3.9 million is classified in Other Current Liabilities and $6.8 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 Buckhorn’s liability are based on current facts, laws, regulations and technology. Estimates of Buckhorn’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.

Given the circumstances referred to above, including the fact that the final remediation strategy has not yet been determined, Buckhorn has not accrued for remediation costs in connection with this site as it is unable to estimate the range of a reasonably possible liability for remediation costs.

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 ("Cost Sharing Agreement"), whereby Buckhorn and the Company agreed to reimburse one-half of the County’s costs of implementing the project. A detailed estimate was received from the County in 2016, and estimated costs for implementing the project to range between $3.3 million and $4.4 million. In 2022, the County informed the Company that it may begin implementation of the project in 2023 and that costs were expected to be higher. In January 2023, the County informed Buckhorn that the project will commence in 2023 and that it had accepted a bid to complete the project for approximately $9.0 million. The Company and Buckhorn intend to vigorously challenge, under the terms of the Cost Sharing Agreement, their responsibility to share in the entirety of the project cost increases. No costs were incurred related to New Almaden in the quarters ended March 31, 2023 or 2022, respectively. As of March 31, 2023, the Company has a total reserve of $4.5 million related to the New Almaden Mine, of which $0.3 million is classified in Other Current Liabilities and $4.2 million in Other Liabilities (long-term).

As work on the project occurs and dispute resolution proceeds, 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 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 January 6, 2022, the District Court bifurcated the patent infringement and invalidity issues from the antitrust and other issues in the case. Initial

discovery has concluded and dispositive motions have been filed in the matter. The trial on patent infringement and invalidity was held in early March 2023, resulting in jury verdicts on March 14, 2023 in favor of the defendant Scepter entities on each of the alleged claims of infringement. On April 24, 2023, the Court issued an Order dismissing all remaining claims in the case with prejudice and entered final Judgment of the jury verdict in favor of Scepter.

The Scepter companies intend to vigorously defend any appeal by No Spill of the results of the patent infringement litigation. Based on available information, an unfavorable outcome is not considered to be probable, and any possible losses from an adverse outcome are not reasonably estimable, so no contingent loss has been recorded. Due to the inherent uncertainties of litigation, the Company cannot accurately predict whether any unfavorable outcome of this matter could have a material impact on its results of operations, financial condition, or cash flows.

Other Matters

On February 14, 2023, a lawsuit was filed by Nan Morgan McCartney in the Circuit Court of Escambia County, Florida against the Company, Scepter US Holding Company, Scepter Manufacturing, LLC, Scepter Canada Inc., Walmart Inc., and Wal-Mart Stores East, LP. The complaint seeks compensatory damages and court costs for harm caused to Ms. McCartney allegedly arising from use of a 5-gallon portable fuel container manufactured by a Scepter company and alleges amounts in controversy in excess of $30 thousand exclusive of costs. The case has been removed to the Northern District of Florida, Pensacola Division. The deadline for Answering the Complaint was April 26, 2023, and a Rule 26(f) conference has been conducted by the parties on April 27, 2023 to discuss a discovery plan and case schedule. No other proceedings or discovery have occurred in this litigation matter as of the date of this filing and the Company cannot assess with any meaningful probability the outcome or damages.
v3.23.1
Long-Term Debt and Loan Agreements
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Debt and Loan Agreements

11. Long-Term Debt and Loan Agreements

Long-term debt consisted of the following:

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Loan Agreement

 

$

50,800

 

 

$

56,000

 

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

 

 

 

 

88,800

 

 

 

94,000

 

Less unamortized deferred financing costs

 

 

32

 

 

 

38

 

 

 

 

88,768

 

 

 

93,962

 

Less current portion long-term debt

 

 

25,984

 

 

 

—

 

Long-term debt

 

$

62,784

 

 

$

93,962

 

 

On September 29, 2022, the Company entered into a Seventh Amended and Restated Loan Agreement (the “Seventh Amendment”), which amended the Sixth Amended and Restated Loan Agreement (the "Sixth Amendment"), dated March 12, 2021. The Seventh Amendment, among other things, extended the maturity date to September 2027 from March 2024. The Seventh Amendment did not change the senior revolving credit facility's $250 million borrowing limit, which includes a letter of credit subfacility and swingline subfacility, or the outstanding letters of credit. In connection with the Seventh Amendment, the Company incurred $0.9 million of deferred financing fees, which are included in Other Assets (long-term). Together with unamortized fees from the Sixth Amendment remaining deferred financing fees under the Company's Loan Agreement were $1.3 million and $1.4 million as of March 31, 2023 and December 31, 2022, respectively, which will be amortized to Interest expense over the term of the Loan Agreement (defined below).

In March 2021, the Company entered into the Sixth Amendment, which amended the Fifth Amended and Restated Loan Agreement (collectively with the Sixth and Seventh Amendments, the “Loan Agreement”) dated March 2017. The Sixth Amendment increased the senior revolving credit facility’s borrowing limit to $250 million from $200 million, extended the maturity date to March 2024 from March 2022, and increased flexibility of the financial and other covenants and provisions. Amounts borrowed under the credit facility are secured by pledges of stock of certain of the Company’s foreign subsidiaries and guaranties of certain of its domestic subsidiaries. In connection with the Sixth Amendment, the Company incurred $1.1 million of deferred financing fees, which are included in Other Assets (long-term) and being amortized to Interest expense over the term of the Loan Agreement.

As of March 31, 2023, the Company had $193.5 million available under the Loan Agreement, which is available for the ongoing working capital requirements of the Company and its subsidiaries and for general corporate purposes. The Company had $5.7 million of letters of credit issued related to insurance and other contracts requiring financial assurance in the ordinary course of business. Borrowings under the Loan Agreement bear interest at the Term SOFR, RFR, EURIBOR and CDOR-based borrowing rates. Amounts borrowed under the credit facility are secured by pledges of stock of certain of the Company’s foreign subsidiaries and guaranties of certain of its domestic subsidiaries.

The Company also holds Senior Unsecured Notes (“Notes”), which range in face value from $11.0 million to $15.0 million, with interest rates ranging from 5.25% to 5.45%, payable semiannually, and maturing between January 2024 and January 2026. At March 31, 2023, $38.0 million of the Notes were outstanding, of which $26.0 million are classified as current.

The weighted average interest rate on borrowings under the Company’s long-term debt was 6.43% and 4.12% for the quarters ended March 31, 2023 and 2022, respectively, which includes a quarterly facility fee on the used and unused portion, as well as amortization of deferred financing costs.

As of March 31, 2023, 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 a leverage ratio (defined as total debt divided by earnings before interest, taxes, depreciation and amortization, as adjusted) and an interest coverage ratio (defined as earnings before interest, taxes, depreciation and amortization, as adjusted, divided by interest expense).
v3.23.1
Income Taxes
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

12. Income Taxes

The Company’s effective tax rate was 25.0% for the quarter ended March 31, 2023 compared to 25.5% for the quarter ended March 31, 2022. 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 Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of March 31, 2023, the Company is no longer subject to U.S. Federal examination by tax authorities for tax years before 2019. The Company is subject to state and local examinations for tax years of 2018 through 2021. In addition, the Company is subject to non-U.S. income tax examinations for tax years of 2017 through 2021.
v3.23.1
Leases
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases

13. 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 thirteen 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 and finance leases are included in Property, plant and equipment, Finance lease liability – short term, and Finance 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:

 

 

 

 

March 31,

 

 

December 31,

 

 

Classification

 

2023

 

 

2022

 

Assets:

 

 

 

 

 

 

 

Operating lease assets

Right of use asset - operating leases

 

$

28,381

 

 

$

28,908

 

Finance lease assets

Property, plant and equipment, net

 

 

8,903

 

 

 

9,075

 

Total lease assets

 

 

$

37,284

 

 

$

37,983

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Current

Operating lease liability - short-term

 

$

6,072

 

 

$

6,177

 

Long-term

Operating lease liability - long-term

 

 

22,409

 

 

 

22,786

 

Total operating lease liabilities

 

 

 

28,481

 

 

 

28,963

 

Current

Finance lease liability - short-term

 

 

523

 

 

 

518

 

Long-term

Finance lease liability - long-term

 

 

8,785

 

 

 

8,919

 

Total finance lease liabilities

 

 

 

9,308

 

 

 

9,437

 

Total lease liabilities

 

 

$

37,789

 

 

$

38,400

 

 

 

The components of lease expense include:

 

 

 

 

 

For the Quarter Ended March 31,

 

Lease Cost

 

Classification

 

2023

 

 

2022

 

Operating lease cost (1)

 

Cost of sales

 

$

1,553

 

 

$

1,356

 

Operating lease cost (1)

 

Selling, general and administrative expenses

 

 

855

 

 

 

611

 

Finance lease cost

 

 

 

 

 

 

 

 

Amortization expense

 

Cost of sales

 

 

172

 

 

 

172

 

Interest expense on lease liabilities

 

Interest expense, net

 

 

81

 

 

 

86

 

Total lease cost

 

 

 

$

2,661

 

 

$

2,225

 
(1)
Includes short-term leases and variable lease costs, which are immaterial

Supplemental cash flow information related to leases was as follows:

 

 

 

For the Quarter Ended March 31,

 

Supplemental Cash Flow Information

 

2023

 

 

2022

 

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

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

1,880

 

 

$

1,610

 

Operating cash flows from finance leases

 

$

81

 

 

$

86

 

Financing cash flows from finance leases

 

$

129

 

 

$

124

 

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

 

 

 

 

 

 

Operating leases

 

$

1,190

 

 

$

—

 

Finance leases

 

$

—

 

 

$

—

 

 

 

Lease Term and Discount Rate

 

March 31, 2023

 

 

December 31, 2022

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

Operating leases

 

 

6.28

 

 

 

6.44

 

Finance leases

 

 

12.93

 

 

 

13.17

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

3.7

%

 

 

3.6

%

Finance leases

 

 

3.5

%

 

 

3.5

%

 

Maturity of Lease Liabilities - As of March 31, 2023

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

2023(1)

 

$

5,362

 

 

$

630

 

 

$

5,992

 

2024

 

 

5,643

 

 

 

861

 

 

 

6,504

 

2025

 

 

4,797

 

 

 

865

 

 

 

5,662

 

2026

 

 

4,160

 

 

 

865

 

 

 

5,025

 

2027

 

 

3,507

 

 

 

887

 

 

 

4,394

 

After 2027

 

 

8,348

 

 

 

7,521

 

 

 

15,869

 

Total lease payments

 

 

31,817

 

 

 

11,629

 

 

 

43,446

 

Less: interest

 

 

(3,336

)

 

 

(2,321

)

 

 

(5,657

)

Present value of lease liabilities

 

$

28,481

 

 

$

9,308

 

 

$

37,789

 
(1)
Represents amounts due in 2023 after March 31, 2023
v3.23.1
Segments
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segments

14. 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. Intersegment sales are recorded with a reasonable margin and are eliminated in consolidation.

The Material Handling Segment manufactures a broad selection of durable plastic reusable containers that are used repeatedly during the course of their service life. At the end of their service life, these highly sustainable products can be recovered, recycled, and reprocessed into new products. The Material Handling Segment’s products include pallets, small parts bins, bulk shipping containers, storage and organization products, OEM parts, custom plastic products, consumer fuel containers and tanks for water, fuel and waste handling. Products in the Material Handling Segment are primarily injection molded, rotationally molded or blow molded. 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 under-vehicle 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 nine 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, truck stop operations, auto dealers, general service and repair centers, tire re-treaders, and government agencies. The acquisition of Mohawk, described in Note 3, is included in the Distribution Segment.

Total sales from foreign business units were approximately $12.5 million and $12.7 million for the quarters ended March 31, 2023 and 2022, respectively.

Summarized segment detail for the quarters ended March 31, 2023 and 2022 are presented in the following table:

 

 

For the Quarter Ended March 31,

 

 

2023

 

 

2022

 

Net Sales

 

 

 

 

 

Material Handling

$

152,562

 

 

$

176,636

 

Distribution

 

63,185

 

 

 

48,861

 

Inter-company sales

 

(8

)

 

 

(11

)

Total net sales

$

215,739

 

 

$

225,486

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

Material Handling

$

25,351

 

 

$

31,220

 

Distribution

 

2,237

 

 

 

3,301

 

Corporate(1)

 

(8,631

)

 

 

(10,116

)

Total operating income

 

18,957

 

 

 

24,405

 

Interest expense, net

 

(1,646

)

 

 

(1,147

)

Income before income taxes

$

17,311

 

 

$

23,258

 

(1) The company recognized $0.5 million and $0.7 million of expense to the estimated environmental reserve, net of probable insurance recoveries in the three months ended March 31, 2023 and 2022, respectively, as described in Note 10. Environmental charges are not included in segment results and are shown with Corporate.
v3.23.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2023
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, 2022.

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 March 31, 2023, and the results of operations and cash flows for the periods presented. The results of operations for the quarter ended March 31, 2023 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2023.
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 11, 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 March 31, 2023 and December 31, 2022, the aggregate fair value of the Company's outstanding fixed rate senior unsecured notes was estimated to be $37.6 million and $37.4 million, respectively.

The purchase price allocations associated with the May 31, 2022 acquisition of Mohawk Rubber Sales of New England Inc. ("Mohawk"), 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 January 1, 2023

 

$

(16,410

)

 

$

(1,383

)

 

$

(17,793

)

Other comprehensive income (loss) before reclassifications

 

 

42

 

 

 

—

 

 

 

42

 

Net current-period other comprehensive income (loss)

 

 

42

 

 

 

—

 

 

 

42

 

Balance at March 31, 2023

 

$

(16,368

)

 

$

(1,383

)

 

$

(17,751

)

 

 

 

Foreign
Currency

 

 

Defined Benefit
Pension Plans

 

 

Total

 

Balance at January 1, 2022

 

$

(13,935

)

 

$

(1,466

)

 

$

(15,401

)

Other comprehensive income (loss) before reclassifications

 

 

570

 

 

 

—

 

 

 

570

 

Net current-period other comprehensive income (loss)

 

 

570

 

 

 

—

 

 

 

570

 

Balance at March 31, 2022

 

$

(13,365

)

 

$

(1,466

)

 

$

(14,831

)

 
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.
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.
v3.23.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2023
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 January 1, 2023

 

$

(16,410

)

 

$

(1,383

)

 

$

(17,793

)

Other comprehensive income (loss) before reclassifications

 

 

42

 

 

 

—

 

 

 

42

 

Net current-period other comprehensive income (loss)

 

 

42

 

 

 

—

 

 

 

42

 

Balance at March 31, 2023

 

$

(16,368

)

 

$

(1,383

)

 

$

(17,751

)

 

 

 

Foreign
Currency

 

 

Defined Benefit
Pension Plans

 

 

Total

 

Balance at January 1, 2022

 

$

(13,935

)

 

$

(1,466

)

 

$

(15,401

)

Other comprehensive income (loss) before reclassifications

 

 

570

 

 

 

—

 

 

 

570

 

Net current-period other comprehensive income (loss)

 

 

570

 

 

 

—

 

 

 

570

 

Balance at March 31, 2022

 

$

(13,365

)

 

$

(1,466

)

 

$

(14,831

)

 
Summary of Changes in Allowance for Credit Losses

The changes in the allowance for credit losses for the quarter ended March 31, 2023 and 2022 were as follows:

 

 

 

2023

 

 

2022

 

Balance at January 1

 

$

2,273

 

 

$

2,173

 

Provision for expected credit loss, net of recoveries

 

 

135

 

 

 

31

 

Write-offs and other

 

 

(195

)

 

 

(268

)

Balance at March 31

 

$

2,213

 

 

$

1,936

 
v3.23.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2023
Revenue Recognition [Abstract]  
Schedule of Revenue by Major Market

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

 

 

 

For the Quarter Ended March 31, 2023

 

 

 

Material
Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

23,876

 

 

$

—

 

 

$

—

 

 

$

23,876

 

Vehicle

 

 

32,008

 

 

 

—

 

 

 

—

 

 

 

32,008

 

Food and beverage

 

 

41,156

 

 

 

—

 

 

 

—

 

 

 

41,156

 

Industrial

 

 

55,522

 

 

 

—

 

 

 

(8

)

 

 

55,514

 

Auto aftermarket

 

 

—

 

 

 

63,185

 

 

 

—

 

 

 

63,185

 

Total net sales

 

$

152,562

 

 

$

63,185

 

 

$

(8

)

 

$

215,739

 

 

 

 

For the Quarter Ended March 31, 2022

 

 

 

Material
Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

31,924

 

 

$

—

 

 

$

—

 

 

$

31,924

 

Vehicle

 

 

47,777

 

 

 

—

 

 

 

—

 

 

 

47,777

 

Food and beverage

 

 

34,680

 

 

 

—

 

 

 

—

 

 

 

34,680

 

Industrial

 

 

62,255

 

 

 

—

 

 

 

(11

)

 

 

62,244

 

Auto aftermarket

 

 

—

 

 

 

48,861

 

 

 

—

 

 

 

48,861

 

Total net sales

 

$

176,636

 

 

$

48,861

 

 

$

(11

)

 

$

225,486

 

 

 
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:

 

 

 

March 31,

 

 

December 31,

 

 

Statement of Financial
Position

 

 

2023

 

 

2022

 

 

Classification

Returns, discounts and other allowances

 

$

(970

)

 

$

(986

)

 

Accounts receivable

Right of return asset

 

$

354

 

 

$

350

 

 

Inventories, net

Customer deposits

 

$

(3,297

)

 

$

(5,896

)

 

Other current liabilities

Accrued rebates

 

$

(3,641

)

 

$

(4,711

)

 

Other current liabilities
v3.23.1
Acquisitions (Tables) - Mohawk [Member]
 3 Months Ended
Mar. 31, 2023
Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed The following table summarizes the allocation of the purchase price based on the estimated fair value of assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment.

 

Initial Allocation of Consideration

 

Measurement Period Adjustments(1)

 

Updated Preliminary Allocation

 

Assets acquired:

 

 

 

 

 

 

Accounts receivable

$

10,137

 

$

458

 

$

10,595

 

Inventories

 

8,209

 

 

(16

)

 

8,193

 

Prepaid expenses

 

104

 

 

—

 

 

104

 

Other assets - long term

 

30

 

 

—

 

 

30

 

Property, plant and equipment

 

1,432

 

 

(261

)

 

1,171

 

Right of use asset - operating leases

 

1,367

 

 

—

 

 

1,367

 

Intangible assets

 

7,720

 

 

90

 

 

7,810

 

Goodwill

 

7,485

 

 

(403

)

 

7,082

 

Assets acquired

$

36,484

 

$

(132

)

$

36,352

 

 

 

 

 

 

 

 

Liabilities assumed:

 

 

 

 

 

 

Accounts payable

$

5,996

 

$

(191

)

$

5,805

 

Accrued expenses

 

1,414

 

 

(70

)

 

1,344

 

Operating lease liability - short term

 

399

 

 

—

 

 

399

 

Operating lease liability - long term

 

968

 

 

—

 

 

968

 

Total liabilities assumed

 

8,777

 

 

(261

)

 

8,516

 

 

 

 

 

 

 

 

Net acquisition cost

$

27,707

 

$

129

 

$

27,836

 

(1) The Company's preliminary purchase price allocation changed due to additional information and further analysis.
Summary of Intangible Assets

The intangible assets included above consist of the following:

 

 

Fair Value

 

 

Weighted Average
Estimated
Useful Life

Customer relationships

 

$

5,500

 

 

12.0 years

Trade name

 

 

2,000

 

 

5.0 years

Non-competition agreements

 

 

310

 

 

5.0 years

Total amortizable intangible assets

 

$

7,810

 

 

 

 
v3.23.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2023
Inventory Disclosure [Abstract]  
Summary of Determination Cost of Inventories

Inventories consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Finished and in-process products

 

$

61,873

 

 

$

54,991

 

Raw materials and supplies

 

 

40,268

 

 

 

38,360

 

 

 

$

102,141

 

 

$

93,351

 
v3.23.1
Other Liabilities (Tables)
 3 Months Ended
Mar. 31, 2023
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities

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

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Customer deposits and accrued rebates

 

$

6,938

 

 

$

10,607

 

Dividends payable

 

 

5,712

 

 

 

5,722

 

Accrued litigation, claims and professional fees

 

 

3,523

 

 

 

596

 

Current portion of environmental reserves

 

 

4,205

 

 

 

3,284

 

Other accrued expenses

 

 

6,638

 

 

 

6,171

 

 

 

$

27,016

 

 

$

26,380

 

 
Schedule of Other Liabilities (Long-term)

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

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Environmental reserves

 

$

10,989

 

 

$

13,078

 

Supplemental executive retirement plan liability

 

 

757

 

 

 

824

 

Pension liability

 

 

174

 

 

 

184

 

Other long-term liabilities

 

 

1,761

 

 

 

1,184

 

 

 

$

13,681

 

 

$

15,270

 
v3.23.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
The change in goodwill

The change in goodwill for the quarter ended March 31, 2023 was as follows:

 

 

 

Distribution

 

 

Material
Handling

 

 

Total

 

January 1, 2023

 

$

14,730

 

 

$

80,427

 

 

$

95,157

 

Foreign currency translation

 

 

—

 

 

 

9

 

 

 

9

 

March 31, 2023

 

$

14,730

 

 

$

80,436

 

 

$

95,166

 
v3.23.1
Net Income per Common Share (Tables)
 3 Months Ended
Mar. 31, 2023
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 March 31,

 

 

 

2023

 

 

2022

 

Weighted average common shares outstanding basic

 

 

36,564,775

 

 

 

36,280,268

 

Dilutive effect of stock options and restricted stock

 

 

251,181

 

 

 

230,766

 

Weighted average common shares outstanding diluted

 

 

36,815,956

 

 

 

36,511,034

 
v3.23.1
Long-Term Debt and Loan Agreements (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long Term Debt

Long-term debt consisted of the following:

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Loan Agreement

 

$

50,800

 

 

$

56,000

 

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

 

 

 

 

88,800

 

 

 

94,000

 

Less unamortized deferred financing costs

 

 

32

 

 

 

38

 

 

 

 

88,768

 

 

 

93,962

 

Less current portion long-term debt

 

 

25,984

 

 

 

—

 

Long-term debt

 

$

62,784

 

 

$

93,962

 
v3.23.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2023
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:

 

 

 

 

March 31,

 

 

December 31,

 

 

Classification

 

2023

 

 

2022

 

Assets:

 

 

 

 

 

 

 

Operating lease assets

Right of use asset - operating leases

 

$

28,381

 

 

$

28,908

 

Finance lease assets

Property, plant and equipment, net

 

 

8,903

 

 

 

9,075

 

Total lease assets

 

 

$

37,284

 

 

$

37,983

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Current

Operating lease liability - short-term

 

$

6,072

 

 

$

6,177

 

Long-term

Operating lease liability - long-term

 

 

22,409

 

 

 

22,786

 

Total operating lease liabilities

 

 

 

28,481

 

 

 

28,963

 

Current

Finance lease liability - short-term

 

 

523

 

 

 

518

 

Long-term

Finance lease liability - long-term

 

 

8,785

 

 

 

8,919

 

Total finance lease liabilities

 

 

 

9,308

 

 

 

9,437

 

Total lease liabilities

 

 

$

37,789

 

 

$

38,400

 
Schedule of Lease Expense

The components of lease expense include:

 

 

 

 

 

For the Quarter Ended March 31,

 

Lease Cost

 

Classification

 

2023

 

 

2022

 

Operating lease cost (1)

 

Cost of sales

 

$

1,553

 

 

$

1,356

 

Operating lease cost (1)

 

Selling, general and administrative expenses

 

 

855

 

 

 

611

 

Finance lease cost

 

 

 

 

 

 

 

 

Amortization expense

 

Cost of sales

 

 

172

 

 

 

172

 

Interest expense on lease liabilities

 

Interest expense, net

 

 

81

 

 

 

86

 

Total lease cost

 

 

 

$

2,661

 

 

$

2,225

 
(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 Quarter Ended March 31,

 

Supplemental Cash Flow Information

 

2023

 

 

2022

 

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

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

1,880

 

 

$

1,610

 

Operating cash flows from finance leases

 

$

81

 

 

$

86

 

Financing cash flows from finance leases

 

$

129

 

 

$

124

 

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

 

 

 

 

 

 

Operating leases

 

$

1,190

 

 

$

—

 

Finance leases

 

$

—

 

 

$

—

 

 

 

Lease Term and Discount Rate

 

March 31, 2023

 

 

December 31, 2022

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

Operating leases

 

 

6.28

 

 

 

6.44

 

Finance leases

 

 

12.93

 

 

 

13.17

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

3.7

%

 

 

3.6

%

Finance leases

 

 

3.5

%

 

 

3.5

%
Maturity of Operating and Finance Lease Liabilities

Maturity of Lease Liabilities - As of March 31, 2023

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

2023(1)

 

$

5,362

 

 

$

630

 

 

$

5,992

 

2024

 

 

5,643

 

 

 

861

 

 

 

6,504

 

2025

 

 

4,797

 

 

 

865

 

 

 

5,662

 

2026

 

 

4,160

 

 

 

865

 

 

 

5,025

 

2027

 

 

3,507

 

 

 

887

 

 

 

4,394

 

After 2027

 

 

8,348

 

 

 

7,521

 

 

 

15,869

 

Total lease payments

 

 

31,817

 

 

 

11,629

 

 

 

43,446

 

Less: interest

 

 

(3,336

)

 

 

(2,321

)

 

 

(5,657

)

Present value of lease liabilities

 

$

28,481

 

 

$

9,308

 

 

$

37,789

 
(1)
Represents amounts due in 2023 after March 31, 2023
v3.23.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Schedule of Reporting Information by Segment

Summarized segment detail for the quarters ended March 31, 2023 and 2022 are presented in the following table:

 

 

For the Quarter Ended March 31,

 

 

2023

 

 

2022

 

Net Sales

 

 

 

 

 

Material Handling

$

152,562

 

 

$

176,636

 

Distribution

 

63,185

 

 

 

48,861

 

Inter-company sales

 

(8

)

 

 

(11

)

Total net sales

$

215,739

 

 

$

225,486

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

Material Handling

$

25,351

 

 

$

31,220

 

Distribution

 

2,237

 

 

 

3,301

 

Corporate(1)

 

(8,631

)

 

 

(10,116

)

Total operating income

 

18,957

 

 

 

24,405

 

Interest expense, net

 

(1,646

)

 

 

(1,147

)

Income before income taxes

$

17,311

 

 

$

23,258

 

(1) The company recognized $0.5 million and $0.7 million of expense to the estimated environmental reserve, net of probable insurance recoveries in the three months ended March 31, 2023 and 2022, respectively, as described in Note 10. Environmental charges are not included in segment results and are shown with Corporate.
v3.23.1
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
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 $ 37.6 $ 37.4
v3.23.1
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance $ 256,427 $ 209,325
Total other comprehensive income 42 570
Ending balance 265,247 224,138
Foreign Currency [Member]    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance (16,410) (13,935)
Other comprehensive income (loss) before reclassifications 42 570
Total other comprehensive income 42 570
Ending balance (16,368) (13,365)
Defined Benefit Pension Plans [Member]    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance (1,383) (1,466)
Other comprehensive income (loss) before reclassifications 0 0
Total other comprehensive income 0 0
Ending balance (1,383) (1,466)
Accumulated Other Comprehensive Income (Loss) [Member]    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance (17,793) (15,401)
Other comprehensive income (loss) before reclassifications 42 570
Total other comprehensive income 42 570
Ending balance $ (17,751) $ (14,831)
v3.23.1
Summary of Significant Accounting Policies - Summary of Changes in Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Balance at January 1 $ 2,273 $ 2,173
Provision for expected credit loss, net of recoveries 135 31
Write-offs and other (195) (268)
Balance at March 31 $ 2,213 $ 1,936
v3.23.1
Revenue Recognition - Schedule of Revenue by Major Market (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation Of Revenue [Line Items]    
Net sales $ 215,739 $ 225,486
Operating Segments [Member] | Material Handling [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 152,562 176,636
Operating Segments [Member] | Distribution [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 63,185 48,861
Inter-company [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales (8) (11)
Consumer [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 23,876 31,924
Consumer [Member] | Operating Segments [Member] | Material Handling [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 23,876 31,924
Consumer [Member] | Operating Segments [Member] | Distribution [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 0 0
Consumer [Member] | Inter-company [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 0 0
Vehicle [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 32,008 47,777
Vehicle [Member] | Operating Segments [Member] | Material Handling [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 32,008 47,777
Vehicle [Member] | Operating Segments [Member] | Distribution [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 0 0
Vehicle [Member] | Inter-company [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 0 0
Food and Beverage [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 41,156 34,680
Food and Beverage [Member] | Operating Segments [Member] | Material Handling [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 41,156 34,680
Food and Beverage [Member] | Operating Segments [Member] | Distribution [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 0 0
Food and Beverage [Member] | Inter-company [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 0 0
Industrial [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 55,514 62,244
Industrial [Member] | Operating Segments [Member] | Material Handling [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 55,522 62,255
Industrial [Member] | Operating Segments [Member] | Distribution [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 0 0
Industrial [Member] | Inter-company [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales (8) (11)
Auto Aftermarket [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 63,185 48,861
Auto Aftermarket [Member] | Operating Segments [Member] | Material Handling [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 0 0
Auto Aftermarket [Member] | Operating Segments [Member] | Distribution [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales 63,185 48,861
Auto Aftermarket [Member] | Inter-company [Member]    
Disaggregation Of Revenue [Line Items]    
Net sales $ 0 $ 0
v3.23.1
Revenue Recognition - Schedule of Balances included in Condensed Consolidated Statements of Financial Position (Unaudited) Related to Revenue Recognition (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Accounts Receivable [Member]    
Disaggregation Of Revenue [Line Items]    
Returns, discounts and other allowances $ (970) $ (986)
Inventories, net [Member]    
Disaggregation Of Revenue [Line Items]    
Right of return asset 354 350
Other Current Liabilities [Member]    
Disaggregation Of Revenue [Line Items]    
Customer deposits (3,297) (5,896)
Accrued rebates $ (3,641) $ (4,711)
v3.23.1
Revenue Recognition - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation Of Revenue [Line Items]    
Type of Cost, Good or Service [Extensible List] us-gaap:ShippingAndHandlingMember us-gaap:ShippingAndHandlingMember
Cost of sales $ 144,674 $ 153,558
Selling, General and Administrative Expenses [Member]    
Disaggregation Of Revenue [Line Items]    
Cost of sales 3,000 3,200
Cost of Sales [Member]    
Disaggregation Of Revenue [Line Items]    
Cost of sales $ 4,100 $ 1,600
v3.23.1
Acquisitions - Additional Information (Details) - Mohawk [Member] - USD ($)
$ in Millions
 1 Months Ended
May 31, 2022
Feb. 28, 2023
Nov. 30, 2022
Business Acquisition [Line Items]      
Purchase price of acquisition $ 27.8    
Net of cash acquired 1.1    
Working capital adjustment 3.5 $ 0.2 $ 3.3
Maximum [Member]      
Business Acquisition [Line Items]      
Working capital adjustment $ 0.1    
v3.23.1
Acquisitions - Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed - Mohawk (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
May 31, 2022
Assets acquired:      
Goodwill $ 95,166 $ 95,157  
Mohawk [Member]      
Assets acquired:      
Accounts receivable     $ 10,595
Inventories     8,193
Prepaid expenses     104
Other assets - long term     30
Property, plant and equipment     1,171
Right of use asset - operating leases     1,367
Intangible assets     7,810
Goodwill     7,082
Assets acquired     36,352
Liabilities assumed:      
Accounts payable     5,805
Accrued expenses     1,344
Operating lease liability - short term     399
Operating lease liability - long term     968
Total liabilities assumed     8,516
Net acquisition cost     27,836
Mohawk [Member] | Initial Allocation of Consideration [Member]      
Assets acquired:      
Accounts receivable     10,137
Inventories     8,209
Prepaid expenses     104
Other assets - long term     30
Property, plant and equipment     1,432
Right of use asset - operating leases     1,367
Intangible assets     7,720
Goodwill     7,485
Assets acquired     36,484
Liabilities assumed:      
Accounts payable     5,996
Accrued expenses     1,414
Operating lease liability - short term     399
Operating lease liability - long term     968
Total liabilities assumed     8,777
Net acquisition cost     27,707
Mohawk [Member] | Measurement Period Adjustments [Member]      
Assets acquired:      
Accounts receivable [1]     458
Inventories [1]     (16)
Prepaid expenses [1]     0
Other assets - long term [1]     0
Property, plant and equipment [1]     (261)
Right of use asset - operating leases [1]     0
Intangible assets [1]     90
Goodwill [1]     (403)
Assets acquired [1]     (132)
Liabilities assumed:      
Accounts payable [1]     (191)
Accrued expenses [1]     (70)
Operating lease liability - short term [1]     0
Operating lease liability - long term [1]     0
Total liabilities assumed [1]     (261)
Net acquisition cost [1]     $ 129
[1] The Company's preliminary purchase price allocation changed due to additional information and further analysis.
v3.23.1
Acquisitions - Summary of Intangible Assets - Mohawk (Details) - Mohawk [Member]
$ in Thousands
May 31, 2022
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Total amortizable intangible assets, Fair value $ 7,810
Customer Relationships [Member]  
Acquired Finite-Lived Intangible Assets [Line Items]  
Total amortizable intangible assets, Fair value $ 5,500
Weighted Average Estimated Useful Life 12 years
Trade Name [Member]  
Acquired Finite-Lived Intangible Assets [Line Items]  
Total amortizable intangible assets, Fair value $ 2,000
Weighted Average Estimated Useful Life 5 years
Non-competition Agreements [Member]  
Acquired Finite-Lived Intangible Assets [Line Items]  
Total amortizable intangible assets, Fair value $ 310
Weighted Average Estimated Useful Life 5 years
v3.23.1
Restructuring - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2019
Mar. 31, 2023
Sep. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Dec. 31, 2022
Restructuring Cost And Reserve [Line Items]            
Proceeds from sale of property, plant and equipment   $ 33   $ 1,076    
Gain/loss on sale of property   (27)   467    
Restructuring charges     $ 300 400    
Selling, General and Administrative Expenses [Member]            
Restructuring Cost And Reserve [Line Items]            
Executive severance cost   300        
Ameri-Kart [Member]            
Restructuring Cost And Reserve [Line Items]            
Gain/loss on sale of property       $ 300    
Unpaid restructuring expenses   $ 0       $ 0
Indiana [Member] | Manufacturing and Distribution [Member]            
Restructuring Cost And Reserve [Line Items]            
Facility lease period   15 years        
Proceeds from sale of property, plant and equipment         $ 2,800  
Sale leaseback transaction term of contract 5 years          
Gain/loss on sale of property         $ 1,000  
Restructuring charges   $ 2,900        
Remaining equipment moves   500        
Other restructuring costs   $ 2,400        
v3.23.1
Inventories - Additional Information (Details)
Mar. 31, 2023
Inventories  
Percentage of LIFO Inventory 40.00%
v3.23.1
Inventories - Summary of Determination Cost of Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Finished and in-process products $ 61,873 $ 54,991
Raw materials and supplies 40,268 38,360
Inventory net $ 102,141 $ 93,351
v3.23.1
Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Other Liabilities Disclosure [Abstract]    
Customer deposits and accrued rebates $ 6,938 $ 10,607
Dividends payable 5,712 5,722
Accrued litigation, claims and professional fees 3,523 596
Current portion of environmental reserves $ 4,205 $ 3,284
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration] Liabilities, Current Liabilities, Current
Other accrued expenses $ 6,638 $ 6,171
Other current liabilities, Total $ 27,016 $ 26,380
v3.23.1
Other Liabilities - Schedule of Other Liabilities (Long-term) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Other Liabilities Disclosure [Abstract]    
Environmental reserves $ 10,989 $ 13,078
Supplemental executive retirement plan liability 757 824
Pension liability 174 184
Other long-term liabilities 1,761 1,184
Other liabilities (long-term), Total $ 13,681 $ 15,270
v3.23.1
Goodwill and Intangible Assets - Change in Goodwill (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 95,157
Foreign currency translation 9
Ending balance 95,166
Distribution [Member]  
Goodwill [Roll Forward]  
Beginning balance 14,730
Foreign currency translation 0
Ending balance 14,730
Material Handling [Member]  
Goodwill [Roll Forward]  
Beginning balance 80,427
Foreign currency translation 9
Ending balance $ 80,436
v3.23.1
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Trade Names [Member]    
Finite And Indefinite Lived Intangible Assets [Line Items]    
Carrying value of indefinite-lived intangible assets $ 9.8 $ 9.8
v3.23.1
Net Income per Common Share (Details) - shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Earnings Per Share [Abstract]    
Weighted average common shares outstanding basic 36,564,775 36,280,268
Dilutive effect of stock options and restricted stock (in shares) 251,181 230,766
Weighted average common shares outstanding diluted (in shares) 36,815,956 36,511,034
v3.23.1
Net Income per Common Share - Additional Information (Details) - shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Earnings Per Share [Abstract]    
Anti-dilutive securities excluded from computation of net earnings or loss per common share 0 245,608
v3.23.1
Stock Compensation - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Apr. 29, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Period of expiration, term 10 years    
Stock compensation expense $ 1.9 $ 1.7  
Total unrecognized compensation cost related to non-vested share based compensation arrangements $ 14.2    
Unrecognized compensation cost period for recognition 3 years    
2021 Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares authorized for grant under plan (in shares)     2,000,000
v3.23.1
Contingencies - Additional Information (Details) - USD ($)
 3 Months Ended 12 Months Ended 138 Months Ended 254 Months Ended
Feb. 14, 2023
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2018
Dec. 31, 2020
Dec. 31, 2016
Mar. 31, 2023
Feb. 14, 2014
Dec. 31, 2022
Loss Contingencies [Line Items]                  
Loss contingency, Loss in period   $ 500,000 $ 700,000            
Accrual for Environmental Loss Contingencies, Revision in Estimates         $ 2,000,000.0        
Other current liabilities   27,016,000         $ 27,016,000   $ 26,380,000
Other liabilities   13,681,000         13,681,000   15,270,000
EPA Notice Letter [Member]                  
Loss Contingencies [Line Items]                  
Accrual for Environmental Loss Contingencies, Revision in Estimates   1,900,000              
New Idria Mercury Mine [Member]                  
Loss Contingencies [Line Items]                  
Financial assurance required to be provided to EPA to secure performance       $ 2,000,000          
Expected insurance recoveries   6,200,000         6,200,000   $ 6,000,000.0
Insurance recovery reimbursements   900,000         900,000    
Additional estimated insurance recoveries   1,100,000              
New Almaden Mine (Formerly Referred to as Guadalupe River Watershed) [Member] | Natural Resource Damage Claim [Member]                  
Loss Contingencies [Line Items]                  
Total reserve   4,500,000         4,500,000    
Other current liabilities   300,000         300,000    
Other liabilities   4,200,000         4,200,000    
Expense recognized   0 0            
Revised estimated project total costs, Low Estimate           $ 3,300,000      
Revised estimated project costs, High Estimate           $ 4,400,000      
Original estimated project costs   9,000,000.0              
Other Noncurrent Assets [Member] | New Idria Mercury Mine [Member]                  
Loss Contingencies [Line Items]                  
Expected insurance recoveries   4,500,000         4,500,000    
Accounts Receivable [Member] | New Idria Mercury Mine [Member]                  
Loss Contingencies [Line Items]                  
Expected insurance recoveries   1,700,000         1,700,000    
Scepter Company [Member] | Ms.McCartney [Member]                  
Loss Contingencies [Line Items]                  
Loss Contingency, Damages Sought, Value $ 30,000                
Pending Litigation [Member] | New Idria Mercury Mine [Member] | EPA Notice Letter [Member]                  
Loss Contingencies [Line Items]                  
Expected insurance recoveries   7,100,000         7,100,000    
Loss contingencies, payments             8,300,000    
Insurance recoveries             2,900,000    
Gain loss contingency   500,000 $ 700,000            
Loss contingency, Loss in period             17,100,000 $ 1,600,000  
Total reserve   10,700,000         10,700,000    
Other current liabilities   3,900,000         3,900,000    
Other liabilities   $ 6,800,000         $ 6,800,000    
v3.23.1
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Long-term Debt $ 88,800 $ 94,000
Less unamortized deferred financing fees 32 38
Long-term Debt, net of deferred financing costs 88,768 93,962
Less current portion long-term debt 25,984 0
Long-term Debt 62,784 93,962
Loan Agreement [Member]    
Debt Instrument [Line Items]    
Long-term Debt 50,800 56,000
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
v3.23.1
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Parenthetical) (Details)
 3 Months Ended
Mar. 31, 2023
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
v3.23.1
Long-Term Debt and Loan Agreements - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Mar. 12, 2021
Mar. 31, 2017
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Sep. 29, 2022
Mar. 31, 2021
Debt Instrument [Line Items]              
Loan maturity period     2027-09        
Long-term Debt     $ 88,800   $ 94,000    
Long-term Debt     62,784   93,962    
Notes outstanding     88,768   93,962    
Long-term debt - current portion     $ 25,984   0    
Line of credit facility, interest rate description     Borrowings under the Loan Agreement bear interest at the Term SOFR, RFR, EURIBOR and CDOR-based borrowing rates. Amounts borrowed under the credit facility are secured by pledges of stock of certain of the Company’s foreign subsidiaries and guaranties of certain of its domestic subsidiaries.        
Loan agreement amendment description     On September 29, 2022, the Company entered into a Seventh Amended and Restated Loan Agreement (the “Seventh Amendment”), which amended the Sixth Amended and Restated Loan Agreement (the "Sixth Amendment"), dated March 12, 2021. The Seventh Amendment, among other things, extended the maturity date to September 2027 from March 2024.        
Senior Unsecured Notes [Member]              
Debt Instrument [Line Items]              
Notes outstanding     $ 38,000        
Long-term debt - current portion     26,000        
Senior Unsecured Notes [Member] | Minimum [Member]              
Debt Instrument [Line Items]              
Long-term Debt     $ 11,000        
Interest rate     5.25%        
Debt instrument maturity date     Jan. 15, 2024        
Senior Unsecured Notes [Member] | Maximum [Member]              
Debt Instrument [Line Items]              
Long-term Debt     $ 15,000        
Interest rate     5.45%        
Debt instrument maturity date     Jan. 15, 2026        
Loan Agreement [Member]              
Debt Instrument [Line Items]              
Maximum borrowing capacity on line of credit   $ 200,000         $ 250,000
Loan maturity period   2022-03 2024-03        
Deferred financing fees     $ 1,300   $ 1,400    
Remaining amount available under the line of credit     193,500        
Letters of credit     $ 5,700        
Debt weighted average interest rate1     6.43% 4.12%      
Seventh and Sixth Amendment [Member]              
Debt Instrument [Line Items]              
Maximum borrowing capacity on line of credit     $ 250,000        
Loan maturity period 2024-03            
Other Assets [Member]              
Debt Instrument [Line Items]              
Deferred financing fees           $ 900 $ 1,100
v3.23.1
Income Taxes - Additional Information (Details)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Taxes [Line Items]    
Effective tax rate for the year 25.00% 25.50%
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 March 31, 2023, the Company is no longer subject to U.S. Federal examination by tax authorities for tax years before 2019.  
State and Local [Member]    
Income Taxes [Line Items]    
Income tax examination for tax years 2018 2019 2020 2021  
Non-U.S [Member]    
Income Taxes [Line Items]    
Income tax examination for tax years 2017 2018 2019 2020 2021  
v3.23.1
Leases - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Lessee Lease Description [Line Items]      
Lessee, operating lease, renewal term 5 years    
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.    
Operating lease assets $ 28,381   $ 28,908
Total operating lease liabilities 28,481   $ 28,963
Total lease cost $ 2,661 $ 2,225  
Minimum [Member]      
Lessee Lease Description [Line Items]      
Facility lease period 1 year    
Maximum [Member]      
Lessee Lease Description [Line Items]      
Facility lease period 13 years    
v3.23.1
Leases - Summary of Amounts Included in the Condensed Consolidated Statement of Financial Position (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Assets:    
Operating lease assets $ 28,381 $ 28,908
Finance lease assets $ 8,903 $ 9,075
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Total lease assets $ 37,284 $ 37,983
Liabilities:    
Current 6,072 6,177
Long-term 22,409 22,786
Total operating lease liabilities 28,481 28,963
Current 523 518
Long-term 8,785 8,919
Total finance lease liabilities 9,308 9,437
Total lease liabilities $ 37,789 $ 38,400
v3.23.1
Leases - Summary of Components of Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Lessee Lease Description [Line Items]    
Total lease cost $ 2,661 $ 2,225
Cost of Sales [Member]    
Lessee Lease Description [Line Items]    
Total operating lease cost [1] 1,553 1,356
Amortization expense 172 172
Selling, General and Administrative Expenses [Member]    
Lessee Lease Description [Line Items]    
Total operating lease cost [1] 855 611
Interest Expense, Net [Member]    
Lessee Lease Description [Line Items]    
Interest expense on lease liabilities $ 81 $ 86
[1] Includes short-term leases and variable lease costs, which are immaterial
v3.23.1
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ 1,880 $ 1,610
Operating cash flows from finance leases 81 86
Financing cash flows from finance leases 129 124
Right-of-use assets obtained in exchange for new lease liabilities:    
Operating leases 1,190 0
Finance leases $ 0 $ 0
v3.23.1
Leases - Summary of Lease Term and Discount Rate (Details)
Mar. 31, 2023
Dec. 31, 2022
Lessee Disclosure [Abstract]    
Weighted-average remaining lease term (years), operating leases 6 years 3 months 10 days 6 years 5 months 8 days
Weighted-average remaining lease term (years), finance leases 12 years 11 months 4 days 13 years 2 months 1 day
Weighted-average discount rate, operating leases 3.70% 3.60%
Weighted-average discount rate, finance leases 3.50% 3.50%
v3.23.1
Leases - Maturity of Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Operating And Finance Lease Liability Payments Due [Abstract]    
Operating Leases, 2023 [1] $ 5,362  
Operating Leases, 2024 5,643  
Operating Leases, 2025 4,797  
Operating Leases, 2026 4,160  
Operating Leases, 2027 3,507  
Operating Leases, After 2027 8,348  
Total operating lease payments 31,817  
Less: interest (3,336)  
Present value of operating lease liabilities 28,481 $ 28,963
Finance Leases, 2023 [1] 630  
Finance Leases, 2024 861  
Finance Leases, 2025 865  
Finance Leases, 2026 865  
Finance Leases, 2027 887  
Finance Leases, After 2027 7,521  
Total finance lease payments 11,629  
Less: interest (2,321)  
Present value of finance lease liabilities 9,308 $ 9,437
2023 [1] 5,992  
2024 6,504  
2025 5,662  
2026 5,025  
2027 4,394  
After 2027 15,869  
Total lease payments 43,446  
Less: interest (5,657)  
Present value of lease liabilities $ 37,789  
[1] Represents amounts due in 2023 after March 31, 2023
v3.23.1
Segments - Additional Information (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Segment
Mar. 31, 2022
USD ($)
Segment Reporting Information [Line Items]    
Number of operating segments | Segment 2  
Net sales $ 215,739 $ 225,486
Foreign Countries [Member]    
Segment Reporting Information [Line Items]    
Net sales $ 12,500 $ 12,700
v3.23.1
Segments - Schedule of reporting information by segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Segment Reporting Information [Line Items]    
Net sales $ 215,739 $ 225,486
Total operating income 18,957 24,405
Interest expense, net (1,646) (1,147)
Income before income taxes 17,311 23,258
Operating Segments [Member] | Material Handling [Member]    
Segment Reporting Information [Line Items]    
Net sales 152,562 176,636
Total operating income 25,351 31,220
Operating Segments [Member] | Distribution [Member]    
Segment Reporting Information [Line Items]    
Net sales 63,185 48,861
Total operating income 2,237 3,301
Inter-company sales [Member]    
Segment Reporting Information [Line Items]    
Net sales (8) (11)
Corporate [Member]    
Segment Reporting Information [Line Items]    
Total operating income [1] $ (8,631) $ (10,116)
[1]

(1) The company recognized $0.5 million and $0.7 million of expense to the estimated environmental reserve, net of probable insurance recoveries in the three months ended March 31, 2023 and 2022, respectively, as described in Note 10. Environmental charges are not included in segment results and are shown with Corporate.
v3.23.1
Segments - Schedule of reporting information by segment (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Segment Reporting Information [Line Items]    
Environmental charge $ 0.5 $ 0.7