Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | AVD | |
Entity Registrant Name | AMERICAN VANGUARD CORPORATION | |
Entity Central Index Key | 0000005981 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 28,750,439 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-13795 | |
Entity Tax Identification Number | 95-2588080 | |
Entity Address, Address Line One | 4695 MacArthur Court | |
Entity Address, City or Town | Newport Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92660 | |
City Area Code | 949 | |
Local Phone Number | 260-1200 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $.10 par value | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 149,516 | $ 152,267 | $ 407,191 | $ 450,063 |
Cost of sales | (106,432) | (102,629) | (282,662) | (299,698) |
Gross profit | 43,084 | 49,638 | 124,529 | 150,365 |
Operating expenses | (38,893) | (38,394) | (113,317) | (113,559) |
Operating income | 4,191 | 11,244 | 11,212 | 36,806 |
Change in fair value of equity investments | (247) | (454) | (324) | (857) |
Interest expense, net | (3,384) | (1,086) | (8,282) | (2,256) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 560 | 9,704 | 2,606 | 33,693 |
Income tax expense | (885) | (2,963) | (2,066) | (10,187) |
Net income (loss) | $ (325) | $ 6,741 | $ 540 | $ 23,506 |
Net income (loss) per common share-basic | $ (0.01) | $ 0.23 | $ 0.02 | $ 0.80 |
Net income (loss) per common share-assuming dilution | $ (0.01) | $ 0.23 | $ 0.02 | $ 0.78 |
Weighted average shares outstanding—basic | 27,919,000 | 29,214,000 | 28,236,000 | 29,496,000 |
Weighted average shares outstanding—assuming dilution | 27,919,000 | 29,805,000 | 28,656,000 | 30,128,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (325) | $ 6,741 | $ 540 | $ 23,506 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment, net of tax effects | (3,123) | (2,764) | 2,928 | (1,748) |
Comprehensive income (loss) | $ (3,448) | $ 3,977 | $ 3,468 | $ 21,758 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 11,529 | $ 20,328 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $6,274 and $5,136, respectively | 185,619 | 156,492 |
Other | 11,919 | 9,816 |
Total receivables, net | 197,538 | 166,308 |
Inventories | 247,932 | 184,190 |
Prepaid expenses | 8,517 | 15,850 |
Income taxes receivable | 6,071 | 1,891 |
Total current assets | 471,587 | 388,567 |
Property, plant and equipment, net | 73,205 | 70,912 |
Operating lease right-of-use assets | 22,907 | 24,250 |
Intangible assets, net | 174,918 | 184,664 |
Goodwill | 47,426 | 47,010 |
Other assets | 12,435 | 10,769 |
Deferred income tax assets, net | 366 | 141 |
Total assets | 802,844 | 726,313 |
Current liabilities: | ||
Accounts payable | 71,054 | 69,000 |
Customer prepayments | 5,998 | 110,597 |
Accrued program costs | 90,367 | 60,743 |
Accrued expenses and other payables | 16,555 | 20,982 |
Current operating lease liabilities | 5,553 | 5,279 |
Total current liabilities | 189,527 | 266,601 |
Long-term debt, net | 218,000 | 51,477 |
Long-term operating lease liabilities | 18,102 | 19,492 |
Other liabilities, net of current installments | 4,805 | 4,167 |
Deferred income tax liabilities, net | 13,709 | 14,597 |
Total liabilities | 444,143 | 356,334 |
Commitments and contingent liabilities (Note14) | ||
Stockholders' equity: | ||
Preferred stock, $.10 par value per share; authorized 400,000 shares; none issued | 0 | 0 |
Common stock, $.10 par value per share; authorized 40,000,000 shares; issued 34,666,431 shares at September 30, 2023 and 34,446,194 shares at December 31, 2022 | 3,467 | 3,444 |
Additional paid-in capital | 108,937 | 105,634 |
Accumulated other comprehensive loss | (9,254) | (12,182) |
Retained earnings | 326,752 | 328,745 |
Less treasury stock at cost, 5,915,182 shares at September 30, 2023 and 5,029,892 shares at December 31, 2022 | (71,201) | (55,662) |
Total stockholders’ equity | 358,701 | 369,979 |
Total liabilities and stockholders' equity | $ 802,844 | $ 726,313 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6,274 | $ 5,136 |
Preferred stock, par value per share | $ 0.1 | $ 0.1 |
Preferred stock, shares authorized | 400,000 | 400,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 34,666,431 | 34,446,194 |
Treasury Stock, Shares | 5,915,182 | 5,029,892 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock [Member] |
Balance at Dec. 31, 2021 | $ 372,738 | $ 3,426 | $ 101,450 | $ (13,784) | $ 304,385 | $ (22,739) |
Balance (in shares) at Dec. 31, 2021 | 34,248,218 | 3,361,040 | ||||
Common stock issued under ESPP | 436 | $ 2 | 434 | |||
Common stock issued under ESPP, (in Shares) | 26,751 | |||||
Cash dividends on common stock | (736) | (736) | ||||
Foreign currency translation adjustment, net | 7,080 | 7,080 | ||||
Stock-based compensation | 1,563 | 1,563 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | (2,174) | $ (18) | (2,156) | |||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | (183,093) | |||||
Shares repurchased | (6,219) | $ (6,219) | ||||
Shares repurchased (In Shares) | 332,404 | |||||
Net income (loss) | 9,935 | 9,935 | ||||
Balance at Mar. 31, 2022 | 382,623 | $ 3,410 | 101,291 | (6,704) | 313,584 | $ (28,958) |
Balance (in shares) at Mar. 31, 2022 | 34,091,876 | 3,693,444 | ||||
Balance at Dec. 31, 2021 | 372,738 | $ 3,426 | 101,450 | (13,784) | 304,385 | $ (22,739) |
Balance (in shares) at Dec. 31, 2021 | 34,248,218 | 3,361,040 | ||||
Foreign currency translation adjustment, net | (1,748) | |||||
Net income (loss) | 23,506 | |||||
Balance at Sep. 30, 2022 | 362,568 | $ 3,446 | 101,426 | (15,532) | 325,698 | $ 52,470 |
Balance (in shares) at Sep. 30, 2022 | 34,463,947 | 4,884,200 | ||||
Balance at Mar. 31, 2022 | 382,623 | $ 3,410 | 101,291 | (6,704) | 313,584 | $ (28,958) |
Balance (in shares) at Mar. 31, 2022 | 34,091,876 | 3,693,444 | ||||
Cash dividends on common stock | (742) | (742) | ||||
Foreign currency translation adjustment, net | (6,064) | (6,064) | ||||
Stock-based compensation | 1,273 | 1,273 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | 927 | $ 35 | 892 | |||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | 351,358 | |||||
Shares repurchased | (13) | $ (13) | ||||
Shares repurchased (In Shares) | 606 | |||||
Net income (loss) | 6,830 | 6,830 | ||||
Balance at Jun. 30, 2022 | 384,834 | $ 3,445 | 103,456 | (12,768) | 319,672 | $ (28,971) |
Balance (in shares) at Jun. 30, 2022 | 34,443,234 | 3,694,050 | ||||
Common stock issued under ESPP | 401 | $ 2 | 399 | |||
Common stock issued under ESPP, (in Shares) | 24,489 | |||||
Cash dividends on common stock | (715) | (715) | ||||
Foreign currency translation adjustment, net | (2,764) | (2,764) | ||||
Stock-based compensation | 1,560 | 1,560 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | 10 | $ (1) | 11 | |||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | (3,776) | |||||
Shares repurchased | (7,499) | $ 7,499 | ||||
Shares repurchased (In Shares) | 387,340 | |||||
Accelerated share repurchase pending final settlement | (20,000) | (4,000) | $ (16,000) | |||
Accelerated share repurchase pending final settlement (In Shares) | (802,810) | |||||
Net income (loss) | 6,741 | 6,741 | ||||
Balance at Sep. 30, 2022 | 362,568 | $ 3,446 | 101,426 | (15,532) | 325,698 | $ 52,470 |
Balance (in shares) at Sep. 30, 2022 | 34,463,947 | 4,884,200 | ||||
Balance at Dec. 31, 2022 | $ 369,979 | $ 3,444 | 105,634 | (12,182) | 328,745 | $ (55,662) |
Balance (in shares) at Dec. 31, 2022 | 34,446,194 | 34,446,194 | 5,029,892 | |||
Common stock issued under ESPP | $ 480 | $ 2 | 478 | |||
Common stock issued under ESPP, (in Shares) | 22,101 | |||||
Cash dividends on common stock | (851) | (851) | ||||
Foreign currency translation adjustment, net | 2,546 | 2,546 | ||||
Stock-based compensation | 1,474 | 1,474 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | 5 | $ 0 | 5 | |||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | (4,466) | |||||
Shares repurchased | (557) | $ (557) | ||||
Shares repurchased (In Shares) | 27,835 | |||||
Net income (loss) | 1,918 | 1,918 | ||||
Balance at Mar. 31, 2023 | 374,994 | $ 3,446 | 107,591 | (9,636) | 329,812 | $ (56,219) |
Balance (in shares) at Mar. 31, 2023 | 34,463,829 | 5,057,727 | ||||
Balance at Dec. 31, 2022 | $ 369,979 | $ 3,444 | 105,634 | (12,182) | 328,745 | $ (55,662) |
Balance (in shares) at Dec. 31, 2022 | 34,446,194 | 34,446,194 | 5,029,892 | |||
Foreign currency translation adjustment, net | $ 2,928 | |||||
Net income (loss) | 540 | |||||
Balance at Sep. 30, 2023 | $ 358,701 | $ 3,467 | 108,937 | (9,254) | 326,752 | $ (71,201) |
Balance (in shares) at Sep. 30, 2023 | 34,666,431 | 34,666,431 | 5,915,182 | |||
Balance at Mar. 31, 2023 | $ 374,994 | $ 3,446 | 107,591 | (9,636) | 329,812 | $ (56,219) |
Balance (in shares) at Mar. 31, 2023 | 34,463,829 | 5,057,727 | ||||
Cash dividends on common stock | (848) | (848) | ||||
Foreign currency translation adjustment, net | 3,505 | 3,505 | ||||
Stock-based compensation | 1,067 | 1,067 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | (1,921) | $ 18 | (1,939) | |||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | 179,845 | |||||
Shares repurchased | (6,669) | $ (6,669) | ||||
Shares repurchased (In Shares) | 380,366 | |||||
Net income (loss) | (1,053) | (1,053) | ||||
Balance at Jun. 30, 2023 | 369,075 | $ 3,464 | 106,719 | (6,131) | 327,911 | $ (62,888) |
Balance (in shares) at Jun. 30, 2023 | 34,643,674 | 5,438,093 | ||||
Common stock issued under ESPP | 500 | $ 3 | 497 | |||
Common stock issued under ESPP, (in Shares) | 27,924 | |||||
Cash dividends on common stock | (834) | (834) | ||||
Foreign currency translation adjustment, net | (3,123) | (3,123) | ||||
Stock-based compensation | 1,716 | 1,716 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | 5 | $ 0 | 5 | |||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | (5,167) | |||||
Shares repurchased | 8,313 | $ (8,313) | ||||
Shares repurchased (In Shares) | 477,089 | |||||
Net income (loss) | (325) | (325) | ||||
Balance at Sep. 30, 2023 | $ 358,701 | $ 3,467 | $ 108,937 | $ (9,254) | $ 326,752 | $ (71,201) |
Balance (in shares) at Sep. 30, 2023 | 34,666,431 | 34,666,431 | 5,915,182 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends declared on common stock, per share | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.025 | $ 0.025 | $ 0.025 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 540 | $ 23,506 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization of property, plant and equipment | 6,396 | 6,207 |
Amortization of intangibles assets | 10,009 | 10,442 |
Amortization of other long-term assets | 1,445 | 2,656 |
Loss on disposal of property, plant and equipment | 7 | 265 |
Accretion of discounted liabilities | 0 | 28 |
Amortization of deferred loan fees | 174 | 174 |
Provision for bad debts | 952 | 597 |
Fair value adjustment to contingent consideration | 0 | 621 |
Stock-based compensation | 4,257 | 4,396 |
Change in deferred income taxes | (977) | (64) |
Changes in liabilities for uncertain tax positions or unrecognized tax benefits | 467 | 0 |
Change in fair value of equity investments | 324 | 857 |
Net foreign currency adjustments | 199 | 218 |
Changes in assets and liabilities associated with operations: | ||
Increase in net receivables | (29,055) | (46,289) |
Increase in inventories | (58,163) | (38,987) |
Increase in prepaid expenses and other assets | (633) | (4,272) |
(Increase) decrease in income tax receivable/payable, net | (4,046) | (5,201) |
Increase in net operating lease liability | 227 | 10 |
Increase in accounts payable | 1,240 | 14,418 |
Decrease in customer prepayments | (104,590) | (62,831) |
Increase in accrued program costs | 29,779 | 45,016 |
(Decrease) increase in other payables and accrued expenses | (4,406) | 2,555 |
Net cash used in operating activities | (145,854) | (45,678) |
Cash flows from investing activities: | ||
Capital expenditures | (8,589) | (8,946) |
Proceeds from disposal of property, plant and equipment | 200 | 46 |
Intangible assets | (759) | (1,078) |
Net cash used in investing activities | (9,148) | (9,978) |
Cash flows from financing activities: | ||
Payments under line of credit agreement | (62,800) | (64,000) |
Borrowings under line of credit agreement | 228,500 | 160,000 |
Net receipt from the issuance of common stock under ESPP | 980 | 837 |
Net receipt from the exercise of stock options | 46 | 783 |
Payment for tax withholding on stock-based compensation awards | (1,957) | (2,020) |
Repurchase of common stock | (15,539) | (33,731) |
Payment of cash dividends | (2,550) | (2,072) |
Net cash provided by financing activities | 146,680 | 59,797 |
Net increase in cash and cash equivalents | (8,322) | 4,141 |
Effect of exchange rate changes on cash and cash equivalents | (477) | 382 |
Cash and cash equivalents at beginning of period | 20,328 | 16,285 |
Cash and cash equivalents at end of period | $ 11,529 | $ 20,808 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies — The accompanying unaudited condensed consolidated financial statements of American Vanguard Corporation and Subsidiaries (“AVD” or “the Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of consolidating adjustments, eliminations and normal recurring accruals) considered necessary for a fair statement have been included. Operating results for the three- and nine-month periods ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The financial statements and related notes do not include all information and footnotes required by US GAAP for annual reports. This quarterly report should be read in conjunction with the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. Certain operating cash flow items have been reclassified in the prior period condensed consolidated financial statements to conform with the September 30, 2023 presentation. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | 2. Leases — The Company has operating leases for warehouses, manufacturing facilities, offices, cars, railcars and certain equipment. The lease term includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not terminate) that the Company is reasonably certain to exercise. The Company has leases with a lease term ranging from one year to twenty years . Finance leases are immaterial to the accompanying condensed consolidated financial statements. There were no lease transactions with related parties as of and for the three- and nine-month periods presented in the table below. The operating lease expense for the three-month periods ended September 30, 2023, and 2022, was $ 1,701 and $ 1,653 , respectively, and $ 5,012 and $ 4,876 for the nine-month periods ended September 30, 2023 and 2022, respectively. Lease expenses related to variable lease payments and short-term leases were immaterial. Additional information related to operating leases are as follows: Three months Three months Nine months Nine months Cash paid for amounts included in the $ 1,601 $ 1,613 $ 4,788 $ 4,846 ROU assets obtained in exchange for new lease $ 643 $ 2,378 $ 3,220 $ 4,202 The weighted-average remaining lease term and discount rate related to the operating leases as of September 30, 2023 were as follows: Weighted-average remaining lease term (in years) 5.29 Weighted-average discount rate 4.37 % Future minimum lease payments under non-cancellable operating leases as of September 30, 2023 were as follows: 2023 (excluding nine-months ended September 30, 2023) $ 1,682 2024 6,113 2025 5,538 2026 4,251 2027 2,736 Thereafter 6,200 Total lease payments 26,520 Less: imputed interest ( 2,865 ) Total $ 23,655 Amounts recognized in the condensed consolidated balance sheets: Operating lease liabilities, current $ 5,553 Operating lease liabilities, long-term $ 18,102 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition —The Company recognizes revenue from the sale of its products, which include crop and non-crop products. The Company sells its products to customers, which include distributors, retailers, and growers. In addition, the Company recognizes royalty income from licensing agreements within the U.S non-crop business. The Company has one reportable segment. Selective enterprise information of sales disaggregated by category and geographic region is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net sales: U.S. crop $ 67,749 $ 69,101 $ 185,823 $ 220,303 U.S. non-crop 19,250 18,946 50,041 53,844 Total U.S. 86,999 88,047 235,864 274,147 International 62,517 64,220 171,327 175,916 Total net sales: $ 149,516 $ 152,267 $ 407,191 $ 450,063 The Company recognized revenue for substantially all of its net sales at a point in time. Contract assets relate to royalties earned on certain functional licenses granted for the use of the Company’s intellectual property and amounted to $ 3,100 at September 30, 2023 and December 31, 2022. The contract assets of $ 3,100 are included in other receivables on the condensed consolidated balance sheets as of September 30, 2023. The short-term and long-term contract assets of $ 2,098 and $ 1,002 are included in other receivables and other assets, respectively, on the condensed consolidated balance sheet as of December 31, 2022. The Company receives payments from its customers in advance of goods and services being provided in return for early cash incentive programs. These payments are included in customer prepayments on the condensed consolidated balance sheets. Revenue recognized for the three- and nine-month periods ended September 30, 2023, that was included in customer prepayments at the beginning of 2023, was $ 16,374 and $ 82,099 , respectively, and $ 22,500 was refunded to customers. The Company expects to recognize all its remaining customer prepayments as revenue in fiscal 2023. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, Plant and Equipment — Property, plant and equipment at September 30, 2023 and December 31, 2022 consists of the following: September 30, December 31, Land $ 2,762 $ 2,757 Buildings and improvements 21,009 20,794 Machinery and equipment 147,376 142,980 Office furniture, fixtures and equipment 10,846 13,231 Automotive equipment 1,205 1,584 Construction in progress 8,805 5,897 Total gross value 192,003 187,243 Less accumulated depreciation ( 118,798 ) ( 116,331 ) Total net value $ 73,205 $ 70,912 The Company recognized depreciation expense related to property and equipment of $ 2,074 and $ 2,130 for the three-month periods ended September 30, 2023 and 2022, respectively. The Company recognized depreciation expense related to property and equipment of $ 6,396 and $ 6,207 for the nine-month periods ended September 30, 2023 and 2022, respectively. Substantially all of the Company’s assets are pledged as collateral to its lenders. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories — Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out (“FIFO”) or average cost methods. The components of inventories consist of the following: September 30, December 31, 2022 Finished products $ 216,767 $ 155,128 Raw materials 31,165 29,062 $ 247,932 $ 184,190 |
Accrued Program Costs
Accrued Program Costs | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Program Costs | . Accrued Program Costs — The Company offers various discounts to customers based on the volume purchased within a defined time period, other pricing adjustments, some grower volume incentives or other key performance indicator driven payments, which are usually made at the end of a growing season, to distributors, retailers or growers. The Company describes these payments as “Programs”. Programs are a critical part of doing business in both the U.S. crop and non-crop chemicals marketplaces. These discount Programs represent variable consideration. Revenues from sales are recorded at the net sales price, which is the transaction price net of the impact of Programs and includes estimates of variable consideration. Variable consideration includes amounts expected to be paid to its customers estimated using the expected value method. Each quarter management reviews individual sale transactions with Programs to determine what, if any, estimated program liabilities have been incurred. Once this initial calculation is made for the specific quarter, sales and marketing management, along with support from financial analysts, reviews the accumulated Program balance and, for volume driven payments, make assessments of whether or not customers are tracking in a manner that indicates that they will meet the requirements set out in agreed upon terms and conditions attached to each Program. Following this assessment, management makes adjustments to the accumulated accrual to properly reflect the Company’s best estimate of the liability at the balance sheet date. Programs are then reviewed with executive management for final approval. Programs are paid out predominantly on an annual basis, usually in the final quarter of the financial year or the first quarter of the following year. No significant changes in estimates were made during the three- and nine-month periods ended September 30, 2023, and 2022. |
Cash Dividends on Common Stock
Cash Dividends on Common Stock | 9 Months Ended |
Sep. 30, 2023 | |
Cash Dividends [Abstract] | |
Cash Dividend | . Cash Dividends on Common Stock —The Company has declared and paid the following cash dividends in the periods covered by this Form 10-Q: Declaration Date Record Date Distribution Date Dividend Total September 12, 2023 September 22, 2023 October 6, 2023 $ 0.030 $ 834 June 12, 2023 June 28, 2023 July 14, 2023 $ 0.030 $ 848 March 13, 2023 March 24, 2023 April 14, 2023 $ 0.030 $ 851 December 13, 2022 December 28, 2022 January 11, 2023 $ 0.030 $ 851 September 12, 2022 September 23, 2022 October 7, 2022 $ 0.025 $ 715 June 6, 2022 June 24, 2022 July 8, 2022 $ 0.025 $ 742 March 14, 2022 March 25, 2022 April 15, 2022 $ 0.025 $ 736 December 13, 2021 December 27, 2021 January 10, 2022 $ 0.020 $ 594 |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 8. Net Income (Loss) Per Share — The components of basic and diluted net income (loss) per share were as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator: Net income (loss) $ ( 325 ) $ 6,741 $ 540 $ 23,506 Denominator: (in thousands) Weighted average shares outstanding-basic 27,919 29,214 28,236 29,496 Dilutive effect of stock options and grants $ — 591 420 632 Weighted average shares outstanding-diluted 27,919 29,805 28,656 30,128 Due to a net loss for the three-month period ended September 30, 2023, stock options and other grants were excluded from the computation of diluted net loss per share as the impact is anti dilutive. For the three-month ended September 30, 2022, and nine-month periods ended September 30, 2023, and 2022, no stock options were excluded from the computation of diluted income (loss) per share. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt — The Company has a revolving line of credit that is shown as long-term debt in the condensed consolidated balance sheets at September 30, 2023 and December 31, 2022. The Company has no short-term debt as of September 30, 2023 and December 31, 2022. The debt is summarized in the following table: Long-term indebtedness ($000's) September 30, 2023 December 31, 2022 Revolving line of credit $ 218,000 $ 52,300 Deferred loan fees ( 897 ) ( 823 ) Net long-term debt $ 217,103 $ 51,477 The deferred loan fees as of September 30, 2023 are included in other assets on the condensed consolidated balance sheets. The Company and certain of its affiliates are parties to a revolving line of credit agreement entitled the “Third Amended and Restated Loan and Security Agreement” dated as of August 5, 2021 (the “Credit Agreement”), which is a senior secured lending facility among AMVAC, the Company’s principal operating subsidiary, as Agent (including the Company and AMVAC BV), as Borrowers, on the one hand, and a group of commercial lenders led by BMO Bank, N.A. (formerly Bank of the West) as administrative agent, documentation agent, syndication agent, collateral agent and sole lead arranger, on the other hand. The Credit Agreement consists of a line of credit of up to $ 275,000 , an accordion feature of up to $ 150,000 , a letter of credit and swingline sub-facility (each having limits of $ 25,000 ) and has a maturity date of August 5, 2026. The Credit Agreement amended and restated the previous credit facility, which had a maturity date of June 30, 2022. With respect to key financial covenants, the Credit Agreement contains two: namely, borrowers are required to maintain a Total Leverage (“TL”) Ratio of no more than 3.5 -to-1, during the first three years, stepping down to 3.25 -to-1 as of December 31, 2024, and a Fixed Charge Coverage Ratio ("FCCR") of at least 1.25-to-1. In addition, to the extent that it completes acquisitions totaling $ 15 million or more in any 90-day period, AMVAC may step-up the TL Ratio by 0.5 -to-1, not to exceed 4.00 -to-1, for the next three full consecutive quarters. Acquisitions below $ 50 million do not require Agent consent. The Company’s borrowing capacity varies with its financial performance, measured in terms of Consolidated EBITDA as defined in the Credit Agreement, for the trailing twelve-month period. Under the Credit Agreement, revolving loans bear interest at a variable rate based, at borrower’s election with proper notice, on either (i) LIBOR plus the “Applicable Margin” which is based upon the Total Leverage (“TL”) Ratio (“LIBOR Revolver Loan”) or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5%, and (z) the Daily One-Month LIBOR Rate plus 1.00%, plus, in the case of (x), (y) or (z) the Applicable Margin (“Adjusted Base Rate Revolver Loan”). The Company and the Lenders entered into an amendment to the Credit Agreement, effective March 9, 2023, whereby LIBOR was replaced by SOFR with a credit spread adjustment of 10.0 bps for all SOFR periods. The revolving loans now bear interest at a variable rate based at our election with proper notice, on either (i) SOFR plus 0.1% per annum and the “Applicable Margin” or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5 %, and (z) the Daily One-Month SOFR Rate plus 1.10 %, plus, in the case of (x), (y) or (z) the Applicable Margin (“Adjusted Base Rate Revolver Loan”). Interest payments for SOFR Revolver Loans are payable on the last day of each interest period (either one-, three- or six- month periods, as selected by the Company) and the maturity date, while interest payments for Adjusted Base Rate Revolver Loans are payable on the last business day of each month and the maturity date . The interest rate on September 30, 2023, was 7.04 %. Interest was $ 3,384 and $ 1,086 for the three months ended September 30, 2023 and 2022, respectively, and $ 8,282 and $ 2,256 for the nine months ended September 30, 2023 and 2022, respectively. On November 7, 2023, the Company entered into Amendment Number Six to the Third Amended Loan and Security Agreement that provided relief in respect of both financial covenants. Specifically, with respect to the Maximum Total Leverage Ratio, the existing ratio of 3.5 through September 30, 2024 and 3.25 through December 31, 2024 and thereafter was changed to 5.5 through September 30, 2023, 4.5 for the periods ending December 31, 2023 and March 31, 2024, 4.0 for the period ending June 30, 2024, 3.5 through September 30, 2024 and returning to 3.25 from December 31, 2024 and thereafter. In addition, the Minimum Fixed Charge Coverage Ratio was changed from 1.25 to 1.0 for the periods ending September 30, 2023, December 31, 2023 and March 31, 2024 and returning to 1.25 for the period ending June 30, 2024 and thereafter. Further, after the delivery of financial statements and a covenant compliance certificate for the period ending December 31, 2023 assuming Total Leverage is less than 2.75, then Borrowers may terminate the covenant modification period (“CMP”) and revert to the terms of the existing Credit Agreement. Further, for the duration of the CMP, the Company is restricted from making share repurchases. Finally, the Applicable Margin (SOFR and Adjusted Base Rate) and Letter of Credit fees increase by 0.50 basis points for each tier of interest during CMP. As of September 30, 2023, by virtue of Amendment Number Six to the Third Amended Loan and Security Agreement, the Company is deemed to be in compliance with its financial covenants. According to the terms of the Credit Agreement, as amended, and based on our performance against the most restrictive covenant listed above, the Company had the capacity to increase its borrowings by up to $ 28,760 and $ 200,372 as of September 30, 2023 and December 31, 2022, respectively. |
Classification Corrections
Classification Corrections | 9 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
Classification Corrections | 10. Classification Corrections — Corrections to the condensed consolidated statements of operations for the three and nine months ended September 30, 2022 were made in connection with the Company’s operations in Australia, where the Company sells its products to distribution companies as well as directly to growers via third-party agents. The Company identified errors related to the classification of third-party agent’s commission amounts. The Company evaluated these errors and the impact to previously issued financial statements and concluded that the impact of this classification error is not material to any previously issued quarterly or annual financial statements. However, management has recorded correcting adjustments to the previously reported financial statement line items and related disclosures. The third-party agents’ commission in the amount of $ 150 and $ 427 was reclassified from net sales to operating expenses for the three and nine months ended September 30, 2022, respectively. The impact was an increase in net sales and gross profit in the amount of $ 150 and $ 427 and an offsetting increase in operating expenses in the same amount. These corrections did not have any impact on operating income, net income (loss), and net income (loss) per common share. |
Change in Accounting Principle
Change in Accounting Principle | 9 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
Change in Accounting Principle | 11. Change in Accounting Principle — Historically, the Company included warehousing, handling and outbound freight costs in operating expenses on its Consolidated Statements of Operations. Effective January 1, 2023, the Company elected to include these costs in cost of sales instead of operating expenses on its condensed consolidated statements of operations. The effects of the change in accounting have been retrospectively applied to all periods presented. The Company believes that the change in accounting is preferable as it aligns the Company’s classification of this warehousing, handling and outbound freight costs in such a way as to present operational management with a clearer vision of the operational performance by business unit. This accounting change also increases the comparability of the Company’s financial performance with its peer companies as most peer companies include these warehousing, handling and outbound freight costs in cost of sales rather than operating expenses. As a result, this change is intended to help interested parties better understand the Company’s performance and facilitate comparisons with most of the Company’s peer companies. This change in accounting principle does not impact operating income, net income (loss), and net income (loss) per share. The following table compares the Company’s historical classification with the classification after the adoption of the change in accounting for the three and nine months ended September 30, 2023 and 2022: Classification after adoption Classification prior to adoption For the three months ended September 30, For the three months ended September 30, 2023 2022 2023 2022 Net sales $ 149,516 $ 152,267 $ 149,516 152,267 Cost of sales ( 106,432 ) ( 102,629 ) ( 91,938 ) ( 90,733 ) Gross profit 43,084 49,638 57,578 61,534 Operating expenses ( 38,893 ) ( 38,394 ) ( 53,387 ) ( 50,290 ) Operating income $ 4,191 $ 11,244 $ 4,191 $ 11,244 Classification after adoption Classification prior to adoption For the nine months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Net sales $ 407,191 $ 450,063 $ 407,191 450,063 Cost of sales ( 282,662 ) ( 299,698 ) ( 249,294 ) ( 267,280 ) Gross profit 124,529 150,365 157,897 182,783 Operating expenses ( 113,317 ) ( 113,559 ) ( 146,685 ) ( 145,977 ) Operating income $ 11,212 $ 36,806 $ 11,212 $ 36,806 |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Comprehensive Income | 12. Comprehensive Income (Loss) — Total comprehensive income (loss) includes, in addition to net income (loss), changes in equity that are excluded from the condensed consolidated statement of operations and are recorded directly into a separate section of stockholders’ equity on the condensed consolidated balance sheets. For the three- and nine-month periods ended September 30, 2023, and 2022, total comprehensive income (loss) consisted of net income (loss) and foreign currency translation adjustments. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | 13. Stock-Based Compensation — The following tables illustrate the Company’s stock-based compensation (included in operating expenses in the condensed consolidated statements of operations), unamortized stock-based compensation, and remaining weighted average amortization period. Stock-Based Stock-Based Unamortized Remaining September 30, 2023 Restricted Stock $ 1,187 $ 3,597 $ 7,764 2.0 Unrestricted Stock 130 390 347 0.7 Performance-Based Restricted Stock 399 270 2,832 2.0 Total $ 1,716 $ 4,257 $ 10,943 September 30, 2022 Restricted Stock $ 1,184 $ 3,257 $ 8,010 2.0 Unrestricted Stock 130 369 347 0.7 Performance-Based Restricted Stock 246 770 3,093 1.9 Total $ 1,560 $ 4,396 $ 11,450 The Company also granted stock options in past periods. All outstanding stock options are fully vested and exercisable and no expense was recorded during the three- and nine-month periods ended September 30, 2023, and 2022. Time-Based Restricted and Unrestricted Stock — A summary of non-vested shares as of, and for, the three- and nine-month periods ended September 30, 2023, and 2022 is presented below: Three and Nine Months Ended Three and Nine Months Ended Number Weighted Number Weighted Nonvested shares at December 31 st 742,050 $ 18.86 817,290 $ 17.04 Vested ( 2,017 ) 15.71 ( 230,080 ) 17.31 Forfeited ( 5,479 ) 19.87 ( 24,109 ) 17.10 Nonvested shares at March 31 st 734,554 18.86 563,101 16.93 Granted 279,419 21.17 242,067 23.79 Vested ( 309,318 ) 14.83 ( 27,482 ) 22.35 Forfeited ( 16,354 ) 19.50 ( 14,070 ) 18.53 Nonvested shares at June 30 th 688,301 21.59 763,616 18.88 Granted 9,745 13.63 13,600 18.94 Vested ( 3,666 ) 16.79 ( 1,262 ) 19.39 Forfeited ( 15,080 ) 21.70 ( 15,945 ) 20.09 Nonvested shares at September 30 th 679,300 $ 21.50 760,009 $ 18.86 Performance-Based Restricted Stock — A summary of non-vested performance-based shares as of, and for, the three- and nine-month periods ended September 30, 2023, and 2022, respectively is presented below: Three and Nine Months Ended Three and Nine Months Ended Number Weighted Number Weighted Nonvested shares at December 31 st 318,699 $ 18.05 379,061 $ 16.43 Additional granted (forfeited) based on — — ( 41,088 ) 16.56 Vested — — ( 78,704 ) 17.18 Forfeited — — ( 7,074 ) 16.77 Nonvested shares at March 31 st 318,699 18.05 252,195 16.17 Additional granted (forfeited) based on ( 58,827 ) 14.73 — — Granted 94,028 21.51 83,190 23.63 Vested ( 86,188 ) 13.99 — — Forfeited ( 3,316 ) 16.91 ( 7,829 ) 17.50 Nonvested shares at June 30 th 264,396 21.36 327,556 16.58 Forfeited ( 466 ) 20.03 ( 2,577 ) 17.80 Nonvested shares at September 30 th 263,930 $ 21.36 324,979 $ 16.57 Stock Options — The Company has stock options outstanding under its incentive stock option plans and performance incentive stock option plan. All outstanding stock options are vested and exercisable. The following tables present details for each type of plan: Incentive Stock Option Plans Activity for the three- and nine-month periods ended September 30, 2023: Number of Weighted Balance outstanding, December 31, 2022 68,896 $ 11.49 Options exercised ( 1,537 ) 11.49 Balance outstanding, March 31, 2023 67,359 $ 11.49 Options exercised ( 1,287 ) 11.49 Balance outstanding, June 30, 2023 66,072 $ 11.49 Options exercised ( 1,200 ) 11.49 Balance outstanding, September 30, 2023 64,872 $ 11.49 All the incentive stock options outstanding as of September 30, 2023, have an exercise price per share of $ 11.49 , total intrinsic value of $ 0 , and a remaining life of 15 months . Activity for the three- and nine-month periods ended September 30, 2022: Number of Weighted Balance outstanding, December 31, 2021 and March 31, 2022 108,036 $ 11.49 Options exercised ( 33,745 ) 11.49 Balance outstanding, June 30, 2022 74,291 $ 11.49 Options exercised ( 1,541 ) 11.49 Balance outstanding, September 30, 2022 72,750 $ 11.49 Performance Incentive Stock Option Plan Activity for the three- and nine-month periods ended September 30, 2023: Number of Weighted Balance outstanding, December 31, 2022 81,808 $ 11.49 Options exercised — — Balance outstanding, March 31, June 30, and September 30, 2023 81,808 $ 11.49 Activity for the three- and nine-month periods ended September 30, 2022: Number of Weighted Balance outstanding, December 31, 2021 and March 31, 2022 114,658 $ 11.49 Options exercised ( 32,850 ) 11.49 Balance outstanding, June 30 and September 30, 2022 81,808 $ 11.49 All the performance incentive stock options outstanding as of September 30, 2023, have an exercise price per share of $ 11.49 , total intrinsic value of $ 0 , and a remaining life of 15 months . |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 14. Legal Proceedings — During the reporting period, there have been no material developments in legal proceedings that were reported in the Company’s Form 10-K for the year ended December 31, 2022, except as described below. Department of Justice and Environmental Protection Agency Investigation . On November 10, 2016, AMVAC was served with a grand jury subpoena from the United States Attorney’s Office for the Southern District of Alabama, seeking documents regarding the importation, transportation, and management of a specific pesticide. The Company retained defense counsel to assist in responding to the subpoena and otherwise in defending the Company’s interests. AMVAC is cooperating in the investigation. After interviewing multiple witnesses (including three employees before a grand jury in February 2022) and making multiple document requests, the Department of Justice (“DoJ”) identified the Company and a manager-level employee as targets of the government’s investigation. DoJ’s investigation focused on potential violations of two environmental statutes, the Federal Insecticide, Fungicide, and Rodenticide Act (“FIFRA”) and the Resource Conservation and Recovery Act (“RCRA”), as well as obstruction of an agency proceeding and false statement statutes. In March 2022, the individual target entered into a plea agreement relating to provision of false information in a government proceeding. In July 2022, the DoJ sent correspondence to the Company’s counsel to the effect that it was focusing on potential RCRA violations relating to the reimportation of Australian containers in 2015. Our defense counsel has spoken with DoJ on the subject intermittently over the past several months, and DoJ expressed an interest in resolving the matter. The Company anticipates further discussion on resolution of the matter. The governmental agencies involved in this investigation have a range of civil and criminal penalties they may seek to impose against corporations and individuals for violations of FIFRA, RCRA and other federal statutes including, but not limited to, injunctive relief, fines, penalties and modifications to business practices and compliance programs, including the appointment of a monitor. If violations are established, the amount of any fines or monetary penalties which could be assessed and the scope of possible non-monetary relief would depend on, among other factors, findings regarding the amount, timing, nature and scope of the violations, and the level of cooperation provided to the governmental authorities during the investigation. As a result, the Company cannot yet anticipate the timing or predict the ultimate resolution of this investigation, financial or otherwise, which could have a material adverse effect on our business prospects, operations, financial condition and cash flows. Accordingly, the Company has not recorded a loss contingency for this matter. Notice of Intention to Suspend DCPA. On April 28, 2022, the USEPA published a notice of intent to suspend (“NOITS”) DCPA, the active ingredient of an herbicide marketed by the Company under the name Dacthal. The agency cited as the basis for the suspension that the Company did not take appropriate steps to provide data studies requested in support of the registration review. In fact, over the course of several years, the Company cooperated in performing the vast majority of the nearly 90 studies requested by USEPA and had been working in good faith to meet the agency’s schedule. After an appeals court (the Environmental Appeals Board) clarified the proper standard for use at the hearing (namely, whether registrant took appropriate steps to respond to the data call-in), a hearing was held in January 2023 before the ALJ, by which time USEPA had narrowed the scope of its claim to nine outstanding studies, all of which have been started by the Company and none of which are necessary for USEPA to commence its risk assessment. In April 2023, the ALJ reached a decision, finding that the agency acted within its authority in issuing the NOITS. On approximately August 22, 2023, the company entered into a settlement agreement with USEPA pursuant to which the Company waived the right to appeal and accepted a suspension of the registration in consideration of the agency reinstating the registration within 75 days after submission of the final study (which was subsequently provided to the agency on or about August 18, 2023). That period expired on or about November 3, 2023, after which, barring a finding of inadequacy in meeting study protocols, the agency has ten days within which to reinstate. In connection with this matter, the Company believes that a loss is neither probable nor estimable and, consequently, has not set aside a reserve in connection with this matter. Reyes v. AMVAC . On September 28, 2023, the Company received correspondence from counsel for ex-employee Jorge Reyes Jr. addressed to the California Department of Industrial Relations alleging a host of wage and hour violations under California law. This is a precursor to a civil filing under applicable state law. Subsequently, plaintiff, putatively on behalf of the class of similarly situated, non-exempt California-based employees, served a summons and complaint on the Company’s registered agent that had been electronically filed as Case No. 238TCV23665, encaptioned, Jorge Reyes v. AMVAC etc., etal., with the Superior Court for the County of Los Angeles, Central District. As is typical of these sorts of action, plaintiff alleges wages and hours violations of all imaginable types, including overtime, minimum wage, sick leave, rest periods and so on. The Company intends to defend the matter vigorously, does not believe that the claims have any merit. Accordingly, the Company has not recorded a loss contingency for this matter. |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Guidance | 15. Recently Issued Accounting Guidance — The Company reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to its condensed consolidated financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 16. Fair Value of Financial Instruments — The accounting standard for fair value measurements provides a framework for measuring fair value and requires certain disclosures regarding fair value measurements. Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. This accounting standard established a fair value hierarchy, which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amount of the Company’s financial instruments, which principally include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued expenses, approximates fair value because of the relatively short maturity of such instruments. The carrying amount of the Company’s borrowings, which are considered Level 2 liabilities, approximates fair value as they bear interest at a variable rate that represents current market rates. The Company measures its contingent earn-out liabilities in connection with business acquisitions at fair value on a recurring basis using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The Company may use various valuation techniques depending on the terms and conditions of the contingent consideration including a Monte-Carlo simulation. This simulation uses probability distribution for each significant input to produce hundreds or thousands of possible outcomes and the results are analyzed to determine probabilities of different outcomes occurring. The Company did not have any contingent earn-out liabilities at September 30, 2023 and December 31, 2022. The following table illustrates the Company’s contingent earn-out liability movements related to its business acquisitions as of, and for the three- and nine-month periods ended September 30, 2022: Three months ended Nine months ended Balance, June 30, 2022 and December 31, 2021, respectively $ 1,367 $ 786 Fair value adjustment — 635 Payments on existing obligations ( 1,292 ) ( 1,292 ) Accretion of discounted liabilities 10 28 Foreign exchange effect ( 85 ) ( 157 ) Balance, September 30, 2022 $ — $ — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 17. Accumulated Other Comprehensive Loss (“AOCL”) — The following table lists the beginning balance, annual activity and ending balance of accumulated other comprehensive loss, which consists of foreign currency translation adjustments: Total Balance, December 31, 2022 $ ( 12,182 ) Foreign currency translation adjustment, net of tax effects of ($ 132 ) 2,546 Balance, March 31, 2023 ( 9,636 ) Foreign currency translation adjustment, net of tax effects of ($ 122 ) 3,505 Balance, June 30, 2023 ( 6,131 ) Foreign currency translation adjustment, net of tax effects of $ 133 ( 3,123 ) Balance, September 30, 2023 $ ( 9,254 ) Balance, December 31, 2021 $ ( 13,784 ) Foreign currency translation adjustment, net of tax effects of ($ 48 ) 7,080 Balance, March 31, 2022 ( 6,704 ) Foreign currency translation adjustment, net of tax effects of $ 109 ( 6,064 ) Balance, June 30, 2022 ( 12,768 ) Foreign currency translation adjustment, net of tax effects of $ 81 ( 2,764 ) Balance, September 30, 2022 $ ( 15,532 ) |
Equity Investments
Equity Investments | 9 Months Ended |
Sep. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Equity Investment | 18. Equity Investments — In February 2016, AMVAC Netherlands BV made an investment in Biological Products for Agriculture (“Bi-PA”). Bi-PA develops biological plant protection products that can be used for the control of pests and disease of agricultural crops. As of September 30, 2023 and December 31, 2022, the Company’s ownership position in Bi-PA was 15 %. Since this investment does not have a readily determinable fair value, the Company has elected to measure the investment at cost less impairment, if any, and also records an increase or decrease for changes resulting from observable price changes in orderly transactions for the identical or a similar investment of Bi-PA. The Company periodically reviews the investment for possible impairment. There was no impairment or observable price changes on the investment during the three- and nine-month periods ended September 30, 2023 and 2022. The investment is recorded within other assets on the condensed consolidated balance sheets and amounted to $ 2,869 as of September 30, 2023 and December 31, 2022. On April 1, 2020, AMVAC purchased 6.25 million shares, an ownership of approximately 8 %, of common stock of Clean Seed Capital Group Ltd. (TSX Venture Exchange: “CSX”) for $ 1,190 . The shares are publicly traded, have a readily determinable fair value, and are considered a Level 1 investment. The fair value of the stock amounted to $ 460 and $ 784 as of September 30, 2023 and December 31, 2022, respectively. The Company recorded a loss of $ 247 and $ 454 for the three-month periods ended September 30, 2023 and 2022, respectively. The Company recorded a loss of $ 324 and a gain of $ 857 for the nine-month periods ended September 30, 2023 and 2022, respectively. The investment is recorded within other assets on the condensed consolidated balance sheets and the associated gains and losses are included in the change in fair value of equity investments. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes — Income tax expense for the three and nine months ended September 30, 2023 and 2022, is computed using the estimated effective tax rates applicable to each of the domestic and international taxable jurisdictions for the full year. The Company’s tax rate is subject to management’s quarterly review and revision, as necessary. The Company’s provision for income taxes and effective income tax rate are significantly impacted by the mix of the Company’s domestic and foreign income (loss) before income taxes. Income tax expense was $ 885 and $ 2,963 for the three-month period ended September 30, 2023, and 2022, respectively, and $ 2,066 and $ 10,187 for the nine months ended September 30, 2023 and 2022, respectively. The effective income tax rate was 158.0 % and 30.5 % for the three-month periods ended September 30, 2023 and 2022, respectively, and 79.3 % and 30.2 % for the nine months ended September 30, 2023 and 2022, respectively. For the three-month period ended September 30, 2023, the increase in the effective income tax rate compared to the same period in 2022, is primarily attributable to an increase in losses incurred at certain entities which did not result in a benefit for income tax purposes as these entities continue to maintain a valuation allowance against their net deferred tax assets. Additionally, for the nine-month period ended September 30, 2023, the increase in the effective income tax rate compared to the same period in 2022, is due to withholding tax charges ( net of income tax credits) associated with interest on certain intercompany loans and the establishment of liabilities for uncertain tax positions in certain jurisdictions. The increase in the effective income tax rate is partially offset by a benefit from the remeasurement of certain U.S. federal and state deferred taxes. It is expected that $ 1,814 of unrecognized tax benefits will be released within the next twelve months due to expiration of the statute of limitations. |
Stock Re-purchase Program
Stock Re-purchase Program | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stock Re-purchase Program | 20. Stock Re-purchase Programs —The Company periodically repurchases shares of its common stock under a board-authorized repurchase program through a combination of open market transactions and accelerated share repurchase ("ASR") arrangements. On March 8, 2022, pursuant to a Board of Directors resolution, the Company announced its intention to repurchase an aggregate number of up to 1,000,000 shares of its common stock under a 10b5-1 plan, par value $ 0.10 per share, in the open market over the succeeding one year, subject to limitations and restrictions under applicable securities laws. During 2022 and 2023, the Company purchased 761,985 shares of its common stock for a total of $ 14,558 at an average price of $ 19.11 per share under this plan which terminated on March 8, 2023. On May 25, 2023, pursuant to a Board of Directors resolution, the Company announced its intention to repurchase up to $ 15,000 of its common stock under a 10b5-1 plan, par value $ 0.10 per share, in the open market over the succeeding one year, subject to limitations and restrictions under applicable securities laws. During the three months ended September 30, 2023, the Company purchased 477,089 shares of its common stock for a total of $ 8,313 at an average price of $ 17.42 per share under this plan. During the nine months ended September 30, 2023, the Company purchased 885,290 shares of its common stock for a total of $ 15,539 at an average price of $ 17.55 per share under this plan. The table below summarizes the number of shares of the Company’s common stock that were repurchased through open market transactions during the three and nine months ended September 30, 2023 and 2022. Three months ended Total number of Average price paid Total amount paid September 30, 2023 477,089 $ 17.42 $ 8,313 September 30, 2022 387,340 $ 19.36 $ 7,499 Nine months ended Total number of Average price paid Total amount paid September 30, 2023 885,290 $ 17.55 $ 15,539 September 30, 2022 720,350 $ 19.06 $ 13,731 On August 22, 2022, pursuant to a Board of Directors resolution, the Company entered into an ASR arrangement to repurchase $ 20,000 of its common stock. Under the agreement, the Company paid $ 20,000 and immediately received an initial delivery of 802,810 shares in the amount of $ 16,000 , which the Company recorded as treasury shares. The Company recorded the remaining $ 4,000 as a reduction to additional paid-in capital pending final settlement in the fourth quarter of 2022. On December 14, 2022, the ASR was completed, and pursuant to the settlement terms of the ASR, the Company received an additional 131,892 shares of its common stock. The average price paid for all of the shares delivered under the ASR was $ 21.40 per share. The table below summarizes the number of shares of the Company’s common stock that were received under the accelerated share repurchase arrangement during the three- and nine-month periods ended September 30, 2022. Three months ended Total number of Average price Total amount paid September 30, 2022 802,810 $ 19.93 $ 16,000 Pursuant to Amendment Number Six to the Third Amended Loan and Security Agreement, effective November 7, 2023, the Company is currently prevented from making stock repurchases. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Cash Flow Information | 21. Supplemental Cash Flow Information For the Nine Months Ended September 30, 2023 2022 Supplemental cash flow information: Cash paid during the period for: Interest $ 7,317 $ 2,073 Income taxes, net $ 7,643 $ 15,530 Non-cash transactions: Cash dividends declared and included in accrued expenses $ 834 $ 715 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | 22. Subsequent Event — October 9, 2023, the Company completed the acquisition of Punto Verde, a well-established distributor in Guayaquil, Ecuador, to strengthen its product portfolio and market access in the Latin American region, for a total consideration of approximately $ 4,800 . The acquisition will be accounted for as a business combination on the Company's consolidated financial statements. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Other Information of Operating Leases | Additional information related to operating leases are as follows: Three months Three months Nine months Nine months Cash paid for amounts included in the $ 1,601 $ 1,613 $ 4,788 $ 4,846 ROU assets obtained in exchange for new lease $ 643 $ 2,378 $ 3,220 $ 4,202 |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases | The weighted-average remaining lease term and discount rate related to the operating leases as of September 30, 2023 were as follows: Weighted-average remaining lease term (in years) 5.29 Weighted-average discount rate 4.37 % |
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases | Future minimum lease payments under non-cancellable operating leases as of September 30, 2023 were as follows: 2023 (excluding nine-months ended September 30, 2023) $ 1,682 2024 6,113 2025 5,538 2026 4,251 2027 2,736 Thereafter 6,200 Total lease payments 26,520 Less: imputed interest ( 2,865 ) Total $ 23,655 Amounts recognized in the condensed consolidated balance sheets: Operating lease liabilities, current $ 5,553 Operating lease liabilities, long-term $ 18,102 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region | Selective enterprise information of sales disaggregated by category and geographic region is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net sales: U.S. crop $ 67,749 $ 69,101 $ 185,823 $ 220,303 U.S. non-crop 19,250 18,946 50,041 53,844 Total U.S. 86,999 88,047 235,864 274,147 International 62,517 64,220 171,327 175,916 Total net sales: $ 149,516 $ 152,267 $ 407,191 $ 450,063 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment at September 30, 2023 and December 31, 2022 consists of the following: September 30, December 31, Land $ 2,762 $ 2,757 Buildings and improvements 21,009 20,794 Machinery and equipment 147,376 142,980 Office furniture, fixtures and equipment 10,846 13,231 Automotive equipment 1,205 1,584 Construction in progress 8,805 5,897 Total gross value 192,003 187,243 Less accumulated depreciation ( 118,798 ) ( 116,331 ) Total net value $ 73,205 $ 70,912 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories consist of the following: September 30, December 31, 2022 Finished products $ 216,767 $ 155,128 Raw materials 31,165 29,062 $ 247,932 $ 184,190 |
Cash Dividend (Tables)
Cash Dividend (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Cash Dividends [Abstract] | |
Cash Dividend | Cash Dividends on Common Stock —The Company has declared and paid the following cash dividends in the periods covered by this Form 10-Q: Declaration Date Record Date Distribution Date Dividend Total September 12, 2023 September 22, 2023 October 6, 2023 $ 0.030 $ 834 June 12, 2023 June 28, 2023 July 14, 2023 $ 0.030 $ 848 March 13, 2023 March 24, 2023 April 14, 2023 $ 0.030 $ 851 December 13, 2022 December 28, 2022 January 11, 2023 $ 0.030 $ 851 September 12, 2022 September 23, 2022 October 7, 2022 $ 0.025 $ 715 June 6, 2022 June 24, 2022 July 8, 2022 $ 0.025 $ 742 March 14, 2022 March 25, 2022 April 15, 2022 $ 0.025 $ 736 December 13, 2021 December 27, 2021 January 10, 2022 $ 0.020 $ 594 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted net income (loss) per share were as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator: Net income (loss) $ ( 325 ) $ 6,741 $ 540 $ 23,506 Denominator: (in thousands) Weighted average shares outstanding-basic 27,919 29,214 28,236 29,496 Dilutive effect of stock options and grants $ — 591 420 632 Weighted average shares outstanding-diluted 27,919 29,805 28,656 30,128 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Revolving Line of Credit | The debt is summarized in the following table: Long-term indebtedness ($000's) September 30, 2023 December 31, 2022 Revolving line of credit $ 218,000 $ 52,300 Deferred loan fees ( 897 ) ( 823 ) Net long-term debt $ 217,103 $ 51,477 |
Change in Accounting Principle
Change in Accounting Principle (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Schedule of classification after the adoption of the change in accounting | The following table compares the Company’s historical classification with the classification after the adoption of the change in accounting for the three and nine months ended September 30, 2023 and 2022: Classification after adoption Classification prior to adoption For the three months ended September 30, For the three months ended September 30, 2023 2022 2023 2022 Net sales $ 149,516 $ 152,267 $ 149,516 152,267 Cost of sales ( 106,432 ) ( 102,629 ) ( 91,938 ) ( 90,733 ) Gross profit 43,084 49,638 57,578 61,534 Operating expenses ( 38,893 ) ( 38,394 ) ( 53,387 ) ( 50,290 ) Operating income $ 4,191 $ 11,244 $ 4,191 $ 11,244 Classification after adoption Classification prior to adoption For the nine months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Net sales $ 407,191 $ 450,063 $ 407,191 450,063 Cost of sales ( 282,662 ) ( 299,698 ) ( 249,294 ) ( 267,280 ) Gross profit 124,529 150,365 157,897 182,783 Operating expenses ( 113,317 ) ( 113,559 ) ( 146,685 ) ( 145,977 ) Operating income $ 11,212 $ 36,806 $ 11,212 $ 36,806 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stock Based Compensation, Unamortized Stock-Based Compensation and Remaining Weighted Average Period | The following tables illustrate the Company’s stock-based compensation (included in operating expenses in the condensed consolidated statements of operations), unamortized stock-based compensation, and remaining weighted average amortization period. Stock-Based Stock-Based Unamortized Remaining September 30, 2023 Restricted Stock $ 1,187 $ 3,597 $ 7,764 2.0 Unrestricted Stock 130 390 347 0.7 Performance-Based Restricted Stock 399 270 2,832 2.0 Total $ 1,716 $ 4,257 $ 10,943 September 30, 2022 Restricted Stock $ 1,184 $ 3,257 $ 8,010 2.0 Unrestricted Stock 130 369 347 0.7 Performance-Based Restricted Stock 246 770 3,093 1.9 Total $ 1,560 $ 4,396 $ 11,450 |
Incentive Stock Option Plans | Activity for the three- and nine-month periods ended September 30, 2023: Number of Weighted Balance outstanding, December 31, 2022 68,896 $ 11.49 Options exercised ( 1,537 ) 11.49 Balance outstanding, March 31, 2023 67,359 $ 11.49 Options exercised ( 1,287 ) 11.49 Balance outstanding, June 30, 2023 66,072 $ 11.49 Options exercised ( 1,200 ) 11.49 Balance outstanding, September 30, 2023 64,872 $ 11.49 Activity for the three- and nine-month periods ended September 30, 2022: Number of Weighted Balance outstanding, December 31, 2021 and March 31, 2022 108,036 $ 11.49 Options exercised ( 33,745 ) 11.49 Balance outstanding, June 30, 2022 74,291 $ 11.49 Options exercised ( 1,541 ) 11.49 Balance outstanding, September 30, 2022 72,750 $ 11.49 |
Performance Based Stock Options | |
Incentive Stock Option Plans | Activity for the three- and nine-month periods ended September 30, 2023: Number of Weighted Balance outstanding, December 31, 2022 81,808 $ 11.49 Options exercised — — Balance outstanding, March 31, June 30, and September 30, 2023 81,808 $ 11.49 Activity for the three- and nine-month periods ended September 30, 2022: Number of Weighted Balance outstanding, December 31, 2021 and March 31, 2022 114,658 $ 11.49 Options exercised ( 32,850 ) 11.49 Balance outstanding, June 30 and September 30, 2022 81,808 $ 11.49 |
Restricted and Unrestricted Stock | |
Summary of Non-Vested Shares | Time-Based Restricted and Unrestricted Stock — A summary of non-vested shares as of, and for, the three- and nine-month periods ended September 30, 2023, and 2022 is presented below: Three and Nine Months Ended Three and Nine Months Ended Number Weighted Number Weighted Nonvested shares at December 31 st 742,050 $ 18.86 817,290 $ 17.04 Vested ( 2,017 ) 15.71 ( 230,080 ) 17.31 Forfeited ( 5,479 ) 19.87 ( 24,109 ) 17.10 Nonvested shares at March 31 st 734,554 18.86 563,101 16.93 Granted 279,419 21.17 242,067 23.79 Vested ( 309,318 ) 14.83 ( 27,482 ) 22.35 Forfeited ( 16,354 ) 19.50 ( 14,070 ) 18.53 Nonvested shares at June 30 th 688,301 21.59 763,616 18.88 Granted 9,745 13.63 13,600 18.94 Vested ( 3,666 ) 16.79 ( 1,262 ) 19.39 Forfeited ( 15,080 ) 21.70 ( 15,945 ) 20.09 Nonvested shares at September 30 th 679,300 $ 21.50 760,009 $ 18.86 |
Performance Based Restricted Stock | |
Summary of Non-Vested Shares | Performance-Based Restricted Stock — A summary of non-vested performance-based shares as of, and for, the three- and nine-month periods ended September 30, 2023, and 2022, respectively is presented below: Three and Nine Months Ended Three and Nine Months Ended Number Weighted Number Weighted Nonvested shares at December 31 st 318,699 $ 18.05 379,061 $ 16.43 Additional granted (forfeited) based on — — ( 41,088 ) 16.56 Vested — — ( 78,704 ) 17.18 Forfeited — — ( 7,074 ) 16.77 Nonvested shares at March 31 st 318,699 18.05 252,195 16.17 Additional granted (forfeited) based on ( 58,827 ) 14.73 — — Granted 94,028 21.51 83,190 23.63 Vested ( 86,188 ) 13.99 — — Forfeited ( 3,316 ) 16.91 ( 7,829 ) 17.50 Nonvested shares at June 30 th 264,396 21.36 327,556 16.58 Forfeited ( 466 ) 20.03 ( 2,577 ) 17.80 Nonvested shares at September 30 th 263,930 $ 21.36 324,979 $ 16.57 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Measuring on Recurring Basis of Contingent Consideration | The following table illustrates the Company’s contingent earn-out liability movements related to its business acquisitions as of, and for the three- and nine-month periods ended September 30, 2022: Three months ended Nine months ended Balance, June 30, 2022 and December 31, 2021, respectively $ 1,367 $ 786 Fair value adjustment — 635 Payments on existing obligations ( 1,292 ) ( 1,292 ) Accretion of discounted liabilities 10 28 Foreign exchange effect ( 85 ) ( 157 ) Balance, September 30, 2022 $ — $ — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Beginning Balance, Quarterly Activity and Ending Balance of Foreign Currency Translation Adjustment Included as Component of Accumulated Other Comprehensive Loss | The following table lists the beginning balance, annual activity and ending balance of accumulated other comprehensive loss, which consists of foreign currency translation adjustments: Total Balance, December 31, 2022 $ ( 12,182 ) Foreign currency translation adjustment, net of tax effects of ($ 132 ) 2,546 Balance, March 31, 2023 ( 9,636 ) Foreign currency translation adjustment, net of tax effects of ($ 122 ) 3,505 Balance, June 30, 2023 ( 6,131 ) Foreign currency translation adjustment, net of tax effects of $ 133 ( 3,123 ) Balance, September 30, 2023 $ ( 9,254 ) Balance, December 31, 2021 $ ( 13,784 ) Foreign currency translation adjustment, net of tax effects of ($ 48 ) 7,080 Balance, March 31, 2022 ( 6,704 ) Foreign currency translation adjustment, net of tax effects of $ 109 ( 6,064 ) Balance, June 30, 2022 ( 12,768 ) Foreign currency translation adjustment, net of tax effects of $ 81 ( 2,764 ) Balance, September 30, 2022 $ ( 15,532 ) |
Stock Re-purchase Program (Tabl
Stock Re-purchase Program (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accelerated Share Repurchase Arrangement | |
Equity, Class of Treasury Stock [Line Items] | |
Summary of Number of Shares of Common Stock Received Under Accelerated Share Repurchase Arrangement | The table below summarizes the number of shares of the Company’s common stock that were received under the accelerated share repurchase arrangement during the three- and nine-month periods ended September 30, 2022. Three months ended Total number of Average price Total amount paid September 30, 2022 802,810 $ 19.93 $ 16,000 |
10b5-1 Plan [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Summary of Number of Shares of Common Stock Received Under Accelerated Share Repurchase Arrangement | The table below summarizes the number of shares of the Company’s common stock that were repurchased through open market transactions during the three and nine months ended September 30, 2023 and 2022. Three months ended Total number of Average price paid Total amount paid September 30, 2023 477,089 $ 17.42 $ 8,313 September 30, 2022 387,340 $ 19.36 $ 7,499 Nine months ended Total number of Average price paid Total amount paid September 30, 2023 885,290 $ 17.55 $ 15,539 September 30, 2022 720,350 $ 19.06 $ 13,731 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of Supplemental Cash Flow Information | For the Nine Months Ended September 30, 2023 2022 Supplemental cash flow information: Cash paid during the period for: Interest $ 7,317 $ 2,073 Income taxes, net $ 7,643 $ 15,530 Non-cash transactions: Cash dividends declared and included in accrued expenses $ 834 $ 715 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Line Items] | ||||
Operating lease expenses | $ 1,701 | $ 1,653 | $ 5,012 | $ 4,876 |
Minimum | ||||
Leases [Line Items] | ||||
Operating lease term | 1 year | 1 year | ||
Maximum | ||||
Leases [Line Items] | ||||
Operating lease term | 20 years | 20 years |
Leases - Schedule of Additional
Leases - Schedule of Additional Information of Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ 1,601 | $ 1,613 | $ 4,788 | $ 4,846 |
ROU assets obtained in exchange for new liabilities | $ 643 | $ 2,378 | $ 3,220 | $ 4,202 |
Leases - Schedule of Weighted-A
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases (Detail) | Sep. 30, 2023 |
Leases [Abstract] | |
Weighted-average remaining lease term (in years) | 5 years 3 months 14 days |
Weighted-average discount rate | 4.37% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2023 (excluding nine-months ended September 30, 2023) | $ 1,682 | |
2024 | 6,113 | |
2025 | 5,538 | |
2026 | 4,251 | |
2027 | 2,736 | |
Thereafter | 6,200 | |
Total lease payments | 26,520 | |
Less: imputed interest | (2,865) | |
Total | 23,655 | |
Amounts recognized in the Condensed Consolidated Balance Sheets: | ||
Operating lease liabilities, current | 5,553 | $ 5,279 |
Operating lease liabilities, long-term | $ 18,102 | $ 19,492 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | |||
Contract assets | $ 3,100 | $ 3,100 | $ 3,100 |
Revenue recognized | 16,374 | 82,099 | |
Customer Refunds | 22,500 | ||
Other Receivables | |||
Disaggregation Of Revenue [Line Items] | |||
Contract assets | $ 3,100 | $ 3,100 | |
Short-term contract assets | 2,098 | ||
Other Assets | |||
Disaggregation Of Revenue [Line Items] | |||
Long-term contract assets | $ 1,002 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 149,516 | $ 152,267 | $ 407,191 | $ 450,063 |
US | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 86,999 | 88,047 | 235,864 | 274,147 |
US | Crop | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 67,749 | 69,101 | 185,823 | 220,303 |
US | Non-Crop | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 19,250 | 18,946 | 50,041 | 53,844 |
International | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 62,517 | $ 64,220 | $ 171,327 | $ 175,916 |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 192,003 | $ 187,243 |
Less accumulated depreciation | (118,798) | (116,331) |
Total net value | 73,205 | 70,912 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 2,762 | 2,757 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 21,009 | 20,794 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 147,376 | 142,980 |
Office furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 10,846 | 13,231 |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | 1,205 | 1,584 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total gross value | $ 8,805 | $ 5,897 |
Property, Plant And Equipment -
Property, Plant And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense related to property, plant and equipment | $ 2,074 | $ 2,130 | $ 6,396 | $ 6,207 |
Inventories -Components of Inve
Inventories -Components of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 216,767 | $ 155,128 |
Raw materials | 31,165 | 29,062 |
Inventories | $ 247,932 | $ 184,190 |
Summary of Business Sales by Pr
Summary of Business Sales by Product and Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net sales | ||||
Net sales | $ 149,516 | $ 152,267 | $ 407,191 | $ 450,063 |
Gross profit: | ||||
Gross profit | 43,084 | 49,638 | 124,529 | 150,365 |
US | ||||
Net sales | ||||
Net sales | 86,999 | 88,047 | 235,864 | 274,147 |
US | Crop | ||||
Net sales | ||||
Net sales | 67,749 | 69,101 | 185,823 | 220,303 |
US | Non-Crop | ||||
Net sales | ||||
Net sales | 19,250 | 18,946 | 50,041 | 53,844 |
International | ||||
Net sales | ||||
Net sales | $ 62,517 | $ 64,220 | $ 171,327 | $ 175,916 |
Cash Dividends on Common Stock
Cash Dividends on Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | ||||||||
Cash dividend declaration date | Mar. 13, 2023 | Mar. 14, 2022 | Jun. 12, 2023 | Jun. 06, 2022 | Sep. 12, 2023 | Sep. 12, 2022 | Dec. 13, 2022 | Dec. 13, 2021 |
Cash dividend record date | Mar. 24, 2023 | Mar. 25, 2022 | Jun. 28, 2023 | Jun. 24, 2022 | Sep. 22, 2023 | Sep. 23, 2022 | Dec. 28, 2022 | Dec. 27, 2021 |
Cash dividend distributed date | Apr. 14, 2023 | Apr. 15, 2022 | Jul. 14, 2023 | Jul. 08, 2022 | Oct. 06, 2023 | Oct. 07, 2022 | Jan. 11, 2023 | Jan. 10, 2022 |
Cash dividend per share | $ 0.030 | $ 0.025 | $ 0.030 | $ 0.025 | $ 0.03 | $ 0.025 | $ 0.030 | $ 0.020 |
Cash dividend paid | $ 851 | $ 736 | $ 848 | $ 742 | $ 834 | $ 715 | $ 851 | $ 594 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Net income (loss) | $ (325) | $ 6,741 | $ 540 | $ 23,506 |
Denominator: (in thousands) | ||||
Weighted average shares outstanding-basic | 27,919,000 | 29,214,000 | 28,236,000 | 29,496,000 |
Dilutive effect of stock options and grants | 0 | 591,000 | 420,000 | 632,000 |
Weighted average shares outstanding-diluted | 27,919,000 | 29,805,000 | 28,656,000 | 30,128,000 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |||
Stock options excluded from computation of diluted earning per share | 0 | 0 | 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||||
Short term debt | $ 0 | $ 0 | $ 0 | ||
Interest expense | 3,384,000 | $ 1,086,000 | 8,282,000 | $ 2,256,000 | |
Senior Secured Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | 275,000,000 | $ 275,000,000 | |||
Credit agreement, covenant description | the Credit Agreement contains two: namely, borrowers are required to maintain a Total Leverage (“TL”) Ratio of no more than 3.5-to-1, during the first three years, stepping down to 3.25-to-1 as of December 31, 2024, and a Fixed Charge Coverage Ratio ("FCCR") of at least 1.25-to-1. In addition, to the extent that it completes acquisitions totaling $15 million or more in any 90-day period, AMVAC may step-up the TL Ratio by 0.5-to-1, not to exceed 4.00-to-1, for the next three full consecutive quarters. | ||||
Credit agreement, variable rate description | Under the Credit Agreement, revolving loans bear interest at a variable rate based, at borrower’s election with proper notice, on either (i) LIBOR plus the “Applicable Margin” which is based upon the Total Leverage (“TL”) Ratio (“LIBOR Revolver Loan”) or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5%, and (z) the Daily One-Month LIBOR Rate plus 1.00%, plus, in the case of (x), (y) or (z) the Applicable Margin (“Adjusted Base Rate Revolver Loan”). The Company and the Lenders entered into an amendment to the Credit Agreement, effective March 9, 2023, whereby LIBOR was replaced by SOFR with a credit spread adjustment of 10.0 bps for all SOFR periods. The revolving loans now bear interest at a variable rate based at our election with proper notice, on either (i) SOFR plus 0.1% per annum and the “Applicable Margin” or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5%, and (z) the Daily One-Month SOFR Rate plus 1.10%, plus, in the case of (x), (y) or (z) the Applicable Margin (“Adjusted Base Rate Revolver Loan”). Interest payments for SOFR Revolver Loans are payable on the last day of each interest period (either one-, three- or six- month periods, as selected by the Company) and the maturity date, while interest payments for Adjusted Base Rate Revolver Loans are payable on the last business day of each month and the maturity date. | ||||
Interest expense | $ 3,384,000 | $ 1,086,000 | $ 8,282,000 | $ 2,256,000 | |
Credit agreement, interest rate | 7.04% | 7.04% | |||
Senior Secured Revolving Line of Credit | Federal Funds Rate | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, variable rate basis | 0.50% | ||||
Senior Secured Revolving Line of Credit | LIBOR Member | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, variable rate basis | 1.10% | ||||
Senior Secured Revolving Line of Credit | Adjusted Base Rate | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, interest payment period, description | last business day of each month and the maturity date | ||||
Senior Secured Revolving Line of Credit | Term Loan | |||||
Debt Instrument [Line Items] | |||||
Accordion feature | $ 150,000,000 | $ 150,000,000 | |||
Senior Secured Revolving Line of Credit | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Consolidated funded debt ratio | 0.50% | ||||
Senior Secured Revolving Line of Credit | Amendment Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Credit agreement, variable rate description | the Company entered into Amendment Number Six to the Third Amended Loan and Security Agreement that provided relief in respect of both financial covenants. Specifically, with respect to the Maximum Total Leverage Ratio, the existing ratio of 3.5 through September 30, 2024 and 3.25 through December 31, 2024 and thereafter was changed to 5.5 through September 30, 2023, 4.5 for the periods ending December 31, 2023 and March 31, 2024, 4.0 for the period ending June 30, 2024, 3.5 through September 30, 2024 and returning to 3.25 from December 31, 2024 and thereafter. In addition, the Minimum Fixed Charge Coverage Ratio was changed from 1.25 to 1.0 for the periods ending September 30, 2023, December 31, 2023 and March 31, 2024 and returning to 1.25 for the period ending June 30, 2024 and thereafter. Further, after the delivery of financial statements and a covenant compliance certificate for the period ending December 31, 2023 assuming Total Leverage is less than 2.75, then Borrowers may terminate the covenant modification period (“CMP”) and revert to the terms of the existing Credit Agreement. Further, for the duration of the CMP, the Company is restricted from making share repurchases. Finally, the Applicable Margin (SOFR and Adjusted Base Rate) and Letter of Credit fees increase by 0.50 basis points for each tier of interest during CMP. As of September 30, 2023, by virtue of Amendment Number Six to the Third Amended Loan and Security Agreement, the Company is deemed to be in compliance with its financial covenants. | ||||
Maximum | Senior Secured Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Available borrowings capacity under credit agreement | 25,000,000 | $ 25,000,000 | |||
Consolidated funded debt ratio | 3.50% | ||||
Maximum | Senior Secured Revolving Line of Credit | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Consolidated funded debt ratio | 4% | ||||
Joint venture, consideration | $ 50,000,000 | ||||
Capacity to increase borrowings under credit agreement | $ 28,760,000 | $ 28,760,000 | $ 200,372,000 | ||
Maximum | Senior Secured Revolving Line of Credit | Amendment Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Consolidated funded debt ratio | 1.25% | ||||
Minimum | Senior Secured Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Consolidated funded debt ratio | 3.25% | ||||
Minimum | Senior Secured Revolving Line of Credit | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Joint venture, consideration | $ 15,000,000 | ||||
Minimum | Senior Secured Revolving Line of Credit | Amendment Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Consolidated funded debt ratio | 1% |
Debt - Summary of Revolving Lin
Debt - Summary of Revolving Line of Credit (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Revolving line of credit | $ 218,000 | $ 52,300 |
Deferred loan fees | (897) | (823) |
Net long-term debt | $ 217,103 | $ 51,477 |
Classification Corrections (Add
Classification Corrections (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | ||
Reclassification of commission for third party agent | $ 150 | $ 427 |
Increase decrease in net sales and gross profit | $ 150 | $ 427 |
Change in Accounting Principl_2
Change in Accounting Principle - Classification after the adoption of the change in accounting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales | $ 149,516 | $ 152,267 | $ 407,191 | $ 450,063 |
Cost of sales | (106,432) | (102,629) | (282,662) | (299,698) |
Gross profit | 43,084 | 49,638 | 124,529 | 150,365 |
Operating expenses | (38,893) | (38,394) | (113,317) | (113,559) |
Operating income | 4,191 | 11,244 | 11,212 | 36,806 |
Classification After Adoption Of Accounting Change [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales | 149,516 | 152,267 | 407,191 | 450,063 |
Cost of sales | (106,432) | (102,629) | (282,662) | (299,698) |
Gross profit | 43,084 | 49,638 | 124,529 | 150,365 |
Operating expenses | (38,893) | (38,394) | (113,317) | (113,559) |
Operating income | 4,191 | 11,244 | 11,212 | 36,806 |
Historical Classification [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales | 149,516 | 152,267 | 407,191 | 450,063 |
Cost of sales | (91,938) | (90,733) | (249,294) | (267,280) |
Gross profit | 57,578 | 61,534 | 157,897 | 182,783 |
Operating expenses | (53,387) | (50,290) | (146,685) | (145,977) |
Operating income | $ 4,191 | $ 11,244 | $ 11,212 | $ 36,806 |
Stock-Based Compensation - Unam
Stock-Based Compensation - Unamortized Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | $ 1,716 | $ 1,560 | $ 4,257 | $ 4,396 |
Unamortized Stock-Based Compensation | 10,943 | 11,450 | 10,943 | 11,450 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 1,187 | 1,184 | 3,597 | 3,257 |
Unamortized Stock-Based Compensation | 7,764 | 8,010 | $ 7,764 | $ 8,010 |
Remaining Weighted Average Period (years) | 2 years | 2 years | ||
Unrestricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 130 | 130 | $ 390 | $ 369 |
Unamortized Stock-Based Compensation | 347 | 347 | $ 347 | $ 347 |
Remaining Weighted Average Period (years) | 8 months 12 days | 8 months 12 days | ||
Performance Based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 399 | 246 | $ 270 | $ 770 |
Unamortized Stock-Based Compensation | $ 2,832 | $ 3,093 | $ 2,832 | $ 3,093 |
Remaining Weighted Average Period (years) | 2 years | 1 year 10 months 24 days |
Stock-Based Compensation - (Tim
Stock-Based Compensation - (Time-Based Restricted and Unrestricted Stock) Summary of Non-Vested Shares (Detail) - Restricted and Unrestricted Stock - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares, Beginning balance | 688,301 | 734,554 | 742,050 | 763,616 | 563,101 | 817,290 |
Number of Shares, Granted | 9,745 | 279,419 | 13,600 | 242,067 | ||
Number of Shares, Vested | (3,666) | (309,318) | (2,017) | (1,262) | (27,482) | (230,080) |
Number of Shares, Forfeited | (15,080) | (16,354) | (5,479) | (15,945) | (14,070) | (24,109) |
Number of Shares, Ending Balance | 679,300 | 688,301 | 734,554 | 760,009 | 763,616 | 563,101 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 21.59 | $ 18.86 | $ 18.86 | $ 18.88 | $ 16.93 | $ 17.04 |
Weighted Average Grant-Date Fair Value, Granted | 13.63 | 21.17 | 18.94 | 23.79 | ||
Weighted Average Grant-Date Fair Value, Vested | 16.79 | 14.83 | 15.71 | 19.39 | 22.35 | 17.31 |
Weighted Average Grant-Date Fair Value, Forfeited | 21.7 | 19.5 | 19.87 | 20.09 | 18.53 | 17.1 |
Weighted Average Grant-Date Fair Value, Ending balance | $ 21.5 | $ 21.59 | $ 18.86 | $ 18.86 | $ 18.88 | $ 16.93 |
Stock-Based Compensation - (Per
Stock-Based Compensation - (Performance-Based Restricted Stock) Status Summary of Non-Vested Shares (Detail) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Additional granted (forfeited) based on performance achievement | (41,088) | |||||
Weighted Average Grant-Date Fair Value, Additional granted (forfeited) based on performance | $ 16.56 | |||||
Performance Based Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares, Beginning balance | 264,396 | 318,699 | 318,699 | 327,556 | 252,195 | 379,061 |
Additional granted (forfeited) based on performance achievement | (58,827) | |||||
Number of Shares, Vested | (86,188) | 0 | (78,704) | |||
Number of Shares, Granted | 94,028 | 83,190 | ||||
Number of Shares, Forfeited | (466) | (3,316) | (2,577) | (7,829) | (7,074) | |
Number of Shares, Ending Balance | 263,930 | 264,396 | 318,699 | 324,979 | 327,556 | 252,195 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 21.36 | $ 18.05 | $ 18.05 | $ 16.58 | $ 16.17 | $ 16.43 |
Weighted Average Grant-Date Fair Value, Additional granted (forfeited) based on performance | 14.73 | |||||
Weighted Average Grant-Date Fair Value, Vested | 13.99 | 0 | 17.18 | |||
Weighted Average Grant-Date Fair Value, Granted | 21.51 | 23.63 | ||||
Weighted Average Grant-Date Fair Value, Forfeited | 20.03 | 16.91 | 17.8 | 17.5 | 16.77 | |
Weighted Average Grant-Date Fair Value, Ending balance | $ 21.36 | $ 21.36 | $ 18.05 | $ 16.57 | $ 16.58 | $ 16.17 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Option Activity (Detail) - Incentive Stock Options - $ / shares | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Incentive Stock Option Plans, Beginning balance | 66,072 | 67,359 | 68,896 | 74,291 | 108,036 | 68,896 | 108,036 |
Incentive Stock Option Plans, Option exercised | (1,200) | (1,287) | (1,537) | (1,541) | (33,745) | ||
Incentive Stock Option Plans, Ending balance | 64,872 | 66,072 | 67,359 | 72,750 | 74,291 | 64,872 | 72,750 |
Weighted Average Exercise Price Per Share, Beginning balance | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 |
Weighted Average Exercise Price Per Share, Option exercised | 11.49 | 11.49 | 11.49 | 11.49 | 11.49 | ||
Weighted Average Exercise Price Per Share, Ending balance | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 9 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total intrinsic value | $ 0 | |||||||
Outstanding weighted average, remaining life (months) | 15 months | |||||||
Performance Based Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Exercise price per share | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 |
Total intrinsic value | $ 0 | |||||||
Outstanding weighted average, remaining life (months) | 15 months | |||||||
Incentive Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Exercise price per share | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 |
Summary of Performance option a
Summary of Performance option activity (Detail) - Performance Based Stock Options - $ / shares | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Incentive Stock Option Plans, Beginning balance | 81,808 | 81,808 | 81,808 | 81,808 | 114,658 | 81,808 | 114,658 |
Incentive Stock Option Plans, Options exercised | 0 | (32,850) | 0 | (32,850) | |||
Incentive Stock Option Plans, Ending balance | 81,808 | 81,808 | 81,808 | 81,808 | 81,808 | 81,808 | 81,808 |
Weighted Average Exercise Price Per Share, Beginning balance | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 |
Weighted Average Exercise Price Per Share, Option exercised | 0 | 11.49 | 0 | 11.49 | |||
Weighted Average Exercise Price Per Share, Ending balance | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 | $ 11.49 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Fair Value Measuring on Recurring Basis of Contingent Consideration (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 1,367 | $ 786 |
Fair value adjustment | 0 | 635 |
Payments on existing obligations | (1,292) | (1,292) |
Accretion of discounted liabilities | 10 | 28 |
Foreign exchange effect | (85) | (157) |
Ending balance | $ 0 | $ 0 |
Beginning Balance, Quarterly Ac
Beginning Balance, Quarterly Activity and Ending Balance of Foreign Currency Translation Adjustment Included as Component of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | $ 369,075 | $ 374,994 | $ 369,979 | $ 384,834 | $ 382,623 | $ 372,738 | $ 369,979 | $ 372,738 |
Foreign currency translation adjustment, net of tax effects | (3,123) | 3,505 | 2,546 | (2,764) | (6,064) | 7,080 | 2,928 | (1,748) |
Balance | 358,701 | 369,075 | 374,994 | 362,568 | 384,834 | 382,623 | 358,701 | 362,568 |
Foreign Currency Translation Adjustments | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | (6,131) | (9,636) | (12,182) | (12,768) | (6,704) | (13,784) | (12,182) | (13,784) |
Foreign currency translation adjustment, net of tax effects | (3,123) | 3,505 | 2,546 | (2,764) | (6,064) | 7,080 | ||
Balance | $ (9,254) | $ (6,131) | $ (9,636) | $ (15,532) | $ (12,768) | $ (6,704) | $ (9,254) | $ (15,532) |
Beginning Balance, Quarterly _2
Beginning Balance, Quarterly Activity and Ending Balance of Foreign Currency Translation Adjustment Included as Component of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Equity [Abstract] | ||||||
Foreign currency translation adjustment, tax effect | $ 133 | $ (122) | $ (132) | $ 81 | $ 109 | $ (48) |
Equity Investment - Additional
Equity Investment - Additional Information (Detail) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||||
Apr. 01, 2020 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Bi Pa | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Cost method ownership percentage | 15% | 15% | 15% | |||
Impairment of investments | $ 0 | $ 0 | $ 0 | $ 0 | ||
Investments value | 2,869,000 | 2,869,000 | $ 2,869,000 | |||
Clean Seed Capital Group Ltd | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity Method Investment Shares Purchased | 6,250 | |||||
Equity investment ownership position | 8% | |||||
Joint venture, consideration | $ 1,190,000 | |||||
Fair value of stock | 460,000 | 460,000 | $ 784,000 | |||
Loss on equity method investment | $ (247,000) | $ (454,000) | $ (324,000) | $ (857,000) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ (885) | $ (2,963) | $ (2,066) | $ (10,187) |
Federal income tax rate | 158% | 30.50% | 79.30% | 30.20% |
Unrecognized tax benefits | $ 1,814 | $ 1,814 |
Stock Re-purchase Program - Add
Stock Re-purchase Program - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
May 25, 2023 | Dec. 14, 2022 | Aug. 22, 2022 | Mar. 08, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Class Of Treasury Stock [Line Items] | ||||||||||
Common stock, par value per share | $ 0.1 | $ 0.1 | $ 0.1 | |||||||
Repurchase of common stock | $ 15,539,000 | $ 33,731,000 | ||||||||
Accelerated Share Repurchase Arrangement | ||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||
Amount reduced to additional paid in capital | $ 4,000 | |||||||||
Paid for shares delivered | $ 21.4 | |||||||||
10b5-1 Plan [Member] | ||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||
Number of shares purchased | 761,985 | |||||||||
Initial shares delivered | 761,985 | |||||||||
Average price paid per share | $ 19.11 | |||||||||
Treasury Stock Value Acquired Par Value Method | $ 14,558 | |||||||||
10b5-1 Plan [Member] | Forecast | ||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||
Number of shares purchased | 761,985 | |||||||||
Initial shares delivered | 761,985 | |||||||||
Average price paid per share | $ 19.11 | |||||||||
Treasury Stock Value Acquired Par Value Method | $ 14,558 | |||||||||
ASR [Member] | 10b5-1 Plan [Member] | ||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||
Number of shares purchased | 477,089 | 885,290 | ||||||||
Initial shares delivered | 477,089 | 885,290 | ||||||||
Average price paid per share | $ 17.42 | $ 17.55 | ||||||||
Treasury Stock Value Acquired Par Value Method | $ 8,313 | $ 15,539 | ||||||||
Board of Directors | Accelerated Share Repurchase Arrangement | ||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||
Number of shares purchased | 802,810 | |||||||||
Value of Common stock | $ 20,000 | |||||||||
Repurchase of common stock | $ 20,000 | |||||||||
Initial shares delivered | 802,810 | |||||||||
Treasury stock acquired, value | $ 16,000 | |||||||||
Common Stock | Accelerated Share Repurchase Arrangement | ||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||
Number of shares purchased | 802,810 | |||||||||
Initial shares delivered | 802,810 | |||||||||
Treasury stock acquired, value | $ 16,000 | |||||||||
Average price paid per share | $ 19.93 | |||||||||
Received additional share | 131,892 | |||||||||
Common Stock | 10b5-1 Plan [Member] | ||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||
Number of shares purchased | 477,089 | 387,340 | 885,290 | 720,350 | ||||||
Common stock, par value per share | $ 0.1 | |||||||||
Initial shares delivered | 477,089 | 387,340 | 885,290 | 720,350 | ||||||
Treasury stock acquired, value | $ 8,313 | $ 7,499 | $ 15,539 | $ 13,731 | ||||||
Average price paid per share | $ 17.42 | $ 19.36 | $ 17.55 | $ 19.06 | ||||||
Common Stock | ASR [Member] | 10b5-1 Plan [Member] | ||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||
Common stock, par value per share | $ 0.1 | |||||||||
Common Stock | Board of Directors | 10b5-1 Plan [Member] | ||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||
Number of shares purchased | 1,000,000 | |||||||||
Initial shares delivered | 1,000,000 | |||||||||
Common Stock | Board of Directors | ASR [Member] | 10b5-1 Plan [Member] | ||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||
Repurchase of common stock | $ 15,000 |
Summary of Number of Shares of
Summary of Number of Shares of Common Stock Repurchased (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Equity Class Of Treasury Stock [Line Items] | |||||
Number of shares received | 5,915,182 | 5,915,182 | 5,029,892 | ||
10b5-1 Plan [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Number of shares purchased | 761,985 | ||||
Average price paid per share | $ 19.11 | ||||
10b5-1 Plan [Member] | ASR [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Number of shares purchased | 477,089 | 885,290 | |||
Average price paid per share | $ 17.42 | $ 17.55 | |||
Common Stock | Accelerated Share Repurchase Arrangement | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Number of shares purchased | 802,810 | ||||
Average price paid per share | $ 19.93 | ||||
Total amount paid | $ 16,000 | ||||
Common Stock | 10b5-1 Plan [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Number of shares purchased | 477,089 | 387,340 | 885,290 | 720,350 | |
Average price paid per share | $ 17.42 | $ 19.36 | $ 17.55 | $ 19.06 | |
Total amount paid | $ 8,313 | $ 7,499 | $ 15,539 | $ 13,731 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule Of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | ||||
Interest | $ 7,317 | $ 2,073 | ||
Income taxes, net | 7,643 | 15,530 | ||
Non-cash transactions: | ||||
ROU assets exchanged for lease liabilities | $ 643 | $ 2,378 | 3,220 | 4,202 |
Cash dividends declared and included in accrued expenses | $ 834 | $ 715 |
Subsequent Event (Additional In
Subsequent Event (Additional Information) (Details) | Oct. 09, 2023 USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Business Combination, Consideration Transferred | $ 4,800 |