Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 25, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | AVD | |
Entity Registrant Name | AMERICAN VANGUARD CORP | |
Entity Central Index Key | 5,981 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 29,149,049 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net sales | $ 69,474 | $ 66,565 |
Cost of sales | 41,971 | 41,915 |
Gross profit | 27,503 | 24,650 |
Operating expenses | 22,873 | 24,344 |
Operating income | 4,630 | 306 |
Interest expense | 541 | 641 |
Income (loss) before provision for income taxes and loss on equity investment | 4,089 | (335) |
Income taxes expense (benefit) | 1,060 | (292) |
Income (loss) before loss on equity investment | 3,029 | (43) |
Net loss from equity method investment | (82) | |
Net income (loss) | 2,947 | (43) |
Net (income) loss attributable to non-controlling interest | (153) | 94 |
Net income attributable to American Vanguard | $ 2,794 | $ 51 |
Earnings per common share-basic | $ 0.10 | $ 0 |
Earnings per common share-assuming dilution | $ 0.10 | $ 0 |
Weighted average shares outstanding-basic | 28,808 | 28,527 |
Weighted average shares outstanding-assuming dilution | 29,307 | 28,839 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 7,916 | $ 5,524 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $388 and $423, respectively | 82,687 | 72,835 |
Other | 2,904 | 2,554 |
Total receivables, net | 85,591 | 75,389 |
Inventories | 144,415 | 136,477 |
Prepaid expenses | 12,354 | 11,172 |
Income taxes receivable | 168 | |
Deferred income tax assets | 8,101 | 8,101 |
Total current assets | 258,377 | 236,831 |
Property, plant and equipment, net | 46,433 | 47,972 |
Intangible assets, net of applicable amortization | 127,131 | 129,160 |
Other assets | 31,581 | 29,576 |
Total assets | 463,522 | 443,539 |
Current liabilities: | ||
Current installments of other notes payable | 37 | 55 |
Current installments of other liabilities | 200 | 514 |
Accounts payable | 28,374 | 15,343 |
Deferred revenue | 7,040 | 8,888 |
Accrued program costs | 52,002 | 44,371 |
Accrued expenses and other payables | 6,992 | 7,111 |
Income tax payable | 1,002 | |
Total current liabilities | 95,647 | 76,282 |
Long-term debt and other notes payable, excluding current installments | 65,763 | 68,321 |
Other liabilities, excluding current installments | 3,022 | 3,054 |
Deferred income tax liabilities | 27,556 | 27,556 |
Total liabilities | $ 191,988 | $ 175,213 |
Commitments and contingent liabilities | ||
Stockholders' equity: | ||
Preferred stock, $.10 par value per share; authorized 400,000 shares; none issued | ||
Common stock, $.10 par value per share; authorized 40,000,000 shares; issued 31,596,302 shares at March 31, 2016 and 31,638,225 shares at December 31, 2015 | $ 3,160 | $ 3,164 |
Additional paid-in capital | 68,714 | 68,534 |
Accumulated other comprehensive loss | (3,456) | (3,541) |
Retained earnings | 211,301 | 208,507 |
Total stockholders' equity including treasury stock | 279,719 | 276,664 |
Less treasury stock at cost, 2,450,634 shares at March 31, 2016 and December 31, 2015 | (8,269) | (8,269) |
American Vanguard Corporation stockholders' equity | 271,450 | 268,395 |
Non-controlling interest | 84 | (69) |
Total stockholders' equity | 271,534 | 268,326 |
Total liabilities and stockholders' equity | $ 463,522 | $ 443,539 |
CONDENSED CONSOLIDATED BALANCE4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 388 | $ 423 |
Preferred stock, par value per share | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 400,000 | 400,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 31,596,302 | 31,638,225 |
Treasury stock, shares | 2,450,634 | 2,450,634 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income/(loss) | Retained Earnings | Treasury Stock | AVD Total | Non- Controlling Interest |
Balance (in shares) at Dec. 31, 2015 | 31,638,225 | 31,638,225 | 2,450,634 | |||||
Balance at Dec. 31, 2015 | $ 268,326 | $ 3,164 | $ 68,534 | $ (3,541) | $ 208,507 | $ (8,269) | $ 268,395 | $ (69) |
Stocks issued under ESPP (in shares) | 19,627 | |||||||
Stocks issued under ESPP | 271 | $ 2 | 269 | 271 | ||||
Foreign currency translation adjustment, net | 85 | 85 | 85 | |||||
Stock based compensation | 456 | 456 | 456 | |||||
Stock options exercised and grants and vesting of restricted stock units | (586) | $ (6) | (580) | (586) | ||||
Stock options exercised and grants and vesting of restricted stock units, Shares | (61,550) | |||||||
Excess tax benefits from share based payment arrangements | 35 | 35 | 35 | |||||
Net income | $ 2,947 | 2,794 | 2,794 | 153 | ||||
Balance (in shares) at Mar. 31, 2016 | 31,596,302 | 31,596,302 | 2,450,634 | |||||
Balance at Mar. 31, 2016 | $ 271,534 | $ 3,160 | $ 68,714 | $ (3,456) | $ 211,301 | $ (8,269) | $ 271,450 | $ 84 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income attributable to American Vanguard | $ 2,794 | $ 51 |
Foreign currency translation adjustment | 85 | (248) |
Comprehensive income (loss) | $ 2,879 | $ (197) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 2,947 | $ (43) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization of fixed and intangible assets | 4,315 | 3,954 |
Amortization of other long term assets | 1,092 | 1,430 |
Amortization of discounted liabilities | 9 | 49 |
Stock-based compensation | 456 | 1,427 |
Tax benefit from exercise of stock options | (35) | (1) |
Operating loss from equity method investment | 82 | |
Changes in assets and liabilities associated with operations: | ||
(Increase) decrease in net receivables | (10,202) | 3,611 |
Increase in inventories | (7,938) | (1,350) |
Increase in prepaid expenses and other assets | (1,036) | (1,301) |
Decrease (increase) in income tax receivable/payable, net | 1,205 | (378) |
Increase in accounts payable | 13,031 | 3,570 |
(Decrease) increase in deferred revenue | (1,848) | 3,660 |
Increase in other payables and accrued expenses | 7,512 | 5,214 |
Net cash provided by operating activities | 9,590 | 19,842 |
Cash flows from investing activities: | ||
Capital expenditures | (715) | (1,522) |
Investment | (3,283) | |
Net cash used in investing activities | (3,998) | (1,522) |
Cash flows from financing activities: | ||
Net payments under line of credit agreement | (2,600) | (14,400) |
Payments on other long-term liabilities | (373) | (351) |
Tax benefit from exercise of stock options | 35 | 1 |
Increase in other notes payable | 200 | |
Net payments from the issuance of common stock (sale of stock under ESPP and exercise of stock options) | (315) | (965) |
Payment of cash dividends | (569) | |
Net cash used in by financing activities | (3,253) | (16,084) |
Net increase in cash and cash equivalents | 2,339 | 2,236 |
Cash and cash equivalents at beginning of period | 5,524 | 4,885 |
Effect of exchange rate changes on cash | 53 | (251) |
Cash and cash equivalents at end of period | $ 7,916 | $ 6,870 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Summary of Significant Accounting Policies | 1. The accompanying unaudited condensed consolidated financial statements of American Vanguard Corporation and Subsidiaries (“AVD”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation, have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment | 2. Property, plant and equipment at March 31, 2016 and December 31, 2015 consists of the following: March 31, December 31, Land $ 2,458 $ 2,458 Buildings and improvements 14,982 14,726 Machinery and equipment 116,818 113,506 Office furniture, fixtures and equipment 4,895 4,997 Automotive equipment 510 491 Construction in progress 516 3,413 140,179 139,591 Less accumulated depreciation (93,746 ) (91,619 ) $ 46,433 $ 47,972 The Company recognized depreciation expense related to property and equipment of $2,254 and $2,361 for the three months ended March 31, 2016 and 2015, respectively. During the three months ended March 31, 2016 and 2015, the Company eliminated from assets and accumulated depreciation $127 and $136, respectively, of fully depreciated assets. Substantially all of the Company’s assets are pledged as collateral with its banks. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventories | 3. Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method. The components of inventories consist of the following: March 31, December 31, Finished products $ 124,425 $ 120,456 Raw materials 19,990 16,021 $ 144,415 $ 136,477 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting | 4. Based on similar economic and operational characteristics, the Company’s business is aggregated into one reportable segment. Selective enterprise information is as follows: Three Months Ended 2016 2015 Net sales: Insecticides $ 33,106 $ 34,359 Herbicides/soil fumigants/fungicides 24,685 21,840 Other, including plant growth regulators 3,277 3,322 61,068 59,521 Non-crop 8,406 7,044 $ 69,474 $ 66,565 Net sales: US $ 49,985 $ 49,222 International 19,489 17,343 $ 69,474 $ 66,565 |
Accrued Program Costs
Accrued Program Costs | 3 Months Ended |
Mar. 31, 2016 | |
Accrued Program Costs | 5. Accrued Program Costs |
Cash Dividend
Cash Dividend | 3 Months Ended |
Mar. 31, 2016 | |
Cash Dividend | 6. The Company has declared and paid prior periods the following cash dividends in the periods covered by this Form 10-Q: Declaration Date Record Date Distribution Date Dividend Per Share Total Paid March 16, 2015 April 3, 2015 April 17, 2015 $ 0.02 $ 572 December 11, 2014 December 26, 2014 January 9, 2015 $ 0.02 $ 569 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share | 7. ASC 260 Earnings Per Share (“EPS” The components of basic and diluted earnings per share were as follows: Three Months Ended 2016 2015 Numerator: Net income attributable to AVD $ 2,794 $ 51 Denominator: Weighted averages shares outstanding-basic 28,808 28,527 Dilutive effect of stock options and grants 499 312 29,307 28,839 For the three months ended March 31, 2016, no stock options were excluded from the computation of diluted earnings per share. The Company excluded 276,654 stock options from the computation of diluted earnings per share for the three months ended March 31, 2015 because to include those options would be anti-dilutive. |
Indebtedness
Indebtedness | 3 Months Ended |
Mar. 31, 2016 | |
Indebtedness | 8. The Company has a revolving line of credit and various notes payable that together constitute the short-term and long-term loan balances shown in the condensed consolidated balance sheets at March 31, 2016 and December 31, 2015. These are summarized in the following table: Indebtedness March 31, 2016 December 31, 2015 $000’s Long- Short- Total Long- Short- Total Revolving line of credit $ 66,400 $ — $ 66,400 $ 69,000 $ — $ 69,000 Deferred loan fees (637 ) — (637 ) (679 ) — (679 ) Notes payable — 37 37 — 55 55 Total indebtedness $ 65,763 $ 37 $ 65,800 $ 68,321 $ 55 $ 68,376 AMVAC Chemical Corporation (“AMVAC”), the Company’s principal operating subsidiary, as borrower, and affiliates (including the Company), as guarantors and/or borrowers, are parties to a credit agreement dated as of July 11, 2014 (the “Credit Agreement”) with a group of commercial lenders led by Bank of the West (AMVAC’s primary bank) as agent, swing line lender and L/C issuer. The Credit Agreement is a senior secured lending facility with a five year term and consisting of a revolving line of credit of $200 million and an accordion feature for up to $100 million. The Credit Agreement includes both AMVAC CV and AMVAC BV as borrowers. 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 Rate” which is based upon the Consolidated Funded Debt Ratio (“Eurocurrency Rate 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 Rate (“Alternate Base Rate Loan”). Interest payments for Eurocurrency Rate Loans are payable on the last day of each interest period (either one, two, three or six months, as selected by the borrower) and the maturity date, while interest payments for Alternate Base Rate Loans are payable on the last business day of each month and the maturity date. The senior secured revolving line of credit matures on June 17, 2018. Under the Credit Agreement, the Company has three key covenants (with which it was in compliance throughout the three months ended March 31, 2016). The covenants are as follows: (1) the Company must maintain its borrowings below a certain consolidated funded debt ratio, (2) the Company has a limitation on its annual spending on the acquisition of fixed asset capital additions, and (3) the Company must maintain a certain consolidated fixed charge coverage ratio. As of April 14, 2015, AMVAC, registrant’s principal operating subsidiary, as borrower, and affiliates (including registrant), as guarantors and/or borrowers, entered into an amendment to the Credit Agreement under which, the Consolidated Funded Debt Ratio was increased for the second, third and fourth quarters of 2015 (to 3.5-to-1 from 3.25-to-1) and a fixed charge covenant, requiring, in effect, that the ratio of consolidated current assets to consolidated current liabilities exceed 1.2-to-1 for the duration of the term of the credit facility, was added. At March 31, 2016, based on its performance against the most restrictive covenants listed above, the Company had the capacity to increase its borrowings by up to $65,373, according to the terms of the Credit Agreement. This compares to an available borrowing capacity of $22,710 as of March 31, 2015. The level of borrowing capacity is driven by three factors: (1) our financial performance, as measured in EBITDA for trailing twelve month period, has improved, (2) borrowings have decreased notwithstanding the product line acquisitions completed in the second quarter of 2015 and (3) the leverage covenant (being the number of times EBITDA the Company may borrow under its credit facility agreement) is lower when compared with the earlier period. |
Reclassification
Reclassification | 3 Months Ended |
Mar. 31, 2016 | |
Reclassification | 9. Reclassification—Certain items may have been reclassified in the prior period condensed consolidated financial statements to conform with the March 31, 2016 presentation. |
Comprehensive income (loss)
Comprehensive income (loss) | 3 Months Ended |
Mar. 31, 2016 | |
Comprehensive income (loss) | 10. Total comprehensive income (loss) includes, in addition to net income, changes in equity that are excluded from the condensed consolidated statements of operations and are recorded directly into a separate section of stockholders’ equity on the condensed consolidated balance sheets. For the three month period ended March 31, 2016, total comprehensive income consisted of net income attributable to American Vanguard and foreign currency translation adjustments. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Stock Based Compensation | 11. Stock Based Compensation—The Company accounts for stock-based awards to employees and directors in accordance with FASB ASC 718, “ Share-Based Payment The below tables illustrate the Company’s stock based compensation, unamortized stock-based compensation, and remaining weighted average period for the three months ended March 31, 2016 and 2015. Stock-Based Unamortized Remaining March 31, 2016 Incentive Stock Options $ 89 $ 746 1.7 Restricted Stock 326 1,462 1.4 Performance Based Restricted Stock 33 441 1.3 Performance Based Options 8 263 1.7 Total $ 456 $ 2,912 March 31, 2015 Incentive Stock Options $ 115 $ 1,336 2.7 Restricted Stock 1,172 4,010 1.3 Performance Based Restricted Stock 98 917 1.9 Performance Based Options 42 499 2.8 Total $ 1,427 $ 6,762 Stock Options—During the three months ended March 31, 2016, the Company did not grant any employees options to acquire shares of common stock. Option activity within each plan is as follows: Incentive Weighted Average Exercisable Balance outstanding, December 31, 2015 626,845 $ 9.25 $ 7.73 Options exercised (25,500 ) 7.50 Options forfeited (9,813 ) 11.49 Balance outstanding, March 31, 2016 591,532 $ 9.29 $ 7.84 Information relating to stock options at March 31, 2016 summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Exercise Price Per Share Shares Remaining Exercise Shares Exercise Incentive Stock Option Plan: $7.50 331,750 56 $ 7.5 331,750 $ 7.50 $11.32—$14.49 259,782 101 $ 11.57 25,507 $ 12.28 591,532 $ 9.29 357,257 $ 7.84 The weighted average exercise prices for options granted, and exercisable and the weighted average remaining contractual life for options outstanding as of March 31, 2016 were as follows: Number Weighted Weighted Intrinsic As of March 31, 2016: Incentive Stock Option Plans: Outstanding 591,532 $ 9.29 76 $ 3,841 Expected to Vest 582,606 $ 9.25 76 $ 3,803 Exercisable 357,257 $ 7.84 57 $ 2,836 During the three months ended March 31, 2016 and 2015, the Company recognized stock-based compensation related to stock options of $89 and $115, respectively. As of March 31, 2016 and 2015, the Company had approximately $746 and $1,336, respectively, of unamortized stock-based compensation related to unvested stock options outstanding. This amount will be recognized over the weighted-average period of 1.7 and 2.7 years. This projected expense will change if any stock options are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures. Restricted Shares — Three Months Ended Three Months Ended Number Weighted Number Weighted Nonvested shares at January 1 st 362,841 $ 20.43 560,842 $ 21.44 Granted — — 30,000 11.42 Vested (127,274 ) 31.29 (192,266 ) 20.47 Forfeited (16,008 ) 23.67 (422 ) 14.92 Nonvested shares at March 31 st 219,559 $ 14.59 398,154 $ 21.17 Restricted Shares — During the three months ended March 31, 2016, the Company issued a total of 119,402 shares of restricted common stock to employees. The issued shares are subject to stockholder approval at which point the shares will be fair valued. The shares will cliff vest after three years of service. The fair value will be determined by using the publicly traded share price as of the date of grant. The Company will recognize as expense the value of restricted shares over the required service period from grant date. These shares have been excluded from the table above. During the three months ended March 31, 2015, the Company granted a total of 30,000 shares of common stock. Of these, 7,500 shares vested after 90 days from the date of grant and the balance will cliff vest after three years of services. The shares granted in 2015 were average fair valued at $11.42 per share. The fair value was determined by using the publicly traded share price as of the date of grant. The Company is recognizing as expense the value of restricted shares over the required service period. During the three months ended March 31, 2016 and 2015, the Company recognized stock-based compensation related to restricted shares of $326 and $1,172, respectively. As of March 31, 2016 and 2015, the Company had approximately $1,462 and $4,010, respectively, of unamortized stock-based compensation related to unvested restricted shares. This amount will be recognized over the weighted-average period of 1.4 and 1.3 years. This projected expense will change if any restricted shares are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures. Performance Based Shares—A summary of non-vested performance based shares as of and for the three months ended March 31, 2016 and 2015 is presented below: Three Months Ended Three Months Ended Number Weighted Number Weighted Nonvested shares at January 1 st 104,403 $ 17.05 103,907 $ 17.77 Granted — — 7,500 10.96 Forfeited (9,395 ) 17.65 — — Nonvested shares at March 31 st 95,008 $ 16.99 111,407 $ 17.31 Performance Based Shares — During the three months ended March 31, 2016, the Company issued a total of 52,170 performance based shares to employees. The issued shares are subject to stockholder approval at which point the shares will be fair valued. The fair value will be determined by using the publicly traded share price as of the date of grant. The Company will recognize as expense the value of the performance based shares over the required service period from grant date. The shares will cliff vest on January 6, 2019 with a measurement period commencing January 1, 2016 and ending December 31, 2018. Eighty percent of these performance based shares are based upon the financial performance of the Company, specifically, an earnings before income tax (“EBIT”) goal weighted at 50% and a net sales goal weighted at 30%. The remaining 20% of performance based shares are based upon AVD stock price appreciation over the same performance measurement period. The EBIT and net sales goals measure the relative growth of the Company’s EBIT and net sales for the performance measurement period, as compared to the median growth of EBIT and net sales for an identified peer group. The stockholder return goal measures the relative growth of the fair market value of the Company’s stock price over the performance measurement period, as compared to that of the Russell 2000 Index and the median fair market value of the common stock of the comparator companies, identified in the Company’s 2015 Proxy Statement. All parts of these awards vest in three years, but are subject to reduction to a minimum (or even zero) for meeting less than the targeted performance and to increase to a maximum of 200% for meeting in excess of the targeted performance. These shares have been excluded from the table above. During the three months ended March 31, 2015, the Company granted a total of 7,500 performance based shares that will cliff vest on January 5, 2018. Eighty percent of these performance based shares are based upon the financial performance of the Company, specifically, an earnings before income tax (“EBIT”) goal weighted at 50% and a net sales goal weighted at 30%. The remaining 20% of performance based shares are based upon AVD stock price appreciation over the same performance measurement period. The EBIT and net sales goals measure the relative growth of the Company’s EBIT and net sales for the performance measurement period, as compared to the median growth of EBIT and net sales for an identified peer group. The stockholder return goal measures the relative growth of the fair market value of the Company’s stock price over the performance measurement period, as compared to that of the Russell 2000 Index and the median fair market value of the common stock of the comparator companies, identified in the Company’s 2014 Proxy Statement. All parts of these awards vest in three years, but are subject to reduction to a minimum (or even zero) for meeting less than the targeted performance and to increase to a maximum of 200% for meeting in excess of the targeted performance. As of March 31, 2015, performance based shares related to net income and net sales have an average fair value of $11.42 per share. The fair value was determined by using the publicly traded share price as of the date of grant. The performance based shares related to the Company’s stock price have an average fair value of $9.13 per share. The fair value was determined by using the Monte Carlo valuation method. For awards with performance conditions, the Company recognizes share-based compensation cost on a straight-line basis for each performance criteria over the implied service period. During the three months ended March 31, 2016 and 2015, the Company recognized stock-based compensation related to performance based shares of $33 and $98, respectively. As of March 31, 2016 and 2015, the Company had approximately $441 and $917, respectively, of unamortized stock-based compensation expense related to unvested performance based shares. This amount will be recognized over the weighted-average period of 1.3 and 1.9 years. This projected expense will change if any performance based shares are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures. Performance Incentive Stock Options—During the three months ended March 31, 2016 and 2015, the Company did not grant any employees performance incentive stock options to acquire shares of common stock. Performance option activity is as follows: Incentive Weighted Average Exercisable Balance outstanding, December 31, 2015 98,410 $ 11.49 $ — Options forfeited (8,946 ) 11.49 — Balance outstanding, March 31, 2016 89,464 $ 11.49 $ — Information relating to stock options at March 31, 2016 summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Exercise Price Per Share Shares Remaining Exercise Shares Exercise Performance Incentive Stock Option Plan: $11.49 89,464 21 $ 11.49 — $ — 89,464 $ 11.49 — $ — The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of March 31, 2016 are as follows: Number Weighted Weighted Intrinsic As of March 31, 2016: Incentive Stock Option Plans: Outstanding 89,464 $ 11.49 21 $ 384 Expected to Vest 53,603 $ 11.49 21 $ 230 Exercisable — $ — — $ — During the three months ended March 31, 2016 and 2015 the Company recognized stock-based compensation related to performance stock options of $8 and $42, respectively. As of March 31, 2016 and 2015, the Company had approximately $263 and $499, respectively, of unamortized stock-based compensation expenses related to unvested performance incentive stock options outstanding. This amount will be recognized over the weighted-average period of 1.7 and 2.8 years. This projected expense will change if any performance incentive stock options are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2016 | |
Legal Proceedings | 12. 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 period ended December 31, 2015, except as described below. Galvan v. AMVAC Graciela Galvan v. AMVAC Chemical Corp. Navarro v. AMVAC Schiemer Farms v. AMVAC U.S. EPA RCRA/FIFRA Matter |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 3 Months Ended |
Mar. 31, 2016 | |
Recently Issued Accounting Guidance | 13. Recently Issued Accounting Guidance—In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) In March 2016, FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures In February 2016, FASB issued ASU 2016-02, Leases In January 2016, FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. In July 2015, FASB issued ASU 2015-11, Inventory (Topic 330) In August 2014, FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In June 2014, FASB issued ASU 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, a consensus of the FASB Emerging Issues Task Force In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value of Financial Instruments | 14. Fair Value of Financial Instruments—The carrying values of cash, receivables and accounts payable approximate their fair values because of the short maturity of these instruments. The fair value of the Company’s long-term debt and note payable to the bank is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities. Such fair value approximates the respective carrying values of the Company’s long-term debt and note payable to bank. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income ("AOCI") | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income ("AOCI") | 15. Accumulated Other Comprehensive Income (“AOCI”)—The following table lists the beginning balance, annual activity and ending balance of accumulated other comprehensive loss, which consists of foreign currency translation adjustments: For the Three Months Ended March 31, 2016 Balance, December 31, 2015 $ (3,541 ) Other comprehensive gain 85 Balance, March 31, 2016 $ (3,456 ) For the Three Months Ended March 31, 2015 Balance, December 31, 2014 $ (1,970 ) Other comprehensive loss (248 ) Balance, March 31, 2015 $ (2,218 ) |
Equity Investment
Equity Investment | 3 Months Ended |
Mar. 31, 2016 | |
Equity Investment | 16. The Company utilizes the equity method of accounting with respect to its investment in TyraTech Inc. (“TyraTech”), a Delaware corporation that specializes in developing, marketing and selling pesticide products containing natural oils. As of March 31, 2016, the Company’s ownership position in TyraTech was approximately 15.11%. The Company utilizes the equity method of accounting with respect to this investment. As a result, our net income includes losses from equity method investments, which represents our proportionate share of TyraTech’s estimated net losses for the current accounting period. For the three months ended March 31, 2016, the Company recognized a loss of $82 as a result of the Company’s ownership position in TyraTech. The Company’s investment in TyraTech is included in other assets on the condensed consolidated balance sheets. At March 31, 2016, the carrying value of the Company’s investment in TyraTech was $2,454 and the quoted market value of its shareholding was $2,395 based on the London Stock Exchange, Alternative Investment Market (“AIM”). At March 31, 2016, the Company performed an impairment review of its investment in TyraTech and concluded that no impairment charge was appropriate. |
Biological Products For Agriculture | |
Equity Investment | 17. In February 2016, the Company made an equity investment in Biological Products for Agriculture (“Bi-PA”) through its Netherlands wholly-owned subsidiary. Bi-PA develops biological plant protection products that can be used for the control of pests and disease of agricultural crops. As of March 31, 2016, the Company’s ownership position in Bi-PA was 15%. The Company utilizes the cost method of accounting with respect to this investment and will periodically review the investment for possible impairment. There was no impairment on the investment as of March 31, 2016. The investment is recorded within other assets on the condensed consolidated balance sheets. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Taxes | 18. Income Taxes – Income tax expense was $1,060 for the three months ended March 31, 2016, as compared to an income tax benefit of $292 for the three months ended March 31, 2015. The effective tax rate was 25.9% (which was a tax expense) in 2016 and 87.2% (which was a tax benefit) in 2015. The effective tax rate for the three months ended March 31, 2016 is based on the projected income for the full year and is subject to ongoing review and adjustment by management. The Company has been notified by the IRS of its intent to examine the Company’s federal income tax returns for the years ended December 31, 2012 through December 31, 2014. Currently the results of the audit are not determinable since the audit is still in its initial phase. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Summary of Property, Plant and Equipment | Property, plant and equipment at March 31, 2016 and December 31, 2015 consists of the following: March 31, December 31, Land $ 2,458 $ 2,458 Buildings and improvements 14,982 14,726 Machinery and equipment 116,818 113,506 Office furniture, fixtures and equipment 4,895 4,997 Automotive equipment 510 491 Construction in progress 516 3,413 140,179 139,591 Less accumulated depreciation (93,746 ) (91,619 ) $ 46,433 $ 47,972 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Components of Inventories | The components of inventories consist of the following: March 31, December 31, Finished products $ 124,425 $ 120,456 Raw materials 19,990 16,021 $ 144,415 $ 136,477 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Summary of Business Sales Segmentation | Selective enterprise information is as follows: Three Months Ended 2016 2015 Net sales: Insecticides $ 33,106 $ 34,359 Herbicides/soil fumigants/fungicides 24,685 21,840 Other, including plant growth regulators 3,277 3,322 61,068 59,521 Non-crop 8,406 7,044 $ 69,474 $ 66,565 Net sales: US $ 49,985 $ 49,222 International 19,489 17,343 $ 69,474 $ 66,565 |
Cash Dividend (Tables)
Cash Dividend (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Cash Dividend | The Company has declared and paid prior periods the following cash dividends in the periods covered by this Form 10-Q: Declaration Date Record Date Distribution Date Dividend Per Share Total Paid March 16, 2015 April 3, 2015 April 17, 2015 $ 0.02 $ 572 December 11, 2014 December 26, 2014 January 9, 2015 $ 0.02 $ 569 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share were as follows: Three Months Ended 2016 2015 Numerator: Net income attributable to AVD $ 2,794 $ 51 Denominator: Weighted averages shares outstanding-basic 28,808 28,527 Dilutive effect of stock options and grants 499 312 29,307 28,839 |
Indebtedness (Tables)
Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Summary of Short-Term and Long-Term Loan Balances in Condensed Consolidated Balance Sheets | The Company has a revolving line of credit and various notes payable that together constitute the short-term and long-term loan balances shown in the condensed consolidated balance sheets at March 31, 2016 and December 31, 2015. These are summarized in the following table: Indebtedness March 31, 2016 December 31, 2015 $000’s Long- Short- Total Long- Short- Total Revolving line of credit $ 66,400 $ — $ 66,400 $ 69,000 $ — $ 69,000 Deferred loan fees (637 ) — (637 ) (679 ) — (679 ) Notes payable — 37 37 — 55 55 Total indebtedness $ 65,763 $ 37 $ 65,800 $ 68,321 $ 55 $ 68,376 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stock Based Compensation, Unamortized Stock-Based Compensation and Remaining Weighted Average Period | The below tables illustrate the Company’s stock based compensation, unamortized stock-based compensation, and remaining weighted average period for the three months ended March 31, 2016 and 2015. Stock-Based Unamortized Remaining March 31, 2016 Incentive Stock Options $ 89 $ 746 1.7 Restricted Stock 326 1,462 1.4 Performance Based Restricted Stock 33 441 1.3 Performance Based Options 8 263 1.7 Total $ 456 $ 2,912 March 31, 2015 Incentive Stock Options $ 115 $ 1,336 2.7 Restricted Stock 1,172 4,010 1.3 Performance Based Restricted Stock 98 917 1.9 Performance Based Options 42 499 2.8 Total $ 1,427 $ 6,762 |
Summary of Option Activity | Option activity within each plan is as follows: Incentive Weighted Average Exercisable Balance outstanding, December 31, 2015 626,845 $ 9.25 $ 7.73 Options exercised (25,500 ) 7.50 Options forfeited (9,813 ) 11.49 Balance outstanding, March 31, 2016 591,532 $ 9.29 $ 7.84 |
Summary of Stock Options Summarized by Exercise Price | Information relating to stock options at March 31, 2016 summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Exercise Price Per Share Shares Remaining Exercise Shares Exercise Incentive Stock Option Plan: $7.50 331,750 56 $ 7.5 331,750 $ 7.50 $11.32—$14.49 259,782 101 $ 11.57 25,507 $ 12.28 591,532 $ 9.29 357,257 $ 7.84 |
Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding | The weighted average exercise prices for options granted, and exercisable and the weighted average remaining contractual life for options outstanding as of March 31, 2016 were as follows: Number Weighted Weighted Intrinsic As of March 31, 2016: Incentive Stock Option Plans: Outstanding 591,532 $ 9.29 76 $ 3,841 Expected to Vest 582,606 $ 9.25 76 $ 3,803 Exercisable 357,257 $ 7.84 57 $ 2,836 |
Performance Based Options | |
Summary of Option Activity | Performance option activity is as follows: Incentive Weighted Average Exercisable Balance outstanding, December 31, 2015 98,410 $ 11.49 $ — Options forfeited (8,946 ) 11.49 — Balance outstanding, March 31, 2016 89,464 $ 11.49 $ — |
Summary of Stock Options Summarized by Exercise Price | Information relating to stock options at March 31, 2016 summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Exercise Price Per Share Shares Remaining Exercise Shares Exercise Performance Incentive Stock Option Plan: $11.49 89,464 21 $ 11.49 — $ — 89,464 $ 11.49 — $ — |
Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding | The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of March 31, 2016 are as follows: Number Weighted Weighted Intrinsic As of March 31, 2016: Incentive Stock Option Plans: Outstanding 89,464 $ 11.49 21 $ 384 Expected to Vest 53,603 $ 11.49 21 $ 230 Exercisable — $ — — $ — |
Restricted Stock | |
Summary of Non-Vested Shares | Restricted Shares — Three Months Ended Three Months Ended Number Weighted Number Weighted Nonvested shares at January 1 st 362,841 $ 20.43 560,842 $ 21.44 Granted — — 30,000 11.42 Vested (127,274 ) 31.29 (192,266 ) 20.47 Forfeited (16,008 ) 23.67 (422 ) 14.92 Nonvested shares at March 31 st 219,559 $ 14.59 398,154 $ 21.17 |
Performance Shares | |
Summary of Non-Vested Shares | Performance Based Shares—A summary of non-vested performance based shares as of and for the three months ended March 31, 2016 and 2015 is presented below: Three Months Ended Three Months Ended Number Weighted Number Weighted Nonvested shares at January 1 st 104,403 $ 17.05 103,907 $ 17.77 Granted — — 7,500 10.96 Forfeited (9,395 ) 17.65 — — Nonvested shares at March 31 st 95,008 $ 16.99 111,407 $ 17.31 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Beginning Balance, Annual Activity and Ending Balance of Accumulated Other Comprehensive Loss of Foreign Currency Translation Adjustments | The following table lists the beginning balance, annual activity and ending balance of accumulated other comprehensive loss, which consists of foreign currency translation adjustments: For the Three Months Ended March 31, 2016 Balance, December 31, 2015 $ (3,541 ) Other comprehensive gain 85 Balance, March 31, 2016 $ (3,456 ) For the Three Months Ended March 31, 2015 Balance, December 31, 2014 $ (1,970 ) Other comprehensive loss (248 ) Balance, March 31, 2015 $ (2,218 ) |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 140,179 | $ 139,591 |
Less accumulated depreciation | (93,746) | (91,619) |
Total Property, plant and equipment | 46,433 | 47,972 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 2,458 | 2,458 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 14,982 | 14,726 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 116,818 | 113,506 |
Office furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 4,895 | 4,997 |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 510 | 491 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 516 | $ 3,413 |
Property, Plant And Equipment -
Property, Plant And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense related to property and equipment | $ 2,254 | $ 2,361 |
Elimination of Assets and Accumulated depreciation | $ 127 | $ 136 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Finished products | $ 124,425 | $ 120,456 |
Raw materials | 19,990 | 16,021 |
Total Inventories | $ 144,415 | $ 136,477 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Segment | |
Number of reportable business segments | 1 |
Summary of Business Sales Segme
Summary of Business Sales Segmentation as per Product (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Sales: | ||
Total crop | $ 61,068 | $ 59,521 |
Non-crop | 8,406 | 7,044 |
Net sales | 69,474 | 66,565 |
Insecticides | ||
Net Sales: | ||
Total crop | 33,106 | 34,359 |
Herbicides/Soil Fumigants/Fungicides | ||
Net Sales: | ||
Total crop | 24,685 | 21,840 |
Other, Including Plant Growth Regulators | ||
Net Sales: | ||
Total crop | $ 3,277 | $ 3,322 |
Summary of Business Sales Seg38
Summary of Business Sales Segmentation as per Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Sales: | ||
Net sales | $ 69,474 | $ 66,565 |
US | ||
Net Sales: | ||
Net sales | 49,985 | 49,222 |
International | ||
Net Sales: | ||
Net sales | $ 19,489 | $ 17,343 |
Cash Dividend (Detail)
Cash Dividend (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 11, 2014 | Mar. 31, 2016 |
Dividends [Line Items] | ||
Cash dividend declaration date | Dec. 11, 2014 | Mar. 16, 2015 |
Cash dividend distributed date | Dec. 26, 2014 | Apr. 3, 2015 |
Cash dividend record date | Jan. 9, 2015 | Apr. 17, 2015 |
Cash dividend per share | $ 0.02 | $ 0.02 |
Cash dividend paid | $ 569 | $ 572 |
Components of Basic and Diluted
Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator: | ||
Net income attributable to AVD | $ 2,794 | $ 51 |
Denominator: | ||
Weighted average shares outstanding-basic | 28,808 | 28,527 |
Dilutive effect of stock options and grants | 499 | 312 |
Weighted average shares outstanding-assuming dilution | 29,307 | 28,839 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Components Of Basic And Diluted Earning Per Share [Line Items] | ||
Anti-dilutive stock options excluded from computation of diluted earning per share | 0 | 276,654 |
Summary Revolving Line of Credi
Summary Revolving Line of Credit And Various Notes Payable Constitute Short-Term and Long-Term Loan Balances Together (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Extinguishment of Debt [Line Items] | ||
Revolving line of credit, Long Term | $ 66,400 | $ 69,000 |
Revolving line of credit, Short-term | 0 | 0 |
Revolving line of credit | 66,400 | 69,000 |
Deferred loan fees, Long Term | (637) | (679) |
Deferred loan fees, Short-term | 0 | 0 |
Deferred loan fees | (637) | (679) |
Notes payable, Long Term | 0 | 0 |
Notes payable, Short-term | 37 | 55 |
Notes payable | 37 | 55 |
Long Term debt | 65,763 | 68,321 |
Short-term | 37 | 55 |
Total indebtedness | $ 65,800 | $ 68,376 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Debt Instrument [Line Items] | ||
Available borrowings capacity under credit agreement | $ 22,710,000 | |
Senior secured credit facility term | 5 years | |
Senior secured credit facility, maturity date | Jun. 17, 2018 | |
Maximum | ||
Debt Instrument [Line Items] | ||
Capacity to increase borrowings under credit agreement | $ 65,373,000 | |
Revolving Line of Credit | ||
Debt Instrument [Line Items] | ||
Available borrowings capacity under credit agreement | 200,000,000 | |
Term Loan | Maximum | ||
Debt Instrument [Line Items] | ||
Accordion feature | $ 100,000,000 |
Unamortized Stock-Based Compens
Unamortized Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 456 | $ 1,427 |
Unamortized Stock-Based Compensation | 2,912 | 6,762 |
Incentive Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | 89 | 115 |
Unamortized Stock-Based Compensation | $ 746 | $ 1,336 |
Remaining Weighted Average Period (years) | 1 year 8 months 12 days | 2 years 8 months 12 days |
Performance Based Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 8 | $ 42 |
Unamortized Stock-Based Compensation | $ 263 | $ 499 |
Remaining Weighted Average Period (years) | 1 year 8 months 12 days | 2 years 9 months 18 days |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 326 | $ 1,172 |
Unamortized Stock-Based Compensation | $ 1,462 | $ 4,010 |
Remaining Weighted Average Period (years) | 1 year 4 months 24 days | 1 year 3 months 18 days |
Performance Based Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 33 | $ 98 |
Unamortized Stock-Based Compensation | $ 441 | $ 917 |
Remaining Weighted Average Period (years) | 1 year 3 months 18 days | 1 year 10 months 24 days |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employees options granted | 0 | |
Stock-Based Compensation | $ 456 | $ 1,427 |
Performance Based Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | 8 | 42 |
Nonvested unamortized stock-based compensation expense, value | $ 263 | $ 499 |
Nonvested unamortized stock-based compensation expense, contractual term | 1 year 8 months 12 days | 2 years 9 months 18 days |
Incentive Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 89 | $ 115 |
Nonvested unamortized stock-based compensation expense, value | $ 746 | $ 1,336 |
Nonvested unamortized stock-based compensation expense, contractual term | 1 year 8 months 12 days | 2 years 8 months 12 days |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 33 | $ 98 |
Nonvested unamortized stock-based compensation expense, contractual term | 1 year 3 months 18 days | 1 year 10 months 24 days |
Number of shares issued to employees | 52,170 | |
Number of Shares, Granted | 7,500 | |
Weighted Average Grant-Date Fair Value, Granted | $ 10.96 | |
Nonvested unamortized stock-based compensation other than options, value | $ 441 | $ 917 |
Cliff vesting date | Jan. 5, 2018 | |
Targeted performance percentage | 200.00% | 200.00% |
Performance Shares | Performance Based Shares Related to Net Income Weighted at 50%, Net Sales Weighted at 30%, Commencing January 1, 2016 and Ending December 31, 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Grant-Date Fair Value, Granted | $ 11.42 | |
Performance Shares | Remaining 20% of Performance Based Shares are Based Upon AVD Stock Price Appreciation for the Period Commencing January 1, 2016 and Ending December 31, 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Grant-Date Fair Value, Granted | $ 9.13 | |
Performance Shares | Vested on January 6, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cliff vesting date | Jan. 6, 2019 | |
Performance Shares | Performance Based Shares Based Upon Financial Performance of Earnings before Interest Tax ("EBIT") and Net Sales Goal for the Period Commencing January 1, 2016 and Ending December 31, 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of shares vesting based on Performance | 80.00% | 80.00% |
Earnings before income tax goal weight, percentage | 50.00% | 50.00% |
Net sales goal weight, percentage | 30.00% | 30.00% |
Performance Shares | Performance Based Shares Based Upon AVD Stock Price Appreciation Over the Course of the Period Commencing January 1, 2016, Ending December 31, 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of shares vesting based on Performance | 20.00% | 20.00% |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 326 | $ 1,172 |
Nonvested unamortized stock-based compensation expense, contractual term | 1 year 4 months 24 days | 1 year 3 months 18 days |
Number of shares issued to employees | 119,402 | |
Number of years of service before cliff vesting | 3 years | 3 years |
Number of Shares, Granted | 30,000 | |
Number of Shares, Vested | 127,274 | 192,266 |
Weighted Average Grant-Date Fair Value, Granted | $ 11.42 | |
Nonvested unamortized stock-based compensation other than options, value | $ 1,462 | $ 4,010 |
Restricted Stock | Vest after 90 days | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Vested | 7,500 |
Summary of Option Activity (Det
Summary of Option Activity (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Incentive Stock Option Plans, Beginning balance | shares | 626,845 |
Incentive Stock Option Plans, Option exercised | shares | (25,500) |
Incentive Stock Option Plans, Option forfeited | shares | (9,813) |
Incentive Stock Option Plans, Ending balance | shares | 591,532 |
Weighted Average Price Per Share, Beginning balance | $ 9.25 |
Weighted Average Price Per Share, Option exercised | 7.50 |
Weighted Average Price Per Share, Option forfeited | 11.49 |
Weighted Average Price Per Share, Ending balance | 9.29 |
Exercisable Weighted Average Price Per Share, Beginning balance | 7.73 |
Exercisable Weighted Average Price Per Share, Ending balance | $ 7.84 |
Performance Based Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Incentive Stock Option Plans, Beginning balance | shares | 98,410 |
Incentive Stock Option Plans, Option forfeited | shares | (8,946) |
Incentive Stock Option Plans, Ending balance | shares | 89,464 |
Weighted Average Price Per Share, Beginning balance | $ 11.49 |
Weighted Average Price Per Share, Option forfeited | 11.49 |
Weighted Average Price Per Share, Ending balance | $ 11.49 |
Summary of Stock Options Summar
Summary of Stock Options Summarized by Exercise Price (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Weighted Average, Exercise Price | $ 9.29 | $ 9.25 |
Exercisable Weighted Average, Exercise Price | $ 7.84 | $ 7.73 |
Incentive Stock Option Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Weighted Average, Shares | 591,532 | |
Outstanding Weighted Average, Remaining Life (Months) | 76 months | |
Outstanding Weighted Average, Exercise Price | $ 9.29 | |
Exercisable Weighted Average, Shares | 357,257 | |
Exercisable Weighted Average, Exercise Price | $ 7.84 | |
Incentive Stock Option Plan | Range One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share, Lower Range | $ 7.50 | |
Outstanding Weighted Average, Shares | 331,750 | |
Outstanding Weighted Average, Remaining Life (Months) | 56 months | |
Outstanding Weighted Average, Exercise Price | $ 7.50 | |
Exercisable Weighted Average, Shares | 331,750 | |
Exercisable Weighted Average, Exercise Price | $ 7.50 | |
Incentive Stock Option Plan | Range Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share, Lower Range | 11.32 | |
Exercise Price Per Share, Upper Range | $ 14.49 | |
Outstanding Weighted Average, Shares | 259,782 | |
Outstanding Weighted Average, Remaining Life (Months) | 101 months | |
Outstanding Weighted Average, Exercise Price | $ 11.57 | |
Exercisable Weighted Average, Shares | 25,507 | |
Exercisable Weighted Average, Exercise Price | $ 12.28 | |
Performance Based Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Weighted Average, Shares | 89,464 | |
Outstanding Weighted Average, Remaining Life (Months) | 21 months | |
Outstanding Weighted Average, Exercise Price | $ 11.49 | |
Performance Based Options | Range Three | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share, Lower Range | $ 11.49 | |
Outstanding Weighted Average, Shares | 89,464 | |
Outstanding Weighted Average, Remaining Life (Months) | 21 months | |
Outstanding Weighted Average, Exercise Price | $ 11.49 |
Weighted Average Exercise Price
Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 591,532 | 626,845 |
Weighted Average Exercise Price, Outstanding | $ 9.29 | $ 9.25 |
Weighted Average Exercisable, Exercise Price | $ 7.84 | $ 7.73 |
Incentive Stock Option Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 591,532 | |
Number of Shares, Expected to Vest | 582,606 | |
Number of Shares, Exercisable | 357,257 | |
Weighted Average Exercise Price, Outstanding | $ 9.29 | |
Weighted Average Exercise Price, Expected to Vest | 9.25 | |
Weighted Average Exercisable, Exercise Price | $ 7.84 | |
Weighted Average Remaining Life, Outstanding | 76 months | |
Weighted Average Remaining Contractual Life, Expected to Vest | 76 months | |
Weighted Average Remaining Contractual Life, Exercisable | 57 months | |
Intrinsic Value, Outstanding | $ 3,841 | |
Intrinsic Value, Expected to Vest | 3,803 | |
Intrinsic Value, Exercisable | $ 2,836 | |
Performance Based Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding | $ 11.49 | |
Weighted Average Exercise Price, Expected to Vest | $ 11.49 | |
Weighted Average Remaining Life, Outstanding | 21 months | |
Weighted Average Remaining Contractual Life, Expected to Vest | 21 months | |
Weighted Average Remaining Contractual Life, Exercisable | 0 months | |
Intrinsic Value, Outstanding | $ 384 | |
Intrinsic Value, Expected to Vest | $ 230 |
Summary of Non-Vested Shares (D
Summary of Non-Vested Shares (Detail) - Restricted Stock - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 362,841 | 560,842 |
Number of Shares, Granted | 30,000 | |
Number of Shares, Vested | (127,274) | (192,266) |
Number of Shares, Forfeited | (16,008) | (422) |
Number of Shares, Ending Balance | 219,559 | 398,154 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 20.43 | $ 21.44 |
Weighted Average Grant-Date Fair Value, Granted | 11.42 | |
Weighted Average Grant-Date Fair Value, Vested | 31.29 | 20.47 |
Weighted Average Grant-Date Fair Value, Forfeited | 23.67 | 14.92 |
Weighted Average Grant-Date Fair Value, Ending balance | $ 14.59 | $ 21.17 |
Status Summary of Non-Vested Sh
Status Summary of Non-Vested Shares (Detail) - Performance Shares - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 104,403 | 103,907 |
Number of Shares, Granted | 7,500 | |
Number of Shares, Forfeited | (9,395) | |
Number of Shares, Ending Balance | 95,008 | 111,407 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 17.05 | $ 17.77 |
Weighted Average Grant-Date Fair Value, Granted | 10.96 | |
Weighted Average Grant-Date Fair Value, Forfeited | 17.65 | |
Weighted Average Grant-Date Fair Value, Ending balance | $ 16.99 | $ 17.31 |
Litigation and Environmental -
Litigation and Environmental - Additional Information (Detail) $ in Millions | May. 12, 2015USD ($) |
Schiemer Farms Matter | |
Loss Contingencies [Line Items] | |
Alleged loss of yield | $ 1.2 |
Beginning Balance, Annual Activ
Beginning Balance, Annual Activity and Ending Balance of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (3,541) | $ (1,970) |
Other comprehensive gain (loss) | 85 | (248) |
Ending Balance | $ (3,456) | $ (2,218) |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Equity Method Investments [Line Items] | |
Equity investment ownership position | 15.11% |
Gain loss from equity method investment | $ (82) |
Carrying value of equity investment | 2,454 |
Quoted market value of equity investment | $ 2,395 |
Equity Investment - Additional
Equity Investment - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Equity Method Investments [Line Items] | |
Equity investment ownership position | 15.11% |
Impairment on investment | $ 0 |
Bi-PA | |
Equity Method Investments [Line Items] | |
Equity investment ownership position | 15.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Taxes [Line Items] | ||
Income taxes (benefit) expense | $ 1,060 | $ (292) |
Effective tax rate | 25.90% | 87.20% |