Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 25, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | 29,360,039 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 82,447 | $ 72,486 | $ 224,645 | $ 205,574 |
Cost of sales | 49,461 | 41,053 | 132,761 | 124,370 |
Gross profit | 32,986 | 31,433 | 91,884 | 81,204 |
Operating expenses | 28,255 | 26,059 | 77,429 | 74,325 |
Operating income | 4,731 | 5,374 | 14,455 | 6,879 |
Interest expense | 301 | 638 | 1,304 | 1,941 |
Income before provision for income taxes and loss on equity investment | 4,430 | 4,736 | 13,151 | 4,938 |
Income tax expense | 1,409 | 1,643 | 3,672 | 958 |
Income before loss on equity investment | 3,021 | 3,093 | 9,479 | 3,980 |
Net loss from equity investment | (180) | (389) | (309) | (580) |
Net income | 2,841 | 2,704 | 9,170 | 3,400 |
Add back net loss (income) attributable to non-controlling interest | 36 | 68 | (253) | 204 |
Net income attributable to American Vanguard | $ 2,877 | $ 2,772 | $ 8,917 | $ 3,604 |
Earnings per common share—basic | $ 0.10 | $ 0.10 | $ 0.31 | $ 0.13 |
Earnings per common share—assuming dilution | $ 0.10 | $ 0.09 | $ 0.30 | $ 0.12 |
Weighted average shares outstanding—basic | 28,957 | 28,753 | 28,886 | 28,653 |
Weighted average shares outstanding—assuming dilution | 29,496 | 29,289 | 29,385 | 29,208 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 6,594 | $ 5,524 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $159 and $423, respectively | 91,091 | 72,835 |
Other | 3,500 | 2,554 |
Total receivables | 94,591 | 75,389 |
Inventories | 141,678 | 136,477 |
Prepaid expenses | 12,270 | 11,172 |
Income taxes receivable | 168 | |
Deferred income tax assets | 8,101 | 8,101 |
Total current assets | 263,234 | 236,831 |
Property, plant and equipment, net | 47,760 | 47,972 |
Intangible assets, net of applicable amortization | 123,420 | 129,160 |
Other assets | 28,695 | 29,576 |
Total assets | 463,109 | 443,539 |
Current liabilities: | ||
Current installments of other notes payable | 0 | 55 |
Current installments of other liabilities | 74 | 514 |
Accounts payable | 23,268 | 15,343 |
Deferred revenue | 41 | 8,888 |
Accrued program costs | 74,907 | 44,371 |
Accrued expenses and other payables | 10,209 | 7,111 |
Income taxes payable | 1,269 | |
Total current liabilities | 109,768 | 76,282 |
Long-term debt and other notes payable, excluding current installments | 44,488 | 68,321 |
Other liabilities, excluding current installments | 3,036 | 3,054 |
Deferred income tax liabilities | 27,556 | 27,556 |
Total liabilities | 184,848 | 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 31,807,223 shares at September 30, 2016 and 31,638,225 shares at December 31, 2015 | 3,182 | 3,164 |
Additional paid-in capital | 70,458 | 68,534 |
Accumulated other comprehensive loss | (4,429) | (3,541) |
Retained earnings | 217,135 | 208,507 |
Total stockholders' equity including treasury stock | 286,346 | 276,664 |
Less treasury stock, at cost, 2,450,634 shares at September 30, 2016 and December 31, 2015 | (8,269) | (8,269) |
American Vanguard Corporation stockholders’ equity | 278,077 | 268,395 |
Non-controlling interest | 184 | (69) |
Total stockholders’ equity | 278,261 | 268,326 |
Total liabilities and stockholders' equity | $ 463,109 | $ 443,539 |
CONDENSED CONSOLIDATED BALANCE4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 159 | $ 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 | 31,807,223 | 31,638,225 |
Treasury stock, shares | 2,450,634 | 2,450,634 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 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 at Dec. 31, 2014 | $ (1,970) | |||||||
Foreign currency translation adjustment, net | (248) | |||||||
Balance at Mar. 31, 2015 | (2,218) | |||||||
Balance at Dec. 31, 2014 | (1,970) | |||||||
Foreign currency translation adjustment, net | $ (1,468) | |||||||
Net income (loss) | 3,400 | |||||||
Balance at Sep. 30, 2015 | (3,438) | |||||||
Balance at Mar. 31, 2015 | (2,218) | |||||||
Foreign currency translation adjustment, net | (323) | |||||||
Balance at Jun. 30, 2015 | (2,541) | |||||||
Foreign currency translation adjustment, net | (897) | (897) | ||||||
Net income (loss) | $ 2,704 | |||||||
Balance at Sep. 30, 2015 | (3,438) | |||||||
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, vesting and forfeited restricted stock units | (586) | $ (6) | (580) | (586) | ||||
Stock options exercised and grants, vesting and forfeited restricted stock units, Shares | (61,550) | |||||||
Excess tax benefits from share based payment arrangements | 35 | 35 | 35 | |||||
Net income (loss) | 2,947 | 2,794 | 2,794 | 153 | ||||
Balance (in shares) at Mar. 31, 2016 | 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 |
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) |
Foreign currency translation adjustment, net | (888) | |||||||
Net income (loss) | $ 9,170 | |||||||
Balance (in shares) at Sep. 30, 2016 | 31,807,223 | 31,807,223 | 2,450,634 | |||||
Balance at Sep. 30, 2016 | $ 278,261 | $ 3,182 | 70,458 | (4,429) | 217,135 | $ (8,269) | 278,077 | 184 |
Balance (in shares) at Mar. 31, 2016 | 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 |
Cash dividends on common stock ($0.01 per share) | (289) | (289) | (289) | |||||
Foreign currency translation adjustment, net | (537) | (537) | (537) | |||||
Stock based compensation | 612 | 612 | 612 | |||||
Stock options exercised and grants, vesting and forfeited restricted stock units | 120 | $ 20 | 100 | 120 | ||||
Stock options exercised and grants, vesting and forfeited restricted stock units, Shares | 192,342 | |||||||
Excess tax benefits from share based payment arrangements | 12 | 12 | 12 | |||||
Net income (loss) | 3,382 | 3,246 | 3,246 | 136 | ||||
Balance (in shares) at Jun. 30, 2016 | 31,788,644 | 2,450,634 | ||||||
Balance at Jun. 30, 2016 | 274,834 | $ 3,180 | 69,438 | (3,993) | 214,258 | $ (8,269) | 274,614 | 220 |
Stocks issued under ESPP (in shares) | 23,103 | |||||||
Stocks issued under ESPP | 291 | $ 2 | 289 | 291 | ||||
Foreign currency translation adjustment, net | (436) | (436) | (436) | |||||
Stock based compensation | 588 | 588 | 588 | |||||
Stock options exercised and grants, vesting and forfeited restricted stock units | 108 | 108 | 108 | |||||
Stock options exercised and grants, vesting and forfeited restricted stock units, Shares | (4,524) | |||||||
Excess tax benefits from share based payment arrangements | 35 | 35 | 35 | |||||
Net income (loss) | $ 2,841 | 2,877 | 2,877 | (36) | ||||
Balance (in shares) at Sep. 30, 2016 | 31,807,223 | 31,807,223 | 2,450,634 | |||||
Balance at Sep. 30, 2016 | $ 278,261 | $ 3,182 | $ 70,458 | $ (4,429) | $ 217,135 | $ (8,269) | $ 278,077 | $ 184 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) | 3 Months Ended |
Jun. 30, 2016$ / shares | |
Statement Of Stockholders Equity [Abstract] | |
Cash dividends on common stock, per share | $ 0.01 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income attributable to American Vanguard | $ 2,877 | $ 2,772 | $ 8,917 | $ 3,604 |
Foreign currency translation adjustment | (436) | (897) | (888) | (1,468) |
Comprehensive income | $ 2,441 | $ 1,875 | $ 8,029 | $ 2,136 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 9,170 | $ 3,400 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of fixed and intangible assets | 12,367 | 12,190 |
Amortization of other long term assets | 3,935 | 3,992 |
Amortization of discounted liabilities | 28 | 118 |
Stock-based compensation | 1,656 | 2,943 |
Tax benefit from exercise of stock options | (82) | (8) |
Operating loss from equity method investment | 309 | 580 |
Changes in assets and liabilities associated with operations: | ||
Increase in net receivables | (19,202) | (6,172) |
(Increase) decrease in inventories | (5,201) | 4,135 |
(Increase) decrease in prepaid expenses and other assets | (1,011) | 1,143 |
Decrease in income tax receivable/payable, net | 1,519 | 4,739 |
Increase in accounts payable | 7,925 | 3,010 |
Decrease in deferred revenue | (8,847) | (860) |
Increase in program payables | 30,536 | 20,982 |
Increase in other payables and accrued expenses | 3,098 | 1,615 |
Net cash provided by operating activities | 36,200 | 51,807 |
Cash flows from investing activities: | ||
Capital expenditures | (6,122) | (5,196) |
Investments | (3,283) | (125) |
Acquisitions of product lines and other intangible assets | (224) | (36,435) |
Net cash used in investing activities | (9,629) | (41,756) |
Cash flows from financing activities: | ||
Net payments under line of credit agreement | (24,000) | (16,120) |
Increase in other notes payable | 10,000 | |
Payments on other long-term liabilities | (541) | (1,252) |
Tax benefit from exercise of stock options | 82 | 8 |
Payment of cash dividends | (289) | (1,141) |
Net proceeds from the issuance of common stock (sale of stock under ESPP and exercise of stock options) | 204 | 254 |
Net cash used in financing activities | (24,544) | (8,251) |
Net increase in cash and cash equivalents | 2,027 | 1,800 |
Cash and cash equivalents at beginning of period | 5,524 | 4,885 |
Effect of exchange rate changes on cash and cash equivalents | (957) | (1,256) |
Cash and cash equivalents at end of period | $ 6,594 | $ 5,429 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. The accompanying unaudited condensed consolidated financial statements of American Vanguard Corporation and Subsidiaries (“AVD” or “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America 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 footnotes required by generally accepted accounting principles in the United States of America 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 and nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 2. Property, plant and equipment at September 30, 2016 and December 31, 2015 consists of the following: September 30, 2016 December 31, 2015 Land $ 2,458 $ 2,458 Buildings and improvements 15,067 14,726 Machinery and equipment 117,140 113,506 Office furniture, fixtures and equipment 4,857 4,997 Automotive equipment 383 491 Construction in progress 5,398 3,413 145,303 139,591 Less accumulated depreciation (97,543 ) (91,619 ) $ 47,760 $ 47,972 For the three months and nine months periods ended September 30, 2016, the Company recognized depreciation expense related to property, plant and equipment of $2,021 and $6,334, respectively. During the nine months ended September 30, 2016 and 2015, the Company eliminated from assets and accumulated depreciation $410 and $388 of fully depreciated assets, respectively. The Company recognized depreciation expense related to property, plant and equipment of $2,231 and $6,762 for the three months and nine months periods ended September 30, 2015, respectively. Substantially all of the Company’s assets are pledged as collateral with its banks. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
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: September 30, 2016 December 31, 2015 Finished products $ 123,311 $ 120,456 Raw materials 18,367 16,021 $ 141,678 $ 136,477 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
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 September 30 Nine Months Ended September 30 2016 2015 2016 2015 Net sales: Insecticides $ 25,478 $ 23,539 $ 89,496 $ 85,484 Herbicides/soil fumigants/fungicides 34,242 32,682 80,009 71,973 Other, including plant growth regulators 13,328 7,420 23,148 23,497 Crop 73,048 63,641 192,653 180,954 Non-crop 9,399 8,845 31,992 24,620 Total net sales $ 82,447 $ 72,486 $ 224,645 $ 205,574 Net sales: US $ 60,033 $ 53,167 $ 161,661 $ 146,231 International 22,414 19,319 62,984 59,343 Total net sales $ 82,447 $ 72,486 $ 224,645 $ 205,574 |
Accrued Program Costs
Accrued Program Costs | 9 Months Ended |
Sep. 30, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Program Costs | 5. Accrued Program Costs |
Cash Dividend
Cash Dividend | 9 Months Ended |
Sep. 30, 2016 | |
Cash Dividends [Abstract] | |
Cash Dividend | 6. The Company has declared and paid the following cash dividends in the period covered by this Form 10-Q: Declaration Date Record Date Distribution Date Dividend Per Share Total Paid June 13, 2016 June 30, 2016 July 12, 2016 $ 0.01 $ 289 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 | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 7. ASC 260 Earnings Per Share (“EPS”) The components of basic and diluted earnings per share were as follows (in thousands): Three Months Ended September 30 Nine Months Ended September 30 2016 2015 2016 2015 Numerator: Net income attributable to AVD $ 2,877 $ 2,772 $ 8,917 $ 3,604 Denominator: Weighted average shares outstanding-basic 28,957 28,753 28,886 28,653 Dilutive effect of stock options and grants 539 536 499 555 29,496 29,289 29,385 29,208 For the three months and nine months ended September 30, 2016 and 2015, no stock options were excluded from the computation of diluted earnings per share. |
Indebtedness
Indebtedness | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Indebtedness | 8. The Company has a revolving line of credit and two other notes payable that together constitute the short-term and long-term loan balances shown in the condensed consolidated balance sheets at September 30, 2016 and December 31, 2015. During 2015 the Company adopted ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs Indebtedness September 30, 2016 December 31, 2015 $000’s Long- term Short- term Total Long- term Short- term Total Revolving line of credit $ 45,000 $ — $ 45,000 $ 69,000 $ — $ 69,000 Deferred loan fees (512 ) — (512 ) (679 ) — (679 ) Notes payable — — — — 55 55 Total indebtedness $ 44,488 $ — $ 44,488 $ 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 Letter of Credit (“LC”) 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 (“AMVAC CV”) and AMVAC Netherlands BV (“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 nine months ended September 30, 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. On April 14, 2015, AMVAC, as borrower, and affiliates (including the Company), 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 September 30, 2016, based on its performance against the most restrictive covenants listed above, the Company had the capacity to increase its borrowings by up to $95,985, according to the terms of the Credit Agreement. This compares to an available borrowing capacity of $40,189 as of September 30, 2015. The level of borrowing capacity was driven by three factors: (1) our financial performance, as measured in Earnings Before Interest, Tax, Depreciation and Amortization (“EBITDA”) for the trailing twelve month period, has improved, (2) the level of borrowings during the third quarter of 2015 was higher than normal due to the then recent completion of two product line acquisitions, and (3) the leverage covenant (being the number of times EBITDA the Company may borrow under its credit facility agreement) was lower when compared with the earlier period. |
Reclassification
Reclassification | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Reclassification | 9. Reclassification—Certain items have been reclassified in the prior period condensed consolidated financial statements to conform with the September 30, 2016 presentation. |
Comprehensive income
Comprehensive income | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Comprehensive income | 10. Total comprehensive income 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 and nine month periods ended September 30, 2016 and 2015, total comprehensive income consisted of net income attributable to American Vanguard and foreign currency translation adjustments. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
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 and nine months ended September 30, 2016 and 2015. Stock-Based Compensation for the Three months ended Stock-Based Compensation for the Nine months ended Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) September 30, 2016 Incentive Stock Options $ 71 $ 252 $ 497 1.2 Restricted Stock 406 1,100 2,545 1.8 Performance Based Restricted Stock 100 240 857 1.4 Performance Based Options 11 64 173 1.2 Total $ 588 $ 1,656 $ 4,072 September 30, 2015 Incentive Stock Options $ 94 $ 325 $ 1,009 2.3 Restricted Stock 334 2,296 2,751 1.5 Performance Based Restricted Stock 18 222 686 1.8 Performance Based Options 12 100 373 2.2 Total $ 458 $ 2,943 $ 4,819 Stock Options—During the nine months ended September 30, 2016, the Company did not grant any employees options to acquire shares of common stock. Option activity within each plan is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Exercisable Weighted Average Price Per Share 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 Options exercised (12,900 ) 7.50 Options forfeited (5,000 ) 11.49 Balance outstanding, June 30, 2016 573,632 $ 9.31 $ 7.85 Options exercised (15,500 ) 7.50 Options forfeited (11,118 ) 11.49 Balance outstanding, September 30, 2016 547,014 $ 9.31 $ 7.87 Information relating to stock options at September 30, 2016 summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Average Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Shares Exercise Price Incentive Stock Option Plan: $7.50 303,350 50 $ 7.50 303,350 $ 7.50 $11.32—$11.49 243,664 95 $ 11.57 25,507 $ 12.28 547,014 $ 9.31 328,857 $ 7.87 The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of September 30, 2016 was as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) As of September 30, 2016: Incentive Stock Option Plans: Outstanding 547,014 $ 9.31 70 $ 3,690 Expected to Vest 540,064 $ 9.29 70 $ 3,658 Exercisable 328,857 $ 7.87 51 $ 2,693 During the three months ended September 30, 2016 and 2015, the Company recognized stock-based compensation related to stock options of $71 and $94, respectively. During the nine months ended September 30, 2016 and 2015, the Company recognized stock-based compensation related to stock options of $252 and $325, respectively. As of September 30, 2016, the Company had approximately $497 of unamortized stock-based compensation related to unvested stock options outstanding. This amount will be recognized over the weighted-average period of 1.2 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 — Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value 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 Granted 140,541 15.08 21,005 14.28 Vested (22,639 ) 15.63 (28,505 ) 13.53 Forfeited (6,457 ) 14.98 (1,201 ) 14.92 Nonvested shares at June 30 th 331,004 $ 14.72 389,453 $ 21.37 Granted 1,668 16.75 13,196 12.88 Vested (2,566 ) 19.18 (19,000 ) 27.93 Forfeited (12,822 ) 14.98 (26,723 ) 22.64 Nonvested shares at September 30 th 317,284 $ 14.69 356,926 $ 20.62 Restricted shares — During the nine months ended September 30, 2016, the Company granted a total of 142,209 shares of common stock. Of these, 21,139 shares vest immediately and the remaining 121,070 will cliff vest after three years of service. The shares granted in 2016 were average fair valued at $15.10 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 nine months ended September 30, 2015, the Company granted a total of 64,201 shares of common stock. Of these, 21,005 shares vest immediately, 7,500 shares will vest after 90 days from date of grant, 3,196 shares will vest one-third each year on the anniversaries of the employee’s employment date and the balance will cliff vest after three years of service. The shares granted in 2015 were average fair valued at $12.66 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 September 30, 2016 and 2015, the Company recognized stock-based compensation related to restricted shares of $406 and $334, respectively. During the nine months ended September 30, 2016 and 2015, the Company recognized stock-based compensation related to restricted shares of $1,100 and $2,296, respectively. As of September 30, 2016, the Company had approximately $2,545 of unamortized stock-based compensation related to unvested restricted shares. This amount will be recognized over the weighted-average period of 1.8 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 Restricted Shares — Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value 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 Granted 52,170 14.39 — — Forfeited (19,612 ) 28.25 — — Nonvested shares at June 30 th 127,566 $ 14.20 111,407 $ 17.31 Granted — — 3,196 12.37 Forfeited (8,544 ) 14.39 (10,200 ) 18.43 Nonvested shares at September 30 th 119,022 $ 14.18 104,403 $ 17.05 Performance Based Restricted Shares — During the nine months ended September 30, 2016, the Company granted a total of 52,170 performance based shares that will cliff vest on January 6, 2019, provided that the recipients are individually continuously employed by the Company during the vesting period. These shares have a measurement period commencing January 1, 2016 and ending December 31, 2018. Eighty percent of these performance based shares are based upon 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. During the nine months ended September 30, 2015, the Company granted a total of 10,696 performance based shares. Of these, 7,500 shares will cliff vest on January 5, 2018 with a measurement period commencing January 1, 2015 and ending December 31, 2017 and 3,196 shares will cliff vest on August 1, 2018 with a measurement period commencing July 1, 2015 and ending June 30, 2018, provided that the recipient is continuously employed by the Company during the vesting period. Eighty percent of these performance based shares are based upon 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 September 30, 2016, performance based shares related to net income and net sales have an average fair value of $15.08 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 $11.63 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 September 30, 2016 and 2015, the Company recognized stock-based compensation related to performance based shares of $100 and $18, respectively. During the nine months ended September 30, 2016 and 2015, the Company recognized stock-based compensation related to performance based shares of $240 and $222, respectively. As of September 30, 2016, the Company had approximately $857 of unamortized stock-based compensation related to unvested performance based shares. This amount will be recognized over the weighted-average period of 1.4 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 Based Stock Options—During the nine months ended September 30, 2016 and 2015, the Company did not grant any employees performance incentive stock options to acquire shares of common stock. Performance based stock option activity is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Exercisable Weighted Average Price Per Share Balance outstanding, December 31, 2015 98,410 $ 11.49 $ — Options forfeited (8,946 ) 11.49 Balance outstanding, March 31, 2016 89,464 $ 11.49 $ — Balance outstanding, June 30, 2016 89,464 $ 11.49 Options forfeited (7,130 ) 11.49 Balance outstanding, September 30, 2016 82,334 $ 11.49 $ — Information relating to outstanding performance incentive stock options at September 30, 2016 summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Average Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Shares Exercise Price Performance Incentive Stock Option Plan: $11.49 82,334 15 $ 11.49 — $ — 82,334 $ 11.49 — $ — The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of September 30, 2016 are as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) As of September 30, 2016: Incentive Stock Option Plans: Outstanding 82,334 $ 11.49 15 $ 376 Expected to Vest 73,632 $ 11.49 15 $ 336 Exercisable — $ — — $ — During the three months ended September 30, 2016 and 2015, the Company recognized stock-based compensation related to performance stock options of $11 and $12, respectively. During the nine months ended September 30, 2016 and 2015, the Company recognized stock-based compensation related to performance stock options of $64 and $100, respectively. As of September 30, 2016, the Company had approximately $173 of unamortized stock-based compensation related to unvested performance incentive stock options outstanding. This amount will be recognized over the weighted-average period of 1.2 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 | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 12. Legal Proceedings—During the reporting period, there have been no material developments in the legal proceedings that were reported in the Company’s Form 10-K for the period ended December 31, 2015 other than as discussed below: DBCP Matters – Delaware Over the course of the past 30 years, AMVAC and/or the Company have been named or otherwise implicated in a number of lawsuits concerning injuries allegedly arising from either contamination of water supplies or personal exposure to 1, 2-dibromo-3-chloropropane (“DBCP ® Several cases involving 235 banana workers from Costa Rica, Ecuador and Panama had been separately filed in U.S. District Court in Delaware in 2012 and subsequently consolidated into one matter (the “Hendler-Delaware Case”). These matters involved the same claimants and claims that had been filed in U.S. District Court in Louisiana within the prior year (and which we refer to as the Hendler-Louisiana Cases). On August 21, 2012, the U.S. District Court in the Hendler-Delaware case granted defendants’ motion to dismiss the actions with prejudice, finding that the same claimants and claims had been pending in the Hendler-Louisiana cases where they had been first filed. In October 2012, the federal district court in Louisiana granted defendants’ motion for summary judgment and dismissed the Hendler-Louisiana Cases for plaintiffs’ failure to bring the action within the applicable statute of limitations. Plaintiffs appealed the dismissal of the Hendler-Louisiana cases and, on September 19, 2013, the Fifth Circuit Court of Appeal upheld the lower court’s decision, finding no reason to reverse the dismissal. On October 16, 2013, plaintiffs filed a notice of appeal in the Hendler-Delaware case. Oral argument was heard before the Third Circuit Court of Appeal on June 24, 2014 in connection with that appeal, and, on August 11, 2015, the Third Circuit upheld the lower court’s dismissal of the Hendler-Delaware case. However, plaintiffs petitioned for rehearing en banc, arguing that, despite the fact that the same plaintiffs had made the same claims before another court (namely, the Louisiana court in the Hendler-Louisiana Cases), because the Louisiana court had not decided the case on the merits (but, rather, on the basis of the statute of limitations), the Delaware trial court lacked the power to dismiss the Hendler-Delaware case with prejudice. On September 22, 2015, the Third Circuit vacated its previous ruling (to uphold the lower court dismissal) and reheard the matter en banc On September 2, 2016, the Third Circuit Court reversed the District Court decision, finding that it was not proper for the trial court to have dismissed these cases with prejudice even though the Louisiana courts had dismissed the same claims for expiration of the statute of limitations. In reaching its decision, the Third Circuit reasoned that no court had yet addressed the merits of the matter, that Delaware’s statute of limitations may differ from that of Louisiana, and that it would have been proper for the Delaware trial court to have dismissed the matter without prejudice (that is, with the right to amend and refile). Accordingly, the matter has been remanded to the U.S. District Court in Delaware. The Company believes the Hendler-Delaware case has no merit and, further, that a loss is neither probable nor reasonably estimable; accordingly, it has not recorded a loss contingency. Other Matters U.S. EPA RCRA/FIFRA Matter In the course of its investigation, the agency has also pointed out alleged anomalies relating to the Company’s confidential statements of formula relating to the use of certain inert materials in formulation. USEPA’s Region 5 has expressed its intention to bring an enforcement action relating to its overall findings. AMVAC believes that it has lawfully imported Thimet from Canada and Australia for the purpose of potentially refilling, reprocessing or properly disposing of them. Further, the Company believes that it has carried out its Thimet business in good faith, maintained a focus on product stewardship and, in the process, did not pose any increased risk of harm to human health or the environment. On October 11, 2016, the Company met with USEPA’s Office of Enforcement and Compliance (as well as with Regions 4 and 5) to clarify a path forward to ensure future compliance. However, the Company has not yet received a final position from USEPA with regard to past acts, and, at this stage, it is too early to tell whether a loss arising from either the OSC or SSURO is probable or reasonably estimable. Accordingly, the Company has not recorded a loss contingency on this matter. Galvan v. AMVAC Graciela Galvan v. AMVAC Chemical Corp. DeChene Farms |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Guidance | 13. Recently Issued Accounting Guidance—In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, Statement of Cash Flows (Topic 230) In March 2016, 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, 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 May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
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 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") | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Accumulated Other Comprehensive Income ("AOCI") | 15. Accumulated Other Comprehensive Income (“AOCI”) — For the Nine Months Ended September 30, 2016 Balance, December 31, 2015 $ (3,541 ) Other comprehensive gain 85 Balance, March 31, 2016 $ (3,456 ) Other comprehensive loss (537 ) Balance, June 30, 2016 $ (3,993 ) Other comprehensive loss (436 ) Balance, September 30, 2016 $ (4,429 ) For the Nine Months Ended September 30, 2015 Balance, December 31, 2014 $ (1,970 ) Other comprehensive loss (248 ) Balance, March 31, 2015 $ (2,218 ) Other comprehensive loss (323 ) Balance, June 30, 2015 $ (2,541 ) Other comprehensive loss (897 ) Balance, September 30, 2015 $ (3,438 ) |
Equity Investment
Equity Investment | 9 Months Ended |
Sep. 30, 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 September 30, 2016, the Company’s ownership position in TyraTech was approximately 15.11%. As a result, our net income includes losses from this equity method investment, which represent our proportionate share of TyraTech’s estimated net losses for the current accounting period. For the three and nine months ended September 30, 2016, the Company recognized a loss of $180 and $309, respectively. For the three and nine months ended September 30, 2015, the Company recognized a loss of $389 and $580, respectively. At September 30, 2016, the carrying value of the Company’s investment in TyraTech was $2,228 and the quoted market value based on TyraTech’s share price (Level 1 input) was $1,450. At September 30, 2016, the Company performed an impairment review of its investment in TyraTech and concluded that the current condition was temporary and consequently determined that no impairment change was appropriate. TyraTech’s shares trade on the AIM market of the London Stock Exchange under the trading symbol ‘TYR’. The Company’s equity investment is included in Other Assets on the consolidated balance sheets. On August 2, 2016, the Company’s Netherlands-based subsidiary, AMVAC Netherlands BV, entered into a joint venture with China-based Huifeng Agrochemical Company, Ltd. The new entity, named Huifeng/AMVAC Innovation Co., Ltd., is based in Hong Kong and is intended to focus on activities such as market access and technology transfer between the two members. AMVAC Netherlands BV is a 50% owner of the new entity. The Company has concluded that it will account for the joint venture under the equity method. There has been no funding made to this joint venture as of September 30, 2016. |
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 September 30, 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 September 30, 2016. The investment is recorded within other assets on the condensed consolidated balance sheets. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. Income Taxes—For the three months ended September 30, 2016 and 2015, income tax expense was $1,409 and $1,643, respectively. For the nine months ended September 30, 2016 and 2015, income tax expense was $3,672 and $958, respectively and the effective tax rate was 27.9% in 2016 and 19.4% in 2015. These amounts are based upon management’s estimates for the full fiscal year, which are subject to review and revision. The Company’s Federal income tax returns for the years December 31, 2012 through December 31, 2014 are under examination by the Internal Revenue Service (“IRS”). The results of the audit are not determinable. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | 19. Subsequent Event— On October 11, 2016, the Company declared a $.01 per share cash dividend to stockholders as of October 28, 2016. The cash dividend is to be paid on November 11, 2016. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment at September 30, 2016 and December 31, 2015 consists of the following: September 30, 2016 December 31, 2015 Land $ 2,458 $ 2,458 Buildings and improvements 15,067 14,726 Machinery and equipment 117,140 113,506 Office furniture, fixtures and equipment 4,857 4,997 Automotive equipment 383 491 Construction in progress 5,398 3,413 145,303 139,591 Less accumulated depreciation (97,543 ) (91,619 ) $ 47,760 $ 47,972 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories consist of the following: September 30, 2016 December 31, 2015 Finished products $ 123,311 $ 120,456 Raw materials 18,367 16,021 $ 141,678 $ 136,477 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Summary of Business Sales Segmentation | Selective enterprise information is as follows: Three Months Ended September 30 Nine Months Ended September 30 2016 2015 2016 2015 Net sales: Insecticides $ 25,478 $ 23,539 $ 89,496 $ 85,484 Herbicides/soil fumigants/fungicides 34,242 32,682 80,009 71,973 Other, including plant growth regulators 13,328 7,420 23,148 23,497 Crop 73,048 63,641 192,653 180,954 Non-crop 9,399 8,845 31,992 24,620 Total net sales $ 82,447 $ 72,486 $ 224,645 $ 205,574 Net sales: US $ 60,033 $ 53,167 $ 161,661 $ 146,231 International 22,414 19,319 62,984 59,343 Total net sales $ 82,447 $ 72,486 $ 224,645 $ 205,574 |
Cash Dividend (Tables)
Cash Dividend (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Cash Dividends [Abstract] | |
Cash Dividend | The Company has declared and paid the following cash dividends in the period covered by this Form 10-Q: Declaration Date Record Date Distribution Date Dividend Per Share Total Paid June 13, 2016 June 30, 2016 July 12, 2016 $ 0.01 $ 289 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) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share were as follows (in thousands): Three Months Ended September 30 Nine Months Ended September 30 2016 2015 2016 2015 Numerator: Net income attributable to AVD $ 2,877 $ 2,772 $ 8,917 $ 3,604 Denominator: Weighted average shares outstanding-basic 28,957 28,753 28,886 28,653 Dilutive effect of stock options and grants 539 536 499 555 29,496 29,289 29,385 29,208 |
Indebtedness (Tables)
Indebtedness (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term and Long-Term Loan Balances in Condensed Consolidated Balance Sheets | The Company has a revolving line of credit and two other notes payable that together constitute the short-term and long-term loan balances shown in the condensed consolidated balance sheets at September 30, 2016 and December 31, 2015. During 2015 the Company adopted ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs Indebtedness September 30, 2016 December 31, 2015 $000’s Long- term Short- term Total Long- term Short- term Total Revolving line of credit $ 45,000 $ — $ 45,000 $ 69,000 $ — $ 69,000 Deferred loan fees (512 ) — (512 ) (679 ) — (679 ) Notes payable — — — — 55 55 Total indebtedness $ 44,488 $ — $ 44,488 $ 68,321 $ 55 $ 68,376 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2016 and 2015. Stock-Based Compensation for the Three months ended Stock-Based Compensation for the Nine months ended Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) September 30, 2016 Incentive Stock Options $ 71 $ 252 $ 497 1.2 Restricted Stock 406 1,100 2,545 1.8 Performance Based Restricted Stock 100 240 857 1.4 Performance Based Options 11 64 173 1.2 Total $ 588 $ 1,656 $ 4,072 September 30, 2015 Incentive Stock Options $ 94 $ 325 $ 1,009 2.3 Restricted Stock 334 2,296 2,751 1.5 Performance Based Restricted Stock 18 222 686 1.8 Performance Based Options 12 100 373 2.2 Total $ 458 $ 2,943 $ 4,819 |
Summary of Option Activity | Option activity within each plan is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Exercisable Weighted Average Price Per Share 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 Options exercised (12,900 ) 7.50 Options forfeited (5,000 ) 11.49 Balance outstanding, June 30, 2016 573,632 $ 9.31 $ 7.85 Options exercised (15,500 ) 7.50 Options forfeited (11,118 ) 11.49 Balance outstanding, September 30, 2016 547,014 $ 9.31 $ 7.87 |
Summary of Stock Options Summarized by Exercise Price | Information relating to stock options at September 30, 2016 summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Average Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Shares Exercise Price Incentive Stock Option Plan: $7.50 303,350 50 $ 7.50 303,350 $ 7.50 $11.32—$11.49 243,664 95 $ 11.57 25,507 $ 12.28 547,014 $ 9.31 328,857 $ 7.87 |
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 September 30, 2016 was as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) As of September 30, 2016: Incentive Stock Option Plans: Outstanding 547,014 $ 9.31 70 $ 3,690 Expected to Vest 540,064 $ 9.29 70 $ 3,658 Exercisable 328,857 $ 7.87 51 $ 2,693 |
Performance Based Stock Options | |
Summary of Option Activity | Performance based stock option activity is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Exercisable Weighted Average Price Per Share Balance outstanding, December 31, 2015 98,410 $ 11.49 $ — Options forfeited (8,946 ) 11.49 Balance outstanding, March 31, 2016 89,464 $ 11.49 $ — Balance outstanding, June 30, 2016 89,464 $ 11.49 Options forfeited (7,130 ) 11.49 Balance outstanding, September 30, 2016 82,334 $ 11.49 $ — |
Performance Incentive Stock Option | |
Summary of Stock Options Summarized by Exercise Price | Information relating to outstanding performance incentive stock options at September 30, 2016 summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Average Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Shares Exercise Price Performance Incentive Stock Option Plan: $11.49 82,334 15 $ 11.49 — $ — 82,334 $ 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 September 30, 2016 are as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) As of September 30, 2016: Incentive Stock Option Plans: Outstanding 82,334 $ 11.49 15 $ 376 Expected to Vest 73,632 $ 11.49 15 $ 336 Exercisable — $ — — $ — |
Restricted Stock | |
Summary of Non-Vested Shares | Restricted Shares — Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value 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 Granted 140,541 15.08 21,005 14.28 Vested (22,639 ) 15.63 (28,505 ) 13.53 Forfeited (6,457 ) 14.98 (1,201 ) 14.92 Nonvested shares at June 30 th 331,004 $ 14.72 389,453 $ 21.37 Granted 1,668 16.75 13,196 12.88 Vested (2,566 ) 19.18 (19,000 ) 27.93 Forfeited (12,822 ) 14.98 (26,723 ) 22.64 Nonvested shares at September 30 th 317,284 $ 14.69 356,926 $ 20.62 |
Performance Based Restricted Shares | |
Summary of Non-Vested Shares | Performance Based Restricted Shares — Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value 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 Granted 52,170 14.39 — — Forfeited (19,612 ) 28.25 — — Nonvested shares at June 30 th 127,566 $ 14.20 111,407 $ 17.31 Granted — — 3,196 12.37 Forfeited (8,544 ) 14.39 (10,200 ) 18.43 Nonvested shares at September 30 th 119,022 $ 14.18 104,403 $ 17.05 |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Income ("AOCI") (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
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 Nine Months Ended September 30, 2016 Balance, December 31, 2015 $ (3,541 ) Other comprehensive gain 85 Balance, March 31, 2016 $ (3,456 ) Other comprehensive loss (537 ) Balance, June 30, 2016 $ (3,993 ) Other comprehensive loss (436 ) Balance, September 30, 2016 $ (4,429 ) For the Nine Months Ended September 30, 2015 Balance, December 31, 2014 $ (1,970 ) Other comprehensive loss (248 ) Balance, March 31, 2015 $ (2,218 ) Other comprehensive loss (323 ) Balance, June 30, 2015 $ (2,541 ) Other comprehensive loss (897 ) Balance, September 30, 2015 $ (3,438 ) |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 145,303 | $ 139,591 |
Less accumulated depreciation | (97,543) | (91,619) |
Total Property, plant and equipment | 47,760 | 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 | 15,067 | 14,726 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 117,140 | 113,506 |
Office furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 4,857 | 4,997 |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 383 | 491 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 5,398 | $ 3,413 |
Property, Plant And Equipment -
Property, Plant And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense related to property, plant and equipment | $ 2,021 | $ 2,231 | $ 6,334 | $ 6,762 |
Elimination of Assets and Accumulated depreciation | $ 410 | $ 388 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 123,311 | $ 120,456 |
Raw materials | 18,367 | 16,021 |
Total Inventories | $ 141,678 | $ 136,477 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016Segment | |
Segment Reporting [Abstract] | |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales: | ||||
Crop | $ 73,048 | $ 63,641 | $ 192,653 | $ 180,954 |
Non-crop | 9,399 | 8,845 | 31,992 | 24,620 |
Total net sales | 82,447 | 72,486 | 224,645 | 205,574 |
Insecticides | ||||
Net sales: | ||||
Crop | 25,478 | 23,539 | 89,496 | 85,484 |
Herbicides/Soil Fumigants/Fungicides | ||||
Net sales: | ||||
Crop | 34,242 | 32,682 | 80,009 | 71,973 |
Other, Including Plant Growth Regulators | ||||
Net sales: | ||||
Crop | $ 13,328 | $ 7,420 | $ 23,148 | $ 23,497 |
Summary of Business Sales Seg40
Summary of Business Sales Segmentation as per Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales: | ||||
Total net sales | $ 82,447 | $ 72,486 | $ 224,645 | $ 205,574 |
US | ||||
Net sales: | ||||
Total net sales | 60,033 | 53,167 | 161,661 | 146,231 |
International | ||||
Net sales: | ||||
Total net sales | $ 22,414 | $ 19,319 | $ 62,984 | $ 59,343 |
Cash Dividend (Detail)
Cash Dividend (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash dividend declaration date | Mar. 16, 2015 | Dec. 11, 2014 | Jun. 13, 2016 |
Cash dividend record date | Apr. 3, 2015 | Dec. 26, 2014 | Jun. 30, 2016 |
Cash dividend distributed date | Apr. 17, 2015 | Jan. 9, 2015 | Jul. 12, 2016 |
Cash dividend per share | $ 0.02 | $ 0.02 | $ 0.01 |
Cash dividend paid | $ 572 | $ 569 | $ 289 |
Components of Basic and Diluted
Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator: | ||||
Net income attributable to AVD | $ 2,877 | $ 2,772 | $ 8,917 | $ 3,604 |
Denominator: | ||||
Weighted average shares outstanding-basic | 28,957 | 28,753 | 28,886 | 28,653 |
Dilutive effect of stock options and grants | 539 | 536 | 499 | 555 |
Weighted average shares outstanding-assuming dilution | 29,496 | 29,289 | 29,385 | 29,208 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Stock options excluded from computation of diluted earning per share | 0 | 0 | 0 | 0 |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Revolving line of credit, Long Term | $ 45,000 | $ 69,000 |
Revolving line of credit, Short-term | 0 | 0 |
Revolving line of credit | 45,000 | 69,000 |
Deferred loan fees, Long Term | (512) | (679) |
Deferred loan fees, Short-term | 0 | 0 |
Deferred loan fees | (512) | (679) |
Notes payable, Long Term | 0 | 0 |
Notes payable, Short-term | 0 | 55 |
Notes payable | 0 | 55 |
Long-term debt and other notes payable, excluding current installments | 44,488 | 68,321 |
Current installments of other notes payable | 0 | 55 |
Total indebtedness | $ 44,488 | $ 68,376 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Apr. 14, 2015 | |
Debt Instrument [Line Items] | |||
Available borrowings capacity under credit agreement | $ 40,189,000 | ||
Senior secured credit facility term | 5 years | ||
Senior secured credit facility, maturity date | Jun. 17, 2018 | ||
Description of variable rate basis | (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”). | ||
Ratio of consolidated current assets to consolidated current liabilities | 120.00% | ||
Revolving Line of Credit | |||
Debt Instrument [Line Items] | |||
Available borrowings capacity under credit agreement | $ 200,000,000 | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Consolidated funded debt ratio | 350.00% | ||
Capacity to increase borrowings under credit agreement | 95,985,000 | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Consolidated funded debt ratio | 325.00% | ||
Term Loan | Maximum | |||
Debt Instrument [Line Items] | |||
Accordion feature | $ 100,000,000 | ||
Federal Funds Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
LIBOR Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% |
Unamortized Stock-Based Compens
Unamortized Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 588 | $ 458 | $ 1,656 | $ 2,943 |
Unamortized Stock-Based Compensation | 4,072 | 4,819 | 4,072 | 4,819 |
Incentive Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 71 | 94 | $ 252 | $ 325 |
Remaining Weighted Average Period (years) | 1 year 2 months 12 days | 2 years 3 months 18 days | ||
Unamortized Stock-Based Compensation related to stock options | 497 | 1,009 | $ 497 | $ 1,009 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 406 | 334 | $ 1,100 | $ 2,296 |
Remaining Weighted Average Period (years) | 1 year 9 months 18 days | 1 year 6 months | ||
Unamortized Stock-Based Compensation other than options | 2,545 | 2,751 | $ 2,545 | $ 2,751 |
Performance Based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 100 | 18 | $ 240 | $ 222 |
Remaining Weighted Average Period (years) | 1 year 4 months 24 days | 1 year 9 months 18 days | ||
Unamortized Stock-Based Compensation other than options | 857 | 686 | $ 857 | $ 686 |
Performance Based Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 11 | 12 | $ 64 | $ 100 |
Remaining Weighted Average Period (years) | 1 year 2 months 12 days | 2 years 2 months 12 days | ||
Unamortized Stock-Based Compensation related to stock options | $ 173 | $ 373 | $ 173 | $ 373 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employees options granted | 0 | |||||||
Stock-based compensation | $ 588 | $ 458 | $ 1,656 | $ 2,943 | ||||
Performance Incentive Stock Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation | 11 | 12 | 64 | 100 | ||||
Nonvested unamortized stock-based compensation expense, value | 173 | $ 173 | ||||||
Nonvested unamortized stock-based compensation expense, contractual term | 1 year 2 months 12 days | |||||||
Incentive Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation | 71 | 94 | $ 252 | 325 | ||||
Nonvested unamortized stock-based compensation expense, value | 497 | 1,009 | $ 497 | $ 1,009 | ||||
Nonvested unamortized stock-based compensation expense, contractual term | 1 year 2 months 12 days | 2 years 3 months 18 days | ||||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation | $ 406 | $ 334 | $ 1,100 | $ 2,296 | ||||
Nonvested unamortized stock-based compensation expense, contractual term | 1 year 9 months 18 days | 1 year 6 months | ||||||
Number of shares granted to employees | 1,668 | 140,541 | 13,196 | 21,005 | 30,000 | 142,209 | 64,201 | |
Number of Shares, Vested | 2,566 | 22,639 | 127,274 | 19,000 | 28,505 | 192,266 | ||
Number of years of service before cliff vesting | 3 years | 3 years | ||||||
Weighted Average Grant-Date Fair Value, Granted | $ 16.75 | $ 15.08 | $ 12.88 | $ 14.28 | $ 11.42 | $ 15.10 | $ 12.66 | |
Unamortized Stock-Based Compensation other than options | $ 2,545 | $ 2,751 | $ 2,545 | $ 2,751 | ||||
Restricted Stock | Vested immediately | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Vested | 21,139 | 21,005 | ||||||
Restricted Stock | Vest after three years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Vested | 121,070 | 3,196 | ||||||
Restricted Stock | Vest after 90 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Vested | 7,500 | |||||||
Performance Based Restricted Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation | 100 | $ 18 | $ 240 | $ 222 | ||||
Nonvested unamortized stock-based compensation expense, contractual term | 1 year 4 months 24 days | |||||||
Number of shares granted to employees | 52,170 | 3,196 | 7,500 | 52,170 | 10,696 | |||
Weighted Average Grant-Date Fair Value, Granted | $ 14.39 | $ 12.37 | $ 10.96 | |||||
Unamortized Stock-Based Compensation other than options | $ 857 | $ 857 | ||||||
Targeted performance percentage | 200.00% | 200.00% | 200.00% | 200.00% | ||||
Performance Based Restricted Shares | Vested on January 6, 2019 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Vested | 7,500 | |||||||
Cliff vesting date | Jan. 6, 2019 | Jan. 5, 2018 | ||||||
Performance Based Restricted Shares | Performance Based Shares Based Upon Financial Performance of Earnings before Interest Tax ("EBIT") and Net Sales Goal for the Period Commencing July 1, 2015 and Ending June 30, 2018 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares vesting based on Performance | 80.00% | |||||||
Earnings before income tax goal weight, percentage | 50.00% | |||||||
Net sales goal weight, percentage | 30.00% | |||||||
Performance Based Restricted Shares | Performance Based Shares Based Upon AVD Stock Price Appreciation Over the Course of the Period Commencing July 1, 2015, Ending June 30, 2018 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares vesting based on Performance | 20.00% | |||||||
Earnings before income tax goal weight, percentage | 20.00% | |||||||
Performance Based Restricted Shares | Vested on August 1, 2018 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Vested | 3,196 | |||||||
Cliff vesting date | Aug. 1, 2018 | |||||||
Performance Based Restricted 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 June 30, 2018 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares vesting based on Performance | 80.00% | |||||||
Earnings before income tax goal weight, percentage | 50.00% | |||||||
Net sales goal weight, percentage | 30.00% | |||||||
Performance Based Restricted Shares | Performance Based Shares Related to Net Income Weighted at 50%, Net Sales Weighted at 30%, Commencing July 1, 2015 and Ending June 30, 2018 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted Average Grant-Date Fair Value, Granted | $ 15.08 | |||||||
Performance Based Restricted Shares | Remaining 20% of Performance Based Shares are Based Upon AVD Stock Price Appreciation for the Period Commencing July 1, 2015 and Ending June 30, 2018 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted Average Grant-Date Fair Value, Granted | $ 11.63 |
Summary of Option Activity (Det
Summary of Option Activity (Detail) - $ / shares | 3 Months Ended | ||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Option Plans, Beginning balance | 573,632 | 591,532 | 626,845 |
Incentive Stock Option Plans, Option exercised | (15,500) | (12,900) | (25,500) |
Incentive Stock Option Plans, Option forfeited | (11,118) | (5,000) | (9,813) |
Incentive Stock Option Plans, Ending balance | 547,014 | 573,632 | 591,532 |
Weighted Average Price Per Share, Beginning balance | $ 9.31 | $ 9.29 | $ 9.25 |
Weighted Average Price Per Share, Option exercised | 7.50 | 7.50 | 7.50 |
Weighted Average Price Per Share, Option forfeited | 11.49 | 11.49 | 11.49 |
Weighted Average Price Per Share, Ending balance | 9.31 | 9.31 | 9.29 |
Exercisable Weighted Average Price Per Share, Beginning balance | 7.85 | 7.84 | 7.73 |
Exercisable Weighted Average Price Per Share, Ending balance | $ 7.87 | $ 7.85 | $ 7.84 |
Performance Based Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Option Plans, Beginning balance | 89,464 | 89,464 | 98,410 |
Incentive Stock Option Plans, Option forfeited | (7,130) | (8,946) | |
Incentive Stock Option Plans, Ending balance | 82,334 | 89,464 | 89,464 |
Weighted Average Price Per Share, Beginning balance | $ 11.49 | $ 11.49 | $ 11.49 |
Weighted Average Price Per Share, Option forfeited | 11.49 | 11.49 | |
Weighted Average Price Per Share, Ending balance | $ 11.49 | $ 11.49 | $ 11.49 |
Summary of Stock Options Summar
Summary of Stock Options Summarized by Exercise Price (Detail) - $ / shares | 9 Months Ended | |||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Weighted Average, Exercise Price | $ 9.31 | $ 9.31 | $ 9.29 | $ 9.25 |
Exercisable Weighted Average, Exercise Price | $ 7.87 | $ 7.85 | $ 7.84 | $ 7.73 |
Incentive Stock Option Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Weighted Average, Shares | 547,014 | |||
Outstanding Weighted Average, Remaining Life (Months) | 70 months | |||
Outstanding Weighted Average, Exercise Price | $ 9.31 | |||
Exercisable Weighted Average, Shares | 328,857 | |||
Exercisable Weighted Average, Exercise Price | $ 7.87 | |||
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 | 303,350 | |||
Outstanding Weighted Average, Remaining Life (Months) | 50 months | |||
Outstanding Weighted Average, Exercise Price | $ 7.50 | |||
Exercisable Weighted Average, Shares | 303,350 | |||
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 | $ 11.49 | |||
Outstanding Weighted Average, Shares | 243,664 | |||
Outstanding Weighted Average, Remaining Life (Months) | 95 months | |||
Outstanding Weighted Average, Exercise Price | $ 11.57 | |||
Exercisable Weighted Average, Shares | 25,507 | |||
Exercisable Weighted Average, Exercise Price | $ 12.28 | |||
Performance Incentive Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Weighted Average, Remaining Life (Months) | 15 months | |||
Outstanding Weighted Average, Exercise Price | $ 11.49 | |||
Outstanding Weighted Average, Shares | 82,334 | |||
Performance Incentive Stock Option | Range Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Weighted Average, Remaining Life (Months) | 15 months | |||
Outstanding Weighted Average, Exercise Price | $ 11.49 | |||
Outstanding Weighted Average, Shares | 82,334 |
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 | 9 Months Ended | |||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Outstanding | 547,014 | 573,632 | 591,532 | 626,845 |
Weighted Average Exercise Price, Outstanding | $ 9.31 | $ 9.31 | $ 9.29 | $ 9.25 |
Weighted Average Exercisable, Exercise Price | $ 7.87 | $ 7.85 | $ 7.84 | $ 7.73 |
Incentive Stock Option Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Outstanding | 547,014 | |||
Number of Shares, Expected to Vest | 540,064 | |||
Number of Shares, Exercisable | 328,857 | |||
Weighted Average Exercise Price, Outstanding | $ 9.31 | |||
Weighted Average Exercise Price, Expected to Vest | 9.29 | |||
Weighted Average Exercisable, Exercise Price | $ 7.87 | |||
Weighted Average Remaining Life, Outstanding | 70 months | |||
Weighted Average Remaining Contractual Life, Expected to Vest | 70 months | |||
Weighted Average Remaining Contractual Life, Exercisable | 51 months | |||
Intrinsic Value, Outstanding | $ 3,690 | |||
Intrinsic Value, Expected to Vest | 3,658 | |||
Intrinsic Value, Exercisable | $ 2,693 | |||
Performance Incentive Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Outstanding | 82,334 | |||
Number of Shares, Expected to Vest | 73,632 | |||
Weighted Average Exercise Price, Outstanding | $ 11.49 | |||
Weighted Average Exercise Price, Expected to Vest | $ 11.49 | |||
Weighted Average Remaining Life, Outstanding | 15 months | |||
Weighted Average Remaining Contractual Life, Expected to Vest | 15 months | |||
Intrinsic Value, Outstanding | $ 376 | |||
Intrinsic Value, Expected to Vest | $ 336 |
Summary of Non-Vested Shares (D
Summary of Non-Vested Shares (Detail) - Restricted Stock - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Beginning balance | 331,004 | 219,559 | 362,841 | 389,453 | 398,154 | 560,842 | 362,841 | 560,842 |
Number of Shares, Granted | 1,668 | 140,541 | 13,196 | 21,005 | 30,000 | 142,209 | 64,201 | |
Number of Shares, Vested | (2,566) | (22,639) | (127,274) | (19,000) | (28,505) | (192,266) | ||
Number of Shares, Forfeited | (12,822) | (6,457) | (16,008) | (26,723) | (1,201) | (422) | ||
Number of Shares, Ending Balance | 317,284 | 331,004 | 219,559 | 356,926 | 389,453 | 398,154 | 317,284 | 356,926 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 14.72 | $ 14.59 | $ 20.43 | $ 21.37 | $ 21.17 | $ 21.44 | $ 20.43 | $ 21.44 |
Weighted Average Grant-Date Fair Value, Granted | 16.75 | 15.08 | 12.88 | 14.28 | 11.42 | 15.10 | 12.66 | |
Weighted Average Grant-Date Fair Value, Vested | 19.18 | 15.63 | 31.29 | 27.93 | 13.53 | 20.47 | ||
Weighted Average Grant-Date Fair Value, Forfeited | 14.98 | 14.98 | 23.67 | 22.64 | 14.92 | 14.92 | ||
Weighted Average Grant-Date Fair Value, Ending balance | $ 14.69 | $ 14.72 | $ 14.59 | $ 20.62 | $ 21.37 | $ 21.17 | $ 14.69 | $ 20.62 |
Status Summary of Non-Vested Sh
Status Summary of Non-Vested Shares (Detail) - Performance Based Restricted Shares - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Beginning balance | 127,566 | 95,008 | 104,403 | 111,407 | 111,407 | 103,907 | 104,403 | 103,907 |
Number of Shares, Granted | 52,170 | 3,196 | 7,500 | 52,170 | 10,696 | |||
Number of Shares, Forfeited | (8,544) | (19,612) | (9,395) | (10,200) | ||||
Number of Shares, Ending Balance | 119,022 | 127,566 | 95,008 | 104,403 | 111,407 | 111,407 | 119,022 | 104,403 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 14.20 | $ 16.99 | $ 17.05 | $ 17.31 | $ 17.31 | $ 17.77 | $ 17.05 | $ 17.77 |
Weighted Average Grant-Date Fair Value, Granted | 14.39 | 12.37 | 10.96 | |||||
Weighted Average Grant-Date Fair Value, Forfeited | 14.39 | 28.25 | 17.65 | 18.43 | ||||
Weighted Average Grant-Date Fair Value, Ending balance | $ 14.18 | $ 14.20 | $ 16.99 | $ 17.05 | $ 17.31 | $ 17.31 | $ 14.18 | $ 17.05 |
Litigation and Environmental -
Litigation and Environmental - Additional Information (Detail) | Aug. 21, 2012PersonCase | Sep. 30, 2016a |
Delaware | ||
Loss Contingencies [Line Items] | ||
Number of claimants | Person | 235 | |
Number of consolidated cases | Case | 1 | |
DeChene Farms Matter | ||
Loss Contingencies [Line Items] | ||
Number of acres | a | 300 |
Beginning Balance, Annual Activ
Beginning Balance, Annual Activity and Ending Balance of Accumulated Other Comprehensive Income Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | $ 274,834 | $ 271,534 | $ 268,326 | $ 268,326 | ||||
Other comprehensive gain (loss) | (436) | (537) | 85 | $ (897) | (888) | $ (1,468) | ||
Balance | 278,261 | 274,834 | 271,534 | 278,261 | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | (3,993) | (3,456) | (3,541) | (2,541) | $ (2,218) | $ (1,970) | (3,541) | (1,970) |
Other comprehensive gain (loss) | (436) | (537) | 85 | (897) | (323) | (248) | ||
Balance | $ (4,429) | $ (3,993) | $ (3,456) | $ (3,438) | $ (2,541) | $ (2,218) | $ (4,429) | $ (3,438) |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Aug. 02, 2016 | |
Equity Method Investments [Line Items] | |||||
Gain loss from equity method investment | $ (309) | $ (580) | |||
TyraTech Inc. | |||||
Equity Method Investments [Line Items] | |||||
Equity investment ownership position | 15.11% | 15.11% | |||
Gain loss from equity method investment | $ (180) | $ (389) | $ (309) | $ (580) | |
Carrying value of equity investment | 2,228 | 2,228 | |||
Quoted market value of equity investment | $ 1,450 | $ 1,450 | |||
Huifeng/AMVAC Innovation Co., Ltd. | |||||
Equity Method Investments [Line Items] | |||||
Equity investment ownership position | 50.00% |
Equity Investment - Additional
Equity Investment - Additional Information (Detail) - Bi-PA | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Schedule of Cost-method Investments [Line Items] | |
Cost method ownership percentage | 15.00% |
Cost-method Investments, Impairment | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 1,409 | $ 1,643 | $ 3,672 | $ 958 |
Effective tax rate | 27.90% | 19.40% |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - $ / shares | Oct. 11, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 |
Subsequent Event [Line Items] | |||||
Cash dividends on common stock, per share | $ 0.01 | ||||
Cash dividend declaration date | Mar. 16, 2015 | Dec. 11, 2014 | Jun. 13, 2016 | ||
Cash dividend record date | Apr. 3, 2015 | Dec. 26, 2014 | Jun. 30, 2016 | ||
Cash dividend distributed date | Apr. 17, 2015 | Jan. 9, 2015 | Jul. 12, 2016 | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Cash dividends on common stock, per share | $ 0.01 | ||||
Cash dividend declaration date | Oct. 11, 2016 | ||||
Cash dividend record date | Oct. 28, 2016 | ||||
Cash dividend distributed date | Nov. 11, 2016 |