Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | AVD | |
Entity Registrant Name | AMERICAN VANGUARD CORPORATION | |
Entity Central Index Key | 0000005981 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 30,828,461 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $.10 par value | |
Security Exchange Name | NYSE | |
Entity File Number | 001-13795 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-2588080 | |
Entity Address, Address Line One | 4695 MacArthur Court | |
Entity Address, City or Town | Newport Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92660 | |
City Area Code | 949 | |
Local Phone Number | 260-1200 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 116,155 | $ 95,962 |
Cost of sales | (71,024) | (57,581) |
Gross profit | 45,131 | 38,381 |
Operating expenses | (41,444) | (36,545) |
Adjustment to bargain purchase gain on business acquisition | (33) | |
Operating income | 3,654 | 1,836 |
Change in fair value of an equity investment | 1,066 | |
Other income | 672 | |
Interest expense, net | (946) | (1,508) |
Income before provision for income taxes (benefit) and loss on equity method investment | 4,446 | 328 |
Income tax (expense) benefit | (1,362) | 205 |
Income before loss from equity method investment | 3,084 | 533 |
Loss from equity method investment | (13) | (13) |
Net income | $ 3,071 | $ 520 |
Earnings per common share—basic | $ 0.10 | $ 0.02 |
Earnings per common share—assuming dilution | $ 0.10 | $ 0.02 |
Weighted average shares outstanding—basic | 29,737 | 29,288 |
Weighted average shares outstanding—assuming dilution | 30,523 | 29,948 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 3,071 | $ 520 |
Other comprehensive loss: | ||
Foreign currency translation adjustment, net | (2,503) | (9,063) |
Comprehensive income (loss) | $ 568 | $ (8,543) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 13,765 | $ 15,923 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $3,979 and $3,297, respectively | 156,010 | 130,029 |
Other | 10,247 | 8,444 |
Total receivables, net | 166,257 | 138,473 |
Inventories | 172,234 | 163,784 |
Prepaid expenses | 11,221 | 10,499 |
Income taxes receivable | 2,409 | 3,046 |
Total current assets | 365,886 | 331,725 |
Property, plant and equipment, net | 65,945 | 65,382 |
Operating lease right-of-use assets | 11,207 | 12,198 |
Intangible assets, net of applicable amortization | 193,776 | 197,514 |
Goodwill | 50,505 | 52,108 |
Other assets | 18,492 | 18,602 |
Deferred income tax assets, net | 4,213 | 2,764 |
Total assets | 710,024 | 680,293 |
Current liabilities: | ||
Current installments of other liabilities | 909 | 2,647 |
Accounts payable | 60,946 | 59,253 |
Deferred revenue | 32,316 | 43,611 |
Accrued program costs | 53,196 | 45,441 |
Accrued expenses and other payables | 15,865 | 16,184 |
Operating lease liabilities, current | 3,664 | 4,188 |
Total current liabilities | 166,896 | 171,324 |
Long-term debt, net | 143,423 | 107,442 |
Operating lease liabilities, long term | 7,692 | 8,177 |
Other liabilities, net of current installments | 8,453 | 9,054 |
Deferred income tax liabilities, net | 23,514 | 23,560 |
Total liabilities | 349,978 | 319,557 |
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 33,874,322 shares at March 31, 2021 and 33,922,433 shares at December 31, 2020 | 3,389 | 3,394 |
Additional paid-in capital | 95,985 | 96,642 |
Accumulated other comprehensive loss | (11,825) | (9,322) |
Retained earnings | 290,657 | 288,182 |
Less treasury stock at cost, 3,061,040 shares | (18,160) | (18,160) |
Total stockholders’ equity | 360,046 | 360,736 |
Total liabilities and stockholders' equity | $ 710,024 | $ 680,293 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3,979 | $ 3,297 |
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 | 33,874,322 | 33,922,433 |
Treasury stock, shares | 3,061,040 | 3,061,040 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock |
Balance at Dec. 31, 2019 | $ 344,156 | $ 3,324 | $ 90,572 | $ (5,698) | $ 274,118 | $ (18,160) |
Balance (in shares) at Dec. 31, 2019 | 33,233,614 | 3,061,040 | ||||
Stocks issued under ESPP | 352 | $ 2 | 350 | |||
Stocks issued under ESPP, Shares | 22,776 | |||||
Cash dividends on common stock ($0.02 per share) | (586) | (586) | ||||
Foreign currency translation adjustment, net | (9,063) | (9,063) | ||||
Stock based compensation | 1,357 | 1,357 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | (2,529) | $ (7) | (2,522) | |||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | (67,969) | |||||
Net income | 520 | 520 | ||||
Balance at Mar. 31, 2020 | 334,207 | $ 3,319 | 89,757 | (14,761) | 274,052 | $ (18,160) |
Balance (in shares) at Mar. 31, 2020 | 33,188,421 | 3,061,040 | ||||
Balance at Dec. 31, 2020 | $ 360,736 | $ 3,394 | 96,642 | (9,322) | 288,182 | $ (18,160) |
Balance (in shares) at Dec. 31, 2020 | 33,922,433 | 33,922,433 | 3,061,040 | |||
Stocks issued under ESPP | $ 340 | $ 2 | 338 | |||
Stocks issued under ESPP, Shares | 25,120 | |||||
Cash dividends on common stock ($0.02 per share) | (596) | (596) | ||||
Foreign currency translation adjustment, net | (2,503) | (2,503) | ||||
Stock based compensation | 1,792 | 1,792 | ||||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) | (2,794) | $ (7) | (2,787) | |||
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes), Shares | (73,231) | |||||
Net income | 3,071 | 3,071 | ||||
Balance at Mar. 31, 2021 | $ 360,046 | $ 3,389 | $ 95,985 | $ (11,825) | $ 290,657 | $ (18,160) |
Balance (in shares) at Mar. 31, 2021 | 33,874,322 | 33,874,322 | 3,061,040 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||
Cash dividends on common stock, per share | $ 0.02 | $ 0.02 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 3,071 | $ 520 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization of fixed and intangible assets | 5,403 | 4,762 |
Amortization of other long-term assets | 1,200 | 967 |
Accretion of discounted liabilities | 18 | 4 |
Amortization of deferred loan fees | 81 | 59 |
Provision for bad debts | 682 | 359 |
Loan principal and interest forgiveness | (672) | |
Stock-based compensation | 1,792 | 1,357 |
Decrease in deferred income taxes | (269) | (910) |
Change in fair value of an equity investment | (1,066) | |
Loss from equity method investment | 13 | 13 |
Adjustment to bargain purchase gain on business acquisition | 33 | |
Changes in assets and liabilities associated with operations: | ||
Increase in net receivables | (30,422) | (6,578) |
Increase in inventories | (9,615) | (16,446) |
Increase in prepaid expenses and other assets | (1,052) | (776) |
(Increase) decrease in income tax receivable/payable, net | 638 | (597) |
Decrease in net operating lease liability | (18) | |
Increase in accounts payable | 2,293 | 1,617 |
Decrease in deferred revenue | (11,293) | (2,342) |
Increase in accrued program costs | 7,770 | 6,016 |
Decrease in other payables and accrued expenses | (1,187) | (2,094) |
Net cash used in operating activities | (32,600) | (14,069) |
Cash flows from investing activities: | ||
Capital expenditures | (2,904) | (2,980) |
Intangible assets | (41) | |
Net cash used in investing activities | (2,945) | (2,980) |
Cash flows from financing activities: | ||
Net borrowings under line of credit agreement | 35,900 | 19,400 |
Net payments from the issuance of common stock (sale of stock under ESPP, exercise of stock options, and shares purchased for tax withholdings) | (2,454) | (2,177) |
Payment of cash dividends | (593) | (582) |
Net cash provided by financing activities | 32,853 | 16,641 |
Net decrease in cash and cash equivalents | (2,692) | (408) |
Effect of exchange rate changes on cash and cash equivalents | 534 | (629) |
Cash and cash equivalents at beginning of period | 15,923 | 6,581 |
Cash and cash equivalents at end of period | $ 13,765 | $ 5,544 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies The Company is closely monitoring the impact of the novel coronavirus (COVID-19) pandemic on all aspects of its business, including how the pandemic will impact its customers, business partners, and employees. The Company is considered an essential business by most governments in the jurisdictions and territories in which the Company operates and, as a result, did not incur significant disruptions from the COVID-19 pandemic during the three-months ended March 31, 2021 and 2020. During the three-month period ended March 31, 2021, the Company has experienced strong demand for its products, more stability in foreign exchange rates and, in some jurisdictions in which it operates, return to more normal business activities including more face-to-face meetings with customers and suppliers etc., albeit at a much-reduced level as compared to pre-pandemic times. The Company established a pandemic working group at the start of the COVID-19 pandemic. That group meets bi-weekly and is presently monitoring the safety of its employees, especially in Brazil and India, as those countries are experiencing a surge in new virus variants. During the same period of the prior year our business operated comparatively normally, however, was impacted by adverse movements in some key currency exchange rates as the pandemic news spread across the globe. Looking forward, the Company is unable to predict the impact that the pandemic may have on its future financial condition, results of operations and cash flows due to numerous uncertainties. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its customers in the near term will depend on future developments, which are highly uncertain and, beyond extrapolating our experience since the start of the pandemic, cannot be predicted with confidence. The Company continues to monitor its business for adverse impacts of the pandemic, including volatility in the foreign exchange markets, demand, supply-chain disruptions in certain markets, and increased costs of employee safety, among others. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 2. Leases Finance leases are immaterial to the accompanying condensed consolidated financial statements. There were no lease transactions with related parties as of and for the three-month periods presented in the table below. The operating lease expense for the three months ended March 31, 2021 and 2020 was $1,454 and $1,395, respectively. Lease expenses related to variable lease payments and short-term leases were immaterial. Other information related to operating leases follows: Three months ended March 31, 2021 Three months ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 1,465 $ 1,396 ROU assets obtained in exchange for new liabilities $ 376 $ 825 Weighted-average remaining lease term (in years) 4.53 3.15 Weighted-average discount rate 3.83 % 3.67 % Future minimum lease payments under non-cancellable operating leases as of March 31, 2021 were as follows: March 31, 2021 2021 (excluding three months ended March 31, 2021) $ 3,166 2022 2,970 2023 2,008 2024 1,256 2025 1,025 Thereafter 2,019 Total lease payments $ 12,444 Less: imputed interest 1,088 Total $ 11,356 Amounts recognized in the condensed consolidated balance sheet: Operating lease liabilities, current $ 3,664 Operating lease liabilities, long term $ 7,692 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition Three Months Ended March 31, 2021 2020 Net sales: US crop $ 54,755 $ 50,362 US non-crop 17,453 10,993 Total US 72,208 61,355 International 43,947 34,607 Total net sales: $ 116,155 $ 95,962 Timing of revenue recognition: Goods and services transferred at a point in time $ 115,971 $ 95,776 Goods and services transferred over time 184 186 Total net sales: $ 116,155 $ 95,962 Performance Obligations — A performance obligation is a promise in a contract or sales order to transfer a distinct good or service to the customer. A transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Certain of the Company’s sales orders have multiple performance obligations, as the promise to transfer individual goods or services is separately identifiable from other promises in the sales orders. For sales orders with multiple performance obligations, the Company allocates the sales order’s transaction price to each performance obligation based on its relative stand-alone selling price. The stand-alone selling prices are determined based on the prices at which the Company separately sells these products. The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. Contract Assets and Deferred Revenue — The contract assets are included in other receivables on the condensed consolidated balance sheets and relate to royalties earned on certain functional licenses granted for the use of the Company’s intellectual property. The timing of revenue recognition, billings and cash collections may result in deferred revenue. The Company sometimes receives payments from its customers in advance of goods and services being provided in return for early cash incentive programs, resulting in deferred revenues. March 31, 2021 December 31, 2020 Contract assets $ 4,600 $ 3,200 Deferred revenue $ 32,316 $ 43,611 Revenue recognized for the three months ended March 31, 2021, that was included in the deferred revenue balance at the beginning of 2021 was $11,295. The Company expects to recognize all its remaining deferred revenue in fiscal 2021. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, Plant and Equipment March 31, 2021 December 31, 2020 Land $ 2,756 $ 2,756 Buildings and improvements 19,731 19,786 Machinery and equipment 126,425 124,199 Office furniture, fixtures and equipment 9,530 7,403 Automotive equipment 1,747 1,747 Construction in progress 8,767 10,392 Total 168,956 166,283 Less accumulated depreciation (103,011 ) (100,901 ) Property, plant and equipment, net $ 65,945 $ 65,382 The Company recognized depreciation expense related to property and equipment of $2,171 and $1,517 for the three months ended March 31, 2021 and 2020, respectively. During the three months ended March 31, 2021 and 2020, the Company eliminated from assets and accumulated depreciation $62 and $113, of fully depreciated assets, respectively. Substantially all of the Company’s assets are pledged as collateral with its lender banks. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories March 31, 2021 December 31, 2020 Finished products $ 150,026 $ 149,415 Raw materials 22,208 14,369 Inventories $ 172,234 $ 163,784 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 6. Segment Reporting For the three Months Ended March 31 2021 2020 Change % Change Net sales: U.S. crop $ 54,755 $ 50,362 $ 4,393 9 % U.S. non-crop 17,453 10,993 6,460 59 % Total U.S. 72,208 61,355 10,853 18 % International 43,947 34,607 9,340 27 % Total net sales: $ 116,155 $ 95,962 $ 20,193 21 % Gross profit: U.S. crop $ 21,271 $ 24,245 $ (2,974 ) -12 % U.S. non-crop 9,383 4,719 4,664 99 % Total U.S. 30,654 28,964 1,690 6 % International 14,477 9,417 5,060 54 % Total gross profit: $ 45,131 $ 38,381 $ 6,750 18 % Gross margin: U.S. crop 39 % 48 % U.S. non-crop 54 % 43 % Total U.S. 42 % 47 % International 33 % 27 % Gross margin: 39 % 40 % |
Accrued Program Costs
Accrued Program Costs | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Program Costs | 7. Accrued Program Costs The Company offers various discounts to customers based on the volume purchased within a defined time period, other pricing adjustments, some grower volume incentives or other key performance indicator driven payments, which are usually made at the end of a growing season, to distributors, retailers or growers. The Company describes these payments as “Programs.” Programs are a critical part of doing business in both the U.S. crop and non-crop chemicals marketplaces. These discount Programs represent variable consideration. Revenues from sales are recorded at the net sales price, which is the transaction price net of the impact of Programs and includes estimates of variable consideration. Variable consideration includes amounts expected to be paid to its customers estimated using the expected value method. Each quarter management compares individual sale transactions with Programs to determine what, if any, estimated program liabilities have been incurred. Once this initial calculation is made for the specific quarter, sales and marketing management, along with executive and financial management, review the accumulated Program balance and, for volume driven payments, make assessments of whether or not customers are tracking in a manner that indicates that they will meet the requirements set out in agreed upon terms and conditions attached to each Program. Following this assessment, management makes adjustments to the accumulated accrual to properly reflect the Company’s best estimate of the liability at the balance sheet date. Programs are paid out predominantly on an annual basis, usually in the final quarter of the financial year or the first quarter of the following year. No significant changes in estimates were made during the three months ended March 31, 2021 and 2020, respectively. |
Cash Dividend
Cash Dividend | 3 Months Ended |
Mar. 31, 2021 | |
Cash Dividends [Abstract] | |
Cash Dividend | 8. Cash Dividends on Common Stock Declaration Date Record Date Distribution Date Dividend Per Share Total Paid March 10, 2021 March 15, 2021 April 15, 2021 $ 0.020 $ 596 December 7, 2020 December 23, 2020 January 6, 2021 $ 0.020 $ 593 March 9, 2020 March 26, 2020 April 16, 2020 $ 0.020 $ 586 December 9, 2019 December 26, 2019 January 9, 2020 $ 0.020 $ 582 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings Per Share Three Months Ended March 31, 2021 2020 Numerator: Net income $ 3,071 $ 520 Denominator: Weighted average shares outstanding-basic 29,737 29,288 Dilutive effect of stock options and grants 786 660 Weighted average shares outstanding-diluted 30,523 29,948 For the three months ended March 31, 2021 and 2020, no stock options were excluded from the computation of diluted earnings per share. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 10. Debt Long-term indebtedness ($000's) March 31, 2021 December 31, 2020 Revolving line of credit $ 143,800 $ 107,900 Deferred loan fees (377 ) (458 ) Total indebtedness $ 143,423 $ 107,442 The Company’s main bank is Bank of the West, a wholly-owned subsidiary of the French bank, BNP Paribas. Bank of the West has been the Company’s bank for more than 30 years and is the syndication manager for the Company’s loans. The revolving line of credit agreement (the “Credit Agreement”) is a senior secured lending facility among AMVAC, the Company’s principal operating subsidiary, as borrower, and affiliates (including the Company, AMVAC CV and AMVAC BV), as guarantors and/or borrowers, on the one hand, and a group of commercial lenders led by Bank of the West as agent, swing line lender and Letter of Credit issuer on the other hand, consisting of a line of credit of up to $250,000, an accordion feature of up to $100,000 and a maturity date of June 30, 2022. The Credit Agreement contains two key financial covenants; namely, borrowers are required to maintain a Consolidated Funded Debt Ratio of no more than 3.25-to-1 and a Consolidated Fixed Charge Covenant Ratio of at least 1.25-to-1. The Company’s borrowing capacity varies with its financial performance, measured in terms of EBITDA as defined in the Credit Agreement, for the trailing twelve-month period. Under the Credit Agreement, revolving loans bear interest at a variable rate based, at borrower’s election with proper notice, on either (i) LIBOR plus the “Applicable 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 interest rate on March 31, 2021 was 2.75%. As of April 22, 2020, AMVAC, as borrower, and certain affiliates amended the Credit Agreement. The Credit Agreement, as amended, has the same term and loan commitments, however the maximum permitted consolidated funded debt ratio (the “CFD Ratio”) has been increased from 3.25-to-1 to the following schedule: 4.00-to-1 through September 30, 2020, stepping down to 3.75-to-1 through December 31, 2020, 3.5-to-1 through March 31, 2021 and 3.25-to-1 thereafter. In addition, to the extent that it completes acquisitions totaling $15 million or more in any 90-day period, AMVAC may step-up the CFD Ratio by 0.5-to-1, not to exceed 4.25-to-1, for the next three full consecutive quarters. Finally, to the extent that a proposed acquisition is at least $30 million but less than $50 million, the consent of the Lead Agent is required. Larger acquisitions continue to require the consent of a majority of the Lenders. At March 31, 2021, the Company is compliant with all covenants to its Senior Credit Facility. Based on its performance against the most restrictive covenants in the Credit Agreement, the Company had the capacity to increase its borrowings by up to $50,993, according to the terms thereof. This compares to an available borrowing capacity of $86,736 as of December 31, 2020 and $39,552 as of March 31, 2020. The level of borrowing capacity is driven by three factors: (1) our financial performance, as measured in EBITDA for both the trailing twelve month period and proforma basis arising from acquisitions, (2) net borrowings, and (3) the leverage covenant (the Consolidated Funded Debt Ratio). Agrinos had an existing Paycheck Protection Program (PPP) loan in the amount of $705 as of the date it was acquired by the Company. This PPP loan was granted on April 27, 2020, $667 in principal and $5 in interest of this PPP loan was forgiven by the Small Business Administration on January 7, 2021 and Agrinos repaid the remaining outstanding balance. As a result, the PPP loan was extinguished on January 7, 2021 and the total amount forgiven of $672 was recorded as other income in the Company’s condensed consolidated statement of operations and represents a non-cash financing activity on the condensed consolidated statement of cash flows for the three months ended March 31, 2021 |
Reclassifications
Reclassifications | 3 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Reclassifications | 11. Reclassifications — |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Comprehensive income (loss) | 12. Comprehensive Income (Loss) |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 13. Stock-Based Compensation — Stock-Based Compensation for the Three months Period Unamortized Stock-Based Compensation as of March 31 Remaining Weighted Average Period (years) March 31, 2021 Time-Based Restricted Stock $ 1,057 $ 5,703 1.8 Unrestricted Stock 110 73 0.2 Performance-Based Restricted Stock 625 2,698 1.8 Total $ 1,792 $ 8,474 March 31, 2020 Time-Based Restricted Stock $ 776 $ 4,555 1.5 Unrestricted Stock 123 82 0.2 Performance-Based Restricted Stock 458 2,288 1.7 Total $ 1,357 $ 6,925 The Company also granted stock options in past periods. All outstanding stock options are fully vested and exercisable and no expense was recorded during the three months ended March 31, 2021 and 2020. Restricted and Unrestricted Stock — Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 820,624 $ 16.64 719,845 $ 17.67 Granted — — 4,185 18.63 Vested (197,615 ) 19.91 (213,781 ) 16.18 Forfeited (11,580 ) 16.95 (14,715 ) 18.08 Nonvested shares at March 31 st 611,429 $ 15.57 495,534 $ 18.31 Performance-Based Restricted Stock — Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 391,771 $ 16.26 345,432 $ 16.92 Granted — — — — Additional granted based on performance achievement 71,180 20.53 76,445 16.56 Vested (175,087 ) 19.78 (184,785 ) 15.87 Forfeited (505 ) 19.26 (3,759 ) 17.23 Nonvested shares at March 31 st 287,359 $ 15.16 233,333 $ 17.63 Stock Options — The Company has stock options outstanding under its incentive stock option plans and performance incentive stock option plan. All outstanding stock options are vested and exercisable. The following tables present details for each type of plan: Incentive Stock Option Plans Activity of the incentive stock option plans: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2020 123,087 $ 11.48 Options exercised (5,838 ) 11.49 Balance outstanding, March 31, 2021 117,249 $ 11.48 Outstanding at March 31, 2021, summarized by exercise price: Outstanding Weighted Average Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Incentive Stock Option Plan: $11.32 7,200 3 $ 7.5 $14.49 110,049 45 $ 11.49 117,249 $ 11.48 Performance Incentive Stock Option Plan Activity of the performance incentive stock option plan: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2020 114,658 $ 11.49 Options exercised — — Balance outstanding, March 31, 2021 114,658 $ 11.49 All the performance incentive stock options outstanding as of March 31, 2021 have an exercise price per share of $11.49 and a remaining life of 45 months. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 14. Legal Proceedings — EPA FIFRA/RCRA Matter. Since April 2018, the Department of Justice (“DOJ”) has conducted several interviews of AMVAC employees and issued supplemental document requests in connection with the investigation. In November 2020, DOJ issued a second grand jury subpoena seeking records and related communications with regard to a submission made by the Company to the Environmental Protection Agency (“EPA”) in connection with a request to amend a pesticide’s registration. Soon thereafter, DOJ also identified the Company and one of its non-executive employees as targets of the government’s investigation. In January 2021, DOJ and EPA informed the Company that it is investigating violations of two environmental statutes, the Federal Insecticide, Fungicide, and Rodenticide Act (“FIFRA”) and the Resource Conservation and Recovery Act (“RCRA”), as well as obstruction of an agency proceeding and false statement statutes. DOJ also identified for the Company as well as for the individual target evidence that it contends supports alleged violations with respect to both the Company and the individual target. The Company is evaluating the legal and factual issues raised by the government and is engaged in discussions with DOJ regarding possible resolution. The governmental agencies involved in this investigation have a range of civil and criminal penalties they may seek to impose against corporations and individuals for violations of FIFRA, RCRA and other federal statutes including, but not limited to, injunctive relief, fines, penalties and modifications to business practices and compliance programs, including the appointment of a monitor. If violations are established, the amount of any fines or monetary penalties which could be assessed and the scope of possible non-monetary relief would depend on, among other factors, findings regarding the amount, timing, nature and scope of the violations, and the level of cooperation provided to the governmental authorities during the investigation. As a result, the Company cannot yet anticipate the timing or predict the ultimate resolution of this investigation, financial or otherwise, which could have a material adverse effect on our business prospects, operations, financial condition and cash flow. Accordingly, we have not recorded a loss contingency for this matter. |
Recent Accounting Standards
Recent Accounting Standards | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Standards Adopted | 15. Recent Accounting Standards Adopted — In December 2019, the FASB issued ASU no. 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, ” (“ASU No. 2019-12”). The amendment removes certain exceptions to the general income tax accounting methodology including an exception for the recognition of a deferred tax liability when a foreign subsidiary becomes an equity method investment and an exception for interim periods showing operating losses in excess of anticipated operating losses for the year. The amendment also reduces the complexity surrounding franchise tax recognition; the step up in the tax basis of goodwill in conjunction with business combinations; and the accounting for the effect of changes in tax laws enacted during interim periods. The amendments in this update are effective for the Company for fiscal years beginning after December 15, 2020, including interim periods within those years with early adoption permitted. The Company adopted ASU No. 2019-12 effective January 1, 2021 .The adoption of this standard did not result in any material adjustments to the Company’s condensed consolidated financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 16. Fair Value of Financial Instruments — • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amount of the Company’s financial instruments, which principally include cash and cash equivalents, short-term investments, accounts receivable, long-term investments, accounts payable and accrued expenses, approximates fair value because of the relatively short maturity of such instruments. The carrying amount of the Company’s short-term and long-term borrowings, which are considered Level 2 liabilities, approximates fair value based upon current rates and terms available to the Company for similar debt. The Company measures its contingent earn-out liabilities in connection with business acquisitions at fair value on a recurring basis using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The Company may use various valuation techniques depending on the terms and conditions of the contingent consideration including a Monte-Carlo simulation. This simulation uses probability distribution for each significant input to produce hundreds or thousands of possible outcomes and the results are analyzed to determine probabilities of different outcomes occurring. The following table illustrates the Company’s contingent consideration movements related to its business acquisitions: Three months ended March 31, 2021 Balance, December 31, 2020 $ 2,468 Payments on existing obligations (250 ) Accretion of discounted liabilities 16 Foreign exchange effect (29 ) Balance, March 31, 2021 $ 2,205 The current portion of the contingent consideration in the amount of $750 is included in current installments of other liabilities and the long-term portion in the amount of $1,455 is included in other liabilities on the condensed consolidated balance sheets. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 17. Accumulated Other Comprehensive Loss — Total Balance, December 31, 2020 $ (9,322 ) FX translation (2,503 ) Balance, March 31, 2021 $ (11,825 ) Balance, December 31, 2019 $ (5,698 ) FX translation (9,063 ) Balance, March 31, 2020 $ (14,761 ) |
Equity Method Investments
Equity Method Investments | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Method Investments | 18. Equity Method Investment — On August 2, 2016, AMVAC BV entered into a joint venture with Huifeng (Hong Kong) Ltd, which is a wholly owned subsidiary of the Huifeng Group. The resulting entity, Hong Kong JV, is intended to focus on activities such as market access and technology transfer between the two members. AMVAC BV is a 50% owner of the entity. No material contributions were made subsequent to the initial investment. On June 27, 2017, both AMVAC BV and Huifeng (Hong Kong) Ltd. made individual capital contributions of $950 to the Hong Kong JV. The Company utilizes the equity method of accounting with respect to this investment. On July 7, 2017, the Hong Kong JV purchased the shares of Profeng Australia, Pty Ltd. (“Profeng”), for a total consideration of $1,900. The purchase consists of Profeng Australia, Pty Ltd Trustee and Profeng Australia Unit Trust. Both Trust and Trustee were previously owned by Huifeng (via its wholly owned subsidiary Huifeng (Hong Kong) Ltd). For the three months ended March 31, 2021 and 2020, the Company recognized losses of $13 in each period, as a result of the Company’s ownership position in the Hong Kong Joint Venture. The Company’s investment in this joint venture amounted to $375 and $500, respectively at March 31, 2021 and 2020 and are included in other assets. |
Equity Investment
Equity Investment | 3 Months Ended |
Mar. 31, 2021 | |
Investments All Other Investments [Abstract] | |
Equity Investment | 19. Equity Investments — Since this investment does not have readily determinable fair value, the Company has elected to measure the investment at cost less impairment, if any, and also records an increase or decrease for changes resulting from observable price changes in orderly transactions for the identical or a similar investment of Bi-PA. The Company periodically reviews the investment for possible impairment. There was no impairment or observable price changes on the investment during the three months ended March 31, 2021 and 2020. On April 1, 2020, AMVAC purchased 6.25 million shares, an ownership of approximately 8%, of common stock of Clean Seed Capital Group Ltd. (TSX Venture Exchange: “CSX”) for $1,190. The shares are publicly traded, have a readily determinable fair value, and are considered a Level 1 investment. The fair value of the stock amounted to $2,973 as of March 31, 2021, and the Company recorded a gain in the amount of $1,066 for the three-month period ended March 31, 2021. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 20. Income Taxes — Income tax expense was $1,362 for the three months ended March 31, 2021, as compared to income tax benefit of $205 for the three months ended March 31, 2020. The effective tax rate for the three months ended March 31, 2021 was 30.6%, and is based on the rates in the territories in which the Company operates. The rate has decreased compared to prior years reflecting mix of income in different jurisdictions. The effective tax rate is based on the projected income for the full year and is subject to ongoing review and adjustment by management. For the three months ended March 31, 2020 the effective rate was 31.0%. In addition, during that period, the Company benefited from two discrete income tax benefits. First, the Company assessed its income tax positions to account for the Coronavirus Aid Relief and Economic Security Act (“CARES Act”) which was signed into law on March 27, 2020. A provision of the act modified the amount of interest deduction allowed and therefore reduced the Company’s 2019 Global Intangible Low Tax Income (“GILTI”) inclusion. Second, the Company benefited from the tax impact of the vesting of certain stock grants. These benefits did not recur in the same period of the current year. The Florida Department of Revenue has completed its audit of the Company’s state income tax returns for the years ended December 31, 2012 through December 31, 2013 and December 31, 2015 through December 31, 2018. No adjustments have been proposed for these periods. The Company has also been notified by the Mississippi Department of Revenue of its intent to examine the Company’s state income tax returns for the years ended December 31, 2016 through December 31, 2018. The result of Mississippi’s audit is not determinable since the audit is at its preliminary stage. |
Product and Business Acquisitio
Product and Business Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Product and Business Acquisitions | 21. Product and Business Acquisitions — During the year ended December 31, 2020, the Company completed two acquisitions in exchange for a total cash consideration at closing of $19,342, which was net of cash acquired of $1,970, and contingent consideration of $2,007, and the settlement of a net asset adjustment of $623. In addition, the Company assumed liabilities of $10,288 and recognized a bargain purchase gain in the amount of $4,624. The total asset value of $36,884 was preliminarily allocated as follows: product rights $6,645, trade names $1,195, customer relationships $632, goodwill $8,672, working capital and fixed assets $19,740. During the three months ended March 31, 2021, the Company recorded an adjustment to reduce the bargain purchase gain by the amount of $33, with a corresponding adjustment to working capital. The purchase price allocation for both acquisitions is preliminary with respect to the valuation of contingent consideration, intangibles, property, plant and equipment, income taxes and certain other working capital items as the Company is still in the process of gathering additional information and the determination of the respective fair values. On October 2, 2020, the Company completed the acquisition of all outstanding stock of the Agrinos Group Companies (Agrinos), except for Agrinos AS. Agrinos has operating entities in the U.S., Mexico, India, Brazil, China, Ukraine, and Spain. Agrinos is a fully integrated biological input supplier with proprietary technology, internal manufacturing, and global distribution capabilities. At closing, the Company paid cash consideration of $3,125, which was net of cash acquired of $1,813, and liabilities assumed of $4,963, including liabilities of $595 related to income tax matters. The acquisition was accounted for as a business combination and resulted in a preliminary bargain purchase gain of $4,624 (including a reduction of $33 recorded during the three months ended March 31, 2021). The total asset value of $12,712 has been preliminarily allocated as follows: working capital $7,458 (including trade receivables of $2,358), property, plant and equipment of $5,004, and intangible assets of $250. Agrinos was acquired out of bankruptcy. This provided the Company with an opportunity to acquire Agrinos at an advantageous purchase price which was below the preliminary fair value of Agrinos’ net assets acquired resulting in the above-mentioned bargain purchase gain. On October 8, 2020, the Company completed the acquisition of all outstanding stock of AgNova Technologies Pty Ltd (“AgNova”). AgNova is an Australian entity that sources, develops, and distributes specialty crop protection and production solutions for agricultural and horticultural producers, and for selected non-crop users. At closing, the Company paid cash consideration of $16,217, which was net of cash acquired of $157, contingent consideration dependent on certain financial results of $2,007, the settlement of a net asset adjustment of $623, and liabilities assumed of $5,325, including liabilities of $2,529 related to income tax matters. The fair value of the contingent consideration of $2,007 was estimated using an income approach and the maximum potential undiscounted payout is $2,811. The acquisition was accounted for as a business combination and the total asset value of $24,172 has been preliminarily allocated as follows: product registrations and product rights $6,395, trade names and trademarks $1,195, customer relationships and customer lists $632, goodwill $8,672, which is non-deductible for tax purposes, working capital $7,206, including trade receivables of $1,508, and equipment $73. The allocation of the excess purchase price over the preliminary estimated fair value of the net assets acquired was provisional, pending completion of a valuation analysis. The provisional allocation to intangibles and goodwill was based on the proportional allocation of excess purchase price to intangible assets and goodwill for a comparable acquisition transaction completed by the Company in a prior year for which the purchase accounting had been finalized. The final determination during the measurement period of the allocation of excess purchase price to the intangible assets and goodwill could differ significantly from the provisional estimates. There were no adjustments to the preliminary allocations of the total asset value during the three months ended March 31, 2021. The goodwill represents the synergies expected to be achieved from the combined operations of the acquired company. |
Foreign Currency
Foreign Currency | 3 Months Ended |
Mar. 31, 2021 | |
Foreign Currency [Abstract] | |
Foreign Currency | 22. Foreign Currency — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Other Information of Operating Leases | Other information related to operating leases follows: Three months ended March 31, 2021 Three months ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 1,465 $ 1,396 ROU assets obtained in exchange for new liabilities $ 376 $ 825 Weighted-average remaining lease term (in years) 4.53 3.15 Weighted-average discount rate 3.83 % 3.67 % |
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases | Future minimum lease payments under non-cancellable operating leases as of March 31, 2021 were as follows: March 31, 2021 2021 (excluding three months ended March 31, 2021) $ 3,166 2022 2,970 2023 2,008 2024 1,256 2025 1,025 Thereafter 2,019 Total lease payments $ 12,444 Less: imputed interest 1,088 Total $ 11,356 Amounts recognized in the condensed consolidated balance sheet: Operating lease liabilities, current $ 3,664 Operating lease liabilities, long term $ 7,692 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region | Selective enterprise information of sales disaggregated by category and geographic region is as follows: Three Months Ended March 31, 2021 2020 Net sales: US crop $ 54,755 $ 50,362 US non-crop 17,453 10,993 Total US 72,208 61,355 International 43,947 34,607 Total net sales: $ 116,155 $ 95,962 Timing of revenue recognition: Goods and services transferred at a point in time $ 115,971 $ 95,776 Goods and services transferred over time 184 186 Total net sales: $ 116,155 $ 95,962 |
Summary of Contract Balances | The Company sometimes receives payments from its customers in advance of goods and services being provided in return for early cash incentive programs, resulting in deferred revenues. March 31, 2021 December 31, 2020 Contract assets $ 4,600 $ 3,200 Deferred revenue $ 32,316 $ 43,611 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, Plant and Equipment March 31, 2021 December 31, 2020 Land $ 2,756 $ 2,756 Buildings and improvements 19,731 19,786 Machinery and equipment 126,425 124,199 Office furniture, fixtures and equipment 9,530 7,403 Automotive equipment 1,747 1,747 Construction in progress 8,767 10,392 Total 168,956 166,283 Less accumulated depreciation (103,011 ) (100,901 ) Property, plant and equipment, net $ 65,945 $ 65,382 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories consist of the following: March 31, 2021 December 31, 2020 Finished products $ 150,026 $ 149,415 Raw materials 22,208 14,369 Inventories $ 172,234 $ 163,784 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Business Sales Segmentation | Selective enterprise information is as follows: For the three Months Ended March 31 2021 2020 Change % Change Net sales: U.S. crop $ 54,755 $ 50,362 $ 4,393 9 % U.S. non-crop 17,453 10,993 6,460 59 % Total U.S. 72,208 61,355 10,853 18 % International 43,947 34,607 9,340 27 % Total net sales: $ 116,155 $ 95,962 $ 20,193 21 % Gross profit: U.S. crop $ 21,271 $ 24,245 $ (2,974 ) -12 % U.S. non-crop 9,383 4,719 4,664 99 % Total U.S. 30,654 28,964 1,690 6 % International 14,477 9,417 5,060 54 % Total gross profit: $ 45,131 $ 38,381 $ 6,750 18 % Gross margin: U.S. crop 39 % 48 % U.S. non-crop 54 % 43 % Total U.S. 42 % 47 % International 33 % 27 % Gross margin: 39 % 40 % |
Cash Dividend (Tables)
Cash Dividend (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Cash Dividends [Abstract] | |
Cash Dividend | . Cash Dividends on Common Stock Declaration Date Record Date Distribution Date Dividend Per Share Total Paid March 10, 2021 March 15, 2021 April 15, 2021 $ 0.020 $ 596 December 7, 2020 December 23, 2020 January 6, 2021 $ 0.020 $ 593 March 9, 2020 March 26, 2020 April 16, 2020 $ 0.020 $ 586 December 9, 2019 December 26, 2019 January 9, 2020 $ 0.020 $ 582 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Earnings Per Share | Three Months Ended March 31, 2021 2020 Numerator: Net income $ 3,071 $ 520 Denominator: Weighted average shares outstanding-basic 29,737 29,288 Dilutive effect of stock options and grants 786 660 Weighted average shares outstanding-diluted 30,523 29,948 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Revolving Line of Credit | Debt Long-term indebtedness ($000's) March 31, 2021 December 31, 2020 Revolving line of credit $ 143,800 $ 107,900 Deferred loan fees (377 ) (458 ) Total indebtedness $ 143,423 $ 107,442 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stock Based Compensation, Unamortized Stock-Based Compensation and Remaining Weighted Average Period | The following tables illustrate the Company’s stock-based compensation, unamortized stock-based compensation, and remaining weighted average amortization period. Stock-Based Compensation for the Three months Period Unamortized Stock-Based Compensation as of March 31 Remaining Weighted Average Period (years) March 31, 2021 Time-Based Restricted Stock $ 1,057 $ 5,703 1.8 Unrestricted Stock 110 73 0.2 Performance-Based Restricted Stock 625 2,698 1.8 Total $ 1,792 $ 8,474 March 31, 2020 Time-Based Restricted Stock $ 776 $ 4,555 1.5 Unrestricted Stock 123 82 0.2 Performance-Based Restricted Stock 458 2,288 1.7 Total $ 1,357 $ 6,925 |
Incentive Stock Option Plans | Activity of the incentive stock option plans: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2020 123,087 $ 11.48 Options exercised (5,838 ) 11.49 Balance outstanding, March 31, 2021 117,249 $ 11.48 Activity of the performance incentive stock option plan: Number of Shares Weighted Average Price Per Share Balance outstanding, December 31, 2020 114,658 $ 11.49 Options exercised — — Balance outstanding, March 31, 2021 114,658 $ 11.49 |
Summarized By Exercise Price | Outstanding at March 31, 2021, summarized by exercise price: Outstanding Weighted Average Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Incentive Stock Option Plan: $11.32 7,200 3 $ 7.5 $14.49 110,049 45 $ 11.49 117,249 $ 11.48 |
Restricted and Unrestricted Stock | |
Summary of Nonvested Shares | Restricted and Unrestricted Stock — Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 820,624 $ 16.64 719,845 $ 17.67 Granted — — 4,185 18.63 Vested (197,615 ) 19.91 (213,781 ) 16.18 Forfeited (11,580 ) 16.95 (14,715 ) 18.08 Nonvested shares at March 31 st 611,429 $ 15.57 495,534 $ 18.31 |
Performance Based Restricted Stock | |
Summary of Nonvested Shares | Performance-Based Restricted Stock — Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 391,771 $ 16.26 345,432 $ 16.92 Granted — — — — Additional granted based on performance achievement 71,180 20.53 76,445 16.56 Vested (175,087 ) 19.78 (184,785 ) 15.87 Forfeited (505 ) 19.26 (3,759 ) 17.23 Nonvested shares at March 31 st 287,359 $ 15.16 233,333 $ 17.63 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Measuring on Recurring Basis of Contingent Consideration | The following table illustrates the Company’s contingent consideration movements related to its business acquisitions: Three months ended March 31, 2021 Balance, December 31, 2020 $ 2,468 Payments on existing obligations (250 ) Accretion of discounted liabilities 16 Foreign exchange effect (29 ) Balance, March 31, 2021 $ 2,205 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Beginning Balance, Quarterly Activity and Ending Balance of Foreign Currency Translation Adjustment Included as Component of Accumulated Other Comprehensive Loss | The following table lists the beginning balance, quarterly activity and ending balance of accumulated other comprehensive loss, which consists of foreign currency translation adjustments: Total Balance, December 31, 2020 $ (9,322 ) FX translation (2,503 ) Balance, March 31, 2021 $ (11,825 ) Balance, December 31, 2019 $ (5,698 ) FX translation (9,063 ) Balance, March 31, 2020 $ (14,761 ) |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Line Items] | ||
Operating lease expenses | $ 1,454 | $ 1,395 |
Minimum | ||
Leases [Line Items] | ||
Operating lease term | 1 year | |
Maximum | ||
Leases [Line Items] | ||
Operating lease term | 20 years |
Leases - Schedule of Other Info
Leases - Schedule of Other Information of Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 1,465 | $ 1,396 |
ROU assets obtained in exchange for new liabilities | $ 376 | $ 825 |
Weighted-average remaining lease term (in years) | 4 years 6 months 10 days | 3 years 1 month 24 days |
Weighted-average discount rate | 3.83% | 3.67% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 (excluding three months ended March 31, 2021) | $ 3,166 | |
2022 | 2,970 | |
2023 | 2,008 | |
2024 | 1,256 | |
2025 | 1,025 | |
Thereafter | 2,019 | |
Total lease payments | 12,444 | |
Less: imputed interest | 1,088 | |
Total | 11,356 | |
Amounts recognized in the condensed consolidated balance sheet: | ||
Operating lease liabilities, current | 3,664 | $ 4,188 |
Operating lease liabilities, long term | $ 7,692 | $ 8,177 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)Segment | |
Revenue From Contract With Customer [Abstract] | |
Number of reportable business segments | Segment | 1 |
Revenue recognized | $ | $ 11,295 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 116,155 | $ 95,962 |
US | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 72,208 | 61,355 |
US | Crop | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 54,755 | 50,362 |
US | Non-Crop | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 17,453 | 10,993 |
International | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 43,947 | 34,607 |
Goods and Services Transferred at a Point in Time | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 115,971 | 95,776 |
Goods and Services Transferred Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 184 | $ 186 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Contract Balances (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Revenue From Contract With Customer [Abstract] | |||
Contract assets | $ 4,600 | $ 3,200 | |
Deferred revenue | $ 32,316 | $ 43,611 | $ 43,611 |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 168,956 | $ 166,283 |
Less accumulated depreciation | (103,011) | (100,901) |
Property, plant and equipment, net | 65,945 | 65,382 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,756 | 2,756 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 19,731 | 19,786 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 126,425 | 124,199 |
Office furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 9,530 | 7,403 |
Automotive equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,747 | 1,747 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 8,767 | $ 10,392 |
Property, Plant And Equipment -
Property, Plant And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense related to property, plant and equipment | $ 2,171 | $ 1,517 |
Elimination of Assets and Accumulated depreciation | $ 62 | $ 113 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 150,026 | $ 149,415 |
Raw materials | 22,208 | 14,369 |
Inventories | $ 172,234 | $ 163,784 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 1 |
Summary of Business Sales by Pr
Summary of Business Sales by Product and Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | ||
Net sales | $ 116,155 | $ 95,962 |
Change in net sales | $ 20,193 | |
Percentage change in net sales | 21.00% | |
Gross profit: | ||
Gross profit | $ 45,131 | $ 38,381 |
Change in gross profit | $ 6,750 | |
Percentage change in net sales | 18.00% | |
Gross margin: | ||
Gross margin | 39.00% | 40.00% |
Change in gross profit | $ 6,750 | |
US | ||
Net sales | ||
Net sales | $ 72,208 | 61,355 |
Change in net sales | $ 10,853 | |
Percentage change in net sales | 18.00% | |
Gross profit: | ||
Gross profit | $ 30,654 | $ 28,964 |
Change in gross profit | $ 1,690 | |
Percentage change in net sales | 6.00% | |
Gross margin: | ||
Gross margin | 42.00% | 47.00% |
Change in gross profit | $ 1,690 | |
US | Crop | ||
Net sales | ||
Net sales | $ 54,755 | 50,362 |
Change in net sales | $ 4,393 | |
Percentage change in net sales | 9.00% | |
Gross profit: | ||
Gross profit | $ 21,271 | $ 24,245 |
Change in gross profit | $ (2,974) | |
Percentage change in net sales | (12.00%) | |
Gross margin: | ||
Gross margin | 39.00% | 48.00% |
Change in gross profit | $ (2,974) | |
US | Non-Crop | ||
Net sales | ||
Net sales | $ 17,453 | 10,993 |
Change in net sales | $ 6,460 | |
Percentage change in net sales | 59.00% | |
Gross profit: | ||
Gross profit | $ 9,383 | $ 4,719 |
Change in gross profit | $ 4,664 | |
Percentage change in net sales | 99.00% | |
Gross margin: | ||
Gross margin | 54.00% | 43.00% |
Change in gross profit | $ 4,664 | |
International | ||
Net sales | ||
Net sales | $ 43,947 | 34,607 |
Change in net sales | $ 9,340 | |
Percentage change in net sales | 27.00% | |
Gross profit: | ||
Gross profit | $ 14,477 | $ 9,417 |
Change in gross profit | $ 5,060 | |
Percentage change in net sales | 54.00% | |
Gross margin: | ||
Gross margin | 33.00% | 27.00% |
Change in gross profit | $ 5,060 |
Cash Dividend (Detail)
Cash Dividend (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash dividend declaration date | Mar. 10, 2021 | Mar. 9, 2020 | Dec. 7, 2020 | Dec. 9, 2019 |
Cash dividend record date | Mar. 15, 2021 | Mar. 26, 2020 | Dec. 23, 2020 | Dec. 26, 2019 |
Cash dividend distributed date | Apr. 15, 2021 | Apr. 16, 2020 | Jan. 6, 2021 | Jan. 9, 2020 |
Cash dividend per share | $ 0.020 | $ 0.020 | $ 0.020 | $ 0.020 |
Cash dividend paid | $ 596 | $ 586 | $ 593 | $ 582 |
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, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net income | $ 3,071 | $ 520 |
Denominator: | ||
Weighted average shares outstanding-basic | 29,737 | 29,288 |
Dilutive effect of stock options and grants | 786 | 660 |
Weighted average shares outstanding-diluted | 30,523 | 29,948 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Stock options excluded from computation of diluted earning per share | 0 | 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Jan. 07, 2021 | Oct. 02, 2020 | Apr. 27, 2020 | Apr. 22, 2020 | Jun. 30, 2017 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2017 | Dec. 31, 2020 | Mar. 31, 2020 |
Debt Instrument [Line Items] | |||||||||||
Short term debt | $ 0 | $ 0 | $ 0 | ||||||||
Available borrowings capacity under credit agreement | $ 39,552,000 | ||||||||||
Proposed acquisition of consideration | 36,884,000 | ||||||||||
Agrinos Group Companies | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proposed acquisition of consideration | $ 12,712,000 | ||||||||||
Agrinos Group Companies | Paycheck Protection Program Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Business combination, loan acquired | 705,000 | ||||||||||
Debt instrument, decrease, forgiveness by Small business administration, principal | $ 667,000 | ||||||||||
Debt instrument, decrease, forgiveness by Small business administration, intrest | $ 5,000 | ||||||||||
Debt instrument, decrease, forgiveness by Small business administration | $ 672,000 | ||||||||||
Senior Secured Revolving Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior secured credit facility, maturity date | Jun. 30, 2022 | ||||||||||
Credit agreement, covenant description | The Credit Agreement contains two key financial covenants; namely, borrowers are required to maintain a Consolidated Funded Debt Ratio of no more than 3.25-to-1 and a Consolidated Fixed Charge Covenant Ratio of at least 1.25-to-1. The Company’s borrowing capacity varies with its financial performance, measured in terms of EBITDA as defined in the Credit Agreement, for the trailing twelve-month period | ||||||||||
Credit agreement, variable rate description | Under the Credit Agreement, revolving loans bear interest at a variable rate based, at borrower’s election with proper notice, on either (i) LIBOR plus the “Applicable 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) | ||||||||||
Credit agreement, interest rate | 2.75% | ||||||||||
Federal Funds Rate | Senior Secured Revolving Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit agreement, variable rate basis | 0.50% | ||||||||||
One-Month LIBOR Rate | Senior Secured Revolving Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit agreement, variable rate basis | 1.00% | ||||||||||
Alternate Base Rate | Senior Secured Revolving Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit agreement, interest payment period, description | last business day of each month | ||||||||||
Credit Agreement | Senior Secured Revolving Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Available borrowings capacity under credit agreement | $ 86,736,000 | $ 86,736,000 | |||||||||
Consolidated funded debt ratio | 325.00% | 350.00% | 375.00% | 400.00% | |||||||
Consolidated funded debt thereafter ratio | 325.00% | ||||||||||
Proposed acquisition of consideration | $ 15,000,000 | ||||||||||
Business combination consideration term | 90 days | ||||||||||
Maximum | Senior Secured Revolving Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Available borrowings capacity under credit agreement | $ 250,000,000 | $ 250,000,000 | |||||||||
Consolidated funded debt ratio | 325.00% | ||||||||||
Maximum | Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Accordion feature | $ 100,000,000 | $ 100,000,000 | |||||||||
Maximum | Credit Agreement | Senior Secured Revolving Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consolidated funded debt ratio | 425.00% | ||||||||||
Proposed acquisition of consideration | $ 50,000,000 | ||||||||||
Capacity to increase borrowings under credit agreement | $ 50,993,000 | ||||||||||
Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consolidated fixed charge covenant ratio | 125.00% | ||||||||||
Minimum | Credit Agreement | Senior Secured Revolving Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consolidated funded debt ratio | 50.00% | ||||||||||
Proposed acquisition of consideration | $ 30,000,000 |
Summary of Revolving Line of Cr
Summary of Revolving Line of Credit (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Revolving line of credit | $ 143,800 | $ 107,900 |
Deferred loan fees | (377) | (458) |
Total indebtedness | $ 143,423 | $ 107,442 |
Unamortized Stock-Based Compens
Unamortized Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 1,792 | $ 1,357 |
Unamortized Stock-Based Compensation | 8,474 | 6,925 |
Time-Based Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 1,057 | $ 776 |
Remaining Weighted Average Period (years) | 1 year 9 months 18 days | 1 year 6 months |
Unamortized Stock-Based Compensation | $ 5,703 | $ 4,555 |
Unrestricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 110 | $ 123 |
Remaining Weighted Average Period (years) | 2 months 12 days | 2 months 12 days |
Unamortized Stock-Based Compensation | $ 73 | $ 82 |
Performance Based Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-Based Compensation | $ 625 | $ 458 |
Remaining Weighted Average Period (years) | 1 year 9 months 18 days | 1 year 8 months 12 days |
Unamortized Stock-Based Compensation | $ 2,698 | $ 2,288 |
Summary of Non-Vested Shares (D
Summary of Non-Vested Shares (Detail) - Restricted and Unrestricted Stock - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 820,624 | 719,845 |
Number of Shares, Granted | 4,185 | |
Number of Shares, Vested | (197,615) | (213,781) |
Number of Shares, Forfeited | (11,580) | (14,715) |
Number of Shares, Ending Balance | 611,429 | 495,534 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 16.64 | $ 17.67 |
Weighted Average Grant-Date Fair Value, Granted | 18.63 | |
Weighted Average Grant-Date Fair Value, Vested | 19.91 | 16.18 |
Weighted Average Grant-Date Fair Value, Forfeited | 16.95 | 18.08 |
Weighted Average Grant-Date Fair Value, Ending balance | $ 15.57 | $ 18.31 |
Status Summary of Non-Vested Sh
Status Summary of Non-Vested Shares (Detail) - Performance Based Restricted Stock - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 391,771 | 345,432 |
Number of Share, Additional granted based on performance | 71,180 | 76,445 |
Number of Shares, Vested | (175,087) | (184,785) |
Number of Shares, Forfeited | (505) | (3,759) |
Number of Shares, Ending Balance | 287,359 | 233,333 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ 16.26 | $ 16.92 |
Weighted Average Grant-Date Fair Value, Additional granted based on performance | 20.53 | 16.56 |
Weighted Average Grant-Date Fair Value, Vested | 19.78 | 15.87 |
Weighted Average Grant-Date Fair Value, Forfeited | 19.26 | 17.23 |
Weighted Average Grant-Date Fair Value, Ending balance | $ 15.16 | $ 17.63 |
Summary of Option Activity (Det
Summary of Option Activity (Detail) - Incentive Stock Options | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Incentive Stock Option Plans, Beginning balance | shares | 123,087 |
Incentive Stock Option Plans, Option exercised | shares | (5,838) |
Incentive Stock Option Plans, Ending balance | shares | 117,249 |
Weighted Average Price Per Share, Beginning balance | $ / shares | $ 11.48 |
Weighted Average Price Per Share, Option exercised | $ / shares | 11.49 |
Weighted Average Price Per Share, Ending balance | $ / shares | $ 11.48 |
Performance Options Summarized
Performance Options Summarized by Exercise Price (Detail) - Performance Incentive Stock Option - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Weighted Average, Shares | 117,249 | |
Outstanding Weighted Average, Exercise Price | $ 11.48 | |
Range One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share, Lower Range | $ 11.32 | |
Outstanding Weighted Average, Shares | 7,200 | |
Outstanding Weighted Average, Remaining Life (Months) | 3 months | |
Outstanding Weighted Average, Exercise Price | $ 7.5 | |
Range Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price Per Share, Lower Range | $ 14.49 | |
Outstanding Weighted Average, Shares | 110,049 | |
Outstanding Weighted Average, Remaining Life (Months) | 45 months | |
Outstanding Weighted Average, Exercise Price | $ 11.49 |
Summary of Performance option a
Summary of Performance option activity (Detail) - Performance Based Stock Options | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Incentive Stock Option Plans, Beginning balance | shares | 114,658 |
Incentive Stock Option Plans, Ending balance | shares | 114,658 |
Weighted Average Price Per Share, Beginning balance | $ / shares | $ 11.49 |
Weighted Average Price Per Share, Ending balance | $ / shares | $ 11.49 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Fair Value Measuring on Recurring Basis of Contingent Consideration (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value Disclosures [Abstract] | |
Balance, December 31, 2020 | $ 2,468 |
Payments on existing obligations | (250) |
Accretion of discounted liabilities | 16 |
Foreign exchange effect | (29) |
Balance, March 31, 2021 | $ 2,205 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Fair Value Disclosures [Abstract] | |
Business combination contingent consideration liability | $ 750 |
Business combination contingent consideration long term other liability | $ 1,455 |
Beginning Balance, Quarterly Ac
Beginning Balance, Quarterly Activity and Ending Balance of Foreign Currency Translation Adjustment Included as Component of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 360,736 | $ 344,156 |
FX translation | (2,503) | (9,063) |
Balance | 360,046 | 334,207 |
Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (9,322) | (5,698) |
FX translation | (2,503) | (9,063) |
Balance | $ (11,825) | $ (14,761) |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 07, 2017 | Jun. 27, 2017 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Aug. 02, 2016 |
Schedule Of Equity Method Investments [Line Items] | ||||||
Investment | $ 950 | |||||
Joint venture, consideration | $ 36,884 | |||||
Losses from equity method investment | $ (13) | $ (13) | ||||
Hong Kong JV | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Losses from equity method investment | 13 | 13 | ||||
Investment in joint venture | $ 375 | $ 500 | ||||
Huifeng/AMVAC Innovation Co., Ltd. | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity investment ownership position | 50.00% | |||||
Profeng Australia, Pty Ltd | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Joint venture, consideration | $ 1,900 |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | Apr. 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Schedule Of Equity Method Investments [Line Items] | ||||
Joint venture, consideration | $ 36,884 | |||
Gain (loss) from equity method investment | $ (13) | $ (13) | ||
Bi Pa | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Cost method ownership percentage | 15.00% | |||
Impairment of investments | $ 0 | $ 0 | ||
Clean Seed Capital Group Ltd | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity Method Investment Shares Purchased | 6,250 | |||
Equity investment ownership position | 8.00% | |||
Joint venture, consideration | $ 1,190 | |||
Fair value of stock | 2,973 | |||
Gain (loss) from equity method investment | $ 1,066 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ 1,362 | $ (205) |
Federal income tax rate | 30.60% | 31.00% |
Product and Business Acquisit_2
Product and Business Acquisitions - Additional Information (Detail) $ in Thousands | Oct. 08, 2020USD ($) | Oct. 02, 2020USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)Business |
Business Acquisition [Line Items] | ||||
Business combination, number of businesses acquired | Business | 2 | |||
Business combination, cash consideration | $ 19,342 | |||
Business combination, cash acquired | 1,970 | |||
Business combination, deferred consideration paid | 2,007 | |||
Net asset adjustment | 623 | |||
Business combination, liabilities assumed | 10,288 | |||
Business combination bargain purchase gain amount | 4,624 | |||
Proposed acquisition of consideration | 36,884 | |||
Business combination, allocation of purchase price, goodwill | 8,672 | |||
Business combination, allocation of purchase price, working capital and fixed assets | 19,740 | |||
Adjustment to bargain purchase gain on business acquisition | $ 33 | |||
Business combination,trade receivables | $ 1,508 | |||
Business combination contingent consideration liability | 750 | |||
Business combination undiscounted payout | 2,811 | |||
Goodwill | 50,505 | 52,108 | ||
Agrinos Group Companies | ||||
Business Acquisition [Line Items] | ||||
Business combination, cash consideration | $ 3,125 | |||
Business combination, cash acquired | 1,813 | |||
Business combination, liabilities assumed | 4,963 | |||
Business combination bargain purchase gain amount | 4,624 | |||
Proposed acquisition of consideration | 12,712 | |||
Adjustment to bargain purchase gain on business acquisition | 33 | |||
Business combination, liabilities assumed, tax | 595 | |||
Business combination, allocation of purchase price, working capital | 7,458 | |||
Business combination,trade receivables | 2,358 | |||
Business combination, allocation of purchase price, property, plant and equipment | 5,004 | |||
Business combination, allocation purchase price of intangible assets | $ 250 | |||
AgNova | ||||
Business Acquisition [Line Items] | ||||
Business combination, cash consideration | 16,217 | |||
Business combination, cash acquired | 157 | |||
Net asset adjustment | 623 | |||
Business combination, liabilities assumed | 5,325 | |||
Proposed acquisition of consideration | 24,172 | $ 0 | ||
Business combination, liabilities assumed, tax | 2,529 | |||
Business combination, allocation of purchase price, working capital | 7,206 | |||
Business combination, allocation of purchase price, property, plant and equipment | 73 | |||
Business combination contingent consideration liability | 2,007 | |||
Goodwill | 8,672 | |||
Product Registrations and Product Rights | ||||
Business Acquisition [Line Items] | ||||
Business combination, allocation purchase price of intangible assets | 6,645 | |||
Product Registrations and Product Rights | AgNova | ||||
Business Acquisition [Line Items] | ||||
Business combination, allocation purchase price of intangible assets | 6,395 | |||
Trade Names, Trademarks and Patents | ||||
Business Acquisition [Line Items] | ||||
Business combination, allocation purchase price of intangible assets | 1,195 | |||
Trade Names, Trademarks and Patents | AgNova | ||||
Business Acquisition [Line Items] | ||||
Business combination, allocation purchase price of intangible assets | 1,195 | |||
Customer Relationships and Customer Lists | ||||
Business Acquisition [Line Items] | ||||
Business combination, allocation purchase price of intangible assets | $ 632 | |||
Customer Relationships and Customer Lists | AgNova | ||||
Business Acquisition [Line Items] | ||||
Business combination, allocation purchase price of intangible assets | $ 632 |
Foreign Currency - Additional I
Foreign Currency - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Expenses | ||
Foreign Currency [Line Items] | ||
Net foreign currency transaction losses | $ 1,203 | $ 837 |