Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 04, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Entity Registrant Name | MYERS INDUSTRIES, INC. | ||
Entity Central Index Key | 0000069488 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Stock, without par value | ||
Trading Symbol | MYE | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-08524 | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Tax Identification Number | 34-0778636 | ||
Entity Address, Address Line One | 1293 S. MAIN STREET | ||
Entity Address, City or Town | AKRON | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 44301 | ||
City Area Code | 330 | ||
Local Phone Number | 253-5592 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 516,870,564 | ||
Entity Common Stock, Shares Outstanding | 36,276,556 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Akron, Ohio | ||
Auditor Firm ID | 42 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Registrant’s Definitive Proxy Statement for its 2022 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 761,435 | $ 510,369 | $ 515,698 |
Cost of sales | 550,014 | 338,409 | 344,386 |
Gross profit | 211,421 | 171,960 | 171,312 |
Selling, general and administrative expenses | 163,502 | 130,331 | 133,130 |
(Gain) loss on disposal of fixed assets | (1,382) | 3 | 0 |
Impairment charges | 0 | 0 | 916 |
Other (income) expenses | 0 | (11,924) | 0 |
Operating income | 49,301 | 53,550 | 37,266 |
Interest expense, net | 4,208 | 4,688 | 4,083 |
Income from continuing operations before income taxes | 45,093 | 48,862 | 33,183 |
Income tax expense | 11,555 | 12,093 | 8,968 |
Income from continuing operations | 33,538 | 36,769 | 24,215 |
Income from discontinued operations, net of income taxes | 0 | 0 | 118 |
Net income | $ 33,538 | $ 36,769 | $ 24,333 |
Income per common share from continuing operations: | |||
Basic | $ 0.93 | $ 1.03 | $ 0.68 |
Diluted | 0.92 | 1.02 | 0.68 |
Income per common share from discontinued operations: | |||
Basic | 0 | 0 | 0 |
Diluted | 0 | 0 | 0 |
Net income per common share: | |||
Basic | 0.93 | 1.03 | 0.68 |
Diluted | 0.92 | 1.02 | 0.68 |
Dividends declared per share | $ 0.54 | $ 0.54 | $ 0.54 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 33,538 | $ 36,769 | $ 24,333 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | 39 | 628 | 1,649 |
Pension liability, net of tax expense (benefit) of $111, ($18) and $94, respectively | 333 | (52) | 282 |
Total other comprehensive income (loss) | 372 | 576 | 1,931 |
Comprehensive income | $ 33,910 | $ 37,345 | $ 26,264 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Tax expense on pension liability | $ 111 | $ (18) | $ 94 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 17,655 | $ 28,301 |
Accounts receivable, less allowances of $3,229 and $3,278, respectively | 100,691 | 83,701 |
Income tax receivable | 2,517 | 1,049 |
Inventories, net | 93,551 | 65,919 |
Prepaid expenses and other current assets | 5,500 | 4,760 |
Total Current Assets | 219,914 | 183,730 |
Property, plant, and equipment, net | 92,049 | 73,953 |
Right of use asset - operating leases | 29,285 | 18,390 |
Goodwill | 88,778 | 79,256 |
Intangible assets, net | 50,181 | 41,038 |
Deferred income taxes | 106 | 84 |
Other | 4,236 | 3,564 |
Total Assets | 484,549 | 400,015 |
Current Liabilities | ||
Accounts payable | 81,690 | 61,150 |
Accrued employee compensation | 21,616 | 14,499 |
Accrued taxes payable, other than income taxes | 2,759 | 2,524 |
Accrued interest | 966 | 1,785 |
Other current liabilities | 19,628 | 17,936 |
Operating lease liability - short-term | 5,341 | 4,359 |
Finance lease liability - short-term | 500 | |
Long-term debt - current portion | 0 | 39,994 |
Total Current Liabilities | 132,500 | 142,247 |
Long-term debt | 90,945 | 37,582 |
Operating lease liability - long-term | 23,815 | 13,755 |
Finance lease liability - long-term | 9,437 | |
Other liabilities | 13,086 | 14,373 |
Deferred income taxes | 5,441 | 2,958 |
Total Liabilities | 275,224 | 210,915 |
Shareholders’ Equity | ||
Serial Preferred Shares (authorized 1,000,000 shares; none issued and outstanding) | ||
Common Shares, without par value (authorized 60,000,000 shares; outstanding 36,262,259 and 35,921,025; net of treasury shares of 6,290,198 and 6,631,432, respectively) | 22,172 | 21,939 |
Additional paid-in capital | 306,720 | 300,852 |
Accumulated other comprehensive loss | (15,401) | (15,773) |
Retained deficit | (104,166) | (117,918) |
Total Shareholders’ Equity | 209,325 | 189,100 |
Total Liabilities and Shareholders’ Equity | $ 484,549 | $ 400,015 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Allowance for doubtful accounts receivable, current | $ 3,229 | $ 3,278 |
Shareholders’ Equity | ||
Preferred Shares, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Shares, shares issued (in shares) | 0 | 0 |
Preferred Shares, shares outstanding (in shares) | 0 | 0 |
Common Shares, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common Shares, shares outstanding (in shares) | 36,262,259 | 35,921,025 |
Common shares, treasury (in shares) | 6,290,198 | 6,631,432 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect Period of Adoption Adjustment [Member] | Common Shares [Member] | Common Shares [Member]Cumulative Effect Period of Adoption Adjustment [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Cumulative Effect Period of Adoption Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect Period of Adoption Adjustment [Member] | Retained Deficit [Member] | Retained Deficit [Member]Cumulative Effect Period of Adoption Adjustment [Member] |
Beginning balance at Dec. 31, 2018 | $ 154,638 | $ 905 | $ 21,547 | $ 0 | $ 292,558 | $ 0 | $ (18,280) | $ 0 | $ (141,187) | $ 905 |
Beginning balance, shares at Dec. 31, 2018 | 35,374,121 | |||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 24,333 | $ 0 | 0 | 0 | 24,333 | |||||
Beginning balance at Dec. 31, 2018 | 154,638 | $ 905 | 21,547 | $ 0 | 292,558 | $ 0 | (18,280) | $ 0 | (141,187) | $ 905 |
Stockholders' Equity [Roll Forward] | ||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | us-gaap:AccountingStandardsUpdate201602Member | ||||||||
Issuances under option plans | $ 3,207 | $ 146 | 3,061 | 0 | 0 | |||||
Issuances under option plans, shares | 221,695 | 240,499 | ||||||||
Dividend reinvestment plan | $ 129 | $ 5 | 124 | 0 | 0 | |||||
Dividend reinvestment plan, shares | 7,619 | |||||||||
Restricted stock vested | 0 | $ 87 | (87) | 0 | 0 | |||||
Restricted stock vested, shares | 142,580 | |||||||||
Stock compensation expense | 1,715 | $ 0 | 1,715 | 0 | 0 | |||||
Shares withheld for employee taxes on equity awards | (1,008) | $ 0 | (1,008) | 0 | 0 | |||||
Shares withheld for employee taxes on equity awards, shares | (53,885) | |||||||||
Foreign currency translation adjustment | 1,649 | $ 0 | 0 | 1,649 | 0 | |||||
Declared dividends | (19,168) | 0 | 0 | 0 | (19,168) | |||||
Pension liability, net of tax | 282 | 0 | 0 | 282 | 0 | |||||
Ending balance at Dec. 31, 2019 | 166,682 | $ 21,785 | 296,363 | (16,349) | (135,117) | |||||
Ending balance, shares at Dec. 31, 2019 | 35,710,934 | |||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 36,769 | $ 0 | 0 | 0 | 36,769 | |||||
Beginning balance at Dec. 31, 2019 | 166,682 | 21,785 | 296,363 | (16,349) | (135,117) | |||||
Stockholders' Equity [Roll Forward] | ||||||||||
Issuances under option plans | $ 1,631 | $ 77 | 1,554 | 0 | 0 | |||||
Issuances under option plans, shares | 97,779 | 127,049 | ||||||||
Dividend reinvestment plan | $ 101 | $ 5 | 96 | 0 | 0 | |||||
Dividend reinvestment plan, shares | 7,668 | |||||||||
Restricted stock vested | 0 | $ 72 | (72) | 0 | 0 | |||||
Restricted stock vested, shares | 118,686 | |||||||||
Stock compensation expense | 3,534 | $ 0 | 3,534 | 0 | 0 | |||||
Shares withheld for employee taxes on equity awards | (623) | $ 0 | (623) | 0 | 0 | |||||
Shares withheld for employee taxes on equity awards, shares | (43,312) | |||||||||
Foreign currency translation adjustment | 628 | $ 0 | 0 | 628 | 0 | |||||
Declared dividends | (19,570) | 0 | 0 | 0 | (19,570) | |||||
Pension liability, net of tax | (52) | 0 | 0 | (52) | 0 | |||||
Ending balance at Dec. 31, 2020 | $ 189,100 | $ 21,939 | 300,852 | (15,773) | (117,918) | |||||
Ending balance, shares at Dec. 31, 2020 | 35,921,025 | 35,921,025 | ||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Net income | $ 33,538 | $ 0 | 0 | 0 | 33,538 | |||||
Beginning balance at Dec. 31, 2020 | 189,100 | 21,939 | 300,852 | (15,773) | (117,918) | |||||
Stockholders' Equity [Roll Forward] | ||||||||||
Issuances under option plans | $ 3,696 | $ 135 | 3,561 | 0 | 0 | |||||
Issuances under option plans, shares | 192,504 | 221,060 | ||||||||
Dividend reinvestment plan | $ 97 | $ 3 | 94 | 0 | 0 | |||||
Dividend reinvestment plan, shares | 4,636 | |||||||||
Restricted stock vested | 0 | $ 95 | (95) | 0 | 0 | |||||
Restricted stock vested, shares | 155,406 | |||||||||
Stock compensation expense | 3,196 | $ 0 | 3,196 | 0 | 0 | |||||
Shares withheld for employee taxes on equity awards | (888) | $ 0 | (888) | 0 | 0 | |||||
Shares withheld for employee taxes on equity awards, shares | (39,868) | |||||||||
Foreign currency translation adjustment | 39 | $ 0 | 0 | 39 | 0 | |||||
Declared dividends | (19,786) | 0 | 0 | 0 | (19,786) | |||||
Pension liability, net of tax | 333 | 0 | 0 | 333 | 0 | |||||
Ending balance at Dec. 31, 2021 | $ 209,325 | $ 22,172 | $ 306,720 | $ (15,401) | $ (104,166) | |||||
Ending balance, shares at Dec. 31, 2021 | 36,262,259 | 36,262,259 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends declared per share | $ 0.54 | $ 0.54 | $ 0.54 |
Tax expense on pension liability | $ 111 | $ (18) | $ 94 |
Retained Deficit [Member] | |||
Dividends declared per share | $ 0.54 | $ 0.54 | $ 0.54 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Tax expense on pension liability | $ 111 | $ (18) | $ 94 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows From Operating Activities | |||
Net income | $ 33,538 | $ 36,769 | $ 24,333 |
Income from discontinued operations, net of income taxes | 0 | 0 | 118 |
Income from continuing operations | 33,538 | 36,769 | 24,215 |
Adjustments to reconcile income from continuing operations to net cash provided by (used for) operating activities | |||
Depreciation and amortization | 20,885 | 20,930 | 23,583 |
Non-cash stock-based compensation expense | 3,196 | 3,534 | 1,715 |
(Gain) loss on disposal of fixed assets | (1,382) | 3 | 0 |
Gain on sale of notes receivable | 0 | (11,924) | 0 |
Deferred taxes | 2,826 | 8,732 | (922) |
Impairment charges | 0 | 0 | 916 |
Other | (1,403) | 4,225 | 4,161 |
Payments on long-term performance based compensation | 0 | 0 | (413) |
Cash flows provided by (used for) working capital | |||
Accounts receivable | (15,273) | (11,589) | 12,479 |
Inventories | (24,885) | (7,868) | 2,222 |
Prepaid expenses and other current assets | (676) | (969) | (243) |
Accounts payable and accrued expenses | 28,088 | 4,664 | (20,687) |
Net cash provided by (used for) operating activities - continuing operations | 44,914 | 46,507 | 47,026 |
Net cash provided by (used for) operating activities - discontinued operations | 0 | 0 | 7,297 |
Net cash provided by (used for) operating activities | 44,914 | 46,507 | 54,323 |
Cash Flows From Investing Activities | |||
Capital expenditures | (17,867) | (13,421) | (10,294) |
Acquisition of business | (35,758) | (63,334) | (18,000) |
Proceeds from sale of property, plant and equipment | 3,336 | 2 | 7,537 |
Proceeds on sale of notes receivable | 0 | 1,200 | 0 |
Net cash provided by (used for) investing activities - continuing operations | (50,289) | (75,553) | (20,757) |
Net cash provided by (used for) investing activities - discontinued operations | 0 | 0 | 0 |
Net cash provided by (used for) investing activities | (50,289) | (75,553) | (20,757) |
Cash Flows From Financing Activities | |||
Net borrowings from revolving credit facility | 53,000 | 0 | 0 |
Repayments of long-term debt | (40,000) | 0 | 0 |
Payments on finance lease | (402) | 0 | 0 |
Cash dividends paid | (19,596) | (19,425) | (19,316) |
Proceeds from issuance of common stock | 3,793 | 1,732 | 3,336 |
Shares withheld for employee taxes on equity awards | (888) | (623) | (1,008) |
Deferred financing fees | (1,095) | 0 | 0 |
Net cash provided by (used for) financing activities - continuing operations | (5,188) | (18,316) | (16,988) |
Net cash provided by (used for) financing activities - discontinued operations | 0 | 0 | 0 |
Net cash provided by (used for) financing activities | (5,188) | (18,316) | (16,988) |
Foreign exchange rate effect on cash | (83) | 136 | 55 |
Net (decrease) increase in cash | (10,646) | (47,226) | 16,633 |
Cash at January 1 | 28,301 | 75,527 | 58,894 |
Cash at December 31 | 17,655 | 28,301 | 75,527 |
Supplemental Disclosures of Cash Flow Information | |||
Interest | 4,279 | 4,505 | 4,657 |
Income taxes | $ 10,936 | $ 5,355 | $ 11,437 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries that are not wholly owned and are not included in the consolidated operating results of the Company are immaterial investments which have been accounted for under the equity or cost method. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the timing and amount of assets, liabilities, equity, revenues, and expenses recorded and disclosed. Actual results could differ from those estimates. During the fourth quarter of 2017, the Company completed the sale of certain subsidiaries in Brazil. As further discussed in Note 6, the results of operations and cash flows of these subsidiaries have been classified as discontinued operations in the consolidated financial statements for all periods presented. Accounting Standards Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This ASU is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. Certain amendments within this ASU are required to be applied on a retrospective basis, certain other amendments are required to be applied on a modified retrospective basis and all other amendments on a prospective basis. The Company adopted this standard effective January 1, 2021 and the adoption of this standard did not have a material impact on its consolidated financial statements. Accounting Standards Not Yet Adopted In December 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . This ASU is intended to improve the accounting for acquired contracts with customers in business combinations by addressing diversity in practice by requiring the acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. For the Company, this ASU is effective January 1, 2023. Early adoption is permitted. The amendments within this ASU are required to be applied prospectively to business combinations occurring on or after the effective date. The effect of adopting this guidance will depend on the contract assets and liabilities associated with any future acquisitions. Translation of Foreign Currencies All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting foreign currency translation adjustment is recorded in other comprehensive income (loss) as a separate component of shareholders’ equity. Fair Value Measurement Fair value is the price to hypothetically sell an asset or transfer a liability in an orderly manner in the principal market for that asset or liability. Accounting standards prioritize the use of observable inputs in measuring fair value. The level of a fair value measurement is determined entirely by the lowest level input that is significant to the measurement. The three levels are (from highest to lowest): Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly. Level 3: Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions. The Company has financial instruments, including cash, accounts receivable, accounts payable and accrued expenses. The fair value of these financial instruments approximates carrying value due to the nature and relative short maturity of these assets and liabilities. The fair value of debt under the Company’s Loan Agreement, as defined in Note 12, approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements, which are considered Level 2 inputs. At December 31, 2021 and 2020, the aggregate fair value of the Company’s outstanding fixed rate senior unsecured notes was estimated at $ 41.0 million and $ 80.9 million, respectively. The purchase price allocations associated with the July 30, 2021 acquisition of Trilogy Plastics, Inc., the November 10, 2020 acquisition of Elkhart Plastics, Inc. and the August 26, 2019 acquisition of Tuffy Manufacturing Industries, Inc., as described in Note 3, required fair value measurements using unobservable inputs which are considered Level 3 inputs. The fair value of the acquired intangible assets was determined using an income approach. Similarly, impairment testing of goodwill and indefinite-lived intangible assets as described in Note 5 involves determination of fair value using unobservable inputs, which are considered Level 3 inputs. The fair values of the reporting units in accordance with the goodwill impairment test were determined using the income and/or market approaches. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk primarily consist of trade accounts receivable. The concentration of accounts receivable credit risk is generally limited based on the Company’s diversified operations, with customers spread across many industries and countries. In 2021 , there were no customers that accounted for more than ten percent of net sales. The Company does not have a material concentration of sales in any country outside of the United States. Allowance for Credit Losses Management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. The Company reviews historical trends for credit loss as well as current economic conditions in determining an estimate for its allowance for credit losses. Additionally, in circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for credit losses is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably expects will be collected. Expense related to bad debts was approximately $ 0.7 million, $ 1.4 million and $ 0.6 million for 2021, 2020 and 2019, respectively, and is recorded within Selling, general and administrative expenses in the Consolidated Statements of Operations. Deductions from the allowance for doubtful accounts, net of recoveries, were approximately $ 0.9 million, $ 0.4 million and $ 0.3 million for 2021, 2020 and 2019, respectively. Changes in the allowance for credit losses for the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Balance at January 1 $ 2,335 $ 1,356 Provision for expected credit loss, net of recoveries 737 1,418 Write-offs and other ( 899 ) ( 439 ) Balance at December 31 $ 2,173 $ 2,335 Inventories Inventories are valued at the lower of cost or market for last-in, first-out (“LIFO”) inventory and lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. Approximately 30 percent of our inventories are valued using the LIFO method of determining cost. All other inventories are valued at the FIFO method of determining cost. Inventories at December 31 consist of the following: December 31, December 31, 2021 2020 Finished and in-process products $ 56,684 $ 42,304 Raw materials and supplies 36,867 23,615 $ 93,551 $ 65,919 If the FIFO method of inventory cost valuation had been used exclusively by the Company, inventories would have been $ 7.0 million and $ 4.7 million higher than reported at December 31, 2021 and 2020, respectively. Cost of sales decreased by $ 0.1 million, $ 0.1 million and $ 0.7 million in 2021, 2020 and 2019 , respectively, as a result of the liquidation of LIFO inventories. Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows: Buildings 20 to 40 years Machinery and equipment 3 to 10 years Leasehold improvements 5 to 10 years The Company’s property, plant and equipment by major asset class at December 31 consists of: December 31, December 31, 2021 2020 Land $ 6,733 $ 6,717 Buildings and leasehold improvements 59,199 45,897 Machinery and equipment 296,809 279,574 362,741 332,188 Less allowances for depreciation and amortization ( 270,692 ) ( 258,235 ) $ 92,049 $ 73,953 Long-Lived Assets The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of potential impairment related to assets to be held and used is based upon undiscounted future cash flows resulting from the use and ultimate disposition of the asset and related asset group. For assets held for sale, the amount of potential impairment may be based upon appraisal of the asset, estimated market value of similar assets or estimated cash flow from the disposition of the asset. Refer to Note 4 for discussion of impairment charges. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) were as follows: Foreign Defined Benefit Total Balance at January 1, 2019 $ ( 16,251 ) $ ( 2,029 ) $ ( 18,280 ) Other comprehensive income (loss) before reclassifications 1,649 209 1,858 Amounts reclassified from accumulated other comprehensive income, net 24 ) (1) — 73 73 Net current-period other comprehensive income (loss) 1,649 282 1,931 Balance at December 31, 2019 ( 14,602 ) ( 1,747 ) ( 16,349 ) Other comprehensive income (loss) before reclassifications 628 ( 113 ) 515 Amounts reclassified from accumulated other comprehensive income, net 20 ) (1) — 61 61 Net current-period other comprehensive income (loss) 628 ( 52 ) 576 Balance at December 31, 2020 ( 13,974 ) ( 1,799 ) ( 15,773 ) Other comprehensive income (loss) before reclassifications 39 269 308 Amounts reclassified from accumulated other comprehensive income, net 21 ) (1) — 64 64 Net current-period other comprehensive income (loss) 39 333 372 Balance at December 31, 2021 $ ( 13,935 ) $ ( 1,466 ) $ ( 15,401 ) (1) The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. See Note 14, Retirement Plans for additional details. Stock Based Compensation The Company has stock incentive plans that provide for the granting of stock-based compensation to employees and directors. Shares issued for option exercises, restricted stock units and performance units may be either from authorized, but unissued shares or treasury shares. For equity-classified awards, the fair value is determined on the date of the grant and not remeasured. The fair value of restricted stock units and performance units without a relative Total Shareholder Return ("rTSR") modifier are determined using the closing price of the Company’s common stock on the grant date (Level 1 measurement). The fair value of performance units with a rTSR modifier is determined using a Monte Carlo simulation, which determines the probability of satisfying the market condition included in the award using market-based inputs (Level 2 measurement). For these awards, the performance-based vesting requirements determine the number of shares that ultimately vest, which can vary from 0 % to 250 % of target depending on the level of achievement of established performance criteria. The fair value of options is determined using a binomial lattice option pricing model as further described in Note 10, which uses market-based inputs (Level 2 measurement). When awards contain a required holding period after vesting, the fair value is discounted to reflect the lack of marketability. Expense for restricted stock units and stock options is recognized on a straight-line basis over the requisite service period, which is generally equivalent to the vesting term. Compensation expense for performance units is recognized over the requisite service period subject to adjustment based on the probable number of shares expected to vest under the performance condition. Forfeitures result in reversal of previously recognized expenses for unvested shares and are recognized in the period in which the forfeiture occurs. Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be received or settled. Any effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period the change is enacted. Deferred tax assets are reduced by a valuation allowance, if based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. The Company evaluates the recovery of its deferred tax assets by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These sources of income inherently rely heavily on estimates. In the ordinary course of business, there is inherent uncertainty in quantifying certain income tax positions. The Company evaluates uncertain tax positions for all years subject to examination based upon management’s evaluations of the facts, circumstances and information available at the reporting date. Income tax positions must meet a more-likely-than-not recognition threshold at the reporting date to be recognized. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. Capital expenditures in the Consolidated Statement of Cash Flows excludes accrued, but unpaid, capital expenditures. Changes in the amount accrued increased (reduced) cash used for capital expenditures by $( 0.2 ) million, $( 1.6 ) million and $ 0.6 million 2021, 2020 and 2019 , respectively. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2. Revenue Recognition The Company’s revenue by major market is as follows: For the Year Ended December 31, 2021 Material Distribution Inter-company Consolidated Consumer $ 116,707 $ — $ — $ 116,707 Vehicle 170,322 — — 170,322 Food and beverage 83,817 — — 83,817 Industrial 193,222 — ( 60 ) 193,162 Auto aftermarket — 197,427 — 197,427 Total net sales $ 564,068 $ 197,427 $ ( 60 ) $ 761,435 For the Year Ended December 31, 2020 Material Distribution Inter-company Consolidated Consumer $ 92,301 $ — $ — $ 92,301 Vehicle 77,085 — — 77,085 Food and beverage 54,752 — — 54,752 Industrial 119,746 — ( 59 ) 119,687 Auto aftermarket — 166,544 — 166,544 Total net sales $ 343,884 $ 166,544 $ ( 59 ) $ 510,369 For the Year Ended December 31, 2019 Material Distribution Inter-company Consolidated Consumer $ 71,272 $ — $ — $ 71,272 Vehicle 82,768 — — 82,768 Food and beverage 68,416 — — 68,416 Industrial 133,951 — ( 58 ) 133,893 Auto aftermarket — 159,349 — 159,349 Total net sales $ 356,407 $ 159,349 $ ( 58 ) $ 515,698 Revenue is recognized when obligations under the terms of a contract with customers are satisfied. In both the Distribution and Material Handling segments, this generally occurs with the transfer of control of the Company’s products. This transfer of control may occur at either the time of shipment from a Company facility, or at the time of delivery to a designated customer location. Obligations under contracts with customers are typically fulfilled within 90 days of receiving a purchase order from a customer, and generally no other future obligations are required to be performed. The Company generally does not enter into contracts with customers for longer than one year. Based on the nature of the Company’s products and customer contracts, no deferred revenue has been recorded with the exception of cash advances or deposits received from customers prior to transfer of control of the product. These advances are typically fulfilled within the 90 day time frame mentioned above. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring the products. Certain contracts with customers include variable consideration, such as rebates or discounts. The Company recognizes estimates of this variable consideration each period, primarily based on the most likely level of consideration to be paid to the customer under the specific terms of the underlying programs. While the Company’s contracts with customers do not generally include explicit rights to return product, the Company will in practice allow returns in the normal course of business and as part of the customer relationship. Thus, the Company estimates the expected returns each period based on an analysis of historical experience. For certain businesses where physical recovery of the product from returns occurs, the Company records an estimated right to return asset from such recovery, based on the approximate cost of the product. Amounts included in the Consolidated Statements of Financial Position related to revenue recognition include: December 31, December 31, Statement of Financial 2021 2020 Classification Returns, discounts and other allowances $ ( 1,056 ) $ ( 943 ) Accounts receivable Right of return asset $ 361 $ 357 Inventories, net Customer deposits $ ( 1,816 ) $ ( 195 ) Other current liabilities Accrued rebates $ ( 3,378 ) $ ( 2,712 ) Other current liabilities Sales, value added, and other taxes the Company collects concurrently with revenue from customers are excluded from net sales. The Company has elected to recognize the cost for shipments to customers when control over products has transferred to the customer. Costs for shipments to customers are classified as Selling, general and administrative expenses for the Company’s manufacturing businesses and as cost of sales for the Company’s distribution business in the accompanying Consolidated Statements of Operations. The Company incurred costs for shipments to customers of approximately $ 10.4 million, $ 7.1 million and $ 8.4 million in selling, general and administrative expenses for the years ended December 31, 2021, 2020 and 2019, respectively, and $ 7.3 million, $ 6.4 million, and $ 5.9 million in cost of sales for the years ended December 31, 2021, 2020 and 2019, respectively. Based on the short term nature of contracts described above, the Company does not incur significant contract acquisition costs. These costs, as well as other incidental items that are immaterial in the context of the contract, are recognized as expense as incurred. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions Trilogy Plastics On July 30, 2021, the Company acquired the assets of Trilogy, a custom rotational molder specializing in high quality parts and assemblies, which is included in the Material Handling Segment. The Trilogy acquisition aligns with the Company’s long-term strategic plan to transform the Company into a high-growth, customer-centric innovator of value-added engineered plastic solutions. The purchase price for the acquisition was $ 34.5 million, including a working capital adjustment of $ 0.3 million that was paid in November 2021. The Company funded the acquisition with proceeds from the Loan Agreement described in Note 12. The acquisition of Trilogy was accounted for using the acquisition method, whereby all of the assets acquired and liabilities assumed were recognized at their fair value on the acquisition date, with any excess of the purchase price over the estimated fair value recorded as goodwill. The following table summarizes the allocation of the purchase price based on the estimated fair value of assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase accounting will be finalized within one year from the acquisition date. Assets acquired: Accounts receivable $ 3,929 Inventories 2,752 Prepaid expenses 63 Other assets - long term 93 Property, plant and equipment 4,903 Right of use asset - operating leases 8,685 Intangible assets 14,333 Goodwill 10,003 Assets acquired $ 44,761 Liabilities assumed: Accounts payable $ 765 Accrued expenses 777 Operating lease liability - short term 576 Operating lease liability - long term 8,108 Total liabilities assumed 10,226 Net acquisition cost $ 34,535 The goodwill represents the future economic benefits arising from other assets acquired that could not be individually and separately recognized, and the Company expects that the goodwill recognized for the acquisition will be deductible for tax purposes. The intangible assets included above consist of the following: Fair Value Weighted Average Customer relationships $ 12,463 18.0 years Trade name 1,870 10.0 years Total amortizable intangible assets $ 14,333 Elkhart Plastics On November 10, 2020, the Company acquired the assets of Elkhart Plastics, a manufacturer of engineered products for the RV, marine, agricultural, construction, truck and other industries, which is included in the Company’s Material Handling Segment. The Elkhart Plastics acquisition aligns with the Company’s long-term strategic plan to transform the Company into a high-growth, customer-centric innovator of value-added engineered plastic solutions. The purchase price for the acquisition was $ 63.8 million, including a working capital adjustment of $ 1.2 million, which was settled in 2021. The Company funded the acquisition using available cash . The acquisition of Elkhart Plastics was accounted for using the acquisition method, whereby all of the assets acquired and liabilities assumed were recognized at their fair value on the acquisition date, with any excess of the purchase price over the estimated fair value recorded as goodwill. The following table summarized the allocation of the purchase price based on the estimated fair value of assets acquired and liabilities assumed based on the estimated fair values at the acquisition date. Assets acquired: Accounts receivable $ 12,026 Inventories 13,639 Prepaid expenses 960 Other assets - long term 34 Property, plant and equipment 18,038 Right of use asset - operating leases 13,757 Deferred tax 451 Intangible assets 16,627 Goodwill 11,792 Assets acquired $ 87,324 Liabilities assumed: Accounts payable $ 5,603 Accrued expenses 4,623 Operating lease liability - short term 2,390 Operating lease liability - long term 10,867 Total liabilities assumed 23,483 Net acquisition cost $ 63,841 The goodwill represents the future economic benefits arising from other assets acquired that could not be individually and separately recognized, and the Company expects that the goodwill recognized for the acquisition will be deductible for tax purposes. The intangible assets included above consist of the following: Fair Value Weighted Average Customer relationships $ 10,210 18.0 years Trade name 5,817 10.0 years Non-competition agreements 600 5.0 years Total amortizable intangible assets $ 16,627 Tuffy On August 26, 2019, the Company acquired the assets of Tuffy, a warehouse distributor of tire repair equipment and supplies, which is included in the Distribution Segment. The Tuffy acquisition aligns with the Company’s strategy to grow in key niche markets and focus on strategic account customers. The purchase price for the acquisition was $ 18.7 million, including a working capital adjustment of $ 0.7 million that was paid in 2020. The Company funded the acquisition using available cash . |
Asset Impairment
Asset Impairment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Asset Impairment | 4. Asset Impairment During 2019, the Company sold two buildings, which had previously been held for sale, for total net proceeds of $ 7.4 million. These buildings were in the Material Handling Segment. When a facility meets held for sale classification criteria, it is also evaluated for impairment by comparing its carrying value to its estimated fair value less estimated costs to sell. Estimated fair value of these buildings was based on third party offers, which are Level 2 inputs. Impairment charges of $ 0.9 million were recorded during the year ended December 31, 2019 in connection with a building meeting the held for sale criteria. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets The Company tests goodwill and indefinite-lived intangible assets for impairment annually and between annual tests if impairment indicators are present. Such indicators may include, but are not limited to, significant changes in economic and competitive conditions, the impact of the economic environment on the Company’s customer base or its businesses, or a material negative change in its relationships with significant customers. The Company’s annual goodwill impairment assessment as of October 1 for all of its reporting units found no impairment in 2021, 2020 or 2019 . Quantitative impairment assessments were performed in 2021, and they indicated that the fair value of the eight reporting units all had significant cushion above the carrying value on the assessment date, except for Trilogy, which was acquired on July 30, 2021, and was less than 10 % in excess of fair value over carrying value. The fair values of the reporting units in accordance with the goodwill impairment test were determined using the income and/or market approaches. The income approach employs the discounted cash flow method reflecting projected cash flows expected to be generated by market participants and then adjusted for time value of money factors, and requires management to make significant estimates and assumptions related to forecasts of future revenues, earnings before interest, taxes, depreciation, and amortization (EBITDA), and discount rates. The market approach utilizes an analysis of comparable publicly traded companies and requires management to make significant estimates and assumptions related to the forecasts of future revenues, EBITDA, and multiples that are applied to management’s forecasted revenues and EBITDA estimates. The techniques used in the Company's impairment test have incorporated a number of assumptions that the Company believes to be reasonable and to reflect known market conditions at the measurement date. The variables and assumptions used, all of which are Level 3 fair value inputs, include the projections of future revenues and expenses, working capital, terminal values, discount rates and long term growth rates. The estimate of the fair values of these reporting units, and the related goodwill, could change over time based on a variety of factors, including the aggregate market value of the Company’s common stock, actual operating performance of the underlying businesses or the impact of future events on the cost of capital and the related discount rates used . Qualitative impairment assessments were performed as of October 1, 2020 and 2019. The changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020 were as follows: Distribution Material Total January 1, 2020 $ 7,716 $ 59,058 $ 66,774 Acquisition — 12,312 12,312 Purchase accounting adjustment ( 68 ) — ( 68 ) Foreign currency translation — 238 238 December 31, 2020 $ 7,648 $ 71,608 $ 79,256 Acquisition — 10,003 10,003 Purchase accounting adjustment — ( 520 ) ( 520 ) Foreign currency translation — 39 39 December 31, 2021 $ 7,648 $ 81,130 $ 88,778 Intangible assets were established in connection with acquisitions. These intangible assets, other than goodwill and certain indefinite lived trade names, are amortized over their estimated useful lives. The Company performed a quantitative annual impairment assessment for the indefinite lived trade names as of October 1, 2021, 2020 and 2019. In performing these assessments, the Company determined the estimated fair value of the trade name exceeded the carrying value and accordingly, no impairment was indicated. An impairment charge would be recorded if the carrying value of the trade name exceeds the estimated fair value at the date of assessment. Refer to Note 3 for the intangible assets acquired through the Trilogy acquisition during 2021 and the Elkhart Plastics acquisition during 2020. Intangible assets at December 31, 2021 and 2020 consisted of the following: 2021 2020 Weighted Average Gross Accumulated Net Gross Accumulated Net Trade names - indefinite lived $ 9,782 $ — $ 9,782 $ 9,782 $ — $ 9,782 Trade names 8.6 8,267 ( 1,035 ) 7,232 6,397 ( 270 ) 6,127 Customer relationships 14.3 70,794 ( 44,221 ) 26,573 58,266 ( 42,243 ) 16,023 Technology 2.6 24,980 ( 19,169 ) 5,811 24,980 ( 16,897 ) 8,083 Non-competition agreements 3.3 1,200 ( 417 ) 783 1,200 ( 177 ) 1,023 Patents — 11,730 ( 11,730 ) — 11,730 ( 11,730 ) — $ 126,753 $ ( 76,572 ) $ 50,181 $ 112,355 $ ( 71,317 ) $ 41,038 Intangible amortization expense was $ 5,190 , $ 6,273 and $ 8,077 in 2021, 2020 and 2019, respectively. Estimated annual amortization expense for intangible assets with finite lives for the next five years is: $ 5,703 in 2022; $ 5,703 in 2023; $ 4,514 in 2024; $ 2,962 in 2025 and $ 2,311 in 2026. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 6. Discontinued Operations Myers Holdings Brasil, Ltda In 2017, the Company, collectively with its wholly owned subsidiary, Myers Holdings Brasil, Ltda. (“Holdings”), completed the sale of its Brazil Business for a purchase price of one U.S. Dollar. The Company recorded a loss on the sale of the Brazil Business during the fourth quarter of 2017 of $ 35.0 million. In its 2017 U.S. Federal tax return, the Company recorded a tax benefit of approximately $ 14.3 million as a result of a worthless stock deduction related to the Company’s investment in the Brazil Business. Net income from discontinued operations for the year ended December 31, 2019 of $ 0.1 million related to interest income net of tax recognized on the receipt of the tax benefit from a worthless stock deduction. Lawn and Garden Business In 2015, the Company sold its Lawn and Garden business to the L&G Buyer, which later became HC. The terms of the sale included promissory notes form HC, which were fully reserved for in 2018 due to uncertainty of collection. Also, in connection with the sale of the Lawn and Garden business, the Company became a guarantor for any remaining rent payments under one of HC’s facility leases. The carrying value of the lease contingency as of December 31, 2019 was $ 10.7 million. In January 2020, the Company sold to HC the fully-reserved promissory notes in exchange for $ 1.2 million and the release from the lease guarantee resulting in an $ 11.9 million pre-tax gain recorded as Other Income of continuing operations. |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | 7. Net Income Per Common Share Net income per common share , as shown on the accompanying Consolidated Statements of Operations, is determined on the basis of the weighted average number of common shares outstanding during the periods as follows: For the Year Ended December 31, 2021 2020 2019 Weighted average common shares outstanding basic 36,138,571 35,785,798 35,491,958 Dilutive effect of stock options and restricted stock 220,398 130,832 161,189 Weighted average common shares outstanding diluted 36,358,969 35,916,630 35,653,147 Options to purchase 26,814 , 462,332 and 470,185 shares of common stock that were outstanding at December 31, 2021, 2020 and 2019 , respectively, were not included in the computation of diluted earnings per share as the exercise prices of these options was greater than the average market price of common shares, and were therefore anti-dilutive. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 8. Restructuring In March 2019, the Company committed to implementing a restructuring plan involving its Ameri-Kart Corp. subsidiary (“Ameri-Kart”), a rotational molding business within the Material Handling Segment. The Company is consolidating certain manufacturing operations into a new facility in Bristol, Indiana (the “Ameri-Kart Plan”). In December 2019, as amended in March 2021, Ameri-Kart entered into a lease agreement for a newly constructed manufacturing and distribution facility in Bristol, Indiana. The building became substantially complete in March 2021 as defined in the lease agreement, and the 15-year finance lease of the new Bristol facility commenced. In connection with the lease agreement, Ameri-Kart agreed to sell its original Bristol facility and lease it back for a period of 5 years . During the second quarter of 2021, the sale of the original facility for net proceeds of $ 2.8 million was completed, which resulted in a gain of $ 1.0 million, and the lease back commenced. At December 31, 2020, the $ 1.9 million carrying value of the original Bristol facility was classified as held for sale and included in Other assets. The Company has taken possession of the new Bristol facility and a portion of it is in service; however, construction remains in process as of December 31, 2021 to complete it for its full intended use, including moving equipment into the new Bristol facility from other locations, including the former manufacturing facility in Cassopolis, Michigan that was closed at December 31, 2021. The Ameri-Kart Plan is expected to be substantially completed in the first half of 2022 and total restructuring costs expected to be incurred are approximately $ 1.4 million, primarily related to equipment relocation and facility shut down costs. The Company incurred $ 0.9 million of restructuring charges classified as Cost of sales during the year ended December 31, 2021, including $ 0.1 million of non-cash inventory write-offs. The accrual for unpaid restructuring expenses at December 31, 2021 was $ 0.5 million. No restructuring charges were incurred during the years ended December 31, 2020 and 2019 . In March 2019, the Company also committed to implementing transformation initiatives within the Company’s Distribution Segment (the “Distribution Transformation Plan”) that are intended to increase sales force effectiveness, reduce costs and improve contribution margins. The Company realigned its Distribution Segment’s commercial sales structure, which included the elimination of certain sales and administrative positions, and put into place plans to expand its e-commerce platform. All actions under the Distribution Transformation Plan were completed by the end of 2019. During 2019, restructuring charges related to the Distribution Transformation Plan totaled $ 0.9 million, which was included in Selling, general and administrative expenses . |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 9. Other Liabilities The balance of Other current liabilities is comprised of the following: December 31, December 31, 2021 2020 Customer deposits and accrued rebates $ 5,194 $ 2,907 Dividends payable 5,441 5,251 Accrued litigation, claims and professional fees 777 306 Current portion of environmental reserves 1,429 1,433 Other accrued expenses 6,787 8,039 $ 19,628 $ 17,936 The balance of Other liabilities (long-term) is comprised of the following: December 31, December 31, 2021 2020 Environmental reserves $ 8,298 $ 7,266 Supplemental executive retirement plan liability 1,176 1,510 Pension liability 421 941 Other long-term liabilities 3,191 4,656 $ 13,086 $ 14,373 |
Stock Compensation
Stock Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation | 10. Stock Compensation The Company’s Amended and Restated 2017 Incentive Stock Plan (the “2017 Plan”) authorizes the Compensation and Management Development Committee of the Board of Directors (“Compensation Committee”) to issue up to 5,126,950 shares of various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards to key employees and directors. No new awards were permitted to be issued under the 2017 Plan after April 29, 2021. Options granted and outstanding vest over the requisite service period and expire ten years from the date of grant . The Company’s 2021 Long-Term Incentive Plan (the “2021 Plan”) was adopted by the Board of Directors on March 4, 2021, amended by the Board of Directors on April 20, 2021, and approved by shareholders in the annual shareholder meeting on April 29, 2021. The 2021 Plan authorizes the Compensation Committee to issue up to 2,000,000 additional various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards . Stock compensation expense was approximately $ 3,196 , $ 3,534 and $ 1,715 for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in Selling, general and administrative expenses . During 2019, the Company reversed previously recognized compensation expense of $ 2,031 related to the resignation of the Company’s President and Chief Executive Officer effective October 25, 2019. Total unrecognized compensation cost related to non-vested share-based compensation arrangements at December 31, 2021 was approximately $ 4,263 , which will be recognized over the next three years , as such compensation is earned. There were no options granted in 2021 and 2020. Options granted in 2019 were as follows: Year Options Exercise 2019 235,474 $ 18.54 Options exercised in 2021, 2020 and 2019 were as follows: Year Options Exercise 2021 192,504 $ 11.62 to $ 21.30 2020 97,779 $ 10.10 to $ 18.69 2019 221,695 $ 11.62 to $ 14.30 In addition, options totaling 30,094 , 81,944 and 268,545 expired or were forfeited during the years ended December 31, 2021, 2020 and 2019, respectively. Options outstanding and exercisable at December 31, 2021, 2020 and 2019 were as follows: Year Outstanding Range of Exercise Exercisable Weighted Average 2021 308,572 $ 11.62 to $ 21.30 297,295 $ 18.64 2020 531,170 $ 11.62 to $ 21.30 460,341 $ 17.94 2019 710,893 $ 10.10 to $ 21.30 486,382 $ 17.31 The fair value of options granted is estimated using an option pricing model based on the assumptions set forth in the following table. The Company uses historical data to estimate employee exercise and departure behavior. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant and through the expected term. The dividend yield rate is based on the Company’s historical dividend yield. The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole. The Company used the binomial lattice option pricing model based on the assumptions set forth in the following table. 2019 Risk free interest rate 2.70 % Expected dividend yield 2.76 % Expected life of award (years) 6.17 Expected volatility 44.89 % Fair value per option $ 5.78 The following table provides a summary of stock option activity for the period ended December 31, 2021: Shares Average Weighted Outstanding at December 31, 2020 531,170 $ 18.09 Options granted — — Options exercised ( 192,504 ) 16.91 Canceled or forfeited ( 30,094 ) 19.94 Expired — — Outstanding at December 31, 2021 308,572 18.64 3.74 Exercisable at December 31, 2021 297,295 $ 18.64 3.61 The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The intrinsic value of stock options exercised in 2021, 2020 and 2019 was $ 969 , $ 459 and $ 732 , respectively. The following table provides a summary of restricted stock units, including performance-based restricted stock units, and restricted stock activity for the year ended December 31, 2021: Shares Average Unvested shares at December 31, 2020 519,425 Granted 302,881 $ 19.63 Vested ( 155,406 ) $ 14.72 Forfeited ( 166,048 ) $ 15.41 Unvested shares at December 31, 2021 500,852 Restricted stock units are rights to receive shares of common stock, subject to forfeiture and other restrictions, which vest over a one or three year period. Restricted stock units are considered to be non-vested shares under the accounting guidance for share-based payment and are not reflected as issued and outstanding shares until the restrictions lapse. At that time, the shares are released to the grantee and the Company records the issuance of the shares. At December 31, 2021, restricted stock awards had vesting periods through November 2024. Included in the December 31, 2021 unvested shares are 306,116 performance-based restricted stock units. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 11. Contingencies The Company is a defendant in various lawsuits and a party to various other legal proceedings arising in the ordinary course of business, some of which are covered in whole or in part by insurance. When a loss arising from these matters is probable and can reasonably be estimated, the most likely amount of the estimated probable loss is recorded, or if a range of probable loss can be estimated and no amount within the range is a better estimate than any other amount, the minimum amount in the range is recorded. As additional information becomes available, any potential liability related to these matters is assessed and the estimates revised, if necessary. Based on current available information, management believes that the ultimate outcome of these matters, including those described below, will not have a material adverse effect on our financial position, cash flows or overall trends in our results of operations. However, these matters are subject to inherent uncertainties, and unfavorable rulings could occur. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the financial position and results of operations of the period in which the ruling occurs, or in future periods. New Idria Mercury Mine In September 2015, the EPA informed a subsidiary of the Company, Buckhorn, Inc. (“Buckhorn”) via a notice letter and related documents (the “Notice Letter”) that it considers Buckhorn to be a PRP in connection with the New Idria Mercury Mine site (“New Idria Mine”). New Idria Mining & Chemical Company (“NIMCC”), which owned and/or operated the New Idria Mine through 1976, was merged into Buckhorn Metal Products Inc. in 1981, which was subsequently acquired by Myers Industries in 1987. As a result of the EPA Notice Letter, Buckhorn and the Company engaged in negotiations with the EPA with respect to a draft Administrative Order of Consent (“AOC”) proposed by the EPA for the RI/FS to determine the extent of remediation necessary and the screening of alternatives. During the fourth quarter of 2018, Buckhorn and the EPA finalized the AOC and related Statement of Work (“SOW”) with regards to the New Idria Mine. The AOC is effective as of November 27, 2018, the date that it was executed by the EPA. The AOC and accompanying SOW document the terms, conditions and procedures performance of the RI/FS. In addition, the AOC required $ 2 million of financial assurance be provided to the EPA to secure Buckhorn's performance during the estimated life of the RI/FS. In January 2019, a letter of credit was provided to satisfy this assurance requirement. The AOC also includes provisions for payment of the EPA’s costs of oversight of the RI/FS, including a prepayment in the amount of $ 0.2 million, which was paid in January 2019. A draft work plan for the RI/FS, in accordance with the AOC and related SOW, was submitted to the EPA for review and approval in July 2019. Upon preparation of the draft work plan for the RI/FS, preliminary estimates of the cost of the execution of the work plan were received from its consultants. Based on these preliminary estimates, additional expense of $ 4.0 million was recognized during the year ended December 31, 2019. In 2021, the cost estimates in the draft work plan were updated and additional expense of $ 0.7 million was recognized. These preliminary estimates will continue to be refined through the finalization and approval of the draft work plan, which is anticipated to occur in 2022. Buckhorn believes it has insurance coverage that applies to the New Idria Mine and thus may be able to recover a portion of the estimated costs; however, as of December 31, 2021, Buckhorn has not recognized potential recovery in its consolidated financial statements. As part of the Notice Letter, the EPA also made a claim for approximately $ 1.6 million in past costs for actions it claims it has taken in connection with the New Idria Mine from 1993 through February 2014. While Buckhorn is evaluating this past cost claim and may challenge portions of it, in 2015 Buckhorn recognized an expense of $ 1.3 million related to the claim. In December 2020, the EPA updated its claim to include past costs incurred from March 2014 through June 2020. As a result, Buckhorn recognized additional expense of $ 0.5 million during the fourth quarter of 2020. Buckhorn is in negotiations with the EPA regarding the past costs claim. Since October 2011, when New Idria was added to the Superfund National Priorities List by the EPA, Buckhorn has recognized $ 11.1 million of costs, of which approximately $ 2.9 million has been paid through December 31, 2021 . These costs are comprised primarily of estimates to perform the RI/FS, negotiation of the AOC, identification of possible insurance resources and other PRPs, EPA oversight fees, past cost claims made by the EPA, periodic monitoring, and responses to unilateral administrative orders issued by the EPA. Expenses of $ 0.7 million, $ 0.5 million, and $ 4.0 million were recorded in the years ended December 31, 2021, 2020 and 2019, respectively, in Selling, general and administrative expenses . As of December 31, 2021 , Buckhorn had a total reserve of $ 8.2 million related to the New Idria Mine, of which $ 1.1 million is classified in Other current liabilities and $ 7.1 million is classified in Other liabilities (long-term) on the Consolidated Statements of Financial Position. It is possible that adjustments to the aforementioned reserves will be necessary as new information is obtained, including after finalization and EPA approval of the work plan for the RI/FS. Estimates of Buckhorn’s liability are based on current facts, laws, regulations and technology. Estimates of Buckhorn’s environmental liabilities are further subject to uncertainties regarding the nature and extent of site contamination, the range of remediation alternatives available, evolving remediation standards, imprecise engineering evaluation and cost estimates, the extent of remedial actions that may be required, the extent of oversight by the EPA, and the number and financial condition of other PRPs that may be named as well as the extent of their responsibility for the remediation. At this time, Buckhorn has not accrued for remediation costs in connection with this site as it has been unable to estimate the liability, given the circumstances referred to above, including the fact that the final remediation strategy has not yet been determined. New Almaden Mine (formerly referred to as Guadalupe River Watershed) A number of parties, including the Company and its subsidiary, Buckhorn (as successor to NIMCC), were alleged by trustee agencies of the United States and the State of California to be responsible for natural resource damages due to environmental contamination of areas comprising the historical New Almaden mercury mines located in the Guadalupe River Watershed region in Santa Clara County, California (“County”). In 2005, Buckhorn and the Company, without admitting liability or chain of ownership of NIMCC, resolved the trustees’ claim against them through a consent decree that required them to contribute financially to the implementation by the County of an environmentally beneficial project within the impacted area. Buckhorn and the Company negotiated an agreement with the County whereby Buckhorn and the Company agreed to reimburse one-half of the County’s costs of implementing the project. The latest estimates received in 2016 from the County provided for an expanded scope and revised the estimate of costs for implementing the project to between $ 3.3 million and $ 4.4 million. As of December 31, 2021 , the Company has a total reserve of $ 1.5 million related to the New Almaden Mine, of which $ 0.3 million is classified in Other current liabilities and $ 1.2 million is classified in Other liabilities (long-term) on the Consolidated Statements of Financial Position. All charges related to this claim have been recorded within general and administrative expenses. The project has not yet been implemented, though significant work on design and planning has been performed. The Company is awaiting notice from Santa Clara County on the expected timing of fieldwork to commence. As work on the project occurs, it is possible that adjustments to the aforementioned reserves will be necessary to reflect new information. In addition, the Company may have claims against and defenses to claims by the County under the 2005 agreement that could reduce or offset its obligation for reimbursement of some of these potential additional costs. The Company will closely monitor this matter and will continue to assess its reserves as additional information becomes available. Patent Infringement On December 11, 2018, No Spill Inc. filed suit against Scepter Manufacturing LLC in the United States District Court for the District of Kansas asserting infringement of two patents, breach of contract, and trade dress claims in relation to plastic gasoline containers Scepter manufactures and sells in the United States. Scepter Canada, Inc. was later added in a second amended complaint. A claim construction hearing was held on May 13, 2021 and the District Court held on June 23, 2021, that the claims of the patents were definite. On December 28, 2019, Scepter Canada, Inc. had filed petitions with the District Court for inter partes review (“IPR”) of the two patents asserted by No Spill, Inc. The U.S. Patent & Trademark Office (“USPTO”) instituted one IPR and denied the other. With respect to the instituted IPR, the USPTO’s Patent Trial and Appeal Board issued a final decision on July 2, 2021, finding the claims of the patent valid. On June 28, 2021, the Scepter companies filed with the District Court a motion for leave to add new parties and assert counterclaims alleging antitrust related violations of certain provisions of the Sherman Act and Clayton Act. The Court granted the motion and the Scepter companies filed a Second Amended Complaint on October 1, 2021. On Sept 17, 2021, No Spill, Inc. filed a motion to strike Scepter’s amended invalidity contentions. On November 15, 2021, No Spill and the new counterclaim defendants filed a Motion to Dismiss the counterclaims. Briefing on that Motion is completed but no ruling has been issued by the District Court. On January 6, 2022, the District Court bifurcated the patent infringement and invalidity issues from the antitrust and other issues in the case. The Scepter companies intend to defend themselves vigorously in this matter. Due to the inherent uncertainties of litigation, the Company cannot accurately predict the ultimate outcome of this matter, and is unable at this time to determine whether the outcome of the litigation will have a material impact on its results of operations, financial condition, or cash flows. Accordingly, the Company has not recorded any reserves for this matter . |
Long-Term Debt and Loan Agreeme
Long-Term Debt and Loan Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Loan Agreements | 12. Long-Term Debt and Loan Agreements Long-term debt at December 31, 2021 and 2020 consisted of the following: December 31, December 31, 2021 2020 Loan Agreement $ 53,000 $ — 4.67 % Senior Unsecured Notes due January 15, 2021 — 40,000 5.25 % Senior Unsecured Notes due January 15, 2024 11,000 11,000 5.30 % Senior Unsecured Notes due January 15, 2024 15,000 15,000 5.45 % Senior Unsecured Notes due January 15, 2026 12,000 12,000 91,000 78,000 Less unamortized deferred financing costs 55 424 90,945 77,576 Less current portion long-term debt — 39,994 Long-term debt $ 90,945 $ 37,582 In March 2021, the Company entered into a Sixth Amended and Restated Loan Agreement (the “Sixth Amendment”), which amended the Fifth Amended and Restated Loan Agreement (collectively, the “Loan Agreement”) dated March 2017. The Sixth Amendment increased the senior revolving credit facility’s borrowing limit to $ 250 million from $ 200 million, extended the maturity date to March 2024 from March 2022 , and increased flexibility of the financial and other covenants and provisions. Amounts borrowed under the credit facility are secured by pledges of stock of certain of the Company’s foreign subsidiaries and guaranties of certain of its domestic subsidiaries. In connection with the Sixth Amendment, the Company incurred $ 1.1 million of deferred financing fees, which are included in Other assets (long-term). As of December 31, 2021, the Company had $ 191.2 million available under the Loan Agreement. The Company had $ 5.8 million of letters of credit issued related to insurance and other contracts requiring financial assurance in the ordinary course of business, including the $ 2 million provided to the EPA as discussed in Note 11. Borrowings under the Loan Agreement bear interest at the LIBOR rate, prime rate, federal funds effective rate, the Canadian deposit offered rate, or the euro currency reference rate depending on the type of loan requested by the Company, plus the applicable margin as set forth in the Loan Agreement. The Company also holds Senior Unsecured Notes with face values ranging from $ 11 million to $ 15 million, interest rates ranging from 5.25 % to 5.45 % , payable semiannually, and maturing between January 2024 and January 2026 . At December 31, 2021 , $ 38.0 million of the Notes were outstanding. In January 2021, the Company repaid the $ 40.0 million note upon maturity with a combination of cash and proceeds under the Loan Agreement . Amortization expense of the deferred financing costs was $ 463 , $ 400 , and $ 386 for the years ended December 31, 2021, 2020 and 2019, respectively, and is included in Interest expense, net . The weighted average interest rate on borrowings under the Company’s loan agreements were 4.56 % for 2021, 6.28 % for 2020 , and 6.27 % for 2019, which includes a quarterly facility fee on the used and unused portion, as well as amortization of deferred financing costs. As of December 31, 2021 , the Company was in compliance with all of its debt covenants associated with its Loan Agreement and Notes. The most restrictive financial covenants for all of the Company’s debt are an interest coverage ratio (defined as earnings before interest, taxes, depreciation and amortization, as adjusted, divided by interest expense) and a leverage ratio (defined as total debt divided by earnings before interest, taxes, depreciation and amortization, as adjusted). The ratios as of December 31, 2021 are shown in the following table: Required Level Actual Level Interest Coverage Ratio 3.00 to 1 (minimum) 18.58 Leverage Ratio 3.25 to 1 (maximum) 1.36 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The effective tax rate from continuing operations was 25.6 % , 24.7 % and 27.0 % in 2021, 2020 and 2019 , respectively. A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate is as follows: Percent of Income before 2021 2020 2019 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes - net of federal tax benefit 3.1 3.3 5.2 Foreign tax rate differential 1.3 0.3 — Non-deductible expenses 0.4 0.7 1.0 Changes in unrecognized tax benefits — ( 0.8 ) 0.4 Foreign tax incentives — — ( 0.4 ) Other ( 0.2 ) 0.2 ( 0.2 ) Effective tax rate for the year 25.6 % 24.7 % 27.0 % Income (loss) from continuing operations before income taxes was attributable to the following sources: 2021 2020 2019 United States $ 36,203 $ 45,070 $ 33,612 Foreign 8,890 3,792 ( 429 ) Totals $ 45,093 $ 48,862 $ 33,183 Income tax expense (benefit) from continuing operations consisted of the following: 2021 2020 2019 Current Deferred Current Deferred Current Deferred Federal $ 4,901 $ 2,534 $ 957 $ 8,702 $ 7,270 $ ( 447 ) Foreign 2,389 ( 53 ) 1,390 ( 326 ) 497 ( 538 ) State and local 1,439 345 1,014 356 2,123 63 $ 8,729 $ 2,826 $ 3,361 $ 8,732 $ 9,890 $ ( 922 ) During 2018, the Company recorded a provision and related deferred tax liability of $ 0.6 million related primarily to the earnings of the Company’s subsidiary in Guatemala, which were deemed by management to no longer be permanently reinvested. The earnings and profits for all foreign subsidiaries had been previously included in the calculation of the one-time deemed repatriation transition tax, and thus, should there be a repatriation of earnings from any other foreign subsidiaries in future periods, the Company expects to be subject to only foreign withholding tax. Management does not currently anticipate a repatriation of earnings from any other foreign subsidiaries, except as provided above, as these earnings are deemed to be permanently reinvested. Significant components of the Company’s deferred taxes as of December 31, 2021 and 2020 are as follows: 2021 2020 Deferred income tax assets Compensation accruals $ 2,387 $ 2,446 Inventory valuation 2,008 2,647 Allowance for uncollectible accounts 489 497 Non-deductible accruals 3,538 3,419 Operating lease liability 6,220 3,804 Finance lease liability 2,087 — Non-deductible intangibles 1,473 1,669 State deferred taxes 176 451 Capital loss carryforwards 1,982 1,982 Net operating loss carryforwards 30 34 20,390 16,949 Valuation allowance ( 1,982 ) ( 1,982 ) 18,408 14,967 Deferred income tax liabilities Property, plant and equipment 8,983 7,925 Tax-deductible goodwill 4,937 4,623 Right of use asset - operating leases 6,150 3,759 Finance lease assets 2,051 — Other 1,622 1,534 23,743 17,841 Net deferred income tax liability $ ( 5,335 ) $ ( 2,874 ) As further discussed in Note 6, the Company sold its investments in certain Brazilian subsidiaries in December 2017. In connection with this divestiture, the Company incurred a capital loss of $ 9.5 million on its investment in the Myers do Brazil business and recorded a deferred tax asset of $ 2.0 million for this capital loss carryforward. A valuation allowance of $ 2.0 million is recorded against this deferred tax asset as the recovery of the asset is not more likely than not. In its 2017 U.S. Federal tax return, the Company recorded a tax benefit of approximately $ 14.3 million as a result of a worthless stock deduction related to the Company’s investment in the Brazil Business. Although management believes that the worthless stock deduction is valid, there can be no assurance that the IRS will not challenge it and, if challenged, that the Company will prevail. The following table summarizes the activity related to the Company’s unrecognized tax benefits: 2021 2020 2019 Balance at January 1 $ 774 $ 1,098 $ 955 Increases related to previous year tax positions — 59 143 Reductions due to lapse of applicable statute of limitations — ( 383 ) — Balance at December 31 $ 774 $ 774 $ 1,098 The total amount of gross unrecognized tax benefits that would reduce the Company’s effective tax rate was $ 0.8 million, $ 0.8 million and $ 1.1 million at December 31, 2021, 2020 and 2019, respectively. The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of December 31, 2021 , the Company is no longer subject to U.S. Federal examinations by tax authorities for tax years before 2015. The Company’s 2017 U.S. Federal tax return is currently under audit by the Internal Revenue Service (“IRS”). The IRS began the examination of the worthless stock deduction discussed above in the year ending December 31, 2019, and there have been no changes resulting from this audit as of December 31, 2021. The Company is subject to state and local examinations for tax years of 2017 through 2020 . In addition, the Company is subject to non-U.S. income tax examinations for tax years of 2016 through 2020 . |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 14. Retirement Plans The Company and certain of its subsidiaries have pension and profit sharing plans covering substantially all of their employees. The Company’s defined benefit pension plan, The Pension Agreement between Akro-Mils and United Steelworkers of America Local No. 1761-02 , (the “Plan”) provides benefits primarily based upon a fixed amount for each year of service. The Plan was frozen in 2007, and no benefits for service have accumulated after this date. Net periodic pension cost of the Plan for the years ended December 31, 2021, 2020 and 2019 was as follows: For the Year Ended December 31, 2021 2020 2019 Interest cost $ 151 $ 191 $ 242 Expected return on assets ( 193 ) ( 206 ) ( 184 ) Amortization of net loss 85 81 97 Net periodic pension cost $ 43 $ 66 $ 155 The reconciliation of changes in the Plan’s projected benefit obligations and assets are as follows: December 31, 2021 2020 Change in benefit obligation: Projected benefit obligation at beginning of year $ 6,749 $ 6,339 Interest cost 151 191 Actuarial (gain) loss ( 258 ) 567 Benefits paid ( 344 ) ( 348 ) Projected benefit obligation at end of year $ 6,298 $ 6,749 Change in plan assets: Fair value of plan assets at beginning of year $ 5,808 $ 5,383 Actual return on plan assets 294 623 Company contributions 119 150 Benefits paid ( 344 ) ( 348 ) Fair value of plan assets at end of year $ 5,877 $ 5,808 Funded status $ ( 421 ) $ ( 941 ) The Plan’s funded status shown above is included in Other liabilities (long term) in the Company’s Consolidated Statements of Financial Position at December 31, 2021 and 2020 . The Company expects to make voluntary contributions to the plan of approximately $ 100 in 2022. Because the Plan has been frozen, the accumulated benefit obligation is equal to the projected benefit obligation. The actuarial gain incurred during the year ended December 31, 2021 was due to an increase in the discount rate for benefit obligations during the year and the actuarial loss incurred during the year ended December 31, 2020 was a result of the decrease in the discount rate for benefit obligations during the year. The assumptions used to determine the Plan’s net periodic benefit cost and benefit obligations are as follows: December 31, 2021 2020 2019 Discount rate for net periodic pension cost 2.30 % 3.10 % 4.20 % Discount rate for benefit obligations 2.65 % 2.30 % 3.10 % Expected long-term return of plan assets 5.25 % 6.25 % 7.00 % The expected long-term rate of return is based on the long-term expected returns for the investment mix consistent with the Plan’s current asset allocation and investment policy. The Plan’s asset allocation and investment policy increases the allocation of fixed income investments that are managed to match the duration of the underlying pension liability as the funding status improves. The assumed discount rates represent long-term high-quality corporate bond rates commensurate with the liability duration of the Plan. The fair value of Plan assets at December 31, 2021 and 2020 consist of mutual funds valued at $ 2,031 and $ 3,396 , respectively, and pooled separate accounts valued at $ 3,846 and $ 2,412 , respectively. All of the Plan asset values are categorized as Level 1. Mutual fund values are determined based on period end, closing quoted prices in active markets. The pooled separate accounts are measured at net asset value, which is made readily available to investors. Each of the pooled separate accounts invest in multiple fixed securities and provide for daily redemptions by the plan with no advance notice requirements, and have redemption prices that are also determined by the fund’s net asset value per unit with no redemption fees. The weighted average asset allocations for the Plan at December 31, 2021 and 2020 were as follows: December 31, 2021 2020 U.S. equities securities 35 % 58 % U.S. debt securities 65 % 42 % 100 % 100 % Benefit payments projected for the Plan are as follows: 2022 $ 360 2023 360 2024 360 2025 370 2026 380 2027-2031 1,810 The Company maintains defined contribution plans for its U.S.-based employees, who are not covered under defined benefit plans and have met eligibility service requirements. The Company recognized expense related to the 401(k) employer matching contribution in the amount of $ 3,398 , $ 2,689 and $ 2,500 in 2021, 2020 and 2019, respectively. In addition, the Company has a Supplemental Executive Retirement Plan (“SERP”) to provide certain former senior executives with retirement benefits in addition to amounts payable under the 401(k) plan. Expense related to the SERP was approximately $ 27 , $ 110 and $ 174 for the years ended December 2021, 2020 and 2019, respectively. The SERP liability was based on the discounted present value of expected future benefit payments using a discount rate of 2.7 % at December 31, 2021 and 2.3 % at December 31, 2020. The SERP liability was approximately $ 1,531 and $ 1,892 at December 31, 2021 and 2020, respectively, and is included in Accrued employee compensation and other liabilities (long term) on the accompanying Consolidated Statements of Financial Position. The SERP is unfunded. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 15. Leases The Company determines if an arrangement is a lease at inception. The Company has leases for manufacturing facilities, distribution centers, warehouses, office space and equipment, with remaining lease terms of one to fourteen years . Certain of these leases include options to extend the lease for up to five years , and some include options to terminate the lease early. Leases with an initial term of 12 months or less are not recorded on the Consolidated Statements of Financial Position; the Company recognizes lease expense for these short-term leases on a straight-line basis over the lease term. Operating leases with an initial term greater than 12 months are included in Right of use asset – operating leases (“ROU assets”), Operating lease liability – short term , and Operating lease liability – long term and finance leases are included Property, plant and equipment , Finance lease liability – short term , and Finance lease liability – long term in the Consolidated Statements of Financial Position. The ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the obligation to make lease payments. ROU assets and lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. When leases do not provide an implicit rate, the Company’s incremental borrowing rate is used, which is then applied at the portfolio level, based on the information available at commencement date in determining the present value of lease payments. The Company has also elected not to separate lease and non-lease components. The lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. Amounts included in the Consolidated Statements of Financial Position related to leases were: December 31, December 31, Classification 2021 2020 Assets: Operating lease assets Right of use asset - operating leases $ 29,285 $ 18,390 Finance lease assets Property, plant and equipment, net 9,765 — Total lease assets $ 39,050 $ 18,390 Liabilities: Current Operating lease liability - short-term $ 5,341 $ 4,359 Long-term Operating lease liability - long-term 23,815 13,755 Total operating lease liabilities $ 29,156 $ 18,114 Current Finance lease liability - short-term $ 500 $ — Long-term Finance lease liability - long-term 9,437 — Total finance lease liabilities 9,937 — Total lease liabilities $ 39,093 $ 18,114 The components of lease expense include: For the Year Ended December 31, Lease Cost Classification 2021 2020 2019 Operating lease cost (1) Cost of sales $ 5,095 $ 2,008 $ 1,744 Operating lease cost (1) Selling, general and administrative expenses 2,328 1,729 1,741 Finance lease cost Amortization expense Cost of sales 574 — — Interest expense on lease liabilities Interest expense, net 298 — — Total lease cost $ 8,295 $ 3,737 $ 3,485 (1) Includes short-term leases and variable lease costs, which are immaterial Supplemental cash flow information related to leases was as follows: For the Year Ended December 31, Supplemental Cash Flow Information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,952 $ 2,683 Operating cash flows from finance leases $ 298 $ — Financing cash flows from finance leases $ 402 $ — Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 7,438 $ 1,116 Finance leases $ 10,339 $ — Lease Term and Discount Rate December 31, 2021 December 31, 2020 Weighted-average remaining lease term (years): Operating leases 7.27 5.66 Finance leases 14.17 — Weighted-average discount rate: Operating leases 3.4 % 3.7 % Finance leases 3.5 % — Maturity of Lease Liabilities - As of December 31, 2021 Operating Leases Finance Leases Total 2022 $ 6,233 $ 840 $ 7,073 2023 5,581 840 6,421 2024 4,127 861 4,988 2025 3,334 865 4,199 2026 2,848 865 3,713 After 2026 10,780 8,408 19,188 Total lease payments 32,903 12,679 45,582 Less: interest ( 3,747 ) ( 2,742 ) ( 6,489 ) Present value of lease liabilities $ 29,156 $ 9,937 $ 39,093 In March 2021, a 15 -year finance lease for a new manufacturing and distribution facility in Bristol, Indiana commenced. The Company has taken possession of the new Bristol facility and a portion of it is in service; however, construction remains in process as of December 31, 2021 to complete it for its full intended use. As described in Note 8, this lease agreement was in connection with the Ameri-Kart Plan, which includes facility consolidation for this business within the Material Handling Segment . The Company has operating leases for four facilities within the Material Handling Segment that are with a related party. Total right of use assets related to these related party leases were $ 3.6 million and $ 5.2 million at December 31, 2021 and 2020 , respectively. Total operating lease liabilities related to these related party leases were $ 3.4 million and $ 5.0 million at December 31, 2021 and 2020 , respectively. Total lease expense from these related party leases was $ 1.8 million and $ 0.1 million in the years ended December 31, 2021 and 2020 . No lease expense from these related party leases was incurred in the year ended December 31, 2019. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segments | 16. Segments The Company manages its business under two operating segments, Material Handling and Distribution, consistent with the manner in which our Chief Operating Decision Maker evaluates performance and makes resource allocation decisions. None of the reportable segments include operating segments that have been aggregated. These segments contain individual business components that have been combined on the basis of common management, customers, products, production processes and other economic characteristics. The Company accounts for intersegment sales and transfers at cost plus a reasonable margin. The Material Handling Segment manufactures a broad selection of durable plastic reusable containers that are used repeatedly during the course of their service life. At the end of their service life, these highly sustainable products can be recovered, recycled, and reprocessed into new products. The Material Handling Segment’s products include pallets, small parts bins, bulk shipping containers, storage and organization products, OEM parts, custom plastic products, consumer fuel containers and tanks for water, fuel and waste handling. Products in the Material Handling Segment are primarily injection molded, rotationally molded or blow molded. This segment conducts its primary operations in the United States and Canada. The Material Handling Segment serves a wide variety of markets, including industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, automotive, recreational vehicles, marine vehicles, healthcare, appliance, bakery, electronics, textiles, consumer markets, among others. Products are sold both directly to end-users and through distributors. The acquisitions of Trilogy and Elkhart Plastics, described in Note 3, are included in the Material Handling Segment. The Distribution Segment is engaged in the distribution of equipment, tools, and supplies used for tire servicing and automotive under-vehicle repair and the manufacture of tire repair and retreading products. The product line includes categories such as tire valves and accessories, tire changing and balancing equipment, lifts and alignment equipment, service equipment and tools, and tire repair/retread supplies. The Distribution Segment also manufactures and sells certain traffic marking products, including reflective highway marking tape. The Distribution Segment operates domestically through its sales offices and five regional distribution centers in the United States, and in certain foreign countries through export sales. In addition, the Distribution Segment operates directly in certain foreign markets, principally Central America, through foreign branch operations. Markets served include retail and truck tire dealers, commercial auto and truck fleets, truck stop operations, auto dealers, general service and repair centers, tire re-treaders, and government agencies. The acquisition of Tuffy, described in Note 3, is included in the Distribution Segment. Total sales from foreign business units were approximately $ 48.0 million, $ 39.8 million, and $ 42.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. Export sales from the Company's U.S. operations were approximately $ 29.9 million , $ 17.7 million, and $ 23.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. Sales made to customers in Canada accounted for approximately 4.6 % , 4.8 % and 4.7 % of total net sales in 2021, 2020 and 2019, respectively. There are no other individual foreign countries for which sales are material. Long-lived assets in foreign countries, primarily in Canada, consisted of property, plant and equipment, and were approximately $ 11.3 million and $ 11.8 million at December 31, 2021 and 2020, respectively. 2021 2020 2019 Net Sales Material Handling $ 564,068 $ 343,884 $ 356,407 Distribution 197,427 166,544 159,349 Inter-company sales ( 60 ) ( 59 ) ( 58 ) Total net sales $ 761,435 $ 510,369 $ 515,698 Operating income Material Handling $ 62,187 $ 55,072 $ 53,144 Distribution 15,428 12,157 10,076 Corporate (1) ( 28,314 ) ( 13,679 ) ( 25,954 ) Total operating income 49,301 53,550 37,266 Interest expense, net ( 4,208 ) ( 4,688 ) ( 4,083 ) Income before income taxes $ 45,093 $ 48,862 $ 33,183 Total Assets Material Handling $ 370,499 $ 292,596 $ 193,751 Distribution 88,757 80,708 75,338 Corporate (2) 25,293 26,711 84,050 Total assets $ 484,549 $ 400,015 $ 353,139 Capital Additions, Net Material Handling $ 17,173 $ 12,207 $ 8,835 Distribution 402 931 1,396 Corporate 292 283 63 Total capital additions, net $ 17,867 $ 13,421 $ 10,294 Depreciation and Amortization Material Handling $ 17,803 $ 17,834 $ 21,282 Distribution 2,208 2,300 1,501 Corporate 874 796 800 Total depreciation and amortization $ 20,885 $ 20,930 $ 23,583 (1) Corporate results include the $ 11.9 million gain related to the sale of the HC notes receivable and the release of the lease guarantee in 2020 as discussed in Note 6. (2) The decrease in Corporate assets at December 31, 2020 from December 31, 2019 is primarily due to cash paid for the acquisition of Elkhart Plastics as discussed in Note 3. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries that are not wholly owned and are not included in the consolidated operating results of the Company are immaterial investments which have been accounted for under the equity or cost method. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the timing and amount of assets, liabilities, equity, revenues, and expenses recorded and disclosed. Actual results could differ from those estimates. During the fourth quarter of 2017, the Company completed the sale of certain subsidiaries in Brazil. As further discussed in Note 6, the results of operations and cash flows of these subsidiaries have been classified as discontinued operations in the consolidated financial statements for all periods presented. |
Accounting Standards Adopted and Not Yet Adopted | Accounting Standards Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This ASU is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. Certain amendments within this ASU are required to be applied on a retrospective basis, certain other amendments are required to be applied on a modified retrospective basis and all other amendments on a prospective basis. The Company adopted this standard effective January 1, 2021 and the adoption of this standard did not have a material impact on its consolidated financial statements. Accounting Standards Not Yet Adopted In December 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . This ASU is intended to improve the accounting for acquired contracts with customers in business combinations by addressing diversity in practice by requiring the acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. For the Company, this ASU is effective January 1, 2023. Early adoption is permitted. The amendments within this ASU are required to be applied prospectively to business combinations occurring on or after the effective date. The effect of adopting this guidance will depend on the contract assets and liabilities associated with any future acquisitions. |
Translation of Foreign Currencies | Translation of Foreign Currencies All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting foreign currency translation adjustment is recorded in other comprehensive income (loss) as a separate component of shareholders’ equity. |
Fair Value Measurement | Fair Value Measurement Fair value is the price to hypothetically sell an asset or transfer a liability in an orderly manner in the principal market for that asset or liability. Accounting standards prioritize the use of observable inputs in measuring fair value. The level of a fair value measurement is determined entirely by the lowest level input that is significant to the measurement. The three levels are (from highest to lowest): Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly. Level 3: Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions. The Company has financial instruments, including cash, accounts receivable, accounts payable and accrued expenses. The fair value of these financial instruments approximates carrying value due to the nature and relative short maturity of these assets and liabilities. The fair value of debt under the Company’s Loan Agreement, as defined in Note 12, approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements, which are considered Level 2 inputs. At December 31, 2021 and 2020, the aggregate fair value of the Company’s outstanding fixed rate senior unsecured notes was estimated at $ 41.0 million and $ 80.9 million, respectively. The purchase price allocations associated with the July 30, 2021 acquisition of Trilogy Plastics, Inc., the November 10, 2020 acquisition of Elkhart Plastics, Inc. and the August 26, 2019 acquisition of Tuffy Manufacturing Industries, Inc., as described in Note 3, required fair value measurements using unobservable inputs which are considered Level 3 inputs. The fair value of the acquired intangible assets was determined using an income approach. Similarly, impairment testing of goodwill and indefinite-lived intangible assets as described in Note 5 involves determination of fair value using unobservable inputs, which are considered Level 3 inputs. The fair values of the reporting units in accordance with the goodwill impairment test were determined using the income and/or market approaches. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk primarily consist of trade accounts receivable. The concentration of accounts receivable credit risk is generally limited based on the Company’s diversified operations, with customers spread across many industries and countries. In 2021 , there were no customers that accounted for more than ten percent of net sales. The Company does not have a material concentration of sales in any country outside of the United States. |
Allowance for Credit Losses | Allowance for Credit Losses Management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. The Company reviews historical trends for credit loss as well as current economic conditions in determining an estimate for its allowance for credit losses. Additionally, in circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for credit losses is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably expects will be collected. Expense related to bad debts was approximately $ 0.7 million, $ 1.4 million and $ 0.6 million for 2021, 2020 and 2019, respectively, and is recorded within Selling, general and administrative expenses in the Consolidated Statements of Operations. Deductions from the allowance for doubtful accounts, net of recoveries, were approximately $ 0.9 million, $ 0.4 million and $ 0.3 million for 2021, 2020 and 2019, respectively. Changes in the allowance for credit losses for the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Balance at January 1 $ 2,335 $ 1,356 Provision for expected credit loss, net of recoveries 737 1,418 Write-offs and other ( 899 ) ( 439 ) Balance at December 31 $ 2,173 $ 2,335 |
Inventories | Inventories Inventories are valued at the lower of cost or market for last-in, first-out (“LIFO”) inventory and lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. Approximately 30 percent of our inventories are valued using the LIFO method of determining cost. All other inventories are valued at the FIFO method of determining cost. Inventories at December 31 consist of the following: December 31, December 31, 2021 2020 Finished and in-process products $ 56,684 $ 42,304 Raw materials and supplies 36,867 23,615 $ 93,551 $ 65,919 If the FIFO method of inventory cost valuation had been used exclusively by the Company, inventories would have been $ 7.0 million and $ 4.7 million higher than reported at December 31, 2021 and 2020, respectively. Cost of sales decreased by $ 0.1 million, $ 0.1 million and $ 0.7 million in 2021, 2020 and 2019 , respectively, as a result of the liquidation of LIFO inventories. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows: Buildings 20 to 40 years Machinery and equipment 3 to 10 years Leasehold improvements 5 to 10 years The Company’s property, plant and equipment by major asset class at December 31 consists of: December 31, December 31, 2021 2020 Land $ 6,733 $ 6,717 Buildings and leasehold improvements 59,199 45,897 Machinery and equipment 296,809 279,574 362,741 332,188 Less allowances for depreciation and amortization ( 270,692 ) ( 258,235 ) $ 92,049 $ 73,953 |
Long-Lived Assets | Long-Lived Assets The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of potential impairment related to assets to be held and used is based upon undiscounted future cash flows resulting from the use and ultimate disposition of the asset and related asset group. For assets held for sale, the amount of potential impairment may be based upon appraisal of the asset, estimated market value of similar assets or estimated cash flow from the disposition of the asset. Refer to Note 4 for discussion of impairment charges. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) were as follows: Foreign Defined Benefit Total Balance at January 1, 2019 $ ( 16,251 ) $ ( 2,029 ) $ ( 18,280 ) Other comprehensive income (loss) before reclassifications 1,649 209 1,858 Amounts reclassified from accumulated other comprehensive income, net 24 ) (1) — 73 73 Net current-period other comprehensive income (loss) 1,649 282 1,931 Balance at December 31, 2019 ( 14,602 ) ( 1,747 ) ( 16,349 ) Other comprehensive income (loss) before reclassifications 628 ( 113 ) 515 Amounts reclassified from accumulated other comprehensive income, net 20 ) (1) — 61 61 Net current-period other comprehensive income (loss) 628 ( 52 ) 576 Balance at December 31, 2020 ( 13,974 ) ( 1,799 ) ( 15,773 ) Other comprehensive income (loss) before reclassifications 39 269 308 Amounts reclassified from accumulated other comprehensive income, net 21 ) (1) — 64 64 Net current-period other comprehensive income (loss) 39 333 372 Balance at December 31, 2021 $ ( 13,935 ) $ ( 1,466 ) $ ( 15,401 ) (1) The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. See Note 14, Retirement Plans for additional details. |
Stock Based Compensation | Stock Based Compensation The Company has stock incentive plans that provide for the granting of stock-based compensation to employees and directors. Shares issued for option exercises, restricted stock units and performance units may be either from authorized, but unissued shares or treasury shares. For equity-classified awards, the fair value is determined on the date of the grant and not remeasured. The fair value of restricted stock units and performance units without a relative Total Shareholder Return ("rTSR") modifier are determined using the closing price of the Company’s common stock on the grant date (Level 1 measurement). The fair value of performance units with a rTSR modifier is determined using a Monte Carlo simulation, which determines the probability of satisfying the market condition included in the award using market-based inputs (Level 2 measurement). For these awards, the performance-based vesting requirements determine the number of shares that ultimately vest, which can vary from 0 % to 250 % of target depending on the level of achievement of established performance criteria. The fair value of options is determined using a binomial lattice option pricing model as further described in Note 10, which uses market-based inputs (Level 2 measurement). When awards contain a required holding period after vesting, the fair value is discounted to reflect the lack of marketability. Expense for restricted stock units and stock options is recognized on a straight-line basis over the requisite service period, which is generally equivalent to the vesting term. Compensation expense for performance units is recognized over the requisite service period subject to adjustment based on the probable number of shares expected to vest under the performance condition. Forfeitures result in reversal of previously recognized expenses for unvested shares and are recognized in the period in which the forfeiture occurs. |
Income Taxes | Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be received or settled. Any effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period the change is enacted. Deferred tax assets are reduced by a valuation allowance, if based on all available evidence, it is more likely than not that the deferred tax asset will not be realized. The Company evaluates the recovery of its deferred tax assets by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These sources of income inherently rely heavily on estimates. In the ordinary course of business, there is inherent uncertainty in quantifying certain income tax positions. The Company evaluates uncertain tax positions for all years subject to examination based upon management’s evaluations of the facts, circumstances and information available at the reporting date. Income tax positions must meet a more-likely-than-not recognition threshold at the reporting date to be recognized. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. Capital expenditures in the Consolidated Statement of Cash Flows excludes accrued, but unpaid, capital expenditures. Changes in the amount accrued increased (reduced) cash used for capital expenditures by $( 0.2 ) million, $( 1.6 ) million and $ 0.6 million 2021, 2020 and 2019 , respectively. |
Revenue Recognition | Revenue is recognized when obligations under the terms of a contract with customers are satisfied. In both the Distribution and Material Handling segments, this generally occurs with the transfer of control of the Company’s products. This transfer of control may occur at either the time of shipment from a Company facility, or at the time of delivery to a designated customer location. Obligations under contracts with customers are typically fulfilled within 90 days of receiving a purchase order from a customer, and generally no other future obligations are required to be performed. The Company generally does not enter into contracts with customers for longer than one year. Based on the nature of the Company’s products and customer contracts, no deferred revenue has been recorded with the exception of cash advances or deposits received from customers prior to transfer of control of the product. These advances are typically fulfilled within the 90 day time frame mentioned above. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring the products. Certain contracts with customers include variable consideration, such as rebates or discounts. The Company recognizes estimates of this variable consideration each period, primarily based on the most likely level of consideration to be paid to the customer under the specific terms of the underlying programs. While the Company’s contracts with customers do not generally include explicit rights to return product, the Company will in practice allow returns in the normal course of business and as part of the customer relationship. Thus, the Company estimates the expected returns each period based on an analysis of historical experience. For certain businesses where physical recovery of the product from returns occurs, the Company records an estimated right to return asset from such recovery, based on the approximate cost of the product. |
Leases | The Company determines if an arrangement is a lease at inception. The Company has leases for manufacturing facilities, distribution centers, warehouses, office space and equipment, with remaining lease terms of one to fourteen years . Certain of these leases include options to extend the lease for up to five years , and some include options to terminate the lease early. Leases with an initial term of 12 months or less are not recorded on the Consolidated Statements of Financial Position; the Company recognizes lease expense for these short-term leases on a straight-line basis over the lease term. Operating leases with an initial term greater than 12 months are included in Right of use asset – operating leases (“ROU assets”), Operating lease liability – short term , and Operating lease liability – long term and finance leases are included Property, plant and equipment , Finance lease liability – short term , and Finance lease liability – long term in the Consolidated Statements of Financial Position. The ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the obligation to make lease payments. ROU assets and lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. When leases do not provide an implicit rate, the Company’s incremental borrowing rate is used, which is then applied at the portfolio level, based on the information available at commencement date in determining the present value of lease payments. The Company has also elected not to separate lease and non-lease components. The lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Balance at January 1 $ 2,335 $ 1,356 Provision for expected credit loss, net of recoveries 737 1,418 Write-offs and other ( 899 ) ( 439 ) Balance at December 31 $ 2,173 $ 2,335 |
Summary of Determination Cost of Inventories | Inventories at December 31 consist of the following: December 31, December 31, 2021 2020 Finished and in-process products $ 56,684 $ 42,304 Raw materials and supplies 36,867 23,615 $ 93,551 $ 65,919 |
Schedule of Estimated Useful Lives of the Assets | The Company provides for depreciation and amortization on the basis of the straight-line method over the estimated useful lives of the assets as follows: Buildings 20 to 40 years Machinery and equipment 3 to 10 years Leasehold improvements 5 to 10 years |
Schedule of Property Plant and Equipment by Major Assets Class | The Company’s property, plant and equipment by major asset class at December 31 consists of: December 31, December 31, 2021 2020 Land $ 6,733 $ 6,717 Buildings and leasehold improvements 59,199 45,897 Machinery and equipment 296,809 279,574 362,741 332,188 Less allowances for depreciation and amortization ( 270,692 ) ( 258,235 ) $ 92,049 $ 73,953 |
The balances in the Company's Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) were as follows: Foreign Defined Benefit Total Balance at January 1, 2019 $ ( 16,251 ) $ ( 2,029 ) $ ( 18,280 ) Other comprehensive income (loss) before reclassifications 1,649 209 1,858 Amounts reclassified from accumulated other comprehensive income, net 24 ) (1) — 73 73 Net current-period other comprehensive income (loss) 1,649 282 1,931 Balance at December 31, 2019 ( 14,602 ) ( 1,747 ) ( 16,349 ) Other comprehensive income (loss) before reclassifications 628 ( 113 ) 515 Amounts reclassified from accumulated other comprehensive income, net 20 ) (1) — 61 61 Net current-period other comprehensive income (loss) 628 ( 52 ) 576 Balance at December 31, 2020 ( 13,974 ) ( 1,799 ) ( 15,773 ) Other comprehensive income (loss) before reclassifications 39 269 308 Amounts reclassified from accumulated other comprehensive income, net 21 ) (1) — 64 64 Net current-period other comprehensive income (loss) 39 333 372 Balance at December 31, 2021 $ ( 13,935 ) $ ( 1,466 ) $ ( 15,401 ) (1) The accumulated other comprehensive income (loss) components related to defined benefit pension plans are included in the computation of net periodic pension cost. See Note 14, Retirement Plans for additional details. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Schedule of Revenue by Major Market | The Company’s revenue by major market is as follows: For the Year Ended December 31, 2021 Material Distribution Inter-company Consolidated Consumer $ 116,707 $ — $ — $ 116,707 Vehicle 170,322 — — 170,322 Food and beverage 83,817 — — 83,817 Industrial 193,222 — ( 60 ) 193,162 Auto aftermarket — 197,427 — 197,427 Total net sales $ 564,068 $ 197,427 $ ( 60 ) $ 761,435 For the Year Ended December 31, 2020 Material Distribution Inter-company Consolidated Consumer $ 92,301 $ — $ — $ 92,301 Vehicle 77,085 — — 77,085 Food and beverage 54,752 — — 54,752 Industrial 119,746 — ( 59 ) 119,687 Auto aftermarket — 166,544 — 166,544 Total net sales $ 343,884 $ 166,544 $ ( 59 ) $ 510,369 For the Year Ended December 31, 2019 Material Distribution Inter-company Consolidated Consumer $ 71,272 $ — $ — $ 71,272 Vehicle 82,768 — — 82,768 Food and beverage 68,416 — — 68,416 Industrial 133,951 — ( 58 ) 133,893 Auto aftermarket — 159,349 — 159,349 Total net sales $ 356,407 $ 159,349 $ ( 58 ) $ 515,698 |
Schedule of Balances Included in Consolidated Statements of Financial Position Related to Revenue Recognition | Amounts included in the Consolidated Statements of Financial Position related to revenue recognition include: December 31, December 31, Statement of Financial 2021 2020 Classification Returns, discounts and other allowances $ ( 1,056 ) $ ( 943 ) Accounts receivable Right of return asset $ 361 $ 357 Inventories, net Customer deposits $ ( 1,816 ) $ ( 195 ) Other current liabilities Accrued rebates $ ( 3,378 ) $ ( 2,712 ) Other current liabilities |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trilogy Plastics, Inc. [Member] | |
Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price based on the estimated fair value of assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment. Assets acquired: Accounts receivable $ 3,929 Inventories 2,752 Prepaid expenses 63 Other assets - long term 93 Property, plant and equipment 4,903 Right of use asset - operating leases 8,685 Intangible assets 14,333 Goodwill 10,003 Assets acquired $ 44,761 Liabilities assumed: Accounts payable $ 765 Accrued expenses 777 Operating lease liability - short term 576 Operating lease liability - long term 8,108 Total liabilities assumed 10,226 Net acquisition cost $ 34,535 |
Summary of Intangible Assets | The intangible assets included above consist of the following: Fair Value Weighted Average Customer relationships $ 12,463 18.0 years Trade name 1,870 10.0 years Total amortizable intangible assets $ 14,333 |
Elkhart Plastics [Member] | |
Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarized the allocation of the purchase price based on the estimated fair value of assets acquired and liabilities assumed based on the estimated fair values at the acquisition date. Assets acquired: Accounts receivable $ 12,026 Inventories 13,639 Prepaid expenses 960 Other assets - long term 34 Property, plant and equipment 18,038 Right of use asset - operating leases 13,757 Deferred tax 451 Intangible assets 16,627 Goodwill 11,792 Assets acquired $ 87,324 Liabilities assumed: Accounts payable $ 5,603 Accrued expenses 4,623 Operating lease liability - short term 2,390 Operating lease liability - long term 10,867 Total liabilities assumed 23,483 Net acquisition cost $ 63,841 |
Summary of Intangible Assets | The intangible assets included above consist of the following: Fair Value Weighted Average Customer relationships $ 10,210 18.0 years Trade name 5,817 10.0 years Non-competition agreements 600 5.0 years Total amortizable intangible assets $ 16,627 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
The change in goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020 were as follows: Distribution Material Total January 1, 2020 $ 7,716 $ 59,058 $ 66,774 Acquisition — 12,312 12,312 Purchase accounting adjustment ( 68 ) — ( 68 ) Foreign currency translation — 238 238 December 31, 2020 $ 7,648 $ 71,608 $ 79,256 Acquisition — 10,003 10,003 Purchase accounting adjustment — ( 520 ) ( 520 ) Foreign currency translation — 39 39 December 31, 2021 $ 7,648 $ 81,130 $ 88,778 |
Intangible assets | Intangible assets at December 31, 2021 and 2020 consisted of the following: 2021 2020 Weighted Average Gross Accumulated Net Gross Accumulated Net Trade names - indefinite lived $ 9,782 $ — $ 9,782 $ 9,782 $ — $ 9,782 Trade names 8.6 8,267 ( 1,035 ) 7,232 6,397 ( 270 ) 6,127 Customer relationships 14.3 70,794 ( 44,221 ) 26,573 58,266 ( 42,243 ) 16,023 Technology 2.6 24,980 ( 19,169 ) 5,811 24,980 ( 16,897 ) 8,083 Non-competition agreements 3.3 1,200 ( 417 ) 783 1,200 ( 177 ) 1,023 Patents — 11,730 ( 11,730 ) — 11,730 ( 11,730 ) — $ 126,753 $ ( 76,572 ) $ 50,181 $ 112,355 $ ( 71,317 ) $ 41,038 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Weighted average number of common shares outstanding during the period | Net income per common share , as shown on the accompanying Consolidated Statements of Operations, is determined on the basis of the weighted average number of common shares outstanding during the periods as follows: For the Year Ended December 31, 2021 2020 2019 Weighted average common shares outstanding basic 36,138,571 35,785,798 35,491,958 Dilutive effect of stock options and restricted stock 220,398 130,832 161,189 Weighted average common shares outstanding diluted 36,358,969 35,916,630 35,653,147 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | The balance of Other current liabilities is comprised of the following: December 31, December 31, 2021 2020 Customer deposits and accrued rebates $ 5,194 $ 2,907 Dividends payable 5,441 5,251 Accrued litigation, claims and professional fees 777 306 Current portion of environmental reserves 1,429 1,433 Other accrued expenses 6,787 8,039 $ 19,628 $ 17,936 |
Schedule of Other Liabilities (Long-term) | The balance of Other liabilities (long-term) is comprised of the following: December 31, December 31, 2021 2020 Environmental reserves $ 8,298 $ 7,266 Supplemental executive retirement plan liability 1,176 1,510 Pension liability 421 941 Other long-term liabilities 3,191 4,656 $ 13,086 $ 14,373 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of stock option activity for the period | There were no options granted in 2021 and 2020. Options granted in 2019 were as follows: Year Options Exercise 2019 235,474 $ 18.54 Options exercised in 2021, 2020 and 2019 were as follows: Year Options Exercise 2021 192,504 $ 11.62 to $ 21.30 2020 97,779 $ 10.10 to $ 18.69 2019 221,695 $ 11.62 to $ 14.30 Options outstanding and exercisable at December 31, 2021, 2020 and 2019 were as follows: Year Outstanding Range of Exercise Exercisable Weighted Average 2021 308,572 $ 11.62 to $ 21.30 297,295 $ 18.64 2020 531,170 $ 11.62 to $ 21.30 460,341 $ 17.94 2019 710,893 $ 10.10 to $ 21.30 486,382 $ 17.31 The following table provides a summary of stock option activity for the period ended December 31, 2021: Shares Average Weighted Outstanding at December 31, 2020 531,170 $ 18.09 Options granted — — Options exercised ( 192,504 ) 16.91 Canceled or forfeited ( 30,094 ) 19.94 Expired — — Outstanding at December 31, 2021 308,572 18.64 3.74 Exercisable at December 31, 2021 297,295 $ 18.64 3.61 |
Fair Value of stock options granted assumptions used | The Company used the binomial lattice option pricing model based on the assumptions set forth in the following table. 2019 Risk free interest rate 2.70 % Expected dividend yield 2.76 % Expected life of award (years) 6.17 Expected volatility 44.89 % Fair value per option $ 5.78 |
Summary of combined restricted stock units, including performance-based restricted stock units and restricted stock activity for the period | The following table provides a summary of restricted stock units, including performance-based restricted stock units, and restricted stock activity for the year ended December 31, 2021: Shares Average Unvested shares at December 31, 2020 519,425 Granted 302,881 $ 19.63 Vested ( 155,406 ) $ 14.72 Forfeited ( 166,048 ) $ 15.41 Unvested shares at December 31, 2021 500,852 |
Long-Term Debt and Loan Agree_2
Long-Term Debt and Loan Agreements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Long-term debt at December 31, 2021 and 2020 consisted of the following: December 31, December 31, 2021 2020 Loan Agreement $ 53,000 $ — 4.67 % Senior Unsecured Notes due January 15, 2021 — 40,000 5.25 % Senior Unsecured Notes due January 15, 2024 11,000 11,000 5.30 % Senior Unsecured Notes due January 15, 2024 15,000 15,000 5.45 % Senior Unsecured Notes due January 15, 2026 12,000 12,000 91,000 78,000 Less unamortized deferred financing costs 55 424 90,945 77,576 Less current portion long-term debt — 39,994 Long-term debt $ 90,945 $ 37,582 |
Schedule of Debt Ratios | The ratios as of December 31, 2021 are shown in the following table: Required Level Actual Level Interest Coverage Ratio 3.00 to 1 (minimum) 18.58 Leverage Ratio 3.25 to 1 (maximum) 1.36 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Tax Rate | A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate is as follows: Percent of Income before 2021 2020 2019 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes - net of federal tax benefit 3.1 3.3 5.2 Foreign tax rate differential 1.3 0.3 — Non-deductible expenses 0.4 0.7 1.0 Changes in unrecognized tax benefits — ( 0.8 ) 0.4 Foreign tax incentives — — ( 0.4 ) Other ( 0.2 ) 0.2 ( 0.2 ) Effective tax rate for the year 25.6 % 24.7 % 27.0 % |
Income (Loss) from Continuing Operations Before Income Taxes | Income (loss) from continuing operations before income taxes was attributable to the following sources: 2021 2020 2019 United States $ 36,203 $ 45,070 $ 33,612 Foreign 8,890 3,792 ( 429 ) Totals $ 45,093 $ 48,862 $ 33,183 |
Income Tax Expense (Benefit) from Continuing Operations | Income tax expense (benefit) from continuing operations consisted of the following: 2021 2020 2019 Current Deferred Current Deferred Current Deferred Federal $ 4,901 $ 2,534 $ 957 $ 8,702 $ 7,270 $ ( 447 ) Foreign 2,389 ( 53 ) 1,390 ( 326 ) 497 ( 538 ) State and local 1,439 345 1,014 356 2,123 63 $ 8,729 $ 2,826 $ 3,361 $ 8,732 $ 9,890 $ ( 922 ) |
Significant Components of the Company's Deferred Taxes | Significant components of the Company’s deferred taxes as of December 31, 2021 and 2020 are as follows: 2021 2020 Deferred income tax assets Compensation accruals $ 2,387 $ 2,446 Inventory valuation 2,008 2,647 Allowance for uncollectible accounts 489 497 Non-deductible accruals 3,538 3,419 Operating lease liability 6,220 3,804 Finance lease liability 2,087 — Non-deductible intangibles 1,473 1,669 State deferred taxes 176 451 Capital loss carryforwards 1,982 1,982 Net operating loss carryforwards 30 34 20,390 16,949 Valuation allowance ( 1,982 ) ( 1,982 ) 18,408 14,967 Deferred income tax liabilities Property, plant and equipment 8,983 7,925 Tax-deductible goodwill 4,937 4,623 Right of use asset - operating leases 6,150 3,759 Finance lease assets 2,051 — Other 1,622 1,534 23,743 17,841 Net deferred income tax liability $ ( 5,335 ) $ ( 2,874 ) |
Activity Related to the Company's Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits: 2021 2020 2019 Balance at January 1 $ 774 $ 1,098 $ 955 Increases related to previous year tax positions — 59 143 Reductions due to lapse of applicable statute of limitations — ( 383 ) — Balance at December 31 $ 774 $ 774 $ 1,098 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Net periodic pension cost of plan | Net periodic pension cost of the Plan for the years ended December 31, 2021, 2020 and 2019 was as follows: For the Year Ended December 31, 2021 2020 2019 Interest cost $ 151 $ 191 $ 242 Expected return on assets ( 193 ) ( 206 ) ( 184 ) Amortization of net loss 85 81 97 Net periodic pension cost $ 43 $ 66 $ 155 |
Reconciliation of changes in plan's projected benefit obligations and assets | The reconciliation of changes in the Plan’s projected benefit obligations and assets are as follows: December 31, 2021 2020 Change in benefit obligation: Projected benefit obligation at beginning of year $ 6,749 $ 6,339 Interest cost 151 191 Actuarial (gain) loss ( 258 ) 567 Benefits paid ( 344 ) ( 348 ) Projected benefit obligation at end of year $ 6,298 $ 6,749 Change in plan assets: Fair value of plan assets at beginning of year $ 5,808 $ 5,383 Actual return on plan assets 294 623 Company contributions 119 150 Benefits paid ( 344 ) ( 348 ) Fair value of plan assets at end of year $ 5,877 $ 5,808 Funded status $ ( 421 ) $ ( 941 ) |
Assumptions used to determine the net periodic benefit cost and benefit obligations | The assumptions used to determine the Plan’s net periodic benefit cost and benefit obligations are as follows: December 31, 2021 2020 2019 Discount rate for net periodic pension cost 2.30 % 3.10 % 4.20 % Discount rate for benefit obligations 2.65 % 2.30 % 3.10 % Expected long-term return of plan assets 5.25 % 6.25 % 7.00 % |
Weighted average asset allocations for plan | The weighted average asset allocations for the Plan at December 31, 2021 and 2020 were as follows: December 31, 2021 2020 U.S. equities securities 35 % 58 % U.S. debt securities 65 % 42 % 100 % 100 % |
Benefit payments projected for the plan | Benefit payments projected for the Plan are as follows: 2022 $ 360 2023 360 2024 360 2025 370 2026 380 2027-2031 1,810 |
Leases (Table)
Leases (Table) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Balances Included in Consolidated Statements of Financial Position Related to Leases | Amounts included in the Consolidated Statements of Financial Position related to leases were: December 31, December 31, Classification 2021 2020 Assets: Operating lease assets Right of use asset - operating leases $ 29,285 $ 18,390 Finance lease assets Property, plant and equipment, net 9,765 — Total lease assets $ 39,050 $ 18,390 Liabilities: Current Operating lease liability - short-term $ 5,341 $ 4,359 Long-term Operating lease liability - long-term 23,815 13,755 Total operating lease liabilities $ 29,156 $ 18,114 Current Finance lease liability - short-term $ 500 $ — Long-term Finance lease liability - long-term 9,437 — Total finance lease liabilities 9,937 — Total lease liabilities $ 39,093 $ 18,114 |
Schedule of Lease Expense | The components of lease expense include: For the Year Ended December 31, Lease Cost Classification 2021 2020 2019 Operating lease cost (1) Cost of sales $ 5,095 $ 2,008 $ 1,744 Operating lease cost (1) Selling, general and administrative expenses 2,328 1,729 1,741 Finance lease cost Amortization expense Cost of sales 574 — — Interest expense on lease liabilities Interest expense, net 298 — — Total lease cost $ 8,295 $ 3,737 $ 3,485 (1) Includes short-term leases and variable lease costs, which are immaterial |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: For the Year Ended December 31, Supplemental Cash Flow Information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,952 $ 2,683 Operating cash flows from finance leases $ 298 $ — Financing cash flows from finance leases $ 402 $ — Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 7,438 $ 1,116 Finance leases $ 10,339 $ — Lease Term and Discount Rate December 31, 2021 December 31, 2020 Weighted-average remaining lease term (years): Operating leases 7.27 5.66 Finance leases 14.17 — Weighted-average discount rate: Operating leases 3.4 % 3.7 % Finance leases 3.5 % — |
Maturity of Operating and Finance Lease Liabilities | Maturity of Lease Liabilities - As of December 31, 2021 Operating Leases Finance Leases Total 2022 $ 6,233 $ 840 $ 7,073 2023 5,581 840 6,421 2024 4,127 861 4,988 2025 3,334 865 4,199 2026 2,848 865 3,713 After 2026 10,780 8,408 19,188 Total lease payments 32,903 12,679 45,582 Less: interest ( 3,747 ) ( 2,742 ) ( 6,489 ) Present value of lease liabilities $ 29,156 $ 9,937 $ 39,093 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Reporting Information by Segment | Total sales from foreign business units were approximately $ 48.0 million, $ 39.8 million, and $ 42.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. Export sales from the Company's U.S. operations were approximately $ 29.9 million , $ 17.7 million, and $ 23.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. Sales made to customers in Canada accounted for approximately 4.6 % , 4.8 % and 4.7 % of total net sales in 2021, 2020 and 2019, respectively. There are no other individual foreign countries for which sales are material. Long-lived assets in foreign countries, primarily in Canada, consisted of property, plant and equipment, and were approximately $ 11.3 million and $ 11.8 million at December 31, 2021 and 2020, respectively. 2021 2020 2019 Net Sales Material Handling $ 564,068 $ 343,884 $ 356,407 Distribution 197,427 166,544 159,349 Inter-company sales ( 60 ) ( 59 ) ( 58 ) Total net sales $ 761,435 $ 510,369 $ 515,698 Operating income Material Handling $ 62,187 $ 55,072 $ 53,144 Distribution 15,428 12,157 10,076 Corporate (1) ( 28,314 ) ( 13,679 ) ( 25,954 ) Total operating income 49,301 53,550 37,266 Interest expense, net ( 4,208 ) ( 4,688 ) ( 4,083 ) Income before income taxes $ 45,093 $ 48,862 $ 33,183 Total Assets Material Handling $ 370,499 $ 292,596 $ 193,751 Distribution 88,757 80,708 75,338 Corporate (2) 25,293 26,711 84,050 Total assets $ 484,549 $ 400,015 $ 353,139 Capital Additions, Net Material Handling $ 17,173 $ 12,207 $ 8,835 Distribution 402 931 1,396 Corporate 292 283 63 Total capital additions, net $ 17,867 $ 13,421 $ 10,294 Depreciation and Amortization Material Handling $ 17,803 $ 17,834 $ 21,282 Distribution 2,208 2,300 1,501 Corporate 874 796 800 Total depreciation and amortization $ 20,885 $ 20,930 $ 23,583 (1) Corporate results include the $ 11.9 million gain related to the sale of the HC notes receivable and the release of the lease guarantee in 2020 as discussed in Note 6. (2) The decrease in Corporate assets at December 31, 2020 from December 31, 2019 is primarily due to cash paid for the acquisition of Elkhart Plastics as discussed in Note 3. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration of Credit Risk | |||
Expense for bad debts | $ 737 | $ 1,418 | |
Deductions from allowance for doubtful accounts, net of recoveries | $ 900 | 400 | $ 300 |
Inventories | |||
Percentage of LIFO Inventory | 30.00% | ||
Cost valuation of inventory if FIFO had been used exclusively | $ 7,000 | 4,700 | |
LIFO inventories increased (decreased) cost of sales | (100) | (100) | (700) |
Cash and Cash Equivalents | |||
Increased (reduced) cash used for capital expenditures | (200) | (1,600) | 600 |
Selling Expense [Member] | |||
Concentration of Credit Risk | |||
Expense for bad debts | $ 700 | 1,400 | $ 600 |
Maximum [Member] | Performance-Based Restricted Stock Units [Member] | |||
Stock Based Compensation | |||
Percentage of established target performance criteria | 250.00% | ||
Maximum [Member] | Sales [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Concentration risk percentage | 10.00% | ||
Minimum [Member] | Performance-Based Restricted Stock Units [Member] | |||
Stock Based Compensation | |||
Percentage of established target performance criteria | 0.00% | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Less unamortized deferred financing fees [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Notes payable, fair value disclosure | $ 41,000 | $ 80,900 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Balance at January 1 | $ 2,335 | $ 1,356 |
Provision for expected credit loss, net of recoveries | 737 | 1,418 |
Write-offs and other | (899) | (439) |
Balance at December 31 | $ 2,173 | $ 2,335 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Determination Cost of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished and in-process products | $ 56,684 | $ 42,304 |
Raw materials and supplies | 36,867 | 23,615 |
Inventory net | $ 93,551 | $ 65,919 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of the Assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 20 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 5 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 10 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful lives | 10 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment by Major Assets Class (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment, Net [Abstract] | ||
Land | $ 6,733 | $ 6,717 |
Buildings and leasehold improvements | 59,199 | 45,897 |
Machinery and equipment | 296,809 | 279,574 |
Property, Plant and Equipment, at cost | 362,741 | 332,188 |
Less allowances for depreciation and amortization | (270,692) | (258,235) |
Property, plant and equipment, net | $ 92,049 | $ 73,953 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 189,100 | $ 166,682 | $ 154,638 |
Total other comprehensive income (loss) | 372 | 576 | 1,931 |
Ending balance | 209,325 | 189,100 | 166,682 |
Foreign Currency [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (13,974) | (14,602) | (16,251) |
Other comprehensive income (loss) before reclassifications | 39 | 628 | 1,649 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 0 | 0 | 0 |
Total other comprehensive income (loss) | 39 | 628 | 1,649 |
Ending balance | (13,935) | (13,974) | (14,602) |
Defined Benefit Pension Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (1,799) | (1,747) | (2,029) |
Other comprehensive income (loss) before reclassifications | 269 | (113) | 209 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 64 | 61 | 73 |
Total other comprehensive income (loss) | 333 | (52) | 282 |
Ending balance | (1,466) | (1,799) | (1,747) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (15,773) | (16,349) | (18,280) |
Other comprehensive income (loss) before reclassifications | 308 | 515 | 1,858 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 64 | 61 | 73 |
Total other comprehensive income (loss) | 372 | 576 | 1,931 |
Ending balance | $ (15,401) | $ (15,773) | $ (16,349) |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification from AOCI, Current Period, Tax [Abstract] | |||
Amounts reclassified from accumulated other comprehensive income, tax | $ 21 | $ 20 | $ 24 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Revenue by Major Market (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 761,435 | $ 510,369 | $ 515,698 |
Operating Segments [Member] | Material Handling [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 564,068 | 343,884 | 356,407 |
Operating Segments [Member] | Distribution [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 197,427 | 166,544 | 159,349 |
Inter-company [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | (60) | (59) | (58) |
Consumer [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 116,707 | 92,301 | 71,272 |
Consumer [Member] | Operating Segments [Member] | Material Handling [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 116,707 | 92,301 | 71,272 |
Vehicle [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 170,322 | 77,085 | 82,768 |
Vehicle [Member] | Operating Segments [Member] | Material Handling [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 170,322 | 77,085 | 82,768 |
Food and Beverage [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 83,817 | 54,752 | 68,416 |
Food and Beverage [Member] | Operating Segments [Member] | Material Handling [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 83,817 | 54,752 | 68,416 |
Industrial [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 193,162 | 119,687 | 133,893 |
Industrial [Member] | Operating Segments [Member] | Material Handling [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 193,222 | 119,746 | 133,951 |
Industrial [Member] | Inter-company [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | (60) | (59) | (58) |
Auto Aftermarket [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | 197,427 | 166,544 | 159,349 |
Auto Aftermarket [Member] | Operating Segments [Member] | Distribution [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 197,427 | $ 166,544 | $ 159,349 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Balances Included in Consolidated Statements of Financial Position Related to Revenue Recognition (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Returns, discounts and other allowances | $ (1,056) | $ (943) |
Inventories, net [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Right of return asset | 361 | 357 |
Other Current Liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Customer deposits | (1,816) | (195) |
Accrued rebates | $ (3,378) | $ (2,712) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Type of Cost, Good or Service [Extensible Enumeration] | us-gaap:ShippingAndHandlingMember | us-gaap:ShippingAndHandlingMember | us-gaap:ShippingAndHandlingMember |
Cost of sales | $ 550,014 | $ 338,409 | $ 344,386 |
Selling, General and Administrative Expenses [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Cost of sales | 10,400 | 7,100 | 8,400 |
Cost of Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Cost of sales | $ 7,300 | $ 6,400 | $ 5,900 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Millions | Jul. 30, 2021 | Nov. 10, 2020 | Aug. 26, 2019 |
Trilogy Plastics, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price of acquisition | $ 34.5 | ||
Estimated working capital adjustment | $ 0.3 | ||
Elkhart Plastics [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price of acquisition | $ 63.8 | ||
Estimated working capital adjustment | $ 1.2 | ||
Tuffy [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price of acquisition | $ 18.7 | ||
Estimated working capital adjustment | $ 0.7 |
Acquisitions - Summary of Alloc
Acquisitions - Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed - Trilogy Plastics (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jul. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets acquired: | ||||
Goodwill | $ 88,778 | $ 79,256 | $ 66,774 | |
Trilogy Plastics, Inc. [Member] | ||||
Assets acquired: | ||||
Accounts receivable | $ 3,929 | |||
Inventories | 2,752 | |||
Prepaid expenses | 63 | |||
Other assets - long term | 93 | |||
Property, plant and equipment | 4,903 | |||
Right of use asset - operating leases | 8,685 | |||
Intangible assets | 14,333 | |||
Goodwill | 10,003 | |||
Assets acquired | 44,761 | |||
Liabilities assumed: | ||||
Accounts payable | 765 | |||
Accrued expenses | 777 | |||
Operating lease liability - short term | 576 | |||
Operating lease liability - long term | 8,108 | |||
Total liabilities assumed | 10,226 | |||
Net acquisition cost | $ 34,535 |
Acquisitions - Summary of Intan
Acquisitions - Summary of Intangible Assets - Trilogy Plastics (Details) - Trilogy Plastics, Inc. [Member] $ in Thousands | Jul. 30, 2021USD ($) |
Acquired Finite Lived Intangible Assets [Line Items] | |
Total amortizable intangible assets, Fair value | $ 14,333 |
Customer Relationships [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Total amortizable intangible assets, Fair value | $ 12,463 |
Weighted Average Estimated Useful Life | 18 years |
Trade Name [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Total amortizable intangible assets, Fair value | $ 1,870 |
Weighted Average Estimated Useful Life | 10 years |
Acquisitions - Summary of All_2
Acquisitions - Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed - Elkhart Plastics (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 10, 2020 | Dec. 31, 2019 |
Assets acquired: | ||||
Goodwill | $ 88,778 | $ 79,256 | $ 66,774 | |
Elkhart Plastics [Member] | ||||
Assets acquired: | ||||
Accounts receivable | $ 12,026 | |||
Inventories | 13,639 | |||
Prepaid expenses | 960 | |||
Other assets - long term | 34 | |||
Property, plant and equipment | 18,038 | |||
Right of use asset - operating leases | 13,757 | |||
Deferred tax | 451 | |||
Intangible assets | 16,627 | |||
Goodwill | 11,792 | |||
Assets acquired | 87,324 | |||
Liabilities assumed: | ||||
Accounts payable | 5,603 | |||
Accrued expenses | 4,623 | |||
Operating lease liability - short term | 2,390 | |||
Operating lease liability - long term | 10,867 | |||
Total liabilities assumed | 23,483 | |||
Net acquisition cost | $ 63,841 |
Acquisitions - Summary of Int_2
Acquisitions - Summary of Intangible Assets - Elkhart Plastics (Details) - Elkhart Plastics [Member] $ in Thousands | Nov. 10, 2020USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total amortizable intangible assets, Fair value | $ 16,627 |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total amortizable intangible assets, Fair value | $ 10,210 |
Weighted Average Estimated Useful Life | 18 years |
Trade Name [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total amortizable intangible assets, Fair value | $ 5,817 |
Weighted Average Estimated Useful Life | 10 years |
Non-competition Agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total amortizable intangible assets, Fair value | $ 600 |
Weighted Average Estimated Useful Life | 5 years |
Acquisitions - Summary of All_3
Acquisitions - Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed - Tuffy (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets acquired: | |||
Goodwill | $ 88,778 | $ 79,256 | $ 66,774 |
Assets Impairment - Additional
Assets Impairment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Long Lived Assets Held For Sale [Line Items] | |||
Impairment charges | $ 0 | $ 0 | $ 916 |
Net proceeds from sale of building | 7,400 | ||
Level 2 [Member] | |||
Long Lived Assets Held For Sale [Line Items] | |||
Impairment charges | $ 900 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)ReportingUnit | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 30, 2021 | |
Goodwill [Roll Forward] | ||||
Impairment of goodwill and indefinite-lived intangible assets | $ 0 | $ 0 | $ 0 | |
Number of reporting units | ReportingUnit | 8 | |||
Amortization of Intangible Assets | $ 5,190,000 | $ 6,273,000 | $ 8,077,000 | |
Estimated amortization expense, 2022 | 5,703,000 | |||
Estimated amortization expense, 2023 | 5,703,000 | |||
Estimated amortization expense, 2024 | 4,514,000 | |||
Estimated amortization expense, 2025 | 2,962,000 | |||
Estimated amortization expense, 2026 | $ 2,311,000 | |||
Maximum [Member] | ||||
Goodwill [Roll Forward] | ||||
Percentage of fair value in excess of carrying amount | 10.00% |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 79,256 | $ 66,774 |
Acquisition | 10,003 | 12,312 |
Purchase accounting adjustment | (520) | (68) |
Foreign currency translation | (39) | 238 |
Ending balance | 88,778 | 79,256 |
Distribution [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 7,648 | 7,716 |
Acquisition | 0 | 0 |
Purchase accounting adjustment | 0 | (68) |
Foreign currency translation | 0 | 0 |
Ending balance | 7,648 | 7,648 |
Material Handling [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 71,608 | 59,058 |
Acquisition | 10,003 | 12,312 |
Purchase accounting adjustment | (520) | 0 |
Foreign currency translation | (39) | 238 |
Ending balance | $ 81,130 | $ 71,608 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Gross | $ 126,753 | $ 112,355 |
Accumulated amortization | (76,572) | (71,317) |
Net | 50,181 | 41,038 |
Trade Names - Indefinite Lived [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangibles | $ 9,782 | 9,782 |
Trade Names [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 8 years 7 months 6 days | |
Gross | $ 8,267 | 6,397 |
Accumulated amortization | (1,035) | (270) |
Net | $ 7,232 | 6,127 |
Customer Relationships [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 14 years 3 months 18 days | |
Gross | $ 70,794 | 58,266 |
Accumulated amortization | (44,221) | (42,243) |
Net | $ 26,573 | 16,023 |
Technology [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 2 years 7 months 6 days | |
Gross | $ 24,980 | 24,980 |
Accumulated amortization | (19,169) | (16,897) |
Net | $ 5,811 | 8,083 |
Non-competition Agreements [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 3 years 3 months 18 days | |
Gross | $ 1,200 | 1,200 |
Accumulated amortization | (417) | (177) |
Net | $ 783 | 1,023 |
Patents [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 0 years | |
Gross | $ 11,730 | 11,730 |
Accumulated amortization | (11,730) | (11,730) |
Net | $ 0 | $ 0 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2020 | Dec. 31, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Provision for loss on notes receivable | $ 737 | $ 1,418 | ||||
Lawn and Garden Indemnification Claim [Member] | Guarantee Obligation [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Lease guarantee contingency | $ 10,700 | |||||
Sale of fully reserved promissory notes | $ 1,200 | |||||
Pre-tax gain on sale of notes receivable | $ 11,900 | |||||
Brazil Business [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Gain (Loss) on sale of Business | $ 35,000 | |||||
Tax benefit as a result of a worthless stock deduction | $ 14,300 | |||||
Net income from discontinued operations | $ 100 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding basic | 36,138,571 | 35,785,798 | 35,491,958 |
Dilutive effect of stock options and restricted stock (in shares) | 220,398 | 130,832 | 161,189 |
Weighted average common shares outstanding diluted (in shares) | 36,358,969 | 35,916,630 | 35,653,147 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive securities excluded from computation of net earnings or loss per common share | 26,814 | 462,332 | 470,185 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost And Reserve [Line Items] | ||||
Proceeds from sale of property, plant and equipment | $ 3,336,000 | $ 2,000 | $ 7,537,000 | |
Gain on sale of property, plant and equipment | 1,382,000 | (3,000) | 0 | |
Restructuring charges | 900,000 | 0 | 0 | |
Ameri-Kart [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Expected restructuring charges | 1,400,000 | |||
Non cash inventory write-off | 100,000 | |||
Unpaid restructuring expenses | $ 500,000 | |||
Distribution Transformation Plan [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Expected restructuring charges | $ 900,000 | |||
Indiana [Member] | Manufacturing and Distribution [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Facility lease period | 15 years | |||
Sale leaseback transaction term of contract | 5 years | |||
Proceeds from sale of property, plant and equipment | $ 2,800,000 | |||
Gain on sale of property, plant and equipment | $ 1,000,000 | |||
Indiana [Member] | Manufacturing and Distribution [Member] | Other Assets [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Building classified as held for sale | $ 1,900,000 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Customer deposits and accrued rebates | $ 5,194 | $ 2,907 |
Dividends payable | 5,441 | 5,251 |
Accrued litigation, claims and professional fees | 777 | 306 |
Current portion of environmental reserves | 1,429 | 1,433 |
Other accrued expenses | 6,787 | 8,039 |
Other current liabilities, Total | $ 19,628 | $ 17,936 |
Other Liabilities - Schedule _2
Other Liabilities - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Environmental reserves | $ 8,298 | $ 7,266 |
Supplemental executive retirement plan liability | 1,176 | 1,510 |
Pension liability | 421 | 941 |
Other long-term liabilities | 3,191 | 4,656 |
Other liabilities (long-term), Total | $ 13,086 | $ 14,373 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 29, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 3,196 | $ 3,534 | $ 1,715 | |
Total unrecognized compensation cost related to non-vested share based compensation arrangements | $ 4,263 | |||
Unrecognized compensation cost period for recognition | 3 years | |||
Reversal of recognized stock compensation expense | $ 2,031 | |||
Options granted | 0 | 0 | 235,474 | |
Stock options expired or forfeited | 30,094 | 81,944 | 268,545 | |
The total intrinsic value of all stock options exercised | $ 969 | $ 459 | $ 732 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of expiration, term | 10 years | |||
Restricted Stock Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, in years | 1 year | |||
Restricted Stock Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, in years | 3 years | |||
Performance-Based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock granted during period | 306,116 | |||
Performance-Based Restricted Stock Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of established target performance criteria | 0.00% | |||
Performance-Based Restricted Stock Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of established target performance criteria | 250.00% | |||
2017 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for grant under plan (in shares) | 5,126,950 | 0 | ||
2021 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for grant under plan (in shares) | 2,000,000 |
Stock Compensation - Summary of
Stock Compensation - Summary of Stock Option Activity for the Period (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options Granted (in shares) | 0 | 0 | 235,474 |
Options Exercised, Shares (in shares) | 192,504 | 97,779 | 221,695 |
Outstanding at December 31, 2020 | 531,170 | 710,893 | |
Options Exercised, Shares (in shares) | (192,504) | (97,779) | (221,695) |
Cancelled or forfeited (in shares) | (30,094) | ||
Outstanding at December 31, 2021 | 308,572 | 531,170 | 710,893 |
Exercisable at December 31, 2021 | 297,295 | 460,341 | 486,382 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options Granted, Average Exercise Price (in dollars per share) | $ 18.54 | ||
Options Exercised, Average Exercise Price (in dollars per share) | $ 16.91 | ||
Outstanding, Average Price (in dollars per share) | 18.09 | ||
Cancelled or forfeited, average exercise price (in dollars per share) | 19.94 | ||
Outstanding, Average Price (in dollars per share) | 18.64 | $ 18.09 | |
Exercisable, Average Exercise Price (in dollars per share) | $ 18.64 | 17.94 | 17.31 |
Outstanding, Weighted Average Life | 3 years 8 months 26 days | ||
Exercisable, Weighted Average Life | 3 years 7 months 9 days | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options Exercised, Average Exercise Price (in dollars per share) | $ 11.62 | 10.10 | 11.62 |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options Exercised, Average Exercise Price (in dollars per share) | $ 21.30 | $ 18.69 | $ 14.30 |
Stock Compensation - Options ou
Stock Compensation - Options outstanding and exercisable (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Outstanding (in shares) | 308,572 | 531,170 | 710,893 |
Exercise price range, minimum (in dollars per share) | $ 11.62 | $ 11.62 | $ 10.10 |
Exercise price range, maximum (in dollars per share) | $ 21.30 | $ 21.30 | $ 21.30 |
Exercisable (in shares) | 297,295 | 460,341 | 486,382 |
Weighted average exercise price (in dollars per share) | $ 18.64 | $ 17.94 | $ 17.31 |
Stock Compensation - Fair Value
Stock Compensation - Fair Value of Stock Options Granted Assumptions Used (Details) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Share-based Payment Arrangement [Abstract] | |
Risk free interest rate | 2.70% |
Expected dividend yield | 2.76% |
Expected life of award (in years) | 6 years 2 months 1 day |
Expected volatility | 44.89% |
Fair value per option | $ 5.78 |
Stock Compensation - Summary _2
Stock Compensation - Summary of Combined Restricted Stock Units Including Performance Based Restricted Stock Units and Restricted Stock Activity (Details) - Restricted Stock Units Including Performance Based Restricted Stock Units and Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested (in shares) | 500,852 |
Granted (in shares) | 302,881 |
Vested (in shares) | (155,406) |
Forfeited (in shares) | (166,048) |
Unvested (in shares) | 519,425 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Granted, Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 19.63 |
Vested, Average Grant Date Fair Value (in dollars per share) | $ / shares | 14.72 |
Forfeited, Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 15.41 |
Contingencies - Additional Info
Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 123 Months Ended | 254 Months Ended | |||||
Jan. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2021 | Feb. 14, 2014 | |
Loss Contingencies [Line Items] | ||||||||||
Other current liabilities | $ 17,936 | $ 19,628 | $ 17,936 | $ 19,628 | ||||||
Other liabilities | 14,373 | 13,086 | 14,373 | 13,086 | ||||||
New Idria Mercury Mine [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Financial assurance required to be provided to EPA to secure performance | $ 2,000 | |||||||||
Prepayment amount | $ 200 | |||||||||
New Almaden Mine (Formerly Referred to as Guadalupe River Watershed) [Member] | Natural Resource Damage Claim [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Total reserve | 1,500 | 1,500 | ||||||||
Other current liabilities | 300 | 300 | ||||||||
Other liabilities | 1,200 | 1,200 | ||||||||
Revised estimated project costs, Low Estimate | $ 3,300 | |||||||||
Revised estimated project costs, High Estimate | $ 4,400 | |||||||||
Pending Litigation [Member] | New Idria Mercury Mine [Member] | EPA Notice Letter [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingency, Loss in period | $ 500 | 700 | $ 500 | $ 4,000 | $ 1,300 | 11,100 | $ 1,600 | |||
Loss contingencies, payments | 2,900 | |||||||||
Total reserve | 8,200 | 8,200 | ||||||||
Other current liabilities | 1,100 | 1,100 | ||||||||
Other liabilities | $ 7,100 | $ 7,100 |
Long-Term Debt and Loan Agree_3
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 91,000 | $ 78,000 |
Less unamortized deferred financing fees | 55 | 424 |
Long-term Debt, net of deferred financing costs | 90,945 | 77,576 |
Less current portion long-term debt | 0 | 39,994 |
Long-term debt | 90,945 | 37,582 |
Loan Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 53,000 | |
4.67% Senior Unsecured Notes due January 15, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0 | 40,000 |
5.25% Senior Unsecured Notes due January 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 11,000 | 11,000 |
5.30% Senior Unsecured Notes due January 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 15,000 | 15,000 |
5.45% Senior Unsecured Notes due January 15, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 12,000 | $ 12,000 |
Long-Term Debt and Loan Agree_4
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
4.67% Senior Unsecured Notes due January 15, 2021 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 4.67% |
Debt instrument maturity date | Jan. 15, 2021 |
5.25% Senior Unsecured Notes due January 15, 2024 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 5.25% |
Debt instrument maturity date | Jan. 15, 2024 |
5.30% Senior Unsecured Notes due January 15, 2024 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 5.30% |
Debt instrument maturity date | Jan. 15, 2024 |
5.45% Senior Unsecured Notes due January 15, 2026 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 5.45% |
Debt instrument maturity date | Jan. 15, 2026 |
Long-Term Debt and Loan Agree_5
Long-Term Debt and Loan Agreements - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2021 | Mar. 31, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 91,000,000 | $ 78,000,000 | |||
Long-term Debt | 90,945,000 | 37,582,000 | |||
Repayments of long-term debt | 40,000,000 | 0 | $ 0 | ||
Other Assets [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred financing fees | 1,100,000 | ||||
Interest Expense [Member] | |||||
Debt Instrument [Line Items] | |||||
Amortization expense of deferred financing costs | 463,000 | 400,000 | $ 386,000 | ||
4.67% Senior Unsecured Notes due January 15, 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 0 | $ 40,000,000 | |||
Interest rate | 4.67% | ||||
Debt instrument maturity date | Jan. 15, 2021 | ||||
Repayments of long-term debt | $ 40,000,000 | ||||
Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 38,000,000 | ||||
Senior Unsecured Notes [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 11,000,000 | ||||
Interest rate | 5.25% | ||||
Debt instrument maturity date | Jan. 15, 2024 | ||||
Senior Unsecured Notes [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 15,000,000 | ||||
Interest rate | 5.45% | ||||
Debt instrument maturity date | Jan. 15, 2026 | ||||
Loan Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity on line of credit | $ 200,000,000 | $ 250,000,000 | |||
Loan maturity period | 2022-03 | 2024-03 | |||
Remaining amount available under the line of credit | $ 191,200,000 | ||||
Letters of credit | $ 5,800,000 | ||||
Weighted average interest rate during period | 4.56% | 6.28% | 6.27% | ||
Loan Agreement [Member] | EPA [Member] | |||||
Debt Instrument [Line Items] | |||||
Financial assurance required to be provided | $ 2,000,000 |
Long-Term Debt and Loan Agree_6
Long-Term Debt and Loan Agreements - Schedule of Debt Ratios (Details) - Unsecured Senior Notes [Member] | Dec. 31, 2021 |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Coverage Ratio, Actual | 18.58% |
Debt Instrument, Leverage Ratio, Actual | 1.36% |
Debt Instrument, Covenant, Interest Coverage Ratio Required, Minimum | 3.00% |
Debt Instrument, Covenant, Leverage Ratio Required, Maximum | 3.25% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 18, 2017 | |
Income Taxes [Line Items] | ||||||
Effective tax rate for the year | 25.60% | 24.70% | 27.00% | |||
Provision and related deferred tax liability on earnings from subsidiary | $ 600 | |||||
Deferred tax assets, operating loss carryforwards | $ 1,982 | $ 1,982 | ||||
Deferred tax assets, valuation allowance | 1,982 | 1,982 | ||||
Unrecognized tax benefits that would impact effective tax rate | $ 800 | $ 800 | $ 1,100 | |||
Income tax examination, description | The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of December 31, 2021, the Company is no longer subject to U.S. Federal examinations by tax authorities for tax years before 2015. | |||||
State and Local [Member] | ||||||
Income Taxes [Line Items] | ||||||
Income tax examination for tax years | 2017 2018 2019 2020 | |||||
Non-U.S [Member] | ||||||
Income Taxes [Line Items] | ||||||
Income tax examination for tax years | 2016 2017 2018 2019 2020 | |||||
Brazil Business [Member] | ||||||
Income Taxes [Line Items] | ||||||
Capital loss incurred divestiture | $ 9,500 | |||||
Deferred tax assets, operating loss carryforwards | $ 2,000 | |||||
Deferred tax assets, valuation allowance | $ 2,000 | |||||
Tax benefit as a result of a worthless stock deduction | $ 14,300 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
State income taxes - net of federal tax benefit | 3.10% | 3.30% | 5.20% |
Foreign tax rate differential | 1.30% | 0.30% | |
Non-deductible expenses | 0.40% | 0.70% | 1.00% |
Changes in unrecognized tax benefits | (0.80%) | 0.40% | |
Foreign tax incentives | 0.40% | ||
Other | (0.20%) | 0.20% | (0.20%) |
Effective tax rate for the year | 25.60% | 24.70% | 27.00% |
Income Taxes - Income (Loss) fr
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 36,203 | $ 45,070 | $ 33,612 |
Foreign | 8,890 | 3,792 | (429) |
Income from continuing operations before income taxes | $ 45,093 | $ 48,862 | $ 33,183 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
Federal | $ 4,901 | $ 957 | $ 7,270 |
Foreign | 2,389 | 1,390 | 497 |
State and local | 1,439 | 1,014 | 2,123 |
Current Income Tax Expense (Benefit) | 8,729 | 3,361 | 9,890 |
Deferred | |||
Federal | 2,534 | 8,702 | (447) |
Foreign | (53) | (326) | (538) |
State and local | 345 | 356 | 63 |
Deferred Income Tax Expense (Benefit) | $ 2,826 | $ 8,732 | $ (922) |
Income Taxes - Significant Comp
Income Taxes - Significant Components of the Company's Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred income tax assets | ||
Compensation accruals | $ 2,387 | $ 2,446 |
Inventory valuation | 2,008 | 2,647 |
Allowance for uncollectible accounts | 489 | 497 |
Non-deductible accruals | 3,538 | 3,419 |
Operating lease liability | 6,220 | 3,804 |
Finance lease liability | 2,087 | |
Non-deductible intangibles | 1,473 | 1,669 |
State deferred taxes | 176 | 451 |
Capital loss carryforwards | 1,982 | 1,982 |
Net operating loss carryforwards | 30 | 34 |
Deferred tax assets, gross | 20,390 | 16,949 |
Valuation allowance | (1,982) | (1,982) |
Deferred Tax Assets, Net of Valuation Allowance | 18,408 | 14,967 |
Deferred income tax liabilities | ||
Property, plant and equipment | 8,983 | 7,925 |
Tax-deductible goodwill | 4,937 | 4,623 |
Right of use asset - operating leases | 6,150 | 3,759 |
Finance lease assets | 2,051 | |
Other | 1,622 | 1,534 |
Deferred tax liabilities, gross | 23,743 | 17,841 |
Net deferred income tax liability | $ (5,335) | $ (2,874) |
Income Taxes - Activity Related
Income Taxes - Activity Related to the Company's Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 774 | $ 1,098 | $ 955 |
Increases related to previous year tax positions | 0 | 59 | 143 |
Reductions due to lapse of applicable statute of limitations | 0 | (383) | 0 |
Balance at December 31 | $ 774 | $ 774 | $ 1,098 |
Retirement Plans - Net Periodic
Retirement Plans - Net Periodic Pension Cost of Plan (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 151 | $ 191 | $ 242 |
Expected return on assets | (193) | (206) | (184) |
Amortization of net loss | 85 | 81 | 97 |
Net periodic pension cost | $ 43 | $ 66 | $ 155 |
Retirement Plans - Reconciliati
Retirement Plans - Reconciliation of Changes in Plan's Projected Benefit Obligations and Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in plan assets: | |||
Company contributions | $ 100 | ||
Pension Plans, Defined Benefit [Member] | |||
Change in benefit obligation: | |||
Projected benefit obligation at beginning of year | 6,749 | $ 6,339 | |
Interest cost | 151 | 191 | $ 242 |
Actuarial (gain) loss | (258) | 567 | |
Benefits paid | (344) | (348) | |
Projected benefit obligation at end of year | 6,298 | 6,749 | 6,339 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 5,808 | 5,383 | |
Actual return on plan assets | 294 | 623 | |
Company contributions | 119 | 150 | |
Benefits paid | (344) | (348) | |
Fair value of plan assets at end of year | 5,877 | 5,808 | $ 5,383 |
Funded status | $ (421) | $ (941) |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Contributions to plan | $ 100 | ||
Redemption fees for mutual fund's net asset value | 0 | ||
Executive Officer [Member] | SERP [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Plan expense recognized | $ 27 | $ 110 | $ 174 |
Discount rate for benefit obligations | 2.70% | 2.30% | |
Accrued compensation | $ 1,531 | $ 1,892 | |
401K Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Recognized expense | 3,398 | 2,689 | $ 2,500 |
Mutual Funds [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Fair value of plan assets | 2,031 | 3,396 | |
Pooled Separate Accounts [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Fair value of plan assets | $ 3,846 | $ 2,412 |
Retirement Plans - Assumptions
Retirement Plans - Assumptions Used to Determine the Net Periodic Benefit Cost and Benefit Obligations (Details) - Pension Plans, Defined Benefit [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for net periodic pension cost | 2.30% | 3.10% | 4.20% |
Discount rate for benefit obligations | 2.65% | 2.30% | 3.10% |
Expected long-term return of plan assets | 5.25% | 6.25% | 7.00% |
Retirement Plans - Weighted Ave
Retirement Plans - Weighted Average Asset Allocations for Plan (Details) - Pension Plans, Defined Benefit [Member] | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
U.S. Equities securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocations | 35.00% | 58.00% |
U.S. Debt securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocations | 65.00% | 42.00% |
Retirement Plans - Benefit Paym
Retirement Plans - Benefit Payments Projected for the Plan (Details) - Pension Plans, Defined Benefit [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2022 | $ 360 |
2023 | 360 |
2024 | 360 |
2025 | 370 |
2026 | 380 |
2027-2031 | $ 1,810 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Facility | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Lessee Lease Description [Line Items] | |||
Operating lease, existence of option to extend | true | ||
Operating lease, option to extend | Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early. | ||
Lessee, operating lease, renewal term | 5 years | ||
Operating lease, existence of option to terminate | true | ||
Operating lease, option to terminate | Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early. | ||
Total expected future minimum lease payments | $ 6,233,000 | ||
Proceeds from sale of property, plant and equipment | 3,336,000 | $ 2,000 | $ 7,537,000 |
Operating lease assets | 29,285,000 | 18,390,000 | |
Total operating lease liabilities | 29,156,000 | 18,114,000 | |
Total lease cost | $ 8,295,000 | 3,737,000 | 3,485,000 |
Material Handling [Member] | |||
Lessee Lease Description [Line Items] | |||
Number of operating lease facilities | Facility | 4 | ||
Operating lease assets | $ 3,600,000 | 5,200,000 | |
Total operating lease liabilities | 3,400,000 | 5,000,000 | |
Total lease cost | $ 1,800,000 | $ 100,000 | $ 0 |
Indiana [Member] | Manufacturing and Distribution [Member] | |||
Lessee Lease Description [Line Items] | |||
Facility lease period | 15 years | ||
Minimum [Member] | |||
Lessee Lease Description [Line Items] | |||
Facility lease period | 1 year | ||
Maximum [Member] | |||
Lessee Lease Description [Line Items] | |||
Facility lease period | 14 years |
Leases - Summary of Amounts Inc
Leases - Summary of Amounts Included in the Consolidated Statements of Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Operating lease assets | $ 29,285 | $ 18,390 |
Finance lease assets | $ 9,765 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | |
Total lease assets | $ 39,050 | 18,390 |
Liabilities: | ||
Current | 5,341 | 4,359 |
Long-term | 23,815 | 13,755 |
Total operating lease liabilities | 29,156 | 18,114 |
Current | 500 | |
Long-term | 9,437 | |
Total finance lease liabilities | 9,937 | |
Total lease liabilities | $ 39,093 | $ 18,114 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee Lease Description [Line Items] | |||
Total lease cost | $ 8,295 | $ 3,737 | $ 3,485 |
Cost of Sales [Member] | |||
Lessee Lease Description [Line Items] | |||
Total operating lease cost | 5,095 | 2,008 | 1,744 |
Amortization expense | 574 | ||
Selling, General and Administrative Expenses [Member] | |||
Lessee Lease Description [Line Items] | |||
Total operating lease cost | 2,328 | $ 1,729 | $ 1,741 |
Interest Expense, Net [Member] | |||
Lessee Lease Description [Line Items] | |||
Interest expense on lease liabilities | $ 298 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 5,952 | $ 2,683 |
Operating cash flows from finance leases | 298 | |
Financing cash flows from finance leases | 402 | |
Right-of-use assets obtained in exchange for new lease liabilities: | ||
Operating leases | 7,438 | $ 1,116 |
Finance leases | $ 10,339 |
Leases - Summary of Lease Term
Leases - Summary of Lease Term and Discount Rate (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee Disclosure [Abstract] | ||
Weighted-average remaining lease term (years), operating leases | 7 years 3 months 7 days | 5 years 7 months 28 days |
Weighted-average remaining lease term (years), finance leases | 14 years 2 months 1 day | |
Weighted-average discount rate, operating leases | 3.40% | 3.70% |
Weighted-average discount rate, finance leases | 3.50% |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating and Finance Lease Liability Payments Due [Abstract] | ||
Operating Leases, 2022 | $ 6,233 | |
Operating Leases, 2023 | 5,581 | |
Operating Leases, 2024 | 4,127 | |
Operating Leases, 2025 | 3,334 | |
Operating Leases, 2026 | 2,848 | |
Operating Leases, After 2026 | 10,780 | |
Total operating lease payments | 32,903 | |
Less: interest | (3,747) | |
Present value of operating lease liabilities | 29,156 | $ 18,114 |
Finance Leases, 2022 | 840 | |
Finance Leases, 2023 | 840 | |
Finance Leases, 2024 | 861 | |
Finance Leases, 2025 | 865 | |
Finance Leases, 2026 | 865 | |
Finance Leases, After 2026 | 8,408 | |
Total finance lease payments | 12,679 | |
Less: interest | (2,742) | |
Present value of finance lease liabilities | 9,937 | |
2022 | 7,073 | |
2023 | 6,421 | |
2024 | 4,988 | |
2025 | 4,199 | |
2026 | 3,713 | |
After 2026 | 19,188 | |
Total lease payments | 45,582 | |
Less: interest | (6,489) | |
Present value of lease liabilities | $ 39,093 |
Segments - Additional Informati
Segments - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | Segment | 2 | ||
Net sales | $ 761,435 | $ 510,369 | $ 515,698 |
Foreign Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 48,000 | 39,800 | 42,000 |
Long-lived assets | 11,300 | 11,800 | |
Export Sales [Member] | Foreign Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 29,900 | $ 17,700 | $ 23,600 |
Sales [Member] | Customer Concentration Risk [Member] | Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 4.60% | 4.80% | 4.70% |
Segments - Schedule of reportin
Segments - Schedule of reporting information by segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 761,435 | $ 510,369 | $ 515,698 |
Total operating income | 49,301 | 53,550 | 37,266 |
Interest expense, net | (4,208) | (4,688) | (4,083) |
Income from continuing operations before income taxes | 45,093 | 48,862 | 33,183 |
Total Assets | 484,549 | 400,015 | 353,139 |
Capital Additions, Net | 17,867 | 13,421 | 10,294 |
Depreciation and Amortization | 20,885 | 20,930 | 23,583 |
Operating Segments [Member] | Material Handling [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 564,068 | 343,884 | 356,407 |
Total operating income | 62,187 | 55,072 | 53,144 |
Total Assets | 370,499 | 292,596 | 193,751 |
Capital Additions, Net | 17,173 | 12,207 | 8,835 |
Depreciation and Amortization | 17,803 | 17,834 | 21,282 |
Operating Segments [Member] | Distribution [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 197,427 | 166,544 | 159,349 |
Total operating income | 15,428 | 12,157 | 10,076 |
Total Assets | 88,757 | 80,708 | 75,338 |
Capital Additions, Net | 402 | 931 | 1,396 |
Depreciation and Amortization | 2,208 | 2,300 | 1,501 |
Inter-company sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (60) | (59) | (58) |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Total operating income | (28,314) | (13,679) | (25,954) |
Total Assets | 25,293 | 26,711 | 84,050 |
Capital Additions, Net | 292 | 283 | 63 |
Depreciation and Amortization | $ 874 | $ 796 | $ 800 |
Segments - Schedule of report_2
Segments - Schedule of reporting information by segment (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |
Gain related to the sale of notes receivable | $ 11.9 |
Summarized Quarterly Results of
Summarized Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Net sales | $ 761,435 | $ 510,369 | $ 515,698 |
Gross profit | 211,421 | 171,960 | 171,312 |
Operating income | 49,301 | 53,550 | 37,266 |
Income from continuing operations | 33,538 | 36,769 | 24,215 |
Income (loss) from discontinued operations, net | 0 | 0 | 118 |
Net income | $ 33,538 | $ 36,769 | $ 24,333 |
Basic (in dollars per share) | $ 0.93 | $ 1.03 | $ 0.68 |
Basic (in dollars per share) | 0 | 0 | 0 |
Diluted (in dollars per share) | 0 | 0 | 0 |
Basic (in dollars per share) | 0.93 | 1.03 | 0.68 |
Diluted (in dollars per share) | $ 0.92 | $ 1.02 | $ 0.68 |