Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | Myers Industries, Inc. | |
Entity Central Index Key | 0000069488 | |
Trading Symbol | MYE | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2023 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 36,741,718 | |
Entity File Number | 001-08524 | |
Entity Tax Identification Number | 34-0778636 | |
Entity Address, Address Line One | 1293 South 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 | |
Entity Incorporation, State or Country Code | OH | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, without par value | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Net sales | $ 215,739 | $ 225,486 |
Cost of sales | 144,674 | 153,558 |
Gross profit | 71,065 | 71,928 |
Selling, general and administrative expenses | 52,081 | 47,990 |
(Gain) loss on disposal of fixed assets | 27 | (467) |
Operating income | 18,957 | 24,405 |
Interest expense, net | 1,646 | 1,147 |
Income before income taxes | 17,311 | 23,258 |
Income tax expense | 4,335 | 5,921 |
Net income | $ 12,976 | $ 17,337 |
Net income per common share: | ||
Basic | $ 0.35 | $ 0.48 |
Diluted | $ 0.35 | $ 0.47 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 12,976 | $ 17,337 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 42 | 570 |
Total other comprehensive income | 42 | 570 |
Comprehensive income | $ 13,018 | $ 17,907 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash | $ 28,241 | $ 23,139 |
Accounts receivable, less allowances of $3,183 and $3,259, respectively | 130,616 | 133,716 |
Inventories, net | 102,141 | 93,351 |
Prepaid expenses and other current assets | 5,781 | 7,001 |
Total Current Assets | 266,779 | 257,207 |
Property, plant, and equipment, net | 105,803 | 101,566 |
Right of use asset - operating leases | 28,381 | 28,908 |
Goodwill | 95,166 | 95,157 |
Intangible assets, net | 50,096 | 51,752 |
Deferred income taxes | 130 | 129 |
Other | 9,842 | 7,915 |
Total Assets | 556,197 | 542,634 |
Current Liabilities | ||
Accounts payable | 93,477 | 73,536 |
Accrued employee compensation | 13,647 | 24,664 |
Income taxes payable | 4,889 | 2,054 |
Accrued taxes payable, other than income taxes | 2,940 | 3,169 |
Accrued interest | 661 | 1,264 |
Other current liabilities | 27,016 | 26,380 |
Operating lease liability - short-term | 6,072 | 6,177 |
Finance lease liability - short-term | 523 | 518 |
Long-term debt - current portion | 25,984 | 0 |
Total Current Liabilities | 175,209 | 137,762 |
Long-term debt | 62,784 | 93,962 |
Operating lease liability - long-term | 22,409 | 22,786 |
Finance lease liability - long-term | 8,785 | 8,919 |
Other liabilities | 13,681 | 15,270 |
Deferred income taxes | 8,082 | 7,508 |
Total Liabilities | 290,950 | 286,207 |
Shareholders’ Equity | ||
Serial Preferred Shares (authorized 1,000,000 shares; none issued and outstanding) | 0 | 0 |
Common Shares, without par value (authorized 60,000,000 shares; outstanding 36,716,788 and 36,500,020; net of treasury shares of 5,835,669 and 6,052,437, respectively) | 22,525 | 22,332 |
Additional paid-in capital | 316,709 | 315,865 |
Accumulated other comprehensive loss | (17,751) | (17,793) |
Retained deficit | (56,236) | (63,977) |
Total Shareholders’ Equity | 265,247 | 256,427 |
Total Liabilities and Shareholders’ Equity | $ 556,197 | $ 542,634 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Financial Position (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Allowance for doubtful accounts receivable, current | $ 3,183 | $ 3,259 |
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) | 36,716,788 | 36,500,020 |
Common shares, treasury (in shares) | 5,835,669 | 6,052,437 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Deficit [Member] |
Beginning balance at Dec. 31, 2021 | $ 209,325 | $ 22,172 | $ 306,720 | $ (15,401) | $ (104,166) |
Stockholders' Equity [Roll Forward] | |||||
Net income | 17,337 | 0 | 0 | 0 | 17,337 |
Foreign currency translation adjustment | 570 | 0 | 0 | 570 | 0 |
Shares issued under incentive plans, net of shares withheld for tax | 127 | 53 | 74 | 0 | 0 |
Stock compensation expense | 1,727 | 0 | 1,727 | 0 | 0 |
Declared dividends | (4,948) | 0 | 0 | 0 | (4,948) |
Ending balance at Mar. 31, 2022 | 224,138 | 22,225 | 308,521 | (14,831) | (91,777) |
Beginning balance at Dec. 31, 2022 | 256,427 | 22,332 | 315,865 | (17,793) | (63,977) |
Stockholders' Equity [Roll Forward] | |||||
Net income | 12,976 | 0 | 0 | 0 | 12,976 |
Foreign currency translation adjustment | 42 | 0 | 0 | 42 | 0 |
Shares issued under incentive plans, net of shares withheld for tax | (867) | 193 | (1,060) | 0 | 0 |
Stock compensation expense | 1,904 | 0 | 1,904 | 0 | 0 |
Declared dividends | (5,235) | 0 | 0 | 0 | (5,235) |
Ending balance at Mar. 31, 2023 | $ 265,247 | $ 22,525 | $ 316,709 | $ (17,751) | $ (56,236) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Retained Deficit [Member] | ||
Dividends declared per share | $ 0.135 | $ 0.135 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows From Operating Activities | ||
Net income | $ 12,976 | $ 17,337 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||
Depreciation and amortization | 5,618 | 5,200 |
Amortization of deferred financing costs | 78 | 121 |
Non-cash stock-based compensation expense | 1,904 | 1,727 |
(Gain) loss on disposal of fixed assets | 27 | (467) |
Other | (827) | 521 |
Cash flows provided by (used for) working capital | ||
Accounts receivable | 3,181 | (31,894) |
Inventories | (8,778) | (5,980) |
Prepaid expenses and other current assets | 1,220 | 614 |
Accounts payable and accrued expenses | 10,387 | 20,113 |
Net cash provided by (used for) operating activities | 25,786 | 7,292 |
Cash Flows From Investing Activities | ||
Capital expenditures | (9,091) | (5,060) |
Acquisition of business, net of cash acquired | (160) | 0 |
Proceeds from sale of property, plant and equipment | 33 | 1,076 |
Net cash provided by (used for) investing activities | (9,218) | (3,984) |
Cash Flows From Financing Activities | ||
Net borrowings from revolving credit facility | (5,200) | 1,500 |
Payments on finance lease | (129) | (124) |
Cash dividends paid | (5,274) | (4,939) |
Proceeds from issuance of common stock | 1,132 | 471 |
Shares withheld for employee taxes on equity awards | (1,999) | (344) |
Net cash provided by (used for) financing activities | (11,470) | (3,436) |
Foreign exchange rate effect on cash | 4 | 49 |
Net increase (decrease) in cash | 5,102 | (79) |
Cash at January 1 | 23,139 | 17,655 |
Cash at March 31 | $ 28,241 | $ 17,576 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. In the opinion of the Company, the accompanying condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position as of March 31, 2023, and the results of operations and cash flows for the periods presented. The results of operations for the quarter ended March 31, 2023 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2023 . Fair Value Measurement The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures , for its financial assets and liabilities, as required. Under ASC 820, the hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels: 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 or 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 11, approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of any 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 March 31, 2023 and December 31, 2022, the aggregate fair value of the Company's outstanding fixed rate senior unsecured notes was estimated to be $ 37.6 million and $ 37.4 million, respectively. The purchase price allocations associated with the May 31, 2022 acquisition of Mohawk Rubber Sales of New England Inc. ("Mohawk"), 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. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) are as follows: Foreign Defined Benefit Total Balance at January 1, 2023 $ ( 16,410 ) $ ( 1,383 ) $ ( 17,793 ) Other comprehensive income (loss) before reclassifications 42 — 42 Net current-period other comprehensive income (loss) 42 — 42 Balance at March 31, 2023 $ ( 16,368 ) $ ( 1,383 ) $ ( 17,751 ) Foreign Defined Benefit Total Balance at January 1, 2022 $ ( 13,935 ) $ ( 1,466 ) $ ( 15,401 ) Other comprehensive income (loss) before reclassifications 570 — 570 Net current-period other comprehensive income (loss) 570 — 570 Balance at March 31, 2022 $ ( 13,365 ) $ ( 1,466 ) $ ( 14,831 ) 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. The changes in the allowance for credit losses for the quarter ended March 31, 2023 and 2022 were as follows: 2023 2022 Balance at January 1 $ 2,273 $ 2,173 Provision for expected credit loss, net of recoveries 135 31 Write-offs and other ( 195 ) ( 268 ) Balance at March 31 $ 2,213 $ 1,936 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2. Revenue Recognition The Company’s revenue by major market is as follows: For the Quarter Ended March 31, 2023 Material Distribution Inter-company Consolidated Consumer $ 23,876 $ — $ — $ 23,876 Vehicle 32,008 — — 32,008 Food and beverage 41,156 — — 41,156 Industrial 55,522 — ( 8 ) 55,514 Auto aftermarket — 63,185 — 63,185 Total net sales $ 152,562 $ 63,185 $ ( 8 ) $ 215,739 For the Quarter Ended March 31, 2022 Material Distribution Inter-company Consolidated Consumer $ 31,924 $ — $ — $ 31,924 Vehicle 47,777 — — 47,777 Food and beverage 34,680 — — 34,680 Industrial 62,255 — ( 11 ) 62,244 Auto aftermarket — 48,861 — 48,861 Total net sales $ 176,636 $ 48,861 $ ( 11 ) $ 225,486 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 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 any long-term contracts with customers greater 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. Expected returns allowances are recognized each period based on an analysis of historical experience, and when physical recovery of the product from returns occurs, an estimated right to return asset is also recorded based on the approximate cost of the product. Amounts included in the Condensed Consolidated Statements of Financial Position (Unaudited) related to revenue recognition include: March 31, December 31, Statement of Financial 2023 2022 Classification Returns, discounts and other allowances $ ( 970 ) $ ( 986 ) Accounts receivable Right of return asset $ 354 $ 350 Inventories, net Customer deposits $ ( 3,297 ) $ ( 5,896 ) Other current liabilities Accrued rebates $ ( 3,641 ) $ ( 4,711 ) Other current liabilities Sales, value added, and other taxes collected with revenue from customers are excluded from net sales. The cost for shipments to customers is recognized when control over products has transferred to the customer and is classified as Selling, General and Administrative expenses for the Company’s manufacturing business and as Cost of sales for the Company’s distribution business. Costs for shipments to customers in Selling, General and Administrative expenses were approximately $ 3.0 million and $ 3.2 million for the quarters ended March 31, 2023 and 2022, respectively, and in Cost of sales were approximately $ 4.1 million and $ 1.6 million for the quarters ended March 31, 2023 and 2022, respectively. Based on the short-term nature of contracts described above, contract acquisition costs are not significant. 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 | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions Mohawk On May 31, 2022, the Company acquired the assets of Mohawk, a leading auto aftermarket distributor, which is included in the Distribution Segment. The Mohawk acquisition aligns with the Company's long-term objective to optimize and grow its Distribution business. Cash consideration was $ 27.8 million, net of $ 1.1 million of cash acquired. Total cash consideration also includes a $ 3.5 million working capital adjustment, of which $ 3.3 million was settled in November 2022 and $ 0.2 million was settled in February 2023. The Company estimated additional consideration payable of less than $ 0.1 million, subject to finalization of working capital and other adjustments . The Company funded the acquisition with proceeds from the Loan Agreement described in Note 11. The acquisition of Mohawk 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. Measurement period adjustments are also summarized in the table below. The purchase accounting will be finalized within one year from the acquisition date. Initial Allocation of Consideration Measurement Period Adjustments (1) Updated Preliminary Allocation Assets acquired: Accounts receivable $ 10,137 $ 458 $ 10,595 Inventories 8,209 ( 16 ) 8,193 Prepaid expenses 104 — 104 Other assets - long term 30 — 30 Property, plant and equipment 1,432 ( 261 ) 1,171 Right of use asset - operating leases 1,367 — 1,367 Intangible assets 7,720 90 7,810 Goodwill 7,485 ( 403 ) 7,082 Assets acquired $ 36,484 $ ( 132 ) $ 36,352 Liabilities assumed: Accounts payable $ 5,996 $ ( 191 ) $ 5,805 Accrued expenses 1,414 ( 70 ) 1,344 Operating lease liability - short term 399 — 399 Operating lease liability - long term 968 — 968 Total liabilities assumed 8,777 ( 261 ) 8,516 Net acquisition cost $ 27,707 $ 129 $ 27,836 (1) The Company's preliminary purchase price allocation changed due to additional information and further analysis. 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 $ 5,500 12.0 years Trade name 2,000 5.0 years Non-competition agreements 310 5.0 years Total amortizable intangible assets $ 7,810 |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 4. 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. The new Bristol facility is in service and the original facility is planned to be closed in the first half of 2023. Remaining costs to complete this consolidation are expected to be approximately $ 2.9 million, including approximately $ 0.5 million in 2023 related to remaining equipment moves and $ 2.4 million to be incurred through 2026 related to remaining lease and maintenance costs for the idled facility. The Company incurred $ 0.3 million and $ 0.4 million of restructuring charges related to the initiatives discussed above during the three months ended March 31, 2023 and March 31, 2022, respectively, which were recorded within Cost of sales and Selling, General and Administrative and $ 0.3 million related to loss on disposal of fixed assets during the three months ended March 31, 2022. Accrued and unpaid restructuring expenses were no t significant at March 31, 2023 or December 31, 2022. Severance charges from other restructuring initiatives to reduce overhead costs during the three months ended March 31, 2023 totaled $ 0.3 million in Selling, General and Administrative. Accrued and unpaid costs for these initiatives were not significant at March 31, 2023 . Remaining costs associated with these other restructuring initiatives are not expected to be meaningful. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. 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 40 percent of inventories are valued using the LIFO method of determining cost. All other inventories are valued using the FIFO method of determining cost. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because these calculations are subject to many factors beyond management’s control, annual results may differ from interim results as they are subject to the final year-end LIFO inventory valuation. Inventories consisted of the following: March 31, December 31, 2023 2022 Finished and in-process products $ 61,873 $ 54,991 Raw materials and supplies 40,268 38,360 $ 102,141 $ 93,351 |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 6. Other Liabilities The balance in Other Current Liabilities is comprised of the following: March 31, December 31, 2023 2022 Customer deposits and accrued rebates $ 6,938 $ 10,607 Dividends payable 5,712 5,722 Accrued litigation, claims and professional fees 3,523 596 Current portion of environmental reserves 4,205 3,284 Other accrued expenses 6,638 6,171 $ 27,016 $ 26,380 The balance in Other Liabilities (long-term) is comprised of the following: March 31, December 31, 2023 2022 Environmental reserves $ 10,989 $ 13,078 Supplemental executive retirement plan liability 757 824 Pension liability 174 184 Other long-term liabilities 1,761 1,184 $ 13,681 $ 15,270 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets The change in goodwill for the quarter ended March 31, 2023 was as follows: Distribution Material Total January 1, 2023 $ 14,730 $ 80,427 $ 95,157 Foreign currency translation — 9 9 March 31, 2023 $ 14,730 $ 80,436 $ 95,166 Intangible assets other than goodwill primarily consist of trade names, customer relationships, patents, non-competition agreements and technology assets established in connection with acquisitions. These intangible assets, other than certain trade names, are amortized over their estimated useful lives. Indefinite-lived trade names had a carrying value of $ 9.8 million at both March 31, 2023 and December 31, 2022 . Refer to Note 3 for the intangible assets acquired through the Mohawk acquisition in May 2022. |
Net Income per Common Share
Net Income per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | 8. Net Income per Common Share Net income per common share, as shown on the accompanying Condensed Consolidated Statements of Operations (Unaudited), is determined on the basis of the weighted average number of common shares outstanding during the periods as follows: For the Quarter Ended March 31, 2023 2022 Weighted average common shares outstanding basic 36,564,775 36,280,268 Dilutive effect of stock options and restricted stock 251,181 230,766 Weighted average common shares outstanding diluted 36,815,956 36,511,034 Options to purchase 245,608 shares of common stock that were outstanding for the quarter ended March 31, 2022 were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and were therefore anti-dilutive. There were no options to purchase shares of common stock excluded from the computation of diluted earnings for the quarter ended March 31, 2023 . |
Stock Compensation
Stock Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Compensation | 9. Stock Compensation 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 and Management Development Committee of the Board of Directors (“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 to key employees and directors. Stock compensation expense was approximately $ 1.9 million and $ 1.7 million for the quarters ended March 31, 2023 and 2022, respectively. These expenses are included in Selling, General and Administrative expenses. Total unrecognized compensation cost related to non-vested stock-based compensation arrangements at March 31, 2023 was approximately $ 14.2 million, which will be recognized over the next three years , as such compensation is earned. Outstanding options expire, if unexercised, ten years from the date of grant. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 10. 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 are 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 U.S. Environmental Protection Agency (“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 potentially responsible party (“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, Inc. 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 Remedial Investigation/Feasibility Study (“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 for Buckhorn’s performance of the RI/FS. In addition, the AOC required $ 2 million of financial assurance to 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. 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, Buckhorn received preliminary estimates from its environmental consultants for the cost of the execution of the work plan. Beginning in late 2021 and continuing through the current period, Buckhorn and the EPA continue to actively discuss the scope of the activities in the work plan, resulting in changes to the estimated costs to perform the work plan from time to time. Cost estimates will continue to be refined as the work plan is finalized and as the activities are performed over a period expected to last several years. In the fourth quarter of 2022, Buckhorn reached an agreement with respect to certain insurance coverage related to defense costs, which is expected to apply to a substantial portion of the estimated remediation investigation costs. Buckhorn established a receivable related to the probable insurance recovery of these costs totaling $ 6.0 million, as of December 31, 2022. During the three months ended March 31, 2023 Buckhorn received insurance recovery reimbursements of $ 0.9 million and recorded additional probable insurance recoveries of $ 1.1 million, related to the additional cost estimates discussed below. As of March 31, 2023 , Buckhorn has a total receivable related to the probable insurance recovery of $ 6.2 million , of which $ 1.7 million is classified in Accounts receivable and $ 4.5 million is classified in Other (long-term). As part of the Notice Letter in 2015, 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 ("Past Costs Claim"). In December 2020, the EPA updated its Past Costs Claim to include costs incurred from March 2014 through June 2020, which it further revised through September 2022 to a total claim of $ 2.0 million, plus interest. Buckhorn has reached an agreement with the EPA to resolve the past costs claim for $ 1.9 million with no interest, which Buckhorn paid in the first quarter of 2023. Since October 2011, when the New Idria Mine was added to the Superfund National Priorities List by the EPA, Buckhorn has recognized $ 17.1 million of cumulative charges, made cumulative payments of $ 8.3 million, received insurance recoveries of $ 2.9 million and recorded $ 7.1 million of probable insurance recoveries through March 31, 2023 . These costs are comprised primarily of estimates to perform the RI/FS, negotiation of the AOC, identification of possible other PRPs, EPA oversight fees, past cost claims made by the EPA, periodic monitoring, and responses to demands issued by the EPA under the AOC. Expenses, net of probable insurance recoveries, of $ 0.5 million and $ 0.7 million were recorded for the quarter ended March 31, 2023 and March 31, 2022, respectively, primarily related to updated estimates of the cost to perform the RI/FS. As of March 31, 2023, Buckhorn has a total reserve of $ 10.7 million related to the New Idria Mine, of which $ 3.9 million is classified in Other Current Liabilities and $ 6.8 million in Other Liabilities (long-term). 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. Given the circumstances referred to above, including the fact that the final remediation strategy has not yet been determined, Buckhorn has not accrued for remediation costs in connection with this site as it is unable to estimate the range of a reasonably possible liability for remediation costs. New Almaden Mine 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 ("Cost Sharing Agreement"), whereby Buckhorn and the Company agreed to reimburse one-half of the County’s costs of implementing the project. A detailed estimate was received from the County in 2016, and estimated costs for implementing the project to range between $ 3.3 million and $ 4.4 million. In 2022, the County informed the Company that it may begin implementation of the project in 2023 and that costs were expected to be higher. In January 2023, the County informed Buckhorn that the project will commence in 2023 and that it had accepted a bid to complete the project for approximately $ 9.0 million. The Company and Buckhorn intend to vigorously challenge, under the terms of the Cost Sharing Agreement, their responsibility to share in the entirety of the project cost increases. No costs were incurred related to New Almaden in the quarters ended March 31, 2023 or 2022, respectively. As of March 31, 2023, the Company has a total reserve of $ 4.5 million related to the New Almaden Mine, of which $ 0.3 million is classified in Other Current Liabilities and $ 4.2 million in Other Liabilities (long-term). As work on the project occurs and dispute resolution proceeds, 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. With the assistance of environmental consultants, 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. On January 6, 2022, the District Court bifurcated the patent infringement and invalidity issues from the antitrust and other issues in the case. Initial discovery has concluded and dispositive motions have been filed in the matter. The trial on patent infringement and invalidity was held in early March 2023, resulting in jury verdicts on March 14, 2023 in favor of the defendant Scepter entities on each of the alleged claims of infringement. On April 24, 2023, the Court issued an Order dismissing all remaining claims in the case with prejudice and entered final Judgment of the jury verdict in favor of Scepter. The Scepter companies intend to vigorously defend any appeal by No Spill of the results of the patent infringement litigation. Based on available information, an unfavorable outcome is not considered to be probable, and any possible losses from an adverse outcome are not reasonably estimable, so no contingent loss has been recorded. Due to the inherent uncertainties of litigation, the Company cannot accurately predict whether any unfavorable outcome of this matter could have a material impact on its results of operations, financial condition, or cash flows. Other Matters On February 14, 2023, a lawsuit was filed by Nan Morgan McCartney in the Circuit Court of Escambia County, Florida against the Company, Scepter US Holding Company, Scepter Manufacturing, LLC, Scepter Canada Inc., Walmart Inc., and Wal-Mart Stores East, LP. The complaint seeks compensatory damages and court costs for harm caused to Ms. McCartney allegedly arising from use of a 5-gallon portable fuel container manufactured by a Scepter company and alleges amounts in controversy in excess of $ 30 thousand exclusive of costs. The case has been removed to the Northern District of Florida, Pensacola Division. The deadline for Answering the Complaint was April 26, 2023, and a Rule 26(f) conference has been conducted by the parties on April 27, 2023 to discuss a discovery plan and case schedule. No other proceedings or discovery have occurred in this litigation matter as of the date of this filing and the Company cannot assess with any meaningful probability the outcome or damages. |
Long-Term Debt and Loan Agreeme
Long-Term Debt and Loan Agreements | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Loan Agreements | 11. Long-Term Debt and Loan Agreements Long-term debt consisted of the following: March 31, December 31, 2023 2022 Loan Agreement $ 50,800 $ 56,000 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 88,800 94,000 Less unamortized deferred financing costs 32 38 88,768 93,962 Less current portion long-term debt 25,984 — Long-term debt $ 62,784 $ 93,962 On September 29, 2022, the Company entered into a Seventh Amended and Restated Loan Agreement (the “Seventh Amendment”), which amended the Sixth Amended and Restated Loan Agreement (the "Sixth Amendment"), dated March 12, 2021. The Seventh Amendment, among other things, extended the maturity date to September 2027 from March 2024 . The Seventh Amendment did not change the senior revolving credit facility's $ 250 million borrowing limit, which includes a letter of credit subfacility and swingline subfacility, or the outstanding letters of credit. In connection with the Seventh Amendment, the Company incurred $ 0.9 million of deferred financing fees, which are included in Other Assets (long-term). Together with unamortized fees from the Sixth Amendment remaining deferred financing fees under the Company's Loan Agreement were $ 1.3 million and $ 1.4 million as of March 31, 2023 and December 31, 2022, respectively, which will be amortized to Interest expense over the term of the Loan Agreement (defined below). In March 2021, the Company entered into the Sixth Amendment, which amended the Fifth Amended and Restated Loan Agreement (collectively with the Sixth and Seventh Amendments, 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) and being amortized to Interest expense over the term of the Loan Agreement. As of March 31, 2023, the Company had $ 193.5 million available under the Loan Agreement, which is available for the ongoing working capital requirements of the Company and its subsidiaries and for general corporate purposes. The Company had $ 5.7 million of letters of credit issued related to insurance and other contracts requiring financial assurance in the ordinary course of business. Borrowings under the Loan Agreement bear interest at the Term SOFR, RFR, EURIBOR and CDOR-based borrowing rates. 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. The Company also holds Senior Unsecured Notes (“Notes”), which range in face value from $ 11.0 million to $ 15.0 million, with interest rates ranging from 5.25 % to 5.45 %, payable semiannually, and maturing between January 2024 and January 2026 . At March 31, 2023 , $ 38.0 million of the Notes were outstanding, of which $ 26.0 million are classified as current. The weighted average interest rate on borrowings under the Company’s long-term debt was 6.43 % and 4.12 % for the quarters ended March 31, 2023 and 2022, respectively, which includes a quarterly facility fee on the used and unused portion, as well as amortization of deferred financing costs. As of March 31, 2023 , 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 a leverage ratio (defined as total debt divided by earnings before interest, taxes, depreciation and amortization, as adjusted) and an interest coverage ratio (defined as earnings before interest, taxes, depreciation and amortization, as adjusted, divided by interest expense). |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The Company’s effective tax rate was 25.0 % for the quarter ended March 31, 2023 compared to 25.5 % for the quarter ended March 31, 2022. The effective income tax rate for both periods was different than the Company’s statutory rate, primarily due to state taxes and non-deductible expenses. The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of March 31, 2023 , the Company is no longer subject to U.S. Federal examination by tax authorities for tax years before 2019. The Company is subject to state and local examinations for tax years of 2018 through 2021 . In addition, the Company is subject to non-U.S. income tax examinations for tax years of 2017 through 2021 . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 13. 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 thirteen 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 statement 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 in Property, plant and equipment , Finance lease liability – short term , and Finance lease liability – long term in the Condensed Consolidated Statement of Financial Position (Unaudited). 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 the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. Amounts included in the Condensed Consolidated Statement of Financial Position (Unaudited) related to leases include: March 31, December 31, Classification 2023 2022 Assets: Operating lease assets Right of use asset - operating leases $ 28,381 $ 28,908 Finance lease assets Property, plant and equipment, net 8,903 9,075 Total lease assets $ 37,284 $ 37,983 Liabilities: Current Operating lease liability - short-term $ 6,072 $ 6,177 Long-term Operating lease liability - long-term 22,409 22,786 Total operating lease liabilities 28,481 28,963 Current Finance lease liability - short-term 523 518 Long-term Finance lease liability - long-term 8,785 8,919 Total finance lease liabilities 9,308 9,437 Total lease liabilities $ 37,789 $ 38,400 The components of lease expense include: For the Quarter Ended March 31, Lease Cost Classification 2023 2022 Operating lease cost (1) Cost of sales $ 1,553 $ 1,356 Operating lease cost (1) Selling, general and administrative expenses 855 611 Finance lease cost Amortization expense Cost of sales 172 172 Interest expense on lease liabilities Interest expense, net 81 86 Total lease cost $ 2,661 $ 2,225 (1) Includes short-term leases and variable lease costs, which are immaterial Supplemental cash flow information related to leases was as follows: For the Quarter Ended March 31, Supplemental Cash Flow Information 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,880 $ 1,610 Operating cash flows from finance leases $ 81 $ 86 Financing cash flows from finance leases $ 129 $ 124 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 1,190 $ — Finance leases $ — $ — Lease Term and Discount Rate March 31, 2023 December 31, 2022 Weighted-average remaining lease term (years): Operating leases 6.28 6.44 Finance leases 12.93 13.17 Weighted-average discount rate: Operating leases 3.7 % 3.6 % Finance leases 3.5 % 3.5 % Maturity of Lease Liabilities - As of March 31, 2023 Operating Leases Finance Leases Total 2023 (1) $ 5,362 $ 630 $ 5,992 2024 5,643 861 6,504 2025 4,797 865 5,662 2026 4,160 865 5,025 2027 3,507 887 4,394 After 2027 8,348 7,521 15,869 Total lease payments 31,817 11,629 43,446 Less: interest ( 3,336 ) ( 2,321 ) ( 5,657 ) Present value of lease liabilities $ 28,481 $ 9,308 $ 37,789 (1) Represents amounts due in 2023 after March 31, 2023 |
Segments
Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | 14. Segments The Company manages its business under two operating segments, Material Handling and Distribution, consistent with the manner in which the Chief Operating Decision Maker (“CODM”) 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. Intersegment sales are recorded with a reasonable margin and are eliminated in consolidation. 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. Markets served include industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, automotive, recreational vehicles, marine vehicles, healthcare, appliance, bakery, electronics, textiles and consumer, among others. Products are sold both directly to end-users and through distributors. 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 markings, including reflective highway marking tape. The Distribution Segment operates domestically through its sales offices and nine 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 Mohawk, described in Note 3, is included in the Distribution Segment. Total sales from foreign business units were approximately $ 12.5 million and $ 12.7 million for the quarters ended March 31, 2023 and 2022, respectively. Summarized segment detail for the quarters ended March 31, 2023 and 2022 are presented in the following table: For the Quarter Ended March 31, 2023 2022 Net Sales Material Handling $ 152,562 $ 176,636 Distribution 63,185 48,861 Inter-company sales ( 8 ) ( 11 ) Total net sales $ 215,739 $ 225,486 Operating income Material Handling $ 25,351 $ 31,220 Distribution 2,237 3,301 Corporate (1) ( 8,631 ) ( 10,116 ) Total operating income 18,957 24,405 Interest expense, net ( 1,646 ) ( 1,147 ) Income before income taxes $ 17,311 $ 23,258 (1) The company recognized $ 0.5 million and $ 0.7 million of expense to the estimated environmental reserve, net of probable insurance recoveries in the three months ended March 31, 2023 and 2022, respectively, as described in Note 10. Environmental charges are not included in segment results and are shown with Corporate. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. In the opinion of the Company, the accompanying condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position as of March 31, 2023, and the results of operations and cash flows for the periods presented. The results of operations for the quarter ended March 31, 2023 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2023 . |
Fair Value Measurement | Fair Value Measurement The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures , for its financial assets and liabilities, as required. Under ASC 820, the hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels: 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 or 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 11, approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of any 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 March 31, 2023 and December 31, 2022, the aggregate fair value of the Company's outstanding fixed rate senior unsecured notes was estimated to be $ 37.6 million and $ 37.4 million, respectively. The purchase price allocations associated with the May 31, 2022 acquisition of Mohawk Rubber Sales of New England Inc. ("Mohawk"), 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. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) are as follows: Foreign Defined Benefit Total Balance at January 1, 2023 $ ( 16,410 ) $ ( 1,383 ) $ ( 17,793 ) Other comprehensive income (loss) before reclassifications 42 — 42 Net current-period other comprehensive income (loss) 42 — 42 Balance at March 31, 2023 $ ( 16,368 ) $ ( 1,383 ) $ ( 17,751 ) Foreign Defined Benefit Total Balance at January 1, 2022 $ ( 13,935 ) $ ( 1,466 ) $ ( 15,401 ) Other comprehensive income (loss) before reclassifications 570 — 570 Net current-period other comprehensive income (loss) 570 — 570 Balance at March 31, 2022 $ ( 13,365 ) $ ( 1,466 ) $ ( 14,831 ) |
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. |
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 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 any long-term contracts with customers greater 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. Expected returns allowances are recognized each period based on an analysis of historical experience, and when physical recovery of the product from returns occurs, an estimated right to return asset is also recorded based on the approximate cost of the product. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The balances in the Company's Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) are as follows: Foreign Defined Benefit Total Balance at January 1, 2023 $ ( 16,410 ) $ ( 1,383 ) $ ( 17,793 ) Other comprehensive income (loss) before reclassifications 42 — 42 Net current-period other comprehensive income (loss) 42 — 42 Balance at March 31, 2023 $ ( 16,368 ) $ ( 1,383 ) $ ( 17,751 ) Foreign Defined Benefit Total Balance at January 1, 2022 $ ( 13,935 ) $ ( 1,466 ) $ ( 15,401 ) Other comprehensive income (loss) before reclassifications 570 — 570 Net current-period other comprehensive income (loss) 570 — 570 Balance at March 31, 2022 $ ( 13,365 ) $ ( 1,466 ) $ ( 14,831 ) |
Summary of Changes in Allowance for Credit Losses | The changes in the allowance for credit losses for the quarter ended March 31, 2023 and 2022 were as follows: 2023 2022 Balance at January 1 $ 2,273 $ 2,173 Provision for expected credit loss, net of recoveries 135 31 Write-offs and other ( 195 ) ( 268 ) Balance at March 31 $ 2,213 $ 1,936 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition [Abstract] | |
Schedule of Revenue by Major Market | The Company’s revenue by major market is as follows: For the Quarter Ended March 31, 2023 Material Distribution Inter-company Consolidated Consumer $ 23,876 $ — $ — $ 23,876 Vehicle 32,008 — — 32,008 Food and beverage 41,156 — — 41,156 Industrial 55,522 — ( 8 ) 55,514 Auto aftermarket — 63,185 — 63,185 Total net sales $ 152,562 $ 63,185 $ ( 8 ) $ 215,739 For the Quarter Ended March 31, 2022 Material Distribution Inter-company Consolidated Consumer $ 31,924 $ — $ — $ 31,924 Vehicle 47,777 — — 47,777 Food and beverage 34,680 — — 34,680 Industrial 62,255 — ( 11 ) 62,244 Auto aftermarket — 48,861 — 48,861 Total net sales $ 176,636 $ 48,861 $ ( 11 ) $ 225,486 |
Schedule of Balances included in Condensed Consolidated Statements of Financial Position (Unaudited) Related to Revenue Recognition | Amounts included in the Condensed Consolidated Statements of Financial Position (Unaudited) related to revenue recognition include: March 31, December 31, Statement of Financial 2023 2022 Classification Returns, discounts and other allowances $ ( 970 ) $ ( 986 ) Accounts receivable Right of return asset $ 354 $ 350 Inventories, net Customer deposits $ ( 3,297 ) $ ( 5,896 ) Other current liabilities Accrued rebates $ ( 3,641 ) $ ( 4,711 ) Other current liabilities |
Acquisitions (Tables)
Acquisitions (Tables) - Mohawk [Member] | 3 Months Ended |
Mar. 31, 2023 | |
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. Initial Allocation of Consideration Measurement Period Adjustments (1) Updated Preliminary Allocation Assets acquired: Accounts receivable $ 10,137 $ 458 $ 10,595 Inventories 8,209 ( 16 ) 8,193 Prepaid expenses 104 — 104 Other assets - long term 30 — 30 Property, plant and equipment 1,432 ( 261 ) 1,171 Right of use asset - operating leases 1,367 — 1,367 Intangible assets 7,720 90 7,810 Goodwill 7,485 ( 403 ) 7,082 Assets acquired $ 36,484 $ ( 132 ) $ 36,352 Liabilities assumed: Accounts payable $ 5,996 $ ( 191 ) $ 5,805 Accrued expenses 1,414 ( 70 ) 1,344 Operating lease liability - short term 399 — 399 Operating lease liability - long term 968 — 968 Total liabilities assumed 8,777 ( 261 ) 8,516 Net acquisition cost $ 27,707 $ 129 $ 27,836 (1) The Company's preliminary purchase price allocation changed due to additional information and further analysis. |
Summary of Intangible Assets | The intangible assets included above consist of the following: Fair Value Weighted Average Customer relationships $ 5,500 12.0 years Trade name 2,000 5.0 years Non-competition agreements 310 5.0 years Total amortizable intangible assets $ 7,810 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Determination Cost of Inventories | Inventories consisted of the following: March 31, December 31, 2023 2022 Finished and in-process products $ 61,873 $ 54,991 Raw materials and supplies 40,268 38,360 $ 102,141 $ 93,351 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | The balance in Other Current Liabilities is comprised of the following: March 31, December 31, 2023 2022 Customer deposits and accrued rebates $ 6,938 $ 10,607 Dividends payable 5,712 5,722 Accrued litigation, claims and professional fees 3,523 596 Current portion of environmental reserves 4,205 3,284 Other accrued expenses 6,638 6,171 $ 27,016 $ 26,380 |
Schedule of Other Liabilities (Long-term) | The balance in Other Liabilities (long-term) is comprised of the following: March 31, December 31, 2023 2022 Environmental reserves $ 10,989 $ 13,078 Supplemental executive retirement plan liability 757 824 Pension liability 174 184 Other long-term liabilities 1,761 1,184 $ 13,681 $ 15,270 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
The change in goodwill | The change in goodwill for the quarter ended March 31, 2023 was as follows: Distribution Material Total January 1, 2023 $ 14,730 $ 80,427 $ 95,157 Foreign currency translation — 9 9 March 31, 2023 $ 14,730 $ 80,436 $ 95,166 |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Weighted Average Number of Common Shares Outstanding During the Period | Net income per common share, as shown on the accompanying Condensed Consolidated Statements of Operations (Unaudited), is determined on the basis of the weighted average number of common shares outstanding during the periods as follows: For the Quarter Ended March 31, 2023 2022 Weighted average common shares outstanding basic 36,564,775 36,280,268 Dilutive effect of stock options and restricted stock 251,181 230,766 Weighted average common shares outstanding diluted 36,815,956 36,511,034 |
Long-Term Debt and Loan Agree_2
Long-Term Debt and Loan Agreements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Long-term debt consisted of the following: March 31, December 31, 2023 2022 Loan Agreement $ 50,800 $ 56,000 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 88,800 94,000 Less unamortized deferred financing costs 32 38 88,768 93,962 Less current portion long-term debt 25,984 — Long-term debt $ 62,784 $ 93,962 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Balances Included in Condensed Consolidated Statement of Financial Position (Unaudited) Related to Leases | Amounts included in the Condensed Consolidated Statement of Financial Position (Unaudited) related to leases include: March 31, December 31, Classification 2023 2022 Assets: Operating lease assets Right of use asset - operating leases $ 28,381 $ 28,908 Finance lease assets Property, plant and equipment, net 8,903 9,075 Total lease assets $ 37,284 $ 37,983 Liabilities: Current Operating lease liability - short-term $ 6,072 $ 6,177 Long-term Operating lease liability - long-term 22,409 22,786 Total operating lease liabilities 28,481 28,963 Current Finance lease liability - short-term 523 518 Long-term Finance lease liability - long-term 8,785 8,919 Total finance lease liabilities 9,308 9,437 Total lease liabilities $ 37,789 $ 38,400 |
Schedule of Lease Expense | The components of lease expense include: For the Quarter Ended March 31, Lease Cost Classification 2023 2022 Operating lease cost (1) Cost of sales $ 1,553 $ 1,356 Operating lease cost (1) Selling, general and administrative expenses 855 611 Finance lease cost Amortization expense Cost of sales 172 172 Interest expense on lease liabilities Interest expense, net 81 86 Total lease cost $ 2,661 $ 2,225 (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 Quarter Ended March 31, Supplemental Cash Flow Information 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,880 $ 1,610 Operating cash flows from finance leases $ 81 $ 86 Financing cash flows from finance leases $ 129 $ 124 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 1,190 $ — Finance leases $ — $ — Lease Term and Discount Rate March 31, 2023 December 31, 2022 Weighted-average remaining lease term (years): Operating leases 6.28 6.44 Finance leases 12.93 13.17 Weighted-average discount rate: Operating leases 3.7 % 3.6 % Finance leases 3.5 % 3.5 % |
Maturity of Operating and Finance Lease Liabilities | Maturity of Lease Liabilities - As of March 31, 2023 Operating Leases Finance Leases Total 2023 (1) $ 5,362 $ 630 $ 5,992 2024 5,643 861 6,504 2025 4,797 865 5,662 2026 4,160 865 5,025 2027 3,507 887 4,394 After 2027 8,348 7,521 15,869 Total lease payments 31,817 11,629 43,446 Less: interest ( 3,336 ) ( 2,321 ) ( 5,657 ) Present value of lease liabilities $ 28,481 $ 9,308 $ 37,789 (1) Represents amounts due in 2023 after March 31, 2023 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Reporting Information by Segment | Summarized segment detail for the quarters ended March 31, 2023 and 2022 are presented in the following table: For the Quarter Ended March 31, 2023 2022 Net Sales Material Handling $ 152,562 $ 176,636 Distribution 63,185 48,861 Inter-company sales ( 8 ) ( 11 ) Total net sales $ 215,739 $ 225,486 Operating income Material Handling $ 25,351 $ 31,220 Distribution 2,237 3,301 Corporate (1) ( 8,631 ) ( 10,116 ) Total operating income 18,957 24,405 Interest expense, net ( 1,646 ) ( 1,147 ) Income before income taxes $ 17,311 $ 23,258 (1) The company recognized $ 0.5 million and $ 0.7 million of expense to the estimated environmental reserve, net of probable insurance recoveries in the three months ended March 31, 2023 and 2022, respectively, as described in Note 10. Environmental charges are not included in segment results and are shown with Corporate. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
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 | $ 37.6 | $ 37.4 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - The Balances in the Company's Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 256,427 | $ 209,325 |
Total other comprehensive income | 42 | 570 |
Ending balance | 265,247 | 224,138 |
Foreign Currency [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (16,410) | (13,935) |
Other comprehensive income (loss) before reclassifications | 42 | 570 |
Total other comprehensive income | 42 | 570 |
Ending balance | (16,368) | (13,365) |
Defined Benefit Pension Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (1,383) | (1,466) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Total other comprehensive income | 0 | 0 |
Ending balance | (1,383) | (1,466) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (17,793) | (15,401) |
Other comprehensive income (loss) before reclassifications | 42 | 570 |
Total other comprehensive income | 42 | 570 |
Ending balance | $ (17,751) | $ (14,831) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Balance at January 1 | $ 2,273 | $ 2,173 |
Provision for expected credit loss, net of recoveries | 135 | 31 |
Write-offs and other | (195) | (268) |
Balance at March 31 | $ 2,213 | $ 1,936 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Revenue by Major Market (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 215,739 | $ 225,486 |
Operating Segments [Member] | Material Handling [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 152,562 | 176,636 |
Operating Segments [Member] | Distribution [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 63,185 | 48,861 |
Inter-company [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | (8) | (11) |
Consumer [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 23,876 | 31,924 |
Consumer [Member] | Operating Segments [Member] | Material Handling [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 23,876 | 31,924 |
Consumer [Member] | Operating Segments [Member] | Distribution [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Consumer [Member] | Inter-company [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Vehicle [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 32,008 | 47,777 |
Vehicle [Member] | Operating Segments [Member] | Material Handling [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 32,008 | 47,777 |
Vehicle [Member] | Operating Segments [Member] | Distribution [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Vehicle [Member] | Inter-company [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Food and Beverage [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 41,156 | 34,680 |
Food and Beverage [Member] | Operating Segments [Member] | Material Handling [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 41,156 | 34,680 |
Food and Beverage [Member] | Operating Segments [Member] | Distribution [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Food and Beverage [Member] | Inter-company [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Industrial [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 55,514 | 62,244 |
Industrial [Member] | Operating Segments [Member] | Material Handling [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 55,522 | 62,255 |
Industrial [Member] | Operating Segments [Member] | Distribution [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Industrial [Member] | Inter-company [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | (8) | (11) |
Auto Aftermarket [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 63,185 | 48,861 |
Auto Aftermarket [Member] | Operating Segments [Member] | Material Handling [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Auto Aftermarket [Member] | Operating Segments [Member] | Distribution [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 63,185 | 48,861 |
Auto Aftermarket [Member] | Inter-company [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 0 | $ 0 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Balances included in Condensed Consolidated Statements of Financial Position (Unaudited) Related to Revenue Recognition (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Receivable [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Returns, discounts and other allowances | $ (970) | $ (986) |
Inventories, net [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Right of return asset | 354 | 350 |
Other Current Liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Customer deposits | (3,297) | (5,896) |
Accrued rebates | $ (3,641) | $ (4,711) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Type of Cost, Good or Service [Extensible List] | us-gaap:ShippingAndHandlingMember | us-gaap:ShippingAndHandlingMember |
Cost of sales | $ 144,674 | $ 153,558 |
Selling, General and Administrative Expenses [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Cost of sales | 3,000 | 3,200 |
Cost of Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Cost of sales | $ 4,100 | $ 1,600 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - Mohawk [Member] - USD ($) $ in Millions | 1 Months Ended | ||
May 31, 2022 | Feb. 28, 2023 | Nov. 30, 2022 | |
Business Acquisition [Line Items] | |||
Purchase price of acquisition | $ 27.8 | ||
Net of cash acquired | 1.1 | ||
Working capital adjustment | 3.5 | $ 0.2 | $ 3.3 |
Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Working capital adjustment | $ 0.1 |
Acquisitions - Summary of Alloc
Acquisitions - Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed - Mohawk (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | May 31, 2022 | |
Assets acquired: | ||||
Goodwill | $ 95,166 | $ 95,157 | ||
Mohawk [Member] | ||||
Assets acquired: | ||||
Accounts receivable | $ 10,595 | |||
Inventories | 8,193 | |||
Prepaid expenses | 104 | |||
Other assets - long term | 30 | |||
Property, plant and equipment | 1,171 | |||
Right of use asset - operating leases | 1,367 | |||
Intangible assets | 7,810 | |||
Goodwill | 7,082 | |||
Assets acquired | 36,352 | |||
Liabilities assumed: | ||||
Accounts payable | 5,805 | |||
Accrued expenses | 1,344 | |||
Operating lease liability - short term | 399 | |||
Operating lease liability - long term | 968 | |||
Total liabilities assumed | 8,516 | |||
Net acquisition cost | 27,836 | |||
Mohawk [Member] | Initial Allocation of Consideration [Member] | ||||
Assets acquired: | ||||
Accounts receivable | 10,137 | |||
Inventories | 8,209 | |||
Prepaid expenses | 104 | |||
Other assets - long term | 30 | |||
Property, plant and equipment | 1,432 | |||
Right of use asset - operating leases | 1,367 | |||
Intangible assets | 7,720 | |||
Goodwill | 7,485 | |||
Assets acquired | 36,484 | |||
Liabilities assumed: | ||||
Accounts payable | 5,996 | |||
Accrued expenses | 1,414 | |||
Operating lease liability - short term | 399 | |||
Operating lease liability - long term | 968 | |||
Total liabilities assumed | 8,777 | |||
Net acquisition cost | 27,707 | |||
Mohawk [Member] | Measurement Period Adjustments [Member] | ||||
Assets acquired: | ||||
Accounts receivable | [1] | 458 | ||
Inventories | [1] | (16) | ||
Prepaid expenses | [1] | 0 | ||
Other assets - long term | [1] | 0 | ||
Property, plant and equipment | [1] | (261) | ||
Right of use asset - operating leases | [1] | 0 | ||
Intangible assets | [1] | 90 | ||
Goodwill | [1] | (403) | ||
Assets acquired | [1] | (132) | ||
Liabilities assumed: | ||||
Accounts payable | [1] | (191) | ||
Accrued expenses | [1] | (70) | ||
Operating lease liability - short term | [1] | 0 | ||
Operating lease liability - long term | [1] | 0 | ||
Total liabilities assumed | [1] | (261) | ||
Net acquisition cost | [1] | $ 129 | ||
[1] The Company's preliminary purchase price allocation changed due to additional information and further analysis. |
Acquisitions - Summary of Intan
Acquisitions - Summary of Intangible Assets - Mohawk (Details) - Mohawk [Member] $ in Thousands | May 31, 2022 USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total amortizable intangible assets, Fair value | $ 7,810 |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total amortizable intangible assets, Fair value | $ 5,500 |
Weighted Average Estimated Useful Life | 12 years |
Trade Name [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total amortizable intangible assets, Fair value | $ 2,000 |
Weighted Average Estimated Useful Life | 5 years |
Non-competition Agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total amortizable intangible assets, Fair value | $ 310 |
Weighted Average Estimated Useful Life | 5 years |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2019 | Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | |
Restructuring Cost And Reserve [Line Items] | ||||||
Proceeds from sale of property, plant and equipment | $ 33 | $ 1,076 | ||||
Gain/loss on sale of property | (27) | 467 | ||||
Restructuring charges | $ 300 | 400 | ||||
Selling, General and Administrative Expenses [Member] | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Executive severance cost | 300 | |||||
Ameri-Kart [Member] | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Gain/loss on sale of property | $ 300 | |||||
Unpaid restructuring expenses | $ 0 | $ 0 | ||||
Indiana [Member] | Manufacturing and Distribution [Member] | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Facility lease period | 15 years | |||||
Proceeds from sale of property, plant and equipment | $ 2,800 | |||||
Sale leaseback transaction term of contract | 5 years | |||||
Gain/loss on sale of property | $ 1,000 | |||||
Restructuring charges | $ 2,900 | |||||
Remaining equipment moves | 500 | |||||
Other restructuring costs | $ 2,400 |
Inventories - Additional Inform
Inventories - Additional Information (Details) | Mar. 31, 2023 |
Inventories | |
Percentage of LIFO Inventory | 40% |
Inventories - Summary of Determ
Inventories - Summary of Determination Cost of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished and in-process products | $ 61,873 | $ 54,991 |
Raw materials and supplies | 40,268 | 38,360 |
Inventory net | $ 102,141 | $ 93,351 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Customer deposits and accrued rebates | $ 6,938 | $ 10,607 |
Dividends payable | 5,712 | 5,722 |
Accrued litigation, claims and professional fees | 3,523 | 596 |
Current portion of environmental reserves | $ 4,205 | $ 3,284 |
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration] | Liabilities, Current | Liabilities, Current |
Other accrued expenses | $ 6,638 | $ 6,171 |
Other current liabilities, Total | $ 27,016 | $ 26,380 |
Other Liabilities - Schedule _2
Other Liabilities - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Environmental reserves | $ 10,989 | $ 13,078 |
Supplemental executive retirement plan liability | 757 | 824 |
Pension liability | 174 | 184 |
Other long-term liabilities | 1,761 | 1,184 |
Other liabilities (long-term), Total | $ 13,681 | $ 15,270 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Change in Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 95,157 |
Foreign currency translation | 9 |
Ending balance | 95,166 |
Distribution [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 14,730 |
Foreign currency translation | 0 |
Ending balance | 14,730 |
Material Handling [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 80,427 |
Foreign currency translation | 9 |
Ending balance | $ 80,436 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Carrying value of indefinite-lived intangible assets | $ 9.8 | $ 9.8 |
Net Income per Common Share (De
Net Income per Common Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding basic | 36,564,775 | 36,280,268 |
Dilutive effect of stock options and restricted stock (in shares) | 251,181 | 230,766 |
Weighted average common shares outstanding diluted (in shares) | 36,815,956 | 36,511,034 |
Net Income per Common Share - A
Net Income per Common Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive securities excluded from computation of net earnings or loss per common share | 0 | 245,608 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Apr. 29, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period of expiration, term | 10 years | ||
Stock compensation expense | $ 1.9 | $ 1.7 | |
Total unrecognized compensation cost related to non-vested share based compensation arrangements | $ 14.2 | ||
Unrecognized compensation cost period for recognition | 3 years | ||
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 |
Contingencies - Additional Info
Contingencies - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | 138 Months Ended | 254 Months Ended | |||||
Feb. 14, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2016 | Mar. 31, 2023 | Feb. 14, 2014 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | |||||||||
Loss contingency, Loss in period | $ 500,000 | $ 700,000 | |||||||
Accrual for Environmental Loss Contingencies, Revision in Estimates | $ 2,000,000 | ||||||||
Other current liabilities | 27,016,000 | $ 27,016,000 | $ 26,380,000 | ||||||
Other liabilities | 13,681,000 | 13,681,000 | 15,270,000 | ||||||
EPA Notice Letter [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual for Environmental Loss Contingencies, Revision in Estimates | 1,900,000 | ||||||||
New Idria Mercury Mine [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Financial assurance required to be provided to EPA to secure performance | $ 2,000,000 | ||||||||
Expected insurance recoveries | 6,200,000 | 6,200,000 | $ 6,000,000 | ||||||
Insurance recovery reimbursements | 900,000 | 900,000 | |||||||
Additional estimated insurance recoveries | 1,100,000 | ||||||||
New Almaden Mine (Formerly Referred to as Guadalupe River Watershed) [Member] | Natural Resource Damage Claim [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Total reserve | 4,500,000 | 4,500,000 | |||||||
Other current liabilities | 300,000 | 300,000 | |||||||
Other liabilities | 4,200,000 | 4,200,000 | |||||||
Expense recognized | 0 | 0 | |||||||
Revised estimated project total costs, Low Estimate | $ 3,300,000 | ||||||||
Revised estimated project costs, High Estimate | $ 4,400,000 | ||||||||
Original estimated project costs | 9,000,000 | ||||||||
Other Noncurrent Assets [Member] | New Idria Mercury Mine [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Expected insurance recoveries | 4,500,000 | 4,500,000 | |||||||
Accounts Receivable [Member] | New Idria Mercury Mine [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Expected insurance recoveries | 1,700,000 | 1,700,000 | |||||||
Scepter Company [Member] | Ms.McCartney [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency, Damages Sought, Value | $ 30,000 | ||||||||
Pending Litigation [Member] | New Idria Mercury Mine [Member] | EPA Notice Letter [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Expected insurance recoveries | 7,100,000 | 7,100,000 | |||||||
Loss contingencies, payments | 8,300,000 | ||||||||
Insurance recoveries | 2,900,000 | ||||||||
Gain loss contingency | 500,000 | $ 700,000 | |||||||
Loss contingency, Loss in period | 17,100,000 | $ 1,600,000 | |||||||
Total reserve | 10,700,000 | 10,700,000 | |||||||
Other current liabilities | 3,900,000 | 3,900,000 | |||||||
Other liabilities | $ 6,800,000 | $ 6,800,000 |
Long-Term Debt and Loan Agree_3
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 88,800 | $ 94,000 |
Less unamortized deferred financing fees | 32 | 38 |
Long-term Debt, net of deferred financing costs | 88,768 | 93,962 |
Less current portion long-term debt | 25,984 | 0 |
Long-term Debt | 62,784 | 93,962 |
Loan Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 50,800 | 56,000 |
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) | 3 Months Ended |
Mar. 31, 2023 | |
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 ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Mar. 12, 2021 | Mar. 31, 2017 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Sep. 29, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | |||||||
Loan maturity period | 2027-09 | ||||||
Long-term Debt | $ 88,800 | $ 94,000 | |||||
Long-term Debt | 62,784 | 93,962 | |||||
Notes outstanding | 88,768 | 93,962 | |||||
Long-term debt - current portion | $ 25,984 | 0 | |||||
Line of credit facility, interest rate description | Borrowings under the Loan Agreement bear interest at the Term SOFR, RFR, EURIBOR and CDOR-based borrowing rates. 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. | ||||||
Loan agreement amendment description | On September 29, 2022, the Company entered into a Seventh Amended and Restated Loan Agreement (the “Seventh Amendment”), which amended the Sixth Amended and Restated Loan Agreement (the "Sixth Amendment"), dated March 12, 2021. The Seventh Amendment, among other things, extended the maturity date to September 2027 from March 2024. | ||||||
Senior Unsecured Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes outstanding | $ 38,000 | ||||||
Long-term debt - current portion | 26,000 | ||||||
Senior Unsecured Notes [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 11,000 | ||||||
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 | ||||||
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 | $ 250,000 | |||||
Loan maturity period | 2022-03 | 2024-03 | |||||
Deferred financing fees | $ 1,300 | $ 1,400 | |||||
Remaining amount available under the line of credit | 193,500 | ||||||
Letters of credit | $ 5,700 | ||||||
Debt weighted average interest rate1 | 6.43% | 4.12% | |||||
Seventh and Sixth Amendment [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity on line of credit | $ 250,000 | ||||||
Loan maturity period | 2024-03 | ||||||
Other Assets [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Deferred financing fees | $ 900 | $ 1,100 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes [Line Items] | ||
Effective tax rate for the year | 25% | 25.50% |
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 March 31, 2023, the Company is no longer subject to U.S. Federal examination by tax authorities for tax years before 2019. | |
State and Local [Member] | ||
Income Taxes [Line Items] | ||
Income tax examination for tax years | 2018 2019 2020 2021 | |
Non-U.S [Member] | ||
Income Taxes [Line Items] | ||
Income tax examination for tax years | 2017 2018 2019 2020 2021 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Lessee Lease Description [Line Items] | |||
Lessee, operating lease, renewal term | 5 years | ||
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. | ||
Operating lease assets | $ 28,381 | $ 28,908 | |
Total operating lease liabilities | 28,481 | $ 28,963 | |
Total lease cost | $ 2,661 | $ 2,225 | |
Minimum [Member] | |||
Lessee Lease Description [Line Items] | |||
Facility lease period | 1 year | ||
Maximum [Member] | |||
Lessee Lease Description [Line Items] | |||
Facility lease period | 13 years |
Leases - Summary of Amounts Inc
Leases - Summary of Amounts Included in the Condensed Consolidated Statement of Financial Position (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Operating lease assets | $ 28,381 | $ 28,908 |
Finance lease assets | $ 8,903 | $ 9,075 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Total lease assets | $ 37,284 | $ 37,983 |
Liabilities: | ||
Current | 6,072 | 6,177 |
Long-term | 22,409 | 22,786 |
Total operating lease liabilities | 28,481 | 28,963 |
Current | 523 | 518 |
Long-term | 8,785 | 8,919 |
Total finance lease liabilities | 9,308 | 9,437 |
Total lease liabilities | $ 37,789 | $ 38,400 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Lessee Lease Description [Line Items] | |||
Total lease cost | $ 2,661 | $ 2,225 | |
Cost of Sales [Member] | |||
Lessee Lease Description [Line Items] | |||
Total operating lease cost | [1] | 1,553 | 1,356 |
Amortization expense | 172 | 172 | |
Selling, General and Administrative Expenses [Member] | |||
Lessee Lease Description [Line Items] | |||
Total operating lease cost | [1] | 855 | 611 |
Interest Expense, Net [Member] | |||
Lessee Lease Description [Line Items] | |||
Interest expense on lease liabilities | $ 81 | $ 86 | |
[1] Includes short-term leases and variable lease costs, which are immaterial |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 1,880 | $ 1,610 |
Operating cash flows from finance leases | 81 | 86 |
Financing cash flows from finance leases | 129 | 124 |
Right-of-use assets obtained in exchange for new lease liabilities: | ||
Operating leases | 1,190 | 0 |
Finance leases | $ 0 | $ 0 |
Leases - Summary of Lease Term
Leases - Summary of Lease Term and Discount Rate (Details) | Mar. 31, 2023 | Dec. 31, 2022 |
Lessee Disclosure [Abstract] | ||
Weighted-average remaining lease term (years), operating leases | 6 years 3 months 10 days | 6 years 5 months 8 days |
Weighted-average remaining lease term (years), finance leases | 12 years 11 months 4 days | 13 years 2 months 1 day |
Weighted-average discount rate, operating leases | 3.70% | 3.60% |
Weighted-average discount rate, finance leases | 3.50% | 3.50% |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Operating And Finance Lease Liability Payments Due [Abstract] | |||
Operating Leases, 2023 | [1] | $ 5,362 | |
Operating Leases, 2024 | 5,643 | ||
Operating Leases, 2025 | 4,797 | ||
Operating Leases, 2026 | 4,160 | ||
Operating Leases, 2027 | 3,507 | ||
Operating Leases, After 2027 | 8,348 | ||
Total operating lease payments | 31,817 | ||
Less: interest | (3,336) | ||
Present value of operating lease liabilities | 28,481 | $ 28,963 | |
Finance Leases, 2023 | [1] | 630 | |
Finance Leases, 2024 | 861 | ||
Finance Leases, 2025 | 865 | ||
Finance Leases, 2026 | 865 | ||
Finance Leases, 2027 | 887 | ||
Finance Leases, After 2027 | 7,521 | ||
Total finance lease payments | 11,629 | ||
Less: interest | (2,321) | ||
Present value of finance lease liabilities | 9,308 | $ 9,437 | |
2023 | [1] | 5,992 | |
2024 | 6,504 | ||
2025 | 5,662 | ||
2026 | 5,025 | ||
2027 | 4,394 | ||
After 2027 | 15,869 | ||
Total lease payments | 43,446 | ||
Less: interest | (5,657) | ||
Present value of lease liabilities | $ 37,789 | ||
[1] Represents amounts due in 2023 after March 31, 2023 |
Segments - Additional Informati
Segments - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) Segment | Mar. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of operating segments | Segment | 2 | |
Net sales | $ 215,739 | $ 225,486 |
Foreign Countries [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 12,500 | $ 12,700 |
Segments - Schedule of reportin
Segments - Schedule of reporting information by segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Segment Reporting Information [Line Items] | |||
Net sales | $ 215,739 | $ 225,486 | |
Total operating income | 18,957 | 24,405 | |
Interest expense, net | (1,646) | (1,147) | |
Income before income taxes | 17,311 | 23,258 | |
Operating Segments [Member] | Material Handling [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 152,562 | 176,636 | |
Total operating income | 25,351 | 31,220 | |
Operating Segments [Member] | Distribution [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 63,185 | 48,861 | |
Total operating income | 2,237 | 3,301 | |
Inter-company sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (8) | (11) | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Total operating income | [1] | $ (8,631) | $ (10,116) |
[1] (1) The company recognized $ 0.5 million and $ 0.7 million of expense to the estimated environmental reserve, net of probable insurance recoveries in the three months ended March 31, 2023 and 2022, respectively, as described in Note 10. Environmental charges are not included in segment results and are shown with Corporate. |
Segments - Schedule of report_2
Segments - Schedule of reporting information by segment (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Environmental charge | $ 0.5 | $ 0.7 |