Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Myers Industries, Inc. | |
Entity Central Index Key | 0000069488 | |
Trading Symbol | MYE | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2021 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 | 36,239,195 | |
Entity File Number | 1-8524 | |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 200,058 | $ 132,258 | $ 561,856 | $ 372,902 |
Cost of sales | 145,860 | 85,191 | 402,251 | 240,779 |
Gross profit | 54,198 | 47,067 | 159,605 | 132,123 |
Selling, general and administrative expenses | 42,531 | 33,927 | 122,200 | 95,360 |
Gain on disposal of fixed assets | (150) | 0 | (1,146) | (7) |
Gain on sale of notes receivable | 0 | 0 | 0 | (11,924) |
Operating income | 11,817 | 13,140 | 38,551 | 48,694 |
Interest expense, net | 1,056 | 1,204 | 3,050 | 3,467 |
Income before income taxes | 10,761 | 11,936 | 35,501 | 45,227 |
Income tax expense | 2,858 | 3,251 | 9,218 | 11,448 |
Net income | $ 7,903 | $ 8,685 | $ 26,283 | $ 33,779 |
Net income per common share: | ||||
Basic | $ 0.22 | $ 0.24 | $ 0.73 | $ 0.94 |
Diluted | $ 0.22 | $ 0.24 | $ 0.72 | $ 0.94 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 7,903 | $ 8,685 | $ 26,283 | $ 33,779 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (874) | 611 | 7 | (924) |
Total other comprehensive income (loss) | (874) | 611 | 7 | (924) |
Comprehensive income | $ 7,029 | $ 9,296 | $ 26,290 | $ 32,855 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Financial Position - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 14,829 | $ 28,301 |
Accounts receivable, less allowances of $4,671 and $3,278, respectively | 116,150 | 83,701 |
Income tax receivable | 0 | 1,049 |
Inventories, net | 90,378 | 65,919 |
Prepaid expenses and other current assets | 7,201 | 4,760 |
Total Current Assets | 228,558 | 183,730 |
Property, plant, and equipment, net | 90,496 | 73,953 |
Right of use asset - operating leases | 30,532 | 18,390 |
Goodwill | 89,250 | 79,256 |
Intangible assets, net | 51,607 | 41,038 |
Deferred income taxes | 84 | 84 |
Other | 4,266 | 3,564 |
Total Assets | 494,793 | 400,015 |
Current Liabilities | ||
Accounts payable | 78,552 | 61,150 |
Accrued employee compensation | 20,409 | 14,499 |
Income taxes payable | 636 | 0 |
Accrued taxes payable, other than income taxes | 3,160 | 2,524 |
Accrued interest | 434 | 1,785 |
Other current liabilities | 18,990 | 17,936 |
Operating lease liability - short-term | 5,369 | 4,359 |
Finance lease liability - short-term | 495 | 0 |
Long-term debt - current portion | 0 | 39,994 |
Total Current Liabilities | 128,045 | 142,247 |
Long-term debt | 111,339 | 37,582 |
Operating lease liability - long-term | 24,989 | 13,755 |
Finance lease liability - long-term | 9,563 | 0 |
Other liabilities | 12,523 | 14,373 |
Deferred income taxes | 2,809 | 2,958 |
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 36,227,529 and 35,921,025; net of treasury shares of 6,324,928 and 6,631,432, respectively) | 22,150 | 21,939 |
Additional paid-in capital | 305,625 | 300,852 |
Accumulated other comprehensive loss | (15,766) | (15,773) |
Retained deficit | (106,484) | (117,918) |
Total Shareholders’ Equity | 205,525 | 189,100 |
Total Liabilities and Shareholders’ Equity | $ 494,793 | $ 400,015 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Allowance for doubtful accounts receivable, current | $ 4,671 | $ 3,278 |
Shareholders’ Equity | ||
Preferred Shares, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Shares, shares issued (in shares) | 0 | 0 |
Preferred Shares, shares outstanding (in shares) | 0 | 0 |
Common Shares, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common Shares, shares outstanding (in shares) | 36,227,529 | 35,921,025 |
Common shares, treasury (in shares) | 6,324,928 | 6,631,432 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Shareholders' Equity - 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, 2019 | $ 166,682 | $ 21,785 | $ 296,363 | $ (16,349) | $ (135,117) |
Stockholders' Equity [Roll Forward] | |||||
Net income | 33,779 | 0 | 0 | 0 | 33,779 |
Foreign currency translation adjustment | (924) | 0 | 0 | (924) | 0 |
Shares issued under incentive plans, net of shares withheld for tax | (50) | 73 | (123) | 0 | 0 |
Stock compensation expense | 2,763 | 0 | 2,763 | 0 | 0 |
Declared dividends | (14,652) | 0 | 0 | 0 | (14,652) |
Ending balance at Sep. 30, 2020 | 187,598 | 21,858 | 299,003 | (17,273) | (115,990) |
Beginning balance at Jun. 30, 2020 | 181,695 | 21,845 | 297,522 | (17,884) | (119,788) |
Stockholders' Equity [Roll Forward] | |||||
Net income | 8,685 | 0 | 0 | 0 | 8,685 |
Foreign currency translation adjustment | 611 | 0 | 0 | 611 | 0 |
Shares issued under incentive plans, net of shares withheld for tax | 77 | 13 | 64 | 0 | 0 |
Stock compensation expense | 1,417 | 0 | 1,417 | 0 | 0 |
Declared dividends | (4,887) | 0 | 0 | 0 | (4,887) |
Ending balance at Sep. 30, 2020 | 187,598 | 21,858 | 299,003 | (17,273) | (115,990) |
Beginning balance at Dec. 31, 2020 | 189,100 | 21,939 | 300,852 | (15,773) | (117,918) |
Stockholders' Equity [Roll Forward] | |||||
Net income | 26,283 | 0 | 0 | 0 | 26,283 |
Foreign currency translation adjustment | 7 | 0 | 0 | 7 | 0 |
Shares issued under incentive plans, net of shares withheld for tax | 2,383 | 211 | 2,172 | 0 | 0 |
Stock compensation expense | 2,601 | 0 | 2,601 | 0 | 0 |
Declared dividends | (14,849) | 0 | 0 | 0 | (14,849) |
Ending balance at Sep. 30, 2021 | 205,525 | 22,150 | 305,625 | (15,766) | (106,484) |
Beginning balance at Jun. 30, 2021 | 201,981 | 22,109 | 304,183 | (14,892) | (109,419) |
Stockholders' Equity [Roll Forward] | |||||
Net income | 7,903 | 0 | 0 | 0 | 7,903 |
Foreign currency translation adjustment | (874) | 0 | 0 | (874) | 0 |
Shares issued under incentive plans, net of shares withheld for tax | 711 | 41 | 670 | 0 | 0 |
Stock compensation expense | 772 | 0 | 772 | 0 | 0 |
Declared dividends | (4,968) | 0 | 0 | 0 | (4,968) |
Ending balance at Sep. 30, 2021 | $ 205,525 | $ 22,150 | $ 305,625 | $ (15,766) | $ (106,484) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Retained Deficit [Member] | ||||
Dividends declared per share | $ 0.135 | $ 0.135 | $ 0.405 | $ 0.405 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows From Operating Activities | ||
Net income | $ 26,283 | $ 33,779 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||
Depreciation | 11,524 | 10,400 |
Amortization | 4,107 | 5,507 |
Non-cash stock-based compensation expense | 2,601 | 2,763 |
Gain on disposal of fixed assets | (1,146) | (7) |
Gain on sale of notes receivable | 0 | (11,924) |
Other | (2,096) | 2,382 |
Cash flows provided by (used for) working capital | ||
Accounts receivable | (29,528) | (14,266) |
Inventories | (21,827) | (3,939) |
Prepaid expenses and other current assets | (2,378) | (1,728) |
Accounts payable and accrued expenses | 26,004 | 8,367 |
Net cash provided by (used for) operating activities | 13,544 | 31,334 |
Cash Flows From Investing Activities | ||
Capital expenditures | (14,264) | (8,955) |
Acquisition of business | (35,473) | (716) |
Proceeds from sale of property, plant and equipment | 3,051 | 0 |
Proceeds on sale of notes receivable | 0 | 1,200 |
Net cash provided by (used for) investing activities | (46,686) | (8,471) |
Cash Flows From Financing Activities | ||
Net borrowings from revolving credit facility | 73,400 | 0 |
Repayments of long-term debt | (40,000) | 0 |
Payments on finance lease | (281) | 0 |
Cash dividends paid | (14,701) | (14,570) |
Proceeds from issuance of common stock | 3,235 | 367 |
Shares withheld for employee taxes on equity awards | (853) | (416) |
Deferred financing fees | (1,095) | 0 |
Net cash provided by (used for) financing activities | 19,705 | (14,619) |
Foreign exchange rate effect on cash | (35) | (25) |
Net (decrease) increase in cash | (13,472) | 8,219 |
Cash at January 1 | 28,301 | 75,527 |
Cash at September 30 | $ 14,829 | $ 83,746 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
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, 2020. 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 September 30, 2021, and the results of operations and cash flows for the periods presented. The results of operations for the quarter and nine months ended September 30, 2021 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2021. Accounting Standards Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Fair Value Measurement The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures 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 12, 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 September 30, 2021 and December 31, 2020, the aggregate fair value of the Company's outstanding fixed rate senior unsecured notes was estimated to be $41.6 million and $80.9 million, respectively. The purchase price allocations associated with the July 30, 2021 acquisition of Trilogy Plastics, Inc. (“Trilogy”) and the November 10, 2020 acquisition of Elkhart Plastics, Inc. (“Elkhart Plastics”), 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 Currency Defined Benefit Pension Plans Total Balance at July 1, 2021 $ (13,093 ) $ (1,799 ) $ (14,892 ) Other comprehensive income (loss) before reclassifications (874 ) — (874 ) Net current-period other comprehensive income (loss) (874 ) — (874 ) Balance at September 30, 2021 $ (13,967 ) $ (1,799 ) $ (15,766 ) Foreign Currency Defined Benefit Pension Plans Total Balance at July 1, 2020 $ (16,137 ) $ (1,747 ) $ (17,884 ) Other comprehensive income (loss) before reclassifications 611 — 611 Net current-period other comprehensive income (loss) 611 — 611 Balance at September 30, 2020 $ (15,526 ) $ (1,747 ) $ (17,273 ) Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2021 $ (13,974 ) $ (1,799 ) $ (15,773 ) Other comprehensive income (loss) before reclassifications 7 — 7 Net current-period other comprehensive income (loss) 7 — 7 Balance at September 30, 2021 $ (13,967 ) $ (1,799 ) $ (15,766 ) Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2020 $ (14,602 ) $ (1,747 ) $ (16,349 ) Other comprehensive income (loss) before reclassifications (924 ) — (924 ) Net current-period other comprehensive income (loss) (924 ) — (924 ) Balance at September 30, 2020 $ (15,526 ) $ (1,747 ) $ (17,273 ) 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 nine months ended September 30, 2021 2021 2020 Balance at January 1 $ 2,335 $ 1,356 Provision for expected credit loss, net of recoveries 991 879 Write-offs and other (472 ) (324 ) Balance at September 30 $ 2,854 $ 1,911 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2. Revenue Recognition The Company’s revenue by major market is as follows: For the Quarter Ended September 30, 2021 Material Handling Distribution Inter-company Consolidated Consumer $ 32,355 $ — $ — $ 32,355 Vehicle 43,700 — — 43,700 Food and beverage 21,549 — — 21,549 Industrial 52,060 — (19 ) 52,041 Auto aftermarket — 50,413 — 50,413 Total net sales $ 149,664 $ 50,413 $ (19 ) $ 200,058 For the Quarter Ended September 30, 2020 Material Handling Distribution Inter-company Consolidated Consumer $ 26,865 $ — $ — $ 26,865 Vehicle 19,715 — — 19,715 Food and beverage 11,882 — — 11,882 Industrial 28,307 — (28 ) 28,279 Auto aftermarket — 45,517 — 45,517 Total net sales $ 86,769 $ 45,517 $ (28 ) $ 132,258 For the Nine Months Ended September 30, 2021 Material Handling Distribution Inter-company Consolidated Consumer $ 95,062 $ — $ — $ 95,062 Vehicle 127,329 — — 127,329 Food and beverage 59,365 — — 59,365 Industrial 135,028 — (47 ) 134,981 Auto aftermarket — 145,119 — 145,119 Total net sales $ 416,784 $ 145,119 $ (47 ) $ 561,856 For the Nine Months Ended September 30, 2020 Material Handling Distribution Inter-company Consolidated Consumer $ 78,363 $ — $ — $ 78,363 Vehicle 49,840 — — 49,840 Food and beverage 38,373 — — 38,373 Industrial 85,124 — (51 ) 85,073 Auto aftermarket — 121,253 — 121,253 Total net sales $ 251,700 $ 121,253 $ (51 ) $ 372,902 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. E xpected 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: September 30, December 31, Statement of Financial Position 2021 2020 Classification Returns, discounts and other allowances $ (1,817 ) $ (943 ) Accounts receivable Right of return asset $ 726 $ 357 Inventories, net Customer deposits $ (1,752 ) $ (195 ) Other current liabilities Accrued rebates $ (2,920 ) $ (2,712 ) 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 Cost of Sales Selling, General and Administrative Cost of Sales 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 | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions Trilogy Plastics On July 30, 2021, the Company acquired the assets of Trilogy, a custom rotational molder specializing in high quality parts and assemblies, which is included in the Materials Handling Segment. The Trilogy acquisition aligns with the Company’s long-term strategic plan to transform the Company into a high-growth, customer-centric innovator of value-added engineered plastic solutions. The purchase price for the acquisition was $34.5 million, which includes a preliminary estimated working capital adjustment of $0.3 million subject to further adjustment based on the final working capital. The Company funded the acquisition with proceeds from the Loan Agreement described in Note 12. The acquisition of Trilogy was accounted for using the acquisition method, whereby all of the assets acquired and liabilities assumed were recognized at their fair value on the acquisition date, with any excess of the purchase price over the estimated fair value recorded as goodwill. The following table summarizes the allocation of the purchase price based on the estimated fair value of assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase accounting will be finalized within one year from the acquisition date. Assets acquired: Accounts receivable $ 3,929 Inventories 2,669 Prepaid expenses 63 Other assets - long term 93 Property, plant and equipment 4,903 Right of use asset - operating leases 8,685 Intangible assets 14,333 Goodwill 10,036 Assets acquired $ 44,711 Liabilities assumed: Accounts payable $ 765 Accrued expenses 727 Operating lease liability - short term 576 Operating lease liability - long term 8,108 Total liabilities assumed 10,176 Net acquisition cost $ 34,535 The goodwill represents the future economic benefits arising from other assets acquired that could not be individually and separately recognized, and the Company expects that the goodwill recognized for the acquisition will be deductible for tax purposes. The intangible assets included above consist of the following: Fair Value Weighted Average Estimated Useful Life Customer relationships $ 12,463 18.0 years Trade name 1,870 10.0 years Total amortizable intangible assets $ 14,333 Elkhart Plastics On November 10, 2020, the Company acquired the assets of Elkhart Plastics, a manufacturer of engineered products for the RV, marine, agricultural, construction, truck and other industries, which is included in the Company’s Material Handling Segment. The Elkhart Plastics acquisition aligns with the Company’s long-term strategic plan to transform the Company into a high-growth, customer-centric innovator of value-added engineered plastic solutions. The purchase price for the acquisition was $63.8 million, including a working capital adjustment of $1.2 million, which was settled in 2021. The Company funded the acquisition using available cash. The acquisition of Elkhart Plastics was accounted for using the acquisition method, whereby all of the assets acquired and liabilities assumed were recognized at their fair value on the acquisition date, with any excess of the purchase price over the estimated fair value recorded as goodwill. The following table summarizes the allocation of the purchase price based on the estimated fair value of assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase accounting will be finalized within one year from the acquisition date. Assets acquired: Accounts receivable $ 12,026 Inventories 13,639 Prepaid expenses 960 Other assets - long term 34 Property, plant and equipment 18,038 Right of use asset - operating leases 13,757 Intangible assets 16,627 Goodwill 12,243 Assets acquired $ 87,324 Liabilities assumed: Accounts payable $ 5,603 Accrued expenses 4,623 Operating lease liability - short term 2,390 Operating lease liability - long term 10,867 Total liabilities assumed 23,483 Net acquisition cost $ 63,841 The goodwill represents the future economic benefits arising from other assets acquired that could not be individually and separately recognized, and the Company expects that the goodwill recognized for the acquisition will be deductible for tax purposes. The intangible assets included above consist of the following: Fair Value Weighted Average Estimated Useful Life Customer relationships $ 10,210 18.0 years Trade name 5,817 10.0 years Non-competition agreements 600 5.0 years Total amortizable intangible assets $ 16,627 Tuffy On August 26, 2019, the Company acquired the assets of Tuffy Manufacturing Industries, Inc. (“Tuffy”), a warehouse distributor of tire repair equipment and supplies, which is included in the Distribution Segment. The Tuffy acquisition aligns with the Company’s strategy to grow in key niche markets and focus on strategic account customers. The purchase price for the acquisition was $18.7 million, including a working capital adjustment of $0.7 million that was paid in 2020. The Company funded the acquisition using available cash. |
Settlement of Note Receivable a
Settlement of Note Receivable and Lease Guarantee | 9 Months Ended |
Sep. 30, 2021 | |
Settlement Of Note Receivable And Lease Guarantee [Abstract] | |
Settlement of Note Receivable and Lease Guarantee | 4. Settlement of Note Receivable and Lease Guarantee In 2015, the Company sold its Lawn and Garden business to an entity controlled by Wingate Partners V, L.P. (“L&G Buyer”), which later became HC Companies, Inc. (“HC”). The terms of the sale included promissory notes from HC. Due to uncertainty of collection, a provision for expected loss of $23.0 million was recorded within continuing operations during 2018 to fully impair the notes and corresponding interest receivable. Also, in connection with the sale of the Lawn and Garden business, the Company became a guarantor for any remaining rent payments under one of HC’s facility leases expiring in September 2025. Annual rent for the facility was approximately $2 million. Due to the financial risk associated with HC, the Company assessed its range of potential obligations under the lease guarantee, and recorded a liability and related pre-tax charge of $10.3 million during 2018. The carrying value of the lease contingency as of December 31, 2019 was $10.7 million, which represented the initial liability recorded plus accretion. In January 2020, the Company sold to HC the fully-reserved promissory notes and related accrued interest receivable in exchange for $1.2 million and the release from the lease guarantee resulting in an $11.9 million pre-tax gain. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 5. Restructuring In March 2019, the Company committed to implementing a restructuring plan involving its Ameri-Kart Corp. subsidiary (“Ameri-Kart”), a business within the Material Handling Segment. The Company plans to consolidate manufacturing operations currently conducted at Ameri-Kart’s Cassopolis, Michigan and Bristol, Indiana facilities with expanded operations in a new facility in Bristol, Indiana (the “Ameri-Kart Plan”). In December 2019, as amended in March 2021, Ameri-Kart entered into a lease agreement for a newly constructed manufacturing and distribution facility in Bristol, Indiana. The building became substantially complete in March 2021 as defined in the lease agreement, and the 15-year finance lease of the new Bristol facility commenced. In connection with the lease agreement, Ameri-Kart agreed to sell its original Bristol facility and lease it back for a period of 5 years. During the second quarter of 2021, the sale of the original facility for net proceeds of $2.8 million was completed, which resulted in a gain of $1.0 million, and the lease back commenced. At December 31, 2020, the $1.9 million carrying value of the original Bristol facility was classified as held for sale and included in Other Assets The Ameri-Kart Plan is expected to be substantially completed in 2021 and total restructuring costs expected to be incurred are approximately $1.3 million, primarily related to equipment relocation and facility shut down costs. The Company incurred $0.1 million and $0.2 million of restructuring charges during the quarter and nine months ended September 30, 2021, respectively, which were recorded within Cost of Sales |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Inventories are valued at the lower of cost or market for last-in, first-out (“LIFO”) inventory and lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. Approximately 30 percent of 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. During 2021, multiple inventory pools had an increase in commodity and other costs that are expected to hold through year-end, and therefore, an adjustment of $1.6 million was made to increase the LIFO reserve and cost of sales for the quarter and nine months ended September 30, 2021. No adjustment to the LIFO reserve was recorded for the quarters and nine months ended September 30, 2020. Inventories consisted of the following: September 30, December 31, 2021 2020 Finished and in-process products $ 50,411 $ 42,304 Raw materials and supplies 39,967 23,615 $ 90,378 $ 65,919 |
Other Liabilities
Other Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 7. Other Liabilities The balance in Other Current Liabilities September 30, December 31, 2021 2020 Customer deposits and accrued rebates $ 4,672 $ 2,907 Dividends payable 5,400 5,251 Accrued litigation, claims and professional fees 806 306 Current portion of environmental reserves 1,429 1,433 Other accrued expenses 6,683 8,039 $ 18,990 $ 17,936 The balance in Other Liabilities September 30, December 31, 2021 2020 Environmental reserves $ 7,237 $ 7,266 Supplemental executive retirement plan liability 1,264 1,510 Pension liability 855 941 Other long-term liabilities 3,167 4,656 $ 12,523 $ 14,373 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 8. Goodwill and Intangible Assets The change in goodwill for the nine months ended September 30, 2021 Distribution Material Handling Total January 1, 2021 $ 7,648 $ 71,608 $ 79,256 Acquisition — 10,036 10,036 Purchase accounting adjustment — (69 ) (69 ) Foreign currency translation — 27 27 September 30, 2021 $ 7,648 $ 81,602 $ 89,250 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 September 30, 2021 and December 31, 2020. Refer to Note 3 for the intangible assets acquired through the Trilogy acquisition in July 2021 and the Elkhart Plastics acquisition in November 2020. |
Net Income per Common Share
Net Income per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | 9. 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 September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average common shares outstanding basic 36,195,560 35,796,247 36,103,894 35,764,822 Dilutive effect of stock options and restricted stock 206,716 146,882 224,871 173,364 Weighted average common shares outstanding diluted 36,402,276 35,943,129 36,328,765 35,938,186 Options to purchase 42,945 shares of common stock that were outstanding 607,123 |
Stock Compensation
Stock Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Compensation | 10. Stock Compensation The Company’s Amended and Restated 2017 Incentive Stock Plan (the “2017 Plan”) authorizes the Compensation and Management Development Committee of the Board of Directors (“Compensation Committee”) to issue up to 5,126,950 shares of various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards to key employees and directors. No new awards were permitted to be issued under the 2017 Plan after April 29, 2021. Options granted and outstanding vest over the requisite service period and expire ten years from the date of grant. The Company’s 2021 Long-Term Incentive Plan (the “2021 Plan”) was adopted by the Board of Directors on March 4, 2021, amended by the Board of Directors on April 20, 2021, and approved by shareholders in the annual shareholder meeting on April 29, 2021. The 2021 Plan authorizes the Compensation Committee to issue up to 2,000,000 additional various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards. Stock compensation expense was approximately $0.8 million and $1.4 million for the quarters ended September 30, 2021 and 2020 and $2.6 million and $2.8 million for the nine months ended September 30, 2021 and 2020, respectively. These expenses are included in Selling, General and Administrative |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 11. Contingencies The Company is a defendant in various lawsuits and a party to various other legal proceedings arising in the ordinary course of business, some of which are covered in whole or in part by insurance. When a loss arising from these matters is probable and can reasonably be estimated, the most likely amount of the estimated probable loss is recorded, or if a range of probable loss can be estimated and no amount within the range is a better estimate than any other amount, the minimum amount in the range is recorded. As additional information becomes available, any potential liability related to these matters is assessed and the estimates 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, the Company 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 the Company’s performance of the RI/FS. In addition, the AOC required the Company to provide $2 million of financial assurance to the EPA to secure its performance during the estimated life of the RI/FS. In January 2019, the Company provided a letter of credit to satisfy this assurance requirement. The AOC also includes provisions for payment by the Company of the EPA’s costs of oversight of the RI/FS, including a prepayment in the amount of $0.2 million, which was paid in January 2019. A draft work plan for the RI/FS, in accordance with the AOC and related SOW, was submitted to the EPA for review and approval in July 2019. Upon preparation of the draft work plan for the RI/FS, the Company received preliminary estimates from its consultants for the cost of the execution of the work plan. Based on these preliminary estimates, the Company recognized additional expense of $ 4.0 million during the second quarter of 2019 . These preliminary estimates will continue to be refined through the finalization and approval of the draft work plan, which is anticipated to occur in 202 2 . The Company believes it has insurance coverage that applies to the New Idria Mine and thus may be able to recover a portion of the estimated costs; however, as of September 30, 2021 , the Company has not recognized potential recovery in its condensed consolidated financial statements. As part of the Notice Letter, the EPA also made a claim for approximately $1.6 million in past costs for actions it claims it has taken in connection with the New Idria Mine from 1993 through February 2014. While the Company is evaluating this past cost claim and may challenge portions of it, in 2015 the Company recognized an expense of $1.3 million related to the claim. In December 2020, the EPA updated its claim to include past costs incurred from March 2014 through June 2020. As a result, the Company recognized additional expense of $0.5 million during the fourth quarter of 2020. The Company is in negotiations with the EPA regarding the past costs claim. Since October 2011, when New Idria was added to the Superfund National Priorities List by the EPA, the Company has recognized $10.4 million of costs, of which approximately $3.2 million has been paid through September 30, 2021. These costs are comprised primarily of estimates to perform the RI/FS, negotiation of the AOC, identification of possible insurance resources and other PRPs, EPA oversight fees, past cost claims made by the EPA, periodic monitoring, and responses to unilateral administrative orders issued by the EPA. No expenses were recorded related to the New Idria Mine in the quarters or nine months ended September 30, 2021 and 2020. As of September 30, 2021, the Company has a total reserve of $7.2 million related to the New Idria Mine, of which $1.1 million is classified in Other Current Liabilities Othe 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 the Company’s liability are based on current facts, laws, regulations and technology. Estimates of the Company’s environmental liabilities are further subject to uncertainties regarding the nature and extent of site contamination, the range of remediation alternatives available, evolving remediation standards, imprecise engineering evaluation and cost estimates, the extent of remedial actions that may be required, the extent of oversight by the EPA and the number and financial condition of other PRPs that may be named, as well as the extent of their responsibility for the remediation. At this time, we have not accrued for remediation costs in connection with this site as we are unable to estimate the liability, given the circumstances referred to above, including the fact that the final remediation strategy has not yet been determined. New Almaden Mine A number of parties, including the Company and its subsidiary, Buckhorn (as successor to NIMCC), were alleged by trustee agencies of the United States and the State of California to be responsible for natural resource damages due to environmental contamination of areas comprising the historical New Almaden mercury mines located in the Guadalupe River Watershed region in Santa Clara County, California (“County”). In 2005, Buckhorn and the Company, without admitting liability or chain of ownership of NIMCC, resolved the trustees’ claim against them through a consent decree that required them to contribute financially to the implementation by the County of an environmentally beneficial project within the impacted area. Buckhorn and the Company negotiated an agreement with the County, whereby Buckhorn and the Company agreed to reimburse one-half of the County’s costs of implementing the project. The latest estimates received in 2016 from the County provided for an expanded scope and revised the estimate of costs for implementing the project to between $3.3 million and $4.4 million. $1.2 $1.5 Other Current Liabilities Other Liabilities The project has not yet been implemented though significant work on design and planning has been performed. The Company is currently awaiting notice from Santa Clara County on the expected timing of fieldwork to commence. As work on the project occurs, it is possible that adjustments to the aforementioned reserves will be necessary to reflect new information. Patent Infringement On December 11, 2018, No Spill Inc. filed suit against Scepter Manufacturing LLC and Scepter Corporation 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 November 15, 2019 the court dismissed Scepter Corporation from the action. While a full schedule through trial in the case has not yet been issued, a claim construction hearing was held on May 13, 2021 and the District Court held on June 23, 2021, that the claims of the patents were definite. On June 28, 2021, the Scepter companies filed with the District Court a motion for leave to assert counterclaims and the proposed counterclaims alleging antitrust related violations of certain provisions of the Sherman Act and Clayton Act. The Court granted the motion and the Scepter companies filed a Second Amended Complaint on October 1, 2021. On Sept 17, 2021, No Spill, Inc. filed a motion to strike Scepter’s amended invalidity contentions. On December 28, 2019, Scepter Canada, Inc. had filed petitions with the District Court for inter partes The Scepter companies intend to defend themselves vigorously in this matter. Due to the inherent uncertainties of litigation, the Company cannot accurately predict the ultimate outcome of this matter, and is unable at this time to determine whether the outcome of the litigation will have a material impact on its results of operations, financial condition, or cash flows. Accordingly, the Company has not recorded any reserves for this matter. |
Long-Term Debt and Loan Agreeme
Long-Term Debt and Loan Agreements | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Loan Agreements | 12. Long-Term Debt and Loan Agreements Long-term debt consisted of the following: September 30, December 31, 2021 2020 Loan Agreement $ 73,400 $ — 4.67% Senior Unsecured Notes due January 15, 2021 — 40,000 5.25% Senior Unsecured Notes due January 15, 2024 11,000 11,000 5.30% Senior Unsecured Notes due January 15, 2024 15,000 15,000 5.45% Senior Unsecured Notes due January 15, 2026 12,000 12,000 111,400 78,000 Less unamortized deferred financing costs 61 424 111,339 77,576 Less current portion long-term debt — 39,994 Long-term debt $ 111,339 $ 37,582 In March 2021, the Company entered into a Sixth Amended and Restated Loan Agreement (the “Sixth Amendment”), which amended the Fifth Amended and Restated Loan Agreement (collectively, the “Loan Agreement”) dated March 2017. The Sixth Amendment increased the senior revolving credit facility’s borrowing limit to $250 million from $200 million, extended the maturity date to March 2024 from March 2022, and increased flexibility of the financial and other covenants and provisions. Amounts borrowed under the credit facility are secured by pledges of stock of certain of the Company’s foreign subsidiaries and guaranties of certain of its domestic subsidiaries. In connection with the Sixth Amendment, the Company incurred $1.1 million of deferred financing fees, which are included in Other Assets As of September 30, 2021, the Company had $170.8 million available under the Loan Agreement. The Company had $5.8 million of letters of credit issued related to insurance and other contracts requiring financial assurance in the ordinary course of business, including the $2 million provided to the EPA as discussed in Note 11. Borrowings under the Loan Agreement bear interest at the LIBOR rate, prime rate, federal funds effective rate, the Canadian deposit offered rate, or the euro currency reference rate depending on the type of loan requested by the Company, plus the applicable margin as set forth in the Loan Agreement. The Company also holds Senior Unsecured Notes (“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 September 30, 2021, $38.0 million of the Notes were outstanding. In January 2021, the Company repaid the $40.0 million note upon maturity with a combination of cash and proceeds under the Loan Agreement. The weighted average interest rate on borrowings under the Company’s long-term debt was 4.24% and 6.28% for the quarters ended September 30, 2021 and 2020, respectively, and 4.84% and 6.27% for the nine months ended September 30, 2021 and 2020, respectively, which includes a quarterly facility fee on the used and unused portion, as well as amortization of deferred financing costs. As of September 30, 2021, the Company was in compliance with all of its debt covenants associated with its Loan Agreement and Notes. The most restrictive financial covenants for all of the Company’s debt are 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). |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | 13. Retirement Plans The Company and certain of its subsidiaries have pension and profit sharing plans covering substantially all of their employees. The Company’s defined benefit pension plan, The Pension Agreement between Akro-Mils and United Steelworkers of America Local No. 1761-02 Net periodic pension cost is as follows: For the Quarter Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Interest cost $ 38 $ 48 $ 114 $ 144 Expected return on assets (48 ) (51 ) (144 ) (153 ) Amortization of net loss 21 20 63 60 Net periodic pension cost $ 11 $ 17 $ 33 $ 51 The Company expects to make contributions to the plan totaling $119 in 2021 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The Company’s effective tax rate was 26.6% and 26.0% for the quarter and nine months ended September 30, 2021 compared to 27.2% and 25.3% for the quarter and nine months ended September 30, 2020. 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 total amount of gross unrecognized tax benefits that would reduce the Company’s effective tax rate was $0.8 million at September 30, 2021 and December 31, 2020. The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of September 30, 2021, the Company is no longer subject to U.S. Federal examination by tax authorities for tax years before 2015. The Company’s 2017 U.S. Federal tax return is currently under audit by the Internal Revenue Service (“IRS”). The IRS began the examination in 2019 and there have been no changes resulting from this audit as of September 30, 2021. The Company is subject to state and local examinations for tax years of 2015 through 2019. In addition, the Company is subject to non-U.S. income tax examinations for tax years of 2016 through 2020. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | 15. Leases The Company determines if an arrangement is a lease at inception. The Company has leases for manufacturing facilities, distribution centers, warehouses, office space and equipment, with remaining lease terms of one to fourteen years. Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early. Leases with an initial term of 12 months or less are not recorded on the 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 operating lease liability – short term operating lease liability – long term property, plant and equipment finance lease liability – short term finance lease liability – long term 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 exercise d . 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: September 30, December 31, Classification 2021 2020 Assets: Operating lease assets Right of use asset - operating leases $ 30,532 $ 18,390 Finance lease assets Property, plant and equipment, net 9,937 — Total lease assets $ 40,469 $ 18,390 Liabilities: Current Operating lease liability - short-term $ 5,369 $ 4,359 Long-term Operating lease liability - long-term 24,989 13,755 Total operating lease liabilities $ 30,358 $ 18,114 Current Finance lease liability - short-term $ 495 $ — Long-term Finance lease liability - long-term 9,563 — Total finance lease liabilities 10,058 — Total lease liabilities $ 40,416 $ 18,114 The components of lease expense include: For the Quarter Ended September 30, For the Nine Months Ended September 30, Lease Cost Classification 2021 2020 2021 2020 Operating lease cost (1) Cost of sales $ 1,374 $ 392 $ 3,620 $ 1,226 Operating lease cost (1) Selling, general and administrative expenses 618 396 1,713 1,264 Finance lease cost Amortization expense Cost of sales 172 — 402 — Interest expense on lease liabilities Interest expense, net 90 — 209 — Total lease cost $ 2,254 $ 788 $ 5,944 $ 2,490 (1) Includes short-term leases and variable lease costs, which are immaterial Supplemental cash flow information related to leases was as follows: For the Nine Months Ended September 30, Supplemental Cash Flow Information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,201 $ 1,877 Operating cash flows from finance leases $ 209 $ — Financing cash flows from finance leases $ 281 $ — Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 7,146 $ 701 Finance leases $ 10,339 $ — Lease Term and Discount Rate September 30, 2021 December 31, 2020 Weighted-average remaining lease term (years): Operating leases 7.42 5.66 Finance leases 14.42 — Weighted-average discount rate: Operating leases 3.4 % 3.7 % Finance leases 3.5 % — Maturity of Lease Liabilities - As of September 30, 2021 Operating Leases Finance Leases Total 2021 (1) $ 1,657 $ 210 $ 1,867 2022 6,092 840 6,932 2023 5,551 840 6,391 2024 4,107 861 4,968 2025 3,317 865 4,182 After 2025 13,629 9,273 22,902 Total lease payments 34,353 12,889 47,242 Less: interest (3,995 ) (2,831 ) (6,826 ) Present value of lease liabilities $ 30,358 $ 10,058 $ 40,416 (1) Represents amounts due in 2021 after September 30, 2021 In March 2021, a 15-year finance lease for a new manufacturing and distribution facility in Bristol, Indiana commenced. While the Company has taken possession of the new Bristol facility, construction remains in process as of September 30, 2021 to complete it for its full intended use. As described in Note 5, this lease agreement was in connection with the Ameri-Kart Plan, which includes facility consolidation for this business within the Material Handling Segment. The Company has operating leases for four facilities within the Material Handling Segment that are with a related party. Total right of use assets related to these related party leases were $4.0 million and $5.2 million at September 30, 2021 and December 31, 2020, respectively. Total operating lease liabilities related to these related party leases were $3.8 million and $5.0 million at September 30, 2021 and December 31, 2021, respectively. Total lease expense from these related party leases was $0.4 million and $1.3 million in the quarter and nine months ended September 30, 2021. |
Industry Segments
Industry Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Industry Segments | 16. Industry 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. The Company accounts for intersegment sales and transfers at cost plus a reasonable margin. The Material Handling Segment manufactures a broad selection of plastic reusable containers, 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 acquisitions of Trilogy and Elkhart Plastics, described in Note 3, are included in the Material Handling Segment. The Distribution Segment is engaged in the distribution of equipment, tools, and supplies used for tire servicing and automotive undervehicle 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 five regional distribution centers in the United States, and in certain foreign countries through export sales. In addition, the Distribution Segment operates directly in certain foreign markets, principally Central America, through foreign branch operations. Markets served include retail and truck tire dealers, commercial auto and truck fleets, auto dealers, general service and repair centers, tire retreaders, and government agencies . The acquisition of Tuffy, described in Note 3, is included with in the Distribution Segment. Total sales from foreign business units were approximately $11.7 million and $9.8 million for the quarters ended September 30, 2021 and 2020, respectively, and $34.8 million and $28.0 million for the nine months ended September 30, 2021 and 2020. Summarized segment detail for the quarters and nine months ended September 30, 2021 and 2020 For the Quarter Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Net Sales Material Handling $ 149,664 $ 86,769 $ 416,784 $ 251,700 Distribution 50,413 45,517 145,119 121,253 Inter-company sales (19 ) (28 ) (47 ) (51 ) Total net sales $ 200,058 $ 132,258 $ 561,856 $ 372,902 Operating income Material Handling (3) $ 15,066 $ 15,593 $ 49,895 $ 46,556 Distribution (1) 4,377 5,091 10,029 8,577 Corporate (1) (2) (4) (7,626 ) (7,544 ) (21,373 ) (6,439 ) Total operating income 11,817 13,140 38,551 48,694 Interest expense, net (1,056 ) (1,204 ) (3,050 ) (3,467 ) Income before income taxes $ 10,761 $ 11,936 $ 35,501 $ 45,227 (1) In the nine months ended September 30, 2021, the Company recognized $0.8 million of executive severance, of which $0.5 million was recognized in the Distribution Segment and $0.3 million was recognized in Corporate. This executive severance cost includes $0.5 million of severance and benefits and $0.3 million of charges for acceleration of stock compensation. (2) In the nine months ended September 30, 2020, the Company recognized in Corporate an $11.9 million gain on the sale of notes receivable as described in Note 4. (3) In the nine months ended September 30, 2021, the Company recognized a $1.0 million gain on the sale of a building within the Material Handling Segment as described in Note 5. (4) In the three and nine months ended September 30, 2021, the Company incurred in Corporate acquisition and integration costs totaling $0.5 $0.8 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2020. 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 September 30, 2021, and the results of operations and cash flows for the periods presented. The results of operations for the quarter and nine months ended September 30, 2021 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2021. |
Accounting Standards Adopted | Accounting Standards Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Fair Value Measurement | Fair Value Measurement The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures 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 12, 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 September 30, 2021 and December 31, 2020, the aggregate fair value of the Company's outstanding fixed rate senior unsecured notes was estimated to be $41.6 million and $80.9 million, respectively. The purchase price allocations associated with the July 30, 2021 acquisition of Trilogy Plastics, Inc. (“Trilogy”) and the November 10, 2020 acquisition of Elkhart Plastics, Inc. (“Elkhart Plastics”), 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 Currency Defined Benefit Pension Plans Total Balance at July 1, 2021 $ (13,093 ) $ (1,799 ) $ (14,892 ) Other comprehensive income (loss) before reclassifications (874 ) — (874 ) Net current-period other comprehensive income (loss) (874 ) — (874 ) Balance at September 30, 2021 $ (13,967 ) $ (1,799 ) $ (15,766 ) Foreign Currency Defined Benefit Pension Plans Total Balance at July 1, 2020 $ (16,137 ) $ (1,747 ) $ (17,884 ) Other comprehensive income (loss) before reclassifications 611 — 611 Net current-period other comprehensive income (loss) 611 — 611 Balance at September 30, 2020 $ (15,526 ) $ (1,747 ) $ (17,273 ) Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2021 $ (13,974 ) $ (1,799 ) $ (15,773 ) Other comprehensive income (loss) before reclassifications 7 — 7 Net current-period other comprehensive income (loss) 7 — 7 Balance at September 30, 2021 $ (13,967 ) $ (1,799 ) $ (15,766 ) Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2020 $ (14,602 ) $ (1,747 ) $ (16,349 ) Other comprehensive income (loss) before reclassifications (924 ) — (924 ) Net current-period other comprehensive income (loss) (924 ) — (924 ) Balance at September 30, 2020 $ (15,526 ) $ (1,747 ) $ (17,273 ) |
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. The changes in the allowance for credit losses for the nine months ended September 30, 2021 2021 2020 Balance at January 1 $ 2,335 $ 1,356 Provision for expected credit loss, net of recoveries 991 879 Write-offs and other (472 ) (324 ) Balance at September 30 $ 2,854 $ 1,911 |
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. E xpected 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. |
Leases | The Company determines if an arrangement is a lease at inception. The Company has leases for manufacturing facilities, distribution centers, warehouses, office space and equipment, with remaining lease terms of one to fourteen years. Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early. Leases with an initial term of 12 months or less are not recorded on the 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 operating lease liability – short term operating lease liability – long term property, plant and equipment finance lease liability – short term finance lease liability – long term 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 exercise d . Lease expense is recognized on a straight-line basis over the lease term . |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 Currency Defined Benefit Pension Plans Total Balance at July 1, 2021 $ (13,093 ) $ (1,799 ) $ (14,892 ) Other comprehensive income (loss) before reclassifications (874 ) — (874 ) Net current-period other comprehensive income (loss) (874 ) — (874 ) Balance at September 30, 2021 $ (13,967 ) $ (1,799 ) $ (15,766 ) Foreign Currency Defined Benefit Pension Plans Total Balance at July 1, 2020 $ (16,137 ) $ (1,747 ) $ (17,884 ) Other comprehensive income (loss) before reclassifications 611 — 611 Net current-period other comprehensive income (loss) 611 — 611 Balance at September 30, 2020 $ (15,526 ) $ (1,747 ) $ (17,273 ) Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2021 $ (13,974 ) $ (1,799 ) $ (15,773 ) Other comprehensive income (loss) before reclassifications 7 — 7 Net current-period other comprehensive income (loss) 7 — 7 Balance at September 30, 2021 $ (13,967 ) $ (1,799 ) $ (15,766 ) Foreign Currency Defined Benefit Pension Plans Total Balance at January 1, 2020 $ (14,602 ) $ (1,747 ) $ (16,349 ) Other comprehensive income (loss) before reclassifications (924 ) — (924 ) Net current-period other comprehensive income (loss) (924 ) — (924 ) Balance at September 30, 2020 $ (15,526 ) $ (1,747 ) $ (17,273 ) |
Summary of Changes in Allowance for Credit Losses | The changes in the allowance for credit losses for the nine months ended September 30, 2021 2021 2020 Balance at January 1 $ 2,335 $ 1,356 Provision for expected credit loss, net of recoveries 991 879 Write-offs and other (472 ) (324 ) Balance at September 30 $ 2,854 $ 1,911 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition [Abstract] | |
Schedule of Revenue by Major Market | The Company’s revenue by major market is as follows: For the Quarter Ended September 30, 2021 Material Handling Distribution Inter-company Consolidated Consumer $ 32,355 $ — $ — $ 32,355 Vehicle 43,700 — — 43,700 Food and beverage 21,549 — — 21,549 Industrial 52,060 — (19 ) 52,041 Auto aftermarket — 50,413 — 50,413 Total net sales $ 149,664 $ 50,413 $ (19 ) $ 200,058 For the Quarter Ended September 30, 2020 Material Handling Distribution Inter-company Consolidated Consumer $ 26,865 $ — $ — $ 26,865 Vehicle 19,715 — — 19,715 Food and beverage 11,882 — — 11,882 Industrial 28,307 — (28 ) 28,279 Auto aftermarket — 45,517 — 45,517 Total net sales $ 86,769 $ 45,517 $ (28 ) $ 132,258 For the Nine Months Ended September 30, 2021 Material Handling Distribution Inter-company Consolidated Consumer $ 95,062 $ — $ — $ 95,062 Vehicle 127,329 — — 127,329 Food and beverage 59,365 — — 59,365 Industrial 135,028 — (47 ) 134,981 Auto aftermarket — 145,119 — 145,119 Total net sales $ 416,784 $ 145,119 $ (47 ) $ 561,856 For the Nine Months Ended September 30, 2020 Material Handling Distribution Inter-company Consolidated Consumer $ 78,363 $ — $ — $ 78,363 Vehicle 49,840 — — 49,840 Food and beverage 38,373 — — 38,373 Industrial 85,124 — (51 ) 85,073 Auto aftermarket — 121,253 — 121,253 Total net sales $ 251,700 $ 121,253 $ (51 ) $ 372,902 |
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: September 30, December 31, Statement of Financial Position 2021 2020 Classification Returns, discounts and other allowances $ (1,817 ) $ (943 ) Accounts receivable Right of return asset $ 726 $ 357 Inventories, net Customer deposits $ (1,752 ) $ (195 ) Other current liabilities Accrued rebates $ (2,920 ) $ (2,712 ) Other current liabilities |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Trilogy Plastics, Inc. [Member] | |
Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price based on the estimated fair value of assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment. Assets acquired: Accounts receivable $ 3,929 Inventories 2,669 Prepaid expenses 63 Other assets - long term 93 Property, plant and equipment 4,903 Right of use asset - operating leases 8,685 Intangible assets 14,333 Goodwill 10,036 Assets acquired $ 44,711 Liabilities assumed: Accounts payable $ 765 Accrued expenses 727 Operating lease liability - short term 576 Operating lease liability - long term 8,108 Total liabilities assumed 10,176 Net acquisition cost $ 34,535 |
Summary of Intangible Assets | The intangible assets included above consist of the following: Fair Value Weighted Average Estimated Useful Life Customer relationships $ 12,463 18.0 years Trade name 1,870 10.0 years Total amortizable intangible assets $ 14,333 |
Elkhart Plastics [Member] | |
Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price based on the estimated fair value of assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment. Assets acquired: Accounts receivable $ 12,026 Inventories 13,639 Prepaid expenses 960 Other assets - long term 34 Property, plant and equipment 18,038 Right of use asset - operating leases 13,757 Intangible assets 16,627 Goodwill 12,243 Assets acquired $ 87,324 Liabilities assumed: Accounts payable $ 5,603 Accrued expenses 4,623 Operating lease liability - short term 2,390 Operating lease liability - long term 10,867 Total liabilities assumed 23,483 Net acquisition cost $ 63,841 |
Summary of Intangible Assets | The intangible assets included above consist of the following: Fair Value Weighted Average Estimated Useful Life Customer relationships $ 10,210 18.0 years Trade name 5,817 10.0 years Non-competition agreements 600 5.0 years Total amortizable intangible assets $ 16,627 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Determination Cost of Inventories | Inventories consisted of the following: September 30, December 31, 2021 2020 Finished and in-process products $ 50,411 $ 42,304 Raw materials and supplies 39,967 23,615 $ 90,378 $ 65,919 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | The balance in Other Current Liabilities September 30, December 31, 2021 2020 Customer deposits and accrued rebates $ 4,672 $ 2,907 Dividends payable 5,400 5,251 Accrued litigation, claims and professional fees 806 306 Current portion of environmental reserves 1,429 1,433 Other accrued expenses 6,683 8,039 $ 18,990 $ 17,936 |
Schedule of Other Liabilities (Long-term) | The balance in Other Liabilities September 30, December 31, 2021 2020 Environmental reserves $ 7,237 $ 7,266 Supplemental executive retirement plan liability 1,264 1,510 Pension liability 855 941 Other long-term liabilities 3,167 4,656 $ 12,523 $ 14,373 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
The change in goodwill | The change in goodwill for the nine months ended September 30, 2021 Distribution Material Handling Total January 1, 2021 $ 7,648 $ 71,608 $ 79,256 Acquisition — 10,036 10,036 Purchase accounting adjustment — (69 ) (69 ) Foreign currency translation — 27 27 September 30, 2021 $ 7,648 $ 81,602 $ 89,250 |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Weighted average number of common shares outstanding during the period | Net income per common share, as shown on the accompanying 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 September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average common shares outstanding basic 36,195,560 35,796,247 36,103,894 35,764,822 Dilutive effect of stock options and restricted stock 206,716 146,882 224,871 173,364 Weighted average common shares outstanding diluted 36,402,276 35,943,129 36,328,765 35,938,186 |
Long-Term Debt and Loan Agree_2
Long-Term Debt and Loan Agreements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Long-term debt consisted of the following: September 30, December 31, 2021 2020 Loan Agreement $ 73,400 $ — 4.67% Senior Unsecured Notes due January 15, 2021 — 40,000 5.25% Senior Unsecured Notes due January 15, 2024 11,000 11,000 5.30% Senior Unsecured Notes due January 15, 2024 15,000 15,000 5.45% Senior Unsecured Notes due January 15, 2026 12,000 12,000 111,400 78,000 Less unamortized deferred financing costs 61 424 111,339 77,576 Less current portion long-term debt — 39,994 Long-term debt $ 111,339 $ 37,582 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Net periodic pension cost | Net periodic pension cost is as follows: For the Quarter Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Interest cost $ 38 $ 48 $ 114 $ 144 Expected return on assets (48 ) (51 ) (144 ) (153 ) Amortization of net loss 21 20 63 60 Net periodic pension cost $ 11 $ 17 $ 33 $ 51 |
Leases (Table)
Leases (Table) | 9 Months Ended |
Sep. 30, 2021 | |
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: September 30, December 31, Classification 2021 2020 Assets: Operating lease assets Right of use asset - operating leases $ 30,532 $ 18,390 Finance lease assets Property, plant and equipment, net 9,937 — Total lease assets $ 40,469 $ 18,390 Liabilities: Current Operating lease liability - short-term $ 5,369 $ 4,359 Long-term Operating lease liability - long-term 24,989 13,755 Total operating lease liabilities $ 30,358 $ 18,114 Current Finance lease liability - short-term $ 495 $ — Long-term Finance lease liability - long-term 9,563 — Total finance lease liabilities 10,058 — Total lease liabilities $ 40,416 $ 18,114 |
Schedule of Lease Expense | The components of lease expense include: For the Quarter Ended September 30, For the Nine Months Ended September 30, Lease Cost Classification 2021 2020 2021 2020 Operating lease cost (1) Cost of sales $ 1,374 $ 392 $ 3,620 $ 1,226 Operating lease cost (1) Selling, general and administrative expenses 618 396 1,713 1,264 Finance lease cost Amortization expense Cost of sales 172 — 402 — Interest expense on lease liabilities Interest expense, net 90 — 209 — Total lease cost $ 2,254 $ 788 $ 5,944 $ 2,490 (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 Nine Months Ended September 30, Supplemental Cash Flow Information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,201 $ 1,877 Operating cash flows from finance leases $ 209 $ — Financing cash flows from finance leases $ 281 $ — Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 7,146 $ 701 Finance leases $ 10,339 $ — Lease Term and Discount Rate September 30, 2021 December 31, 2020 Weighted-average remaining lease term (years): Operating leases 7.42 5.66 Finance leases 14.42 — Weighted-average discount rate: Operating leases 3.4 % 3.7 % Finance leases 3.5 % — |
Maturity of Operating and Finance Lease Liabilities | Maturity of Lease Liabilities - As of September 30, 2021 Operating Leases Finance Leases Total 2021 (1) $ 1,657 $ 210 $ 1,867 2022 6,092 840 6,932 2023 5,551 840 6,391 2024 4,107 861 4,968 2025 3,317 865 4,182 After 2025 13,629 9,273 22,902 Total lease payments 34,353 12,889 47,242 Less: interest (3,995 ) (2,831 ) (6,826 ) Present value of lease liabilities $ 30,358 $ 10,058 $ 40,416 (1) Represents amounts due in 2021 after September 30, 2021 |
Industry Segments (Tables)
Industry Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Reporting Information by Segment | Summarized segment detail for the quarters and nine months ended September 30, 2021 and 2020 For the Quarter Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Net Sales Material Handling $ 149,664 $ 86,769 $ 416,784 $ 251,700 Distribution 50,413 45,517 145,119 121,253 Inter-company sales (19 ) (28 ) (47 ) (51 ) Total net sales $ 200,058 $ 132,258 $ 561,856 $ 372,902 Operating income Material Handling (3) $ 15,066 $ 15,593 $ 49,895 $ 46,556 Distribution (1) 4,377 5,091 10,029 8,577 Corporate (1) (2) (4) (7,626 ) (7,544 ) (21,373 ) (6,439 ) Total operating income 11,817 13,140 38,551 48,694 Interest expense, net (1,056 ) (1,204 ) (3,050 ) (3,467 ) Income before income taxes $ 10,761 $ 11,936 $ 35,501 $ 45,227 (1) In the nine months ended September 30, 2021, the Company recognized $0.8 million of executive severance, of which $0.5 million was recognized in the Distribution Segment and $0.3 million was recognized in Corporate. This executive severance cost includes $0.5 million of severance and benefits and $0.3 million of charges for acceleration of stock compensation. (2) In the nine months ended September 30, 2020, the Company recognized in Corporate an $11.9 million gain on the sale of notes receivable as described in Note 4. (3) In the nine months ended September 30, 2021, the Company recognized a $1.0 million gain on the sale of a building within the Material Handling Segment as described in Note 5. (4) In the three and nine months ended September 30, 2021, the Company incurred in Corporate acquisition and integration costs totaling $0.5 $0.8 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Less unamortized deferred financing fees [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Notes payable, fair value disclosure | $ 41.6 | $ 80.9 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 201,981 | $ 181,695 | $ 189,100 | $ 166,682 |
Total other comprehensive income (loss) | (874) | 611 | 7 | (924) |
Ending balance | 205,525 | 187,598 | 205,525 | 187,598 |
Foreign Currency [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (13,093) | (16,137) | (13,974) | (14,602) |
Other comprehensive income (loss) before reclassifications | (874) | 611 | 7 | (924) |
Total other comprehensive income (loss) | (874) | 611 | 7 | (924) |
Ending balance | (13,967) | (15,526) | (13,967) | (15,526) |
Defined Benefit Pension Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (1,799) | (1,747) | (1,799) | (1,747) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Ending balance | (1,799) | (1,747) | (1,799) | (1,747) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (14,892) | (17,884) | (15,773) | (16,349) |
Other comprehensive income (loss) before reclassifications | (874) | 611 | 7 | (924) |
Total other comprehensive income (loss) | (874) | 611 | 7 | (924) |
Ending balance | $ (15,766) | $ (17,273) | $ (15,766) | $ (17,273) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Accounts Receivable Net [Abstract] | ||
Balance at January 1 | $ 2,335 | $ 1,356 |
Provision for expected credit loss, net of recoveries | 991 | 879 |
Write-offs and other | (472) | (324) |
Balance at September 30 | $ 2,854 | $ 1,911 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Revenue by Major Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 200,058 | $ 132,258 | $ 561,856 | $ 372,902 |
Operating Segments [Member] | Material Handling [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 149,664 | 86,769 | 416,784 | 251,700 |
Operating Segments [Member] | Distribution [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 50,413 | 45,517 | 145,119 | 121,253 |
Inter-company [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | (19) | (28) | (47) | (51) |
Consumer [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 32,355 | 26,865 | 95,062 | 78,363 |
Consumer [Member] | Operating Segments [Member] | Material Handling [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 32,355 | 26,865 | 95,062 | 78,363 |
Vehicle [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 43,700 | 19,715 | 127,329 | 49,840 |
Vehicle [Member] | Operating Segments [Member] | Material Handling [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 43,700 | 19,715 | 127,329 | 49,840 |
Food and Beverage [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 21,549 | 11,882 | 59,365 | 38,373 |
Food and Beverage [Member] | Operating Segments [Member] | Material Handling [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 21,549 | 11,882 | 59,365 | 38,373 |
Industrial [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 52,041 | 28,279 | 134,981 | 85,073 |
Industrial [Member] | Operating Segments [Member] | Material Handling [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 52,060 | 28,307 | 135,028 | 85,124 |
Industrial [Member] | Inter-company [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | (19) | (28) | (47) | (51) |
Auto Aftermarket [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 50,413 | 45,517 | 145,119 | 121,253 |
Auto Aftermarket [Member] | Operating Segments [Member] | Distribution [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 50,413 | $ 45,517 | $ 145,119 | $ 121,253 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Receivable [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Returns, discounts and other allowances | $ (1,817) | $ (943) |
Inventories, net [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Right of return asset | 726 | 357 |
Other Current Liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Customer deposits | (1,752) | (195) |
Accrued rebates | $ (2,920) | $ (2,712) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ShippingAndHandlingMember | us-gaap:ShippingAndHandlingMember | us-gaap:ShippingAndHandlingMember | us-gaap:ShippingAndHandlingMember |
Cost of sales | $ 145,860 | $ 85,191 | $ 402,251 | $ 240,779 |
Selling, General and Administrative Expenses [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Cost of sales | 2,800 | 2,200 | 7,500 | 5,500 |
Cost of Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Cost of sales | $ 1,900 | $ 1,700 | $ 5,400 | $ 4,600 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Millions | Jul. 30, 2021 | Nov. 10, 2020 | Aug. 26, 2019 |
Trilogy Plastics, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price of acquisition | $ 34.5 | ||
Working capital adjustment | $ 0.3 | ||
Elkhart Plastics [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price of acquisition | $ 63.8 | ||
Working capital adjustment | $ 1.2 | ||
Tuffy [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price of acquisition | $ 18.7 | ||
Working capital adjustment | $ 0.7 |
Acquisitions - Summary of Alloc
Acquisitions - Summary of Allocation of Purchase Price Based on Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jul. 30, 2021 | Dec. 31, 2020 | Nov. 10, 2020 |
Assets acquired: | ||||
Goodwill | $ 89,250 | $ 79,256 | ||
Trilogy Plastics, Inc. [Member] | ||||
Assets acquired: | ||||
Accounts receivable | $ 3,929 | |||
Inventories | 2,669 | |||
Prepaid expenses | 63 | |||
Other assets - long term | 93 | |||
Property, plant and equipment | 4,903 | |||
Right of use asset - operating leases | 8,685 | |||
Intangible assets | 14,333 | |||
Goodwill | 10,036 | |||
Assets acquired | 44,711 | |||
Liabilities assumed: | ||||
Accounts payable | 765 | |||
Accrued expenses | 727 | |||
Operating lease liability - short term | 576 | |||
Operating lease liability - long term | 8,108 | |||
Total liabilities assumed | 10,176 | |||
Net acquisition cost | $ 34,535 | |||
Elkhart Plastics [Member] | ||||
Assets acquired: | ||||
Accounts receivable | $ 12,026 | |||
Inventories | 13,639 | |||
Prepaid expenses | 960 | |||
Other assets - long term | 34 | |||
Property, plant and equipment | 18,038 | |||
Right of use asset - operating leases | 13,757 | |||
Intangible assets | 16,627 | |||
Goodwill | 12,243 | |||
Assets acquired | 87,324 | |||
Liabilities assumed: | ||||
Accounts payable | 5,603 | |||
Accrued expenses | 4,623 | |||
Operating lease liability - short term | 2,390 | |||
Operating lease liability - long term | 10,867 | |||
Total liabilities assumed | 23,483 | |||
Net acquisition cost | $ 63,841 |
Acquisitions - Summary of Intan
Acquisitions - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 30, 2021 | Nov. 10, 2020 |
Trilogy Plastics, Inc. [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total amortizable intangible assets, Fair value | $ 14,333 | |
Elkhart Plastics [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total amortizable intangible assets, Fair value | $ 16,627 | |
Customer Relationships [Member] | Trilogy Plastics, Inc. [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total amortizable intangible assets, Fair value | $ 12,463 | |
Weighted Average Estimated Useful Life | 18 years | |
Customer Relationships [Member] | Elkhart Plastics [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total amortizable intangible assets, Fair value | $ 10,210 | |
Weighted Average Estimated Useful Life | 18 years | |
Trade Name [Member] | Trilogy Plastics, Inc. [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total amortizable intangible assets, Fair value | $ 1,870 | |
Weighted Average Estimated Useful Life | 10 years | |
Trade Name [Member] | Elkhart Plastics [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total amortizable intangible assets, Fair value | $ 5,817 | |
Weighted Average Estimated Useful Life | 10 years | |
Non-competition Agreements [Member] | Elkhart Plastics [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total amortizable intangible assets, Fair value | $ 600 | |
Weighted Average Estimated Useful Life | 5 years |
Settlement of Note Receivable_2
Settlement of Note Receivable and Lease Guarantee - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | |
Settlement Of Note Receivable And Lease Guarantee [Line Items] | |||||
Provision for loss on note receivable | $ 991 | $ 879 | |||
Lawn and Garden Indemnification Claim [Member] | Guarantee Obligation [Member] | |||||
Settlement Of Note Receivable And Lease Guarantee [Line Items] | |||||
Lease expiring period | September 2025 | ||||
Annual rent | $ 2,000 | ||||
Liabilities and related pre tax charges | $ 10,300 | ||||
Lease guarantee contingency | $ 10,700 | ||||
Sale of fully reserved promissory notes and related accrued interest receivable | $ 1,200 | ||||
Pre-tax gain on sale of notes receivable | $ 11,900 | ||||
Lawn and Garden Business [Member] | |||||
Settlement Of Note Receivable And Lease Guarantee [Line Items] | |||||
Provision for loss on note receivable | $ 23,000 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost And Reserve [Line Items] | ||||||||
Proceeds from sale of property, plant and equipment | $ 3,051,000 | $ 0 | ||||||
Gain on sale of property, plant and equipment | $ 150,000 | $ 0 | 1,146,000 | 7,000 | ||||
Restructuring charges | $ 100,000 | $ 0 | $ 200,000 | $ 0 | ||||
Ameri-Kart [Member] | Scenario Forecast [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Expected restructuring charges | $ 1,300,000 | |||||||
Indiana [Member] | Manufacturing and Distribution [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Facility lease period | 15 years | 15 years | ||||||
Proceeds from sale of property, plant and equipment | $ 2,800,000 | |||||||
Sale leaseback transaction term of contract | 5 years | |||||||
Gain on sale of property, plant and equipment | $ 1,000,000 | |||||||
Indiana [Member] | Manufacturing and Distribution [Member] | Other Assets [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Building classified as held for sale | $ 1,900,000 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Inventories | ||||
Percentage of LIFO Inventory | 30.00% | 30.00% | ||
LIFO inventories, change in cost of sales | $ 1,600,000 | $ 0 | $ 1,600,000 | $ 0 |
Inventories - Summary of Determ
Inventories - Summary of Determination Cost of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished and in-process products | $ 50,411 | $ 42,304 |
Raw materials and supplies | 39,967 | 23,615 |
Inventory net | $ 90,378 | $ 65,919 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Customer deposits and accrued rebates | $ 4,672 | $ 2,907 |
Dividends payable | 5,400 | 5,251 |
Accrued litigation, claims and professional fees | 806 | 306 |
Current portion of environmental reserves | 1,429 | 1,433 |
Other accrued expenses | 6,683 | 8,039 |
Other current liabilities, Total | $ 18,990 | $ 17,936 |
Other Liabilities - Schedule _2
Other Liabilities - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Environmental reserves | $ 7,237 | $ 7,266 |
Supplemental executive retirement plan liability | 1,264 | 1,510 |
Pension liability | 855 | 941 |
Other long-term liabilities | 3,167 | 4,656 |
Other liabilities (long-term), Total | $ 12,523 | $ 14,373 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Change in Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 79,256 |
Acquisition | 10,036 |
Purchase accounting adjustment | (69) |
Foreign currency translation | 27 |
Ending balance | 89,250 |
Distribution [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 7,648 |
Acquisition | 0 |
Purchase accounting adjustment | 0 |
Foreign currency translation | 0 |
Ending balance | 7,648 |
Material Handling [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 71,608 |
Acquisition | 10,036 |
Purchase accounting adjustment | (69) |
Foreign currency translation | 27 |
Ending balance | $ 81,602 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding basic | 36,195,560 | 35,796,247 | 36,103,894 | 35,764,822 |
Dilutive effect of stock options and restricted stock (in shares) | 206,716 | 146,882 | 224,871 | 173,364 |
Weighted average common shares outstanding diluted (in shares) | 36,402,276 | 35,943,129 | 36,328,765 | 35,938,186 |
Net Income per Common Share - A
Net Income per Common Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive securities excluded from computation of net earnings or loss per common share | 42,945 | 607,123 | 0 | 435,998 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Apr. 29, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock compensation expense | $ 0.8 | $ 1.4 | $ 2.6 | $ 2.8 | |
Total unrecognized compensation cost related to non-vested share based compensation arrangements | $ 5.7 | $ 5.7 | |||
Unrecognized compensation cost period for recognition | 3 years | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period of expiration, term | 10 years | ||||
2017 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized for grant under plan (in shares) | 5,126,950 | 5,126,950 | 0 | ||
2021 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized for grant under plan (in shares) | 2,000,000 |
Contingencies - Additional Info
Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 120 Months Ended | 254 Months Ended | |||||||
Jan. 31, 2019 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2021 | Feb. 14, 2014 | |
Loss Contingencies [Line Items] | ||||||||||||||
Other current liabilities | $ 18,990,000 | $ 17,936,000 | $ 18,990,000 | $ 18,990,000 | $ 18,990,000 | |||||||||
Other liabilities | 12,523,000 | 14,373,000 | 12,523,000 | 12,523,000 | 12,523,000 | |||||||||
New Idria Mercury Mine [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Financial assurance required to be provided to EPA to secure performance | $ 2,000,000 | |||||||||||||
Prepayment amount | $ 200,000 | |||||||||||||
New Almaden Mine (Formerly Referred to as Guadalupe River Watershed) [Member] | Natural Resource Damage Claim [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Total reserve | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | ||||||||||
Other current liabilities | 300,000 | 300,000 | 300,000 | 300,000 | ||||||||||
Other liabilities | 1,200,000 | 1,200,000 | 1,200,000 | 1,200,000 | ||||||||||
Expense recognized | 0 | $ 0 | 0 | $ 0 | $ 1,200,000 | |||||||||
Revised estimated project costs, Low Estimate | 3,300,000 | |||||||||||||
Revised estimated project costs, High Estimate | $ 4,400,000 | |||||||||||||
Pending Litigation [Member] | New Idria Mercury Mine [Member] | EPA Notice Letter [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingencies, payments | 3,200,000 | |||||||||||||
Loss contingency, Loss in period | 0 | $ 500,000 | $ 0 | $ 4,000,000 | 0 | $ 0 | $ 1,300,000 | 10,400,000 | $ 1,600,000 | |||||
Total reserve | 7,200,000 | 7,200,000 | 7,200,000 | 7,200,000 | ||||||||||
Other current liabilities | 1,100,000 | 1,100,000 | 1,100,000 | 1,100,000 | ||||||||||
Other liabilities | $ 6,100,000 | $ 6,100,000 | $ 6,100,000 | $ 6,100,000 |
Long-Term Debt and Loan Agree_3
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 111,400 | $ 78,000 |
Less unamortized deferred financing fees | 61 | 424 |
Long-term Debt, net of deferred financing costs | 111,339 | 77,576 |
Less current portion long-term debt | 0 | 39,994 |
Long-term debt | 111,339 | 37,582 |
Loan Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 73,400 | |
4.67% Senior Unsecured Notes due January 15, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 40,000 | |
5.25% Senior Unsecured Notes due January 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 11,000 | 11,000 |
5.30% Senior Unsecured Notes due January 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 15,000 | 15,000 |
5.45% Senior Unsecured Notes due January 15, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 12,000 | $ 12,000 |
Long-Term Debt and Loan Agree_4
Long-Term Debt and Loan Agreements - Schedule of Long Term Debt (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2021 | |
4.67% Senior Unsecured Notes due January 15, 2021 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 4.67% |
Debt instrument maturity date | Jan. 15, 2021 |
5.25% Senior Unsecured Notes due January 15, 2024 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 5.25% |
Debt instrument maturity date | Jan. 15, 2024 |
5.30% Senior Unsecured Notes due January 15, 2024 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 5.30% |
Debt instrument maturity date | Jan. 15, 2024 |
5.45% Senior Unsecured Notes due January 15, 2026 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 5.45% |
Debt instrument maturity date | Jan. 15, 2026 |
Long-Term Debt and Loan Agree_5
Long-Term Debt and Loan Agreements - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jan. 31, 2021 | Mar. 31, 2017 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 111,400,000 | $ 111,400,000 | $ 78,000,000 | ||||
Long-term Debt | $ 111,339,000 | 111,339,000 | 37,582,000 | ||||
Repayments of long-term debt | $ 40,000,000 | $ 0 | |||||
Weighted average interest rate during period | 4.24% | 6.28% | 4.84% | 6.27% | |||
4.67% Senior Unsecured Notes due January 15, 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 40,000,000 | ||||||
Interest rate | 4.67% | 4.67% | |||||
Debt instrument maturity date | Jan. 15, 2021 | ||||||
Repayments of long-term debt | $ 40,000,000 | ||||||
Senior Unsecured Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 38,000,000 | $ 38,000,000 | |||||
Senior Unsecured Notes [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 11,000,000 | $ 11,000,000 | |||||
Interest rate | 5.25% | 5.25% | |||||
Debt instrument maturity date | Jan. 15, 2024 | ||||||
Senior Unsecured Notes [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 15,000,000 | $ 15,000,000 | |||||
Interest rate | 5.45% | 5.45% | |||||
Debt instrument maturity date | Jan. 15, 2026 | ||||||
Loan Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity on line of credit | $ 200,000,000 | $ 250,000,000 | $ 250,000,000 | ||||
Loan maturity period | 2022-03 | 2024-03 | |||||
Remaining amount available under the line of credit | 170,800,000 | $ 170,800,000 | |||||
Letters of credit | 5,800,000 | 5,800,000 | |||||
Loan Agreement [Member] | EPA [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Financial assurance required to be provided | 2,000,000 | ||||||
Other Assets [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Deferred financing fees | $ 1,100,000 | $ 1,100,000 |
Retirement Plans - Net Periodic
Retirement Plans - Net Periodic Pension Cost (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 38 | $ 48 | $ 114 | $ 144 |
Expected return on assets | (48) | (51) | (144) | (153) |
Amortization of net loss | 21 | 20 | 63 | 60 |
Net periodic pension cost | $ 11 | $ 17 | $ 33 | $ 51 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Contributions to plan | $ 119 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||||
Effective tax rate for the year | 26.60% | 27.20% | 26.00% | 25.30% | |
Unrecognized tax benefits that would impact effective tax rate | $ 0.8 | $ 0.8 | $ 0.8 | ||
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 September 30, 2021, the Company is no longer subject to U.S. Federal examination by tax authorities for tax years before 2015. | ||||
State and Local [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax examination for tax years | 2015 2016 2017 2018 2019 | ||||
Non-U.S [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax examination for tax years | 2016 2017 2018 2019 2020 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)facility | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Lessee Lease Description [Line Items] | |||||
Operating lease, existence of option to extend | true | ||||
Operating lease, option to extend | Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early. | ||||
Lessee, operating lease, renewal term | 5 years | 5 years | |||
Operating lease, existence of option to terminate | true | ||||
Operating lease, option to terminate | Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early. | ||||
Operating lease assets | $ 30,532 | $ 30,532 | $ 18,390 | ||
Total operating lease liabilities | 30,358 | 30,358 | 18,114 | ||
Total lease cost | 2,254 | $ 788 | $ 5,944 | $ 2,490 | |
Material Handling [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Number of operating lease facilities | facility | 4 | ||||
Operating lease assets | 4,000 | $ 4,000 | 5,200 | ||
Total operating lease liabilities | 3,800 | 3,800 | $ 5,000 | ||
Total lease cost | $ 400 | $ 1,300 | |||
Indiana [Member] | Manufacturing and Distribution [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Facility lease period | 15 years | 15 years | |||
Minimum [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Facility lease period | 1 year | 1 year | |||
Maximum [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Facility lease period | 14 years | 14 years |
Leases - Summary of Amounts Inc
Leases - Summary of Amounts Included in the Condensed Consolidated Statement of Financial Position (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Assets: | ||
Operating lease assets | $ 30,532 | $ 18,390 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | mye:RightOfUseAssetOperatingLeasesMember | mye:RightOfUseAssetOperatingLeasesMember |
Finance lease assets | $ 9,937 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentMember | us-gaap:PropertyPlantAndEquipmentMember |
Total lease assets | $ 40,469 | $ 18,390 |
Liabilities: | ||
Current | $ 5,369 | $ 4,359 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | mye:OperatingLeaseLiabilityShortTermMember | mye:OperatingLeaseLiabilityShortTermMember |
Long-term | $ 24,989 | $ 13,755 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | mye:OperatingLeaseLiabilityLongTermMember | mye:OperatingLeaseLiabilityLongTermMember |
Total operating lease liabilities | $ 30,358 | $ 18,114 |
Current | $ 495 | $ 0 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | mye:FinanceLeaseLiabilityShortTermMember | mye:FinanceLeaseLiabilityShortTermMember |
Long-term | $ 9,563 | $ 0 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | mye:FinanceLeaseLiabilityLongTermMember | mye:FinanceLeaseLiabilityLongTermMember |
Total finance lease liabilities | $ 10,058 | |
Total lease liabilities | $ 40,416 | $ 18,114 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee Lease Description [Line Items] | ||||
Total lease cost | $ 2,254 | $ 788 | $ 5,944 | $ 2,490 |
Cost of Sales [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Total operating lease cost | 1,374 | 392 | 3,620 | 1,226 |
Amortization expense | 172 | 402 | ||
Selling, General and Administrative Expenses [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Total operating lease cost | 618 | $ 396 | 1,713 | $ 1,264 |
Interest Expense, Net [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Interest expense on lease liabilities | $ 90 | $ 209 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 4,201 | $ 1,877 |
Operating cash flows from finance leases | 209 | |
Financing cash flows from finance leases | 281 | |
Right-of-use assets obtained in exchange for new lease liabilities: | ||
Operating leases | 7,146 | $ 701 |
Finance leases | $ 10,339 |
Leases - Summary of Lease Term
Leases - Summary of Lease Term and Discount Rate (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
Lessee Disclosure [Abstract] | ||
Weighted-average remaining lease term (years), operating leases | 7 years 5 months 1 day | 5 years 7 months 28 days |
Weighted-average remaining lease term (years), finance leases | 14 years 5 months 1 day | |
Weighted-average discount rate, operating leases | 3.40% | 3.70% |
Weighted-average discount rate, finance leases | 3.50% |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating And Finance Lease Liability Payments Due [Abstract] | ||
Operating Leases, 2021 | $ 1,657 | |
Operating Leases, 2022 | 6,092 | |
Operating Leases, 2023 | 5,551 | |
Operating Leases, 2024 | 4,107 | |
Operating Leases, 2025 | 3,317 | |
Operating Leases, After 2025 | 13,629 | |
Total operating lease payments | 34,353 | |
Less: interest | (3,995) | |
Present value of operating lease liabilities | 30,358 | $ 18,114 |
Finance Leases, 2021 | 210 | |
Finance Leases, 2022 | 840 | |
Finance Leases, 2023 | 840 | |
Finance Leases, 2024 | 861 | |
Finance Leases, 2025 | 865 | |
Finance Leases, After 2025 | 9,273 | |
Total finance lease payments | 12,889 | |
Less: interest | (2,831) | |
Present value of finance lease liabilities | 10,058 | |
2021 | 1,867 | |
2022 | 6,932 | |
2023 | 6,391 | |
2024 | 4,968 | |
2025 | 4,182 | |
After 2025 | 22,902 | |
Total lease payments | 47,242 | |
Less: interest | (6,826) | |
Present value of lease liabilities | $ 40,416 |
Industry Segments - Additional
Industry Segments - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Segment | Sep. 30, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | Segment | 2 | |||
Net sales | $ 200,058 | $ 132,258 | $ 561,856 | $ 372,902 |
Foreign Countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 11,700 | $ 9,800 | $ 34,800 | $ 28,000 |
Industry Segments - Schedule of
Industry Segments - Schedule of reporting information by segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 200,058 | $ 132,258 | $ 561,856 | $ 372,902 |
Total operating income | 11,817 | 13,140 | 38,551 | 48,694 |
Interest expense, net | (1,056) | (1,204) | (3,050) | (3,467) |
Income before income taxes | 10,761 | 11,936 | 35,501 | 45,227 |
Operating Segments [Member] | Material Handling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 149,664 | 86,769 | 416,784 | 251,700 |
Total operating income | 15,066 | 15,593 | 49,895 | 46,556 |
Operating Segments [Member] | Distribution [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 50,413 | 45,517 | 145,119 | 121,253 |
Total operating income | 4,377 | 5,091 | 10,029 | 8,577 |
Inter-company sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (19) | (28) | (47) | (51) |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total operating income | $ (7,626) | $ (7,544) | $ (21,373) | $ (6,439) |
Industry Segments - Schedule _2
Industry Segments - Schedule of reporting information by segment (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Executive severance cost | $ 800 | |||
Gain on sale of notes receivable | $ 0 | $ 0 | 0 | $ 11,924 |
Trilogy and Elkhart Plastics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Corporate acquisition costs | 500 | 800 | ||
Integration costs | 500 | 800 | ||
Executive Severances [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Severance and benefit | $ 500 | 500 | ||
Share-based payment arrangement, award accelerated cost | 300 | |||
Distribution [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Executive severance cost | 500 | |||
Material Handling [Member] | Building [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain on sale of building | 1,000 | |||
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Executive severance cost | $ 300 |