Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 25, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-11595 | ||
Entity Registrant Name | Astec Industries, Inc. | ||
Entity Incorporation, State or Country Code | TN | ||
Entity Tax Identification Number | 62-0873631 | ||
Entity Address, Address Line One | 1725 Shepherd Road | ||
Entity Address, City or Town | Chattanooga | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37421 | ||
City Area Code | 423 | ||
Local Phone Number | 899-5898 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | ASTE | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1 | ||
Entity Common Stock, Shares Outstanding | 22,613,076 | ||
Documents Incorporated by Reference | Portions of the registrant's definitive Proxy Statement to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant's fiscal year ended December 31, 2020 are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000792987 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 158.6 | $ 48.9 |
Investments | 4.3 | 1.5 |
Trade receivables and contract assets, net | 115.9 | 120.3 |
Other receivables | 4.7 | 4.6 |
Inventories | 249.7 | 294.5 |
Prepaid and refundable income taxes | 8.8 | 15.2 |
Prepaid expenses and other assets | 17.5 | 18.2 |
Assets held for sale | 6.3 | 3.1 |
Total current assets | 565.8 | 506.3 |
Property and equipment, net | 172.8 | 190.4 |
Investments | 13.7 | 16.1 |
Goodwill | 38.7 | 33.1 |
Intangible assets, net | 31.2 | 23.5 |
Deferred income tax assets | 15 | 24.7 |
Other long-term assets | 11 | 6.4 |
Total assets | 848.2 | 800.5 |
Current liabilities: | ||
Current maturities of long-term debt | 0.2 | 0.2 |
Short-term debt | 1.4 | 1.1 |
Accounts payable | 52.7 | 57.2 |
Customer deposits | 34.2 | 42.9 |
Accrued product warranty | 10.3 | 10.3 |
Accrued payroll and related liabilities | 20.8 | 24.7 |
Accrued loss reserves | 3 | 2.3 |
Other current liabilities | 47.7 | 34.1 |
Total current liabilities | 170.3 | 172.8 |
Long-term debt | 0.4 | 0.7 |
Deferred income tax liabilities | 0.5 | 0.9 |
Other long-term liabilities | 34 | 23.7 |
Total liabilities | 205.2 | 198.1 |
Commitments and contingencies (Note 16) | ||
Shareholders' equity: | ||
Preferred stock - authorized 4,000,000 shares of $1.00 par value; none issued | 0 | 0 |
Common stock – authorized 40,000,000 shares of $0.20 par value; issued and outstanding – 22,611,976 in 2020 and 22,551,183 in 2019 | 4.5 | 4.5 |
Additional paid-in capital | 127.8 | 122.6 |
Accumulated other comprehensive loss | (33.5) | (31.8) |
Company stock held by SERP, at cost | (1.5) | (1.7) |
Retained earnings | 545.2 | 508.3 |
Shareholders’ equity | 642.5 | 601.9 |
Noncontrolling interest | 0.5 | 0.5 |
Total equity | 643 | 602.4 |
Total liabilities and equity | $ 848.2 | $ 800.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, par value (in dollars per share) | $ 0.20 | $ 0.20 |
Common stock, shares issued (in shares) | 22,611,976 | 22,551,183 |
Common stock, shares outstanding (in shares) | 22,611,976 | 22,551,183 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 1,024,400 | $ 1,169,600 | $ 1,171,600 |
Cost of sales | 784,300 | 930,200 | 1,035,800 |
Gross profit | 240,100 | 239,400 | 135,800 |
Selling, general and administrative expenses | 166,900 | 183,900 | 180,800 |
Research and development expenses | 22,100 | 27,200 | 28,300 |
Restructuring, impairment and other asset charges, net | 8,100 | 3,200 | 13,100 |
Income (loss) from operations | 43,000 | 25,100 | (86,400) |
Other income: | |||
Interest expense | (700) | (1,400) | (1,000) |
Interest income | 800 | 1,200 | 1,000 |
Other income | 2,600 | 300 | 500 |
Income (loss) from operations before income taxes | 45,700 | 25,200 | (85,900) |
Income tax (benefit) provision | (1,200) | 3,000 | (25,200) |
Net income (loss) | 46,900 | 22,200 | (60,700) |
Net loss attributable to noncontrolling interest | 0 | 100 | 300 |
Net income (loss) attributable to controlling interest | $ 46,900 | $ 22,300 | $ (60,400) |
Per share data: | |||
Earnings (loss) per common share - Basic (in dollars per share) | $ 2.08 | $ 0.99 | $ (2.64) |
Earnings (loss) per common share - Diluted (in dollars per share) | $ 2.05 | $ 0.98 | $ (2.64) |
Weighted average shares outstanding - Basic (in shares) | 22,585,515 | 22,515,161 | 22,901,511 |
Weighted average shares outstanding - Diluted (in shares) | 22,877,743 | 22,674,182 | 22,901,511 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 46.9 | $ 22.2 | $ (60.7) |
Other comprehensive (loss) income: | |||
Change in unrecognized pension and postretirement benefit costs | 0.1 | 1 | (0.2) |
Tax (expense) benefit on change in unrecognized pension and postretirement benefit costs | 0 | (0.2) | 0 |
Foreign currency translation adjustments | (1.8) | 2 | (9.5) |
Other comprehensive (loss) income | (1.7) | 2.8 | (9.7) |
Comprehensive loss attributable to noncontrolling interest | 0 | 0.1 | 0.3 |
Comprehensive income (loss) attributable to controlling interest | $ 45.2 | $ 25.1 | $ (70.1) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net income (loss) | $ 46.9 | $ 22.2 | $ (60.7) |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | |||
Depreciation | 20.8 | 21.4 | 22.4 |
Amortization | 6.1 | 4.8 | 5.5 |
Provision for credit losses | 0.9 | 1.2 | 0.2 |
Provision for warranties | 9.8 | 9.8 | 13.2 |
Deferred compensation expense (benefit) | 0.7 | 0.6 | (1.6) |
Share-based compensation | 5.1 | 2.6 | 2.2 |
Deferred tax provision (benefit) | 8.6 | 1.7 | (25.4) |
(Gain) loss on disposition of property and equipment | (6.2) | 0.3 | (0.1) |
Curtailment gain on postretirement benefits | (0.5) | 0 | 0 |
Gain on disposition of subsidiary | (1.6) | 0 | 0 |
Asset impairment charges | 4.4 | 0.3 | 13.1 |
Distributions to SERP participants | (1.4) | (2.2) | (0.8) |
Change in operating assets and liabilities, excluding the effects of acquisitions: | |||
Sale (purchase) of trading securities, net | 0.2 | (0.9) | (0.8) |
Receivables and other contract assets | 12.2 | 7.5 | (16.2) |
Inventories | 44.7 | 61.3 | 30.8 |
Prepaid expenses | 0 | (2.3) | (11.9) |
Other assets | (0.2) | 0.2 | (3.7) |
Accounts payable | (8.6) | (13) | 9.8 |
Accrued retirement benefit costs | 0 | (1.3) | (1.1) |
Accrued loss reserves | (4.8) | (1.1) | (0.1) |
Other accrued liabilities | 9.8 | 2 | 8.9 |
Accrued product warranty | (10.2) | (10.5) | (17.5) |
Customer deposits | (11.2) | (5.3) | (0.5) |
Income taxes payable/prepaid | 16 | 12.2 | 3.7 |
Other | 0 | 1.1 | 0.6 |
Net cash provided (used) by operating activities | 141.5 | 112.6 | (30) |
Cash flows from investing activities | |||
Acquisitions, net of cash acquired | (32.5) | 0 | 0 |
Proceeds from the sale of subsidiary | 9.1 | 0 | 0 |
Expenditures for property and equipment | (15.4) | (23.4) | (27.4) |
Proceeds from sale of property and equipment | 17.7 | 0.5 | 0.4 |
Sale (purchase) of investments | 0.2 | 1.3 | (0.4) |
Net cash used by investing activities | (20.9) | (21.6) | (27.4) |
Cash flows from financing activities | |||
Payment of dividends | (10) | (10) | (9.6) |
Borrowings under bank loans | 6 | 166 | 148.5 |
Repayment of bank loans | (5.9) | (224) | (92) |
Sale of Company stock by SERP, net | 0.3 | 0.3 | 0.4 |
Withholding tax paid upon vesting of restricted stock units | (0.8) | (0.4) | (0.4) |
Repurchase of Company stock | 0 | 0 | (24.1) |
Net cash (used) provided by financing activities | (10.4) | (68.1) | 22.8 |
Effect of exchange rates on cash | (0.5) | 0.2 | (1.9) |
Increase (decrease) in cash and cash equivalents | 109.7 | 23.1 | (36.5) |
Cash and cash equivalents, beginning of year | 48.9 | 25.8 | 62.3 |
Cash and cash equivalents, end of year | 158.6 | 48.9 | 25.8 |
Cash paid during the year for: | |||
Interest, net of capitalized interest | 0.3 | 1.8 | 0.9 |
Income taxes (refunded) paid, net | (20.2) | (11.3) | 8.5 |
Supplemental disclosures of non-cash items | |||
Capital expenditures in accounts payable | 0.7 | 2 | 2.7 |
Additions to right-of-use assets and lease liabilities | 1.5 | 3.2 | 0 |
Liability award converted to equity | $ 0.8 | $ 0 | $ 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjustment | Company Shares Held by SERP | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Non- Controlling Interest |
Balance at beginning of period (in shares) at Dec. 31, 2017 | 23,070,418 | |||||||||
Balance at beginning of period at Dec. 31, 2017 | $ 686.6 | $ 4.6 | $ 141.9 | $ (24.2) | $ (2) | $ 565.3 | $ 1 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | (60.7) | (60.4) | (0.3) | |||||||
Other comprehensive income (loss) | (9.7) | (9.7) | ||||||||
Dividends | (9.6) | 0 | (9.6) | |||||||
Stock-based compensation (in shares) | 2,086 | |||||||||
Share-based compensation | 2.8 | 2.8 | ||||||||
RSU vesting (in shares) | 22,733 | |||||||||
Issuance of common stock under incentive plan | 0 | $ 0 | 0 | |||||||
Withholding tax paid upon equity award vesting | (0.4) | (0.4) | ||||||||
Change in ownership percentage of subsidiary | (0.2) | (0.2) | ||||||||
SERP transactions, net | 0.4 | 0.3 | 0.1 | |||||||
Repurchase of company stock (in shares) | (582,222) | |||||||||
Repurchase of Company stock | (24.1) | $ (0.1) | (24) | |||||||
Other | 0.1 | 0.1 | ||||||||
Balance at end of period (in shares) at Dec. 31, 2018 | 22,513,015 | |||||||||
Balance at end of period at Dec. 31, 2018 | 585.2 | $ 0 | $ 4.5 | 120.6 | (33.9) | $ (0.7) | (1.9) | 495.3 | $ 0.7 | 0.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 22.2 | 22.3 | (0.1) | |||||||
Other comprehensive income (loss) | 2.8 | 2.8 | 0 | |||||||
Dividends | (10) | 0 | (10) | |||||||
Stock-based compensation (in shares) | 2,910 | |||||||||
Share-based compensation | 2.3 | 2.3 | ||||||||
RSU vesting (in shares) | 35,258 | |||||||||
Issuance of common stock under incentive plan | 0 | $ 0 | 0 | |||||||
Withholding tax paid upon equity award vesting | (0.4) | (0.4) | ||||||||
SERP transactions, net | $ 0.3 | 0.1 | 0.2 | |||||||
Balance at end of period (in shares) at Dec. 31, 2019 | 22,551,183 | 22,551,183 | ||||||||
Balance at end of period at Dec. 31, 2019 | $ 602.4 | $ 4.5 | 122.6 | (31.8) | (1.7) | 508.3 | 0.5 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201802Member | |||||||||
Net income (loss) | $ 46.9 | 46.9 | ||||||||
Other comprehensive income (loss) | (1.7) | (1.7) | ||||||||
Dividends | (10) | 0 | (10) | |||||||
Share-based compensation | 5.1 | 5.1 | ||||||||
Conversion of liability awards to equity | 0.8 | 0.8 | ||||||||
RSU vesting (in shares) | 60,793 | |||||||||
Issuance of common stock under incentive plan | 0 | $ 0 | 0 | |||||||
Withholding tax paid upon equity award vesting | (0.8) | (0.8) | ||||||||
SERP transactions, net | $ 0.3 | 0.1 | 0.2 | |||||||
Balance at end of period (in shares) at Dec. 31, 2020 | 22,611,976 | 22,611,976 | ||||||||
Balance at end of period at Dec. 31, 2020 | $ 643 | $ 4.5 | $ 127.8 | $ (33.5) | $ (1.5) | $ 545.2 | $ 0.5 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends (in dollars per share) | $ 0.44 | $ 0.44 | $ 0.42 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Business and Organization Description of Business Astec Industries, Inc. is a Tennessee corporation which was incorporated in 1972. The Company designs, engineers, manufactures and markets equipment and components used primarily in road building and related construction activities, as well as other products discussed below. The Company's products are used in each phase of road building, from quarrying and crushing the aggregate to application of the road surface. The Company also manufactures certain equipment and components unrelated to road construction, including equipment for the mining, quarrying, construction and demolition industries and port and rail yard operators; industrial heat transfer equipment; commercial whole-tree pulpwood chippers; horizontal grinders; blower trucks; concrete plants; commercial and industrial burners; and combustion control systems. The Company's products are marketed both domestically and internationally primarily to asphalt producers; highway and heavy equipment contractors; utility contractors; sand and gravel producers; construction, demolition, recycle and crushing contractors; mine and quarry operators; port and inland terminal authorities; power stations and domestic and foreign government agencies. In addition to equipment sales, the Company manufactures and sells replacement parts for equipment in each of its product lines and replacement parts for some competitors' equipment. The distribution and sale of replacement parts is an integral part of our business. The Company consists of a total of 33 compani es that are consolidated in the Company's consolidated financial statements, of which 25 represent manufacturing sites and sites that operate as sales offices for the Company's manufacturing locations. During the first quarter of 2020, management completed an internal reorganization focused on transitioning from a decentralized management structure to a more centralized structure with major directives and decisions being made at the segment and/or parent company level. As a result of this reorganization, we realigned the Company's reportable segments moving from three to two reportable segments (plus Corporate) - Infrastructure Solutions and Materials Solutions. The Company's two reportable business segments comprise sites based upon the nature of the products or services produced, the type of customer for the products, the similarity of economic characteristics, the manner in which management reviews results and the nature of the production process, among other considerations. The Corporate category consists primarily of the parent company and Astec Insurance Company ("Astec Insurance" or the "captive"), a captive insurance company, which do not meet the requirements for separate disclosure as an operating segment or inclusion in one of the other reporting segments. Management evaluates performance and allocates resources to the operating segments based on profit or loss from operations before United States ("U.S.") federal income taxes, state deferred taxes and corporate overhead and, thus, these costs are included in the Corporate category. Amounts previously reported under the previous segment structure have been restated to conform to the new segment structure. COVID-19 Pandemic |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the accounts of Astec Industries, Inc. and its subsidiaries and have been prepared by the Company, pursuant to the rules and regulations of the U.S Securities and Exchange Commission ("SEC"). The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). All intercompany balances and transactions between the Company and its affiliates have been eliminated in consolidation. Noncontrolling interest in the Company's consolidated financial statements represents the 7% interest not owned by the Company in a consolidated subsidiary. Since the Company controls this subsidiary, its consolidated financial statements are consolidated with those of the Company, and the noncontrolling owner's 7% share of the subsidiary's net assets and results of operations is deducted and reported as "Noncontrolling interest" on the Consolidated Balance Sheets and as "Net loss attributable to noncontrolling interest" in the Consolidated Statements of Operations. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include inventory obsolescence costs, warranty costs, inventory net realizable value, self-insurance loss reserves, employee benefit programs and the measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates these assumptions, judgments and estimates. Actual results could differ from those estimates. In the opinion of management, the consolidated financial statements contain all adjustments necessary for a fair statement of the results of operations and comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018. All dollar amounts, except share and per share amounts, are in millions of dollars unless otherwise indicated. Significant Accounting Policies Cash and Cash Equivalents - All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. The Company's maintains cash balances with high credit quality institutions, the balances of which may exceed federally insured limits. The Company had $137.0 million in a government money market fund at December 31, 2020 and $30.2 million in an interest-bearing account at December 31, 2019, each of which is included in "Cash and cash equivalents" in the Consolidated Balance Sheets. Investments - Investments consist primarily of investment-grade marketable securities. Trading securities are carried at fair value, with unrealized holding gains and losses included in "Net income (loss)" in the Consolidated Statements of Operations. Realized gains and losses are accounted for on the specific identification method. Purchases and sales are recorded on a trade-date basis. Management determines the appropriate classification of its investments at the time of acquisition and reevaluates such determination at each balance sheet date. Accounts Receivable - The Company sells products to a wide variety of customers. Accounts receivable are carried at their outstanding principal amounts, less an allowance for credit losses. The Company extends credit to its customers based on an evaluation of the customers' financial condition generally without requiring collateral, although the Company normally requires advance payments or letters of credit on large equipment orders. Credit risk is driven by conditions within the economy and the industry and is principally dependent on each customer's financial condition. To minimize credit risk, the Company monitors credit levels and financial conditions of customers on a continuing basis. After considering historical trends for uncollectible accounts, current and projected economic conditions and specific customer recent payment history and financial stability, the Company records an allowance for credit losses at a level which management believes is sufficient to cover probable credit losses. Amounts are deemed past due when they exceed the payment terms agreed to by the customer in the sales contract. Past due amounts are charged off when reasonable collection efforts have been exhausted and the amounts are deemed uncollectible by management. As of December 31, 2020, concentrations of credit risk with respect to receivables are limited due to the wide variety of customers. Allowance for Credit Losses - The Company adopted the provisions of Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments – Credit Losses (Topic 326)" on January 1, 2020 and, accordingly, measures its credit losses on receivables using an expected loss model. See additional disclosure of this adoption below in Recently Adopted Accounting Pronouncements. The Company currently monitors credit levels and financial conditions of customers on a continuing basis. After considering historical trends for uncollectible accounts, current economic conditions and specific customer recent payment history and financial stability, each site records an allowance for credit losses at a level which management believes is sufficient to cover all probable future credit losses as of the balance sheet date based on a rolling twelve-month "look-back", specific reserves and an expectation of future economic conditions that might impact customers, which would currently include the impact of COVID-19. Amounts are deemed past due when they exceed the payment terms agreed to by the customer in the sales contract. Past due amounts are charged off when reasonable collection efforts have been exhausted and the amounts are deemed uncollectible by management. The majority of the Company’s receivables are related to equipment that requires significant down payment with other terms allowing for payment shortly after shipment, typically 30 days, which the Company believes is short-term in nature. The following table represents a rollforward of the allowance for credit losses for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, (in millions) 2020 2019 2018 Allowance balance, beginning of year $ 1.4 $ 1.2 $ 1.7 Provision 0.9 1.2 0.2 Write offs (0.6) (1.0) (0.7) Allowance balance, end of year $ 1.7 $ 1.4 $ 1.2 Inventories - The Company's inventory is comprised of raw materials and parts, work-in-process, finished goods and used equipment. Raw material and parts inventory comprises purchased steel and other purchased items for use in the manufacturing process or held for sale for the after-market parts business. The category also includes the manufacturing cost of completed equipment sub-assemblies produced for either integration into equipment manufactured at a later date or for sale in the Company's after-market parts business. Work-in-process inventory consists of the value of materials, labor and overhead incurred to date in the manufacturing of incomplete equipment or incomplete equipment sub-assemblies being produced. Finished goods inventory consists of completed equipment manufactured for sale to customers. Used equipment inventory consists of equipment accepted in trade or purchased on the open market. This category also includes equipment rented to prospective customers on a short-term or month-to-month basis. Used equipment is valued at the lower of acquired or trade-in cost or net realizable value determined on each separate unit. Each unit of rental equipment is valued at the lower of original manufacturing, acquired or trade-in cost or net realizable value. Inventories are valued at the lower of cost (first-in, first-out) or net realizable value, which requires the Company to make specific estimates, assumptions and judgments in determining the amount, if any, of reductions in the valuation of inventories to their net realizable values. The net realizable values of the Company's products are impacted by a number of factors, including changes in the price of steel, competitive sales pricing, quantities of inventories on hand, the age of the individual inventory items, market acceptance of the Company's products, the Company's normal gross margins, actions by the Company or its competitors, the condition of its used and rental equipment inventory and general economic factors. Once an inventory item's value has been deemed to be less than cost, a net realizable value allowance is calculated and a new cost basis for that item is effectively established. This new cost is retained for that item until such time as the item is disposed of or the Company determines that an additional write-down is necessary. Additional write-downs may be required in the future based upon changes in assumptions due to general economic downturns in the markets in which the Company operates, changes in competitor pricing, new product design or other technological advances introduced by the Company or its competitors and other factors unique to individual inventory items. The most significant component of the Company's inventory is steel. A significant decline in the market price of steel could result in a decline in the market value of the Company's equipment or parts. During periods of significant declining steel prices, the Company reviews the valuation of its inventories to determine if reductions are needed in the recorded value of inventory on hand to its net realizable value. The Company reviews the individual items included in its finished goods, used equipment and rental equipment inventory on a model-by-model or unit-by-unit basis to determine if any item's net realizable value is below its carrying value. This analysis is expanded to include items in work-in-process and raw material inventory if factors indicate those items may also be impacted. In performing this review, judgments are made and, in addition to the factors discussed above, additional consideration is given to the age of the specific items of used or rental equipment inventory, prior sales offers or lack thereof, the physical condition of the specific items and general market conditions for the specific items. Additionally, an analysis of raw material inventory is performed to calculate reserves needed for slow-moving or obsolete inventory based upon quantities of items on hand, the age of those items and their recent and expected future usage or sale. When the Company determines that the value of inventory has become impaired through damage, deterioration, obsolescence, changes in price levels, excessive levels of inventory or other causes, the Company reduces the carrying value to the net realizable value based on estimates, assumptions and judgments made from the information available at that time. Abnormal amounts of idle facility expense, freight, handling cost and wasted materials are recognized as current period charges. Assets Held for Sale – As of December 31, 2020, the Company recorded assets held for sale of $6.3 million related to land and building assets of its former Enid business and one of the Company's planes, which are being marketed for sale. In connection with the closing of the Company's AMM site in Germany and its Albuquerque site, the Company accounted for their land and building as assets held for sale as of December 31, 2019. The AMM land and building sale was completed in early 2020. The Albuquerque site was closed as of March 31, 2020, and its land and building were sold in the third quarter of 2020. Property and Equipment - Property and equipment is stated at cost. Expenditures for maintenance, repairs and minor renewals are charged against earnings as incurred. Expenditures for major renewals and improvements that substantially extend the capacity or useful life of an asset are capitalized and are then depreciated. The cost and accumulated depreciation for property and equipment sold, retired or otherwise disposed of are relieved from the accounts and resulting gains or losses are reflected in earnings. Property and equipment are depreciated over the estimated useful lives of the assets using the straight-line depreciation method for financial reporting and on accelerated methods for income tax purposes. Land is recorded at historical cost and is not depreciated. The useful lives are estimated based on historical experience with similar assets, considering anticipated technological or other changes. The Company periodically reviews these lives relative to physical factors and industry trends. If there are changes in the planned use of property or equipment or if technological changes were to occur more rapidly than anticipated, the useful lives assigned to these assets may need to be shortened, resulting in the recognition of accelerated depreciation expense in future periods. Property and equipment are primarily depreciated over the following useful lives: Years Buildings and improvements 5 - 40 Airplanes and aviation equipment 5 - 20 Machinery, equipment and tooling 3 - 10 Furniture and fixtures 5 - 10 Computer hardware and software 3 - 5 Leases - The Company leases certain real estate, computer systems, material handling equipment, offices, automobiles and other equipment. The Company determines if a contract is a lease (or contains an embedded lease) at the inception of the agreement. For a contract to be determined to be a lease or contain a lease, it must include explicitly or implicitly identified assets where the Company has the right to substantially all of the economic benefits of the assets and has the ability to direct how and for what purpose the assets are used during the lease term. Leases are classified as either operating or finance. For operating leases, the Company recognizes a lease liability equal to the present value of the remaining lease payments, and a right-of-use ("ROU") asset equal to the lease liability, subject to certain adjustments, such as prepaid rent. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The Company uses its incremental borrowing rate to determine the present value of the lease payments. The Company's incremental borrowing rate is the rate of interest that it would have to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company determines the incremental borrowing rates based upon secured borrowing rates quoted by the Company's banks for loans of a corresponding length to the lease. The lease term at the lease commencement date is determined based on the non-cancellable period for which the Company has the right to use the underlying asset, together with any periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option, periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option and periods covered by an option to extend (or not to terminate) the lease in which the exercise of the option is controlled by the lessor. The Company considers a number of factors when evaluating whether the options in its lease contracts are reasonably certain of exercise, such as length of time before an option exercise, expected value of the leased asset at the end of the initial lease term, importance of the lease to the Company's operations, costs to negotiate a new lease and any contractual or economic penalties. The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. Goodwill and Other Intangible Assets - Goodwill represents the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but is tested for impairment annually on October 31, or more frequently, as events dictate. The Company uses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. Goodwill impairment is the excess of the carrying amount of a reporting unit (that includes goodwill) over its fair value. Impairment is limited to the carrying amount of goodwill allocated to the reporting unit. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, management determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary and the goodwill is considered to be unimpaired. However, if based on the qualitative assessment management concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company will proceed with performing the quantitative evaluation process. The quantitative evaluation compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, a goodwill impairment charge will be recognized in the amount by which the reporting unit's carrying amount exceeds its fair value, but not to exceed the total goodwill assigned to the reporting unit. The determination of the fair value of the Company's reporting units is based on a combination of a market approach, that considers benchmark company market multiples, and an income approach, that utilizes discounted cash flows for each reporting unit. The cash flows used to determine fair value are dependent on a number of significant management assumptions such as expectations of future performance and the expected future economic environment, which are partly based upon historical experience. Management's estimates are subject to change given the inherent uncertainty in predicting future results. Additionally, the discount rate and the terminal growth rate are based on management's judgment of the rates that would be utilized by a hypothetical market participant. As part of the goodwill impairment testing, management also considers the Company's market capitalization in assessing the reasonableness of the combined fair values estimated for its reporting units. While management believes such assumptions and estimates are reasonable, the actual results may differ materially from the projected amounts. The Company's intangible assets have definite lives and are subject to amortization. Intangible assets are tested for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors considered when determining useful lives include the contractual terms of agreements, the history of the asset, the Company's long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. The Company tests intangible assets with definite lives for impairment if conditions exist that indicate the carrying value may not be recoverable. Such conditions may include an economic downturn in a geographic market or a change in the assessment of future operations. An impairment charge is recorded when the carrying value of the definite lived intangible asset is not recoverable by the future undiscounted cash flows expected to be generated from the use of the asset. Intangible assets with definite lives are amortized on a straight-line basis over the following estimated useful lives: Years Dealer network and customer relationships 8 - 19 Trade names 2 - 4 Other 3 - 19 Impairment of Long-Lived Assets - In the event that facts and circumstances indicate the carrying amounts of long-lived assets may be impaired, an evaluation of recoverability is performed. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the carrying amount for each asset (or group of assets) to determine if a write-down is required. If this review indicates that the assets will not be recoverable, the carrying values of the impaired assets are reduced to their estimated fair value. Fair value is estimated using discounted cash flows, prices for similar assets or other valuation techniques. Pension and Retirement Plans - The determination of obligations and expenses under the Company's pension plan is dependent on the Company's selection of certain assumptions used by independent actuaries in calculating such amounts. Those assumptions are described in Note 14, Pension and Retirement Plans and include among others, the discount rate, expected return on plan assets and the expected mortality rates. Actual results that differ from assumptions are accumulated and amortized over future periods and, therefore, generally affect the recognized expense in such periods. Significant differences in actual experience or significant changes in the assumptions used may materially affect the pension obligations and future expenses. The Company recognizes the overfunded or underfunded status of its pension plan as an asset or liability. Actuarial gains and losses, amortization of prior service cost (credit) and amortization of transition obligations are recognized through other comprehensive income (loss) in the year in which the changes occur. The Company measures the funded status of its pension plan as of the date of the Company's fiscal year-end. Product Warranty Reserve - The Company accrues for the estimated cost of product warranties at the time revenue is recognized. Warranty obligations by product line or model are evaluated based on historical warranty claims experience. For equipment, the Company's standard product warranty terms generally include post-sales support and repairs of products at no additional charge for periods ranging from three months to two years or up to a specified number of hours of operation. For parts from component suppliers, the Company relies on the original manufacturer's warranty that accompanies those parts. Generally, Company fabricated parts are not covered by specific warranty terms. Although failure of fabricated parts due to material or workmanship is rare, if it occurs, the Company's policy is to replace fabricated parts at no additional charge. Estimated warranty obligations are based upon warranty terms, product failure rates, repair costs and current period machine shipments. If actual product failure rates, repair costs, service delivery costs or post-sales support costs differ from our estimates, revisions to the estimated warranty liability may be required. Income Taxes - Income taxes are based on pre-tax financial accounting income. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. The Company periodically assesses the need to establish valuation allowances against its deferred tax assets to the extent the Company no longer believes it is more likely than not that the tax assets will be fully utilized. The Company evaluates a tax position to determine whether it is more likely than not that the tax position will be sustained upon examination, based upon the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to recognize and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold, no benefit is recognized. The Company is periodically audited by U.S. federal and state as well as foreign tax authorities. While it is often difficult to predict final outcome or timing of resolution of any particular tax matter, the Company believes its reserve for uncertain tax positions is adequate to reduce the uncertain positions to the greatest amount of benefit that is more likely than not realizable. Self-Insurance Reserves - The Company retains the risk for a portion of its workers' compensation claims and general liability claims by way of a captive insurance company, Astec Insurance. The objectives of Astec Insurance are to improve control over and reduce the cost of claims; to improve focus on risk reduction with the development of a program structure which rewards proactive loss control; and to ensure management participation in the defense and settlement process for claims. For general liability claims, the captive is liable for the first $1.0 million per occurrence. The Company carries general liability, excess liability and umbrella policies for claims in excess of amounts covered by the captive. For workers' compensation claims, the captive is liable for the first $0.35 million per occurrence. The Company utilizes a large national insurance company as third-party administrator for workers' compensation claims and carries insurance coverage for claims liabilities in excess of amounts covered by the captive. The financial statements of the captive are consolidated into the consolidated financial statements of the Company. The short-term and long-term reserves for claims and potential claims related to general liability and workers' compensation under the captive are included in "Accrued loss reserves" or "Other long-term liabilities " in the Consolidated Balance Sheets depending on the expected timing of future payments. The undiscounted reserves are actuarially determined to cover the ultimate cost of each claim based on the Company's evaluation of the type and severity of individual claims and historical information, primarily its own claims experience, along with assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause these estimates to change in the future. However, the Company does not believe it is reasonably likely that the reserve level will materially change in the foreseeable future. The Company is self-insured for health and prescription claims under its Group Health Insurance Plan at all of the Company's domestic manufacturing subsidiaries. The Company carries reinsurance coverage to limit its exposure for individual health claims above certain limits. Third parties administer health claims and prescription medication claims. The Company maintains a reserve for the self-insured health plan which is included in "Accrued loss reserves" on the Company's Consolidated Balance Sheets. This reserve includes both unpaid claims and an estimate of claims incurred but not reported, based on historical claims and payment experience. Historically, the reserves have been sufficient to provide for claims payments. Changes in actual claims experience or payment patterns could cause the reserve to change, but the Company does not believe it is reasonably likely that the reserve level will materially change in the near future. Employees of the Company's foreign subsidiaries are insured under separate health plans. No reserves are necessary for these fully-insured health plans. Revenue Recognition - Revenue is generally recognized when the Company satisfies a performance obligation by transferring control of goods or providing services. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company generally obtains purchase authorizations from its customers for a specified amount of products at a specified price with specific delivery terms. A significant portion of the Company's equipment sales represents equipment produced in the Company's manufacturing facilities under short-term contracts for a customer's project or equipment designed to meet a customer’s requirements. Most of the equipment sold by the Company is based on standard configurations, some of which are modified to meet customer's needs or specifications. The Company provides customers with technical design and performance specifications and typically performs pre-shipment testing, when feasible, to ensure the equipment performs according to the customer's need, regardless of whether the Company provides installation services in addition to selling the equipment. Significant down payments are required on many equipment orders with other terms allowing for payment shortly after shipment, typically 30 days. Taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions between the Company and its customers, such as sales, use, value-added and some excise taxes, are excluded from revenue. The Company offers extended warranties for sale on certain equipment sold to its customers. Costs of obtaining sales contracts with an expected duration of one year or less are expensed as incurred. As contracts are typically fulfilled within one year from the date of the contract, revenue adjustments for a potential financing component or the costs to obtain the contract are not made. Depending on the terms of the arrangement with the customer, recognition of a portion of the consideration received may be deferred and recorded as a contract liability if we have to satisfy a future obligation, such as to provide installation assistance, service work to be performed in the future without charge, floor plan interest to be reimbursed to the Company's dealer customers, payments for extended warranties, for annual rebates given to certain high volume customers or for obligations for future estimated returns to be allowed based upon historical trends. Certain contracts include terms and conditions pursuant to which the Company recognizes revenues upon the completion of production, and the equipment is subsequently stored at the Company's plant at the customer's request. Revenue is recorded on such contracts upon the customer's assumption of title and risk of ownership, which transfers control of the equipment, and when collectability is reasonably assured. In addition, there must be a fixed schedule of delivery of the goods consistent with the customer's business practices, the Company must not have retained any specific performance obligations such that the earnings process is not complete, and the goods must have been segregated from the Company's inventory prior to revenue recognition. The Company had one large wood pellet plant sale through 2018 and other smaller non-wood pellet plant orders in 2019 and 2020 on which revenue was recorded over time based upon the ratio of costs incurred to estimated total costs. Penalties were accounted for as a reduction in sales. Service and Equipment Installation Revenue – Purchasers of certain of the Company's equipment often contract with the Company to provide installation services. Installation is typically separately priced in the contract based upon observable market prices for stand-alone performance obligations or a cost plus margin approach when one is not available. The Company may also provide future services on equipment sold at the customer's request, which may be for equipment repairs after the warranty period expires. Service is billed on a cost plus margin approach or at a standard rate per hour. Used Equipment Sales - Used equipment is obtained by trade-in on new equipment sales, as a separate purchase in the open market or from the Company's equipment rental business. Revenues from the sale of used equipment are recognized upon transfer of control to the customer at agreed upon pricing. Freight Revenue – The Company records revenues earned for shipping and handling as revenue at the time of shipment, regardless of whether or not it is identified as a separate performance obl |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions CON-E-CO Acquisition - The Company entered into a Stock Purchase Agreement, dated as of July 20, 2020, by and between Oshkosh Corporation for the purchase of the CON-E-CO concrete equipment company in Nebraska. The purchase price was $13.8 million, after adjustments, and was paid in cash. The Company's preliminary allocation of the purchase price resulted in the recognition of $3.9 million of intangible assets primarily consisting of customer relationships (8 year life) and trade name (3 year life). Significant inputs and assumptions used in determining the fair values of these intangible assets include management's forecasts of future revenues, earnings and cash flows, a discount rate based on the median weighted average cost of capital of the Company and select market competitors, and proportion of intangible assets acquired in relation to tangible assets. The acquisition provides the Company with a broader line of concrete batch plant manufacturing, which will strengthen the Infrastructure Solutions segment. Results of operations have been consolidated from the date of acquisition. The following table summarizes the preliminary allocations of the total purchase price: (in millions) Amount Accounts receivable $ 2.3 Inventories 8.1 Other assets 6.6 Intangible assets 3.9 Total assets acquired $ 20.9 Accounts payable and other (4.3) Advance customer deposits (2.8) Total liabilities assumed (7.1) Total purchase price $ 13.8 Proforma financial information is not included since not significant. BMH Systems Acquisition - The Company entered into a Share Purchase Agreement, dated as of August 3, 2020, by and between BMH Systems Corporation ("St. Bruno") for the purchase of a concrete equipment company in Quebec, Canada. The purchase price was $15.7 million, after adjustments, and was paid in cash. The Company's preliminary allocation of the purchase price resulted in the recognition of $6.4 million of goodwill and $5.7 million of other intangible assets primarily consisting of customer relationships (9 year life) and trade name (3 year life). Significant inputs and assumptions used in determining the fair values of these intangible assets include management's forecasts of future revenues, earnings and cash flows, a discount rate based on the median weighted average cost of capital of the Company and select market competitors, and proportion of intangible assets acquired in relation to tangible assets. The acquisition provides the Company with a broader line of concrete batch plant manufacturing, which will strengthen the Infrastructure Solutions segment. Results of operations have been consolidated from the date of acquisition. The goodwill is not expected to be deductible for income tax purposes. The following table summarizes the preliminary allocations of the total purchase price: (in millions) Amount Cash $ 1.2 Accounts receivable and contract assets 6.4 Inventories 2.0 Goodwill 6.4 Other assets 3.8 Intangible assets 5.7 Total assets acquired $ 25.5 Total liabilities assumed (9.8) Total purchase price $ 15.7 Proforma financial information is not included since not significant. On November 2, 2020, t he Company closed a transaction pursuant to which it purchased certain assets of Grathwol Automation, LLC ("Grathwol"). Grathwol is engaged in the business of developing and providing advanced telematics and remote diagnostics for construction equipment and related products and services. Assets purchased primarily comprise technology assets. The total purchase price was $6.0 million, of which $1.8 million is deferred and will be recognized as expense and be paid out in two equal annual installments on the anniversary date of the acquisition. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: December 31, (in millions) 2020 2019 Raw materials and parts $ 154.6 $ 160.9 Work-in-process 57.3 61.3 Finished goods 34.0 53.6 Used equipment 3.8 18.7 Total $ 249.7 $ 294.5 During the year ended December 31, 2020, in conjunction with exiting the oil and gas drilling product lines, Enid's inventories were written down by $4.4 million, which was reported within "Cost of sales" in the Company's Consolidated Statements of Operations. In the fourth quarter of 2019, through the Company’s assessment of the age, quantities on hand, market acceptance of the equipment, the Company’s exit of the Enid oil and gas drilling product lines and other related factors, it was determined that various specific equipment models at each of the Company’s sites and certain other inventories required increases to their net realizable value reserves. As such, during the fourth quarter of 2019, the Company recorded an inventory write-down of $32.6 million within "Cost of sales" in the Consolidated Statements of Operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company has various financial instruments that must be measured at fair value on a recurring basis, including marketable debt and equity securities held by Astec Insurance; marketable equity securities held in a non-qualified Supplemental Executive Retirement Plan ("SERP"); and a money market fund held by a foreign subsidiary. Although the SERP investments are allocated to individual participants and investment decisions are made solely by those participants, the SERP is a non-qualified plan. Consequently, the Company owns the assets and the related offsetting liability for disbursement until such time as a participant makes a qualifying withdrawal, which is recorded in "Other long-term liabilities" in the Consolidated Balance Sheets. The Company's subsidiaries also occasionally enter into foreign currency exchange contracts to mitigate exposure to fluctuations in currency exchange rates. The carrying amount of cash and cash equivalents, trade receivables and contract assets, other receivables, accounts payable, short-term debt and long-term debt approximates their fair value because of their short-term nature and/or interest rates associated with the instruments. Investments are carried at their fair value based on quoted market prices for identical or similar assets or, where no quoted prices exist, other observable inputs for the asset. The fair values of foreign currency exchange contracts are based on quotations from various banks for similar instruments using models with market based inputs. Financial assets and liabilities are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The inputs used to measure the fair value are identified in the following hierarchy: 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; or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability. Level 3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. As indicated in the tables below, the Company has determined that all of its financial assets and liabilities as of December 31, 2020 and 2019 are Level 1 and Level 2 in the fair value hierarchy as defined above: December 31, 2020 (in millions) Level 1 Level 2 Total Financial assets: Trading equity securities: SERP money market fund $ 0.2 $ — $ 0.2 SERP mutual funds 4.8 — 4.8 Preferred stocks 0.3 — 0.3 Equity Funds 1.7 — 1.7 Trading debt securities: Corporate bonds 4.8 — 4.8 Municipal bonds — 0.9 0.9 Floating rate notes 0.4 — 0.4 U.S. government securities 1.8 — 1.8 Asset-backed securities — 2.1 2.1 Other — 1.0 1.0 Derivative financial instruments — 0.1 0.1 Total financial assets $ 14.0 $ 4.1 $ 18.1 Financial liabilities: Derivative financial instruments $ — $ 0.5 $ 0.5 SERP liabilities — 7.3 7.3 Total financial liabilities $ — $ 7.8 $ 7.8 December 31, 2019 (in millions) Level 1 Level 2 Total Financial Assets: Trading equity securities: SERP money market fund $ 0.2 $ — $ 0.2 SERP mutual funds 4.4 — 4.4 Preferred stocks 0.3 — 0.3 Trading debt securities: Corporate bonds 5.1 — 5.1 Municipal bonds — 1.2 1.2 Floating rate notes 0.5 — 0.5 U.S. Government Securities 2.0 — 2.0 Asset-backed securities — 2.3 2.3 Other 0.5 1.1 1.6 Total financial assets $ 13.0 $ 4.6 $ 17.6 Financial Liabilities: SERP liabilities $ — $ 6.6 $ 6.6 Total financial liabilities $ — $ 6.6 $ 6.6 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments The Company's trading securities consist of the following: (in millions) Amortized Gross Gross Fair Value December 31, 2020 Trading equity securities $ 6.4 $ 0.6 $ — $ 7.0 Trading debt securities 10.8 0.3 0.1 11.0 Total $ 17.2 $ 0.9 $ 0.1 $ 18.0 December 31, 2019 Trading equity securities $ 4.7 $ 0.3 $ 0.1 $ 4.9 Trading debt securities 12.7 0.1 0.1 12.7 Total $ 17.4 $ 0.4 $ 0.2 $ 17.6 Trading equity investments are valued at their estimated fair value based on their quoted market prices, and trading debt securities are valued based upon a mix of observable market prices and model driven prices derived from a matrix of observable market prices for assets with similar characteristics obtained from a nationally recognized third-party pricing service. Additionally, a significant portion of the trading equity securities are in equity money market and mutual funds and also comprise a portion of the Company's liability under its SERP. See Note 14, Pension and Retirement Plans, for additional information on these investments and the SERP. Trading debt securities are comprised mainly of marketable debt securities held by Astec Insurance. Astec Insurance has an investment strategy that focuses on providing regular and predictable interest income from a diversified portfolio of high-quality fixed income securities. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The Company completed the acquisitions of CON-E-CO and BMH Systems during the year ended December 31, 2020, which increased goodwill $6.4 million. The Company tests goodwill for impairment annually, as of October 31, or more frequently should circumstances change or events occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. In the first quarter of 2020, as part of the Company's ongoing assessment to consider whether events or circumstances had occurred that could more likely than not reduce the fair value of a reporting unit below its carrying value, the Company performed an interim goodwill impairment test as of March 31, 2020 over the mobile asphalt equipment reporting unit. Based on the results of this testing, the Company recorded a $1.6 million pre-tax non-cash impairment charge in the Infrastructure Solutions segment to fully impair the mobile asphalt equipment reporting unit’s goodwill in the first quarter of 2020. This impairment charge was reflected as a component of "Restructuring, impairment and other asset charges, net" for the year ended December 31, 2020. For the annual test of goodwill performed as of October 31, 2020, management performed a qualitative assessment as described above and concluded that there was no additional impairment of goodwill. This review included the Company's evaluation of relevant events and circumstances in totality that affect the fair value of the reporting units. These events and circumstances include, but are not limited to, macroeconomic conditions (including the impact of the COVID-19 pandemic), industry and competitive environment conditions, overall financial performance, business specific events and market considerations. The majority of the Company's goodwill were generated on a legacy basis and as a result have fair values that sufficiently exceed their underlying carrying values. Management performed a quantitative valuation for the October 31, 2019 annual impairment analysis, which indicated no impairment. The valuation performed in 2018 indicated $11.2 million of impairment in the Infrastructure Solutions reporting segment. In addition, as part of a restructuring action, additional goodwill of $1.0 million was written off in 2018. These charges were reflected as a component of "Restructuring, impairment and other asset charges, net" for the year ended December 31, 2018. The changes in the carrying amount of goodwill and accumulated impairment losses by reporting segment during the years ended December 31, 2020 and 2019 are as follows: (in millions) Infrastructure Materials Total Balance, December 31, 2018: Goodwill $ 32.7 $ 32.4 $ 65.1 Accumulated impairment (20.2) (12.2) (32.4) Net $ 12.5 $ 20.2 $ 32.7 2019 Activity: Foreign currency translation $ — $ 0.4 $ 0.4 Total 2019 activity $ — $ 0.4 $ 0.4 Balance, December 31, 2019: Goodwill $ 32.7 $ 32.8 $ 65.5 Accumulated impairment losses (20.2) (12.2) (32.4) Net $ 12.5 $ 20.6 $ 33.1 2020 Activity: Foreign currency translation $ 0.3 $ 0.5 $ 0.8 Acquisitions 6.4 — 6.4 Impairment (1.6) — (1.6) Total 2020 activity $ 5.1 $ 0.5 $ 5.6 Balance, December 31, 2020: Goodwill $ 39.4 $ 33.3 $ 72.7 Accumulated impairment (21.8) (12.2) (34.0) Net $ 17.6 $ 21.1 $ 38.7 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consisted of the following at December 31, 2020 and 2019: 2020 2019 (in millions) Gross Accumulated Net Gross Accumulated Net Dealer network and customer relationships $ 39.2 $ 20.9 $ 18.3 $ 31.1 $ 17.7 $ 13.4 Trade names 10.8 4.8 6.0 9.6 3.2 6.4 Other 12.5 5.6 6.9 8.7 5.0 3.7 Total $ 62.5 $ 31.3 $ 31.2 $ 49.4 $ 25.9 $ 23.5 Amortization expense on intangible assets was $6.1 million, $4.4 million and $5.1 million for 2020, 2019 and 2018, respectively. Future annual expected amortization expense on intangible assets as of December 31, 2020 are as follows (in millions): 2021 $ 9.6 2022 7.5 2023 4.3 2024 3.1 2025 1.7 2026 and thereafter 5.0 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment at cost, less accumulated depreciation, is as follows: December 31, (in millions) 2020 2019 Land $ 15.6 $ 15.2 Building and land improvements 148.3 151.6 Construction in progress 3.1 10.2 Manufacturing and office equipment 238.7 266.7 Aviation equipment 4.7 14.4 Less accumulated depreciation (237.6) (267.7) Total $ 172.8 $ 190.4 Depreciation expense was $20.8 million, $21.4 million and $22.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases The Company records its operating lease ROU assets in "Other long-term assets" and its operating lease liabilities in "Other current liabilities" and "Other long-term liabilities". As of December 31, 2020, none of the Company's leases were deemed to be finance leases. Additional information related to the Company’s operating leases is reflected in the tables below: Years Ended December 31, (in millions) 2020 2019 Operating lease expense $ 2.6 $ 2.6 Cash paid for operating leases included in operating cash flows 2.7 2.7 December 31, (in millions) 2020 2019 Operating lease right-of-use asset $ 6.6 $ 3.9 Operating lease short-term liability 1.9 1.8 Operating lease long-term liability 4.7 2.0 Weighted average remaining lease term (in years) 6.55 4.66 Weighted average discount rate used in calculating right-of-use asset 3.66 % 3.56 % Future annual minimum lease payments as of December 31, 2020 are as follows (in millions): 2021 $ 2.0 2022 1.2 2023 0.9 2024 0.6 2025 0.5 2026 and thereafter 2.2 Total lease payments $ 7.4 Less: Interest (0.8) Operating lease liabilities $ 6.6 Operating lease expense under prior guidance for 2018 was $3.6 million. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt In February 2019, the Company and certain of its subsidiaries amended the 2012 amended and restated credit agreement with Wells Fargo Bank, N.A. (the "Credit Facility") whereby the lender increased the Company's unsecured line of credit to $150.0 million, including a sub-limit for letters of credit of up to $30.0 million, and extended the maturity date to December 29, 2023. Other significant terms were left unchanged. Borrowings under the agreement are subject to an interest rate equal to the daily one-month LIBOR rate plus a 0.75% margin. The unused facility fee is 0.125%. The Credit Facility contains certain financial covenants, including provisions concerning required levels of annual net income and minimum tangible net worth. The Company's Brazilian subsidiary maintains a separate term loan for working capital purposes with a bank in Brazil, which is secured by its manufacturing facility. Prior to 2020, equipment financing loans were also outstanding. Certain of the Company's international subsidiaries in Africa, Australia, Brazil, Canada and Northern Ireland each have separate credit facilities with local financial institutions to finance short-term working capital needs, as well as to cover foreign exchange contracts, performance letters of credit, advance payment and retention guarantees. In addition, the Brazilian subsidiary also enters into order anticipation agreements with a local bank on a periodic basis. Both the outstanding borrowings under the credit facilities of the international subsidiaries and the order anticipation agreements are recorded in "Short-term debt" on the Company's Consolidated Balance Sheets. Each of the credit facilities are generally guaranteed by Astec Industries, Inc. and/or secured with certain assets of the local subsidiary except in Brazil where the credit facilities are supported by letters of credit issued under the Credit Facility. Additional details for the Company's Credit Facility, term loan and credit facilities are summarized in total below: (in millions, except maturity dates and interest rates) December 31, 2020 December 31, 2019 Credit Facility Unsecured line of credit - maximum $ 150.0 $ 150.0 Letters of credit - maximum 30.0 30.0 Borrowings outstanding — — Amount of letters of credit outstanding 7.6 8.3 Line of credit, additional borrowing capacity 142.4 141.7 Term Loan Current maturities $ 0.2 $ 0.2 Long-term maturities 0.4 0.7 Interest rate range 10.37 % 9.50% - 16.33% Maturity date or date range April 15, 2024 April 9, 2020 - April 15, 2024 International Credit Facilities and Short-Term Debt Total credit line $ 12.8 $ 9.8 Available credit line 11.4 8.4 Letters of credit - maximum 7.3 7.1 Amount of letters of credit outstanding 2.6 3.5 Short-term debt 1.4 1.1 Interest rate range 2.40% - 6.75% 9.75% Debt maturities for the Company's short-term and long-term debt are expected to be $1.6 million, $0.2 million, $0.1 million and $0.1 million in the years ending December 31, 2021, 2022, 2023 and 2024, respectively. |
Product Warranty Reserves
Product Warranty Reserves | 12 Months Ended |
Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Reserves | Product Warranty Reserves The Company warrants its products against manufacturing defects and performance to specified standards. The warranty period and performance standards vary by product but generally range from three months to two years or up to a specified number of hours of operation. The Company estimates the costs that may be incurred under its warranties and records a liability at the time product sales are recorded. The warranty liability is primarily based on historical claim rates, nature of claims and the associated costs. Changes in the Company's product warranty liability during 2020, 2019 and 2018 are as follows: (in millions) 2020 2019 2018 Reserve balance, January 1 $ 10.3 $ 10.9 $ 15.4 Warranty liabilities accrued 9.8 9.8 13.2 Warranty liabilities settled (10.2) (10.5) (17.5) Other 0.4 0.1 (0.2) Reserve balance, December 31 $ 10.3 $ 10.3 $ 10.9 |
Accrued Loss Reserves
Accrued Loss Reserves | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Loss Reserves [Abstract] | |
Accrued Loss Reserves | Accrued Loss ReservesThe Company accrues reserves for losses related to known workers' compensation and general liability claims that have been incurred but not yet paid or are estimated to have been incurred but not yet reported to the Company. The undiscounted reserves are actuarially determined based on the Company's evaluation of the type and severity of individual claims and historical information, primarily its own claims experience, along with assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause these estimates to change in the future. Total accrued loss reserves were $7.2 million and $6.8 million at December 31, 2020 and 2019, respectively, of which $4.2 million and $4.5 million were included in "Other long-term liabilities" in the Consolidated Balance Sheets at December 31, 2020 and 2019, respectively. |
Pension and Retirement Plans
Pension and Retirement Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Retirement Plans | Pension and Retirement Plans Pension Plan Prior to December 31, 2003, all employees of the Company's Kolberg-Pioneer, Inc. subsidiary were covered by a defined benefit pension plan ("the Pension Plan"). After December 31, 2003, all benefit accruals under the plan ceased and no new employees could become participants in the plan. Benefits paid under this plan are based on years of service multiplied by a monthly amount. The Company's funding policy for the plan is to make at least the minimum annual contributions required by applicable regulations. The Company's investment strategy for the plan is to earn a rate of return sufficient to match or exceed the long-term growth of pension liabilities. The investment policy states that the Plan Committee in its sole discretion shall determine the allocation of plan assets among the following four asset classes: cash equivalents, fixed-income securities, domestic equities and international equities. The Plan Committee attempts to ensure adequate diversification of the invested assets through investment in an exchange traded mutual fund that invests in a diversified portfolio of stocks, bonds and money market securities. The following provides information regarding benefit obligations, plan assets and the funded status of the plan: Pension Benefits (in millions) 2020 2019 Change in benefit obligation: Benefit obligation, beginning of year $ 17.1 $ 15.7 Interest cost 0.5 0.6 Actuarial loss 1.6 1.6 Benefits paid (0.8) (0.8) Benefit obligation, end of year 18.4 17.1 Accumulated benefit obligation 18.4 17.1 Change in plan assets: Fair value of plan assets, beginning of year 18.0 14.5 Actual gain on plan assets 2.2 2.7 Employer contribution — 1.6 Benefits paid (0.8) (0.8) Fair value of plan assets, end of year 19.4 18.0 Funded status, end of year $ 1.0 $ 0.9 Amounts recognized in the consolidated balance sheets: Noncurrent asset $ 1.0 $ 0.9 Net amount recognized $ 1.0 $ 0.9 Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 4.9 $ 4.9 Net amount recognized $ 4.9 $ 4.9 Weighted average assumptions used to determine the benefit obligation: Discount rate 2.30 % 3.10 % Rate of compensation increase N/A N/A The primary driver of the actuarial loss in the Company's Pension Plan in 2020 and 2019 within the change in benefit obligation is a result of a decrease in the discount rate assumption. All assets in the plan are invested in an exchange-traded mutual fund (Level 1 in the fair value hierarchy). The allocation of assets within the mutual fund as of December 31 and the target asset allocation ranges by asset category are as follows: Actual Allocation Asset Category 2020 2019 Target Allocation Ranges Equity securities 48.4 % 45.9 % 40% - 65% Debt securities 41.0 % 42.2 % 30% - 50% Cash and equivalents 10.6 % 11.9 % 0% - 15% Total 100.0 % 100.0 % Net periodic benefit cost for 2020, 2019 and 2018 included the following components: Pension Benefits (in millions) 2020 2019 2018 Components of net periodic benefit (income) cost: Interest cost $ 0.5 $ 0.6 $ 0.6 Expected return on plan assets (1.0) (0.8) (0.8) Amortization of actuarial loss 0.4 0.5 0.5 Net periodic benefit (income) cost $ (0.1) $ 0.3 $ 0.3 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial loss (gain) for the year $ 0.4 $ (0.3) $ 0.7 Amortization of net loss (0.4) (0.5) (0.5) Total recognized in other comprehensive income (loss) — (0.8) 0.2 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (0.1) $ (0.5) $ 0.5 Weighted average assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 3.10 % 4.10 % 3.50 % Expected return on plan assets 6.00 % 6.00 % 6.25 % Rate of compensation increase N/A N/A N/A To develop the expected long-term rate of return on assets assumptions, the Company considers the historical returns and future expectations for returns in each asset class, as well as targeted asset allocation percentages within the asset portfolios. No contributions are expected to be funded by the Company during 2021. Amounts in "Accumulated other comprehensive loss" expected to be recognized in net periodic benefit cost in 2021 for the amortization of a net loss is $0.4 million. The following estimated future benefit payments are expected in the years indicated: (in millions) Pension Benefits 2021 $ 1.0 2022 0.9 2023 0.9 2024 1.0 2025 0.9 2026 and thereafter 4.9 Other Retirement Plans The Company sponsors a 401(k) defined contribution plan to provide eligible employees with additional income upon retirement. The Company's contributions to the plan are based on employee contributions. The Company's contributions totaled $6.9 million, $7.0 million and $7.5 million in 2020, 2019 and 2018, respectively. The Company maintains a SERP for certain of its executive officers. The plan is a non-qualified deferred compensation plan administered by the Board of Directors of the Company, pursuant to which the Company makes quarterly cash contributions of a certain percentage of executive officers' compensation. Investments are self-directed by participants and can include Company stock. Upon retirement, participants receive their apportioned stock of the plan assets in the form of cash. Assets of the SERP consist of the following: December 31, 2020 December 31, 2019 (in millions) Cost Market Cost Market Company stock $ 1.5 $ 2.3 $ 1.7 $ 2.0 Equity securities 4.5 5.0 4.4 4.6 Total $ 6.0 $ 7.3 $ 6.1 $ 6.6 The Company periodically adjusts the deferred compensation liability such that the balance of the liability equals the total fair market value of all assets held by the trust established under the SERP. Such liabilities are included in "Other long-term liabilities" in the Consolidated Balance Sheets. The equity securities are included in "Investments" in the Consolidated Balance Sheets and classified as trading equity securities. See Note 6, Investments, for additional information. The cost of the Company stock held by the plan is included as a reduction in "Shareholders' equity" in the Consolidated Balance Sheets. The change in the fair market value of Company stock held in the SERP results in a charge or credit to "Selling, general and administrative expenses" in the Consolidated Statements of Operations because the acquisition cost of the Company stock in the SERP is recorded as a reduction of "Shareholders' equity" and is not adjusted to fair market value; however, the related liability is adjusted to the fair market value of the stock as of each period end. The Company recognized income of $0.6 million, $0.6 million and $1.6 million in 2020, 2019 and 2018, respectively, related to the change in the fair value of the Company stock held in the SERP. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For financial reporting purposes, income (loss) before income taxes includes the following components: Years Ended December 31, (in millions) 2020 2019 2018 United States $ 42.1 $ 26.7 $ (86.8) Foreign 3.6 (1.5) 0.9 Income (loss) before income taxes $ 45.7 $ 25.2 $ (85.9) The (benefit) provision for income taxes consists of the following: Years Ended December 31, (in millions) 2020 2019 2018 Current (benefit) provision: Federal $ (14.0) $ (0.5) $ (4.0) State 2.4 0.8 0.9 Foreign 1.8 1.0 3.3 Total current (benefit) provision (9.8) 1.3 0.2 Deferred provision (benefit): Federal 12.3 2.8 (19.1) State (1.4) (1.0) (5.8) Foreign (2.3) (0.1) (0.5) Total deferred provision (benefit) 8.6 1.7 (25.4) Total (benefit) provision: Federal (1.7) 2.3 (23.1) State 1.0 (0.2) (4.9) Foreign (0.5) 0.9 2.8 Total income tax (benefit) provision $ (1.2) $ 3.0 $ (25.2) The Company's "Income tax (benefit) provision" is computed based on the domestic and foreign federal statutory rates and the average state statutory rates, net of related federal benefit. The (benefit) provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income (loss) before income taxes. A reconciliation of the (benefit) provision for income taxes at the statutory federal income tax rate to the amount provided is as follows: Years Ended December 31, (in millions) 2020 2019 2018 Tax expense (benefit) at the statutory federal income tax rate $ 9.6 $ 5.3 $ (18.1) State income tax, net of federal income tax 0.3 (2.3) (3.0) Research and development tax credits (4.3) (6.7) (4.6) FIN 48 impact 4.0 3.2 1.9 Liquidation of subsidiary — (0.9) (1.4) True-up of foreign subsidiary net operation loss carryforward (0.3) (1.4) — Valuation allowance impact (1.0) 5.8 1.0 Changes in tax rates 0.3 0.1 (0.2) Effects of CARES Act - 2018 NOL Carryback (9.5) — — Other items (0.3) (0.1) (0.8) Total income tax (benefit) provision $ (1.2) $ 3.0 $ (25.2) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows: December 31, (in millions) 2020 2019 Deferred tax assets: Inventory reserves $ 3.2 $ 6.1 Warranty reserves 2.0 2.1 Credit loss reserves 0.3 0.3 State tax loss carryforwards 11.6 9.8 Accrued vacation 1.4 1.5 Deferred compensation 1.5 1.1 Share-based compensation 1.5 1.5 Goodwill 2.1 2.1 Outside basis difference 4.7 4.0 Federal net operating loss — 12.1 Foreign net operating loss 9.5 8.6 Lease obligation 0.9 0.8 Other 1.5 0.9 Domestic Credit Carryforwards 1.6 3.1 Deferred revenue 1.2 1.5 Deferred payroll tax - CARES Act 2.4 — Pension and post-employment benefits 1.0 1.2 Valuation allowances (14.1) (14.6) Total deferred tax assets 32.3 42.1 Deferred tax liabilities: Property and equipment 14.7 15.8 Intangibles 0.9 0.3 Right-of-use assets 0.9 0.8 Pension 1.3 1.4 Total deferred tax liabilities 17.8 18.3 Total net deferred assets $ 14.5 $ 23.8 As of December 31, 2020, the Company does not have a federal net operating loss carryforward. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security ("CARES") Act was passed which modified the net operating loss ("NOL") carryback provisions allowing the Company to carryback its 2018 NOL to prior years. The tax provision for the year ended December 31, 2020 includes a $9.5 million tax benefit related to the NOL carryback which occurred due to a change in rates from 35% to 21%. As of December 31, 2020, the Company has state net operating loss carryforwards of $193.0 million and foreign net operating loss carryforwards of approximately $31.5 million, which will be available to offset future taxable income. If not used, these carryforwards will expire between 2021 and 2032. A significant portion of the valuation allowance for deferred tax assets relates to the future utilization of state and foreign net operating loss and state tax credit carryforwards. Future utilization of these net operating loss and state tax credit carryforwards is evaluated by the Company on a periodic basis, and the valuation allowance is adjusted accordingly. In 2020, the valuation allowance on these carryforwards was a $1.0 million net decrease due to the unrealizable portion of certain entities’ state and foreign net operating loss carryforwards and certain other deferred tax assets in foreign jurisdictions. In 2020, the valuation allowance for the Company's subsidiary in Australia ("Astec Australia") was released in full as this entity became profitable in 2019 and 2020 and is no longer in a cumulative three-year loss position. The tax provision for the year ended December 31, 2020 includes a benefit of $1.5 million for the release of Astec Australia’s valuation allowance. The following table represents a roll forward of the deferred tax asset valuation allowance for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, (in millions) 2020 2019 2018 Allowance balance, beginning of year $ 14.6 $ 8.5 $ 8.3 Provision 1.5 5.8 1.0 Reversals (1.5) — — Other (0.5) 0.3 (0.8) Allowance balance, end of year $ 14.1 $ 14.6 $ 8.5 Undistributed foreign earnings are considered to be indefinitely reinvested outside the U.S. as of December 31, 2020. Because those earnings are considered to be indefinitely reinvested, no deferred income taxes have been provided thereon. If the Company were to make a distribution of any portion of those earnings in the form of dividends or otherwise, any such amounts would be subject to withholding taxes payable to various foreign jurisdictions; however, the amounts would not be subject to any additional U.S. income tax. As of December 31, 2020, the cumulative amount of undistributed U.S. GAAP earnings for the Company's foreign subsidiaries was $48.7 million. The Company files income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by authorities for years prior to 2014. With few exceptions, the Company is no longer subject to state and local or non-U.S. income tax examinations by authorities for years prior to 2016. The Company has a liability for unrecognized tax benefits of $9.7 million and $5.7 million (excluding accrued interest and penalties) as of December 31, 2020 and 2019, respectively. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in tax expense. The Company did not recognize any tax benefits for penalties and interest related to amounts that were settled for less than previously accrued in 2020 and recognized $0.1 million in 2019. The net total amount of unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate is $10.5 million and $6.1 million at December 31, 2020 and 2019, respectively. The Company does not expect a significant increase or decrease to the total amount of unrecognized tax benefits within the next twelve months. A reconciliation of the beginning and ending unrecognized tax benefits excluding interest and penalties is as follows: Years Ended December 31, (in millions) 2020 2019 2018 Balance, beginning of year $ 5.7 $ 2.1 $ 0.4 Additions for tax positions taken in current year 0.5 3.0 1.7 Additions for tax positions taken in prior period 3.5 0.7 — Decreases related to settlements with tax authorities — (0.1) — Balance, end of year $ 9.7 $ 5.7 $ 2.1 The tax positions in the December 31, 2020 balance of unrecognized tax benefits are expected to reverse through income in future years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Certain customers have financed purchases of Company products through arrangements with third-party financing institutions in which the Company is contingently liable for customer debt of $2.9 million and $1.5 million at December 31, 2020 and 2019, respectively. These arrangements expire at various dates through December 2023. Additionally, the Company is also potentially liable for 1.75% of the unpaid balance, determined as of December 31 of the prior year (or approximately $0.6 million for 2020), on certain past customer equipment purchases that were financed by an outside finance company. The agreements provide that the Company will receive the lender's full security interest in the equipment financed if the Company is required to fulfill its contingent liability under these arrangements. The Company has recorded a liability of $2.0 million and $1.7 million related to these guarantees as of December 31, 2020 and 2019, respectively. The Company reviews off-balance sheet guarantees individually and at the loss pool level based on one agreement. Prior history is considered in regard to the Company having to perform on any off-balance sheet guarantees, as well as future projections of individual customer credit worthiness. During the year ended December 31, 2020, the Company considered the implications of COVID-19 in regard to assessing credit losses related to off-balance sheet guarantees. In addition, the Company is contingently liable under letters of credit issued under its Credit Facility totaling $7.6 million as of December 31, 2020, including $3.2 million of letters of credit guaranteeing certain bank credit facilities of the Company's Brazilian subsidiary. The outstanding letters of credit expire at various dates through June 2023. The maximum potential amount of future payments under letters of credit issued under the Credit Facility for which the Company could be liable is $30.0 million as of December 31, 2020. As of December 31, 2020, the Company's foreign subsidiaries are contingently liable for a total of $2.6 million in performance letters of credit, advance payments and retention guarantees. The maximum potential amount of future payments under these letters of credit and guarantees for which the Company could be liable is $7.3 million as of December 31, 2020. The Company and certain of its former executive officers were named as defendants in a putative shareholder class action lawsuit filed on February 1, 2019, as amended on August 26, 2019, in the United States District Court for the Eastern District of Tennessee. The action was styled City of Taylor General Employees Retirement System v. Astec Industries, Inc., et al., Case No. 1:19-cv-24-CEA-CHS. The complaint generally alleged that the defendants violated the Securities Exchange Act of 1934, as amended (the "Exchange Act'), and Rule 10b-5 promulgated thereunder by making allegedly false and misleading statements and that the individual defendants were control persons under Section 20(a) of the Exchange Act. The complaint was filed on behalf of shareholders who purchased stock of the Company between July 26, 2016 and October 22, 2018 and sought monetary damages on behalf of the purported class. The Company disputed these allegations and filed a motion to dismiss the lawsuit on October 25, 2019. On February 19, 2021, the motion to dismiss was granted with prejudice and judgment was entered for the defendants. The Company's GEFCO subsidiary has been named a defendant in a lawsuit originally filed on August 16, 2018 with an amended complaint filed on January 25, 2019, in the United States District Court for the Western District of Oklahoma. The action is styled VenVer S.A. and Americas Coil Tubing LLP v. GEFCO, Inc., Case No. CIV-18-790-SLP. The complaint alleges breaches of warranty and other similar claims regarding equipment sold by GEFCO in 2013. In addition to seeking a rescission of the purchase contract, the plaintiff is seeking special and consequential damages. The original purchase price of the equipment was approximately $8.5 million. GEFCO disputes the plaintiff's allegations and intends to defend this lawsuit vigorously. On July 7, 2020, the plaintiffs filed a separate lawsuit directly against Astec Industries, Inc. Besides a new claim based on fraudulent transfer, the allegations essentially mirror the GEFCO suit. Astec Industries, Inc. is vigorously defending this suit as well. The Company is unable to determine whether or not a future loss will be incurred due to this litigation or estimate the possible loss or range of loss, if any, at this time. The Company is currently a party to various claims and legal proceedings that have arisen in the ordinary course of business. If management believes that a loss arising from such claims and legal proceedings is probable and can reasonably be estimated, the Company records the amount of the loss (excluding estimated legal fees) or the minimum estimated liability when the loss is estimated using a range and no point within the range is more probable than another. As management becomes aware of additional information concerning such contingencies, any potential liability related to these matters is assessed and the estimates are revised, if necessary. If management believes that a loss arising from such claims and legal proceedings is either (i) probable but cannot be reasonably estimated or (ii) reasonably estimable but not probable, the Company does not record the amount of the loss, but does make specific disclosure of such matter. Based upon currently available information and with the advice of counsel, management believes that the ultimate outcome of its current claims and legal proceedings, individually and in the aggregate, will not have a material adverse effect on the Company's financial position, cash flows or results of operations. However, claims and legal proceedings are subject to inherent uncertainties and rulings unfavorable to the Company could occur. If an unfavorable ruling were to occur, there exists the possibility of a material adverse effect on the Company's financial position, cash flows or results of operations. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Company's 2011 Incentive Plan ("2011 Plan") was established to provide for the grant of share-based awards to its employees, officers, directors and consultants. The 2011 Plan authorizes the grant of options, share appreciation rights, restricted stock, restricted stock units, deferred stock units, performance awards, dividend equivalents and other share-based and cash awards. The 2011 Plan is administered by the Company's Compensation Committee of the Board of Directors ("Compensation Committee"). Up to 0.7 million shares of newly-issued Company stock are reserved for issuance under the 2011 Plan of which approximately 0.2 million awards were available for issuance at December 31, 2020. The Company has outstanding restricted stock units, performance stock units and deferred stock units none of which participate in Company-paid dividends. The Company also has an Amended and Restated Non-Employee Directors Compensation Plan, which provides that annual retainers payable to the Company's non-employee directors will be paid in the form of cash, unless the director elects to receive the annual retainer in the form of common stock, which may, at the director’s option, be received on a deferred basis. If the director elects to receive common stock, whether on a current or deferred basis, the number of shares to be received is determined by dividing the dollar value of the annual retainer by the fair market value of the Company's common stock on the date the retainer is payable. Deferred stock units under this plan are entitled to dividends in the form of shares. Share-based compensation expense of $5.1 million, $2.6 million and $2.0 million was recorded in the years ended December 31, 2020, 2019 and 2018, respectively, and recognized in "Selling, general and administrative expenses" in the Consolidated Statements of Operations. Restricted Stock Units ("RSUs") Prior to 2020, key members of management were awarded with restricted stock units ("RSUs") each year based upon the financial performance of the Company and its subsidiaries. Beginning in 2020, awards were determined based on a predetermined award value of the base salary of eligible employees aligned to a total compensation program. Restricted stock unit awards granted in 2016 and prior vest at the end of five years from the date of grant, or at the time a recipient retires after reaching age 65, if earlier, while awards granted in 2017 and 2018 vest three years from the date of grant. RSUs granted in 2019 and 2020 vest ratably, at the end of each 12-month period, over a three-year period. Additional RSUs are granted on an annual basis to the Company's outside directors under the Company's Non-Employee Directors Compensation Plan with a one-year vesting period. Certain awards granted in 2019 were established as liability-based awards but have subsequently converted to equity awards in 2020. Changes in restricted stock units during the year ended December 31, 2020 are as follows: (in thousands, except weighted average grant date fair value) Restricted Stock Units Weighted Average Unvested as of January 1, 2020 188 $ 45.78 Granted 210 $ 34.99 Vested (90) $ 47.64 Forfeited (29) $ 39.32 Unvested as of December 31, 2020 279 $ 37.72 The following additional activity occurred for the Company's restricted stock units: Years Ended December 31, (in millions, except weighted average grant date fair value per award granted) 2020 2019 2018 Weighted average grant date fair value per award $ 34.99 $ 34.57 $ 58.45 Fair value of awards vested $ 3.8 $ 1.6 $ 1.9 Tax (expense) benefit for restricted stock compensation expense $ (0.4) $ 0.7 $ 0.5 As of December 31, 2020, the Company had $5.8 million of unrecognized compensation expense before tax related to restricted stock, which is expected to be recognized over a weighted average period of 2.0 years. Performance Stock Units ("PSUs") Beginning in 2020, PSUs were granted to officers and other key employees. Vesting is subject to both the continued employment of the participant with the Company and the achievement of certain performance goals established by the Compensation Committee. A participant generally must be employed by the Company on the vesting date of each award. However, adjusted awards will be paid if employment terminates earlier on account of a qualifying employment termination event such as death, disability and retirement at age 65. PSUs granted in 2020 were divided into three equal tranches with cliff vesting periods of one year, two years and three years. The number of PSUs that vest may range from zero to 200% of the target shares granted and is determined for each tranche based on the achievement of two equally weighted performance criteria: ROIC and TSR. The PSUs are settled in common stock of the Company, with holders receiving one common share for each PSU that vests. Changes in PSUs during the year ended December 31, 2020 are as follows: (in thousands, except weighted average grant date fair value) Performance Stock Units Weighted Average Unvested as of January 1, 2020 — $ — Granted 96 $ 35.46 Vested (1) $ 34.66 Forfeited (8) $ 36.08 Unvested as of December 31, 2020 87 $ 35.41 Tax benefits for the year ended December 31, 2020 were nominal. As of December 31, 2020, the Company had $1.6 million of unrecognized compensation expense before tax related to PSUs, which is expected to be recognized over a weighted average period of 1.6 years. Deferred Stock Units ("DSUs") The 2011 Plan and the Non-Employee Directors Compensation Plan each allow for deferred delivery of shares as received including at vesting. As of December 31, 2020, there were 34,145 fully vested deferred stock units, which were excluded from the tables above. The aggregate fair value of these units at December 31, 2020 was $2.0 million. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The following tables disaggregates the Company's revenue by major source for the period ended December 31, 2020 and 2019 (excluding intercompany sales): For the Year Ended December 31, 2020 (in millions) Infrastructure Solutions Materials Solutions Corporate Total Net Sales – Domestic: Equipment sales $ 354.1 $ 152.0 $ — $ 506.1 Parts and component sales 172.8 69.2 — 242.0 Service and equipment installation revenue 21.0 1.2 — 22.2 Used equipment sales 19.3 2.1 — 21.4 Freight revenue 19.7 5.1 — 24.8 Other 1.8 (1.3) — 0.5 Total domestic revenue 588.7 228.3 — 817.0 Net Sales – International: Equipment sales 78.0 58.1 — 136.1 Parts and component sales 29.1 29.4 — 58.5 Service and equipment installation revenue 2.4 1.7 — 4.1 Used equipment sales 2.4 2.2 — 4.6 Freight revenue 2.0 1.6 — 3.6 Other 0.2 0.3 — 0.5 Total international revenue 114.1 93.3 — 207.4 Total net sales $ 702.8 $ 321.6 $ — $ 1,024.4 For the Year Ended December 31, 2019 (in millions) Infrastructure Solutions Materials Solutions Corporate Total Net Sales – Domestic: Equipment sales $ 413.6 $ 166.9 $ — $ 580.5 Pellet plant revenue 20.0 — — 20.0 Parts and component sales 169.0 74.5 — 243.5 Service and equipment installation revenue 19.2 8.0 — 27.2 Used equipment sales 11.4 1.2 — 12.6 Freight revenue 18.0 6.3 — 24.3 Other 3.3 (2.9) — 0.4 Total domestic revenue 654.5 254.0 — 908.5 Net Sales – International: Equipment sales 70.4 95.5 — 165.9 Parts and component sales 28.6 47.0 — 75.6 Service and equipment installation revenue 6.2 2.0 — 8.2 Used equipment sales 2.2 3.3 — 5.5 Freight revenue 2.5 3.0 — 5.5 Other 0.2 0.2 — 0.4 Total international revenue 110.1 151.0 — 261.1 Total net sales $ 764.6 $ 405.0 $ — $ 1,169.6 |
Operations by Industry Segment
Operations by Industry Segment and Geographic Area | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Operations by Industry Segment and Geographic Area | Operations by Industry Segment and Geographic Area The Company has two reportable segments, each of which comprise sites based upon the nature of the products or services produced, the type of customer for the products, the similarity of economic characteristics, the manner in which management reviews results and the nature of the production process, among other considerations. A brief description of each segment is as follows: Infrastructure Solutions – The Infrastructure Solutions segment comprises 15 sites and designs, engineers, manufactures and markets a complete line of asphalt plants, concrete plants and their related components and ancillary equipment as well as supplying other heavy equipment. The U.S. based sites within the Infrastructure Solutions segment are primarily manufacturing operations while those located internationally market, service and install equipment and provide parts in the regions in which they operate for many of the products produced by all of the Company's manufacturing sites. The primary purchasers of the products produced by this segment are asphalt producers, highway and heavy equipment contractors, ready mix concrete producers, contractors in the construction and demolition recycling markets and domestic and foreign governmental agencies. Materials Solutions – The Materials Solutions segment comprises 10 sites and designs and manufactures heavy processing equipment, in addition to servicing and supplying parts for the aggregate, metallic mining, recycling, ports and bulk handling markets. The sites within the Materials Solutions segment are primarily manufacturing operations with the AME and India sites functioning to market, service and install equipment and provide parts in the regions in which they operate for many of the products produced by all of the Company's manufacturing sites. Additionally, the Materials Solutions segment offers consulting and engineering services to provide complete "turnkey" processing systems. The principal purchasers of aggregate processing equipment include distributors, highway and heavy equipment contractors, sand and gravel producers, recycle and crushing contractors, open mine operators, quarry operators, port and inland terminal authorities, power stations and foreign and domestic governmental agencies. Corporate – The Corporate category consists primarily of our parent company and our captive insurance company, Astec Insurance, which do not meet the requirements for separate disclosure as an operating segment or inclusion in one of the other reporting segments. The parent company and the captive insurance company provide support and corporate oversight for all of the sites. The Company evaluates performance and allocates resources to its operating segments based on profit or loss from operations before U.S. federal income taxes, state deferred taxes and corporate overhead and thus these costs are included in the Corporate category. The accounting policies of the reportable segments are the same as those described in Note 2, Basis of Presentation and Significant Accounting Policies. Intersegment sales and transfers are valued at prices comparable to those for unrelated parties. Segment information for 2020: (in millions) Infrastructure Solutions Materials Solutions Corporate Total Revenues from external customers $ 702.8 $ 321.6 $ — $ 1,024.4 Intersegment revenues 33.5 40.7 — 74.2 Restructuring, impairment and other asset charges, net 6.6 (1.3) 2.8 8.1 Interest expense — 0.2 0.5 0.7 Interest income 0.1 0.3 0.4 0.8 Depreciation and amortization 17.8 7.9 1.2 26.9 Income taxes 0.4 1.2 (2.8) (1.2) Profit (loss) 53.8 32.1 (40.1) 45.8 Assets 938.8 639.3 535.3 2,113.4 Capital expenditures 7.9 4.8 2.7 15.4 Segment information for 2019: (in millions) Infrastructure Solutions Materials Solutions Corporate Total Revenues from external customers $ 764.6 $ 405.0 $ — $ 1,169.6 Intersegment revenues 29.2 22.2 — 51.4 Restructuring, impairment and other asset charges, net 2.9 0.3 — 3.2 Interest expense — 0.3 1.1 1.4 Interest income — 0.6 0.6 1.2 Depreciation and amortization 16.9 8.2 1.1 26.2 Income taxes 0.8 0.6 1.6 3.0 Profit (loss) 33.8 22.8 (35.6) 21.0 Assets 865.8 608.4 420.9 1,895.1 Capital expenditures 14.2 7.4 1.0 22.6 Segment information for 2018: (in millions) Infrastructure Solutions Materials Solutions Corporate Total Revenues from external customers $ 718.4 $ 453.2 $ — $ 1,171.6 Intersegment revenues 39.1 16.6 — 55.7 Restructuring, impairment and other asset charges, net 13.1 — — 13.1 Interest expense — 0.4 0.6 1.0 Interest income 0.1 0.4 0.5 1.0 Depreciation and amortization 17.6 9.4 0.9 27.9 Income taxes 1.2 2.4 (28.8) (25.2) Profit (loss) (109.9) 45.5 1.6 (62.8) Assets 846.1 590.5 367.2 1,803.8 Capital expenditures 19.4 8.7 0.8 28.9 The totals of segment information for all reportable segments reconciles to consolidated totals as follows: Years Ended December 31, (in millions) 2020 2019 2018 Net income (loss) attributable to controlling interest Total profit (loss) for reportable segments $ 85.9 $ 56.6 $ (64.4) Corporate (expenses) income, net (40.1) (35.6) 1.6 Net loss attributable to non-controlling interest — 0.1 0.3 Recapture of intersegment profit 1.1 1.2 2.1 Total consolidated net income (loss) attributable to controlling interest $ 46.9 $ 22.3 $ (60.4) Assets Total assets for reportable segments $ 1,578.1 $ 1,474.2 $ 1,436.6 Corporate assets 535.3 420.9 367.2 Elimination of intercompany profit in inventory (2.8) (3.8) (5.0) Elimination of intercompany receivables (906.2) (767.9) (664.9) Elimination of investment in subsidiaries (329.6) (296.7) (300.7) Other (26.6) (26.2) 22.3 Total consolidated assets $ 848.2 $ 800.5 $ 855.5 Sales into major geographic regions were as follows: Years Ended December 31, (in millions) 2020 2019 2018 United States $ 817.0 $ 908.5 $ 915.8 Canada 57.9 66.8 61.6 Australia and Oceania 28.5 42.3 38.6 Other European Countries 23.2 32.2 26.0 Africa 22.4 44.7 45.6 South America (excluding Brazil) 21.9 17.9 30.1 Brazil 20.4 11.6 6.3 Japan and Korea 8.1 3.6 3.6 West Indies 6.1 6.4 1.5 Russia 4.0 5.1 9.6 Middle East 3.2 2.6 7.9 Post-Soviet States (excluding Russia) 3.1 7.3 2.7 Mexico 2.9 5.3 9.6 Other Asian Countries 2.7 6.5 5.5 Central America (excluding Mexico) 1.3 4.9 2.7 China 1.2 2.2 2.8 India 0.5 1.0 1.0 Other — 0.7 0.7 Total foreign 207.4 261.1 255.8 Total net sales $ 1,024.4 $ 1,169.6 $ 1,171.6 Long-lived assets by major geographic region are as follows: December 31, (in millions) 2020 2019 United States $ 140.3 $ 158.0 Northern Ireland 11.9 10.8 Brazil 6.3 8.3 Australia 5.1 4.6 Canada 4.8 4.0 South Africa 4.0 4.5 Chile 0.4 0.2 Total foreign 32.5 32.4 Total $ 172.8 $ 190.4 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The after-tax components comprising "Accumulated other comprehensive loss" are summarized below: December 31, (in millions) 2020 2019 Foreign currency translation adjustment $ (30.4) $ (28.6) Unrecognized pension and postretirement benefits cost, net of tax of $1.3 and $1.3, respectively (3.1) (3.2) Accumulated other comprehensive loss $ (33.5) $ (31.8) See Note 14, Pension and Retirement Plans, for discussion of the amounts recognized in "Accumulated other comprehensive loss" related to the Company's defined pension plan. |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Other Income | Other Income Other income consists of the following: Years Ended December 31, (in millions) 2020 2019 2018 Investment income (loss) $ — $ 0.2 $ (0.2) Gain on disposal of subsidiary 1.6 — — Curtailment gain on postretirement benefits 0.5 — — Other 0.5 0.1 0.7 Total $ 2.6 $ 0.3 $ 0.5 |
Restructuring and Asset Impairm
Restructuring and Asset Impairment Charges | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Impairment and Other Charges, Net | Restructuring, Impairment and Other Charges, NetBeginning in 2018, the Company made several strategic decisions to divest of underperforming manufacturing sites or product lines, including its plan to exit from the wood pellet plant line of business; the closing of its subsidiary in Germany (Astec Mobile Machinery ("AMM")); its plan to close and sell its manufacturing sites in Albuquerque, New Mexico, Mequon, Wisconsin and Tacoma, Washington (the product lines manufactured at each of these sites will continue to be produced and marketed at other Company locations); its plan to exit the oil, gas and water well product lines; and its plan to sell certain Company-owned airplanes. These actions generally include facility rationalization, workforce reduction and the associated costs of organizational integration activities. In addition, the Company periodically sells or disposes of its assets in the normal course of its business operations as they are no longer needed or used and may incur gains or losses on these disposals. Certain of the costs associated with these decisions are separately identified as restructuring. The Company reports asset impairment charges and gains or losses on the sales of property and equipment collectively, with restructuring charges in "Restructuring, impairment and other asset charges, net" in the Consolidated Statements of Operations. The Company incurred costs for these activities of $8.1 million, $3.2 million and $13.1 million in 2020, 2019 and 2018, respectively. The restructuring and asset impairment charges incurred in 2020, 2019 and 2018 are as follows: Years Ended December 31, (in millions) 2020 2019 2018 Restructuring related charges: Costs associated with exiting the wood pellet business $ — $ 0.5 $ — Costs associated with closing AMM 0.3 1.3 1.9 Costs associated with closing Albuquerque 1.3 — — Costs associated with closing Mequon 3.3 — — Costs associated with closing Enid 2.5 — — Costs associated with closing Tacoma 0.9 — — Workforce reductions at multiple sites 1.3 1.1 — Other restructuring charges 0.3 — — Total restructuring related charges 9.9 2.9 1.9 Asset impairment charges: Goodwill impairment charges 1.6 — 11.2 Airplane impairment charges 2.3 0.3 — Other impairment charges 0.5 — — Total asset impairment charges 4.4 0.3 11.2 Gain on sale of property and equipment, net: Gain on sale of property and equipment, net (6.2) — — Total gain on sale of property and equipment, net (6.2) — — Restructuring, impairment and other asset charges, net $ 8.1 $ 3.2 $ 13.1 Restructuring charges by segment are as follows: Years Ended December 31, (in millions) 2020 2019 2018 Infrastructure Solutions $ 6.2 $ 2.9 $ 1.9 Materials Solutions 3.6 — — Corporate 0.1 — — Total restructuring related charges $ 9.9 $ 2.9 $ 1.9 Impairment charges by segment are as follows: Years Ended December 31, (in millions) 2020 2019 2018 Infrastructure Solutions $ 1.9 $ — $ 11.2 Materials Solutions (0.2) 0.3 — Corporate 2.7 — — Total impairment charges $ 4.4 $ 0.3 $ 11.2 The net gain on sale of property and equipment by segment are as follows: Years Ended December 31, (in millions) 2020 2019 2018 Infrastructure Solutions $ (1.5) $ — $ — Materials Solutions (4.7) — — Corporate — — — Total gain on sale of property and equipment, net $ (6.2) $ — $ — Restructuring charges accrued, but not paid, as of December 31, 2020 were $1.1 million and were not significant as of December 31, 2019. In late 2018, it was determined that AMM did not meet the desired performance metrics, and the decision was made to close this site. Documents were filed by the Company in the German court system in December 2018 to begin the process of liquidating AMM. Essentially all of the assets were liquidated prior to December 31, 2019, with the exception of the sale of its land and building, which were included in assets held for sale and valued at $0.3 million in the Consolidated Balance Sheets at December 31, 2019 and sold in January 2020. Losses on the liquidation are included in "Restructuring, impairment and other asset charges, net" in the Consolidated Statement of Operations for the year ended December 31, 2019. The sale of AMM's land and building was completed in January 2020 and the resulting gain on sale of fixed assets of $0.7 million was recorded in "Restructuring, impairment and other asset charges, net" in the Consolidated Statements of Operations during the first quarter of 2020. On October 21, 2019, the Company announced the closing of its Albuquerque, New Mexico location. The decision to close the site was based in part on market conditions and manufacturing facilities underutilization. The marketing and manufacturing of products previously produced by the site were transferred to other Company facilities. The site was closed as of March 31, 2020. The site's land, building and leasehold improvements, which were included in assets held for sale and valued at $2.8 million in the Consolidated Balance Sheets as of December 31, 2019, were sold in the third quarter of 2020 for $3.2 million. The resulting $0.4 million gain recorded in "Restructuring, impairment and other asset charges, net" in the Consolidated Statements of Operations during the third quarter of 2020. In late 2019, the oil and gas drilling product lines produced at the Enid, Oklahoma location were impaired and discontinued. The remaining assets were sold in the third quarter of 2020 for $1.1 million, which is reported in "Other income" in the Consolidated Statements of Operations. Enid's land and building assets totaling $5.1 million are included in "Assets held for sale" in the Consolidated Balance Sheets at December 31, 2020. In June 2020, the Company announced the closing of the Mequon site in order to simplify and consolidate operations. The Mequon facility ceased production operations in August 2020, and the sale of the land and building for $8.5 million was completed in December 2020. The Company recorded a gain on the sale of $4.7 million, which was recorded in "Restructuring, impairment and other asset charges, net" in the Consolidated Statements of Operations during the fourth quarter of 2020. In October 2020, the Company closed a transaction for the sale of water well assets of the Company's Enid location, which included equipment, inventories and intangible assets. The purchase price for this transaction was approximately $6.9 million, net of purchase price adjustments completed in January 2021 whereby the Company has an obligation to pay the buyer $1.1 million. This obligation is included in "Other current liabilities" in the Consolidated Balance Sheets at December 31, 2020. The Company recorded a $0.5 million gain on the sale of this business in the fourth quarter of 2020 in "Other income" in the Consolidated Statements of Operations. In January 2021, the Company announced plans to close the Tacoma facility in order to simplify and consolidate operations. The Tacoma facility is expected to cease operations in the second quarter of 2021. Manufacturing and marketing of Tacoma product lines are expected be transferred to other facilities. In conjunction with this action, the Company recorded $0.9 million of restructuring related charges during the fourth quarter of 2020 in "Restructuring, impairment and other asset charges, net" in the Consolidated Statements of Operations. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED) | SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED) (in millions, except for per share data) First Second Third Fourth 2020 Net sales $ 288.8 $ 265.3 $ 231.4 $ 238.9 Gross profit (1) 73.4 59.6 50.2 56.9 Net income 20.4 9.3 1.7 15.5 Net income attributable to controlling interest 20.6 9.3 1.6 15.4 Earnings per common share Net income attributable to controlling interest: Basic 0.92 0.41 0.07 0.68 Diluted 0.91 0.41 0.07 0.67 Dividends paid per share 0.11 0.11 0.11 0.11 2019 Net sales $ 325.8 $ 304.8 $ 255.8 $ 283.2 Gross profit 76.8 83.3 51.9 27.4 Net income (loss) 14.2 23.4 3.0 (18.4) Net income (loss) attributable to controlling interest 14.3 23.4 3.0 (18.4) Earnings (loss) per common share Net income (loss) attributable to controlling interest: Basic 0.63 1.04 0.13 (0.81) Diluted 0.63 1.03 0.13 (0.81) Dividends paid per share 0.11 0.11 0.11 0.11 (1) Gross profit has been revised from amounts previously reported in the respective Quarterly Reports on Form 10-Q to reflect a reclassification of gain on property and equipment, net from "Cost of sales" to "Restructuring, impairment and other asset charges, net" of $0.6 million and $0.2 million for the first and third quarters of 2020, respectively. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the accounts of Astec Industries, Inc. and its subsidiaries and have been prepared by the Company, pursuant to the rules and regulations of the U.S Securities and Exchange Commission ("SEC"). The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). All intercompany balances and transactions between the Company and its affiliates have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include inventory obsolescence costs, warranty costs, inventory net realizable value, self-insurance loss reserves, employee benefit programs and the measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates these assumptions, judgments and estimates. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents - All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. The Company's maintains cash balances with high credit quality institutions, the balances of which may exceed federally insured limits. |
Investments | Investments - Investments consist primarily of investment-grade marketable securities. Trading securities are carried at fair value, with unrealized holding gains and losses included in "Net income (loss)" in the Consolidated Statements of Operations. Realized gains and losses are accounted for on the specific identification method. Purchases and sales are recorded on a trade-date basis. Management determines the appropriate classification of its investments at the time of acquisition and reevaluates such determination at each balance sheet date. |
Accounts Receivable | Accounts Receivable - The Company sells products to a wide variety of customers. Accounts receivable are carried at their outstanding principal amounts, less an allowance for credit losses. The Company extends credit to its customers based on an evaluation of the customers' financial condition generally without requiring collateral, although the Company normally requires advance payments or letters of credit on large equipment orders. Credit risk is driven by conditions within the economy and the industry and is principally dependent on each customer's financial condition. To minimize credit risk, the Company monitors credit levels and financial conditions of customers on a continuing basis. After considering historical trends for uncollectible accounts, current and projected economic conditions and specific customer recent payment history and financial stability, the Company records an allowance for credit losses at a level which management believes is sufficient to cover probable credit losses. Amounts are deemed past due when they exceed the payment terms agreed to by the customer in the sales contract. Past due amounts are charged off when reasonable collection efforts have been exhausted and the amounts are deemed uncollectible by management. As of December 31, 2020, concentrations of credit risk with respect to receivables are limited due to the wide variety of customers. |
Allowance for Credit Losses | Allowance for Credit Losses - The Company adopted the provisions of Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments – Credit Losses (Topic 326)" on January 1, 2020 and, accordingly, measures its credit losses on receivables using an expected loss model. See additional disclosure of this adoption below in Recently Adopted Accounting Pronouncements. The Company currently monitors credit levels and financial conditions of customers on a continuing basis. After considering historical trends for uncollectible accounts, current economic conditions and specific customer recent payment history and financial stability, each site records an allowance for credit losses at a level which management believes is sufficient to cover all probable future credit losses as of the balance sheet date based on a rolling twelve-month "look-back", specific reserves and an expectation of future economic conditions that might impact customers, which would currently include the impact of COVID-19. |
Inventories | Inventories - The Company's inventory is comprised of raw materials and parts, work-in-process, finished goods and used equipment. Raw material and parts inventory comprises purchased steel and other purchased items for use in the manufacturing process or held for sale for the after-market parts business. The category also includes the manufacturing cost of completed equipment sub-assemblies produced for either integration into equipment manufactured at a later date or for sale in the Company's after-market parts business. Work-in-process inventory consists of the value of materials, labor and overhead incurred to date in the manufacturing of incomplete equipment or incomplete equipment sub-assemblies being produced. Finished goods inventory consists of completed equipment manufactured for sale to customers. Used equipment inventory consists of equipment accepted in trade or purchased on the open market. This category also includes equipment rented to prospective customers on a short-term or month-to-month basis. Used equipment is valued at the lower of acquired or trade-in cost or net realizable value determined on each separate unit. Each unit of rental equipment is valued at the lower of original manufacturing, acquired or trade-in cost or net realizable value. Inventories are valued at the lower of cost (first-in, first-out) or net realizable value, which requires the Company to make specific estimates, assumptions and judgments in determining the amount, if any, of reductions in the valuation of inventories to their net realizable values. The net realizable values of the Company's products are impacted by a number of factors, including changes in the price of steel, competitive sales pricing, quantities of inventories on hand, the age of the individual inventory items, market acceptance of the Company's products, the Company's normal gross margins, actions by the Company or its competitors, the condition of its used and rental equipment inventory and general economic factors. Once an inventory item's value has been deemed to be less than cost, a net realizable value allowance is calculated and a new cost basis for that item is effectively established. This new cost is retained for that item until such time as the item is disposed of or the Company determines that an additional write-down is necessary. Additional write-downs may be required in the future based upon changes in assumptions due to general economic downturns in the markets in which the Company operates, changes in competitor pricing, new product design or other technological advances introduced by the Company or its competitors and other factors unique to individual inventory items. The most significant component of the Company's inventory is steel. A significant decline in the market price of steel could result in a decline in the market value of the Company's equipment or parts. During periods of significant declining steel prices, the Company reviews the valuation of its inventories to determine if reductions are needed in the recorded value of inventory on hand to its net realizable value. The Company reviews the individual items included in its finished goods, used equipment and rental equipment inventory on a model-by-model or unit-by-unit basis to determine if any item's net realizable value is below its carrying value. This analysis is expanded to include items in work-in-process and raw material inventory if factors indicate those items may also be impacted. In performing this review, judgments are made and, in addition to the factors discussed above, additional consideration is given to the age of the specific items of used or rental equipment inventory, prior sales offers or lack thereof, the physical condition of the specific items and general market conditions for the specific items. Additionally, an analysis of raw material inventory is performed to calculate reserves needed for slow-moving or obsolete inventory based upon quantities of items on hand, the age of those items and their recent and expected future usage or sale. When the Company determines that the value of inventory has become impaired through damage, deterioration, obsolescence, changes in price levels, excessive levels of inventory or other causes, the Company reduces the carrying value to the net realizable value based on estimates, assumptions and judgments made from the information available at that time. Abnormal amounts of idle facility expense, freight, handling cost and wasted materials are recognized as current period charges. |
Assets Held for Sale | Assets Held for Sale – As of December 31, 2020, the Company recorded assets held for sale of $6.3 million related to land and building assets of its former Enid business and one of the Company's planes, which are being marketed for sale. In connection with the closing of the Company's AMM site in Germany and its Albuquerque site, the Company accounted for their land and building as assets held for sale as of December 31, 2019. The AMM land and building sale was completed in early 2020. The Albuquerque site was closed as of March 31, 2020, and its land and building were sold in the third quarter of 2020. |
Property and Equipment | Property and Equipment - Property and equipment is stated at cost. Expenditures for maintenance, repairs and minor renewals are charged against earnings as incurred. Expenditures for major renewals and improvements that substantially extend the capacity or useful life of an asset are capitalized and are then depreciated. The cost and accumulated depreciation for property and equipment sold, retired or otherwise disposed of are relieved from the accounts and resulting gains or losses are reflected in earnings. Property and equipment are depreciated over the estimated useful lives of the assets using the straight-line depreciation method for financial reporting and on accelerated methods for income tax purposes. Land is recorded at historical cost and is not depreciated. The useful lives are estimated based on historical experience with similar assets, considering anticipated technological or other changes. The Company periodically reviews these lives relative to physical factors and industry trends. If there are changes in the planned use of property or equipment or if technological changes were to occur more rapidly than anticipated, the useful lives assigned to these assets may need to be shortened, resulting in the recognition of accelerated depreciation expense in future periods. Property and equipment are primarily depreciated over the following useful lives: Years Buildings and improvements 5 - 40 Airplanes and aviation equipment 5 - 20 Machinery, equipment and tooling 3 - 10 Furniture and fixtures 5 - 10 Computer hardware and software 3 - 5 |
Leases | Leases - The Company leases certain real estate, computer systems, material handling equipment, offices, automobiles and other equipment. The Company determines if a contract is a lease (or contains an embedded lease) at the inception of the agreement. For a contract to be determined to be a lease or contain a lease, it must include explicitly or implicitly identified assets where the Company has the right to substantially all of the economic benefits of the assets and has the ability to direct how and for what purpose the assets are used during the lease term. Leases are classified as either operating or finance. For operating leases, the Company recognizes a lease liability equal to the present value of the remaining lease payments, and a right-of-use ("ROU") asset equal to the lease liability, subject to certain adjustments, such as prepaid rent. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The Company uses its incremental borrowing rate to determine the present value of the lease payments. The Company's incremental borrowing rate is the rate of interest that it would have to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company determines the incremental borrowing rates based upon secured borrowing rates quoted by the Company's banks for loans of a corresponding length to the lease. The lease term at the lease commencement date is determined based on the non-cancellable period for which the Company has the right to use the underlying asset, together with any periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option, periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option and periods covered by an option to extend (or not to terminate) the lease in which the exercise of the option is controlled by the lessor. The Company considers a number of factors when evaluating whether the options in its lease contracts are reasonably certain of exercise, such as length of time before an option exercise, expected value of the leased asset at the end of the initial lease term, importance of the lease to the Company's operations, costs to negotiate a new lease and any contractual or economic penalties. The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets - Goodwill represents the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but is tested for impairment annually on October 31, or more frequently, as events dictate. The Company uses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. Goodwill impairment is the excess of the carrying amount of a reporting unit (that includes goodwill) over its fair value. Impairment is limited to the carrying amount of goodwill allocated to the reporting unit. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, management determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary and the goodwill is considered to be unimpaired. However, if based on the qualitative assessment management concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company will proceed with performing the quantitative evaluation process. The quantitative evaluation compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, a goodwill impairment charge will be recognized in the amount by which the reporting unit's carrying amount exceeds its fair value, but not to exceed the total goodwill assigned to the reporting unit. The determination of the fair value of the Company's reporting units is based on a combination of a market approach, that considers benchmark company market multiples, and an income approach, that utilizes discounted cash flows for each reporting unit. The cash flows used to determine fair value are dependent on a number of significant management assumptions such as expectations of future performance and the expected future economic environment, which are partly based upon historical experience. Management's estimates are subject to change given the inherent uncertainty in predicting future results. Additionally, the discount rate and the terminal growth rate are based on management's judgment of the rates that would be utilized by a hypothetical market participant. As part of the goodwill impairment testing, management also considers the Company's market capitalization in assessing the reasonableness of the combined fair values estimated for its reporting units. While management believes such assumptions and estimates are reasonable, the actual results may differ materially from the projected amounts. The Company's intangible assets have definite lives and are subject to amortization. Intangible assets are tested for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors considered when determining useful lives include the contractual terms of agreements, the history of the asset, the Company's long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. The Company tests intangible assets with definite lives for impairment if conditions exist that indicate the carrying value may not be recoverable. Such conditions may include an economic downturn in a geographic market or a change in the assessment of future operations. An impairment charge is recorded when the carrying value of the definite lived intangible asset is not recoverable by the future undiscounted cash flows expected to be generated from the use of the asset. Intangible assets with definite lives are amortized on a straight-line basis over the following estimated useful lives: Years Dealer network and customer relationships 8 - 19 Trade names 2 - 4 Other 3 - 19 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets - In the event that facts and circumstances indicate the carrying amounts of long-lived assets may be impaired, an evaluation of recoverability is performed. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the carrying amount for each asset (or group of assets) to determine if a write-down is required. If this review indicates that the assets will not be recoverable, the carrying values of the impaired assets are reduced to their estimated fair value. Fair value is estimated using discounted cash flows, prices for similar assets or other valuation techniques. |
Pension and Retirement Plans | Pension and Retirement Plans - The determination of obligations and expenses under the Company's pension plan is dependent on the Company's selection of certain assumptions used by independent actuaries in calculating such amounts. Those assumptions are described in Note 14, Pension and Retirement Plans and include among others, the discount rate, expected return on plan assets and the expected mortality rates. Actual results that differ from assumptions are accumulated and amortized over future periods and, therefore, generally affect the recognized expense in such periods. Significant differences in actual experience or significant changes in the assumptions used may materially affect the pension obligations and future expenses. The Company recognizes the overfunded or underfunded status of its pension plan as an asset or liability. Actuarial gains and losses, amortization of prior service cost (credit) and amortization of transition obligations are recognized through other comprehensive income (loss) in the year in which the changes occur. The Company measures the funded status of its pension plan as of the date of the Company's fiscal year-end. |
Product Warranty Reserve | Product Warranty Reserve - The Company accrues for the estimated cost of product warranties at the time revenue is recognized. Warranty obligations by product line or model are evaluated based on historical warranty claims experience. For equipment, the Company's standard product warranty terms generally include post-sales support and repairs of products at no additional charge for periods ranging from three months to two years or up to a specified number of hours of operation. For parts from component suppliers, the Company relies on the original manufacturer's warranty that accompanies those parts. Generally, Company fabricated parts are not covered by specific warranty terms. Although failure of fabricated parts due to material or workmanship is rare, if it occurs, the Company's policy is to replace fabricated parts at no additional charge. Estimated warranty obligations are based upon warranty terms, product failure rates, repair costs and current period machine shipments. If actual product failure rates, repair costs, service delivery costs or post-sales support costs differ from our estimates, revisions to the estimated warranty liability may be required. |
Income Taxes | Income Taxes - Income taxes are based on pre-tax financial accounting income. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. The Company periodically assesses the need to establish valuation allowances against its deferred tax assets to the extent the Company no longer believes it is more likely than not that the tax assets will be fully utilized. The Company evaluates a tax position to determine whether it is more likely than not that the tax position will be sustained upon examination, based upon the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to recognize and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold, no benefit is recognized. The Company is periodically audited by U.S. federal and state as well as foreign tax authorities. While it is often difficult to predict final outcome or timing of resolution of any particular tax matter, the Company believes its reserve for uncertain tax positions is adequate to reduce the uncertain positions to the greatest amount of benefit that is more likely than not realizable. |
Self-Insurance Reserves | Self-Insurance Reserves - The Company retains the risk for a portion of its workers' compensation claims and general liability claims by way of a captive insurance company, Astec Insurance. The objectives of Astec Insurance are to improve control over and reduce the cost of claims; to improve focus on risk reduction with the development of a program structure which rewards proactive loss control; and to ensure management participation in the defense and settlement process for claims. For general liability claims, the captive is liable for the first $1.0 million per occurrence. The Company carries general liability, excess liability and umbrella policies for claims in excess of amounts covered by the captive. For workers' compensation claims, the captive is liable for the first $0.35 million per occurrence. The Company utilizes a large national insurance company as third-party administrator for workers' compensation claims and carries insurance coverage for claims liabilities in excess of amounts covered by the captive. The financial statements of the captive are consolidated into the consolidated financial statements of the Company. The short-term and long-term reserves for claims and potential claims related to general liability and workers' compensation under the captive are included in "Accrued loss reserves" or "Other long-term liabilities " in the Consolidated Balance Sheets depending on the expected timing of future payments. The undiscounted reserves are actuarially determined to cover the ultimate cost of each claim based on the Company's evaluation of the type and severity of individual claims and historical information, primarily its own claims experience, along with assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause these estimates to change in the future. However, the Company does not believe it is reasonably likely that the reserve level will materially change in the foreseeable future. The Company is self-insured for health and prescription claims under its Group Health Insurance Plan at all of the Company's domestic manufacturing subsidiaries. The Company carries reinsurance coverage to limit its exposure for individual health claims above certain limits. Third parties administer health claims and prescription medication claims. The Company maintains a reserve for the self-insured health plan which is included in "Accrued loss reserves" on the Company's Consolidated Balance Sheets. This reserve includes both unpaid claims and an estimate of claims incurred but not reported, based on historical claims and payment experience. Historically, the reserves have been sufficient to provide for claims payments. Changes in actual claims experience or payment patterns could cause the reserve to change, but the Company does not believe it is reasonably likely that the reserve level will materially change in the near future. Employees of the Company's foreign subsidiaries are insured under separate health plans. No reserves are necessary for these fully-insured health plans. |
Revenue Recognition | Revenue Recognition - Revenue is generally recognized when the Company satisfies a performance obligation by transferring control of goods or providing services. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company generally obtains purchase authorizations from its customers for a specified amount of products at a specified price with specific delivery terms. A significant portion of the Company's equipment sales represents equipment produced in the Company's manufacturing facilities under short-term contracts for a customer's project or equipment designed to meet a customer’s requirements. Most of the equipment sold by the Company is based on standard configurations, some of which are modified to meet customer's needs or specifications. The Company provides customers with technical design and performance specifications and typically performs pre-shipment testing, when feasible, to ensure the equipment performs according to the customer's need, regardless of whether the Company provides installation services in addition to selling the equipment. Significant down payments are required on many equipment orders with other terms allowing for payment shortly after shipment, typically 30 days. Taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions between the Company and its customers, such as sales, use, value-added and some excise taxes, are excluded from revenue. The Company offers extended warranties for sale on certain equipment sold to its customers. Costs of obtaining sales contracts with an expected duration of one year or less are expensed as incurred. As contracts are typically fulfilled within one year from the date of the contract, revenue adjustments for a potential financing component or the costs to obtain the contract are not made. Depending on the terms of the arrangement with the customer, recognition of a portion of the consideration received may be deferred and recorded as a contract liability if we have to satisfy a future obligation, such as to provide installation assistance, service work to be performed in the future without charge, floor plan interest to be reimbursed to the Company's dealer customers, payments for extended warranties, for annual rebates given to certain high volume customers or for obligations for future estimated returns to be allowed based upon historical trends. Certain contracts include terms and conditions pursuant to which the Company recognizes revenues upon the completion of production, and the equipment is subsequently stored at the Company's plant at the customer's request. Revenue is recorded on such contracts upon the customer's assumption of title and risk of ownership, which transfers control of the equipment, and when collectability is reasonably assured. In addition, there must be a fixed schedule of delivery of the goods consistent with the customer's business practices, the Company must not have retained any specific performance obligations such that the earnings process is not complete, and the goods must have been segregated from the Company's inventory prior to revenue recognition. The Company had one large wood pellet plant sale through 2018 and other smaller non-wood pellet plant orders in 2019 and 2020 on which revenue was recorded over time based upon the ratio of costs incurred to estimated total costs. Penalties were accounted for as a reduction in sales. Service and Equipment Installation Revenue – Purchasers of certain of the Company's equipment often contract with the Company to provide installation services. Installation is typically separately priced in the contract based upon observable market prices for stand-alone performance obligations or a cost plus margin approach when one is not available. The Company may also provide future services on equipment sold at the customer's request, which may be for equipment repairs after the warranty period expires. Service is billed on a cost plus margin approach or at a standard rate per hour. Used Equipment Sales - Used equipment is obtained by trade-in on new equipment sales, as a separate purchase in the open market or from the Company's equipment rental business. Revenues from the sale of used equipment are recognized upon transfer of control to the customer at agreed upon pricing. Freight Revenue – The Company records revenues earned for shipping and handling as revenue at the time of shipment, regardless of whether or not it is identified as a separate performance obligation. The cost of shipping and handling is classified as cost of goods sold concurrently. Other Revenues – Miscellaneous revenues and offsets not associated with one of the above classifications include rental revenues, extended warranty revenues, early pay discounts and floor plan interest reimbursements. |
Advertising Expense | Advertising Expense - The cost of advertising is expensed as incurred. |
Share-based Compensation | Share-based Compensation - The grant date fair value of share-based compensation awards is based upon the closing market price of the Company's common stock on the day prior to the grant date, except for performance stock awards with a total shareholder return ("TSR") market performance metric for which the Company estimates fair value using a Monte-Carlo simulation model. The Company recognizes compensation expense for all awards over the requisite service period. Forfeitures are recognized as they occur. Compensation expense is based on the grant date fair value as described above, except for performance stock awards with a non-market return on invested capital ("ROIC") performance metric. For these awards, compensation expense is based on the probable outcome of achieving the specified performance conditions. The Company reassesses whether achievement of the ROIC performance metric is probable at each reporting date. The Company's equity awards are further described in Note 17, Share-Based Compensation. |
Acquisitions | Acquisitions - The Company accounts for business combinations using the acquisition method. Accordingly, intangible assets are recorded apart from goodwill if they arise from contractual or legal rights or if they are separable from goodwill. Third-party acquisition costs are expensed as incurred and contingent consideration is booked at its fair value as part of the purchase price. See Note 3, Acquisitions for additional information on the Company's acquisitions. |
Derivatives and Hedging Activities | Derivatives and Hedging Activities - The Company recognizes all derivatives in the Consolidated Balance Sheets at their fair value. Derivatives that are not hedges are adjusted to fair value through income. If the derivative is a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against the change in fair value of assets, liabilities or firm commitments through income or recognized in other comprehensive income (loss) until the hedged item is recognized in income. The ineffective portion of a derivative's change in fair value is immediately recognized in income. From time to time, the Company's foreign subsidiaries enter into foreign currency exchange contracts to mitigate exposure to fluctuation in currency exchange rates. |
Foreign Currency Translation | Foreign Currency Translation - Subsidiaries located in Australia, Brazil, Canada, Chile, India, Northern Ireland, South Africa and Thailand operate primarily using local functional currencies. Accordingly, assets and liabilities of these subsidiaries are translated using exchange rates in effect at the end of the period, and revenues and costs are translated using average exchange rates for the period. The resulting adjustments are presented as a separate component of "Accumulated other comprehensive loss " |
Earnings (Loss) Per Share | Earnings (Loss) Per Share - Basic earnings (loss) per share is computed by dividing "Net income (loss)" by the weighted average number of shares outstanding during the reported period. Deferred stock units are fully vested and, as such, are included in basic earnings (loss) per share. Diluted earnings (loss) per share includes the dilutive effect of common stock equivalents consisting of restricted stock units, performance stock units and stock held in the Company's supplemental executive retirement plan, using the treasury stock method. Performance stock units, which are considered contingently issuable, are considered dilutive when the related performance criterion has been met. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Effective January 1, 2019, the Company adopted the provisions of ASU 2016-02, "Leases (Topic 842)" including subsequent amendments issued thereafter (collectively, "ASC Topic 842"), which requires lessees to recognize a right-of-use asset and corresponding lease liability on the balance sheet for operating leases while the accounting for finance leases remains substantially unchanged. Upon adoption, right-of-use assets totaling $5.0 million were recorded on the Consolidated Balance Sheets. Incremental borrowing rates used in the calculation of the ROU asset were estimated based upon secured borrowing rates quoted by the Company’s banks for loans of various lengths ranging from one year to 20 years. Operating leases with original maturities less than one year in duration were excluded. The calculation of the ROU asset considered lease agreement provisions concerning termination, extensions, end of lease purchase and whether or not those provisions were reasonably certain of being exercised. Certain agreements contain lease and non-lease components, which are accounted for separately. The financial results for periods prior to January 1, 2019 are unchanged from results previously reported. No cumulative effect adjustment was necessary at the time of adoption. Based upon a contract review and related calculations, none of the Company’s leases were deemed to be finance leases. Lease expense recorded for the year ended December 31, 2019 under ASC Topic 842 was not materially different from lease expense that would have been recorded under the previous lease accounting standard. Other transitional practical expedients allowed under ASU No. 2016-02 were adopted. In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, "Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments" including subsequent amendments issued thereafter (collectively "Topic 326"). The standard changes how credit losses are measured for most financial assets and certain other instruments that currently are not measured through net income (loss). The standard requires an expected loss model for instruments measured at amortized cost as opposed to the current incurred loss approach. In valuing available for sale debt securities, allowances will be required to be recorded, rather than the current approach of reducing the carrying amount, for other than temporary impairments. A cumulative adjustment to retained earnings was to be recorded as of the beginning of the period of adoption to reflect the impact of applying the provisions of the standard. The standard was effective for public companies for periods beginning after December 15, 2019, and the Company adopted the new standard as of January 1, 2020. As the Company's credit losses are typically minimal, the adoption of the new standard did not have a significant impact on the Company's financial position, results of operations or cash flows and no cumulative adjustment to retained earnings was recorded. In February 2018, the FASB issued ASU No. 2018-2, "Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income", which permits companies to reclassify tax effects stranded in accumulated other comprehensive income ("OCI") as a result of U.S. tax reform impacting tax rates or other items, such as changing from a worldwide tax system to a territorial system, from OCI to retained earnings. Other tax effects stranded in OCI due to other reasons, such as prior changes in tax laws or changes in valuation allowances, may not be reclassified. The new standard was effective for fiscal years beginning after December 15, 2018, and the Company adopted its provisions as of January 1, 2019. As a result of adopting this new standard, the Company reclassified $0.7 million of previously stranded tax effects from "Accumulated other comprehensive loss" to "Retained earnings" as shown on the Consolidated Statements of Equity for the year ended December 31, 2019. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use-Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. This ASU is effective for fiscal years, and interim periods, beginning after December 15, 2019. The Company adopted the provisions of this standard as of January 1, 2020, and it has been applied prospectively for applicable implementation costs incurred subsequent to the effective date. In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement" which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing fair value measurement disclosures. The standard is effective for annual and interim periods beginning after December 15, 2019 with early adoption permitted. The Company adopted this new standard effective January 1, 2020. The adoption of this new standard did not have a material impact on its financial position, results of operations, cash flows or disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes", which eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The new standard is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted in interim or annual periods if the Company has not yet issued financial statements. If the Company elects to early adopt the amendments in an interim period, it should reflect any adjustments as of the beginning of the annual period that includes the interim period and must adopt all amendments in the same period applying all guidance prospectively, except for certain amendments. The Company expects the impact of the statement's provision on its financial position, results of operations or cash flows to be nominal. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)", which provides optional guidance for a limited period of time to ease the potential burden in accounting (or recognizing the effects of) reference rate reform on financial reporting. This was in response to stakeholders raising certain operational challenges likely to arise in accounting for contract modifications and hedge accounting because of reference rate reform. Some of those challenges relate to the significant volume of contracts and other arrangements, such as debt agreements, lease agreements and derivative instruments, which will be modified to replace references to discontinued rates with references to replacement rates. For accounting purposes, such contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. Stakeholders indicated that due to the significant volume of affected contracts and other arrangements, together with a compressed time frame for making contract modifications, the application of existing accounting standards on assessing modifications versus extinguishments could be costly and burdensome. In addition, stakeholders indicated that financial reporting results should reflect the intended continuation of such contracts and arrangements during the period of the market-wide transition to alternative reference rates. This new standard is effective for annual and interim periods beginning after December 31, 2022. The Company has yet to determine what effects, if any, this will have on its debt instrument. Recent accounting guidance not discussed above is not applicable, did not have, or is not expected to have a material impact on the Company. |
Fair Value of Financial Instruments | Financial assets and liabilities are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The inputs used to measure the fair value are identified in the following hierarchy: 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; or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability. Level 3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Allowance for Doubtful Accounts | The following table represents a rollforward of the allowance for credit losses for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, (in millions) 2020 2019 2018 Allowance balance, beginning of year $ 1.4 $ 1.2 $ 1.7 Provision 0.9 1.2 0.2 Write offs (0.6) (1.0) (0.7) Allowance balance, end of year $ 1.7 $ 1.4 $ 1.2 |
Property, Plant and Equipment | Property and equipment are primarily depreciated over the following useful lives: Years Buildings and improvements 5 - 40 Airplanes and aviation equipment 5 - 20 Machinery, equipment and tooling 3 - 10 Furniture and fixtures 5 - 10 Computer hardware and software 3 - 5 Property and equipment at cost, less accumulated depreciation, is as follows: December 31, (in millions) 2020 2019 Land $ 15.6 $ 15.2 Building and land improvements 148.3 151.6 Construction in progress 3.1 10.2 Manufacturing and office equipment 238.7 266.7 Aviation equipment 4.7 14.4 Less accumulated depreciation (237.6) (267.7) Total $ 172.8 $ 190.4 |
Intangible Assets | Intangible assets with definite lives are amortized on a straight-line basis over the following estimated useful lives: Years Dealer network and customer relationships 8 - 19 Trade names 2 - 4 Other 3 - 19 Intangible assets consisted of the following at December 31, 2020 and 2019: 2020 2019 (in millions) Gross Accumulated Net Gross Accumulated Net Dealer network and customer relationships $ 39.2 $ 20.9 $ 18.3 $ 31.1 $ 17.7 $ 13.4 Trade names 10.8 4.8 6.0 9.6 3.2 6.4 Other 12.5 5.6 6.9 8.7 5.0 3.7 Total $ 62.5 $ 31.3 $ 31.2 $ 49.4 $ 25.9 $ 23.5 |
Computation of Earnings Per Share | The following table sets forth a reconciliation of the number of shares used in the computation of basic and diluted earnings (loss) per share: Years Ended December 31, 2020 2019 2018 Denominator: Denominator for basic earnings (loss) per share 22,585,515 22,515,161 22,901,511 Effect of dilutive securities: Unvested restricted stock units 185,965 110,974 — Unvested performance stock units 65,404 — — Supplemental executive retirement plan 40,859 48,047 — Denominator for diluted earnings (loss) per share 22,877,743 22,674,182 22,901,511 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocations of the total purchase price: (in millions) Amount Accounts receivable $ 2.3 Inventories 8.1 Other assets 6.6 Intangible assets 3.9 Total assets acquired $ 20.9 Accounts payable and other (4.3) Advance customer deposits (2.8) Total liabilities assumed (7.1) Total purchase price $ 13.8 The following table summarizes the preliminary allocations of the total purchase price: (in millions) Amount Cash $ 1.2 Accounts receivable and contract assets 6.4 Inventories 2.0 Goodwill 6.4 Other assets 3.8 Intangible assets 5.7 Total assets acquired $ 25.5 Total liabilities assumed (9.8) Total purchase price $ 15.7 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consist of the following: December 31, (in millions) 2020 2019 Raw materials and parts $ 154.6 $ 160.9 Work-in-process 57.3 61.3 Finished goods 34.0 53.6 Used equipment 3.8 18.7 Total $ 249.7 $ 294.5 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | As indicated in the tables below, the Company has determined that all of its financial assets and liabilities as of December 31, 2020 and 2019 are Level 1 and Level 2 in the fair value hierarchy as defined above: December 31, 2020 (in millions) Level 1 Level 2 Total Financial assets: Trading equity securities: SERP money market fund $ 0.2 $ — $ 0.2 SERP mutual funds 4.8 — 4.8 Preferred stocks 0.3 — 0.3 Equity Funds 1.7 — 1.7 Trading debt securities: Corporate bonds 4.8 — 4.8 Municipal bonds — 0.9 0.9 Floating rate notes 0.4 — 0.4 U.S. government securities 1.8 — 1.8 Asset-backed securities — 2.1 2.1 Other — 1.0 1.0 Derivative financial instruments — 0.1 0.1 Total financial assets $ 14.0 $ 4.1 $ 18.1 Financial liabilities: Derivative financial instruments $ — $ 0.5 $ 0.5 SERP liabilities — 7.3 7.3 Total financial liabilities $ — $ 7.8 $ 7.8 December 31, 2019 (in millions) Level 1 Level 2 Total Financial Assets: Trading equity securities: SERP money market fund $ 0.2 $ — $ 0.2 SERP mutual funds 4.4 — 4.4 Preferred stocks 0.3 — 0.3 Trading debt securities: Corporate bonds 5.1 — 5.1 Municipal bonds — 1.2 1.2 Floating rate notes 0.5 — 0.5 U.S. Government Securities 2.0 — 2.0 Asset-backed securities — 2.3 2.3 Other 0.5 1.1 1.6 Total financial assets $ 13.0 $ 4.6 $ 17.6 Financial Liabilities: SERP liabilities $ — $ 6.6 $ 6.6 Total financial liabilities $ — $ 6.6 $ 6.6 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Trading Securities | The Company's trading securities consist of the following: (in millions) Amortized Gross Gross Fair Value December 31, 2020 Trading equity securities $ 6.4 $ 0.6 $ — $ 7.0 Trading debt securities 10.8 0.3 0.1 11.0 Total $ 17.2 $ 0.9 $ 0.1 $ 18.0 December 31, 2019 Trading equity securities $ 4.7 $ 0.3 $ 0.1 $ 4.9 Trading debt securities 12.7 0.1 0.1 12.7 Total $ 17.4 $ 0.4 $ 0.2 $ 17.6 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by Reporting Segment | The changes in the carrying amount of goodwill and accumulated impairment losses by reporting segment during the years ended December 31, 2020 and 2019 are as follows: (in millions) Infrastructure Materials Total Balance, December 31, 2018: Goodwill $ 32.7 $ 32.4 $ 65.1 Accumulated impairment (20.2) (12.2) (32.4) Net $ 12.5 $ 20.2 $ 32.7 2019 Activity: Foreign currency translation $ — $ 0.4 $ 0.4 Total 2019 activity $ — $ 0.4 $ 0.4 Balance, December 31, 2019: Goodwill $ 32.7 $ 32.8 $ 65.5 Accumulated impairment losses (20.2) (12.2) (32.4) Net $ 12.5 $ 20.6 $ 33.1 2020 Activity: Foreign currency translation $ 0.3 $ 0.5 $ 0.8 Acquisitions 6.4 — 6.4 Impairment (1.6) — (1.6) Total 2020 activity $ 5.1 $ 0.5 $ 5.6 Balance, December 31, 2020: Goodwill $ 39.4 $ 33.3 $ 72.7 Accumulated impairment (21.8) (12.2) (34.0) Net $ 17.6 $ 21.1 $ 38.7 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets with definite lives are amortized on a straight-line basis over the following estimated useful lives: Years Dealer network and customer relationships 8 - 19 Trade names 2 - 4 Other 3 - 19 Intangible assets consisted of the following at December 31, 2020 and 2019: 2020 2019 (in millions) Gross Accumulated Net Gross Accumulated Net Dealer network and customer relationships $ 39.2 $ 20.9 $ 18.3 $ 31.1 $ 17.7 $ 13.4 Trade names 10.8 4.8 6.0 9.6 3.2 6.4 Other 12.5 5.6 6.9 8.7 5.0 3.7 Total $ 62.5 $ 31.3 $ 31.2 $ 49.4 $ 25.9 $ 23.5 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future annual expected amortization expense on intangible assets as of December 31, 2020 are as follows (in millions): 2021 $ 9.6 2022 7.5 2023 4.3 2024 3.1 2025 1.7 2026 and thereafter 5.0 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment are primarily depreciated over the following useful lives: Years Buildings and improvements 5 - 40 Airplanes and aviation equipment 5 - 20 Machinery, equipment and tooling 3 - 10 Furniture and fixtures 5 - 10 Computer hardware and software 3 - 5 Property and equipment at cost, less accumulated depreciation, is as follows: December 31, (in millions) 2020 2019 Land $ 15.6 $ 15.2 Building and land improvements 148.3 151.6 Construction in progress 3.1 10.2 Manufacturing and office equipment 238.7 266.7 Aviation equipment 4.7 14.4 Less accumulated depreciation (237.6) (267.7) Total $ 172.8 $ 190.4 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating Lease Cost | Additional information related to the Company’s operating leases is reflected in the tables below: Years Ended December 31, (in millions) 2020 2019 Operating lease expense $ 2.6 $ 2.6 Cash paid for operating leases included in operating cash flows 2.7 2.7 |
Assets and Liabilities | December 31, (in millions) 2020 2019 Operating lease right-of-use asset $ 6.6 $ 3.9 Operating lease short-term liability 1.9 1.8 Operating lease long-term liability 4.7 2.0 Weighted average remaining lease term (in years) 6.55 4.66 Weighted average discount rate used in calculating right-of-use asset 3.66 % 3.56 % |
Future Minimum Lease Payments | Future annual minimum lease payments as of December 31, 2020 are as follows (in millions): 2021 $ 2.0 2022 1.2 2023 0.9 2024 0.6 2025 0.5 2026 and thereafter 2.2 Total lease payments $ 7.4 Less: Interest (0.8) Operating lease liabilities $ 6.6 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | Additional details for the Company's Credit Facility, term loan and credit facilities are summarized in total below: (in millions, except maturity dates and interest rates) December 31, 2020 December 31, 2019 Credit Facility Unsecured line of credit - maximum $ 150.0 $ 150.0 Letters of credit - maximum 30.0 30.0 Borrowings outstanding — — Amount of letters of credit outstanding 7.6 8.3 Line of credit, additional borrowing capacity 142.4 141.7 Term Loan Current maturities $ 0.2 $ 0.2 Long-term maturities 0.4 0.7 Interest rate range 10.37 % 9.50% - 16.33% Maturity date or date range April 15, 2024 April 9, 2020 - April 15, 2024 International Credit Facilities and Short-Term Debt Total credit line $ 12.8 $ 9.8 Available credit line 11.4 8.4 Letters of credit - maximum 7.3 7.1 Amount of letters of credit outstanding 2.6 3.5 Short-term debt 1.4 1.1 Interest rate range 2.40% - 6.75% 9.75% |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Reserves | Changes in the Company's product warranty liability during 2020, 2019 and 2018 are as follows: (in millions) 2020 2019 2018 Reserve balance, January 1 $ 10.3 $ 10.9 $ 15.4 Warranty liabilities accrued 9.8 9.8 13.2 Warranty liabilities settled (10.2) (10.5) (17.5) Other 0.4 0.1 (0.2) Reserve balance, December 31 $ 10.3 $ 10.3 $ 10.9 |
Pension and Retirement Plans (T
Pension and Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Benefit Obligations, Plan Assets and Funded Status of Plans | The following provides information regarding benefit obligations, plan assets and the funded status of the plan: Pension Benefits (in millions) 2020 2019 Change in benefit obligation: Benefit obligation, beginning of year $ 17.1 $ 15.7 Interest cost 0.5 0.6 Actuarial loss 1.6 1.6 Benefits paid (0.8) (0.8) Benefit obligation, end of year 18.4 17.1 Accumulated benefit obligation 18.4 17.1 Change in plan assets: Fair value of plan assets, beginning of year 18.0 14.5 Actual gain on plan assets 2.2 2.7 Employer contribution — 1.6 Benefits paid (0.8) (0.8) Fair value of plan assets, end of year 19.4 18.0 Funded status, end of year $ 1.0 $ 0.9 Amounts recognized in the consolidated balance sheets: Noncurrent asset $ 1.0 $ 0.9 Net amount recognized $ 1.0 $ 0.9 Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 4.9 $ 4.9 Net amount recognized $ 4.9 $ 4.9 Weighted average assumptions used to determine the benefit obligation: Discount rate 2.30 % 3.10 % Rate of compensation increase N/A N/A |
Amounts Recognized in Balance Sheet | The following provides information regarding benefit obligations, plan assets and the funded status of the plan: Pension Benefits (in millions) 2020 2019 Change in benefit obligation: Benefit obligation, beginning of year $ 17.1 $ 15.7 Interest cost 0.5 0.6 Actuarial loss 1.6 1.6 Benefits paid (0.8) (0.8) Benefit obligation, end of year 18.4 17.1 Accumulated benefit obligation 18.4 17.1 Change in plan assets: Fair value of plan assets, beginning of year 18.0 14.5 Actual gain on plan assets 2.2 2.7 Employer contribution — 1.6 Benefits paid (0.8) (0.8) Fair value of plan assets, end of year 19.4 18.0 Funded status, end of year $ 1.0 $ 0.9 Amounts recognized in the consolidated balance sheets: Noncurrent asset $ 1.0 $ 0.9 Net amount recognized $ 1.0 $ 0.9 Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 4.9 $ 4.9 Net amount recognized $ 4.9 $ 4.9 Weighted average assumptions used to determine the benefit obligation: Discount rate 2.30 % 3.10 % Rate of compensation increase N/A N/A |
Amounts Recognized in Other Comprehensive Income (Loss) | The following provides information regarding benefit obligations, plan assets and the funded status of the plan: Pension Benefits (in millions) 2020 2019 Change in benefit obligation: Benefit obligation, beginning of year $ 17.1 $ 15.7 Interest cost 0.5 0.6 Actuarial loss 1.6 1.6 Benefits paid (0.8) (0.8) Benefit obligation, end of year 18.4 17.1 Accumulated benefit obligation 18.4 17.1 Change in plan assets: Fair value of plan assets, beginning of year 18.0 14.5 Actual gain on plan assets 2.2 2.7 Employer contribution — 1.6 Benefits paid (0.8) (0.8) Fair value of plan assets, end of year 19.4 18.0 Funded status, end of year $ 1.0 $ 0.9 Amounts recognized in the consolidated balance sheets: Noncurrent asset $ 1.0 $ 0.9 Net amount recognized $ 1.0 $ 0.9 Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 4.9 $ 4.9 Net amount recognized $ 4.9 $ 4.9 Weighted average assumptions used to determine the benefit obligation: Discount rate 2.30 % 3.10 % Rate of compensation increase N/A N/A |
Weighted Average Assumptions Used | The following provides information regarding benefit obligations, plan assets and the funded status of the plan: Pension Benefits (in millions) 2020 2019 Change in benefit obligation: Benefit obligation, beginning of year $ 17.1 $ 15.7 Interest cost 0.5 0.6 Actuarial loss 1.6 1.6 Benefits paid (0.8) (0.8) Benefit obligation, end of year 18.4 17.1 Accumulated benefit obligation 18.4 17.1 Change in plan assets: Fair value of plan assets, beginning of year 18.0 14.5 Actual gain on plan assets 2.2 2.7 Employer contribution — 1.6 Benefits paid (0.8) (0.8) Fair value of plan assets, end of year 19.4 18.0 Funded status, end of year $ 1.0 $ 0.9 Amounts recognized in the consolidated balance sheets: Noncurrent asset $ 1.0 $ 0.9 Net amount recognized $ 1.0 $ 0.9 Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 4.9 $ 4.9 Net amount recognized $ 4.9 $ 4.9 Weighted average assumptions used to determine the benefit obligation: Discount rate 2.30 % 3.10 % Rate of compensation increase N/A N/A |
Allocation of Pension Plan Assets and Target Allocation Range of Assets | The allocation of assets within the mutual fund as of December 31 and the target asset allocation ranges by asset category are as follows: Actual Allocation Asset Category 2020 2019 Target Allocation Ranges Equity securities 48.4 % 45.9 % 40% - 65% Debt securities 41.0 % 42.2 % 30% - 50% Cash and equivalents 10.6 % 11.9 % 0% - 15% Total 100.0 % 100.0 % |
Net Periodic Benefit Cost | Net periodic benefit cost for 2020, 2019 and 2018 included the following components: Pension Benefits (in millions) 2020 2019 2018 Components of net periodic benefit (income) cost: Interest cost $ 0.5 $ 0.6 $ 0.6 Expected return on plan assets (1.0) (0.8) (0.8) Amortization of actuarial loss 0.4 0.5 0.5 Net periodic benefit (income) cost $ (0.1) $ 0.3 $ 0.3 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial loss (gain) for the year $ 0.4 $ (0.3) $ 0.7 Amortization of net loss (0.4) (0.5) (0.5) Total recognized in other comprehensive income (loss) — (0.8) 0.2 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (0.1) $ (0.5) $ 0.5 Weighted average assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 3.10 % 4.10 % 3.50 % Expected return on plan assets 6.00 % 6.00 % 6.25 % Rate of compensation increase N/A N/A N/A |
Estimated Future Benefit Payments | The following estimated future benefit payments are expected in the years indicated: (in millions) Pension Benefits 2021 $ 1.0 2022 0.9 2023 0.9 2024 1.0 2025 0.9 2026 and thereafter 4.9 |
Assets of SERP | Assets of the SERP consist of the following: December 31, 2020 December 31, 2019 (in millions) Cost Market Cost Market Company stock $ 1.5 $ 2.3 $ 1.7 $ 2.0 Equity securities 4.5 5.0 4.4 4.6 Total $ 6.0 $ 7.3 $ 6.1 $ 6.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes | For financial reporting purposes, income (loss) before income taxes includes the following components: Years Ended December 31, (in millions) 2020 2019 2018 United States $ 42.1 $ 26.7 $ (86.8) Foreign 3.6 (1.5) 0.9 Income (loss) before income taxes $ 45.7 $ 25.2 $ (85.9) |
Provision (Benefit) for Income Tax | The (benefit) provision for income taxes consists of the following: Years Ended December 31, (in millions) 2020 2019 2018 Current (benefit) provision: Federal $ (14.0) $ (0.5) $ (4.0) State 2.4 0.8 0.9 Foreign 1.8 1.0 3.3 Total current (benefit) provision (9.8) 1.3 0.2 Deferred provision (benefit): Federal 12.3 2.8 (19.1) State (1.4) (1.0) (5.8) Foreign (2.3) (0.1) (0.5) Total deferred provision (benefit) 8.6 1.7 (25.4) Total (benefit) provision: Federal (1.7) 2.3 (23.1) State 1.0 (0.2) (4.9) Foreign (0.5) 0.9 2.8 Total income tax (benefit) provision $ (1.2) $ 3.0 $ (25.2) |
Reconciliation of Provision for Income Taxes at Statutory Federal Income Tax Rate | A reconciliation of the (benefit) provision for income taxes at the statutory federal income tax rate to the amount provided is as follows: Years Ended December 31, (in millions) 2020 2019 2018 Tax expense (benefit) at the statutory federal income tax rate $ 9.6 $ 5.3 $ (18.1) State income tax, net of federal income tax 0.3 (2.3) (3.0) Research and development tax credits (4.3) (6.7) (4.6) FIN 48 impact 4.0 3.2 1.9 Liquidation of subsidiary — (0.9) (1.4) True-up of foreign subsidiary net operation loss carryforward (0.3) (1.4) — Valuation allowance impact (1.0) 5.8 1.0 Changes in tax rates 0.3 0.1 (0.2) Effects of CARES Act - 2018 NOL Carryback (9.5) — — Other items (0.3) (0.1) (0.8) Total income tax (benefit) provision $ (1.2) $ 3.0 $ (25.2) |
Significant Components of Company's Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities are as follows: December 31, (in millions) 2020 2019 Deferred tax assets: Inventory reserves $ 3.2 $ 6.1 Warranty reserves 2.0 2.1 Credit loss reserves 0.3 0.3 State tax loss carryforwards 11.6 9.8 Accrued vacation 1.4 1.5 Deferred compensation 1.5 1.1 Share-based compensation 1.5 1.5 Goodwill 2.1 2.1 Outside basis difference 4.7 4.0 Federal net operating loss — 12.1 Foreign net operating loss 9.5 8.6 Lease obligation 0.9 0.8 Other 1.5 0.9 Domestic Credit Carryforwards 1.6 3.1 Deferred revenue 1.2 1.5 Deferred payroll tax - CARES Act 2.4 — Pension and post-employment benefits 1.0 1.2 Valuation allowances (14.1) (14.6) Total deferred tax assets 32.3 42.1 Deferred tax liabilities: Property and equipment 14.7 15.8 Intangibles 0.9 0.3 Right-of-use assets 0.9 0.8 Pension 1.3 1.4 Total deferred tax liabilities 17.8 18.3 Total net deferred assets $ 14.5 $ 23.8 |
Rollforward of Deferred Tax Assets Valuation Allowance | The following table represents a roll forward of the deferred tax asset valuation allowance for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, (in millions) 2020 2019 2018 Allowance balance, beginning of year $ 14.6 $ 8.5 $ 8.3 Provision 1.5 5.8 1.0 Reversals (1.5) — — Other (0.5) 0.3 (0.8) Allowance balance, end of year $ 14.1 $ 14.6 $ 8.5 |
Reconciliation of Unrecognized Tax Benefit | A reconciliation of the beginning and ending unrecognized tax benefits excluding interest and penalties is as follows: Years Ended December 31, (in millions) 2020 2019 2018 Balance, beginning of year $ 5.7 $ 2.1 $ 0.4 Additions for tax positions taken in current year 0.5 3.0 1.7 Additions for tax positions taken in prior period 3.5 0.7 — Decreases related to settlements with tax authorities — (0.1) — Balance, end of year $ 9.7 $ 5.7 $ 2.1 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Changes in Restricted Stock Units | Changes in restricted stock units during the year ended December 31, 2020 are as follows: (in thousands, except weighted average grant date fair value) Restricted Stock Units Weighted Average Unvested as of January 1, 2020 188 $ 45.78 Granted 210 $ 34.99 Vested (90) $ 47.64 Forfeited (29) $ 39.32 Unvested as of December 31, 2020 279 $ 37.72 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following additional activity occurred for the Company's restricted stock units: Years Ended December 31, (in millions, except weighted average grant date fair value per award granted) 2020 2019 2018 Weighted average grant date fair value per award $ 34.99 $ 34.57 $ 58.45 Fair value of awards vested $ 3.8 $ 1.6 $ 1.9 Tax (expense) benefit for restricted stock compensation expense $ (0.4) $ 0.7 $ 0.5 |
Share-based Payment Arrangement, Performance Shares, Activity | Changes in PSUs during the year ended December 31, 2020 are as follows: (in thousands, except weighted average grant date fair value) Performance Stock Units Weighted Average Unvested as of January 1, 2020 — $ — Granted 96 $ 35.46 Vested (1) $ 34.66 Forfeited (8) $ 36.08 Unvested as of December 31, 2020 87 $ 35.41 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables disaggregates the Company's revenue by major source for the period ended December 31, 2020 and 2019 (excluding intercompany sales): For the Year Ended December 31, 2020 (in millions) Infrastructure Solutions Materials Solutions Corporate Total Net Sales – Domestic: Equipment sales $ 354.1 $ 152.0 $ — $ 506.1 Parts and component sales 172.8 69.2 — 242.0 Service and equipment installation revenue 21.0 1.2 — 22.2 Used equipment sales 19.3 2.1 — 21.4 Freight revenue 19.7 5.1 — 24.8 Other 1.8 (1.3) — 0.5 Total domestic revenue 588.7 228.3 — 817.0 Net Sales – International: Equipment sales 78.0 58.1 — 136.1 Parts and component sales 29.1 29.4 — 58.5 Service and equipment installation revenue 2.4 1.7 — 4.1 Used equipment sales 2.4 2.2 — 4.6 Freight revenue 2.0 1.6 — 3.6 Other 0.2 0.3 — 0.5 Total international revenue 114.1 93.3 — 207.4 Total net sales $ 702.8 $ 321.6 $ — $ 1,024.4 For the Year Ended December 31, 2019 (in millions) Infrastructure Solutions Materials Solutions Corporate Total Net Sales – Domestic: Equipment sales $ 413.6 $ 166.9 $ — $ 580.5 Pellet plant revenue 20.0 — — 20.0 Parts and component sales 169.0 74.5 — 243.5 Service and equipment installation revenue 19.2 8.0 — 27.2 Used equipment sales 11.4 1.2 — 12.6 Freight revenue 18.0 6.3 — 24.3 Other 3.3 (2.9) — 0.4 Total domestic revenue 654.5 254.0 — 908.5 Net Sales – International: Equipment sales 70.4 95.5 — 165.9 Parts and component sales 28.6 47.0 — 75.6 Service and equipment installation revenue 6.2 2.0 — 8.2 Used equipment sales 2.2 3.3 — 5.5 Freight revenue 2.5 3.0 — 5.5 Other 0.2 0.2 — 0.4 Total international revenue 110.1 151.0 — 261.1 Total net sales $ 764.6 $ 405.0 $ — $ 1,169.6 |
Operations by Industry Segmen_2
Operations by Industry Segment and Geographic Area (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | The accounting policies of the reportable segments are the same as those described in Note 2, Basis of Presentation and Significant Accounting Policies. Intersegment sales and transfers are valued at prices comparable to those for unrelated parties. Segment information for 2020: (in millions) Infrastructure Solutions Materials Solutions Corporate Total Revenues from external customers $ 702.8 $ 321.6 $ — $ 1,024.4 Intersegment revenues 33.5 40.7 — 74.2 Restructuring, impairment and other asset charges, net 6.6 (1.3) 2.8 8.1 Interest expense — 0.2 0.5 0.7 Interest income 0.1 0.3 0.4 0.8 Depreciation and amortization 17.8 7.9 1.2 26.9 Income taxes 0.4 1.2 (2.8) (1.2) Profit (loss) 53.8 32.1 (40.1) 45.8 Assets 938.8 639.3 535.3 2,113.4 Capital expenditures 7.9 4.8 2.7 15.4 Segment information for 2019: (in millions) Infrastructure Solutions Materials Solutions Corporate Total Revenues from external customers $ 764.6 $ 405.0 $ — $ 1,169.6 Intersegment revenues 29.2 22.2 — 51.4 Restructuring, impairment and other asset charges, net 2.9 0.3 — 3.2 Interest expense — 0.3 1.1 1.4 Interest income — 0.6 0.6 1.2 Depreciation and amortization 16.9 8.2 1.1 26.2 Income taxes 0.8 0.6 1.6 3.0 Profit (loss) 33.8 22.8 (35.6) 21.0 Assets 865.8 608.4 420.9 1,895.1 Capital expenditures 14.2 7.4 1.0 22.6 Segment information for 2018: (in millions) Infrastructure Solutions Materials Solutions Corporate Total Revenues from external customers $ 718.4 $ 453.2 $ — $ 1,171.6 Intersegment revenues 39.1 16.6 — 55.7 Restructuring, impairment and other asset charges, net 13.1 — — 13.1 Interest expense — 0.4 0.6 1.0 Interest income 0.1 0.4 0.5 1.0 Depreciation and amortization 17.6 9.4 0.9 27.9 Income taxes 1.2 2.4 (28.8) (25.2) Profit (loss) (109.9) 45.5 1.6 (62.8) Assets 846.1 590.5 367.2 1,803.8 Capital expenditures 19.4 8.7 0.8 28.9 |
Totals Segment Information for all Reportable Segments Reconciled to Consolidated Totals | The totals of segment information for all reportable segments reconciles to consolidated totals as follows: Years Ended December 31, (in millions) 2020 2019 2018 Net income (loss) attributable to controlling interest Total profit (loss) for reportable segments $ 85.9 $ 56.6 $ (64.4) Corporate (expenses) income, net (40.1) (35.6) 1.6 Net loss attributable to non-controlling interest — 0.1 0.3 Recapture of intersegment profit 1.1 1.2 2.1 Total consolidated net income (loss) attributable to controlling interest $ 46.9 $ 22.3 $ (60.4) Assets Total assets for reportable segments $ 1,578.1 $ 1,474.2 $ 1,436.6 Corporate assets 535.3 420.9 367.2 Elimination of intercompany profit in inventory (2.8) (3.8) (5.0) Elimination of intercompany receivables (906.2) (767.9) (664.9) Elimination of investment in subsidiaries (329.6) (296.7) (300.7) Other (26.6) (26.2) 22.3 Total consolidated assets $ 848.2 $ 800.5 $ 855.5 |
Reconciliation of Assets from Segment to Consolidated Totals | The totals of segment information for all reportable segments reconciles to consolidated totals as follows: Years Ended December 31, (in millions) 2020 2019 2018 Net income (loss) attributable to controlling interest Total profit (loss) for reportable segments $ 85.9 $ 56.6 $ (64.4) Corporate (expenses) income, net (40.1) (35.6) 1.6 Net loss attributable to non-controlling interest — 0.1 0.3 Recapture of intersegment profit 1.1 1.2 2.1 Total consolidated net income (loss) attributable to controlling interest $ 46.9 $ 22.3 $ (60.4) Assets Total assets for reportable segments $ 1,578.1 $ 1,474.2 $ 1,436.6 Corporate assets 535.3 420.9 367.2 Elimination of intercompany profit in inventory (2.8) (3.8) (5.0) Elimination of intercompany receivables (906.2) (767.9) (664.9) Elimination of investment in subsidiaries (329.6) (296.7) (300.7) Other (26.6) (26.2) 22.3 Total consolidated assets $ 848.2 $ 800.5 $ 855.5 |
Sales into Major Geographic Regions | Sales into major geographic regions were as follows: Years Ended December 31, (in millions) 2020 2019 2018 United States $ 817.0 $ 908.5 $ 915.8 Canada 57.9 66.8 61.6 Australia and Oceania 28.5 42.3 38.6 Other European Countries 23.2 32.2 26.0 Africa 22.4 44.7 45.6 South America (excluding Brazil) 21.9 17.9 30.1 Brazil 20.4 11.6 6.3 Japan and Korea 8.1 3.6 3.6 West Indies 6.1 6.4 1.5 Russia 4.0 5.1 9.6 Middle East 3.2 2.6 7.9 Post-Soviet States (excluding Russia) 3.1 7.3 2.7 Mexico 2.9 5.3 9.6 Other Asian Countries 2.7 6.5 5.5 Central America (excluding Mexico) 1.3 4.9 2.7 China 1.2 2.2 2.8 India 0.5 1.0 1.0 Other — 0.7 0.7 Total foreign 207.4 261.1 255.8 Total net sales $ 1,024.4 $ 1,169.6 $ 1,171.6 |
Long-Lived Assets by Major Geographic Region | Long-lived assets by major geographic region are as follows: December 31, (in millions) 2020 2019 United States $ 140.3 $ 158.0 Northern Ireland 11.9 10.8 Brazil 6.3 8.3 Australia 5.1 4.6 Canada 4.8 4.0 South Africa 4.0 4.5 Chile 0.4 0.2 Total foreign 32.5 32.4 Total $ 172.8 $ 190.4 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The after-tax components comprising "Accumulated other comprehensive loss" are summarized below: December 31, (in millions) 2020 2019 Foreign currency translation adjustment $ (30.4) $ (28.6) Unrecognized pension and postretirement benefits cost, net of tax of $1.3 and $1.3, respectively (3.1) (3.2) Accumulated other comprehensive loss $ (33.5) $ (31.8) |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Other Income, Net of Expenses | Other income consists of the following: Years Ended December 31, (in millions) 2020 2019 2018 Investment income (loss) $ — $ 0.2 $ (0.2) Gain on disposal of subsidiary 1.6 — — Curtailment gain on postretirement benefits 0.5 — — Other 0.5 0.1 0.7 Total $ 2.6 $ 0.3 $ 0.5 |
Restructuring and Asset Impai_2
Restructuring and Asset Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Asset Impairment Charges | The restructuring and asset impairment charges incurred in 2020, 2019 and 2018 are as follows: Years Ended December 31, (in millions) 2020 2019 2018 Restructuring related charges: Costs associated with exiting the wood pellet business $ — $ 0.5 $ — Costs associated with closing AMM 0.3 1.3 1.9 Costs associated with closing Albuquerque 1.3 — — Costs associated with closing Mequon 3.3 — — Costs associated with closing Enid 2.5 — — Costs associated with closing Tacoma 0.9 — — Workforce reductions at multiple sites 1.3 1.1 — Other restructuring charges 0.3 — — Total restructuring related charges 9.9 2.9 1.9 Asset impairment charges: Goodwill impairment charges 1.6 — 11.2 Airplane impairment charges 2.3 0.3 — Other impairment charges 0.5 — — Total asset impairment charges 4.4 0.3 11.2 Gain on sale of property and equipment, net: Gain on sale of property and equipment, net (6.2) — — Total gain on sale of property and equipment, net (6.2) — — Restructuring, impairment and other asset charges, net $ 8.1 $ 3.2 $ 13.1 Restructuring charges by segment are as follows: Years Ended December 31, (in millions) 2020 2019 2018 Infrastructure Solutions $ 6.2 $ 2.9 $ 1.9 Materials Solutions 3.6 — — Corporate 0.1 — — Total restructuring related charges $ 9.9 $ 2.9 $ 1.9 |
Schedule Of Asset Impairment Charges | Impairment charges by segment are as follows: Years Ended December 31, (in millions) 2020 2019 2018 Infrastructure Solutions $ 1.9 $ — $ 11.2 Materials Solutions (0.2) 0.3 — Corporate 2.7 — — Total impairment charges $ 4.4 $ 0.3 $ 11.2 |
Schedule Of Fixed Asset Sales | The net gain on sale of property and equipment by segment are as follows: Years Ended December 31, (in millions) 2020 2019 2018 Infrastructure Solutions $ (1.5) $ — $ — Materials Solutions (4.7) — — Corporate — — — Total gain on sale of property and equipment, net $ (6.2) $ — $ — |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | (in millions, except for per share data) First Second Third Fourth 2020 Net sales $ 288.8 $ 265.3 $ 231.4 $ 238.9 Gross profit (1) 73.4 59.6 50.2 56.9 Net income 20.4 9.3 1.7 15.5 Net income attributable to controlling interest 20.6 9.3 1.6 15.4 Earnings per common share Net income attributable to controlling interest: Basic 0.92 0.41 0.07 0.68 Diluted 0.91 0.41 0.07 0.67 Dividends paid per share 0.11 0.11 0.11 0.11 2019 Net sales $ 325.8 $ 304.8 $ 255.8 $ 283.2 Gross profit 76.8 83.3 51.9 27.4 Net income (loss) 14.2 23.4 3.0 (18.4) Net income (loss) attributable to controlling interest 14.3 23.4 3.0 (18.4) Earnings (loss) per common share Net income (loss) attributable to controlling interest: Basic 0.63 1.04 0.13 (0.81) Diluted 0.63 1.03 0.13 (0.81) Dividends paid per share 0.11 0.11 0.11 0.11 (1) Gross profit has been revised from amounts previously reported in the respective Quarterly Reports on Form 10-Q to reflect a reclassification of gain on property and equipment, net from "Cost of sales" to "Restructuring, impairment and other asset charges, net" of $0.6 million and $0.2 million for the first and third quarters of 2020, respectively. |
Business and Organization (Deta
Business and Organization (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2020segment | Dec. 31, 2020segment | Dec. 31, 2020segmentcompany | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number Of Companies | company | 33 | ||
Number of operating segments | 25 | ||
Number of reportable segments | 3 | 2 |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | |||
Cash and cash equivalents | $ 158,600 | $ 48,900 | |
Assets held for sale | 6,300 | 3,100 | |
Advertising expense | 2,600 | 3,700 | $ 4,100 |
Foreign currency transaction gain (loss), before tax | (1,100) | (600) | 500 |
Operating lease right-of-use asset | 6,600 | 3,900 | |
Money Market Funds | |||
Significant Accounting Policies [Line Items] | |||
Cash and cash equivalents | 137,000 | 30,200 | |
Cumulative Effect, Period of Adoption, Adjustment | |||
Significant Accounting Policies [Line Items] | |||
Operating lease right-of-use asset | 5,000 | ||
Other Current Assets | |||
Significant Accounting Policies [Line Items] | |||
Derivative Asset | 100 | ||
Other Current Liabilities | |||
Significant Accounting Policies [Line Items] | |||
Derivative financial instruments | 500 | ||
Foreign Exchange Contract | |||
Significant Accounting Policies [Line Items] | |||
Average notional amount | 9,900 | ||
Foreign Exchange Contract | Not Designated as Hedging Instrument | Cost of Sales | |||
Significant Accounting Policies [Line Items] | |||
Gain/(loss) of derivative financial instruments recognized in income, net | $ 200 | (100) | $ 1,100 |
Accumulated Other Comprehensive Loss | Cumulative Effect, Period of Adoption, Adjustment | |||
Significant Accounting Policies [Line Items] | |||
Reclassification of stranded tax effects related to TCJA | 700 | ||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | |||
Significant Accounting Policies [Line Items] | |||
Reclassification of stranded tax effects related to TCJA | $ (700) | ||
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Standard product warranty description | three months | ||
Loan length used to estimate borrowing rates | 1 year | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Standard product warranty description | two years | ||
Loan length used to estimate borrowing rates | 20 years | ||
General Liability | |||
Significant Accounting Policies [Line Items] | |||
Amount captive is liable per occurrence of claims | $ 1,000 | ||
Workers' Compensation Insurance | |||
Significant Accounting Policies [Line Items] | |||
Amount captive is liable per occurrence of claims | $ 350 | ||
Astec do Brasil Fabricacao de Equipamentos LTDA | |||
Significant Accounting Policies [Line Items] | |||
Consolidation less than wholly owned subsidiary parent ownership percentage | 93.00% |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule Of Allowance For Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance balance, beginning of year | $ 1.4 | $ 1.2 | $ 1.7 |
Provision | 0.9 | 1.2 | 0.2 |
Write offs | (0.6) | (1) | (0.7) |
Allowance balance, end of year | $ 1.7 | $ 1.4 | $ 1.2 |
Significant Accounting Polici_6
Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | Dealer network and customer relationships | |
Property, Plant and Equipment [Line Items] | |
Useful life of intangible assets | 8 years |
Minimum | Trade names | |
Property, Plant and Equipment [Line Items] | |
Useful life of intangible assets | 2 years |
Minimum | Other | |
Property, Plant and Equipment [Line Items] | |
Useful life of intangible assets | 3 years |
Minimum | Building and land improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Minimum | Airplanes and aviation equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Minimum | Machinery, equipment and tooling | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Minimum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Minimum | Computer hardware and software | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Maximum | Dealer network and customer relationships | |
Property, Plant and Equipment [Line Items] | |
Useful life of intangible assets | 19 years |
Maximum | Trade names | |
Property, Plant and Equipment [Line Items] | |
Useful life of intangible assets | 4 years |
Maximum | Other | |
Property, Plant and Equipment [Line Items] | |
Useful life of intangible assets | 19 years |
Maximum | Building and land improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Maximum | Airplanes and aviation equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Maximum | Machinery, equipment and tooling | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Maximum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Maximum | Computer hardware and software | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Significant Accounting Polici_7
Significant Accounting Policies - Earnings (Loss) Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Denominator: | |||
Denominator for basic earnings (loss) per share (in shares) | 22,585,515 | 22,515,161 | 22,901,511 |
Effect of dilutive securities: | |||
Supplemental executive retirement plan (in shares) | 40,859 | 48,047 | 0 |
Denominator for diluted earnings (loss) per share (in shares) | 22,877,743 | 22,674,182 | 22,901,511 |
Restricted Stock | |||
Effect of dilutive securities: | |||
Unvested stock units (in shares) | 185,965 | 110,974 | 0 |
Performance Shares | |||
Effect of dilutive securities: | |||
Unvested stock units (in shares) | 65,404 | 0 | 0 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | Nov. 02, 2020 | Aug. 03, 2020 | Jul. 20, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Abstract] | ||||||
Goodwill | $ 38.7 | $ 33.1 | $ 32.7 | |||
CON-E-CO | ||||||
Business Acquisition [Abstract] | ||||||
Consideration transferred | $ 13.8 | |||||
Intangible assets | $ 3.9 | |||||
CON-E-CO | Customer Relationships | ||||||
Business Acquisition [Abstract] | ||||||
Useful life of intangible assets | 8 years | |||||
CON-E-CO | Trade names | ||||||
Business Acquisition [Abstract] | ||||||
Useful life of intangible assets | 3 years | |||||
BMH Systems | ||||||
Business Acquisition [Abstract] | ||||||
Consideration transferred | $ 15.7 | |||||
Intangible assets | 5.7 | |||||
Goodwill | $ 6.4 | |||||
BMH Systems | Customer Relationships | ||||||
Business Acquisition [Abstract] | ||||||
Useful life of intangible assets | 9 years | |||||
BMH Systems | Trade names | ||||||
Business Acquisition [Abstract] | ||||||
Useful life of intangible assets | 3 years | |||||
Grathwol Automation, LLC | ||||||
Business Acquisition [Abstract] | ||||||
Consideration transferred | $ 6 | |||||
Consideration transferred, deferred payment | $ 1.8 |
Acquisitions - Allocations of T
Acquisitions - Allocations of Total Purchase Price (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Aug. 03, 2020 | Jul. 20, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 38.7 | $ 33.1 | $ 32.7 | ||
CON-E-CO | |||||
Business Acquisition [Line Items] | |||||
Accounts receivable | $ 2.3 | ||||
Inventories | 8.1 | ||||
Other assets | 6.6 | ||||
Intangible assets | 3.9 | ||||
Total assets acquired | 20.9 | ||||
Accounts payable and other | (4.3) | ||||
Advance customer deposits | (2.8) | ||||
Total liabilities assumed | (7.1) | ||||
Total purchase price | $ 13.8 | ||||
BMH Systems | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 1.2 | ||||
Accounts receivable | 6.4 | ||||
Inventories | 2 | ||||
Goodwill | 6.4 | ||||
Other assets | 3.8 | ||||
Intangible assets | 5.7 | ||||
Total assets acquired | 25.5 | ||||
Total liabilities assumed | (9.8) | ||||
Total purchase price | $ 15.7 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials and parts | $ 154.6 | $ 160.9 |
Work-in-process | 57.3 | 61.3 |
Finished goods | 34 | 53.6 |
Used equipment | 3.8 | 18.7 |
Total | $ 249.7 | $ 294.5 |
Inventories -Narrative (Details
Inventories -Narrative (Details) - Facility Closing - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2020 | |
Inventory [Line Items] | ||
Inventory write-down | $ 32.6 | |
Costs associated with closing Enid | ||
Inventory [Line Items] | ||
Inventory write-down | $ 4.4 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Assets [Abstract] | ||
Trading equity securities | $ 7 | $ 4.9 |
Trading debt securities | 11 | 12.7 |
Measured at Fair Value on a Recurring Basis | ||
Financial Assets [Abstract] | ||
Total financial assets | 18.1 | 17.6 |
Financial Liabilities [Abstract] | ||
Derivative financial instruments | 0.5 | |
SERP liabilities | 7.3 | 6.6 |
Total financial liabilities | 7.8 | 6.6 |
Measured at Fair Value on a Recurring Basis | Corporate bonds | ||
Financial Assets [Abstract] | ||
Trading debt securities | 4.8 | 5.1 |
Measured at Fair Value on a Recurring Basis | Municipal bonds | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0.9 | 1.2 |
Measured at Fair Value on a Recurring Basis | Floating rate notes | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0.4 | 0.5 |
Measured at Fair Value on a Recurring Basis | U.S. government securities | ||
Financial Assets [Abstract] | ||
Trading debt securities | 1.8 | 2 |
Measured at Fair Value on a Recurring Basis | Asset-backed securities | ||
Financial Assets [Abstract] | ||
Trading debt securities | 2.1 | 2.3 |
Measured at Fair Value on a Recurring Basis | Other | ||
Financial Assets [Abstract] | ||
Trading debt securities | 1 | 1.6 |
Measured at Fair Value on a Recurring Basis | Derivative financial instruments | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0.1 | |
Measured at Fair Value on a Recurring Basis | Preferred stocks | ||
Financial Assets [Abstract] | ||
Trading equity securities | 0.3 | 0.3 |
Measured at Fair Value on a Recurring Basis | Equity Funds | ||
Financial Assets [Abstract] | ||
Trading equity securities | 1.7 | |
Measured at Fair Value on a Recurring Basis | Supplemental Employee Retirement Plan | SERP money market fund | ||
Financial Assets [Abstract] | ||
Trading equity securities | 0.2 | 0.2 |
Measured at Fair Value on a Recurring Basis | Supplemental Employee Retirement Plan | SERP mutual funds | ||
Financial Assets [Abstract] | ||
Trading equity securities | 4.8 | 4.4 |
Measured at Fair Value on a Recurring Basis | Level 1 | ||
Financial Assets [Abstract] | ||
Total financial assets | 14 | 13 |
Financial Liabilities [Abstract] | ||
Derivative financial instruments | 0 | |
SERP liabilities | 0 | 0 |
Total financial liabilities | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Level 1 | Corporate bonds | ||
Financial Assets [Abstract] | ||
Trading debt securities | 4.8 | 5.1 |
Measured at Fair Value on a Recurring Basis | Level 1 | Municipal bonds | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Level 1 | Floating rate notes | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0.4 | 0.5 |
Measured at Fair Value on a Recurring Basis | Level 1 | U.S. government securities | ||
Financial Assets [Abstract] | ||
Trading debt securities | 1.8 | 2 |
Measured at Fair Value on a Recurring Basis | Level 1 | Asset-backed securities | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Level 1 | Other | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0 | 0.5 |
Measured at Fair Value on a Recurring Basis | Level 1 | Derivative financial instruments | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0 | |
Measured at Fair Value on a Recurring Basis | Level 1 | Preferred stocks | ||
Financial Assets [Abstract] | ||
Trading equity securities | 0.3 | 0.3 |
Measured at Fair Value on a Recurring Basis | Level 1 | Equity Funds | ||
Financial Assets [Abstract] | ||
Trading equity securities | 1.7 | |
Measured at Fair Value on a Recurring Basis | Level 1 | Supplemental Employee Retirement Plan | SERP money market fund | ||
Financial Assets [Abstract] | ||
Trading equity securities | 0.2 | 0.2 |
Measured at Fair Value on a Recurring Basis | Level 1 | Supplemental Employee Retirement Plan | SERP mutual funds | ||
Financial Assets [Abstract] | ||
Trading equity securities | 4.8 | 4.4 |
Measured at Fair Value on a Recurring Basis | Level 2 | ||
Financial Assets [Abstract] | ||
Total financial assets | 4.1 | 4.6 |
Financial Liabilities [Abstract] | ||
Derivative financial instruments | 0.5 | |
SERP liabilities | 7.3 | 6.6 |
Total financial liabilities | 7.8 | 6.6 |
Measured at Fair Value on a Recurring Basis | Level 2 | Corporate bonds | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Level 2 | Municipal bonds | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0.9 | 1.2 |
Measured at Fair Value on a Recurring Basis | Level 2 | Floating rate notes | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Level 2 | U.S. government securities | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Level 2 | Asset-backed securities | ||
Financial Assets [Abstract] | ||
Trading debt securities | 2.1 | 2.3 |
Measured at Fair Value on a Recurring Basis | Level 2 | Other | ||
Financial Assets [Abstract] | ||
Trading debt securities | 1 | 1.1 |
Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments | ||
Financial Assets [Abstract] | ||
Trading debt securities | 0.1 | |
Measured at Fair Value on a Recurring Basis | Level 2 | Preferred stocks | ||
Financial Assets [Abstract] | ||
Trading equity securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Level 2 | Equity Funds | ||
Financial Assets [Abstract] | ||
Trading equity securities | 0 | |
Measured at Fair Value on a Recurring Basis | Level 2 | Supplemental Employee Retirement Plan | SERP money market fund | ||
Financial Assets [Abstract] | ||
Trading equity securities | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Level 2 | Supplemental Employee Retirement Plan | SERP mutual funds | ||
Financial Assets [Abstract] | ||
Trading equity securities | $ 0 | $ 0 |
Investments (Details)
Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortized Cost | ||
Trading equity securities, amortized cost | $ 6.4 | $ 4.7 |
Trading debt securities, amortized cost | 10.8 | 12.7 |
Total trading equity and debt securities, amortized cost | 17.2 | 17.4 |
Gross Unrealized Gains and Losses | ||
Trading equity securities, gross unrealized gains | 0.6 | 0.3 |
Trading debt securities, gross unrealized gains | 0.3 | 0.1 |
Total trading equity and debt securities, gross unrealized gains | 0.9 | 0.4 |
Trading equity securities, gross unrealized losses | 0 | 0.1 |
Trading debt securities, gross unrealized losses | 0.1 | 0.1 |
Total trading equity and debt securities, gross unrealized losses | 0.1 | 0.2 |
Fair Value (Net Carrying Amount) | ||
Trading equity securities, fair value (net carrying value) | 7 | 4.9 |
Trading debt securities, fair value (net carrying value) | 11 | 12.7 |
Total trading equity and debt securities, fair value (net carrying value) | $ 18 | $ 17.6 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||||
Acquisitions | $ 6.4 | |||
Goodwill impaired | 1.6 | $ 0 | $ 11.2 | |
Restructuring write off | (1) | |||
BMH Systems | ||||
Goodwill [Line Items] | ||||
Acquisitions | 6.4 | |||
Infrastructure Solutions | ||||
Goodwill [Line Items] | ||||
Acquisitions | 6.4 | |||
Goodwill impaired | $ 1.6 | $ 1.6 | $ 11.2 |
Goodwill - Schedule of changes
Goodwill - Schedule of changes in the carrying amount of goodwill and accumulated impairment losses by reporting segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Abstract] | ||||
Goodwill | $ 72.7 | $ 65.5 | $ 65.1 | |
Accumulated impairment | (34) | (32.4) | (32.4) | |
Net | 38.7 | 33.1 | 32.7 | |
Foreign currency translation | 0.8 | 0.4 | ||
Acquisitions | 6.4 | |||
Impairment | (1.6) | 0 | (11.2) | |
Total activity | 5.6 | 0.4 | ||
Infrastructure Solutions | ||||
Goodwill [Abstract] | ||||
Goodwill | 39.4 | 32.7 | 32.7 | |
Accumulated impairment | (21.8) | (20.2) | (20.2) | |
Net | 17.6 | 12.5 | 12.5 | |
Foreign currency translation | 0.3 | 0 | ||
Acquisitions | 6.4 | |||
Impairment | $ (1.6) | (1.6) | (11.2) | |
Total activity | 5.1 | 0 | ||
Materials Solutions | ||||
Goodwill [Abstract] | ||||
Goodwill | 33.3 | 32.8 | 32.4 | |
Accumulated impairment | (12.2) | (12.2) | (12.2) | |
Net | 21.1 | 20.6 | $ 20.2 | |
Foreign currency translation | 0.5 | 0.4 | ||
Acquisitions | 0 | |||
Impairment | 0 | |||
Total activity | $ 0.5 | $ 0.4 |
Intangible Assets - Schedule Of
Intangible Assets - Schedule Of Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible assets [Abstract] | ||
Gross carrying value | $ 62.5 | $ 49.4 |
Accumulated amortization | 31.3 | 25.9 |
Net carrying value | 31.2 | 23.5 |
Dealer network and customer relationships | ||
Intangible assets [Abstract] | ||
Gross carrying value | 39.2 | 31.1 |
Accumulated amortization | 20.9 | 17.7 |
Net carrying value | 18.3 | 13.4 |
Trade names | ||
Intangible assets [Abstract] | ||
Gross carrying value | 10.8 | 9.6 |
Accumulated amortization | 4.8 | 3.2 |
Net carrying value | 6 | 6.4 |
Other | ||
Intangible assets [Abstract] | ||
Gross carrying value | 12.5 | 8.7 |
Accumulated amortization | 5.6 | 5 |
Net carrying value | $ 6.9 | $ 3.7 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense on intangible assets | $ 6.1 | $ 4.4 | $ 5.1 |
Intangible Assets - Future annu
Intangible Assets - Future annual expected amortization expense on intangible assets (Details) $ in Millions | Dec. 31, 2020USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | $ 9.6 |
2022 | 7.5 |
2023 | 4.3 |
2024 | 3.1 |
2025 | 1.7 |
2026 and thereafter | $ 5 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment, Net [Abstract] | |||
Less accumulated depreciation | $ (237.6) | $ (267.7) | |
Total | 172.8 | 190.4 | |
Depreciation expense | 20.8 | 21.4 | $ 22.4 |
Land | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property and equipment, gross | 15.6 | 15.2 | |
Building and land improvements | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property and equipment, gross | 148.3 | 151.6 | |
Construction in progress | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property and equipment, gross | 3.1 | 10.2 | |
Manufacturing and office equipment | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property and equipment, gross | 238.7 | 266.7 | |
Aviation equipment | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property and equipment, gross | $ 4.7 | $ 14.4 |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 2.6 | $ 2.6 |
Cash paid for operating leases included in operating cash flows | $ 2.7 | $ 2.7 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use asset | $ 6.6 | $ 3.9 |
Operating lease short-term liability | 1.9 | 1.8 |
Operating lease long-term liability | $ 4.7 | $ 2 |
Weighted average remaining lease term (in years) | 6 years 6 months 18 days | 4 years 7 months 28 days |
Weighted average discount rate used in calculating right-of-use asset | 3.66% | 3.56% |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Leases - Future Annual Minimum
Leases - Future Annual Minimum Lease Payments (Details) $ in Millions | Dec. 31, 2020USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2021 | $ 2 |
2022 | 1.2 |
2023 | 0.9 |
2024 | 0.6 |
2025 | 0.5 |
2026 and thereafter | 2.2 |
Total lease payments | 7.4 |
Less: Interest | (0.8) |
Operating lease liabilities | $ 6.6 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 3.6 |
Debt (Details)
Debt (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Line of Credit Facility [Line Items] | |
2021 | $ 1.6 |
2022 | 0.2 |
2023 | 0.1 |
2024 | $ 0.1 |
Wells Fargo | London Interbank Offered Rate (LIBOR) | |
Line of Credit Facility [Line Items] | |
Additional rate over base, percentage | 0.75% |
Unused facility fee as a percentage of line of credit | 0.125% |
Debt - Credit Facilities and Wo
Debt - Credit Facilities and Working Capital Loans (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Line of Credit Facility [Line Items] | ||
Current maturities of long-term debt | $ 200,000 | $ 200,000 |
Long-term debt | 400,000 | 700,000 |
Short-term debt | 1,400,000 | 1,100,000 |
Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Unsecured line of credit - maximum | 150,000,000 | 150,000,000 |
Long-term line of credit | 0 | 0 |
Amount of letters of credit outstanding | 7,600,000 | 8,300,000 |
Line of credit, additional borrowing capacity | 142,400,000 | 141,700,000 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Unsecured line of credit - maximum | 30,000,000 | 30,000,000 |
Secured Debt | ||
Line of Credit Facility [Line Items] | ||
Current maturities of long-term debt | 200,000 | 200,000 |
Long-term debt | $ 400,000 | 700,000 |
Interest rate range | 10.37% | |
Foreign Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Unsecured line of credit - maximum | $ 7,300,000 | 7,100,000 |
Long-term line of credit | 12,800,000 | 9,800,000 |
Amount of letters of credit outstanding | 2,600,000 | 3,500,000 |
Available credit line | 11,400,000 | 8,400,000 |
Short-term debt | $ 1,400,000 | $ 1,100,000 |
Minimum | Secured Debt | ||
Line of Credit Facility [Line Items] | ||
Interest rate range | 9.50% | |
Minimum | Foreign Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Interest rate range | 2.40% | |
Maximum | ||
Line of Credit Facility [Line Items] | ||
Amount of letters of credit outstanding | $ 7,300,000 | |
Maximum | Secured Debt | ||
Line of Credit Facility [Line Items] | ||
Interest rate range | 16.33% | |
Maximum | Foreign Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Interest rate range | 6.75% | 9.75% |
Product Warranty Reserves (Deta
Product Warranty Reserves (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | |
Standard Product Warranty Disclosure [Abstract] | |
Standard product warranty description | three months |
Maximum | |
Standard Product Warranty Disclosure [Abstract] | |
Standard product warranty description | two years |
Product Warranty Reserves - Sch
Product Warranty Reserves - Schedule Of Product Warranty Liability (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Reserve balance, January 1 | $ 10.3 | $ 10.9 | $ 15.4 |
Warranty liabilities accrued | 9.8 | 9.8 | 13.2 |
Warranty liabilities settled | (10.2) | (10.5) | (17.5) |
Other | 0.4 | 0.1 | (0.2) |
Reserve balance, December 31 | $ 10.3 | $ 10.3 | $ 10.9 |
Accrued Loss Reserves (Details)
Accrued Loss Reserves (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Loss Reserves [Abstract] | ||
Total accrued loss reserves | $ 7.2 | $ 6.8 |
Accrued loss reserves included in other long-term liabilities | $ 4.2 | $ 4.5 |
Pension and Retirement Plans (D
Pension and Retirement Plans (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in benefit obligation: | |||
Benefit obligation, beginning of year | $ 17.1 | $ 15.7 | |
Interest cost | 0.5 | 0.6 | $ 0.6 |
Actuarial loss | 1.6 | 1.6 | |
Benefits paid | (0.8) | (0.8) | |
Benefit obligation, end of year | 18.4 | 17.1 | 15.7 |
Accumulated benefit obligation | 18.4 | 17.1 | |
Change in plan assets: | |||
Change in plan assets: | 18 | 14.5 | |
Fair value of plan assets, beginning of year | 2.2 | 2.7 | |
Actual gain on plan assets | 0 | 1.6 | |
Employer contribution | (0.8) | (0.8) | |
Benefits paid | 19.4 | 18 | $ 14.5 |
Fair value of plan assets, end of year | 1 | 0.9 | |
Amounts recognized in the consolidated balance sheets: | |||
Net amount recognized | 1 | 0.9 | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Amounts recognized in accumulated other comprehensive loss consist of: | 4.9 | 4.9 | |
Net loss | $ 4.9 | $ 4.9 | |
Weighted average assumptions used to determine the benefit obligation | |||
Discount rate | 2.30% | 3.10% |
Pension and Retirement Plans -
Pension and Retirement Plans - Schedule of Allocation of Plan Assets (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation | 48.40% | 45.90% |
Equity securities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 40.00% | 40.00% |
Equity securities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 65.00% | 65.00% |
Trading Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation | 41.00% | 42.20% |
Trading Debt Securities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 30.00% | 30.00% |
Trading Debt Securities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 50.00% | 50.00% |
Cash and equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation | 10.60% | 11.90% |
Cash and equivalents | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 0.00% | 0.00% |
Cash and equivalents | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 15.00% | 15.00% |
Pension and Retirement Plans _2
Pension and Retirement Plans - Net Periodic Benefit Costs (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Components of net periodic benefit (income) cost: | |||
Interest cost | $ 0.5 | $ 0.6 | $ 0.6 |
Expected return on plan assets | (1) | (0.8) | (0.8) |
Amortization of actuarial loss | 0.4 | 0.5 | 0.5 |
Net periodic benefit (income) cost | (0.1) | 0.3 | 0.3 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||
Net actuarial loss (gain) for the year | 0.4 | (0.3) | 0.7 |
Amortization of net loss | (0.4) | (0.5) | (0.5) |
Total recognized in other comprehensive income (loss) | 0 | (0.8) | 0.2 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ (0.1) | $ (0.5) | $ 0.5 |
Weighted average assumptions used to determine net periodic benefit cost for years ended December 31: | |||
Discount rate | 3.10% | 4.10% | 3.50% |
Expected return on plan assets | 6.00% | 6.00% | 6.25% |
Pension and Retirement Plans _3
Pension and Retirement Plans - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Assets [Abstract] | |||
Company's 401(K) contributions for the year | $ 6,900,000 | $ 7,000,000 | $ 7,500,000 |
Pension Plan | |||
Defined Benefit Plan Assets [Abstract] | |||
Company's expectation to contribute to the plans during the next year | 0 | ||
Future amortization of a net loss in pension benefits in next year | (400,000) | ||
SERP | |||
Defined Benefit Plan Assets [Abstract] | |||
Income expense due to change in the fair market value of Company stock held in the SERP | $ 600,000 | $ 600,000 | $ 1,600,000 |
Pension and Retirement Plans _4
Pension and Retirement Plans - Estimated Future Benefit Payments (Details) - Pension Plan $ in Millions | Dec. 31, 2020USD ($) |
Estimated Future Benefit Payments | |
2021 | $ 1 |
2022 | 0.9 |
2023 | 0.9 |
2024 | 1 |
2025 | 0.9 |
2026 and thereafter | $ 4.9 |
Pension and Retirement Plans _5
Pension and Retirement Plans - Supplemental Employee Retirement Plan Assets (Details) - Supplemental Employee Retirement Plan - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Cost | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Plan assets | $ 6 | $ 6.1 |
Market | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Plan assets | 7.3 | 6.6 |
Company stock | Cost | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Plan assets | 1.5 | 1.7 |
Company stock | Market | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Plan assets | 2.3 | 2 |
Equity securities | Cost | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Plan assets | 4.5 | 4.4 |
Equity securities | Market | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Plan assets | $ 5 | $ 4.6 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 42.1 | $ 26.7 | $ (86.8) |
Foreign | 3.6 | (1.5) | 0.9 |
Income (loss) from operations before income taxes | $ 45.7 | $ 25.2 | $ (85.9) |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current (benefit) provision: | |||
Federal | $ (14) | $ (0.5) | $ (4) |
State | 2.4 | 0.8 | 0.9 |
Foreign | 1.8 | 1 | 3.3 |
Total current (benefit) provision | (9.8) | 1.3 | 0.2 |
Deferred provision (benefit): | |||
Federal | 12.3 | 2.8 | (19.1) |
State | (1.4) | (1) | (5.8) |
Foreign | (2.3) | (0.1) | (0.5) |
Total deferred provision (benefit) | 8.6 | 1.7 | (25.4) |
Total (benefit) provision: | |||
Federal | (1.7) | 2.3 | (23.1) |
State | 1 | (0.2) | (4.9) |
Foreign | (0.5) | 0.9 | 2.8 |
Total income tax (benefit) provision | $ (1.2) | $ 3 | $ (25.2) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Provision for Income Taxes at Statutory Federal Income Tax Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Tax expense (benefit) at the statutory federal income tax rate | $ 9.6 | $ 5.3 | $ (18.1) |
State income tax, net of federal income tax | 0.3 | (2.3) | (3) |
Research and development tax credits | (4.3) | (6.7) | (4.6) |
FIN 48 impact | 4 | 3.2 | 1.9 |
Liquidation of subsidiary | 0 | (0.9) | (1.4) |
True-up of foreign subsidiary net operation loss carryforward | (0.3) | (1.4) | 0 |
Valuation allowance impact | (1) | 5.8 | 1 |
Changes in tax rates | 0.3 | 0.1 | (0.2) |
Effects of CARES Act - 2018 NOL Carryback | (9.5) | 0 | 0 |
Other items | (0.3) | (0.1) | (0.8) |
Total income tax (benefit) provision | $ (1.2) | $ 3 | $ (25.2) |
Income Taxes - Significant comp
Income Taxes - Significant components of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||||
Inventory reserves | $ 3.2 | $ 6.1 | ||
Warranty reserves | 2 | 2.1 | ||
Credit loss reserves | 0.3 | 0.3 | ||
State tax loss carryforwards | 11.6 | 9.8 | ||
Accrued vacation | 1.4 | 1.5 | ||
Deferred compensation | 1.5 | 1.1 | ||
Share-based compensation | 1.5 | 1.5 | ||
Goodwill | 2.1 | 2.1 | ||
Outside basis difference | 4.7 | 4 | ||
Federal net operating loss | 0 | 12.1 | ||
Foreign net operating loss | 9.5 | 8.6 | ||
Lease obligation | 0.9 | 0.8 | ||
Other | 1.5 | 0.9 | ||
Domestic Credit Carryforwards | 1.6 | 3.1 | ||
Deferred revenue | 1.2 | 1.5 | ||
Deferred payroll tax - CARES Act | 2.4 | 0 | ||
Pension and post-employment benefits | 1 | 1.2 | ||
Valuation allowances | (14.1) | (14.6) | $ (8.5) | $ (8.3) |
Total deferred tax assets | 32.3 | 42.1 | ||
Deferred tax liabilities: | ||||
Property and equipment | 14.7 | 15.8 | ||
Intangibles | 0.9 | 0.3 | ||
Right-of-use assets | 0.9 | 0.8 | ||
Pension | 1.3 | 1.4 | ||
Total deferred tax liabilities | 17.8 | 18.3 | ||
Total net deferred assets | $ 14.5 | $ 23.8 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||
Income tax expense (benefit) recorded in connection with remeasurement of deferred tax assets and liabilities | $ 9.5 | |||
Valuation allowance, provision | 1.5 | $ 5.8 | $ 1 | |
Income tax expense (benefit) | 1.5 | |||
Undistributed earnings of foreign subsidiaries | 48.7 | |||
Unrecognized tax benefits | 9.7 | 5.7 | 2.1 | $ 0.4 |
Recognized tax benefits related to penalties and interest settled for less than previously accrued | 0.1 | |||
Unrecognized tax benefits, if recognized that would effect the effective rate | 10.5 | 6.1 | ||
Income Tax expense (benefit) | 1.2 | $ (3) | $ 25.2 | |
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 193 | |||
Valuation allowance, provision | 1 | |||
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 31.5 |
Income Taxes - Schedule Of Roll
Income Taxes - Schedule Of Roll Forward Of The Deferred Tax Asset Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Allowance balance, beginning of year | $ 14.6 | $ 8.5 | $ 8.3 |
Provision | 1.5 | 5.8 | 1 |
Reversals | (1.5) | 0 | 0 |
Other | (0.5) | 0.3 | (0.8) |
Allowance balance, end of year | $ 14.1 | $ 14.6 | $ 8.5 |
Income Taxes - Schedule Of reco
Income Taxes - Schedule Of reconciliation of Beginning And Ending Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of year | $ 5.7 | $ 2.1 | $ 0.4 |
Additions for tax positions taken in current year | 0.5 | 3 | 1.7 |
Additions for tax positions taken in prior period | 3.5 | 0.7 | 0 |
Decreases related to settlements with tax authorities | 0 | (0.1) | 0 |
Balance, end of year | $ 9.7 | $ 5.7 | $ 2.1 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Aug. 16, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Loss Contingency [Abstract] | |||
Contingent liability for customer debt | $ 2,900,000 | $ 1,500,000 | |
Percentage of potential contingent liability on unpaid balance | 1.75% | ||
Maximum exposure | $ 600,000 | ||
Liability recorded related to guarantees | 2,000,000 | 1,700,000 | |
Letter of Credit | |||
Loss Contingency [Abstract] | |||
Unsecured line of credit - maximum | 30,000,000 | $ 30,000,000 | |
Pending Litigation | |||
Loss Contingency [Abstract] | |||
Original purchase price of equipment | $ 8,500,000 | ||
Maximum | |||
Loss Contingency [Abstract] | |||
Contingent liabilities for letters of credit | 7,300,000 | ||
Letter of Credit Lender | |||
Loss Contingency [Abstract] | |||
Contingent liabilities for letters of credit | 7,600,000 | ||
Astec Brazil Working Capital Loans | |||
Loss Contingency [Abstract] | |||
Contingent liabilities for letters of credit issued on behalf of foreign subsidiaries | 3,200,000 | ||
Performance Letters of Credit | |||
Loss Contingency [Abstract] | |||
Contingent liabilities for letters of credit issued on behalf of foreign subsidiaries | $ 2,600,000 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)ageshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant (in shares) | shares | 200,000 | ||
Compensation expense | $ | $ 5.1 | $ 2.6 | $ 2 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum shares granted to employees (in shares) | shares | 700,000 | ||
Vesting period | 5 years | ||
Retirement age | age | 65 | ||
Anticipated additional compensation costs to be recognized in future periods | $ | $ 5.8 | ||
Weighted average period over which additional compensation cost will be expensed | 2 years | ||
Vested in period (in shares) | shares | 90,000 | ||
Vesting date fair value of vested restricted stock units during the period | $ | $ 3.8 | $ 1.6 | $ 1.9 |
Restricted Stock Units (RSUs) | Awards Granted in 2017 and 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Stock Units (RSUs) | Granted In 2019 and 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Stock Units (RSUs) | Non-Employee Directors Compensation Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anticipated additional compensation costs to be recognized in future periods | $ | $ 1.6 | ||
Weighted average period over which additional compensation cost will be expensed | 1 year 7 months 6 days | ||
Vested in period (in shares) | shares | 1,000 | ||
Performance Shares | Share-based Payment Arrangement, Tranche One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Performance Shares | Share-based Payment Arrangement, Tranche Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | ||
Performance Shares | Share-based Payment Arrangement, Tranche Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Performance Shares | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vesting target percentage | 0.00% | ||
Performance Shares | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vesting target percentage | 200.00% | ||
Deferred Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested in period (in shares) | shares | 34,145 | ||
Vesting date fair value of vested restricted stock units during the period | $ | $ 2 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule Of Change In RSUs (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock Units | |||
Unvested beginning of year (in shares) | 188 | ||
Granted (in shares) | 210 | ||
Vested (in shares) | (90) | ||
Forfeited (in shares) | (29) | ||
Unvested end of year (in shares) | 279 | 188 | |
Weighted Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 45.78 | ||
Granted (in dollars per share) | 34.99 | $ 34.57 | $ 58.45 |
Vested (in dollars per share) | 47.64 | ||
Forfeited (in dollars per share) | 39.32 | ||
Ending balance (in dollars per share) | $ 37.72 | $ 45.78 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional RSUs Activity (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value, units granted (in dollars per share) | $ 34.99 | $ 34.57 | $ 58.45 |
Vesting date fair value of vested restricted stock units during the period | $ 3.8 | $ 1.6 | $ 1.9 |
Income tax benefits | $ (0.4) | $ 0.7 | $ 0.5 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule Of Change In PSUs (Details) - Performance Shares shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Performance Stock Units | |
Unvested beginning of year (in shares) | shares | 0 |
Granted (in shares) | shares | 96 |
Forfeited (in shares) | shares | (8) |
Vested (in shares) | shares | (1) |
Unvested end of year (in shares) | shares | 87 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 35.46 |
Forfeited (in dollars per share) | $ / shares | 36.08 |
Vested (in dollars per share) | $ / shares | 34.66 |
Ending balance (in dollars per share) | $ / shares | $ 35.41 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule Of Revenue By Major Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 238,900 | $ 231,400 | $ 265,300 | $ 288,800 | $ 283,200 | $ 255,800 | $ 304,800 | $ 325,800 | $ 1,024,400 | $ 1,169,600 | $ 1,171,600 |
Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 817,000 | 908,500 | $ 915,800 | ||||||||
United States | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
United States | Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 506,100 | 580,500 | |||||||||
United States | Equipment sales | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
United States | Pellet plant revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 20,000 | ||||||||||
United States | Pellet plant revenue | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | ||||||||||
United States | Parts and component sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 242,000 | 243,500 | |||||||||
United States | Parts and component sales | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
United States | Service and equipment installation revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 22,200 | 27,200 | |||||||||
United States | Service and equipment installation revenue | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
United States | Used equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 21,400 | 12,600 | |||||||||
United States | Used equipment sales | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
United States | Freight revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 24,800 | 24,300 | |||||||||
United States | Freight revenue | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
United States | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 500 | 400 | |||||||||
United States | Other | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
International | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 207,400 | 261,100 | |||||||||
International | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
International | Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 136,100 | 165,900 | |||||||||
International | Equipment sales | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
International | Parts and component sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 58,500 | 75,600 | |||||||||
International | Parts and component sales | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
International | Service and equipment installation revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 4,100 | 8,200 | |||||||||
International | Service and equipment installation revenue | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
International | Used equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 4,600 | 5,500 | |||||||||
International | Used equipment sales | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
International | Freight revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 3,600 | 5,500 | |||||||||
International | Freight revenue | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
International | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 500 | 400 | |||||||||
International | Other | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
Infrastructure Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 702,800 | 764,600 | |||||||||
Infrastructure Solutions | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 588,700 | 654,500 | |||||||||
Infrastructure Solutions | United States | Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 354,100 | 413,600 | |||||||||
Infrastructure Solutions | United States | Pellet plant revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 20,000 | ||||||||||
Infrastructure Solutions | United States | Parts and component sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 172,800 | 169,000 | |||||||||
Infrastructure Solutions | United States | Service and equipment installation revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 21,000 | 19,200 | |||||||||
Infrastructure Solutions | United States | Used equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 19,300 | 11,400 | |||||||||
Infrastructure Solutions | United States | Freight revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 19,700 | 18,000 | |||||||||
Infrastructure Solutions | United States | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,800 | 3,300 | |||||||||
Infrastructure Solutions | International | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 114,100 | 110,100 | |||||||||
Infrastructure Solutions | International | Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 78,000 | 70,400 | |||||||||
Infrastructure Solutions | International | Parts and component sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 29,100 | 28,600 | |||||||||
Infrastructure Solutions | International | Service and equipment installation revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 2,400 | 6,200 | |||||||||
Infrastructure Solutions | International | Used equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 2,400 | 2,200 | |||||||||
Infrastructure Solutions | International | Freight revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 2,000 | 2,500 | |||||||||
Infrastructure Solutions | International | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 200 | 200 | |||||||||
Materials Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 321,600 | 405,000 | |||||||||
Materials Solutions | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 228,300 | 254,000 | |||||||||
Materials Solutions | United States | Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 152,000 | 166,900 | |||||||||
Materials Solutions | United States | Pellet plant revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | ||||||||||
Materials Solutions | United States | Parts and component sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 69,200 | 74,500 | |||||||||
Materials Solutions | United States | Service and equipment installation revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,200 | 8,000 | |||||||||
Materials Solutions | United States | Used equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 2,100 | 1,200 | |||||||||
Materials Solutions | United States | Freight revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 5,100 | 6,300 | |||||||||
Materials Solutions | United States | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | (1,300) | (2,900) | |||||||||
Materials Solutions | International | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 93,300 | 151,000 | |||||||||
Materials Solutions | International | Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 58,100 | 95,500 | |||||||||
Materials Solutions | International | Parts and component sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 29,400 | 47,000 | |||||||||
Materials Solutions | International | Service and equipment installation revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,700 | 2,000 | |||||||||
Materials Solutions | International | Used equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 2,200 | 3,300 | |||||||||
Materials Solutions | International | Freight revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,600 | 3,000 | |||||||||
Materials Solutions | International | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 300 | $ 200 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Contract assets | $ 4,300 | $ 4,700 | $ 4,300 | $ 4,700 | |||||||
Contract with Customer, Liability | 8,900 | 6,500 | 8,900 | 6,500 | |||||||
Net sales | 238,900 | $ 231,400 | $ 265,300 | $ 288,800 | 283,200 | $ 255,800 | $ 304,800 | $ 325,800 | 1,024,400 | 1,169,600 | $ 1,171,600 |
Extended warranty revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Deferred revenue | $ 2,900 | $ 3,500 | 2,900 | 3,500 | |||||||
Net sales | $ 1,700 | $ 1,900 |
Operations by Industry Segmen_3
Operations by Industry Segment and Geographic Area - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2020segment | Dec. 31, 2020segment | Dec. 31, 2020business | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 3 | 2 | |
Infrastructure Solutions | |||
Segment Reporting Information [Line Items] | |||
Number of business units | 15 | ||
Materials Solutions | |||
Segment Reporting Information [Line Items] | |||
Number of business units | 10 |
Operations by Industry Segmen_4
Operations by Industry Segment and Geographic Area - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 238,900 | $ 231,400 | $ 265,300 | $ 288,800 | $ 283,200 | $ 255,800 | $ 304,800 | $ 325,800 | $ 1,024,400 | $ 1,169,600 | $ 1,171,600 |
Restructuring, impairment and other asset charges, net | 8,100 | 3,200 | 13,100 | ||||||||
Interest expense | 700 | 1,400 | 1,000 | ||||||||
Interest income | 800 | 1,200 | 1,000 | ||||||||
Depreciation and amortization | 26,900 | 26,200 | 27,900 | ||||||||
Income taxes | (1,200) | 3,000 | (25,200) | ||||||||
Profit (loss) | 45,800 | 21,000 | (62,800) | ||||||||
Assets | 2,113,400 | 1,895,100 | 2,113,400 | 1,895,100 | 1,803,800 | ||||||
Capital expenditures | 15,400 | 22,600 | 28,900 | ||||||||
Infrastructure Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 702,800 | 764,600 | |||||||||
Materials Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 321,600 | 405,000 | |||||||||
Operating Segments | Infrastructure Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 702,800 | 764,600 | 718,400 | ||||||||
Restructuring, impairment and other asset charges, net | 6,600 | 2,900 | 13,100 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 100 | 0 | 100 | ||||||||
Depreciation and amortization | 17,800 | 16,900 | 17,600 | ||||||||
Income taxes | 400 | 800 | 1,200 | ||||||||
Profit (loss) | 53,800 | 33,800 | (109,900) | ||||||||
Assets | 938,800 | 865,800 | 938,800 | 865,800 | 846,100 | ||||||
Capital expenditures | 7,900 | 14,200 | 19,400 | ||||||||
Operating Segments | Materials Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 321,600 | 405,000 | 453,200 | ||||||||
Restructuring, impairment and other asset charges, net | (1,300) | 300 | 0 | ||||||||
Interest expense | 200 | 300 | 400 | ||||||||
Interest income | 300 | 600 | 400 | ||||||||
Depreciation and amortization | 7,900 | 8,200 | 9,400 | ||||||||
Income taxes | 1,200 | 600 | 2,400 | ||||||||
Profit (loss) | 32,100 | 22,800 | 45,500 | ||||||||
Assets | 639,300 | 608,400 | 639,300 | 608,400 | 590,500 | ||||||
Capital expenditures | 4,800 | 7,400 | 8,700 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 74,200 | 51,400 | 55,700 | ||||||||
Intersegment Eliminations | Infrastructure Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 33,500 | 29,200 | 39,100 | ||||||||
Intersegment Eliminations | Materials Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 40,700 | 22,200 | 16,600 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Restructuring, impairment and other asset charges, net | 2,800 | 0 | 0 | ||||||||
Interest expense | 500 | 1,100 | 600 | ||||||||
Interest income | 400 | 600 | 500 | ||||||||
Depreciation and amortization | 1,200 | 1,100 | 900 | ||||||||
Income taxes | (2,800) | 1,600 | (28,800) | ||||||||
Profit (loss) | (40,100) | (35,600) | 1,600 | ||||||||
Assets | $ 535,300 | $ 420,900 | 535,300 | 420,900 | 367,200 | ||||||
Capital expenditures | $ 2,700 | $ 1,000 | $ 800 |
Operations by Industry Segmen_5
Operations by Industry Segment and Geographic Area - Reportable Segments Reconciles To Consolidated Totals (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income (loss) attributable to controlling interest | |||||||||||
Net loss attributable to non-controlling interest | $ 0 | $ 0.1 | $ 0.3 | ||||||||
Total consolidated net income (loss) attributable to controlling interest | $ 15.4 | $ 1.6 | $ 9.3 | $ 20.6 | $ (18.4) | $ 3 | $ 23.4 | $ 14.3 | 46.9 | 22.3 | (60.4) |
Assets | |||||||||||
Total assets | 848.2 | 800.5 | 848.2 | 800.5 | 855.5 | ||||||
Operating Segments | |||||||||||
Net income (loss) attributable to controlling interest | |||||||||||
Total profit (loss) | 85.9 | 56.6 | (64.4) | ||||||||
Assets | |||||||||||
Total assets | 1,578.1 | 1,474.2 | 1,578.1 | 1,474.2 | 1,436.6 | ||||||
Corporate | |||||||||||
Net income (loss) attributable to controlling interest | |||||||||||
Total profit (loss) | (40.1) | (35.6) | 1.6 | ||||||||
Assets | |||||||||||
Total assets | 535.3 | 420.9 | 535.3 | 420.9 | 367.2 | ||||||
Intersegment Eliminations | |||||||||||
Net income (loss) attributable to controlling interest | |||||||||||
Total profit (loss) | 1.1 | 1.2 | 2.1 | ||||||||
Assets | |||||||||||
Elimination of intercompany profit in inventory | (2.8) | (3.8) | (2.8) | (3.8) | (5) | ||||||
Elimination of intercompany receivables | (906.2) | (767.9) | (906.2) | (767.9) | (664.9) | ||||||
Segment Reconciling Items | |||||||||||
Assets | |||||||||||
Elimination of investment in subsidiaries | (329.6) | (296.7) | (329.6) | (296.7) | (300.7) | ||||||
Other | $ (26.6) | $ (26.2) | $ (26.6) | $ (26.2) | $ 22.3 |
Operations by Industry Segmen_6
Operations by Industry Segment and Geographic Area - External Customers and Long-Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | $ 238,900 | $ 231,400 | $ 265,300 | $ 288,800 | $ 283,200 | $ 255,800 | $ 304,800 | $ 325,800 | $ 1,024,400 | $ 1,169,600 | $ 1,171,600 |
Long-lived assets by geographic region | 172,800 | 190,400 | 172,800 | 190,400 | |||||||
United States | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 817,000 | 908,500 | 915,800 | ||||||||
Long-lived assets by geographic region | 140,300 | 158,000 | 140,300 | 158,000 | |||||||
Canada | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 57,900 | 66,800 | 61,600 | ||||||||
Long-lived assets by geographic region | 4,800 | 4,000 | 4,800 | 4,000 | |||||||
Australia and Oceania | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 28,500 | 42,300 | 38,600 | ||||||||
Other European Countries | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 23,200 | 32,200 | 26,000 | ||||||||
Africa | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 22,400 | 44,700 | 45,600 | ||||||||
South America (excluding Brazil) | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 21,900 | 17,900 | 30,100 | ||||||||
Brazil | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 20,400 | 11,600 | 6,300 | ||||||||
Long-lived assets by geographic region | 6,300 | 8,300 | 6,300 | 8,300 | |||||||
Japan and Korea | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 8,100 | 3,600 | 3,600 | ||||||||
West Indies | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 6,100 | 6,400 | 1,500 | ||||||||
Russia | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 4,000 | 5,100 | 9,600 | ||||||||
Middle East | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 3,200 | 2,600 | 7,900 | ||||||||
Post-Soviet States (excluding Russia) | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 3,100 | 7,300 | 2,700 | ||||||||
Mexico | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 2,900 | 5,300 | 9,600 | ||||||||
Other Asian Countries | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 2,700 | 6,500 | 5,500 | ||||||||
Central America (excluding Mexico) | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 1,300 | 4,900 | 2,700 | ||||||||
China | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 1,200 | 2,200 | 2,800 | ||||||||
India | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 500 | 1,000 | 1,000 | ||||||||
Other | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 0 | 700 | 700 | ||||||||
Northern Ireland | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Long-lived assets by geographic region | 11,900 | 10,800 | 11,900 | 10,800 | |||||||
Australia | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Long-lived assets by geographic region | 5,100 | 4,600 | 5,100 | 4,600 | |||||||
South Africa | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Long-lived assets by geographic region | 4,000 | 4,500 | 4,000 | 4,500 | |||||||
Chile | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Long-lived assets by geographic region | 400 | 200 | 400 | 200 | |||||||
Total foreign | |||||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 207,400 | 261,100 | $ 255,800 | ||||||||
Long-lived assets by geographic region | $ 32,500 | $ 32,400 | $ 32,500 | $ 32,400 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | ||
Foreign currency translation adjustment | $ (30.4) | $ (28.6) |
Unrecognized pension and postretirement benefits cost, net of tax of $1.3 and $1.3, respectively | (3.1) | (3.2) |
Accumulated other comprehensive loss | (33.5) | (31.8) |
Unrecognized pension and post-retirement benefit cost, tax | $ 1.3 | $ 1.3 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |||
Investment income (loss) | $ 0 | $ 0.2 | $ (0.2) |
Gain on disposal of subsidiary | 1.6 | 0 | 0 |
Curtailment gain on postretirement benefits | 0.5 | 0 | 0 |
Other | 0.5 | 0.1 | 0.7 |
Total | $ 2.6 | $ 0.3 | $ 0.5 |
Restructuring and Asset Impai_3
Restructuring and Asset Impairment Charges - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring, impairment and other asset charges, net | $ 8.1 | $ 3.2 | $ 13.1 | |||
Restructuring reserve | $ (1.1) | (1.1) | ||||
Assets held for sale | 6.3 | 6.3 | 3.1 | |||
Gain (loss) on disposition of property plant equipment | 6.2 | (0.3) | 0.1 | |||
Disposal group, including discontinued operation, consideration | 6.9 | 6.9 | ||||
Disposal group, accounts payable, current | 1.1 | 1.1 | ||||
Proceeds from the sale of subsidiary | 0.5 | 9.1 | 0 | 0 | ||
Astec Mobile Machinery GmbH | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Assets held for sale | 0.3 | |||||
Gain (loss) on disposition of property plant equipment | $ 0.7 | |||||
Facility Closing | Costs associated with closing Albuquerque | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Assets held for sale | 2.8 | |||||
Gain (loss) on disposition of property plant equipment | $ 0.4 | |||||
Disposal group, including discontinued operation, consideration | 3.2 | |||||
Business exit costs | 1.3 | 0 | 0 | |||
Facility Closing | Costs associated with closing Enid | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Disposal group, including discontinued operation, consideration | $ 1.1 | |||||
Business exit costs | 2.5 | 0 | 0 | |||
Facility Closing | Costs associated with closing Enid | Astec Mobile Machinery GmbH | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Assets held for sale | 5.1 | 5.1 | ||||
Facility Closing | Costs associated with closing Mequon | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Gain (loss) on disposition of property plant equipment | 4.7 | |||||
Disposal group, including discontinued operation, consideration | $ 8.5 | 8.5 | ||||
Business exit costs | 3.3 | 0 | 0 | |||
Facility Closing | Costs associated with closing Tacoma | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Business exit costs | $ 0.9 | $ 0 | $ 0 |
Restructuring and Asset Impai_4
Restructuring and Asset Impairment Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||
Workforce reductions at multiple sites | $ 1.3 | $ 1.1 | $ 0 | ||
Other restructuring charges | 0.3 | 0 | 0 | ||
Total restructuring related charges | 9.9 | 2.9 | 1.9 | ||
Asset impairment charges: | |||||
Goodwill impairment charges | 1.6 | 0 | 11.2 | ||
Airplane impairment charges | 2.3 | 0.3 | 0 | ||
Other impairment charges | 0.5 | 0 | 0 | ||
Total asset impairment charges | 4.4 | 0.3 | 11.2 | ||
Gain on sale of property and equipment, net: | |||||
Gain (Loss) on Disposition of Property Plant Equipment | (6.2) | 0.3 | (0.1) | ||
Gain (Loss) on Disposition of Assets | (6.2) | ||||
Restructuring, impairment and other asset charges, net | 8.1 | 3.2 | 13.1 | ||
Costs associated with exiting the wood pellet business | Facility Closing | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Business exit costs | 0 | 0.5 | 0 | ||
Costs associated with closing AMM | Facility Closing | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Business exit costs | 0.3 | 1.3 | 1.9 | ||
Costs associated with closing Albuquerque | Facility Closing | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Business exit costs | 1.3 | 0 | 0 | ||
Gain on sale of property and equipment, net: | |||||
Gain (Loss) on Disposition of Property Plant Equipment | $ (0.4) | ||||
Costs associated with closing Mequon | Facility Closing | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Business exit costs | 3.3 | 0 | 0 | ||
Gain on sale of property and equipment, net: | |||||
Gain (Loss) on Disposition of Property Plant Equipment | $ (4.7) | ||||
Costs associated with closing Enid | Facility Closing | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Business exit costs | 2.5 | 0 | 0 | ||
Costs associated with closing Tacoma | Facility Closing | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Business exit costs | $ 0.9 | $ 0 | $ 0 |
Restructuring and Asset Impai_5
Restructuring and Asset Impairment Charges - Restructuring Charges By Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related charges | $ 9.9 | $ 2.9 | $ 1.9 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related charges | 0.1 | 0 | 0 |
Infrastructure Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related charges | 6.2 | 2.9 | 1.9 |
Materials Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related charges | $ 3.6 | $ 0 | $ 0 |
Restructuring and Asset Impai_6
Restructuring and Asset Impairment Charges - Impairment Charges By Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Total asset impairment charges | $ 4.4 | $ 0.3 | $ 11.2 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Total asset impairment charges | 2.7 | 0 | 0 |
Infrastructure Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Total asset impairment charges | 1.9 | 0 | 11.2 |
Materials Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Total asset impairment charges | $ (0.2) | $ 0.3 | $ 0 |
Restructuring and Asset Impai_7
Restructuring and Asset Impairment Charges - Sale Of Fixed Assets By Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ (6.2) | $ 0.3 | $ (0.1) |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | ||
Infrastructure Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | (1.5) | ||
Materials Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ (4.7) |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 238,900 | $ 231,400 | $ 265,300 | $ 288,800 | $ 283,200 | $ 255,800 | $ 304,800 | $ 325,800 | $ 1,024,400 | $ 1,169,600 | $ 1,171,600 |
Gross profit | 56,900 | 50,200 | 59,600 | 73,400 | 27,400 | 51,900 | 83,300 | 76,800 | 240,100 | 239,400 | 135,800 |
Net income | 15,500 | 1,700 | 9,300 | 20,400 | (18,400) | 3,000 | 23,400 | 14,200 | 46,900 | 22,200 | (60,700) |
Net income attributable to controlling interest | $ 15,400 | $ 1,600 | $ 9,300 | $ 20,600 | $ (18,400) | $ 3,000 | $ 23,400 | $ 14,300 | $ 46,900 | $ 22,300 | $ (60,400) |
Earnings Per Share [Abstract] | |||||||||||
Basic (in dollars per share) | $ 0.68 | $ 0.07 | $ 0.41 | $ 0.92 | $ (0.81) | $ 0.13 | $ 1.04 | $ 0.63 | $ 2.08 | $ 0.99 | $ (2.64) |
Diluted (in dollars per share) | 0.67 | 0.07 | 0.41 | 0.91 | (0.81) | 0.13 | 1.03 | 0.63 | $ 2.05 | $ 0.98 | $ (2.64) |
Dividends paid per share (in dollars per share) | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 |
Selected Quarterly Financial _4
Selected Quarterly Financial Data - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interim Period, Costs Not Allocable [Line Items] | |||||
Cost of sales | $ (784.3) | $ (930.2) | $ (1,035.8) | ||
Reclassification, Other | |||||
Interim Period, Costs Not Allocable [Line Items] | |||||
Restructuring costs | $ 0.2 | $ 0.6 | |||
Cost of sales | $ 0.2 | $ 0.6 |