| Leases
|
|
|
|
|
|
|
|
Buildings | 20 to 40 years |
Machinery and Equipment | 3 to 10 years |
Vehicles | 1 to 3 years |
Leasehold Improvements | 5 to 10 years |
Foreign Currency | Defined Benefit Pension Plans | Total | |||||||||
Balance at January 1, 2012 | $ | 9,994 | $ | (2,700 | ) | $ | 7,294 | ||||
Other comprehensive income before reclassifications* | 2,791 | 638 | 3,429 | ||||||||
Amounts reclassified from accumulated other comprehensive income* | — | (80 | ) | (80 | ) | ||||||
Net current-period other comprehensive income | 2,791 | 558 | 3,349 | ||||||||
Balance at December 31, 2012 | 12,785 | (2,142 | ) | 10,643 | |||||||
Other comprehensive income before reclassifications | (9,292 | ) | 1,681 | (7,611 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | (605 | ) | (605 | ) | ||||||
Net current-period other comprehensive income | (9,292 | ) | 1,076 | (8,216 | ) | ||||||
Balance at December 31, 2013 | $ | 3,493 | $ | (1,066 | ) | $ | 2,427 | ||||
* Presented for comparative purposes only. |
|
Distribution | Engineered Products | Material Handling | Lawn and Garden | Total | |||||||||||||||
January 1, 2012 | $ | 214 | $ | 707 | $ | 34,279 | $ | 9,466 | $ | 44,666 | |||||||||
Acquisitions | — | — | 16,240 | — | 16,240 | ||||||||||||||
Foreign currency translation | — | — | 2 | 148 | 150 | ||||||||||||||
December 31, 2012 | 214 | 707 | 50,521 | 9,614 | 61,056 | ||||||||||||||
Reclassification of prepaid asset from Novel acquisition | — | — | 1,028 | — | 1,028 | ||||||||||||||
Foreign currency translation | — | — | (1,199 | ) | (243 | ) | (1,442 | ) | |||||||||||
December 31, 2013 | $ | 214 | $ | 707 | $ | 50,350 | $ | 9,371 | $ | 60,642 |
2013 | 2012 | ||||||||||||||||||||||||
Weighted Average Useful Life (years) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Trade Names | 6.3 | $ | 6,783 | $ | (78 | ) | $ | 6,705 | $ | 7,273 | $ | (46 | ) | $ | 7,227 | ||||||||||
Customer Relationships | 5.0 | 17,159 | (10,841 | ) | 6,318 | 18,702 | (10,163 | ) | 8,539 | ||||||||||||||||
Technology | 8.1 | 5,502 | (918 | ) | 4,584 | 7,837 | (2,433 | ) | 5,404 | ||||||||||||||||
Patents | 3.2 | 10,900 | (7,448 | ) | 3,452 | 10,900 | (6,359 | ) | 4,541 | ||||||||||||||||
Non-Compete | 1.0 | 261 | (205 | ) | 56 | 569 | (441 | ) | 128 | ||||||||||||||||
$ | 40,605 | $ | (19,490 | ) | $ | 21,115 | $ | 45,281 | $ | (19,442 | ) | $ | 25,839 |
|
Novel | Jamco | ||||||
Assets acquired: | |||||||
Current assets, excluding cash acquired | $ | 11,884 | $ | 5,019 | |||
Property, plant & equipment | 13,636 | 2,559 | |||||
Other long-term assets | 6,944 | 5,711 | |||||
Assets acquired, less cash | $ | 32,464 | $ | 13,289 | |||
Liabilities assumed: | |||||||
Current liabilities | $ | 6,742 | $ | 2,112 | |||
Debt | 26,028 | — | |||||
Long-term liabilities | 6,097 | 3,498 | |||||
Total liabilities assumed | 38,867 | 5,610 | |||||
Goodwill | 9,832 | 7,435 | |||||
Total consideration, less cash acquired | $ | 3,429 | $ | 15,114 | |||
2012 | |||
Net sales | $ | 820,649 | |
Cost of sales | 596,178 | ||
Gross profit | 224,471 | ||
Selling, general & administrative expenses | 168,794 | ||
Operating income | 55,677 | ||
Interest expense, net | 7,333 | ||
Income before taxes | 48,344 | ||
Income taxes | 17,784 | ||
Net income | $ | 30,560 | |
Income per basic share | $ | 0.91 | |
Income per diluted share | $ | 0.90 |
|
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Segment | Cost of sales | Selling, general and administrative | Total | Cost of sales | Selling, general and administrative | Total | Cost of sales | Selling, general and administrative | Total | ||||||||||||||||||||
Distribution | $ | — | $ | 194 | $ | 194 | $ | — | $ | 727 | $ | 727 | $ | — | $ | 2,060 | $ | 2,060 | |||||||||||
Lawn and Garden | 6,135 | 2,428 | 8,563 | — | 487 | 487 | — | 687 | 687 | ||||||||||||||||||||
Engineered Products | 240 | — | 240 | 1,198 | — | 1,198 | 724 | — | 724 | ||||||||||||||||||||
Material Handling | 178 | 47 | 225 | — | — | — | — | — | — | ||||||||||||||||||||
Corporate | — | 17 | 17 | — | 318 | 318 | — | — | — | ||||||||||||||||||||
Total | $ | 6,553 | $ | 2,686 | $ | 9,239 | $ | 1,198 | $ | 1,532 | $ | 2,730 | $ | 724 | $ | 2,747 | $ | 3,471 |
Severance and Personnel | Other Exit Costs | Total | |||||||||
Balance at January 1, 2011 | $ | — | $ | 763 | $ | 763 | |||||
Provision | 1,102 | 2,369 | 3,471 | ||||||||
Reversal | — | (285 | ) | (285 | ) | ||||||
Less: Payments | (1,102 | ) | (2,242 | ) | (3,344 | ) | |||||
Balance at December 31, 2011 | — | 605 | 605 | ||||||||
Provision | 1,102 | 1,628 | 2,730 | ||||||||
Less: Payments | (784 | ) | (2,233 | ) | (3,017 | ) | |||||
Balance at December 31, 2012 | 318 | — | 318 | ||||||||
Provision | 2,991 | 6,248 | 9,239 | ||||||||
Less: Payments | (1,366 | ) | (4,677 | ) | (6,043 | ) | |||||
Balance at December 31, 2013 | $ | 1,943 | $ | 1,571 | $ | 3,514 |
|
Year | Options | Exercise Price | ||||
2013 | 323,400 | $ | 14.77 | |||
2012 | 323,950 | $ | 12.96 | |||
2011 | 365,025 | $10.10 to $10.28 |
Year | Options | Exercise Price | ||
2013 | 503,321 | $8.00 to $18.62 | ||
2012 | 288,794 | $8.00 to $12.55 | ||
2011 | 59,031 | $8.00 to $12.55 |
Year | Outstanding | Range of Exercise Prices | Exercisable | Weighted Average Exercise Price | |||||||
2013 | 1,574,572 | $9.00 to $18.62 | 1,057,694 | $ | 11.48 | ||||||
2012 | 1,919,021 | $8.00 to $18.62 | 1,355,112 | $ | 11.63 | ||||||
2011 | 1,997,778 | $8.00 to $18.62 | 1,429,040 | $ | 11.75 |
2013 | 2012 | 2011 | |||||||||
Risk free interest rate | 1.86 | % | 2.00 | % | 3.79 | % | |||||
Expected dividend yield | 2.40 | % | 2.20 | % | 2.90 | % | |||||
Expected life of award (years) | 7.0 | 5.4 | 6.0 | ||||||||
Expected volatility | 50.00 | % | 50.00 | % | 50.72 | % | |||||
Fair value per option share | $ | 5.39 | $ | 4.93 | $ | 3.69 |
Shares | Average Exercise Price | Weighted Average Life | Aggregate Intrinsic Value | |||||||||
Outstanding at December 31, 2012 | 1,919,021 | $ | 11.63 | |||||||||
Options Granted | 323,400 | 14.77 | ||||||||||
Options Exercised | (503,321 | ) | 11.34 | |||||||||
Canceled or Forfeited | (164,528 | ) | 13.89 | |||||||||
Outstanding at December 31, 2013 | 1,574,572 | 12.14 | 5.98 years | $ | 14,142 | |||||||
Exercisable at December 31, 2013 | 1,057,694 | $ | 11.48 | 4.73 years | $ | 10,194 |
Shares | Average Grant-Date Fair Value | |||||
Unvested shares at December 31, 2012 | 363,125 | |||||
Granted | 169,100 | $ | 14.77 | |||
Vested | (112,000 | ) | 10.02 | |||
Forfeited | (144,700 | ) | 14.00 | |||
Unvested shares at December 31, 2013 | 275,525 | $ | 12.99 |
|
|
2013 | 2012 | ||||||
Loan Agreement | $ | 34,200 | $ | 57,814 | |||
Senior Unsecured Notes due 2024 | 11,000 | — | |||||
Senior Unsecured Notes due 2013 | — | 35,000 | |||||
45,200 | 92,814 | ||||||
Less unamortized deferred financing costs | 853 | — | |||||
$ | 44,347 | $ | 92,814 |
Required Level | Actual Level | ||
Interest Coverage Ratio | 3.00 to 1 (minimum) | 20.72 | |
Leverage Ratio | 3.25 to 1 (maximum) | 0.53 |
|
2013 | 2012 | 2011 | |||||||||
Underfunded | Underfunded | Underfunded | |||||||||
Interest cost | $ | 259 | $ | 287 | $ | 303 | |||||
Expected return on assets | (333 | ) | (236 | ) | (235 | ) | |||||
Amortization of net loss | 111 | 101 | 64 | ||||||||
Net periodic pension cost | $ | 37 | $ | 152 | $ | 132 |
2013 | 2012 | ||||||
Accumulated benefit obligation at beginning of year | $ | 7,109 | $ | 6,591 | |||
Interest cost | 259 | 287 | |||||
Actuarial (gain) loss | (738 | ) | 670 | ||||
Expenses paid | (74 | ) | (31 | ) | |||
Benefits paid | (406 | ) | (408 | ) | |||
Accumulated benefit obligation at end of year | $ | 6,150 | $ | 7,109 |
2013 | 2012 | 2011 | ||||||
Discount rate for net periodic pension cost | 3.75 | % | 4.50 | % | 5.25 | % | ||
Discount rate for benefit obligations | 4.70 | % | 3.75 | % | 4.50 | % | ||
Expected long-term return of plan assets | 8.00 | % | 8.00 | % | 8.00 | % |
2013 | 2012 | ||||||
Fair value of plan assets at beginning of year | $ | 4,528 | $ | 3,731 | |||
Actual return on plan assets | 1,165 | 575 | |||||
Company contributions | 364 | 661 | |||||
Expenses paid | (74 | ) | (31 | ) | |||
Benefits paid | (406 | ) | (408 | ) | |||
Fair value of plan assets at end of year | $ | 5,577 | $ | 4,528 |
2013 | 2012 | ||||
U.S. Equities securities | 82 | % | 79 | % | |
U.S. Debt securities | 17 | % | 20 | % | |
Cash | 1 | % | 1 | % | |
Total | 100 | % | 100 | % |
2013 | 2012 | ||||||
Projected benefit obligation | $ | 6,150 | $ | 7,109 | |||
Plan assets at fair value | 5,577 | 4,528 | |||||
Funded status | $ | (573 | ) | $ | (2,581 | ) |
2014 | $ | 399 | |
2015 | 382 | ||
2016 | 381 | ||
2017 | 376 | ||
2018 | 366 | ||
2019-2023 | 1,864 |
|
Year Ended December 31, | Commitment | ||
2014 | $ | 9,421 | |
2015 | 7,856 | ||
2016 | 6,245 | ||
2017 | 4,542 | ||
2018 | 2,860 | ||
Thereafter | 13,317 | ||
Total | $ | 44,241 |
|
Percent of Income before Income Taxes | ||||||||
2013 | 2012 | 2011 | ||||||
Statutory Federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State income taxes — net of Federal tax benefit | 2.8 | 4.2 | 0.7 | |||||
Foreign tax rate differential | 0.2 | 0.5 | 0.4 | |||||
Domestic production deduction | (3.2 | ) | (2.9 | ) | (3.5 | ) | ||
Non-deductible expenses | 1.5 | 1.5 | 2.0 | |||||
Changes in unrecognized tax benefits | 0.4 | (1.6 | ) | (14.4 | ) | |||
Non-deductible goodwill | — | — | 3.1 | |||||
Foreign tax incentives | (2.2 | ) | (1.2 | ) | — | |||
Valuation allowances | (0.1 | ) | 1.2 | 3.0 | ||||
Other | (0.4 | ) | — | 1.0 | ||||
Effective tax rate for the year | 34.0 | % | 36.7 | % | 27.3 | % |
2013 | 2012 | 2011 | |||||||||
United States | $ | 39,096 | $ | 50,143 | $ | 39,740 | |||||
Foreign | 295 | (2,802 | ) | (6,053 | ) | ||||||
Totals | $ | 39,391 | $ | 47,341 | $ | 33,687 |
2013 | 2012 | 2011 | |||||||||||||||||||||
Current | Deferred | Current | Deferred | Current | Deferred | ||||||||||||||||||
Federal | $ | 13,853 | $ | (1,479 | ) | $ | 13,093 | $ | 2,124 | $ | 6,509 | $ | 2,057 | ||||||||||
Foreign | 1,573 | (2,278 | ) | 297 | (1,168 | ) | 612 | (371 | ) | ||||||||||||||
State and local | 2,116 | (396 | ) | 2,937 | 96 | 1,906 | (1,531 | ) | |||||||||||||||
$ | 17,542 | $ | (4,153 | ) | $ | 16,327 | $ | 1,052 | $ | 9,027 | $ | 155 |
2013 | 2012 | ||||||
Deferred income tax liabilities | |||||||
Property, plant and equipment | $ | 18,297 | $ | 24,748 | |||
Tax-deductible goodwill | 7,437 | 5,206 | |||||
Non-deductible intangibles | 4,135 | 5,069 | |||||
State deferred taxes | 1,148 | 1,487 | |||||
Other | 484 | 392 | |||||
31,501 | 36,902 | ||||||
Deferred income tax assets | |||||||
Compensation | 6,104 | 6,243 | |||||
Inventory valuation | 765 | 806 | |||||
Allowance for uncollectible accounts | 1,007 | 967 | |||||
Non-deductible accruals | 2,116 | 3,820 | |||||
Other | — | 78 | |||||
Net operating loss carryforwards | 4,612 | 4,975 | |||||
14,604 | 16,889 | ||||||
Valuation Allowance | (5,221 | ) | (6,060 | ) | |||
9,383 | 10,829 | ||||||
Net deferred income tax liability | $ | 22,118 | $ | 26,073 |
2013 | 2012 | 2011 | |||||||||
Balance at January 1 | $ | 1,078 | $ | 1,217 | 5,767 | ||||||
Increases related to current year tax positions | 496 | — | — | ||||||||
Increases related to acquired businesses | — | 236 | — | ||||||||
Increases related to previous year tax positions | — | 580 | 395 | ||||||||
Reductions due to lapse of applicable statute of limitations | (48 | ) | (256 | ) | (4,945 | ) | |||||
Reduction due to settlements | (22 | ) | (699 | ) | — | ||||||
Balance at December 31 | $ | 1,504 | $ | 1,078 | $ | 1,217 |
|
2013 | 2012 | 2011 | |||||||||
Net Sales | |||||||||||
Material Handling | $ | 322,854 | $ | 285,994 | $ | 261,812 | |||||
Lawn and Garden | 204,890 | 205,814 | 217,140 | ||||||||
Distribution | 177,412 | 176,645 | 183,726 | ||||||||
Engineered Products | 137,745 | 141,658 | 116,243 | ||||||||
Intra-segment elimination | (17,691 | ) | (18,923 | ) | (23,267 | ) | |||||
$ | 825,210 | $ | 791,188 | $ | 755,654 | ||||||
Income Before Income Taxes | |||||||||||
Material Handling | $ | 41,076 | $ | 47,483 | $ | 34,123 | |||||
Lawn and Garden | (1,540 | ) | 2,905 | 4,226 | |||||||
Distribution | 14,448 | 14,838 | 15,736 | ||||||||
Engineered Products | 15,296 | 14,481 | 10,810 | ||||||||
Corporate | (25,347 | ) | (27,851 | ) | (26,486 | ) | |||||
Interest expense - net | (4,542 | ) | (4,515 | ) | (4,722 | ) | |||||
$ | 39,391 | $ | 47,341 | $ | 33,687 | ||||||
Identifiable Assets | |||||||||||
Material Handling | $ | 224,207 | $ | 238,500 | $ | 164,738 | |||||
Lawn and Garden | 126,382 | 128,267 | 138,894 | ||||||||
Distribution | 49,488 | 44,913 | 48,100 | ||||||||
Engineered Products | 43,642 | 40,377 | 40,840 | ||||||||
Corporate | 25,738 | 32,799 | 36,185 | ||||||||
$ | 469,457 | $ | 484,856 | $ | 428,757 | ||||||
Capital Additions, Net | |||||||||||
Material Handling | $ | 17,847 | $ | 17,029 | $ | 12,165 | |||||
Lawn and Garden | 7,808 | 5,240 | 6,411 | ||||||||
Distribution | 845 | 796 | 1,101 | ||||||||
Engineered Products | 2,709 | 3,342 | 1,831 | ||||||||
Corporate | 792 | 570 | 422 | ||||||||
$ | 30,001 | $ | 26,977 | $ | 21,930 | ||||||
Depreciation and Amortization | |||||||||||
Material Handling | $ | 20,840 | $ | 17,308 | $ | 16,009 | |||||
Lawn and Garden | 11,862 | 11,370 | 13,911 | ||||||||
Distribution | 537 | 379 | 342 | ||||||||
Engineered Products | 3,466 | 3,185 | 3,230 | ||||||||
Corporate | 940 | 765 | 722 | ||||||||
$ | 37,645 | $ | 33,007 | $ | 34,214 |
|
2013 | 2012 | |||||||
Deposits and amounts due to customers | $ | 10,194 | $ | 10,255 | ||||
Dividends payable | 3,174 | 191 | ||||||
Other accrued expenses | 6,619 | 8,793 | ||||||
$ | 19,987 | $ | 19,239 |
|
Buildings | 20 to 40 years |
Machinery and Equipment | 3 to 10 years |
Vehicles | 1 to 3 years |
Leasehold Improvements | 5 to 10 years |
|
Buildings | 20 to 40 years |
Machinery and Equipment | 3 to 10 years |
Vehicles | 1 to 3 years |
Leasehold Improvements | 5 to 10 years |
Foreign Currency | Defined Benefit Pension Plans | Total | |||||||||
Balance at January 1, 2012 | $ | 9,994 | $ | (2,700 | ) | $ | 7,294 | ||||
Other comprehensive income before reclassifications* | 2,791 | 638 | 3,429 | ||||||||
Amounts reclassified from accumulated other comprehensive income* | — | (80 | ) | (80 | ) | ||||||
Net current-period other comprehensive income | 2,791 | 558 | 3,349 | ||||||||
Balance at December 31, 2012 | 12,785 | (2,142 | ) | 10,643 | |||||||
Other comprehensive income before reclassifications | (9,292 | ) | 1,681 | (7,611 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | (605 | ) | (605 | ) | ||||||
Net current-period other comprehensive income | (9,292 | ) | 1,076 | (8,216 | ) | ||||||
Balance at December 31, 2013 | $ | 3,493 | $ | (1,066 | ) | $ | 2,427 | ||||
* Presented for comparative purposes only. |
|
Distribution | Engineered Products | Material Handling | Lawn and Garden | Total | |||||||||||||||
January 1, 2012 | $ | 214 | $ | 707 | $ | 34,279 | $ | 9,466 | $ | 44,666 | |||||||||
Acquisitions | — | — | 16,240 | — | 16,240 | ||||||||||||||
Foreign currency translation | — | — | 2 | 148 | 150 | ||||||||||||||
December 31, 2012 | 214 | 707 | 50,521 | 9,614 | 61,056 | ||||||||||||||
Reclassification of prepaid asset from Novel acquisition | — | — | 1,028 | — | 1,028 | ||||||||||||||
Foreign currency translation | — | — | (1,199 | ) | (243 | ) | (1,442 | ) | |||||||||||
December 31, 2013 | $ | 214 | $ | 707 | $ | 50,350 | $ | 9,371 | $ | 60,642 |
2013 | 2012 | ||||||||||||||||||||||||
Weighted Average Useful Life (years) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Trade Names | 6.3 | $ | 6,783 | $ | (78 | ) | $ | 6,705 | $ | 7,273 | $ | (46 | ) | $ | 7,227 | ||||||||||
Customer Relationships | 5.0 | 17,159 | (10,841 | ) | 6,318 | 18,702 | (10,163 | ) | 8,539 | ||||||||||||||||
Technology | 8.1 | 5,502 | (918 | ) | 4,584 | 7,837 | (2,433 | ) | 5,404 | ||||||||||||||||
Patents | 3.2 | 10,900 | (7,448 | ) | 3,452 | 10,900 | (6,359 | ) | 4,541 | ||||||||||||||||
Non-Compete | 1.0 | 261 | (205 | ) | 56 | 569 | (441 | ) | 128 | ||||||||||||||||
$ | 40,605 | $ | (19,490 | ) | $ | 21,115 | $ | 45,281 | $ | (19,442 | ) | $ | 25,839 |
|
Novel | Jamco | ||||||
Assets acquired: | |||||||
Current assets, excluding cash acquired | $ | 11,884 | $ | 5,019 | |||
Property, plant & equipment | 13,636 | 2,559 | |||||
Other long-term assets | 6,944 | 5,711 | |||||
Assets acquired, less cash | $ | 32,464 | $ | 13,289 | |||
Liabilities assumed: | |||||||
Current liabilities | $ | 6,742 | $ | 2,112 | |||
Debt | 26,028 | — | |||||
Long-term liabilities | 6,097 | 3,498 | |||||
Total liabilities assumed | 38,867 | 5,610 | |||||
Goodwill | 9,832 | 7,435 | |||||
Total consideration, less cash acquired | $ | 3,429 | $ | 15,114 | |||
2012 | |||
Net sales | $ | 820,649 | |
Cost of sales | 596,178 | ||
Gross profit | 224,471 | ||
Selling, general & administrative expenses | 168,794 | ||
Operating income | 55,677 | ||
Interest expense, net | 7,333 | ||
Income before taxes | 48,344 | ||
Income taxes | 17,784 | ||
Net income | $ | 30,560 | |
Income per basic share | $ | 0.91 | |
Income per diluted share | $ | 0.90 |
|
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Segment | Cost of sales | Selling, general and administrative | Total | Cost of sales | Selling, general and administrative | Total | Cost of sales | Selling, general and administrative | Total | ||||||||||||||||||||
Distribution | $ | — | $ | 194 | $ | 194 | $ | — | $ | 727 | $ | 727 | $ | — | $ | 2,060 | $ | 2,060 | |||||||||||
Lawn and Garden | 6,135 | 2,428 | 8,563 | — | 487 | 487 | — | 687 | 687 | ||||||||||||||||||||
Engineered Products | 240 | — | 240 | 1,198 | — | 1,198 | 724 | — | 724 | ||||||||||||||||||||
Material Handling | 178 | 47 | 225 | — | — | — | — | — | — | ||||||||||||||||||||
Corporate | — | 17 | 17 | — | 318 | 318 | — | — | — | ||||||||||||||||||||
Total | $ | 6,553 | $ | 2,686 | $ | 9,239 | $ | 1,198 | $ | 1,532 | $ | 2,730 | $ | 724 | $ | 2,747 | $ | 3,471 |
Severance and Personnel | Other Exit Costs | Total | |||||||||
Balance at January 1, 2011 | $ | — | $ | 763 | $ | 763 | |||||
Provision | 1,102 | 2,369 | 3,471 | ||||||||
Reversal | — | (285 | ) | (285 | ) | ||||||
Less: Payments | (1,102 | ) | (2,242 | ) | (3,344 | ) | |||||
Balance at December 31, 2011 | — | 605 | 605 | ||||||||
Provision | 1,102 | 1,628 | 2,730 | ||||||||
Less: Payments | (784 | ) | (2,233 | ) | (3,017 | ) | |||||
Balance at December 31, 2012 | 318 | — | 318 | ||||||||
Provision | 2,991 | 6,248 | 9,239 | ||||||||
Less: Payments | (1,366 | ) | (4,677 | ) | (6,043 | ) | |||||
Balance at December 31, 2013 | $ | 1,943 | $ | 1,571 | $ | 3,514 |
|
Year | Outstanding | Range of Exercise Prices | Exercisable | Weighted Average Exercise Price | |||||||
2013 | 1,574,572 | $9.00 to $18.62 | 1,057,694 | $ | 11.48 | ||||||
2012 | 1,919,021 | $8.00 to $18.62 | 1,355,112 | $ | 11.63 | ||||||
2011 | 1,997,778 | $8.00 to $18.62 | 1,429,040 | $ | 11.75 |
Shares | Average Exercise Price | Weighted Average Life | Aggregate Intrinsic Value | |||||||||
Outstanding at December 31, 2012 | 1,919,021 | $ | 11.63 | |||||||||
Options Granted | 323,400 | 14.77 | ||||||||||
Options Exercised | (503,321 | ) | 11.34 | |||||||||
Canceled or Forfeited | (164,528 | ) | 13.89 | |||||||||
Outstanding at December 31, 2013 | 1,574,572 | 12.14 | 5.98 years | $ | 14,142 | |||||||
Exercisable at December 31, 2013 | 1,057,694 | $ | 11.48 | 4.73 years | $ | 10,194 |
Year | Options | Exercise Price | ||||
2013 | 323,400 | $ | 14.77 | |||
2012 | 323,950 | $ | 12.96 | |||
2011 | 365,025 | $10.10 to $10.28 |
Year | Options | Exercise Price | ||
2013 | 503,321 | $8.00 to $18.62 | ||
2012 | 288,794 | $8.00 to $12.55 | ||
2011 | 59,031 | $8.00 to $12.55 |
2013 | 2012 | 2011 | |||||||||
Risk free interest rate | 1.86 | % | 2.00 | % | 3.79 | % | |||||
Expected dividend yield | 2.40 | % | 2.20 | % | 2.90 | % | |||||
Expected life of award (years) | 7.0 | 5.4 | 6.0 | ||||||||
Expected volatility | 50.00 | % | 50.00 | % | 50.72 | % | |||||
Fair value per option share | $ | 5.39 | $ | 4.93 | $ | 3.69 |
Shares | Average Grant-Date Fair Value | |||||
Unvested shares at December 31, 2012 | 363,125 | |||||
Granted | 169,100 | $ | 14.77 | |||
Vested | (112,000 | ) | 10.02 | |||
Forfeited | (144,700 | ) | 14.00 | |||
Unvested shares at December 31, 2013 | 275,525 | $ | 12.99 |
|
2013 | 2012 | ||||||
Loan Agreement | $ | 34,200 | $ | 57,814 | |||
Senior Unsecured Notes due 2024 | 11,000 | — | |||||
Senior Unsecured Notes due 2013 | — | 35,000 | |||||
45,200 | 92,814 | ||||||
Less unamortized deferred financing costs | 853 | — | |||||
$ | 44,347 | $ | 92,814 |
Required Level | Actual Level | ||
Interest Coverage Ratio | 3.00 to 1 (minimum) | 20.72 | |
Leverage Ratio | 3.25 to 1 (maximum) | 0.53 |
|
2013 | 2012 | 2011 | |||||||||
Underfunded | Underfunded | Underfunded | |||||||||
Interest cost | $ | 259 | $ | 287 | $ | 303 | |||||
Expected return on assets | (333 | ) | (236 | ) | (235 | ) | |||||
Amortization of net loss | 111 | 101 | 64 | ||||||||
Net periodic pension cost | $ | 37 | $ | 152 | $ | 132 |
2013 | 2012 | ||||||
Accumulated benefit obligation at beginning of year | $ | 7,109 | $ | 6,591 | |||
Interest cost | 259 | 287 | |||||
Actuarial (gain) loss | (738 | ) | 670 | ||||
Expenses paid | (74 | ) | (31 | ) | |||
Benefits paid | (406 | ) | (408 | ) | |||
Accumulated benefit obligation at end of year | $ | 6,150 | $ | 7,109 |
2013 | 2012 | 2011 | ||||||
Discount rate for net periodic pension cost | 3.75 | % | 4.50 | % | 5.25 | % | ||
Discount rate for benefit obligations | 4.70 | % | 3.75 | % | 4.50 | % | ||
Expected long-term return of plan assets | 8.00 | % | 8.00 | % | 8.00 | % |
2013 | 2012 | ||||||
Fair value of plan assets at beginning of year | $ | 4,528 | $ | 3,731 | |||
Actual return on plan assets | 1,165 | 575 | |||||
Company contributions | 364 | 661 | |||||
Expenses paid | (74 | ) | (31 | ) | |||
Benefits paid | (406 | ) | (408 | ) | |||
Fair value of plan assets at end of year | $ | 5,577 | $ | 4,528 |
2013 | 2012 | ||||
U.S. Equities securities | 82 | % | 79 | % | |
U.S. Debt securities | 17 | % | 20 | % | |
Cash | 1 | % | 1 | % | |
Total | 100 | % | 100 | % |
2013 | 2012 | ||||||
Projected benefit obligation | $ | 6,150 | $ | 7,109 | |||
Plan assets at fair value | 5,577 | 4,528 | |||||
Funded status | $ | (573 | ) | $ | (2,581 | ) |
2014 | $ | 399 | |
2015 | 382 | ||
2016 | 381 | ||
2017 | 376 | ||
2018 | 366 | ||
2019-2023 | 1,864 |
|
Year Ended December 31, | Commitment | ||
2014 | $ | 9,421 | |
2015 | 7,856 | ||
2016 | 6,245 | ||
2017 | 4,542 | ||
2018 | 2,860 | ||
Thereafter | 13,317 | ||
Total | $ | 44,241 |
|
Percent of Income before Income Taxes | ||||||||
2013 | 2012 | 2011 | ||||||
Statutory Federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State income taxes — net of Federal tax benefit | 2.8 | 4.2 | 0.7 | |||||
Foreign tax rate differential | 0.2 | 0.5 | 0.4 | |||||
Domestic production deduction | (3.2 | ) | (2.9 | ) | (3.5 | ) | ||
Non-deductible expenses | 1.5 | 1.5 | 2.0 | |||||
Changes in unrecognized tax benefits | 0.4 | (1.6 | ) | (14.4 | ) | |||
Non-deductible goodwill | — | — | 3.1 | |||||
Foreign tax incentives | (2.2 | ) | (1.2 | ) | — | |||
Valuation allowances | (0.1 | ) | 1.2 | 3.0 | ||||
Other | (0.4 | ) | — | 1.0 | ||||
Effective tax rate for the year | 34.0 | % | 36.7 | % | 27.3 | % |
2013 | 2012 | 2011 | |||||||||
United States | $ | 39,096 | $ | 50,143 | $ | 39,740 | |||||
Foreign | 295 | (2,802 | ) | (6,053 | ) | ||||||
Totals | $ | 39,391 | $ | 47,341 | $ | 33,687 |
2013 | 2012 | 2011 | |||||||||||||||||||||
Current | Deferred | Current | Deferred | Current | Deferred | ||||||||||||||||||
Federal | $ | 13,853 | $ | (1,479 | ) | $ | 13,093 | $ | 2,124 | $ | 6,509 | $ | 2,057 | ||||||||||
Foreign | 1,573 | (2,278 | ) | 297 | (1,168 | ) | 612 | (371 | ) | ||||||||||||||
State and local | 2,116 | (396 | ) | 2,937 | 96 | 1,906 | (1,531 | ) | |||||||||||||||
$ | 17,542 | $ | (4,153 | ) | $ | 16,327 | $ | 1,052 | $ | 9,027 | $ | 155 |
2013 | 2012 | ||||||
Deferred income tax liabilities | |||||||
Property, plant and equipment | $ | 18,297 | $ | 24,748 | |||
Tax-deductible goodwill | 7,437 | 5,206 | |||||
Non-deductible intangibles | 4,135 | 5,069 | |||||
State deferred taxes | 1,148 | 1,487 | |||||
Other | 484 | 392 | |||||
31,501 | 36,902 | ||||||
Deferred income tax assets | |||||||
Compensation | 6,104 | 6,243 | |||||
Inventory valuation | 765 | 806 | |||||
Allowance for uncollectible accounts | 1,007 | 967 | |||||
Non-deductible accruals | 2,116 | 3,820 | |||||
Other | — | 78 | |||||
Net operating loss carryforwards | 4,612 | 4,975 | |||||
14,604 | 16,889 | ||||||
Valuation Allowance | (5,221 | ) | (6,060 | ) | |||
9,383 | 10,829 | ||||||
Net deferred income tax liability | $ | 22,118 | $ | 26,073 |
2013 | 2012 | 2011 | |||||||||
Balance at January 1 | $ | 1,078 | $ | 1,217 | 5,767 | ||||||
Increases related to current year tax positions | 496 | — | — | ||||||||
Increases related to acquired businesses | — | 236 | — | ||||||||
Increases related to previous year tax positions | — | 580 | 395 | ||||||||
Reductions due to lapse of applicable statute of limitations | (48 | ) | (256 | ) | (4,945 | ) | |||||
Reduction due to settlements | (22 | ) | (699 | ) | — | ||||||
Balance at December 31 | $ | 1,504 | $ | 1,078 | $ | 1,217 |
|
2013 | 2012 | 2011 | |||||||||
Net Sales | |||||||||||
Material Handling | $ | 322,854 | $ | 285,994 | $ | 261,812 | |||||
Lawn and Garden | 204,890 | 205,814 | 217,140 | ||||||||
Distribution | 177,412 | 176,645 | 183,726 | ||||||||
Engineered Products | 137,745 | 141,658 | 116,243 | ||||||||
Intra-segment elimination | (17,691 | ) | (18,923 | ) | (23,267 | ) | |||||
$ | 825,210 | $ | 791,188 | $ | 755,654 | ||||||
Income Before Income Taxes | |||||||||||
Material Handling | $ | 41,076 | $ | 47,483 | $ | 34,123 | |||||
Lawn and Garden | (1,540 | ) | 2,905 | 4,226 | |||||||
Distribution | 14,448 | 14,838 | 15,736 | ||||||||
Engineered Products | 15,296 | 14,481 | 10,810 | ||||||||
Corporate | (25,347 | ) | (27,851 | ) | (26,486 | ) | |||||
Interest expense - net | (4,542 | ) | (4,515 | ) | (4,722 | ) | |||||
$ | 39,391 | $ | 47,341 | $ | 33,687 | ||||||
Identifiable Assets | |||||||||||
Material Handling | $ | 224,207 | $ | 238,500 | $ | 164,738 | |||||
Lawn and Garden | 126,382 | 128,267 | 138,894 | ||||||||
Distribution | 49,488 | 44,913 | 48,100 | ||||||||
Engineered Products | 43,642 | 40,377 | 40,840 | ||||||||
Corporate | 25,738 | 32,799 | 36,185 | ||||||||
$ | 469,457 | $ | 484,856 | $ | 428,757 | ||||||
Capital Additions, Net | |||||||||||
Material Handling | $ | 17,847 | $ | 17,029 | $ | 12,165 | |||||
Lawn and Garden | 7,808 | 5,240 | 6,411 | ||||||||
Distribution | 845 | 796 | 1,101 | ||||||||
Engineered Products | 2,709 | 3,342 | 1,831 | ||||||||
Corporate | 792 | 570 | 422 | ||||||||
$ | 30,001 | $ | 26,977 | $ | 21,930 | ||||||
Depreciation and Amortization | |||||||||||
Material Handling | $ | 20,840 | $ | 17,308 | $ | 16,009 | |||||
Lawn and Garden | 11,862 | 11,370 | 13,911 | ||||||||
Distribution | 537 | 379 | 342 | ||||||||
Engineered Products | 3,466 | 3,185 | 3,230 | ||||||||
Corporate | 940 | 765 | 722 | ||||||||
$ | 37,645 | $ | 33,007 | $ | 34,214 |
|
2013 | 2012 | |||||||
Deposits and amounts due to customers | $ | 10,194 | $ | 10,255 | ||||
Dividends payable | 3,174 | 191 | ||||||
Other accrued expenses | 6,619 | 8,793 | ||||||
$ | 19,987 | $ | 19,239 |
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