MYERS INDUSTRIES INC, 10-Q filed on 8/5/2013
Quarterly Report
Document and Entity Information
6 Months Ended
Jun. 30, 2013
Aug. 1, 2013
Document and Entity Information [Abstract]
 
 
Entity Registrant Name
MYERS INDUSTRIES INC 
 
Entity Central Index Key
0000069488 
 
Document Type
10-Q 
 
Document Period End Date
Jun. 30, 2013 
 
Amendment Flag
false 
 
Document Fiscal Year Focus
2013 
 
Document Fiscal Period Focus
Q2 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
33,635,816 
Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Income Statement [Abstract]
 
 
 
 
Net sales
$ 204,024 
$ 181,101 
$ 419,004 
$ 379,890 
Cost of sales
148,255 
133,737 
304,917 
274,528 
Gross profit
55,769 
47,364 
114,087 
105,362 
Selling, general and administrative expenses
42,650 
37,372 
87,724 
78,253 
Operating income
13,119 
9,992 
26,363 
27,109 
Interest expense, net
1,116 
1,054 
2,208 
2,135 
Income before income taxes
12,003 
8,938 
24,155 
24,974 
Income tax expense
3,691 
3,280 
7,960 
9,331 
Net income
$ 8,312 
$ 5,658 
$ 16,195 
$ 15,643 
Income per common share:
 
 
 
 
Basic (in dollars per share)
$ 0.25 
$ 0.17 
$ 0.48 
$ 0.47 
Diluted (in dollars per share)
$ 0.25 
$ 0.17 
$ 0.48 
$ 0.46 
Dividends declared per share (in dollars per share)
$ 0.09 
$ 0.08 
$ 0.18 
$ 0.16 
Condensed Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Net income
$ 8,312 
$ 5,658 
$ 16,195 
$ 15,643 
Other comprehensive income (loss), net of tax:
 
 
 
 
Foreign currency translation adjustment
(4,994)
(612)
(5,845)
773 
Pension liability
(75)
632 
Total other comprehensive income (loss), net of tax
(4,994)
(612)
(5,920)
1,405 
Comprehensive income
$ 3,318 
$ 5,046 
$ 10,275 
$ 17,048 
Condensed Consolidated Statements of Financial Position (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2013
Dec. 31, 2012
Current Assets
 
 
Cash
$ 22,258 
$ 3,948 
Accounts receivable-less allowances of $3,310 and $3,255, respectively
108,518 
115,508 
Inventories
 
 
Finished and in-process products
73,794 
72,899 
Raw materials and supplies
32,321 
34,603 
Inventory net
106,115 
107,502 
Prepaid expenses
9,832 
9,033 
Deferred income taxes
2,191 
3,605 
Total Current Assets
248,914 
239,596 
Other Assets
 
 
Goodwill
60,285 
61,056 
Patents and other intangible assets
23,379 
25,839 
Other
8,138 
7,882 
Total other non current assets
91,802 
94,777 
Property, Plant and Equipment, at Cost
 
 
Land
4,438 
4,438 
Buildings and leasehold improvements
57,156 
57,058 
Machinery and equipment
448,970 
445,789 
Property, Plant and Equipment, at cost
510,564 
507,285 
Less allowances for depreciation and amortization
(368,309)
(356,802)
Property, plant and equipment, net
142,255 
150,483 
Total Assets
482,971 
484,856 
Current Liabilities
 
 
Accounts payable
64,717 
72,417 
Accrued expenses
 
 
Employee compensation
15,772 
18,885 
Income taxes
1,090 
Taxes, other than income taxes
3,061 
2,606 
Accrued interest
241 
240 
Other
20,295 
19,239 
Total Current Liabilities
104,086 
114,477 
Long-term debt
95,988 
92,814 
Other liabilities
17,911 
17,865 
Deferred income taxes
29,966 
29,678 
Shareholders’ Equity
 
 
Serial Preferred Shares (authorized 1,000,000 shares; none issued and outstanding)
Common Shares, without par value (authorized 60,000,000 shares; outstanding 33,637,573 and 33,480,189; net of treasury shares of 4,170,559 and 4,356,160, respectively)
20,361 
20,316 
Additional paid-in capital
267,236 
266,419 
Accumulated other comprehensive income
4,723 
10,643 
Retained deficit
(57,300)
(67,356)
Total Shareholders' Equity
235,020 
230,022 
Total Liabilities and Shareholders' Equity
$ 482,971 
$ 484,856 
Condensed Consolidated Statements of Financial Position (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Jun. 30, 2013
Dec. 31, 2012
Current Assets
 
 
Allowances for accounts receivable
$ 3,310 
$ 3,255 
Shareholders’ Equity
 
 
Preferred Shares, shares authorized (in shares)
1,000,000 
1,000,000 
Preferred Shares, shares issued (in shares)
Preferred Shares, shares outstanding (in shares)
Common Shares, shares authorized (in shares)
60,000,000 
60,000,000 
Common Shares, shares outstanding (in shares)
33,637,573 
33,480,189 
Common shares, treasury (in shares)
4,170,559 
4,356,160 
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (USD $)
In Thousands, unless otherwise specified
Total
Common Stock
Additional Paid-In Capital
Accumulative Other Comprehensive Income
Retained Income (Deficit)
Balance at January 1, 2013 at Dec. 31, 2012
$ 230,022 
$ 20,316 
$ 266,419 
$ 10,643 
$ (67,356)
Stockholders' Equity [Roll Forward]
 
 
 
 
 
Net income
16,195 
16,195 
Other comprehensive income (loss)
 
(5,920)
Shares repurchased for employee taxes on equity awards
 
(684)
Purchases for treasury
 
(145)
(3,153)
Common stock issued
 
190 
3,072 
Other
 
50 
Stock based compensation
 
1,532 
Dividends declared - $.18 per share
 
(6,139)
Balance at June 30, 2013 at Jun. 30, 2013
$ 235,020 
$ 20,361 
$ 267,236 
$ 4,723 
$ (57,300)
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Statement of Stockholders' Equity [Abstract]
 
 
 
 
Dividends declared per share (in dollars per share)
$ 0.09 
$ 0.08 
$ 0.18 
$ 0.16 
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash Flows from Operating Activities
 
 
Net income
$ 16,195 
$ 15,643 
Items not affecting use of cash:
 
 
Depreciation
16,146 
14,737 
Amortization of intangible assets
2,046 
1,514 
Non-cash stock compensation
1,532 
1,556 
Provision for (recovery of) loss on accounts receivable
496 
(1,178)
Deferred taxes
2,140 
(18)
Other long-term liabilities
334 
785 
Loss (gain) from asset disposition
616 
(558)
Other
11 
50 
Cash flows provided by (used for) working capital, net of acquisitions:
 
 
Accounts receivable
5,216 
10,384 
Inventories
(735)
(12,285)
Prepaid expenses
(1,048)
(3,743)
Accounts payable and accrued expenses
(12,812)
(18,967)
Net cash provided by operating activities
30,137 
7,920 
Cash Flows from Investing Activities
 
 
Capital expenditures
(10,216)
(8,386)
Acquisition of business, net of cash acquired
(600)
Proceeds from sale of property, plant and equipment
1,805 
Other
(11)
(149)
Net cash used for investing activities
(10,827)
(6,730)
Cash Flows from Financing Activities
 
 
Repayment of long-term debt
(305)
Net borrowing on credit facility
3,173 
28,374 
Cash dividends paid
(3,019)
(4,967)
Proceeds from issuance of common stock
3,262 
2,822 
Tax benefit from options
50 
Repurchase of common stock
(3,982)
Net cash (used for) provided by financing activities
(516)
25,924 
Foreign exchange rate effect on cash
(484)
1,697 
Net increase in cash
18,310 
28,811 
Cash at January 1
3,948 
6,801 
Cash at June 30
$ 22,258 
$ 35,612 
Statement of Accounting Policy
Statement of Accounting Policy
Statement of Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s latest annual report on Form 10-K.
In the opinion of the Company, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of June 30, 2013, and the results of operations and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2013 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2013.
Recent Accounting Pronouncements
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income requiring new disclosures regarding reclassification adjustments from accumulated other comprehensive income ("AOCI"). ASU No. 2013-02 requires disclosure of amounts reclassified out of AOCI in its entirety, by component, which the Company has elected to disclose in the notes (see below). We adopted this guidance effective January 1, 2013.
Translation of Foreign Currencies

All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting translation adjustment is recorded in other comprehensive income (loss) as a separate component of shareholders' equity.
Fair Value Measurement
The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, as required. The guidance established a common definition for fair value to be applied to U.S. GAAP requiring the use of fair value, established a framework for measuring fair value, and expanded disclosure requirements about such fair value measurements. The guidance did not require any new fair value measurements, but rather applied to all other accounting pronouncements that require or permit fair value measurements. Under ASC 820, the hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels:
Level 1:
Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2:
Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly.
Level 3:
Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions.
The fair value of the Company’s cash, accounts receivable, accounts payable and accrued expenses are considered to have a fair value which approximates carrying value due to the nature and relative short maturity of these assets and liabilities.
The fair value of debt under the Company’s Credit Agreement approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s $35.0 million fixed rate senior notes was estimated at $35.9 million and $36.5 million at June 30, 2013 and December 31, 2012, respectively, using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered level 2 inputs.
Revenue Recognition

The Company recognizes revenues from the sale of products, net of actual and estimated returns, at the point of passage of title and risk of loss, which is generally at time of shipment, and collectability of the fixed or determinable sales price is reasonably assured.

Accumulated Other Comprehensive Income

The balances in the Company’s accumulated other comprehensive income ("AOCI") as of June 30, 2013 and June 30, 2012 are as follows:
 
Foreign currency
 
Defined benefit pension plans
 
Total
Balance at January 1, 2012
$
9,994

 
$
(2,700
)
 
$
7,294

Other comprehensive income before reclassifications
1,385

 

 
1,385

Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income

 
632

 
632

Net current-period other comprehensive income
$
1,385

 
$
632

 
$
2,017

Balance at March 31, 2012
$
11,379

 
$
(2,068
)
 
$
9,311

Other comprehensive income before reclassifications
(612
)
 

 
(612
)
Balance at June 30, 2012
$
10,767

 
$
(2,068
)
 
$
8,699

 
 
 
 
 
 
Balance at January 1, 2013
$
12,784

 
$
(2,141
)
 
$
10,643

Other comprehensive income before reclassifications
(851
)
 

 
(851
)
Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income

 
(75
)
 
(75
)
Net current-period other comprehensive income
$
(851
)
 
$
(75
)
 
$
(926
)
Balance at March 31, 2013
$
11,933

 
$
(2,216
)
 
$
9,717

Other comprehensive income before reclassifications
(4,994
)
 

 
(4,994
)
Balance at June 30, 2013
$
6,939

 
$
(2,216
)
 
$
4,723


Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal.
Inventories
Inventories
Inventories
Approximately twenty percent of the Company’s inventories use the last-in, first-out (LIFO) method of determining cost. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must necessarily be based on management’s estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management’s control, estimated interim results, which were immaterial, are subject to change in the final year-end LIFO inventory valuation and therefore, no adjustment was recorded as of June 30, 2013.
Acquisitions
Acquisitions
Acquisitions
In October 2012, the Company acquired 100% of the stock of Jamco Products Inc. ("Jamco"), an Illinois corporation that is a leading designer and manufacturer of heavy-duty industrial steel carts and safety cabinets used across many markets. The total purchase price was approximately $15.1 million in cash, net of $0.1 million of cash acquired.
Jamco's assets and liabilities are recorded at fair value as of the date of acquisition using primarily level 2 and level 3 fair value inputs. Intangible assets included in the acquisition of Jamco are trade name of $1.2 million, technology of $2.0 million, non-compete agreement of $0.1 million and customer relationships of $2.4 million. The technology, non-compete agreement and customer relationships are subject to amortization and have estimated useful lives of ten, two and six years, respectively. The Jamco trade name has an indefinite life and will be subject to periodic (at least annual) evaluation for impairment.
In July 2012, the Company acquired 100% of the stock of Plasticos Novel do Nordeste S.A. ("Novel"), a Brazil-based designer and manufacturer of reusable plastic crates and containers used for closed-loop shipping and storage. Novel also produces a diverse range of plastic industrial safety products. The total purchase price was $30.9 million, which includes a cash payment of $3.4 million, net of $0.6 million of cash acquired, assumed debt of approximately $26.0 million and contingent consideration of $0.9 million based on an earnout. The contingent consideration is contingent upon the annual results of Novel exceeding predefined earnings before interest, taxes, depreciation and amortization over the following four years.
Novel's assets and liabilities are recorded at fair value as of the date of acquisition using primarily level 3 fair value inputs. Intangible assets included in the acquisition of Novel include trade name of $1.6 million, know-how of $1.8 million and customer relationships of $2.4 million The know-how and customer relationships are subject to amortization and have estimated useful lives of ten and six years, respectively. The Novel trade name has an indefinite life and will be subject to periodic (at least annual) evaluation for impairment.
The following unaudited pro forma information presents a summary of consolidated results of operations for the Company including Novel and Jamco as if the acquisitions had occurred on January 1, 2012.
 
For the Three Months Ended
 June 30,
 
For the Six Months Ended
 June 30,
 
2012
 
2012
Net sales
$
194,365

 
$
406,949

Cost of sales
143,257

 
293,734

Gross profit
51,108

 
113,215

Selling, general & administrative expenses
39,912

 
83,231

Operating income
11,196

 
29,984

Interest expense, net
2,866

 
5,081

Income before taxes
8,330

 
24,903

Income taxes
3,049

 
9,304

Net income
$
5,281

 
$
15,599

 
 
 
 
Income per basic share
$
0.16

 
$
0.47

Income per diluted share
$
0.15

 
$
0.46


These unaudited pro forma results have been prepared for comparative purposes only and may not be indicative of results of operations which actually would have occurred had the acquisitions taken place on January 1, 2012 or indicative of future results.
The operating results of both businesses acquired have been included in our Material Handling Segment since the date of acquisition. The allocation of the purchase price and the estimated goodwill, which is not deductible for income tax purposes, and other intangibles are as follows:
Assets acquired:
Novel
 
Jamco
Cash
$
630

 
$
88

Accounts receivable
5,467

 
1,690

Inventory
5,993

 
3,282

Property, plant and equipment
13,636

 
2,559

Intangibles
5,790

 
5,680

Deferred tax assets
435

 
28

Prepaid assets
1,451

 
48

Other
719

 
2

Assets acquired, less cash
$
33,491

 
$
13,289

 
 
 
 
Liabilities assumed:
 
 
 
Accounts payable and accruals
$
3,134

 
$
1,436

Other taxes
3,608

 
676

Other long-term liabilities
2,293

 
454

Debt
26,028

 

Deferred income taxes
3,804

 
3,044

Liabilities assumed
38,867

 
5,610

Goodwill
8,805

 
7,435

Total cash consideration, less cash acquired
$
3,429

 
$
15,114

Goodwill
Goodwill
Goodwill
The Company is required to test for impairment on at least an annual basis. In addition, the Company tests for impairment whenever events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. Such events may include, but are not limited to, significant changes in economic and competitive conditions, the impact of the economic environment on the Company's customer base or its businesses, or a material negative change in its relationships with significant customers. The Company conducts its annual impairment assessment as of October 1.
The change in goodwill for the six months ended June 30, 2013 was as follows:

Segment
Balance at January 1, 2013
 
Acquisitions
 
Foreign
Currency
Translation
 
Impairment
 
Balance at June 30, 2013
Material Handling
$
50,521

 
$

 
$
(566
)
 
$

 
$
49,955

Lawn and Garden
9,614

 

 
(205
)
 

 
9,409

Distribution
214

 

 

 

 
214

Engineered Products
707

 

 

 

 
707

Total
$
61,056

 
$

 
$
(771
)
 
$

 
$
60,285

Net Income Per Common Share
Net Income Per Common Share
Net Income Per Common Share
Net income per common share, as shown on the Condensed Consolidated Statements of Income (unaudited), is determined on the basis of the weighted average number of common shares outstanding during the period as follows:

 
Three Months Ended
June 30,
 
Six Months Ended
 June 30,
 
2013
 
2012
 
2013
 
2012
Weighted average common shares outstanding
 
 
 
 
 
 
 
Basic
33,559,398

 
33,595,637

 
33,529,004

 
33,525,444

Dilutive effect of stock options and restricted stock
318,554

 
677,056

 
368,958

 
596,042

Weighted average common shares outstanding diluted
33,877,952

 
34,272,693

 
33,897,962

 
34,121,486


Options to purchase 470,000 and 227,000 shares of common stock that were outstanding at June 30, 2013 and 2012, respectively, were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and their effect on diluted earnings per share would be anti-dilutive.
Supplemental Disclosure of Cash Flow Information
Supplemental Disclosure of Cash Flow Information
Supplemental Disclosure of Cash Flow Information

 
Three Months Ended
June 30,
 
Six Months Ended
 June 30,
 
2013
 
2012
 
2013
 
2012
Interest paid
$
445

 
$
1,612

 
$
971

 
$
1,908

Income taxes paid
$
6,987

 
$
10,827

 
$
7,422

 
$
13,282

Restructuring
Restructuring
Restructuring
The charges related to various restructuring programs implemented by the Company are included in selling, general and administrative ("SG&A") expenses and cost of sales depending on the type of cost incurred. In our Distribution Segment, as well as Corporate, costs were recorded in SG&A, while in our Engineered Products Segment expenses were recorded in cost of sales. Our Material Handling Segment and Lawn and Garden Segment restructuring costs were recorded in both SG&A and cost of sales. The restructuring charges by segment are presented in the following table.
 
Three Months Ended
June 30,
 
Six Months Ended
 June 30,
Segment
2013
 
2012
 
2013
 
2012
Material Handling
$
15

 
$

 
$
225

 
$

Lawn and Garden
736

 
419

 
1,139

 
442

Distribution
18

 
(20
)
 
92

 
410

Engineered Products

 
99

 
3

 
201

Corporate

 

 
17

 

Total
$
769

 
$
498

 
$
1,476

 
$
1,053





The Company recorded restructuring expenses of $0.5 million in SG&A and $0.3 million in cost of sales for the three months ended June 30, 2013. The Company recorded total restructuring expenses of $0.4 million in SG&A and $0.1 million in cost of sales for the three months ended June 30, 2012. A gain of $0.3 million on the sale of two facilities was also recorded in Distribution Segments SG&A for the three months ended June 30, 2012.

The Company recorded total restructuring expenses of $1.1 million in SG&A and $0.4 million in cost of sales for the six months ended June 30, 2013. The Company recorded total restructuring expenses of $0.9 million in SG&A and $0.2 million in cost of sales for the six months ended June 30, 2012. A gain of $0.3 million on the sale of two facilities was also recorded in Distribution Segments SG&A for the six months ended June 30, 2012. Estimated lease obligations associated with closed facilities were based on level 2 inputs.

The amounts for severance and personnel costs associated with restructuring have been included in other accrued expenses on the accompanying Condensed Consolidated Statements of Financial Position.

 
Severance and
 
Other
 
 
 
Personnel
 
Exit Costs
 
Total
Balance at January 1, 2012
$

 
$
605

 
$
605

Provision
651

 
402

 
1,053

Less: Payments
(651
)
 
(532
)
 
(1,183
)
Balance at June 30, 2012
$

 
$
475

 
$
475

 
 
 
 
 
 
Balance at January 1, 2013
$
318

 
$

 
$
318

Provision
522

 
954

 
1,476

Less: Payments
(840
)
 
(954
)
 
(1,794
)
Balance at June 30, 2013
$

 
$

 
$


Approximately $5.7 million of property, plant, and equipment has been classified as held for sale due to restructuring actions and are included in other assets in the Condensed Consolidated Statement of Financial Position at both June 30, 2013 and December 31, 2012. In July, 2013, the Company announced as part of a Lawn and Garden Segment restructuring that it will be re-opening a plant in Sparks Nevada, which at June 30, 2013 is classified as held for sale. This facility will no longer be actively marketed for sale and subsequently be reported as property, plant, and equipment in the Condensed Consolidated Statements of Financial Position. The Company is actively pursuing the sale of the remaining facilities classified as held for sale.

On July 18, 2013, the Company announced that its Board approved a restructuring plan in its Lawn and Garden Segment. The planned actions announced comprise the closure of two manufacturing plants; one in Brantford, Ontario and the second in Waco, Texas. A plant in Sparks, Nevada will be re-opened in order to lower our costs to serve the West Coast market and position the segment for future growth. The restructuring actions include closure, relocation and employee related costs. The aggregate charge is expected to approximate $15.0 million, of which $3.0 million will be noncash costs. These actions are expected to improve annual operating profit by approximately $8.0 million. A portion of the benefits from these actions will begin in the fourth quarter of 2013. The majority of the benefits are planned to be realized throughout 2014 in decreased labor, overhead, plant and freight costs.
Stock Compensation
Stock Compensation
Stock Compensation
The Company’s 2008 Incentive Stock Plan (the “2008 Plan”) authorizes the Compensation Committee of the Board of Directors to issue up to 3,000,000 shares of various types of stock based awards including stock options, restricted stock, stock units and stock appreciation rights to key employees and directors. In general, options granted and outstanding vest over a three year period and expire ten years from the date of grant.
Stock compensation expense reduced income before taxes approximately $1.1 million and $0.9 million for the three months ended June 30, 2013 and 2012, respectively. Stock compensation expense reduced income before taxes approximately $1.5 million and $1.6 million for the six months ended June 30, 2013 and 2012, respectively. These expenses are included in SG&A expenses in the accompanying Condensed Consolidated Statements of Income (Unaudited). Total unrecognized compensation cost related to non-vested share based compensation arrangements at June 30, 2013 was approximately $4.8 million which will be recognized over the next three years, as such compensation is earned.
On March 1, 2013, stock options for 323,400 shares were granted with a three year vesting period. The fair value of options granted is estimated using a binomial lattice option pricing model based on assumptions set forth in the following table. The Company uses historical data to estimate employee exercise and departure behavior. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant and through the expected term. The dividend yield rate is based on the Company’s historical dividend yield. The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole.
 
 
Model
 
Risk free interest rate
1.86
%
Expected dividend yield
2.40
%
Expected life of award (years)
7.00

Expected volatility
50.00
%
Fair value per option share
$
5.39



The following table provides a summary of stock option activity for the period ended June 30, 2013:

 
Shares
 
Average
Exercise
Price
 
Weighted
Average
Life
Outstanding at January 1, 2013
1,919,021

 
$
11.63

 
 
Options granted
323,400

 
14.77

 
 
Options exercised
(306,892
)
 
10.44

 
 
Cancelled or forfeited
(140,020
)
 
13.75

 
 
Outstanding at June 30, 2013
1,795,509

 
$
12.24

 
6.35 years
Exercisable at June 30, 2013
1,270,189

 
$
11.74

 
5.23 years


The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of all stock options exercised during the three months ended June 30, 2013 and 2012 was approximately $0.8 million and $1.3 million, respectively. The total intrinsic value of all stock options exercised during both the six months ended June 30, 2013 and 2012 was approximately $1.4 million.
On March 1, 2013, 169,100 Restricted Stock Unit ("RSU") Awards were granted with a two or three year vesting period. The RSUs had a grant date fair value of $14.77 per share, which was the closing price of the common stock on the date of grant.
The following table provides a summary of RSU and restricted stock activity for the six months ended June 30, 2013:
 
Awards
 
Average Grant-Date Fair Value
Unvested at January 1, 2013
363,125

 
 
Granted
169,100

 
$
14.77

Released
(112,000
)
 
10.02

Cancelled or forfeited
(124,200
)
 
13.68

Unvested at June 30, 2013
296,025

 
$
13.11


Restricted stock are rights to receive shares of common stock, subject to forfeiture and other restrictions, which vest over a two or three year period. Restricted shares are considered to be non-vested shares under the accounting guidance for share-based payment and are not reflected as issued and outstanding shares until the restrictions lapse. At that time, the shares are released to the grantee and the Company records the issuance of the shares. Restricted stock awards are valued based on the market price of the underlying shares on the grant date. Compensation expense is recognized on a straight-line basis over the requisite service period. At June 30, 2013, restricted stock awards had vesting periods up through March 2016.
Contingencies
Contingencies
Contingencies

The Company is a defendant in various lawsuits and a party to various other legal proceedings, in the ordinary course of business, some of which are covered in whole or in part by insurance.

New Idria Mercury Mine

Effective October 2011, the U.S. Environmental Protection Agency (“EPA”) added the New Idria Mercury Mine site located near Hollister, California to the Superfund National Priorities List because of alleged contaminants discharged to California waterways. The New Idria Quicksilver Mining Company, founded in 1936, and later renamed the New Idria Mining & Chemical Company ("NIMCC") owned and/or operated the New Idria Mine through 1976. In 1981 NIMCC was merged into Buckhorn Metal Products Inc. and subsequently acquired by Myers Industries in 1987. The EPA contends that past mining operations have resulted in mercury contamination and acid mine drainage in the San Carlos Creek, Silver Creek and a portion of Panoche Creek and that other downstream locations may also be impacted.

Since Buckhorn Inc. may be a potentially responsible party (“PRP”) of the New Idria Mercury Mine, the Company recognized an expense of $1.9 million in 2011 related to performing a remedial investigation and feasibility study to determine the extent of remediation and the screening of alternatives. Payments of approximately $0.5 million have been charged against the reserve classified in Other Liabilities on the Condensed Consolidated Statements of Financial Position as of June 30, 2013. As the Site Remedial Investigation and Feasibility Study ("RI/FS") proceeds, it is likely that adjustments to the recognized expense will be necessary to reflect new information regarding the nature and extent of site contamination, the range of remediation alternatives available, and evolving remediation standards.  The final remedial action will be selected after completion of the RI/FS.  At that time the Company is likely to have additional information regarding remedial action costs, the number and financial condition of other PRPs, the extent of their responsibility for the remediation, and the availability of insurance coverage for these expenses. At this time, further remediation cost estimates are not known and have not been prepared.

In November 2011 the EPA completed an interim removal project at the New Idria Mercury Mine site. It is expected this removal action will be part of the final remediation strategy for the site. According to informal reports, EPA's interim removal project costs were approximately $500,000. It is possible that at some future date the EPA will seek recovery of the costs of this work from PRPs.
Other
When management believes that a loss arising from these matters is probable and can reasonably be estimated, we record the amount of the estimated loss, or the minimum estimated liability when the loss is estimated using a range, and no point within the range is more probable of occurrence than another. As additional information becomes available, any potential liability related to these matters will be assessed and the estimates will be revised, if necessary.

Based on current available information, management believes that the ultimate outcome of these matters will not have a material adverse effect on our financial position or overall trends in our results of operations. However, these matters are subject to inherent uncertainties, and unfavorable rulings could occur. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the financial position and results of operations of the period in which the ruling occurs, or in future periods.
Debt
Debt
Long-Term Debt
Long-term debt consisted of the following:
 
 
June 30,
 
December 31,
 
2013
 
2012
Credit agreement
$
60,988

 
$
57,814

Senior notes
35,000

 
35,000

 
$
95,988

 
$
92,814


Under terms of the Credit Agreement with a group of banks, the Company may borrow up to $180 million, reduced for letters of credit issued. As of June 30, 2013, the Company had $114.1 million available under the Credit Agreement.
In December 2003, the Company issued $100 million in Senior Unsecured Notes (the "Notes") consisting of $65 million of notes with an interest rate of 6.08 percent and a 7 year maturity and $35 million of notes with an interest rate of 6.81 percent and a 10 year maturity. Proceeds from the issuance of the Notes were used to pay down the term loan and revolving credit facility borrowing outstanding at that time. As of June 30, 2013, the Company has classified the $35 million of Senior Notes due in December 2013 as a long-term liability since it has the intent to refinance the debt on a long-term basis and has demonstrated the ability via capacity available under the non-cancelable revolver feature of the current Credit Agreement.
Retirement Plans
Retirement Plans
Retirement Plans
The Company and certain of its subsidiaries have pension and profit sharing plans covering substantially all of their employees. The Company’s frozen defined benefit pension plan ("The Pension Agreement between Akro-Mils and United Steelworkers of America Local No. 1761-02") provides benefits primarily based upon a fixed amount for each year of service as of the date the plan was frozen.
Net periodic pension cost are as follows:
 
Three Months Ended
June 30,
 
Six Months Ended
 June 30,
 
2013
 
2012
 
2013
 
2012
Service cost
$
8

 
$
18

 
$
16

 
$
35

Interest cost
65

 
72

 
130

 
144

Expected return on assets
(91
)
 
(77
)
 
(182
)
 
(153
)
Amortization of actuarial net loss
28

 
25

 
56

 
50

Net periodic pension cost
$
10

 
$
38

 
$
20

 
$
76

Company contributions
$
80

 
$
123

 
$
203

 
$
199



The Company anticipates contributions totaling $0.4 million to its pension plan for the full year of 2013.
Income Taxes
Income Taxes
Income Taxes
The total amount of gross unrecognized tax benefit that would reduce the Company's effective tax rates at June 30, 2013 and June 30, 2012, was $1.2 million and $0.5 million, respectively. The $0.7 million increase in the gross unrecognized tax benefits from June 30, 2012 to June 30, 2013 resulted from an increase in ASC 740-10-25-6, Accounting for Uncertainty in Income Taxes, reserves related to acquired businesses and previous year tax positions. Accrued interest expense included with accrued income taxes in the Company's Condensed Consolidated Statements of Financial Position was less than $0.1 million at both June 30, 2013 and December 31, 2012.

As of June 30, 2013, the Company and its significant subsidiaries are subject to examination for the years after 2006 in Brazil, after 2007 in Canada, and after 2010 in the United States. The Company and its subsidiaries are subject to examination in certain states within the United States either after 2007 or after 2008.
Segment Information
Segment Information
Segment Information
Using the criteria of ASC 280 Segment Reporting, the Company has four operating segments: Material Handling, Lawn and Garden, Distribution, and Engineered Products. Each of these operating segments is also a reportable segment under the ASC 280 criteria.
None of the reportable segments include operating segments that have been aggregated. Some of these segments contain individual business components that have been aggregated on the basis of common management, customers, products, production processes and economic characteristics. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up.
Income before income taxes for each business segment is based on net sales less cost of products sold, and the related selling, administrative and general expenses. In computing business segment operating income, general corporate overhead expenses and interest expenses are not included.
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
Net Sales
2013
 
2012
 
2013
 
2012
Material Handling
$
83,814

 
$
60,260

 
$
163,803

 
$
125,481

Lawn and Garden
40,889

 
42,482

 
101,252

 
101,666

Distribution
45,893

 
44,188

 
88,542

 
86,926

Engineered Products
37,608

 
38,642

 
74,564

 
75,869

Inter-company Sales
(4,180
)
 
(4,471
)
 
(9,157
)
 
(10,052
)
Net Sales
$
204,024

 
$
181,101

 
$
419,004

 
$
379,890


 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
Income Before Income Taxes
2013
 
2012
 
2013
 
2012
Material Handling
$
11,010

 
$
9,223

 
$
20,715

 
$
22,373

Lawn and Garden
(109
)
 
(1,942
)
 
2,172

 
(724
)
Distribution
3,864

 
4,298

 
6,703

 
7,809

Engineered Products
5,134

 
4,660

 
10,211

 
9,251

Corporate
(6,780
)
 
(6,247
)
 
(13,438
)
 
(11,600
)
Interest expense - net
(1,116
)
 
(1,054
)
 
(2,208
)
 
(2,135
)
Income before income taxes
$
12,003

 
$
8,938

 
$
24,155

 
$
24,974

Statement of Accounting Policy (Policies)
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s latest annual report on Form 10-K.
Recent Accounting Pronouncements
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income requiring new disclosures regarding reclassification adjustments from accumulated other comprehensive income ("AOCI"). ASU No. 2013-02 requires disclosure of amounts reclassified out of AOCI in its entirety, by component, which the Company has elected to disclose in the notes (see below). We adopted this guidance effective January 1, 2013.
Translation of Foreign Currencies

All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting translation adjustment is recorded in other comprehensive income (loss) as a separate component of shareholders' equity.
Fair Value Measurement
The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, as required. The guidance established a common definition for fair value to be applied to U.S. GAAP requiring the use of fair value, established a framework for measuring fair value, and expanded disclosure requirements about such fair value measurements. The guidance did not require any new fair value measurements, but rather applied to all other accounting pronouncements that require or permit fair value measurements. Under ASC 820, the hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels:
Level 1:
Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2:
Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly.
Level 3:
Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions.
The fair value of the Company’s cash, accounts receivable, accounts payable and accrued expenses are considered to have a fair value which approximates carrying value due to the nature and relative short maturity of these assets and liabilities.
The fair value of debt under the Company’s Credit Agreement approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s $35.0 million fixed rate senior notes was estimated at $35.9 million and $36.5 million at June 30, 2013 and December 31, 2012, respectively, using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered level 2 inputs.
Revenue Recognition

The Company recognizes revenues from the sale of products, net of actual and estimated returns, at the point of passage of title and risk of loss, which is generally at time of shipment, and collectability of the fixed or determinable sales price is reasonably assured.
Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal.
Statement of Accounting Policy (Tables)
The balances in the Company's accumulated other comprehensive income

Accumulated Other Comprehensive Income

The balances in the Company’s accumulated other comprehensive income ("AOCI") as of June 30, 2013 and June 30, 2012 are as follows:
 
Foreign currency
 
Defined benefit pension plans
 
Total
Balance at January 1, 2012
$
9,994

 
$
(2,700
)
 
$
7,294

Other comprehensive income before reclassifications
1,385

 

 
1,385

Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income

 
632

 
632

Net current-period other comprehensive income
$
1,385

 
$
632

 
$
2,017

Balance at March 31, 2012
$
11,379

 
$
(2,068
)
 
$
9,311

Other comprehensive income before reclassifications
(612
)
 

 
(612
)
Balance at June 30, 2012
$
10,767

 
$
(2,068
)
 
$
8,699

 
 
 
 
 
 
Balance at January 1, 2013
$
12,784

 
$
(2,141
)
 
$
10,643

Other comprehensive income before reclassifications
(851
)
 

 
(851
)
Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income

 
(75
)
 
(75
)
Net current-period other comprehensive income
$
(851
)
 
$
(75
)
 
$
(926
)
Balance at March 31, 2013
$
11,933

 
$
(2,216
)
 
$
9,717

Other comprehensive income before reclassifications
(4,994
)
 

 
(4,994
)
Balance at June 30, 2013
$
6,939

 
$
(2,216
)
 
$
4,723

Acquisitions Acquisition Purchase Price Allocation (Tables)
The following unaudited pro forma information presents a summary of consolidated results of operations for the Company including Novel and Jamco as if the acquisitions had occurred on January 1, 2012.
 
For the Three Months Ended
 June 30,
 
For the Six Months Ended
 June 30,
 
2012
 
2012
Net sales
$
194,365

 
$
406,949

Cost of sales
143,257

 
293,734

Gross profit
51,108

 
113,215

Selling, general & administrative expenses
39,912

 
83,231

Operating income
11,196

 
29,984

Interest expense, net
2,866

 
5,081

Income before taxes
8,330

 
24,903

Income taxes
3,049

 
9,304

Net income
$
5,281

 
$
15,599

 
 
 
 
Income per basic share
$
0.16

 
$
0.47

Income per diluted share
$
0.15

 
$
0.46

The allocation of the purchase price and the estimated goodwill, which is not deductible for income tax purposes, and other intangibles are as follows:
Assets acquired:
Novel
 
Jamco
Cash
$
630

 
$
88

Accounts receivable
5,467

 
1,690

Inventory
5,993

 
3,282

Property, plant and equipment
13,636

 
2,559

Intangibles
5,790

 
5,680

Deferred tax assets
435

 
28

Prepaid assets
1,451

 
48

Other
719

 
2

Assets acquired, less cash
$
33,491

 
$
13,289

 
 
 
 
Liabilities assumed:
 
 
 
Accounts payable and accruals
$
3,134

 
$
1,436

Other taxes
3,608

 
676

Other long-term liabilities
2,293

 
454

Debt
26,028

 

Deferred income taxes
3,804

 
3,044

Liabilities assumed
38,867

 
5,610

Goodwill
8,805

 
7,435

Total cash consideration, less cash acquired
$
3,429

 
$
15,114

Goodwill (Tables)
The change in goodwill
The change in goodwill for the six months ended June 30, 2013 was as follows:

Segment
Balance at January 1, 2013
 
Acquisitions
 
Foreign
Currency
Translation
 
Impairment
 
Balance at June 30, 2013
Material Handling
$
50,521

 
$

 
$
(566
)
 
$

 
$
49,955

Lawn and Garden
9,614

 

 
(205
)
 

 
9,409

Distribution
214

 

 

 

 
214

Engineered Products
707

 

 

 

 
707

Total
$
61,056

 
$

 
$
(771
)
 
$

 
$
60,285

Net Income Per Common Share (Tables)
Weighted average number of common shares outstanding during the period
Net income per common share, as shown on the Condensed Consolidated Statements of Income (unaudited), is determined on the basis of the weighted average number of common shares outstanding during the period as follows:

 
Three Months Ended
June 30,
 
Six Months Ended
 June 30,
 
2013
 
2012
 
2013
 
2012
Weighted average common shares outstanding
 
 
 
 
 
 
 
Basic
33,559,398

 
33,595,637

 
33,529,004

 
33,525,444

Dilutive effect of stock options and restricted stock
318,554

 
677,056

 
368,958

 
596,042

Weighted average common shares outstanding diluted
33,877,952

 
34,272,693

 
33,897,962

 
34,121,486

Supplemental Disclosure of Cash Flow Information (Tables)
Supplemental Disclosure of Cash Flow Information
 
Three Months Ended
June 30,
 
Six Months Ended
 June 30,
 
2013
 
2012
 
2013
 
2012
Interest paid
$
445

 
$
1,612

 
$
971

 
$
1,908

Income taxes paid
$
6,987

 
$
10,827

 
$
7,422

 
$
13,282

Restructuring (Tables)
The restructuring charges by segment are presented in the following table.
 
Three Months Ended
June 30,
 
Six Months Ended
 June 30,
Segment
2013
 
2012
 
2013
 
2012
Material Handling
$
15

 
$

 
$
225

 
$

Lawn and Garden
736

 
419

 
1,139

 
442

Distribution
18

 
(20
)
 
92

 
410

Engineered Products

 
99

 
3

 
201

Corporate

 

 
17

 

Total
$
769

 
$
498

 
$
1,476

 
$
1,053

The amounts for severance and personnel costs associated with restructuring have been included in other accrued expenses on the accompanying Condensed Consolidated Statements of Financial Position.

 
Severance and
 
Other
 
 
 
Personnel
 
Exit Costs
 
Total
Balance at January 1, 2012
$

 
$
605

 
$
605

Provision
651

 
402

 
1,053

Less: Payments
(651
)
 
(532
)
 
(1,183
)
Balance at June 30, 2012
$

 
$
475

 
$
475

 
 
 
 
 
 
Balance at January 1, 2013
$
318

 
$

 
$
318

Provision
522

 
954

 
1,476

Less: Payments
(840
)
 
(954
)
 
(1,794
)
Balance at June 30, 2013
$

 
$

 
$

Stock Compensation (Tables)
The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole.
 
 
Model
 
Risk free interest rate
1.86
%
Expected dividend yield
2.40
%
Expected life of award (years)
7.00

Expected volatility
50.00
%
Fair value per option share
$
5.39

The following table provides a summary of stock option activity for the period ended June 30, 2013:

 
Shares
 
Average
Exercise
Price
 
Weighted
Average
Life
Outstanding at January 1, 2013
1,919,021

 
$
11.63

 
 
Options granted
323,400

 
14.77

 
 
Options exercised
(306,892
)
 
10.44

 
 
Cancelled or forfeited
(140,020
)
 
13.75

 
 
Outstanding at June 30, 2013
1,795,509

 
$
12.24

 
6.35 years
Exercisable at June 30, 2013
1,270,189

 
$
11.74

 
5.23 years
The following table provides a summary of RSU and restricted stock activity for the six months ended June 30, 2013:
 
Awards
 
Average Grant-Date Fair Value
Unvested at January 1, 2013
363,125

 
 
Granted
169,100

 
$
14.77

Released
(112,000
)
 
10.02

Cancelled or forfeited
(124,200
)
 
13.68

Unvested at June 30, 2013
296,025

 
$
13.11

Debt (Tables)
Schedule of Long-term Debt Instruments
Long-term debt consisted of the following:
 
 
June 30,
 
December 31,
 
2013
 
2012
Credit agreement
$
60,988

 
$
57,814

Senior notes
35,000

 
35,000

 
$
95,988

 
$
92,814

Retirement Plans (Tables)
Net periodic pension cost
Net periodic pension cost are as follows:
 
Three Months Ended
June 30,
 
Six Months Ended
 June 30,
 
2013
 
2012
 
2013
 
2012
Service cost
$
8

 
$
18

 
$
16

 
$
35

Interest cost
65

 
72

 
130

 
144

Expected return on assets
(91
)
 
(77
)
 
(182
)
 
(153
)
Amortization of actuarial net loss
28

 
25

 
56

 
50

Net periodic pension cost
$
10

 
$
38

 
$
20

 
$
76

Company contributions
$
80

 
$
123

 
$
203

 
$
199

Segment Information (Tables)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
Net Sales
2013
 
2012
 
2013
 
2012
Material Handling
$
83,814

 
$
60,260

 
$
163,803

 
$
125,481

Lawn and Garden
40,889

 
42,482

 
101,252

 
101,666

Distribution
45,893

 
44,188

 
88,542

 
86,926

Engineered Products
37,608

 
38,642

 
74,564

 
75,869

Inter-company Sales
(4,180
)
 
(4,471
)
 
(9,157
)
 
(10,052
)
Net Sales
$
204,024

 
$
181,101

 
$
419,004

 
$
379,890


 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
Income Before Income Taxes
2013
 
2012
 
2013
 
2012
Material Handling
$
11,010

 
$
9,223

 
$
20,715

 
$
22,373

Lawn and Garden
(109
)
 
(1,942
)
 
2,172

 
(724
)
Distribution
3,864

 
4,298

 
6,703

 
7,809

Engineered Products
5,134

 
4,660

 
10,211

 
9,251

Corporate
(6,780
)
 
(6,247
)
 
(13,438
)
 
(11,600
)
Interest expense - net
(1,116
)
 
(1,054
)
 
(2,208
)
 
(2,135
)
Income before income taxes
$
12,003

 
$
8,938

 
$
24,155

 
$
24,974

Statement of Accounting Policy (Details) (USD $)
3 Months Ended 6 Months Ended 3 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Foreign currency
Mar. 31, 2013
Foreign currency
Jun. 30, 2012
Foreign currency
Mar. 31, 2012
Foreign currency
Jun. 30, 2013
Defined benefit pension plans
Mar. 31, 2013
Defined benefit pension plans
Jun. 30, 2012
Defined benefit pension plans
Mar. 31, 2012
Defined benefit pension plans
Jun. 30, 2013
Accumulative Other Comprehensive Income
Mar. 31, 2013
Accumulative Other Comprehensive Income
Jun. 30, 2012
Accumulative Other Comprehensive Income
Mar. 31, 2012
Accumulative Other Comprehensive Income
Jun. 30, 2013
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Senior notes
Jun. 30, 2013
Estimate of Fair Value, Fair Value Disclosure [Member]
Senior notes
Dec. 31, 2012
Estimate of Fair Value, Fair Value Disclosure [Member]
Senior notes
Organization, Consolidation and Presentation of Financial Statements [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes Payable, Fair Value Disclosure
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 35,000,000 
$ 35,900,000 
$ 36,500,000 
Accumlated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
 
10,643,000 
 
11,933,000 
12,784,000 
11,379,000 
9,994,000 
(2,216,000)
(2,141,000)
(2,068,000)
(2,700,000)
9,717,000 
10,643,000 
9,311,000 
7,294,000 
 
 
 
Other comprehensive income before reclassifications
 
 
 
 
(4,994,000)
(851,000)
(612,000)
1,385,000 
(4,994,000)
(851,000)
(612,000)
1,385,000 
 
 
 
Amounts reclassified from AOCI to income tax expense (benefit) in the Condensed Consolidated Statements of Income
 
 
 
 
 
 
 
(75,000)
 
632,000 
 
(75,000)
 
632,000 
 
 
 
Total other comprehensive income (loss), net of tax
(4,994,000)
(612,000)
(5,920,000)
1,405,000 
 
(851,000)
 
1,385,000 
 
(75,000)
 
632,000 
 
(926,000)
 
2,017,000 
 
 
 
Ending balance
$ 4,723,000 
 
$ 4,723,000 
 
$ 6,939,000 
$ 11,933,000 
$ 10,767,000 
$ 11,379,000 
$ (2,216,000)
$ (2,216,000)
$ (2,068,000)
$ (2,068,000)
$ 4,723,000 
$ 9,717,000 
$ 8,699,000 
$ 9,311,000 
 
 
 
Inventories (Details)
Jun. 30, 2013
Inventory Disclosure [Abstract]
 
Percentage of LIFO Inventory
20.00% 
Acquisitions (Details) (USD $)
6 Months Ended 1 Months Ended 1 Months Ended 1 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Developed Technology Rights [Member]
Jun. 30, 2013
Customer Relationships [Member]
Oct. 31, 2012
Jamco [Member]
Oct. 2, 2012
Jamco [Member]
Oct. 2, 2012
Jamco [Member]
Customer Relationships [Member]
Oct. 2, 2012
Jamco [Member]
Technology [Member]
Oct. 2, 2012
Jamco [Member]
Noncompete Agreements [Member]
Jul. 31, 2012
Palsticos Novel S.A. [Member]
Jul. 31, 2011
Palsticos Novel S.A. [Member]
Jul. 9, 2012
Palsticos Novel S.A. [Member]
Jul. 9, 2012
Palsticos Novel S.A. [Member]
Developed Technology Rights [Member]
Jul. 9, 2012
Palsticos Novel S.A. [Member]
Customer Relationships [Member]
Oct. 31, 2012
Customer Relationships [Member]
Jamco [Member]
Oct. 31, 2012
Noncompete Agreements [Member]
Jamco [Member]
Oct. 31, 2012
Technology [Member]
Jamco [Member]
Oct. 2, 2012
Trade Names [Member]
Jamco [Member]
Jul. 9, 2012
Trade Names [Member]
Palsticos Novel S.A. [Member]
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of entity acquired
 
 
 
 
 
100.00% 
 
 
 
100.00% 
 
 
 
 
 
 
 
 
 
Purchase price of business
 
 
 
 
 
$ 15,100,000 
 
 
 
 
 
$ 30,900,000 
 
 
 
 
 
 
 
Cash acquired
 
 
 
 
 
88,000 
 
 
 
 
 
630,000 
 
 
 
 
 
 
 
Trade name acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,200,000 
 
Acquired finite-lived intangible assets
 
 
 
 
 
 
2,400,000 
2,000,000 
100,000 
 
 
 
 
 
 
 
 
 
 
Useful lives of intangible assets acquired
 
 
10 years 
6 years 
 
 
 
 
 
 
 
 
 
 
6 years 
2 years 
10 years 
 
 
Cash payment for acquisition
600,000 
 
 
 
 
 
 
 
3,400,000 
 
 
 
 
 
 
 
 
 
Cash acquired from acquisition
 
 
 
 
100,000 
 
 
 
 
600,000 
 
 
 
 
 
 
 
 
 
Debt assumed in acquisition
 
 
 
 
 
 
 
 
 
 
26,028,000 
 
 
 
 
 
 
 
Contingent consideration
 
 
 
 
 
 
 
 
 
 
 
900,000 
 
 
 
 
 
 
 
Contingency period
 
 
 
 
 
 
 
 
 
 
4 years 
 
 
 
 
 
 
 
 
Indefinite-lived trade name acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,600,000 
Finite-lived intangible assets acquired
 
 
 
 
 
$ 5,680,000 
 
 
 
 
 
$ 5,790,000 
$ 1,800,000 
$ 2,400,000 
 
 
 
 
 
Acquisitions Pro Forma (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2012
Business Acquisition [Line Items]
 
 
Net sales
$ 194,365 
$ 406,949 
Cost of sales
143,257 
293,734 
Gross profit
51,108 
113,215 
Selling, general & administrative expenses
39,912 
83,231 
Operating income
11,196 
29,984 
Interest expense, net
2,866 
5,081 
Income before taxes
8,330 
24,903 
Income taxes
3,049 
9,304 
Net income
$ 5,281 
$ 15,599 
Income per basic share
$ 0.16 
$ 0.47 
Income per diluted share
$ 0.15 
$ 0.46 
Acquisitions Allocation of Purchase Price (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2013
Dec. 31, 2012
Jul. 9, 2012
Palsticos Novel S.A. [Member]
Oct. 2, 2012
Jamco [Member]
Assets acquired:
 
 
 
 
Cash
 
 
$ 630 
$ 88 
Accounts receivable
 
 
5,467 
1,690 
Inventory
 
 
5,993 
3,282 
Property, plant and equipment
 
 
13,636 
2,559 
Intangibles
 
 
5,790 
5,680 
Deferred tax assets
 
 
435 
28 
Prepaid assets
 
 
1,451 
48 
Other
 
 
719 
Assets acquired, less cash
 
 
33,491 
13,289 
Liabilities assumed:
 
 
 
 
Accounts payable and accruals
 
 
3,134 
1,436 
Other taxes
 
 
3,608 
676 
Other long-term liabilities
 
 
2,293 
454 
Debt
 
 
26,028 
Deferred income taxes
 
 
3,804 
3,044 
Liabilities assumed
 
 
38,867 
5,610 
Goodwill
60,285 
61,056 
8,805 
7,435 
Total cash consideration, less cash acquired
 
 
$ 3,429 
$ 15,114 
Goodwill (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Goodwill [Roll Forward]
 
Balance at January 1, 2013
$ 61,056 
Acquisitions
Foreign Currency Translation
(771)
Impairment
Balance at June 30, 2013
60,285 
Material Handling
 
Goodwill [Roll Forward]
 
Balance at January 1, 2013
50,521 
Acquisitions
Foreign Currency Translation
(566)
Impairment
Balance at June 30, 2013
49,955 
Lawn and Garden
 
Goodwill [Roll Forward]
 
Balance at January 1, 2013
9,614 
Acquisitions
Foreign Currency Translation
(205)
Impairment
Balance at June 30, 2013
9,409 
Distribution
 
Goodwill [Roll Forward]
 
Balance at January 1, 2013
214 
Acquisitions
Foreign Currency Translation
Impairment
Balance at June 30, 2013
214 
Engineered Products
 
Goodwill [Roll Forward]
 
Balance at January 1, 2013
707 
Acquisitions
Foreign Currency Translation
Impairment
Balance at June 30, 2013
$ 707 
Net Income Per Common Share (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Earnings Per Share [Abstract]
 
 
 
 
Basic (in shares)
33,559,398 
33,595,637 
33,529,004 
33,525,444 
Dilutive effect of stock options and restricted stock (in shares)
318,554 
677,056 
368,958 
596,042 
Weighted average common shares outstanding diluted (in shares)
33,877,952 
34,272,693 
33,897,962 
34,121,486 
Net Income Per Common Share Weighted average number of common shares outstanding during the period (Details) (Stock Options [Member])
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Stock Options [Member]
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
Options to purchase common stock outstanding (in shares)
470,000 
227,000 
Supplemental Disclosure of Cash Flow Information (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Supplemental Cash Flow Information [Abstract]
 
 
 
 
Interest paid
$ 445 
$ 1,612 
$ 971 
$ 1,908 
Income taxes paid
$ 6,987 
$ 10,827 
$ 7,422 
$ 13,282 
Restructuring Restructuring Charges by Segment (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Restructuring Cost and Reserve [Line Items]
 
 
 
 
Restructuring Charges
$ 769 
$ 498 
$ 1,476 
$ 1,053 
Material Handling
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
Restructuring Charges
15 
225 
Lawn and Garden
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
Restructuring Charges
736 
419 
1,139 
442 
Distribution
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
Restructuring Charges
18 
(20)
92 
410 
Engineered Products
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
Restructuring Charges
99 
201 
Corporate
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
Restructuring Charges
$ 0 
$ 0 
$ 17 
$ 0 
Restructuring Reserve (Details) (USD $)
3 Months Ended 6 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 1 Months Ended
Jun. 30, 2013
facility
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Dec. 31, 2012
Jun. 30, 2013
Severance & Personnel
Jun. 30, 2012
Severance & Personnel
Jun. 30, 2013
Other Exit Costs
Jun. 30, 2012
Other Exit Costs
Jun. 30, 2013
Selling, General and Administrative Expenses
Jun. 30, 2012
Selling, General and Administrative Expenses
Jun. 30, 2013
Selling, General and Administrative Expenses
Jun. 30, 2012
Selling, General and Administrative Expenses
Jun. 30, 2013
Cost of Sales
Jun. 30, 2012
Cost of Sales
Jun. 30, 2013
Cost of Sales
Jun. 30, 2012
Cost of Sales
Jun. 30, 2013
Lawn and Garden
Jun. 30, 2012
Lawn and Garden
Jun. 30, 2013
Lawn and Garden
Jun. 30, 2012
Lawn and Garden
Jul. 18, 2013
Lawn and Garden
Segment Restructuring
facility
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring Charges
$ 769,000 
$ 498,000 
$ 1,476,000 
$ 1,053,000 
 
 
 
 
 
$ 500,000 
$ 400,000 
$ 1,100,000 
$ 900,000 
$ 300,000 
$ 100,000 
$ 400,000 
$ 200,000 
$ 736,000 
$ 419,000 
$ 1,139,000 
$ 442,000 
 
Gain on sale of property, plant and equipment
 
 
(616,000)
558,000 
 
 
 
 
 
300,000 
 
300,000 
 
 
 
 
 
 
 
 
 
 
Number of facilities sold
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property, plant and equipment classfied as held for sale
5,700,000 
 
5,700,000 
 
5,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring Reserve [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning
 
 
318,000 
605,000 
 
318,000 
605,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provision
 
 
1,476,000 
1,053,000 
 
522,000 
651,000 
954,000 
402,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: Payments
 
 
(1,794,000)
(1,183,000)
 
(840,000)
(651,000)
(954,000)
(532,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, ending
475,000 
475,000 
 
475,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of facilities closed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected restructuring cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15,000,000 
Non-cash cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,000,000 
Expected improvment in operating profit due to restructuring
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 8,000,000 
Stock Compensation (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Stock Options [Member]
Mar. 1, 2013
Restricted Stock [Member]
Jun. 30, 2013
Restricted Stock [Member]
Jun. 30, 2013
2008 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
Shares authorized for grant under plan (in shares)
 
 
 
 
 
 
 
3,000,000 
Vesting period, in years
 
 
 
 
3 years 
 
 
 
Option expiration period
 
 
 
 
10 years 
 
 
 
Allocated share-based compensation expense
$ 1.1 
$ 0.9 
$ 1.5 
$ 1.6 
 
 
 
 
Total unrecognized compensation cost related to non-vested share based compensation arrangements
 
 
 
 
4.8 
 
 
 
Recognition period for unrecognized stock compensation
 
 
 
 
3 years 
 
 
 
Options granted (in shares)
 
 
323,400 
 
 
 
 
 
The total intrinsic value of all stock options exercised
$ 0.8 
$ 1.3 
$ 1.4 
$ 1.4 
 
 
 
 
Granted (in shares)
 
 
 
 
 
169,100 
169,100 
 
Granted, Average Grant Date Fair Value (in dollars per share)
 
 
 
 
 
$ 14.77 
$ 14.77 
 
Stock Compensation Fair Value of stock options granted assumptions used (Details)
6 Months Ended
Jun. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
 
Risk free interest rate
1.86% 
Expected dividend yield
2.40% 
Expected life of award (in years)
7 years 
Expected volatility
50.00% 
Fair value per option share (in dollars per share)
$ 5.39 
Stock Compensation Summary of stock option activity for the period (Details) (USD $)
6 Months Ended
Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
Outstanding at January 1, 2013
1,919,021 
Options Granted (in shares)
323,400 
Options Exercised, Shares (in shares)
(306,892)
Cancelled or Forfeited (in shares)
(140,020)
Outstanding at March 31, 2013 (in shares)
1,795,509 
Exercisable at March 31, 2013 (in shares)
1,270,189 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
 
Outstanding at January 1, 2013 Average Price (in dollars per share)
$ 11.63 
Options granted, average exercise price (in dollars per share)
$ 14.77 
Options exercised, average exercise price (in dollars per share)
$ 10.44 
Cancelled or forfeited, average exercise price (in dollars per share)
$ 13.75 
Outstanding at March 31, 2013 Average Price (in dollars per share)
$ 12.24 
Exercisable at March 31, 2013, Average Exercise Price (in dollars per share)
$ 11.74 
Outstanding at March 31, 2013 Weighted Average Life
6 years 4 months 7 days 
Exercisable at March 31, 2013, Weighted Average Life
5 years 2 months 24 days 
Stock Compensation Summary of restricted stock activity (Details) (Restricted Stock [Member], USD $)
0 Months Ended 6 Months Ended
Mar. 1, 2013
Jun. 30, 2013
Restricted Stock [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
 
Unvested at January 1, 2013 (in shares)
 
363,125 
Granted (in shares)
169,100 
169,100 
Released (in shares)
 
(112,000)
Cancelled or forfeited (in shares)
 
(124,200)
Unvested at June 30, 2013 (in shares)
 
296,025 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
 
 
Granted, Average Grant Date Fair Value (in dollars per share)
$ 14.77 
$ 14.77 
Released, Average Grant Date Fair Value (in dollars per share)
 
$ 10.02 
Cancelled or Forfeited, Average Grant Date Fair Value (in dollars per share)
 
$ 13.68 
Unvested shares at June 30, 2013, Average Grant Date Fair Value (in dollars per share)
 
$ 13.11 
Contingencies Contingencies (Details) (USD $)
12 Months Ended 3 Months Ended
Nov. 30, 2011
Dec. 31, 2011
General and Administrative Expense [Member]
Environmental Issue [Member]
Pending Litigation [Member]
New Idria Mercury Mine [Member]
Jun. 30, 2013
Other Liabilities [Member]
Environmental Issue [Member]
Pending Litigation [Member]
New Idria Mercury Mine [Member]
Loss Contingencies [Line Items]
 
 
 
Expense related to remedial investigation and feasibility study
 
$ 1,900,000 
 
Payments charged against the reserve
 
 
500,000 
Estimate of EPA's interim removal project costs
$ 500,000 
 
 
Debt Schedule of Long-Term Debt (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2013
Dec. 31, 2012
Debt Instrument [Line Items]
 
 
Long-term Debt
$ 95,988 
$ 92,814 
Credit agreement
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
60,988 
57,814 
Senior notes
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
$ 35,000 
$ 35,000 
Debt (Details) (USD $)
1 Months Ended
Jun. 30, 2013
Credit agreement
Dec. 31, 2010
Credit agreement
Dec. 31, 2003
Revolving Credit Facility and Senior Notes
Dec. 31, 2003
Revolving Credit Facility and Senior Notes
6.08% Senior Unsecured Notes
Dec. 31, 2003
Revolving Credit Facility and Senior Notes
6.81% Senior Unsecured Notes
Debt Instrument [Line Items]
 
 
 
 
 
Maximum borrowing capacity on line of credit
 
$ 180,000,000 
 
 
 
Remaining amount available under the line of credit
114,100,000 
 
 
 
 
Face amount on debt instruments
 
 
$ 100,000,000 
$ 65,000,000 
$ 35,000,000 
Stated interest rate on debt instruments
 
 
 
6.08% 
6.81% 
Contractual term of debt instruments
 
 
 
7 years 
10 years 
Retirement Plans (Details) (Pension Plans, Defined Benefit [Member], USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Pension Plans, Defined Benefit [Member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Service cost
$ 8,000 
$ 18,000 
$ 16,000 
$ 35,000 
Interest cost
65,000 
72,000 
130,000 
144,000 
Expected return on assets
(91,000)
(77,000)
(182,000)
(153,000)
Amortization of actuarial net loss
28,000 
25,000 
56,000 
50,000 
Net periodic pension cost
10,000 
38,000 
20,000 
76,000 
Company contributions
80,000 
123,000 
203,000 
199,000 
Anticipated company contributions
$ 400,000 
 
$ 400,000 
 
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Jun. 30, 2012
Income Tax Disclosure [Abstract]
 
 
 
Unrecognized tax benefits that would impact effective tax rate
$ 1.2 
 
$ 0.5 
Increase in gross unrecognized tax benefits
0.7 
 
 
Amount of accrued interest expense included as a liability within the Company's Condensed Consolidated Statements of Financial Position
$ 0.1 
$ 0.1 
 
Segment Information Schedule of Net Sales by Segment (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Segments
Jun. 30, 2012
Segment Reporting Information [Line Items]
 
 
 
 
Number of operating segments
 
 
 
Net Sales
$ 204,024 
$ 181,101 
$ 419,004 
$ 379,890 
Material Handling
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
83,814 
60,260 
163,803 
125,481 
Lawn and Garden
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
40,889 
42,482 
101,252 
101,666 
Distribution
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
45,893 
44,188 
88,542 
86,926 
Engineered Products
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
37,608 
38,642 
74,564 
75,869 
Intra-segment Elimination [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
$ (4,180)
$ (4,471)
$ (9,157)
$ (10,052)
Segment Information Schedule of Income Before Income Taxes by Segment (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Segment Reporting Information [Line Items]
 
 
 
 
Operating income
$ 13,119 
$ 9,992 
$ 26,363 
$ 27,109 
Interest Expense
(1,116)
(1,054)
(2,208)
(2,135)
Income before income taxes
12,003 
8,938 
24,155 
24,974 
Material Handling
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Operating income
11,010 
9,223 
20,715 
22,373 
Lawn and Garden
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Operating income
(109)
(1,942)
2,172 
(724)
Distribution
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Operating income
3,864 
4,298 
6,703 
7,809 
Engineered Products
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Operating income
5,134 
4,660 
10,211 
9,251 
Corporate
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Operating income
$ (6,780)
$ (6,247)
$ (13,438)
$ (11,600)