0000069488 false 2021 Q2 --12-31 us-gaap:ShippingAndHandlingMember us-gaap:ShippingAndHandlingMember us-gaap:ShippingAndHandlingMember us-gaap:ShippingAndHandlingMember 2024-01-15 2026-01-15 2015 2016 2017 2018 2019 2016 2017 2018 2019 2020 true true 2021 mye:RightOfUseAssetOperatingLeasesMember mye:RightOfUseAssetOperatingLeasesMember us-gaap:PropertyPlantAndEquipmentMember us-gaap:PropertyPlantAndEquipmentMember mye:OperatingLeaseLiabilityShortTermMember mye:OperatingLeaseLiabilityShortTermMember mye:OperatingLeaseLiabilityLongTermMember mye:OperatingLeaseLiabilityLongTermMember mye:FinanceLeaseLiabilityShortTermMember mye:FinanceLeaseLiabilityShortTermMember mye:FinanceLeaseLiabilityLongTermMember mye:FinanceLeaseLiabilityLongTermMember P6Y2M8D P5Y7M28D P14Y8M4D 0000069488 2021-01-01 2021-06-30 xbrli:shares 0000069488 2021-07-30 iso4217:USD 0000069488 2021-04-01 2021-06-30 0000069488 2020-04-01 2020-06-30 0000069488 2020-01-01 2020-06-30 iso4217:USD xbrli:shares 0000069488 2021-06-30 0000069488 2020-12-31 0000069488 us-gaap:CommonStockMember 2021-03-31 0000069488 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0000069488 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0000069488 us-gaap:RetainedEarningsMember 2021-03-31 0000069488 2021-03-31 0000069488 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0000069488 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0000069488 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01 2021-06-30 0000069488 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0000069488 us-gaap:CommonStockMember 2021-06-30 0000069488 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0000069488 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0000069488 us-gaap:RetainedEarningsMember 2021-06-30 0000069488 us-gaap:CommonStockMember 2020-03-31 0000069488 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000069488 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0000069488 us-gaap:RetainedEarningsMember 2020-03-31 0000069488 2020-03-31 0000069488 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0000069488 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0000069488 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0000069488 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0000069488 us-gaap:CommonStockMember 2020-06-30 0000069488 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0000069488 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0000069488 us-gaap:RetainedEarningsMember 2020-06-30 0000069488 2020-06-30 0000069488 us-gaap:RetainedEarningsMember 2021-01-01 2021-06-30 0000069488 us-gaap:RetainedEarningsMember 2020-01-01 2020-06-30 0000069488 us-gaap:CommonStockMember 2020-12-31 0000069488 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0000069488 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0000069488 us-gaap:RetainedEarningsMember 2020-12-31 0000069488 us-gaap:CommonStockMember 2021-01-01 2021-06-30 0000069488 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-06-30 0000069488 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-06-30 0000069488 us-gaap:CommonStockMember 2019-12-31 0000069488 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000069488 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000069488 us-gaap:RetainedEarningsMember 2019-12-31 0000069488 2019-12-31 0000069488 us-gaap:CommonStockMember 2020-01-01 2020-06-30 0000069488 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-06-30 0000069488 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-06-30 0000069488 mye:ElkhartPlasticsIncMember 2021-01-01 2021-06-30 0000069488 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2021-06-30 0000069488 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2020-12-31 0000069488 us-gaap:AccumulatedTranslationAdjustmentMember 2021-03-31 0000069488 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-03-31 0000069488 us-gaap:AccumulatedTranslationAdjustmentMember 2021-04-01 2021-06-30 0000069488 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-04-01 2021-06-30 0000069488 us-gaap:AccumulatedTranslationAdjustmentMember 2021-06-30 0000069488 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-06-30 0000069488 us-gaap:AccumulatedTranslationAdjustmentMember 2020-03-31 0000069488 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-03-31 0000069488 us-gaap:AccumulatedTranslationAdjustmentMember 2020-04-01 2020-06-30 0000069488 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-04-01 2020-06-30 0000069488 us-gaap:AccumulatedTranslationAdjustmentMember 2020-06-30 0000069488 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-06-30 0000069488 us-gaap:AccumulatedTranslationAdjustmentMember 2020-12-31 0000069488 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-12-31 0000069488 us-gaap:AccumulatedTranslationAdjustmentMember 2021-01-01 2021-06-30 0000069488 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-01-01 2021-06-30 0000069488 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-31 0000069488 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-12-31 0000069488 us-gaap:AccumulatedTranslationAdjustmentMember 2020-01-01 2020-06-30 0000069488 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-01-01 2020-06-30 0000069488 mye:ConsumerMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0000069488 mye:ConsumerMember 2021-04-01 2021-06-30 0000069488 mye:VehicleMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0000069488 mye:VehicleMember 2021-04-01 2021-06-30 0000069488 us-gaap:FoodAndBeverageMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0000069488 us-gaap:FoodAndBeverageMember 2021-04-01 2021-06-30 0000069488 mye:IndustrialMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0000069488 mye:IndustrialMember us-gaap:IntersegmentEliminationMember 2021-04-01 2021-06-30 0000069488 mye:IndustrialMember 2021-04-01 2021-06-30 0000069488 mye:AutoAftermarketMember mye:DistributionMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0000069488 mye:AutoAftermarketMember 2021-04-01 2021-06-30 0000069488 mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0000069488 mye:DistributionMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0000069488 us-gaap:IntersegmentEliminationMember 2021-04-01 2021-06-30 0000069488 mye:ConsumerMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000069488 mye:ConsumerMember 2020-04-01 2020-06-30 0000069488 mye:VehicleMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000069488 mye:VehicleMember 2020-04-01 2020-06-30 0000069488 us-gaap:FoodAndBeverageMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000069488 us-gaap:FoodAndBeverageMember 2020-04-01 2020-06-30 0000069488 mye:IndustrialMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000069488 mye:IndustrialMember us-gaap:IntersegmentEliminationMember 2020-04-01 2020-06-30 0000069488 mye:IndustrialMember 2020-04-01 2020-06-30 0000069488 mye:AutoAftermarketMember mye:DistributionMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000069488 mye:AutoAftermarketMember 2020-04-01 2020-06-30 0000069488 mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000069488 mye:DistributionMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000069488 us-gaap:IntersegmentEliminationMember 2020-04-01 2020-06-30 0000069488 mye:ConsumerMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-06-30 0000069488 mye:ConsumerMember 2021-01-01 2021-06-30 0000069488 mye:VehicleMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-06-30 0000069488 mye:VehicleMember 2021-01-01 2021-06-30 0000069488 us-gaap:FoodAndBeverageMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-06-30 0000069488 us-gaap:FoodAndBeverageMember 2021-01-01 2021-06-30 0000069488 mye:IndustrialMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-06-30 0000069488 mye:IndustrialMember us-gaap:IntersegmentEliminationMember 2021-01-01 2021-06-30 0000069488 mye:IndustrialMember 2021-01-01 2021-06-30 0000069488 mye:AutoAftermarketMember mye:DistributionMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-06-30 0000069488 mye:AutoAftermarketMember 2021-01-01 2021-06-30 0000069488 mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-06-30 0000069488 mye:DistributionMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-06-30 0000069488 us-gaap:IntersegmentEliminationMember 2021-01-01 2021-06-30 0000069488 mye:ConsumerMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000069488 mye:ConsumerMember 2020-01-01 2020-06-30 0000069488 mye:VehicleMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000069488 mye:VehicleMember 2020-01-01 2020-06-30 0000069488 us-gaap:FoodAndBeverageMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000069488 us-gaap:FoodAndBeverageMember 2020-01-01 2020-06-30 0000069488 mye:IndustrialMember mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000069488 mye:IndustrialMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-06-30 0000069488 mye:IndustrialMember 2020-01-01 2020-06-30 0000069488 mye:AutoAftermarketMember mye:DistributionMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000069488 mye:AutoAftermarketMember 2020-01-01 2020-06-30 0000069488 mye:MaterialHandlingMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000069488 mye:DistributionMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000069488 us-gaap:IntersegmentEliminationMember 2020-01-01 2020-06-30 0000069488 us-gaap:AccountsReceivableMember 2021-06-30 0000069488 us-gaap:AccountsReceivableMember 2020-12-31 0000069488 us-gaap:InventoriesMember 2021-06-30 0000069488 us-gaap:InventoriesMember 2020-12-31 0000069488 us-gaap:OtherCurrentLiabilitiesMember 2021-06-30 0000069488 us-gaap:OtherCurrentLiabilitiesMember 2020-12-31 0000069488 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2021-04-01 2021-06-30 0000069488 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2020-04-01 2020-06-30 0000069488 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2021-01-01 2021-06-30 0000069488 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2020-01-01 2020-06-30 0000069488 us-gaap:CostOfSalesMember 2021-04-01 2021-06-30 0000069488 us-gaap:CostOfSalesMember 2020-04-01 2020-06-30 0000069488 us-gaap:CostOfSalesMember 2021-01-01 2021-06-30 0000069488 us-gaap:CostOfSalesMember 2020-01-01 2020-06-30 0000069488 mye:TrilogyPlasticsIncMember us-gaap:SubsequentEventMember 2021-07-29 2021-07-30 0000069488 mye:ElkhartPlasticsIncMember 2020-11-10 2020-11-10 0000069488 mye:ElkhartPlasticsIncMember 2019-08-26 0000069488 us-gaap:CustomerRelationshipsMember mye:ElkhartPlasticsIncMember 2020-11-10 2020-11-10 0000069488 us-gaap:TradeNamesMember mye:ElkhartPlasticsIncMember 2020-11-10 2020-11-10 0000069488 us-gaap:NoncompeteAgreementsMember mye:ElkhartPlasticsIncMember 2020-11-10 2020-11-10 0000069488 mye:TuffyManufacturingIndustriesIncMember 2019-08-25 2019-08-26 0000069488 mye:LawnAndGardenBusinessMember 2018-01-01 2018-12-31 0000069488 us-gaap:GuaranteeObligationsMember mye:LawnAndGardenMember 2021-01-01 2021-06-30 0000069488 us-gaap:GuaranteeObligationsMember mye:LawnAndGardenMember 2018-01-01 2018-12-31 0000069488 us-gaap:GuaranteeObligationsMember mye:LawnAndGardenMember 2019-12-31 0000069488 mye:LawnAndGardenMember us-gaap:GuaranteeObligationsMember 2020-01-31 0000069488 mye:LawnAndGardenMember us-gaap:GuaranteeObligationsMember 2020-01-01 2020-01-31 0000069488 country:IN mye:ManufacturingAndDistributionMember 2021-06-30 0000069488 country:IN mye:ManufacturingAndDistributionMember 2021-04-01 2021-06-30 0000069488 country:IN mye:ManufacturingAndDistributionMember 2019-12-01 2019-12-31 0000069488 country:IN mye:ManufacturingAndDistributionMember us-gaap:OtherNoncurrentAssetsMember 2020-12-31 0000069488 mye:AmeriKartMember srt:ScenarioForecastMember 2021-12-31 xbrli:pure 0000069488 mye:DistributionMember 2020-12-31 0000069488 mye:MaterialHandlingMember 2020-12-31 0000069488 mye:DistributionMember 2021-01-01 2021-06-30 0000069488 mye:MaterialHandlingMember 2021-01-01 2021-06-30 0000069488 mye:DistributionMember 2021-06-30 0000069488 mye:MaterialHandlingMember 2021-06-30 0000069488 us-gaap:TradeNamesMember 2021-06-30 0000069488 us-gaap:TradeNamesMember 2020-12-31 0000069488 mye:A2017PlanMember 2021-06-30 0000069488 mye:A2017PlanMember 2021-04-29 0000069488 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-06-30 0000069488 mye:TwoThousandTwentyOneLongTermIncentivePlanMember 2021-04-29 0000069488 mye:NewIdriaMercuryMineMember 2018-10-01 2018-12-31 0000069488 mye:NewIdriaMercuryMineMember 2019-01-01 2019-01-31 0000069488 us-gaap:PendingLitigationMember mye:NewIdriaMercuryMineMember mye:EPANoticeLetterMember 2019-04-01 2019-06-30 0000069488 us-gaap:PendingLitigationMember mye:NewIdriaMercuryMineMember mye:EPANoticeLetterMember 1993-01-01 2014-02-14 0000069488 us-gaap:PendingLitigationMember mye:NewIdriaMercuryMineMember mye:EPANoticeLetterMember 2015-01-01 2015-12-31 0000069488 us-gaap:PendingLitigationMember mye:NewIdriaMercuryMineMember mye:EPANoticeLetterMember 2020-10-01 2020-12-31 0000069488 us-gaap:PendingLitigationMember mye:NewIdriaMercuryMineMember mye:EPANoticeLetterMember 2011-10-01 2021-06-30 0000069488 us-gaap:PendingLitigationMember mye:NewIdriaMercuryMineMember mye:EPANoticeLetterMember 2021-04-01 2021-06-30 0000069488 us-gaap:PendingLitigationMember mye:NewIdriaMercuryMineMember mye:EPANoticeLetterMember 2021-01-01 2021-06-30 0000069488 us-gaap:PendingLitigationMember mye:NewIdriaMercuryMineMember mye:EPANoticeLetterMember 2020-04-01 2020-06-30 0000069488 us-gaap:PendingLitigationMember mye:NewIdriaMercuryMineMember mye:EPANoticeLetterMember 2020-01-01 2020-06-30 0000069488 us-gaap:PendingLitigationMember mye:NewIdriaMercuryMineMember mye:EPANoticeLetterMember 2021-06-30 0000069488 mye:NewAlmadenMineMember mye:NaturalResourceDamageClaimMember 2016-01-01 2016-12-31 0000069488 mye:NewAlmadenMineMember mye:NaturalResourceDamageClaimMember 2021-06-30 0000069488 mye:NewAlmadenMineMember mye:NaturalResourceDamageClaimMember 2021-01-01 2021-06-30 0000069488 mye:NewAlmadenMineMember mye:NaturalResourceDamageClaimMember 2021-04-01 2021-06-30 0000069488 mye:NewAlmadenMineMember mye:NaturalResourceDamageClaimMember 2020-01-01 2020-06-30 0000069488 mye:NewAlmadenMineMember mye:NaturalResourceDamageClaimMember 2020-04-01 2020-06-30 0000069488 us-gaap:RevolvingCreditFacilityMember 2021-06-30 0000069488 mye:FourPointSixSevenPercentSeniorUnsecuredNotesDueJanuaryFifteenTwentyTwentyOneMember 2020-12-31 0000069488 mye:FivePointTwoFivePercentSeniorUnsecuredNotesDueJanuaryFifteenTwentyTwentyFourMember 2021-06-30 0000069488 mye:FivePointTwoFivePercentSeniorUnsecuredNotesDueJanuaryFifteenTwentyTwentyFourMember 2020-12-31 0000069488 mye:FivePointThreeZeroPercentSeniorUnsecuredNotesDueJanuaryFifteenTwentyTwentyFourMember 2021-06-30 0000069488 mye:FivePointThreeZeroPercentSeniorUnsecuredNotesDueJanuaryFifteenTwentyTwentyFourMember 2020-12-31 0000069488 mye:FivePointFourFivePercentSeniorUnsecuredNotesDueJanuaryFifteenTwentyTwentySixMember 2021-06-30 0000069488 mye:FivePointFourFivePercentSeniorUnsecuredNotesDueJanuaryFifteenTwentyTwentySixMember 2020-12-31 0000069488 mye:FourPointSixSevenPercentSeniorUnsecuredNotesDueJanuaryFifteenTwentyTwentyOneMember 2021-06-30 0000069488 mye:FourPointSixSevenPercentSeniorUnsecuredNotesDueJanuaryFifteenTwentyTwentyOneMember 2021-01-01 2021-06-30 0000069488 mye:FivePointTwoFivePercentSeniorUnsecuredNotesDueJanuaryFifteenTwentyTwentyFourMember 2021-01-01 2021-06-30 0000069488 mye:FivePointThreeZeroPercentSeniorUnsecuredNotesDueJanuaryFifteenTwentyTwentyFourMember 2021-01-01 2021-06-30 0000069488 mye:FivePointFourFivePercentSeniorUnsecuredNotesDueJanuaryFifteenTwentyTwentySixMember 2021-01-01 2021-06-30 0000069488 mye:LoanAgreementMember 2017-03-31 0000069488 mye:LoanAgreementMember 2021-06-30 0000069488 mye:LoanAgreementMember 2017-03-01 2017-03-31 0000069488 mye:LoanAgreementMember 2021-01-01 2021-06-30 0000069488 us-gaap:OtherNoncurrentAssetsMember 2021-06-30 0000069488 mye:LoanAgreementMember us-gaap:GovernmentGuaranteedCollateralMember 2021-01-01 2021-06-30 0000069488 srt:MinimumMember us-gaap:SeniorNotesMember 2021-06-30 0000069488 srt:MaximumMember us-gaap:SeniorNotesMember 2021-06-30 0000069488 srt:MinimumMember us-gaap:SeniorNotesMember 2021-01-01 2021-06-30 0000069488 srt:MaximumMember us-gaap:SeniorNotesMember 2021-01-01 2021-06-30 0000069488 us-gaap:SeniorNotesMember 2021-06-30 0000069488 mye:FourPointSixSevenPercentSeniorUnsecuredNotesDueJanuaryFifteenTwentyTwentyOneMember 2021-01-01 2021-01-31 0000069488 us-gaap:PensionPlansDefinedBenefitMember 2021-04-01 2021-06-30 0000069488 us-gaap:PensionPlansDefinedBenefitMember 2020-04-01 2020-06-30 0000069488 us-gaap:PensionPlansDefinedBenefitMember 2021-01-01 2021-06-30 0000069488 us-gaap:PensionPlansDefinedBenefitMember 2020-01-01 2020-06-30 0000069488 us-gaap:StateAndLocalJurisdictionMember 2021-01-01 2021-06-30 0000069488 us-gaap:ForeignCountryMember 2021-01-01 2021-06-30 0000069488 srt:MinimumMember 2021-06-30 0000069488 srt:MaximumMember 2021-06-30 0000069488 us-gaap:InterestExpenseMember 2021-04-01 2021-06-30 0000069488 us-gaap:InterestExpenseMember 2021-01-01 2021-06-30 mye:Segment 0000069488 us-gaap:NonUsMember 2021-04-01 2021-06-30 0000069488 us-gaap:NonUsMember 2020-04-01 2020-06-30 0000069488 us-gaap:NonUsMember 2021-01-01 2021-06-30 0000069488 us-gaap:NonUsMember 2020-01-01 2020-06-30 0000069488 us-gaap:CorporateNonSegmentMember 2021-04-01 2021-06-30 0000069488 us-gaap:CorporateNonSegmentMember 2020-04-01 2020-06-30 0000069488 us-gaap:CorporateNonSegmentMember 2021-01-01 2021-06-30 0000069488 us-gaap:CorporateNonSegmentMember 2020-01-01 2020-06-30 0000069488 us-gaap:EmployeeSeveranceMember 2021-06-30 0000069488 us-gaap:EmployeeSeveranceMember 2021-01-01 2021-06-30 0000069488 mye:MaterialHandlingMember us-gaap:BuildingMember 2021-01-01 2021-06-30

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

 

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2021

OR

 

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to                   

Commission File Number 1-8524

Myers Industries, Inc.

(Exact name of registrant as specified in its charter)

 

Ohio

34-0778636

(State or other jurisdiction of

(IRS Employer Identification

incorporation or organization)

Number)

 

 

1293 South Main Street

 

Akron, Ohio

44301

(Address of principal executive offices)

(Zip code)

 

(330) 253-5592

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

 

Trading Symbol

 

Name of Exchange on Which Registered

Common Stock, without par value

 

MYE

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer 

Accelerated filer 

Non-Accelerated filer 

Smaller reporting company 

 

 

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No .

 

The number of shares outstanding of the issuer’s common stock, without par value, as of July 30, 2021 was 36,173,850 shares.

 

 

 

 


 

 

TABLE OF CONTENTS

 

Part I — Financial Information

1

 

 

Item 1. Financial Statements

1

 

 

Condensed Consolidated Statements of Operations (Unaudited)

1

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

2

 

 

Condensed Consolidated Statements of Financial Position (Unaudited)

3

 

 

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)

4

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

6

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

7

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

27

 

 

Item 4. Controls and Procedures

27

 

 

Part II — Other Information

28

 

 

Item 1. Legal Proceedings

28

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

28

 

 

Item 6. Exhibits

29

 

 

Signature

30

 

 

Exhibit 31.1

 

Exhibit 31.2

 

Exhibit 32.1

 

Exhibit 101

 

 

 

 

 


 

 

Part I — Financial Information

Item 1. Financial Statements

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(Dollars in thousands, except per share data)

 

 

 

For the Quarter Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net sales

 

$

187,369

 

 

$

118,394

 

 

$

361,798

 

 

$

240,644

 

Cost of sales

 

 

132,375

 

 

 

75,821

 

 

 

256,391

 

 

 

155,588

 

Gross profit

 

 

54,994

 

 

 

42,573

 

 

 

105,407

 

 

 

85,056

 

Selling, general and administrative expenses

 

 

40,121

 

 

 

30,317

 

 

 

79,669

 

 

 

61,433

 

Gain on disposal of fixed assets

 

 

(996

)

 

 

 

 

 

(996

)

 

 

(7

)

Gain on sale of notes receivable

 

 

 

 

 

 

 

 

 

 

 

(11,924

)

Operating income

 

 

15,869

 

 

 

12,256

 

 

 

26,734

 

 

 

35,554

 

Interest expense, net

 

 

999

 

 

 

1,194

 

 

 

1,994

 

 

 

2,263

 

Income before income taxes

 

 

14,870

 

 

 

11,062

 

 

 

24,740

 

 

 

33,291

 

Income tax expense

 

 

3,795

 

 

 

2,694

 

 

 

6,360

 

 

 

8,197

 

Net income

 

$

11,075

 

 

$

8,368

 

 

$

18,380

 

 

$

25,094

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.31

 

 

$

0.23

 

 

$

0.51

 

 

$

0.70

 

Diluted

 

$

0.30

 

 

$

0.23

 

 

$

0.51

 

 

$

0.70

 

 

See notes to unaudited condensed consolidated financial statements.

 

1


 

 

 

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(Dollars in thousands)

 

 

 

For the Quarter Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

11,075

 

 

$

8,368

 

 

$

18,380

 

 

$

25,094

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

470

 

 

 

1,220

 

 

 

881

 

 

 

(1,535

)

Total other comprehensive income (loss)

 

 

470

 

 

 

1,220

 

 

 

881

 

 

 

(1,535

)

Comprehensive income

 

$

11,545

 

 

$

9,588

 

 

$

19,261

 

 

$

23,559

 

 

See notes to unaudited condensed consolidated financial statements.

 

 

2


 

 

 

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Financial Position (Unaudited)

(Dollars in thousands)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

Cash

 

$

13,543

 

 

$

28,301

 

Accounts receivable, less allowances of $3,416 and $3,278, respectively

 

 

98,610

 

 

 

83,701

 

Income tax receivable

 

 

 

 

 

1,049

 

Inventories, net

 

 

79,482

 

 

 

65,919

 

Prepaid expenses and other current assets

 

 

9,576

 

 

 

4,760

 

Total Current Assets

 

 

201,211

 

 

 

183,730

 

Property, plant, and equipment, net

 

 

83,981

 

 

 

73,953

 

Right of use asset - operating leases

 

 

22,834

 

 

 

18,390

 

Goodwill

 

 

79,500

 

 

 

79,256

 

Intangible assets, net

 

 

38,650

 

 

 

41,038

 

Deferred income taxes

 

 

84

 

 

 

84

 

Other

 

 

4,215

 

 

 

3,564

 

Total Assets

 

$

430,475

 

 

$

400,015

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

81,614

 

 

$

61,150

 

Accrued employee compensation

 

 

18,407

 

 

 

14,499

 

Income taxes payable

 

 

390

 

 

 

 

Accrued taxes payable, other than income taxes

 

 

2,328

 

 

 

2,524

 

Accrued interest

 

 

938

 

 

 

1,785

 

Other current liabilities

 

 

18,147

 

 

 

17,936

 

Operating lease liability - short-term

 

 

4,833

 

 

 

4,359

 

Finance lease liability - short-term

 

 

491

 

 

 

 

Long-term debt - current portion

 

 

 

 

 

39,994

 

Total Current Liabilities

 

 

127,148

 

 

 

142,247

 

Long-term debt

 

 

57,833

 

 

 

37,582

 

Operating lease liability - long-term

 

 

17,778

 

 

 

13,755

 

Finance lease liability - long-term

 

 

9,688

 

 

 

 

Other liabilities

 

 

14,174

 

 

 

14,373

 

Deferred income taxes

 

 

1,873

 

 

 

2,958

 

 

 

 

 

 

 

 

 

 

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 36,166,384 and 35,921,025; net of treasury shares

   of 6,386,073 and 6,631,432, respectively)

 

 

22,109

 

 

 

21,939

 

Additional paid-in capital

 

 

304,183

 

 

 

300,852

 

Accumulated other comprehensive loss

 

 

(14,892

)

 

 

(15,773

)

Retained deficit

 

 

(109,419

)

 

 

(117,918

)

Total Shareholders’ Equity

 

 

201,981

 

 

 

189,100

 

Total Liabilities and Shareholders’ Equity

 

$

430,475

 

 

$

400,015

 

 

See notes to unaudited condensed consolidated financial statements.

 

 

 

3


 

 

 

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Quarter Ended June 30, 2021

 

 

 

Common Shares

 

 

Additional

Paid-In Capital

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Retained

Deficit

 

 

Total

Shareholders'

Equity

 

Balance at April 1, 2021

 

$

22,054

 

 

$

303,127

 

 

$

(15,362

)

 

$

(115,566

)

 

$

194,253

 

Net income

 

 

 

 

 

 

 

 

 

 

 

11,075

 

 

 

11,075

 

Foreign currency translation

   adjustment

 

 

 

 

 

 

 

 

470

 

 

 

 

 

 

470

 

Shares issued under incentive plans,

   net of shares withheld for tax

 

 

55

 

 

 

380

 

 

 

 

 

 

 

 

 

435

 

Stock compensation expense

 

 

 

 

 

676

 

 

 

 

 

 

 

 

 

676

 

Declared dividends - $0.135 per share

 

 

 

 

 

 

 

 

 

 

 

(4,928

)

 

 

(4,928

)

Balance at June 30, 2021

 

$

22,109

 

 

$

304,183

 

 

$

(14,892

)

 

$

(109,419

)

 

$

201,981

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended June 30, 2020

 

 

 

Common Shares

 

 

Additional

Paid-In Capital

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Retained

Deficit

 

 

Total

Shareholders'

Equity

 

Balance at April 1, 2020

 

$

21,828

 

 

$

296,736

 

 

$

(19,104

)

 

$

(123,237

)

 

$

176,223

 

Net income

 

 

 

 

 

 

 

 

 

 

 

8,368

 

 

 

8,368

 

Foreign currency translation

   adjustment

 

 

 

 

 

 

 

 

1,220

 

 

 

 

 

 

1,220

 

Shares issued under incentive plans,

   net of shares withheld for tax

 

 

17

 

 

 

93

 

 

 

 

 

 

 

 

 

110

 

Stock compensation expense

 

 

 

 

 

693

 

 

 

 

 

 

 

 

 

693

 

Declared dividends - $0.135 per share

 

 

 

 

 

 

 

 

 

 

 

(4,919

)

 

 

(4,919

)

Balance at June 30, 2020

 

$

21,845

 

 

$

297,522

 

 

$

(17,884

)

 

$

(119,788

)

 

$

181,695

 

 

See notes to unaudited condensed consolidated financial statements.


4


 

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Six Months Ended June 30, 2021

 

 

 

Common Shares

 

 

Additional

Paid-In Capital

 

 

Accumulated

Other

Comprehensive Income (Loss)

 

 

Retained

Deficit

 

 

Total

Shareholders'

Equity

 

Balance at January 1, 2021

 

$

21,939

 

 

$

300,852

 

 

$

(15,773

)

 

$

(117,918

)

 

$

189,100

 

Net income

 

 

 

 

 

 

 

 

 

 

 

18,380

 

 

 

18,380

 

Foreign currency translation

   adjustment

 

 

 

 

 

 

 

 

881

 

 

 

 

 

 

881

 

Shares issued under incentive plans,

   net of shares withheld for tax

 

 

170

 

 

 

1,502

 

 

 

 

 

 

 

 

 

1,672

 

Stock compensation expense

 

 

 

 

 

1,829

 

 

 

 

 

 

 

 

 

1,829

 

Declared dividends - $0.27 per share

 

 

 

 

 

 

 

 

 

 

 

(9,881

)

 

 

(9,881

)

Balance at June 30, 2021

 

$

22,109

 

 

$

304,183

 

 

$

(14,892

)

 

$

(109,419

)

 

$

201,981

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2020

 

 

 

Common Shares

 

 

Additional

Paid-In Capital

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Retained

Deficit

 

 

Total

Shareholders'

Equity

 

Balance at January 1, 2020

 

$

21,785

 

 

$

296,363

 

 

$

(16,349

)

 

$

(135,117

)

 

$

166,682

 

Net income

 

 

 

 

 

 

 

 

 

 

 

25,094

 

 

 

25,094

 

Foreign currency translation

   adjustment

 

 

 

 

 

 

 

 

(1,535

)

 

 

 

 

 

(1,535

)

Shares issued under incentive plans,

   net of shares withheld for tax

 

 

60

 

 

 

(187

)

 

 

 

 

 

 

 

 

(127

)

Stock compensation expense

 

 

 

 

 

1,346

 

 

 

 

 

 

 

 

 

1,346

 

Declared dividends - $0.27 per share

 

 

 

 

 

 

 

 

 

 

 

(9,765

)

 

 

(9,765

)

Balance at June 30, 2020

 

$

21,845

 

 

$

297,522

 

 

$

(17,884

)

 

$

(119,788

)

 

$

181,695

 

 

See notes to unaudited condensed consolidated financial statements.


5


 

 

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)

 

 

 

For the Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

Cash Flows From Operating Activities

 

 

 

 

 

 

 

 

Net income

 

$

18,380

 

 

$

25,094

 

Adjustments to reconcile net income to net cash provided by (used for) operating activities

 

 

 

 

 

 

 

 

Depreciation

 

 

8,142

 

 

 

7,243

 

Amortization

 

 

2,610

 

 

 

4,518

 

Non-cash stock-based compensation expense

 

 

1,829

 

 

 

1,346

 

Gain on disposal of fixed assets

 

 

(996

)

 

 

(7

)

Gain on sale of notes receivable

 

 

 

 

 

(11,924

)

Other

 

 

(702

)

 

 

407

 

Other long-term liabilities

 

 

(205

)

 

 

478

 

Cash flows provided by (used for) working capital

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(15,250

)

 

 

(9,672

)

Inventories

 

 

(13,411

)

 

 

(5,453

)

Prepaid expenses and other current assets

 

 

(4,814

)

 

 

(2,926

)

Accounts payable and accrued expenses

 

 

25,718

 

 

 

2,681

 

Net cash provided by (used for) operating activities

 

 

21,301

 

 

 

11,785

 

Cash Flows From Investing Activities

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(8,220

)

 

 

(5,589

)

Acquisition of business

 

 

(1,223

)

 

 

(691

)

Proceeds from sale of property, plant and equipment

 

 

2,848

 

 

 

 

Proceeds on sale of notes receivable

 

 

 

 

 

1,200

 

Net cash provided by (used for) investing activities

 

 

(6,595

)

 

 

(5,080

)

Cash Flows From Financing Activities

 

 

 

 

 

 

 

 

Net borrowings from revolving credit facility

 

 

19,900

 

 

 

 

Repayments of long-term debt

 

 

(40,000

)

 

 

 

Payments on finance lease

 

 

(161

)

 

 

 

Cash dividends paid

 

 

(9,809

)

 

 

(9,736

)

Proceeds from issuance of common stock

 

 

2,420

 

 

 

235

 

Shares withheld for employee taxes on equity awards

 

 

(748

)

 

 

(362

)

Deferred financing fees

 

 

(1,095

)

 

 

 

Net cash provided by (used for) financing activities

 

 

(29,493

)

 

 

(9,863

)

Foreign exchange rate effect on cash

 

 

29

 

 

 

(47

)

Net decrease in cash

 

 

(14,758

)

 

 

(3,205

)

Cash at January 1

 

 

28,301

 

 

 

75,527

 

Cash at June 30

 

$

13,543

 

 

$

72,322

 

 

See notes to unaudited condensed consolidated financial statements.

 

 

6


 

 

MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollars in thousands, except where otherwise indicated)

 

1.  Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2020.

In the opinion of the Company, the accompanying condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position as of June 30, 2021, and the results of operations and cash flows for the periods presented. The results of operations for the quarter and six months ended June 30, 2021 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2021.

Accounting Standards Adopted

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. Certain amendments within this ASU are required to be applied on a retrospective basis, certain other amendments are required to be applied on a modified retrospective basis and all other amendments on a prospective basis. The Company adopted this standard effective January 1, 2021 and the adoption of this standard did not have a material impact on its consolidated financial statements.

Fair Value Measurement

The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, as required. Under ASC 820, the hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels:

 

Level 1:

Unadjusted quoted prices in active markets for identical assets or liabilities.

 

Level 2:

Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly.

 

Level 3:

Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions.

The Company has financial instruments, including cash, accounts receivable, accounts payable and accrued expenses. The fair value of these financial instruments approximates carrying value due to the nature and relative short maturity of these assets and liabilities.

The fair value of debt under the Company’s Loan Agreement, as defined in Note 12, approximates carrying value due to the floating rates and relative short maturity (less than 90 days) of any revolving borrowings under this agreement. The fair value of the Company’s fixed rate senior unsecured notes was estimated using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered Level 2 inputs. At June 30, 2021 and December 31, 2020, the aggregate fair value of the Company's outstanding fixed rate senior unsecured notes was estimated to be $41.8 million and $80.9 million, respectively.

The purchase price allocation associated with the November 10, 2020 acquisition of Elkhart Plastics, Inc. (“Elkhart Plastics”), as described in Note 3, required fair value measurements using unobservable inputs which are considered Level 3 inputs. The fair value of the acquired intangible assets was determined using an income approach.

7


MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

 

 

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) are as follows:

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at April 1, 2021

 

$

(13,563

)

 

$

(1,799

)

 

$

(15,362

)

Other comprehensive income (loss) before reclassifications

 

 

470

 

 

 

 

 

 

470

 

Net current-period other comprehensive income (loss)

 

 

470

 

 

 

 

 

 

470

 

Balance at June 30, 2021

 

$

(13,093

)

 

$

(1,799

)

 

$

(14,892

)

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at April 1, 2020

 

$

(17,357

)

 

$

(1,747

)

 

$

(19,104

)

Other comprehensive income (loss) before reclassifications

 

 

1,220

 

 

 

 

 

 

1,220

 

Net current-period other comprehensive income (loss)

 

 

1,220

 

 

 

 

 

 

1,220

 

Balance at June 30, 2020

 

$

(16,137

)

 

$

(1,747

)

 

$

(17,884

)

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at January 1, 2021

 

$

(13,974

)

 

$

(1,799

)

 

$

(15,773

)

Other comprehensive income (loss) before reclassifications

 

 

881

 

 

 

 

 

 

881

 

Net current-period other comprehensive income (loss)

 

 

881

 

 

 

 

 

 

881

 

Balance at June 30, 2021

 

$

(13,093

)

 

$

(1,799

)

 

$

(14,892

)

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at January 1, 2020

 

$

(14,602

)

 

$

(1,747

)

 

$

(16,349

)

Other comprehensive income (loss) before reclassifications

 

 

(1,535

)

 

 

 

 

 

(1,535

)

Net current-period other comprehensive income (loss)

 

 

(1,535

)

 

 

 

 

 

(1,535

)

Balance at June 30, 2020

 

$

(16,137

)

 

$

(1,747

)

 

$

(17,884

)

 

Allowance for Credit Losses

Management has established certain requirements that customers must meet before credit is extended. The financial condition of customers is continually monitored and collateral is usually not required. The Company evaluates the collectability of accounts receivable based on a combination of factors. The Company reviews historical trends for credit loss as well as current economic conditions in determining an estimate for its allowance for credit losses. Additionally, in circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for credit losses is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably expects will be collected.

The changes in the allowance for credit losses for the six months ended June 30, 2021 and 2020 were as follows:

 

 

 

2021

 

 

2020

 

Balance at January 1

 

$

2,335

 

 

$

1,356

 

Provision for expected credit loss, net of recoveries

 

 

504

 

 

 

447

 

Write-offs and other

 

 

(336

)

 

 

(286

)

Balance at June 30

 

$

2,503

 

 

$

1,517

 

 

8


MYERS INDUSTRIES, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)

(Dollars in thousands, except where otherwise indicated)

 

 

 

2.  Revenue Recognition

The Company’s revenue by major market is as follows:

 

 

 

For the Quarter Ended June 30, 2021

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

37,312

 

 

$

 

 

$

 

 

$

37,312

 

Vehicle

 

 

41,437

 

 

 

 

 

 

 

 

 

41,437

 

Food and beverage

 

 

16,399

 

 

 

 

 

 

 

 

 

16,399

 

Industrial

 

 

42,079

 

 

 

 

 

 

(14

)

 

 

42,065

 

Auto aftermarket

 

 

 

 

 

50,156

 

 

 

 

 

 

50,156

 

Total net sales

 

$

137,227

 

 

$

50,156

 

 

$

(14

)

 

$

187,369

 

 

 

 

For the Quarter Ended June 30, 2020

 

 

 

Material

Handling

 

 

Distribution

 

 

Inter-company

 

 

Consolidated

 

Consumer

 

$

31,211

 

 

$

 

 

$

 

 

$

31,211

 

Vehicle