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
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
|