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Description of Business and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Summary of Business Sales Segmentation Selective enterprise information is as follows:

 

 

2021

 

 

2020

 

 

2019

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. crop

 

$

263,632

 

 

$

211,357

 

 

$

220,635

 

U.S. non-crop

 

 

78,605

 

 

 

60,367

 

 

 

61,590

 

Total U.S.

 

 

342,237

 

 

 

271,724

 

 

 

282,225

 

International

 

 

214,635

 

 

 

186,980

 

 

 

185,961

 

Total net sales

 

$

556,872

 

 

$

458,704

 

 

$

468,186

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. crop

 

$

109,568

 

 

$

92,723

 

 

$

95,429

 

U.S. non-crop

 

 

37,443

 

 

 

27,842

 

 

 

29,713

 

Total U.S.

 

 

147,011

 

 

 

120,565

 

 

 

125,142

 

International

 

 

66,232

 

 

 

52,025

 

 

 

52,212

 

Total gross profit

 

$

213,243

 

 

$

172,590

 

 

$

177,354

 

 

Summary of Operating Expense Operating expenses include cost centers for Selling, General and Administrative, Research, Product Development, and Regulatory, and outbound Freight, Delivery and Warehousing.

 

 

 

2021

 

 

2020

 

 

2019

 

Selling

 

$

48,604

 

 

$

42,389

 

 

$

45,121

 

General and administrative

 

 

61,685

 

 

 

48,828

 

 

 

46,593

 

Research, product development and regulatory

 

 

28,855

 

 

 

26,310

 

 

 

24,070

 

Freight, delivery and warehousing

 

 

43,324

 

 

 

36,812

 

 

 

35,349

 

Total operating expenses

 

$

182,468

 

 

$

154,339

 

 

$

151,133

 

Components of Inventories, Net of Reserve Allowance

The components of inventories, net of reserve allowance, consist of the following:

 

 

 

2021

 

 

2020

 

Finished products

 

$

138,159

 

 

$

149,415

 

Raw materials

 

 

16,147

 

 

 

14,369

 

Total inventories, net

 

$

154,306

 

 

$

163,784

 

Schedule of Additional Information of Operating Leases Additional information related to operating leases are as follows:

 

 

 

Year Ended

December 31, 2021

 

 

Year Ended

December 31, 2020

 

 

Year Ended

December 31, 2019

 

Cash paid for amounts included in the measurement of

   lease liabilities

 

$

5,750

 

 

$

5,657

 

 

$

5,398

 

ROU assets obtained in exchange for new liabilities

 

$

18,521

 

 

$

6,309

 

 

$

3,580

 

 

Schedule of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases

The weighted-average remaining lease term and discount rate related to the operating leases as of December 31, 2021, 2020 and 2019 were as follows:

 

 

 

December 31, 2021

 

 

December 31, 2020

 

Weighted-average remaining lease term (in years)

 

 

6.72

 

 

 

4.62

 

Weighted-average discount rate

 

 

4.02

%

 

 

3.81

%

 

Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases

Future minimum lease payments under non-cancellable operating leases as of December 31, 2021 were as follows:

 

2022

 

$

5,899

 

2023

 

 

4,884

 

2024

 

 

4,130

 

2025

 

 

3,705

 

2026

 

 

2,852

 

Thereafter

 

 

8,254

 

Total lease payments

 

$

29,724

 

Less: imputed interest

 

 

(3,885

)

Total

 

$

25,839

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheets:

 

 

 

 

Operating lease liabilities, current

 

$

5,059

 

Operating lease liabilities, long term

 

$

20,780

 

Summary of Selective Enterprise Information of Sales Disaggregated By Category and Geographic Region Selective enterprise information of sales disaggregated by category and geographic region is as follows:

 

 

2021

 

 

2020

 

 

2019

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. crop

 

$

263,632

 

 

$

211,357

 

 

$

220,635

 

U.S. non-crop

 

 

78,605

 

 

 

60,367

 

 

 

61,590

 

Total U.S.

 

 

342,237

 

 

 

271,724

 

 

 

282,225

 

International

 

 

214,635

 

 

 

186,980

 

 

 

185,961

 

Total net sales

 

$

556,872

 

 

$

458,704

 

 

$

468,186

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Goods and services transferred at a point in time

 

$

556,372

 

 

$

455,726

 

 

$

464,967

 

Goods and services transferred over time

 

 

500

 

 

 

2,978

 

 

 

3,219

 

Total net sales

 

$

556,872

 

 

$

458,704

 

 

$

468,186

 

 

Summary of Contract Balances

 

 

December 31,

2021

 

 

December 31,

2020

 

Contract assets

 

$

3,900

 

 

$

3,200

 

 

 

December 31,

2021

 

 

December 31,

2020

 

Deferred revenue

 

$

63,064

 

 

$

43,611

 

 

Components of Basic and Diluted Earnings Per Share

The components of basic and diluted earnings per share were as follows:

 

 

 

2021

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

18,587

 

 

$

15,242

 

 

$

13,601

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding—basic

 

 

29,811

 

 

 

29,450

 

 

 

29,030

 

Dilutive effect of stock options and grants

 

 

599

 

 

 

543

 

 

 

626

 

Weighted average shares outstanding—diluted

 

 

30,410

 

 

 

29,993

 

 

 

29,656