Company Quick10K Filing
Alamo Group
Price117.76 EPS6
Shares12 P/E20
MCap1,391 P/FCF31
Net Debt90 EBIT93
TEV1,481 TEV/EBIT16
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-07
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-04
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-06
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-11
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-03
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-03-12
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-15
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-15
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-05-11
8-K 2020-05-06
8-K 2020-04-07
8-K 2020-03-30
8-K 2020-03-26
8-K 2020-03-19
8-K 2020-03-10
8-K 2020-02-27
8-K 2019-12-13
8-K 2019-11-04
8-K 2019-10-30
8-K 2019-10-29
8-K 2019-09-11
8-K 2019-09-11
8-K 2019-07-31
8-K 2019-05-02
8-K 2019-05-02
8-K 2019-05-01
8-K 2019-03-06
8-K 2019-02-28
8-K 2018-10-31
8-K 2018-08-01
8-K 2018-05-03
8-K 2018-05-03
8-K 2018-04-06
8-K 2018-03-12
8-K 2018-03-01

ALG 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risks
Item 4. Controls and Procedures
Part II. Other Information
Item 1. - Legal Proceedings
Item 1A. - Risk Factors
Item 2. - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. - Defaults Upon Senior Securities
Item 4. - Mine Safety Disclosures
Item 5. - Other Information
Item 6. - Exhibits
EX-31.1 a2020630-ex311.htm
EX-31.2 a2020630-ex312.htm
EX-31.3 a2020630-ex313.htm
EX-32.1 a2020630-ex321.htm
EX-32.2 a2020630-ex322.htm
EX-32.3 a2020630-ex323.htm

Alamo Group Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
0.90.70.50.40.20.02012201420172020
Assets, Equity
0.30.20.20.10.10.02012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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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, 2020
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 0-21220

ALAMO GROUP INC.
(Exact name of registrant as specified in its charter)
Delaware
74-1621248
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)

 1627 East Walnut, Seguin, Texas  78155
(Address of principal executive offices, including zip code)
 
830-379-1480
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value
$.10 per share
ALGNew 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 ☒

At July 24, 2020, 11,864,170 shares of common stock, $.10 par value, of the registrant were outstanding.


1






































Alamo Group Inc. and Subsidiaries
 
INDEX
 
                                                                                                                                                                              
PART I.
FINANCIAL INFORMATION
PAGE
Item 1.
Interim Condensed Consolidated Financial Statements  (Unaudited)
June 30, 2020 and December 31, 2019
Three and Six Months Ended June 30, 2020 and June 30, 2019
Three and Six Months Ended June 30, 2020 and June 30, 2019
Three and Six Months Ended June 30, 2020 and June 30, 2019
Six Months Ended June 30, 2020 and June 30, 2019
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits

2






































Alamo Group Inc. and Subsidiaries
Interim Condensed Consolidated Balance Sheets
(Unaudited) 
 
(in thousands, except share amounts)
June 30, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents
$82,002  $42,311  
Accounts receivable, net
229,714  237,837  
Inventories, net
248,706  267,674  
Prepaid expenses and other current assets
7,625  10,099  
Income tax receivable
4,066  12,907  
Total current assets
572,113  570,828  
Rental equipment, net
48,583  56,467  
Property, plant and equipment
302,219  302,113  
Less:  Accumulated depreciation
(146,009) (141,388) 
Total property, plant and equipment, net
156,210  160,725  
Goodwill
195,457  198,022  
Intangible assets, net
198,925  206,272  
Deferred income taxes
815  1,078  
Other non-current assets
17,585  19,371  
Total assets
$1,189,688  $1,212,763  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable
$63,417  $81,986  
Income taxes payable
2,619  2,362  
Accrued liabilities
52,615  59,686  
Current maturities of long-term debt and finance lease obligations
15,072  18,840  
Total current liabilities
133,723  162,874  
Long-term debt and finance lease obligations, net of current maturities
423,723  425,141  
Long-term tax liability
6,778  7,432  
Deferred pension liability
1,464  1,844  
Other long-term liabilities
25,361  19,254  
Deferred income taxes
21,488  26,461  
Stockholders’ equity:
Common stock, $0.10 par value, 20,000,000 shares authorized; 11,786,895 and 11,752,509 outstanding at June 30, 2020 and December 31, 2019, respectively
1,179  1,175  
Additional paid-in-capital
115,594  113,666  
Treasury stock, at cost; 82,600 shares at June 30, 2020 and December 31, 2019, respectively
(4,566) (4,566) 
Retained earnings
525,778  500,320  
Accumulated other comprehensive loss
(60,834) (40,838) 
Total stockholders’ equity
577,151  569,757  
Total liabilities and stockholders’ equity
$1,189,688  $1,212,763  

See accompanying notes.
3






































Alamo Group Inc. and Subsidiaries
Interim Condensed Consolidated Statements of Income
(Unaudited)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands, except per share amounts)2020201920202019
Net sales:
Industrial
$182,257  $194,304  $412,232  $367,834  
Agricultural
86,378  90,882  170,851  179,286  
Total net sales268,635  285,186  583,083  547,120  
Cost of sales200,810  212,053  436,318  410,679  
Gross profit67,825  73,133  146,765  136,441  
Selling, general and administrative expenses41,551  42,670  92,799  82,517  
Amortization expense3,613  1,114  7,449  1,969  
Income from operations
22,661  29,349  46,517  51,955  
Interest expense(3,941) (1,935) (9,460) (3,385) 
Interest income306  330  662  503  
Other income (expense), net(1,288) (295) 1,053  (684) 
Income before income taxes
17,738  27,449  38,772  48,389  
Provision for income taxes4,749  6,782  10,255  12,469  
Net Income
$12,989  $20,667  $28,517  $35,920  
Net income per common share:
Basic
$1.10  $1.76  $2.42  $3.07  
Diluted
$1.10  $1.75  $2.41  $3.05  
Average common shares:
Basic
11,778  11,726  11,769  11,712  
Diluted
11,842  11,798  11,835  11,787  
Dividends declared$0.13  $0.12  $0.26  $0.24  
 
 See accompanying notes.
 
4






































Alamo Group Inc. and Subsidiaries
Interim Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2020201920202019
Net income$12,989  $20,667  $28,517  $35,920  
Other comprehensive income (loss):
Foreign currency translation adjustment
5,604  1,194  (14,850) 1,914  
Net gain on pension and other post-retirement benefits
246  215  492  430  
Unrealized losses on derivative instruments
(1,144) (12) (5,534) (12) 
Other comprehensive income (loss) before income tax expense
4,706  1,397  (19,892) 2,332  
Income tax expense related to items of other comprehensive income(52) (45) (104) (90) 
Other comprehensive income (loss)
4,654  1,352  (19,996) 2,242  
Comprehensive income$17,643  $22,019  $8,521  $38,162  

See accompanying notes.


5







































Alamo Group Inc. and Subsidiaries
Interim Condensed Consolidated Statements of Stockholders’ Equity
 (Unaudited)


For six months ended June 30, 2020
Common Stock
Additional
Paid-in Capital
Treasury StockRetained Earnings
Accumulated
Other
Comprehensive Loss
Total Stock-
holders’ Equity
(in thousands)
SharesAmount
Balance at December 31, 201911,670  $1,175  $113,666  $(4,566) $500,320  $(40,838) $569,757  
Other comprehensive income
—  —  —  —  15,528  (24,650) (9,122) 
Stock-based compensation expense
—  —  933  —  —  —  933  
Stock-based compensation transactions
9  1  368  —  —  —  369  
Dividends paid ($0.13 per share)
—  —  —  —  (1,528) —  (1,528) 
Balance at March 31, 202011,679  $1,176  $114,967  $(4,566) $514,320  $(65,488) $560,409  
Other comprehensive income—  —  —  —  12,989  4,654  17,643  
Stock-based compensation expense
—  —  1,103  —  —  —  1,103  
Stock-based compensation transactions
25  3  (476) —  —  —  (473) 
Dividends paid ($0.13 per share)
—  —  —  —  (1,531) —  (1,531) 
Balance at June 30, 202011,704  $1,179  $115,594  $(4,566) $525,778  $(60,834) $577,151  



For six months ended June 30, 2019
Common Stock
Additional Paid-in Capital
Treasury StockRetained Earnings
Accumulated
Other
Comprehensive Loss
Total Stock-
holders’ Equity
(in thousands)SharesAmount
Balance at December 31, 201811,620  $1,166  $108,422  $(426) $443,040  $(44,831) $507,371  
Other comprehensive income
—  —  —  —  15,253  890  16,143  
Stock-based compensation expense
—  —  627  —  —  —  627  
Repurchased shares(15) —  —  (1,490) —  —  (1,490) 
Stock-based compensation transactions
11  1  236  —  —  —  237  
  Dividends paid ($0.12 per share)
—  —  —  —  (1,404) —  (1,404) 
Balance at March 31, 201911,616  $1,167  $109,285  $(1,916) $456,889  $(43,941) $521,484  
Other comprehensive income—  —  —  —  20,667  1,352  22,019  
Stock-based compensation expense
—  —  948  —  —  —  948  
Repurchased shares(15) —    (1,465) —  —  (1,465) 
Stock-based compensation transactions
64  7  1,243  —  —  —  1,250  
Dividends paid ($0.12 per share)
—  —  —  —  (1,404) —  (1,404) 
Balance at June 30, 201911,665  $1,174  $111,476  $(3,381) $476,152  $(42,589) $542,832  


See accompanying notes.

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Alamo Group Inc. and Subsidiaries
Interim Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in thousands)20202019
Operating Activities
Net income$28,517  $35,920  
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for doubtful accounts
416  157  
Depreciation - Property, plant and equipment
9,407  6,868  
Depreciation - Rental equipment
5,158  4,323  
Amortization of intangibles
7,449  1,969  
Amortization of debt issuance
334  110  
Stock-based compensation expense
2,036  1,575  
Provision for deferred income tax (benefit) expense(3,328) 2,306  
Gain on sale of property, plant and equipment
(883) (284) 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
3,408  (32,377) 
Inventories
15,283  (11,023) 
Rental equipment
2,726  (11,862) 
Prepaid expenses and other assets
2,834  (3,393) 
Trade accounts payable and accrued liabilities
(23,913) 5,555  
Income taxes payable
9,192  (477) 
Long-term tax payable(654) 258  
Other assets and long-term liabilities, net
728  1,274  
Net cash provided by operating activities
58,710  899  
Investing Activities
Acquisitions, net of cash acquired  (52,499) 
Purchase of property, plant and equipment(12,545) (12,423) 
Proceeds from sale of property, plant and equipment3,163  661  
Net cash used in investing activities(9,382) (64,261) 
Financing Activities
Borrowings on bank revolving credit facility89,000  122,000  
Repayments on bank revolving credit facility(83,000) (41,000) 
Principal payments on long-term debt and finance leases(11,320) (76) 
Proceeds from issuance of long-term debt and finance leases  38  
Dividends paid(3,059) (2,808) 
Proceeds from exercise of stock options606  2,077  
Treasury stock repurchased  (2,955) 
Common stock repurchased(710) (590) 
Net cash (used in) provided by financing activities(8,483) 76,686  
Effect of exchange rate changes on cash and cash equivalents(1,154) 823  
Net change in cash and cash equivalents39,691  14,147  
Cash and cash equivalents at beginning of the year42,311  34,043  
Cash and cash equivalents at end of the period$82,002  $48,190  
Cash paid during the period for:
Interest
$10,545  $3,285  
Income taxes
4,137  10,035  
See accompanying notes.
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Alamo Group Inc. and Subsidiaries
Notes to Interim Condensed Consolidated Financial Statements - (Unaudited)
June 30, 2020
 
1.  Basis of Financial Statement Presentation

General

The accompanying unaudited interim condensed consolidated financial statements of Alamo Group Inc. and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulations S-X.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.  The balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2019 (the "2019 10-K").

Accounting Pronouncements Adopted on January 1, 2020

In August 2018, the FASB issued Accounting Statement Update (ASU) No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which modifies the disclosure requirements on fair value measurements. Among other things, the amendments added disclosures for changes in unrealized gains and losses on Level 3 fair value measurements and required additional disclosures on unobservable inputs associated with Level 3 assets. The guidance became effective for us on January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses,” to improve information on credit losses for financial instruments. The ASU replaces the previous incurred loss impairment methodology with a methodology that reflects expected credit losses. This guidance became effective for us on January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In August 2018, the FASB issued Accounting Statement Update (ASU) No. 2018-14, “Compensation, Defined Benefit Plans", which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The update removes certain disclosures that are no longer considered cost beneficial and adds disclosure requirements identified as relevant. The guidance will become effective for us on January 1, 2021 with early adoption permitted for any financial statements that have not been issued. The impacts that adoption of the ASU is expected to have on our financial disclosures is being evaluated.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes” to simplify the accounting for income taxes. The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The guidance will become effective for us on January 1, 2021 with early adoption permitted for any financial statements that have not been issued. The impacts that adoption of the ASU is expected to have on our financial disclosures is being evaluated.


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2.  Business Combinations

Morbark, LLC.

On October 24, 2019, the Company completed the acquisition of 100% of the outstanding capital shares of Morbark, LLC. ("Morbark") a former portfolio company of Stellex Capital Management. Morbark manufacturers equipment and aftermarket parts for forestry, tree maintenance, biomass, land management and recycling markets. These products are marketed under the Morbark, Rayco, Denis Cimaf and Boxer Equipment brand names. The total consideration for the purchase was approximately $354.0 million on a debt free basis and subject to certain post-closing adjustments.

The primary reason for the acquisition was to expand and complement our range of vegetation maintenance equipment in an adjacent market along with accelerating Morbark's international growth using the Company's existing presence in Europe, Brazil and Australia.

The valuation of Morbark resulted in goodwill of $102.3 million, all of which has been assigned to the Company's Industrial reporting segment, $82.8 million of goodwill is tax deductible, the remaining balance is not.

The acquisition was accounted for in accordance with ASC Topic 805 Business Combinations ("ASC Topic 805"). The total purchase price has been allocated on a preliminary basis to assets acquired and liabilities assumed, including deferred taxes, based on their estimated fair values as of October 24, 2019. Certain estimated values are not yet finalized and are subject to change. The Company will finalize goodwill and deferred tax amounts once the analysis is complete.

During the six months ended June 30, 2020, Morbark generated approximately $99.8 million of net sales and $4.3 million of net income. The Company has included the operating results of Morbark in its consolidated financial statements since the date of acquisition.

The following table reflects the estimated fair value of the assets acquired and liabilities assumed as of the acquisition date (in thousands):

Accounts receivable$13,966  
Inventory72,972  
Prepaid and other assets5,180  
Rental Equipment1,133  
Property, plant and equipment42,969  
Intangible assets149,790  
Deferred tax liability(6,464) 
Other liabilities assumed(32,275) 
Net assets assumed$247,271  
Goodwill102,305  
Total Acquisition Price net cash$349,576  
Plus: Cash4,735  
Total Consideration$354,311  

Dutch Power Company B.V.

On March 4, 2019, the Company acquired 100% of the issued and outstanding equity interests of Dutch Power Company B.V. ("Dutch Power"). Dutch Power designs, manufactures and sells a variety of landscape and vegetation management machines primarily in Europe. The primary reason for the Dutch Power acquisition was to enhance the Company's platform for growth by increasing both the Company's product portfolio and capabilities in the European market. The acquisition price was approximately $53.0 million.
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The Company completed its review of the valuation of the purchase price allocation for Dutch Power during the first quarter of 2020. The Company found that no additional changes were necessary and that the values disclosed in the 2019 10-K were final.

3.  Accounts Receivable
 
Accounts receivable is shown net of sales discounts and the allowance for credit losses.

At June 30, 2020 the Company had $17.8 million in reserves for sales discounts compared to $16.9 million at December 31, 2019 related to products shipped to our customers under various promotional programs. The
change was primarily due to additional discounts reserved related to sales of the Company's agricultural products sold during the first six months of 2020.
 
4.  Inventories
 
Inventories valued at LIFO cost represented 45% and 42% of total inventory at June 30, 2020 and December 31, 2019, respectively. The excess of current cost over LIFO valued inventories was approximately $10.9 million at June 30, 2020 and December 31, 2019. An actual valuation of inventory under the LIFO method is made only at the end of each year based on the inventory levels and costs at that time.  Accordingly, interim LIFO must be based, to some extent, on management's estimates at each quarter end. Net inventories consist of the following:
(in thousands)
June 30, 2020December 31, 2019
Finished goods
$208,472  $227,823  
Work in process
25,705  21,918  
Raw materials
14,529  17,933  
Inventories, net$248,706  $267,674  
 
Inventory obsolescence reserves were $9.7 million at June 30, 2020 and $8.2 million at December 31, 2019.

5. Rental Equipment

Rental equipment is shown net of accumulated depreciation of $16.7 million and $14.6 million at June 30, 2020 and December 31, 2019, respectively. The Company recognized depreciation expense of $2.6 million and $2.2 million for the three months ended June 30, 2020 and June 30, 2019, respectively and $5.2 million and $4.3 million for the six months ended June 30, 2020 and June 30, 2019, respectively

6.  Fair Value Measurements
 
The carrying values of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, approximate their fair value because of the short-term nature of these items. The carrying value of our debt approximates the fair value as of June 30, 2020 and December 31, 2019, as the floating rates on our outstanding balances approximate current market rates. This conclusion was made based on Level 2 inputs.

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7. Goodwill and Intangible Assets

The following is the summary of changes to the Company's Goodwill for the six months ended June 30, 2020:
IndustrialAgriculturalConsolidated
(in thousands)
Balance at December 31, 2019$183,307  $14,715  $198,022  
Translation adjustment(278) (1,930) (2,208)