Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 21, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001287213 | ||
Entity Registrant Name | DOUGLAS DYNAMICS, INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-34728 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-4275891 | ||
Entity Address, Address Line One | 11270 W Park Place Ste. 300 | ||
Entity Address, City or Town | Milwaukee | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53224 | ||
City Area Code | 414 | ||
Local Phone Number | 354‑2310 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | PLOW | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 658,000,000 | ||
Entity Common Stock, Shares Outstanding | 22,886,793 | ||
Auditor Name | DELOITTE & TOUCHE LLP | ||
Auditor Location | Milwaukee, Wisconsin | ||
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 20,670 | $ 36,964 |
Accounts receivable, net | 86,765 | 71,035 |
Inventories | 136,501 | 104,019 |
Inventories - truck chassis floor plan | 1,211 | 2,655 |
Refundable income taxes paid | 0 | 1,222 |
Prepaid and other current assets | 7,774 | 4,536 |
Total current assets | 252,921 | 220,431 |
Property, plant and equipment, net | 68,660 | 66,787 |
Goodwill | 113,134 | 113,134 |
Other intangible assets, net | 131,589 | 142,109 |
Operating lease right-of-use assets | 17,432 | 18,462 |
Non-qualified benefit plan assets | 8,874 | 10,347 |
Other long-term assets | 4,281 | 1,206 |
Total assets | 596,891 | 572,476 |
Current liabilities: | ||
Accounts payable | 49,252 | 27,375 |
Accrued expenses and other current liabilities | 30,484 | 36,126 |
Floor plan obligations | 1,211 | 2,655 |
Operating lease liability - current | 4,862 | 4,623 |
Income tax payable | 3,485 | 0 |
Current portion of long-term debt | 11,137 | 11,137 |
Total current liabilities | 100,431 | 81,916 |
Retiree health benefit obligation | 14,650 | 17,170 |
Deferred income taxes | 29,837 | 29,789 |
Long term debt, net | 195,299 | 206,058 |
Operating lease liabilities | 14,025 | 15,408 |
Other long-term liabilities | 5,547 | 7,525 |
Commitments and contingencies (Note 16) | ||
Shareholders' equity: | ||
Common Stock, par value $0.01, 200,000,000 shares authorized, 22,886,793 and 22,980,951 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 229 | 230 |
Additional paid-in capital | 164,281 | 163,552 |
Retained earnings | 63,464 | 51,881 |
Accumulated other comprehensive income (loss), net of tax | 9,128 | (1,053) |
Total shareholders' equity | 237,102 | 214,610 |
Total liabilities and shareholders' equity | $ 596,891 | $ 572,476 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 22,886,793 | 22,980,951 |
Common stock, shares outstanding (in shares) | 22,886,793 | 22,980,951 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 616,068 | $ 541,453 | $ 480,154 |
Cost of sales | 464,612 | 399,581 | 351,874 |
Gross profit | 151,456 | 141,872 | 128,280 |
Selling, general, and administrative expense | 82,183 | 78,844 | 64,617 |
Impairment charges | 0 | 1,211 | 127,872 |
Intangibles amortization | 10,520 | 10,682 | 10,931 |
Income (loss) from operations | 58,753 | 51,135 | (75,140) |
Interest expense, net | (11,253) | (11,839) | (20,238) |
Debt modification expense | 0 | 0 | (3,542) |
Loss on extinguishment of debt | 0 | (4,936) | 0 |
Other income (expense), net | (139) | 228 | 91 |
Income (loss) before taxes | 47,361 | 34,588 | (98,829) |
Income tax expense (benefit) | 8,752 | 3,897 | (12,276) |
Net income (loss) | $ 38,609 | $ 30,691 | $ (86,553) |
Earnings (loss) per share: | |||
Basic earnings (loss) per common share attributable to common shareholders (in dollars per share) | $ 1.65 | $ 1.31 | $ (3.81) |
Earnings (loss) per common share assuming dilution attributable to common shareholders (in dollars per share) | 1.63 | 1.29 | (3.81) |
Cash dividends declared and paid per share (in dollars per share) | $ 1.16 | $ 1.14 | $ 1.12 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income (loss) | $ 38,609 | $ 30,691 | $ (86,553) |
Other comprehensive income (loss): | |||
Adjustment for pension and postretirement benefit liability, net of tax | 541 | 329 | (97) |
Adjustment for interest rate swap, net of tax | 9,640 | 4,113 | (2,584) |
Total other comprehensive income (loss), net of tax | 10,181 | 4,442 | (2,681) |
Comprehensive income (loss) | $ 48,790 | $ 35,133 | $ (89,234) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Adjustment for pension and postretirement benefit liability, tax | $ (176) | $ (120) | $ 34 |
Adjustment for interest rate swap, tax | $ (3,140) | $ (1,370) | $ 899 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 22,795,412 | ||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | $ 0 | $ 0 | $ (557) | $ 0 | $ (557) |
Balance at Dec. 31, 2019 | $ 228 | 155,001 | 160,748 | (2,814) | 313,163 |
Net loss (in shares) | 0 | ||||
Net income (loss) | $ 0 | 0 | (86,553) | 0 | (86,553) |
Dividends paid | 0 | 0 | (25,926) | 0 | (25,926) |
Adjustment for pension and postretirement benefit liability, net of tax | 0 | 0 | 0 | (97) | (97) |
Adjustment for interest rate swap, net of tax | 0 | 0 | 0 | (2,584) | (2,584) |
Shares withheld on restricted stock vesting | $ 0 | (72) | 0 | 0 | (72) |
Stock based compensation (in shares) | 62,045 | ||||
Stock based compensation | $ 1 | 2,829 | 0 | 0 | 2,830 |
Balance (in shares) at Dec. 31, 2020 | 22,857,457 | ||||
Balance at Dec. 31, 2020 | $ 229 | 157,758 | 47,712 | (5,495) | 200,204 |
Net income (loss) | 0 | 0 | 30,691 | 0 | 30,691 |
Dividends paid | 0 | 0 | (26,522) | 0 | (26,522) |
Adjustment for pension and postretirement benefit liability, net of tax | 0 | 0 | 0 | 329 | 329 |
Adjustment for interest rate swap, net of tax | $ 0 | 0 | 0 | 4,113 | 4,113 |
Stock based compensation (in shares) | 123,494 | ||||
Stock based compensation | $ 1 | 5,794 | 0 | 0 | 5,795 |
Balance (in shares) at Dec. 31, 2021 | 22,980,951 | ||||
Balance at Dec. 31, 2021 | $ 230 | 163,552 | 51,881 | (1,053) | 214,610 |
Net loss (in shares) | (171,088) | ||||
Net income (loss) | $ 0 | 0 | 38,609 | 0 | 38,609 |
Dividends paid | 0 | 0 | (27,026) | 0 | (27,026) |
Adjustment for pension and postretirement benefit liability, net of tax | 0 | 0 | 0 | 541 | 541 |
Adjustment for interest rate swap, net of tax | $ 0 | 0 | 0 | 9,640 | 9,640 |
Stock based compensation (in shares) | 76,930 | ||||
Stock based compensation | $ 1 | 6,728 | 0 | 0 | 6,729 |
Repurchase of common stock | $ (2) | (5,999) | 0 | 0 | (6,001) |
Balance (in shares) at Dec. 31, 2022 | 22,886,793 | ||||
Balance at Dec. 31, 2022 | $ 229 | $ 164,281 | $ 63,464 | $ 9,128 | $ 237,102 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Accounting Standards Update 2016-13 [Member] | |
Tax effect of change in accounting principle | $ 193 |
Adjustment for pension and postretirement benefit liability, tax | 34 |
Adjustment for interest rate swap, tax | 899 |
Adjustment for pension and postretirement benefit liability, tax | (34) |
Adjustment for interest rate swap, tax | $ (899) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | |||
Net income (loss) | $ 38,609 | $ 30,691 | $ (86,553) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 20,938 | 20,316 | 19,737 |
Amortization of deferred financing costs and debt discount | 491 | 894 | 1,364 |
Debt modification expense | 0 | 0 | 267 |
Loss on extinguishment of debt | 0 | 4,936 | 0 |
Loss (gain) on disposal of fixed assets | 111 | (220) | 0 |
Stock-based compensation | 6,730 | 5,794 | 2,830 |
Adjustments on derivatives not designated as hedges | (688) | (1,192) | 2,854 |
Provision (credit) for losses on accounts receivable | (1,476) | 67 | 1,081 |
Deferred income taxes | (3,268) | 1,618 | (19,598) |
Impairment charges | 0 | 1,211 | 127,872 |
Non-cash lease expense | 1,030 | 1,768 | 4,182 |
Earnout liability | 0 | 0 | (2,017) |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | (14,253) | 12,093 | 3,038 |
Inventories | (32,483) | (24,276) | (1,801) |
Prepaid assets, refundable income taxes and other assets | 3,422 | (1,714) | (3,715) |
Accounts payable | 21,522 | 10,418 | (21) |
Accrued expenses and other current liabilities | 1,321 | 42 | 6,577 |
Benefit obligations and other long-term liabilities | (1,976) | (1,911) | (2,731) |
Net cash provided by operating activities | 40,030 | 60,535 | 53,366 |
Investing activities | |||
Capital expenditures | (12,047) | (11,208) | (14,490) |
Net cash used in investing activities | (12,047) | (11,208) | (14,490) |
Financing activities | |||
Repurchase of common stock | (6,001) | 0 | 0 |
Shares withheld on restricted stock vesting paid for employees’ taxes | 0 | 0 | (72) |
Payments of financing costs | 0 | (1,371) | (1,133) |
Borrowings on long-term debt | 0 | 224,438 | 270,875 |
Dividends paid | (27,026) | (26,522) | (25,926) |
Repayment of long-term debt | (11,250) | (249,938) | (277,255) |
Net cash used in financing activities | (44,277) | (53,393) | (33,511) |
Change in cash and cash equivalents | (16,294) | (4,066) | 5,365 |
Cash and cash equivalents at beginning of year | 36,964 | 41,030 | 35,665 |
Cash and cash equivalents at end of year | 20,670 | 36,964 | 41,030 |
Non-cash operating and financing activities | |||
Truck chassis inventory acquired through floorplan obligations | 4,725 | 34,432 | 38,167 |
Supplemental disclosure of cash flow information | |||
Income taxes paid | 7,025 | 9,768 | 4,279 |
Interest paid | $ 11,662 | $ 12,307 | $ 16,841 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Douglas Dynamics, Inc. (the “Company,”) is a premier manufacturer and upfitter of commercial vehicle attachments and equipment. The Company’s portfolio includes snow and ice management attachments sold under the BLIZZARD ® ® ® ® ® ® ® fifteen The Company conducts business in two 17 Recently adopted accounting standards There were no December 31, 2022 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Principles of consolidation The accompanying consolidated financial statements include the accounts of Douglas Dynamics, Inc. and its direct wholly‑owned subsidiary, Douglas Dynamics, L.L.C., and its wholly‑owned subsidiaries, Douglas Dynamics Finance Company (an inactive subsidiary), Fisher, LLC, Henderson Enterprises Group, Inc., Henderson Products, Inc. and Dejana Truck & Utility Equipment Company, LLC (hereinafter collectively referred to as the “Company”). All intercompany balances and transactions have been eliminated in consolidation. Use of estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Accordingly, actual results could differ from those estimates. Cash and cash equivalents The Company considers all highly liquid investments purchased with an original maturity of three Accounts receivable and allowance for credit losses Effective January 1, 2020, January 1, 2020, The Company carries its accounts receivable at their face amount less an allowance for credit losses. The majority of the Company’s accounts receivable are due from distributors of truck equipment and dealers of completed upfit trucks. Credit is extended based on an evaluation of a customer’s financial condition. A receivable is considered past due if payments have not not 19 not not may December 31, 2022 2021 no 19 December 31, 2022 December 31, 2021 The following table rolls forward the activity related to credit losses for trade accounts receivable at each segment, and on a consolidated basis for the years ended December 31, 2022 2021 Balance at Additions (reductions) Balance at December 31, charged to Changes to December 31, 2021 earnings Writeoffs reserve, net 2022 Year Ended December 31, 2022 Work Truck Attachments $ 1,430 $ (432 ) $ - $ 2 $ 1,000 Work Truck Solutions 1,540 (1,044 ) (109 ) (21 ) 366 Total $ 2,970 $ (1,476 ) $ (109 ) $ (19 ) $ 1,366 Balance at Additions (reductions) Balance at December 31, charged to Changes to December 31, 2020 earnings Writeoffs reserve, net 2021 Year Ended December 31, 2021 Work Truck Attachments $ 1,480 $ (60 ) $ - $ 10 $ 1,430 Work Truck Solutions 1,449 127 (10 ) (26 ) 1,540 Total $ 2,929 $ 67 $ (10 ) $ (16 ) $ 2,970 Financing program The Company is party to a financing program in which certain distributors may third third third December 31, 2022, 2021 2020 December 31, 2022 December 31, 2021 third December 31, 2022 2021 $16,089 not December 31, 2022, 2021 2020 In the past, minimal losses have been incurred under this agreement. However, an adverse change in distributor retail sales could cause this situation to change and thereby require the Company to repurchase repossessed units. Any repossessed units are inspected to ensure they are current, unused product and are restocked and resold. Interest Rate Swap The Company is a counterparty to interest rate swap agreements to hedge against the potential impact on earnings from increases in market interest rates. On June 13, 2019 May 31, 2019 May 31, 2024. may one June 13, 2019 March 18, 2020, first 2020, March 19, 2020, December 31, 2022 2021 December 31, 2022 2021 On June 9, 2021, June 9, 2021 twelve On May 19, 2022, May 31, 2024 June 9, 2026. may two The fair value of the interest rate swaps, net of tax, is $5,208 and ($4,756) at December 31, 2022 December 31, 2021 December 31, 2022 2021 2 820 Fair Value Measurements and Disclosures. Inventories Inventories are stated at the lower of cost or market. Market is determined based on estimated realizable values. Inventory costs are primarily determined by the first‑in, first‑out (FIFO) method. The Company periodically reviews its inventory for slow moving, damaged and discontinued items and provides reserves to reduce such items identified to their recoverable amounts. The Company records inventories to include truck chassis inventory financed through a floor plan financing agreement as discussed in Note 9. December 31, 2022 2021 The Company receives, on consignment, truck chassis on which it performs upfitting service installations under “bailment pool” arrangements with major truck manufacturers. The Company never receives title to the truck chassis. The aggregate value of all bailment pool chassis on hand as of December 31, 2022 2021 Leases As of December 31, 2022 sixteen 7 In the year ended December 31, 2021, two December 31, 2021 7 Property, plant and equipment Property, plant and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using straight‑line methods over the estimated useful lives for financial statement purposes and an accelerated method for income tax reporting purposes. The estimated useful lives of the assets are as follows: Years Land improvements and buildings 15 - 40 Leasehold improvements 12 Machinery and equipment 3 - 20 Furniture and fixtures 3 - 12 Mobile equipment and other 3 - 10 Depreciation expense was $10,418, $9,634, and $8,806 for the years ended December 31, 2022, 2021 2020 twelve Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are charged to operations when incurred. Repairs and maintenance expenses amounted to $6,750, $5,974 and $6,089 for the years ended December 31, 2022, 2021 2020 Impairment of long lived assets Long‑lived assets are reviewed for potential impairment when events or changes in circumstances indicate that the carrying amount of the asset may not no December 31, 2022 In the year ended December 31, 2021, two December 31, 2021 7 Goodwill and other intangible assets Goodwill and indefinite‑lived intangible assets are tested for impairment annually as of December 31, December 31, 2022 December 31, 2021 no second 2020, 19 June 30, 2020 December 31, 2020. The Work Truck Attachments segment consists of two reporting units: Commercial Snow & Ice and Douglas Dynamics Vertical Integration. Only the Commercial Snow & Ice reporting unit has goodwill. The impairment tests performed as of June 30, 2020 December 31, 2020 no December 31, 2022 2021 two June 30, 2020, December 31, 2020 June 30, 2020, December 31, 2020 Intangible assets with estimable useful lives are amortized over their respective estimated useful lives and are reviewed for potential impairment when events or circumstances indicate that the carrying amount of the asset may not no December 31, 2022 2021 December 31, 2022 December 31, 2021 At December 31, 2022 may no December 31, 2022 Income taxes Deferred income taxes are accounted for under the asset and liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates. Deferred income tax provisions or benefits are based on the change in the deferred tax assets and liabilities from period to period. Deferred income tax assets are reduced by a valuation allowance if it is more likely than not not Deferred financing costs The costs of obtaining financing are capitalized and amortized over the term of the related financing on a basis that approximates the effective interest method. The changes in deferred financing costs are as follows: Balance at December 31, 2019 $ 1,563 Deferred financing costs capitalized on new debt 1,133 Write-off of unamortized deferred financing costs (197 ) Amortization of deferred financing costs (763 ) Balance at December 31, 2020 1,736 Deferred financing costs capitalized on new debt 1,409 Write-off of unamortized deferred financing costs (972 ) Amortization of deferred financing costs (493 ) Balance at December 31, 2021 1,680 Amortization of deferred financing costs (379 ) Balance at December 31, 2022 $ 1,301 Fair value Fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not one three 1 2 1 3 The following table presents financial assets and liabilities measured at fair value on a recurring basis and discloses the fair value of long‑term debt: Fair Value at December 31, 2022 Fair Value at December 31, 2021 Assets: Non-qualified benefit plan assets (a) $ 8,874 $ 10,347 Interest rate swaps (b) 7,039 - Total Assets $ 15,913 $ 10,347 Liabilities: Interest rate swaps (b) - 6,428 Long term debt (c) 207,737 218,875 Total Liabilities $ 207,737 $ 225,303 (a) Included in Non-qualified benefit plan assets is the cash surrender value of insurance policies on various individuals that are associated with the Company. The carrying amounts of these insurance policies approximates their fair value. (b) Valuation models are calibrated to initial trade price. Subsequent valuations are based on observable inputs to the valuation model (e.g. interest rates and credit spreads). Model inputs are changed only when corroborated by market data. A credit risk adjustment is made on each swap using observable market credit spreads. Thus, inputs used to determine fair value of the interest rate swap are Level 2 December 31, 2022 December 31, 2021 (c) The fair value of the Company’s long‑term debt, including current maturities, is based on rates for instruments with comparable maturities and credit quality (Level 2 Concentration of credit risk The Company’s cash is deposited with multiple financial institutions. At times, deposits in these institutions exceed the amount of insurance provided on such deposits. The Company has not not No 10% December 31, 2022, 2021 2020 Revenue recognition The Company applies the guidance codified in Accounting Standards Codification 606, Revenue from Contracts with Customers 606” 2014 09 2018 . 3 Cost of sales Cost of sales includes all costs associated with the manufacture of the Company’s products, including raw materials, purchased parts, freight, plant operating expenses, property insurance and taxes, and plant depreciation. All payroll costs and employee benefits for the hourly workforce, manufacturing management, and engineering costs are included in cost of sales. Related party transactions There were no 2020 2021 2022 Warranty cost recognition The Company accrues for estimated warranty costs as revenue is recognized. All warranties are assurance-type warranties. See Note 11 Defined benefit plans The Company has noncontributory, defined benefit postretirement benefit plans covering certain employees. Management reviews underlying assumptions on an annual basis. Refer to Note 13 Advertising expenses Advertising expenses include costs for the production of marketing media, literature, website content and displays. The Company participates in trade shows and advertises in the yellow pages and billboards. Advertising expenses amounted to $4,699, $3,884 and $3,437 for the years ended December 31, 2022, 2021 2020 Research and development expenses Research and development expenses include costs to develop new technologies to enhance existing products and to expand the range of product offerings. Research and development expenses amounted to $12,159, $10,152 and $6,679 for the years ended December 31, 2022, 2021 2020 Shipping and handling costs Generally, shipping and handling costs are paid directly by the customer to the shipping agent. Those shipping and handling costs billed by the Company are recorded as a component of sales with the corresponding costs included in cost of sales. Share based payments The Company applies the guidance codified in ASC 718, Compensation Stock Compensation. Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non‑owner resources and is comprised of net income or loss and “other comprehensive income (loss)”. The Company’s other comprehensive income (loss) is comprised of the adjustments for postretirement benefit liabilities as well as the impact of its interest rate swaps. See Note 20 Segment reporting The Company operates through two two Work Truck Attachments. Work Truck Solutions. Segment performance is evaluated based on segment net sales and Adjusted EBITDA. See Note 17 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Streams The following is a description of principal activities from which the Company generates revenue. Revenues are recognized when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company generates all of its revenue from contracts with customers. Additionally, contract amounts represent the full amount of the transaction price as agreed upon with the customer at the time of order, resulting in a single performance obligation in all cases. In the case of a single order containing multiple upfits, the transaction price may Work Truck Attachments The Company recognizes revenue upon shipment of equipment to the customer. Within the Work Truck Attachments segment, the Company offers a variety of discounts and sales incentives to its distributors. The estimated liability for sales discounts and allowances is calculated using the expected value method and recorded at the time of sale as a reduction of net sales. The liability is estimated based on the costs of the program, the planned duration of the program and historical experience. The Work Truck Attachments segment has two Independent Dealer Sales Parts & Accessory Sales Work Truck Solutions The Work Truck Solutions segment primarily participates in the truck and vehicle upfitting industry in the United States. Customers are billed separately for the truck chassis by the chassis manufacturer. The Company only records sales for the amount of the upfit, excluding the truck chassis. Generally, the Company obtains the truck chassis from the truck chassis manufacturer through either its floor plan agreement with a financial institution or bailment pool agreement with the truck chassis manufacturer. Additionally, in some instances the Company upfits chassis which are owned by the end customer. For truck chassis acquired through the floor plan agreement, the Company holds title to the vehicle from the time the chassis is received by the Company until the completion of the up-fit. Under the bailment pool agreement, the Company does not not not not Revenues from the sales of the Work Truck Solutions products are recognized net of the truck chassis with the selling price to the customer recorded as sales and the manufacturing and up-fit cost of the product recorded as cost of sales. In these cases, the Company acts as an agent as it does not third not third The Work Truck Solutions segment has four State and Local Bids not Fleet Upfit Sales 606, December 31, 2022, 2021 2020 Dealer Upfit Sales not Over the Counter / Parts & Accessory Sales Disaggregation of Revenue The following table provides information about disaggregated revenue by customer type and timing of revenue recognition, and includes a reconciliation of the disaggregated revenue with reportable segments. Revenue by customer type was as follows: Year Ended December 31, 2022 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 382,296 $ 119,900 $ 502,196 Government - 56,319 56,319 Fleet - 49,094 49,094 Other - 8,459 8,459 Total revenue $ 382,296 $ 233,772 $ 616,068 Year Ended December 31, 2021 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 325,707 $ 121,349 $ 447,056 Government - 46,107 46,107 Fleet - 38,669 38,669 Other - 9,621 9,621 Total revenue $ 325,707 $ 215,746 $ 541,453 Year Ended December 31, 2020 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 252,838 $ 114,192 $ 367,030 Government - 62,762 62,762 Fleet - 42,590 42,590 Other - 7,772 7,772 Total revenue $ 252,838 $ 227,316 $ 480,154 Revenue by timing of revenue recognition was as follows: Year Ended December 31, 2022 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 382,296 $ 145,022 $ 527,318 Over time - 88,750 88,750 Total revenue $ 382,296 $ 233,772 $ 616,068 Year Ended December 31, 2021 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 325,707 $ 137,904 $ 463,611 Over time - 77,842 77,842 Total revenue $ 325,707 $ 215,746 $ 541,453 Year Ended December 31, 2020 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 252,838 $ 149,675 $ 402,513 Over time - 77,641 77,641 Total revenue $ 252,838 $ 227,316 $ 480,154 Contract Balances The following table shows the changes in the Company’s contract liabilities during the years ended December 31, 2022 2021 Year Ended December 31, 2022 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 2,454 $ 20,511 $ (18,434 ) $ 4,531 Year Ended December 31, 2021 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 2,746 $ 17,205 $ (17,497 ) $ 2,454 The Company receives payments from customers based upon contractual billing schedules. Contract assets include amounts related to our contractual right to consideration for completed performance obligations not December 31, 2022 2021 The Company recognized all of the amount that was included in contract liabilities at the beginning of the period as revenue in the years ended December 31, 2022 2021 Practical Expedients and Exemptions As allowed under Topic 606, ● The Company generally expenses sales commissions when incurred because the amortization period would have been less than one ● The Company does not one ● The Company does not ● The Company excludes from the transaction price all sales taxes that are assessed by a governmental authority. ● The Company does not one ● The Company accounts for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of assessing such activities as performance obligations. |
Note 4 - Acquisitions
Note 4 - Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. On July 15, 2016, 2016, 2017 2018. December 31, 2016 2016 2016 December 31, 2016 December 31, 2017. September 20, 2017 two December 31, 2019 December 31, 2020, third 2017, fourth fourth 2018, fourth 2019, second 2020, December 31, 2020 |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories consist of the following: December 31, 2022 2021 Finished goods $ 67,006 $ 50,416 Work-in-process 19,037 8,916 Raw material and supplies 50,458 44,687 $ 136,501 $ 104,019 The inventories in the table above do not 9. December 31, 2022 2021 Unlike the floorplan agreement, the Company does not |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, plant and equipment are summarized as follows: December 31, 2022 2021 Land $ 3,969 $ 3,969 Land improvements 5,431 5,278 Leasehold improvements 5,844 5,405 Buildings 35,858 34,635 Machinery and equipment 75,190 68,939 Furniture and fixtures 24,605 22,275 Mobile equipment and other 4,927 4,737 Construction-in-process 5,272 4,235 Total property, plant and equipment 161,096 149,473 Less accumulated depreciation (92,436 ) (82,686 ) Net property, plant and equipment $ 68,660 $ 66,787 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. The Company has operating leases for manufacturing, upfit and office facilities, land and parking lots, warehousing space and certain equipment. The leases have remaining lease terms of less than one not not In the year ended December 31, 2021, two two December 31, 2021 As allowed under ASC 842, ● Short-term lease practical expedient o Allows the Company not 842 12 not ● Separating lease components practical expedient o Allows the Company not Lease Expense The components of lease expense, which are included in Cost of sales and Selling, general and administrative expenses on the Consolidated Statements of Income (Loss), were as follows: Year Ended Year Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Operating lease expense $ 5,555 $ 5,663 $ 5,343 Short term lease cost $ 395 $ 278 $ 397 Total lease cost $ 5,950 $ 5,941 $ 5,740 Cash Flow Supplemental cash flow information related to leases is as follows: Year Ended Year Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 5,753 $ 5,566 $ 5,268 Non-cash lease expense - right-of-use assets $ 4,745 $ 1,768 $ 4,182 Right-of-use assets obtained in exchange for operating lease obligations $ 3,768 $ 2,671 $ 3,866 Balance Sheet Supplemental balance sheet information related to leases is as follows: December 31, 2022 December 31, 2021 Operating Leases Operating lease right-of-use assets $ 17,432 $ 18,462 Other current liabilities 4,862 4,623 Operating lease liabilities 14,025 15,408 Total operating lease liabilities $ 18,887 $ 20,031 Weighted Average Remaining Lease Term (in months) Operating leases 59 62 Weighted Average Discount Rate Operating leases 4.69 % 4.79 % Lease Maturities Maturities of leases were as follows: Year ending December 31, Operating Leases 2023 $ 5,678 2024 4,808 2025 3,992 2026 2,823 2027 1,560 Thereafter 2,177 Total Lease Payments 21,038 Less: imputed interest (2,151 ) Total $ 18,887 |
Note 8 - Other Intangible Asset
Note 8 - Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 8. The following is a summary of the Company’s other intangible assets: Gross Less Net Carrying Accumulated Carrying Amount Amortization Amount December 31, 2022 Indefinite-lived intangibles: Trademark and tradenames $ 77,600 $ - $ 77,600 Amortizable intangibles: Dealer network 80,000 75,000 5,000 Customer relationships 80,920 37,537 43,383 Patents 21,136 16,994 4,142 Noncompete agreements 8,640 8,640 - Trademarks 5,459 3,995 1,464 Amortizable intangibles, net 196,155 142,166 53,989 Total $ 273,755 $ 142,166 $ 131,589 Gross Less Net Carrying Accumulated Carrying Amount Amortization Amount December 31, 2021 Indefinite-lived intangibles: Trademark and tradenames $ 77,600 $ - $ 77,600 Amortizable intangibles: Dealer network 80,000 71,000 9,000 Customer relationships 80,920 32,366 48,554 Patents 21,136 15,739 5,397 Noncompete agreements 8,640 8,640 - Trademarks 5,459 3,901 1,558 Amortizable intangibles, net 196,155 131,646 64,509 Total $ 273,755 $ 131,646 $ 142,109 Amortization expense for intangible assets was $10,520, $10,682 and $10,931 for the years ended December 31, 2022, 2021 2020 five 2023 $ 10,520 2024 7,520 2025 6,075 2026 5,450 2027 5,450 The weighted average remaining life for intangible assets is 7.6 years at December 31, 2022 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 9. Term Debt Long‑term debt is summarized below: December 31, 2022 2021 Term Loan, net of debt discount of $ 387 499 $ 207,737 $ 218,875 Less current maturities 11,137 11,137 Long term debt before deferred financing costs 196,600 207,738 Deferred financing costs, net 1,301 1,680 Long term debt, net $ 195,299 $ 206,058 The scheduled maturities on long term debt at December 31, 2022, are as follows: 2023 $ 11,137 2024 13,950 2025 19,575 2026 163,075 $ 207,737 On June 9, 2021, not June 9, 2026. The Company will be required to pay a fee for unused amounts under the senior secured revolving facility in an amount ranging from 0.150% to 0.300% of the average daily unused portion of the senior secured revolving credit facility, depending on the Company’s Leverage Ratio (as defined in the Credit Agreement). The Credit Agreement provides that the senior secured term loan facility will bear interest at (i) the London Interbank Offered Rate for the applicable interest period multiplied by the Statutory Reserve Rate (as defined in the Credit Agreement) plus (ii) a margin ranging from 1.375% to 2.00%, depending on the Company’s Leverage Ratio. The Credit Agreement provides that the Company has the option to select whether the senior secured revolving credit facility borrowings will bear interest at either (i)(a) the London Interbank Offered Rate for the applicable interest period multiplied by the Statutory Reserve Rate (as defined in the Credit Agreement) plus (b) a margin ranging from 1.375% to 2.00%, depending on the Company’s Leverage Ratio, or (ii) a margin ranging from 0.375% to 1.00% per annum, depending on the Company’s Leverage Ratio, plus the greatest of (which if the following would be less than 1.00%, such rate shall be deemed to be 1.00%) (a) the Prime Rate (as defined in the Credit Agreement) in effect on such day, (b) the NYFRB Rate (as defined in the Credit Agreement) plus 0.50% and (c) the London Interbank Offered Rate for a one zero The Credit Agreement was issued at a $563 discount which is being amortized over the term of the term loan. Additionally, deferred financing costs of $1,409 are being amortized over the term of the loan. The Company’s entrance into the Credit Agreement and subsequent settlement of its prior credit agreements is accounted for as an extinguishment of the Company’s prior debt under ASC 470 50, December 31, 2021. At December 31, 2022 no The Credit Agreement includes customary representations, warranties and negative and affirmative covenants, as well as customary events of default and certain cross default provisions that could result in acceleration of the Credit Agreement. In addition, the Credit Agreement requires the Company to have a Leverage Ratio of not 1.00 June 30, 2021, not 1.00 June 30, 2021. December 31, 2022 In accordance with the Company’s prior credit agreements, the Company was required to make additional principal prepayments over the above scheduled payments under certain conditions. This included, in the case of the term loan facility, 100% of the net cash proceeds of certain asset sales, certain insurance or condemnation events, certain debt issuances, and, within 150 days of the end of each fiscal year, 50% of consolidated excess cash flow including a deduction for certain distributions (which percentage is reduced to 0% upon the achievement of certain leverage ratio thresholds), for such fiscal year. Consolidated excess cash flow was defined in the senior credit facilities as consolidated Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) plus a consolidated working capital adjustment, less the sum of repayments of debt and capital expenditures (subject to certain adjustments), interest and taxes paid in cash, management fees and certain restricted payments (including certain dividends or distributions). Consolidated working capital adjustment was defined in the senior credit facilities as the change in working capital, defined as current assets, excluding cash and cash equivalents, less current liabilities, excluding the current portion of long-term debt. The Company made a voluntary payment of $20,000 on its debt on January 31, 2020, December 31, 2020, March 31, 2021. On June 13, 2019, May 31, 2019 May 31, 2024. may one first 2020, March 19, 2020, December 31, 2022 2021 December 31, 2022 2021 On June 9, 2021, June 9, 2021 twelve On May 19, 2022, May 31, 2024 June 9, 2026. may two The interest rate swaps' positive fair value at December 31, 2022 December 31, 2021 The Company receives on consignment, truck chassis on which it performs upfitting service installations under “bailment pool” arrangements with major truck manufacturers. The Company never receives title to the truck chassis. The aggregate value of all bailment pool chassis on hand as of December 31, 2022 2021 December 31, 2022 December 31, 2022 2022 2021 The Company has a floor plan line of credit for up to $5,000 with a financial institution. The current terms of the line of credit are contained in a credit agreement dated July 15, 2016 July 31, 2017, February 28, 2023. December 31, 2022 2021 2022 2021 |
Note 10 - Accrued Expenses and
Note 10 - Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 10. Accrued expenses and other current liabilities are summarized as follows: December 31, 2022 2021 Payroll and related costs $ 10,805 $ 13,299 Employee benefits 8,863 8,933 Accrued warranty 4,558 3,645 Interest rate swaps - 3,479 Other 6,258 6,770 $ 30,484 $ 36,126 |
Note 11 - Warranty Liability
Note 11 - Warranty Liability | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 11. The Company accrues for estimated warranty costs as sales are recognized and periodically assesses the adequacy of its recorded warranty liability and adjusts the amount as necessary. The Company’s warranties generally provide, with respect to its snow and ice control equipment, that all material and workmanship will be free from defect for a period of one two one one five not December 31, 2022 December 31, 2021 The following is a rollforward of the Company’s warranty liability: December 31, 2022 2021 2020 Balance at the beginning of the period 6,368 5,812 6,541 Warranty provision 4,835 5,270 3,202 Claims paid/settlements (3,327 ) (4,714 ) (3,931 ) Balance at the end of the period 7,876 6,368 5,812 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. The provision for income tax expense (benefit) consists of the following: Year ended December 31 2022 2021 2020 Current: Federal $ 10,515 $ 4,246 $ 5,509 State 1,505 (1,967 ) 1,621 12,020 2,279 7,130 Deferred: Federal (2,187 ) 1,874 (17,135 ) State (1,081 ) (256 ) (2,271 ) (3,268 ) 1,618 (19,406 ) $ 8,752 $ 3,897 $ (12,276 ) A reconciliation of income tax expense computed at the federal statutory rate to the provision for income taxes for the years ended December 31, 2022, 2021 2020 2022 2021 2020 Federal income tax expense at statutory rate $ 9,946 $ 7,264 $ (20,752 ) State taxes, net of federal benefit 1,445 (1,329 ) (2,820 ) Valuation allowance (1,202 ) (101 ) 1,762 Change in uncertain tax positions, net 356 (705 ) 679 Research and development credit (1,333 ) (859 ) (536 ) State rate change (168 ) (652 ) 157 Goodwill impairment - - 10,038 Other (292 ) 279 (804 ) $ 8,752 $ 3,897 $ (12,276 ) Significant components of the Company’s deferred tax liabilities and assets are as follows: December 31, 2022 2021 Deferred tax assets: Allowance for doubtful accounts $ 341 $ 756 Inventory reserves 1,367 1,505 Warranty liability 1,856 1,551 Deferred compensation 2,349 1,659 Earnout liabilities 245 297 Pension and retiree health benefit obligations 1,344 1,573 Interest rate swap - 1,615 Accrued vacation 1,278 1,440 Medical claims reserve - 48 Research expenditures 3,711 - Operating lease liabilities 4,648 5,011 Net operating losses 2,126 3,182 Other accrued liabilities 4,301 5,106 Other 990 663 Valuation allowance (2,071 ) (3,273 ) Total deferred tax assets 22,485 21,133 Deferred tax liabilities: Interest rate swaps (1,729 ) - Tax deductible goodwill and other intangibles (35,492 ) (35,609 ) Accelerated depreciation (10,225 ) (9,918 ) Operating leases - right of use assets (4,288 ) (4,626 ) Other (588 ) (769 ) Total deferred tax liabilities (52,322 ) (50,922 ) Net deferred tax liabilities $ (29,837 ) $ (29,789 ) Deferred income tax balances reflect the effects of temporary differences between the carrying amount of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. State operating loss carry forwards for tax purposes will result in future tax benefits of approximately $1,422. These loss carry-forwards began to expire in 2021. December 31, 2022 A reconciliation of the beginning and ending liability for uncertain tax positions is as follows: 2022 2021 2020 Balance at beginning of year $ 1,214 $ 1,954 $ 1,219 Increases for tax positions taken in the current year 350 311 238 Increases for tax positions taken in the prior years - - 846 Decreases due to settlements with taxing authorities - (991 ) (83 ) Decreases due to lapses in the statute of limitations (45 ) (60 ) (266 ) Balance at the end of year $ 1,519 $ 1,214 $ 1,954 The amount of the unrecognized tax benefits that would affect the effective tax rate, if recognized, was approximately $1,519 at December 31, 2022 December 31, 2022 2021 December 31, 2022 2021 The Company files income tax returns in the United States (federal) and various states. Tax years open to examination by tax authorities under the statute of limitations include 2019 2020 2021 2018 2021 2022 not Beginning in 2022, 2017 five |
Note 13 - Employee Retirement P
Note 13 - Employee Retirement Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 13. Postretirement benefits The Company provides postretirement healthcare benefits for certain employee groups. The postretirement healthcare plans are contributory and contain certain other cost‑sharing features such as deductibles and coinsurance. The plans are unfunded. Employees do not twelve December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Effective January 1, 2004, December 31, 2003. Maximum coverage under the plan is limited to ten December 31, 2003, not The reconciliation of the beginning and ending balances of the projected benefit obligation for the Company consisted of the following: December 31, 2022 2021 Change in projected benefit obligation: Benefit obligation at beginning of year $ 6,261 $ 6,736 Service cost 115 137 Interest cost 153 137 Participant contributions 59 52 Changes in actuarial assumptions (972 ) (790 ) Benefits paid (146 ) (11 ) Projected benefit obligation at end of year $ 5,470 $ 6,261 Amounts recognized in the consolidated balance sheets consisted of: Accrued expenses and other current liabilities $ 240 $ 230 Retiree health benefit obligation 5,230 6,031 $ 5,470 $ 6,261 The components of postretirement healthcare benefit cost consisted of the following for the year ended December 31, 2022 2021 2020 Components of net postretirement health benefit cost: Service cost $ 115 $ 137 $ 147 Interest cost 153 137 191 Amortization of net gain (400 ) (312 ) (310 ) Net postretirement healthcare benefit cost $ (132 ) $ (38 ) $ 28 The assumed discount and healthcare cost trend rates are summarized as follows: Year Ended December 31, 2022 2021 2020 Discount rate 2.5 % 2.1 % 3.0 % Immediate healthcare cost trend rate * ** *** Ultimate healthcare cost trend rate 4.5 4.5 4.5 Assumed annual reduction in trend rate * ** *** Participation 60 60 60 * Health Care Cost Trend rate is assumed to be 7.5% beginning in 2022 2031 ** Health Care Cost Trend rate is assumed to be 7.0% beginning in 2021 2030 *** Health Care Cost Trend rate is assumed to be 7.0% beginning in 2020 2029 The discount rate used to determine the benefit obligation at December 31, 2022 2021 December 31, 2022 2022 2031 December 31, 2021 2021 2030 December 31, 2020 2020 2029 No actuarial gains (losses) remain in accumulated other comprehensive income (loss) related to pension due to the termination of the plans. The amount included in accumulated other comprehensive income (loss), net of tax, at December 31, 2022 not Defined contribution plan The Company has a defined contribution plan, which qualifies under Section 401 January 1, 2013, As determined by the provisions of the plan, the Company matches a portion of the employees’ basic voluntary contributions. There were certain plan design changes in the year ended December 31, 2019 December 31, 2022, 2021 2020 January 1, 2012, December 31, 2022, 2021 2020 December 31, 2021. Non qualified plan The Company also maintains a supplemental non‑qualified plan for certain officers and other key employees. Expense for this plan was $378, $475 and $523 for the years ended December 31, 2022, 2021 2020 December 31, 2022, 2021 2020 December 31, 2022, 2021 2020 December 31, 2022 December 31, 2021 |
Note 14 - Employee Stock Plans
Note 14 - Employee Stock Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 14. Based Compensation 2010 In in May 2010, 2010 “2010 2010 2014 2020 2010 may may may 2010 December 31, 2022 2010 2010 Restricted Stock Units Restricted stock units (“RSUs”) are granted to both non‑employee directors and management. Prior to 2013, 2013, not two one second not one not In 2013, 1 65 2 ten 55 not December 31, 2022, 2021 2020 718, A summary of RSU activity for the years ended December 31, 2022, 2021 2020 Weighted Weighted Average Average Grant Remaining Date Contractual Shares Fair value Term (in years) Unvested at December 31, 2019 35,676 $ 36.49 1.40 Granted 49,349 49.90 0.80 Vested (48,112 ) 45.49 Cancelled and forfeited (891 ) 49.9 Unvested at December 31, 2020 36,022 42.73 1.40 Granted 134,218 44.48 1.07 Vested (88,225 ) 39.73 Cancelled and forfeited (2,112 ) 44.48 Unvested at December 31, 2021 79,903 48.87 1.91 Granted 117,969 36.70 1.27 Vested (79,265 ) 40.80 Cancelled and forfeited (7,343 ) 46.15 Unvested at December 31, 2022 111,264 $ 41.89 1.76 Expected to vest in the future at December 31, 2022 108,242 $ 41.89 1.76 The Company recognized $2,947, $3,292 and $2,263 of compensation expense related to the RSU awards in the years ended December 31, 2022, 2021 2020 December 31, 2022 2025 Beginning in 2019, one no two one Performance Share Unit Awards The Company granted performance share units as performance based awards under the 2010 first 2022 2021 2020 three 2022 2021 2020 718, first 2022 2022 2021 2020 December 31, 2022 2021 2020 December 31, 2022 2025 |
Note 15 - Earnings Per Share
Note 15 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 15. Basic earnings (loss) per share of common stock is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share of common stock is computed by dividing net income (loss) by the weighted average number of common shares, using the two‑class method. As the Company has granted RSUs that both participate in dividend equivalents and do not December 31, 2020. 2022 2021 2020 Basic earnings (loss) per common share Net income (loss) $ 38,609 $ 30,691 $ (86,553 ) Less income allocated to participating securities 741 503 - Net income (loss) allocated to common shareholders $ 37,868 $ 30,188 $ (86,553 ) Weighted average common shares outstanding 22,915,543 22,954,523 22,846,467 $ 1.65 $ 1.31 $ (3.81 ) Earnings (loss) per common share assuming dilution Net income (loss) $ 38,609 $ 30,691 $ (86,553 ) Less income allocated to participating securities 741 503 - Net income (loss) allocated to common shareholders $ 37,868 $ 30,188 $ (86,553 ) Weighted average common shares outstanding 22,915,543 22,954,523 22,846,467 Incremental shares applicable to stock based compensation 1,281 10,209 - Weighted average common shares assuming dilution 22,916,824 22,964,732 22,846,467 $ 1.63 $ 1.29 $ (3.81 ) |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. In the ordinary course of business, the Company is engaged in various litigation including product liability and intellectual property disputes. However, the Company does not not |
Note 17 - Segments
Note 17 - Segments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. The Company operates through two two Work Truck Attachments. Work Truck Solutions. Segment performance is evaluated based on segment net sales and Adjusted EBITDA. Separate financial information is available for the two operating segments. In addition, segment results include an allocation of all corporate costs to Work Truck Attachments and Work Truck Solutions. No 10% Sales between Work Truck Attachments and Work Truck Solutions reflect the Company’s intercompany pricing policy. The following table shows summarized financial information concerning the Company’s reportable segments: 2022 2021 2020 Net sales Work Truck Attachments $ 382,296 $ 325,707 $ 252,838 Work Truck Solutions 233,772 215,746 227,316 $ 616,068 $ 541,453 $ 480,154 Adjusted EBITDA Work Truck Attachments $ 78,211 $ 77,369 $ 62,532 Work Truck Solutions 8,569 2,167 12,360 $ 86,780 $ 79,536 $ 74,892 Depreciation and amortization expense Work Truck Attachments $ 12,901 $ 11,937 $ 10,824 Work Truck Solutions 8,037 8,379 8,913 $ 20,938 $ 20,316 $ 19,737 Assets Work Truck Attachments $ 397,557 $ 384,566 $ 365,210 Work Truck Solutions 199,334 187,910 213,992 $ 596,891 $ 572,476 $ 579,202 Capital expenditures Work Truck Attachments $ 9,526 $ 10,434 $ 13,174 Work Truck Solutions 2,876 1,447 1,508 $ 12,402 $ 11,881 $ 14,682 Adjusted EBITDA Work Truck Attachments $ 78,211 $ 77,369 $ 62,532 Work Truck Solutions 8,569 2,167 12,360 Total Adjusted EBITDA $ 86,780 $ 79,536 $ 74,892 Less items to reconcile Adjusted EBITDA to Income (Loss) before taxes: Interest expense - net 11,253 11,839 20,238 Depreciation expense 10,418 9,634 8,806 Amortization 10,520 10,682 10,931 Purchase accounting (1) - - (2,017 ) Stock based compensation 6,730 5,794 2,830 Impairment charges - 1,211 127,872 Debt modification expense - - 3,542 Loss on extinguishment of debt - 4,936 - COVID-19 (2) 48 82 1,391 Other charges (3) 450 770 128 Income (Loss) before taxes $ 47,361 $ 34,588 $ (98,829 ) ( 1 Reflects $17 in reversal of earnout compensation related to Henderson, and $2,000 in reversal of earnout compensation related to Dejana in the year ended December 31, 2020. ( 2 Reflects incremental costs incurred related to the COVID- 19 19 not ( 3 Reflects expenses and accrual reversals for one |
Note 18 - Stockholders' Equity
Note 18 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 18. equity Preferred Stock The Company is authorized to issue 5,000,000 shares of preferred stock, par value $0.01 per share. Subject to any limitations under law or the Company’s certificate of incorporation, the Company’s board of directors is authorized to provide for the issuance of the shares of preferred stock in one December 31, 2022 2021 Common Stock The Company has 200,000,000 shares of common stock authorized, of which 22,886,793 and 22,980,951 shares were issued and outstanding as of December 31, 2022 2021 The holders of common stock are entitled to one vote per share on all matters submitted to a vote of stockholders. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, common stockholders would be entitled to share ratably in the Company’s assets and funds remaining after payment of liabilities. |
Note 19 - Valuation and Qualify
Note 19 - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 19. The Company’s valuation and qualifying accounts for the years ended December 31, 2022, 2021 2020 Balance at Additions beginning charged to Changes to Balance at of year earnings reserve, net (1) end of year Year ended December 31, 2022 Allowance for credit losses $ 2,970 $ (1,476 ) $ (128 ) $ 1,366 Valuation of deferred tax assets 3,273 - (1,202 ) 2,071 Year ended December 31, 2021 Allowance for credit losses $ 2,929 $ 67 $ (26 ) $ 2,970 Valuation of deferred tax assets 3,374 - (101 ) 3,273 Year ended December 31, 2020 Allowance for credit losses $ 1,487 $ 1,081 $ 361 $ 2,929 Valuation of deferred tax assets 1,612 - 1,762 3,374 ( 1 Increases (deductions) from the allowance for credit losses equal accounts receivable written off and increases related to acquired businesses, less recoveries, against the allowance. See Note 2 |
Note 20 - Changes in Accumulate
Note 20 - Changes in Accumulated Other Comprehensive Income (Loss) by Component | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 20. Changes to accumulated other comprehensive income (loss) by component for the year ended December 31, 2022 Unrealized Net Gain (Loss) Retiree on Interest Health Rate Benefit Swap Obligation Total Balance at December 31, 2021 $ (3,524 ) $ 2,471 $ (1,053 ) Other comprehensive gain before reclassifications 8,587 838 9,425 Amounts reclassified from accumulated other comprehensive income (loss): (1) 1,052 (296 ) 756 Balance at December 31, 2022 $ 6,115 $ 3,013 $ 9,128 (1) Amounts reclassified from accumulated other comprehensive income (loss): Amortization of Other Postretirement Benefit items: Actuarial gains (a) $ (400 ) Tax expense 104 Reclassification net of tax $ (296 ) Realized losses on interest rate swaps reclassified to interest expense $ 1,421 Tax expense (369 ) Reclassification net of tax $ 1,052 (a) – These components are included in the computation of benefit plan costs in Note 13. Changes to accumulated other comprehensive income (loss) by component for the year ended December 31, 2021 Unrealized Net Loss Retiree on Interest Health Rate Benefit Swap Obligation Total Balance at December 31, 2020 $ (7,608 ) $ 2,113 $ (5,495 ) Other comprehensive gain before reclassifications 943 589 1,532 Amounts reclassified from accumulated other comprehensive income (loss): (1) 3,141 (231 ) 2,910 Balance at December 31, 2021 $ (3,524 ) $ 2,471 $ (1,053 ) (1) Amounts reclassified from accumulated other comprehensive income (loss): Amortization of Other Postretirement Benefit items: Actuarial gain (a) $ (312 ) Tax expense 81 Reclassification net of tax $ (231 ) Realized losses on interest rate swaps reclassified to interest expense $ 4,244 Tax expense (1,103 ) Reclassification net of tax $ 3,141 (a) – These components are included in the computation of benefit plan costs in Note 13. |
Note 21 - Quarterly Financial I
Note 21 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 21. 2022 First Second Third Fourth Net sales $ 102,601 $ 187,561 $ 166,100 $ 159,806 Gross profit $ 21,064 $ 51,233 $ 41,269 $ 37,890 Income (loss) before taxes $ (4,925 ) $ 23,090 $ 16,175 $ 13,021 Net income (loss) $ (3,908 ) $ 17,725 $ 13,280 $ 11,512 Basic net earnings (loss) per common share attributable to common shareholders $ (0.18 ) $ 0.76 $ 0.57 $ 0.49 Earnings (loss) per common share assuming dilution attributable to common shareholders $ (0.18 ) $ 0.75 $ 0.56 $ 0.49 Dividends per share $ 0.29 $ 0.29 $ 0.29 $ 0.29 2021 First Second Third Fourth Net sales $ 103,342 $ 157,530 $ 127,636 $ 152,945 Gross profit $ 26,252 $ 48,798 $ 30,635 $ 36,187 Income before taxes $ 665 $ 14,919 $ 8,234 $ 10,770 Net income $ 742 $ 14,103 $ 7,030 $ 8,816 Basic net earnings per common share attributable to common shareholders $ 0.03 $ 0.60 $ 0.30 $ 0.38 Earnings per common share assuming dilution attributable to common shareholders $ 0.03 $ 0.60 $ 0.30 $ 0.37 Dividends per share $ 0.29 $ 0.29 $ 0.29 $ 0.29 Due to the timing of issuance of shares, the sum of quarterly earnings per share may not |
Note 22 - Subsequent Events
Note 22 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 22. On June 9, 2021, No. 1 The Credit Agreement provides for a senior secured term loan to the Term Loan Borrower in the amount of $225.0 million and a senior secured revolving credit facility available to the Revolving Loan Borrowers in the amount of $100.0 million, of which $10.0 million will be available in the form of letters of credit and $15.0 million will be available for the issuance of short-term swingline loans. The Credit Agreement also allows the Revolving Loan Borrowers to request increases to the revolving commitments and/or incremental term loans in an aggregate amount not June 9, 2026. On January 5, 2023, No. 1 No. 1” No. 1 Pursuant to Amendment No. 1, one zero |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying consolidated financial statements include the accounts of Douglas Dynamics, Inc. and its direct wholly‑owned subsidiary, Douglas Dynamics, L.L.C., and its wholly‑owned subsidiaries, Douglas Dynamics Finance Company (an inactive subsidiary), Fisher, LLC, Henderson Enterprises Group, Inc., Henderson Products, Inc. and Dejana Truck & Utility Equipment Company, LLC (hereinafter collectively referred to as the “Company”). All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents The Company considers all highly liquid investments purchased with an original maturity of three |
Accounts Receivable [Policy Text Block] | Accounts receivable and allowance for credit losses Effective January 1, 2020, January 1, 2020, The Company carries its accounts receivable at their face amount less an allowance for credit losses. The majority of the Company’s accounts receivable are due from distributors of truck equipment and dealers of completed upfit trucks. Credit is extended based on an evaluation of a customer’s financial condition. A receivable is considered past due if payments have not not 19 not not may December 31, 2022 2021 no 19 December 31, 2022 December 31, 2021 The following table rolls forward the activity related to credit losses for trade accounts receivable at each segment, and on a consolidated basis for the years ended December 31, 2022 2021 Balance at Additions (reductions) Balance at December 31, charged to Changes to December 31, 2021 earnings Writeoffs reserve, net 2022 Year Ended December 31, 2022 Work Truck Attachments $ 1,430 $ (432 ) $ - $ 2 $ 1,000 Work Truck Solutions 1,540 (1,044 ) (109 ) (21 ) 366 Total $ 2,970 $ (1,476 ) $ (109 ) $ (19 ) $ 1,366 Balance at Additions (reductions) Balance at December 31, charged to Changes to December 31, 2020 earnings Writeoffs reserve, net 2021 Year Ended December 31, 2021 Work Truck Attachments $ 1,480 $ (60 ) $ - $ 10 $ 1,430 Work Truck Solutions 1,449 127 (10 ) (26 ) 1,540 Total $ 2,929 $ 67 $ (10 ) $ (16 ) $ 2,970 |
Financing Program [Policy Text Block] | Financing program The Company is party to a financing program in which certain distributors may third third third December 31, 2022, 2021 2020 December 31, 2022 December 31, 2021 third December 31, 2022 2021 $16,089 not December 31, 2022, 2021 2020 In the past, minimal losses have been incurred under this agreement. However, an adverse change in distributor retail sales could cause this situation to change and thereby require the Company to repurchase repossessed units. Any repossessed units are inspected to ensure they are current, unused product and are restocked and resold. |
Derivatives, Policy [Policy Text Block] | Interest Rate Swap The Company is a counterparty to interest rate swap agreements to hedge against the potential impact on earnings from increases in market interest rates. On June 13, 2019 May 31, 2019 May 31, 2024. may one June 13, 2019 March 18, 2020, first 2020, March 19, 2020, December 31, 2022 2021 December 31, 2022 2021 On June 9, 2021, June 9, 2021 twelve On May 19, 2022, May 31, 2024 June 9, 2026. may two The fair value of the interest rate swaps, net of tax, is $5,208 and ($4,756) at December 31, 2022 December 31, 2021 December 31, 2022 2021 2 820 Fair Value Measurements and Disclosures. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or market. Market is determined based on estimated realizable values. Inventory costs are primarily determined by the first‑in, first‑out (FIFO) method. The Company periodically reviews its inventory for slow moving, damaged and discontinued items and provides reserves to reduce such items identified to their recoverable amounts. The Company records inventories to include truck chassis inventory financed through a floor plan financing agreement as discussed in Note 9. December 31, 2022 2021 The Company receives, on consignment, truck chassis on which it performs upfitting service installations under “bailment pool” arrangements with major truck manufacturers. The Company never receives title to the truck chassis. The aggregate value of all bailment pool chassis on hand as of December 31, 2022 2021 |
Lessee, Leases [Policy Text Block] | Leases As of December 31, 2022 sixteen 7 In the year ended December 31, 2021, two December 31, 2021 7 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment Property, plant and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using straight‑line methods over the estimated useful lives for financial statement purposes and an accelerated method for income tax reporting purposes. The estimated useful lives of the assets are as follows: Years Land improvements and buildings 15 - 40 Leasehold improvements 12 Machinery and equipment 3 - 20 Furniture and fixtures 3 - 12 Mobile equipment and other 3 - 10 Depreciation expense was $10,418, $9,634, and $8,806 for the years ended December 31, 2022, 2021 2020 twelve Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are charged to operations when incurred. Repairs and maintenance expenses amounted to $6,750, $5,974 and $6,089 for the years ended December 31, 2022, 2021 2020 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long lived assets Long‑lived assets are reviewed for potential impairment when events or changes in circumstances indicate that the carrying amount of the asset may not no December 31, 2022 In the year ended December 31, 2021, two December 31, 2021 7 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and other intangible assets Goodwill and indefinite‑lived intangible assets are tested for impairment annually as of December 31, December 31, 2022 December 31, 2021 no second 2020, 19 June 30, 2020 December 31, 2020. The Work Truck Attachments segment consists of two reporting units: Commercial Snow & Ice and Douglas Dynamics Vertical Integration. Only the Commercial Snow & Ice reporting unit has goodwill. The impairment tests performed as of June 30, 2020 December 31, 2020 no December 31, 2022 2021 two June 30, 2020, December 31, 2020 June 30, 2020, December 31, 2020 Intangible assets with estimable useful lives are amortized over their respective estimated useful lives and are reviewed for potential impairment when events or circumstances indicate that the carrying amount of the asset may not no December 31, 2022 2021 December 31, 2022 December 31, 2021 At December 31, 2022 may no December 31, 2022 |
Income Tax, Policy [Policy Text Block] | Income taxes Deferred income taxes are accounted for under the asset and liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates. Deferred income tax provisions or benefits are based on the change in the deferred tax assets and liabilities from period to period. Deferred income tax assets are reduced by a valuation allowance if it is more likely than not not |
Deferred Charges, Policy [Policy Text Block] | Deferred financing costs The costs of obtaining financing are capitalized and amortized over the term of the related financing on a basis that approximates the effective interest method. The changes in deferred financing costs are as follows: Balance at December 31, 2019 $ 1,563 Deferred financing costs capitalized on new debt 1,133 Write-off of unamortized deferred financing costs (197 ) Amortization of deferred financing costs (763 ) Balance at December 31, 2020 1,736 Deferred financing costs capitalized on new debt 1,409 Write-off of unamortized deferred financing costs (972 ) Amortization of deferred financing costs (493 ) Balance at December 31, 2021 1,680 Amortization of deferred financing costs (379 ) Balance at December 31, 2022 $ 1,301 |
Fair Value Measurement, Policy [Policy Text Block] | Fair value Fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not one three 1 2 1 3 The following table presents financial assets and liabilities measured at fair value on a recurring basis and discloses the fair value of long‑term debt: Fair Value at December 31, 2022 Fair Value at December 31, 2021 Assets: Non-qualified benefit plan assets (a) $ 8,874 $ 10,347 Interest rate swaps (b) 7,039 - Total Assets $ 15,913 $ 10,347 Liabilities: Interest rate swaps (b) - 6,428 Long term debt (c) 207,737 218,875 Total Liabilities $ 207,737 $ 225,303 (a) Included in Non-qualified benefit plan assets is the cash surrender value of insurance policies on various individuals that are associated with the Company. The carrying amounts of these insurance policies approximates their fair value. (b) Valuation models are calibrated to initial trade price. Subsequent valuations are based on observable inputs to the valuation model (e.g. interest rates and credit spreads). Model inputs are changed only when corroborated by market data. A credit risk adjustment is made on each swap using observable market credit spreads. Thus, inputs used to determine fair value of the interest rate swap are Level 2 December 31, 2022 December 31, 2021 (c) The fair value of the Company’s long‑term debt, including current maturities, is based on rates for instruments with comparable maturities and credit quality (Level 2 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk The Company’s cash is deposited with multiple financial institutions. At times, deposits in these institutions exceed the amount of insurance provided on such deposits. The Company has not not No 10% December 31, 2022, 2021 2020 |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition The Company applies the guidance codified in Accounting Standards Codification 606, Revenue from Contracts with Customers 606” 2014 09 2018 . 3 |
Cost of Goods and Service [Policy Text Block] | Cost of sales Cost of sales includes all costs associated with the manufacture of the Company’s products, including raw materials, purchased parts, freight, plant operating expenses, property insurance and taxes, and plant depreciation. All payroll costs and employee benefits for the hourly workforce, manufacturing management, and engineering costs are included in cost of sales. |
Related Party Transactions [Policy Text Block] | Related party transactions There were no 2020 2021 2022 |
Standard Product Warranty, Policy [Policy Text Block] | Warranty cost recognition The Company accrues for estimated warranty costs as revenue is recognized. All warranties are assurance-type warranties. See Note 11 |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Defined benefit plans The Company has noncontributory, defined benefit postretirement benefit plans covering certain employees. Management reviews underlying assumptions on an annual basis. Refer to Note 13 |
Advertising Cost [Policy Text Block] | Advertising expenses Advertising expenses include costs for the production of marketing media, literature, website content and displays. The Company participates in trade shows and advertises in the yellow pages and billboards. Advertising expenses amounted to $4,699, $3,884 and $3,437 for the years ended December 31, 2022, 2021 2020 |
Research and Development Expense, Policy [Policy Text Block] | Research and development expenses Research and development expenses include costs to develop new technologies to enhance existing products and to expand the range of product offerings. Research and development expenses amounted to $12,159, $10,152 and $6,679 for the years ended December 31, 2022, 2021 2020 |
Shipping and Handling Costs [Policy Text Block] | Shipping and handling costs Generally, shipping and handling costs are paid directly by the customer to the shipping agent. Those shipping and handling costs billed by the Company are recorded as a component of sales with the corresponding costs included in cost of sales. |
Share-Based Payment Arrangement [Policy Text Block] | Share based payments The Company applies the guidance codified in ASC 718, Compensation Stock Compensation. |
Comprehensive Income, Policy [Policy Text Block] | Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non‑owner resources and is comprised of net income or loss and “other comprehensive income (loss)”. The Company’s other comprehensive income (loss) is comprised of the adjustments for postretirement benefit liabilities as well as the impact of its interest rate swaps. See Note 20 |
Segment Reporting, Policy [Policy Text Block] | Segment reporting The Company operates through two two Work Truck Attachments. Work Truck Solutions. Segment performance is evaluated based on segment net sales and Adjusted EBITDA. See Note 17 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Balance at Additions (reductions) Balance at December 31, charged to Changes to December 31, 2021 earnings Writeoffs reserve, net 2022 Year Ended December 31, 2022 Work Truck Attachments $ 1,430 $ (432 ) $ - $ 2 $ 1,000 Work Truck Solutions 1,540 (1,044 ) (109 ) (21 ) 366 Total $ 2,970 $ (1,476 ) $ (109 ) $ (19 ) $ 1,366 Balance at Additions (reductions) Balance at December 31, charged to Changes to December 31, 2020 earnings Writeoffs reserve, net 2021 Year Ended December 31, 2021 Work Truck Attachments $ 1,480 $ (60 ) $ - $ 10 $ 1,430 Work Truck Solutions 1,449 127 (10 ) (26 ) 1,540 Total $ 2,929 $ 67 $ (10 ) $ (16 ) $ 2,970 |
Property, Plant and Equipment [Table Text Block] | Years Land improvements and buildings 15 - 40 Leasehold improvements 12 Machinery and equipment 3 - 20 Furniture and fixtures 3 - 12 Mobile equipment and other 3 - 10 |
Schedule of Changes In Deferred Financing Costs [Table Text Block] | Balance at December 31, 2019 $ 1,563 Deferred financing costs capitalized on new debt 1,133 Write-off of unamortized deferred financing costs (197 ) Amortization of deferred financing costs (763 ) Balance at December 31, 2020 1,736 Deferred financing costs capitalized on new debt 1,409 Write-off of unamortized deferred financing costs (972 ) Amortization of deferred financing costs (493 ) Balance at December 31, 2021 1,680 Amortization of deferred financing costs (379 ) Balance at December 31, 2022 $ 1,301 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value at December 31, 2022 Fair Value at December 31, 2021 Assets: Non-qualified benefit plan assets (a) $ 8,874 $ 10,347 Interest rate swaps (b) 7,039 - Total Assets $ 15,913 $ 10,347 Liabilities: Interest rate swaps (b) - 6,428 Long term debt (c) 207,737 218,875 Total Liabilities $ 207,737 $ 225,303 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2022 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 382,296 $ 119,900 $ 502,196 Government - 56,319 56,319 Fleet - 49,094 49,094 Other - 8,459 8,459 Total revenue $ 382,296 $ 233,772 $ 616,068 Year Ended December 31, 2021 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 325,707 $ 121,349 $ 447,056 Government - 46,107 46,107 Fleet - 38,669 38,669 Other - 9,621 9,621 Total revenue $ 325,707 $ 215,746 $ 541,453 Year Ended December 31, 2020 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 252,838 $ 114,192 $ 367,030 Government - 62,762 62,762 Fleet - 42,590 42,590 Other - 7,772 7,772 Total revenue $ 252,838 $ 227,316 $ 480,154 Year Ended December 31, 2022 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 382,296 $ 145,022 $ 527,318 Over time - 88,750 88,750 Total revenue $ 382,296 $ 233,772 $ 616,068 Year Ended December 31, 2021 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 325,707 $ 137,904 $ 463,611 Over time - 77,842 77,842 Total revenue $ 325,707 $ 215,746 $ 541,453 Year Ended December 31, 2020 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 252,838 $ 149,675 $ 402,513 Over time - 77,641 77,641 Total revenue $ 252,838 $ 227,316 $ 480,154 Year Ended December 31, 2022 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 2,454 $ 20,511 $ (18,434 ) $ 4,531 Year Ended December 31, 2021 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 2,746 $ 17,205 $ (17,497 ) $ 2,454 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2022 2021 Finished goods $ 67,006 $ 50,416 Work-in-process 19,037 8,916 Raw material and supplies 50,458 44,687 $ 136,501 $ 104,019 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Property Plant and Equipment Components [Table Text Block] | December 31, 2022 2021 Land $ 3,969 $ 3,969 Land improvements 5,431 5,278 Leasehold improvements 5,844 5,405 Buildings 35,858 34,635 Machinery and equipment 75,190 68,939 Furniture and fixtures 24,605 22,275 Mobile equipment and other 4,927 4,737 Construction-in-process 5,272 4,235 Total property, plant and equipment 161,096 149,473 Less accumulated depreciation (92,436 ) (82,686 ) Net property, plant and equipment $ 68,660 $ 66,787 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended Year Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Operating lease expense $ 5,555 $ 5,663 $ 5,343 Short term lease cost $ 395 $ 278 $ 397 Total lease cost $ 5,950 $ 5,941 $ 5,740 Year Ended Year Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 5,753 $ 5,566 $ 5,268 Non-cash lease expense - right-of-use assets $ 4,745 $ 1,768 $ 4,182 Right-of-use assets obtained in exchange for operating lease obligations $ 3,768 $ 2,671 $ 3,866 |
Lessee Operating Lease Supplemental Balance Sheet Information [Table Text Block] | December 31, 2022 December 31, 2021 Operating Leases Operating lease right-of-use assets $ 17,432 $ 18,462 Other current liabilities 4,862 4,623 Operating lease liabilities 14,025 15,408 Total operating lease liabilities $ 18,887 $ 20,031 Weighted Average Remaining Lease Term (in months) Operating leases 59 62 Weighted Average Discount Rate Operating leases 4.69 % 4.79 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending December 31, Operating Leases 2023 $ 5,678 2024 4,808 2025 3,992 2026 2,823 2027 1,560 Thereafter 2,177 Total Lease Payments 21,038 Less: imputed interest (2,151 ) Total $ 18,887 |
Note 8 - Other Intangible Ass_2
Note 8 - Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Finite Lived and Indefinite Lived Intangible Assets by Major Class [Table Text Block] | Gross Less Net Carrying Accumulated Carrying Amount Amortization Amount December 31, 2022 Indefinite-lived intangibles: Trademark and tradenames $ 77,600 $ - $ 77,600 Amortizable intangibles: Dealer network 80,000 75,000 5,000 Customer relationships 80,920 37,537 43,383 Patents 21,136 16,994 4,142 Noncompete agreements 8,640 8,640 - Trademarks 5,459 3,995 1,464 Amortizable intangibles, net 196,155 142,166 53,989 Total $ 273,755 $ 142,166 $ 131,589 Gross Less Net Carrying Accumulated Carrying Amount Amortization Amount December 31, 2021 Indefinite-lived intangibles: Trademark and tradenames $ 77,600 $ - $ 77,600 Amortizable intangibles: Dealer network 80,000 71,000 9,000 Customer relationships 80,920 32,366 48,554 Patents 21,136 15,739 5,397 Noncompete agreements 8,640 8,640 - Trademarks 5,459 3,901 1,558 Amortizable intangibles, net 196,155 131,646 64,509 Total $ 273,755 $ 131,646 $ 142,109 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2023 $ 10,520 2024 7,520 2025 6,075 2026 5,450 2027 5,450 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, 2022 2021 Term Loan, net of debt discount of $ 387 499 $ 207,737 $ 218,875 Less current maturities 11,137 11,137 Long term debt before deferred financing costs 196,600 207,738 Deferred financing costs, net 1,301 1,680 Long term debt, net $ 195,299 $ 206,058 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | The scheduled maturities on long term debt at December 31, 2022, are as follows: 2023 $ 11,137 2024 13,950 2025 19,575 2026 163,075 $ 207,737 |
Note 10 - Accrued Expenses an_2
Note 10 - Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2022 2021 Payroll and related costs $ 10,805 $ 13,299 Employee benefits 8,863 8,933 Accrued warranty 4,558 3,645 Interest rate swaps - 3,479 Other 6,258 6,770 $ 30,484 $ 36,126 |
Note 11 - Warranty Liability (T
Note 11 - Warranty Liability (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | December 31, 2022 2021 2020 Balance at the beginning of the period 6,368 5,812 6,541 Warranty provision 4,835 5,270 3,202 Claims paid/settlements (3,327 ) (4,714 ) (3,931 ) Balance at the end of the period 7,876 6,368 5,812 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31 2022 2021 2020 Current: Federal $ 10,515 $ 4,246 $ 5,509 State 1,505 (1,967 ) 1,621 12,020 2,279 7,130 Deferred: Federal (2,187 ) 1,874 (17,135 ) State (1,081 ) (256 ) (2,271 ) (3,268 ) 1,618 (19,406 ) $ 8,752 $ 3,897 $ (12,276 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 2020 Federal income tax expense at statutory rate $ 9,946 $ 7,264 $ (20,752 ) State taxes, net of federal benefit 1,445 (1,329 ) (2,820 ) Valuation allowance (1,202 ) (101 ) 1,762 Change in uncertain tax positions, net 356 (705 ) 679 Research and development credit (1,333 ) (859 ) (536 ) State rate change (168 ) (652 ) 157 Goodwill impairment - - 10,038 Other (292 ) 279 (804 ) $ 8,752 $ 3,897 $ (12,276 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2022 2021 Deferred tax assets: Allowance for doubtful accounts $ 341 $ 756 Inventory reserves 1,367 1,505 Warranty liability 1,856 1,551 Deferred compensation 2,349 1,659 Earnout liabilities 245 297 Pension and retiree health benefit obligations 1,344 1,573 Interest rate swap - 1,615 Accrued vacation 1,278 1,440 Medical claims reserve - 48 Research expenditures 3,711 - Operating lease liabilities 4,648 5,011 Net operating losses 2,126 3,182 Other accrued liabilities 4,301 5,106 Other 990 663 Valuation allowance (2,071 ) (3,273 ) Total deferred tax assets 22,485 21,133 Deferred tax liabilities: Interest rate swaps (1,729 ) - Tax deductible goodwill and other intangibles (35,492 ) (35,609 ) Accelerated depreciation (10,225 ) (9,918 ) Operating leases - right of use assets (4,288 ) (4,626 ) Other (588 ) (769 ) Total deferred tax liabilities (52,322 ) (50,922 ) Net deferred tax liabilities $ (29,837 ) $ (29,789 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2022 2021 2020 Balance at beginning of year $ 1,214 $ 1,954 $ 1,219 Increases for tax positions taken in the current year 350 311 238 Increases for tax positions taken in the prior years - - 846 Decreases due to settlements with taxing authorities - (991 ) (83 ) Decreases due to lapses in the statute of limitations (45 ) (60 ) (266 ) Balance at the end of year $ 1,519 $ 1,214 $ 1,954 |
Note 13 - Employee Retirement_2
Note 13 - Employee Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | December 31, 2022 2021 Change in projected benefit obligation: Benefit obligation at beginning of year $ 6,261 $ 6,736 Service cost 115 137 Interest cost 153 137 Participant contributions 59 52 Changes in actuarial assumptions (972 ) (790 ) Benefits paid (146 ) (11 ) Projected benefit obligation at end of year $ 5,470 $ 6,261 Amounts recognized in the consolidated balance sheets consisted of: Accrued expenses and other current liabilities $ 240 $ 230 Retiree health benefit obligation 5,230 6,031 $ 5,470 $ 6,261 |
Schedule of Net Benefit Costs [Table Text Block] | 2022 2021 2020 Components of net postretirement health benefit cost: Service cost $ 115 $ 137 $ 147 Interest cost 153 137 191 Amortization of net gain (400 ) (312 ) (310 ) Net postretirement healthcare benefit cost $ (132 ) $ (38 ) $ 28 |
Defined Benefit Plan, Assumptions [Table Text Block] | Year Ended December 31, 2022 2021 2020 Discount rate 2.5 % 2.1 % 3.0 % Immediate healthcare cost trend rate * ** *** Ultimate healthcare cost trend rate 4.5 4.5 4.5 Assumed annual reduction in trend rate * ** *** Participation 60 60 60 |
Note 14 - Employee Stock Plans
Note 14 - Employee Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted Weighted Average Average Grant Remaining Date Contractual Shares Fair value Term (in years) Unvested at December 31, 2019 35,676 $ 36.49 1.40 Granted 49,349 49.90 0.80 Vested (48,112 ) 45.49 Cancelled and forfeited (891 ) 49.9 Unvested at December 31, 2020 36,022 42.73 1.40 Granted 134,218 44.48 1.07 Vested (88,225 ) 39.73 Cancelled and forfeited (2,112 ) 44.48 Unvested at December 31, 2021 79,903 48.87 1.91 Granted 117,969 36.70 1.27 Vested (79,265 ) 40.80 Cancelled and forfeited (7,343 ) 46.15 Unvested at December 31, 2022 111,264 $ 41.89 1.76 Expected to vest in the future at December 31, 2022 108,242 $ 41.89 1.76 |
Note 15 - Earnings Per Share (T
Note 15 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2022 2021 2020 Basic earnings (loss) per common share Net income (loss) $ 38,609 $ 30,691 $ (86,553 ) Less income allocated to participating securities 741 503 - Net income (loss) allocated to common shareholders $ 37,868 $ 30,188 $ (86,553 ) Weighted average common shares outstanding 22,915,543 22,954,523 22,846,467 $ 1.65 $ 1.31 $ (3.81 ) Earnings (loss) per common share assuming dilution Net income (loss) $ 38,609 $ 30,691 $ (86,553 ) Less income allocated to participating securities 741 503 - Net income (loss) allocated to common shareholders $ 37,868 $ 30,188 $ (86,553 ) Weighted average common shares outstanding 22,915,543 22,954,523 22,846,467 Incremental shares applicable to stock based compensation 1,281 10,209 - Weighted average common shares assuming dilution 22,916,824 22,964,732 22,846,467 $ 1.63 $ 1.29 $ (3.81 ) |
Note 17 - Segments (Tables)
Note 17 - Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2022 2021 2020 Net sales Work Truck Attachments $ 382,296 $ 325,707 $ 252,838 Work Truck Solutions 233,772 215,746 227,316 $ 616,068 $ 541,453 $ 480,154 Adjusted EBITDA Work Truck Attachments $ 78,211 $ 77,369 $ 62,532 Work Truck Solutions 8,569 2,167 12,360 $ 86,780 $ 79,536 $ 74,892 Depreciation and amortization expense Work Truck Attachments $ 12,901 $ 11,937 $ 10,824 Work Truck Solutions 8,037 8,379 8,913 $ 20,938 $ 20,316 $ 19,737 Assets Work Truck Attachments $ 397,557 $ 384,566 $ 365,210 Work Truck Solutions 199,334 187,910 213,992 $ 596,891 $ 572,476 $ 579,202 Capital expenditures Work Truck Attachments $ 9,526 $ 10,434 $ 13,174 Work Truck Solutions 2,876 1,447 1,508 $ 12,402 $ 11,881 $ 14,682 Adjusted EBITDA Work Truck Attachments $ 78,211 $ 77,369 $ 62,532 Work Truck Solutions 8,569 2,167 12,360 Total Adjusted EBITDA $ 86,780 $ 79,536 $ 74,892 Less items to reconcile Adjusted EBITDA to Income (Loss) before taxes: Interest expense - net 11,253 11,839 20,238 Depreciation expense 10,418 9,634 8,806 Amortization 10,520 10,682 10,931 Purchase accounting (1) - - (2,017 ) Stock based compensation 6,730 5,794 2,830 Impairment charges - 1,211 127,872 Debt modification expense - - 3,542 Loss on extinguishment of debt - 4,936 - COVID-19 (2) 48 82 1,391 Other charges (3) 450 770 128 Income (Loss) before taxes $ 47,361 $ 34,588 $ (98,829 ) |
Note 19 - Valuation and Quali_2
Note 19 - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Valuation and Qualifying Accounts Disclosure [Table Text Block] | Balance at Additions beginning charged to Changes to Balance at of year earnings reserve, net (1) end of year Year ended December 31, 2022 Allowance for credit losses $ 2,970 $ (1,476 ) $ (128 ) $ 1,366 Valuation of deferred tax assets 3,273 - (1,202 ) 2,071 Year ended December 31, 2021 Allowance for credit losses $ 2,929 $ 67 $ (26 ) $ 2,970 Valuation of deferred tax assets 3,374 - (101 ) 3,273 Year ended December 31, 2020 Allowance for credit losses $ 1,487 $ 1,081 $ 361 $ 2,929 Valuation of deferred tax assets 1,612 - 1,762 3,374 |
Note 20 - Changes in Accumula_2
Note 20 - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Net Gain (Loss) Retiree on Interest Health Rate Benefit Swap Obligation Total Balance at December 31, 2021 $ (3,524 ) $ 2,471 $ (1,053 ) Other comprehensive gain before reclassifications 8,587 838 9,425 Amounts reclassified from accumulated other comprehensive income (loss): (1) 1,052 (296 ) 756 Balance at December 31, 2022 $ 6,115 $ 3,013 $ 9,128 (1) Amounts reclassified from accumulated other comprehensive income (loss): Amortization of Other Postretirement Benefit items: Actuarial gains (a) $ (400 ) Tax expense 104 Reclassification net of tax $ (296 ) Realized losses on interest rate swaps reclassified to interest expense $ 1,421 Tax expense (369 ) Reclassification net of tax $ 1,052 Unrealized Net Loss Retiree on Interest Health Rate Benefit Swap Obligation Total Balance at December 31, 2020 $ (7,608 ) $ 2,113 $ (5,495 ) Other comprehensive gain before reclassifications 943 589 1,532 Amounts reclassified from accumulated other comprehensive income (loss): (1) 3,141 (231 ) 2,910 Balance at December 31, 2021 $ (3,524 ) $ 2,471 $ (1,053 ) (1) Amounts reclassified from accumulated other comprehensive income (loss): Amortization of Other Postretirement Benefit items: Actuarial gain (a) $ (312 ) Tax expense 81 Reclassification net of tax $ (231 ) Realized losses on interest rate swaps reclassified to interest expense $ 4,244 Tax expense (1,103 ) Reclassification net of tax $ 3,141 |
Note 21 - Quarterly Financial_2
Note 21 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2022 First Second Third Fourth Net sales $ 102,601 $ 187,561 $ 166,100 $ 159,806 Gross profit $ 21,064 $ 51,233 $ 41,269 $ 37,890 Income (loss) before taxes $ (4,925 ) $ 23,090 $ 16,175 $ 13,021 Net income (loss) $ (3,908 ) $ 17,725 $ 13,280 $ 11,512 Basic net earnings (loss) per common share attributable to common shareholders $ (0.18 ) $ 0.76 $ 0.57 $ 0.49 Earnings (loss) per common share assuming dilution attributable to common shareholders $ (0.18 ) $ 0.75 $ 0.56 $ 0.49 Dividends per share $ 0.29 $ 0.29 $ 0.29 $ 0.29 2021 First Second Third Fourth Net sales $ 103,342 $ 157,530 $ 127,636 $ 152,945 Gross profit $ 26,252 $ 48,798 $ 30,635 $ 36,187 Income before taxes $ 665 $ 14,919 $ 8,234 $ 10,770 Net income $ 742 $ 14,103 $ 7,030 $ 8,816 Basic net earnings per common share attributable to common shareholders $ 0.03 $ 0.60 $ 0.30 $ 0.38 Earnings per common share assuming dilution attributable to common shareholders $ 0.03 $ 0.60 $ 0.30 $ 0.37 Dividends per share $ 0.29 $ 0.29 $ 0.29 $ 0.29 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Basis of Presentation (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Number of Companys Upfit and Distribution Centers | 15 |
Number of Operating Segments | 2 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||||
May 19, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 13, 2019 USD ($) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 1,366,000 | $ 2,970,000 | $ 2,929,000 | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | ||||
Financing Program Purchases of Distributors Financed | 15,782,000 | 10,524,000 | 7,628,000 | ||
Financing Program, Amount Owed By Distributors | 16,089,000 | 8,281,000 | |||
Financing Program, Repossessed Inventory Required To Be Repurchased | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (1,163,000) | 568,000 | |||
Interest Expense, Debt, Total | 476,000 | 1,760,000 | |||
Gains Losses on Derivatives Expected to Be Amortized from OCITO Earnings | 687,000 | 687,000 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 9,128,000 | (1,053,000) | (5,495,000) | ||
Truck Floor Plan Inventories, Net | 1,211,000 | 2,655,000 | |||
Bailment Pool Chassis Inventories, Net | $ 7,847,000 | 8,439,000 | |||
Number of Companies Upfit and Distribution Centers Subject to Lease Agreements | 16 | ||||
Number of Operating Lease Facilities Impaired | 2 | ||||
Asset Impairment Charges, Total | $ 0 | 1,211,000 | 127,872,000 | ||
Depreciation, Total | 10,418,000 | 9,634,000 | 8,806,000 | ||
Cost of Property Repairs and Maintenance | $ 6,750,000 | 5,974,000 | 6,089,000 | ||
Number of Reporting Units | 4 | ||||
Number of Reportable Segments | 2 | ||||
Goodwill, Ending Balance | $ 113,134,000 | 113,134,000 | |||
Intangible Assets, Gross (Excluding Goodwill), Total | 273,755,000 | 273,755,000 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 142,166,000 | 131,646,000 | |||
Finite-Lived Intangible Assets, Gross, Total | 196,155,000 | 196,155,000 | |||
Advertising Expense | 4,699,000 | 3,884,000 | 3,437,000 | ||
Research and Development Expense, Total | $ 12,159,000 | 10,152,000 | 6,679,000 | ||
Number of Operating Segments | 2 | ||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||||
Derivative Liability, Current | $ 4,120,000 | 3,479,000 | |||
Derivative Liability, Noncurrent | 2,919,000 | 2,949,000 | |||
Distribution Rights [Member] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 75,000,000 | 71,000,000 | |||
Finite-Lived Intangible Assets, Gross, Total | $ 80,000,000 | 80,000,000 | |||
Distribution Rights [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||
Distribution Rights [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||||
Trademarks [Member] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 3,995,000 | 3,901,000 | |||
Finite-Lived Intangible Assets, Gross, Total | $ 5,459,000 | 5,459,000 | |||
Trademarks [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | ||||
Trademarks [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 25 years | ||||
Patents [Member] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 16,994,000 | 15,739,000 | |||
Finite-Lived Intangible Assets, Gross, Total | $ 21,136,000 | 21,136,000 | |||
Patents [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | ||||
Patents [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 37,537,000 | 32,366,000 | |||
Finite-Lived Intangible Assets, Gross, Total | $ 80,920,000 | 80,920,000 | |||
Customer Relationships [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||
Customer Relationships [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 19 years 6 months | ||||
Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 8,640,000 | 8,640,000 | |||
Finite-Lived Intangible Assets, Gross, Total | $ 8,640,000 | 8,640,000 | |||
Noncompete Agreements [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | ||||
Noncompete Agreements [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||
Municipal Reporting Unit [Member] | |||||
Goodwill, Impairment Loss | 47,799,000 | ||||
Dejana Reporting Unit [Member] | |||||
Goodwill, Impairment Loss | 80,073,000 | ||||
Indefinite-Lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 17,100,000 | ||||
Dejana Reporting Unit [Member] | Trade Names [Member] | |||||
Indefinite-Lived Intangible Assets (Excluding Goodwill), Ending Balance | $ 14,000,000 | ||||
Leasehold Improvements [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 12 years | ||||
Interest Rate Swap Effective May 31, 2019 Through May 31, 2024 [Member] | |||||
Derivative Liability, Notional Amount | $ 175,000,000 | $ 175,000,000 | |||
Derivative, Fixed Interest Rate | 2.495% | ||||
Interest Rate Swap [Member] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ (1,163,000) | 568,000 | |||
Interest Expense, Debt, Total | 476,000 | 1,760,000 | |||
Derivative, Notional Amount | $ 125,000 | $ 125,000,000 | |||
Derivative, Nonmonetary Notional Amount, Flow Rate, Percentage | 2.718% | 2.718% | |||
Derivative Liability, Total | $ 5,208,000 | 4,756,000 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 6,115,000 | 3,524,000 | |||
Work Truck Attachments [Member] | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,000,000 | 1,430,000 | 1,480,000 | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 1,000,000 | 1,430,000 | |||
Goodwill, Ending Balance | 113,132,000 | 113,132,000 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 104,196,000 | 98,803,000 | |||
Finite-Lived Intangible Assets, Gross, Total | 177,765,000 | 177,765,000 | |||
Work Truck Solutions [Member] | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 366,000 | 1,540,000 | $ 1,449,000 | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 366,000 | 1,540,000 | |||
Number of Reportable Segments | 2 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 37,970,000 | 32,843,000 | |||
Finite-Lived Intangible Assets, Gross, Total | 95,990,000 | $ 95,990,000 | |||
Revision of Prior Period, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Work Truck Attachments [Member] | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 400,000 | ||||
Revision of Prior Period, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Work Truck Solutions [Member] | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 350,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Allowance for Credit Losses on Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 2,970 | $ 2,929 | |
Additions charged to earnings | (1,476) | 67 | $ 1,081 |
Writeoffs | (109) | (10) | |
Changes to reserve | (19) | (16) | |
Balance | 1,366 | 2,970 | 2,929 |
Balance | 1,366 | 2,970 | 2,929 |
Work Truck Attachments [Member] | |||
Balance | 1,430 | 1,480 | |
Additions charged to earnings | (432) | (60) | |
Writeoffs | 0 | 0 | |
Changes to reserve | 2 | 10 | |
Balance | 1,000 | 1,430 | 1,480 |
Balance | 1,000 | 1,430 | 1,480 |
Work Truck Solutions [Member] | |||
Balance | 1,540 | 1,449 | |
Additions charged to earnings | (1,044) | 127 | |
Writeoffs | (109) | (10) | |
Changes to reserve | (21) | (26) | |
Balance | 366 | 1,540 | 1,449 |
Balance | $ 366 | $ 1,540 | $ 1,449 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of the Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 12 years |
Minimum [Member] | Land Improvements And Buildings [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 15 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Minimum [Member] | Mobile, Equipment and Other [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Maximum [Member] | Land Improvements And Buildings [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 20 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 12 years |
Maximum [Member] | Mobile, Equipment and Other [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Schedule of Changes in Deferred Financing Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 1,680 | $ 1,736 | $ 1,563 |
Deferred financing costs capitalized on new debt | 1,409 | 1,133 | |
Write-off of unamortized deferred financing costs | (972) | (197) | |
Amortization of deferred financing costs | (379) | (493) | (763) |
Balance | $ 1,301 | $ 1,680 | $ 1,736 |
Note 2 - Summary of Significa_7
Note 2 - Summary of Significant Accounting Policies - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Disclosure of Long-term Debt (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-qualified benefit plan assets (a) | [1] | $ 8,874 | $ 10,347 |
Interest rate swaps,assets (b) | [2] | 7,039 | 0 |
Total Assets | 15,913 | 10,347 | |
Interest rate swaps, liabilities (b) | [2] | 0 | 6,428 |
Long term debt (c) | [3] | 207,737 | 218,875 |
Total Liabilities | $ 207,737 | $ 225,303 | |
[1]Included in Non-qualified benefit plan assets is the cash surrender value of insurance policies on various individuals that are associated with the Company. The carrying amounts of these insurance policies approximates their fair value.[2]Valuation models are calibrated to initial trade price. Subsequent valuations are based on observable inputs to the valuation model (e.g. interest rates and credit spreads). Model inputs are changed only when corroborated by market data. A credit risk adjustment is made on each swap using observable market credit spreads. Thus, inputs used to determine fair value of the interest rate swap are Level 2 inputs. Interest rate swaps of $4,120 and $2,919 at December 31, 2022 are included in Prepaid and other current assets and Other long-term assets, respectively. Interest rate swaps of $3,479 and $2,949 at December 31, 2021 are included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively.[3]The fair value of the Company’s long-term debt, including current maturities, is based on rates for instruments with comparable maturities and credit quality (Level 2 inputs), and approximates its carrying value. Long-term debt is recorded at carrying amount, net of discount and deferred financing costs, as disclosed on the face of the balance sheet. |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 159,806 | $ 166,100 | $ 187,561 | $ 102,601 | $ 152,945 | $ 127,636 | $ 157,530 | $ 103,342 | $ 616,068 | $ 541,453 | $ 480,154 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | $ 0 | 0 | 0 | |||||||
Fleet Upfit Sales [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 136 | $ 373 | $ 542 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 159,806 | $ 166,100 | $ 187,561 | $ 102,601 | $ 152,945 | $ 127,636 | $ 157,530 | $ 103,342 | $ 616,068 | $ 541,453 | $ 480,154 |
Contract liabilities, balance | $ 2,454 | $ 2,746 | 2,454 | 2,746 | |||||||
Additions | 20,511 | 17,205 | |||||||||
Deductions | (18,434) | (17,497) | |||||||||
Contract liabilities, balance | $ 4,531 | $ 2,454 | 4,531 | 2,454 | 2,746 | ||||||
Transferred at Point in Time [Member] | |||||||||||
Revenue | 527,318 | 463,611 | 402,513 | ||||||||
Transferred over Time [Member] | |||||||||||
Revenue | 88,750 | 77,842 | 77,641 | ||||||||
Work Truck Attachments [Member] | |||||||||||
Revenue | 382,296 | 325,707 | 252,838 | ||||||||
Work Truck Attachments [Member] | Transferred at Point in Time [Member] | |||||||||||
Revenue | 382,296 | 325,707 | 252,838 | ||||||||
Work Truck Attachments [Member] | Transferred over Time [Member] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Work Truck Solutions [Member] | |||||||||||
Revenue | 233,772 | 215,746 | 227,316 | ||||||||
Work Truck Solutions [Member] | Transferred at Point in Time [Member] | |||||||||||
Revenue | 145,022 | 137,904 | 149,675 | ||||||||
Work Truck Solutions [Member] | Transferred over Time [Member] | |||||||||||
Revenue | 88,750 | 77,842 | 77,641 | ||||||||
Independent Dealer [Member] | |||||||||||
Revenue | 502,196 | 447,056 | 367,030 | ||||||||
Independent Dealer [Member] | Work Truck Attachments [Member] | |||||||||||
Revenue | 382,296 | 325,707 | 252,838 | ||||||||
Independent Dealer [Member] | Work Truck Solutions [Member] | |||||||||||
Revenue | 119,900 | 121,349 | 114,192 | ||||||||
Government Contract [Member] | |||||||||||
Revenue | 56,319 | 46,107 | 62,762 | ||||||||
Government Contract [Member] | Work Truck Attachments [Member] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Government Contract [Member] | Work Truck Solutions [Member] | |||||||||||
Revenue | 56,319 | 46,107 | 62,762 | ||||||||
Fleet [Member] | |||||||||||
Revenue | 49,094 | 38,669 | 42,590 | ||||||||
Fleet [Member] | Work Truck Attachments [Member] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Fleet [Member] | Work Truck Solutions [Member] | |||||||||||
Revenue | 49,094 | 38,669 | 42,590 | ||||||||
Product and Service, Other [Member] | |||||||||||
Revenue | 8,459 | 9,621 | 7,772 | ||||||||
Product and Service, Other [Member] | Work Truck Attachments [Member] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Product and Service, Other [Member] | Work Truck Solutions [Member] | |||||||||||
Revenue | $ 8,459 | $ 9,621 | $ 7,772 |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) - Dejana [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 20, 2017 | Jul. 15, 2016 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2020 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 26,000 | |||||||||
Business Acquisition, Fair Value of Contingent Consideration Recognized | $ 10,200 | |||||||||
Business Combination, Contingent Consideration Liability After Subsequent Adjustment | $ 10,373 | $ 0 | ||||||||
Business Combination, Contingent Consideration Liability, Subsequent Adjustment | $ (2,000) | $ (200) | $ (900) | $ (600) | $ (1,186) | $ (1,786) | 173 | |||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | $ 21,487 | |||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 5,487 | |||||||||
Business Combination, Earnout Consideration Eligibility Period (Year) | 2 years | |||||||||
Business Combination, Percentage of Additional Earnout Payment on Unearned | 50% |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Truck Floor Plan Inventories, Net | $ 1,211 | $ 2,655 |
Note 5 - Inventories - Schedule
Note 5 - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finished goods | $ 67,006 | $ 50,416 |
Work-in-process | 19,037 | 8,916 |
Raw material and supplies | 50,458 | 44,687 |
Inventory, Net, Total | $ 136,501 | $ 104,019 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, plant and equipment | $ 161,096 | $ 149,473 |
Less accumulated depreciation | (92,436) | (82,686) |
Net property, plant and equipment | 68,660 | 66,787 |
Land [Member] | ||
Property, plant and equipment | 3,969 | 3,969 |
Land Improvements [Member] | ||
Property, plant and equipment | 5,431 | 5,278 |
Leasehold Improvements [Member] | ||
Property, plant and equipment | 5,844 | 5,405 |
Building [Member] | ||
Property, plant and equipment | 35,858 | 34,635 |
Machinery and Equipment [Member] | ||
Property, plant and equipment | 75,190 | 68,939 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment | 24,605 | 22,275 |
Mobile, Equipment and Other [Member] | ||
Property, plant and equipment | 4,927 | 4,737 |
Construction in Progress [Member] | ||
Property, plant and equipment | $ 5,272 | $ 4,235 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Lessee, Operating Lease, Renewal Term (Year) | 10 years | ||
Number of Operating Lease Facilities Impaired | 2 | ||
Asset Impairment Charges, Total | $ 0 | $ 1,211 | $ 127,872 |
Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 14 years |
Note 7 - Leases - Summary of Le
Note 7 - Leases - Summary of Lease Expense and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease expense | $ 5,555 | $ 5,663 | $ 5,343 |
Short term lease cost | 395 | 278 | 397 |
Total lease cost | 5,950 | 5,941 | 5,740 |
Cash paid for amounts included in the measurement of operating lease liabilities | 5,753 | 5,566 | 5,268 |
Non-cash lease expense - right-of-use assets | 4,745 | 1,768 | 4,182 |
Right-of-use assets obtained in exchange for operating lease obligations | $ 3,768 | $ 2,671 | $ 3,866 |
Note 7 - Leases - Summary of Su
Note 7 - Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating lease right-of-use assets | $ 17,432 | $ 18,462 |
Other current liabilities | 4,862 | 4,623 |
Operating lease liabilities | 14,025 | 15,408 |
Total operating lease liabilities | $ 18,887 | $ 20,031 |
Operating leases (Month) | 59 months | 62 months |
Operating leases | 4.69% | 4.79% |
Note 7 - Leases - Maturities (D
Note 7 - Leases - Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 5,678 | |
2024 | 4,808 | |
2025 | 3,992 | |
2026 | 2,823 | |
2027 | 1,560 | |
Thereafter | 2,177 | |
Total Lease Payments | 21,038 | |
Less: imputed interest | (2,151) | |
Total | $ 18,887 | $ 20,031 |
Note 8 - Other Intangible Ass_3
Note 8 - Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of Intangible Assets | $ 10,520 | $ 10,682 | $ 10,931 |
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 7 years 7 months 6 days |
Note 8 - Other Intangible Ass_4
Note 8 - Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accumulated Amortization | $ 142,166 | $ 131,646 |
Gross carrying amount | 196,155 | 196,155 |
Net carrying amount | 53,989 | 64,509 |
Total gross carrying amount | 273,755 | 273,755 |
Total net carrying amount | 131,589 | 142,109 |
Distribution Rights [Member] | ||
Accumulated Amortization | 75,000 | 71,000 |
Gross carrying amount | 80,000 | 80,000 |
Net carrying amount | 5,000 | 9,000 |
Customer Relationships [Member] | ||
Accumulated Amortization | 37,537 | 32,366 |
Gross carrying amount | 80,920 | 80,920 |
Net carrying amount | 43,383 | 48,554 |
Patents [Member] | ||
Accumulated Amortization | 16,994 | 15,739 |
Gross carrying amount | 21,136 | 21,136 |
Net carrying amount | 4,142 | 5,397 |
Noncompete Agreements [Member] | ||
Accumulated Amortization | 8,640 | 8,640 |
Gross carrying amount | 8,640 | 8,640 |
Net carrying amount | 0 | 0 |
Trademarks [Member] | ||
Accumulated Amortization | 3,995 | 3,901 |
Gross carrying amount | 5,459 | 5,459 |
Net carrying amount | 1,464 | 1,558 |
Trademarks and Trade Names [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill), Ending Balance | 77,600 | $ 77,600 |
Accumulated Amortization | $ 0 |
Note 8 - Other Intangible Ass_5
Note 8 - Other Intangible Assets - Schedule of Estimated Amortization Expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 10,520 |
2024 | 7,520 |
2025 | 6,075 |
2026 | 5,450 |
2027 | $ 5,450 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) | 12 Months Ended | |||||||||
May 19, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jan. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 19, 2021 USD ($) | Jun. 09, 2021 USD ($) | Jun. 13, 2019 USD ($) | |
Write off of Deferred Debt Issuance Cost | $ 972,000 | $ 197,000 | ||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | (4,936,000) | $ 0 | |||||||
Long-Term Debt, Total | 207,737,000 | |||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (1,163,000) | 568,000 | ||||||||
Interest Expense, Debt, Total | 476,000 | 1,760,000 | ||||||||
Gains Losses on Derivatives Expected to Be Amortized from OCITO Earnings | 687,000 | 687,000 | ||||||||
Bailment Pool Chassis Inventories, Net | $ 8,439,000 | 7,847,000 | 8,439,000 | |||||||
Floor Plan Obligations | 2,655,000 | 1,211,000 | 2,655,000 | |||||||
Interest Rate Swap Effective May 31, 2019 Through May 31, 2024 [Member] | ||||||||||
Derivative Liability, Notional Amount | $ 175,000,000 | $ 175,000,000 | ||||||||
Derivative, Fixed Interest Rate | 2.495% | |||||||||
Derivative, Floor Interest Rate | 1% | |||||||||
Interest Rate Swap [Member] | ||||||||||
Derivative Counter Party Risk Number of Financial Institutions | 1 | |||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ (1,163,000) | 568,000 | ||||||||
Interest Expense, Debt, Total | 476,000 | 1,760,000 | ||||||||
Derivative, Notional Amount | $ 125,000 | $ 125,000,000 | ||||||||
Derivative, Nonmonetary Notional Amount, Flow Rate, Percentage | 2.718% | 2.718% | ||||||||
Interest Rate Derivative Liabilities, at Fair Value | 6,428,000 | $ 7,039,000 | 6,428,000 | |||||||
Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||||||||
Interest Rate Derivative Assets, at Fair Value | 4,120,000 | |||||||||
Interest Rate Swap [Member] | Other Noncurrent Assets [Member] | ||||||||||
Interest Rate Derivative Assets, at Fair Value | 2,919,000 | |||||||||
Interest Rate Swap [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||||||||||
Interest Rate Derivative Liabilities, at Fair Value | 3,479,000 | 3,479,000 | ||||||||
Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ||||||||||
Interest Rate Derivative Liabilities, at Fair Value | 2,949,000 | 2,949,000 | ||||||||
Secured Debt [Member] | ||||||||||
Debt Instrument, Unamortized Discount, Total | 499,000 | 387,000 | 499,000 | |||||||
Long-Term Debt, Total | 218,875,000 | 207,737,000 | 218,875,000 | |||||||
Bailment Pool Arrangement [Member] | ||||||||||
Interest Expense, Debt, Total | $ 11,000 | 72,000 | ||||||||
Prime Rate [Member] | Bailment Pool Arrangement [Member] | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.50% | |||||||||
Maximum [Member] | Prime Rate [Member] | Bailment Pool Arrangement [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 8% | |||||||||
Minimum [Member] | Prime Rate [Member] | Bailment Pool Arrangement [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0% | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | $ 100,000,000 | ||||||||
Long-Term Line of Credit, Total | $ 0 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 99,450,000 | |||||||||
Revolving Credit Facility [Member] | New York Federal Reserve Bank NYFRB [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||
Revolving Credit Facility [Member] | One Month Adjusted London Interbank Offered Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||||||||
Revolving Credit Facility [Member] | Maximum [Member] | Leverage Ratio Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||||||||
Revolving Credit Facility [Member] | Minimum [Member] | Leverage Ratio Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.375% | |||||||||
Letter of Credit [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | 10,000,000 | ||||||||
Line of Credit [Member] | Secured Debt [Member] | ||||||||||
Debt Instrument Percentage of Net Cash Proceeds of Certain Events Paid as Additional Principal Prepayments | 100% | |||||||||
Debt Instrument Percentage of Excess Cash Flow Paid as Additional Principal Prepayments | 50% | |||||||||
Debt Instrument Reduced Percentage of Excess Cash Flow Paid As Additional Principal Prepayments Upon Achievement of Certain Leverage Ratio Thresholds One | 0% | |||||||||
Debt Instrument Voluntary Payment | 30,000,000 | $ 20,000,000 | $ 20,000,000 | |||||||
Line of Credit [Member] | Floor Plan Arrangement [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | |||||||||
Interest Expense, Debt, Total | 321,000 | 108,000 | ||||||||
Floor Plan Obligations | $ 2,655,000 | $ 1,211,000 | $ 2,655,000 | |||||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Floor Plan Arrangement [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||
Line of Credit [Member] | Maximum [Member] | Secured Debt [Member] | ||||||||||
Debt Instrument Period Before Fiscal Year End for Additional Principal Prepayments of Debt from Excess Cash Flow (Day) | 150 days | |||||||||
Senior Secured Term Loan Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 225,000,000 | 225,000,000 | ||||||||
Senior Secured Term Loan Facility [Member] | Maximum [Member] | Leverage Ratio One [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||||||||
Senior Secured Term Loan Facility [Member] | Minimum [Member] | Leverage Ratio One [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||||||||
Swingline Loan [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000,000 | 15,000,000 | ||||||||
Credit Agreement [Member] | ||||||||||
Debt Instrument, Unamortized Discount, Total | $ 563,000 | |||||||||
Debt Issuance Costs, Net, Total | 1,409,000 | |||||||||
Write off of Deferred Debt Issuance Cost | 972,000 | |||||||||
Write off of Unamortized Debt Discount | 3,964,000 | |||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 4,936,000 | |||||||||
Debt Instrument Covenant Leverage Ratio | 3.50% | |||||||||
Debt Instrument, Covenant Consolidated Interest Coverage Ratio | 3% | |||||||||
Credit Agreement [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility Increase in Maximum Borrowing Capacity | $ 175,000,000 | $ 175,000,000 |
Note 9 - Long-term Debt - Sched
Note 9 - Long-term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Term Loan, net of debt discount of $387 and $499 at December 31, 2022 and December 31, 2021, respectively | $ 207,737 | |||
Less current maturities | 11,137 | $ 11,137 | ||
Deferred financing costs, net | 1,301 | 1,680 | $ 1,736 | $ 1,563 |
Long term debt, net | 195,299 | 206,058 | ||
Secured Debt [Member] | ||||
Term Loan, net of debt discount of $387 and $499 at December 31, 2022 and December 31, 2021, respectively | 207,737 | 218,875 | ||
Less current maturities | 11,137 | 11,137 | ||
Long term debt before deferred financing costs | $ 196,600 | $ 207,738 |
Note 9 - Long-term Debt - Sch_2
Note 9 - Long-term Debt - Schedule of Long-term Debt Instruments (Details) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Secured Debt [Member] | ||
Unamortized discount on issuance of debt | $ 387 | $ 499 |
Note 9 - Long-Term Debt - Sch_3
Note 9 - Long-Term Debt - Schedule of Maturities on Long-term Debt (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 11,137 |
2024 | 13,950 |
2025 | 19,575 |
2026 | 163,075 |
Long-Term Debt, Total | $ 207,737 |
Note 10 - Accrued Expenses an_3
Note 10 - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payroll and related costs | $ 10,805 | $ 13,299 |
Employee benefits | 8,863 | 8,933 |
Accrued warranty | 4,558 | 3,645 |
Interest rate swaps | 0 | 3,479 |
Other | 6,258 | 6,770 |
Accrued Liabilities, Current, Total | $ 30,484 | $ 36,126 |
Note 11 - Warranty Liability (D
Note 11 - Warranty Liability (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Standard Product Warranty Period of Warranty History Used in Estimating Warranty Costs (Year) | 5 years | |||
Standard Product Warranty Accrual, Ending Balance | $ 7,876 | $ 6,368 | $ 5,812 | $ 6,541 |
Standard Product Warranty Accrual, Noncurrent | 3,318 | 2,723 | ||
Standard Product Warranty Accrual, Current | $ 4,558 | $ 3,645 | ||
Snow And Ice Control Equipment [Member] | Minimum [Member] | ||||
Standard Product Warranty Period (Year) | 1 year | |||
Snow And Ice Control Equipment [Member] | Maximum [Member] | ||||
Standard Product Warranty Period (Year) | 2 years | |||
Parts And Accessories [Member] | ||||
Standard Product Warranty Period (Year) | 1 year | |||
Certain Snowplows [Member] | ||||
Standard Product Warranty Period (Year) | 1 year |
Note 11 - Warranty Liability -
Note 11 - Warranty Liability - Schedule of Rollforward of Company's Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Warranty balance | $ 6,368 | $ 5,812 | $ 6,541 |
Warranty provision | 4,835 | 5,270 | 3,202 |
Claims paid/settlements | (3,327) | (4,714) | (3,931) |
Warranty balance | $ 7,876 | $ 6,368 | $ 5,812 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Tax Assets, Valuation Allowance | $ 2,071 | $ 3,273 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,519 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 581 | $ 466 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | 1,422 | |
Deferred Tax Assets, Valuation Allowance | $ 1,368 | |
Open Tax Year | 2018 2019 2020 2021 | |
Domestic Tax Authority [Member] | ||
Deferred Tax Assets, Valuation Allowance | $ 704 | |
Open Tax Year | 2019 2020 2021 |
Note 12 - Income Taxes - Schedu
Note 12 - Income Taxes - Schedule of Components of Provision for Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ 10,515 | $ 4,246 | $ 5,509 |
State | 1,505 | (1,967) | 1,621 |
Current Income Tax Expense (Benefit), Total | 12,020 | 2,279 | 7,130 |
Deferred: | |||
Federal | (2,187) | 1,874 | (17,135) |
State | (1,081) | (256) | (2,271) |
Deferred Income Tax Expense (Benefit), Total | (3,268) | 1,618 | (19,406) |
Income Tax Expense (Benefit), Total | $ 8,752 | $ 3,897 | $ (12,276) |
Note 12 - Income Taxes - Sche_2
Note 12 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal income tax expense at statutory rate | $ 9,946 | $ 7,264 | $ (20,752) |
State taxes, net of federal benefit | 1,445 | (1,329) | (2,820) |
Valuation allowance | (1,202) | (101) | 1,762 |
Change in uncertain tax positions, net | 356 | (705) | 679 |
Research and development credit | (1,333) | (859) | (536) |
State rate change | (168) | (652) | 157 |
Goodwill impairment | 0 | 0 | 10,038 |
Other | (292) | 279 | (804) |
Income Tax Expense (Benefit), Total | $ 8,752 | $ 3,897 | $ (12,276) |
Note 12 - Income Taxes - Sche_3
Note 12 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 341 | $ 756 |
Inventory reserves | 1,367 | 1,505 |
Warranty liability | 1,856 | 1,551 |
Deferred compensation | 2,349 | 1,659 |
Earnout liabilities | 245 | 297 |
Pension and retiree health benefit obligations | 1,344 | 1,573 |
Interest rate swap | 0 | 1,615 |
Accrued vacation | 1,278 | 1,440 |
Medical claims reserve | 0 | 48 |
Research expenditures | 3,711 | 0 |
Operating lease liabilities | 4,648 | 5,011 |
Net operating losses | 2,126 | 3,182 |
Other accrued liabilities | 4,301 | 5,106 |
Other | 990 | 663 |
Valuation allowance | (2,071) | (3,273) |
Total deferred tax assets | 22,485 | 21,133 |
Deferred tax liabilities: | ||
Interest rate swaps | (1,729) | 0 |
Tax deductible goodwill and other intangibles | (35,492) | (35,609) |
Accelerated depreciation | (10,225) | (9,918) |
Operating leases - right of use assets | (4,288) | (4,626) |
Other | (588) | (769) |
Total deferred tax liabilities | (52,322) | (50,922) |
Net deferred tax liabilities | $ (29,837) | $ (29,789) |
Note 12 - Income Taxes - Sche_4
Note 12 - Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at beginning of year | $ 1,214 | $ 1,954 | $ 1,219 |
Increases for tax positions taken in the current year | 350 | 311 | 238 |
Increases for tax positions taken in the prior years | 0 | 0 | 846 |
Decreases due to settlements with taxing authorities | 0 | (991) | (83) |
Decreases due to lapses in the statute of limitations | (45) | (60) | (266) |
Balance at the end of year | $ 1,519 | $ 1,214 | $ 1,954 |
Note 13 - Employee Retirement_3
Note 13 - Employee Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability, Other Postretirement Defined Benefit Plan, Noncurrent | $ 14,650 | $ 17,170 | |
Defined Benefit Plan, Benefit Obligation Actuarial Gain (Loss) Due to Pension Plan Termination | 0 | ||
Defined Contribution Plan, Cost | 4,999 | 4,334 | $ 3,899 |
Non Discretionary Employer Contributions | 0 | 0 | $ 0 |
Discretionary Contributions Made By Employer | 470 | ||
Assets for Plan Benefits, Defined Benefit Plan | $ 8,874 | 10,347 | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Requisite Service Period (Year) | 12 years | ||
Liability, Other Postretirement Defined Benefit Plan, Noncurrent | $ 5,230 | 6,031 | |
Liability, Defined Benefit Plan, Current | $ 240 | $ 230 | |
Defined Benefit Plan, Coverage Term (Year) | 10 years | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 7.50% | 7% | 7% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | 4.50% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5% | 2.50% | |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2031 | 2030 | 2029 |
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | $ 3,013 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | (132) | $ (38) | $ 28 |
Supplemental Non Qualified Plan [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 378 | 475 | 523 |
Liability, Defined Benefit Plan, Total | $ 9,420 | $ 11,139 | $ 9,318 |
Note 13 - Employee Retirement_4
Note 13 - Employee Retirement Plans - Schedule of Changes in Projected Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retiree health benefit obligation | $ 14,650 | $ 17,170 | |
Other Postretirement Benefits Plan [Member] | |||
Benefit obligation | 6,261 | 6,736 | |
Service cost | 115 | 137 | $ 147 |
Interest cost | 153 | 137 | 191 |
Participant contributions | 59 | 52 | |
Changes in actuarial assumptions | (972) | (790) | |
Benefits paid | (146) | (11) | |
Benefit obligation | 5,470 | 6,261 | $ 6,736 |
Accrued expenses and other current liabilities | 240 | 230 | |
Retiree health benefit obligation | 5,230 | 6,031 | |
Defined benefit plan, amount for asset (liability) recognized in balance sheet | $ 5,470 | $ 6,261 |
Note 13 - Employee Retirement_5
Note 13 - Employee Retirement Plans - Schedule of Components of Net Periodic Pension or Other Post Retirement Benefit Cost (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Service cost | $ 115 | $ 137 | $ 147 |
Interest cost | 153 | 137 | 191 |
Amortization of net gain | (400) | (312) | (310) |
Net postretirement healthcare benefit cost | $ (132) | $ (38) | $ 28 |
Note 13 - Employee Retirement_6
Note 13 - Employee Retirement Plans - Schedule of Assumptions Used in Determining Net Periodic Costs and Summary of Healthcare Cost Trend Rates (Details) - Other Postretirement Benefits Plan [Member] | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Discount rate | 2.50% | 2.10% | 3% |
Ultimate healthcare cost trend rate | 4.50% | 4.50% | 4.50% |
Participation | 60% | 60% | 60% |
Note 14 - Employee Stock Plan_2
Note 14 - Employee Stock Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2010 | |
Share-Based Payment Arrangement, Expense | $ 6,730 | $ 5,794 | $ 2,830 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Payment Arrangement, Accelerated Cost | $ 3,724 | $ 2,988 | $ 1,191 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 36.70 | $ 44.48 | $ 49.90 | ||
Performance Shares [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 3,783 | $ 2,502 | $ 567 | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 2,126 | ||||
The 2010 Stock Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 2,130,000 | ||||
The 2010 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award, Shares Issued Upon Exercise of Right (in shares) | 1 | ||||
Share-Based Payment Arrangement, Expense | $ 2,947 | $ 3,292 | $ 2,263 | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,471 | ||||
The 2010 Stock Incentive Plan [Member] | Performance Shares [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period (Year) | 3 years | ||||
Share Based Compensation Arrangement by Share Based Payment Award, Number of Awards Company Expects Participant to Earn (in shares) | 131,232 | 66,364 | 16,488 | ||
Share Based Compensation Arrangement by Share Based Payment Award, Number of Awards That Will Be Converted Into Restricted Stock Units (in shares) | 29,399 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 37.57 | $ 49.96 | $ 53.50 | ||
The 2010 Stock Incentive Plan [Member] | Common Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 531,267 |
Note 14 - Employee Stock Plan_3
Note 14 - Employee Stock Plans - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unvested, shares (in shares) | 79,903 | 36,022 | 35,676 | |
Unvested, weighted average grant date fair value (in dollars per share) | $ 48.87 | $ 42.73 | $ 36.49 | |
Unvested, contractual term (Year) | 1 year 9 months 3 days | 1 year 10 months 28 days | 1 year 4 months 24 days | 1 year 4 months 24 days |
Granted, shares (in shares) | 117,969 | 134,218 | 49,349 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 36.70 | $ 44.48 | $ 49.90 | |
Granted, contractual term (Year) | 1 year 3 months 7 days | 1 year 25 days | 9 months 18 days | |
Vested, shares (in shares) | (79,265) | (88,225) | (48,112) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 40.80 | $ 39.73 | $ 45.49 | |
Cancelled and forfeited, shares (in shares) | (7,343) | (2,112) | (891) | |
Cancelled and forfeited, weighted average grant date fair value (in dollars per share) | $ 46.15 | $ 44.48 | $ 49.9 | |
Unvested, shares (in shares) | 111,264 | 79,903 | 36,022 | 35,676 |
Unvested, weighted average grant date fair value (in dollars per share) | $ 41.89 | $ 48.87 | $ 42.73 | $ 36.49 |
Expected to vest in the future, shares (in shares) | 108,242 | |||
Expected to vest in the future, weighted average grant date fair value (in dollars per share) | $ 41.89 | |||
Expected to vest in the future, contractual term (Year) | 1 year 9 months 3 days |
Note 15 - Earnings Per Share (D
Note 15 - Earnings Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2020 shares | |
Restricted Stock Units (RSUs) [Member] | |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | 25,565 |
Note 15 - Earnings Per Share -
Note 15 - Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income (loss) | $ 38,609 | $ 30,691 | $ (86,553) | ||||||||
Less income allocated to participating securities | 741 | 503 | 0 | ||||||||
Net income (loss) allocated to common shareholders | $ 37,868 | $ 30,188 | $ (86,553) | ||||||||
Weighted average common shares outstanding (in shares) | 22,915,543 | 22,954,523 | 22,846,467 | ||||||||
Earnings Per Share, Basic, Total | $ 0.49 | $ 0.57 | $ 0.76 | $ (0.18) | $ 0.38 | $ 0.30 | $ 0.60 | $ 0.03 | $ 1.65 | $ 1.31 | $ (3.81) |
Less income allocated to participating securities | $ 741 | $ 503 | $ 0 | ||||||||
Net income (loss) allocated to common shareholders | $ 37,868 | $ 30,188 | $ (86,553) | ||||||||
Incremental shares applicable to stock based compensation (in shares) | 1,281 | 10,209 | 0 | ||||||||
Weighted average common shares assuming dilution (in shares) | 22,916,824 | 22,964,732 | 22,846,467 | ||||||||
Earnings Per Share, Diluted, Total | $ 0.49 | $ 0.56 | $ 0.75 | $ (0.18) | $ 0.37 | $ 0.30 | $ 0.60 | $ 0.03 | $ 1.63 | $ 1.29 | $ (3.81) |
Note 17 - Segments (Details Tex
Note 17 - Segments (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Number of Reportable Segments | 2 | |||
Purchase Accounting, Reversal of Earn Out Compensation Expense | [1] | $ 0 | $ 0 | $ (2,017) |
Henderson Inc. [Member] | ||||
Purchase Accounting, Reversal of Earn Out Compensation Expense | 17 | |||
Dejana [Member] | ||||
Purchase Accounting, Reversal of Earn Out Compensation Expense | $ 2,000 | |||
[1]Reflects $17 in reversal of earnout compensation related to Henderson, and $2,000 in reversal of earnout compensation related to Dejana in the year ended December 31, 2020. |
Note 17 - Segments - Summarized
Note 17 - Segments - Summarized Financial Information of Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenue | $ 159,806 | $ 166,100 | $ 187,561 | $ 102,601 | $ 152,945 | $ 127,636 | $ 157,530 | $ 103,342 | $ 616,068 | $ 541,453 | $ 480,154 | |
Adjusted EBITDA | 86,780 | 79,536 | 74,892 | |||||||||
Depreciation and amortization expense | 20,938 | 20,316 | 19,737 | |||||||||
Assets | 596,891 | 572,476 | 596,891 | 572,476 | 579,202 | |||||||
Capital Expenditures | 12,402 | 11,881 | 14,682 | |||||||||
Interest expense - net | (11,253) | (11,839) | (20,238) | |||||||||
Depreciation expense | 10,418 | 9,634 | 8,806 | |||||||||
Amortization | 10,520 | 10,682 | 10,931 | |||||||||
Purchase accounting (1) | [1] | 0 | 0 | (2,017) | ||||||||
Stock based compensation | 6,730 | 5,794 | 2,830 | |||||||||
Impairment charges | 0 | 1,211 | 127,872 | |||||||||
Debt modification expense | 0 | 0 | 3,542 | |||||||||
Loss on extinguishment of debt | 0 | 4,936 | 0 | |||||||||
COVID-19 (2) | [2] | 48 | 82 | 1,391 | ||||||||
Other charges (3) | [3] | 450 | 770 | 128 | ||||||||
Income (Loss) before taxes | 13,021 | $ 16,175 | $ 23,090 | $ (4,925) | 10,770 | $ 8,234 | $ 14,919 | $ 665 | 47,361 | 34,588 | (98,829) | |
Work Truck Attachments [Member] | ||||||||||||
Revenue | 382,296 | 325,707 | 252,838 | |||||||||
Adjusted EBITDA | 78,211 | 77,369 | 62,532 | |||||||||
Depreciation and amortization expense | 12,901 | 11,937 | 10,824 | |||||||||
Assets | 397,557 | 384,566 | 397,557 | 384,566 | 365,210 | |||||||
Capital Expenditures | 9,526 | 10,434 | 13,174 | |||||||||
Work Truck Solutions [Member] | ||||||||||||
Revenue | 233,772 | 215,746 | 227,316 | |||||||||
Adjusted EBITDA | 8,569 | 2,167 | 12,360 | |||||||||
Depreciation and amortization expense | 8,037 | 8,379 | 8,913 | |||||||||
Assets | $ 199,334 | $ 187,910 | 199,334 | 187,910 | 213,992 | |||||||
Capital Expenditures | $ 2,876 | $ 1,447 | $ 1,508 | |||||||||
[1]Reflects $17 in reversal of earnout compensation related to Henderson, and $2,000 in reversal of earnout compensation related to Dejana in the year ended December 31, 2020.[2]Reflects incremental costs incurred related to the COVID-19 pandemic for the periods presented. Such COVID-19 related costs include increased expenses directly related to the pandemic, and do not include either production related overhead inefficiencies or lost or deferred sales.[3]Reflects expenses and accrual reversals for one time, unrelated legal, severance, restructuring and consulting fees for the periods presented. |
Note 18 - Stockholders' Equity
Note 18 - Stockholders' Equity (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued (in shares) | 22,886,793 | 22,980,951 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Common Stock, Voting Rights, Number of Votes Per Share | 1 | |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 22,886,793 | 22,980,951 |
Series A Preferred Stock [Member] | ||
Temporary Equity, Shares Authorized (in shares) | 5,000,000 | |
Temporary Equity, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | |
Temporary Equity, Shares Issued (in shares) | 0 |
Note 19 - Valuation and Quali_3
Note 19 - Valuation and Qualifying Accounts - Schedule of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance | $ 2,970 | $ 2,929 | $ 1,487 |
Additions charged to earnings | (1,476) | 67 | 1,081 |
Change to reserve, net | (128) | (26) | 361 |
Balance | 1,366 | 2,970 | 2,929 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance | 3,273 | 3,374 | 1,612 |
Additions charged to earnings | 0 | 0 | 0 |
Change to reserve, net | (1,202) | (101) | 1,762 |
Balance | $ 2,071 | $ 3,273 | $ 3,374 |
Note 20 - Changes in Accumula_3
Note 20 - Changes in Accumulated Other Comprehensive Income (Loss) by Component - Changes to Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Balance | $ (1,053) | $ (5,495) | |
Other comprehensive gain before reclassifications | 9,425 | 1,532 | |
Amounts reclassified from accumulated other comprehensive income (loss): (1) | 756 | 2,910 | |
Balance | 9,128 | (1,053) | |
Actuarial gains (a) | (400) | [1] | (312) |
Tax expense | 104 | 81 | |
Reclassification net of tax | (296) | (231) | |
Realized losses on interest rate swaps reclassified to interest expense | 1,421 | 4,244 | |
Tax expense | (369) | (1,103) | |
Reclassification net of tax | 1,052 | 3,141 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | (3,524) | (7,608) | |
Other comprehensive gain before reclassifications | 8,587 | 943 | |
Amounts reclassified from accumulated other comprehensive income (loss): (1) | 1,052 | 3,141 | |
Balance | 6,115 | (3,524) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | 2,471 | 2,113 | |
Other comprehensive gain before reclassifications | 838 | 589 | |
Amounts reclassified from accumulated other comprehensive income (loss): (1) | (296) | (231) | |
Balance | $ 3,013 | $ 2,471 | |
[1]These components are included in the computation of benefit plan costs in Note 13. |
Note 21 - Quarterly Financial_3
Note 21 - Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 159,806 | $ 166,100 | $ 187,561 | $ 102,601 | $ 152,945 | $ 127,636 | $ 157,530 | $ 103,342 | $ 616,068 | $ 541,453 | $ 480,154 |
Gross profit | 37,890 | 41,269 | 51,233 | 21,064 | 36,187 | 30,635 | 48,798 | 26,252 | 151,456 | 141,872 | 128,280 |
Income (Loss) before taxes | 13,021 | 16,175 | 23,090 | (4,925) | 10,770 | 8,234 | 14,919 | 665 | $ 47,361 | $ 34,588 | $ (98,829) |
Net income (loss) | $ 11,512 | $ 13,280 | $ 17,725 | $ (3,908) | $ 8,816 | $ 7,030 | $ 14,103 | $ 742 | |||
Earnings Per Share, Basic, Total | $ 0.49 | $ 0.57 | $ 0.76 | $ (0.18) | $ 0.38 | $ 0.30 | $ 0.60 | $ 0.03 | $ 1.65 | $ 1.31 | $ (3.81) |
Earnings Per Share, Diluted, Total | 0.49 | 0.56 | 0.75 | (0.18) | 0.37 | 0.30 | 0.60 | 0.03 | $ 1.63 | $ 1.29 | $ (3.81) |
Dividends per share (in dollars per share) | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.29 |
Note 22 - Subsequent Events (De
Note 22 - Subsequent Events (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 05, 2023 | Dec. 31, 2022 | Jun. 19, 2021 | Jun. 09, 2021 | |
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | $ 100 | ||
Revolving Credit Facility [Member] | New York Federal Reserve Bank NYFRB [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150 | |||
Line of Credit Facility Increase in Maximum Borrowing Capacity | $ 50 | |||
Revolving Credit Facility [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||
Revolving Credit Facility [Member] | Subsequent Event [Member] | New York Federal Reserve Bank NYFRB [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Revolving Credit Facility [Member] | Subsequent Event [Member] | One Month Adjusted Term SOFR Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||
Revolving Credit Facility [Member] | Maximum [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Leverage Ratio One [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||
Revolving Credit Facility [Member] | Maximum [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Leverage Ratio Two [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||
Revolving Credit Facility [Member] | Minimum [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Leverage Ratio One [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||
Revolving Credit Facility [Member] | Minimum [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Leverage Ratio Two [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.375% | |||
Letter of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 10 | 10 | ||
Senior Secured Term Loan Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 225 | 225 | ||
Senior Secured Term Loan Facility [Member] | Maximum [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Leverage Ratio One [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||
Senior Secured Term Loan Facility [Member] | Minimum [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Leverage Ratio One [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||
Swingline Loan [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 15 | 15 | ||
Credit Agreement [Member] | Maximum [Member] | ||||
Line of Credit Facility Increase in Maximum Borrowing Capacity | $ 175 | $ 175 |