Douglas Dynamics (PLOW) 10-Q5 May 202020 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 05, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
Entity File Number	001-34728
Entity Registrant Name	DOUGLAS DYNAMICS, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4275891
Entity Address, Address Line One	7777 North 73rd Street
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53223
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,857,457
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001287213
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 27,141	$ 35,665
Accounts receivable, net	48,096	87,871
Inventories	112,370	77,942
Inventories - truck chassis floor plan	8,774	6,539
Refundable income taxes paid	974
Prepaid and other current assets	5,168	3,511
Total current assets	202,523	211,528
Property, plant, and equipment, net	58,542	58,444
Goodwill	241,006	241,006
Other intangible assets, net	160,984	163,722
Operating lease - right of use asset	21,555	22,557
Other long-term assets	7,926	8,438
Total assets	692,536	705,695
Current liabilities:
Accounts payable	17,224	16,113
Accrued expenses and other current liabilities	22,135	26,496
Floor plan obligations	8,774	6,539
Operating lease liability - current	3,770	3,822
Income taxes payable		2,990
Short term borrowings	30,000
Current portion of long-term debt	1,938	22,143
Total current liabilities	83,841	78,103
Retiree health benefit obligation	6,451	6,338
Deferred income taxes	45,961	47,211
Long-term debt, less current portion	222,008	222,081
Operating lease liability - noncurrent	18,010	18,981
Other long-term liabilities	23,230	19,818
Stockholders' equity:
Common Stock, par value $0.01, 200,000,000 shares authorized, 22,857,457 and 22,795,412 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	229	228
Additional paid-in capital	156,296	155,001
Retained earnings	143,618	160,748
Accumulated other comprehensive loss, net of tax	(7,108)	(2,814)
Total stockholders' equity	293,035	313,163
Total liabilities and stockholders' equity	$ 692,536	$ 705,695

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	22,857,457	22,795,412
Common Stock, shares outstanding	22,857,457	22,795,412

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Net sales	$ 68,190	$ 93,187
Cost of sales	56,500	70,241
Gross profit	11,690	22,946
Selling, general, and administrative expense	17,149	16,644
Intangibles amortization	2,738	2,741
Income (loss) from operations	(8,197)	3,561
Interest expense, net	(5,040)	(4,150)
Other expense, net	(111)	(171)
Loss before taxes	(13,348)	(760)
Income tax benefit	(3,262)	(463)
Net loss	$ (10,086)	$ (297)
Weighted average number of common shares outstanding:
Basic (in shares)	22,813,256	22,729,084
Diluted (in shares)	22,813,256	22,729,084
Loss per common share:
Basic	$ (0.44)	$ (0.01)
Diluted	(0.44)	(0.01)
Cash dividends declared per share (in dollars per share)	0.28	0.27
Cash dividends declared per share (in dollars per share)	$ 0.28	$ 0.27
Comprehensive loss	$ (14,380)	$ (1,319)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net loss	$ (10,086)	$ (297)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,894	4,808
Amortization of deferred financing costs and debt discount	303	303
Stock-based compensation	1,368	1,054
Mark-to-market adjustments on derivatives not classified as hedges	1,413
Provision for losses on accounts receivable	204	107
Deferred income taxes	(1,250)	1,010
Earnout liability	(17)	(217)
Changes in operating assets and liabilities:
Accounts receivable	39,014	26,096
Inventories	(34,428)	(29,229)
Prepaid assets, refundable income taxes and other assets	(2,119)	(3,676)
Accounts payable	1,161	(2,179)
Accrued expenses and other current liabilities	(7,334)	(1,451)
Benefit obligations and other long-term liabilities	(2,203)	(1,906)
Net cash used in operating activities	(9,080)	(5,577)
Investing activities
Capital expenditures	(2,304)	(769)
Net cash used in investing activities	(2,304)	(769)
Financing activities
Shares withheld on restricted stock vesting paid for employees' taxes	(72)	(50)
Dividends paid	(6,487)	(6,292)
Net revolver borrowings	30,000	16,000
Repayment of long-term debt	(20,581)	(30,784)
Net cash provided by (used in) financing activities	2,860	(21,126)
Change in cash and cash equivalents	(8,524)	(27,472)
Cash and cash equivalents at beginning of period	35,665	27,820
Cash and cash equivalents at end of period	27,141	348
Non-cash operating and financing activities
Truck chassis inventory acquired through floorplan obligations	$ 6,215	$ 10,299

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2018	$ 227	$ 151,813	$ 136,765	$ (6,049)	$ 282,756
Balance (in shares) at Dec. 31, 2018	22,700,991
Increase (Decrease) in Stockholders' Equity
Net loss			(297)		(297)
Dividends paid			(6,292)		(6,292)
Adjustment for pension and postretirement benefit liability, net of tax of $20 in 2020, ($18) in 2019				53	53
Adjustment for interest rate swap, net of tax of $1,489 in 2020, $378 in 2019				(1,075)	(1,075)
Shares withheld on restricted stock vesting		(50)			(50)
Stock based compensation	$ 1	1,053			1,054
Stock based compensation (in shares)	94,421
Balance at Mar. 31, 2019	$ 228	152,816	130,176	(7,071)	276,149
Balance (in shares) at Mar. 31, 2019	22,795,412
Balance at Dec. 31, 2018	$ 227	151,813	136,765	(6,049)	282,756
Balance (in shares) at Dec. 31, 2018	22,700,991
Increase (Decrease) in Stockholders' Equity
Pension termination, net of tax of ($2,237)					(6,380)
Balance at Dec. 31, 2019	$ 228	155,001	160,748	(2,814)	313,163
Balance (in shares) at Dec. 31, 2019	22,795,412
Increase (Decrease) in Stockholders' Equity
Net loss			(10,086)		(10,086)
Dividends paid			(6,487)		(6,487)
Adjustment for pension and postretirement benefit liability, net of tax of $20 in 2020, ($18) in 2019				(57)	(57)
Adjustment for interest rate swap, net of tax of $1,489 in 2020, $378 in 2019				(4,237)	(4,237)
Shares withheld on restricted stock vesting		(72)			(72)
Stock based compensation	$ 1	1,367			1,368
Stock based compensation (in shares)	62,045
Balance at Mar. 31, 2020	$ 229	$ 156,296	143,618	$ (7,108)	293,035
Balance (in shares) at Mar. 31, 2020	22,857,457
Increase (Decrease) in Stockholders' Equity
Impact due to adoption			$ (557)		$ (557)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Impact due to adoption, net of tax	$ 193
Adjustment for pension and postretirement benefit liability, tax	20	$ (18)
Adjustment for interest rate swap, tax	$ 1,489	$ 378

Basis of presentation

Basis of presentation	3 Months Ended
Basis of presentation	Mar. 31, 2020
Basis of presentation
Basis of presentation	1. Basis of presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for fiscal year-end financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the financial statements and related footnotes included in our 2019 Form 10-K (Commission File No. 001-34728) filed with the Securities and Exchange Commission on February 25, 2020. The Company conducts business in two segments: Work Truck Attachments and Work Truck Solutions. Under this reporting structure, the Company’s two reportable business segments are as follows: Work Truck Attachments. includes commercial snow and ice management attachments sold under the FISHER®, WESTERN® and SNOWEX® brands. This segment consists of our operations that manufacture and sell snow and ice control products. Work Truck Solutions. See Note 16 to the Unaudited Condensed Consolidated Financial Statements for financial information regarding these segments. Interim Condensed Consolidated Financial Information The accompanying condensed consolidated balance sheet as of March 31, 2020, the condensed consolidated statements of operations and comprehensive loss and the condensed consolidated statements of shareholders’ equity for the three months ended March 31, 2020 and 2019, and the condensed cash flows for the three months ended March 31, 2020 and 2019 have been prepared by the Company and have not been audited. The Company’s Work Truck Attachments segment is seasonal and, consequently its results of operations and financial condition vary from quarter-to-quarter. Because of this seasonality, the results of operations of the Work Truck Attachments segment for any quarter may not be indicative of results of operations that may be achieved for a subsequent quarter or the full year, and may not be similar to results of operations experienced in prior years. The Company attempts to manage the seasonal impact of snowfall on its revenues in part through its pre-season sales program. This pre-season sales program encourages the Company’s distributors to re-stock their inventory of Work Truck Attachments products during the second and third quarters in anticipation of the peak fourth quarter retail sales period by offering favorable pre-season pricing and payment deferral until the fourth quarter. Thus, the Company’s Work Truck Attachments segment tends to generate its greatest volume of sales during the second and third quarters. By contrast, its revenue and operating results tend to be lowest during the first quarter, as management believes the end-users of Work Truck Attachments products prefer to wait until the beginning of a snow season to purchase new equipment and as the Company’s distributors sell off Work Truck Attachments inventory and wait for the pre-season sales incentive period to re-stock inventory. Fourth quarter sales vary from year-to-year as they are primarily driven by the level, timing and location of snowfall during the quarter. This is because most of the Company’s Work Truck Attachments fourth quarter sales and shipments consist of re-orders by distributors seeking to restock inventory to meet immediate customer needs caused by snowfall during the winter months. In addition, due to the factors noted above, Work Truck Attachments working capital needs are highest in the second and third quarters as its accounts receivable rise from pre-season sales. These working capital needs decline in the fourth quarter as the Company receives payments for its pre-season shipments. As a result of the COVID-19 crisis, including the market volatility and other economic implications associated with the crisis and the economic and regulatory measures enacted to contain its spread, the Company’s results of operations have been impacted in the three months ended March 31, 2020, and may be significantly impacted in future quarters. In addition, the Company’s working capital and liquidity needs may become more unpredictable as a result of changes in order patterns among customers due to the crisis. Based on the COVID-19 crisis, the results of operations of the Company for any quarter during the crisis may not be indicative of results of operations that may be achieved for a subsequent quarter or the full year, and may not be similar to results of operations experienced in prior years. The Company preventatively and voluntarily closed its facilities on March 18, 2020. Since that time, the Company has started to slowly ramp up production at various facilities as appropriate. The Company has taken all of the necessary safety steps and precautions for employees who have returned to work. As of the date of this filing, the Company is not yet up to full production levels. The Company will continue to monitor the situation and provide updates as appropriate. During the three months ended March 31, 2020, the Company benefited from credits related to the passage of the CARES Act on March 27, 2020 in response to the COVID-19 crisis. Under the CARES Act, the Company qualified for an Employee Retention Credit for wages paid to employees who were not working due to a plant shutdown related to the COVID-19 crisis. As a result of the CARES Act, the Company recorded a total benefit of $1,152 to Cost of sales and Selling, general and administrative expense on the Consolidated Condensed Consolidated Statements of Operations and Comprehensive Loss. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses,” which modifies the measurement of expected credit losses for financial instruments held at the reporting date. The standard is effective for annual periods beginning after December 15, 2019. The Company adopted this standard in the first quarter of fiscal 2020. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to the opening balance of retained earnings of $557 , net of tax. The Company has identified and implemented changes to processes and controls to meet the standard’s updated reporting and disclosure requirements. See Note 3 for additional information. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform,” which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The Company adopted this standard in the first quarter of fiscal 2020 specifically related to its interest rate swap, where the Company asserts the forecasted transaction using the existing reference rate associated with the swap remains probable.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2020
Revenue Recognition
Revenue Recognition	2. Revenue Recognition 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 regards to the COVID-19 crisis, the Company believes most customers within all revenue streams identified below provide essential services. 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 revenue streams, as identified below. 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 take title to the truck chassis, but rather only holds the truck chassis on consignment. The Company pays interest on both of these arrangements. The Company records revenue in the same manner net of the value of the truck chassis in both the Company’s floor plan and bailment pool agreements. The Company does not set the price for the truck chassis, is not responsible for the billing of the chassis and does not have inventory risk in either the bailment pool or floor plan agreements. The Work Truck Solutions segment also has manufacturing operations of municipal snow and ice control equipment, where revenue is recognized upon shipment of equipment to the customer. 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 have inventory or pricing control over the truck chassis. Within the Work Truck Solutions segment, the Company also sells certain third-party products for which it acts as an agent. These sales do not meet the criteria for gross sales recognition, and thus are recognized on a net basis at the time of sale. Under net sales recognition, the cost paid to the third-party service provider is recorded as a reduction to sales, resulting in net sales being equal to the gross profit on the transaction. The Work Truck Solutions segment has four revenue streams, as identified below. State and Local Bids single performance obligation. Any shipping and handling activities performed by the Company after the transfer of control to the Customer (e.g., when control transfers upon shipment) are considered fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. Fleet Upfit Sales Dealer Upfit Sales 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: Three Months Ended March 31, 2020 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 19,120 $ 28,052 $ 47,172 Government - 10,490 10,490 Fleet - 9,229 9,229 Other - 1,299 1,299 Total revenue $ 19,120 $ 49,070 $ 68,190 Three Months Ended March 31, 2019 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 25,817 $ 33,043 $ 58,860 Government - 15,529 15,529 Fleet - 14,952 14,952 Other - 3,846 3,846 Total revenue $ 25,817 $ 67,370 $ 93,187 Revenue by timing of revenue recognition was as follows: Three Months Ended March 31, 2020 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 19,120 $ 29,714 $ 48,834 Over time - 19,356 19,356 Total revenue $ 19,120 $ 49,070 $ 68,190 Three Months Ended March 31, 2019 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 25,817 $ 42,023 $ 67,840 Over time - 25,347 25,347 Total revenue $ 25,817 $ 67,370 $ 93,187 Contract Balances The following table shows the changes in the Company’s contract liabilities during the three months ended March 31, 2020 and 2019, respectively: Three Months Ended March 31, 2020 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 2,187 $ 1,637 $ (1,789) $ 2,035 Three Months Ended March 31, 2019 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 2,006 $ 2,335 $ (2,041) $ 2,300 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 objectives not yet invoiced. There were no contract assets as of March 31, 2020 or 2019. Contract liabilities include payments received in advance of performance under the contract, variable freight allowances which are refunded to the customer, and rebates paid to distributors under our municipal rebate program, and are realized with the associated revenue recognized under the contract. The Company recognized revenue of $467 and $372 during the three months ended March 31, 2020 and 2019, respectively, which was included in contract liabilities at the beginning of each period.

Credit Losses

Credit Losses	3 Months Ended
Credit Losses	Mar. 31, 2020
Credit Losses
Credit Losses	3. Credit Losses Effective January 1, 2020, the Company adopted new accounting guidance that significantly changes the impairment model for estimating credit losses on financial assets to a current expected credit losses (“CECL”) model that requires entities to estimate the lifetime expected credit losses on such assets, leading to earlier recognition of such losses. Under the new guidance, the Company is required to measure expected credit losses using forward-looking information to assess its allowance for credit losses. The guidance also requires the Company to consider of a broader range of reasonable and supportable information in estimating credit losses. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Effective January 1, 2020, the adoption of CECL accounting, through a modified-retrospective approach, caused an increase to the allowance for credit losses of approximately $400 and $350 for the Work Truck Attachments and Work Truck Solutions segments, respectively. 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 been received within agreed upon invoice terms. Accounts receivable are written off after all collection efforts have been exhausted. The Company takes a security interest in the inventory as collateral for the receivable but often does not have a priority security interest. The Company has short-term accounts receivable at its Work Truck Attachments and Work Truck Solutions segments subject to evaluation for expected credit losses. Expected credit losses are estimated based on the loss-rate and probability of default methods. On a periodic basis, the Company evaluates its accounts receivable and establishes the allowance for credit losses based on specific customer circumstances, past events including collections and write-off history, current conditions, and reasonable forecasts about the future. Management evaluated the need for an additional allowance for credit losses related to economic conditions arising from the COVID-19 crisis. Management has not seen indications of customers going out of business and not being able to pay their bills (although the receivables may become more aged). Management believes customers of the Work Truck Attachments segment have long-standing relationships with the Company, and are mature dealers that are likely able to weather the crisis. Many Work Truck Solutions customers are governments and municipal entities who management believes are highly unlikely to default. In addition management believes Work Truck Solutions has long-standing relationships with its customers, and the customers are in general mature dealers that are unlikely to default as a result of the crisis. Therefore, as of March 31, 2020, no additional reserve related to the COVID-19 crisis was deemed necessary. As of March 31, 2020 the Company had an allowance for credit losses on its trade accounts receivable of $1,151 and $1,284 at its Work Truck Attachments and Work Truck Solutions segments, respectively. 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 three months ended March 31, 2020: Balance at Adoption of Additions Changes to Balance at December 31, ASU 2016-13 charged to Writeoffs reserve, net March 31, 2019 earnings 2020 Three Months Ended March 31, 2020 Work Truck Attachments $ 600 $ 400 $ 100 $ - $ 51 $ 1,151 Work Truck Solutions 887 350 104 - (57) 1,284 Total $ 1,487 $ 750 $ 204 $ - $ (6) $ 2,435

Fair Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2020
Fair Value
Fair Value	4. 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 the amount that would be paid to settle the liability with the creditor. Fair value measurements are categorized into one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs available at the measurement date, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). 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 Fair Value at March 31, December 31, 2020 2019 Assets: Other long-term assets (a) $ 6,767 $ 7,270 Total Assets $ 6,767 $ 7,270 Liabilities: Interest rate swaps (b) $ 13,876 $ 6,736 Long-term debt (c) 218,543 247,630 Earnout - Dejana (d) 2,000 2,000 Total Liabilities $ 234,419 $ 256,383 (a) Included in other assets is the cash surrender value of insurance policies on various individuals that are associated with the Company. The carrying amount of these insurance policies approximates their fair value and is considered Level 2 inputs. (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 inputs. Interest rate swaps of $3,570 and $10,306 at March 31, 2020 are included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively. Interest rate swaps of $1,522 and $5,214 at December 31, 2019 are included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively. (c) The fair value of the Company’s long-term debt, including current maturities, is estimated using discounted cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements, which is a Level 2 input for all periods presented. Meanwhile, long-term debt is recorded at carrying amount, net of discount and deferred debt issuance costs, as disclosed on the face of the balance sheet. (d) Included in Other long-term liabilities in the amount of $2,000 at March 31, 2020 is the fair value of an obligation for a portion of the potential earnout incurred in conjunction with the acquisition of substantially all of the assets of Dejana Truck & Utility Equipment Company, Inc. and certain entities directly or indirectly owned by the Peter Paul Dejana Family Trust dated 12/31/98 (“Dejana”). Included in Other long-term liabilities in the amount of $2,200 at March 31, 2019 is the fair value of an obligation for a portion of the potential earnout incurred in conjunction with the acquisition of Dejana. Fair value is based upon Level 3 inputs of a real options approach where gross sales were simulated in a risk-neutral framework using Geometric Brownian Motion, a well-accepted model of stock price behavior that is used in option pricing models such as the Black-Scholes option pricing model, using key inputs of forecasted future sales and financial performance as well as a risk adjusted expected growth rate adjusted appropriately based on its correlation with the market. There were no adjustments to fair value or payments to former owners in either the three months ended March 31, 2020 or March 31, 2019.

Inventories

Inventories	3 Months Ended
Inventories	Mar. 31, 2020
Inventories
Inventories	5. Inventories Inventories consist of the following: March 31, December 31, 2020 2019 Finished goods $ 65,530 $ 42,125 Work-in-process 11,187 6,906 Raw material and supplies 35,653 28,911 $ 112,370 $ 77,942 The inventories in the table above do not include truck chassis inventory financed through a floor plan financing agreement, which are recorded separately on the balance sheet. The Company takes title to truck chassis upon receipt of the inventory through its floor plan agreement and performs up-fitting service installations to the truck chassis inventory during the installation period. The floor plan obligation is then assumed by the dealer customer upon delivery. At March 31, 2020 and December 31, 2019, the Company had $8,774 and $6,539 of chassis inventory and related floor plan financing obligation, respectively. The Company recognizes revenue associated with up-fitting and service installations net of the truck chassis.

Property, plant and equipment

Property, plant and equipment	3 Months Ended
Property, plant and equipment	Mar. 31, 2020
Property, plant and equipment
Property, plant and equipment	6. Property, plant and equipment Property, plant and equipment are summarized as follows: March 31, December 31, 2020 2019 Land $ 2,378 $ 2,378 Land improvements 4,541 4,541 Leasehold improvements 4,087 4,087 Buildings 28,938 28,715 Machinery and equipment 55,743 55,238 Furniture and fixtures 18,193 17,918 Mobile equipment and other 5,323 5,285 Construction-in-process 7,706 6,555 Total property, plant and equipment 126,909 124,717 Less accumulated depreciation (68,367) (66,273) Net property, plant and equipment $ 58,542 $ 58,444

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2020
Leases
Leases	7. Leases The Company has operating leases for manufacturing and upfit facilities, land and parking lots, warehousing space and certain equipment. The leases have remaining lease terms of less than one year to 16 years , some of which include options to extend the leases for up to 10 years . Such renewal options were not included in the determination of the lease term unless deemed reasonably certain of exercise. The discount rate used in measuring the lease liabilities is based on the Company’s interest rate on its secured Term Loan Credit Agreement. Certain of the Company’s leases contain escalating rental payments based on an index. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease Expense The components of lease expense, which are included in Cost of sales and Selling, general and administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Loss, were as follows: Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Operating lease expense $ 1,311 $ 1,132 Short term lease cost $ 39 $ 100 Total lease cost $ 1,350 $ 1,232 Cash Flow Supplemental cash flow information related to leases is as follows: Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,303 $ 765 Non-cash lease expense - right-of-use assets $ 1,015 $ 785 Right-of-use assets obtained in exchange for operating lease obligations $ 321 $ 56 Balance Sheet Supplemental balance sheet information related to leases is as follows: March 31, 2020 December 31, 2019 Operating Leases Operating lease right-of-use assets $ 21,555 $ 22,557 Other current liabilities 3,770 3,822 Operating lease liabilities 18,010 18,981 Total operating lease liabilities $ 21,780 $ 22,803 Weighted Average Remaining Lease Term Operating leases 75 months 78 months Weighted Average Discount Rate Operating leases 5.31% 5.32% Lease Maturities Maturities of leases were as follows: Year ending December 31, Operating Leases 2020 (excluding the three months ended March 31, 2020) $ 3,704 2021 4,716 2022 4,307 2023 3,824 2024 3,194 Thereafter 6,146 Total Lease Payments 25,891 Less: imputed interest (4,111) Total $ 21,780

Other Intangible Assets

Other Intangible Assets	3 Months Ended
Other Intangible Assets	Mar. 31, 2020
Other Intangible Assets
Other Intangible Assets	l 8. Other Intangible Assets The following is a summary of the Company’s other intangible assets: Gross Less Net Carrying Accumulated Carrying Amount Amortization Amount March 31, 2020 Indefinite-lived intangibles: Trademark and tradenames $ 77,600 $ - $ 77,600 Amortizable intangibles: Dealer network 80,000 64,000 16,000 Customer relationships 80,920 23,239 57,681 Patents 21,136 13,543 7,593 Noncompete agreements 8,640 8,252 388 Trademarks 5,459 3,737 1,722 Backlog 1,900 1,900 - License 20 20 - Amortizable intangibles, net 198,075 114,691 83,384 Total $ 275,675 $ 114,691 $ 160,984 Gross Less Net Carrying Accumulated Carrying Amount Amortization Amount December 31, 2019 Indefinite-lived intangibles: Trademark and tradenames $ 77,600 $ - $ 77,600 Amortizable intangibles: Dealer network 80,000 63,000 17,000 Customer relationships 80,920 21,914 59,006 Patents 21,136 13,229 7,907 Noncompete agreements 8,640 8,177 463 Trademarks 5,459 3,713 1,746 Backlog 1,900 1,900 - License 20 20 - Amortizable intangibles, net 198,075 111,953 86,122 Total $ 275,675 $ 111,953 $ 163,722 Amortization expense for intangible assets was $2,738 and $2,741 for the three months ended March 31, 2020 and 2019, respectively. Estimated amortization expense for the remainder of 2020 and each of the succeeding five years is as follows: 2020 $ 8,199 2021 10,670 2022 10,520 2023 10,520 2024 7,520 2025 6,075

Long-Term Debt

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2020
Long-Term Debt
Long-Term Debt	9. Long-Term Debt Long-term debt is summarized below: l March 31, December 31, 2020 2019 Term Loan, net of debt discount of $683 and $781 at March 31, 2020 and December 31, 2019, respectively $ 225,302 $ 245,787 Less current maturities 1,938 22,143 Long-term debt before deferred financing costs 223,364 223,644 Deferred financing costs, net 1,356 1,563 Long-term debt, net $ 222,008 $ 222,081 At March 31, 2020, the Company had outstanding borrowings under its term loan credit agreement of $225,302, outstanding borrowings on its revolving credit facility of $30,000, and remaining borrowing availability of $59,160. At December 31, 2019, the Company had outstanding borrowings under its term loan credit agreement of $245,787, no outstanding borrowings on its revolving credit facility and remaining borrowing availability of $99,352. In accordance with the senior credit facilities, the Company is required to make additional principal prepayments over the above scheduled payments under certain conditions. This includes, 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 is 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 is 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. As of March 31, 2020, the Company was not required to make additional excess cash flow payments during fiscal 2020. The Company made a voluntary payment of $20,000 on its debt on January 31, 2020. On June 13, 2019 the Company entered into an interest rate swap agreement to reduce its exposure to interest rate volatility. The interest rate swap has a notional amount of $175,000 effective for the period May 31, 2019 through May 31, 2024. The Company may have counterparty credit risk resulting from the interest rate swap, which it monitors on an on-going basis. The risk lies with one global financial institution. Under the interest rate swap agreement, the Company will either receive or make payments on a monthly basis based on the differential between 2.495% and LIBOR (with a LIBOR floor of 1.0%). The interest rate swap was previously accounted for as a cash flow hedge. During the three months ended March 31, 2020, the swap was determined to be ineffective. As a result, the swap was dedesignated on March 19, 2020, and the remaining losses currently included in Accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets will be amortized into interest expense on a straight line basis through the life of the swap. The amount expected to be amortized from Accumulated other comprehensive loss into earnings in the next twelve months is $2,991. A mark-to-market adjustment of $1,413 was recorded in earnings on March 31, 2020 related to the swap. The interest rate swap’s negative fair value at March 31, 2020 was $13,876, of which $3,570 and $10,306 are included in Accrued expenses and other current liabilities and Other long-term liabilities on the Condensed Consolidated Balance Sheet, respectively. The interest rate swap’s negative fair value at December 31, 2019 was $6,736, of which $1,522 and $5,214 are included in Accrued expenses and other current liabilities and Other long-term liabilities on the Condensed Consolidated Balance Sheet, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
Accrued Expenses and Other Current Liabilities	Mar. 31, 2020
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	10. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are summarized as follows: March 31, December 31, 2020 2019 Payroll and related costs $ 5,633 $ 10,382 Employee benefits 6,154 6,097 Accrued warranty 3,202 3,941 Interest rate swaps 3,570 1,522 Other 3,576 4,554 $ 22,135 $ 26,496

Warranty Liability

Warranty Liability	3 Months Ended
Warranty Liability	Mar. 31, 2020
Warranty Liability
Warranty Liability	11. Warranty Liability 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 two years after the date of purchase by the end-user, and with respect to its parts and accessories purchased separately, that such parts and accessories will be free from defect for a period of one year after the date of purchase by the end-user. All of the Company’s warranties are assurance-type warranties. Certain snowplows only provide for a one year warranty. The Company determines the amount of the estimated warranty costs (and its corresponding warranty reserve) based on the Company’s prior five years of warranty history utilizing a formula driven by historical warranty expense and applying management’s judgment. The Company adjusts its historical warranty costs to take into account unique factors such as the introduction of new products into the marketplace that do not provide a historical warranty record to assess. The warranty reserve was $5,202 at March 31, 2020, of which $2,000 is included in Other long-term liabilities and $3,202 is included in Accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheet. The warranty reserve was $6,541 at December 31, 2019, of which $2,600 is included in Other long-term liabilities and $3,941 is included in Accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheet. The following is a rollforward of the Company’s warranty liability: Three Months Ended March 31, March 31, 2020 2019 Balance at the beginning of the period $ 6,541 $ 6,174 Warranty provision 549 561 Claims paid/settlements (1,888) (1,644) Balance at the end of the period $ 5,202 $ 5,091

Employee Retirement Plans

Employee Retirement Plans	3 Months Ended
Employee Retirement Plans	Mar. 31, 2020
Employee Retirement Plans
Employee Retirement Plans	12. Employee Retirement Plans The Company sponsored qualified defined-benefit plans, including the Douglas Dynamics, L.L.C Pension Plan for Hourly Employees (“hourly plan”) and the Douglas Dynamics, L.L.C Salaried Pension Plan (“salaried plan”). The salaried plan generally provided pension benefits that were based on the employee’s average earnings and credited service. Such plan was partially frozen as of December 31, 2011 and subsequently was completely frozen as of December 31, 2018. The hourly plan generally provided benefits of stated amounts for each year of service. Such plan was frozen as of December 31, 2011. Consistent with its long term plans, the Company terminated its hourly plan and salaried plan during the fourth quarter of 2019. In October of 2019, lump-sum settlement payments of $3,245 and $12,476 were made from the hourly plan and salaried plan, respectively, in conjunction with the termination of these plans. In satisfaction of its obligations, in November of 2019 the Company purchased annuities of $4,767 and $20,044 for hourly plan and salaried plan participants, respectively. The Company recognized a non-cash charge within the Consolidated Statements of Income related to unrecognized actuarial losses in AOCL of $6,380 in the year ended December 31, 2019. The components of net periodic pension cost consist of the following: March 31, 2019 Component of net periodic pension cost: Service cost $ - Interest cost 410 Expected return on plan assets (294) Amortization of net loss 149 Net periodic pension cost $ 265 In conjunction with the termination of the plans, the Company made payments of $464 in the fourth quarter of 2019. Components of net periodic other postretirement benefit cost consist of the following: Three Months Ended March 31, March 31, 2020 2019 Component of periodic other postretirement benefit cost: Service cost $ 37 $ 37 Interest cost 47 63 Amortization of net gain (77) (78) Net periodic other postretirement benefit cost $ 7 $ 22 Service cost is included in Income from operations on the Condensed Consolidated Statement of Operations and Comprehensive Loss. The other components of net periodic pension and postretirement benefit cost are included in Other expense on the Condensed Consolidated Statement of Operations and Comprehensive Loss.

Earnings per Share

Earnings per Share	3 Months Ended
Earnings per Share	Mar. 31, 2020
Earnings per Share
Earnings per Share	13. Loss per Share Basic loss per share of common stock is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share of common stock is computed by dividing net 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 participate in dividend equivalents, the Company has calculated loss per share pursuant to the two-class method, which is a loss allocation formula that determines loss per share for common stock and participating securities according to dividends declared and participation rights in undistributed losses. Under this method, all losses (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Diluted net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average number of common stock and dilutive common stock outstanding during the period. Potential common shares in the diluted net loss per share computation are excluded to the extent that they would be anti-dilutive. Weighted average of potentially dilutive non-participating RSU’s were 32,732 and 31,389 in the three months ended March 31, 2020 and 2019, respectively. Three Months Ended March 31, March 31, 2020 2019 Basic loss per common share Net loss $ (10,086) $ (297) Less loss allocated to participating securities - - Net loss allocated to common shareholders $ (10,086) $ (297) Weighted average common shares outstanding 22,813,256 22,729,084 $ (0.44) $ (0.01) Loss per common share assuming dilution Net loss $ (10,086) $ (297) Less loss allocated to participating securities - - Net loss allocated to common shareholders $ (10,086) $ (297) Weighted average common shares outstanding 22,813,256 22,729,084 Incremental shares applicable to non-participating RSUs - - Weighted average common shares assuming dilution 22,813,256 22,729,084 $ (0.44) $ (0.01)

Employee Stock Plans

Employee Stock Plans	3 Months Ended
Employee Stock Plans	Mar. 31, 2020
Employee Stock Plans
Employee Stock Plans	14. Employee Stock Plans 2010 Stock Incentive Plan In May 2010, the Company’s Board of Directors and stockholders adopted the 2010 Stock Incentive Plan (the “2010 Plan”). The Company’s Board of Directors approved an amendment and restatement of the 2010 Plan on March 5, 2014, contingent on stockholder approval of the performance goals under the 2010 Plan, and the amendment and restatement became effective upon stockholder approval of the performance goals at the 2014 annual meeting of stockholders held on April 30, 2014. The 2010 Plan provides for the issuance of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock awards and restricted stock units (“RSUs”), any of which may be performance-based, and for incentive bonuses, which may be paid in cash or stock or a combination of both, to eligible employees, officers, non-employee directors and other service providers to the Company and its subsidiaries. A maximum of 2,130,000 shares of common stock may be issued pursuant to all awards under the 2010 Plan. Equity awards issued to management include a retirement provision under which members of management who either (1) are age 65 or older or (2) have at least ten years of service and are at least age 55 will continue to vest in unvested equity awards upon retirement. The retirement provision also stipulates that the employee remain employed by the Company for six months after the first day of the fiscal year of the grant. As the retirement provision does not qualify as a substantive service condition, the Company incurred $303 and $343 in the three months ended March 31, 2020 and 2019, respectively, in additional expense for employees who meet the thresholds of the retirement provision. In 2013, the Company’s nominating and governance committee approved a retirement provision for the RSUs issued to non-employee directors that accelerates the vesting of such awards upon retirement. Such awards are fully expensed immediately upon grant in accordance with ASC 718, as the retirement provision eliminates substantive service conditions associated with the awards. Performance Share Unit Awards The Company granted performance share units as performance-based awards under the 2010 Plan in the first quarters of 2020 and 2019 that are subject to performance conditions over a three year performance period beginning in the year of the grant. Upon meeting the prescribed performance conditions, employees will be issued shares which vest immediately at the end of the measurement period. For performance share grants in years prior to 2018, upon meeting the prescribed performance conditions, in the first quarter of the year subsequent to grant, employees were issued RSUs, a portion of which is subject to vesting over the two years following the end of the performance period. In accordance with ASC 718, such awards are being expensed over the vesting period from the date of grant through the requisite service period, based upon the most probable outcome. The fair value per share of the awards is the closing stock price on the date of grant, which was $53.50 . The Company recognized $484 and $294 of compensation expense related to the awards in the three months ended March 31, 2020 and 2019, respectively. The unrecognized compensation expense calculated under the fair value method for shares that were, as of March 31, 20120 expected to be earned through the requisite service period was approximately $2,813 and is expected to be recognized through 2023. Restricted Stock Unit Awards RSUs are granted to both non-employee directors and management. RSUs do not carry voting rights. While all non-employee director RSUs participate in dividend equivalents, there are two classes of management RSUs, one that participates in dividend equivalents, and a second that does not participate in dividend equivalents. Each RSU represents the right to receive one share of the Company’s common stock and is subject to time-based vesting restrictions. Participants are not required to pay any consideration to the Company at either the time of grant of a RSU or upon vesting. A summary of RSU activity for the three months ended March 31, 2020 is as follows: Weighted Weighted Average Average Remaining Grant Date Contractual Shares Fair value Term Unvested at December 31, 2019 35,676 $ 36.49 1.40 years Granted 40,941 $ 53.50 1.11 years Vested (27,158) $ 42.00 Cancelled and forfeited - $ 53.50 Unvested at March 31, 2020 49,459 $ 47.55 1.47 years Expected to vest in the future at March 31, 2020 49,459 $ 47.55 1.47 years The Company recognized $884 and $760 of compensation expense related to the RSU awards in the three months ended March 31, 2020 and 2019, respectively. The unrecognized compensation expense, calculated under the fair value method for shares that were, as of March 31, 2020, expected to be earned through the requisite service period was approximately $2,039 and is expected to be recognized through 2023. For 2020 and 2019 grants to non-employee directors, vesting occurs as of the grant date. Vested director RSUs are ‘‘settled’’ by the delivery to the participant or a designated brokerage firm of one share of common stock per vested RSU as soon as reasonably practicable following a termination of service of the participant that constitutes a separation from service, and in all events no later than the end of the calendar year in which such termination of service occurs or, if later, two and one-half months after such termination of service. Vested management RSUs are “settled” by the delivery to the participant or a designated brokerage firm of one share of common stock per vested RSU as soon as reasonably practicable following vesting.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	15. Commitments and Contingencies 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 believe that any pending litigation will have a material adverse effect on its consolidated financial position. In addition, the Company is not currently a party to any environmental-related claims or legal matters.

Segments

Segments	3 Months Ended
Segments	Mar. 31, 2020
Segments
Segments	16. Segments The Company’s two reportable business segments are as follows: Work Truck Attachments. includes commercial snow and ice management attachments sold under the FISHER®, WESTERN® and SNOWEX® brands. This segment consists of our operations that manufacture and sell snow and ice control products. Work Truck Solutions. 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. Segment performance is evaluated based on segment net sales and Adjusted EBITDA. Segment results include an allocation of all corporate costs. No single customer’s revenues amounted to 10% or more of the Company’s total revenue. Sales are primarily within the United States and substantially all assets are located within the United States. All intersegment sales are eliminated in consolidation. 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: Three Months Ended Three Months Ended March 31, March 31, 2020 2019 Net sales Work Truck Attachments $ 19,120 $ 25,817 Work Truck Solutions 49,070 67,370 $ 68,190 $ 93,187 Adjusted EBITDA Work Truck Attachments $ (2,076) $ 2,284 Work Truck Solutions 361 6,735 $ (1,715) $ 9,019 Depreciation and amortization expense Work Truck Attachments $ 2,659 $ 2,538 Work Truck Solutions 2,235 2,270 $ 4,894 $ 4,808 Assets Work Truck Attachments $ 349,671 $ 330,731 Work Truck Solutions 342,865 345,288 $ 692,536 $ 676,019 Capital Expenditures Work Truck Attachments $ 1,858 $ 611 Work Truck Solutions 396 77 $ 2,254 $ 688 Adjusted EBITDA Work Truck Attachments $ (2,076) $ 2,284 Work Truck Solutions 361 6,735 Total Adjusted EBITDA $ (1,715) $ 9,019 Less items to reconcile Adjusted EBITDA to Loss before taxes: Interest expense - net 5,040 4,150 Depreciation expense 2,156 2,067 Amortization 2,738 2,741 Purchase accounting (17) (217) Stock based compensation 1,368 1,054 COVID-19 (1) 317 - Other charges 31 (16) Loss before taxes $ (13,348) $ (760) (1) - Reflects incremental costs incurred related to the COVID-19 crisis for the periods presented.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2020
Income Taxes
Income Taxes	17. Income Taxes The Company’s effective tax benefit was (24.4%) and (60.9%) for the three months ended March 31, 2020 and 2019, respectively. The effective tax benefit for the three months ended March 31, 2020 was lower when compared to the same periods in the prior year due to a discrete tax benefit related to excess tax benefits from stock compensation of $93 and $312 in the three months ended March 31, 2020 and 2019, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The largest item affecting deferred taxes is the difference between book and tax amortization of goodwill and other intangibles amortization.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss by Component	3 Months Ended
	Mar. 31, 2020
Changes in Accumulated Other Comprehensive Loss by Component
Changes in Accumulated Other Comprehensive Loss by Component	18. Changes in Accumulated Other Comprehensive Loss by Component Changes to accumulated other comprehensive loss by component for the three months ended March 31, 2020 are as follows: Unrealized Net Loss Retiree on Interest Health Rate Benefit Swap Obligation Total Balance at December 31, 2019 $ (5,023) $ 2,209 $ (2,814) Other comprehensive loss before reclassifications (4,503) — (4,503) Amounts reclassified from accumulated other comprehensive loss: (1) 266 (57) 209 Balance at March 31, 2020 $ (9,260) $ 2,152 $ (7,108) (1) Amounts reclassified from accumulated other comprehensive loss: Amortization of Other Postretirement Benefit items: Actuarial gains (a) $ (77) Tax expense 20 Reclassification net of tax $ (57) Realized losses on interest rate swaps reclassified to interest expense $ 359 Tax benefit (93) Reclassification net of tax $ 266 (a) These components are included in the computation of benefit plan costs in Note 12. Changes to accumulated other comprehensive loss by component for the three months ended March 31, 2019 are as follows: Unrealized Net Loss Retiree on Interest Health Rate Benefit Pension Swap Obligation Obligation Total Balance at December 31, 2018 $ (1,530) $ 2,118 $ (6,637) $ (6,049) Other comprehensive gain before reclassifications (1,111) - - (1,111) Amounts reclassified from accumulated other comprehensive loss: (1) 36 (58) 110 89 Balance at March 31, 2019 $ (2,605) $ 2,060 $ (6,527) $ (7,071) (1) Amounts reclassified from accumulated other comprehensive loss: Amortization of Other Postretirement Benefit items: Actuarial gains (a) $ (78) Tax expense 20 Reclassification net of tax $ (58) Amortization of pension items: Actuarial losses (a) $ 149 Tax benefit (39) Reclassification net of tax $ 110 Realized losses on interest rate swaps reclassified to interest expense $ 49 Tax benefit (13) Reclassification net of tax $ 36 (a) These components are included in the computation of benefit plan costs in Note 12 .

Basis of presentation (Policies

Basis of presentation (Policies)	9 Months Ended
Basis of presentation (Policies)	Sep. 30, 2019
Basis of presentation
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses,” which modifies the measurement of expected credit losses for financial instruments held at the reporting date. The standard is effective for annual periods beginning after December 15, 2019. The Company adopted this standard in the first quarter of fiscal 2020. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to the opening balance of retained earnings of $557 , net of tax. The Company has identified and implemented changes to processes and controls to meet the standard’s updated reporting and disclosure requirements. See Note 3 for additional information. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform,” which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The Company adopted this standard in the first quarter of fiscal 2020 specifically related to its interest rate swap, where the Company asserts the forecasted transaction using the existing reference rate associated with the swap remains probable.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2020
Revenue Recognition
Revenue by customer and timing recognition	Revenue by customer type was as follows: Three Months Ended March 31, 2020 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 19,120 $ 28,052 $ 47,172 Government - 10,490 10,490 Fleet - 9,229 9,229 Other - 1,299 1,299 Total revenue $ 19,120 $ 49,070 $ 68,190 Three Months Ended March 31, 2019 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 25,817 $ 33,043 $ 58,860 Government - 15,529 15,529 Fleet - 14,952 14,952 Other - 3,846 3,846 Total revenue $ 25,817 $ 67,370 $ 93,187 Revenue by timing of revenue recognition was as follows: Three Months Ended March 31, 2020 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 19,120 $ 29,714 $ 48,834 Over time - 19,356 19,356 Total revenue $ 19,120 $ 49,070 $ 68,190 Three Months Ended March 31, 2019 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 25,817 $ 42,023 $ 67,840 Over time - 25,347 25,347 Total revenue $ 25,817 $ 67,370 $ 93,187
Contract Balances	Three Months Ended March 31, 2020 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 2,187 $ 1,637 $ (1,789) $ 2,035 Three Months Ended March 31, 2019 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 2,006 $ 2,335 $ (2,041) $ 2,300

Credit Losses (Tables)

Credit Losses (Tables)	3 Months Ended
Credit Losses (Tables)	Mar. 31, 2020
Credit Losses
Credit losses for trade accounts receivable	Balance at Adoption of Additions Changes to Balance at December 31, ASU 2016-13 charged to Writeoffs reserve, net March 31, 2019 earnings 2020 Three Months Ended March 31, 2020 Work Truck Attachments $ 600 $ 400 $ 100 $ - $ 51 $ 1,151 Work Truck Solutions 887 350 104 - (57) 1,284 Total $ 1,487 $ 750 $ 204 $ - $ (6) $ 2,435

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
Fair Value (Tables)	Mar. 31, 2020
Fair Value
Schedule of financial assets and liabilities measured at fair value on a recurring basis and disclosure of the fair value of long-term debt	Fair Value at Fair Value at March 31, December 31, 2020 2019 Assets: Other long-term assets (a) $ 6,767 $ 7,270 Total Assets $ 6,767 $ 7,270 Liabilities: Interest rate swaps (b) $ 13,876 $ 6,736 Long-term debt (c) 218,543 247,630 Earnout - Dejana (d) 2,000 2,000 Total Liabilities $ 234,419 $ 256,383 (a) Included in other assets is the cash surrender value of insurance policies on various individuals that are associated with the Company. The carrying amount of these insurance policies approximates their fair value and is considered Level 2 inputs. (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 inputs. Interest rate swaps of $3,570 and $10,306 at March 31, 2020 are included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively. Interest rate swaps of $1,522 and $5,214 at December 31, 2019 are included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively. (c) The fair value of the Company’s long-term debt, including current maturities, is estimated using discounted cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements, which is a Level 2 input for all periods presented. Meanwhile, long-term debt is recorded at carrying amount, net of discount and deferred debt issuance costs, as disclosed on the face of the balance sheet. (d) Included in Other long-term liabilities in the amount of $2,000 at March 31, 2020 is the fair value of an obligation for a portion of the potential earnout incurred in conjunction with the acquisition of substantially all of the assets of Dejana Truck & Utility Equipment Company, Inc. and certain entities directly or indirectly owned by the Peter Paul Dejana Family Trust dated 12/31/98 (“Dejana”). Included in Other long-term liabilities in the amount of $2,200 at March 31, 2019 is the fair value of an obligation for a portion of the potential earnout incurred in conjunction with the acquisition of Dejana. Fair value is based upon Level 3 inputs of a real options approach where gross sales were simulated in a risk-neutral framework using Geometric Brownian Motion, a well-accepted model of stock price behavior that is used in option pricing models such as the Black-Scholes option pricing model, using key inputs of forecasted future sales and financial performance as well as a risk adjusted expected growth rate adjusted appropriately based on its correlation with the market. There were no adjustments to fair value or payments to former owners in either the three months ended March 31, 2020 or March 31, 2019.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2020
Inventories
Schedule of inventories	March 31, December 31, 2020 2019 Finished goods $ 65,530 $ 42,125 Work-in-process 11,187 6,906 Raw material and supplies 35,653 28,911 $ 112,370 $ 77,942

Property, plant and equipment (

Property, plant and equipment (Tables)	3 Months Ended
Property, plant and equipment (Tables)	Mar. 31, 2020
Property, plant and equipment
Summary of property, plant and equipment	March 31, December 31, 2020 2019 Land $ 2,378 $ 2,378 Land improvements 4,541 4,541 Leasehold improvements 4,087 4,087 Buildings 28,938 28,715 Machinery and equipment 55,743 55,238 Furniture and fixtures 18,193 17,918 Mobile equipment and other 5,323 5,285 Construction-in-process 7,706 6,555 Total property, plant and equipment 126,909 124,717 Less accumulated depreciation (68,367) (66,273) Net property, plant and equipment $ 58,542 $ 58,444

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2020
Leases
Summary of lease expense and supplemental cash flow information	Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Operating lease expense $ 1,311 $ 1,132 Short term lease cost $ 39 $ 100 Total lease cost $ 1,350 $ 1,232 Cash Flow Supplemental cash flow information related to leases is as follows: Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,303 $ 765 Non-cash lease expense - right-of-use assets $ 1,015 $ 785 Right-of-use assets obtained in exchange for operating lease obligations $ 321 $ 56
Summary of supplemental balance sheet information related to leases	March 31, 2020 December 31, 2019 Operating Leases Operating lease right-of-use assets $ 21,555 $ 22,557 Other current liabilities 3,770 3,822 Operating lease liabilities 18,010 18,981 Total operating lease liabilities $ 21,780 $ 22,803 Weighted Average Remaining Lease Term Operating leases 75 months 78 months Weighted Average Discount Rate Operating leases 5.31% 5.32%
Summary of maturities of leases	Year ending December 31, Operating Leases 2020 (excluding the three months ended March 31, 2020) $ 3,704 2021 4,716 2022 4,307 2023 3,824 2024 3,194 Thereafter 6,146 Total Lease Payments 25,891 Less: imputed interest (4,111) Total $ 21,780

Other Intangible Assets (Tables

Other Intangible Assets (Tables)	3 Months Ended
Other Intangible Assets (Tables)	Mar. 31, 2020
Other Intangible Assets
Summary of other intangible assets	Gross Less Net Carrying Accumulated Carrying Amount Amortization Amount March 31, 2020 Indefinite-lived intangibles: Trademark and tradenames $ 77,600 $ - $ 77,600 Amortizable intangibles: Dealer network 80,000 64,000 16,000 Customer relationships 80,920 23,239 57,681 Patents 21,136 13,543 7,593 Noncompete agreements 8,640 8,252 388 Trademarks 5,459 3,737 1,722 Backlog 1,900 1,900 - License 20 20 - Amortizable intangibles, net 198,075 114,691 83,384 Total $ 275,675 $ 114,691 $ 160,984 Gross Less Net Carrying Accumulated Carrying Amount Amortization Amount December 31, 2019 Indefinite-lived intangibles: Trademark and tradenames $ 77,600 $ - $ 77,600 Amortizable intangibles: Dealer network 80,000 63,000 17,000 Customer relationships 80,920 21,914 59,006 Patents 21,136 13,229 7,907 Noncompete agreements 8,640 8,177 463 Trademarks 5,459 3,713 1,746 Backlog 1,900 1,900 - License 20 20 - Amortizable intangibles, net 198,075 111,953 86,122 Total $ 275,675 $ 111,953 $ 163,722
Schedule of estimated amortization expense	2020 $ 8,199 2021 10,670 2022 10,520 2023 10,520 2024 7,520 2025 6,075

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2020
Long-Term Debt
Summary of long-term debt	l March 31, December 31, 2020 2019 Term Loan, net of debt discount of $683 and $781 at March 31, 2020 and December 31, 2019, respectively $ 225,302 $ 245,787 Less current maturities 1,938 22,143 Long-term debt before deferred financing costs 223,364 223,644 Deferred financing costs, net 1,356 1,563 Long-term debt, net $ 222,008 $ 222,081

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
Accrued Expenses and Other Current Liabilities (Tables)	Mar. 31, 2020
Accrued Expenses and Other Current Liabilities
Summary of accrued expenses and other current liabilities	March 31, December 31, 2020 2019 Payroll and related costs $ 5,633 $ 10,382 Employee benefits 6,154 6,097 Accrued warranty 3,202 3,941 Interest rate swaps 3,570 1,522 Other 3,576 4,554 $ 22,135 $ 26,496

Warranty Liability (Tables)

Warranty Liability (Tables)	3 Months Ended
Warranty Liability (Tables)	Mar. 31, 2020
Warranty Liability
Schedule of rollforward of Company's warranty liability	Three Months Ended March 31, March 31, 2020 2019 Balance at the beginning of the period $ 6,541 $ 6,174 Warranty provision 549 561 Claims paid/settlements (1,888) (1,644) Balance at the end of the period $ 5,202 $ 5,091

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	3 Months Ended
Employee Retirement Plans (Tables)	Mar. 31, 2020
Pension plan
Employee retirement plans
Schedule of components of net periodic pension or other postretirement benefit cost	March 31, 2019 Component of net periodic pension cost: Service cost $ - Interest cost 410 Expected return on plan assets (294) Amortization of net loss 149 Net periodic pension cost $ 265
Other postretirement benefit cost
Employee retirement plans
Schedule of components of net periodic pension or other postretirement benefit cost	Three Months Ended March 31, March 31, 2020 2019 Component of periodic other postretirement benefit cost: Service cost $ 37 $ 37 Interest cost 47 63 Amortization of net gain (77) (78) Net periodic other postretirement benefit cost $ 7 $ 22

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
Earnings per Share (Tables)	Mar. 31, 2020
Earnings per Share
Schedule of computation of basic and diluted earnings (loss) per share	Three Months Ended March 31, March 31, 2020 2019 Basic loss per common share Net loss $ (10,086) $ (297) Less loss allocated to participating securities - - Net loss allocated to common shareholders $ (10,086) $ (297) Weighted average common shares outstanding 22,813,256 22,729,084 $ (0.44) $ (0.01) Loss per common share assuming dilution Net loss $ (10,086) $ (297) Less loss allocated to participating securities - - Net loss allocated to common shareholders $ (10,086) $ (297) Weighted average common shares outstanding 22,813,256 22,729,084 Incremental shares applicable to non-participating RSUs - - Weighted average common shares assuming dilution 22,813,256 22,729,084 $ (0.44) $ (0.01)

Employee Stock Plans (Tables)

Employee Stock Plans (Tables)	3 Months Ended
Employee Stock Plans (Tables)	Mar. 31, 2020
Employee Stock Plans
Summary of RSU activity	Weighted Weighted Average Average Remaining Grant Date Contractual Shares Fair value Term Unvested at December 31, 2019 35,676 $ 36.49 1.40 years Granted 40,941 $ 53.50 1.11 years Vested (27,158) $ 42.00 Cancelled and forfeited - $ 53.50 Unvested at March 31, 2020 49,459 $ 47.55 1.47 years Expected to vest in the future at March 31, 2020 49,459 $ 47.55 1.47 years

Segments (Table)

Segments (Table)	3 Months Ended
Segments (Table)	Mar. 31, 2020
Segments
Schedule of assets and profit/loss of the segments	Three Months Ended Three Months Ended March 31, March 31, 2020 2019 Net sales Work Truck Attachments $ 19,120 $ 25,817 Work Truck Solutions 49,070 67,370 $ 68,190 $ 93,187 Adjusted EBITDA Work Truck Attachments $ (2,076) $ 2,284 Work Truck Solutions 361 6,735 $ (1,715) $ 9,019 Depreciation and amortization expense Work Truck Attachments $ 2,659 $ 2,538 Work Truck Solutions 2,235 2,270 $ 4,894 $ 4,808 Assets Work Truck Attachments $ 349,671 $ 330,731 Work Truck Solutions 342,865 345,288 $ 692,536 $ 676,019 Capital Expenditures Work Truck Attachments $ 1,858 $ 611 Work Truck Solutions 396 77 $ 2,254 $ 688
Schedule of Reconciliation of Operating Profit (Loss)	Adjusted EBITDA Work Truck Attachments $ (2,076) $ 2,284 Work Truck Solutions 361 6,735 Total Adjusted EBITDA $ (1,715) $ 9,019 Less items to reconcile Adjusted EBITDA to Loss before taxes: Interest expense - net 5,040 4,150 Depreciation expense 2,156 2,067 Amortization 2,738 2,741 Purchase accounting (17) (217) Stock based compensation 1,368 1,054 COVID-19 (1) 317 - Other charges 31 (16) Loss before taxes $ (13,348) $ (760) (1) - Reflects incremental costs incurred related to the COVID-19 crisis for the periods presented.

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Loss by Component (Tables)	3 Months Ended
	Mar. 31, 2020
Changes in Accumulated Other Comprehensive Loss by Component
Schedule of changes to accumulated other comprehensive loss by component	Changes to accumulated other comprehensive loss by component for the three months ended March 31, 2020 are as follows: Unrealized Net Loss Retiree on Interest Health Rate Benefit Swap Obligation Total Balance at December 31, 2019 $ (5,023) $ 2,209 $ (2,814) Other comprehensive loss before reclassifications (4,503) — (4,503) Amounts reclassified from accumulated other comprehensive loss: (1) 266 (57) 209 Balance at March 31, 2020 $ (9,260) $ 2,152 $ (7,108) (1) Amounts reclassified from accumulated other comprehensive loss: Amortization of Other Postretirement Benefit items: Actuarial gains (a) $ (77) Tax expense 20 Reclassification net of tax $ (57) Realized losses on interest rate swaps reclassified to interest expense $ 359 Tax benefit (93) Reclassification net of tax $ 266 (a) These components are included in the computation of benefit plan costs in Note 12. Changes to accumulated other comprehensive loss by component for the three months ended March 31, 2019 are as follows: Unrealized Net Loss Retiree on Interest Health Rate Benefit Pension Swap Obligation Obligation Total Balance at December 31, 2018 $ (1,530) $ 2,118 $ (6,637) $ (6,049) Other comprehensive gain before reclassifications (1,111) - - (1,111) Amounts reclassified from accumulated other comprehensive loss: (1) 36 (58) 110 89 Balance at March 31, 2019 $ (2,605) $ 2,060 $ (6,527) $ (7,071) (1) Amounts reclassified from accumulated other comprehensive loss: Amortization of Other Postretirement Benefit items: Actuarial gains (a) $ (78) Tax expense 20 Reclassification net of tax $ (58) Amortization of pension items: Actuarial losses (a) $ 149 Tax benefit (39) Reclassification net of tax $ 110 Realized losses on interest rate swaps reclassified to interest expense $ 49 Tax benefit (13) Reclassification net of tax $ 36 (a) These components are included in the computation of benefit plan costs in Note 12 .

Basis of presentation (Details)

Basis of presentation (Details) $ in Thousands	3 Months Ended
Basis of presentation (Details) $ in Thousands	Mar. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)
Interim Consolidated Financial Information
Number of operating segments \| segment	2
Amount of total benefit	$ 1,152
Retained earnings	143,618	$ 160,748
Restatement adjustment \| ASU 2016-13
Interim Consolidated Financial Information
Retained earnings	$ 557

Revenue Recognition (Revenue by

Revenue Recognition (Revenue by customer and timing recognitions) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)item	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Disaggregation of Revenue [Line Items]
Retained Earnings	$ 143,618		$ 160,748
Net sales	68,190	$ 93,187
Independent dealer
Disaggregation of Revenue [Line Items]
Net sales	47,172	58,860
Government
Disaggregation of Revenue [Line Items]
Net sales	10,490	15,529
Fleet
Disaggregation of Revenue [Line Items]
Net sales	9,229	14,952
Other
Disaggregation of Revenue [Line Items]
Net sales	1,299	3,846
Point in time
Disaggregation of Revenue [Line Items]
Net sales	48,834	67,840
Over time
Disaggregation of Revenue [Line Items]
Net sales	$ 19,356	25,347
Work Truck Attachments
Disaggregation of Revenue [Line Items]
Number of revenue streams \| item	2
Net sales	$ 19,120	25,817
Work Truck Attachments \| Independent dealer
Disaggregation of Revenue [Line Items]
Net sales	19,120	25,817
Work Truck Attachments \| Point in time
Disaggregation of Revenue [Line Items]
Net sales	$ 19,120	25,817
Work Truck Solutions
Disaggregation of Revenue [Line Items]
Number of revenue streams \| item	4
Net sales	$ 49,070	67,370
Work Truck Solutions \| Independent dealer
Disaggregation of Revenue [Line Items]
Net sales	28,052	33,043
Work Truck Solutions \| Government
Disaggregation of Revenue [Line Items]
Net sales	10,490	15,529
Work Truck Solutions \| Fleet
Disaggregation of Revenue [Line Items]
Net sales	9,229	14,952
Work Truck Solutions \| Other
Disaggregation of Revenue [Line Items]
Net sales	1,299	3,846
Work Truck Solutions \| Point in time
Disaggregation of Revenue [Line Items]
Net sales	29,714	42,023
Work Truck Solutions \| Over time
Disaggregation of Revenue [Line Items]
Net sales	19,356	25,347
Effect of Change Higher/(Lower) \| ASC 2014-09
Disaggregation of Revenue [Line Items]
Net sales		$ 145
Effect of Change Higher/(Lower) \| ASC 2014-09 \| Work Truck Solutions \| Over time
Disaggregation of Revenue [Line Items]
Net sales	$ 106

Revenue Recognition (Contract B

Revenue Recognition (Contract Balances) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in contract liabilities
Balance at Beginning of Period	$ 2,187	$ 2,006
Additions	1,637	2,335
Deductions	(1,789)	(2,041)
Balance at End of Period	2,035	2,300
Contract assets	0	0
Revenue recognized included in contract liabilities at the beginning of the period	$ 467	$ 372

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
Credit Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2020
Balance	$ 1,487
Additions charged to earnings	204	$ 107
Changes to reserve, net	(6)
Balance	2,435
Work Truck Attachments segment
Balance	600
Additions charged to earnings	100
Changes to reserve, net	51
Balance	1,151
Work Truck Solutions
Balance	887
Additions charged to earnings	104
Changes to reserve, net	(57)
Balance	$ 1,284
ASU 2016-13 \| Restatement adjustment
Adoption			$ 750
ASU 2016-13 \| Restatement adjustment \| Work Truck Attachments segment
Adoption			400
ASU 2016-13 \| Restatement adjustment \| Work Truck Solutions
Adoption			$ 350

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Other long-term assets	$ 6,767	$ 7,270
Total Assets	6,767	7,270
Liabilities:
Interest rate swaps	13,876	6,736
Long term debt	218,543	247,630
Earnout- Dejana	2,000	2,000
Total Liabilities	$ 234,419	$ 256,383

Fair Value - Fair Value Liabili

Fair Value - Fair Value Liability Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Reconciliation of liability related to earnout
Adjustments to fair value	$ 0	$ 0
Payments to former owners	0	0
Recurring \| Dejana
Fair value liability reconciliation
Derivative Liability, Noncurrent		$ 2,200
Recurring \| Level 2
Fair value liability reconciliation
Derivative Liability, Current	3,570		$ 1,522
Derivative Liability, Noncurrent	10,306		$ 5,214
Recurring \| Level 3 \| Dejana
Reconciliation of liability related to earnout
Earnout, portion in other long term liabilities	$ 2,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventories
Finished goods	$ 65,530	$ 42,125
Work-in-process	11,187	6,906
Raw material and supplies	35,653	28,911
Inventories	112,370	77,942
Inventories - truck chassis floor plan	$ 8,774	$ 6,539

Property, plant and equipment_2

Property, plant and equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, plant and equipment
Total property, plant and equipment	$ 126,909	$ 124,717
Less accumulated depreciation	(68,367)	(66,273)
Net property, plant and equipment	58,542	58,444
Land
Property, plant and equipment
Total property, plant and equipment	2,378	2,378
Land improvements
Property, plant and equipment
Total property, plant and equipment	4,541	4,541
Leasehold Improvements
Property, plant and equipment
Total property, plant and equipment	4,087	4,087
Buildings
Property, plant and equipment
Total property, plant and equipment	28,938	28,715
Machinery and equipment
Property, plant and equipment
Total property, plant and equipment	55,743	55,238
Furniture and fixtures
Property, plant and equipment
Total property, plant and equipment	18,193	17,918
Mobile equipment and other
Property, plant and equipment
Total property, plant and equipment	5,323	5,285
Construction-in-process
Property, plant and equipment
Total property, plant and equipment	$ 7,706	$ 6,555

Leases Narrative (Details)

Leases Narrative (Details)	3 Months Ended
Leases Narrative (Details)	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Options to extend	true
Renewal term	10 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	16 years

Leases - Components of Lease an

Leases - Components of Lease and supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lease Expense
Operating lease expense	$ 1,311	$ 1,132
Short term lease cost	39	100
Total lease cost	1,350	1,232
Cash paid for amounts included in the measurement of operating lease liabilities	1,303	765
Non-cash lease expense - right-of-use assets	1,015	785
Right-of-use assets obtained in exchange for operating lease obligations	$ 321	$ 56

Leases - Supplemental Balance s

Leases - Supplemental Balance sheet information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Supplemental balance sheet information related to leases
Operating lease - right of use asset	$ 21,555	$ 22,557
Other current liabilities	3,770	3,822
Operating lease liabilities	18,010	18,981
Total operating lease liabilities	$ 21,780	$ 22,803
Weighted Average Remaining Lease Term - Operating leases	75 months	78 months
Weighted Average Discount Rate - Operating leases	5.31%	5.32%

Leases - Maturities (Details)

Leases - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Maturities of leases
2020 (excluding the three months ended March 31, 2020)	$ 3,704
2021	4,716
2022	4,307
2023	3,824
2024	3,194
Thereafter	6,146
Total Lease Payments	25,891
Less: imputed interest	(4,111)
Total operating lease liabilities	$ 21,780	$ 22,803

Other Intangible Asset - Summar

Other Intangible Asset - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other intangible assets
Amortizable intangibles, gross carrying amount	$ 198,075	$ 198,075
Amortizable intangibles, accumulated amortization	114,691	111,953
Finite-Lived Intangible Assets, Net, Total	83,384	86,122
Intangible Assets, Gross (Excluding Goodwill), Total	275,675	275,675
Net Carrying Amount	160,984	163,722
Dealer network
Other intangible assets
Amortizable intangibles, gross carrying amount	80,000	80,000
Amortizable intangibles, accumulated amortization	64,000	63,000
Finite-Lived Intangible Assets, Net, Total	16,000	17,000
Customer relationships
Other intangible assets
Amortizable intangibles, gross carrying amount	80,920	80,920
Amortizable intangibles, accumulated amortization	23,239	21,914
Finite-Lived Intangible Assets, Net, Total	57,681	59,006
Patents
Other intangible assets
Amortizable intangibles, gross carrying amount	21,136	21,136
Amortizable intangibles, accumulated amortization	13,543	13,229
Finite-Lived Intangible Assets, Net, Total	7,593	7,907
Noncompete agreements
Other intangible assets
Amortizable intangibles, gross carrying amount	8,640	8,640
Amortizable intangibles, accumulated amortization	8,252	8,177
Finite-Lived Intangible Assets, Net, Total	388	463
Trademarks
Other intangible assets
Amortizable intangibles, gross carrying amount	5,459	5,459
Amortizable intangibles, accumulated amortization	3,737	3,713
Finite-Lived Intangible Assets, Net, Total	1,722	1,746
Backlog
Other intangible assets
Amortizable intangibles, gross carrying amount	1,900	1,900
Amortizable intangibles, accumulated amortization	1,900	1,900
License
Other intangible assets
Amortizable intangibles, gross carrying amount	20	20
Amortizable intangibles, accumulated amortization	20	20
Trademark and tradenames
Other intangible assets
Indefinite-lived intangibles, net carrying amount	$ 77,600	$ 77,600

Other Intangible Asset - Estima

Other Intangible Asset - Estimated Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Intangible Assets
Intangibles amortization	$ 2,738	$ 2,741
Estimated amortization expense for the next five years
2020	8,199
2021	10,670
2022	10,520
2023	10,520
2024	7,520
2025	$ 6,075

Long-Term Debt - Summary (Detai

Long-Term Debt - Summary (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Long-term debt
Less current maturities		$ 1,938	$ 22,143
Long-term debt, less current maturities		222,008	222,081
Deferred financing costs, net		1,356	1,563
Long-term debt, net		222,008	222,081
Long-term debt, additional disclosure
Inventories - truck chassis floor plan		8,774	6,539
Term loan facility
Long-term debt
Term Loan, net of debt discount of $683 and $781 at March 31, 2020 and December 31, 2019, respectively		225,302	245,787
Less current maturities		1,938	22,143
Long-term debt, less current maturities		223,364	223,644
Long-term debt, additional disclosure
Unamortized discount on issuance of debt		683	781
Outstanding borrowings		225,302	245,787
Revolving credit facility
Long-term debt, additional disclosure
Outstanding borrowings		$ 30,000	0
Senior credit facilities \| Term loan facility
Long-term debt, additional disclosure
Percentage of net cash proceeds of certain asset sales, certain insurance or condemnation events, requirement for additional principal prepayments		100.00%
Percentage of excess cash flow paid as additional principal prepayments		50.00%
Reduced percentage of excess cash flow paid as additional principal prepayments upon achievement of certain leverage ratio thresholds, one		0.00%
Voluntary payment	$ 20,000
Senior credit facilities \| Term loan facility \| Maximum
Long-term debt, additional disclosure
Period before end of the fiscal year, for additional principal prepayments of debt, from excess cash flow		150 days
Senior credit facilities \| Revolving credit facility
Long-term debt, additional disclosure
Remaining borrowing availability		$ 59,160	$ 99,352

Long-Term Debt - Swaps (Details

Long-Term Debt - Swaps (Details) $ in Thousands	3 Months Ended
Long-Term Debt - Swaps (Details) $ in Thousands	Mar. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Jun. 13, 2019USD ($)
Derivative [Line Items]
Amount expected to be amortized from AOCI	$ 2,991
Mark-to-market adjustments on derivatives not classified as hedges	1,413
Inventories - truck chassis floor plan	8,774	$ 6,539
Interest rate swap
Derivative [Line Items]
Negative fair value	$ 13,876	6,736
Number of financial institutions for which the entity is exposed to counterparty credit risk \| item	1
Interest rate swap \| Accrued Expenses and Other Current Liabilities
Derivative [Line Items]
Negative fair value	$ 3,570	1,522
Interest rate swap \| Other Noncurrent Liabilities
Derivative [Line Items]
Negative fair value	$ 10,306	$ 5,214
Interest rate swap effective May 31,2019 through May 31,2024 [member]
Derivative [Line Items]
Notional amount			$ 175,000
Interest rate	2.495%
Interest rate swap effective May 31,2019 through May 31,2024 [member] \| London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
LIBOR floor (as a percent)	1.00%

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accrued Expenses and Other Current Liabilities
Payroll and related costs	$ 5,633	$ 10,382
Employee benefits	6,154	6,097
Accrued warranty	3,202	3,941
Interest rate swaps	3,570	1,522
Other	3,576	4,554
Accrued expenses and other current liabilities	$ 22,135	$ 26,496

Warranty Liability (Details)

Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended
Warranty Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Warranty liability
Period of warranty history used in estimating warranty costs	5 years
Other long-term liabilities			$ 23,230	$ 19,818
Accrued expenses and other current liabilities			22,135	26,496
warranty reserve	$ 6,541	$ 5,091	5,202	6,541
Company's warranty liability:
Balance at the beginning of the period	6,541	6,174
Warranty provision	549	561
Claims paid/settlements	(1,888)	(1,644)
Balance at the end of the period	$ 5,202	$ 5,091
Warranty Reserves
Warranty liability
Other long-term liabilities			2,000	2,600
Accrued expenses and other current liabilities			$ 3,202	$ 3,941
Snow and ice control equipment
Warranty liability
Warranty period	2 years
Parts and accessories
Warranty liability
Warranty period	1 year
Certain snowplows
Warranty liability
Warranty period	1 year

Employee Retirement Plans (Deta

Employee Retirement Plans (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2019	Oct. 31, 2019	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive (Income) Loss, Pension Plan Termination Loss, after Tax and Reclassification Adjustment, Attributable to Parent			$ 6,380
Douglas Dynamics LLC Pension Plan For Hourly Employees
Defined Benefit Plan Disclosure [Line Items]
Pension funding contributions made		$ 3,245
Defined Benefit Plan, Annuities Purchased Amount	$ 4,767
Douglas Dynamics LLC Salaried Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension funding contributions made		$ 12,476
Defined Benefit Plan, Annuities Purchased Amount	$ 20,044

Employee Retirement Plans - Rec

Employee Retirement Plans - Reconciliations (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Pension plan
Component of net periodic cost:
Interest cost			$ 410
Expected return on plan assets			(294)
Amortization of net (gain) loss			149
Net periodic pension cost			265
Defined Benefit Plan Termination, Payments by Employer		$ 464
Employer contributions during the period				$ 0
Defined Benefit Plan Employer Discretionary Contribution Amount					$ 7,000
Other postretirement benefit cost
Component of net periodic cost:
Service cost	$ 37		37
Interest cost	47		63
Amortization of net (gain) loss	(77)		(78)
Net periodic pension cost	$ 7		$ 22

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic earnings per common share
Net loss	$ (10,086)	$ (297)
Net loss allocated to common shareholders	$ (10,086)	$ (297)
Weighted average common shares outstanding	22,813,256	22,729,084
Basic	$ (0.44)	$ (0.01)
Earnings per common share assuming dilution
Net loss	$ (10,086)	$ (297)
Net loss allocated to common shareholders	$ (10,086)	$ (297)
Weighted average common shares outstanding	22,813,256	22,729,084
Weighted average common shares assuming dilution	22,813,256	22,729,084
Diluted earnings per share	$ (0.44)	$ (0.01)
Restricted stock units
Earnings per common share assuming dilution
Potentially dilutive non-participating securities	32,732	31,389

Employee Stock Plans - Summary

Employee Stock Plans - Summary of Restricted Stock Awards and Units (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
2010 Plan \| Common Stock
Stock-based compensation
Maximum number of shares of common stock that may be issued	2,130,000
Restricted stock units
Shares
Unvested at the beginning of the period (in shares)	35,676
Granted (in shares)	40,941
Vested (in shares)	(27,158)
Unvested at the end of the period (in shares)	49,459	35,676
Expected to vest in the future, at the end of the period (in shares)	49,459
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 36.49
Granted (in dollars per share)	53.50
Vested (in dollars per share)	42
Cancelled and forfeited (in dollars per share)	53.50
Unvested at the end of the period (in dollars per share)	47.55	$ 36.49
Expected to vest in the future, at the end of the period (in dollars per share)	$ 47.55
Weighted Average Remaining Contractual Term
Unvested at the beginning of the period	1 year 5 months 19 days	1 year 4 months 24 days
Granted	1 year 1 month 9 days
Unvested at the end of the period	1 year 5 months 19 days	1 year 4 months 24 days
Expected to vest in future, at the end of the period	1 year 5 months 19 days

Employee Stock Plans - Addition

Employee Stock Plans - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)item$ / sharesshares	Mar. 31, 2019USD ($)
Additional Employee Stock Plans Information
Income tax benefit	$ (3,262)	$ (463)
Performance Share Unit Awards \| 2010 Plan
Additional Employee Stock Plans Information
Vesting period of awards	2 years
Compensation expenses recognized	$ 484	294
Unrecognized compensation expense, net of expected forfeitures, calculated under the fair value method for shares expected to vest	$ 2,813
Performance period	3 years
Restricted stock units
Additional Employee Stock Plans Information
fair value per share of the awards \| $ / shares	$ 53.50
Compensation expenses recognized	$ 884	760
Restricted stock units \| Non-employee director
Additional Employee Stock Plans Information
Number of shares issued upon exercise of units other than options \| shares	1
Restricted stock units \| 2010 Plan
Additional Employee Stock Plans Information
Unrecognized compensation expense, net of expected forfeitures, calculated under the fair value method for shares expected to vest	$ 2,039
Minimum age of employee, attaining which awards are continued to be vested upon retirement \| item	65
Minimum service period, upon serving which awards are continued to be vested upon retirement	10 years
Minimum age of employee along with service period condition, attaining which awards are continued to be vested upon retirement \| item	55
Maximum period following a termination of service in which the share-based award will be settled	2 months 15 days
Restricted stock units \| 2010 Plan \| Management
Additional Employee Stock Plans Information
Accelerated stock based compensation expense	$ 303	$ 343
Restricted stock units \| 2010 Plan \| Common Stock
Additional Employee Stock Plans Information
Number of shares issued upon exercise of units other than options \| shares	1

Segments (Details)

Segments (Details) $ in Thousands	3 Months Ended
Segments (Details) $ in Thousands	Mar. 31, 2020USD ($)segmentcustomer	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Number of operating segments \| segment	2
Number of customers \| customer	0
Net sales	$ 68,190	$ 93,187
Adjusted EBITDA	(1,715)	9,019
Depreciation and amortization expense	4,894	4,808
Assets	692,536	676,019	$ 705,695
Capital Expenditures	2,304	769
Capital Expenditures including adjustments to accruals and payables	2,254	688
Interest expense, net	5,040	4,150
Depreciation expense	2,156	2,067
Amortization	2,738	2,741
Purchase accounting	(17)	(217)
Share-based Compensation	1,368	1,054
COVID-19	317
Other charges	31	(16)
Loss before taxes	(13,348)	(760)
Work Truck Attachments
Segment Reporting Information [Line Items]
Net sales	19,120	25,817
Adjusted EBITDA	(2,076)	2,284
Work Truck Solutions
Segment Reporting Information [Line Items]
Net sales	49,070	67,370
Adjusted EBITDA	361	6,735
Operating segment \| Work Truck Attachments
Segment Reporting Information [Line Items]
Net sales	19,120	25,817
Adjusted EBITDA	(2,076)	2,284
Depreciation and amortization expense	2,659	2,538
Assets	349,671	330,731
Capital Expenditures	1,858	611
Operating segment \| Work Truck Solutions
Segment Reporting Information [Line Items]
Net sales	49,070	67,370
Adjusted EBITDA	361	6,735
Depreciation and amortization expense	2,235	2,270
Assets	342,865	345,288
Capital Expenditures	$ 396	$ 77

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Income Taxes
Effective tax rate (as a percent)	(24.40%)	(60.90%)
Excess tax benefits from stock compensation	$ 93	$ 312

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Loss by Component - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes to accumulated other comprehensive loss by component
Balance at the beginning of the period	$ (2,814)	$ (6,049)
Other comprehensive gain (loss) before reclassifications	(4,503)	(1,111)
Amounts reclassified from accumulated other comprehensive loss	209	89
Impact due to adoption	(557)
Balance at the end of the period	(7,108)	(7,071)
Unrealized Net Loss on Interest Rate Swap
Changes to accumulated other comprehensive loss by component
Balance at the beginning of the period	(5,023)	(1,530)
Other comprehensive gain (loss) before reclassifications	(4,503)	(1,111)
Amounts reclassified from accumulated other comprehensive loss	266	36
Balance at the end of the period	(9,260)	(2,605)
Other Postretirement Benefit Liability
Changes to accumulated other comprehensive loss by component
Balance at the beginning of the period	2,209	2,118
Amounts reclassified from accumulated other comprehensive loss	(57)	(58)
Balance at the end of the period	$ 2,152	2,060
Pension Liability
Changes to accumulated other comprehensive loss by component
Balance at the beginning of the period		(6,637)
Amounts reclassified from accumulated other comprehensive loss		110
Balance at the end of the period		$ (6,527)

Changes in Accumulated Other _4

Changes in Accumulated Other Comprehensive Loss by Component - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Amounts reclassified from accumulated other comprehensive loss:
Interest expense, net	$ 5,040	$ 4,150
Tax expense (benefit)	(3,262)	(463)
Reclassification net of tax	10,086	297
Interest rate swap \| Amount reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive loss:
Interest expense, net		49
Tax expense (benefit)		(13)
Reclassification net of tax		36
Other Postretirement Benefit Liability \| Amount reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive loss:
Actuarial (gains) losses	(77)	(78)
Tax expense (benefit)	20	20
Reclassification net of tax	(57)	(58)
Pension Liability \| Amount reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive loss:
Actuarial (gains) losses		149
Tax expense (benefit)		(39)
Reclassification net of tax		$ 110
Unrealized Net Loss on Interest Rate Swap \| Interest rate swap
Amounts reclassified from accumulated other comprehensive loss:
Interest expense, net	359
Tax expense (benefit)	(93)
Reclassification net of tax	$ 266