Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MNTX | ||
Entity Registrant Name | Manitex International, Inc. | ||
Entity Central Index Key | 1,302,028 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 16,125,661 | ||
Entity Public Float | $ 92 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash | $ 8,578 | $ 4,368 |
Trade receivables (net) | 63,388 | 58,433 |
Accounts receivable from related party | 388 | 8,609 |
Other receivables | 3,254 | 480 |
Inventory (net) | 119,269 | 90,745 |
Deferred tax asset | 2,951 | 1,325 |
Prepaid expense and other | 4,872 | 1,691 |
Current assets of discontinued operations | 8,206 | |
Total current assets | 202,700 | 173,857 |
Total fixed assets (net) | 41,985 | 25,788 |
Intangible assets (net) | 70,629 | 51,251 |
Goodwill | 80,089 | 52,666 |
Other long-term assets | 5,503 | 4,166 |
Non-marketable equity investment | 5,752 | 5,951 |
Long-term assets of discontinued operations | 3,477 | |
Total assets | 406,658 | 317,156 |
Current liabilities | ||
Notes payable—short term | 30,323 | 11,880 |
Revolving credit facilities | 1,795 | 2,798 |
Current portion of capital lease obligations | 1,004 | 1,631 |
Accounts payable | 62,137 | 34,113 |
Accounts payable related parties | 1,611 | 503 |
Income tax payable on conversion of ASV | 16,231 | |
Accrued expenses | 21,053 | 15,973 |
Other current liabilities | 2,113 | 2,407 |
Current liabilities of discontinued operations | 2,425 | |
Total current liabilities | 120,036 | 87,961 |
Long-term liabilities | ||
Revolving term credit facilities | 46,097 | 46,457 |
Notes payable | 69,676 | 38,423 |
Capital lease obligations | 5,850 | 2,710 |
Convertible note-related party (net) | 6,737 | 6,611 |
Convertible note (net) | 14,386 | |
Deferred gain on sale of building | 1,288 | 1,268 |
Deferred tax liability | 4,525 | 2,082 |
Other long-term liabilities | 7,763 | 1,973 |
Long-term liabilities of discontinued operations | 1,665 | |
Total long-term liabilities | 156,322 | 101,189 |
Total liabilities | $ 276,358 | $ 189,150 |
Commitments and contingencies | ||
Equity | ||
Preferred Stock—Authorized 150,000 shares, no shares issued or outstanding at December 31, 2015 and December 31, 2014 | ||
Common Stock—no par value 25,000,000 shares authorized, 16,072,100 and 14,989,694 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively | $ 93,186 | $ 82,040 |
Paid in capital | 2,630 | 1,789 |
Retained earnings | 16,588 | 21,960 |
Accumulated other comprehensive loss | (5,392) | (1,023) |
Equity attributable to shareholders of Manitex International, Inc. | 107,012 | 104,766 |
Equity attributable to noncontrolling interest | 23,288 | 23,240 |
Total equity | 130,300 | 128,006 |
Total liabilities and equity | $ 406,658 | $ 317,156 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Preferred Stock, shares authorized | 150,000 | 150,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | ||
Common Stock, shares authorized | 25,000,000 | 25,000,000 |
Common Stock, shares issued | 16,072,100 | 14,989,694 |
Common Stock, shares outstanding | 16,072,100 | 14,989,694 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net revenues | $ 386,737 | $ 247,164 | $ 229,820 |
Cost of sales | 317,231 | 199,715 | 184,083 |
Gross profit | 69,506 | 47,449 | 45,737 |
Operating expenses | |||
Research and development costs | 5,829 | 2,093 | 2,308 |
Selling, general and administrative expenses | 55,256 | 29,882 | 24,399 |
Total operating expenses | 61,085 | 31,975 | 26,707 |
Operating income | 8,421 | 15,474 | 19,030 |
Other income (expense) | |||
Interest expense | (12,984) | (2,777) | (2,501) |
Foreign currency transaction gain (loss) | 30 | (107) | (95) |
Other income (loss) | 23 | (36) | (50) |
Total other expense | (12,931) | (2,920) | (2,646) |
(Loss) income before income taxes and loss in non-marketable equity interest from continuing operations | (4,510) | 12,554 | 16,384 |
Income tax (benefit) expense from continuing operations | (725) | 4,452 | 5,082 |
Loss in non-marketable equity interest, net of taxes | (199) | ||
Net (loss) income from continuing operations | (3,984) | 8,102 | 11,302 |
Discontinued operations: (Note 25) | |||
Loss from operations of discontinued operations (including loss on disposal of $2,142 in 2015) | (2,083) | (1,911) | (1,937) |
Income tax benefit | (743) | (776) | (813) |
Loss on discontinued operations | (1,340) | (1,135) | (1,124) |
Net (loss) income | (5,324) | 6,967 | 10,178 |
Net (income) loss attributable to noncontrolling interest | (48) | 136 | |
Net (loss) income attributable to shareholders of Manitex International, Inc. | $ (5,372) | $ 7,103 | $ 10,178 |
Earnings Per Share Basic | |||
(Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. | $ (0.25) | $ 0.59 | $ 0.89 |
Loss from discontinued operations attributable to shareholders of Manitex International, Inc. | (0.08) | (0.08) | (0.09) |
(Loss) earnings attributable to shareholders of Manitex International, Inc. | (0.34) | 0.51 | 0.80 |
Earnings Per Share Diluted | |||
(Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. | (0.25) | 0.59 | 0.89 |
Loss from discontinued operations attributable to shareholders of Manitex International, Inc. | (0.08) | (0.08) | (0.09) |
(Loss) earnings attributable to shareholders of Manitex International, Inc. | $ (0.34) | $ 0.51 | $ 0.80 |
Weighted average common shares outstanding | |||
Basic | 15,970,074 | 13,858,189 | 12,671,205 |
Diluted | 15,970,074 | 13,904,289 | 12,717,575 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Loss) (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Statement [Abstract] | |
Loss from operations of discontinued operations, including loss on disposal | $ (2,142) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net (loss) income: | $ (5,324) | $ 6,967 | $ 10,178 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | (4,369) | (1,419) | (320) |
Derivative instrument fair market value adjustment—net of income taxes of $(3) and $3 for 2014 and 2013, respectively | 7 | (7) | |
Total other comprehensive (loss) | (4,369) | (1,412) | (327) |
Comprehensive (loss) income | (9,693) | 5,555 | 9,851 |
Comprehensive (income) loss attributable to noncontrolling interest | (48) | 136 | |
Total comprehensive (loss) income attributable to shareholders of Manitex International, Inc. | $ (9,741) | $ 5,691 | $ 9,851 |
Consolidated Statements of Com7
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Derivative instrument fair market value adjustments, taxes | $ (3) | $ 3 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (loss) Income [Member] | Equity Attributable to Noncontrolling Interest [Member] |
Balance at beginning of the year at Dec. 31, 2012 | 12,268,443 | |||||
Stock offering, shares | 1,375,000 | |||||
Employee 2004 incentive plan grant, shares | 74,320 | |||||
Repurchase to satisfy withholding and cancelled, shares | (4,414) | |||||
Stock issued in connection with asset purchase, shares | 87,928 | |||||
Balance end of year, shares at Dec. 31, 2013 | 13,801,277 | |||||
Balance at beginning of the year at Dec. 31, 2012 | $ 53,040 | $ 1,098 | $ 4,679 | $ 716 | ||
(Loss) gain on foreign currency translation | $ (320) | (320) | ||||
Derivative instrument fair market adjustment—net of income taxes | $ (7) | (7) | ||||
Stock offering | 13,927 | |||||
Net (loss) income attributable to shareholders of Manitex International, Inc. | 10,178 | |||||
Employee 2004 incentive plan grant | 657 | 7 | ||||
Repurchase to satisfy withholding and cancelled, value | (70) | |||||
Excess tax benefits related to vesting of restricted stock | 86 | |||||
Acquisition noncontrolling business | 1,000 | |||||
Balance end of year at Dec. 31, 2013 | 68,554 | 1,191 | 14,857 | 389 | ||
Stock offering, shares | 1,108,156 | |||||
Employee 2004 incentive plan grant, shares | 89,114 | |||||
Repurchase to satisfy withholding and cancelled, shares | (8,853) | |||||
Balance end of year, shares at Dec. 31, 2014 | 14,989,694 | |||||
Equity component of Convertible debt issuance | 572 | |||||
(Loss) gain on foreign currency translation | $ (1,419) | (1,419) | ||||
Derivative instrument fair market adjustment—net of income taxes | 7 | 7 | ||||
Stock offering | 12,500 | |||||
Net (loss) income attributable to shareholders of Manitex International, Inc. | 7,103 | |||||
Employee 2004 incentive plan grant | 1,100 | 3 | ||||
Repurchase to satisfy withholding and cancelled, value | (114) | |||||
Excess tax benefits related to vesting of restricted stock | 23 | |||||
Acquisition noncontrolling business | $ 23,376 | |||||
Balance end of year at Dec. 31, 2014 | 104,766 | 82,040 | 1,789 | 21,960 | (1,023) | 23,240 |
Net income (loss) attributable to noncontrolling interest | $ (136) | (136) | ||||
Employee 2004 incentive plan grant, shares | 100,441 | |||||
Repurchase to satisfy withholding and cancelled, shares | (12,518) | |||||
Stock issued in connection with asset purchase, shares | 994,483 | |||||
Balance end of year, shares at Dec. 31, 2015 | 16,072,100 | |||||
Equity component of Convertible debt issuance | 457 | |||||
(Loss) gain on foreign currency translation | $ (4,369) | (4,369) | ||||
Net (loss) income attributable to shareholders of Manitex International, Inc. | (5,372) | |||||
Employee 2004 incentive plan grant | 1,097 | 384 | ||||
Repurchase to satisfy withholding and cancelled, value | (75) | |||||
Acquisition noncontrolling business | 10,124 | |||||
Balance end of year at Dec. 31, 2015 | 107,012 | $ 93,186 | $ 2,630 | $ 16,588 | $ (5,392) | 23,288 |
Net income (loss) attributable to noncontrolling interest | $ 48 | $ 48 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net (loss) income: | $ (5,324) | $ 6,967 | $ 10,178 |
Adjustments to reconcile net income to cash used for operating activities: | |||
Depreciation and amortization | 12,082 | 4,188 | 3,573 |
Changes in allowances for doubtful accounts | (167) | 165 | 172 |
Acquisition expenses financed by seller | 183 | ||
(Gain) loss on disposal of assets | (119) | 3 | (100) |
Changes in inventory reserves | 1,069 | 156 | (110) |
Deferred income taxes | (2,074) | (254) | (168) |
Amortization of deferred financing cost | 1,204 | 259 | 205 |
Amortization of debt discount | 743 | ||
Change in value of interest rate swaps | (706) | ||
Loss in non-marketable equity interest | 199 | ||
Share-based compensation | 1,481 | 1,104 | 664 |
Deferred gain on sale and lease back | 301 | ||
Reserves for uncertain tax provisions | 60 | (35) | (83) |
Loss on sale of discontinued operations | 1,378 | ||
Changes in operating assets and liabilities: | |||
(Increase) decrease in accounts receivable | 23,475 | (13,889) | 980 |
(Increase) decrease in accounts receivable finance | 315 | 271 | |
(Increase) decrease in inventory | (10,286) | (7,010) | (7,931) |
(Increase) decrease in prepaid expenses | (3,258) | (16) | (427) |
(Increase) decrease in other assets | 111 | (123) | |
Increase (decrease) in accounts payable | 6,717 | 2,676 | (3,832) |
Increase (decrease) in accrued expense | (2,458) | 565 | (115) |
Increase (decrease) in income tax payable on ASV conversion | (16,231) | ||
Increase (decrease) in other current liabilities | (1,472) | 641 | (122) |
Increase (decrease) in other long-term liabilities | 2,524 | (30) | (36) |
Discontinued operations - cash provided by (used) for operating activities | (214) | 2,632 | 59 |
Net cash provided by used for operating activities | 9,035 | (1,503) | 3,178 |
Cash flows from investing activities: | |||
Acquisition of businesses, net of cash acquired | (13,747) | (24,998) | (13,000) |
Proceeds from the sale of fixed assets | 518 | 139 | |
Purchase of property and equipment | (2,369) | (784) | (963) |
Investment in intangibles other than goodwill | (233) | ||
Proceeds from the sale of discontinued operations | 6,525 | ||
Discontinued operations - cash used for investing activities | (96) | (140) | (252) |
Net cash used for investing activities | (9,402) | (25,922) | (14,076) |
Cash flows from financing activities: | |||
New borrowings—term loan | 14,000 | 15,000 | |
Repayment of term loan | (11,800) | (15,000) | |
Net proceeds from stock offering | 12,500 | 13,927 | |
New borrowings—convertible notes | 15,000 | 7,500 | |
Borrowing on revolving term credit facilities | 443 | 5,563 | 5,409 |
Net borrowings (repayments) on working capital facilities | (7,731) | 2,532 | (1,960) |
New borrowings—other | 7,289 | 677 | 809 |
Bank fees and cost related to new financing | (1,274) | (519) | (1,102) |
Note payments | (8,466) | (947) | (809) |
Shares repurchased for income tax withholding on share-based compensation | (75) | (114) | (70) |
Excess tax benefits related to vesting of restricted stock | 22 | 86 | |
Proceeds from capital leases | 942 | ||
Payments on capital lease obligations | (1,446) | (1,397) | (1,185) |
Discontinued operations - cash used for financing activities | (113) | (107) | |
Net cash provided by financing activities | 5,940 | 26,646 | 14,998 |
Net increase (decrease) in cash and cash equivalents | 5,573 | (779) | 4,100 |
Effect of exchange rate changes on cash | (1,363) | (944) | 102 |
Cash and cash equivalents at the beginning of the year | 4,368 | 6,091 | 1,889 |
Cash and cash equivalents at end of period | $ 8,578 | $ 4,368 | $ 6,091 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations | Note 1. Nature of Operations The Company is a leading provider of engineered lifting solutions. The Company operates in three business segments: the Lifting Equipment segment, the ASV segment and the Equipment Distribution segment. Lifting Equipment Segment The Company is a leading provider of engineered lifting solutions. The Company designs, manufactures and distributes a diverse group of products that serve different functions and are used in a variety of industries. Through its Manitex, Inc. subsidiary it markets a comprehensive line of boom trucks, truck cranes and sign cranes. Manitex’s boom trucks and crane products are primarily used for industrial projects, energy exploration and infrastructure development, including, roads, bridges and commercial construction. Badger Equipment Company (“Badger”) is a manufacturer of specialized rough terrain cranes and material handling products. Badger primarily serves the needs of the construction, municipality and railroad industries. PM Group S.p.A. (“PM”) is a leading Italian manufacturer of truck mounted hydraulic knuckle boom cranes with a 50-year history of technology and innovation, and a product range spanning more than 50 models. Its largest subsidiary, Oil & Steel (“O&S”), is a manufacturer of truck-mounted aerial platforms with a diverse product line and an international client base. Manitex Liftking ULC (“Manitex Liftking” or “Liftking”) sells a complete line of rough terrain forklifts, a line of stand-up electric forklifts, cushioned tired forklifts with lifting capacities from 18 thousand to 40 thousand pounds and special mission oriented vehicles, as well as other specialized carriers, heavy material handling transporters and steel mill equipment. Manitex Liftking’s rough terrain forklifts are used in both commercial and military applications. Specialty mission oriented vehicles and specialized carriers are designed and built to meet the Company’s unique customer needs and requirements. The Company’s specialized lifting equipment has met the particular needs of customers in various industries that include utility, ship building and steel mill industries. Manitex Load King, Inc. (“Load King”) manufactures specialized custom trailers and hauling systems typically used for transporting heavy equipment. Load King trailers serve niche markets in the commercial construction, railroad, military and equipment rental industries through a dealer network. Load King was sold on December 29, 2015 and is presented as discontinued operation. CVS Ferrari, srl (“CVS”) designs and manufactures a range of reach stackers and associated lifting equipment for the global container handling market, that are sold through a broad dealer network. On November 30, 2013, CVS acquired the assets of Valla SpA (“Valla”) located in Piacenza, Italy. Valla offers a full range of precision pick and carry cranes from 2 to 90 tons, using electric, diesel, and hybrid power options. Its cranes offer wheeled or tracked and fixed or swing boom configurations, with special applications designed specifically to meet the needs of its customers. On August 19, 2013, Manitex Sabre, Inc. (“Sabre”) acquired the assets of Sabre Manufacturing, LLC, which is located in Knox, Indiana. Sabre manufactures a comprehensive line of specialized mobile tanks for liquid and solid storage and containment solutions with capacities from 8,000 to 21,000 gallons. Its mobile tanks are sold to specialized independent tank rental companies and through the Company’s existing dealer network. The tanks are used in a variety of end markets such as petrochemical, waste management and oil and gas drilling. On March 12, 2015, the Company acquired certain assets of Columbia Tank and merged its operations with Sabre. ASV Segment On December 19, 2014, the Company acquired 51% of A.S.V., Inc. from Terex Corporation (“Terex”). Subsequent to the acquisition date ASV was converted to an LLC and its name was changed to A.S.V., LLC (ASV). ASV is located in Grand Rapids, Minnesota manufactures a line of high quality compact track and skid steer loaders. The products are used in the site clearing, general construction, forestry, golf course maintenance and landscaping industries, with general construction being the largest market. The ASV products are distributed through the Terex distribution channels as well as through the Company and other independent dealers. ASV’s financial results are included in the Company’s consolidated results beginning on December 20, 2014. Equipment distribution segment The Equipment Distribution segment located in Bridgeview, Illinois, comprises the operations of Crane & Machinery (“C&M”), a division of Manitex International, North American Equipment, Inc. (“NAE”) and North American Distribution, Inc. (“NAD”). The segment markets products used primarily for infrastructure development and commercial construction applications that include road and bridge construction, general contracting, roofing, scrap handling and sign construction and maintenance. C&M is a distributor of Terex rough terrain and truck cranes products and supplies repair parts for a wide variety of medium to heavy duty construction equipment and sells domestically and internationally, predominately to end users, including the rental market. It also provides crane equipment repair services in the Chicago area. The segment markets previously-owned construction and heavy equipment and trailers both domestically and internationally through NAE. The segment purchase previously owned equipment of various ages and conditions and often refurbishes the equipment before resale. The segment also sells Valla products through NAD. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation The consolidated financial statements, included herein, have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission. Pursuant to these rules and regulations, the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statement includes the accounts of Manitex International, Inc., and its subsidiaries. Significant intercompany transactions have been eliminated in consolidation. Sabre, Valla, ASV, PM and Columbia Tank have been included in the Company’s financial results from their respective effective date of acquisition which are August 19, 2013, November 30, 2013, December 20, 2014, January 15, 2015 and March 12, 2015, respectively. The Company owns 25% of Lift Ventures LLC (“Lift Ventures”) and accounts for it as an unconsolidated equity investment. The investment in Lift Ventures has been reflected in the Company’s financial statements on the balance sheet on the line titled “Non-marketable equity investment”. Lift Venture financial results are included from December 16, 2014. Financial statements are presented in thousands of dollars except for per share amounts. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies The summary of significant accounting policies of Manitex International, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. Cash and Cash Equivalents —For purposes of the statement of cash flows, the Company considers all short-term securities purchased with maturity dates of three months or less to be cash equivalents. Revenue Recognition —Revenue and related costs are recognized when title passes and risk of loss pass to our customers which generally occurs upon shipment depending upon the terms of the contract. Under certain contracts with our customers title passes to the customers when the units are completed. The units are segregated from our inventory and identified as belonging to the customer, the customer is notified that the units are complete and awaiting pick up or delivery as specified by the customer before income is recognized. Additionally, the customer is requested to sign an “Invoice Authorization Form” which acknowledges the contract terms and acknowledges that the customer has economic ownership and control over the unit. It also acknowledges that we are going to invoice the unit per terms of the contract. The Company insures any custodial risk that it may retain. For FOB contracts, customers may be invoiced prior to the time customers take physical possession. Revenue is recognized in such cases only when the customer has a fixed commitment to purchase the units, the units have been completed, tested and made available to the customer for pickup or delivery, and the customer has authorized in writing that we hold the units for pickup or delivery at a time specified by the customer. In such cases, the units are invoiced under our customary billing terms, title to the units and risks of ownership pass to the customer upon invoicing, the units are segregated from our inventory and identified as belonging to the customer and we have no further obligations under the order. The Company insures any custodial risk that it may retain. In addition, our policy requires in all instances certain minimum criteria be met in order to recognize revenue, specifically: a) Persuasive evidence that an arrangement exists; b) The price to the buyer is fixed or determinable; c) Collectability is reasonably assured; and d) We have no significant obligations for future performance. Investment—Equity Method of Accounting —Our non-marketable equity investments are investments we have made in privately-held companies accounted for under the equity method. We periodically review our non-marketable equity investments for impairment. No impairments were recognized for the year ended December 31, 2015. Allowance for Doubtful Accounts —The Company has adopted a policy consistent with U.S. GAAP for the periodic review of its accounts receivable to determine whether the establishment of an allowance for doubtful accounts is warranted based on the Company’s assessment of the collectability of the accounts. The Company established an allowance for bad debt of $240 and $458 at December 31, 2015 and 2014, respectively. The Company also has in some instances a security interest in its accounts receivable until payment is received. Property, Equipment and Depreciation —Property and equipment are stated at cost or the fair market value at date of acquisition for property and equipment acquired in connection with the acquisition of a company. Depreciation of property and equipment is provided over the following useful lives: Asset Category Depreciable Buildings 20 –33 years Machinery and equipment 1 – 15 years Furniture and fixtures 3 – 12 years Leasehold improvements 1.5 Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $5,055, Other Intangible Assets —The Company accounts for Other Intangible Assets under the guidance of ASC 350, “Intangibles—Goodwill and Other”. The Company capitalizes certain costs related to patent technology. Additionally, a substantial portion of the purchase price related to the Company’s acquisitions has been assigned to patents or unpatented technology, trade name, customer backlog, and customer relationships. Under the guidance, Other Intangible Assets with definite lives are amortized over their estimated useful lives. Intangible assets with indefinite lives are tested annually for impairment. Goodwill is tested for impairment at the reporting unit level (reportable segment). The Company’s three operating segments comprise the reporting units for goodwill impairment testing purposes. Under ASU 2011-08, entities are provided with the option of first performing a qualitative assessment on none, some, or all of its reporting units to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If after completing a qualitative analysis, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value a quantitative analysis is required. In 2015 and 2014, the Company elected to evaluate the Lifting Equipment and Equipment Distribution reporting unit’s goodwill using the quantitative two step approach. Additionally, in 2015 the Company evaluated ASV’s goodwill using the quantitative approach. The first step used to identify potential impairment involves comparing the reporting unit’s estimated fair value to its carrying value, including goodwill. The aforementioned step one quantitative tests did not indicate impairment. During the first step testing, the Company evaluated goodwill for impairment using a business valuation method, which is calculated as of a measurement date by determining the present value of debt-free, after-tax projected future cash flows, discounted at the weighted average cost of capital of a hypothetical third party buyer. The market approach was also considered in evaluating the potential for impairment by calculating fair value based on multiples of earnings before interest, taxes, depreciation and amortization (EBITDA) of comparable, publicly traded companies. This analysis also did not indicate impairment. The estimated fair values of the Lifting Equipment and ASV reporting segments were within 10% of their carrying values. The fair value of the Equipment Distribution segment exceeded its carrying value by slightly more than 10%. Moreover, the Company also observed implied EBITDA multiples from relatively recent merger and acquisition activity in the industry, which was used to test the reasonableness of the results. The second step of the process involves the calculation of an implied fair value of goodwill for each reporting unit for which step one indicated impairment. The implied fair value of goodwill is determined by measuring the excess of the estimated fair value of the reporting unit over the estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying value of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess. An impairment loss cannot exceed the carrying value of goodwill assigned to a reporting unit and the subsequent reversal of goodwill impairment losses is not permitted. The determination of fair value requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to, revenue growth and operating earnings projections, discount rates, terminal growth rates, and required capital expenditure projections. . Our projections make certain assumptions including expanding PM market share in North America, a normalization of energy markets over time and a continued expansion of dealer networks, particularly for ASV. If our progress in meeting these and other assumptions is slower or different than what was anticipated, it may impact our ability to meet the projections. Due to the inherent uncertainty involved in making these estimates, actual results could differ materially from those estimates. Deterioration in the market or actual results as compared with the projections (including not meeting near term projections) may result in an impairment in the near term. In the event, the Company determines that goodwill is impaired in the future the Company would need to recognize a non-cash impairment charge. For 2013, the Company determined on a qualitative basis, that it was not more likely than not that the fair value of the Lifting reporting unit was less than its carrying value. For 2013, the Company also determined on a qualitative basis, that it was not more likely than not that the fair value of the Equipment Distribution reporting unit was less than its carrying value. The Company did not have any impairment for the years ended December 31, 2015, 2014 and 2013. Impairment of Long Lived Assets —The Company’s policy is to assess the realizability of its long-lived assets, including intangible assets, and to evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows are less than the carrying value. Future cash flow projections include assumptions for future sales levels, the impact of cost reduction programs, and the level of working capital needed to support each business. The amount of any impairment then recognized would be calculated as the difference between estimated fair value and the carrying value of the asset. The Company did not have any impairment for the years ended December 31, 2015, 2014 and 2013. Inventory —Inventory consists of stock materials and equipment stated at the lower of cost (first in, first out) or market. All equipment classified as inventory is available for sale. The company records excess and obsolete inventory reserves. The estimated reserve is based upon specific identification of excess or obsolete inventories. Selling, general and administrative expenses are expensed as incurred and are not capitalized as a component of inventory. Foreign Currency Translation and Transactions —The financial statements of the Company’s non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the weighted-average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. The Company converts receivables and payables denominated in other than the Company’s functional currency at the exchange rate as of the balance sheet date. The resulting transaction exchange gains or losses, except for certain transaction gains or loss related to intercompany receivable and payables, are included in other income and expense. Transaction gains and losses related to intercompany receivables and payables not anticipated to be settled in the foreseeable future are excluded from the determination of net income and are recorded as a translation adjustment (with consideration to the tax effect) to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. Derivatives—Forward Currency Exchange Contracts —The Company enters into forward currency exchange contracts in relationship such that the exchange gains and losses on the assets and liabilities denominated in other than the reporting units’ functional currency would be offset by the changes in the market value of the forward currency exchange contracts it holds. The forward currency exchange contracts that the Company has to offset existing assets and liabilities denominated in other than the reporting units’ functional currency have been determined not to be considered a hedge under ASC 815-10. The Company records at the balance sheet date the forward currency exchange contracts at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Statement of Operations in the other income expense section on the line titled foreign currency transaction gain (loss). The Company has entered into forward currency contracts to hedge certain future U.S. dollar sales of its Canadian Subsidiary. The forward currency contracts to hedge future sales are designated as cash flow hedges under ASC 815-10. As required, forward currency contracts are recognized as an asset or liability at fair value on the Company’s Consolidated Balance Sheet. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings (date of sale). Gains or losses on cash flow hedges when recognized into income are included in net revenues (see Note 6). Interest Rate Swap Contracts —The Company enters into derivative instruments to manage its exposure to interest rate risk related to certain foreign term loans. Derivatives are initially recognized at fair value at the date the contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in current earnings immediately unless the derivative is designated and effective as a hedging instrument, in which case the effective portion of the gain or loss is recognized and is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedging instrument affects earnings (date of sale). As part of the acquisition of PM Group, which was acquired on January 15, 2015, the Company acquired interest rate swap contracts, which manage the exposure to interest rate risk related to term loans with certain financial institutions in Italy. These contracts have been determined not to be hedge instruments under ASC 815-10. Credit Risk Concentrations —Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, trade receivables and payables. The Company maintains its cash balances and marketable securities at banks located in Detroit, Michigan, New York, New York, Toronto, Canada as well as several separate Italian banks. Accounts in the United States are insured by the Federal Deposit Insurance Corporation up to $250. At December 31, 2015 and 2014, the Company had uninsured balances of $4,120 and $5,814, respectively. As of December 31, 2015 and 2014, no customers accounted for 10% or more of total Company’s accounts receivable. In 2015, 2014 and 2013, no one customer accounted for 10% or more of total company’s revenues. Research and Development Expenses — The Company expenses research and development costs, as incurred. For the periods ended December 31, 2015, 2014 and 2013 expenses were $5,829, $2,093 and $2,308, respectively. Advertising —Advertising costs are expensed as incurred and were $953, $455 and $616 for the years ended December 31, 2015, 2014 and 2013, respectively. Retirement Benefit Costs and Termination Benefits — Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorized as follows: · service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements); · net interest expense or income; and · remeasurement. Curtailment gains and losses are accounted for as past service costs. The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in PM Group’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. A liability for a termination benefit is recognized at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognizes any related restructuring costs. Litigation Claims —In determining whether liabilities should be recorded for pending litigation claims, the Company must assess the allegations and the likelihood that it will successfully defend itself. When the Company believes it is probable that it will not prevail in a particular matter, it will then record an estimate of the amount of liability based, in part, on advice of outside legal counsel. Shipping and Handling —The Company records the amount of shipping and handling costs billed to customers as revenue. The cost incurred for shipping and handling is included in the cost of sales. Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates . Income Taxes —The Company accounts for income taxes under the provisions of ASC 740 “ Income Taxes,” which requires recognition of income taxes based on amounts payable with respect to the current year and the effects of deferred taxes for the expected future tax consequences of events that have been included in the Company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial accounting and tax basis of assets and liabilities, as well as for operating losses and tax credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not a tax benefit will not be realized. ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of any net operating loss carryforwards. See Note 14, Income Taxes, for further details . Accrued Warranties —Warranty costs are accrued at the time revenue is recognized. The Company’s products are typically sold with a warranty covering defects that arise during a fixed period of time. The specific warranty offered is a function of customer expectations and competitive forces. The Equipment Distribution segment does not accrue for warranty costs at the time of sales, as they are reimbursed by the manufacturers for any warranty that they provide to their customers. A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. Historical warranty experience is, however, reviewed by management. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability. Debt Issuance Costs —Debt issuance costs incurred in securing the Company’s financing arrangements are capitalized and amortized over the term of the associated debt. Deferred financing cost are included with other long-term assets on the Company’s balance sheet. Sale and Leaseback —In accordance with ASC 840-40 Sales-Leaseback Transactions, the Company has recorded deferred revenue in relationship to the sale and leaseback of one of the Company’s operating facilities and on certain equipment. As such, the deferred gains have been deferred and is being amortized on a straight line basis over the life of the leases. Computation of EPS —Basic Earnings per Share (“EPS”) was computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The number of shares related to options, warrants, restricted stock, convertible debt and similar instruments included in diluted EPS (“EPS”) is based on the “Treasury Stock Method” prescribed in ASC 260-10, Earnings per Share. This method assumes theoretical repurchase of shares using proceeds of the respective stock option or warrant exercised, and for restricted stock the amount of compensation cost attributed to future services which has not yet been recognized and the amount of current and deferred tax benefit, if any, that would be credited to additional paid in capital upon the vesting of the restricted stock, at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of EPS in respect of the stock options, warrants, restricted stock, convertible debt and similar instruments is dependent on this average stock price and will increase as the average stock price increases. Stock Based Compensation —In accordance with ASC 718 Compensation-Stock Compensation, share-based payments to employees, including grants of restricted stock units, are measured at fair value as of the date of grant and are expensed in the consolidated statement of income over the service period (generally the vesting period). Comprehensive Income —“Reporting Comprehensive Income” requires reporting and displaying comprehensive income and its components. Comprehensive income includes, in addition to net earnings, other items that are reported as direct adjustments to shareholder’s equity. Currently, the comprehensive income adjustment required for the Company has two components. First is a foreign currency translation adjustment, the result of consolidating its foreign subsidiary. The second component is a derivative instrument fair market value adjustment (net of income taxes) related to forward currency contracts designated as a cash flow hedge. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings (date of sale). See Note 6 for additional details. Reclassifications —Certain reclassifications have been made to the 2014 and 2013 financial statements to conform to the 2015 presentation. Business Combinations —The Company accounts for acquisitions in accordance with guidance found in ASC 805, Business Combinations. The guidance requires consideration given, including contingent consideration, assets acquired and liabilities assumed to be valued at their fair market values at the acquisition date. The guidance further provides that: (1) in-process research and development will be recorded at fair value as an indefinite-lived intangible asset; (2) acquisition costs will generally be expensed as incurred, (3) restructuring costs associated with a business combination will generally be expensed subsequent to the acquisition date; and (4) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. ASC 805 requires that any excess of purchase price over fair value of assets acquired, including identifiable intangibles and liabilities assumed be recognized as goodwill. In accordance with ASC 805, any excess of fair value of acquired net assets, including identifiable intangibles assets, over the acquisition consideration results in a bargain purchase gain. Prior to recording a gain, the acquiring entity must reassess whether all acquired assets and assumed liabilities have been identified and recognized and perform re-measurements to verify that the consideration paid, assets acquired and liabilities assumed have been properly valued. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 4. Earnings per Common Share Basic net earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution of restricted stock units. Details of the calculations are as follows: 2015 2014 2013 Net (loss) income attributable to shareholders of Manitex International, Inc. Net (loss) income from continuing operations $ (3,984 ) $ 8,102 $ 11,302 Less: (Income) loss attributable to noncontrolling interest (48 ) 136 — Net (loss) income from continuing operations attributable to shareholders of Manitex International, Inc. (4,032 ) 8,238 11,302 Income (loss) from operations of discontinued operations, net of income taxes 38 (1,135 ) (1,124 ) (Loss) on sale of discontinued operations , net of income tax benefit (1,378 ) — — Net (loss) income attributable to shareholders of Manitex International, Inc. $ (5,372 ) $ 7,103 $ 10,178 (Loss) earnings per share Basic (Loss) earnings from continuing operations attributable to shareholders' of Manitex International, Inc. $ (0.25 ) $ 0.59 $ 0.89 (Loss) from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ (0.08 ) $ (0.09 ) (Loss) on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ (0.09 ) $ — $ — (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (0.34 ) $ 0.51 $ 0.80 Diluted (Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.25 ) $ 0.59 $ 0.89 (Loss) from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ (0.08 ) $ (0.09 ) (Loss) on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ (0.09 ) $ — $ — (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (0.34 ) $ 0.51 $ 0.80 Weighted average common shares outstanding Basic 15,970,074 13,858,189 12,671,205 Diluted Basic 15,970,074 13,858,189 12,671,205 Dilutive effect of warrants — — — Dilutive effect of restricted stock units — 46,100 46,370 15,970,074 13,904,289 12,717,575 There are 118,773 restricted stock units which are anti-dilutive and therefore are not included in the average number of diluted shares shown above for the year ended December 31, 2015. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5. Fair Value Measurements The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2015 and 2014 by level within the fair value hierarchy. As required by ASC 820-10, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following is a summary of items that the Company measures at fair value on a recurring basis: Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Forward currency exchange contracts $ — $ 600 $ — $ 600 Total current assets at fair value $ — $ 600 $ — $ 600 Liabilities: Forward currency exchange contracts $ — $ 74 $ — $ 74 Interest rate swap contracts — 1,177 — 1,177 PM contingent liabilities — — 1,187 1,187 Convertible debt- Perella ( See Note 13) (nonrecurring) — 14,286 — 14,286 Valla contingent consideration — — 199 199 Total liabilities at fair value $ — $ 15,537 $ 1,386 $ 16,923 Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Forward currency exchange contracts $ — $ 268 $ — $ 268 Total current assets at fair value $ — $ 268 $ — $ 268 Liabilities: Forward currency exchange contracts $ — $ 29 $ — $ 29 Convertible debt- Terex ( See Note 13) (nonrecurring) — 6,607 — 6,607 Valla contingent consideration — — 204 204 Total liabilities at fair value $ — $ 6,636 $ 204 $ 6,840 The carrying value of the amounts reported in the Consolidated Balance Sheets for cash, accounts receivable, accounts payable and short-term variable debt, including any amounts outstanding under the Company’s revolving credit facilities and working capital borrowing, approximate fair value due to the short periods during which these amounts are outstanding. The book and fair value of the Company’s term debt was $79,912 and $79,912 for the year ended December 31, 2015, and $42,266 and $42,074 for the year ending December 31, 2014. The book and fair value of the Company’s capital leases was $6,854 and $9,214 for the year ended December 31, 2015 and $4,341 and $4,960 for the year ending December 31, 2014. There is no difference between the book value and the fair value for amount recorded in connection with a long-term legal settlement, which was $960 and $1,007 for the periods ending December 31, 2015 and 2014, respectively. Fair Value Measurements ASC 820-10 classifies the inputs used to measure fair value into the following hierarchy: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity) Fair value of the forward currency contracts are determined on the last day of each reporting period using observable inputs, which are supplied to the Company by the foreign currency trading operation of its bank and are Level 2 items. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 6. Derivative Financial Instruments ASC 815-10 requires enhanced disclosures regarding an entity’s derivative and hedging activities as provided below. The Company’s risk management objective is to use the most efficient and effective methods available to us to minimize, eliminate, reduce or transfer the risks which are associated with fluctuation of exchange rates between the Canadian and U.S. dollar and the Euro and the U.S. dollar. When the Company’s Canadian subsidiary receives a significant new U.S. dollar order, management will evaluate different options that may be available to mitigate future currency exchange risks. The decision to hedge future sales is not automatic and is decided case by case. The Company will only use hedge instruments to hedge firm existing sales orders and not estimated exposure, when management determines that exchange risks exceeds desired risk tolerance levels. The forward currency contracts used to hedge future sales are designated as cash flow hedges under ASC 815-10 provided certain criteria are met. The Company enters into forward currency exchange contracts to the extent possible in relationship such that the exchange gains and losses on the assets and liabilities denominated in other than the reporting units’ functional currency would be offset by the changes in the market value of the forward currency exchange contracts it holds. The forward currency exchange contracts that the Company has to offset existing assets and liabilities denominated in other than the reporting units’ functional currency have been determined not to be considered a hedge under ASC 815-10. Items denominated in other than a reporting units functional currency includes U.S. denominated accounts receivables and accounts payable held by our Canadian subsidiary and certain intercompany receivables and payables between foreign subsidiaries and the Company, one of the Company’s other subsidiaries or subsidiary of the PM Group. As required, forward currency contracts are recognized as an asset or liability at fair value on the Company’s Consolidated Balance Sheet. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings (date of sale). Gains or losses on cash flow hedges when recognized into income are included in net revenues. Gains and losses on the derivative instruments representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The Company expects minimal ineffectiveness as the Company has hedged only firm sales orders and has not hedged estimated exposures. As of December 31, 2015, the Company had no outstanding forward currency contracts that were in place to hedge future sales. Therefore, there are currently no unrealized pre-tax gains or loss which will reclassified from other comprehensive income into earnings during the next 12 months. For instruments not qualifying as cash flow hedges under ASC 815—10, the Company records at the balance sheet date the forward currency exchange contracts at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Statement of Income in the other income expense section on the line titled foreign currency transaction gains (losses). At December 31, 2015, the Company had entered into forward currency exchange contracts. The contracts obligate the Company to purchase CDN $5,602. The contracts mature between March 3, 2016 and March 31, 2016. Under the contract, the Company will purchase Canadian dollars at exchange rates between .7211 and .7516. The Canadian to US dollar exchange rates was $.7225 at December 31, 2015. At December 31, 2015, the Company had forward currency contracts to sell Euros. The contracts obligate the Company to sell €1,300 in total. The contracts, which are in various amounts, mature between February 10, 2016 and July 1, 2016. Under the contracts, the Company will sell Euros at exchange rates between $1.1419 and $1.4307. The Euro to US dollar exchange rate was 1.0859 at December 31, 2015. The unrealized currency exchange asset is reported under prepaid expense and other if it is an asset or under accrued expenses if it is a liability on the balance sheet at December 31, 2015 and 2014. The Company’s PM Group has an intercompany receivable denominated in Euros from its Chilean subsidiary. At December 31, 2015, the Company has entered into two forward contracts that mature on January 6, 2016. The purpose of which is to mitigate the income effect related to this intercompany receivable that results with a change in exchange rate between the Euro and the Chilean peso. The first contract obligates the Company to purchase €2,600 at $1.148. The second contract obliges the Company to sell 1,840,000 Chilean pesos at an exchange rate of 616.4567 per U.S. dollar. These two contracts achieve the desired purpose as U.S. dollar amounts involved in the two forward contracts offset each other. Interest Rate Swap Contracts The Company uses financial instruments available on the market, including derivatives, solely to minimize its cost of borrowing and hedge the risk of interest rate and exchange rate fluctuation. In January 2009, prior to the January 15, 2015 acquisition date, PM Group entered into the following contracts in order to hedge the interest rate risk related to its term loans with two financial institutions: A contract signed by PM Group, for an original notional amount of € 20,000 (€ 20,000 at December 31, 2015, maturing on February 3, 2017 with interest payable every February 3 and August 3 each year. PM Group pays interest at a rate of 3.48% and receives from the counterparties interest at the Euro Interbank Offered Rate (“Euribor”) for the period in question. A contract signed by PM Group, for an original notional amount of € 8,496 (€ 739 at December 31, 2015), maturing on January 29, 2016 with interest payable every January 30 and July 30 each year. PM Group pays interest at a rate of 2.99% and receives from the counterparties interest at the Euribor rate for the period in question. As of December 31, 2015, the Company had the following forward currency contracts and interest rate swaps: Nature of Derivative Currency Amount Type Forward currency purchase contract Canadian dollar 5,602 Not designated as hedge instrument Forward currency sales contracts Euro 1,300 Not designated as hedge instrument Forward currency purchase contract Euro 2,600 Not designated as hedge instrument Forward currency sales contracts Chilean peso 1,840,000 Not designated as hedge instrument Interest rate swap contracts Euro 20,739 Not designated as hedge instrument The following table provides the location and fair value amounts of derivative instruments that are reported in the Consolidated Balance Sheet as of December 31, 2015 and 2014: Total derivatives not designated as a hedge instrument Fair Value Asset Derivatives Balance Sheet Location December 31, 2015 December 31, 2014 Foreign currency Exchange Contract Prepaid $ 600 $ 268 Liabilities Derivatives Foreign currency Exchange Contract Accrued expense $ 74 $ 29 Interest rate swap contracts Notes payable 1,177 — Total derivative liabilities $ 1,251 $ 29 The following tables provide the effect of derivative instruments on the Consolidated Statement of Income for 2015, 2014 and 2013: Derivatives not designated as Hedge Instrument Location of gain or (loss) recognized in Income Statement Gain or (loss) 2015 2014 2013 Forward currency contracts Foreign currency transaction gains (losses) $ (35 ) $ 110 $ (178 ) Interest rate swap contracts Interest expense $ (56 ) — — Total derivatives (loss) gain $ (91 ) $ 110 $ (178 ) Derivatives designated as Hedge Instrument Location of gain or (loss) recognized in Income Statement Gain or (loss) 2015 2014 2013 Forward currency contracts Net revenue $ — $ (26 ) $ (30 ) The following table shows the beginning and ending amounts of gains and losses related to hedges which have been included in Other Comprehensive Income and related activity net of income taxes for December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Beginning balance (loss), net of income taxes $ — $ (7 ) Amounts recorded in OCI net of (loss), net of income taxes — (11 ) Amount reclassified to income, loss (gain), net of income taxes — 18 Ending balance gain (loss), net of income taxes $ — $ — |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 7. Inventory The components of inventory at December 31, are summarized as follows: 2015 2014 Raw materials and purchased parts $ 85,048 $ 59,283 Work in process 9,657 $ 7,861 Finished goods and replacement parts 24,564 $ 23,601 Inventories, net $ 119,269 $ 90,745 The Company has established reserves for obsolete and excess inventory of $1,724 and $726 as of December 31, 2015 and 2014, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 8. Property, Plant and Equipment Property, plant and equipment consist of the following: 2015 2014 Land $ 4,458 $ 989 Buildings 22,063 14,720 Machinery and equipment 21,027 14,743 Furniture and fixtures 661 669 Leasehold improvements 1,834 1,895 Computer software & equipment 1,398 1,414 Motor vehicles 701 629 Construction in progress 288 40 Totals 52,430 35,099 Less: accumulated depreciation (10,445 ) (9,311 ) Net property and equipment $ 41,985 $ 25,788 Depreciation expense was $5,055 (net of $281 amortization of deferred gain on building), $1,555 (net of $380 amortization of deferred gain on building), and $1,339 (net of $380 amortization of deferred gain on building) in 2015, 2014 and 2013, respectively. See Note 12 for information regarding capital leases. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 9. Goodwill and Other Intangible Assets The Company accounts for Other Intangible Assets under the guidance in ASC 350, Intangibles—Goodwill and Other. Under the guidance intangible assets with definite lives are amortized over their estimated useful lives. Indefinite lived intangible assets are subject to annual impairment testing. The Company capitalizes certain costs related to patent technology. Additionally, a substantial portion of the purchase price related to the Company’s acquisitions has been assigned to patents or unpatented technology, trade name, customer backlog and customer relationships. The intangibles acquired in acquisitions have been valued using a discounted cash flow approach. Intangibles, except goodwill, are being amortized over their estimated useful lives. Intangible assets were comprised of the following as of December 31, 2015 and 2014: 2015 2014 Useful Lives Patented and unpatented technology $ 29,277 $ 20,891 7-10 years Amortization (12,631 ) (9,802 ) Customer relationships 43,172 31,477 5-20 years Amortization (8,545 ) (5,013 ) Trade names and trademarks 21,625 15,455 25 years - Indefinite Amortization (2,281 ) (1,783 ) Non-competition agreements 50 50 2-5 years Amortization (38 ) (24 ) Customer backlog 453 462 < 1 year Amortization (453 ) (462 ) Total Intangible assets $ 70,629 $ 51,251 Amortization expense was $7,027, $2,633 and $2,234 for the periods ended December 31, 2015, 2014 and 2013, respectively. Estimated amortization expense for the next five years and subsequent is as follows: Amount 2016 5,877 2017 5,343 2018 5,223 2019 5,013 2020 4,972 And subsequent 35,124 Total intangibles currently to be amortized $ 61,552 Changes in the Company’s goodwill by business segment were as follows: Equipment Lifting Segment Equipment Distribution Segment ASV Segment Total Balance December 31, 2013 $ 22,214 $ 275 $ — $ 22,489 Goodwill for ASV acquisition — — 30,579 30,579 Effect of change in exchange rates (402 ) — — (402 ) Balance December 31, 2014 $ 21,812 $ 275 $ 30,579 $ 52,666 Goodwill for PM Group Acquisition 30,173 — — 30,173 Effects of change in exchange rate (2,750 ) — — (2,750 ) Balance December 31, 2015 $ 49,235 $ 275 $ 30,579 $ 80,089 |
Accounts Payable and Accrual De
Accounts Payable and Accrual Detail | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrual Detail | Note 10. Accounts Payable and Accrual Detail As of December 31, 2015 2014 Accounts payable: Trade $ 60,339 33,774 Bank overdraft 1,798 339 Total accounts payable $ 62,137 34,113 Accrued expenses: Accrued payroll $ 2,443 $ 2,691 Accrued employee benefits 1,053 433 Accrued bonuses 916 1,132 Accrued vacation expense 1,717 1,309 Accrued consulting fees — 223 Accrued interest 315 375 Accrued commissions 602 497 Accrued expenses—other 3,536 1,110 Accrued warranty 3,564 3,198 Accrued income taxes 815 151 Accrued taxes other than income taxes 3,634 953 Accrued product liability and workers compensation claims 2,384 3,871 Accrued liability on forward currency exchange contracts 74 30 Total accrued expenses $ 21,053 $ 15,973 |
Revolving Term Credit Facilitie
Revolving Term Credit Facilities and Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Revolving Term Credit Facilities and Debt | Note 11. Revolving Term Credit Facilities and Debt The Company together with its U.S. and Canadian subsidiaries has a credit agreement as amended (“Credit Agreement”) with Comerica Bank (“Comerica”) and another lender, who are participants under the credit agreement. The Credit Agreement provides the Company with (a) a Senior Secured Revolving Credit Facility to the U.S. Borrowers (“U.S. Revolver”), (b) a Secured Term Loan to the U.S. Borrowers (“Term Loan”) and (c) Senior Secured Revolving Credit Facility to the Canadian Borrower (“Canadian Revolver”). The two aforementioned credit facilities each mature on August 19, 2018. The Company is also required to comply with certain financial covenants as defined in the Credit Agreement including maintaining (1) a Consolidated Fixed Charge Coverage Ratio of not less than 0.65 to 1.00 at December 31, 2015, 1.00 to 1.00 at March 31, 2016 and 1.20 to 1.00 at June 30, 2016 and each quarter thereafter, (2) a Maximum Senior Secured First Lien North American Debt to Consolidated North American EBITDA Ratio of not more than 7.50 to 1.00 at December 31, 2015, 10.00 to 1.00 at March 31, 2016 and 2.75 at June 30, 2016 and each quarter thereafter, and (3) a Maximum Consolidated North American Total Debt to Consolidated North American EBITDA Ratio of not more than 11.50 to 1.00 at December 31, 2015, 15.00 to 1.00 at March 31, 2016 and 3.75 to 1.00 at June 30, 2016 and each quarter thereafter. The indebtedness is collateralized by substantially all of the Company’s assets, except for the assets of the ASV and PM as well as the Company’s equity interest in these two Companies. The facility contains customary limitations including, but not limited to, limitations on acquisitions, dividends, repurchase of the Company’s stock and capital expenditures. U.S. Revolver At December 31, 2015 the Company had drawn $26,500 The $35,000 U.S. Revolver is a secured financing facility under which borrowing availability is limited to existing collateral as defined in the agreement. The maximum amount available is limited to (1) the sum of 85% of eligible receivables, (2) the lesser of 85% of eligible bill and hold receivables or $10,000, (3) the lesser of 50% of eligible inventory or $26,500, (43) the lesser of 80% of used equipment purchased for resale or rent or $2,000 reduced by (5) outstanding standby letter or credits issued by the bank. At December 31, 2015, the maximum the Company could borrow based on available collateral was capped at $32,473. Under the Credit Agreement, the banks are also paid an annual facility fee between 0.375% and 0.50% payable in quarterly installments. The agreement permits the Company to issue unsecured guarantees of indebtedness owed by CVS Ferrari, srl to foreign banks in respect to working capital financing, not to exceed the lesser of $9,000 or the amount of such financing. Additionally the agreement allows the Company to make or allow to remain outstanding any investment (whether such investment shall be of the character of investment of shares of stock, evidence of indebtedness or other securities or otherwise) in, or any loans or advances to CVS or to any other wholly-owned foreign subsidiary in an amount not to exceed $7,500. Term Loan On January 9, 2015, the Company borrowed the entire $14,000 under the Term Loan, the principal amount of which will be repaid in quarterly installments of $500,000 due on January 1, April 1, July 1, and October 1 each year. For the Term Loan the interest rate spread for Base Rate is between 2.75% and 5.00% and for LIBOR the spread is between 3.75% and 6.00% in each case with the spread being based on the Consolidated North American Total Debt to Consolidated North American EBITDA ratio. At December 31, 2015, the entire loan balance was being charged interest at the base interest rate plus a spread of 4.5%. The Company has made prepayments against the note and has reduced the balance outstanding at December 31, 2015 to $2,200. The payment due on January 1 has been paid in advance as such the next required payment is due on April 1, 2016 Canadian Revolver At December 31, 2015 the Company had drawn $7,225 under the Canadian Revolver. The Company is eligible to borrow up to $12,000. The maximum amount available is limited to the sum of (1) 90% of eligible insured receivables, (2) 85% of eligible receivables plus (3) the lesser of (i) 50% of eligible inventory including work in process inventory up to CDN$3,000 and (ii) CDN $10,500. At December 31, 2015, the maximum the Company could borrow based on available collateral was $9,415. The indebtedness is collateralized by substantially all of Manitex Liftking ULC’s assets. The Company can borrow in either U.S. or Canadian dollars. The Company can borrow in either U.S. or Canadian dollars. For the Canadian Revolver, the interest rate spread for U.S. prime based borrowing is between 1.75% and 3.00% and for Canadian prime based borrowings the interest rate spread is between 2.75% and 4.00%, in each case with the spread being based on the Consolidated North American Total Debt to Consolidated North American EBITDA, as defined in the Credit Agreement, for the preceding twelve months. Alternately, the Company can elect to borrow Canadian funds and choose to pay interest on based on the Canadian Bankers’ Acceptance Rate plus a spread. The loan interest rate spread for Bankers’ Acceptance Rate is between 2.75% and 4.0%. As of December 31, 2015 the spread on the U.S. Prime based borrowing was 3.0%, Canadian Prime based borrowings was 4.0% and the Canadian’s Banker Acceptance borrowing was 4.0%. Under the Credit Agreement, the banks are also paid 0.50% annual facility fee payable in quarterly installments. Specialized Export Facility The Canadian Revolving Credit facility contains an additional $3,000 Specialized Export Facility that matures on July 1, 2016. Borrowings under the Specialized Export Facility are guaranteed by the Company and Export Development Canada (“EDC”), a corporation established by an Act of Parliament of Canada. Under the Export Facility Liftking can borrow 90% of the total cost of material and labor incurred on export contracts which are subject to the EDC guarantee. The EDC guarantee, which expires on July 1, 2016, is issued under their export guarantee program and covers certain goods that are to be exported from Canada. At December 31, 2015, the maximum the Company could have borrowed based upon available collateral under the Specialized Export Facility was $3,000. Under this facility, the Company can borrow either Canadian or U.S. dollars. Any borrowings under the facility in Canadian dollars currently bear interest of 3.2.% which is based on the Canadian prime rate (the Canadian prime was 2.7% at December 31, 2015). Any borrowings under the facility in U.S. dollars bear interest at the U.S. prime rate (prime was 3.5% at December 31, 2015). Repayment of advances made under the Export Facility are due sixty days after shipment of the goods, or five business days after the borrower receives payment in full for the goods covered by the guarantee (the “Scheduled Payment Date”) or upon the termination of the EDC guarantee. At December 31, 2015, the Company had outstanding borrowing in connection with the Specialized Export Facility of $1,795. Note Payables—Terex Related to Crane and Schaeff Acquisitions At December 31, 2015, the Company has a note payable to Terex Corporation with a remaining balance of $250. The note was issued in connection with the purchase of substantially all of the domestic assets of Crane & Machinery, Inc. (“Crane”) and Schaeff Lift Truck, Inc., (“Schaeff”). The note has an annual interest rate of 6% and is payable quarterly. Terex has been granted a lien on and a subordinated security interest in all of the assets of the Company’s Crane & Machinery Division as security against the payment of the note. The Company has one remaining principal payments of $250 due on March 1, 2016. As long as the Company’s common stock is listed for trading on the NASDAQ or another national stock exchange, the Company may opt to the pay up to $150 of each annual principal payment in shares of the Company’s common stock having a market value of $150. Related to ASV Acquisition On December 19, 2014, the Company executed a note payable to Terex Corporation for $1,594. The note matures on December 19, 2016 and has an annual interest rate of 4.5%. Interest is payable semi-annually beginning on June 19, 2015. The note was issued in connection with acquisition of 51% interest in ASV from Terex Corporation. The note has an outstanding balance of $1,594 at December 31, 2015. Columbia Notes In connection with Columbia acquisition the Company issued two notes. At date of issuance, the notes had face amounts of $450 (“Inventory Note”) and $390 (“Equipment Note”), respectively and both are non-interest bearing. The Inventory Note matures on August 31, 2016 and requires the Company to make 18 monthly installment payments of $25. The Equipment Note matures on May 31, 2016 and requires the Company to make 14 monthly installment payments of $25 and a final payment of $40 on May 31, 2016. On March 12, 2015, the date of issuance, the fair value of Inventory Note and the Equipment Note was determined to be $436 and $378, respectively. The fair value of the notes was calculated to equal the present value of future debt payments discounted at a market rate of return commensurate with similar debt instruments with comparable levels of risk and marketability. A rate of 4.0% was determined to be the appropriate rate following an assessment of the risk inherent in the debt issued and the market rate for debt of this nature using corporate credit ratings. The difference between face amount of the promissory note and its fair value is being amortized over the life of the note and recorded as interest expense. At December 31, 2015, the Inventory Note and the Equipment Note had balances of $197 and $138, respectively. CVS Debt CVS Short-Term Working Capital Borrowings At December 31, 2015, CVS had established demand credit facilities with twelve Italian banks. Under the facilities, CVS can borrow up to €375 ($407) on an unsecured basis and additional amounts as advances against orders, invoices and letter of credit with a total maximum facilities (including the unsecured portion) of €18,562 ($20,156). The Company has granted guarantees in respect to available credit facilities in the amount of €588 ($638). The maximum amount outstanding is limited to 80% of the assigned accounts receivable if there is an invoice issued or 50% if there is an order/contract issued. The banks will evaluate each request to borrow individually and determine the allowable advance percentage and interest rate. In making its determination the bank considers the customer’s credit and location of the customer. At December 31, 2015, the banks had advanced CVS €3,629 ($3,941) at variable interest rates which currently range from 2.25% to 6.5%. At December 31, 2015, the Company has guaranteed €429 ($466) of CVS’s outstanding debt. Notes Payable At December 31, 2015, CVS has a €750 ($814) note payable to a bank. The note dated March 27, 2015 had an original principal amount of €1,000 ($1,116) and an annual interest rate of EURIBOR 3 month plus 140 basis points. Under the terms of the note CVS is required to make twelve quarterly principal and interest payments beginning on June 30, 2015 through March 31, 2018. The Company does not guarantee any of the borrowing. At December 31, 2015, CVS has a €2,363 ($2,566) note payable to a bank. The note dated March 4, 2015 had an original principal amount of €2,363 ($2,566) and an annual interest rate of 0.50% on €2,127 ($2,309) and 3.65% on the balance of €236 ($256). Under the terms of the note CVS is required to make sixteen semi-annual principal payments beginning on December 31, 2016 thru June 30, 2024. CVS is also required to make nineteen semi-annual interest payments beginning on June 30, 2015 through June 30, 2024. The Company is guaranteeing €236 ($256) of the borrowing. At December 31, 2015, CVS has a €1.000 ($1.085) note payable to a bank. The note dated October 20, 2015 had an original principal amount of €1.000 ($1.085) and an annual interest rate of 1.850%. Acquisition note—Valla In connection with the acquisition of Valla, the Company executed a note payable. At December 31, 2015, the note a balance of $86 and is payable on December 31, 2016. ASV Loan Facilities In connection with the ASV arrangement, ASV entered into two separate loan facilities on December 19, 2014, one with JPMorgan Chase Bank, N.A. (“JPMCB”), and the other with Garrison Loan Agency Services LLC (“Garrison”). These two facilities are for the exclusive use of ASV and restrict the transfer of cash out side of ASV. Both loan facilities are secured by certain assets of ASV and by a pledge of the equity interest in ASV. Pursuant to an intercreditor agreement dated as of December 19, 2014 among JPMCB, Garrison and ASV (“ASV Intercreditor Agreement”), the parties have agreed that (i) JPMCB shall have a first-priority security interest in substantially all personal property of ASV and (ii) Garrison shall have a first priority security interest in (a) substantially all real property of ASV and (b) a pledge of 100% of the equity interest in ASV issued to Company and to Terex. ASV’s loans are solely obligations of ASV and have not been guaranteed by the Company and are not collateralized by any assets outside of ASV. ASV Revolving Loan Facility with JPMCB On December 19, 2014 ASV entered into a $35,000 revolving loan facility with JPMCB (“JPMCB Credit Agreement”) as the administrative agent, which loan facility includes two sub-facilities: (i) a $1,000 sub-facility for letters of credit, and (ii) a $7,500 sub-facility for loans to be guaranteed by the Export-Import Bank of the United States of America (“Ex-Im Bank Loans”). A portion of the JPMCB Credit Agreement was used to fund certain transaction costs and payments required by ASV under the ASV arrangement. The remainder of the loan amount will be available to ASV for its general working capital needs. The $35,000 revolving loan facility is a secured financing facility under which borrowing availability is limited to existing collateral as defined in the agreement. The maximum amount available is limited to (1) the sum of 85% of eligible receivables, plus (2) the lesser of (i) 65% of eligible inventory valued at the lower of cost or market value or (ii) 85% of eligible inventory valued at the net orderly liquidation value, reduced by (3) (i) certain reserves determined by JPMCB, (ii) the amount of outstanding standby letters of credit issued under the JPMCB Credit Agreement and (iii) the amount of outstanding Ex-In Bank loans. The facility matures on December 19, 2019. At December 31, 2015, ASV had drawn $12,372 under the $35,000 JPMCB Credit Agreement. The JPMCB Credit Agreement bears interest at ASV’s option at JPMCB’ prime rate plus a spread or an adjusted LIBOR rate plus a spread. The interest rate spread for prime rate is between 0.50% and 1.00% and for LIBOR the spread is between 1.50% and 2.00% in each case with the spread being based on the aggregate amount of funds available for borrowing by ASV under the JPMCB Credit Agreement, as defined in the JPMCB Credit Agreement. The base rate and LIBOR spread is currently 1.0% and 2.00%, respectively. Funds borrowed under the LIBOR options can be borrowed for periods of one, two, three or six months. At December 31, 2015 the maximum ASV could borrow based on available collateral The indebtedness of ASV under the JPMCB Credit Agreement is collateralized by substantially all of ASV’s assets, but subject to the terms of the ASV Intercreditor Agreement. The facility contains customary limitations including, but not limited to, limitations on additional indebtedness, acquisitions, and payment of dividends. ASV is also required to comply with certain financial covenants as defined in the JPMCB Credit Agreement including maintaining a Minimum Fixed Charge Coverage ratio of not less than 1.10 to 1.0 . Under the JPMCB Credit Agreement, the banks are also paid a commitment fee payable in monthly installments equal to (i) the average daily amount of funds available but undrawn multiplied by (ii) an annual rate of 0.25%. ASV Term Loan with Garrison On December 19, 2014 ASV entered into a $40,000 term loan facility with Garrison (“Garrison Credit Agreement”) as the administrative agent. A portion of the Garrison Credit Agreement was used to fund certain transaction costs and payments required by ASV under the ASV arrangement. At December 31, 2015, ASV had an outstanding balance of $38,000. The Garrison Credit Agreement bears interest, at a one-month adjusted LIBOR rate plus a spread of between 9.00% and 9.50%. The spread is based on the ratio of ASV’s total debt to its EBITDA, as defined in the Garrison Credit Agreement. The LIBOR spread is currently 9.5%. The interest rate for the period ending December 31, 2014 ASV is obligated to make quarterly principal payments of $500. Any unpaid principal is due on maturity, which is December 19, 2019. Interest is payable monthly. The indebtedness of ASV under the Garrison Credit Agreement is collateralized by substantially all of ASV assets, but subject to the terms of the ASV Intercreditor Agreement. The facility contains customary limitations including, but not limited to, limitations on additional indebtedness, acquisitions, and payment of dividends. ASV is also required to comply with certain financial covenants as defined in the Garrison Credit Agreement including maintaining (1) a Minimum Fixed Charge Coverage ratio of not less than 1.10 to 1.0 which shall step up to 1.50 to 1.00 by March 31, 2017, (2) a Leverage Ratio of 4.75 to 1.00, which shall step down to 2.50 to 1.00 by March 31, 2018 and (3) a limitation of $1,600 in capital expenditures in any fiscal year. PM Group Short-Term Working Capital Borrowings At December 31, 2015, PM Group had established demand credit and overdraft facilities with seven Italian banks and seven banks in South America. Under the facilities, PM Group can borrow up to approximately €25,501 ($27,692) for advances against invoices, and letter of credit and bank overdrafts. Interest on the Italian working capital facilities is charged at the 3-month or 6-month Euribor plus 200 basis points, while interest on overdraft facilities is charged at the 3 month Euribor plus 350 basis points. Interest on the South American facilities is charged at a flat rate of points for advances on invoices ranging from 8% - 20%. At December 31, 2015, the Italian banks had advanced PM Group €14,670 ($15,951), at variable interest rates, which currently range from 1.87% to 1.96%. At December 31, 2015, the South American banks had advanced PM Group €156 ($170). Total short-term borrowings for PM Group were €14,846 ($16,121) at December 31, 2015. PM Group Term Loans At December 31, 2015, PM Group has a €13,766 ($14,948) term loan with two Italian banks, BPER and Unicredit. The term loan is split into three separate notes and is secured by PM Group’s common stock. The first note has an outstanding principal balance of €3,901 ($4,236), is charged interest at the 6-month Euribor plus 236 basis points, effective rate of 2.41% at December 31, 2015. The note is payable in semi-annual installments beginning June 2017 and ending December 2021. The second note has an outstanding principal balance of €4,865 ($5,283), is charged interest at the 6-month Euribor plus 286 basis points, effective rate of 2.91% at December 31, 2015. The note is payable in semi-annual installments beginning June 2017 and ending December 2021. The third note has an outstanding principal balance of €5,000 ($5,429) and is non-interest bearing. The note is payable in two semi-annual installments beginning June 2016 and ending December 2017 and a final balloon payment in December 2022. Accrued deferred interest on these notes through the date of acquisition at January 15, 2015, totaled €4,857 ($5,274) and is payable in semi-annual installments beginning June 2015 and ending December 2016. At December 31, 2015, the remaining deferred interest was €1,481 ($1,608) as the original amount was reduced when the payments of the installments were made. An adjustment in the purchase accounting to value the non-interest bearing debt at its fair market value was made. At January 15, 2015 it was determined that the fair value of the debt was €1,460 or $1,585 less than the book value. This reduction is not reflected in the above descriptions of PM debt. This discount is being amortized over the life of the debt and being charged to interest expense. As of December 31, 2015 the remaining balance was €1,062 or $1,153 and is an offset to the debt shown above. PM Group is subject to certain financial covenants as defined by the debt restructuring agreement with BPER and Unicredit including maintaining (1) Net debt to EBITDA, (2) Net Debt to equity, and (3) EBITDA to net financial charges ratios. The covenants are measured on a semi-annual basis. At December 31, 2015 PM Group has unsecured borrowings with five Italian banks totaling €13,404 ($14,555). Interest on the unsecured notes is charged at the 3-month Euribor plus 250 basis points, effective rate of 2.46% at December 31, 2015. Principal payments are due on a semi-annual basis beginning June 2019 and ending December 2021. Accrued interest on these borrowings through the date of acquisition at January 15, 2015, totaled €358 ($389) and is payable in semi-annual installments beginning June 2019 and ending December 2019. Autogru PM RO, a subsidiary of PM Group, fully repaid the former note payable and entered into two new note payables in October 2015 totaling €947 ($1,028). The first note is payable in 60 monthly principal installments of €8 ($9), plus interest at the 1-month Euribor plus 300 basis points, effective rate of 3.00% at December 31, 2015, maturing October 2020. At December 31, 2015, the outstanding principal balance of the note was €490 ($532). The second new note is payable in one instalment in October 2016 is charged interest at the 1-month Euribor plus 250 basis points, effective rate of 2.50% at December 31, 2015. At December 31, 2015, the outstanding principal balance of the note was €440 ($478). PM has interest rates swaps with a fair market value at December 31, 2015 of €1,084 or $1,177 which has been included in notes payable. Schedule of Debt Maturities Scheduled annual maturities of the principal portion of debt outstanding at December 31, 2015 in the next five years and the remaining maturity in aggregate are summarized below. Amounts shown include the debt described above in this footnote and the convertible notes disclosed in Note 13—Convertible Notes at their face amount of $22,500. North American except ASV ASV Italy Total 2016 $ 5,475 $ 1,500 $ 25,143 $ 32,118 2017 700 2,000 3,671 6,371 2018 33,726 2,000 5,758 41,484 2019 — 44,872 6,039 50,911 2020 6,737 — 5,737 12,474 Thereafter 15,738 — 11,272 27,010 62,376 50,372 57,620 170,368 Interest rate swaps 1,177 Debt discount related to non-interest bearing debt (1,154 ) Debt discounts related to convertible notes (1,377 ) Total $ 62,376 $ 50,372 $ 57,620 $ 169,014 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Note 12. Leases Capital leases Georgetown facility As of September 1, 2015, the lease for the Georgetown facility was amended and extended. Under the Amendment, the initial monthly rental decreased from $76 to $62 and the lease term was extended to April 30, 2028. Commencing on September 1, 2016, and each subsequent September 1 during the term of the lease, rent will increase by 3%. It was determined that the lease is a capital lease. The present value of the future minimum lease payments (including the annual increase) was determined using a 12.5% discount rate (the discount rate used to record the original lease which was signed in April 2006). The net present value of minimum lease payments at September 1, 2015 was determined to be $5,423. As of September 1, 2015, the remaining capital lease obligation (associated with original lease) was increased by approximately $3,607 so the capital lease obligation associated Georgetown facility would equal to $5,423. The building value was also increased by a corresponding amount. Finally, accumulated depreciation related to the building at August 31, 2015 was retired with the offset going against building. The lease has been classified as a capital lease. At December 31, 2015, the outstanding capital lease obligation is $5,399. Winona facility The Company had a five year lease which expired on July 10, 2014 that provides for monthly lease payments of $25 for its Winona, Minnesota facility. The Company has an option to purchase the facility for $500 by giving notice to the landlord of its intent to purchase the Facility. The Landlord must receive such notice at least three months prior to end of the Lease term. The Company gave the Landlord the required notice of its election to purchase the facility. The Company and the Landlord are currently in the process of finalizing the purchase contract. The purchase of the facility is expected to be completed during 2016. At December 31, 2015, the Company has outstanding capital lease obligation of $500, the amount of the purchase option. Equipment The Company has entered into a lease agreement with a bank pursuant to which the Company is permitted to borrow 100% of the cost of new equipment and 75% of the cost of used equipment with 60 and 36 months repayment periods, respectively. At the conclusion of the lease period, for each piece of equipment the Company is required to purchase that piece of leased equipment for one dollar. The equipment, which is acquired in ordinary course of the Company’s business, is available for sales and rental prior to sale. Under the lease agreement the Company can elect to exercise an early buyout option at any time, and pay the bank the present value of the remaining rental payments discounted by a specified Index Rate established at the time of leasing. The early buyout option results in a prepayment penalty which progressively decreases during the term of the lease. Alternatively, the Company under the like-kind provisions in the agreement can elect to replace or substitute different equipment in place of equipment subject to the early buyout without incurring a penalty. The following is a summary of inventory held for sale which was financed under equipment capital lease agreements: Amount Borrowed Repayment Period Amount of Monthly Payment Balance As of December 31, 2015 New equipment $ 1,166 60 $ 22 $ 752 Used equipment 1,754 36 25 126 Total $ 2,920 $ 47 $ 878 The Company has two additional capital leases. As of December 31, 2015, the capitalized lease obligation in aggregate related to the three leases was $56. Future Minimum Lease Payments are: Years Operating Leases Capital Leases 2016 $ 2,024 $ 1,708 2017 1,440 1,025 2018 1,439 1,025 2019 683 910 2020 683 911 Subsequent 322 7,085 Total Minimum Lease Payments $ 6,591 12,664 Less: imputed interest (5,810 ) Present value of minimum lease payment $ 6,854 Less: current portion (1,004 ) Long-term capital lease obligations $ 5,850 Capital Item—as of or for the year ended December 31, 2015 Cost Accumulated Depreciation Depreciation Expense Interest Expense Building—Georgetown, TX $ 4,844 $ 127 $ 158 $ 468 Land & Building—Winona, MN 1,700 367 56 — Other Capitalized leases 2,240 87 19 71 Totals $ 8,784 $ 581 $ 233 $ 539 Capital Item—as of or for the year ended December 31, 2014 Cost Accumulated Depreciation Depreciation Expense Interest Expense Building—Georgetown, TX $ 4,913 $ 3,529 $ 35 $ 307 Land & Building—Winona, MN 1,700 311 57 13 Other Capitalized leases 197 67 28 4 Totals $ 6,810 $ 3,907 $ 120 $ 324 Sales and Leaseback—In accordance with ASC 840-40 Sales- Leaseback Transaction, at December 31, 2015 and 2014, the Company has deferred gain of $1,288 and $1,268, respectively, related to the sale and leaseback of Georgetown operating facilities and certain equipment. The deferred gain is being amortized over the life of the leases which reduces depreciation expense $80 annually through April 2028 and will also increase revenue by $60 for the next five years. Operating leases The Company leases its Woodbridge, Ontario facility under an operating lease. Monthly payments under the lease are $30. The lease expires on November 29, 2019. The Company has an option to renew the lease for an additional five years at a rent which is mutually agreed. In the event that the parties cannot agree the lease has an arbitration provision. Total rent expense related to this lease was $368, $431 and $489 for the year ended December 31, 2015, 2014 and 2013, respectively. The Company leases its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Chairman and CEO. Pursuant to the terms of the lease, the Company makes monthly lease payments of $22. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The lease will expire on June 30, 2020 and has a provision for six one year extension periods. The lease contains a rental escalation clause under which annual rent is increased during the initial lease term by the lesser of the increase in the Consumer Price Increase or 2.0%. Rent for any extension period shall, however, be the then-market rate for similar industrial buildings within the market area. The Company has the option to purchase the building by giving the landlord written notice at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The landlord can require the Company to purchase the building if a change of Control Event, as defined in the lease, occurs by giving written notice to the Company at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The purchase price, regardless whether the purchase is initiated by the Company or the landlord, will be the Fair Market Value as of the closing date of said sale. Rent expense for the current and former Bridgeview facility was $256, $256 and $251 for the years ended December 31, 2015, 2014 and 2013, respectively. The Company leases its 103,000 sq. ft. facility in Cadeo, Italy from Fratelli Ferrari Realty. The lease which was executed on June 30, 2011 is for six years and provides annual rent of €360 ($392) payable in monthly installments. The Company has an option to renew the lease for an additional six years at a rent which is mutually agreed. The Company leases its 11,000 ft. facility in Cadeo Via Emila, Italy from Fratelli Ferrari Realty. The lease which was executed on September 1st, 2012 is for six years and provides annual rent of €54 ($59) payable in monthly installments. The Company has an option to renew the lease for an additional six years at a rent which is mutually agreed. The Company leases its Knox, Indiana facility under two operating leases. The leases which expire on August 19, 2020, currently provides for monthly rent of $11 and $3, respectively. The leases contain a rental escalation clause under which annual rent is increased during the lease term by the lesser of the increase in the Consumer Price Increase or 2.0%. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The Company has an option to extend the leases for an additional five year period. The Company has the right to purchase the facility at a negotiated price any time during the lease period. If the parties are unable to agree on purchase price, the purchase price under the terms of the lease will be the average of two appraisals of the premises performed by independent third-party appraisers, one selected by the landlord and one selected by the Company. Total rent expense related to the leases was $163, $181 and $73 (from date of acquisition on August 19, 2013 through December 31, 2013) for the year ended December 31, 2015, 2014 and 2013, respectively. The Company leases its Fort Wayne, Indiana facility under an operating lease. The lease which expires on February 12, 2018, currently provides for monthly rent of $23. The monthly rent increases to $25 on March 12, 2017. The Company has an option to extend the lease for two three year periods. The monthly rent remains at $25 until March 12, 2019 at which time a rental escalation clause becomes effective. The escalation clause provides for a rent increase for the next year and each of the next three years if the Company elects to exercise its second lease extension. The annual rent increase is the lesser of the increase in the Consumer Price Increase or 2.0%. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The Company also has right of first refusal to purchase the facility. The Company’s Crane and Machinery Division leases a number of boom trucks under an operating lease. The lease is a five year lease and expires on December 29, 2020. The lease provides for a monthly rental payment of $42. The Company entered into the lease to provide financing for equipment that was manufactured by our Manitex subsidiary and will be in Crane and Machinery’s rental fleet. The profit on the sale of boom trucks to the lessor was deferred and is being amortized over 60 months and will reduce monthly rent expense. Crane & Machinery has the option to purchase the boom trucks at the end of the lease for the higher $719 or then fair market value of the boom trucks. At December 31, 2015, PM leases forklifts under three operating leases. Two of the leases which expire on February 28, 2023 provide for monthly rental payments of $2 and $3 respectively. Another lease which expires on April 30, 2020, provides for monthly rental payments of $8. Additionally, PM leases automobiles for a number of its employees. The leases expire at various times between February 2, 2016 and October 5, 2019. Currently, the aggregate monthly rent is approximately $22. Future monthly rents will change as leases expire and new leases are executed. The Company has various operating equipment leases with monthly payments ranging from less than $1 to $4 with various expiration dates through 2019. Additionally, there is on operating lease for $1 that does not expire until 2034. Total rent expense under these additional leases was $125, $125 and $138 for the years ended December 31, 2015, 2014 and 2013. Finally, PM rents certain equipment under a number of operating leases. The leases future rental payments total $63. Rent expense in 2015 for these PM leases was $29. |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Notes | Note 13. Convertible Notes Related Party On December 19, 2014, the Company issued a subordinated convertible debenture with a $7,500 face amount payable to Terex, a related party. The convertible debenture is subordinated, carries a 5% per annum coupon, and is convertible into Company common stock at a conversion price of $13.65 per share or a total of 549,451 shares, subject to customary adjustment provisions. The debenture has a December 19, 2020 maturity date. From and after the third anniversary of the original issuance date, the Company may redeem the convertible debenture in full (but not in part) at any time that the last reported sale price of the Company’s common stock equals at least 130% of the Conversion Price (as defined in the debenture) for at least 20 of any 30 consecutive trading days. Following an election by the holder to convert the debenture into common stock of the Company in accordance with the terms of the debenture, the Company has the discretion to deliver to the holder either (i) shares of common stock, (ii) a cash payment, or (iii) a combination of cash and stock. In accounting for the issuance of the note, the Company separated the note into liability and equity components. The carrying amount of the liability component was calculated by measuring the estimated fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the face value of the Note as a whole. The excess of the principal amount of the liability component over its carrying amount (“debt discount”) is amortized to interest expense over the term of the note using the effective interest method with an effective interest rate of 7.5 percent per annum. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. On December 19, 2014, the components of the note was as follows: Liability component $ 6,607 Equity component (a component of paid in capital) 893 $ 7,500 Additionally in connection with the transaction a $321 deferred tax liability was established and was recorded as a deduction to paid in capital. The deferred tax liability was recognized as the excess of the principal amount being amortized and charged to interest expenses is not tax deductible. As of December 31, 2015, the note had remaining principal balance of $6,737 and an unamortized discount of $763. The difference between this amount and the amount initially recorded represents $130 of discount amortization. Perella Notes On January 7, 2015, the Company entered into a Note Purchase Agreement (the “Perella Note Purchase Agreement”) with MI Convert Holdings LLC (which is owned by investment funds constituting part of the Perella Weinberg Partners Asset Based Value Strategy) and Invemed Associates LLC (together, the “Investors”), pursuant to which the Company agreed to issue $15,000 in aggregate principal amount of convertible notes due January 7, 2021 (the “Perella Notes”) to the Investors. The Notes are subordinated, carry a 6.50% per annum coupon, and are convertible, at the holder’s option, into shares of Company common stock, based on an initial conversion price of $15.00 per share, subject to customary adjustments. Following an election by the holder to convert the debenture into common stock of the Company in accordance with the terms of the debenture, the Company has the discretion to deliver to the holder either (i) shares of common stock, (ii) a cash payment, or (iii) a combination of cash and stock. Upon the occurrence of certain fundamental corporate changes, the Perella Notes are redeemable at the option of the holders of the Perella Notes. The Perella Notes are not redeemable at the Company’s option prior to the maturity date, and the payment of principal is subject to acceleration upon an event of default. The issuance of the Perella Notes by the Company was made in reliance upon the exemptions from registration provided by Rule 506 and Section 4(2) of the Securities Act of 1933. In connection with the issuance of the Perella Notes, on January 7, 2015, the Company entered into a Registration Rights Agreement with the Investors (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, the Company has agreed to register the resale of the shares of common stock issuable upon conversion of the Perella Notes. The Company filed a Registration Statement on Form S-3 to register the shares with the Securities and Exchange Commission, which was declared effective on February 23, 2015. In accounting for the issuance of the note, the Company separated the note into liability and equity components. The carrying amount of the liability component was calculated by measuring the estimated fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the face value of the Note as a whole. The excess of the principal amount of the liability component over its carrying amount (“debt discount”) is amortized to interest expense over the term of the note using the effective interest method with an effective interest rate of 7.5 percent per annum. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. On January 7, 2015, the components of the note were as follows: Liability component $ 14,286 Equity component (a component of paid in capital) 714 $ 15,000 Additionally in connection with the transaction a $257 deferred tax liability was established and was recorded as a deduction to paid in capital. The deferred tax liability was recognized as the excess of the principal amount being amortized and charged to interest expenses is not tax deductible. As of December 31, 2015, the note had remaining principal balance of $14,386 and an unamortized discount of $614. The difference between this amount and the amount initially recorded represents $100 of discount amortization. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14. Income Taxes Information pertaining to the Company’s income before income taxes is as follows: Years ended December 31, 2015 2014 2013 Income before income taxes: Domestic $ (6,976 ) $ 10,782 $ 16,596 Foreign 2,267 1,772 (212 ) Total net income before income taxes $ (4,709 ) $ 12,554 $ 16,384 Information pertaining to the Company’s provision (benefit) for income taxes is as follows: Years ended December 31, 2015 2014 2013 Provision (benefit) for income taxes: Current: Federal $ (1,777 ) $ 3,730 $ 4,982 State and local 103 172 64 Foreign 1,892 691 132 218 4,593 5,178 Deferred: Federal (240 ) (327 ) (33 ) State and local (96 ) 44 66 Foreign (607 ) 142 (129 ) (943 ) (141 ) (96 ) Total provision for income taxes $ (725 ) $ 4,452 $ 5,082 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: Year ended December 31, 2015 2014 Deferred tax assets: Accrued expenses $ 675 $ 581 Inventory 2,075 744 Other liabilities 616 433 Deferred gain 469 458 Net operating loss carryforwards 480 3 Tax credit carryforwards 1,255 824 Unrealized foreign currency loss 348 219 Investment in Partnerships 16 144 Interest expense 3,171 — Restructuring cost 1,003 — Property, plant and equipment 733 — Total deferred tax asset 10,841 3,406 Deferred tax liabilities: Property, plant and equipment — 552 Intangibles 11,264 3,290 Discount on convertible notes 499 321 Deferred State Income Tax 441 — Deferred financing fees 211 — Total deferred tax liability 12,415 4,163 Net deferred tax liability $ (1,574 ) $ (757 ) The Company has not provided for the United States income or the foreign withholding taxes on the $5.4 million of undistributed earnings of its subsidiaries operating outside of the United States. It is the Company’s intention to reinvest those earnings permanently. Generally, such amounts become subject to United States taxation upon remittance of dividends and under certain other circumstances. Determination of the amount of any unrecognized deferred tax liability related to investments in these foreign subsidiaries is not practicable. The effective tax rate before income taxes varies from the current U.S. federal statutory income tax rate as follows: Years ended December 31, 2015 2014 Statutory rate 35.00 % 35.00 % State and local taxes -0.80 % 1.27 % Permanent differences -0.71 % -2.20 % Tax credits 1.50 % -1.25 % Foreign operations -13.15 % 1.69 % Uncertain tax positions -1.04 % -0.18 % Other -5.41 % 1.13 % 15.39 % 35.46 % As of December 31, 2015, the Company has approximately $1,234 of Texas Temporary Margin Tax Credit that may be utilized through 2026. The Company has reflected a deferred tax asset in the table above. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows: 2015 2014 Balance at January 1, $ 215 $ 250 Increases in tax positions for prior years 40 80 Decreases in tax positions for prior years (18 ) (115 ) Settlements 698 — Balance at December 31, $ 935 $ 215 Of the amounts reflected in the above table at December 31, 2015, the entire amount would reduce the Company’s annual effective tax rate if recognized. The Company accrued interest of $20 during 2015 and in total, as of December 31, 2015, recognized a liability for interest of $37. The Company records accrued interest related to income tax matters in the provision for income taxes in the accompanying consolidated statement of income. Included in the unrecognized tax benefits is a liability for the PM Group’s potential IRES and IRAP (Italian Income Taxes) audit adjustments for the tax years 2009 – 2013. Depending upon the final resolution of the PM Group’s audit, the liability could be higher or lower than the amount recorded at December 31, 2015. As of December 31, 2015, we don’t anticipate a significant change in unrecognized tax benefits within 12 months of the reporting date. The Company files income tax returns in the United States, Canada and Italy as well as various state and local tax jurisdictions with varying statutes of limitations. With few exceptions, as of December 31, 2015, we are no longer subject to U.S. federal, state or foreign examinations by tax authorities for years before 2012. In connection with the acquisition, the Board of Directors of ASV, Inc. agreed a Plan of Conversion to convert ASV, Inc., a corporation into a Minnesota limited liability company. Under the plan, all of the issued and outstanding shares of ASV, Inc. were cancelled and an equal number of limited liability company membership interests were issued to the members of ASV LLC, on a one-for-one basis In connection with the conversion, ASV, Inc. had a taxable liability of $16.2 million. This tax liability was recorded on the opening balance sheet of ASV and paid during 2015. Since its conversion to an LLC, ASV has been treated as a partnership for tax purposes. The Company received basis in the limited liability company equal to the fair market value basis in its share of the ASV assets. As such, the Company did not record deferred taxes in connection with the business combination and the financial reporting and tax basis in ASV were the same. |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Disclosures | Note 15. Supplemental Cash Flow Disclosures Interest received and paid, income taxes paid and non-cash transactions incurred during the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 Non-Cash Transactions: Investment in Lift Ventures (see Note 19) $ — $ 5,951 $ — Note to Terex related to ASV — 1,594 — Capital leases 3,607 — 813 Issuance of stock in connection with PM acquisition (see Note 19) 10,124 — — Issuance of stock in connection with Sabre acquisition — — 1,000 Valla working capital — — 2,173 Acquisition note — — 228 Contingent consideration — — 250 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | Note 16. Employee Benefits The Company’s sponsors a 401(k) plan. The plan is intended to cover all non-union United States based employees. The plan is open to employees 21 years of age and older. There is no minimum employment duration required before eligibility. The plan allows for monthly enrollment and contribution changes. The Company suspended its discretionary matching contribution on February 15, 2009. On January 1, 2012, the Company again began to match participants’ contributions. The Company currently matches dollar for dollar participants’ contributions up to 3% of the participant’s income. There is no dollar limit regarding matched funds and the plan also calls for immediate vesting of the employer contribution component. The employer match is paid when payroll is processed. The amount paid in matching contributions by the company for 2015, 2014 and 2013 were $464, $346 and $271, respectively. The Company also sponsors a nonqualified Supplemental Executive Retirement Plan (“SERP”) for a former senior executive. The SERP is unfunded. The Company accounts for this plan pursuant to Accounting Standards Codification (“ASC”) 710, “Compensation – General.” This guidance requires balance sheet recognition of the overfunded or underfunded status of the defined benefit plan. Actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting guidance must be recognized in the Statement of Income. The defined benefit obligation for this plan as of December 31, 2015 is $871, of which, $64 and $807 is reflected in “Accrued Other” and “Other Long-Term Liabilities”, respectively, on the balance sheet. The balance at December 31, 2014 was $994, of which, $64 and $840 was reflected in “Accrued Other” and “Other Long-Term Liabilities”, respectively. The Company expects to make annual benefit payments of $65 per year over the next five years. Movements on the PM Group’s employee severance indemnity / TFR provision during the period, including the effects of the actuarial valuation of the TFR, were as follows: Balance As of January 15, 2015 Increases Decreases Balance As of December 31, 2015 Employee severance indemnity/TFR $ 1,552 $ 698 $ 763 $ 1,487 The estimates, demographic and economic/financial assumptions made, with the support of an independent actuary, for the actuarial calculation used to determine the defined benefit plans in relation to postemployment benefits (Employee severance indemnity provision) can be detailed as follows: Annual Discount Rate Annual Rate of Inflation Annual Increase Rate Probability of Employee Leaving Group Probability of Advance Payment of TFR 1.39 % 1.75 % 2.81 % 10.00 % 3.00 % The amount allocated to the Employee severance indemnity provision in 2015 was $698. A reconciliation of the defined benefit obligation is set out below: December 31, 2015 Past Service Liability at beginning of the period $ 1,552 Interest cost 13 Actuarial (Gain)/Loss (37 ) Payments (41 ) Past Service Liability at end of the period $ 1,487 December 31, 2015 Actuarial gains and losses arising from changes in financial assumptions $ (44 ) Actuarial gains and losses arising from experience assumptions 7 Actuarial (Gain)/Loss $ (37 ) Employees in Italy are entitled to Trattamento di Fine Rapporto (“TFR”) commonly referred to as an employee leaving indemnity), which represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal). The annual accrual is approximately 7% of total pay, with no ceiling, and is revalued each year by applying a pre-established rate of return of 1.50%, plus 75% of the Consumer Price Index, and is recorded by a book reserve. TFR is a plan unfunded. In October 2006, the Italian Government passed a law, effective January 1, 2007, which reformed the current TFR system, in which employees are given the ability to make choices as to the destination of the investment of the TFR compensation. In particular, the new change allowed the employee to direct the TFR funds to a chosen pension fund, such as an industry fund, an existing company pension plan, open funds, and individual insurance policies, subject to Company agreement. If no choice was made, the TFR allocations were made automatically to the default pension fund, which may be the industry wide fund, a specific employer-sponsored plan, or, absent of these alternatives, the employee’s contributions were invested into a “residual” pension fund managed by the National Social Insurance Institute (INPS). Each Employee had until June 30, 2007 to make a decision as to the destination of his TFR allocation. |
Accrued Warranties
Accrued Warranties | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Accrued Warranties | Note 17. Accrued Warranties A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. Historical warranty experience is, however, reviewed by management. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability. The following table summarizes the changes in product warranty liability: 2015 2014 Balance January 1, $ 3,198 $ 967 Business Acquired 843 2,206 Accrual for warranties issued during the year 4,021 392 Warranty services provided (4,578 ) (325 ) Changes in estimates 87 (27 ) Foreign currency translation (7 ) (15 ) Balance December 31, $ 3,564 $ 3,198 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Note 18. Segment Information The Company is a leading provider of engineered specialty lifting and loading products. The Company operates in three business segments: the Lifting Equipment segment, the ASV segment and the Equipment Distribution segment. ASV Segment A.S.V., LLC (“ASV”) manufactures a line of high quality compact rubber tracked and skid steer loaders. The ASV products are distributed through Terex Corporation (“Terex”) distribution channels as well as through the Company and other independent dealers. This independent dealer network now has over 100 locations. The products are used in the site clearing, general construction, forestry, golf course maintenance and landscaping industries, with general construction being the largest market. The Company operates in three business segments: Lifting Equipment, ASV and Equipment Distribution. Lifting Equipment Segment The Lifting Equipment segment is a leading provider of engineered lifting solutions. The Company designs, manufactures and distributes, predominately through a network of dealers, a diverse group of products that serve different functions and are used in a variety of industries. The Company markets a comprehensive line of boom trucks, a truck crane and sign cranes, a complete line of rough terrain forklifts, including both the Liftking and Noble product lines, as well as special mission oriented vehicles, and other specialized carriers, heavy material handling transporters and steel mill equipment. The Company also manufacturers a number of specialized rough terrain cranes and material handling products, including 15 and 30-ton cab down rough terrain cranes. Company lifting products are used in industrial applications, energy exploration and infrastructure development in the commercial sector and for military applications. The company’s specialized rough terrain cranes primarily serve the needs of the construction, municipality, and railroad industries. Through one of its Italian subsidiary, the Company manufactures and distributes reach stackers and associated lifting equipment for the global container handling markets. On November 30, 2013, the Company acquired the assets of Valla SpA (“Valla”) located in Piacenza, Italy. Valla offers a full range of pick and carry cranes from 2 to 90 tons, using electric, diesel, and hybrid power options. Its cranes offer wheeled or tracked, fixed or swing boom configurations, with dozens of special applications designed specifically to meet the needs of its customers. Beginning in August 2013, the Company began to manufacture and market a comprehensive line of specialized trailer tanks for liquid and solid storage and containment. The tank trailers are used in a variety of end markets such as petrochemical, waste management and oil and gas drilling. As of January 15, 2015, the Company acquired the PM Group. PM Group S.p.A. (“PM”) is a leading Italian manufacturer of truck mounted hydraulic knuckle boom cranes with a 50-year history of technology and innovation, and a product range spanning more than 50 models. Its largest subsidiary, Oil & Steel (“O&S”), is a manufacturer of truck-mounted aerial platforms with a diverse product line and an international client base. ASV Segment ASV which was acquired on December 19, 2014, is shown as a separate segment. A.S.V manufactures a line of high quality compact rubber tracked and skid steer loaders. The ASV products are distributed through Terex Corporation (“Terex”) distribution channels as well as through the Company and other independent dealers. This independent dealer network now has over 100 locations. The products are used in the site clearing, general construction, forestry, golf course maintenance and landscaping industries, with general construction being the largest market. Equipment Distribution Segment The Equipment Distribution segment located in Bridgeview, Illinois, comprises the operations of Crane & Machinery (“C&M”), a division of Manitex International, North American Equipment, Inc. (“NAE”) and North American Distribution, Inc. (“NAD”). The segment markets products used primarily for infrastructure development and commercial construction applications that include road and bridge construction, general contracting, roofing, scrap handling and sign construction and maintenance. C&M is a distributor of Terex rough terrain and truck cranes products and supplies repair parts for a wide variety of medium to heavy duty construction equipment and sells domestically and internationally, predominately to end users, including the rental market. It also provides crane equipment repair services in the Chicago area. The segment markets previously-owned construction and heavy equipment and trailers both domestically and internationally through NAE. NAE purchase previously owned equipment of various ages and conditions and often refurbishes the equipment before resale. The Segment also sells Valla products through NAD. Sabre, Valla, ASV and PM Group results are included in the Company’s results from their respective effective dates of acquisition on August 19, 2013, November 30, 2013, December 20, 2014 and January 15, 2015. The following is financial information for our three operating segments, i.e., Lifting Equipment, Equipment Distribution and ASV. The below financial information includes results for each of the above acquisitions from the respective date of acquisition: Years ended December 31, 2015 2014 2013 Revenues from continuing operations: Lifting Equipment $ 261,232 $ 228,518 $ 213,520 ASV 116,935 2,264 — Equipment Distribution 13,216 21,104 16,951 Inter-segment Eliminations (4,646 ) (4,722 ) (651 ) Total $ 386,737 $ 247,164 $ 229,820 Operating income from continuing operations: Lifting Equipment $ 11,770 $ 23,178 $ 24,803 ASV 5,496 (121 ) — Equipment Distribution (136 ) 374 628 Corporate expense (8,522 ) (7,968 ) (6,391 ) Elimination of inter-segment profit in inventory (187 ) 11 (10 ) Total $ 8,421 $ 15,474 $ 19,030 Total assets: Lifting Equipment $ 267,226 $ 158,564 $ 154,914 ASV 122,672 129,661 — Equipment Distribution 14,585 15,612 10,671 Corporate 2,175 1,636 1,075 Assets of discontinued operations — 11,683 13,837 Total $ 406,658 $ 317,156 $ 180,497 Total foreign source net revenue was approximately $177,745, $96,445 and $94,381 for the years ended December 31, 2015, 2014 and 2013, respectively. Total long-lived assets related to the Company’s foreign operations were approximately $83,515 and $8,616 for the years ended December 31, 2015 and 2014, respectively. Information of external net revenues and long lived asset information by country is shown on the below tables: The following is a summary of goodwill by segment: 2015 2014 Goodwill—Lifting Equipment Segment Balance January 1 $ 21,812 $ 22,214 Goodwill related to PM acquisition 30,173 — Foreign currency translation (2,750 ) (402 ) Balance December 31, 49,235 21,812 Goodwill—ASV Segment Balance January 1 30,579 — Goodwill related to ASV acquisition — 30,579 Balance December 31, 30,579 30,579 Goodwill—Equipment Distribution Segment Balance January 1 and December 31, 275 275 Total goodwill at December 31, $ 80,089 $ 52,666 Net Revenues 2015 2014 2013 United States $ 208,992 $ 150,719 $ 135,439 Italy 29,721 18,260 8,222 Canada 28,525 34,647 44,108 Australia 15,408 — 4 Argentina 9,617 — — United Kingdom 8,590 2,345 315 Germany 5,766 3,459 3,246 Iraq 5,302 — — Chile 5,323 592 387 Turkey 5,023 969 5,280 Peru 4,783 1,840 3,849 France 4,590 2,487 — Saudi Arabia 3,546 815 34 Spain 3,291 1 535 Hong Kong 2,532 — — Israel 2,333 527 85 United Arab Emirates 2,318 4,161 1,232 Romania 2,209 — — Algeria 2,114 — — Qatar 1,944 — — Kenya 1,903 — — Czech Republic 1,875 3,426 1,804 Mexico 1,858 4,050 5,096 Finland 1,802 — — Russia 1,759 710 1,623 Singapore 1,130 — 441 Norway 1,112 — — South Africa 800 516 3,651 Morocco 740 — — Korea 717 934 — Malaysia 688 — — New Zealand 687 — — Lebanon 682 — — Netherlands 570 — — Switzerland 458 2,697 — Ireland 418 — — Poland 347 — — Egypt 212 129 3,285 Venezuela 128 — 407 Slovakia 93 1,369 — Brazil 77 3 — Japan 6 1,620 — Other 16,748 10,888 10,777 $ 386,737 $ 247,164 $ 229,820 Company attributes revenue to different geographic areas based on where items are shipped or services are performed. Long Lived Assets 2015 2014 United States $ 131,902 $ 133,287 Canada 371 789 Italy 83,144 7,827 Long-term assets of discontinued operations — 3,477 Total Long-Lived Assets $ 215,417 $ 145,380 Long-Lived Assets are based on where the operating unit is domiciled. |
Acquisition and Investment
Acquisition and Investment | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition and Investment | Note 19. Acquisition and Investment PM Group On July 21, 2014 Manitex International, Inc. (the “Company”) entered into a series of agreements to acquire PM S.p.A, (“PM Group”), a manufacturer of truck mounted cranes based in San Cesario sul Panaro, Modena, Italy. On January 15, 2015, the Company’s acquisition of PM closed. The fair value of the purchase consideration is shown below: Fair Value Euros Fair Value U.S. Dollars Cash € 17,142 $ 20,312 994,483 shares of common stock of Manitex International, Inc. 8,710 10,124 Total purchase consideration € 25,852 $ 30,436 Under the acquisition method of accounting, in accordance ASC 805, Business Combinations, the assets acquired and liabilities assumed are valued based on their estimated fair values as of the date of the acquisition. The excess of the purchase price over the aggregate estimated fair value of net assets acquired was allocated to goodwill. During the year ended December 31, 2015, it was stated that the purchase price allocation was preliminary and was subject to final review of certain items including inventory, accrual and receivable balances. During the year ended December 31, 2015, the purchase price allocation was adjusted. Adjustments for the following reasons to the previously reported provisional assets or liabilities were made. The adjustment had the following impact on goodwill: Adjustment to reduce the value of certain accounts receivables based on obtaining additional information $ 260 Eliminate value assigned to fixed assets determined not to exist at date of acquisition 392 Adjustments to deferred tax assets to reflect corrected value (1,187 ) Adjustment to assumed non-recourse debt to reflect (344 ) Net impact on goodwill $ (879 ) The balance sheet at January 15, 2015 was restated to reflect the above changes to PM Group purchase price allocations as follows: Account Provisional amounts recorded as of January 15, 2015 Adjustment to purchase price allocation Revised amount recorded as of January 15, 2015 Goodwill $ 31,052 $ (879 ) $ 30,173 Accounts receivable 22,475 (260 ) 22,215 Fixed assets 17,344 (392 ) 16,952 Deferred tax asset 9,680 1,187 10,867 Assumed non-recourse debt (62,197 ) 344 (61,853 ) The above adjustments are non-cash items and, therefore, do not have an impact on the Statement of Cash Flows for the period ended December 31, 2015. The following table summarizes the revised allocation of the PM Group acquisition consideration to the fair value of the assets acquired and liabilities assumed at the date of acquisition: Purchase price allocation: Cash invested in PM € 5,994 $ 6,965 Trade receivables 18,795 22,215 Inventory 20,088 23,743 Other receivables and prepaid expenses 3,746 4,428 Total fixed assets 14,342 16,952 Customer relationships 10,841 12,813 Trade name and trademarks 5,850 6,914 Patented & Unpatented Technology 7,657 9,050 Goodwill 25,528 30,173 Deferred net tax assets 9,195 10,867 Other long term assets 1,267 1,497 Accounts payable (22,020 ) (26,026 ) Accrued expenses (7,343 ) (8,679 ) Other current liabilities (1,188 ) (1,404 ) Deferred tax liability (11,595 ) (13,705 ) Other long term liabilities (2,973 ) (3,514 ) Assumed non-recourse debt (52,332 ) (61,853 ) Net assets acquired € 25,852 $ 30,436 Contingent Liability: In accordance with ASC 805, the acquirer is to recognize the acquisition date fair value of contingent liability. The Company entered into an Option Agreement with one of the PM Group senior banks under which the bank will sell to the Company PM debt with a face value of €5,000. Under the Option Agreement, the bank shall receive €2,500 if PM has 2017 EBITDA, as defined in the agreement, of between €14,500 and €16,500, and €5,000 if 2017 EBITDA exceeds €16,500. If 2017 EBITDA, as defined in the agreement, is less than €14,500, the bank is to sell the debt to the Company for €0.001. Given the disparity between the EBITDA threshold and the Company’s projected financial results, it was determined that a Monte Carlo simulation analysis was appropriate to determine the fair value of contingent consideration. It was determined that the probability weighted average payment is €1,093 or $1,270. Based thereon, we determined the fair value of the contingent liability to be €1,093 or $1,270. This amount is included in other long-term liabilities in the above table. Non-recourse PM debt: Under the transaction, PM remains obligated for the following debt: Term debt—interest bearing € 22,956 $ 27,133 Term debt—non-interest bearing 10,289 12,161 Fair market adjustment for non-interest bearing debt (1,460 ) (1,726 ) Working capital borrowings 18,827 22,252 Interest rate swap derivative contract 1,720 2,033 Total assumed non-recourse debt € 52,332 $ 61,853 Non-interest bearing debt : In connection with the acquisition, the Company assumed non-interest bearing debt of €10,289. The fair value of the non-interest bearing debt was determined to be €8,829 or $10,435. The fair value of the non-interest bearing debt was calculated to equal the present value of future debt payments discounted at a market rate of return commensurate with similar debt instruments with comparable levels of risk and marketability. A rate of 5.24% was determined to be the appropriate rate following an assessment of the risk inherent in the debt issued and the market rate for debt of this nature using corporate credit ratings. The interest rate swap derivative was valued at its fair value, which is based on quotes from a financial institution. Tangible assets and liabilities: The tangible assets and liabilities were valued at their respective carrying values by PM, except for certain adjustments necessary to state such amounts at their estimated fair values at the acquisition date. Significant fair market adjustments were made to decrease accounts receivable by $260, increase inventory by $911, decrease fixed assets by $4,699 and to decrease liabilities by $345. Intangible assets: There are three fundamental methods applied to value intangible assets outlined in FASB ASC 820. These methods include the Cost Approach, the Market Approach, and the Income Approach. Each of these valuation approaches were considered in our estimation of value. Trade names and trademarks, patented and unpatented technology: Valued using the Relief from Royalty method, a form of both the Market Approach and the Income Approach. Because the Company has established trade names and trademarks and has developed patented and unpatented technology, we estimated the benefit of ownership as the relief from the royalty expense that would need to be incurred in absence of ownership. Customer relationships: Because there is a specific earnings stream that can be associated with customer relationships, we determined the fair value of these relationships based on the excess earnings method, a form of the Income Approach. Goodwill: Goodwill represents the excess of total consideration paid and the fair value of net assets acquired. The recognition of goodwill of $30,173 reflects the inherent value in the PM reputation, which has been built since being founded in 1959 and the prospects for significant future earnings. In calculating the Company’s deferred tax liabilities the fact that goodwill is not deductible was considered. Acquisition transaction costs: Cost and expenses related to the acquisition have been expensed as incurred and recorded in selling, general and administrative expenses. The Company incurred fees of $194 for legal services, $750 for acquisition related bonus payments, $347 for accounting services in connection with the prior year audit of PM financial statements and $294 for other costs related to the acquisition. The results of the acquired PM operations have been included in our consolidated statement of operations since the acquisition date. PM is included in the Lifting segment for segment reporting purposes. The following unaudited pro forma information assumes the acquisition of PM occurred on January 1, 2014. The unaudited pro forma results have been prepared for informational purposes only and do not purport to represent the results of operations that would have been had the acquisition occurred as of the date indicated, nor of future results of operations. The unaudited pro forma results for the year ended December 31, 2015 and 2014 are as follows (in thousands, except per share data): Year Ended December 31, 2015 Year Ended December 31, 2014 Net revenues $ 389,036 $ 346,159 (Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (3,654 ) $ 414 (Loss) earnings per share from continuing operations attributable to shareholders of Manitex International, Inc.: Basic $ (0.23 ) $ 0.03 Diluted $ (0.23 ) $ 0.03 Weighted average common shares outstanding: Basic 16,011,511 14,852,672 Diluted 16,011,511 14,898,772 Pro Forma Adjustment Note The following table summarizes the pro forma adjustments that modify historical results: For 2015 2014 Record interest expense on Manitex debt issued in connection with the acquisition $ 33 $ 1,814 Transfer acquisition costs between periods (1,148 ) 1,148 Eliminate impact of capitalizing research and development by PM (45 ) 142 Adjust depreciation to reflect fair values and current lives (11 ) (395 ) Adjust amortization to reflect fair value of intangibles and current lives 90 1,680 Eliminate historic interest expense on debt forgiven or converted to non-interest debt (14 ) (1,403 ) Record amortization of debt discount on non-interest bearing debt 27 549 Transfer amortization of inventory step up between periods (912 ) 1,030 Eliminate profit on debt restructuring (this was not a taxable event) 6,298 — Record income tax impact on the above pro forma adjustments 662 (1,562 ) Lift Ventures, LLC On December 16, 2014, Manitex International, Inc. (the “Company”), BGI USA Inc. (“BGI”), Movedesign SRL and R & S Advisory S.r.l., entered into an operating agreement (the “Operating Agreement”) for Lift Ventures LLC (“Lift Ventures”), a joint venture entity. The purposes for which Lift Ventures is organized are the manufacturing and selling of certain products and components, including the Schaeff LiftKing This investment is a non-marketable equity investment made in a privately-held company accounted for under the equity method. This investment had a carrying value of $5,752 and $5,951 at December 31, 2015 and 2014, respectively. In the future, we will review this non-marketable equity investment periodically for impairment. No impairments were recognized for the year ended December 31, 2015 and 2014. ASV Stock Purchase On December 19, 2014, the Company closed on the ASV Stock Purchase Agreement entered into between Manitex International, Inc. (the “Company”) and Terex Corporation (“Terex”) on October 29, 2014, pursuant to which the Company purchased 51% of the issued and outstanding shares of ASV Inc. a Grand Rapids, Minnesota-based manufacturer of a broad line of technology leading compact rubber tracked and skid steer loaders and accessories that had been a wholly owned subsidiary of Terex since 2008. The fair value of the purchase consideration was $49,787 in total as shown below: Cash $ 25,000 Note payable to seller 1,411 Fair value of non-controlling interest in ASV 23,376 Total purchase consideration $ 49,787 Under the acquisition method of accounting, in accordance ASC 805, Business Combinations, the assets acquired and liabilities assumed are valued based on their estimated fair values as of the date of the acquisition. The excess of the purchase price over the aggregate estimated fair value of net assets acquired was allocated to goodwill. At December 31, 2014, it was stated that the purchase price allocation was preliminary and was subject to final review of certain items including inventory, accrual and receivable balances. During the year ended December 31, 2015, the purchase price allocation was adjusted. Adjustments for the following reasons to the previously reported provisional assets or liabilities were made. Record liabilities that existed at acquisition date that had not been recorded $ 115 Adjustment to reduce the value of certain inventory based on obtaining additional information 460 Eliminate value assigned to fixed assets determined not to exist at date of acquisition 262 Increase reserves for product liability suits based on additional information 3,199 Adjustment to reserves for worker compensation claims based on additional information 68 Adjustment to income tax payable to record tax liability based on additional information (269 ) Net impact on goodwill $ 3,835 The balance sheet at December 31, 2014 was restated to reflect the above changes to ASV purchase price allocations as follows: Account Provisional amounts recorded as of December 31, 2014 Adjustment to purchase price allocation Revised amount recorded as of December 31, 2014 Goodwill $ 26,744 $ 3,835 $ 30,579 Inventory 27,217 (460 ) 26,757 Fixed assets 19,177 (262 ) 18,915 Accrued expenses (3,975 ) (3,382 ) (7,357 ) Income tax payable on conversion of ASV (16,500 ) 269 (16,231 ) The above adjustments are non-cash items and, therefore, do not have an impact on the Statement of Cash Flows for the period ended December 31, 2014. The following table summarizes the preliminary allocation of the ASV acquisition consideration to the fair value of the assets acquired and liabilities assumed at the date of acquisition: Purchase price allocation: Cash $ 2 Accounts receivable 18,232 Prepaid Expenses 71 Inventory 26,757 Total fixed assets 18,915 Customer relationships 16,000 Trade name and trademarks 7,000 Patented & Unpatented Technology 8,000 Goodwill 30,579 Capitalized Debt Issuance Costs 2,767 Accounts payable (9,459 ) Accrued expenses (7,357 ) Accrued conversion tax (16,231 ) Accrued pension liability (839 ) Assumption of non-recourse ASV debt (44,650 ) Net assets acquired $ 49,787 Deferred bank fees and expense: Legal and bank fees incurred related to establishing term debt and revolving credit financing for ASV as part of the acquisition transaction. Manitex executed a note payable in the amount of $1,594 in connection with the transaction. The note was to reimburse Terex for Manitex’s share of fees and expenses, including $1,411 of fees related to new financing at ASV. Noncontrolling interest in ASV: Fair value of Terex 49% share of ASV equity calculated by grossing up the fair value of the controlling interest purchased by the Company to a 100% value, then deducting the $26,411 paid for the majority interest. Subsequently an adjustment for an implied minority discount of $2,000 (approximately 8%) was applied against initial calculation. Non-recourse ASV debt: In connection with the transaction, ASV entered into a $40,000, five year Term debt facility and a $35,000 revolving credit facility. At the date of acquisition, ASV had fully drawn funds on the Term debt, $40,000, and had drawn $4,650 on the revolving credit facility. Under the acquisition method of accounting, the total consideration is allocated to the assets acquired and liabilities assumed based on their fair values as of the date of the acquisition as shown below. Tangible assets and liabilities: The tangible assets and liabilities were valued at their respective carrying values by ASV, except for certain adjustments necessary to state such amounts at their estimated fair values at acquisition date. Fair market adjustments to fixed assets and inventory of $3,668 were recorded. Intangible assets: There are three fundamental methods applied to value intangible assets outlined in FASB ASC 820. These methods include the Cost Approach, the Market Approach, and the Income Approach. Each of these valuation approaches was considered in our estimation of value. Trade names and trademarks, patented and unpatented technology: Valued using the Relief from Royalty method, a form of both the Market Approach and the Income Approach. Because the Company has established trade names and trademarks and has developed patented and unpatented technology, we estimated the benefit of ownership as the relief from the royalty expense that would need to be incurred in absence of ownership. Customer relationships: Because there is a specific earnings stream that can be associated with customer relationships, we determined the fair value of these relationships based on the excess earnings method, a form of the Income Approach. Goodwill: Goodwill represents the excess of total consideration paid and the fair value of net assets acquired. The recognition of goodwill of $30,579 reflects the inherent value in the ASV reputation, which has been built since being founded in 1983 and the prospects for significant future earnings. For income tax purposes, intangible assets and goodwill will be amortized and will result in future tax deductions. Accrued conversion tax: In connection with the acquisition, the Board of Directors of ASV, Inc. agreed a Plan of Conversion to convert ASV, Inc., a corporation into a Minnesota limited liability company. Under the plan, all of the issued and outstanding shares of ASV, Inc. were cancelled and an equal number of limited liability company membership interests were issued to the members of ASV LLC, on a one-for-one basis. In connection with the conversion, ASV will have a taxable gain. Acquisition transaction costs: Cost and expenses related to the acquisition have been expensed as incurred and recorded in selling, general and administrative expenses. The Company incurred fees of $100 for legal services, $750 for acquisition related bonus payments, $325 for accounting services in connection with the prior year audit of ASV financial statements and $40 for Valuation services. The results of the acquired ASV operations have been included in our consolidated statement of operations since the acquisition date. ASV is being treated as its own segment for segment reporting purposes. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity | Note 20. Equity Issuance of Common Stock Sabre acquisition shares On August 19, 2013, the Company issued 87,928 shares of common stock. The shares which were part of the consideration paid to the seller in connection with the purchase of the Sabre assets. Shares issued to Terex Corporation On December 19, 2014, pursuant to the terms of the Securities Purchase Agreement, the Company issued 1,108,156 shares of Company’s common stock and received $12,500 of cash. Shares issued to PM Group On January 15, 2015, the Company’s acquisition of PM Group closed. The aggregate consideration paid by the Company for PM Group was $30,436 which reflects exchange rates in effect at the closing. The consideration consisted of $20,312 of cash, and 994,483 shares of Company common stock valued at $10,124. Stock issued to employees and Directors The Company issued shares of common stock to employees and Directors at various times in 2015, 2014 and 2013 as restricted stock units issued under the Company’s 2004 Incentive Plan vested. Upon issuance entries were recorded to increase common stock and decrease paid in capital for the amounts shown below. The following is a summary of stock issuances that occurred during the three year period: Date of Issue Employees or Director Shares Issued Value of Shares Issued March 4, 2015 Directors 6,800 $ 77 March 13, 2015 Employees 22,868 212 June 5, 2015 Employees 749 12 December 31, 2015 Employees 36,886 219 December 31, 2015 Directors 20,620 123 87,923 $ 643 Date of Issue Employees or Director Shares Issued Value of Shares Issued March 6, 2014 Directors 6,600 $ 106 March 6, 2014 Employees 14,292 229 June 5, 2014 Employees 749 8 December 31, 2014 Employees 38,005 406 December 31, 2014 Directors 20,615 257 80,261 $ 1,006 Date of Issue Employees or Director Shares Issued Value of Shares Issued March 8, 2013 Directors 6,600 $ 69 March 8, 2013 Employees 20,836 219 September 12, 2013 Directors 1,667 19 December 31, 2013 Directors 17,400 151 December 31, 2013 Employees 23,403 167 69,906 $ 625 Stock offerings September 30, 2013 offering On September 30, 2013, the Company issued 1,375,000 shares of the Company’s common stock, no par value. The shares were issued to certain investors pursuant to subscription agreements between the Company and the investors that were entered into on September 25, 2013 (the “Agreements”). Under the Agreements, the investors paid $10.75 per share for a total purchase price of $14,781. The shares were issued pursuant to a prospectus supplement dated September 25, 2013 and prospectus dated August 9, 2011, which is part of a registration statement on Form S-3 (Registration No. 333-176189) that was declared effective by the Securities and Exchange Commission on August 23, 2011. In connection with this offering, the Company entered into a placement agency agreement (“Placement Agreement”) dated September 25, 3013 with Avondale Partners, LLC, Roth Capital Partners, LLC, and The Benchmark Company, LLC (the “Agents”). In accordance with the terms of the Placement Agreement between the Company and the Agents, the Company paid the Agents a cash fee that represents 5.25% of the gross proceeds of the offering and reimbursed the Agents for reasonable out-of-pocket expenses. In connection with the stock issuance, the Company incurred investment banking fees of $776 and legal fees and expenses of approximately $78. The Company’s net cash proceeds after fees and expenses of approximately $13,927 were used to repay debt. Stock Repurchase The Company purchased shares of Common Stock at various times from certain employees at the closing price on date of purchase. The stock was purchased from the employees to satisfy employees’ withholding tax obligations related to stock issuances described above. The following is a summary of common stock purchased during 2015, 2014 and 2013 : Date of Purchase Shares Purchased Closing Price on Date of Purchase June 5, 2015 393 $ 8.54 December 31, 2015 12,125 $ 5.95 12,518 June 5, 2014 392 $ 16.75 December 31, 2014 8,461 $ 12.71 8,853 December 31, 2013 4,414 $ 15.88 2004 Equity Incentive Plan In 2004, the Company adopted the 2004 Equity Incentive Plan and subsequently amended and restated the plan on September 13, 2007, May 28, 2009 and June 5, 2013. The maximum number of shares of common stock reserved for issuance under the plan is 917,046 shares. The total number of shares reserved for issuance however, can be adjusted to reflect certain corporate transactions or changes in the Company’s capital structure. The Company’s employees and members of the board of directors who are not our employees or employees of our affiliates are eligible to participate in the plan. The plan is administered by a committee of the board comprised of members who are outside directors. The plan provides that the committee has the authority to, among other things, select plan participants, determine the type and amount of awards, determine award terms, fix all other conditions of any awards, interpret the plan and any plan awards. Under the plan, the committee can grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and performance units, except Directors may not be granted stock appreciation rights, performance shares and performance units. During any calendar year, participants are limited in the number of grants they may receive under the plan. In any year, an individual may not receive options for more than 15,000 shares, stock appreciation rights with respect to more than 20,000 shares, more than 20,000 shares of restricted stock and/or an award for more than 10,000 performance shares or restricted stock units or performance units. The plan requires that the exercise price for stock options and stock appreciation rights be not less than fair market value of the Company’s common stock on date of grant. The Company awarded under the Amended and Restated 2004 Equity Incentive Plan a total of 145,979; 34,292; and 114,821 restricted stock units to employees and directors during 2015, 2014 and 2013, respectively. The restricted stock units are subject to the same conditions as the restricted stock awards except the restricted stock units will not have voting rights and the common stock will not be issued until the vesting criteria are satisfied. Compensation expense in 2015, 2014 and 2013 includes $1,270, $875 and $445 related to restricted stock units, respectively. Compensation expense related to restricted stock units will be $784, $387 The following is a summary of restricted stock units that were awarded during 2015, 2014 and 2013: 2015 Grants Vesting Date Number of Restricted Stock Units Closing Price on Date of Grant Value of Restricted Stock Units Issued January 1, 2015 January 1, 2016 34,027 units; January 1, 2017 34,027 units and 35,057 units January 1, 2018 103,111 $ 12.71 $ 1,311 March 4, 2015 March 4, 2015 6,800 units, December 31, 2015 6,600 units and December 31, 2016 6,600 units 20,000 $ 11.39 $ 228 March 13, 2015 March 13, 2015 22,868 units 22,868 $ 9.25 $ 212 145,979 $ 1,751 Vesting Date Number of Restricted Stock Units Closing Price on Date of Grant Value of Restricted Stock Units Issued March 6, 2014 March 6, 2014 20,892 units; December 31, 2014 6,600 units; December 31, 2015 6,800 units $ 34,292 $ 15.99 $ 548 34,292 $ 548 2013 Grants Vesting Date Number of Restricted Stock Units Closing Price on Date of Grant Value of Restricted Stock Units Issued March 8, 2013 March 8, 2013 27,436 units; December 31, 2013 6,600 units; December 31, 2014 6,800 units 40,836 $ 10.51 $ 429 June 5, 2013 June 5, 2014 1,141 units; June 5, 2015 1,142 units; June 5, 2016 1,142 units 3,425 $ 10.45 $ 36 September 12, 2013 September 21, 2013 1,667 units 1,667 $ 11.19 $ 19 December 31, 2013 22,735 units December 31, 2014; 22,735 units December 31, 2015 and 23,423 units December 31, 2016 68,893 $ 15.88 $ 1,094 114,821 $ 1,578 The following table contains information regarding restricted stock units for the years ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively: Restricted Stock Units 2015 2014 2013 Outstanding on January 1, 85,384 142,851 109,750 Issued 145,979 34,292 114,821 Vested and issued (87,923 ) (80,261 ) (69,906 ) Vested—issued and repurchased for income tax withholding (12,518 ) (8,853 ) (4,414 ) Forfeited (12,149 ) (2,645 ) (7,400 ) Outstanding on December 31 118,773 85,384 142,851 |
Recent Accounting Guidance
Recent Accounting Guidance | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Guidance | Note 21. Recent Accounting Guidance Recently Adopted Accounting Guidance In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”). ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017, and early adoption is not permitted. The Company is evaluating the impact that adoption of this guidance will have on the determination or reporting of its financial results. In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period,” (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. ASU 2014-12 is effective for reporting periods beginning after December 15, 2015. Early adoption is permitted. Adoption of this guidance is not expected to have a significant impact on the determination or reporting of the Company’s financial results. In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” (“ASU 2014-15”). ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern for a one year period subsequent to the date of the financial statements. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The guidance is effective for all entities for the first annual period ending after December 15, 2016 and interim periods thereafter, with early adoption permitted. Adoption of this guidance is not expected to have any impact on the determination or reporting of the Company’s financial results. In April 2015, the FASB issued ASU 2015-03, “Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs,” (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for reporting periods beginning after December 15, 2015 and interim periods within those fiscal years with early adoption permitted. ASU 2015-03 should be applied on a retrospective basis, wherein the balance sheet of each period presented should be adjusted to reflect the effects of adoption. Adoption of this guidance is not expected to have a significant impact on the determination or reporting of the Company’s financial results. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” (“ASU 2015-11”). ASU 2015-11 requires inventory be measured at the lower of cost and net realizable value and options that currently exist for market value be eliminated. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. ASU 2015-11 should be applied prospectively. The Company is evaluating the impact adoption of this guidance will have on determination or reporting of its financial results. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,” which amends ASC 835-30, “Interest - Imputation of Interest”. The ASU clarifies the presentation and subsequent measurement of debt issuance costs associated with lines of credit. These costs may be presented as an asset and amortized ratably over the term of the line of credit arrangement, regardless of whether there are outstanding borrowings on the arrangement. The effective date will be the first quarter of fiscal year 2016 and will be applied retrospectively. The adoption is not expected to have a material effect on the Company’s financial results. In September 2015, the FASB issued ASU 2015-16, “Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments.” This ASU requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effective date will be the first quarter of fiscal year 2016. The adoption is not expected to have a material effect on the Company’s financial results. In November 2015, the FASB issued Accounting Standards Update No. 2015-17 (“ASU 2015-17”), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in ASU 2016-01, among other things, require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes In February 2016, the FASB issued a standards update that requires lessees to recognize on the balance sheet the assets and liabilities associated with the rights and obligations created by those leases. The guidance for lessors is largely unchanged from current U.S. GAAP. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current U.S. GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. The update is effective for reporting periods beginning after December 15, 2018. Early adoption is permitted. We are in the process of evaluating the impact of this update on our consolidated financial statements. Except as noted above, the guidance issued by the FASB during the current year is not expected to have a material effect on the Company’s consolidated financial statements. |
Transactions between the Compan
Transactions between the Company and Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Transactions between the Company and Related Parties | Note 22. Transactions between the Company and Related Parties In the course of conducting its business, the Company has entered into certain related party transactions. On December 16, 2014, Manitex International, Inc. (the “Company”), BGI USA Inc. (“BGI”), Movedesign SRL and R & S Advisory S.r.l., entered into an operating agreement (the “Operating Agreement”) for Lift Ventures LLC (“Lift Ventures”), a joint venture entity. The purposes for which Lift Ventures is organized are the manufacturing and selling of certain products and components, including the Schaeff LiftKing The Company, through its Manitex and Manitex Liftking subsidiaries, purchases and sells parts to BGI USA, Inc. (“BGI”) including its subsidiary SL Industries, Ltd (“SL”). BGI is a distributor of assembly parts used to manufacture various lifting equipment. SL Industries, Ltd is a Bulgarian subsidiary of BGI that manufactures fabricated and welded components used to manufacture various lifting equipment. The President of Manufacturing Operations is the majority owner of BGI. The Company through its Manitex Liftking subsidiary provides parts and services to LiftMaster, Ltd (“LiftMaster”) or purchases parts or services from LiftMaster. LiftMaster is a rental company that rents and services rough terrain forklifts. LiftMaster is owned by the Vice President of a wholly owned subsidiary of the Company, Manitex Liftking, ULC, and a relative of his. As of December 31, 2015 the Company had an accounts receivable of $157 and $41 The following is a summary of the amounts attributable to certain related party transactions as described in the footnotes to the table, for the periods indicated: 2015 2014 2013 Bridgeview Facility (1) $ 256 $ 256 $ 251 Sales to: SL Industries, Ltd 60 6 43 BGI 3 — — LiftMaster (2) 7 185 10 Total Sales 70 191 53 Inventory Purchases from: SL Industries, Ltd 4,470 5,364 5,337 Lift Ventures 1,116 LiftMaster (2) 46 1 21 BGI 7 43 165 Total Inventory Purchases $ 5,639 $ 5,408 $ 5,523 (1) The Company leases its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Chairman and CEO. Pursuant to the terms of the lease, the Company makes monthly lease payments of $22. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The lease will expire on June 30, 2020 and has a provision for six one year extension periods. The lease contains a rental escalation clause under which annual rent is increased during the initial lease term by the lesser of the increase in the Consumer Price Increase or 2.0%. Rent for any extension period shall however, be the then-market rate for similar industrial buildings within the market area. The Company has the option, to purchase the building by giving the Landlord written notice at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The Landlord can require the Company to purchase the building if a change of Control Event, as defined in the agreement occurs by giving written notice to the Company at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The purchase price regardless whether the purchase is initiated by the Company or the landlord will be the Fair Market Value as of the closing date of said sale. (2) The Company provides parts and services to LiftMaster, Inc. LiftMaster is a rental company that rents and services rough terrain forklifts. LiftMaster is owned by a relative of an Officer of Manitex Liftking, ULC. Transactions with Terex On December 19, 2014, Terex became a related party. At December 31, 2015 and 2014, ASV has accounts receivable due from Terex for $388 and $8,609 which is shown on the balance sheet on the line titled “accounts receivable from related party” and accounts payable of $1,413 and $0 on the line titled “accounts payable related parties”. As part of the agreement Terex retained certain receivables from third party customers. In place of the retained receivable, Terex gave ASV a receivable for a portion of the third party customer receivable retained by Terex. At December 31, 2015, the Company has the following notes payable to Terex: Note related to Crane and Schaeff acquisition $ 250 Note payable related to ASV acquisition $ 1,594 Convertible note $ 6,737 See Note 11 and Note 13 for additional details regarding the above debt obligations. The following is a summary of the amounts attributable to certain Terex transactions as described in the footnotes to the table, for the periods indicated: 2015 2014 Sales to Terex 2,472 108 Purchases from Terex 9,495 9 In addition to the above referenced purchases, ASV expensed $1,960 and $1,472 |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | Note 23. Legal Proceedings and Other Contingencies The Company is involved in various legal proceedings, including product liability, employment related issues, and workers’ compensation matters which have arisen in the normal course of operations. The Company has product liability insurance with self-insurance retention that range from $50 to $500. ASV product liability cases that existed on date of acquisition have a $4,000 self-retention limit. Certain cases are at a preliminary stage, and it is not possible to estimate the amount or timing of any cost to the Company. However, the Company does not believe that these contingencies, in the aggregate, will have a material adverse effect on the Company. Additionally, the Company has been named as a defendant in several multi-defendant asbestos related product liability lawsuits. In certain instances, the Company is indemnified by a former owner of the product line in question. In the remaining cases the plaintiff has, to date, not been able to establish any exposure by the plaintiff to the Company’s products. The Company is uninsured with respect to these claims but believes that it will not incur any material liability with respect to these to claims. When it is probable that a loss has been incurred and possible to make a reasonable estimate of the Company’s liability with respect to such matters, a provision is recorded for the amount of such estimate or the minimum amount of a range of estimates when it is not possible to estimate the amount within the range that is most likely to occur. The Company established reserves for several ASV and PM lawsuits in conjunction with the accounting for these two acquisitions. Additionally beginning on December 31, 2011, the Company’s workmen’s compensation insurance policy has per claim deductible of $250 and aggregates of $1,000, $1,150, $1,325, $1,875 and $1,575 for On May 5, 2011, Company entered into two separate settlement agreements with two plaintiffs. As of December 31, 2015, the Company has a remaining obligation under the agreements to pay the plaintiffs $1,520 without interest in 16 annual installments of $95 on or before May 22 each year. The Company has recorded a liability for the net present value of the liability. The difference between the net present value and the total payment will be charged to interest expense over payment period. It is reasonably possible that the “Estimated Reserve for Product Liability Claims” may change within the next 12 months. A change in estimate could occur if a case is settled for more or less than anticipated, or if additional information becomes known to the Company. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 24. Quarterly Financial Data (Unaudited) Unaudited Quarterly Financial Data Summarized quarterly financial data for 2015 and 2014 are as follows (in thousands, except per share amounts). 2015 2014 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Net revenues $ 101,042 $ 100,513 $ 91,691 $ 93,491 $ 59,252 $ 64,926 $ 60,687 $ 62,299 Gross Profit 18,002 18,910 17,395 15,199 11,599 13,325 10,242 12,283 Net (loss) income from continuing operations attributable to shareholders of Manitex International,Inc. (231 ) 100 (45 ) (3,856 ) 2,279 3,516 1,761 682 Net income(loss) from discontinued operations 7 38 254 (1,639 ) (402 ) (530 ) 7 (210 ) Net (loss) income attributable to shareholders of Manitex International, Inc. $ (224 ) $ 138 $ 209 $ (5,495 ) $ 1,877 $ 2,986 $ 1,768 $ 472 Earnings per Share Basic (Loss) Earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.01 ) $ 0.01 $ (0.00 ) $ (0.24 ) $ 0.17 $ 0.25 $ 0.13 $ 0.05 Earnings (loss) from discontinued operations attributable to shareholders of Manitex International, Inc. $ 0.00 $ 0.00 $ 0.02 $ (0.10 ) $ (0.03 ) $ (0.04 ) $ 0.00 $ (0.02 ) (Loss) Earnings attributable to shareholders of Manitex International, Inc. $ (0.01 ) $ 0.01 $ 0.01 $ (0.34 ) $ 0.14 $ 0.22 $ 0.13 $ 0.03 Diluted (Loss) Earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.01 ) $ 0.01 $ (0.00 ) $ (0.24 ) $ 0.16 $ 0.25 $ 0.13 $ 0.05 Earnings (loss) from discontinued operations attributable to shareholders's of Manitex International, Inc. $ 0.00 $ 0.00 $ 0.02 $ (0.10 ) $ (0.03 ) $ (0.04 ) $ 0.00 $ (0.01 ) (Loss) 'Earnings attributable to shareholders of Manitex International, Inc. $ (0.01 ) $ 0.01 $ 0.01 $ (0.34 ) $ 0.14 $ 0.22 $ 0.13 $ 0.03 Shares outstanding Basic 15,836,423 16,014,059 16,014,594 16,015,219 13,807,312 13,822,383 13,822,918 13,980,142 Diluted 15,836,423 16,031,011 16,014,594 16,015,219 13,840,506 13,874,289 13,873,157 14,029,205 Results for Sabre, Valla, Lift Venture, ASV, PM and Columbia Tank are included in the Company’s results from their respective effective dates of acquisition which are August 19, 2013, November 30, 2013, December 16, 2014, December 20, 2014, January 15, 2015 and March 12, 2015, respectively. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | Note 25. Discontinued Operations Company Sells Load King On December 28, 2015, the Company completed the sale of the membership interests of Load King, LLC, a Michigan limited liability company previously known as Manitex Load King, Inc. (“Load King”) pursuant to a Purchase Agreement (the “Purchase Agreement”) with Utility One Source Forestry Equipment LLC, a Delaware limited liability company (the “Buyer”). The Company owned all of the outstanding membership interests of Load King prior to the completion of the transaction. The Company received cash consideration of $6,525 in connection with sale of Load King. The company recognized a pre-tax loss of $1,422 on the sale and also had transaction expenses of $720 with a corresponding tax benefit of $764. The following is the detail of major classes of assets and liabilities of discontinued operations that were summarized on the Company’s Consolidated Balance Sheets: As of December 31, 2014 ASSETS Current assets Cash $ 2 Trade receivables (net) 2,422 Other receivables (237 ) Inventory, net 5,977 Prepaid expense and other 42 Total current assets of discontinued operations 8,206 Total fixed assets (net) 2,796 Intangible assets (net) 671 Other long-term assets 10 Total assets of discontinued operations $ 11,683 Current liabilities Notes payable—short term $ 119 Accounts payable 1,893 Accrued expenses 413 Total current liabilities of discontinued operations 2,425 Long-term liabilities Notes payable 1,665 Total long-term liabilities of discontinued operations 1,665 Total liabilities of discontinued operations $ 4,090 The following is the detail of major line items that constitute the loss from discontinued operations: For the Year Ended December 31, 2015 2014 2013 Net revenues $ 18,432 $ 16,917 $ 15,251 Cost of sales 16,027 16,102 14,512 Research and development costs 464 459 604 Selling, general and administrative expenses 1,546 1,894 1,627 Interest expense 345 373 445 Other income 9 — — Income (Loss) from discontinued operations before income taxes 59 (1,911 ) (1,937 ) Loss on sale of discontinued operation including transactions expense of $720 (2,142 ) — — Total loss on discontinued operations before income taxes (2,083 ) (1,911 ) (1,937 ) Income tax (benefit) related to discontinued operations (743 ) (776 ) (813 ) Net loss on discontinued operations $ (1,340 ) $ (1,135 ) $ (1,124 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 26. Subsequent Events Company and its Banks Amend Credit Agreement Manitex International, Inc. (the “Company”) and certain of its subsidiaries currently have a credit agreement (the “Credit Agreement”) with Comerica Bank and Fifth Third Bank (the “Banks”). On March 7, 2016, the Company and the Banks entered into Amendment No. 3 to the Credit Agreement (the “Amendment”). The principal modifications to the Credit Agreement resulting from the Amendment are as follows: · reducing (i) the maximum amount of the revolving loan facility to $35,000,000 and (ii) the term loan commitment amount to $950,000; and · adjusting the financial covenants for the fiscal quarters ending December 31, 2015 and March 31, 2016. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting Policy | The summary of significant accounting policies of Manitex International, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents —For purposes of the statement of cash flows, the Company considers all short-term securities purchased with maturity dates of three months or less to be cash equivalents. |
Revenue Recognition | Revenue Recognition —Revenue and related costs are recognized when title passes and risk of loss pass to our customers which generally occurs upon shipment depending upon the terms of the contract. Under certain contracts with our customers title passes to the customers when the units are completed. The units are segregated from our inventory and identified as belonging to the customer, the customer is notified that the units are complete and awaiting pick up or delivery as specified by the customer before income is recognized. Additionally, the customer is requested to sign an “Invoice Authorization Form” which acknowledges the contract terms and acknowledges that the customer has economic ownership and control over the unit. It also acknowledges that we are going to invoice the unit per terms of the contract. The Company insures any custodial risk that it may retain. For FOB contracts, customers may be invoiced prior to the time customers take physical possession. Revenue is recognized in such cases only when the customer has a fixed commitment to purchase the units, the units have been completed, tested and made available to the customer for pickup or delivery, and the customer has authorized in writing that we hold the units for pickup or delivery at a time specified by the customer. In such cases, the units are invoiced under our customary billing terms, title to the units and risks of ownership pass to the customer upon invoicing, the units are segregated from our inventory and identified as belonging to the customer and we have no further obligations under the order. The Company insures any custodial risk that it may retain. In addition, our policy requires in all instances certain minimum criteria be met in order to recognize revenue, specifically: a) Persuasive evidence that an arrangement exists; b) The price to the buyer is fixed or determinable; c) Collectability is reasonably assured; and d) We have no significant obligations for future performance. |
Investment-Equity Method of Accounting | Investment—Equity Method of Accounting —Our non-marketable equity investments are investments we have made in privately-held companies accounted for under the equity method. We periodically review our non-marketable equity investments for impairment. No impairments were recognized for the year ended December 31, 2015. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts —The Company has adopted a policy consistent with U.S. GAAP for the periodic review of its accounts receivable to determine whether the establishment of an allowance for doubtful accounts is warranted based on the Company’s assessment of the collectability of the accounts. The Company established an allowance for bad debt of $240 and $458 at December 31, 2015 and 2014, respectively. The Company also has in some instances a security interest in its accounts receivable until payment is received. |
Property, Equipment and Depreciation | Property, Equipment and Depreciation —Property and equipment are stated at cost or the fair market value at date of acquisition for property and equipment acquired in connection with the acquisition of a company. Depreciation of property and equipment is provided over the following useful lives: Asset Category Depreciable Buildings 20 –33 years Machinery and equipment 1 – 15 years Furniture and fixtures 3 – 12 years Leasehold improvements 1.5 Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $5,055, |
Other Intangible Assets | Other Intangible Assets —The Company accounts for Other Intangible Assets under the guidance of ASC 350, “Intangibles—Goodwill and Other”. The Company capitalizes certain costs related to patent technology. Additionally, a substantial portion of the purchase price related to the Company’s acquisitions has been assigned to patents or unpatented technology, trade name, customer backlog, and customer relationships. Under the guidance, Other Intangible Assets with definite lives are amortized over their estimated useful lives. Intangible assets with indefinite lives are tested annually for impairment. Goodwill is tested for impairment at the reporting unit level (reportable segment). The Company’s three operating segments comprise the reporting units for goodwill impairment testing purposes. Under ASU 2011-08, entities are provided with the option of first performing a qualitative assessment on none, some, or all of its reporting units to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If after completing a qualitative analysis, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value a quantitative analysis is required. In 2015 and 2014, the Company elected to evaluate the Lifting Equipment and Equipment Distribution reporting unit’s goodwill using the quantitative two step approach. Additionally, in 2015 the Company evaluated ASV’s goodwill using the quantitative approach. The first step used to identify potential impairment involves comparing the reporting unit’s estimated fair value to its carrying value, including goodwill. The aforementioned step one quantitative tests did not indicate impairment. During the first step testing, the Company evaluated goodwill for impairment using a business valuation method, which is calculated as of a measurement date by determining the present value of debt-free, after-tax projected future cash flows, discounted at the weighted average cost of capital of a hypothetical third party buyer. The market approach was also considered in evaluating the potential for impairment by calculating fair value based on multiples of earnings before interest, taxes, depreciation and amortization (EBITDA) of comparable, publicly traded companies. This analysis also did not indicate impairment. The estimated fair values of the Lifting Equipment and ASV reporting segments were within 10% of their carrying values. The fair value of the Equipment Distribution segment exceeded its carrying value by slightly more than 10%. Moreover, the Company also observed implied EBITDA multiples from relatively recent merger and acquisition activity in the industry, which was used to test the reasonableness of the results. The second step of the process involves the calculation of an implied fair value of goodwill for each reporting unit for which step one indicated impairment. The implied fair value of goodwill is determined by measuring the excess of the estimated fair value of the reporting unit over the estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying value of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess. An impairment loss cannot exceed the carrying value of goodwill assigned to a reporting unit and the subsequent reversal of goodwill impairment losses is not permitted. The determination of fair value requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to, revenue growth and operating earnings projections, discount rates, terminal growth rates, and required capital expenditure projections. . Our projections make certain assumptions including expanding PM market share in North America, a normalization of energy markets over time and a continued expansion of dealer networks, particularly for ASV. If our progress in meeting these and other assumptions is slower or different than what was anticipated, it may impact our ability to meet the projections. Due to the inherent uncertainty involved in making these estimates, actual results could differ materially from those estimates. Deterioration in the market or actual results as compared with the projections (including not meeting near term projections) may result in an impairment in the near term. In the event, the Company determines that goodwill is impaired in the future the Company would need to recognize a non-cash impairment charge. For 2013, the Company determined on a qualitative basis, that it was not more likely than not that the fair value of the Lifting reporting unit was less than its carrying value. For 2013, the Company also determined on a qualitative basis, that it was not more likely than not that the fair value of the Equipment Distribution reporting unit was less than its carrying value. The Company did not have any impairment for the years ended December 31, 2015, 2014 and 2013. |
Impairment of Long Lived Assets | Impairment of Long Lived Assets —The Company’s policy is to assess the realizability of its long-lived assets, including intangible assets, and to evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows are less than the carrying value. Future cash flow projections include assumptions for future sales levels, the impact of cost reduction programs, and the level of working capital needed to support each business. The amount of any impairment then recognized would be calculated as the difference between estimated fair value and the carrying value of the asset. The Company did not have any impairment for the years ended December 31, 2015, 2014 and 2013. |
Inventory | Inventory —Inventory consists of stock materials and equipment stated at the lower of cost (first in, first out) or market. All equipment classified as inventory is available for sale. The company records excess and obsolete inventory reserves. The estimated reserve is based upon specific identification of excess or obsolete inventories. Selling, general and administrative expenses are expensed as incurred and are not capitalized as a component of inventory. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions —The financial statements of the Company’s non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the weighted-average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. The Company converts receivables and payables denominated in other than the Company’s functional currency at the exchange rate as of the balance sheet date. The resulting transaction exchange gains or losses, except for certain transaction gains or loss related to intercompany receivable and payables, are included in other income and expense. Transaction gains and losses related to intercompany receivables and payables not anticipated to be settled in the foreseeable future are excluded from the determination of net income and are recorded as a translation adjustment (with consideration to the tax effect) to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. |
Derivatives-Forward Currency Exchange Contracts | Derivatives—Forward Currency Exchange Contracts —The Company enters into forward currency exchange contracts in relationship such that the exchange gains and losses on the assets and liabilities denominated in other than the reporting units’ functional currency would be offset by the changes in the market value of the forward currency exchange contracts it holds. The forward currency exchange contracts that the Company has to offset existing assets and liabilities denominated in other than the reporting units’ functional currency have been determined not to be considered a hedge under ASC 815-10. The Company records at the balance sheet date the forward currency exchange contracts at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Statement of Operations in the other income expense section on the line titled foreign currency transaction gain (loss). The Company has entered into forward currency contracts to hedge certain future U.S. dollar sales of its Canadian Subsidiary. The forward currency contracts to hedge future sales are designated as cash flow hedges under ASC 815-10. As required, forward currency contracts are recognized as an asset or liability at fair value on the Company’s Consolidated Balance Sheet. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings (date of sale). Gains or losses on cash flow hedges when recognized into income are included in net revenues (see Note 6). |
Interest Rate Swap Contracts | Interest Rate Swap Contracts —The Company enters into derivative instruments to manage its exposure to interest rate risk related to certain foreign term loans. Derivatives are initially recognized at fair value at the date the contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in current earnings immediately unless the derivative is designated and effective as a hedging instrument, in which case the effective portion of the gain or loss is recognized and is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedging instrument affects earnings (date of sale). As part of the acquisition of PM Group, which was acquired on January 15, 2015, the Company acquired interest rate swap contracts, which manage the exposure to interest rate risk related to term loans with certain financial institutions in Italy. These contracts have been determined not to be hedge instruments under ASC 815-10. |
Credit Risk Concentrations | Credit Risk Concentrations —Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, trade receivables and payables. The Company maintains its cash balances and marketable securities at banks located in Detroit, Michigan, New York, New York, Toronto, Canada as well as several separate Italian banks. Accounts in the United States are insured by the Federal Deposit Insurance Corporation up to $250. At December 31, 2015 and 2014, the Company had uninsured balances of $4,120 and $5,814, respectively. As of December 31, 2015 and 2014, no customers accounted for 10% or more of total Company’s accounts receivable. In 2015, 2014 and 2013, no one customer accounted for 10% or more of total company’s revenues. |
Research and Development Expenses | Research and Development Expenses — The Company expenses research and development costs, as incurred. For the periods ended December 31, 2015, 2014 and 2013 expenses were $5,829, $2,093 and $2,308, respectively. |
Advertising | Advertising —Advertising costs are expensed as incurred and were $953, $455 and $616 for the years ended December 31, 2015, 2014 and 2013, respectively. Retirement Benefit Costs and Termination Benefits — Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorized as follows: · service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements); · net interest expense or income; and · remeasurement. Curtailment gains and losses are accounted for as past service costs. The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in PM Group’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. A liability for a termination benefit is recognized at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognizes any related restructuring costs. |
Retirement Benefit Costs and Termination Benefits | Retirement Benefit Costs and Termination Benefits — Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorized as follows: · service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements); · net interest expense or income; and · remeasurement. Curtailment gains and losses are accounted for as past service costs. The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in PM Group’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. A liability for a termination benefit is recognized at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognizes any related restructuring costs. |
Litigation Claims | Litigation Claims —In determining whether liabilities should be recorded for pending litigation claims, the Company must assess the allegations and the likelihood that it will successfully defend itself. When the Company believes it is probable that it will not prevail in a particular matter, it will then record an estimate of the amount of liability based, in part, on advice of outside legal counsel. |
Shipping and Handling | Shipping and Handling —The Company records the amount of shipping and handling costs billed to customers as revenue. The cost incurred for shipping and handling is included in the cost of sales. |
Use of Estimates | Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates . |
Income Taxes | Income Taxes —The Company accounts for income taxes under the provisions of ASC 740 “ Income Taxes,” which requires recognition of income taxes based on amounts payable with respect to the current year and the effects of deferred taxes for the expected future tax consequences of events that have been included in the Company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial accounting and tax basis of assets and liabilities, as well as for operating losses and tax credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not a tax benefit will not be realized. ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of any net operating loss carryforwards. See Note 14, Income Taxes, for further details . |
Accrued Warranties | Accrued Warranties —Warranty costs are accrued at the time revenue is recognized. The Company’s products are typically sold with a warranty covering defects that arise during a fixed period of time. The specific warranty offered is a function of customer expectations and competitive forces. The Equipment Distribution segment does not accrue for warranty costs at the time of sales, as they are reimbursed by the manufacturers for any warranty that they provide to their customers. A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. Historical warranty experience is, however, reviewed by management. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability. |
Debt Issuance Costs | Debt Issuance Costs —Debt issuance costs incurred in securing the Company’s financing arrangements are capitalized and amortized over the term of the associated debt. Deferred financing cost are included with other long-term assets on the Company’s balance sheet. |
Sale and Leaseback | Sale and Leaseback —In accordance with ASC 840-40 Sales-Leaseback Transactions, the Company has recorded deferred revenue in relationship to the sale and leaseback of one of the Company’s operating facilities and on certain equipment. As such, the deferred gains have been deferred and is being amortized on a straight line basis over the life of the leases. |
Computation of EPS | Computation of EPS —Basic Earnings per Share (“EPS”) was computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The number of shares related to options, warrants, restricted stock, convertible debt and similar instruments included in diluted EPS (“EPS”) is based on the “Treasury Stock Method” prescribed in ASC 260-10, Earnings per Share. This method assumes theoretical repurchase of shares using proceeds of the respective stock option or warrant exercised, and for restricted stock the amount of compensation cost attributed to future services which has not yet been recognized and the amount of current and deferred tax benefit, if any, that would be credited to additional paid in capital upon the vesting of the restricted stock, at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of EPS in respect of the stock options, warrants, restricted stock, convertible debt and similar instruments is dependent on this average stock price and will increase as the average stock price increases. |
Stock Based Compensation | Stock Based Compensation —In accordance with ASC 718 Compensation-Stock Compensation, share-based payments to employees, including grants of restricted stock units, are measured at fair value as of the date of grant and are expensed in the consolidated statement of income over the service period (generally the vesting period). |
Comprehensive Income | Comprehensive Income —“Reporting Comprehensive Income” requires reporting and displaying comprehensive income and its components. Comprehensive income includes, in addition to net earnings, other items that are reported as direct adjustments to shareholder’s equity. Currently, the comprehensive income adjustment required for the Company has two components. First is a foreign currency translation adjustment, the result of consolidating its foreign subsidiary. The second component is a derivative instrument fair market value adjustment (net of income taxes) related to forward currency contracts designated as a cash flow hedge. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings (date of sale). See Note 6 for additional details. |
Reclassifications | Reclassifications —Certain reclassifications have been made to the 2014 and 2013 financial statements to conform to the 2015 presentation. |
Business Combinations | Business Combinations —The Company accounts for acquisitions in accordance with guidance found in ASC 805, Business Combinations. The guidance requires consideration given, including contingent consideration, assets acquired and liabilities assumed to be valued at their fair market values at the acquisition date. The guidance further provides that: (1) in-process research and development will be recorded at fair value as an indefinite-lived intangible asset; (2) acquisition costs will generally be expensed as incurred, (3) restructuring costs associated with a business combination will generally be expensed subsequent to the acquisition date; and (4) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. ASC 805 requires that any excess of purchase price over fair value of assets acquired, including identifiable intangibles and liabilities assumed be recognized as goodwill. In accordance with ASC 805, any excess of fair value of acquired net assets, including identifiable intangibles assets, over the acquisition consideration results in a bargain purchase gain. Prior to recording a gain, the acquiring entity must reassess whether all acquired assets and assumed liabilities have been identified and recognized and perform re-measurements to verify that the consideration paid, assets acquired and liabilities assumed have been properly valued. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Useful Lives of Property and Equipment | Depreciation of property and equipment is provided over the following useful lives: Asset Category Depreciable Buildings 20 –33 years Machinery and equipment 1 – 15 years Furniture and fixtures 3 – 12 years Leasehold improvements 1.5 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | Basic net earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution of restricted stock units. Details of the calculations are as follows: 2015 2014 2013 Net (loss) income attributable to shareholders of Manitex International, Inc. Net (loss) income from continuing operations $ (3,984 ) $ 8,102 $ 11,302 Less: (Income) loss attributable to noncontrolling interest (48 ) 136 — Net (loss) income from continuing operations attributable to shareholders of Manitex International, Inc. (4,032 ) 8,238 11,302 Income (loss) from operations of discontinued operations, net of income taxes 38 (1,135 ) (1,124 ) (Loss) on sale of discontinued operations , net of income tax benefit (1,378 ) — — Net (loss) income attributable to shareholders of Manitex International, Inc. $ (5,372 ) $ 7,103 $ 10,178 (Loss) earnings per share Basic (Loss) earnings from continuing operations attributable to shareholders' of Manitex International, Inc. $ (0.25 ) $ 0.59 $ 0.89 (Loss) from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ (0.08 ) $ (0.09 ) (Loss) on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ (0.09 ) $ — $ — (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (0.34 ) $ 0.51 $ 0.80 Diluted (Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.25 ) $ 0.59 $ 0.89 (Loss) from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ (0.08 ) $ (0.09 ) (Loss) on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ (0.09 ) $ — $ — (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (0.34 ) $ 0.51 $ 0.80 Weighted average common shares outstanding Basic 15,970,074 13,858,189 12,671,205 Diluted Basic 15,970,074 13,858,189 12,671,205 Dilutive effect of warrants — — — Dilutive effect of restricted stock units — 46,100 46,370 15,970,074 13,904,289 12,717,575 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measures at Fair Value on Recurring and Nonrecurring Basis | The following is a summary of items that the Company measures at fair value on a recurring basis: Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Forward currency exchange contracts $ — $ 600 $ — $ 600 Total current assets at fair value $ — $ 600 $ — $ 600 Liabilities: Forward currency exchange contracts $ — $ 74 $ — $ 74 Interest rate swap contracts — 1,177 — 1,177 PM contingent liabilities — — 1,187 1,187 Convertible debt- Perella ( See Note 13) (nonrecurring) — 14,286 — 14,286 Valla contingent consideration — — 199 199 Total liabilities at fair value $ — $ 15,537 $ 1,386 $ 16,923 Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Forward currency exchange contracts $ — $ 268 $ — $ 268 Total current assets at fair value $ — $ 268 $ — $ 268 Liabilities: Forward currency exchange contracts $ — $ 29 $ — $ 29 Convertible debt- Terex ( See Note 13) (nonrecurring) — 6,607 — 6,607 Valla contingent consideration — — 204 204 Total liabilities at fair value $ — $ 6,636 $ 204 $ 6,840 |
Derivative Financial Instrume40
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Forward Currency Contracts and Interest Rate Swaps | As of December 31, 2015, the Company had the following forward currency contracts and interest rate swaps: Nature of Derivative Currency Amount Type Forward currency purchase contract Canadian dollar 5,602 Not designated as hedge instrument Forward currency sales contracts Euro 1,300 Not designated as hedge instrument Forward currency purchase contract Euro 2,600 Not designated as hedge instrument Forward currency sales contracts Chilean peso 1,840,000 Not designated as hedge instrument Interest rate swap contracts Euro 20,739 Not designated as hedge instrument |
Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheets | The following table provides the location and fair value amounts of derivative instruments that are reported in the Consolidated Balance Sheet as of December 31, 2015 and 2014: Total derivatives not designated as a hedge instrument Fair Value Asset Derivatives Balance Sheet Location December 31, 2015 December 31, 2014 Foreign currency Exchange Contract Prepaid $ 600 $ 268 Liabilities Derivatives Foreign currency Exchange Contract Accrued expense $ 74 $ 29 Interest rate swap contracts Notes payable 1,177 — Total derivative liabilities $ 1,251 $ 29 |
Effect of Derivative Instruments on Consolidated Statements of Income | The following tables provide the effect of derivative instruments on the Consolidated Statement of Income for 2015, 2014 and 2013: Derivatives not designated as Hedge Instrument Location of gain or (loss) recognized in Income Statement Gain or (loss) 2015 2014 2013 Forward currency contracts Foreign currency transaction gains (losses) $ (35 ) $ 110 $ (178 ) Interest rate swap contracts Interest expense $ (56 ) — — Total derivatives (loss) gain $ (91 ) $ 110 $ (178 ) Derivatives designated as Hedge Instrument Location of gain or (loss) recognized in Income Statement Gain or (loss) 2015 2014 2013 Forward currency contracts Net revenue $ — $ (26 ) $ (30 ) |
Summary of Beginning and Ending Amounts of Gains and Losses Related to Hedges on Other Comprehensive Income and Related Activity Net of Income Taxes | The following table shows the beginning and ending amounts of gains and losses related to hedges which have been included in Other Comprehensive Income and related activity net of income taxes for December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Beginning balance (loss), net of income taxes $ — $ (7 ) Amounts recorded in OCI net of (loss), net of income taxes — (11 ) Amount reclassified to income, loss (gain), net of income taxes — 18 Ending balance gain (loss), net of income taxes $ — $ — |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory at December 31, are summarized as follows: 2015 2014 Raw materials and purchased parts $ 85,048 $ 59,283 Work in process 9,657 $ 7,861 Finished goods and replacement parts 24,564 $ 23,601 Inventories, net $ 119,269 $ 90,745 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Plant and Equipment | Property, plant and equipment consist of the following: 2015 2014 Land $ 4,458 $ 989 Buildings 22,063 14,720 Machinery and equipment 21,027 14,743 Furniture and fixtures 661 669 Leasehold improvements 1,834 1,895 Computer software & equipment 1,398 1,414 Motor vehicles 701 629 Construction in progress 288 40 Totals 52,430 35,099 Less: accumulated depreciation (10,445 ) (9,311 ) Net property and equipment $ 41,985 $ 25,788 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets were comprised of the following as of December 31, 2015 and 2014: 2015 2014 Useful Lives Patented and unpatented technology $ 29,277 $ 20,891 7-10 years Amortization (12,631 ) (9,802 ) Customer relationships 43,172 31,477 5-20 years Amortization (8,545 ) (5,013 ) Trade names and trademarks 21,625 15,455 25 years - Indefinite Amortization (2,281 ) (1,783 ) Non-competition agreements 50 50 2-5 years Amortization (38 ) (24 ) Customer backlog 453 462 < 1 year Amortization (453 ) (462 ) Total Intangible assets $ 70,629 $ 51,251 |
Schedule of Estimated Amortization Expense | Estimated amortization expense for the next five years and subsequent is as follows: Amount 2016 5,877 2017 5,343 2018 5,223 2019 5,013 2020 4,972 And subsequent 35,124 Total intangibles currently to be amortized $ 61,552 |
Changes in Goodwill | Changes in the Company’s goodwill by business segment were as follows: Equipment Lifting Segment Equipment Distribution Segment ASV Segment Total Balance December 31, 2013 $ 22,214 $ 275 $ — $ 22,489 Goodwill for ASV acquisition — — 30,579 30,579 Effect of change in exchange rates (402 ) — — (402 ) Balance December 31, 2014 $ 21,812 $ 275 $ 30,579 $ 52,666 Goodwill for PM Group Acquisition 30,173 — — 30,173 Effects of change in exchange rate (2,750 ) — — (2,750 ) Balance December 31, 2015 $ 49,235 $ 275 $ 30,579 $ 80,089 |
Accounts Payable and Accrual 44
Accounts Payable and Accrual Detail (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | As of December 31, 2015 2014 Accounts payable: Trade $ 60,339 33,774 Bank overdraft 1,798 339 Total accounts payable $ 62,137 34,113 Accrued expenses: Accrued payroll $ 2,443 $ 2,691 Accrued employee benefits 1,053 433 Accrued bonuses 916 1,132 Accrued vacation expense 1,717 1,309 Accrued consulting fees — 223 Accrued interest 315 375 Accrued commissions 602 497 Accrued expenses—other 3,536 1,110 Accrued warranty 3,564 3,198 Accrued income taxes 815 151 Accrued taxes other than income taxes 3,634 953 Accrued product liability and workers compensation claims 2,384 3,871 Accrued liability on forward currency exchange contracts 74 30 Total accrued expenses $ 21,053 $ 15,973 |
Revolving Term Credit Facilit45
Revolving Term Credit Facilities and Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Annual Maturities Of Debt Outstanding | North American except ASV ASV Italy Total 2016 $ 5,475 $ 1,500 $ 25,143 $ 32,118 2017 700 2,000 3,671 6,371 2018 33,726 2,000 5,758 41,484 2019 — 44,872 6,039 50,911 2020 6,737 — 5,737 12,474 Thereafter 15,738 — 11,272 27,010 62,376 50,372 57,620 170,368 Interest rate swaps 1,177 Debt discount related to non-interest bearing debt (1,154 ) Debt discounts related to convertible notes (1,377 ) Total $ 62,376 $ 50,372 $ 57,620 $ 169,014 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Summary of Inventory Held For Sale Financed Capital Leases-Equipment | The following is a summary of inventory held for sale which was financed under equipment capital lease agreements: Amount Borrowed Repayment Period Amount of Monthly Payment Balance As of December 31, 2015 New equipment $ 1,166 60 $ 22 $ 752 Used equipment 1,754 36 25 126 Total $ 2,920 $ 47 $ 878 |
Schedule of Future Minimum Lease Payments | As of December 31, 2015, the capitalized lease obligation in aggregate related to the three leases was $56. Future Minimum Lease Payments are: Years Operating Leases Capital Leases 2016 $ 2,024 $ 1,708 2017 1,440 1,025 2018 1,439 1,025 2019 683 910 2020 683 911 Subsequent 322 7,085 Total Minimum Lease Payments $ 6,591 12,664 Less: imputed interest (5,810 ) Present value of minimum lease payment $ 6,854 Less: current portion (1,004 ) Long-term capital lease obligations $ 5,850 |
Schedule of Capital Item | Capital Item—as of or for the year ended December 31, 2015 Cost Accumulated Depreciation Depreciation Expense Interest Expense Building—Georgetown, TX $ 4,844 $ 127 $ 158 $ 468 Land & Building—Winona, MN 1,700 367 56 — Other Capitalized leases 2,240 87 19 71 Totals $ 8,784 $ 581 $ 233 $ 539 Capital Item—as of or for the year ended December 31, 2014 Cost Accumulated Depreciation Depreciation Expense Interest Expense Building—Georgetown, TX $ 4,913 $ 3,529 $ 35 $ 307 Land & Building—Winona, MN 1,700 311 57 13 Other Capitalized leases 197 67 28 4 Totals $ 6,810 $ 3,907 $ 120 $ 324 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Perella Notes Purchase Agreement [Member] | |
Debt Instrument [Line Items] | |
Schedule of Convertible Notes | On January 7, 2015, the components of the note were as follows: Liability component $ 14,286 Equity component (a component of paid in capital) 714 $ 15,000 |
Terex Corporation Note Payable [Member] | |
Debt Instrument [Line Items] | |
Schedule of Convertible Notes | On December 19, 2014, the components of the note was as follows: Liability component $ 6,607 Equity component (a component of paid in capital) 893 $ 7,500 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Company's Income Before Income Taxes | Information pertaining to the Company’s income before income taxes is as follows: Years ended December 31, 2015 2014 2013 Income before income taxes: Domestic $ (6,976 ) $ 10,782 $ 16,596 Foreign 2,267 1,772 (212 ) Total net income before income taxes $ (4,709 ) $ 12,554 $ 16,384 |
Schedule of Company's Provision (Benefit) for Income Taxes | Information pertaining to the Company’s provision (benefit) for income taxes is as follows: Years ended December 31, 2015 2014 2013 Provision (benefit) for income taxes: Current: Federal $ (1,777 ) $ 3,730 $ 4,982 State and local 103 172 64 Foreign 1,892 691 132 218 4,593 5,178 Deferred: Federal (240 ) (327 ) (33 ) State and local (96 ) 44 66 Foreign (607 ) 142 (129 ) (943 ) (141 ) (96 ) Total provision for income taxes $ (725 ) $ 4,452 $ 5,082 |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows: Year ended December 31, 2015 2014 Deferred tax assets: Accrued expenses $ 675 $ 581 Inventory 2,075 744 Other liabilities 616 433 Deferred gain 469 458 Net operating loss carryforwards 480 3 Tax credit carryforwards 1,255 824 Unrealized foreign currency loss 348 219 Investment in Partnerships 16 144 Interest expense 3,171 — Restructuring cost 1,003 — Property, plant and equipment 733 — Total deferred tax asset 10,841 3,406 Deferred tax liabilities: Property, plant and equipment — 552 Intangibles 11,264 3,290 Discount on convertible notes 499 321 Deferred State Income Tax 441 — Deferred financing fees 211 — Total deferred tax liability 12,415 4,163 Net deferred tax liability $ (1,574 ) $ (757 ) |
Summary of Effective Tax Rate Before Income Taxes Varies from Current Statutory Federal Income Tax Rate | The effective tax rate before income taxes varies from the current U.S. federal statutory income tax rate as follows: Years ended December 31, 2015 2014 Statutory rate 35.00 % 35.00 % State and local taxes -0.80 % 1.27 % Permanent differences -0.71 % -2.20 % Tax credits 1.50 % -1.25 % Foreign operations -13.15 % 1.69 % Uncertain tax positions -1.04 % -0.18 % Other -5.41 % 1.13 % 15.39 % 35.46 % |
Summary of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows: 2015 2014 Balance at January 1, $ 215 $ 250 Increases in tax positions for prior years 40 80 Decreases in tax positions for prior years (18 ) (115 ) Settlements 698 — Balance at December 31, $ 935 $ 215 |
Supplemental Cash Flow Disclo49
Supplemental Cash Flow Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Disclosures | Interest received and paid, income taxes paid and non-cash transactions incurred during the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 Non-Cash Transactions: Investment in Lift Ventures (see Note 19) $ — $ 5,951 $ — Note to Terex related to ASV — 1,594 — Capital leases 3,607 — 813 Issuance of stock in connection with PM acquisition (see Note 19) 10,124 — — Issuance of stock in connection with Sabre acquisition — — 1,000 Valla working capital — — 2,173 Acquisition note — — 228 Contingent consideration — — 250 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Employee Severance Indemnity | Movements on the PM Group’s employee severance indemnity / TFR provision during the period, including the effects of the actuarial valuation of the TFR, were as follows: Balance As of January 15, 2015 Increases Decreases Balance As of December 31, 2015 Employee severance indemnity/TFR $ 1,552 $ 698 $ 763 $ 1,487 |
Schedule of Assumptions Used to Determine Defined Benefit Plans in Relation to Postemployment Benefits | The estimates, demographic and economic/financial assumptions made, with the support of an independent actuary, for the actuarial calculation used to determine the defined benefit plans in relation to postemployment benefits (Employee severance indemnity provision) can be detailed as follows: Annual Discount Rate Annual Rate of Inflation Annual Increase Rate Probability of Employee Leaving Group Probability of Advance Payment of TFR 1.39 % 1.75 % 2.81 % 10.00 % 3.00 % |
Schedule of Reconciliation of Defined Benefit Obligation | A reconciliation of the defined benefit obligation is set out below: December 31, 2015 Past Service Liability at beginning of the period $ 1,552 Interest cost 13 Actuarial (Gain)/Loss (37 ) Payments (41 ) Past Service Liability at end of the period $ 1,487 December 31, 2015 Actuarial gains and losses arising from changes in financial assumptions $ (44 ) Actuarial gains and losses arising from experience assumptions 7 Actuarial (Gain)/Loss $ (37 ) |
Accrued Warranties (Tables)
Accrued Warranties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Summary of Changes in Product Warranty Liability | The following table summarizes the changes in product warranty liability: 2015 2014 Balance January 1, $ 3,198 $ 967 Business Acquired 843 2,206 Accrual for warranties issued during the year 4,021 392 Warranty services provided (4,578 ) (325 ) Changes in estimates 87 (27 ) Foreign currency translation (7 ) (15 ) Balance December 31, $ 3,564 $ 3,198 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Financial Information for Three Operating Segments | The following is financial information for our three operating segments, i.e., Lifting Equipment, Equipment Distribution and ASV. The below financial information includes results for each of the above acquisitions from the respective date of acquisition: Years ended December 31, 2015 2014 2013 Revenues from continuing operations: Lifting Equipment $ 261,232 $ 228,518 $ 213,520 ASV 116,935 2,264 — Equipment Distribution 13,216 21,104 16,951 Inter-segment Eliminations (4,646 ) (4,722 ) (651 ) Total $ 386,737 $ 247,164 $ 229,820 Operating income from continuing operations: Lifting Equipment $ 11,770 $ 23,178 $ 24,803 ASV 5,496 (121 ) — Equipment Distribution (136 ) 374 628 Corporate expense (8,522 ) (7,968 ) (6,391 ) Elimination of inter-segment profit in inventory (187 ) 11 (10 ) Total $ 8,421 $ 15,474 $ 19,030 Total assets: Lifting Equipment $ 267,226 $ 158,564 $ 154,914 ASV 122,672 129,661 — Equipment Distribution 14,585 15,612 10,671 Corporate 2,175 1,636 1,075 Assets of discontinued operations — 11,683 13,837 Total $ 406,658 $ 317,156 $ 180,497 |
Summary of Goodwill by Segment | The following is a summary of goodwill by segment: 2015 2014 Goodwill—Lifting Equipment Segment Balance January 1 $ 21,812 $ 22,214 Goodwill related to PM acquisition 30,173 — Foreign currency translation (2,750 ) (402 ) Balance December 31, 49,235 21,812 Goodwill—ASV Segment Balance January 1 30,579 — Goodwill related to ASV acquisition — 30,579 Balance December 31, 30,579 30,579 Goodwill—Equipment Distribution Segment Balance January 1 and December 31, 275 275 Total goodwill at December 31, $ 80,089 $ 52,666 |
Summary of External Net Revenues and Long Lived Assets by Country | 2015 2014 2013 United States $ 208,992 $ 150,719 $ 135,439 Italy 29,721 18,260 8,222 Canada 28,525 34,647 44,108 Australia 15,408 — 4 Argentina 9,617 — — United Kingdom 8,590 2,345 315 Germany 5,766 3,459 3,246 Iraq 5,302 — — Chile 5,323 592 387 Turkey 5,023 969 5,280 Peru 4,783 1,840 3,849 France 4,590 2,487 — Saudi Arabia 3,546 815 34 Spain 3,291 1 535 Hong Kong 2,532 — — Israel 2,333 527 85 United Arab Emirates 2,318 4,161 1,232 Romania 2,209 — — Algeria 2,114 — — Qatar 1,944 — — Kenya 1,903 — — Czech Republic 1,875 3,426 1,804 Mexico 1,858 4,050 5,096 Finland 1,802 — — Russia 1,759 710 1,623 Singapore 1,130 — 441 Norway 1,112 — — South Africa 800 516 3,651 Morocco 740 — — Korea 717 934 — Malaysia 688 — — New Zealand 687 — — Lebanon 682 — — Netherlands 570 — — Switzerland 458 2,697 — Ireland 418 — — Poland 347 — — Egypt 212 129 3,285 Venezuela 128 — 407 Slovakia 93 1,369 — Brazil 77 3 — Japan 6 1,620 — Other 16,748 10,888 10,777 $ 386,737 $ 247,164 $ 229,820 Company attributes revenue to different geographic areas based on where items are shipped or services are performed. Long Lived Assets 2015 2014 United States $ 131,902 $ 133,287 Canada 371 789 Italy 83,144 7,827 Long-term assets of discontinued operations — 3,477 Total Long-Lived Assets $ 215,417 $ 145,380 |
Acquisition and Investment (Tab
Acquisition and Investment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PM Group [Member] | |
Schedule of Fair Value of Purchase Consideration | The fair value of the purchase consideration is shown below: Fair Value Euros Fair Value U.S. Dollars Cash € 17,142 $ 20,312 994,483 shares of common stock of Manitex International, Inc. 8,710 10,124 Total purchase consideration € 25,852 $ 30,436 |
Schedule of Adjustments on Goodwill | The adjustment had the following impact on goodwill: Adjustment to reduce the value of certain accounts receivables based on obtaining additional information $ 260 Eliminate value assigned to fixed assets determined not to exist at date of acquisition 392 Adjustments to deferred tax assets to reflect corrected value (1,187 ) Adjustment to assumed non-recourse debt to reflect (344 ) Net impact on goodwill $ (879 ) |
Schedule of Restated Purchase Price Allocations | The balance sheet at January 15, 2015 was restated to reflect the above changes to PM Group purchase price allocations as follows: Account Provisional amounts recorded as of January 15, 2015 Adjustment to purchase price allocation Revised amount recorded as of January 15, 2015 Goodwill $ 31,052 $ (879 ) $ 30,173 Accounts receivable 22,475 (260 ) 22,215 Fixed assets 17,344 (392 ) 16,952 Deferred tax asset 9,680 1,187 10,867 Assumed non-recourse debt (62,197 ) 344 (61,853 ) |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the revised allocation of the PM Group acquisition consideration to the fair value of the assets acquired and liabilities assumed at the date of acquisition: Purchase price allocation: Cash invested in PM € 5,994 $ 6,965 Trade receivables 18,795 22,215 Inventory 20,088 23,743 Other receivables and prepaid expenses 3,746 4,428 Total fixed assets 14,342 16,952 Customer relationships 10,841 12,813 Trade name and trademarks 5,850 6,914 Patented & Unpatented Technology 7,657 9,050 Goodwill 25,528 30,173 Deferred net tax assets 9,195 10,867 Other long term assets 1,267 1,497 Accounts payable (22,020 ) (26,026 ) Accrued expenses (7,343 ) (8,679 ) Other current liabilities (1,188 ) (1,404 ) Deferred tax liability (11,595 ) (13,705 ) Other long term liabilities (2,973 ) (3,514 ) Assumed non-recourse debt (52,332 ) (61,853 ) Net assets acquired € 25,852 $ 30,436 |
Schedule of Assets Acquired and Liabilities Assumed Debt | Non-recourse PM debt: Under the transaction, PM remains obligated for the following debt: Term debt—interest bearing € 22,956 $ 27,133 Term debt—non-interest bearing 10,289 12,161 Fair market adjustment for non-interest bearing debt (1,460 ) (1,726 ) Working capital borrowings 18,827 22,252 Interest rate swap derivative contract 1,720 2,033 Total assumed non-recourse debt € 52,332 $ 61,853 |
Schedule of Pro Forma Results of Acquisition | The following unaudited pro forma information assumes the acquisition of PM occurred on January 1, 2014. The unaudited pro forma results have been prepared for informational purposes only and do not purport to represent the results of operations that would have been had the acquisition occurred as of the date indicated, nor of future results of operations. The unaudited pro forma results for the year ended December 31, 2015 and 2014 are as follows (in thousands, except per share data): Year Ended December 31, 2015 Year Ended December 31, 2014 Net revenues $ 389,036 $ 346,159 (Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (3,654 ) $ 414 (Loss) earnings per share from continuing operations attributable to shareholders of Manitex International, Inc.: Basic $ (0.23 ) $ 0.03 Diluted $ (0.23 ) $ 0.03 Weighted average common shares outstanding: Basic 16,011,511 14,852,672 Diluted 16,011,511 14,898,772 |
Schedule of Pro-forma Adjustments | The following table summarizes the pro forma adjustments that modify historical results: For 2015 2014 Record interest expense on Manitex debt issued in connection with the acquisition $ 33 $ 1,814 Transfer acquisition costs between periods (1,148 ) 1,148 Eliminate impact of capitalizing research and development by PM (45 ) 142 Adjust depreciation to reflect fair values and current lives (11 ) (395 ) Adjust amortization to reflect fair value of intangibles and current lives 90 1,680 Eliminate historic interest expense on debt forgiven or converted to non-interest debt (14 ) (1,403 ) Record amortization of debt discount on non-interest bearing debt 27 549 Transfer amortization of inventory step up between periods (912 ) 1,030 Eliminate profit on debt restructuring (this was not a taxable event) 6,298 — Record income tax impact on the above pro forma adjustments 662 (1,562 ) |
ASV Inc [Member] | |
Schedule of Fair Value of Purchase Consideration | The fair value of the purchase consideration was $49,787 in total as shown below: Cash $ 25,000 Note payable to seller 1,411 Fair value of non-controlling interest in ASV 23,376 Total purchase consideration $ 49,787 |
Schedule of Adjustments on Goodwill | The adjustments had the following impact on goodwill: Record liabilities that existed at acquisition date that had not been recorded $ 115 Adjustment to reduce the value of certain inventory based on obtaining additional information 460 Eliminate value assigned to fixed assets determined not to exist at date of acquisition 262 Increase reserves for product liability suits based on additional information 3,199 Adjustment to reserves for worker compensation claims based on additional information 68 Adjustment to income tax payable to record tax liability based on additional information (269 ) Net impact on goodwill $ 3,835 |
Schedule of Restated Purchase Price Allocations | The balance sheet at December 31, 2014 was restated to reflect the above changes to ASV purchase price allocations as follows: Account Provisional amounts recorded as of December 31, 2014 Adjustment to purchase price allocation Revised amount recorded as of December 31, 2014 Goodwill $ 26,744 $ 3,835 $ 30,579 Inventory 27,217 (460 ) 26,757 Fixed assets 19,177 (262 ) 18,915 Accrued expenses (3,975 ) (3,382 ) (7,357 ) Income tax payable on conversion of ASV (16,500 ) 269 (16,231 ) |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the ASV acquisition consideration to the fair value of the assets acquired and liabilities assumed at the date of acquisition: Purchase price allocation: Cash $ 2 Accounts receivable 18,232 Prepaid Expenses 71 Inventory 26,757 Total fixed assets 18,915 Customer relationships 16,000 Trade name and trademarks 7,000 Patented & Unpatented Technology 8,000 Goodwill 30,579 Capitalized Debt Issuance Costs 2,767 Accounts payable (9,459 ) Accrued expenses (7,357 ) Accrued conversion tax (16,231 ) Accrued pension liability (839 ) Assumption of non-recourse ASV debt (44,650 ) Net assets acquired $ 49,787 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of Stock Issuances | The following is a summary of stock issuances that occurred during the three year period: Date of Issue Employees or Director Shares Issued Value of Shares Issued March 4, 2015 Directors 6,800 $ 77 March 13, 2015 Employees 22,868 212 June 5, 2015 Employees 749 12 December 31, 2015 Employees 36,886 219 December 31, 2015 Directors 20,620 123 87,923 $ 643 Date of Issue Employees or Director Shares Issued Value of Shares Issued March 6, 2014 Directors 6,600 $ 106 March 6, 2014 Employees 14,292 229 June 5, 2014 Employees 749 8 December 31, 2014 Employees 38,005 406 December 31, 2014 Directors 20,615 257 80,261 $ 1,006 Date of Issue Employees or Director Shares Issued Value of Shares Issued March 8, 2013 Directors 6,600 $ 69 March 8, 2013 Employees 20,836 219 September 12, 2013 Directors 1,667 19 December 31, 2013 Directors 17,400 151 December 31, 2013 Employees 23,403 167 69,906 $ 625 |
Summary of Common Stock Repurchases | The following is a summary of common stock purchased during 2015, 2014 and 2013 : Date of Purchase Shares Purchased Closing Price on Date of Purchase June 5, 2015 393 $ 8.54 December 31, 2015 12,125 $ 5.95 12,518 June 5, 2014 392 $ 16.75 December 31, 2014 8,461 $ 12.71 8,853 December 31, 2013 4,414 $ 15.88 |
Summary of Restricted Stock Units Awarded | The following is a summary of restricted stock units that were awarded during 2015, 2014 and 2013: 2015 Grants Vesting Date Number of Restricted Stock Units Closing Price on Date of Grant Value of Restricted Stock Units Issued January 1, 2015 January 1, 2016 34,027 units; January 1, 2017 34,027 units and 35,057 units January 1, 2018 103,111 $ 12.71 $ 1,311 March 4, 2015 March 4, 2015 6,800 units, December 31, 2015 6,600 units and December 31, 2016 6,600 units 20,000 $ 11.39 $ 228 March 13, 2015 March 13, 2015 22,868 units 22,868 $ 9.25 $ 212 145,979 $ 1,751 Vesting Date Number of Restricted Stock Units Closing Price on Date of Grant Value of Restricted Stock Units Issued March 6, 2014 March 6, 2014 20,892 units; December 31, 2014 6,600 units; December 31, 2015 6,800 units $ 34,292 $ 15.99 $ 548 34,292 $ 548 2013 Grants Vesting Date Number of Restricted Stock Units Closing Price on Date of Grant Value of Restricted Stock Units Issued March 8, 2013 March 8, 2013 27,436 units; December 31, 2013 6,600 units; December 31, 2014 6,800 units 40,836 $ 10.51 $ 429 June 5, 2013 June 5, 2014 1,141 units; June 5, 2015 1,142 units; June 5, 2016 1,142 units 3,425 $ 10.45 $ 36 September 12, 2013 September 21, 2013 1,667 units 1,667 $ 11.19 $ 19 December 31, 2013 22,735 units December 31, 2014; 22,735 units December 31, 2015 and 23,423 units December 31, 2016 68,893 $ 15.88 $ 1,094 114,821 $ 1,578 |
Restricted Stock Units Outstanding | The following table contains information regarding restricted stock units for the years ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively: Restricted Stock Units 2015 2014 2013 Outstanding on January 1, 85,384 142,851 109,750 Issued 145,979 34,292 114,821 Vested and issued (87,923 ) (80,261 ) (69,906 ) Vested—issued and repurchased for income tax withholding (12,518 ) (8,853 ) (4,414 ) Forfeited (12,149 ) (2,645 ) (7,400 ) Outstanding on December 31 118,773 85,384 142,851 |
Transactions between the Comp55
Transactions between the Company and Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The following is a summary of the amounts attributable to certain related party transactions as described in the footnotes to the table, for the periods indicated: 2015 2014 2013 Bridgeview Facility (1) $ 256 $ 256 $ 251 Sales to: SL Industries, Ltd 60 6 43 BGI 3 — — LiftMaster (2) 7 185 10 Total Sales 70 191 53 Inventory Purchases from: SL Industries, Ltd 4,470 5,364 5,337 Lift Ventures 1,116 LiftMaster (2) 46 1 21 BGI 7 43 165 Total Inventory Purchases $ 5,639 $ 5,408 $ 5,523 (1) The Company leases its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Chairman and CEO. Pursuant to the terms of the lease, the Company makes monthly lease payments of $22. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The lease will expire on June 30, 2020 and has a provision for six one year extension periods. The lease contains a rental escalation clause under which annual rent is increased during the initial lease term by the lesser of the increase in the Consumer Price Increase or 2.0%. Rent for any extension period shall however, be the then-market rate for similar industrial buildings within the market area. The Company has the option, to purchase the building by giving the Landlord written notice at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The Landlord can require the Company to purchase the building if a change of Control Event, as defined in the agreement occurs by giving written notice to the Company at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The purchase price regardless whether the purchase is initiated by the Company or the landlord will be the Fair Market Value as of the closing date of said sale. (2) The Company provides parts and services to LiftMaster, Inc. LiftMaster is a rental company that rents and services rough terrain forklifts. LiftMaster is owned by a relative of an Officer of Manitex Liftking, ULC. |
Summary of Notes Payable to Related Parties | At December 31, 2015, the Company has the following notes payable to Terex: Note related to Crane and Schaeff acquisition $ 250 Note payable related to ASV acquisition $ 1,594 Convertible note $ 6,737 |
Summary of Sales to and Purchase from Related Parties | The following is a summary of the amounts attributable to certain Terex transactions as described in the footnotes to the table, for the periods indicated: 2015 2014 Sales to Terex 2,472 108 Purchases from Terex 9,495 9 |
Quarterly Financial Data (Una56
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Data | Summarized quarterly financial data for 2015 and 2014 are as follows (in thousands, except per share amounts). 2015 2014 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Net revenues $ 101,042 $ 100,513 $ 91,691 $ 93,491 $ 59,252 $ 64,926 $ 60,687 $ 62,299 Gross Profit 18,002 18,910 17,395 15,199 11,599 13,325 10,242 12,283 Net (loss) income from continuing operations attributable to shareholders of Manitex International,Inc. (231 ) 100 (45 ) (3,856 ) 2,279 3,516 1,761 682 Net income(loss) from discontinued operations 7 38 254 (1,639 ) (402 ) (530 ) 7 (210 ) Net (loss) income attributable to shareholders of Manitex International, Inc. $ (224 ) $ 138 $ 209 $ (5,495 ) $ 1,877 $ 2,986 $ 1,768 $ 472 Earnings per Share Basic (Loss) Earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.01 ) $ 0.01 $ (0.00 ) $ (0.24 ) $ 0.17 $ 0.25 $ 0.13 $ 0.05 Earnings (loss) from discontinued operations attributable to shareholders of Manitex International, Inc. $ 0.00 $ 0.00 $ 0.02 $ (0.10 ) $ (0.03 ) $ (0.04 ) $ 0.00 $ (0.02 ) (Loss) Earnings attributable to shareholders of Manitex International, Inc. $ (0.01 ) $ 0.01 $ 0.01 $ (0.34 ) $ 0.14 $ 0.22 $ 0.13 $ 0.03 Diluted (Loss) Earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.01 ) $ 0.01 $ (0.00 ) $ (0.24 ) $ 0.16 $ 0.25 $ 0.13 $ 0.05 Earnings (loss) from discontinued operations attributable to shareholders's of Manitex International, Inc. $ 0.00 $ 0.00 $ 0.02 $ (0.10 ) $ (0.03 ) $ (0.04 ) $ 0.00 $ (0.01 ) (Loss) 'Earnings attributable to shareholders of Manitex International, Inc. $ (0.01 ) $ 0.01 $ 0.01 $ (0.34 ) $ 0.14 $ 0.22 $ 0.13 $ 0.03 Shares outstanding Basic 15,836,423 16,014,059 16,014,594 16,015,219 13,807,312 13,822,383 13,822,918 13,980,142 Diluted 15,836,423 16,031,011 16,014,594 16,015,219 13,840,506 13,874,289 13,873,157 14,029,205 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Major Classes of Assets and Liabilities of Discontinued Operations on Consolidated Balance Sheet and Loss From Discontinued Operations | The following is the detail of major classes of assets and liabilities of discontinued operations that were summarized on the Company’s Consolidated Balance Sheets: As of December 31, 2014 ASSETS Current assets Cash $ 2 Trade receivables (net) 2,422 Other receivables (237 ) Inventory, net 5,977 Prepaid expense and other 42 Total current assets of discontinued operations 8,206 Total fixed assets (net) 2,796 Intangible assets (net) 671 Other long-term assets 10 Total assets of discontinued operations $ 11,683 Current liabilities Notes payable—short term $ 119 Accounts payable 1,893 Accrued expenses 413 Total current liabilities of discontinued operations 2,425 Long-term liabilities Notes payable 1,665 Total long-term liabilities of discontinued operations 1,665 Total liabilities of discontinued operations $ 4,090 The following is the detail of major line items that constitute the loss from discontinued operations: For the Year Ended December 31, 2015 2014 2013 Net revenues $ 18,432 $ 16,917 $ 15,251 Cost of sales 16,027 16,102 14,512 Research and development costs 464 459 604 Selling, general and administrative expenses 1,546 1,894 1,627 Interest expense 345 373 445 Other income 9 — — Income (Loss) from discontinued operations before income taxes 59 (1,911 ) (1,937 ) Loss on sale of discontinued operation including transactions expense of $720 (2,142 ) — — Total loss on discontinued operations before income taxes (2,083 ) (1,911 ) (1,937 ) Income tax (benefit) related to discontinued operations (743 ) (776 ) (813 ) Net loss on discontinued operations $ (1,340 ) $ (1,135 ) $ (1,124 ) |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | Aug. 19, 2013gal | Dec. 31, 2015SegmentModellbT | Dec. 19, 2014 |
Partnership Organization And Basis Of Presentation [Line Items] | |||
Number of operating segments | Segment | 3 | ||
Minimum [Member] | |||
Partnership Organization And Basis Of Presentation [Line Items] | |||
Lifting capacity of forklifts | lb | 18,000 | ||
Capacity of mobile cranes | 15 | ||
Storage capacity of trailer mobile tanks | gal | 8,000 | ||
Maximum [Member] | |||
Partnership Organization And Basis Of Presentation [Line Items] | |||
Lifting capacity of forklifts | lb | 40,000 | ||
Capacity of mobile cranes | 30 | ||
Storage capacity of trailer mobile tanks | gal | 21,000 | ||
PM Group [Member] | Minimum [Member] | |||
Partnership Organization And Basis Of Presentation [Line Items] | |||
Number of models | Model | 50 | ||
Valla SpA [Member] | Minimum [Member] | |||
Partnership Organization And Basis Of Presentation [Line Items] | |||
Capacity of mobile cranes | 2 | ||
Valla SpA [Member] | Maximum [Member] | |||
Partnership Organization And Basis Of Presentation [Line Items] | |||
Capacity of mobile cranes | 90 | ||
ASV Acquisition [Member] | |||
Partnership Organization And Basis Of Presentation [Line Items] | |||
Acquisition of ownership interest | 51.00% |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | Dec. 31, 2015 |
Lift Ventures LLC [Member] | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |
Unconsolidated equity investment ownership percentage | 25.00% |
Summary of Significant Accoun60
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Accounting Policies [Line Items] | |||
Original maturity of highly liquid investments | three months | ||
Impairment of investment | $ 0 | ||
Allowance for bad debt | 240,000 | $ 458,000 | |
Depreciation Expense | $ 5,055,000 | 1,555,000 | $ 1,339,000 |
Number of operating segment | Segment | 3 | ||
Impairment charges | $ 0 | 0 | 0 |
Cash Insured amount | 250,000 | ||
Uninsured cash balances | 4,120,000 | 5,814,000 | |
Research and development costs | 5,829,000 | 2,093,000 | 2,308,000 |
Advertising costs | $ 953,000 | $ 455,000 | $ 616,000 |
Lifting Equipment and ASV Segment [Member] | Maximum [Member] | |||
Accounting Policies [Line Items] | |||
Reporting unit, percentage of fair value in excess of carrying amount | 10.00% | ||
Equipment Distribution [Member] | Minimum [Member] | |||
Accounting Policies [Line Items] | |||
Reporting unit, percentage of fair value in excess of carrying amount | 10.00% | ||
Goodwill Impairment [Member] | |||
Accounting Policies [Line Items] | |||
Number of operating segment | Segment | 3 |
Summary of Significant Accoun61
Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Buildings [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 20 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 1 year |
Minimum [Member] | Furniture and Fixtures [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 1 year 6 months |
Maximum [Member] | Buildings [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 33 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 15 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 12 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 12 years |
Summary of Significant Accoun62
Summary of Significant Accounting Policies - Additional Information - Credit Risk Concentrations (Detail) - Customer | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Line Items] | |||
Number of customers who exceeded the accounts receivable threshold | 0 | 0 | |
Net revenue [Member] | |||
Accounting Policies [Line Items] | |||
Number of customers who exceeded the company's total revenue threshold | 0 | 0 | 0 |
Purchases [Member] | |||
Accounting Policies [Line Items] | |||
Number of customers who exceeded the total purchasing threshold | 0 | 0 | 0 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Minimum Threshold For Disclosure [Member] | |||
Accounting Policies [Line Items] | |||
Minimum risk percentage threshold | 10.00% | 10.00% | |
Customer Concentration Risk [Member] | Net revenue [Member] | Minimum Threshold For Disclosure [Member] | |||
Accounting Policies [Line Items] | |||
Minimum risk percentage threshold | 10.00% | 10.00% | 10.00% |
Customer Concentration Risk [Member] | Purchases [Member] | Minimum Threshold For Disclosure [Member] | |||
Accounting Policies [Line Items] | |||
Minimum risk percentage threshold | 10.00% | 10.00% | 10.00% |
Earnings per Common Share - Bas
Earnings per Common Share - Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net (loss) income attributable to shareholders of Manitex International, Inc. | |||||||||||
Net (loss) income from continuing operations | $ (3,984) | $ 8,102 | $ 11,302 | ||||||||
Less: (Income) loss attributable to noncontrolling interest | (48) | 136 | |||||||||
Net (loss) income from continuing operations attributable to shareholders of Manitex International, Inc. | (4,032) | 8,238 | 11,302 | ||||||||
Income (loss) from operations of discontinued operations, net of income taxes | 38 | (1,135) | (1,124) | ||||||||
(Loss) on sale of discontinued operations , net of income tax benefit | (1,378) | ||||||||||
Net (loss) income attributable to shareholders of Manitex International, Inc. | $ (5,372) | $ 7,103 | $ 10,178 | ||||||||
Earnings Per Share Basic | |||||||||||
(Loss) earnings from continuing operations attributable to shareholders' of Manitex International, Inc. | $ (0.25) | $ 0.59 | $ 0.89 | ||||||||
Loss from discontinued operations attributable to shareholders of Manitex International, Inc. | (0.08) | (0.08) | (0.09) | ||||||||
(Loss) on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax | (0.09) | ||||||||||
(Loss) earnings attributable to shareholders of Manitex International, Inc. | (0.34) | 0.51 | 0.80 | ||||||||
Earnings Per Share Diluted | |||||||||||
(Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. | (0.25) | 0.59 | 0.89 | ||||||||
Loss from discontinued operations attributable to shareholders of Manitex International, Inc. | (0.08) | (0.08) | (0.09) | ||||||||
(Loss) on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax | (0.09) | ||||||||||
(Loss) earnings attributable to shareholders of Manitex International, Inc. | $ (0.34) | $ 0.51 | $ 0.80 | ||||||||
Weighted average common shares outstanding | |||||||||||
Basic | 16,015,219 | 16,014,594 | 16,014,059 | 15,836,423 | 13,980,142 | 13,822,918 | 13,822,383 | 13,807,312 | 15,970,074 | 13,858,189 | 12,671,205 |
Diluted | |||||||||||
Basic | 16,015,219 | 16,014,594 | 16,014,059 | 15,836,423 | 13,980,142 | 13,822,918 | 13,822,383 | 13,807,312 | 15,970,074 | 13,858,189 | 12,671,205 |
Dilutive effect of restricted stock units | 46,100 | 46,370 | |||||||||
Total | 16,015,219 | 16,014,594 | 16,031,011 | 15,836,423 | 14,029,205 | 13,873,157 | 13,874,289 | 13,840,506 | 15,970,074 | 13,904,289 | 12,717,575 |
Earnings per Common Share - Add
Earnings per Common Share - Additional Information (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2015shares | |
Restricted Stock Units [Member] | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Anti-dilutive securities excluded from computation of earnings per share, amount | 118,773 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Items Measures at Fair Value on Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 600 | $ 268 |
Total liabilities at fair value | 16,923 | 6,840 |
Valla SpA [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valla contingent consideration | 199 | 204 |
Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 600 | 268 |
Total liabilities at fair value | 74 | 29 |
Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 1,177 | |
PM Contingent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 1,187 | |
Terex Corporation Note Payable [Member] | Convertible Subordinated Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 6,607 | |
Perella Notes Purchase Agreement [Member] | Convertible Subordinated Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 14,286 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 600 | 268 |
Total liabilities at fair value | 15,537 | 6,636 |
Level 2 [Member] | Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 600 | 268 |
Total liabilities at fair value | 74 | 29 |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 1,177 | |
Level 2 [Member] | Terex Corporation Note Payable [Member] | Convertible Subordinated Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 6,607 | |
Level 2 [Member] | Perella Notes Purchase Agreement [Member] | Convertible Subordinated Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 14,286 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 1,386 | 204 |
Level 3 [Member] | Valla SpA [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valla contingent consideration | 199 | $ 204 |
Level 3 [Member] | PM Contingent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | $ 1,187 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Book value of debt | $ 169,014 | |
Fair value of debt | 79,912 | $ 42,074 |
Book value of capital lease | 6,854 | 4,341 |
Fair value of capital lease | 9,214 | 4,960 |
Book Value [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Book value of debt | 79,912 | 42,266 |
Long term legal settlement | 960 | 1,007 |
Fair Value [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Long term legal settlement | $ 960 | $ 1,007 |
Derivative Financial Instrume67
Derivative Financial Instruments - Additional Information (Detail) - 12 months ended Dec. 31, 2015 CLP in Thousands | USD ($)ForwardContract$ / CAD$ / €€ / $CLP / $ | CADForwardContract$ / CAD$ / €€ / $CLP / $ | EUR (€)ForwardContract$ / CAD$ / €€ / $CLP / $ | CLPForwardContract$ / CAD$ / €€ / $CLP / $ |
Derivatives Not Designated as Hedge Instrument [Member] | Interest Rate Swap Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | € 20,739,000 | |||
Forward Currency Contracts [Member] | Derivatives Designated as Hedge Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ | $ 0 | |||
Unrealized pre-tax gains or losses | $ | $ 0 | |||
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Canadian Purchase [Member] | ||||
Derivative [Line Items] | ||||
Contractual obligation foreign currency contracts | CAD | CAD 5,602,000 | |||
Period end exchange rate | $ / CAD | 0.7225 | 0.7225 | 0.7225 | 0.7225 |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Canadian Purchase [Member] | Minimum [Member] | ||||
Derivative [Line Items] | ||||
Contract maturity date | Mar. 3, 2016 | |||
Futures contract exchange rate | $ / CAD | 0.7211 | 0.7211 | 0.7211 | 0.7211 |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Canadian Purchase [Member] | Maximum [Member] | ||||
Derivative [Line Items] | ||||
Contract maturity date | Mar. 31, 2016 | |||
Futures contract exchange rate | $ / CAD | 0.7516 | 0.7516 | 0.7516 | 0.7516 |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Euro Sell [Member] | ||||
Derivative [Line Items] | ||||
Contractual obligation foreign currency contracts | € 1,300,000 | |||
Period end exchange rate | $ / € | 1.0859 | 1.0859 | 1.0859 | 1.0859 |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Euro Sell [Member] | Minimum [Member] | ||||
Derivative [Line Items] | ||||
Futures contract exchange rate | $ / € | 1.1419 | 1.1419 | 1.1419 | 1.1419 |
Contracts maturity period | Feb. 10, 2016 | |||
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Euro Sell [Member] | Maximum [Member] | ||||
Derivative [Line Items] | ||||
Futures contract exchange rate | $ / € | 1.4307 | 1.4307 | 1.4307 | 1.4307 |
Contracts maturity period | Jul. 1, 2016 | |||
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Euro Purchase and Chilean Sell [Member] | ||||
Derivative [Line Items] | ||||
Contract maturity date | Jan. 6, 2016 | |||
Number of forward contracts | ForwardContract | 2 | 2 | 2 | 2 |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Euro Purchase [Member] | ||||
Derivative [Line Items] | ||||
Contractual obligation foreign currency contracts | € 2,600,000 | |||
Futures contract exchange rate | € / $ | 1.148 | 1.148 | 1.148 | 1.148 |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Chilean Sell [Member] | ||||
Derivative [Line Items] | ||||
Contractual obligation foreign currency contracts | CLP | CLP 1,840,000 | |||
Futures contract exchange rate | CLP / $ | 616.4567 | 616.4567 | 616.4567 | 616.4567 |
Contract One [Member] | Derivatives Not Designated as Hedge Instrument [Member] | PM Group [Member] | Interest Rate Swap Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | € 20,000,000 | |||
Notional amount, original amount | € 20,000,000 | |||
Derivative contract maturity date | Feb. 3, 2017 | |||
Derivative contract interest rate | 3.48% | 3.48% | 3.48% | 3.48% |
Contract Two [Member] | Derivatives Not Designated as Hedge Instrument [Member] | PM Group [Member] | Interest Rate Swap Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | € 739,000 | |||
Notional amount, original amount | € 8,496,000 | |||
Derivative contract maturity date | Jan. 29, 2016 | |||
Derivative contract interest rate | 2.99% | 2.99% | 2.99% | 2.99% |
Derivative Financial Instrume68
Derivative Financial Instruments - Forward Currency Contracts and Interest Rate Swaps (Detail) - Dec. 31, 2015 - Derivatives Not Designated as Hedge Instrument [Member] | CAD | EUR (€) | CLP |
Forward Currency Purchase Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Forward currency contract and interest rate swaps | CAD 5,602,000 | € 2,600,000 | |
Forward Currency Sales Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Forward currency contract and interest rate swaps | 1,300,000 | CLP 1,840,000,000 | |
Interest Rate Swap Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Forward currency contract and interest rate swaps | € 20,739,000 |
Derivative Financial Instrume69
Derivative Financial Instruments - Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheets (Detail) - Derivatives Not Designated as Hedge Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Liabilities Derivatives | $ 1,251 | $ 29 |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 600 | 268 |
Foreign Exchange Forward [Member] | Accrued Expense [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities Derivatives | 74 | $ 29 |
Interest Rate Swap Contracts [Member] | Notes Payable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities Derivatives | $ 1,177 |
Derivative Financial Instrume70
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in income statement | $ 706 | ||
Derivatives Not Designated as Hedge Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in income statement | (91) | $ 110 | $ (178) |
Derivatives Not Designated as Hedge Instrument [Member] | Foreign Currency Transaction (Losses) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in income statement | (35) | 110 | (178) |
Derivatives Not Designated as Hedge Instrument [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in income statement | $ (56) | ||
Derivatives Designated as Hedge Instrument [Member] | Total Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (loss) recognized in income statement | $ (26) | $ (30) |
Derivative Financial Instrume71
Derivative Financial Instruments - Summary of Beginning and Ending Amounts of Gains and Losses Related to Hedges on Other Comprehensive Income and Related Activity Net of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Beginning balance (loss), net of income taxes | $ (1,023) | |
Ending balance gain (loss), net of income taxes | $ (5,392) | $ (1,023) |
Cash Flow Hedge [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Beginning balance (loss), net of income taxes | (7) | |
Amounts recorded in OCI net of (loss), net of income taxes | (11) | |
Amount reclassified to income, loss (gain), net of income taxes | $ 18 |
Inventory - Components of Inven
Inventory - Components of Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 85,048 | $ 59,283 |
Work in process | 9,657 | 7,861 |
Finished goods and replacement parts | 24,564 | 23,601 |
Inventories, net | $ 119,269 | $ 90,745 |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete and excess inventory | $ 1,724 | $ 726 |
Property Plant and Equipment -
Property Plant and Equipment - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | $ 52,430 | $ 35,099 |
Less: accumulated depreciation | (10,445) | (9,311) |
Net property and equipment | 41,985 | 25,788 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 4,458 | 989 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 22,063 | 14,720 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 21,027 | 14,743 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 661 | 669 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 1,834 | 1,895 |
Computer Software and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 1,398 | 1,414 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 701 | 629 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | $ 288 | $ 40 |
Property Plant and Equipment 75
Property Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Plant And Equipment Useful Life And Values [Abstract] | |||
Depreciation Expense | $ 5,055 | $ 1,555 | $ 1,339 |
Amortization of deferred gain on building | $ 281 | $ 380 | $ 380 |
Goodwill and Other Intangible76
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Total Intangible assets | $ 70,629 | $ 51,251 |
Patented and Unpatented Technology [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | 29,277 | 20,891 |
Amortization | $ (12,631) | (9,802) |
Patented and Unpatented Technology [Member] | Minimum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 7 years | |
Patented and Unpatented Technology [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 10 years | |
Customer Relationships [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | $ 43,172 | 31,477 |
Amortization | $ (8,545) | (5,013) |
Customer Relationships [Member] | Minimum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 5 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 20 years | |
Non-competition Agreements [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | $ 50 | 50 |
Amortization | $ (38) | (24) |
Non-competition Agreements [Member] | Minimum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 2 years | |
Non-competition Agreements [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 5 years | |
Customer Backlog [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | $ 453 | 462 |
Amortization | $ (453) | (462) |
Customer Backlog [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 1 year | |
Trade Names and Trademarks [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Amortization | $ (2,281) | (1,783) |
Gross | $ 21,625 | $ 15,455 |
Trade Names and Trademarks [Member] | Minimum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 25 years | |
Trade Names and Trademarks [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | Indefinite |
Goodwill and Other Intangible77
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 7,027 | $ 2,633 | $ 2,234 |
Goodwill and Other Intangible78
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,016 | $ 5,877 |
2,017 | 5,343 |
2,018 | 5,223 |
2,019 | 5,013 |
2,020 | 4,972 |
And subsequent | 35,124 |
Total intangibles currently to be amortized | $ 61,552 |
Goodwill and Other Intangible79
Goodwill and Other Intangible Assets - Changes in Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 52,666 | $ 22,489 |
Effect of change in exchange rates | (2,750) | (402) |
Ending Balance | 80,089 | 52,666 |
Lifting Equipment [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 21,812 | 22,214 |
Goodwill related assets acquired in Liquidation | 30,173 | |
Effect of change in exchange rates | (2,750) | (402) |
Ending Balance | 49,235 | 21,812 |
Equipment Distribution [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 275 | 275 |
Ending Balance | 275 | 275 |
ASV Segment [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 30,579 | |
Goodwill related assets acquired in Liquidation | 30,579 | |
Ending Balance | 30,579 | 30,579 |
ASV Acquisition [Member] | ||
Goodwill [Line Items] | ||
Goodwill related assets acquired in Liquidation | 30,579 | |
ASV Acquisition [Member] | ASV Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill related assets acquired in Liquidation | $ 30,579 | |
PM Group [Member] | ||
Goodwill [Line Items] | ||
Goodwill related assets acquired in Liquidation | 30,173 | |
PM Group [Member] | Lifting Equipment [Member] | ||
Goodwill [Line Items] | ||
Goodwill related assets acquired in Liquidation | $ 30,173 |
Accounts Payable and Accrual 80
Accounts Payable and Accrual Detail - Schedule of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts payable: | ||
Trade | $ 60,339 | $ 33,774 |
Bank overdraft | 1,798 | 339 |
Total accounts payable | 62,137 | 34,113 |
Accrued expenses: | ||
Accrued payroll | 2,443 | 2,691 |
Accrued employee benefits | 1,053 | 433 |
Accrued bonuses | 916 | 1,132 |
Accrued vacation expense | 1,717 | 1,309 |
Accrued consulting fees | 223 | |
Accrued interest | 315 | 375 |
Accrued commissions | 602 | 497 |
Accrued expenses—other | 3,536 | 1,110 |
Accrued warranty | 3,564 | 3,198 |
Accrued income taxes | 815 | 151 |
Accrued taxes other than income taxes | 3,634 | 953 |
Accrued product liability and workers compensation claims | 2,384 | 3,871 |
Accrued liability on forward currency exchange contracts | 74 | 30 |
Total accrued expenses | $ 21,053 | $ 15,973 |
Revolving Term Credit Facilit81
Revolving Term Credit Facilities and Debt - Additional Information - Modifications to U.S. and Canadian credit facilities (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | |
Credit facility maturity date | Aug. 19, 2018 |
December 31, 2015 [Member] | |
Line of Credit Facility [Line Items] | |
Consolidated fixed charge coverage ratio | 0.65 |
March 31, 2016 [Member] | |
Line of Credit Facility [Line Items] | |
Consolidated fixed charge coverage ratio | 1 |
June 30, 2016 [Member] | |
Line of Credit Facility [Line Items] | |
Consolidated fixed charge coverage ratio | 1.20 |
Senior Secured First Lien North American Debt [Member] | December 31, 2015 [Member] | |
Line of Credit Facility [Line Items] | |
Consolidated North American Debt to Consolidated North American EBITDA Ratio | 7.50 |
Senior Secured First Lien North American Debt [Member] | March 31, 2016 [Member] | |
Line of Credit Facility [Line Items] | |
Consolidated North American Debt to Consolidated North American EBITDA Ratio | 10 |
Senior Secured First Lien North American Debt [Member] | June 30, 2016 [Member] | |
Line of Credit Facility [Line Items] | |
Consolidated North American Debt to Consolidated North American EBITDA Ratio | 2.75 |
Consolidated North American Debt [Member] | December 31, 2015 [Member] | |
Line of Credit Facility [Line Items] | |
Consolidated North American Debt to Consolidated North American EBITDA Ratio | 11.50 |
Consolidated North American Debt [Member] | March 31, 2016 [Member] | |
Line of Credit Facility [Line Items] | |
Consolidated North American Debt to Consolidated North American EBITDA Ratio | 15 |
Consolidated North American Debt [Member] | June 30, 2016 [Member] | |
Line of Credit Facility [Line Items] | |
Consolidated North American Debt to Consolidated North American EBITDA Ratio | 3.75 |
Revolving Term Credit Facilit82
Revolving Term Credit Facilities and Debt - Additional Information - U.S. Revolver (Detail) - U.S. Revolver [Member] | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Line of Credit Facility [Line Items] | |
Amount drawn on revolving credit facility | $ 26,500,000 |
Maximum borrowing capacity | $ 35,000,000 |
Line of credit facility interest rate description | The base rate is the greater of the bank’s prime rate, the federal funds rate plus 1.00% or the 30 day LIBOR rate Adjusted Daily plus 1.00%. |
Unsecured guarantees allowed on CVS working capital financing | $ 9,000,000 |
Maximum loans or advances permitted to CVS or any other wholly-owned foreign subsidiaries | $ 7,500,000 |
Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Percentage of annual facility fee payable | 0.375% |
Minimum [Member] | Base Rate [Member] | |
Line of Credit Facility [Line Items] | |
Interest rate spread for base rate | 1.75% |
Minimum [Member] | LIBOR [Member] | |
Line of Credit Facility [Line Items] | |
Interest rate spread for base rate | 2.75% |
Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Percentage of annual facility fee payable | 0.50% |
Maximum [Member] | Base Rate [Member] | |
Line of Credit Facility [Line Items] | |
Interest rate spread for base rate | 3.00% |
Maximum [Member] | LIBOR [Member] | |
Line of Credit Facility [Line Items] | |
Interest rate spread for base rate | 4.00% |
Revolving Term Credit Facilit83
Revolving Term Credit Facilities and Debt - Additional Information - U.S. Revolver - Collateral (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
U.S. Revolver [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 35,000,000 |
Maximum percentage of assets eligible for collateral | 85.00% |
Maximum value of assets eligible for collateral | $ 10,000,000 |
Maximum percentage of assets eligible for collateral, eligible inventory | 50.00% |
Maximum value of assets eligible for collateral, eligible inventory | $ 26,500,000 |
Maximum percentage of assets eligible for collateral, eligible of used equipment purchased for resale or rent | 80.00% |
Maximum value of assets eligible for collateral, eligible of used equipment purchased for resale or rent | $ 2,000,000 |
Collateral based maximum borrowings | $ 32,473,000 |
Senior Secured Revolving Credit Facility [Member] | U.S [Member] | |
Line of Credit Facility [Line Items] | |
Maximum percentage of assets eligible for collateral | 85.00% |
Revolving Term Credit Facilit84
Revolving Term Credit Facilities and Debt - Additional Information - Term Loan (Detail) - Term Loan [Member] - USD ($) | Jan. 09, 2015 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | ||
Proceeds from Loans | $ 14,000,000 | |
Debt Instrument, Frequency of periodic payment | Quarterly | |
Debt Instrument, Periodic Payment | $ 500,000 | |
Term Loan | $ 2,200,000 | |
Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |
Base Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |
Base Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | |
LIBOR [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |
LIBOR [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 6.00% |
Revolving Term Credit Facilit85
Revolving Term Credit Facilities and Debt - Additional Information - Canadian Revolver - Collateral (Detail) - 12 months ended Dec. 31, 2015 - Canadian Revolver [Member] | USD ($) | CAD |
Line of Credit Facility [Line Items] | ||
Amount drawn on revolving credit facility | $ 7,225,000 | |
Maximum borrowing capacity | $ 12,000,000 | |
Maximum percentage of assets eligible for collateral, eligible insured receivables | 90.00% | |
Maximum percentage of assets eligible for collateral | 85.00% | |
Maximum percentage of assets eligible for collateral, eligible work in process inventory | 50.00% | |
Maximum value of assets eligible for collateral | CAD | CAD 3,000,000 | |
Maximum percentage of assets eligible for collateral, eligible inventory | 50.00% | |
Maximum value of assets eligible for collateral, eligible inventory | CAD | CAD 10,500,000 | |
The maximum the Company could borrow based on available collateral | $ 9,415,000 |
Revolving Term Credit Facilit86
Revolving Term Credit Facilities and Debt - Additional Information - Canadian Revolver (Detail) - Canadian Revolver [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | |
Percentage of annual facility fee payable | 0.50% |
Us Prime Rate [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit interest rate spread over prime | 3.00% |
Us Prime Rate [Member] | Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit interest rate spread over prime | 1.75% |
Us Prime Rate [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit interest rate spread over prime | 3.00% |
Canadian Prime Rate [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit interest rate spread over prime | 4.00% |
Canadian Prime Rate [Member] | Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit interest rate spread over prime | 2.75% |
Canadian Prime Rate [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit interest rate spread over prime | 4.00% |
Canadian Bankers' Acceptance Rate [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit interest rate spread over prime | 4.00% |
Canadian Bankers' Acceptance Rate [Member] | Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit interest rate spread over prime | 2.75% |
Canadian Bankers' Acceptance Rate [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit interest rate spread over prime | 4.00% |
Revolving Term Credit Facilit87
Revolving Term Credit Facilities and Debt - Additional Information - Specialized Export Facility (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Specialized Export Facility [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 3,000,000 |
Debenture, maturity date | Jul. 1, 2016 |
Maximum borrowings as a percentage of total export related material and labor costs | 90.00% |
Collateral based maximum borrowings | $ 3,000,000 |
Repayment of advances, number of days due after shipment of goods | 60 days |
Repayment of advances, number of business days after borrower receives full payment for goods covered by guarantee | 5 days |
Amount drawn on revolving credit facility | $ 1,795,000 |
Specialized Export Facility [Member] | Canada [Member] | |
Line of Credit Facility [Line Items] | |
Interest rate on borrowings under line of credit facility | 3.20% |
Line of credit facility interest rate description | Any borrowings under the facility in Canadian dollars currently bear interest of 3.2.% which is based on the Canadian prime rate (the Canadian prime was 2.7% at December 31, 2015). |
Line of credit interest prime rate | 2.70% |
Specialized Export Facility [Member] | U.S [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit interest prime rate | 3.50% |
Export Development Canada Guarantee [Member] | |
Line of Credit Facility [Line Items] | |
Guarantee expiration date | Jul. 1, 2016 |
Revolving Term Credit Facilit88
Revolving Term Credit Facilities and Debt - Additional Information - Note Payables Terex (Detail) - Terex Corporation Note Payable [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)Payment | |
Credit Facilities [Line Items] | |
Debenture, maturity date | Dec. 19, 2020 |
Crane and Schaeff [Member] | |
Credit Facilities [Line Items] | |
Notes Payable | $ 250 |
Notes payable interest rate | 6.00% |
Frequency of interest payments | Quarterly |
Number of payments | Payment | 1 |
Annual principal payments against note payable | $ 250 |
Debenture, maturity date | Mar. 1, 2016 |
Option to pay annual principal payments in equity at market value | $ 150 |
Revolving Term Credit Facilit89
Revolving Term Credit Facilities and Debt - Additional Information - Related to ASV Acquisitions (Detail) - USD ($) $ in Thousands | Dec. 19, 2014 | Dec. 31, 2015 |
Terex Corporation Note Payable [Member] | ||
Credit Facilities [Line Items] | ||
Debenture, maturity date | Dec. 19, 2020 | |
ASV Inc [Member] | ||
Credit Facilities [Line Items] | ||
Acquisition of ownership interest | 51.00% | |
ASV Inc [Member] | Terex Corporation Note Payable [Member] | ||
Credit Facilities [Line Items] | ||
Executed Notes payable | $ 1,594 | |
Notes payable interest rate | 4.50% | |
Acquisition of ownership interest | 51.00% | |
Frequency of interest payments | Semi-annually | |
Interest payment commencing date | Jun. 19, 2015 | |
Debenture, maturity date | Dec. 19, 2016 | |
Notes Payable | $ 1,594 |
Revolving Term Credit Facilit90
Revolving Term Credit Facilities and Debt - Additional Information - Columbia Notes (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Payment | Mar. 12, 2015USD ($) | |
Credit Facilities [Line Items] | ||
Debt instrument, face amount | $ 22,500 | |
Columbia Tanks [Member] | ||
Credit Facilities [Line Items] | ||
Risk rate of non-interest bearing debt | 4.00% | |
Columbia Tanks [Member] | Inventory Note [Member] | ||
Credit Facilities [Line Items] | ||
Debt instrument, face amount | $ 450 | |
Debenture, maturity date | Aug. 31, 2016 | |
Number of payments | Payment | 18 | |
Debt Instrument, Frequency of periodic payment | Monthly | |
Debt Instrument, Periodic Payment | $ 25 | |
Notes Payable, Fair Value Disclosure | 436 | |
Notes Payable | $ 197 | |
Columbia Tanks [Member] | Equipment [Member] | ||
Credit Facilities [Line Items] | ||
Debt instrument, face amount | 390 | |
Debenture, maturity date | May 31, 2016 | |
Number of payments | Payment | 14 | |
Debt Instrument, Frequency of periodic payment | Monthly | |
Debt Instrument, Periodic Payment | $ 25 | |
Final payment | 40 | |
Notes Payable, Fair Value Disclosure | $ 378 | |
Notes Payable | $ 138 |
Revolving Term Credit Facilit91
Revolving Term Credit Facilities and Debt - Additional Information - CVS Short-Term Working Capital Borrowings (Detail) - CVS Working Capital Borrowing [Member] | 12 Months Ended | |
Dec. 31, 2015USD ($)Bank | Dec. 31, 2015EUR (€)Bank | |
Line of Credit Facility [Line Items] | ||
Number of Italian banks | 12 | 12 |
Line of credit advances unsecured | $ 407,000 | € 375,000 |
Maximum amount available limited to the sum of eligible receivables | 80.00% | |
Maximum amount available limited to order/contract issued | 50.00% | |
Credit facilities guaranteed by parent | $ 638,000 | 588,000 |
Notes Payable | $ 3,941,000 | 3,629,000 |
Borrowing facility interest rate, minimum | 2.25% | |
Borrowing facility interest rate, maximum | 6.50% | |
Guaranteed debt | $ 466,000 | 429,000 |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit including advances against orders invoices and letter of credit and unsecured portion | $ 20,156,000 | € 18,562,000 |
Revolving Term Credit Facilit92
Revolving Term Credit Facilities and Debt - Additional Information - Notes Payable (Detail) | 12 Months Ended | |||||||
Dec. 31, 2015USD ($)Payment | Dec. 31, 2015EUR (€) | Oct. 20, 2015USD ($) | Oct. 20, 2015EUR (€) | Mar. 27, 2015USD ($) | Mar. 27, 2015EUR (€) | Mar. 04, 2015USD ($) | Mar. 04, 2015EUR (€) | |
Line of Credit Facility [Line Items] | ||||||||
Debt instrument, face amount | $ | $ 22,500,000 | |||||||
CVS Term Loan [Member] | Issuance Date March 27, 2015 [Member] | Notes Payable to Banks [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Notes Payable | $ 814,000 | € 750,000 | ||||||
Note payable, issuance date | Mar. 27, 2015 | |||||||
Debt instrument, face amount | $ 1,116,000 | € 1,000,000 | ||||||
Number of payments | 12 | |||||||
Debt Instrument, Frequency of periodic payment | Quarterly | |||||||
Payment commencing date | Jun. 30, 2015 | |||||||
Payment ending date | Mar. 31, 2018 | |||||||
CVS Term Loan [Member] | Issuance Date March 27, 2015 [Member] | Notes Payable to Banks [Member] | 3-month Euribor [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 140.00% | |||||||
CVS Term Loan [Member] | Issuance Date March 4, 2015 [Member] | Notes Payable to Banks [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Notes Payable | $ 2,566,000 | 2,363,000 | ||||||
Note payable, issuance date | Mar. 4, 2015 | |||||||
Debt instrument, face amount | $ 2,566,000 | € 2,363,000 | ||||||
Debt Instrument, Frequency of periodic payment | Semi-annual | |||||||
Note payable, minimum interest rate | 0.50% | |||||||
Note payable, maximum interest rate | 3.65% | |||||||
Debt Instrument, Interest rate terms | Original principal amount of €2,363 ($2,566) and an annual interest rate of 0.50% on €2,127 ($2,309) and 3.65% on the balance of €236 ($256) | |||||||
Number of payments | 16 | |||||||
Number of payments | 19 | |||||||
Debt instrument starting date for principal payments | Dec. 31, 2016 | |||||||
Debt instrument ending date for principal payments | Jun. 30, 2024 | |||||||
Interest payment commencing date | Jun. 30, 2015 | |||||||
Interest payment end date | Jun. 30, 2024 | |||||||
Guaranteed debt | $ 256,000 | 236,000 | ||||||
CVS Term Loan [Member] | Issuance Date October 20, 2015 [Member] | Notes Payable to Banks [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Notes Payable | $ 1,085 | € 1,000 | ||||||
Note payable, issuance date | Oct. 20, 2015 | |||||||
Debt instrument, face amount | $ 1,085 | € 1,000 | ||||||
Number of payments | 12 | |||||||
Debt Instrument, Frequency of periodic payment | Quarterly | |||||||
Payment commencing date | Jan. 20, 2016 | |||||||
Payment ending date | Oct. 20, 2018 | |||||||
Note payable, interest rate | 1.85% | 1.85% |
Revolving Term Credit Facilit93
Revolving Term Credit Facilities and Debt - Additional Information - Acquisition Note - Valla (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
Annual principal payments, matured on Dec. 31, 2016 | $ 6,371 |
Valla Asset Purchase [Member] | |
Debt Instrument [Line Items] | |
Annual principal payments, matured on Dec. 31, 2016 | $ 86 |
Revolving Term Credit Facilit94
Revolving Term Credit Facilities and Debt - Additional Information - ASV Loan Facilities (Detail) - Facility | Dec. 19, 2014 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | ||
Pledge of equity interest | 100.00% | |
ASV Loan Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of loan facilities | 2 |
Revolving Term Credit Facilit95
Revolving Term Credit Facilities and Debt - Additional Information - ASV Revolving Loan Facility with JPMCB (Detail) - USD ($) | Dec. 19, 2014 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | ||
Revolving credit facility expiration date | Aug. 19, 2018 | |
JP Morgan Chase Bank Credit Agreement [Member] | Revolving Term Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 35,000,000 | |
Maximum amount available limited to the sum of eligible receivables | 85.00% | |
Percentage of maximum amount available is limited to sum of eligible inventory | 65.00% | |
Percentage of maximum amount available is limited to sum of eligible inventory, valued at net orderly liquidation | 85.00% | |
Revolving credit facility expiration date | Dec. 19, 2019 | |
Amount drawn on revolving credit facility | $ 12,372,000 | |
Maximum borrowing capacity based on available collateral | $ 19,669,000 | |
Unused funds, commitment fee percentage | 0.25% | |
JP Morgan Chase Bank Credit Agreement [Member] | Revolving Term Credit Facility [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate under credit agreement | 2.00% | |
JP Morgan Chase Bank Credit Agreement [Member] | Revolving Term Credit Facility [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate under credit agreement | 1.00% | |
JP Morgan Chase Bank Credit Agreement [Member] | Revolving Term Credit Facility [Member] | One Month Libor [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowing term option for funds borrowed under the LIBOR option | 1 month | |
JP Morgan Chase Bank Credit Agreement [Member] | Revolving Term Credit Facility [Member] | Two Month Libor [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowing term option for funds borrowed under the LIBOR option | 2 months | |
JP Morgan Chase Bank Credit Agreement [Member] | Revolving Term Credit Facility [Member] | Three Month Libor [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowing term option for funds borrowed under the LIBOR option | 3 months | |
JP Morgan Chase Bank Credit Agreement [Member] | Revolving Term Credit Facility [Member] | Six Month Libor [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowing term option for funds borrowed under the LIBOR option | 6 months | |
JP Morgan Chase Bank Credit Agreement [Member] | Revolving Term Credit Facility [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Fixed charge coverage ratio covenant | 1.10 | |
JP Morgan Chase Bank Credit Agreement [Member] | Revolving Term Credit Facility [Member] | Minimum [Member] | Prime Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate under credit agreement | 0.50% | |
JP Morgan Chase Bank Credit Agreement [Member] | Revolving Term Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate under credit agreement | 1.50% | |
JP Morgan Chase Bank Credit Agreement [Member] | Revolving Term Credit Facility [Member] | Maximum [Member] | Prime Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate under credit agreement | 1.00% | |
JP Morgan Chase Bank Credit Agreement [Member] | Revolving Term Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate under credit agreement | 2.00% | |
JP Morgan Chase Bank Credit Agreement [Member] | Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 1,000,000 | |
JP Morgan Chase Bank Credit Agreement [Member] | Secured Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 7,500,000 | |
Description of maximum borrowing against the revolving credit facility to fund guaranteed foreign receivables | Sub-facility for loans to be guaranteed by the Export-Import Bank of the United States of America (“Ex-Im Bank Loans”) |
Revolving Term Credit Facilit96
Revolving Term Credit Facilities and Debt - Additional Information - ASV Term Loan with Garrison (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 19, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||
Term loan facility | $ 169,014,000 | ||
Garrison Term Loan Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Term loan facility | 38,000,000 | $ 40,000,000 | |
Quarterly principal payment of loan | $ 500,000 | ||
Debt Instrument, Frequency of periodic payment | Quarterly | ||
Unpaid principal is due on maturity | Dec. 19, 2019 | ||
Credit agreement, maximum capital expenditure | $ 1,600,000 | ||
Garrison Term Loan Credit Agreement [Member] | December Nineteen Two Thousand Fourteen | |||
Line of Credit Facility [Line Items] | |||
Fixed charge coverage ratio covenant | 1.10 | ||
Credit agreement, leverage ratio | 4.75 | ||
Garrison Term Loan Credit Agreement [Member] | March Thirty First Two Thousand Seventeen | |||
Line of Credit Facility [Line Items] | |||
Fixed charge coverage ratio covenant | 1.50 | ||
Garrison Term Loan Credit Agreement [Member] | March Thirty First Two Thousand Eighteen | |||
Line of Credit Facility [Line Items] | |||
Credit agreement, leverage ratio | 2.50 | ||
Garrison Term Loan Credit Agreement [Member] | LIBOR [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Interest rate terms | The Garrison Credit Agreement bears interest, at a one-month adjusted LIBOR rate plus a spread of between 9.00% and 9.50%. | ||
Line of credit interest rate spread over prime | 9.50% | ||
Debt instrument interest rate | 10.50% | ||
Garrison Term Loan Credit Agreement [Member] | LIBOR [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit interest rate spread over prime | 9.00% | ||
Garrison Term Loan Credit Agreement [Member] | LIBOR [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit interest rate spread over prime | 9.50% |
Revolving Term Credit Facilit97
Revolving Term Credit Facilities and Debt - Additional Information - PM Group Short-Term Working Capital Borrowing (Detail) - 12 months ended Dec. 31, 2015 - Short-term Working Capital Borrowings [Member] - PM Group [Member] | USD ($)Bank | EUR (€)Bank |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 27,692,000 | € 25,501,000 |
Short-term Debt | 16,121,000 | 14,846,000 |
Italy [Member] | ||
Line of Credit Facility [Line Items] | ||
Short-term Debt | $ 15,951,000 | € 14,670,000 |
Italy [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Variable interest rate | 1.87% | 1.87% |
Italy [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Variable interest rate | 1.96% | 1.96% |
South America [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of banks which PM Group established demand credit and overdraft facilities | 7 | 7 |
Short-term Debt | $ 170,000 | € 156,000 |
South America [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Convertible notes, annual coupon rate | 8.00% | 8.00% |
South America [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Convertible notes, annual coupon rate | 20.00% | 20.00% |
3-month Euribor [Member] | Bank Overdrafts [Member] | Italy [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of banks which PM Group established demand credit and overdraft facilities | 7 | 7 |
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |
3-month or 6-month Euribor [Member] | Advances on orders, invoices, and letter of credit [Member] | Italy [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Revolving Term Credit Facilit98
Revolving Term Credit Facilities and Debt - Additional Information - PM Group Term Loans (Detail) € in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015USD ($)PaymentBank | Dec. 31, 2015EUR (€)Payment | Dec. 31, 2015EUR (€)Bank | Oct. 31, 2015USD ($) | Oct. 31, 2015EUR (€) | Jan. 15, 2015USD ($) | Jan. 15, 2015EUR (€) | |
Line of Credit Facility [Line Items] | |||||||
Debt instrument, face amount | $ 22,500 | ||||||
Interest rates swaps, fair value | 1,177 | ||||||
Non Interest Bearing Promissory Note | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, fair value | $ 1,154 | ||||||
PM Group [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Accrued Interest, Frequency of Periodic Payment | Semi-annual | Semi-annual | |||||
Debt instrument, Accrued interest semi installment payable start date | 2015-06 | 2015-06 | |||||
Debt instrument, Accrued interest semi installment payable end date | 2016-12 | 2016-12 | |||||
Debt instrument, face amount | € | € 5,000 | ||||||
PM Group [Member] | Interest Rate Swap Contracts [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rates swaps, fair value | $ 1,177 | € 1,084 | |||||
PM Group [Member] | Notes Payable to Banks [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, face amount | $ 1,028 | € 947 | |||||
PM Group [Member] | First note [Member] | Notes Payable to Banks [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Notes Payable | $ 532 | € 490 | |||||
Number of payments | Payment | 60 | 60 | |||||
Debt Instrument, Periodic Payment | $ 9 | € 8 | |||||
Debt instrument interest rate | 3.00% | 3.00% | |||||
Debenture, maturity date | Oct. 31, 2020 | Oct. 31, 2020 | |||||
PM Group [Member] | First note [Member] | 1-month Euribor [Member] | Notes Payable to Banks [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 3.00% | |||||
PM Group [Member] | Second note [Member] | Notes Payable to Banks [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Notes Payable | $ 478 | € 440 | |||||
Number of payments | Payment | 1 | 1 | |||||
Debt instrument interest rate | 2.50% | 2.50% | |||||
Debenture, maturity date | Oct. 31, 2016 | Oct. 31, 2016 | |||||
PM Group [Member] | Second note [Member] | 1-month Euribor [Member] | Notes Payable to Banks [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.50% | |||||
PM Group [Member] | Bank Term Loan Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Bank Loans | $ 14,948 | € 13,766 | |||||
Accrued interest | $ 1,608 | 1,481 | $ 5,274 | 4,857 | |||
Accrued Interest, Frequency of Periodic Payment | Semi-annual | Semi-annual | |||||
Debt instrument, Accrued interest semi installment payable start date | 2015-06 | 2015-06 | |||||
Debt instrument, Accrued interest semi installment payable end date | 2016-12 | 2016-12 | |||||
PM Group [Member] | Bank Term Loan Facility [Member] | First note [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Bank Loans | $ 4,236 | € 3,901 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.41% | 2.41% | |||||
Debt Instrument, Frequency of periodic payment | Semi-annual | Semi-annual | |||||
Debt instrument, semi installment payable start date | 2017-06 | 2017-06 | |||||
Debt instrument, semi installment payable end date | 2021-12 | 2021-12 | |||||
PM Group [Member] | Bank Term Loan Facility [Member] | First note [Member] | 6-month Euribor [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.36% | 2.36% | |||||
PM Group [Member] | Bank Term Loan Facility [Member] | Second note [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Bank Loans | $ 5,283 | € 4,865 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.91% | 2.91% | |||||
Debt Instrument, Frequency of periodic payment | Semi-annual | Semi-annual | |||||
Debt instrument, semi installment payable start date | 2017-06 | 2017-06 | |||||
Debt instrument, semi installment payable end date | 2021-12 | 2021-12 | |||||
PM Group [Member] | Bank Term Loan Facility [Member] | Second note [Member] | 6-month Euribor [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.86% | 2.86% | |||||
PM Group [Member] | Bank Term Loan Facility [Member] | Non Interest Bearing Promissory Note | |||||||
Line of Credit Facility [Line Items] | |||||||
Bank Loans | $ 5,429 | € 5,000 | |||||
Debt Instrument, Frequency of periodic payment | Semi-annual | Semi-annual | |||||
Debt instrument, semi installment payable start date | 2016-06 | 2016-06 | |||||
Debt instrument, semi installment payable end date | 2017-12 | 2017-12 | |||||
Debt instrument, final balloon payment date | 2022-12 | 2022-12 | |||||
PM Group [Member] | Bank Term Loan Facility [Member] | Non Interest Bearing Debt Adjustment [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, fair value | 1,585 | 1,460 | |||||
Notes Payable | $ 1,153 | 1,062 | |||||
PM Group [Member] | Unsecured Debt [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Bank Loans | $ 14,555 | € 13,404 | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.50% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.46% | 2.46% | |||||
Debt Instrument, Frequency of periodic payment | Semi-annual | Semi-annual | |||||
Debt instrument, semi installment payable start date | 2019-06 | 2019-06 | |||||
Debt instrument, semi installment payable end date | 2021-12 | 2021-12 | |||||
Accrued interest | $ 389 | € 358 | |||||
Accrued Interest, Frequency of Periodic Payment | Semi-annual | Semi-annual | |||||
Debt instrument, Accrued interest semi installment payable start date | 2019-06 | 2019-06 | |||||
Debt instrument, Accrued interest semi installment payable end date | 2019-12 | 2019-12 | |||||
PM Group [Member] | Unsecured Debt [Member] | Italy [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Number of Italian banks | Bank | 5 | 5 |
Revolving Term Credit Facilit99
Revolving Term Credit Facilities and Debt - Schedule of Debt Maturities - Additional Information (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
Debt instrument, face amount | $ 22,500 |
Revolving Term Credit Facili100
Revolving Term Credit Facilities and Debt - Schedule of Annual Maturities Of Debt Outstanding (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | |
2,016 | $ 32,118 |
2,017 | 6,371 |
2,018 | 41,484 |
2,019 | 50,911 |
2,020 | 12,474 |
Thereafter | 27,010 |
Long-term Debt, Gross | 170,368 |
Interest rate swaps | 1,177 |
Total | 169,014 |
Non Interest Bearing Promissory Note | |
Line of Credit Facility [Line Items] | |
Debt discount | (1,154) |
ASV Inc [Member] | |
Line of Credit Facility [Line Items] | |
2,016 | 1,500 |
2,017 | 2,000 |
2,018 | 2,000 |
2,019 | 44,872 |
Long-term Debt, Gross | 50,372 |
Total | 50,372 |
Convertible Notes [Member] | |
Line of Credit Facility [Line Items] | |
Debt discount | (1,377) |
North America Except ASV [Member] | |
Line of Credit Facility [Line Items] | |
2,016 | 5,475 |
2,017 | 700 |
2,018 | 33,726 |
2,020 | 6,737 |
Thereafter | 15,738 |
Long-term Debt, Gross | 62,376 |
Total | 62,376 |
Italy [Member] | |
Line of Credit Facility [Line Items] | |
2,016 | 25,143 |
2,017 | 3,671 |
2,018 | 5,758 |
2,019 | 6,039 |
2,020 | 5,737 |
Thereafter | 11,272 |
Long-term Debt, Gross | 57,620 |
Total | $ 57,620 |
Leases - Additional Information
Leases - Additional Information (Detail) € in Thousands, $ in Thousands | Sep. 01, 2015USD ($) | Aug. 30, 2015USD ($) | Sep. 01, 2012USD ($)ft² | Sep. 01, 2012EUR (€)ft² | Dec. 31, 2015USD ($)ft²Lease | Dec. 31, 2014USD ($)ft² | Dec. 31, 2014EUR (€)ft² | Dec. 31, 2013USD ($) | |
Capital Leased Assets [Line Items] | |||||||||
Net present value of minimum lease payments | $ 6,854 | ||||||||
Leases future rental payments | 6,591 | ||||||||
Other Operating Leases [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Monthly rental payment | 1 | ||||||||
Additional leases rent expense, total | $ 125 | $ 125 | $ 138 | ||||||
Latest lease expiration date | 2,019 | ||||||||
Other Operating Leases [Member] | Minimum [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Operating equipment leases, monthly payments | $ 1 | ||||||||
Other Operating Leases [Member] | Maximum [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Operating equipment leases, monthly payments | 4 | ||||||||
PM Group [Member] | Other Operating Leases [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Operating lease rent expense | 29 | ||||||||
Leases future rental payments | $ 63 | ||||||||
Bridgeview Facility [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Extended lease expiration date | Jun. 30, 2020 | ||||||||
Operating lease rent expense | $ 256 | 256 | 251 | ||||||
Lease of Bridgeview Facility | ft² | 40,000 | ||||||||
Monthly lease payments | $ 22 | ||||||||
Provision for lease extension periods | Six one year | ||||||||
Percentage of increase in annual rent | 2.00% | ||||||||
Rental escalation clause | Annual rent is increased during the initial lease term by the lesser of the increase in the Consumer Price Increase or 2.0%. | ||||||||
Notice period prior to expiration of lease | 180 days | ||||||||
Annual rent | [1] | $ 256 | $ 256 | 251 | |||||
Capital Lease Equipment [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Maximum borrowing capacity of new equipment | 100.00% | ||||||||
Maximum borrowing capacity of used equipment | 75.00% | ||||||||
Lease repayment period of new equipment | 60 months | ||||||||
Lease repayment period of used equipment | 36 months | ||||||||
Other Capital Lease [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Outstanding capital lease obligation | $ 56 | ||||||||
Additional small capital lease | Lease | 2 | ||||||||
Italian Facility [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Additional lease renew period | 6 years | 6 years | 6 years | 6 years | |||||
Lease of Bridgeview Facility | ft² | 11,000 | 11,000 | 103,000 | 103,000 | |||||
Lease term | 6 years | 6 years | 6 years | 6 years | |||||
Annual rent | $ 59 | € 54 | $ 392 | € 360 | |||||
Lease execution date | Sep. 1, 2012 | Sep. 1, 2012 | Jun. 30, 2011 | Jun. 30, 2011 | |||||
Crane and Machinery Division [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Extended lease expiration date | Dec. 29, 2020 | ||||||||
Lease payments monthly amount | $ 42 | ||||||||
Lease term | 5 years | ||||||||
Deferred gain amortization period | 60 months | ||||||||
Trucks purchase price | $ 719 | ||||||||
Automobiles [Member] | PM Group [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Lease payments monthly amount | $ 22 | ||||||||
Lease expiration date range, start | Feb. 2, 2016 | ||||||||
Lease expiration date range, end | Oct. 5, 2019 | ||||||||
Georgetown Facility [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Increase in remaining capital obligation | $ 3,607 | ||||||||
Outstanding capital lease obligation | $ 5,399 | ||||||||
Deferred gain of Sales and Leaseback Transaction | 1,288 | $ 1,268 | |||||||
Annual amortization of deferred gain | 80 | ||||||||
Increase in revenue due to amortization of deferred gain | $ 60 | ||||||||
Increase in revenue due to amortization of deferred revenue period | 5 years | ||||||||
Georgetown Facility [Member] | Capital Lease Obligations [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Monthly rental payment | $ 62 | $ 76 | |||||||
Extended lease expiration date | Apr. 30, 2028 | ||||||||
Date of first rent increase | Sep. 1, 2016 | ||||||||
Amount of annual increase as a percentage | 3.00% | ||||||||
Risk rate of non-interest bearing debt | 12.50% | ||||||||
Frequency of rent increase | Annual | ||||||||
Net present value of minimum lease payments | $ 5,423 | ||||||||
Winona Facility [Member] | Capital Lease Obligations [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Outstanding capital lease obligation | $ 500 | ||||||||
Term of Lease | 5 years | ||||||||
Lease expiry date | Jul. 10, 2014 | ||||||||
Monthly lease payment | $ 25 | ||||||||
Purchase amount of facility | $ 500 | ||||||||
Woodbridge Crossing [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Extended lease expiration date | Nov. 29, 2019 | ||||||||
Lease payments monthly amount | $ 30 | ||||||||
Operating lease rent expense | $ 368 | 431 | 489 | ||||||
Additional lease renew period | 5 years | ||||||||
Knox [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Operating lease rent expense | $ 163 | $ 181 | $ 73 | ||||||
Knox [Member] | Operating Lease One [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Extended lease expiration date | Aug. 19, 2020 | ||||||||
Lease payments monthly amount | $ 11 | ||||||||
Percentage of increase in annual rent | 2.00% | ||||||||
Lease extension period | 5 years | ||||||||
Knox [Member] | Operating Lease Two [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Extended lease expiration date | Aug. 19, 2020 | ||||||||
Lease payments monthly amount | $ 3 | ||||||||
Percentage of increase in annual rent | 2.00% | ||||||||
Lease extension period | 5 years | ||||||||
Fort Wayne, Indiana Facility [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Extended lease expiration date | Feb. 12, 2018 | ||||||||
Lease payments monthly amount | $ 23 | ||||||||
Provision for lease extension periods | Two three year | ||||||||
Percentage of increase in annual rent | 2.00% | ||||||||
Fort Wayne, Indiana Facility [Member] | March 12, 2017 [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Increase in lease payments monthly amount | $ 25 | ||||||||
Forklifts [Member] | Operating Lease One [Member] | PM Group [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Extended lease expiration date | Feb. 28, 2023 | ||||||||
Lease payments monthly amount | $ 2 | ||||||||
Forklifts [Member] | Operating Lease Two [Member] | PM Group [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Extended lease expiration date | Feb. 28, 2023 | ||||||||
Lease payments monthly amount | $ 3 | ||||||||
Forklifts [Member] | Operating Lease Three [Member] | PM Group [Member] | |||||||||
Capital Leased Assets [Line Items] | |||||||||
Extended lease expiration date | Apr. 30, 2020 | ||||||||
Lease payments monthly amount | $ 8 | ||||||||
[1] | The Company leases its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Chairman and CEO. Pursuant to the terms of the lease, the Company makes monthly lease payments of $22. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The lease will expire on June 30, 2020 and has a provision for six one year extension periods. The lease contains a rental escalation clause under which annual rent is increased during the initial lease term by the lesser of the increase in the Consumer Price Increase or 2.0%. Rent for any extension period shall however, be the then-market rate for similar industrial buildings within the market area. The Company has the option, to purchase the building by giving the Landlord written notice at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The Landlord can require the Company to purchase the building if a change of Control Event, as defined in the agreement occurs by giving written notice to the Company at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The purchase price regardless whether the purchase is initiated by the Company or the landlord will be the Fair Market Value as of the closing date of said sale |
Leases - Summary of Inventory H
Leases - Summary of Inventory Held For Sale Financed Capital Leases-Equipment (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Capital Leased Assets [Line Items] | |
Amount Borrowed | $ 2,920 |
Amount of Monthly Payment | 47 |
Equipment lease balance | 878 |
New Equipment [Member] | |
Capital Leased Assets [Line Items] | |
Amount Borrowed | $ 1,166 |
Repayment Period | 60 months |
Amount of Monthly Payment | $ 22 |
Equipment lease balance | 752 |
Used Equipment [Member] | |
Capital Leased Assets [Line Items] | |
Amount Borrowed | $ 1,754 |
Repayment Period | 36 months |
Amount of Monthly Payment | $ 25 |
Equipment lease balance | $ 126 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Leases [Abstract] | ||
2,016 | $ 2,024 | |
2,017 | 1,440 | |
2,018 | 1,439 | |
2,019 | 683 | |
2,020 | 683 | |
Subsequent | 322 | |
Total minimum lease payments | 6,591 | |
2,016 | 1,708 | |
2,017 | 1,025 | |
2,018 | 1,025 | |
2,019 | 910 | |
2,020 | 911 | |
Subsequent | 7,085 | |
Total Minimum Lease Payments | 12,664 | |
Less: imputed interest | (5,810) | |
Present value of minimum lease payment | 6,854 | |
Less: current portion | (1,004) | $ (1,631) |
Long-term capital lease obligations | $ 5,850 |
Leases - Schedule of Capital It
Leases - Schedule of Capital Item (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Capital Leased Assets [Line Items] | |||
Depreciation Expense | $ 5,055 | $ 1,555 | $ 1,339 |
Buildings [Member] | Georgetown Facility [Member] | |||
Capital Leased Assets [Line Items] | |||
Cost | 4,844 | 4,913 | |
Accumulated Depreciation | 127 | 3,529 | |
Depreciation Expense | 158 | 35 | |
Interest Expense | 468 | 307 | |
Land, Buildings and Improvements [Member] | Winona Facility [Member] | |||
Capital Leased Assets [Line Items] | |||
Cost | 1,700 | 1,700 | |
Accumulated Depreciation | 367 | 311 | |
Depreciation Expense | 56 | 57 | |
Interest Expense | 13 | ||
Other Property Plant And Equipment [Member] | |||
Capital Leased Assets [Line Items] | |||
Cost | 2,240 | 197 | |
Accumulated Depreciation | 87 | 67 | |
Depreciation Expense | 19 | 28 | |
Interest Expense | 71 | 4 | |
Property, Plant or Equipment Capital Lease [Member] | |||
Capital Leased Assets [Line Items] | |||
Cost | 8,784 | 6,810 | |
Accumulated Depreciation | 581 | 3,907 | |
Depreciation Expense | 233 | 120 | |
Interest Expense | $ 539 | $ 324 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 19, 2014 | Dec. 31, 2015 | Jan. 07, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Face value of debenture | $ 22,500 | |||
Deferred tax liability | $ 12,415 | $ 4,163 | ||
Terex Corporation Note Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Face value of debenture | $ 7,500 | |||
Debenture interest rate | 5.00% | |||
Common stock conversion price | $ 13.65 | |||
Convertible number of common stock | 549,451 | |||
Debenture, maturity date | Dec. 19, 2020 | |||
Percentage of debt conversion price | 130.00% | |||
Debt instrument, days before a call is permitted | 20 days | |||
Debt instrument, consecutive trading days | 30 days | |||
Deferred tax liability | $ 321 | |||
Net carrying amount of convertible debt | 6,737 | |||
Convertible note discount amortization | 130 | |||
Convertible note unamortized discount | $ 763 | |||
Terex Corporation Note Payable [Member] | Convertible Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 7.50% | |||
Perella Notes Purchase Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Face value of debenture | $ 15,000 | |||
Deferred tax liability | 257 | |||
Net carrying amount of convertible debt | $ 14,386 | |||
Convertible note discount amortization | 100 | |||
Convertible note unamortized discount | $ 614 | |||
Perella Notes Purchase Agreement [Member] | Convertible Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Face value of debenture | $ 15,000 | |||
Common stock conversion price | $ 15 | |||
Debt Instrument, Interest Rate, Effective Percentage | 7.50% | |||
Debt instrument interest rate | 6.50% | |||
Principal amount of convertible notes due date | January 7, 2021 |
Convertible Notes - Schedule of
Convertible Notes - Schedule of Convertible Notes (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Jan. 07, 2015 | Dec. 19, 2014 |
Debt Instrument [Line Items] | |||
Liability component | $ 170,368 | ||
Convertible debenture | $ 22,500 | ||
Terex Corporation Note Payable [Member] | |||
Debt Instrument [Line Items] | |||
Liability component | $ 6,607 | ||
Equity component (a component of paid in capital) | 893 | ||
Convertible debenture | $ 7,500 | ||
Perella Notes Purchase Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Liability component | $ 14,286 | ||
Equity component (a component of paid in capital) | 714 | ||
Convertible debenture | $ 15,000 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Company's Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income before income taxes: | |||
Domestic | $ (6,976) | $ 10,782 | $ 16,596 |
Foreign | 2,267 | 1,772 | (212) |
Income before income taxes | $ (4,709) | $ 12,554 | $ 16,384 |
Income Taxes - Schedule of C108
Income Taxes - Schedule of Company's Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Provision (benefit) for income taxes: | |||
Current - Federal | $ (1,777) | $ 3,730 | $ 4,982 |
Current - State and local | 103 | 172 | 64 |
Current - Foreign | 1,892 | 691 | 132 |
Current - Total | 218 | 4,593 | 5,178 |
Deferred - Federal | (240) | (327) | (33) |
Deferred - State and local | (96) | 44 | 66 |
Deferred - Foreign | (607) | 142 | (129) |
Deferred - Total | (943) | (141) | (96) |
Total provision for income taxes | $ (725) | $ 4,452 | $ 5,082 |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Accrued expenses | $ 675 | $ 581 |
Inventory | 2,075 | 744 |
Other liabilities | 616 | 433 |
Deferred gain | 469 | 458 |
Net operating loss carryforwards | 480 | 3 |
Tax credit carryforwards | 1,255 | 824 |
Unrealized foreign currency loss | 348 | 219 |
Investment in Partnerships | 16 | 144 |
Interest expense | 3,171 | |
Restructuring cost | 1,003 | |
Property, plant and equipment | 733 | |
Total deferred tax asset | 10,841 | 3,406 |
Deferred tax liabilities: | ||
Property, plant and equipment | 552 | |
Intangibles | 11,264 | 3,290 |
Discount on convertible notes | 499 | 321 |
Deferred State Income Tax | 441 | |
Deferred financing fees | 211 | |
Total deferred tax liability | 12,415 | 4,163 |
Net deferred tax liability | $ (1,574) | $ (757) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes Disclosure [Line Items] | ||
Undistributed earnings | $ 5,400 | |
Accrued interest | 20 | |
Interest liability | 37 | |
Tax Liability | $ 16,231 | |
Paymnet of income tax payable on ASV conversion | $ 16,231 | |
Minimum [Member] | Italian Income Tax [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Audit adjustments tax period | 2,009 | |
Maximum [Member] | Italian Income Tax [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Audit adjustments tax period | 2,013 | |
General Business Tax Credit Carryforward [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Texas Temporary Margin Tax subject to certain annual limitations | $ 1,234 | |
Texas Temporary Margin Tax Credit that may be utilized | Dec. 31, 2026 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Tax Rate Before Income Taxes Varies from Current US Federal Statutory Income Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Statutory rate | 35.00% | 35.00% |
State and local taxes | (0.80%) | 1.27% |
Permanent differences | (0.71%) | (2.20%) |
Tax credits | 1.50% | (1.25%) |
Foreign operations | (13.15%) | 1.69% |
Uncertain tax positions | (1.04%) | (0.18%) |
Other | (5.41%) | 1.13% |
Effective Income Tax Rate, Continuing Operations, Total | 15.39% | 35.46% |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 215 | $ 250 |
Increases in tax positions for prior years | 40 | 80 |
Decreases in tax positions for prior years | (18) | (115) |
Settlements | 698 | 0 |
Ending balance | $ 935 | $ 215 |
Supplemental Cash Flow Discl113
Supplemental Cash Flow Disclosures - Schedule of Supplemental Cash Flow Disclosures (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Non-Cash Transactions: | |||
Investment in Lift Ventures (see Note 19) | $ 5,951 | ||
Capital leases | $ 3,607 | $ 813 | |
PM Group [Member] | |||
Non-Cash Transactions: | |||
Issuance of stock in connection with assets and acquisition | $ 10,124 | ||
Sabre Acquisition [Member] | |||
Non-Cash Transactions: | |||
Issuance of stock in connection with assets and acquisition | 1,000 | ||
Valla SpA [Member] | |||
Non-Cash Transactions: | |||
Valla working capital | 2,173 | ||
Valla Asset Purchase [Member] | |||
Non-Cash Transactions: | |||
Acquisition note | 228 | ||
Contingent consideration | $ 250 | ||
Terex Corporation Note Payable [Member] | ASV Inc [Member] | |||
Non-Cash Transactions: | |||
Note to Terex related to ASV | $ 1,594 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Severance Indemnity/TFR | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit obligation | $ 1,487 | $ 1,552 | |
Employee severance indemnity provision | $ 698 | ||
Annual accrual of total pay | 7.00% | ||
Pre-establised annual fixed portion rate of return | 1.50% | ||
Percentage of consumer price index | 75.00% | ||
SERP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit obligation | $ 871 | 994 | |
Expected future benefit payments in 2016 | 65 | ||
Expected future benefit payments in 2017 | 65 | ||
Expected future benefit payments in 2018 | 65 | ||
Expected future benefit payments in 2019 | 65 | ||
Expected future benefit payments in 2020 | 65 | ||
SERP | Accrued Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit obligation | 64 | 64 | |
SERP | Other Long-Term Liabilities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit obligation | $ 807 | 840 | |
401(k) Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum age requirement for participate defined contribution plan | 21 years | ||
Matching contributions percentage | 3.00% | ||
Amount paid in matching contributions by the company | $ 464 | $ 346 | $ 271 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Employee Severance Indemnity (Detail) - Employee Severance Indemnity/TFR $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Beginning Balance | $ 1,552 |
Increases | 698 |
Decreases | 763 |
Ending Balance | $ 1,487 |
Employee Benefits - Schedule116
Employee Benefits - Schedule of Assumptions Used to Determine Defined Benefit Plans in Relation to Postemployment Benefits (Detail) - Postemployment Benefit Plans [Member] - Employee Severance Indemnity Provision [Member] | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |
Annual Discount Rate | 1.39% |
Annual Rate of Inflation | 1.75% |
Annual Increase Rate | 2.81% |
Probability of Employee Leaving Group | 10.00% |
Probability of Advance Payment of TFR | 3.00% |
Employee Benefits - Schedule117
Employee Benefits - Schedule of Reconciliation of Defined Benefit Obligation (Details) - Employee Severance Indemnity/TFR $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Beginning Balance | $ 1,552 |
Interest cost | 13 |
Actuarial (Gain)/Loss | (37) |
Payments | (41) |
Ending Balance | 1,487 |
Actuarial gains and losses arising from changes in financial assumptions | (44) |
Actuarial gains and losses arising from experience assumptions | 7 |
Actuarial (Gain)/Loss | $ (37) |
Accrued Warranties - Summary of
Accrued Warranties - Summary of Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 3,198 | $ 967 |
Business Acquired | 843 | 2,206 |
Accrual for warranties issued during the year | 4,021 | 392 |
Warranty services provided | (4,578) | (325) |
Changes in estimates | 87 | (27) |
Foreign currency translation | (7) | (15) |
Ending Balance | $ 3,564 | $ 3,198 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)Location | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)SegmentLocationT | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments | Segment | 3 | ||||||||||
Net revenues | $ | $ 93,491 | $ 91,691 | $ 100,513 | $ 101,042 | $ 62,299 | $ 60,687 | $ 64,926 | $ 59,252 | $ 386,737 | $ 247,164 | $ 229,820 |
Long-Lived Assets | $ | $ 215,417 | 145,380 | $ 215,417 | 145,380 | |||||||
Minimum [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capacity of mobile cranes | T | 15 | ||||||||||
Maximum [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capacity of mobile cranes | T | 30 | ||||||||||
Valla SpA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Acquisition closing date | Nov. 30, 2013 | ||||||||||
Valla SpA [Member] | Minimum [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capacity of mobile cranes | T | 2 | ||||||||||
Valla SpA [Member] | Maximum [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capacity of mobile cranes | T | 90 | ||||||||||
Sabre [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Acquisition closing date | Aug. 19, 2013 | ||||||||||
ASV Inc [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Acquisition closing date | Dec. 20, 2014 | ||||||||||
PM Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Acquisition closing date | Jan. 15, 2015 | ||||||||||
ASV Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of independent dealer network locations | Location | 100 | 100 | |||||||||
Foreign Operation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ | $ 177,745 | 96,445 | $ 94,381 | ||||||||
Long-Lived Assets | $ | $ 83,515 | $ 8,616 | $ 83,515 | $ 8,616 |
Segment Information - Financial
Segment Information - Financial Information for Three Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 93,491 | $ 91,691 | $ 100,513 | $ 101,042 | $ 62,299 | $ 60,687 | $ 64,926 | $ 59,252 | $ 386,737 | $ 247,164 | $ 229,820 |
Operating Earnings | 8,421 | 15,474 | 19,030 | ||||||||
Total Assets | 406,658 | 317,156 | 406,658 | 317,156 | 180,497 | ||||||
Operating Segments [Member] | Lifting Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 261,232 | 228,518 | 213,520 | ||||||||
Operating Earnings | 11,770 | 23,178 | 24,803 | ||||||||
Total Assets | 267,226 | 158,564 | 267,226 | 158,564 | 154,914 | ||||||
Operating Segments [Member] | ASV Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 116,935 | 2,264 | |||||||||
Operating Earnings | 5,496 | (121) | |||||||||
Total Assets | 122,672 | 129,661 | 122,672 | 129,661 | |||||||
Operating Segments [Member] | Equipment Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 13,216 | 21,104 | 16,951 | ||||||||
Operating Earnings | (136) | 374 | 628 | ||||||||
Total Assets | 14,585 | 15,612 | 14,585 | 15,612 | 10,671 | ||||||
Inter-segment Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (4,646) | (4,722) | (651) | ||||||||
Operating Earnings | (187) | 11 | (10) | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Earnings | (8,522) | (7,968) | (6,391) | ||||||||
Total Assets | $ 2,175 | 1,636 | $ 2,175 | 1,636 | 1,075 | ||||||
Assets of discontinued operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Assets | $ 11,683 | $ 11,683 | $ 13,837 |
Segment Information - Summary o
Segment Information - Summary of Goodwill by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Foreign currency translation | $ (2,750) | $ (402) |
Beginning Balance | 52,666 | 22,489 |
Ending Balance | 80,089 | 52,666 |
Lifting Equipment [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 21,812 | 22,214 |
Goodwill related to acquisition | 30,173 | |
Foreign currency translation | (2,750) | (402) |
Ending balance | 49,235 | 21,812 |
Beginning Balance | 21,812 | 22,214 |
Ending Balance | 49,235 | 21,812 |
ASV Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill related to acquisition | 30,579 | |
Beginning Balance | 30,579 | |
Ending Balance | 30,579 | 30,579 |
Equipment Distribution [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 275 | 275 |
Ending Balance | $ 275 | $ 275 |
Segment Information - Summar122
Segment Information - Summary of External Revenues and Long Lived Assets by Country (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 93,491 | $ 91,691 | $ 100,513 | $ 101,042 | $ 62,299 | $ 60,687 | $ 64,926 | $ 59,252 | $ 386,737 | $ 247,164 | $ 229,820 |
Long-Lived Assets | 215,417 | 145,380 | 215,417 | 145,380 | |||||||
Long-term assets of discontinued operations | 3,477 | 3,477 | |||||||||
U.S [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 208,992 | 150,719 | 135,439 | ||||||||
Long-Lived Assets | 131,902 | 133,287 | 131,902 | 133,287 | |||||||
Italy [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 29,721 | 18,260 | 8,222 | ||||||||
Long-Lived Assets | 83,144 | 7,827 | 83,144 | 7,827 | |||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 28,525 | 34,647 | 44,108 | ||||||||
Long-Lived Assets | $ 371 | $ 789 | 371 | 789 | |||||||
Australia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 15,408 | 4 | |||||||||
Argentina [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 9,617 | ||||||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 8,590 | 2,345 | 315 | ||||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 5,766 | 3,459 | 3,246 | ||||||||
Iraq [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 5,302 | ||||||||||
Chile [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 5,323 | 592 | 387 | ||||||||
Turkey [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 5,023 | 969 | 5,280 | ||||||||
Peru [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 4,783 | 1,840 | 3,849 | ||||||||
France [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 4,590 | 2,487 | |||||||||
Saudi Arabia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 3,546 | 815 | 34 | ||||||||
Spain [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 3,291 | 1 | 535 | ||||||||
Hong Kong [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 2,532 | ||||||||||
Israel [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 2,333 | 527 | 85 | ||||||||
United Arab Emirates [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 2,318 | 4,161 | 1,232 | ||||||||
Romania [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 2,209 | ||||||||||
Algeria [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 2,114 | ||||||||||
Qatar [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 1,944 | ||||||||||
Kenya [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 1,903 | ||||||||||
Czech Republic [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 1,875 | 3,426 | 1,804 | ||||||||
Mexico [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 1,858 | 4,050 | 5,096 | ||||||||
Finland [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 1,802 | ||||||||||
Russia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 1,759 | 710 | 1,623 | ||||||||
Singapore [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 1,130 | 441 | |||||||||
Norway [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 1,112 | ||||||||||
South Africa [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 800 | 516 | 3,651 | ||||||||
Morocco [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 740 | ||||||||||
Korea [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 717 | 934 | |||||||||
Malaysia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 688 | ||||||||||
New Zealand [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 687 | ||||||||||
Lebanon [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 682 | ||||||||||
Netherlands [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 570 | ||||||||||
Switzerland [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 458 | 2,697 | |||||||||
Ireland [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 418 | ||||||||||
Poland [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 347 | ||||||||||
Egypt [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 212 | 129 | 3,285 | ||||||||
Venezuela [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 128 | 407 | |||||||||
Slovakia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 93 | 1,369 | |||||||||
Brazil [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 77 | 3 | |||||||||
Japan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 6 | 1,620 | |||||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 16,748 | $ 10,888 | $ 10,777 |
Acquisition and Investment - Ad
Acquisition and Investment - Additional Information - PM Group Acquisition (Detail) € in Thousands, $ in Thousands | Jan. 15, 2015USD ($) | Dec. 31, 2015USD ($) | Jan. 15, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill | $ 30,173 | $ 80,089 | $ 52,666 | $ 22,489 | |
PM Group [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition closing date | Jan. 15, 2015 | ||||
Goodwill | 30,173 | € 25,528 | |||
PM Group [Member] | Legal Fees [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition transaction costs | $ 194 | ||||
PM Group [Member] | Acquisition Related Bonus Payments [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition transaction costs | 750 | ||||
PM Group [Member] | Accounting Services Fees [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition transaction costs | 347 | ||||
PM Group [Member] | Other Acquisition Related Costs [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition transaction costs | $ 294 | ||||
PM Group [Member] | Accounts Receivable [Member] | |||||
Business Acquisition [Line Items] | |||||
Fair market adjustments to accounts receivables, fixed assets and inventory | (260) | ||||
PM Group [Member] | Inventories [Member] | |||||
Business Acquisition [Line Items] | |||||
Fair market adjustments to accounts receivables, fixed assets and inventory | 911 | ||||
PM Group [Member] | Fixed Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Fair market adjustments to accounts receivables, fixed assets and inventory | (4,699) | ||||
PM Group [Member] | Liabilities [Member] | |||||
Business Acquisition [Line Items] | |||||
Fair market adjustments to accounts receivables, fixed assets and inventory | (345) | ||||
PM Group [Member] | Term Debt [Member] | Non Interest Bearing Promissory Note | |||||
Business Acquisition [Line Items] | |||||
Term debt | € | 10,289 | ||||
Fair value of Term debt | $ 10,435 | € 8,829 | |||
Risk rate of non-interest bearing debt | 5.24% |
Acquisition and Investment - PM
Acquisition and Investment - PM Group Acquisition - Schedule of Fair Value of Purchase Consideration (Detail) - Jan. 15, 2015 - PM Group [Member] € in Thousands, $ in Thousands | USD ($) | EUR (€) | EUR (€) |
Business Acquisition [Line Items] | |||
Cash | $ 20,312 | € 17,142 | |
994,483 shares of common stock of Manitex International, Inc. | 10,124 | € 8,710 | |
Total purchase consideration | $ 30,436 | € 25,852 |
Acquisition and Investment -125
Acquisition and Investment - PM Group Acquisition - Schedule of Fair Value of Purchase Consideration (Parenthetical) (Detail) | Jan. 15, 2015shares |
PM Group [Member] | |
Business Acquisition [Line Items] | |
Number of shares of Manitex International for Acquisition | 994,483 |
Acquisition and Investment -126
Acquisition and Investment - PM Group Acquisition - Schedule of Adjustments on Goodwill (Detail) € in Thousands, $ in Thousands | Dec. 31, 2015USD ($) | Jan. 15, 2015USD ($) | Jan. 15, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Net impact on goodwill | $ 80,089 | $ 30,173 | $ 52,666 | $ 22,489 | |
PM Group [Member] | |||||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Adjustment to reduce the value of certain accounts receivables based on obtaining additional information | (22,215) | € (18,795) | |||
Eliminate value assigned to fixed assets determined not to exist at date of acquisition | (16,952) | (14,342) | |||
Adjustments to deferred tax assets to reflect corrected value | 10,867 | 9,195 | |||
Adjustment to assumed non-recourse debt to reflect | 61,853 | 52,332 | |||
Net impact on goodwill | 30,173 | € 25,528 | |||
PM Group [Member] | Adjustment Based On Review Of Purchase Price Allocation | |||||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Adjustment to reduce the value of certain accounts receivables based on obtaining additional information | 260 | 260 | |||
Eliminate value assigned to fixed assets determined not to exist at date of acquisition | 392 | 392 | |||
Adjustments to deferred tax assets to reflect corrected value | (1,187) | 1,187 | |||
Adjustment to assumed non-recourse debt to reflect | (344) | (344) | |||
Net impact on goodwill | $ (879) | $ (879) |
Acquisition and Investment -127
Acquisition and Investment - PM Group Acquisition - Schedule of Restated Purchase Price Allocations (Detail) € in Thousands, $ in Thousands | Dec. 31, 2015USD ($) | Jan. 15, 2015USD ($) | Jan. 15, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Goodwill | $ 80,089 | $ 30,173 | $ 52,666 | $ 22,489 | |
PM Group [Member] | |||||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Goodwill | 30,173 | € 25,528 | |||
Accounts receivable | 22,215 | 18,795 | |||
Fixed assets | 16,952 | 14,342 | |||
Adjustments to deferred tax assets to reflect corrected value | 10,867 | 9,195 | |||
Assumed non-recourse debt | (61,853) | € (52,332) | |||
PM Group [Member] | Provisional Amount [Member] | |||||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Goodwill | 31,052 | ||||
Accounts receivable | 22,475 | ||||
Fixed assets | 17,344 | ||||
Adjustments to deferred tax assets to reflect corrected value | 9,680 | ||||
Assumed non-recourse debt | (62,197) | ||||
PM Group [Member] | Adjustment Based On Review Of Purchase Price Allocation | |||||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Goodwill | (879) | (879) | |||
Accounts receivable | (260) | (260) | |||
Fixed assets | (392) | (392) | |||
Adjustments to deferred tax assets to reflect corrected value | (1,187) | 1,187 | |||
Assumed non-recourse debt | $ 344 | 344 | |||
PM Group [Member] | Revised Provisional Amount [Member] | |||||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Goodwill | 30,173 | ||||
Accounts receivable | 22,215 | ||||
Fixed assets | 16,952 | ||||
Adjustments to deferred tax assets to reflect corrected value | 10,867 | ||||
Assumed non-recourse debt | $ (61,853) |
Acquisition and Investment -128
Acquisition and Investment - PM Group Acquisition - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) € in Thousands, $ in Thousands | Dec. 31, 2015USD ($) | Jan. 15, 2015USD ($) | Jan. 15, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill | $ 80,089 | $ 30,173 | $ 52,666 | $ 22,489 | |
PM Group [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | 6,965 | € 5,994 | |||
Trade receivables | 22,215 | 18,795 | |||
Inventory | 23,743 | 20,088 | |||
Other receivables and prepaid expenses | 4,428 | 3,746 | |||
Total fixed assets | 16,952 | 14,342 | |||
Goodwill | 30,173 | 25,528 | |||
Adjustments to deferred tax assets to reflect corrected value | 10,867 | 9,195 | |||
Other long term assets | 1,497 | 1,267 | |||
Accounts payable | (26,026) | (22,020) | |||
Accrued expenses | (8,679) | (7,343) | |||
Other current liabilities | (1,404) | (1,188) | |||
Deferred tax liability | (13,705) | (11,595) | |||
Other long term liabilities | (3,514) | (2,973) | |||
Assumed non-recourse debt | (61,853) | (52,332) | |||
Net assets acquired | 30,436 | 25,852 | |||
PM Group [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | 12,813 | 10,841 | |||
PM Group [Member] | Trade Names and Trademarks [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | 6,914 | 5,850 | |||
PM Group [Member] | Patented & Unpatented Technology [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 9,050 | € 7,657 |
Acquisition and Investment -129
Acquisition and Investment - Additional Information - PM Group Acquisition - Contingent Liability (Detail) $ in Thousands | Jan. 15, 2015EUR (€) | Dec. 31, 2015USD ($) | Jan. 15, 2015USD ($) | Jan. 15, 2015EUR (€) |
Business Acquisition Contingent Consideration [Line Items] | ||||
Debt instrument, face amount | $ | $ 22,500 | |||
PM Group [Member] | ||||
Business Acquisition Contingent Consideration [Line Items] | ||||
Debt instrument, face amount | € 5,000,000 | |||
Fair value of the contingent liability | $ 1,270 | 1,093,000 | ||
PM Group [Member] | Weighted average payment determined through Monte Carlo simulation analysis | ||||
Business Acquisition Contingent Consideration [Line Items] | ||||
Fair value of the contingent consideration | $ 1,270 | 1,093,000 | ||
PM Group [Member] | FY 2017 Criteria One [Member] | ||||
Business Acquisition Contingent Consideration [Line Items] | ||||
Fair value of the contingent consideration | 2,500,000 | |||
PM Group [Member] | FY 2017 Criteria One [Member] | Minimum [Member] | ||||
Business Acquisition Contingent Consideration [Line Items] | ||||
Earnings before interest, taxes, depreciation and amortization | € 14,500,000 | |||
PM Group [Member] | FY 2017 Criteria One [Member] | Maximum [Member] | ||||
Business Acquisition Contingent Consideration [Line Items] | ||||
Earnings before interest, taxes, depreciation and amortization | 16,500,000 | |||
PM Group [Member] | FY 2017 Criteria Two [Member] | ||||
Business Acquisition Contingent Consideration [Line Items] | ||||
Fair value of the contingent consideration | 5,000,000 | |||
PM Group [Member] | FY 2017 Criteria Two [Member] | Minimum [Member] | ||||
Business Acquisition Contingent Consideration [Line Items] | ||||
Earnings before interest, taxes, depreciation and amortization | 16,500,000 | |||
PM Group [Member] | FY 2017 Criteria Three [Member] | ||||
Business Acquisition Contingent Consideration [Line Items] | ||||
Fair value of the contingent consideration | € 1 | |||
PM Group [Member] | FY 2017 Criteria Three [Member] | Maximum [Member] | ||||
Business Acquisition Contingent Consideration [Line Items] | ||||
Earnings before interest, taxes, depreciation and amortization | € 14,500,000 |
Acquisition and Investment -130
Acquisition and Investment - PM Group Acquisition - Schedule of Fair Values of Assets Acquired and Liabilities Assumed Debt (Detail) - Jan. 15, 2015 - PM Group [Member] € in Thousands, $ in Thousands | USD ($) | EUR (€) |
Business Acquisition [Line Items] | ||
Total assumed non-recourse debt | $ 61,853 | € 52,332 |
Interest Rate Swap Contracts [Member] | ||
Business Acquisition [Line Items] | ||
Total assumed non-recourse debt | 2,033 | 1,720 |
Working Capital [Member] | ||
Business Acquisition [Line Items] | ||
Total assumed non-recourse debt - Working Capital | 22,252 | 18,827 |
Term Debt [Member] | Interest Bearing [Member] | ||
Business Acquisition [Line Items] | ||
Total assumed non-recourse debt | 27,133 | 22,956 |
Term Debt [Member] | Non Interest Bearing Promissory Note | ||
Business Acquisition [Line Items] | ||
Total assumed non-recourse debt | 12,161 | 10,289 |
Term Debt [Member] | Fair Market Adjustment for Non-interest Bearing Debt [Member] | ||
Business Acquisition [Line Items] | ||
Total assumed non-recourse debt | $ (1,726) | € (1,460) |
Acquisition and Investment -131
Acquisition and Investment - PM Group Acquisition - Schedule of Pro Forma Results of Acquisition (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquisition ProForma Financial Results [Line Items] | ||||||||||
(Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. | $ (5,495) | $ 209 | $ 138 | $ (224) | $ 472 | $ 1,768 | $ 2,986 | $ 1,877 | ||
Basic | $ (0.34) | $ 0.01 | $ 0.01 | $ (0.01) | $ 0.03 | $ 0.13 | $ 0.22 | $ 0.14 | ||
Diluted | $ (0.34) | $ 0.01 | $ 0.01 | $ (0.01) | $ 0.03 | $ 0.13 | $ 0.22 | $ 0.14 | ||
PM Group [Member] | ||||||||||
Acquisition ProForma Financial Results [Line Items] | ||||||||||
Net revenues | $ 389,036 | $ 346,159 | ||||||||
(Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. | $ (3,654) | $ 414 | ||||||||
Basic | $ (0.23) | $ 0.03 | ||||||||
Diluted | $ (0.23) | $ 0.03 | ||||||||
Basic | 16,011,511 | 14,852,672 | ||||||||
Diluted | 16,011,511 | 14,898,772 |
Acquisition and Investment - Sc
Acquisition and Investment - Schedule of Pro-forma Adjustments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | ||
Record interest expense on Manitex debt issued in connection with the acquisition | $ 33 | $ 1,814 |
Transfer acquisition costs between periods | (1,148) | 1,148 |
Eliminate impact of capitalizing research and development by PM | (45) | 142 |
Adjust depreciation to reflect fair values and current lives | (11) | (395) |
Adjust amortization to reflect fair value of intangibles and current lives | 90 | 1,680 |
Eliminate historic interest expense on debt forgiven or converted to non-interest debt | (14) | (1,403) |
Record amortization of debt discount on non-interest bearing debt | 27 | 549 |
Transfer amortization of inventory step up between periods | (912) | 1,030 |
Eliminate profit on debt restructuring (this was not a taxable event) | 6,298 | |
Record income tax impact on the above pro forma adjustments | $ 662 | $ (1,562) |
Acquisition and Investment -133
Acquisition and Investment - Additional Information - Lift Ventures, LLC (Detail) - USD ($) $ in Thousands | Dec. 16, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Carrying value of Lift Venture JV | $ 5,752 | $ 5,951 | |
Lift Ventures LLC [Member] | |||
Business Acquisition [Line Items] | |||
Equity stake percentage | 25.00% | ||
Carrying value of Lift Venture JV | $ 5,752 | $ 5,951 | |
Lift Ventures LLC [Member] | Inventory [Member] | |||
Business Acquisition [Line Items] | |||
Equity method investment contribution to inventory | $ 5,951 | ||
Equity Method Investee [Member] | Lift Ventures LLC [Member] | |||
Business Acquisition [Line Items] | |||
Equity stake percentage | 25.00% |
Acquisition and Investment -134
Acquisition and Investment - Additional Information - ASV Stock Purchase (Detail) - USD ($) | Dec. 19, 2014 | Dec. 31, 2015 | Jan. 15, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 80,089,000 | $ 30,173,000 | $ 52,666,000 | $ 22,489,000 | |
ASV Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition of ownership interest | 51.00% | ||||
Fair value of purchase consideration | $ 49,787,000 | ||||
Fair value of controlling and non controlling interest | 100.00% | ||||
Noncontrolling interest in ASV | Fair value of Terex 49% share of ASV equity calculated by grossing up the fair value of the controlling interest purchased by the Company to a 100% value, then deducting the $26,411 paid for the majority interest. Subsequently an adjustment for an implied minority discount of $2,000 (approximately 8%) was applied against initial calculation. | ||||
Amount paid for majority interest | $ 26,411,000 | ||||
Adjusted minority discount | $ 2,000,000 | ||||
Percent of adjusted minority discount | 8.00% | ||||
Goodwill | $ 30,579,000 | 30,579,000 | |||
ASV Inc [Member] | Legal Fees [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition transaction costs | 100,000 | ||||
ASV Inc [Member] | Acquisition Related Bonus Payments [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition transaction costs | 750,000 | ||||
ASV Inc [Member] | Accounting Services Fees [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition transaction costs | 325,000 | ||||
ASV Inc [Member] | Valuation Services [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition transaction costs | $ 40,000 | ||||
ASV Inc [Member] | Inventory [Member] | |||||
Business Acquisition [Line Items] | |||||
Fair market adjustments to fixed assets and inventory | 3,668,000 | ||||
ASV Inc [Member] | Term Loan [Member] | |||||
Business Acquisition [Line Items] | |||||
ASV entered in to Debt Facility | 40,000,000 | ||||
ASV Inc [Member] | Revolving Term Credit Facility [Member] | |||||
Business Acquisition [Line Items] | |||||
Maximum borrowing capacity | 35,000,000 | ||||
Amount drawn on revolving credit facility | $ 4,650,000 | ||||
ASV Inc [Member] | Minority Shareholders [Member] | |||||
Business Acquisition [Line Items] | |||||
Fair value of non controlling interest percentage | 49.00% | ||||
ASV Inc [Member] | Notes Payable, Other Payables [Member] | Terex Corporation Note Payable [Member] | |||||
Business Acquisition [Line Items] | |||||
Note to Terex related to ASV | $ 1,594,000 | ||||
Reimbursement of fees and expense | $ 1,411,000 |
Acquisitions - ASV Stock Purcha
Acquisitions - ASV Stock Purchase - Schedule of Fair Value of Purchase Consideration (Detail) - ASV Inc [Member] $ in Thousands | Dec. 19, 2014USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 25,000 |
Note payable to seller | 1,411 |
Fair value of non-controlling interest in ASV | 23,376 |
Total purchase consideration | $ 49,787 |
Acquisition and Investment - AS
Acquisition and Investment - ASV Stock Purchase - Schedule of Adjustments on Goodwill (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Jan. 15, 2015 | Dec. 31, 2014 | Dec. 19, 2014 | Dec. 31, 2013 |
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Net impact on goodwill | $ 80,089 | $ 30,173 | $ 52,666 | $ 22,489 | |
ASV Inc [Member] | |||||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Adjustment to reduce the value of certain inventory based on obtaining additional information | $ (26,757) | ||||
Eliminate value assigned to fixed assets determined not to exist at date of acquisition | (18,915) | ||||
Net impact on goodwill | $ 30,579 | $ 30,579 | |||
ASV Inc [Member] | Adjustment Based On Review Of Purchase Price Allocation | |||||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Record liabilities that existed at acquisition date that had not been recorded | 115 | ||||
Adjustment to reduce the value of certain inventory based on obtaining additional information | 460 | ||||
Eliminate value assigned to fixed assets determined not to exist at date of acquisition | 262 | ||||
Increase reserves for product liability suits based on additional information | 3,199 | ||||
Adjustment to reserves for worker compensation claims based on additional information | 68 | ||||
Adjustment to income tax payable to record tax liability based on additional information | (269) | ||||
Net impact on goodwill | $ 3,835 |
Acquisition and Investment -137
Acquisition and Investment - ASV Stock Purchase - Schedule of Restated Purchase Price Allocations (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Jan. 15, 2015 | Dec. 31, 2014 | Dec. 19, 2014 | Dec. 31, 2013 |
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Goodwill | $ 80,089 | $ 30,173 | $ 52,666 | $ 22,489 | |
ASV Inc [Member] | |||||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Goodwill | $ 30,579 | $ 30,579 | |||
Inventory | 26,757 | ||||
Fixed assets | 18,915 | ||||
Accrued expenses | $ (7,357) | ||||
ASV Inc [Member] | Provisional Amount [Member] | |||||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Goodwill | 26,744 | ||||
Inventory | 27,217 | ||||
Fixed assets | 19,177 | ||||
Accrued expenses | (3,975) | ||||
Income tax payable on conversion of ASV | (16,500) | ||||
ASV Inc [Member] | Adjustment Based On Review Of Purchase Price Allocation | |||||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Goodwill | 3,835 | ||||
Inventory | (460) | ||||
Fixed assets | (262) | ||||
Accrued expenses | (3,382) | ||||
Income tax payable on conversion of ASV | 269 | ||||
ASV Inc [Member] | Revised Amount [Member] | |||||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | |||||
Goodwill | 30,579 | ||||
Inventory | 26,757 | ||||
Fixed assets | 18,915 | ||||
Accrued expenses | (7,357) | ||||
Income tax payable on conversion of ASV | $ (16,231) |
Acquisitions - ASV Stock Pur138
Acquisitions - ASV Stock Purchase - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Jan. 15, 2015 | Dec. 31, 2014 | Dec. 19, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 80,089 | $ 30,173 | $ 52,666 | $ 22,489 | |
ASV Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 2 | ||||
Accounts receivable | 18,232 | ||||
Prepaid Expenses | 71 | ||||
Inventory | 26,757 | ||||
Total fixed assets | 18,915 | ||||
Goodwill | $ 30,579 | 30,579 | |||
Capitalized Debt Issuance Costs | 2,767 | ||||
Accounts payable | (9,459) | ||||
Accrued expenses | (7,357) | ||||
Accrued conversion tax | (16,231) | ||||
Accrued pension liability | (839) | ||||
Assumed non-recourse debt | (44,650) | ||||
Net assets acquired | 49,787 | ||||
Customer Relationships [Member] | ASV Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | 16,000 | ||||
Trade Names and Trademarks [Member] | ASV Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | 7,000 | ||||
Patented & Unpatented Technology [Member] | ASV Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 8,000 |
Equity - Additional Information
Equity - Additional Information - Stock Issuance - Sabre Acquisition Shares (Detail) | Aug. 19, 2013shares |
Sabre Acquisition [Member] | |
Shares of common stock issued in consideration of assets purchased | 87,928 |
Equity - Additional Informat140
Equity - Additional Information - Stock Issuance - Shares Issued to Terex Corporation (Detail) - USD ($) $ in Thousands | Dec. 19, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 |
Class of Warrant or Right [Line Items] | ||||
Common Stock, shares issued | 14,989,694 | 16,072,100 | ||
Cash received | $ 12,500 | $ 13,927 | ||
Securities Purchase Agreement [Member] | Minority Shareholders [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Common Stock, shares issued | 1,108,156 | |||
Cash received | $ 12,500 |
Equity - Additional Informat141
Equity - Additional Information - Stock Issuance - Shares issued to PM Group (Detail) - Jan. 15, 2015 - PM Group [Member] € in Thousands, $ in Thousands | USD ($)shares | EUR (€)shares | EUR (€) |
Business Acquisition [Line Items] | |||
Fair value of purchase consideration | $ 30,436 | € 25,852 | |
Stock issued in connection with asset purchase, value | $ 20,312 | € 17,142 | |
Common stock of company | 994,483 | 994,483 | |
Common stock consideration, value | $ 10,124 | € 8,710 |
Equity - Summary of Stock Issua
Equity - Summary of Stock Issuances (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 87,923 | 80,261 | 69,906 |
Value of Shares Issued | $ 643 | $ 1,006 | $ 625 |
Director [Member] | March 4, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 6,800 | ||
Value of Shares Issued | $ 77 | ||
Director [Member] | December 31, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 20,620 | ||
Value of Shares Issued | $ 123 | ||
Director [Member] | March 6, 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 6,600 | ||
Value of Shares Issued | $ 106 | ||
Director [Member] | December 31, 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 20,615 | ||
Value of Shares Issued | $ 257 | ||
Director [Member] | March 8, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 6,600 | ||
Value of Shares Issued | $ 69 | ||
Director [Member] | September 12, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 1,667 | ||
Value of Shares Issued | $ 19 | ||
Director [Member] | December 31, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 17,400 | ||
Value of Shares Issued | $ 151 | ||
Employees [Member] | March 13, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 22,868 | ||
Value of Shares Issued | $ 212 | ||
Employees [Member] | June 5, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 749 | ||
Value of Shares Issued | $ 12 | ||
Employees [Member] | December 31, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 36,886 | ||
Value of Shares Issued | $ 219 | ||
Employees [Member] | March 6, 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 14,292 | ||
Value of Shares Issued | $ 229 | ||
Employees [Member] | June 5, 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 749 | ||
Value of Shares Issued | $ 8 | ||
Employees [Member] | December 31, 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 38,005 | ||
Value of Shares Issued | $ 406 | ||
Employees [Member] | March 8, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 20,836 | ||
Value of Shares Issued | $ 219 | ||
Employees [Member] | December 31, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 23,403 | ||
Value of Shares Issued | $ 167 |
Equity - Additional Informat143
Equity - Additional Information - Stock Offerings (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 25, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, shares issued | 16,072,100 | 14,989,694 | ||
Common Stock, par value | ||||
Subscription Agreement [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, shares issued | 1,375,000 | |||
Common Stock, par value | ||||
Purchase price per share | $ 10.75 | |||
Total purchase price, under subscription agreement | $ 14,781 | |||
Net cash proceeds to repay debt | $ 13,927 | |||
Placement Agreement [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issuance costs as a percentage of gross proceeds | 5.25% | |||
Investment banking fees | 776 | |||
Legal fees and expenses | $ 78 |
Equity - Summary of Common Stoc
Equity - Summary of Common Stock Repurchases (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Share Repurchase Programs [Line Items] | |||
Shares purchased to cover payroll obligations | 12,518 | 8,853 | |
June 5, 2015 [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Shares purchased to cover payroll obligations | 393 | ||
Closing price on Date of purchase | $ 8.54 | ||
December 31, 2015 [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Shares purchased to cover payroll obligations | 12,125 | ||
Closing price on Date of purchase | $ 5.95 | ||
June 5, 2014 [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Shares purchased to cover payroll obligations | 392 | ||
Closing price on Date of purchase | $ 16.75 | ||
December 31, 2014 [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Shares purchased to cover payroll obligations | 8,461 | ||
Closing price on Date of purchase | $ 12.71 | ||
December 31, 2013 [Member] | |||
Schedule Of Share Repurchase Programs [Line Items] | |||
Shares purchased to cover payroll obligations | 4,414 | ||
Closing price on Date of purchase | $ 15.88 |
Equity - Additional Informat145
Equity - Additional Information - 2004 Equity Incentive Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares of common stock reserved for issuance | 917,046 | ||
Restricted stock units | 145,979 | 34,292 | 114,821 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares eligible under share based compensation plan by individual within a year | 15,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares eligible under share based compensation plan by individual within a year | 20,000 | ||
Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares eligible under share based compensation plan by individual within a year | 20,000 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares eligible under share based compensation plan by individual within a year | 10,000 | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units | 145,979 | 34,292 | 114,821 |
Compensation expense related to restricted stock units | $ 1,270 | $ 875 | $ 445 |
Restricted Stock Units [Member] | 2016 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to restricted stock units | 784 | ||
Restricted Stock Units [Member] | 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to restricted stock units | 387 | ||
Restricted Stock Units [Member] | 2018 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to restricted stock units | $ 0 |
Equity - Summary of Restricted
Equity - Summary of Restricted Stock Units Awarded (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units | 145,979 | 34,292 | 114,821 |
Value of restricted stock units issued | $ 1,751 | $ 548 | $ 1,578 |
Number of Restricted Stock Units | 87,923 | 80,261 | 69,906 |
January 1, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units | 103,111 | ||
Closing price on date of grant | $ 12.71 | ||
Value of restricted stock units issued | $ 1,311 | ||
March 4, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units | 20,000 | ||
Closing price on date of grant | $ 11.39 | ||
Value of restricted stock units issued | $ 228 | ||
March 13, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Mar. 13, 2015 | ||
Number of Restricted Stock Units | 22,868 | ||
Closing price on date of grant | $ 9.25 | ||
Value of restricted stock units issued | $ 212 | ||
March 6, 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units | 34,292 | ||
Closing price on date of grant | $ 15.99 | ||
Value of restricted stock units issued | $ 548 | ||
March 8, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units | 40,836 | ||
Closing price on date of grant | $ 10.51 | ||
Value of restricted stock units issued | $ 429 | ||
June 05, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units | 3,425 | ||
Closing price on date of grant | $ 10.45 | ||
Value of restricted stock units issued | $ 36 | ||
September 12, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Sep. 21, 2013 | ||
Number of Restricted Stock Units | 1,667 | ||
Closing price on date of grant | $ 11.19 | ||
Value of restricted stock units issued | $ 19 | ||
Number of Restricted Stock Units | 1,667 | ||
December 31, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units | 68,893 | ||
Closing price on date of grant | $ 15.88 | ||
Value of restricted stock units issued | $ 1,094 | ||
Vesting Date 1 [Member] | January 1, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Jan. 1, 2016 | ||
Number of Restricted Stock Units | 34,027 | ||
Vesting Date 1 [Member] | March 4, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Mar. 4, 2015 | ||
Number of Restricted Stock Units | 6,800 | ||
Vesting Date 1 [Member] | March 6, 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Mar. 6, 2014 | ||
Number of Restricted Stock Units | 20,892 | ||
Vesting Date 1 [Member] | March 8, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Mar. 8, 2013 | ||
Number of Restricted Stock Units | 27,436 | ||
Vesting Date 1 [Member] | June 05, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Jun. 5, 2014 | ||
Number of Restricted Stock Units | 1,141 | ||
Vesting Date 1 [Member] | December 31, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Dec. 31, 2014 | ||
Number of Restricted Stock Units | 22,735 | ||
Vesting Date 2 [Member] | January 1, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Jan. 1, 2017 | ||
Number of Restricted Stock Units | 34,027 | ||
Vesting Date 2 [Member] | March 4, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Dec. 31, 2015 | ||
Number of Restricted Stock Units | 6,600 | ||
Vesting Date 2 [Member] | March 6, 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Dec. 31, 2014 | ||
Number of Restricted Stock Units | 6,600 | ||
Vesting Date 2 [Member] | March 8, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Dec. 31, 2013 | ||
Number of Restricted Stock Units | 6,600 | ||
Vesting Date 2 [Member] | June 05, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Jun. 5, 2015 | ||
Number of Restricted Stock Units | 1,142 | ||
Vesting Date 2 [Member] | December 31, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Dec. 31, 2015 | ||
Number of Restricted Stock Units | 22,735 | ||
Vesting Date 3 [Member] | January 1, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Jan. 1, 2018 | ||
Number of Restricted Stock Units | 35,057 | ||
Vesting Date 3 [Member] | March 4, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Dec. 31, 2016 | ||
Number of Restricted Stock Units | 6,600 | ||
Vesting Date 3 [Member] | March 6, 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Dec. 31, 2015 | ||
Number of Restricted Stock Units | 6,800 | ||
Vesting Date 3 [Member] | March 8, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Dec. 31, 2014 | ||
Number of Restricted Stock Units | 6,800 | ||
Vesting Date 3 [Member] | June 05, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Jun. 5, 2016 | ||
Number of Restricted Stock Units | 1,142 | ||
Vesting Date 3 [Member] | December 31, 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Date | Dec. 31, 2016 | ||
Number of Restricted Stock Units | 23,423 |
Equity - Restricted Stock Units
Equity - Restricted Stock Units Outstanding (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Outstanding on January 1, | 85,384 | 142,851 | 109,750 |
Issued | 145,979 | 34,292 | 114,821 |
Vested and issued | (87,923) | (80,261) | (69,906) |
Vested—issued and repurchased for income tax withholding | (12,518) | (8,853) | (4,414) |
Forfeited | (12,149) | (2,645) | (7,400) |
Outstanding on December 31 | 118,773 | 85,384 | 142,851 |
Recent Accounting Guidance - Ad
Recent Accounting Guidance - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Adjustments For New Accounting Principle Early Adoption [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Reclassification of current deferred tax assets to deferred tax liabilities | $ 2,951 |
Transactions between the Com149
Transactions between the Company and Related Parties - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 16, 2014 | Dec. 31, 2013 | |
Lift Ventures LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Unconsolidated equity investment ownership percentage | 25.00% | |||
Accounts receivable | $ 41 | |||
Accounts payable | 244 | |||
Equity Method Investee [Member] | Lift Ventures LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Unconsolidated equity investment ownership percentage | 25.00% | |||
LiftMaster [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accounts receivable | $ 2 | $ 6 | ||
Accounts payable | 1 | 0 | ||
SL Industries, Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accounts receivable | 157 | 16 | 7 | |
Accounts payable | 150 | 519 | 796 | |
BGI USA, Inc. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accounts payable | 2 | 1 | $ 6 | |
Minority Shareholders [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accounts receivable | 388 | 8,609 | ||
Accounts payable | 1,413 | 0 | ||
Minority Shareholders [Member] | Distribution And Marketing Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Service expenses | 1,960 | 216 | ||
Minority Shareholders [Member] | Service Agreements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Service expenses | $ 1,472 | $ 90 |
Transactions between the Com150
Transactions between the Company and Related Parties - Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Related Party Transaction [Line Items] | ||||
Total Sales | $ 70 | $ 191 | $ 53 | |
Inventory [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total Purchases | 5,639 | 5,408 | 5,523 | |
Bridgeview Facility [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rent paid | [1] | 256 | 256 | 251 |
SL Industries, Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total Sales | 60 | 6 | 43 | |
SL Industries, Ltd [Member] | Inventory [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total Purchases | 4,470 | 5,364 | 5,337 | |
BGI USA, Inc. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total Sales | 3 | |||
BGI USA, Inc. [Member] | Inventory [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total Purchases | 7 | 43 | 165 | |
LiftMaster [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total Sales | [2] | 7 | 185 | 10 |
LiftMaster [Member] | Inventory [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total Purchases | [2] | 46 | $ 1 | $ 21 |
Lift Ventures LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total Purchases | $ 1,116 | |||
[1] | The Company leases its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Chairman and CEO. Pursuant to the terms of the lease, the Company makes monthly lease payments of $22. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The lease will expire on June 30, 2020 and has a provision for six one year extension periods. The lease contains a rental escalation clause under which annual rent is increased during the initial lease term by the lesser of the increase in the Consumer Price Increase or 2.0%. Rent for any extension period shall however, be the then-market rate for similar industrial buildings within the market area. The Company has the option, to purchase the building by giving the Landlord written notice at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The Landlord can require the Company to purchase the building if a change of Control Event, as defined in the agreement occurs by giving written notice to the Company at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The purchase price regardless whether the purchase is initiated by the Company or the landlord will be the Fair Market Value as of the closing date of said sale | |||
[2] | The Company provides parts and services to LiftMaster, Inc. LiftMaster is a rental company that rents and services rough terrain forklifts. LiftMaster is owned by a relative of an Officer of Manitex Liftking, ULC |
Transactions between the Com151
Transactions between the Company and Related Parties - Related Party Transactions (Parenthetical) (Detail) - Bridgeview Facility [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)ft² | |
Related Party Transaction [Line Items] | |
Lease of Bridgeview Facility | ft² | 40,000 |
Monthly lease payments | $ | $ 22 |
Maximum rental escalation | 2.00% |
Extended lease expiration date | Jun. 30, 2020 |
Provision for lease extension periods | Six one year |
Notice period prior to expiration of lease | 180 days |
Rental escalation clause | Annual rent is increased during the initial lease term by the lesser of the increase in the Consumer Price Increase or 2.0%. |
Transactions between the Com152
Transactions between the Company and Related Parties - Summary of Notes Payable to Related Parties (Detail) - Terex Corporation Note Payable [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Crane and Schaeff [Member] | |
Related Party Transaction [Line Items] | |
Note payable | $ 250 |
ASV Inc [Member] | |
Related Party Transaction [Line Items] | |
Note payable | 1,594 |
Convertible Notes Payable [Member] | |
Related Party Transaction [Line Items] | |
Note payable | $ 6,737 |
Transactions between the Com153
Transactions between the Company and Related Parties - Summary of Sales to and Purchase from Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Sales to Terex | $ 70 | $ 191 | $ 53 |
ASV Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to Terex | 2,472 | 108 | |
Purchases from Terex | $ 9,495 | $ 9 |
Legal Proceedings and Other 154
Legal Proceedings and Other Contingencies - Additional Information (Detail) | May. 05, 2011AgreementPlaintiff | Dec. 31, 2015USD ($)Installment |
Loss Contingencies [Line Items] | ||
Workmen's compensation insurance policy per claim deductible | $ 250,000 | |
Number of settlement agreements | Agreement | 2 | |
Number of plaintiff | Plaintiff | 2 | |
Remaining obligation to pay product liability settlement to plaintiffs | $ 1,520,000 | |
Number of installments for the payment of product liability settlement | Installment | 16 | |
Annual installment amount | $ 95,000 | |
Settlement agreements date | May 5, 2011 | |
Settlement payment terms | The Company has a remaining obligation under the agreements to pay the plaintiffs $1,520 without interest in 16 annual installments of $95 on or before May 22 each year. | |
Estimated Reserve for Product Liability Claims, change in period | 12 months | |
Fiscal Year 2012 [Member] | ||
Loss Contingencies [Line Items] | ||
Maximum workmen's compensation insurance policy aggregate | $ 1,000,000 | |
Fiscal Year 2013 [Member] | ||
Loss Contingencies [Line Items] | ||
Maximum workmen's compensation insurance policy aggregate | 1,150,000 | |
Fiscal Year 2014 [Member] | ||
Loss Contingencies [Line Items] | ||
Maximum workmen's compensation insurance policy aggregate | 1,325,000 | |
Fiscal Year 2015 [Member] | ||
Loss Contingencies [Line Items] | ||
Maximum workmen's compensation insurance policy aggregate | 1,875,000 | |
Fiscal Year 2016 [Member] | ||
Loss Contingencies [Line Items] | ||
Maximum workmen's compensation insurance policy aggregate | 1,575,000 | |
ASV Inc [Member] | ||
Loss Contingencies [Line Items] | ||
Product liability insurance self insurance retention amount | 4,000,000 | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Product liability insurance self insurance retention amount | 50,000 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Product liability insurance self insurance retention amount | $ 500,000 |
Quarterly Financial Data - Summ
Quarterly Financial Data - Summarized Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 93,491 | $ 91,691 | $ 100,513 | $ 101,042 | $ 62,299 | $ 60,687 | $ 64,926 | $ 59,252 | $ 386,737 | $ 247,164 | $ 229,820 |
Gross Profit | 15,199 | 17,395 | 18,910 | 18,002 | 12,283 | 10,242 | 13,325 | 11,599 | 69,506 | 47,449 | 45,737 |
Net (loss) income from continuing operations attributable to shareholders of Manitex International,Inc. | (3,856) | (45) | 100 | (231) | 682 | 1,761 | 3,516 | 2,279 | |||
Net income(loss) from discontinued operations | (1,639) | 254 | 38 | 7 | (210) | 7 | (530) | (402) | $ (1,340) | $ (1,135) | $ (1,124) |
Net (loss) income attributable to shareholders of Manitex International, Inc. | $ (5,495) | $ 209 | $ 138 | $ (224) | $ 472 | $ 1,768 | $ 2,986 | $ 1,877 | |||
Earnings Per Share Basic | |||||||||||
(Loss) Earnings from continuing operations attributable to shareholders of Manitex International, Inc. | $ (0.24) | $ 0 | $ 0.01 | $ (0.01) | $ 0.05 | $ 0.13 | $ 0.25 | $ 0.17 | |||
Earnings (loss) from discontinued operations attributable to shareholders of Manitex International, Inc. | (0.10) | 0.02 | 0 | 0 | (0.02) | 0 | (0.04) | (0.03) | |||
(Loss) Earnings attributable to shareholders of Manitex International, Inc. | (0.34) | 0.01 | 0.01 | (0.01) | 0.03 | 0.13 | 0.22 | 0.14 | |||
Earnings Per Share Diluted | |||||||||||
(Loss) Earnings from continuing operations attributable to shareholders of Manitex International, Inc. | (0.24) | 0 | 0.01 | (0.01) | 0.05 | 0.13 | 0.25 | 0.16 | |||
Earnings (loss) from discontinued operations attributable to shareholders's of Manitex International, Inc. | (0.10) | 0.02 | 0 | 0 | (0.01) | 0 | (0.04) | (0.03) | |||
(Loss) 'Earnings attributable to shareholders of Manitex International, Inc. | $ (0.34) | $ 0.01 | $ 0.01 | $ (0.01) | $ 0.03 | $ 0.13 | $ 0.22 | $ 0.14 | |||
Basic | 16,015,219 | 16,014,594 | 16,014,059 | 15,836,423 | 13,980,142 | 13,822,918 | 13,822,383 | 13,807,312 | 15,970,074 | 13,858,189 | 12,671,205 |
Diluted | 16,015,219 | 16,014,594 | 16,031,011 | 15,836,423 | 14,029,205 | 13,873,157 | 13,874,289 | 13,840,506 | 15,970,074 | 13,904,289 | 12,717,575 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 28, 2015 | Dec. 31, 2015 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Proceeds from the sale of discontinued operations | $ 6,525 | |
Discontinued operation, pre-tax loss on disposal of discontinued operation | (2,142) | |
Discontinued operation, transaction expense | $ 720 | |
Load King LLC [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Proceeds from the sale of discontinued operations | $ 6,525 | |
Discontinued operation, pre-tax loss on disposal of discontinued operation | (1,422) | |
Discontinued operation, transaction expense | 720 | |
Discontinued operation, tax benefit from loss on disposal of discontinued operation | $ (764) |
Discontinued Operations - Summa
Discontinued Operations - Summary of Major Classes of Assets and Liabilities of Discontinued Operations on Consolidated Balance Sheet (Detail) $ in Thousands | Dec. 31, 2014USD ($) |
Current assets | |
Cash | $ 2 |
Trade receivables (net) | 2,422 |
Other receivables | (237) |
Inventory, net | 5,977 |
Prepaid expense and other | 42 |
Total current assets of discontinued operations | 8,206 |
Total fixed assets (net) | 2,796 |
Intangible assets (net) | 671 |
Other long-term assets | 10 |
Total assets of discontinued operations | 11,683 |
Current liabilities | |
Notes payable—short term | 119 |
Accounts payable | 1,893 |
Accrued expenses | 413 |
Total current liabilities of discontinued operations | 2,425 |
Long-term liabilities | |
Notes payable | 1,665 |
Total long-term liabilities of discontinued operations | 1,665 |
Total liabilities of discontinued operations | $ 4,090 |
Discontinued Operations - Su158
Discontinued Operations - Summary of Loss From Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||
Net revenues | $ 18,432 | $ 16,917 | $ 15,251 | ||||||||
Cost of sales | 16,027 | 16,102 | 14,512 | ||||||||
Research and development costs | 464 | 459 | 604 | ||||||||
Selling, general and administrative expenses | 1,546 | 1,894 | 1,627 | ||||||||
Interest expense | 345 | 373 | 445 | ||||||||
Other income | 9 | ||||||||||
Income (Loss) from discontinued operations before income taxes | 59 | (1,911) | (1,937) | ||||||||
Loss from operations of discontinued operations, including loss on disposal | (2,142) | ||||||||||
Total loss on discontinued operations before income taxes | (2,083) | (1,911) | (1,937) | ||||||||
Income tax (benefit) related to discontinued operations | (743) | (776) | (813) | ||||||||
Loss on discontinued operations | $ (1,639) | $ 254 | $ 38 | $ 7 | $ (210) | $ 7 | $ (530) | $ (402) | $ (1,340) | $ (1,135) | $ (1,124) |
Discontinued Operations - Su159
Discontinued Operations - Summary of Loss From Discontinued Operations (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued operation, transaction expense | $ 720 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Comerica Bank and Fifth Third Bank [Member] | Mar. 07, 2016USD ($) |
Revolving Term Credit Facility [Member] | |
Subsequent Event [Line Items] | |
Maximum borrowing capacity | $ 35,000,000 |
Term Loan [Member] | |
Subsequent Event [Line Items] | |
Maximum borrowing capacity | $ 950,000 |