Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MNTX | |
Entity Registrant Name | Manitex International, Inc. | |
Entity Central Index Key | 1,302,028 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 16,125,661 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash | $ 3,929 | $ 8,578 |
Trade receivables (net) | 86,285 | 63,388 |
Accounts receivable from related party | 769 | 388 |
Other receivables | 4,745 | 3,254 |
Inventory (net) | 120,188 | 119,269 |
Deferred tax asset | 2,951 | 2,951 |
Prepaid expense and other | 4,218 | 4,872 |
Total current assets | 223,085 | 202,700 |
Total fixed assets (net) | 41,775 | 41,985 |
Intangible assets (net) | 70,166 | 70,629 |
Goodwill | 81,572 | 80,089 |
Other long-term assets | 1,819 | 1,704 |
Non-marketable equity investment | 5,713 | 5,752 |
Total assets | 424,130 | 402,859 |
Current liabilities | ||
Notes payable—short term | 40,327 | 30,323 |
Revolving credit facilities | 2,392 | 1,795 |
Current portion of capital lease obligations | 866 | 1,004 |
Accounts payable | 65,334 | 62,137 |
Accounts payable related parties | 1,899 | 1,611 |
Accrued expenses | 20,842 | 21,053 |
Other current liabilities | 2,779 | 2,113 |
Total current liabilities | 134,439 | 120,036 |
Long-term liabilities | ||
Revolving term credit facilities | 51,372 | 46,097 |
Notes payable (net) | 61,685 | 66,340 |
Capital lease obligations | 5,751 | 5,850 |
Convertible note related party (net) | 6,770 | 6,737 |
Convertible note (net) | 13,972 | 13,923 |
Deferred gain on sale of property | 1,145 | 1,288 |
Deferred tax liability | 4,593 | 4,525 |
Other long-term liabilities | 7,858 | 7,763 |
Total long-term liabilities | 153,146 | 152,523 |
Total liabilities | $ 287,585 | $ 272,559 |
Commitments and contingencies | ||
Equity | ||
Preferred Stock—Authorized 150,000 shares, no shares issued or outstanding at March 31, 2016 and December 31, 2015 | ||
Common Stock—no par value 25,000,000 shares authorized, 16,125,661 and 16,072,100 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | $ 93,678 | $ 93,186 |
Paid in capital | 2,531 | 2,630 |
Retained earnings | 18,048 | 16,588 |
Accumulated other comprehensive loss | (3,323) | (5,392) |
Equity attributable to shareholders of Manitex International, Inc. | 110,934 | 107,012 |
Equity attributable to noncontrolling interest | 25,611 | 23,288 |
Total equity | 136,545 | 130,300 |
Total liabilities and equity | $ 424,130 | $ 402,859 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 16,125,661 | 16,072,100 |
Common Stock, shares outstanding | 16,125,661 | 16,072,100 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net revenues | $ 102,361 | $ 101,042 |
Cost of sales | 83,916 | 83,040 |
Gross profit | 18,445 | 18,002 |
Operating expenses | ||
Research and development costs | 1,489 | 1,101 |
Selling, general and administrative expenses | 13,599 | 14,851 |
Total operating expenses | 15,088 | 15,952 |
Operating income | 3,357 | 2,050 |
Other income (expense) | ||
Interest expense | (3,113) | (2,844) |
Foreign currency transaction (loss) gain | (537) | 945 |
Other income (expense) | 2,182 | (18) |
Total other expense | (1,468) | (1,917) |
Income before income taxes and loss in non-marketable equity interest from continuing operations | 1,889 | 133 |
Income tax expense from continuing operations | 517 | 31 |
Loss in non-marketable equity interest, net of taxes | (39) | (39) |
Net income from continuing operations | 1,333 | 63 |
Discontinued operations | ||
Income from operations of discontinued operations | 10 | |
Income tax expense | 3 | |
Income on discontinued operations | 7 | |
Net income | 1,333 | 70 |
Net loss (income) attributable to noncontrolling interest | 127 | (294) |
Net income (loss) attributable to shareholders of Manitex International, Inc. | $ 1,460 | $ (224) |
Earnings (loss) Per Share Basic | ||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | $ 0.09 | $ (0.01) |
Earnings (loss) attributable to shareholders of Manitex International, Inc. | 0.09 | (0.01) |
Earnings (loss) Per Share Diluted | ||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | 0.09 | (0.01) |
Earnings (loss) attributable to shareholders of Manitex International, Inc. | $ 0.09 | $ (0.01) |
Weighted average common shares outstanding | ||
Basic | 16,105,601 | 15,836,423 |
Diluted | 16,105,982 | 15,836,423 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 1,333 | $ 70 |
Other comprehensive income (loss) | ||
Foreign currency translation adjustments | 2,069 | (4,043) |
Total other comprehensive income (loss) | 2,069 | (4,043) |
Comprehensive income (loss) | 3,402 | (3,973) |
Comprehensive income (loss) attributable to noncontrolling interest | 127 | (294) |
Total comprehensive income (loss) attributable to shareholders of Manitex International, Inc. | $ 3,529 | $ (4,267) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 1,333 | $ 70 |
Adjustments to reconcile net income to cash used for operating activities: | ||
Depreciation and amortization | 3,110 | 2,818 |
Changes in allowances for doubtful accounts | 312 | 82 |
Changes in inventory reserves | 305 | 14 |
Deferred income taxes | (16) | (85) |
Amortization of deferred debt issuance costs | 321 | 323 |
Amortization of debt discount | 143 | 180 |
Change in value of interest rate swaps | (386) | |
Loss in non-marketable equity interest | 39 | 39 |
Share-based compensation | 285 | 573 |
Adjustment to deferred gain on sales and lease back | (118) | |
Gain on disposal of assets | (2,170) | (8) |
Reserves for uncertain tax provisions | 16 | 4 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (23,108) | 1,181 |
(Increase) decrease in inventory | (2,895) | (3,326) |
(Increase) decrease in prepaid expenses | 688 | (3,231) |
(Increase) decrease in other assets | 77 | (147) |
Increase (decrease) in accounts payable | 1,819 | 2,693 |
Increase (decrease) in accrued expense | (749) | (14) |
Increase (decrease) in income tax payable on ASV conversion | (16,500) | |
Increase (decrease) in other current liabilities | 561 | 128 |
Increase (decrease) in other long-term liabilities | (127) | (338) |
Discontinued operations - cash provided by operating activities | 163 | |
Net cash used for operating activities | (20,560) | (15,381) |
Cash flows from investing activities: | ||
Acquisition of business, net of cash acquired | (18,991) | |
Proceeds from the sale of fixed assets | 11 | |
Proceeds from the sale of intellectual property | 2,205 | |
Purchase of property and equipment | (370) | (532) |
Investment in intangibles other than goodwill | (19) | |
Investment received from noncontrolling interest | 2,450 | |
Net cash provided by (used for) investing activities | 4,266 | (19,512) |
Cash flows from financing activities: | ||
Borrowing on revolving term credit facilities | 5,295 | 5,313 |
Net borrowings on working capital facilities | 9,318 | 3,177 |
New borrowings—convertible notes | 15,000 | |
New borrowings—term loan | 14,000 | |
New borrowings—other | 701 | 4,323 |
Debt issuance costs incurred | (394) | (1,089) |
Note payments | (7,359) | (3,118) |
Shares repurchased for income tax withholding on share-based compensation | (42) | |
Proceeds from sale and lease back (Note 13) | 4,080 | |
Payments on capital lease obligations | (238) | (358) |
Discontinued operations - cash used for financing activities | (29) | |
Net cash provided by financing activities | 11,361 | 37,219 |
Net increase (decrease) in cash and cash equivalents | (4,933) | 2,326 |
Effect of exchange rate changes on cash | 284 | (1,118) |
Cash and cash equivalents at the beginning of the year | 8,578 | 4,370 |
Cash and cash equivalents at end of period | $ 3,929 | $ 5,578 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2016 | |
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, S.p.A (“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. 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. The Valla product line 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. Manitex Sabre, Inc.(“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 A.S.V., LLC (“ASV”) 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. The Company has 51% ownership interest in ASV. Equipment Distribution Segment The Equipment Distribution segment 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. Discontinued Operations Manitex Load King, LLC (“Load King”) manufactured specialized custom trailers and hauling systems typically used for transporting heavy equipment. Load King trailers served niche markets in the commercial construction, railroad, military and equipment rental industries through a dealer network. Load King was sold on December 28, 2015 and is presented as a discontinued operation. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The accompanying consolidated financial statements, included herein, have been prepared by the Company without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in financial statements which are prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals, except as otherwise disclosed) necessary for a fair presentation of the Company’s financial position as of March 31, 2016, and results of its operations and cash flows for the periods presented. The consolidated balances as of December 31, 2015 were derived from audited financial statements but do not include all disclosures required by generally accepted accounting principles. The accompanying consolidated financial statements have been prepared in accordance with accounting standards for interim financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The results of operations for the interim periods are not necessarily indicative of the results of operations expected for the year. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at the amounts the Company’s customers are invoiced and do not bear interest. Accounts Receivable is reduced by an allowance for amounts that may become uncollectible in the future. The Company’s estimate for the allowance for doubtful accounts related to trade receivables includes evaluation of specific accounts where the Company has information that the customer may have an inability to meet its financial obligations. The Company had allowances for doubtful accounts of $580 and $240 at March 31, 2016 and December 31, 2015, respectively. Inventory Valuation 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. 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. Revenue Recognition Revenue and related costs are recognized when title passes and risk of loss passes 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. 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. 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 make an estimate of the amount of liability based, in part, on the advice of legal counsel. Income Taxes The Company’s provision for income taxes consists of U.S. and foreign taxes in amounts necessary to align the Company’s year-to-date tax provision with the effective rate that the Company expects to achieve for the full year. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. The effective tax rate is based upon the Company’s anticipated earnings both in the U.S. and in foreign jurisdictions. 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 stockholder’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 subsidiaries. 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. 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. PM Group and Columbia Tank results are included in the Company’s results from their respective dates of acquisition of January 15, 2015 and March 12, 2015. Reclassification Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current year’s presentation. In conjunction with the adoption of new accounting standards, certain debt issuance costs for the three months ended March 31, 2016 as well as certain amounts as of December 31, 2015, have been reclassified to conform to the current year’s presentation. PM historically grouped all operating expenses and did not classify them as either cost of sales or as selling, general and administrative expenses. For the quarter ending March 31, 2015, operating expenses were classified as either cost of sales or selling, general and administrative expense. This classification was based on the information that was available at the time. Subsequent to first quarter 2015, PM has refined the calculation and has determined that $1,710 of expense classified as selling, general and administrative expense should have been included in cost of sales in the first quarter of 2015. For the quarter ended March 31, 2015 employee severance expense of $344 was included in other expense. The aforementioned amounts have to been reclassified and are included in selling, general and administrative expenses for the three months ended March 31, 2015. For the quarter ended March 31, 2015 gains on interest rate swaps of $354 were included in other expense. The aforementioned amounts have to been reclassified and are included as a component of interest expense for the three months ended March 31, 2015. Supplemental Cash Flow Disclosures Interest received and paid, income tax refunds received and income taxes paid and non-cash transactions for the periods ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Interest received in cash — — Interest paid in cash 3,033 2,341 Income tax (refunds) payments in cash (1,142 ) 954 Non cash transactions Issuance of common stock in connection with Terex note repayment (Note 7) 150 — Issuance of stock in connection with PM acquisition (Note 3) — 10,124 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions PM Group On July 21, 2014 Manitex International, Inc. (the “Company”) entered into a series of agreements to acquire PM Group 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: Cash € 17,142 $ 20,312 994,483 shares of Manitex International, Inc. 8,710 10,124 Total purchase consideration € 25,852 $ 30,436 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 Company engaged a valuation expert and a tax advisor to provide guidance and assistance to management which was considered and in part relied upon in completing its purchase price allocation. The excess of the purchase price over the aggregate estimated fair value of net assets acquired was allocated to goodwill. The following table summarizes the revised allocation of the PM 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 2 2 Accounts payable (22,020 ) (26,026 ) Accrued expenses and accruals (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 (51,067 ) (60,358 ) 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 borrowing 18,827 22,252 Interest rate swap derivative contract 1,720 2,033 Debt issuance costs (1,265 ) (1,495 ) Total assumed non-recourse debt € 51,067 $ 60,358 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. Columbia Tanks On March 12, 2015 the Company’s subsidiary, Manitex Sabre, entered into an inventory purchase agreement and an equipment purchase agreement with Columbia Tanks LLC, an Indiana company and J.F. Henry, the “Member”, for the purchase of inventory and used manufacturing equipment. In a separate agreement with F.H. Associates, the Company entered into a three year lease of a 99,000 square foot manufacturing facility at an annual rent commencing at $240 per annum and increasing to $270 and $300 for the second and third years, respectively. The lease is renewable after three years at the Company’s option. The fair value of the purchase consideration was $1,214 in total as shown below: Cash $ 400 Seller notes 814 Total purchase consideration $ 1,214 Seller Note . In connection with the inventory and equipment purchases, the Company issued two non-interest bearing notes for $450 and $390 that mature on August 31, 2016 and May 31, 2016, respectively. The fair value of Inventory Note and the Equipment Note was determined to be $436 and $378. 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. 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 purchase price allocation is preliminary and is subject to final review of inventory, fixed assets and related intangibles. The following table summarizes the allocation of the Columbia acquisition consideration to the fair value of the assets acquired: Purchase price allocation: Inventory $ 686 Equipment 528 $ 1,214 Tangible and Intangible Assets and Liabilities: The tangible assets were valued at their respective purchase price. Management has determined that the amount paid to acquire the assets approximates the fair value of the assets acquired. |
Financial Instruments-Forward C
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts | 4. Financial Instruments—Forward Currency Exchange Contracts and Interest Rate Swap Contracts The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring and nonrecurring basis as of March 31, 2016 and December 31, 2015 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 summary of items that the Company measures at fair value on a recurring basis except as noted: Fair Value at March 31, 2016 Level 1 Level 2 Level 3 Total Asset Forward currency exchange contracts $ — $ 301 $ — $ 301 Total current assets at fair value $ — $ 301 $ — $ 301 Liabilities: Forward currency exchange contracts $ — $ 114 $ — $ 114 Interest rate swap contracts — 836 — 836 PM contingent liabilities — — 1,245 1,245 Valla contingent consideration — — 208 208 Total recurring long-term liabilities at fair value $ — $ 950 $ 1,453 $ 2,403 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 14) (nonrecurring) — 14,286 — 14,286 Valla contingent consideration — — 199 199 Total liabilities at fair value $ — $ 15,537 $ 1,386 $ 16,923 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. |
Derivatives Financial Instrumen
Derivatives Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives Financial Instruments | 5. Derivatives Financial Instruments 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 dollar, Euro, Chilean Peso and the U.S. dollar. Forward Currency Contracts 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 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 Income in the other income expense section on the line titled foreign currency transaction gains (losses). 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 due from the Company’s Canadian and Italian subsidiaries. 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 March 31, 2016, 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 losses which will be reclassified from other comprehensive income into earnings during the next 12 months. At March 31, 2016, the Company had entered into two forward currency exchange contracts. The contracts obligates the Company to purchase approximately CDN $2,060. The first contract for CDN$125 matures on May 10, 2016. Under the contract, the Company will purchase Canadian dollars at an exchange rate of $0.7225. The second contract for CDN$1,935 matures on May 26, 2016. Under the contract, the Company will purchase Canadian dollars at an exchange rate of $0.7752. The Canadian to US dollar exchange rates was $0.7700 at March 31, 2016. At March 31, 2016, the Company had forward currency contracts to sell Euros. The contracts obligate the Company to sell €1,100 in total. The contracts, which are in various amounts, mature between April 29, 2016 and July 1, 2016. The Company’s PM Group has an intercompany receivable denominated in Euros from its Chilean subsidiary. At March 31, 2016, the Company has entered into two forward contracts that mature on July 11, 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 €2,096 at $1.0912. The second contract obliges the Company to sell 1,700,000 Chilean pesos at an exchange rate of 743.25 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 contract 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 March 16, 2016), 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. As of March 31, 2016, the Company had the following forward currency contracts and interest rate swaps: Nature of Derivative Currency Amount Type Forward currency purchase contract Canadian dollar 2,060 Not designated as hedge instrument Forward currency sales contracts Euro 1,100 Not designated as hedge instrument Forward currency purchase contract Euro 2,096 Not designated as hedge instrument Forward currency sales contracts Chilean peso 1,700,000 Not designated as hedge instrument Interest rate swap contracts Euro 20,000 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 Sheets as of March 31, 2016 and December 31, 2015: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location March 31, 2016 December 31, 2015 Asset Derivatives Foreign currency exchange contract Prepaid expense and other $ 301 $ 600 Liabilities Derivatives Foreign currency exchange contract Accrued expense $ 114 $ 74 Interest rate swap contracts Notes payable 836 1,177 Total liabilities $ 950 $ 1,251 The following tables provide the effect of derivative instruments on the Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015: Gain or (loss) Location of gain or (loss) recognized in Income Statement Three Months Ended March 31, 2016 2015 Derivatives Not designated as Hedge Instrument Forward currency contracts Foreign currency transaction (losses) $ (123 ) $ (187 ) Interest rate swap contracts Interest expense 386 354 $ 263 $ 167 The Counterparty to each of the currency exchange forward contracts is a major financial institution with credit ratings of investment grade or better and no collateral is required. Management continues to monitor counterparty risk and believes the risk of incurring losses on derivative contracts related to credit risk is unlikely. |
Net Earnings (Loss) per Common
Net Earnings (Loss) per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) per Common Share | 6. Net Earnings (Loss) 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 convertible debt and restricted stock units. Details of the calculations are as follows: Three Months Ended March 31, 2016 2015 Net income (loss) attributable to shareholders of Manitex International, Inc. Net income from continuing operations $ 1,333 $ 63 Less: loss (income) attributable to noncontrolling interest 127 (294 ) Net income (loss) from continuing operations attributable to shareholders of Manitex International, Inc. 1,460 (231 ) Income from operations of discontinued operations, net of income taxes — 7 Income (loss) on sale of discontinued operations , net of income tax benefit — — Net income (loss) attributable to shareholders of Manitex International, Inc. $ 1,460 $ (224 ) Earnings (loss) per share Basic Earnings (loss) from continuing operations attributable to shareholders' of Manitex International, Inc. $ 0.09 $ (0.01 ) Income (loss) from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ — Income (loss) on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ — Income (loss) earnings attributable to shareholders of Manitex International, Inc. $ 0.09 $ (0.01 ) Diluted Income (loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ 0.09 $ (0.01 ) Income (loss) from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ — Income (loss) on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ — Income (loss) earnings attributable to shareholders of Manitex International, Inc. $ 0.09 $ (0.01 ) Weighted average common shares outstanding Basic 16,105,601 15,836,423 Diluted Basic 16,105,601 15,836,423 Dilutive effect of warrants — — Dilutive effect of restricted stock units 381 — 16,105,982 15,836,423 There are 268,177 and 201,695 restricted stock units which are anti-dilutive and therefore not included in the average number of diluted shares shown above for the three months ended March 31, 2016 and 2015, respectively. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Equity | 7. Equity Stock Issuance Shares issued to Terex Corporation On March 1, 2016, the Company issued 30,425 shares of common stock to the Terex Corporation as the Company elected to pay $150 of the final principal payment due March 1, 2016 in shares of the Company’s common stock. The share price for the transaction was $4.93 which was determined based upon the average closing price for the twenty trading days ending the day before the payment was due. Stock issued to employees and Directors The Company issued shares of common stock to employees and Directors 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 period: Date of Issue Employees or Director Shares Issued Value of Shares Issued January 1, 2016 Directors 4,290 $ 26 January 1, 2016 Employees 25,920 154 30,210 $ 180 On March 13, 2015, the Company paid a portion of officers and employee 2014 bonuses in stock. This resulted in an issuance of 22,868 shares with an aggregate value of $212. Upon issuance, the Company’s common stock was increased by $212 and the bonus accrual was decreased by a corresponding amount. Stock Repurchase On January 1, 2016, the Company purchased 7,074 shares of Common Stock from certain employees at $5.95 per share the closing price on that date. The stock was purchased from the employees to satisfy employees’ withholding tax obligations related to stock issued on January 1, 2016. Common stock was decreased by $42 , the value of the shares purchased. 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 and May 28, 2009. 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 183,850 restricted stock units to employees and directors on January 4, 2016. 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. The following table contains information regarding restricted stock units: March 31, 2016 Outstanding on January 1, 2016 118,773 Units granted during the period 183,850 Vested and issued (30,210 ) Forfeited (3,594 ) Outstanding on March 31, 2016 268,819 On January 4, 2016, the Company granted an aggregate of 23,250 restricted stock units to five independent Directors pursuant to the Company’s 2004 Equity Incentive Plan. Restricted stock units of 7,673, 7,673 and 7,904 vest on January 4, 2017, 2018 and 2019, respectively. On January 4, 2016, the Company granted 160,600 restricted stock units to employees pursuant to the Company’s 2004 Equity Incentive Plan. Restricted stock units of 52,998, 52,998 and 54,604 vest on January 4, 2017, 2018 and 2019, respectively. The value of the restricted stock is being charged to compensation expense over the vesting period. Compensation expense includes expense related to restricted stock units of $285 and $362 for the three months March 31, 2016 and 2015, respectively. Additional compensation expense related to restricted stock units will be $847, $743 and $370 |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 8. New Accounting Pronouncements Recently Issued Pronouncements 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. In August 2015, the FASB issued ASU 2015-14, deferral of the effective date, which amends ASU 2014-09. As a result, the effective date is the first quarter of 2018, with early adoption permitted. The Company is evaluating the impact that adoption of this guidance will have on the determination or reporting of its 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 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 ASU 2016-02, “Leases (Topic 842),” (“ASU 2016-02”) requires lessees to recognize assets and liabilities for leases with lease terms of more than 12 months and disclose key information about leasing arrangements. 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. The Company is in the process of evaluating the impact of this update on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-05, “Derivatives and Hedging (Topic 815),” (“ASU 2016-05”). ASU 2016-05 provides guidance clarifying that novation of a derivative contract (i.e. a change in counterparty) in a hedge accounting relationship does not, in and of itself, require designation of that hedge accounting relationship. The effective date will be the first quarter of fiscal year 2017, with early adoption permitted. Adoption is not expected to have a material effect on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-06, “Derivatives and Hedging (Topic 815),” (“ASU 2016-06”). ASU 2016-06 simplifies the embedded derivative analysis for debt instruments containing contingent call or put options by clarifying that an exercise contingency does not need to be evaluated to determine whether it relates to interest rates and credit risk in an embedded derivative analysis. The effective date will be the first quarter of fiscal year 2017, with early adoption permitted. Adoption is not expected to have a material effect on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” (“ASU 2016-08”). ASU 2016-08 further clarifies principal and agent relationships within ASU 2014-09. Similar to ASU 2014-09, the effective date will be the first quarter of fiscal year 2018 with early adoption permitted in the first quarter of fiscal year 2017. The Company is evaluating the impact that adoption of this new standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting,” (“ASU 2016-09”). ASU 2016-09 is intended to simplify several aspects of accounting for share-based payment awards. The effective date will be the first quarter of fiscal year 2017, with early adoption permitted. The Company is evaluating the impact that adoption of this new standard will have on its consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing,” (“ASU 2016-10”). The amendments in ASU 2016-10 are expected to reduce the cost and complexity of applying the guidance on identifying promised goods or services in contracts with customers and to improve the operability and understandability of licensing implementation guidance related to the entity's intellectual property. Similar to ASU 2014-09, the effective date will be the first quarter of fiscal year 2018 with early adoption permitted in the first quarter of fiscal year 2017. The Company is evaluating the impact that adoption of this new standard will have on its 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. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory | 9. Inventory The components of inventory are as follows: March 31, 2016 December 31, 2015 Raw materials and purchased parts, net $ 85,956 $ 85,048 Work in process 7,762 9,657 Finished goods 26,470 24,564 Inventory, net $ 120,188 $ 119,269 The Company has established reserves for obsolete and excess inventory of $2,075 and $1,724 as of March 31, 2016 and December 31, 2015, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 10. Goodwill and Intangible Assets March 31, 2016 December 31, 2015 Useful lives Patented and unpatented technology $ 29,731 $ 29,277 7-10 years Amortization (13,430 ) (12,631 ) Customer relationships 43,776 43,172 10-20 years Amortization (9,529 ) (8,545 ) Trade names and trademarks 22,015 21,625 25 years-indefinite Amortization (2,408 ) (2,281 ) Non-competition agreements 50 50 2-5 years Amortization (39 ) (38 ) Customer backlog 455 453 <1 year Amortization (455 ) (453 ) Total Intangible assets $ 70,166 $ 70,629 Amortization expense for intangible assets was $1,778 and $1,695 for the three months ended March 31, 2016 and 2015, respectively . Changes in goodwill for the three months ended March 31, 2016 are as follows: Lifting Equipment Segment Equipment Distribution Segment ASV Segment Total Balance January 1, 2016 $ 49,235 $ 275 $ 30,579 $ 80,089 Effect of change in exchange rates 1,483 — — 1,483 Balance March 31, 2016 $ 50,718 $ 275 $ 30,579 $ 81,572 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 11. Accrued Expenses March 31, 2016 December 31, 2015 Accounts payable: Trade $ 65,200 $ 60,339 Bank overdraft 134 1,798 Total accounts payable $ 65,334 $ 62,137 Accrued expenses: Accrued payroll $ 2,783 $ 2,443 Accrued employee benefits 913 1,053 Accrued bonuses 209 916 Accrued vacation expense 1,946 1,717 Accrued interest 397 315 Accrued commissions 463 602 Accrued expenses—other 2,455 3,536 Accrued warranty 3,615 3,564 Accrued income taxes 1,793 815 Accrued taxes other than income taxes 3,761 3,634 Accrued product liability and workers compensation claims 2,507 2,384 Accrued liability on forward currency exchange contracts — 74 Total accrued expenses $ 20,842 $ 21,053 |
Accrued Warranty
Accrued Warranty | 3 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Accrued Warranty | 12. Accrued Warranty 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. For the three months ended March 31, 2016 March 31, 2015 Balance January 1, $ 3,564 $ 3,198 Business Acquired — 843 Accrual for warranties issued during the period 882 1,031 Warranty services provided (812 ) (1,086 ) Changes in estimate (59 ) (92 ) Foreign currency translation 40 (17 ) Balance March 31, $ 3,615 $ 3,877 |
Credit Facilities and Debt
Credit Facilities and Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Credit Facilities and Debt | 13. The Company together with its U.S. and Canadian subsidiaries has a credit agreement (as amended, the“Credit Agreement”) with Comerica Bank (“Comerica”) and another lender who is a participant 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”), and (b) Senior Secured Revolving Credit Facility to the Canadian Borrower (“Canadian Revolver”). These two 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 March 31, 2016 the Company had drawn $27,789 currently 3.0% and 4.0%, 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 March 31, 2016, the maximum the Company could borrow based on available collateral was capped at $35,000. 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 Term Loan As of March 31, 2016 the Company has repaid the entire $14,000 borrowed on January 9, 2015 under the Term Loan. Canadian Revolver At March 31, 2016 the Company had drawn $6,930 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 March 31, 2016, the maximum the Company could borrow based on available collateral was $7,135. 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 March 31, 2016, 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 March 31, 2016). Any borrowings under the facility in U.S. dollars bear interest at the U.S. prime rate (prime was 3.5% At March 31, 2016, the Company had outstanding borrowing in connection with the Specialized Export Facility of $2,392. Notes Payable—Terex- 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 March 31, 2016. 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 March 31, 2016, the Inventory Note and the Equipment Note had balances of $124 and $65, respectively. Note Payable—Bank At March 31, 2016, the Company has a $512 note payable to a bank. The note dated January 5, 2016 had an original principal amount of $701 and an annual interest rate of 3.5%. Under the terms of the note the company is required to make eleven monthly payments of $65 commencing January 30, 2016. The proceeds from the note were used to pay annual premiums for certain insurance policies carried by the Company. The holder of the note has a security interest the insurance policies it financed and has the right upon default to cancel these policies and receive any unearned premiums. CVS Debt CVS Short-Term Working Capital Borrowings At March 31, 2016, CVS had established demand credit facilities with twelve At March 31, 2016, the banks had advanced CVS €8,194 ($9,333) at At March 31, 2016, the Company has guaranteed €588 ($669) Notes Payable At March 31, 2016, CVS has a €666 ($759) At March 31, 2016, CVS has a €2,363 ($2,691) note payable to a bank. The note dated March 4, 2015 had an original principal amount of €2,363 ($2,691) and an annual interest rate of 0.50% on €2,127 ($2,423) and 3.65% on the balance of €236 ($269). At March 31, 2016, CVS has a €919 ($1,046) Acquisition note—Valla In connection with the acquisition of Valla, the Company executed a note payable. At March 31, 2016, the note a balance of €79 ($90) 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 outside 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 as amended with JPMCB (“JPMCB Credit Agreement”) as the administrative agent, which loan facility includes two sub-facilities: (i) a $1,000 as amended 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 March 31, 2016, ASV had drawn $16,653 . 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 as amended 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 March 31, 2016, ASV had a remaining principal balance of $33,500 (less $2,016 debt issuance cost, for a net debt of $31,484) under the Garrison Credit Agreement. The Garrison Credit Agreement bears interest, at a one-month adjusted LIBOR rate plus a spread of between 10.5% and 11.0%. 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 11.0%. The interest rate for the period ending March 31, 2016 was 12.0%. Debt issuance costs offset against the Garrison term note totaled $2,016 at March 31, 2016 (resulting in an effective rate of 12.8%). ASV is obligated to make quarterly principal payments of $500 commencing on April 1, 2015 . 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 March 31, 2016, 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 €24,889 ($28,349) 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 March 31, 2016, the Italian banks had advanced PM Group €18,542 ($21,119), PM Group Term Loans At March 31, 2016, PM Group has a €13,766 ($15,679) 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. Debt issuance costs offset against these term loans totaled $1,286 at March 31, 2016. The first note has an outstanding principal balance of €3,901 ($4,443), is charged interest at the 6-month Euribor plus 236 basis points, effective rate of 2.32% at March 31, 2016. 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 ($5,541), 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 $1,663 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 March 31, 2016 the remaining balance was €986 or $1,123 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 March 31, 2016 PM Group has unsecured borrowings with five Italian banks totaling €13,404 ($15,267). Interest on the unsecured notes is charged at the 3-month Euribor plus 250 basis points, effective rate of 2.37% at March 31, 2016. 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 €741 ($844) 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 March 31, 2016, maturing October 2020. At March 31, 2016, the outstanding principal balance of the note was €506 ($576). 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 March 31, 2016. At March 31, 2016, the outstanding principal balance of the note was €440 ($501). PM has interest rate swaps with a fair market value at March 31, 2016 of €734 or $836 which has been included in debt. Capital leases Georgetown facility The Company leases it Georgetown facility under a capital lease that expires on April 30, 2028. The currently monthly rental payment is $62. The lease has rent escalation provision pursuant to which rent is increased commencing on September 1, 2016, and each subsequent September 1 during the term of the lease by 3% per increase. At March 31, 2016, the outstanding capital lease obligation is $5,374. Winona facility The Company had a five year lease which expired in 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 purchase of the facility is expected to be completed during 2016. At March 31, 2016, 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 with 60 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 sale 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 amounts financed under equipment capital lease agreements: Balance as of Amount Borrowed Repayment Period Amount of Monthly Payment March 31, 2016 New equipment $ 1,166 60 $ 22 $ 694 The Company has one additional capital lease. As of March 31, 2016, the capitalized lease obligation was $22. Operating leases The Company entered into three sale lease back transactions during the three months ended March 31, 2016 with total proceeds of $4,080. The equipment operating leases have 60 month terms and require monthly payments ranging from $18 to $42. |
Convertible Notes
Convertible Notes | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Notes | Note 14. 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 were 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 that is not tax deductible. As of March 31, 2016, the note had a remaining principal balance of $6,770 and an unamortized discount of $730. The difference between current unamortized discount and the $893 initially recorded represents $163 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 March 31, 2016, the note had remaining principal balance of $14,412 and an unamortized discount of $588. The difference between current unamortized discount and the $714 initially recorded represents $126 of amortization of excess discount. Debt issuance costs offset against this note totaled $440 at March 31, 2016. |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | Note 15. 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. 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 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 2012, 2013, 2014, 2015 and 2016 policy years, respectively. The Company is fully insured for any amount on any individual claim that exceeds the deductible and for any additional amounts of all claims once the aggregate is reached. The Company currently has several workmen compensation claims related to injuries that occurred after December 31, 2011 and therefore are subject to a deductible. The Company does not believe that the contingencies associated with these worker compensation claims in aggregate will have a material adverse effect on the Company. On May 5, 2011, Company entered into two separate settlement agreements with two plaintiffs. As of March 31, 2016, 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 of each year. On, February 3, 2016, the Company entered into another legal settlement with a single plaintiff for €640 ($729). The liability had been fully accrued and resulted in no gain or loss. The Company has paid €240 ($273). As of March 31, 2016 the Company has a remaining obligation under the agreement to pay the plaintiff €400 ($456) without interest in 20 monthly installments of €20 ($23). 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. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | 16. Business Segments The Company is a leading provider of engineered specialty lifting and loading products. 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 subsidiaries, the Company manufactures and distributes reach stackers and associated lifting equipment for the global container handling markets. The Valla product line 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. The Company also manufactures and markets 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 S.p.A. (“PM”). 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, S.p.A. (“O&S”), is a manufacturer of truck-mounted aerial platforms with a diverse product line and an international client base. ASV Segment 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. Equipment Distribution Segment The Equipment Distribution segment 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. PM Group results are included in the Company’s results from January 15, 2015, the date of acquisition. The following is financial information for our three operating segments, i.e., Lifting Equipment, Equipment Distribution and ASV: Three Months Ended March 31, 2016 2015 Net revenues Lifting Equipment $ 70,189 $ 66,662 Equipment Distribution 5,551 3,490 ASV 28,468 32,061 Inter-segment sales (1,847 ) (1,171 ) Total $ 102,361 $ 101,042 Operating income from continuing operations Lifting Equipment $ 4,228 $ 2,720 Equipment Distribution 154 30 ASV 1,027 1,979 Corporate expenses (2,256 ) (2,669 ) Change in inter-segment profit in inventory elimination 204 (10 ) Total operating income $ 3,357 $ 2,050 During the quarter ended March 31, 2016, the Company’s CVS subsidiary sold its terminal tractor product line to a related party. The transaction totaled €2,839 ($3,119) inclusive of VAT taxes and resulted in a gain of €1,987 ($2,212), which is included in other income on the Consolidated Statement of Operations. In connection with this transaction, CVS paid a $540 commission to the Distribution segment in connection with the transaction for services that were provided. Revenues for the Distribution segment include this commission. The Lifting segments operating expense includes an offsetting commission expense. Both aforementioned intercompany commission revenue and expense has been eliminated in the Company’s consolidated results for the three months ended March 31, 2016. Equipment segment operating earnings includes amortization The Lifting March 31, 2016 December 31, 2015 Total Assets Lifting Equipment $ 286,726 $ 265,927 Equipment Distribution 11,024 14,585 ASV 124,532 120,635 Corporate 1,848 1,712 Total $ 424,130 $ 402,859 |
Transactions between the Compan
Transactions between the Company and Related Parties | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Transactions between the Company and Related Parties | 17. 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, 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 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 Company’s 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 Manitex Liftking a wholly owned subsidiary of the Company, Manitex Liftking, ULC, and a relative of his. As of March 31, 2016 the Company had an accounts receivable of $120 from Lift Ventures, LiftMaster and SL and accounts payable of $7, $248 and $418 to BGI, Lift Ventures and SL, respectively. 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: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Rent paid Bridgeview Facility (1) $ 65 $ 65 Sales to: SL Industries, Ltd. $ 32 $ — Purchases from: Lift Ventures $ 454 $ — SL Industries, Ltd. 917 1,575 LiftMaster 1 — Total Purchases $ 1,372 $ 1,575 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. Transactions with Terex At March 31, 2016, ASV has accounts receivable due from Terex for $769 which is shown on the balance on the line titled “accounts receivable from related party” and accounts payable of $1,346 The Company has the following notes payable to Terex: March 31, December 31, 2016 2015 Note related to Crane and Schaeff acquisition $ — $ 250 Note payable related to ASV acquisition $ 1,594 $ 1,594 Convertible note, (net) $ 6,770 $ 6,737 See Note 7, Note 13 and Note 14 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: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Sales to Terex $ 867 $ 597 Purchases from Terex $ 2,092 $ 1,106 In addition to the above referenced purchases, ASV expensed $764 and $907 in connection with the Distribution and Cross Marketing Agreement for the three months ended March 31, 2016 and 2015, respectively and $51 and $84 in connection with the Service Agreement for the three months ended March 31, 2016 and 2015, respectively. On March 4, 2016, CVS and Terex Operations Italy S.R.L. (“TOI”) entered into an agreement whereby TOI acquired certain inventories and intellectual property related to CVS’ terminal tractor line. The transaction totaled €2,839 ($3,119) inclusive of VAT taxes and resulted in a gain of €1,987 ($2,212), which is included in other income on the Consolidated Statement of Operations. The transaction also contained a contract manufacturing requirement for CVS to continue production of the terminal tractor line for TOI for a period of nine months. After this period of time CVS will have the access to terminal tractor equipment directly from TOI under a private label agreement. On March 11, 2016, Terex made an additional $2,450 equity contribution to ASV. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. Income Taxes The Company’s provision for income taxes consists of U.S. and foreign taxes in amounts necessary to align the Company’s year-to-date tax provision with the effective rate that the Company expects to achieve for the full year. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. The annual effective tax rate (excluding discrete items) is estimated to be approximately 26.6% for 2016. The effective tax rate is based upon the Company’s anticipated earnings both in the U.S. and in foreign jurisdictions. The 2016 effective tax rate is lower than the statutory rate of 35% primarily related to earnings in foreign jurisdictions which are taxed at lower rates, and the non-taxable portion of ASV’s earnings. For the three months ended March 31, 2016, the Company recorded an income tax expense of $517 which consisted primarily of anticipated federal, state and local, and foreign taxes. For the three months ended March 31, 2015, the Company recorded an income tax expense of $31 which consisted primarily of anticipated federal, state and local, and foreign taxes. The Company’s total unrecognized tax benefits as of March 31, 2016 and 2015 were approximately $936 and $219, which, if recognized, would affect the Company’s effective tax rate. Included in the unrecognized tax benefits is a liability for the PM Group’s potential IRES and IRAP 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 March 31, 2016. The Company’s provision for income taxes consists of U.S. and foreign taxes in amounts necessary to align the Company’s year-to-date tax provision with the effective rate that the Company expects to achieve for the full year. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. The effective tax rate is based upon the Company’s anticipated earnings both in the U.S. and in foreign jurisdictions. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | Note 19. Discontinued Operations Company Sells Load King On December 28, 2015, the Company completed the sale of the membership interests of Load King, LLC The following is the detail of major line items that constitute the income from discontinued operations: For the Three Months Ended 2015 Net revenues $ 4,840 Cost of sales 4,239 Research and development costs 115 Selling, general and administrative expenses 394 Interest expense 90 Other income 8 Income from discontinued operations before income taxes 10 Income tax related to discontinued operations 3 Net income on discontinued operations $ 7 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The accompanying consolidated financial statements, included herein, have been prepared by the Company without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in financial statements which are prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals, except as otherwise disclosed) necessary for a fair presentation of the Company’s financial position as of March 31, 2016, and results of its operations and cash flows for the periods presented. The consolidated balances as of December 31, 2015 were derived from audited financial statements but do not include all disclosures required by generally accepted accounting principles. The accompanying consolidated financial statements have been prepared in accordance with accounting standards for interim financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The results of operations for the interim periods are not necessarily indicative of the results of operations expected for the year. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at the amounts the Company’s customers are invoiced and do not bear interest. Accounts Receivable is reduced by an allowance for amounts that may become uncollectible in the future. The Company’s estimate for the allowance for doubtful accounts related to trade receivables includes evaluation of specific accounts where the Company has information that the customer may have an inability to meet its financial obligations. The Company had allowances for doubtful accounts of $580 and $240 at March 31, 2016 and December 31, 2015, respectively. |
Inventory Valuation | Inventory Valuation 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. |
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. |
Revenue Recognition | Revenue Recognition Revenue and related costs are recognized when title passes and risk of loss passes 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. |
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. |
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 make an estimate of the amount of liability based, in part, on the advice of legal counsel. |
Income Taxes | Income Taxes The Company’s provision for income taxes consists of U.S. and foreign taxes in amounts necessary to align the Company’s year-to-date tax provision with the effective rate that the Company expects to achieve for the full year. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. The effective tax rate is based upon the Company’s anticipated earnings both in the U.S. and in foreign jurisdictions. |
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 stockholder’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 subsidiaries. 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. |
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. PM Group and Columbia Tank results are included in the Company’s results from their respective dates of acquisition of January 15, 2015 and March 12, 2015. |
Reclassification | Reclassification Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current year’s presentation. In conjunction with the adoption of new accounting standards, certain debt issuance costs for the three months ended March 31, 2016 as well as certain amounts as of December 31, 2015, have been reclassified to conform to the current year’s presentation. PM historically grouped all operating expenses and did not classify them as either cost of sales or as selling, general and administrative expenses. For the quarter ending March 31, 2015, operating expenses were classified as either cost of sales or selling, general and administrative expense. This classification was based on the information that was available at the time. Subsequent to first quarter 2015, PM has refined the calculation and has determined that $1,710 of expense classified as selling, general and administrative expense should have been included in cost of sales in the first quarter of 2015. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Disclosures | Interest received and paid, income tax refunds received and income taxes paid and non-cash transactions for the periods ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Interest received in cash — — Interest paid in cash 3,033 2,341 Income tax (refunds) payments in cash (1,142 ) 954 Non cash transactions Issuance of common stock in connection with Terex note repayment (Note 7) 150 — Issuance of stock in connection with PM acquisition (Note 3) — 10,124 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
PM Group [Member] | |
Schedule of Fair Value of Purchase Consideration | The fair value of the purchase consideration is shown below: Cash € 17,142 $ 20,312 994,483 shares of Manitex International, Inc. 8,710 10,124 Total purchase consideration € 25,852 $ 30,436 |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the revised allocation of the PM 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 2 2 Accounts payable (22,020 ) (26,026 ) Accrued expenses and accruals (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 (51,067 ) (60,358 ) 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 borrowing 18,827 22,252 Interest rate swap derivative contract 1,720 2,033 Debt issuance costs (1,265 ) (1,495 ) Total assumed non-recourse debt € 51,067 $ 60,358 |
Columbia Tanks [Member] | |
Schedule of Fair Value of Purchase Consideration | The fair value of the purchase consideration was $1,214 in total as shown below: Cash $ 400 Seller notes 814 Total purchase consideration $ 1,214 |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the Columbia acquisition consideration to the fair value of the assets acquired: Purchase price allocation: Inventory $ 686 Equipment 528 $ 1,214 |
Financial Instruments-Forward29
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measures at Fair Value on Recurring and Nonrecurring Basis | The following is summary of items that the Company measures at fair value on a recurring basis except as noted: Fair Value at March 31, 2016 Level 1 Level 2 Level 3 Total Asset Forward currency exchange contracts $ — $ 301 $ — $ 301 Total current assets at fair value $ — $ 301 $ — $ 301 Liabilities: Forward currency exchange contracts $ — $ 114 $ — $ 114 Interest rate swap contracts — 836 — 836 PM contingent liabilities — — 1,245 1,245 Valla contingent consideration — — 208 208 Total recurring long-term liabilities at fair value $ — $ 950 $ 1,453 $ 2,403 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 14) (nonrecurring) — 14,286 — 14,286 Valla contingent consideration — — 199 199 Total liabilities at fair value $ — $ 15,537 $ 1,386 $ 16,923 |
Derivatives Financial Instrum30
Derivatives Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Forward Currency Contracts and Interest Rate Swaps | As of March 31, 2016, the Company had the following forward currency contracts and interest rate swaps: Nature of Derivative Currency Amount Type Forward currency purchase contract Canadian dollar 2,060 Not designated as hedge instrument Forward currency sales contracts Euro 1,100 Not designated as hedge instrument Forward currency purchase contract Euro 2,096 Not designated as hedge instrument Forward currency sales contracts Chilean peso 1,700,000 Not designated as hedge instrument Interest rate swap contracts Euro 20,000 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 Sheets as of March 31, 2016 and December 31, 2015: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location March 31, 2016 December 31, 2015 Asset Derivatives Foreign currency exchange contract Prepaid expense and other $ 301 $ 600 Liabilities Derivatives Foreign currency exchange contract Accrued expense $ 114 $ 74 Interest rate swap contracts Notes payable 836 1,177 Total liabilities $ 950 $ 1,251 |
Effect of Derivative Instruments on Consolidated Statements of Income | The following tables provide the effect of derivative instruments on the Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015: Gain or (loss) Location of gain or (loss) recognized in Income Statement Three Months Ended March 31, 2016 2015 Derivatives Not designated as Hedge Instrument Forward currency contracts Foreign currency transaction (losses) $ (123 ) $ (187 ) Interest rate swap contracts Interest expense 386 354 $ 263 $ 167 |
Net Earnings (Loss) per Commo31
Net Earnings (Loss) per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net 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 convertible debt and restricted stock units. Details of the calculations are as follows: Three Months Ended March 31, 2016 2015 Net income (loss) attributable to shareholders of Manitex International, Inc. Net income from continuing operations $ 1,333 $ 63 Less: loss (income) attributable to noncontrolling interest 127 (294 ) Net income (loss) from continuing operations attributable to shareholders of Manitex International, Inc. 1,460 (231 ) Income from operations of discontinued operations, net of income taxes — 7 Income (loss) on sale of discontinued operations , net of income tax benefit — — Net income (loss) attributable to shareholders of Manitex International, Inc. $ 1,460 $ (224 ) Earnings (loss) per share Basic Earnings (loss) from continuing operations attributable to shareholders' of Manitex International, Inc. $ 0.09 $ (0.01 ) Income (loss) from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ — Income (loss) on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ — Income (loss) earnings attributable to shareholders of Manitex International, Inc. $ 0.09 $ (0.01 ) Diluted Income (loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ 0.09 $ (0.01 ) Income (loss) from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ — Income (loss) on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ — Income (loss) earnings attributable to shareholders of Manitex International, Inc. $ 0.09 $ (0.01 ) Weighted average common shares outstanding Basic 16,105,601 15,836,423 Diluted Basic 16,105,601 15,836,423 Dilutive effect of warrants — — Dilutive effect of restricted stock units 381 — 16,105,982 15,836,423 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Summary of Stock Issuances | The following is a summary of stock issuances that occurred during the period: Date of Issue Employees or Director Shares Issued Value of Shares Issued January 1, 2016 Directors 4,290 $ 26 January 1, 2016 Employees 25,920 154 30,210 $ 180 |
Restricted Stock Units Outstanding | The following table contains information regarding restricted stock units: March 31, 2016 Outstanding on January 1, 2016 118,773 Units granted during the period 183,850 Vested and issued (30,210 ) Forfeited (3,594 ) Outstanding on March 31, 2016 268,819 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory are as follows: March 31, 2016 December 31, 2015 Raw materials and purchased parts, net $ 85,956 $ 85,048 Work in process 7,762 9,657 Finished goods 26,470 24,564 Inventory, net $ 120,188 $ 119,269 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | March 31, 2016 December 31, 2015 Useful lives Patented and unpatented technology $ 29,731 $ 29,277 7-10 years Amortization (13,430 ) (12,631 ) Customer relationships 43,776 43,172 10-20 years Amortization (9,529 ) (8,545 ) Trade names and trademarks 22,015 21,625 25 years-indefinite Amortization (2,408 ) (2,281 ) Non-competition agreements 50 50 2-5 years Amortization (39 ) (38 ) Customer backlog 455 453 <1 year Amortization (455 ) (453 ) Total Intangible assets $ 70,166 $ 70,629 |
Changes in Goodwill | Changes in goodwill for the three months ended March 31, 2016 are as follows: Lifting Equipment Segment Equipment Distribution Segment ASV Segment Total Balance January 1, 2016 $ 49,235 $ 275 $ 30,579 $ 80,089 Effect of change in exchange rates 1,483 — — 1,483 Balance March 31, 2016 $ 50,718 $ 275 $ 30,579 $ 81,572 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | March 31, 2016 December 31, 2015 Accounts payable: Trade $ 65,200 $ 60,339 Bank overdraft 134 1,798 Total accounts payable $ 65,334 $ 62,137 Accrued expenses: Accrued payroll $ 2,783 $ 2,443 Accrued employee benefits 913 1,053 Accrued bonuses 209 916 Accrued vacation expense 1,946 1,717 Accrued interest 397 315 Accrued commissions 463 602 Accrued expenses—other 2,455 3,536 Accrued warranty 3,615 3,564 Accrued income taxes 1,793 815 Accrued taxes other than income taxes 3,761 3,634 Accrued product liability and workers compensation claims 2,507 2,384 Accrued liability on forward currency exchange contracts — 74 Total accrued expenses $ 20,842 $ 21,053 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Summary of Changes in Product Warranty Liability | For the three months ended March 31, 2016 March 31, 2015 Balance January 1, $ 3,564 $ 3,198 Business Acquired — 843 Accrual for warranties issued during the period 882 1,031 Warranty services provided (812 ) (1,086 ) Changes in estimate (59 ) (92 ) Foreign currency translation 40 (17 ) Balance March 31, $ 3,615 $ 3,877 |
Credit Facilities and Debt (Tab
Credit Facilities and Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Amounts Financed Under Equipment Capital Lease Agreements | The following is a summary of amounts financed under equipment capital lease agreements: Balance as of Amount Borrowed Repayment Period Amount of Monthly Payment March 31, 2016 New equipment $ 1,166 60 $ 22 $ 694 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 were as follows: Liability component $ 6,607 Equity component (a component of paid in capital) 893 $ 7,500 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: Three Months Ended March 31, 2016 2015 Net revenues Lifting Equipment $ 70,189 $ 66,662 Equipment Distribution 5,551 3,490 ASV 28,468 32,061 Inter-segment sales (1,847 ) (1,171 ) Total $ 102,361 $ 101,042 Operating income from continuing operations Lifting Equipment $ 4,228 $ 2,720 Equipment Distribution 154 30 ASV 1,027 1,979 Corporate expenses (2,256 ) (2,669 ) Change in inter-segment profit in inventory elimination 204 (10 ) Total operating income $ 3,357 $ 2,050 March 31, 2016 December 31, 2015 Total Assets Lifting Equipment $ 286,726 $ 265,927 Equipment Distribution 11,024 14,585 ASV 124,532 120,635 Corporate 1,848 1,712 Total $ 424,130 $ 402,859 |
Transactions between the Comp40
Transactions between the Company and Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Rent paid Bridgeview Facility (1) $ 65 $ 65 Sales to: SL Industries, Ltd. $ 32 $ — Purchases from: Lift Ventures $ 454 $ — SL Industries, Ltd. 917 1,575 LiftMaster 1 — Total Purchases $ 1,372 $ 1,575 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. |
Summary of Notes Payable to Related Parties | The Company has the following notes payable to Terex: March 31, December 31, 2016 2015 Note related to Crane and Schaeff acquisition $ — $ 250 Note payable related to ASV acquisition $ 1,594 $ 1,594 Convertible note, (net) $ 6,770 $ 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: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Sales to Terex $ 867 $ 597 Purchases from Terex $ 2,092 $ 1,106 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Income From Discontinued Operations | The following is the detail of major line items that constitute the income from discontinued operations: For the Three Months Ended 2015 Net revenues $ 4,840 Cost of sales 4,239 Research and development costs 115 Selling, general and administrative expenses 394 Interest expense 90 Other income 8 Income from discontinued operations before income taxes 10 Income tax related to discontinued operations 3 Net income on discontinued operations $ 7 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016SegmentModelTlbgal | |
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) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Allowances for doubtful accounts | $ 580 | $ 240 | |
Employee severance expense | $ 344 | ||
Interest Rate Swap Contracts [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Gains on interest rate swaps | 354 | ||
PM Group [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Reclassification of selling, general and administrative expense to cost of sales | $ 1,710 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Supplemental Cash Flow Disclosures (Detail) € in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Jan. 15, 2015USD ($) | Jan. 15, 2015EUR (€) | |
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Interest paid in cash | $ 3,033 | $ 2,341 | ||
Income tax (refunds) payments in cash | (1,142) | 954 | ||
PM Group [Member] | ||||
Non cash transactions | ||||
Issuance of stock in connection with assets and acquisition | $ 10,124 | $ 10,124 | € 8,710 | |
Terex Corporation [Member] | ||||
Non cash transactions | ||||
Issuance of common stock in connection with note repayment | $ 150 |
Acquisitions - Additional Infor
Acquisitions - Additional Information - PM Group Acquisition (Detail) € in Thousands, $ in Thousands | Jan. 15, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 15, 2015EUR (€) |
Business Acquisition [Line Items] | ||||
Goodwill | $ 30,173 | $ 81,572 | $ 80,089 | |
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% |
Acquisitions - PM Group Acquisi
Acquisitions - PM Group Acquisition - Schedule of Fair Value of Purchase Consideration (Detail) - PM Group [Member] € in Thousands, $ in Thousands | Jan. 15, 2015USD ($) | Jan. 15, 2015EUR (€) | Mar. 31, 2015USD ($) | Jan. 15, 2015EUR (€) |
Business Acquisition [Line Items] | ||||
Cash | $ 20,312 | € 17,142 | ||
994,483 shares of Manitex International, Inc. | 10,124 | $ 10,124 | € 8,710 | |
Total purchase consideration | $ 30,436 | € 25,852 |
Acquisitions - PM Group Acqui47
Acquisitions - 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 |
Acquisitions - PM Group Acqui48
Acquisitions - PM Group Acquisition - Revised Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) € in Thousands, $ in Thousands | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 15, 2015USD ($) | Jan. 15, 2015EUR (€) |
Business Acquisition [Line Items] | ||||
Goodwill | $ 81,572 | $ 80,089 | $ 30,173 | |
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 | ||
Deferred net tax assets | 10,867 | 9,195 | ||
Other long term assets | 2 | 2 | ||
Accounts payable | (26,026) | (22,020) | ||
Accrued expenses and accruals | (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 | (60,358) | (51,067) | ||
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 |
Acquisitions - Additional Inf49
Acquisitions - Additional Information - PM Group Acquisition - Contingent Liability (Detail) - Jan. 15, 2015 - PM Group [Member] $ in Thousands | EUR (€) | USD ($) | EUR (€) |
Business Acquisition Contingent Consideration [Line Items] | |||
Debt instrument, face amount | € 5,000,000 | ||
Fair value of the contingent liability | $ 1,270 | 1,093,000 | |
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 | |
FY 2017 Criteria One [Member] | |||
Business Acquisition Contingent Consideration [Line Items] | |||
Fair value of the contingent consideration | 2,500,000 | ||
FY 2017 Criteria One [Member] | Minimum [Member] | |||
Business Acquisition Contingent Consideration [Line Items] | |||
Earnings before interest, taxes, depreciation and amortization | € 14,500,000 | ||
FY 2017 Criteria One [Member] | Maximum [Member] | |||
Business Acquisition Contingent Consideration [Line Items] | |||
Earnings before interest, taxes, depreciation and amortization | 16,500,000 | ||
FY 2017 Criteria Two [Member] | |||
Business Acquisition Contingent Consideration [Line Items] | |||
Fair value of the contingent consideration | 5,000,000 | ||
FY 2017 Criteria Two [Member] | Minimum [Member] | |||
Business Acquisition Contingent Consideration [Line Items] | |||
Earnings before interest, taxes, depreciation and amortization | 16,500,000 | ||
FY 2017 Criteria Three [Member] | |||
Business Acquisition Contingent Consideration [Line Items] | |||
Fair value of the contingent consideration | € 1 | ||
FY 2017 Criteria Three [Member] | Maximum [Member] | |||
Business Acquisition Contingent Consideration [Line Items] | |||
Earnings before interest, taxes, depreciation and amortization | € 14,500,000 |
Acquisitions - PM Group Acqui50
Acquisitions - 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 | $ 60,358 | € 51,067 |
Debt issuance costs | (1,495) | (1,265) |
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) |
Acquisitions - Additional Inf51
Acquisitions - Additional Information - Columbia Tanks Acquisition (Detail) - Columbia Tanks [Member] $ in Thousands | Mar. 12, 2015USD ($)ft² | Mar. 31, 2016 |
Business Acquisition [Line Items] | ||
Square feet of manufacturing space | ft² | 99,000 | |
Annual rent | $ 240 | |
Annual rental payment for second year | 270 | |
Annual rental payment for third year | $ 300 | |
Renewal terms | 3 years | |
Total purchase consideration | $ 1,214 | |
Risk rate of non-interest bearing debt | 4.00% | 4.00% |
Inventory Note [Member] | ||
Business Acquisition [Line Items] | ||
Debt instrument, face amount | $ 450 | |
Debenture, maturity date | Aug. 31, 2016 | Aug. 31, 2016 |
Notes Payable, Fair Value Disclosure | $ 436 | |
Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Debt instrument, face amount | $ 390 | |
Debenture, maturity date | May 31, 2016 | May 31, 2016 |
Notes Payable, Fair Value Disclosure | $ 378 |
Acquisitions - Columbia Tanks A
Acquisitions - Columbia Tanks Acquisition - Schedule of Fair Value of Purchase Consideration (Detail) - Columbia Tanks [Member] $ in Thousands | Mar. 12, 2015USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 400 |
Seller notes | 814 |
Total purchase consideration | $ 1,214 |
Acquisitions - Columbia Tanks53
Acquisitions - Columbia Tanks Acquisition - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - Columbia Tanks [Member] $ in Thousands | Mar. 12, 2015USD ($) |
Business Acquisition [Line Items] | |
Inventory | $ 686 |
Equipment | 528 |
Total | $ 1,214 |
Financial Instruments-Forward54
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts - Summary of Items Measures at Fair Value on Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 301 | $ 600 |
Total liabilities at fair value | 2,403 | 16,923 |
Valla SpA [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valla contingent consideration | 208 | 199 |
Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 301 | 600 |
Total liabilities at fair value | 114 | 74 |
Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 836 | 1,177 |
PM Contingent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 1,245 | 1,187 |
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 | 301 | 600 |
Total liabilities at fair value | 950 | 15,537 |
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 | 301 | 600 |
Total liabilities at fair value | 114 | 74 |
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 | 836 | 1,177 |
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 | 1,453 | 1,386 |
Level 3 [Member] | Valla SpA [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valla contingent consideration | 208 | 199 |
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 | $ 1,245 | $ 1,187 |
Derivatives Financial Instrum55
Derivatives Financial Instruments - Additional Information (Detail) - 3 months ended Mar. 31, 2016 CLP in Thousands | USD ($)ForwardContract$ / CAD$ / €€ / $CLP / $ | EUR (€)ForwardContract$ / CAD$ / €€ / $CLP / $ | CADForwardContract$ / CAD$ / €€ / $CLP / $ | CLPForwardContract$ / CAD$ / €€ / $CLP / $ |
Derivatives Not Designated as Hedge Instrument [Member] | Interest Rate Swap Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | € 20,000,000 | |||
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 2,060,000 | |||
Period end exchange rate | $ / CAD | 0.7700 | 0.7700 | 0.7700 | 0.7700 |
Number of forward currency exchange contracts Held | ForwardContract | 2 | 2 | 2 | 2 |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Euro Sell [Member] | ||||
Derivative [Line Items] | ||||
Contractual obligation foreign currency contracts | € 1,100,000 | |||
Period end exchange rate | $ / € | 1.1390 | 1.1390 | 1.1390 | 1.1390 |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Euro Sell [Member] | Minimum [Member] | ||||
Derivative [Line Items] | ||||
Futures contract exchange rate | $ / € | 1.3670 | 1.3670 | 1.3670 | 1.3670 |
Contracts maturity period | Apr. 29, 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 | Jul. 11, 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 | € 2,096,000 | |||
Futures contract exchange rate | € / $ | 1.0912 | 1.0912 | 1.0912 | 1.0912 |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Chilean Sell [Member] | ||||
Derivative [Line Items] | ||||
Contractual obligation foreign currency contracts | CLP | CLP 1,700,000 | |||
Futures contract exchange rate | CLP / $ | 743.25 | 743.25 | 743.25 | 743.25 |
Forward Currency Contract One [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Canadian Purchase [Member] | ||||
Derivative [Line Items] | ||||
Contractual obligation foreign currency contracts | CAD | CAD 125,000 | |||
Contract maturity date | May 10, 2016 | |||
Futures contract exchange rate | $ / CAD | 0.7225 | 0.7225 | 0.7225 | 0.7225 |
Forward Currency Contracts Two [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Canadian Purchase [Member] | ||||
Derivative [Line Items] | ||||
Contractual obligation foreign currency contracts | CAD | CAD 1,935,000 | |||
Contract maturity date | May 26, 2016 | |||
Futures contract exchange rate | $ / CAD | 0.7752 | 0.7752 | 0.7752 | 0.7752 |
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% |
Derivatives Financial Instrum56
Derivatives Financial Instruments - Forward Currency Contracts and Interest Rate Swaps (Detail) - Mar. 31, 2016 - Derivatives Not Designated as Hedge Instrument [Member] | EUR (€) | CAD | CLP |
Forward Currency Purchase Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Forward currency contract and interest rate swaps | € 2,096,000 | CAD 2,060,000 | |
Forward Currency Sales Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Forward currency contract and interest rate swaps | 1,100,000 | CLP 1,700,000,000 | |
Interest Rate Swap Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Forward currency contract and interest rate swaps | € 20,000,000 |
Derivatives Financial Instrum57
Derivatives Financial Instruments - Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheets (Detail) - Derivatives Not Designated as Hedge Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Liabilities Derivatives | $ 950 | $ 1,251 |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 301 | 600 |
Foreign Exchange Forward [Member] | Accrued Expense [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities Derivatives | 114 | 74 |
Interest Rate Swap Contracts [Member] | Notes Payable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities Derivatives | $ 836 | $ 1,177 |
Derivatives Financial Instrum58
Derivatives Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (loss) recognized in income statement | $ 386 | |
Derivatives Not Designated as Hedge Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (loss) recognized in income statement | 263 | $ 167 |
Forward Currency Contracts [Member] | 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 | (123) | (187) |
Interest Rate Swap Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (loss) recognized in income statement | $ 386 | $ 354 |
Net Earnings (Loss) per Commo59
Net Earnings (Loss) per Common Share - Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income (loss) attributable to shareholders of Manitex International, Inc. | ||
Net income from continuing operations | $ 1,333 | $ 63 |
Less: loss (income) attributable to noncontrolling interest | 127 | (294) |
Net income (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | 1,460 | (231) |
Income from operations of discontinued operations, net of income taxes | 7 | |
Net income (loss) attributable to shareholders of Manitex International, Inc. | $ 1,460 | $ (224) |
Earnings (loss) Per Share Basic | ||
Earnings (loss) from continuing operations attributable to shareholders' of Manitex International, Inc. | $ 0.09 | $ (0.01) |
Earnings (loss) attributable to shareholders of Manitex International, Inc. | 0.09 | (0.01) |
Earnings (loss) Per Share Diluted | ||
Income (loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. | 0.09 | (0.01) |
Earnings (loss) attributable to shareholders of Manitex International, Inc. | $ 0.09 | $ (0.01) |
Weighted average common shares outstanding | ||
Basic | 16,105,601 | 15,836,423 |
Diluted | ||
Basic | 16,105,601 | 15,836,423 |
Dilutive effect of restricted stock units | 381 | |
Total | 16,105,982 | 15,836,423 |
Net Earnings (Loss) per Commo60
Net Earnings (Loss) per Common Share - Additional information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
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 | 268,177 | 201,695 |
Equity - Additional Information
Equity - Additional Information - Stock Issuance - Shares Issued to Terex Corporation (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2016 | Mar. 01, 2016 | Dec. 31, 2015 |
Class of Warrant or Right [Line Items] | |||
Common Stock, shares issued | 16,125,661 | 16,072,100 | |
Terex Corporation [Member] | |||
Class of Warrant or Right [Line Items] | |||
Common Stock, shares issued | 30,425 | ||
Option to pay annual principal payments in equity at market value | $ 150 | ||
Share price for transaction | $ 4.93 |
Equity - Summary of Stock Issua
Equity - Summary of Stock Issuances (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 30,210 |
Value of Shares Issued | $ | $ 180 |
Directors [Member] | January 1, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 4,290 |
Value of Shares Issued | $ | $ 26 |
Employees [Member] | January 1, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 25,920 |
Value of Shares Issued | $ | $ 154 |
Equity - Additional Informati63
Equity - Additional Information - Stock Issuance - Stock Issued to Employees and Directors (Detail) - USD ($) $ in Thousands | Jan. 04, 2016 | Mar. 13, 2015 | Mar. 31, 2016 |
Class of Warrant or Right [Line Items] | |||
Aggregate granted shares | 183,850 | ||
Restricted Stock Units [Member] | |||
Class of Warrant or Right [Line Items] | |||
Aggregate granted shares | 183,850 | ||
Restricted Stock Units [Member] | Officers and Employee [Member] | |||
Class of Warrant or Right [Line Items] | |||
Aggregate granted shares | 22,868 | ||
Aggregate issuance value | $ 212 | ||
Common stock increased | 212 | ||
Bonus accrual decreased | $ 212 |
Equity - Additional Informati64
Equity - Additional Information - Stock Repurchase (Detail) - January One Two Thousand Sixteen - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Jan. 01, 2016 | |
Class of Warrant or Right [Line Items] | ||
Shares purchased to cover payroll obligations | 7,074 | |
Closing price on Date of purchase | $ 5.95 | |
Decrease in common stock due to repurchase | $ (42) |
Equity - Additional Informati65
Equity - Additional Information - 2004 Equity Incentive Plan (Detail) - USD ($) $ in Thousands | Jan. 04, 2016 | Jan. 04, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
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 | 183,850 | |||
Shares vested | 30,210 | |||
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 | 183,850 | |||
Compensation expense related to restricted stock units | $ 285 | $ 362 | ||
Compensation expense related to restricted stock units for remainder of 2016 | 847 | |||
Compensation expense related to restricted stock units for year 2017 | 743 | |||
Compensation expense related to restricted stock units for year 2018 | $ 370 | |||
Restricted Stock Units [Member] | January 4, 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares vested | 52,998 | |||
Restricted Stock Units [Member] | January 4, 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares vested | 52,998 | |||
Restricted Stock Units [Member] | January 4, 2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares vested | 54,604 | |||
Restricted Stock Units [Member] | Independent Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units | 23,250 | |||
Restricted Stock Units [Member] | Independent Directors [Member] | January 4, 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares vested | 7,673 | |||
Restricted Stock Units [Member] | Independent Directors [Member] | January 4, 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares vested | 7,673 | |||
Restricted Stock Units [Member] | Independent Directors [Member] | January 4, 2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares vested | 7,904 | |||
Restricted Stock Units [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units | 160,600 |
Equity - Restricted Stock Units
Equity - Restricted Stock Units Outstanding (Detail) | 3 Months Ended |
Mar. 31, 2016shares | |
Equity [Abstract] | |
Outstanding on January 1, 2016 | 118,773 |
Units granted during the period | 183,850 |
Vested and issued | (30,210) |
Forfeited | (3,594) |
Outstanding on March 31, 2016 | 268,819 |
Inventory - Components of Inven
Inventory - Components of Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts, net | $ 85,956 | $ 85,048 |
Work in process | 7,762 | 9,657 |
Finished goods | 26,470 | 24,564 |
Inventory, net | $ 120,188 | $ 119,269 |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete and excess inventory | $ 2,075 | $ 1,724 |
Goodwill and Intangible Asset69
Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Total Intangible assets | $ 70,166 | $ 70,629 |
Patented and Unpatented Technology [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | 29,731 | 29,277 |
Amortization | $ (13,430) | (12,631) |
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 | $ 43,776 | 43,172 |
Amortization | $ (9,529) | (8,545) |
Customer Relationships [Member] | Minimum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 10 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 | $ (39) | (38) |
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 | $ 455 | 453 |
Amortization | $ (455) | (453) |
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 | $ (2,408) | (2,281) |
Gross | $ 22,015 | $ 21,625 |
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 Intangible Asset70
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 1,778 | $ 1,695 |
Goodwill and Intangible Asset71
Goodwill and Intangible Assets - Changes in Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 80,089 |
Effect of change in exchange rates | 1,483 |
Ending Balance | 81,572 |
Lifting Equipment [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 49,235 |
Effect of change in exchange rates | 1,483 |
Ending Balance | 50,718 |
Equipment Distribution [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 275 |
Ending Balance | 275 |
ASV Segment [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 30,579 |
Ending Balance | $ 30,579 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts payable: | ||
Trade | $ 65,200 | $ 60,339 |
Bank overdraft | 134 | 1,798 |
Total accounts payable | 65,334 | 62,137 |
Accrued expenses: | ||
Accrued payroll | 2,783 | 2,443 |
Accrued employee benefits | 913 | 1,053 |
Accrued bonuses | 209 | 916 |
Accrued vacation expense | 1,946 | 1,717 |
Accrued interest | 397 | 315 |
Accrued commissions | 463 | 602 |
Accrued expenses—other | 2,455 | 3,536 |
Accrued warranty | 3,615 | 3,564 |
Accrued income taxes | 1,793 | 815 |
Accrued taxes other than income taxes | 3,761 | 3,634 |
Accrued product liability and workers compensation claims | 2,507 | 2,384 |
Accrued liability on forward currency exchange contracts | 74 | |
Total accrued expenses | $ 20,842 | $ 21,053 |
Accrued Warranty - Summary of C
Accrued Warranty - Summary of Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 3,564 | $ 3,198 |
Business Acquired | 843 | |
Accrual for warranties issued during the period | 882 | 1,031 |
Warranty services provided | (812) | (1,086) |
Changes in estimate | (59) | (92) |
Foreign currency translation | 40 | (17) |
Ending Balance | $ 3,615 | $ 3,877 |
Credit Facilities and Debt - Ad
Credit Facilities and Debt - Additional Information - Modifications to U.S. and Canadian credit facilities (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
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 |
Credit Facilities and Debt - 75
Credit Facilities and Debt - Additional Information - U.S. Revolver (Detail) - U.S. Revolver [Member] | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | |
Amount drawn on revolving credit facility | $ 27,789,000 |
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 |
Base Rate [Member] | |
Line of Credit Facility [Line Items] | |
Interest rate spread for base rate | 3.00% |
LIBOR [Member] | |
Line of Credit Facility [Line Items] | |
Interest rate spread for base rate | 4.00% |
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% |
Credit Facilities and Debt - 76
Credit Facilities and Debt - Additional Information - U.S. Revolver - Collateral (Detail) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
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 | $ 35,000,000 |
Senior Secured Revolving Credit Facility [Member] | U.S [Member] | |
Line of Credit Facility [Line Items] | |
Maximum percentage of assets eligible for collateral | 85.00% |
Credit Facilities and Debt - 77
Credit Facilities and Debt - Additional Information - Term Loan (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Term Loan [Member] | |
Line of Credit Facility [Line Items] | |
Repayments of debt | $ 14,000 |
Credit Facilities and Debt - 78
Credit Facilities and Debt - Additional Information - Canadian Revolver - Collateral (Detail) - 3 months ended Mar. 31, 2016 - Canadian Revolver [Member] | USD ($) | CAD |
Line of Credit Facility [Line Items] | ||
Amount drawn on revolving credit facility | $ 6,930,000 | |
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 | $ 7,135,000 |
Credit Facilities and Debt - 79
Credit Facilities and Debt - Additional Information - Canadian Revolver (Detail) - Canadian Revolver [Member] | 3 Months Ended |
Mar. 31, 2016 | |
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% |
Credit Facilities and Debt - 80
Credit Facilities and Debt - Additional Information - Specialized Export Facility (Detail) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
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 | $ 2,392,000 |
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 March 31, 2016). |
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 |
Credit Facilities and Debt - 81
Credit Facilities and Debt - Additional Information - ASV Acquisitions (Detail) - Terex Corporation Note Payable [Member] - USD ($) $ in Thousands | Dec. 19, 2014 | Mar. 31, 2016 |
Credit Facilities [Line Items] | ||
Debenture, maturity date | Dec. 19, 2020 | |
ASV Inc [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 |
Credit Facilities and Debt - 82
Credit Facilities and Debt - Additional Information - Columbia Notes (Detail) - Columbia Tanks [Member] $ in Thousands | Mar. 12, 2015USD ($) | Mar. 31, 2016USD ($)Payment |
Credit Facilities [Line Items] | ||
Risk rate of non-interest bearing debt | 4.00% | 4.00% |
Inventory Note [Member] | ||
Credit Facilities [Line Items] | ||
Debt instrument, face amount | $ 450 | |
Number of payments | Payment | 18 | |
Debt Instrument, Frequency of periodic payment | Monthly | |
Debenture, maturity date | Aug. 31, 2016 | Aug. 31, 2016 |
Debt Instrument, Periodic Payment | $ 25 | |
Notes Payable, Fair Value Disclosure | $ 436 | |
Notes Payable | $ 124 | |
Equipment [Member] | ||
Credit Facilities [Line Items] | ||
Debt instrument, face amount | $ 390 | |
Number of payments | Payment | 14 | |
Debt Instrument, Frequency of periodic payment | Monthly | |
Debenture, maturity date | May 31, 2016 | May 31, 2016 |
Debt Instrument, Periodic Payment | $ 25 | |
Final payment | 40 | |
Notes Payable, Fair Value Disclosure | $ 378 | |
Notes Payable | $ 65 |
Credit Facilities and Debt - 83
Credit Facilities and Debt - Additional Information - Note Payables-Bank (Detail) - Notes Payable to Banks [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)Payment | |
Line of Credit Facility [Line Items] | |
Notes Payable | $ 512 |
Note payable, issuance date | Jan. 5, 2016 |
Debt instrument, face amount | $ 701 |
Notes payable interest rate | 3.50% |
Debt Instrument, Periodic Payment | $ 65 |
Number of payments | Payment | 11 |
Debt Instrument, Frequency of periodic payment | Monthly |
Payment commencing date | Jan. 30, 2016 |
Credit Facilities and Debt - 84
Credit Facilities and Debt - Additional Information - CVS Short-Term Working Capital Borrowings (Detail) - CVS Working Capital Borrowing [Member] | 3 Months Ended | |
Mar. 31, 2016USD ($)Bank | Mar. 31, 2016EUR (€)Bank | |
Line of Credit Facility [Line Items] | ||
Number of Italian banks | 12 | 12 |
Line of credit advances unsecured | $ 427,000 | € 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 | $ 669,000 | 588,000 |
Notes Payable | $ 9,333,000 | 8,194,000 |
Borrowing facility interest rate, minimum | 2.25% | |
Borrowing facility interest rate, maximum | 6.25% | |
Guaranteed debt | $ 669,000 | 588,000 |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit including advances against orders invoices and letter of credit and unsecured portion | $ 20,537,000 | € 18,031,000 |
Credit Facilities and Debt - 85
Credit Facilities and Debt - Additional Information - Notes Payable (Detail) - Notes Payable to Banks [Member] € in Thousands, $ in Thousands | 3 Months Ended | |||||||
Mar. 31, 2016USD ($)Payment | Mar. 31, 2016EUR (€) | Oct. 20, 2015USD ($) | Oct. 20, 2015EUR (€) | Mar. 27, 2015USD ($) | Mar. 27, 2015EUR (€) | Mar. 04, 2015USD ($) | Mar. 04, 2015EUR (€) | |
Line of Credit Facility [Line Items] | ||||||||
Notes Payable | $ | $ 512 | |||||||
Note payable, issuance date | Jan. 5, 2016 | |||||||
Debt instrument, face amount | $ | $ 701 | |||||||
Number of payments | 11 | |||||||
Debt Instrument, Frequency of periodic payment | Monthly | |||||||
Payment commencing date | Jan. 30, 2016 | |||||||
Note payable, interest rate | 3.50% | 3.50% | ||||||
CVS Term Loan [Member] | Issuance Date March 27, 2015 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Notes Payable | $ 759 | € 666 | ||||||
Note payable, issuance date | Mar. 27, 2015 | |||||||
Debt instrument, face amount | $ 1,139 | € 1,000 | ||||||
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] | 3-month Euribor [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | |||||||
CVS Term Loan [Member] | Issuance Date March 4, 2015 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Notes Payable | $ 2,691 | 2,363 | ||||||
Note payable, issuance date | Mar. 4, 2015 | |||||||
Debt instrument, face amount | $ 2,691 | € 2,363 | ||||||
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 ($2,691) and an annual interest rate of 0.50% on €2,127 ($2,423) and 3.65% on the balance of €236 ($269) | |||||||
Number of principal payments | 16 | |||||||
Number of interest 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 | $ 269 | 236 | ||||||
CVS Term Loan [Member] | Issuance Date March 4, 2015 [Member] | 0.50% Annual Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Notes Payable | 2,423 | 2,127 | ||||||
CVS Term Loan [Member] | Issuance Date March 4, 2015 [Member] | 3.65% Annual Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Notes Payable | 269 | 236 | ||||||
CVS Term Loan [Member] | Issuance Date October 20, 2015 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Notes Payable | $ 1,046 | € 919 | ||||||
Note payable, issuance date | Oct. 20, 2015 | |||||||
Debt instrument, face amount | $ 1,139 | € 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% |
Credit Facilities and Debt - 86
Credit Facilities and Debt - Additional Information - Acquisition Note - Valla (Detail) - Mar. 31, 2016 € in Thousands, $ in Thousands | USD ($) | EUR (€) |
Valla Asset Purchase [Member] | ||
Debt Instrument [Line Items] | ||
Annual principal payments, matured on Dec. 31, 2016 | $ 90 | € 79 |
Credit Facilities and Debt - 87
Credit Facilities and Debt - Additional Information , ASV Loan Facilities (Detail) - Facility | Dec. 19, 2014 | Mar. 31, 2016 |
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 |
Credit Facilities and Debt - 88
Credit Facilities and Debt - Additional Information , ASV Revolving Loan Facility with JPMCB (Detail) - USD ($) | Dec. 19, 2014 | Mar. 31, 2016 |
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 | $ 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 | $ 16,653,000 | |
Maximum borrowing capacity based on available collateral | $ 20,821,000 | |
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") |
Credit Facilities and Debt - 89
Credit Facilities and Debt - Additional Information , ASV Term Loan with Garrison (Detail) - Garrison Term Loan Credit Agreement [Member] - USD ($) | Mar. 15, 2016 | Mar. 31, 2016 | Dec. 19, 2014 |
Line of Credit Facility [Line Items] | |||
Term loan facility | $ 31,484,000 | $ 40,000,000 | |
Term loan facility, Gross | 33,500,000 | ||
Debt issuance cost | 2,016,000 | ||
Term loan facility | $ 31,484,000 | $ 40,000,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 12.80% | ||
Principal payment of loan | $ 4,000,000 | $ 500,000 | |
Debt Instrument, Frequency of periodic payment | Quarterly | ||
Payment commencing date | Apr. 1, 2015 | ||
Unpaid principal is due on maturity | Dec. 19, 2019 | ||
Frequency of interest payments | Monthly | ||
Credit agreement, maximum capital expenditure | $ 1,600,000 | ||
December Nineteen Two Thousand Fourteen | |||
Line of Credit Facility [Line Items] | |||
Fixed charge coverage ratio covenant | 1.10 | ||
Credit agreement, leverage ratio | 4.75 | ||
March Thirty First Two Thousand Seventeen | |||
Line of Credit Facility [Line Items] | |||
Fixed charge coverage ratio covenant | 1.50 | ||
March Thirty First Two Thousand Eighteen | |||
Line of Credit Facility [Line Items] | |||
Credit agreement, leverage ratio | 2.50 | ||
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 10.5% and 11.0%. | ||
Line of credit interest rate spread over prime | 11.00% | ||
Debt instrument interest rate | 12.00% | ||
LIBOR [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit interest rate spread over prime | 10.50% | ||
LIBOR [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit interest rate spread over prime | 11.00% |
Credit Facilities and Debt - 90
Credit Facilities and Debt - Additional Information - PM Group Short-Term Working Capital Borrowing (Detail) - 3 months ended Mar. 31, 2016 - 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 | $ 28,349,000 | € 24,889,000 |
Short-term Debt | 21,333,000 | 18,730,000 |
Italy [Member] | ||
Line of Credit Facility [Line Items] | ||
Short-term Debt | $ 21,119,000 | € 18,542,000 |
Italy [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Variable interest rate | 1.51% | 1.51% |
Italy [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Variable interest rate | 1.76% | 1.76% |
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 | $ 214,000 | € 188,000 |
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% |
Credit Facilities and Debt - 91
Credit Facilities and Debt - Additional Information - PM Group Term Loans (Detail) € in Thousands, $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2016USD ($)PaymentBank | Mar. 31, 2016EUR (€)Payment | Mar. 31, 2016EUR (€)Bank | Oct. 31, 2015USD ($) | Oct. 31, 2015EUR (€) | Jan. 15, 2015USD ($) | Jan. 15, 2015EUR (€) | |
Notes Payable to Banks [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Frequency of periodic payment | Monthly | Monthly | |||||
Debt instrument, face amount | $ 701 | ||||||
Number of payments | Payment | 11 | 11 | |||||
Debt Instrument, Periodic Payment | $ 65 | ||||||
Notes Payable | 512 | ||||||
PM Group [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
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 | $ 836 | € 734 | |||||
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] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | 3.00% | |||||
Number of payments | Payment | 60 | 60 | |||||
Debt Instrument, Periodic Payment | $ 9 | € 8 | |||||
Debenture, maturity date | Oct. 31, 2020 | Oct. 31, 2020 | |||||
Notes Payable | $ 576 | € 506 | |||||
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] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.50% | 2.50% | |||||
Number of payments | Payment | 1 | 1 | |||||
Debenture, maturity date | Oct. 31, 2016 | Oct. 31, 2016 | |||||
Notes Payable | $ 501 | € 440 | |||||
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 | $ 15,679 | 13,766 | |||||
Debt issuance cost | 1,286 | ||||||
Accrued interest | $ 1,687 | 1,481 | $ 5,532 | 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 | $ 4,443 | € 3,901 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.32% | 2.32% | |||||
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 | $ 5,541 | € 4,865 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.82% | 2.82% | |||||
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 | $ 5,695 | € 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 | $ 1,123 | 986 | 1,663 | 1,460 | |||
PM Group [Member] | Unsecured Debt [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Bank Loans | $ 15,267 | € 13,404 | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.50% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.37% | 2.37% | |||||
Debt Instrument, Frequency of periodic payment | Semi-annual basis | Semi-annual basis | |||||
Debt instrument, semi installment payable start date | 2019-06 | 2019-06 | |||||
Debt instrument, semi installment payable end date | 2021-12 | 2021-12 | |||||
Accrued interest | $ 844 | € 741 | |||||
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 |
Credit Facilities and Debt - 92
Credit Facilities and Debt - Additional Information - Georgetown Facility (Detail) - Georgetown Facility [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Capital Leased Assets [Line Items] | |
Outstanding capital lease obligation | $ 5,374 |
Capital Lease Obligations [Member] | |
Capital Leased Assets [Line Items] | |
Monthly rental payment | $ 62 |
Lease extended date | Apr. 30, 2028 |
Amount of annual increase as a percentage | 3.00% |
Date of first rent increase | Sep. 1, 2016 |
Credit Facilities and Debt - 93
Credit Facilities and Debt - Additional Information - Winona Facility (Detail) - Winona Facility [Member] - Capital Lease Obligations [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Credit Facilities [Line Items] | |
Term of Lease | 5 years |
Lease expiry date | Jul. 10, 2014 |
Monthly lease payment | $ 25 |
Outstanding capital lease obligation | 500 |
Purchase amount of facility | $ 500 |
Credit Facilities and Debt - 94
Credit Facilities and Debt - Additional Information - Equipment (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)Lease | |
Capital Lease Equipment [Member] | |
Credit Facilities [Line Items] | |
Maximum borrowing capacity of new equipment | 100.00% |
Lease repayment period of new equipment | 60 months |
Capital leases purchase price of leased asset at option of lessee | $ 1 |
Other Capital Lease [Member] | |
Credit Facilities [Line Items] | |
Additional small capital lease | Lease | 1 |
Outstanding capital lease obligation | $ 22 |
Credit Facilities and Debt - Su
Credit Facilities and Debt - Summary of Inventory Held For Sale Financed Capital Leases-Equipment (Detail) - New Equipment [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Capital Leased Assets [Line Items] | |
Amount Borrowed | $ 1,166 |
Repayment Period | 60 months |
Amount of Monthly Payment | $ 22 |
Equipment lease balance | $ 694 |
Credit Facilities and Debt - 96
Credit Facilities and Debt - Additional Information - Operating Leases (Detail) | 3 Months Ended |
Mar. 31, 2016USD ($)Lease | |
Line of Credit Facility [Line Items] | |
Number of sale lease back transactions | Lease | 3 |
Proceeds from sale leaseback transaction | $ 4,080,000 |
Equipment operating lease terms | 60 months |
Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Equipment operating lease monthly payments | $ 18,000 |
Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Equipment operating lease monthly payments | $ 42,000 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 19, 2014 | Mar. 31, 2016 | Jan. 07, 2015 |
Terex Corporation Note Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 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 | 6,770 | ||
Convertible note discount amortization | 163 | ||
Convertible note unamortized discount | $ 893 | $ 730 | |
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] | |||
Debt instrument, face amount | $ 15,000 | ||
Deferred tax liability | 257 | ||
Net carrying amount of convertible debt | $ 14,412 | ||
Convertible note discount amortization | 126 | ||
Convertible note unamortized discount | 588 | 714 | |
Debt issuance cost | $ 440 | ||
Perella Notes Purchase Agreement [Member] | Convertible Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 15,000 | ||
Common stock conversion price | $ 15 | ||
Debt Instrument, Interest Rate, Effective Percentage | 7.50% | ||
Convertible notes, annual coupon 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 | Jan. 07, 2015 | Dec. 19, 2014 |
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 |
Legal Proceedings and Other C99
Legal Proceedings and Other Contingencies - Additional Information (Detail) € in Thousands | Feb. 03, 2016USD ($)Plaintiff | Feb. 03, 2016EUR (€)Plaintiff | May. 05, 2011AgreementPlaintiff | Mar. 31, 2016USD ($)Installment | Mar. 31, 2016EUR (€)Installment |
Loss Contingencies [Line Items] | |||||
Workmen's compensation insurance policy per claim deductible | $ 250,000 | ||||
Estimated Reserve for Product Liability Claims, change in period | 12 months | ||||
May 2011 Settlement Agreements [Member] | |||||
Loss Contingencies [Line Items] | |||||
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 | 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 of each year. | ||||
February 2016 Settlement Agreement [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of plaintiff | Plaintiff | 1 | 1 | |||
Remaining obligation to pay product liability settlement to plaintiffs | $ 456,000 | € 400 | |||
Number of installments for the payment of product liability settlement | Installment | 20 | 20 | |||
Settlement agreements date | February 3, 2016 | ||||
Settlement payment terms | the Company has a remaining obligation under the agreement to pay the plaintiff €400 ($456) without interest in 20 monthly installments of €20 ($23). | ||||
Settlement amount | $ 729,000 | € 640 | |||
Gain (loss) on settlement | $ 0 | ||||
Amount of settlement paid | 273,000 | € 240 | |||
Monthly installment amount | 23,000 | € 20 | |||
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 |
Business Segments - Additional
Business Segments - Additional Information (Detail) € in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)SegmentLocationT | Mar. 31, 2016EUR (€)SegmentLocationT | Mar. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | Segment | 3 | 3 | |
Sale of inventories and intellectual property | $ 3,119 | € 2,839 | |
Amortization expense | 1,778 | $ 1,695 | |
Other Income [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on inventories and intellectual property | $ 2,212 | € 1,987 | |
ASV Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of independent dealer network locations | Location | 100 | 100 | |
Amortization expense | $ 637 | 795 | |
Equipment Distribution [Member] | |||
Segment Reporting Information [Line Items] | |||
Commission received for services provided | 540 | ||
Amortization expense | 37 | 37 | |
Lifting Equipment [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization expense | $ 1,104 | $ 863 | |
Minimum [Member] | |||
Segment Reporting Information [Line Items] | |||
Rough terrain cranes | T | 15 | 15 | |
Maximum [Member] | |||
Segment Reporting Information [Line Items] | |||
Rough terrain cranes | T | 30 | 30 | |
Valla SpA [Member] | Minimum [Member] | |||
Segment Reporting Information [Line Items] | |||
Rough terrain cranes | T | 2 | 2 | |
Valla SpA [Member] | Maximum [Member] | |||
Segment Reporting Information [Line Items] | |||
Rough terrain cranes | T | 90 | 90 | |
PM Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Acquisition closing date | Jan. 15, 2015 | Jan. 15, 2015 |
Business Segments - Financial I
Business Segments - Financial Information for Three Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 102,361 | $ 101,042 | |
Operating income | 3,357 | 2,050 | |
Total Assets | 424,130 | $ 402,859 | |
Operating Segments [Member] | Lifting Equipment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 70,189 | 66,662 | |
Operating income | 4,228 | 2,720 | |
Total Assets | 286,726 | 265,927 | |
Operating Segments [Member] | Equipment Distribution [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 5,551 | 3,490 | |
Operating income | 154 | 30 | |
Total Assets | 11,024 | 14,585 | |
Operating Segments [Member] | ASV Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 28,468 | 32,061 | |
Operating income | 1,027 | 1,979 | |
Total Assets | 124,532 | 120,635 | |
Inter-segment Elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | (1,847) | (1,171) | |
Operating income | 204 | (10) | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income | (2,256) | $ (2,669) | |
Total Assets | $ 1,848 | $ 1,712 |
Transactions between the Com102
Transactions between the Company and Related Parties - Additional Information (Detail) € in Thousands, $ in Thousands | Mar. 11, 2016USD ($) | Mar. 04, 2015USD ($) | Mar. 04, 2015EUR (€) | Mar. 31, 2016USD ($) | Mar. 31, 2016EUR (€) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 16, 2014 |
Related Party Transaction [Line Items] | ||||||||
Sale of inventories and intellectual property | $ 3,119 | € 2,839 | ||||||
Other Income [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Gain on inventories and intellectual property | 2,212 | € 1,987 | ||||||
Lift Ventures LLC [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accounts receivable | 120 | $ 41 | ||||||
Accounts payable | 248 | 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 | 120 | |||||||
SL Industries, Ltd [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accounts receivable | 120 | 157 | ||||||
Accounts payable | 418 | 150 | ||||||
BGI USA, Inc. [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accounts payable | 7 | 2 | ||||||
Terex Corporation [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accounts receivable | 769 | 388 | ||||||
Accounts payable | 1,346 | $ 1,413 | ||||||
Terex Corporation [Member] | ASV Inc [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Additional equity contribution | $ 2,450 | |||||||
Terex Corporation [Member] | Distribution And Marketing Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Service expenses | 764 | $ 51 | ||||||
Terex Corporation [Member] | Service Agreements [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Service expenses | $ 907 | $ 84 | ||||||
Terex Operations Italy S.R.L (''TOI'') [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Sale of inventories and intellectual property | $ 3,119 | € 2,839 | ||||||
Terex Operations Italy S.R.L (''TOI'') [Member] | Other Income [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Gain on inventories and intellectual property | $ 2,212 | € 1,987 |
Transactions between the Com103
Transactions between the Company and Related Parties - Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Related Party Transaction [Line Items] | |||
Total Purchases | $ 1,372 | $ 1,575 | |
Bridgeview Facility [Member] | |||
Related Party Transaction [Line Items] | |||
Rent paid | [1] | 65 | 65 |
SL Industries, Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Total Sales | 32 | ||
Total Purchases | 917 | $ 1,575 | |
Lift Ventures LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Total Purchases | 454 | ||
LiftMaster [Member] | |||
Related Party Transaction [Line Items] | |||
Total Purchases | $ 1 | ||
[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. |
Transactions between the Com104
Transactions between the Company and Related Parties - Related Party Transactions (Parenthetical) (Detail) - Bridgeview Facility [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)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 Com105
Transactions between the Company and Related Parties - Summary of Notes Payable to Related Parties (Detail) - Terex Corporation Note Payable [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Crane and Schaeff [Member] | ||
Related Party Transaction [Line Items] | ||
Note payable | $ 250 | |
ASV Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Note payable | $ 1,594 | 1,594 |
Convertible Notes Payable [Member] | ||
Related Party Transaction [Line Items] | ||
Note payable | $ 6,770 | $ 6,737 |
Transactions between the Com106
Transactions between the Company and Related Parties - Summary of Sales to and Purchase from Related Parties (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Purchases from Terex | $ 1,372 | $ 1,575 |
ASV Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Sales to Terex | 867 | 597 |
Purchases from Terex | $ 2,092 | $ 1,106 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Annual effective tax rate | 26.60% | |
Annual statutory tax rates | 35.00% | |
Income tax expense | $ 517 | $ 31 |
Total unrecognized tax benefits | $ 936 | $ 219 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Income From Discontinued Operations (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Net revenues | $ 4,840 |
Cost of sales | 4,239 |
Research and development costs | 115 |
Selling, general and administrative expenses | 394 |
Interest expense | 90 |
Other income | 8 |
Income from discontinued operations before income taxes | 10 |
Income tax related to discontinued operations | 3 |
Income on discontinued operations | $ 7 |