Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 02, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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 | 16,552,186 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash | $ 2,930 | $ 5,110 |
Cash-restricted | 772 | 1,308 |
Trade receivables (net) | 49,837 | 47,267 |
Accounts receivable from related party | 89 | 501 |
Other receivables | 2,254 | 1,332 |
Inventory (net) | 88,196 | 90,901 |
Prepaid expense and other | 5,057 | 4,745 |
Total current assets | 149,135 | 151,164 |
Total fixed assets (net) | 36,550 | 37,241 |
Intangible assets (net) | 55,546 | 56,809 |
Goodwill | 70,635 | 70,248 |
Other long-term assets | 1,990 | 1,978 |
Deferred tax asset | 545 | 545 |
Total assets | 314,401 | 317,985 |
Current liabilities | ||
Notes payable—short term | 30,456 | 27,408 |
Current portion of capital lease obligations | 815 | 338 |
Accounts payable | 43,946 | 45,778 |
Accounts payable related parties | 1,915 | 4,373 |
Accrued expenses | 14,806 | 16,658 |
Other current liabilities | 2,733 | 2,150 |
Total current liabilities | 94,671 | 96,705 |
Long-term liabilities | ||
Revolving term credit facilities | 35,236 | 35,562 |
Notes payable (net) | 49,938 | 49,986 |
Capital lease obligations | 5,390 | 6,004 |
Convertible note related party (net) | 6,897 | 6,862 |
Convertible note (net) | 14,151 | 14,098 |
Deferred gain on sale of property | 991 | 1,058 |
Deferred tax liability | 3,427 | 3,242 |
Other long-term liabilities | 4,566 | 4,906 |
Total long-term liabilities | 120,596 | 121,718 |
Total liabilities | 215,267 | 218,423 |
Commitments and contingencies | ||
Equity | ||
Preferred Stock—Authorized 150,000 shares, no shares issued or outstanding at March 31, 2017 and December 31, 2016 | ||
Common Stock—no par value 25,000,000 shares authorized, 16,552,186 and 16,200,294 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 97,247 | 94,324 |
Paid in capital | 2,522 | 2,918 |
Retained earnings | (21,983) | (18,572) |
Accumulated other comprehensive loss | (3,929) | (4,272) |
Equity attributable to shareholders of Manitex International, Inc. | 73,857 | 74,398 |
Equity attributable to noncontrolling interest | 25,277 | 25,164 |
Total equity | 99,134 | 99,562 |
Total liabilities and equity | $ 314,401 | $ 317,985 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
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 | 16,552,186 | 16,200,294 |
Common Stock, shares outstanding | 16,552,186 | 16,200,294 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Net revenues | $ 67,852 | $ 85,386 |
Cost of sales | 56,059 | 70,548 |
Gross profit | 11,793 | 14,838 |
Operating expenses | ||
Research and development costs | 1,207 | 1,318 |
Selling, general and administrative expenses | 12,099 | 11,391 |
Total operating expenses | 13,306 | 12,709 |
Operating (loss) income | (1,513) | 2,129 |
Other income (expense) | ||
Interest expense | (1,845) | (2,765) |
Foreign currency transaction loss | (83) | (516) |
Other income (expense) | 234 | (30) |
Total other expense | (1,694) | (3,311) |
Loss before income taxes and loss in non-marketable equity interest from continuing operations | (3,207) | (1,182) |
Income tax expense (benefit) from continuing operations | 90 | (114) |
Loss in non-marketable equity interest, net of taxes | (39) | |
Net loss from continuing operations | (3,297) | (1,107) |
Discontinued operations | ||
Income from operations of discontinued operations | 3,071 | |
Income tax expense | 631 | |
Income on discontinued operations | 2,440 | |
Net (loss) income | (3,297) | 1,333 |
Net (income) loss attributable to noncontrolling interest | (114) | 127 |
Net (loss) income attributable to shareholders of Manitex International, Inc. | $ (3,411) | $ 1,460 |
(Loss) earnings Per Share Basic | ||
Loss from continuing operations attributable to shareholders of Manitex International, Inc. | $ (0.21) | $ (0.06) |
Income from discontinued operations attributable to shareholders of Manitex International, Inc. | 0.15 | |
(Loss) earnings attributable to shareholders of Manitex International, Inc. | (0.21) | 0.09 |
(Loss) earnings Per Share Diluted | ||
Loss from continuing operations attributable to shareholders of Manitex International, Inc. | (0.21) | (0.06) |
Earnings from discontinued operations attributable to shareholders of Manitex International, Inc. | 0.15 | |
(Loss) earnings attributable to shareholders of Manitex International, Inc. | $ (0.21) | $ 0.09 |
Weighted average common shares outstanding | ||
Basic | 16,559,343 | 16,105,601 |
Diluted | 16,559,343 | 16,105,601 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net (loss) income: | $ (3,297) | $ 1,333 |
Other comprehensive income | ||
Foreign currency translation adjustments | 343 | 2,069 |
Total other comprehensive income | 343 | 2,069 |
Comprehensive (loss) income | (2,954) | 3,402 |
Comprehensive (loss) income attributable to noncontrolling interest | (114) | 127 |
Total comprehensive (loss) income attributable to shareholders of Manitex International, Inc. | $ (3,068) | $ 3,529 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (3,297) | $ 1,333 |
Adjustments to reconcile net income (loss) to cash used for operating activities: | ||
Depreciation and amortization | 2,639 | 2,941 |
Changes in allowances for doubtful accounts | 3 | 312 |
Changes in inventory reserves | (6) | 305 |
Deferred income taxes | 146 | (16) |
Amortization of deferred financing costs | 195 | 321 |
Revaluation of contingent acquisition liability | (346) | |
Amortization of debt discount | 63 | 143 |
Change in value of interest rate swaps | (401) | (386) |
Loss in non-marketable equity interest | 39 | |
Share-based compensation | 229 | 285 |
Adjustment to deferred gain on sale and lease back | (118) | |
Loss on disposal of assets | 39 | 16 |
Reserves for uncertain tax provisions | 17 | 16 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (2,765) | (19,384) |
(Increase) decrease in inventory | 3,047 | 440 |
(Increase) decrease in prepaid expenses | (307) | 793 |
(Increase) decrease in other assets | (22) | 77 |
Increase (decrease) in accounts payable | (4,656) | 90 |
Increase (decrease) in accrued expense | (1,937) | (2,533) |
Increase (decrease) in other current liabilities | 557 | 349 |
Increase (decrease) in other long-term liabilities | (60) | (148) |
Discontinued operations - cash used for operating activities | (5,435) | |
Net cash used for operating activities | (6,862) | (20,560) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (285) | (335) |
Investment in intangibles other than goodwill | (39) | (19) |
Investment received form noncontrolling interest (Note 16) | 2,450 | |
Discontinued operations - cash provided by investing activities | 2,170 | |
Net cash (used for) provided by investing activities | (324) | 4,266 |
Cash flows from financing activities: | ||
(Payments) borrowings on revolving term credit facilities | (326) | 5,570 |
Net borrowings on working capital facilities | 2,812 | 6,409 |
New borrowings | 516 | 701 |
Debt issuance costs incurred | (50) | (394) |
Note payments | (676) | (7,177) |
Shares repurchased for income tax withholding on share-based compensation | (128) | (42) |
Proceeds from stock offering | 2,426 | |
Proceeds for sale and leaseback | 4,080 | |
Payments on capital lease obligations | (145) | (238) |
Discontinued operations - cash provided by financing activities | 2,452 | |
Net cash provided by financing activities | 4,429 | 11,361 |
Net decrease in cash and cash equivalents | (2,757) | (4,933) |
Effect of exchange rate changes on cash | 41 | 284 |
Cash and cash equivalents at the beginning of the year | 6,418 | 8,578 |
Cash and cash equivalents at end of period | $ 3,702 | $ 3,929 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations | Note 1. Nature of Operations The Company is a leading provider of engineered lifting solutions. The Company operates in three business segments: the Lifting Equipment segment, the ASV segment and the Equipment Distribution segment. Lifting Equipment Segment The Company is a leading provider of engineered lifting solutions. The Company designs, manufactures and distributes a diverse group of products that serve different functions and are used in a variety of industries. Through its Manitex, Inc. subsidiary it markets a comprehensive line of boom trucks, truck cranes and sign cranes. Manitex’s boom trucks and crane products are primarily used for industrial projects, energy exploration and infrastructure development, including, roads, bridges and commercial construction. Badger Equipment Company (“Badger”) is a manufacturer of specialized rough terrain cranes and material handling products. Badger primarily serves the needs of the construction, municipality and railroad industries. PM Group S.p.A. (“PM”) is a leading Italian manufacturer of truck mounted hydraulic knuckle boom cranes with a 50-year history of technology and innovation, and a product range spanning more than 50 models. Its largest subsidiary, Oil & Steel (“O&S”), is a manufacturer of truck-mounted aerial platforms with a diverse product line and an international client base. ManitexValla S.r.L. (“Valla”) produces a line of industrial pick and carry cranes using electric, diesel, and hybrid power options with lifting capacity that range from 2 to 90 tons. Its cranes offer wheeled or tracked, and fixed or swing boom configurations, with special applications designed specifically to meet the needs of its customers. Valla’s products are sold internationally through dealers and into the rental distribution channel. Sabre Manufacturing, LLC, which is located in Knox, Indiana, 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. ASV Segment The Company acquired 51% of A.S.V., Inc. from Terex Corporation (“Terex”) in 2014. Subsequent to the acquisition date ASV was converted to an LLC and its name was changed to A.S.V., LLC (ASV). ASV is located in Grand Rapids, Minnesota manufactures a line of high quality compact track and skid steer loaders. ASV’s 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 independent dealers and the Terex distribution channels, as well as through the Company. Equipment Distribution Segment The Equipment Distribution segment consists of two of the Company’s subsidiaries, Crane and Machinery, Inc. (“C&M”) and Crane and Machinery Leasing, Inc. (“C&M Leasing”). C&M is a distributor of Terex rough terrain and truck cranes products as well as Manitex’s own products. C&M offers equipment repair services in the Chicago area and supplies repair parts for a wide variety of medium to heavy duty construction equipment both domestically and internationally. C&M Leasing rents equipment manufactured by the Company as well as a limited amount of equipment manufactured by third parties. Discontinued Operations CVS Ferrari, srl (“CVS”) designed and manufactured a range of reach stackers and associated lifting equipment for the global container handling market. CVS was sold on December 22, 2016 and is presented as a discontinued operation. Manitex Liftking ULC (“Manitex Liftking” or “Liftking”) sold 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. Liftking was sold on September 30, 2016, and is presented as a discontinued operation. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017, and results of its operations and cash flows for the periods presented. The consolidated balances as of December 31, 2016 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, 2016. 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, 2016. 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 $73 Inventory Valuation Inventory consists of stock materials and equipment stated at the lower of cost (first in, first out) or net realizable value. 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). The Company’s interest rate swap contracts are held by the PM Group and are intended to manage the exposure to interest rate risk related to certain term loans that PM Group has 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 consists of a foreign currency translation adjustment, which is the result of consolidating its foreign subsidiaries. Reclassification Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation. |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Disclosures | 2. 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, 2017 and 2016 were as follows: Three Months Ended March 31, 2017 2016 Interest received in cash — — Interest paid in cash 1,987 3,033 Income tax payments (refunds) in cash 28 (1,142 ) Non cash transactions Issuance of common stock in connection with Terex note repayment — 150 |
Financial Instruments-Forward C
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts | 3. 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, 2017 and December 31, 2016 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: Fair Value at March 31, 2017 Level 1 Level 2 Level 3 Total Liabilities: Forward currency exchange contracts $ — $ 24 $ — $ 24 Interest rate swap contracts — 8 — 8 PM contingent liabilities — — — — Valla contingent consideration — — 196 196 Total liabilities at fair value $ — $ 32 $ 196 $ 228 Fair Value at December 31, 2016 Level 1 Level 2 Level 3 Total Liabilities: Forward currency exchange contracts $ — $ 159 $ — $ 159 Interest rate swap contracts — 405 — 405 PM contingent liabilities — — 316 316 Valla contingent consideration — — 193 193 Total liabilities at fair value $ — $ 564 $ 509 $ 1,073 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, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives Financial Instruments | 4. 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 Euro, Chilean Peso and the U.S. dollar. Forward Currency Contracts When the Company receives a significant order in a currency other than the operating unit’s functional currency, management may evaluate different options that are available to mitigate future currency exchange risks. The decision to hedge future sales is not automatic and is decided case by case. The Company only uses hedge instruments to hedge firm existing sales orders and not estimated exposure, when management determines that exchange risks exceed 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. 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, 2017 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 reclassified from other comprehensive income into earnings during the next 12 months. At times , the Company enters into forward currency exchange contracts in relationship such that the exchange gains and losses on the assets and liabilities denominated in a currency 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 a currency 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 a currency other than a reporting unit functional currency include certain intercompany receivables due from the Company’s Italian subsidiaries and accounts receivable and accounts payable of our Italian subsidiaries and their subsidiaries PM Group has an intercompany receivable denominated in Euros from its Chilean subsidiary. At March 31, 2017, the Company had entered into a forward currency exchange contract that matures on August 2, 2017. Under the contract the Company is obligated to sell 1,500,000 Chilean pesos for 2,084 euros. The purpose of the forward contract 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. Interest Rate Swap Contracts A contract was signed by PM Group, for an original notional amount of € 482 (€ 516 at March 31, 2017), As of March 31, 2017, the Company had the following forward currency contracts and interest rate swaps: Nature of Derivative Currency Amount Type Forward currency sales contracts Chilean peso 1,500,000 Not designated as hedge instrument Interest rate swap contracts Euro 482 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, 2017 and December 31, 2016: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location March 31, 2017 December 31, 2016 Liabilities Derivatives Foreign currency exchange contract Accrued expense $ 24 $ 159 Interest rate swap contracts Notes payable 8 405 Total liabilities $ 32 $ 564 The following tables provide the effect of derivative instruments on the Consolidated Statements of Operations for the three months ended March 31, 2017 and 2016: Gain or (loss) Location of gain or (loss) recognized in Income Statement Three Months Ended March 31, 2017 2016 Derivatives Not designated as Hedge Instrument Forward currency contracts Foreign currency transaction (losses) $ (52 ) $ (194 ) Interest rate swap contracts Interest expense 321 386 Forward currency contracts Income from operations of discontinued operations — 71 $ 269 $ 263 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, 2017 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) per Common Share | 5. 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, 2017 2016 Net (loss) income attributable to shareholders of Manitex International, Inc. Net loss from continuing operations $ (3,297 ) $ (1,107 ) Less: (income) loss attributable to noncontrolling interest (114 ) 127 Net loss from continuing operations attributable to shareholders of Manitex International, Inc. (3,411 ) (980 ) Income from operations of discontinued operations, net of income taxes — 2,440 Net (loss) income attributable to shareholders of Manitex International, Inc. $ (3,411 ) $ 1,460 (Loss) earnings per share Basic Loss from continuing operations attributable to shareholders' of Manitex International, Inc. $ (0.21 ) $ (0.06 ) Earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ 0.15 (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (0.21 ) $ 0.09 Diluted Loss from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.21 ) $ (0.06 ) Income from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ 0.15 (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (0.21 ) $ 0.09 Weighted average common shares outstanding Basic 16,559,343 16,105,601 Diluted 16,559,343 16,105,601 There are 266,397 and 268,819 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, 2017 and 2016, respectively. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Equity | 6. Equity 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 Employer 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, 2017 Directors 4,290 $ 54 January 1, 2017 Employees 20,932 266 January 4, 2017 Directors 7,675 47 January 4, 2017 Employees 42,533 258 75,430 $ 625 Stock Repurchase The Company purchases shares of Common Stock from certain employees at the closing price on the date of purchase. The stock was purchased from the employees to satisfy employees’ withholding tax obligations related to stock issuances described above. The below is summary of common stock purchased during the three months ended March 31, 2017: Date of Purchase Shares Purchased Closing Price on Date of Purchase January 1, 2017 6,312 $ 6.86 January 4, 2017 11,750 $ 7.27 18,062 Common stock was decreased by 129 , the aggregated value of the shares reflected in the above table. 2004 Equity Incentive Plan In 2004, the Company adopted the 2004 Equity Incentive Plan and subsequently amended and restated the plan on September 13, 2007, May 28, 2009, June 5, 2013 and June 2, 2016. The maximum number of shares of common stock reserved for issuance under the plan is 1,329,364 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 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. 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, 2017 Outstanding on January 1, 2017 342,004 Units granted during the period — Vested and issued (57,368 ) Vested —issued and repurchased for income tax withholding (18,062 ) Forfeited (177 ) Outstanding on March 31, 2017 266,397 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 $229 and |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 7. 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 or 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 has adopted this guidance during the quarter ended March 31, 2017 on a prospective basis. The adoption of this guidance did not have a significant impact on the operating results for the three months ended March 31, 2017. 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 Company has adopted this guidance during the quarter ended March 31, 2017. The adoption of this guidance did not have an impact on the operating results for the three months ended March 31, 2017. 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. The Company has adopted this guidance during the quarter ended March 31, 2017. The adoption of this guidance did not have an impact on the operating results for the three months ended March 31, 2017. 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 has adopted the guidance for the year ended December 31, 2017. The adoption of this guidance did not have an impact on the operating results for the three months ended March 31, 2017. 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 . In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments,” (“ASU 2016-15”). ASU 2016-15 reduces the existing diversity in practice in financial reporting by clarifying existing principles in ASC 230, “Statement of Cash Flows,” and provides specific guidance on certain cash flow classification issues. The effective date for ASU 2016-15 will be the first quarter of fiscal year 2018 with early adoption permitted. The Company is evaluating the impact that adoption of this new standard will have on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740) - Intra-Entity Transfer of Assets Other than Inventory,” (“ASU 2016-16”). ASU 2016-16 requires recognition of current and deferred income taxes resulting from an intra-entity transfer of any asset (excluding inventory) when the transfer occurs. This is a change from existing GAAP which prohibits recognition of current and deferred income taxes until the asset is sold to a third party. The effective date for ASU 2016-16 will be the first quarter of fiscal year 2018 with early adoption permitted. The Company is evaluating the impact that adoption of this new standard will have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business,” (“ASU 2017-01”). ASU 2017-01 provides guidance in ascertaining whether a collection of assets and activities is considered a business. The effective date will be the first quarter of fiscal year 2018, with prospective application. The Company is evaluating the impact that adoption of this new standard will have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” (“ASU 2017-04”). ASU 2017-04 eliminates Step 2 from the goodwill impairment test. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment. The effective date will be the first quarter of fiscal year 2020, with early adoption permitted in 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, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory | 8. Inventory The components of inventory are as follows: March 31, 2017 December 31, 2016 Raw materials and purchased parts, net $ 63,034 $ 62,252 Work in process 4,027 4,396 Finished goods 21,135 24,253 Inventory, net $ 88,196 $ 90,901 The Company has established reserves for obsolete and excess inventory of $2,926 and $2,515 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 9. Goodwill and Intangible Assets March 31, 2017 December 31, 2016 Useful lives Patented and unpatented technology $ 25,545 $ 25,409 7-10 years Amortization (13,041 ) (12,630 ) Customer relationships 38,582 38,444 10-20 years Amortization (11,940 ) (10,851 ) Trade names and trademarks 18,975 18,892 25 years-indefinite Amortization (2,582 ) (2,463 ) Non-competition agreements 50 50 2-5 years Amortization (43 ) (42 ) Customer backlog 371 370 <1 year Amortization (371 ) (370 ) Total Intangible assets $ 55,546 $ 56,809 Amortization expense for intangible assets was Changes in goodwill for the three months ended March 31, 2017 are as follows: Lifting Equipment Segment ASV Segment Total Balance January 1, 2017 $ 39,669 $ 30,579 $ 70,248 Effect of change in exchange rates 387 — 387 Balance March 31, 2017 $ 40,056 $ 30,579 $ 70,635 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 10. Accrued Expenses March 31, 2017 December 31, 2016 Accounts payable: Trade $ 43,074 $ 44,308 Bank overdraft 872 1,470 Total accounts payable $ 43,946 $ 45,778 Accrued expenses: Accrued payroll $ 1,761 $ 1,241 Accrued employee benefits 835 1,279 Accrued bonuses 126 741 Accrued vacation expense 1,532 1,344 Accrued interest 1,014 1,831 Accrued commissions 381 391 Accrued expenses—other 2,804 2,223 Accrued warranty 3,225 3,438 Accrued taxes other than income taxes 1,599 1,950 Accrued product liability and workers compensation claims 1,529 2,220 Total accrued expenses $ 14,806 $ 16,658 |
Accrued Warranty
Accrued Warranty | 3 Months Ended |
Mar. 31, 2017 | |
Guarantees [Abstract] | |
Accrued Warranty | 11. 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. Three Months Ended March 31, 2017 2016 Balance January 1, $ 3,438 $ 3,468 Accrual for warranties issued during the period 522 866 Warranty services provided (649 ) (780 ) Changes in estimate (95 ) (59 ) Foreign currency translation 9 35 Balance March 31, $ 3,225 $ 3,530 |
Credit Facilities and Debt
Credit Facilities and Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Credit Facilities and Debt | 12. U.S. Credit Facilities At March 31, 2017, the Company and its U.S. subsidiaries have a Loan and Security Agreement, as amended, (the “Loan Agreement”) with The Private Bank and Trust Company (“Private Bank”). The Loan Agreement provides a revolving credit facility with a maturity date of July 20, 2019. The aggregate amount of the facility is $25,000. The maximum borrowing available to the Company under the Loan Agreement is limited to: (1) 85% of eligible receivables; plus (2) 50% of eligible inventory valued at the lower of cost or market subject to a $17,500 limit; plus (3) 80% of eligible used equipment, as defined, valued at the lower of cost or market subject to a $2,000 limit. At March 31, 2017, the maximum the Company could borrow based on available collateral was capped at $23,943. At March 31, 2017, the Company had borrowed $21,277 under this facility. Effective May 1, 2017 and June 1, 2017, the Company’s collateral is subject to a $1,500 and $5,000 reserve, respectively, until the Fixed Charge Coverage ratio exceeds 1.10 to 1.00. The indebtedness under the Loan Agreement is collateralized by substantially all of the Company’s assets, except for the certain assets of the Company’s subsidiaries. The Loan Agreement provides that the Company can opt to pay interest on the revolving credit at either a base rate plus a spread, or a LIBOR rate plus a spread. The base rate spread ranges from 0.25% to 1.00% depending on the Senior Leverage Ratio (as defined in the Loan Agreement). The LIBOR spread ranges from 2.25% to 3.00% also depending on the Senior Leverage Ratio. At March 31, 2017, the base rate and LIBOR spreads were 1.00% and 3.00%, respectively. Funds borrowed under the LIBOR option can be borrowed for periods of one, two, or three months and are limited to four LIBOR contracts outstanding at any time. The underlying reference rate for our base rated borrowings at March 31, 2017 was 4.00%. At March 31, 2017, the Company had three outstanding advances with interest tied to LIBOR. The contracts had an underlying LIBOR rate of 0.8500%. In addition, Private Bank assesses a 0.50% unused line fee that is payable monthly. The Loan Agreement subjects the Company and its domestic subsidiaries to a quarterly EBITDA covenant (as defined). The quarterly EBITDA covenant (as defined) are $(1,000) for the quarter ended at March 31, 2017, $0 for the quarter ended June 30, 2017, and $2,000 for all quarters starting the quarter ended September 30, 2017 through the end of the agreement. Additionally, the Company and its domestic subsidiaries are subject to a Fixed Charge Coverage ratio of 1.05 to 1.00 measured on an annual basis beginning December 31, 2017, followed by a Fixed Charge Coverage ratio of 1.15 to 1.00 measured quarterly starting March 31, 2018 (based on a trailing twelve month basis) through the term of the agreement. The Loan Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company’s ability to, among other things, incur additional indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, pay dividends or make distributions, repurchase stock, in each case subject to customary exceptions for a credit facility of this size. The Loan Agreement has a Letter of Credit facility of $3,000, which is fully reserved against availability. 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 June 19, 2017 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, 2017. Note Payable—Bank At March 31, 2017, the Company has a $292 note payable to a bank. The note dated January 18, 2017 had an original principal amount of $400 and an annual interest rate of 2.75%. Under the terms of the note the company is required to make eleven monthly payments of $37 commencing January 30, 2017. 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 in the insurance policies it financed and has the right upon default to cancel these policies and receive any unearned premiums. PM Group Short-Term Working Capital Borrowings At March 31, 2017, PM Group had established demand credit and overdraft facilities with seven Italian banks and six At March 31, 2017, the Italian banks had advanced PM Group €19,603 ($20,971), at variable interest rates, which currently range from 1.42% to 1.67%. At March 31, 2017, the South American banks had advanced PM Group €897 ($960), at variable interest rates, which currently range from 8% to 17%. Total short-term borrowings for PM Group were €20,500 (21,931) at March 31, 2017. PM Group Term Loans At March 31, 2017, PM Group has a €12,057 ($12,899) 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 €392 ($419) The first note has an outstanding principal balance of €3,986 ($4,264), is charged interest at the 6-month Euribor plus 236 basis points, effective rate of 2.12% at March 31, 2017. 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 ($5,205), 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 $1,561 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, 2017 the remaining balance was €748 or $800 and 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, 2017 PM Group has unsecured borrowings with four Italian banks totaling €13,015 ($13,923). Interest on the unsecured notes is charged at the 3-month Euribor plus 250 basis points, effective rate of 2.17% at March 31, 2017. Principal payments are due on a semi-annual basis beginning June 2019 and ending December 2021. Accrued interest on these borrowings through the date of acquisition at January 15, 2015, totaled €358 ($378) and is payable in semi-annual installments beginning June 2019 and ending December 2019. At March 31, 2017 Autogru PM RO, a subsidiary of PM Group, has two notes. The first note is payable in 60 monthly principal installments of €8 ($9), PM has an interest rate swap with a fair market value at March 31, 2017 of €8 or $8 which has been included in debt. Valla Short-Term Working Capital Borrowings At March 31, 2017, Valla had established demand credit and overdraft facilities with two Valla Term Loans At March 31, 2017, Valla has a €110 ($118) term loan with Carisbo. The note is payable in 14 quarterly principal installments of €8 ($9), plus interest at the 3-month Euribor plus 470 basis points, effective rate of 4.37% at March 31, 2017, maturing on January 2021. At March 31, 2017, the outstanding principal balance of the note was €110 ($118). ASV Loan Facilities On December 23, 2016, ASV completed a new unitranche credit agreement with . Revolving Loan Facility with PNC The $35,000 revolving loan facility includes two sub-facilities: (i) a $2,000 letter of credit sub-facility, and (ii) a $3,500 swing loan sub-facility, each of which is fully reserved against availability under the revolving loan facility. The facility matures on December 23, 2021. 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 (i) the sum of (a) 85% of Eligible Receivables, plus (b) 90% of Eligible Insured Foreign Receivables, plus (c) the lesser of (I) 95% of Eligible CAT Receivables, or $8,600 plus (ii) the lesser of (A) the sum of (I) up to 65% of the value of the Eligible Inventory (other than Eligible Inventory consisting of finished goods machines and service parts that are current), plus (II) 80% of the value of Eligible Inventory consisting of finished goods machines, plus (III) 75% of the value of Eligible Inventory consisting of service parts that are current) or, (B) up to 90% of the appraised net orderly liquidation value of Eligible Inventory. Inventory collateral is capped at $15,000 less outstanding letters of credit and any reasonable reserves as established by the bank. At March 31, 2017, the maximum ASV could borrow based on available collateral was capped at $18,058. At March 31, 2017, ASV had drawn $13,959 under the $35,000 PNC Credit Agreement. ASV can opt to pay interest at either a domestic rate plus a spread, or a LIBOR rate plus a spread. The initial spread for domestic and LIBOR is fixed at 1.5% and 2.5% until delivery of certain reporting documents with respect to the fiscal quarter ending March 31, 2017, respectively. At which point the spread for domestic rate will range from 1% to 1.5% and LIBOR spread from 2% to 2.5% depending on the average undrawn availability (as defined in the loan agreement). Funds borrowed under the LIBOR options can be borrowed for periods of one, two, or three months. The weighted average interest rate for the period ending March 31, 2017, was 3.8%. Term Loan A with PNC On December 23, 2016, ASV borrowed $8,500 under a term loan (“Term Loan A”) facility with PNC as the administrative agent. At March 31, 2017, ASV had an outstanding balance of $8,500 (less $86 debt issuance cost, for net debt of $8,414). ASV is obligated to make quarterly principal payments of $212 commencing on March 31, 2017. Any unpaid principal is due on maturity, which is December 23, 2021. Interest is payable monthly. Term Loan B with White Oak On December 23, 2016, ASV borrowed $21,500 under term loan (“Term Loan B”) facility with White Oak as the administrative agent. At March 31, 2017, ASV had an outstanding balance of $20,963 (less $618 debt issuance cost, for net debt of $20,344). The interest rate is fixed at a LIBOR rate plus 10% until delivery of the same reporting documents referenced above. After delivery of the reporting documents, ASV will pay interest at the LIBOR rate plus a spread of either 9% or 10% depending on the leverage ratio, provided that at no time will the LIBOR rate be less than 1%. The interest rate for the three months ended March 31, 2017 was 11%. ASV is obligated to make quarterly principal payments of $538 commencing on March 31, 2017. Any unpaid principal is due on maturity, which is December 23, 2021. Interest is payable monthly. ASV Covenants ASV indebtedness is collateralized by substantially all of ASV’s assets and the respective equity interests of ASV’s members. The facilities contain 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 Credit Agreements. The revolving credit facility and the term loans require ASV to maintain a Minimum Fixed Charge Coverage ratio of not less than 1.20 to 1.0. Additionally, the term loans require ASV not exceed a Leverage Ratio of 5.00 to 1.00 which shall step down to 2.85 to 1.00 on March 31, 2021 and also limits capital expenditures to $1,300 in any fiscal year. Capital leases Georgetown facility The Company leases it Georgetown facility under a capital lease that expires on April 30, 2028. The monthly rent is currently $64 and is increased by 3% annually on September 1 during the term of the lease. At March 31, 2017, the outstanding capital lease obligation Winona facility The Company has a lease which expired on February 1, 2017, that includes a one year extension through February 1, 2018, at the option of the Company. The Company exercised its option to extend the lease. The lease provides for monthly lease payments of $2 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. At March 31, 2017, the Company has outstanding capital lease obligation of $500 which is 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, 2017 New equipment $ 829 60 $ 16 $ 400 |
Convertible Notes
Convertible Notes | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Convertible Notes | Note 13. Convertible Notes Related Party On December 19, 2014, the Company issued a subordinated convertible debenture with a $7,500 face amount payable to Terex, a related party. The convertible debenture, is subordinated, carries a 5% per annum coupon, and is convertible into Company common stock at a conversion price of $13.65 per share or a total of 549,451 shares, subject to customary adjustment provisions. The debenture has a December 19, 2020 maturity date. From and after the third anniversary of the original issuance date, the Company may redeem the convertible debenture in full (but not in part) at any time that the last reported sale price of the Company’s common stock equals at least 130% of the Conversion Price (as defined in the debenture) for at least 20 of any 30 consecutive trading days. Following an election by the holder to convert the debenture into common stock of the Company in accordance with the terms of the debenture, the Company has the discretion to deliver to the holder either (i) shares of common stock, (ii) a cash payment, or (iii) a combination of cash and stock. In accounting for the issuance of the note, the Company separated the note into liability and equity components. The carrying amount of the liability component was calculated by measuring the estimated fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the face value of the Note as a whole. The excess of the principal amount of the liability component over its carrying amount (“debt discount”) is amortized to interest expense over the term of the note using the effective interest method with an effective interest rate of 7.5 percent per annum. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. On December 19, 2014, the components of the note 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, 2017, the note had a remaining principal balance of $6,897 and an unamortized discount of $603. The difference between current unamortized discount and the $893 initially recorded represents $290 of amortization of excess discount. 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, 2017, the note had remaining principal balance of $14,518 (less debt issuance costs of $367 for a net debt of $14,151) and an unamortized discount of $482. The difference between current unamortized discount and the $714 initially recorded represents $232 of amortization of excess discount. |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | Note 14. 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 $1,575 and $1,575 for 2012, 2013, 2014, 2015, 2016 and 2017 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, 2017, the Company has a remaining obligation under the agreements to pay the plaintiffs an aggregate of $1,425 without interest in 15 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 €500 ($535). As of March 31, 2017 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, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | 15. 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 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. Manitex and PM are the Lifting Equipment segment’s two largest operations. Manitex markets a comprehensive line of boom trucks, truck cranes and sign cranes. PM is a leading Italian manufacturer of truck mounted hydraulic knuckle boom cranes with a 50-year history of technology and innovation, and a product range spanning more than 50 models. Its largest subsidiary, Oil & Steel (“O&S”), is a manufacturer of truck-mounted aerial platforms with a diverse product line and an international client base. The segment also sells specialized rough terrain cranes and material handling products through its Badger subsidiary, a comprehensive line of specialized mobile tanks for liquid and solid storage and containment solutions with capacities from 8,000 to 21,000 through its Sabre subsidiary and a full range of pick and carry cranes from 2 to 90 tons, using electric, diesel, and hybrid power options through its Valla subsidiary. Boom trucks and knuckle boom cranes are primarily used for industrial projects, power distribution, energy exploration and ground extraction, and infrastructure development, including, roads, bridges and commercial and residential construction. Badger primarily serves the needs of the construction, municipality, railroad and oil refining industries. Sabre tanks are used in a variety of end markets such as petrochemical, waste management and oil and gas drilling. Valla pick and carry cranes are primarily used in industrial applications. ASV Segment A.S.V., LLC (“ASV”) manufactures a line of high quality compact rubber tracked and skid steer loaders. The ASV products are distributed through independent dealers, Terex Corporation (“Terex”) distribution channels as well as through the Company. This independent dealer network has over 150 locations. Equipment Distribution Segment The Equipment Distribution segment consists of two of the Company’s subsidiaries, Crane and Machinery, Inc. (“C&M”) and Crane and Machinery Leasing, Inc. (“C&M Leasing”). C&M is a distributor of Terex rough terrain and truck cranes products as well as Manitex’s own products. C&M offers equipment repair services in the Chicago area and supplies repair parts for a wide variety of medium to heavy duty construction equipment both domestically and internationally. C&M Leasing rents equipment manufactured by the Company as well as a limited amount of equipment manufactured by third parties. C&M Leasing has recently expanded its rental fleet. C&M rents equipment to third parties under short-term operating lease. The following is financial information for our three operating segments, i.e., Lifting Equipment, Equipment Distribution and ASV: Three Months Ended March 31, 2017 2016 Net revenues Lifting Equipment $ 37,468 $ 52,096 Equipment Distribution 3,150 5,551 ASV 28,010 28,468 Inter-segment sales (776 ) (729 ) Total $ 67,852 $ 85,386 Operating (loss) income from continuing operations Lifting Equipment $ (395 ) $ 3,000 Equipment Distribution (442 ) 154 ASV 1,148 1,027 Corporate expenses (1,844 ) (2,256 ) Change in inter-segment profit in inventory elimination 20 204 Total operating (loss) income $ (1,513 ) $ 2,129 Equipment segment operating earnings includes amortization . March 31, 2017 December 31, 2016 Total Assets Lifting Equipment $ 190,820 $ 188,791 Equipment Distribution 7,387 8,742 ASV 115,490 119,732 Corporate 704 720 Total $ 314,401 $ 317,985 |
Transactions between the Compan
Transactions between the Company and Related Parties | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Transactions between the Company and Related Parties | 16. Transactions between the Company and Related Parties In the course of conducting its business, the Company has entered into certain related party transactions . On December 16, 2014, Manitex International, Inc. (the “Company”), BGI USA Inc. (“BGI”), Movedesign SRL and R & S Advisory S.r.l., entered into an operating agreement (the “Operating Agreement”) for Lift Ventures LLC (“Lift Ventures”), a joint venture entity. The purposes for which Lift Ventures is organized are the manufacturing and selling of certain products and components, including the Schaeff LiftKing As a result of the sale, in the third quarter 2016, of the Company's Liftking subsidiary, Lift Ventures LLC will no longer have the right to sell Schaeff and Liftking products in the future. Additionally, as a result of certain financial difficulties experienced by the partner, who was to contribute design services, it will not be able to provide such services. As a result of these events, the Company had determined that its investment in the Lift Ventures has become impaired and wrote off its entire investment in Lift Ventures LLC in third quarter of 2016. 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 former President of Manufacturing Operations is the majority owner of BGI. The Company through its Manitex Liftking subsidiary provided parts and services to LiftMaster, Ltd (“LiftMaster”) or purchased parts or services from LiftMaster. LiftMaster is a rental company that rents and services rough terrain forklifts. LiftMaster is owned by an individual who was a Vice President of Manitex Liftking ULC during the period that the Company owned this subsidiary and a relative of his. As of March 31, 2017 the Company had an accounts receivable of $28 and $19 from BGI and SL and accounts payable of $7, $413, $306 and $63 to BGI, Lift Ventures, SL and Terex respectively. As of December 31, 2016 the Company had an accounts receivable of $47 and $22 from SL and Lift Ventures, respectively and accounts payable of $471, $749, $7 and $940 to SL, Lift Ventures, BGI and Terex, respectively. 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, 2017 Three Months Ended March 31, 2016 Rent paid Bridgeview Facility (1) $ 65 $ 65 Sales to: SL Industries, Ltd. $ — $ 32 Purchases from: Lift Ventures $ 618 $ 454 SL Industries, Ltd. 69 917 BGI 191 — LiftMaster — 1 Total Purchases $ 878 $ 1,372 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, 2017, ASV has accounts receivable due from Terex for $89 which is shown on the balance sheet on the line titled “accounts receivable from related party” and accounts payable of $1,173 on the line titled “accounts payable related parties”. At December 31, 2016, accounts receivable due from Terex was $501 and accounts payable owed to Terex was $2,275. The Company has the following notes payable to Terex: March 31, December 31, 2017 2016 Note payable related to ASV acquisition $ 1,594 $ 1,594 Convertible note, (net) $ 6,897 $ 6,862 See Note 12 and Note 13 for additional details regarding the above debt obligations. The following is a summary of the amounts attributable to certain Terex transactions as described in the footnotes to the table, for the periods indicated: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Sales to Terex $ 131 $ 867 Purchases from Terex $ 2,132 $ 2,092 In addition to the above referenced purchases, ASV expensed $598 and $764 in connection with the Distribution and Cross Marketing Agreement for the three months ended March 31, 2017 and 2016, respectively and $51 and $51 in connection with the Service Agreement for the three months ended March 31, 2017 and 2016, 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). This gain was included in other income on the Consolidated Statement of Operations when the March 31, 2016 10-Q was filed. It has subsequently been reclassed to discontinued operations. On March 11, 2016, Terex made an additional $2,450 equity contribution to ASV . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. Income Taxes For the three months ended March 31, 2017, the Company recorded an income tax provision of $90, which included a discrete income tax provision of $97. The calculation of the overall income tax provision primarily consists of a foreign tax benefit and an income tax provision resulting from state and local taxes, and an increase in deferred tax liabilities related to indefinite-lived intangible assets. For the three months ended March 31, 2016, the Company recorded an income tax provision of $517 which consisted primarily of anticipated federal, state and local, and foreign taxes. The effective tax rate for three months ended March 31, 2017 was an income tax benefit of 2.8% compared to an income tax provision of 27.4% in the comparable prior period. The effective tax rate for the three months ended March 31, 2017 differs from the U.S. statutory rate of 35% primarily due to the mix of domestic and foreign earnings, and an income tax provision resulting from the increase in deferred tax liabilities related to indefinite-lived intangible assets. The Company’s total unrecognized tax benefits as of March 31, 2017 and 2016 were approximately $983 and $936, 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, 2017. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017, and results of its operations and cash flows for the periods presented. The consolidated balances as of December 31, 2016 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, 2016. 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, 2016. 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 $73 |
Inventory Valuation | Inventory Valuation Inventory consists of stock materials and equipment stated at the lower of cost (first in, first out) or net realizable value. 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). The Company’s interest rate swap contracts are held by the PM Group and are intended to manage the exposure to interest rate risk related to certain term loans that PM Group has 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 consists of a foreign currency translation adjustment, which is the result of consolidating its foreign subsidiaries. |
Reclassification | Reclassification Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation. |
Supplemental Cash Flow Disclo26
Supplemental Cash Flow Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and 2016 were as follows: Three Months Ended March 31, 2017 2016 Interest received in cash — — Interest paid in cash 1,987 3,033 Income tax payments (refunds) in cash 28 (1,142 ) Non cash transactions Issuance of common stock in connection with Terex note repayment — 150 |
Financial Instruments-Forward27
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measures at Fair Value on Recurring Basis | The following is summary of items that the Company measures at fair value on a recurring basis: Fair Value at March 31, 2017 Level 1 Level 2 Level 3 Total Liabilities: Forward currency exchange contracts $ — $ 24 $ — $ 24 Interest rate swap contracts — 8 — 8 PM contingent liabilities — — — — Valla contingent consideration — — 196 196 Total liabilities at fair value $ — $ 32 $ 196 $ 228 Fair Value at December 31, 2016 Level 1 Level 2 Level 3 Total Liabilities: Forward currency exchange contracts $ — $ 159 $ — $ 159 Interest rate swap contracts — 405 — 405 PM contingent liabilities — — 316 316 Valla contingent consideration — — 193 193 Total liabilities at fair value $ — $ 564 $ 509 $ 1,073 |
Derivatives Financial Instrum28
Derivatives Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Forward Currency Contracts and Interest Rate Swaps | As of March 31, 2017, the Company had the following forward currency contracts and interest rate swaps: Nature of Derivative Currency Amount Type Forward currency sales contracts Chilean peso 1,500,000 Not designated as hedge instrument Interest rate swap contracts Euro 482 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, 2017 and December 31, 2016: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location March 31, 2017 December 31, 2016 Liabilities Derivatives Foreign currency exchange contract Accrued expense $ 24 $ 159 Interest rate swap contracts Notes payable 8 405 Total liabilities $ 32 $ 564 |
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, 2017 and 2016: Gain or (loss) Location of gain or (loss) recognized in Income Statement Three Months Ended March 31, 2017 2016 Derivatives Not designated as Hedge Instrument Forward currency contracts Foreign currency transaction (losses) $ (52 ) $ (194 ) Interest rate swap contracts Interest expense 321 386 Forward currency contracts Income from operations of discontinued operations — 71 $ 269 $ 263 |
Net Earnings (Loss) per Commo29
Net Earnings (Loss) per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 Net (loss) income attributable to shareholders of Manitex International, Inc. Net loss from continuing operations $ (3,297 ) $ (1,107 ) Less: (income) loss attributable to noncontrolling interest (114 ) 127 Net loss from continuing operations attributable to shareholders of Manitex International, Inc. (3,411 ) (980 ) Income from operations of discontinued operations, net of income taxes — 2,440 Net (loss) income attributable to shareholders of Manitex International, Inc. $ (3,411 ) $ 1,460 (Loss) earnings per share Basic Loss from continuing operations attributable to shareholders' of Manitex International, Inc. $ (0.21 ) $ (0.06 ) Earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ 0.15 (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (0.21 ) $ 0.09 Diluted Loss from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.21 ) $ (0.06 ) Income from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax $ — $ 0.15 (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (0.21 ) $ 0.09 Weighted average common shares outstanding Basic 16,559,343 16,105,601 Diluted 16,559,343 16,105,601 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 Directors 4,290 $ 54 January 1, 2017 Employees 20,932 266 January 4, 2017 Directors 7,675 47 January 4, 2017 Employees 42,533 258 75,430 $ 625 |
Summary of Common Stock Repurchases | The below is summary of common stock purchased during the three months ended March 31, 2017: Date of Purchase Shares Purchased Closing Price on Date of Purchase January 1, 2017 6,312 $ 6.86 January 4, 2017 11,750 $ 7.27 18,062 |
Restricted Stock Units Outstanding | The following table contains information regarding restricted stock units: March 31, 2017 Outstanding on January 1, 2017 342,004 Units granted during the period — Vested and issued (57,368 ) Vested —issued and repurchased for income tax withholding (18,062 ) Forfeited (177 ) Outstanding on March 31, 2017 266,397 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory are as follows: March 31, 2017 December 31, 2016 Raw materials and purchased parts, net $ 63,034 $ 62,252 Work in process 4,027 4,396 Finished goods 21,135 24,253 Inventory, net $ 88,196 $ 90,901 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | March 31, 2017 December 31, 2016 Useful lives Patented and unpatented technology $ 25,545 $ 25,409 7-10 years Amortization (13,041 ) (12,630 ) Customer relationships 38,582 38,444 10-20 years Amortization (11,940 ) (10,851 ) Trade names and trademarks 18,975 18,892 25 years-indefinite Amortization (2,582 ) (2,463 ) Non-competition agreements 50 50 2-5 years Amortization (43 ) (42 ) Customer backlog 371 370 <1 year Amortization (371 ) (370 ) Total Intangible assets $ 55,546 $ 56,809 |
Changes in Goodwill | Changes in goodwill for the three months ended March 31, 2017 are as follows: Lifting Equipment Segment ASV Segment Total Balance January 1, 2017 $ 39,669 $ 30,579 $ 70,248 Effect of change in exchange rates 387 — 387 Balance March 31, 2017 $ 40,056 $ 30,579 $ 70,635 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | March 31, 2017 December 31, 2016 Accounts payable: Trade $ 43,074 $ 44,308 Bank overdraft 872 1,470 Total accounts payable $ 43,946 $ 45,778 Accrued expenses: Accrued payroll $ 1,761 $ 1,241 Accrued employee benefits 835 1,279 Accrued bonuses 126 741 Accrued vacation expense 1,532 1,344 Accrued interest 1,014 1,831 Accrued commissions 381 391 Accrued expenses—other 2,804 2,223 Accrued warranty 3,225 3,438 Accrued taxes other than income taxes 1,599 1,950 Accrued product liability and workers compensation claims 1,529 2,220 Total accrued expenses $ 14,806 $ 16,658 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Guarantees [Abstract] | |
Summary of Changes in Product Warranty Liability | Three Months Ended March 31, 2017 2016 Balance January 1, $ 3,438 $ 3,468 Accrual for warranties issued during the period 522 866 Warranty services provided (649 ) (780 ) Changes in estimate (95 ) (59 ) Foreign currency translation 9 35 Balance March 31, $ 3,225 $ 3,530 |
Credit Facilities and Debt (Tab
Credit Facilities and Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 New equipment $ 829 60 $ 16 $ 400 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 | |
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, 2017 2016 Net revenues Lifting Equipment $ 37,468 $ 52,096 Equipment Distribution 3,150 5,551 ASV 28,010 28,468 Inter-segment sales (776 ) (729 ) Total $ 67,852 $ 85,386 Operating (loss) income from continuing operations Lifting Equipment $ (395 ) $ 3,000 Equipment Distribution (442 ) 154 ASV 1,148 1,027 Corporate expenses (1,844 ) (2,256 ) Change in inter-segment profit in inventory elimination 20 204 Total operating (loss) income $ (1,513 ) $ 2,129 March 31, 2017 December 31, 2016 Total Assets Lifting Equipment $ 190,820 $ 188,791 Equipment Distribution 7,387 8,742 ASV 115,490 119,732 Corporate 704 720 Total $ 314,401 $ 317,985 |
Transactions between the Comp38
Transactions between the Company and Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 Three Months Ended March 31, 2016 Rent paid Bridgeview Facility (1) $ 65 $ 65 Sales to: SL Industries, Ltd. $ — $ 32 Purchases from: Lift Ventures $ 618 $ 454 SL Industries, Ltd. 69 917 BGI 191 — LiftMaster — 1 Total Purchases $ 878 $ 1,372 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, 2017 2016 Note payable related to ASV acquisition $ 1,594 $ 1,594 Convertible note, (net) $ 6,897 $ 6,862 |
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, 2017 Three Months Ended March 31, 2016 Sales to Terex $ 131 $ 867 Purchases from Terex $ 2,132 $ 2,092 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017SegmentModelTlbgal | |
Partnership Organization And Basis Of Presentation [Line Items] | |
Number of operating segments | Segment | 3 |
Minimum [Member] | |
Partnership Organization And Basis Of Presentation [Line Items] | |
Storage capacity of trailer mobile tanks | gal | 8,000 |
Lifting capacity of forklifts | lb | 18,000 |
Maximum [Member] | |
Partnership Organization And Basis Of Presentation [Line Items] | |
Storage capacity of trailer mobile tanks | gal | 21,000 |
Lifting capacity of forklifts | lb | 40,000 |
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 | T | 2 |
Valla SpA [Member] | Maximum [Member] | |
Partnership Organization And Basis Of Presentation [Line Items] | |
Capacity of mobile cranes | T | 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 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Allowances for doubtful accounts | $ 73 | $ 70 |
Supplemental Cash Flow Disclo41
Supplemental Cash Flow Disclosures - Schedule of Supplemental Cash Flow Disclosures (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule Of Supplemental Cash Flow [Line Items] | ||
Interest paid in cash | $ 1,987 | $ 3,033 |
Income tax payments (refunds) in cash | $ 28 | (1,142) |
Terex Corporation [Member] | ||
Non cash transactions | ||
Issuance of common stock in connection with note repayment | $ 150 |
Financial Instruments-Forward42
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts - Summary of Items Measures at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 228 | $ 1,073 |
Valla [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 196 | 193 |
Forward Currency Exchange Contracts [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 24 | 159 |
Interest Rate Swap Contracts [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 8 | 405 |
PM Contingent Liabilities [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 316 | |
Level 2 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 32 | 564 |
Level 2 [Member] | Forward Currency Exchange Contracts [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 24 | 159 |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 8 | 405 |
Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 196 | 509 |
Level 3 [Member] | Valla [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 196 | 193 |
Level 3 [Member] | PM Contingent Liabilities [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 316 |
Derivatives Financial Instrum43
Derivatives Financial Instruments - Additional Information (Detail) - 3 months ended Mar. 31, 2017 | USD ($)ForwardContract | EUR (€)ForwardContract | CLPForwardContract |
Derivatives Not Designated as Hedge Instrument [Member] | PM [Member] | Above Zero Point Nine Zero Percentage Euribor [Member] | PM Group [Member] | |||
Derivative [Line Items] | |||
Notional amount | € 516,000 | ||
Notional amount, original amount | € 482,000 | ||
Derivative contract maturity date | Oct. 1, 2020 | ||
Derivative contract interest rate | 3.90% | 3.90% | 3.90% |
Derivatives Not Designated as Hedge Instrument [Member] | PM [Member] | Above Zero Point Nine Zero Percentage Euribor [Member] | PM Group [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative contract interest rate | 0.90% | 0.90% | 0.90% |
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] | |||
Derivative [Line Items] | |||
Number of forward currency exchange contracts | ForwardContract | 1 | 1 | 1 |
Contract maturity date | Aug. 2, 2017 | ||
Contractual obligation foreign currency contracts | € 2,084,000 | ||
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Chile Pesos [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | CLP | CLP 1,500,000,000 |
Derivatives Financial Instrum44
Derivatives Financial Instruments - Forward Currency Contracts and Interest Rate Swaps (Detail) - Mar. 31, 2017 - Derivatives Not Designated as Hedge Instrument [Member] | EUR (€) | CLP |
Forward Currency Sales Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Forward currency contract and interest rate swaps | CLP | CLP 1,500,000,000 | |
Interest Rate Swap Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Forward currency contract and interest rate swaps | € | € 482,000 |
Derivatives Financial Instrum45
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, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Liabilities Derivatives | $ 32 | $ 564 |
Foreign Exchange Forward [Member] | Accrued Expense [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities Derivatives | 24 | 159 |
Interest Rate Swap Contracts [Member] | Notes Payable-Short Term [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities Derivatives | $ 8 | $ 405 |
Derivatives Financial Instrum46
Derivatives Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (loss) recognized in income statement | $ 401 | $ 386 |
Derivatives Not Designated as Hedge Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (loss) recognized in income statement | 269 | 263 |
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 | 321 | 386 |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Foreign Currency Transaction (Losses) Gain [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (loss) recognized in income statement | $ (52) | (194) |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Income from Operations of Discontinued Operations [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (loss) recognized in income statement | $ 71 |
Net Earnings (Loss) per Commo47
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, 2017 | Mar. 31, 2016 | |
Net (loss) income attributable to shareholders of Manitex International, Inc. | ||
Net loss from continuing operations | $ (3,297) | $ (1,107) |
Less: (income) loss attributable to noncontrolling interest | (114) | 127 |
Net loss from continuing operations attributable to shareholders of Manitex International, Inc. | (3,411) | (980) |
Income from operations of discontinued operations, net of income taxes | 2,440 | |
Net (loss) income attributable to shareholders of Manitex International, Inc. | $ (3,411) | $ 1,460 |
(Loss) earnings per share Basic | ||
Loss from continuing operations attributable to shareholders' of Manitex International, Inc. | $ (0.21) | $ (0.06) |
Earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax | 0.15 | |
(Loss) earnings attributable to shareholders of Manitex International, Inc. | (0.21) | 0.09 |
(Loss) earnings per share Diluted | ||
Loss from continuing operations attributable to shareholders of Manitex International, Inc. | (0.21) | (0.06) |
Income from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of tax | 0.15 | |
(Loss) earnings attributable to shareholders of Manitex International, Inc. | $ (0.21) | $ 0.09 |
Weighted average common shares outstanding | ||
Basic | 16,559,343 | 16,105,601 |
Diluted | 16,559,343 | 16,105,601 |
Net Earnings (Loss) per Commo48
Net Earnings (Loss) per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 | 266,397 | 268,819 |
Equity - Summary of Stock Issua
Equity - Summary of Stock Issuances (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 75,430 |
Value of Shares Issued | $ | $ 625 |
Directors [Member] | January 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 4,290 |
Value of Shares Issued | $ | $ 54 |
Directors [Member] | January 4, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 7,675 |
Value of Shares Issued | $ | $ 47 |
Employees [Member] | January 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 20,932 |
Value of Shares Issued | $ | $ 266 |
Employees [Member] | January 4, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 42,533 |
Value of Shares Issued | $ | $ 258 |
Equity - Summary of Common Stoc
Equity - Summary of Common Stock Repurchases (Detail) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 18,062 |
January 1, 2017 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 6,312 |
Closing Price on Date of Purchase | $ / shares | $ 6.86 |
January 4, 2017 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 11,750 |
Closing Price on Date of Purchase | $ / shares | $ 7.27 |
Equity - Additional Information
Equity - Additional Information - Stock Repurchase (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Equity [Abstract] | |
Decrease in common stock due to repurchase | $ (129) |
Equity - Additional Informati52
Equity - Additional Information - 2004 Equity Incentive Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares of common stock reserved for issuance | 1,329,364 | |
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] | ||
Compensation expense related to restricted stock units | $ 229 | $ 285 |
Compensation expense related to restricted stock units for remainder of 2017 | 686 | |
Compensation expense related to restricted stock units for year 2018 | 564 | |
Compensation expense related to restricted stock units for year 2019 | $ 215 |
Equity - Restricted Stock Units
Equity - Restricted Stock Units Outstanding (Detail) | 3 Months Ended |
Mar. 31, 2017shares | |
Equity [Abstract] | |
Outstanding on January 1, 2017 | 342,004 |
Vested and issued | (57,368) |
Vested —issued and repurchased for income tax withholding | (18,062) |
Forfeited | (177) |
Outstanding on March 31, 2017 | 266,397 |
Inventory - Components of Inven
Inventory - Components of Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts, net | $ 63,034 | $ 62,252 |
Work in process | 4,027 | 4,396 |
Finished goods | 21,135 | 24,253 |
Inventory, net | $ 88,196 | $ 90,901 |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete and excess inventory | $ 2,926 | $ 2,515 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Total Intangible assets | $ 55,546 | $ 56,809 |
Patented and Unpatented Technology [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross | 25,545 | 25,409 |
Amortization | $ (13,041) | (12,630) |
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 | $ 38,582 | 38,444 |
Amortization | $ (11,940) | (10,851) |
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 | $ (43) | (42) |
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 | $ 371 | 370 |
Amortization | $ (371) | (370) |
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 | $ (2,582) | (2,463) |
Gross | $ 18,975 | $ 18,892 |
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 Asset57
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 1,577 | $ 1,680 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets - Changes in Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 70,248 |
Effect of change in exchange rates | 387 |
Ending Balance | 70,635 |
Lifting Equipment [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 39,669 |
Effect of change in exchange rates | 387 |
Ending Balance | 40,056 |
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, 2017 | Dec. 31, 2016 |
Accounts payable: | ||
Trade | $ 43,074 | $ 44,308 |
Bank overdraft | 872 | 1,470 |
Total accounts payable | 43,946 | 45,778 |
Accrued expenses: | ||
Accrued payroll | 1,761 | 1,241 |
Accrued employee benefits | 835 | 1,279 |
Accrued bonuses | 126 | 741 |
Accrued vacation expense | 1,532 | 1,344 |
Accrued interest | 1,014 | 1,831 |
Accrued commissions | 381 | 391 |
Accrued expenses—other | 2,804 | 2,223 |
Accrued warranty | 3,225 | 3,438 |
Accrued taxes other than income taxes | 1,599 | 1,950 |
Accrued product liability and workers compensation claims | 1,529 | 2,220 |
Total accrued expenses | $ 14,806 | $ 16,658 |
Accrued Warranty - Summary of C
Accrued Warranty - Summary of Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 3,438 | $ 3,468 |
Accrual for warranties issued during the period | 522 | 866 |
Warranty services provided | (649) | (780) |
Changes in estimate | (95) | (59) |
Foreign currency translation | 9 | 35 |
Ending Balance | $ 3,225 | $ 3,530 |
Credit Facilities and Debt - Ad
Credit Facilities and Debt - Additional Information - U.S. Credit Facilities (Detail) - Private Bank [Member] | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 01, 2017USD ($) | May 01, 2017USD ($) | Mar. 31, 2017USD ($)ForwardContract |
Scenario Forecast [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Fixed charge coverage ratio covenant | 1.15 | 1.05 | |||
U.S. Credit Facilities [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility termination date | Jul. 20, 2019 | ||||
Maximum percentage of assets eligible for collateral | 85.00% | ||||
Maximum percentage of assets eligible for collateral, eligible inventory | 50.00% | ||||
Maximum value of assets eligible for collateral, eligible inventory | $ 17,500,000 | ||||
Maximum percentage of assets eligible for collateral, eligible used equipment | 80.00% | ||||
Maximum value of assets eligible for collateral, eligible used equipment | $ 2,000,000 | ||||
Maximum borrowing capacity based on available collateral | 23,943,000 | ||||
Line of credit facility, amount borrowed | $ 21,277,000 | ||||
Line of credit facility interest rate description | The base rate spread ranges from 0.25% to 1.00% depending on the Senior Leverage Ratio (as defined in the Loan Agreement). The LIBOR spread ranges from 2.25% to 3.00% also depending on the Senior Leverage Ratio. At March 31, 2017, the base rate and LIBOR spreads were 1.00% and 3.00%, respectively. | ||||
Maximum number of LIBOR contracts allowed | ForwardContract | 4 | ||||
Unused line fee | 0.50% | ||||
Letter of credit reserved | $ 3,000,000 | ||||
U.S. Credit Facilities [Member] | Base Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread for base rate | 1.00% | ||||
Debt instrument basis interest rate | 4.00% | ||||
U.S. Credit Facilities [Member] | LIBOR [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread for base rate | 3.00% | ||||
Debt instrument basis interest rate | 0.85% | ||||
U.S. Credit Facilities [Member] | Minimum [Member] | Base Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread for base rate | 0.25% | ||||
U.S. Credit Facilities [Member] | Minimum [Member] | LIBOR [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread for base rate | 2.25% | ||||
U.S. Credit Facilities [Member] | Maximum [Member] | Base Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread for base rate | 1.00% | ||||
U.S. Credit Facilities [Member] | Maximum [Member] | LIBOR [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread for base rate | 3.00% | ||||
U.S. Credit Facilities [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Collateral reserve | $ 1,500,000 | ||||
Fixed charge coverage ratio covenant, maximum limit for collateral reserve | 1.10 | ||||
U.S. Credit Facilities [Member] | Scenario Forecast [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Collateral reserve | $ 5,000,000 | ||||
Fixed charge coverage ratio covenant, maximum limit for collateral reserve | 1.10 | ||||
U.S. Credit Facilities [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 25,000,000 | ||||
United States Credit Facilities Quarterly Covenant Ended March 2017 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Quarterly adjusted EBITDA covenant | (1,000,000) | ||||
United States Credit Facilities Quarterly Covenant Ended June 2017 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Quarterly adjusted EBITDA covenant | 0 | ||||
United States Credit Facilities Quarterly Covenant September 30th 2017 And Thereafter [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Quarterly adjusted EBITDA covenant | $ 2,000,000 |
Credit Facilities and Debt - 62
Credit Facilities and Debt - Additional Information - Notes Payable Terex ASV Acquisition (Detail) - Terex Corporation Note Payable [Member] - USD ($) $ in Thousands | Dec. 19, 2014 | Mar. 31, 2017 |
Credit Facilities [Line Items] | ||
Debenture, maturity date | Dec. 19, 2020 | |
ASV Inc [Member] | ||
Credit Facilities [Line Items] | ||
Executed Notes payable | $ 1,594 | |
Debt Instrument 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 | Jun. 19, 2017 | |
Notes Payable | $ 1,594 |
Credit Facilities and Debt - 63
Credit Facilities and Debt - Additional Information - Note Payables-Bank (Detail) - Notes Payable to Banks [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)Payment | |
Line of Credit Facility [Line Items] | |
Notes Payable | $ 292 |
Note payable, issuance date | Jan. 18, 2017 |
Debt instrument, face amount | $ 400 |
Debt Instrument Interest Rate | 2.75% |
Debt Instrument, Periodic Payment | $ 37 |
Number of payments | Payment | 11 |
Debt Instrument, Frequency of periodic payment | Monthly |
Payment commencing date | Jan. 30, 2017 |
Credit Facilities and Debt - 64
Credit Facilities and Debt - Additional Information - PM Group Short-Term Working Capital Borrowing (Detail) - 3 months ended Mar. 31, 2017 - Short-term Working Capital Borrowings [Member] - PM Group [Member] € in Thousands, $ in Thousands | USD ($)Bank | EUR (€)Bank |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,043 | € 23,409 |
Short-term Debt | 21,931 | 20,500 |
Italy [Member] | ||
Line of Credit Facility [Line Items] | ||
Short-term Debt | $ 20,971 | € 19,603 |
Italy [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Variable interest rate | 1.42% | 1.42% |
Italy [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Variable interest rate | 1.67% | 1.67% |
South America [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of banks which PM Group established demand credit and overdraft facilities | 6 | 6 |
Short-term Debt | $ 960 | € 897 |
South America [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Convertible notes, annual coupon rate | 8.00% | 8.00% |
Debt Instrument, Variable interest rate | 8.00% | 8.00% |
South America [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Convertible notes, annual coupon rate | 17.00% | 17.00% |
Debt Instrument, Variable interest rate | 17.00% | 17.00% |
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 - 65
Credit Facilities and Debt - Additional Information - PM Group Term Loans (Detail) € in Thousands, $ in Thousands | Jun. 30, 2017USD ($) | Jun. 30, 2017EUR (€) | Mar. 31, 2017USD ($)PaymentBank | Mar. 31, 2017EUR (€)Payment | Mar. 31, 2017EUR (€)Bank | 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 | |||||
Number of payments | 11 | 11 | |||||
Debt Instrument, Periodic Payment | $ | $ 37 | ||||||
Notes Payable | $ | 292 | ||||||
PM Group [Member] | Interest Rate Swap Contracts [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rates swaps, fair value | 8 | € 8 | |||||
PM Group [Member] | Unsecured Debt | |||||||
Line of Credit Facility [Line Items] | |||||||
Bank Loans | $ 13,923 | € 13,015 | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.50% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.17% | 2.17% | |||||
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 | $ 378 | € 358 | |||||
Accrued Interest, Frequency of Periodic Payment | Semi-annual | Semi-annual | |||||
Debt instrument, Accrued interest semi installment payable start date | 2019-06 | 2019-06 | |||||
Debt instrument, Accrued interest semi installment payable end date | 2019-12 | 2019-12 | |||||
PM Group [Member] | Unsecured Debt | Italy [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Number of Italian banks | Bank | 4 | 4 | |||||
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 | 60 | 60 | |||||
Debt Instrument, Periodic Payment | $ 9 | € 8 | |||||
Debenture, maturity date | Oct. 31, 2020 | Oct. 31, 2020 | |||||
Notes Payable | $ 388 | € 363 | |||||
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 | 1 | 1 | |||||
Debenture, maturity date | Jun. 30, 2017 | Jun. 30, 2017 | |||||
Notes Payable | $ 471 | € 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 | $ 12,899 | 12,057 | |||||
Debt issuance cost | 419 | 392 | |||||
PM Group [Member] | Bank Term Loan Facility [Member] | First note [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Bank Loans | $ 4,264 | € 3,986 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.12% | 2.12% | |||||
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 | $ 5,205 | € 4,865 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.62% | 2.62% | |||||
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 | $ 3,430 | € 3,206 | |||||
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 | |||||
Final balloon payment | $ 2,675 | 2,500 | |||||
PM Group [Member] | Bank Term Loan Facility [Member] | Non Interest Bearing Promissory Note | Scenario Forecast [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Principal payment of loan | $ 378 | € 353 | |||||
PM Group [Member] | Bank Term Loan Facility [Member] | Non Interest Bearing Debt Adjustment [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, fair value | $ 800 | € 748 | $ 1,561 | € 1,460 |
Credit Facilities and Debt - 66
Credit Facilities and Debt - Additional Information - Valla Short-Term Working Capital Borrowings (Detail) - Mar. 31, 2017 - Short-term Working Capital Borrowings [Member] - Valla [Member] € in Thousands, $ in Thousands | USD ($)Bank | EUR (€)Bank |
Credit Facilities [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 995 | € 930 |
Line of credit facility, amount borrowed | $ 429 | € 401 |
Italy [Member] | ||
Credit Facilities [Line Items] | ||
Number of Italian banks | 2 | 2 |
Minimum [Member] | Italy [Member] | ||
Credit Facilities [Line Items] | ||
Convertible notes, annual coupon rate | 4.50% | 4.50% |
Maximum [Member] | Italy [Member] | ||
Credit Facilities [Line Items] | ||
Convertible notes, annual coupon rate | 4.75% | 4.75% |
Credit Facilities and Debt - 67
Credit Facilities and Debt - Additional Information - Valla Term Loans (Detail) - 3 months ended Mar. 31, 2017 - Valla [Member] - Bank Term Loan Facility [Member] € in Thousands, $ in Thousands | USD ($)Payment | EUR (€)Payment | EUR (€) |
Line of Credit Facility [Line Items] | |||
Bank Loans | $ 118 | € 110 | |
Number of payments | 14 | 14 | |
Debt Instrument, Frequency of periodic payment | quarterly | quarterly | |
Debt instrument, periodic payment | $ 9 | € 8 | |
Debt Instrument, Interest Rate, Effective Percentage | 4.37% | 4.37% | |
Debenture, maturity date | Jan. 31, 2021 | Jan. 31, 2021 | |
3-month Euribor [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread for base rate | 4.70% | 4.70% |
Credit Facilities and Debt - 68
Credit Facilities and Debt - Additional Information - ASV Loan Facilities (Detail) - ASV Loan Facilities [Member] | Dec. 23, 2016USD ($) |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 65,000,000 |
Credit agreement, expiration period | 5 years |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 35,000,000 |
Term Loan A [Member] | |
Line of Credit Facility [Line Items] | |
Term loan facility | 8,500,000 |
Term Loan B [Member] | |
Line of Credit Facility [Line Items] | |
Term loan facility | $ 21,500,000 |
Credit Facilities and Debt - 69
Credit Facilities and Debt - Additional Information , Revolving Loan Facility with PNC (Detail) - ASV Loan Facilities [Member] - USD ($) | Dec. 23, 2016 | Mar. 31, 2017 |
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 65,000,000 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 35,000,000 | |
PNC Bank, National Association [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 35,000,000 | |
Revolving credit facility expiration date | Dec. 23, 2021 | |
Maximum amount available limited to the sum of eligible receivables | 85.00% | |
Percentage of maximum amount available is limited to sum of eligible insured foreign receivables | 90.00% | |
Percentage of maximum amount available is limited to sum of eligible CAT receivables | 95.00% | |
Maximum value of assets eligible for collateral, eligible CAT receivables | $ 8,600,000 | |
Percentage of maximum amount available is limited to sum of eligible inventory other than current finished goods machines and service parts | 65.00% | |
Percentage of maximum amount available is limited to sum of eligible inventory consisting of finished goods machines | 80.00% | |
Percentage of maximum amount available is limited to sum of eligible consisting of current service parts | 75.00% | |
Maximum inventory collateral limit as percentage of orderly liquidation value of eligible inventory | 90.00% | |
Maximum inventory collateral limit less letters of credit and any reasonable reserves established by the bank | $ 15,000,000 | |
Maximum borrowing capacity based on available collateral | $ 18,058,000 | |
Amount drawn on revolving credit facility | $ 13,959,000 | |
Line of credit facility interest rate description | The initial spread for domestic and LIBOR is fixed at 1.5% and 2.5% until delivery of certain reporting documents with respect to the fiscal quarter ending March 31, 2017, respectively. At which point the spread for domestic rate will range from 1% to 1.5% and LIBOR spread from 2% to 2.5% depending on the average undrawn availability (as defined in the loan agreement). | |
Weighted average interest rate | 3.80% | |
Unused line fee | 0.375% | |
PNC Bank, National Association [Member] | Revolving Credit Facility [Member] | Domestic Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate under credit agreement | 1.50% | |
PNC Bank, National Association [Member] | Revolving Credit Facility [Member] | Domestic Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate under credit agreement | 1.00% | |
PNC Bank, National Association [Member] | Revolving Credit Facility [Member] | Domestic Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate under credit agreement | 1.50% | |
PNC Bank, National Association [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate under credit agreement | 2.50% | |
PNC Bank, National Association [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate under credit agreement | 2.00% | |
PNC Bank, National Association [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate under credit agreement | 2.50% | |
PNC Bank, National Association [Member] | Revolving 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 | |
PNC Bank, National Association [Member] | Revolving 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 | |
PNC Bank, National Association [Member] | Revolving 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 | |
PNC Bank, National Association [Member] | Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 2,000,000 | |
PNC Bank, National Association [Member] | Swing Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 3,500,000 |
Credit Facilities and Debt - 70
Credit Facilities and Debt - Additional Information, Term Loan A with PNC (Detail) - ASV Loan Facilities [Member] - Term Loan A [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 23, 2016 | |
Line of Credit Facility [Line Items] | ||
Term loan facility | $ 8,500 | |
PNC Bank, National Association [Member] | ||
Line of Credit Facility [Line Items] | ||
Term loan facility | $ 8,414 | $ 8,500 |
Debt instrument, Gross amount | 8,500 | |
Debt issuance cost | $ 86 | |
Line of credit facility interest rate description | The initial spread for domestic and LIBOR rates are initially fixed at 2% and 3% until delivery of certain reporting documents with respect to the fiscal quarter ending March 31, 2017, respectively. At which point the spread for domestic rate will range from 1% to 1.5% and LIBOR spread from 2% to 2.5% depending on the average undrawn availability (as defined in the loan agreement). | |
Weighted average interest rate | 4.00% | |
Principal payment of loan | $ 212 | |
Debt Instrument, Frequency of periodic payment | quarterly | |
Payment commencing date | Mar. 31, 2017 | |
Debenture, maturity date | Dec. 23, 2021 | |
Frequency of interest payments | monthly | |
PNC Bank, National Association [Member] | Domestic Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 2.00% | |
PNC Bank, National Association [Member] | Domestic Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 1.00% | |
PNC Bank, National Association [Member] | Domestic Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 1.50% | |
PNC Bank, National Association [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 3.00% | |
PNC Bank, National Association [Member] | LIBOR [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 2.00% | |
PNC Bank, National Association [Member] | LIBOR [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 2.50% | |
PNC Bank, National Association [Member] | One Month Libor [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowing term option for funds borrowed under the LIBOR option | 1 month | |
PNC Bank, National Association [Member] | Two Month Libor [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowing term option for funds borrowed under the LIBOR option | 2 months | |
PNC Bank, National Association [Member] | Three Month Libor [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowing term option for funds borrowed under the LIBOR option | 3 months |
Credit Facilities and Debt - 71
Credit Facilities and Debt - Additional Information , Term Loan B with White Oak (Detail) - ASV Loan Facilities [Member] - Term Loan B [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 23, 2016 | |
Line of Credit Facility [Line Items] | ||
Term loan facility | $ 21,500 | |
White Oak Global Advisors, LLC [Member] | ||
Line of Credit Facility [Line Items] | ||
Term loan facility | $ 20,344 | $ 21,500 |
Debt instrument, Gross amount | 20,963 | |
Debt issuance cost | $ 618 | |
Line of credit facility interest rate description | The interest rate is fixed at a LIBOR rate plus 10% until delivery of the same reporting documents referenced above. After delivery of the reporting documents, ASV will pay interest at the LIBOR rate plus a spread of either 9% or 10% depending on the leverage ratio, provided that at no time will the LIBOR rate be less than 1%. | |
Debt instrument interest rate | 11.00% | |
Principal payment of loan | $ 538 | |
Debt Instrument, Frequency of periodic payment | quarterly | |
Payment commencing date | Mar. 31, 2017 | |
Debenture, maturity date | Dec. 23, 2021 | |
Frequency of interest payments | monthly | |
White Oak Global Advisors, LLC [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument LIBOR rate before spread | 1.00% | |
White Oak Global Advisors, LLC [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 10.00% | |
White Oak Global Advisors, LLC [Member] | LIBOR [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 9.00% | |
White Oak Global Advisors, LLC [Member] | LIBOR [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 10.00% |
Credit Facilities and Debt - 72
Credit Facilities and Debt - Additional Information - ASV Covenants (Detail) - ASV Loan Facilities [Member] | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | |
Fixed charge coverage ratio covenant | 1.20 |
Credit agreement, leverage ratio | 5 |
Credit agreement, leverage ratio | 2.85 |
Credit agreement, maximum capital expenditure | $ 1,300,000 |
Credit Facilities and Debt - 73
Credit Facilities and Debt - Additional Information - Georgetown Facility (Detail) - Georgetown Facility [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Capital Leased Assets [Line Items] | |
Outstanding capital lease obligation | $ 5,284 |
Capital Lease Obligations [Member] | |
Capital Leased Assets [Line Items] | |
Monthly rent | $ 64 |
Lease extended date | Apr. 30, 2028 |
Amount of annual increase as a percentage | 3.00% |
Date of annual rent Increase | --09-01 |
Credit Facilities and Debt - 74
Credit Facilities and Debt - Additional Information - Winona Facility (Detail) - Winona Facility [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Credit Facilities [Line Items] | |
Outstanding capital lease obligation | $ 500 |
Capital Lease Obligations [Member] | |
Credit Facilities [Line Items] | |
Lease expiry date | Feb. 1, 2017 |
Extended lease expiry period | 1 year |
Extended lease expiry date | Feb. 1, 2018 |
Monthly lease payment | $ 2 |
Purchase amount of facility | $ 500 |
Credit Facilities and Debt - 75
Credit Facilities and Debt - Additional Information - Equipment (Detail) - Capital Lease Equipment [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
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 |
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, 2017USD ($) | |
Capital Leased Assets [Line Items] | |
Amount Borrowed | $ 829 |
Repayment Period | 60 months |
Amount of Monthly Payment | $ 16 |
Equipment lease balance | $ 400 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 19, 2014 | Mar. 31, 2017 | Dec. 31, 2016 | Jan. 07, 2015 |
Debt Instrument [Line Items] | ||||
Convertible note (net) | $ 14,151 | $ 14,098 | ||
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 | 6,897 | |||
Convertible note discount amortization | 290 | |||
Convertible note unamortized discount | $ 893 | $ 603 | ||
Debt instrument, Gross amount | $ 6,607 | |||
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 | |||
Convertible note discount amortization | $ 232 | |||
Convertible note unamortized discount | 482 | 714 | ||
Debt instrument, Gross amount | 14,286 | |||
Debt issuance cost | 367 | |||
Convertible note (net) | $ 14,151 | |||
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 | |||
Perella Notes Purchase Agreement [Member] | Convertible Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, Gross amount | $ 14,518 |
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 C79
Legal Proceedings and Other Contingencies - Additional Information (Detail) € in Thousands | Feb. 03, 2016USD ($)Plaintiff | Feb. 03, 2016EUR (€)Plaintiff | May 05, 2011AgreementPlaintiff | Mar. 31, 2017USD ($)Installment | Mar. 31, 2017EUR (€)Installment |
Loss Contingencies [Line Items] | |||||
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 | $ 1,425,000 | ||||
Number of installments for the payment of product liability settlement | Installment | 15 | 15 | |||
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 $1,425 without interest in 15 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 | $ 150,000 | € 140 | |||
Settlement agreements date | February 3, 2016 | ||||
Settlement payment terms | The Company has a remaining obligation under the agreement to pay the plaintiff €140 ($150) without interest in monthly installments of €20 ($21) | ||||
Settlement amount | $ 729,000 | € 640 | |||
Gain (loss) on settlement | $ 0 | ||||
Amount of settlement paid | 535,000 | 500 | |||
Monthly installment amount | 21,000 | € 20 | |||
Fiscal Year 2012 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Maximum workmen's compensation insurance policy aggregate | 1,000,000 | ||||
Workmen's compensation insurance policy per claim deductible | 250,000 | ||||
Fiscal Year 2013 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Maximum workmen's compensation insurance policy aggregate | 1,150,000 | ||||
Workmen's compensation insurance policy per claim deductible | 250,000 | ||||
Fiscal Year 2014 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Maximum workmen's compensation insurance policy aggregate | 1,325,000 | ||||
Workmen's compensation insurance policy per claim deductible | 250,000 | ||||
Fiscal Year 2015 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Maximum workmen's compensation insurance policy aggregate | 1,875,000 | ||||
Workmen's compensation insurance policy per claim deductible | 250,000 | ||||
Fiscal Year 2016 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Maximum workmen's compensation insurance policy aggregate | 1,575,000 | ||||
Workmen's compensation insurance policy per claim deductible | 250,000 | ||||
Fiscal Year 2017 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Maximum workmen's compensation insurance policy aggregate | 1,575,000 | ||||
Workmen's compensation insurance policy per claim deductible | 250,000 | ||||
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 | 3 Months Ended | |
Mar. 31, 2017USD ($)SegmentLocationTgal | Mar. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of operating segments | Segment | 3 | |
Amortization expense | $ | $ 1,577 | $ 1,680 |
Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Amortization expense | $ | $ 904 | 1,006 |
ASV Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of independent dealer network locations | Location | 150 | |
Amortization expense | $ | $ 637 | 637 |
Equipment Distribution [Member] | ||
Segment Reporting Information [Line Items] | ||
Amortization expense | $ | $ 36 | $ 37 |
Minimum [Member] | ||
Segment Reporting Information [Line Items] | ||
Storage capacity of trailer mobile tanks | gal | 8,000 | |
Minimum [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Storage capacity of trailer mobile tanks | gal | 8,000 | |
Maximum [Member] | ||
Segment Reporting Information [Line Items] | ||
Storage capacity of trailer mobile tanks | gal | 21,000 | |
Maximum [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Storage capacity of trailer mobile tanks | gal | 21,000 | |
Valla SpA [Member] | Minimum [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Rough terrain cranes | T | 2 | |
Valla SpA [Member] | Maximum [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Rough terrain cranes | T | 90 |
Business Segments - Financial I
Business Segments - Financial Information for Three Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 67,852 | $ 85,386 | |
Operating Earnings | (1,513) | 2,129 | |
Total Assets | 314,401 | 317,985 | $ 317,985 |
Operating Segments [Member] | Lifting Equipment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 37,468 | 52,096 | |
Operating Earnings | (395) | 3,000 | |
Total Assets | 190,820 | 188,791 | |
Operating Segments [Member] | ASV Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 28,010 | 28,468 | |
Operating Earnings | 1,148 | 1,027 | |
Total Assets | 115,490 | 119,732 | |
Operating Segments [Member] | Equipment Distribution [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 3,150 | 5,551 | |
Operating Earnings | (442) | 154 | |
Total Assets | 7,387 | 8,742 | |
Inter-segment Elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | (776) | (729) | |
Operating Earnings | 20 | 204 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Earnings | (1,844) | (2,256) | |
Total Assets | $ 704 | $ 720 |
Transactions between the Comp82
Transactions between the Company and Related Parties - Additional Information (Detail) € in Thousands, $ in Thousands | Mar. 11, 2016USD ($) | Mar. 04, 2016USD ($) | Mar. 04, 2016EUR (€) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 16, 2014 |
Related Party Transaction [Line Items] | |||||||
Accounts receivable | $ 89 | $ 501 | |||||
Accounts payable, current | 1,915 | 4,373 | |||||
Equity Method Investee [Member] | Lift Ventures LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Unconsolidated equity investment ownership percentage | 25.00% | ||||||
Lift Ventures LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts receivable | 22 | ||||||
Accounts payable | 413 | 749 | |||||
SL Industries, Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts receivable | 19 | 47 | |||||
Accounts payable | 306 | 471 | |||||
BGI USA, Inc. [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts receivable | 28 | ||||||
Accounts payable | 7 | 7 | |||||
Terex Corporation [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts payable | 63 | 940 | |||||
Terex Corporation [Member] | Distribution And Marketing Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Service expenses | 598 | $ 764 | |||||
Terex Corporation [Member] | Service Agreements [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Service expenses | 51 | $ 51 | |||||
Terex Corporation [Member] | ASV Inc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts receivable | 89 | 501 | |||||
Accounts payable, current | $ 1,173 | $ 2,275 | |||||
Additional equity contribution | $ 2,450 | ||||||
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] | Gain (loss) on Sale of Discontinued Operations [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Gain on inventories and intellectual property | $ 2,212 | € 1,987 |
Transactions between the Comp83
Transactions between the Company and Related Parties - Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Related Party Transaction [Line Items] | |||
Total Purchases | $ 878 | $ 1,372 | |
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 | 69 | 917 | |
Lift Ventures LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Total Purchases | 618 | 454 | |
BGI USA, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Total Purchases | $ 191 | ||
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 Comp84
Transactions between the Company and Related Parties - Related Party Transactions (Parenthetical) (Detail) - Bridgeview Facility [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)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 Comp85
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, 2017 | Dec. 31, 2016 |
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 | $ 6,897 | $ 6,862 |
Transactions between the Comp86
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, 2017 | Mar. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Purchases from related parties | $ 878 | $ 1,372 |
ASV Inc [Member] | Terex Corporation [Member] | ||
Related Party Transaction [Line Items] | ||
Sales to related parties | 131 | 867 |
Purchases from related parties | $ 2,132 | $ 2,092 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Taxes Disclosure [Line Items] | ||
Income tax provision | $ 90 | $ 517 |
Discrete income tax provision | $ 97 | |
Annual effective tax rate | 2.80% | 27.40% |
Annual statutory tax rates | 35.00% | |
Total unrecognized tax benefits | $ 983 | $ 936 |
Minimum [Member] | Italian Income Tax [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Audit adjustments tax period | 2,009 | |
Maximum [Member] | Italian Income Tax [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Audit adjustments tax period | 2,013 |