Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 02, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | 16,668,986 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash | $ 2,177 | $ 5,014 |
Cash - restricted | 325 | 352 |
Marketable equity securities | 7,841 | |
Trade receivables (net) | 49,645 | 46,633 |
Other receivables | 3,462 | 1,946 |
Inventory (net) | 64,168 | 54,360 |
Prepaid expense and other | 2,743 | 2,017 |
Total current assets | 130,361 | 110,322 |
Total fixed assets, net of accumulated depreciation of $13,624 and $12,921 for March 31, 2018 and December 31, 2017, respectively | 21,898 | 22,038 |
Intangible assets (net) | 30,847 | 31,014 |
Goodwill | 44,359 | 43,569 |
Equity investment in ASV Holdings, Inc. | 14,931 | |
Other long-term assets | 1,473 | 1,475 |
Deferred tax asset | 1,839 | 1,839 |
Total assets | 230,777 | 225,188 |
Current liabilities | ||
Notes payable | 25,877 | 29,131 |
Current portion of capital lease obligations | 388 | 378 |
Accounts payable | 45,875 | 35,386 |
Accounts payable related parties | 92 | 1,331 |
Accrued expenses | 9,842 | 10,070 |
Customer deposits | 2,622 | 2,242 |
Other current liabilities | 259 | 890 |
Total current liabilities | 84,955 | 79,428 |
Long-term liabilities | ||
Revolving term credit facilities | 12,480 | 12,893 |
Notes payable (net) | 28,042 | 26,656 |
Capital lease obligations, (net of current portion) | 5,382 | 5,483 |
Convertible note related party (net) | 7,043 | 7,005 |
Convertible note (net) | 14,365 | 14,310 |
Deferred gain on sale of property | 937 | 969 |
Deferred tax liability | 3,381 | 3,384 |
Other long-term liabilities | 4,120 | 4,215 |
Total long-term liabilities | 75,750 | 74,915 |
Total liabilities | 160,705 | 154,343 |
Commitments and contingencies | ||
Equity | ||
Preferred Stock—Authorized 150,000 shares, no shares issued or outstanding at March 31, 2018 and December 31, 2017 | ||
Common Stock—no par value 25,000,000 shares authorized, 16,668,986 and 16,617,932 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 98,081 | 97,661 |
Paid in capital | 2,458 | 2,802 |
Retained deficit | (30,068) | (28,583) |
Accumulated other comprehensive loss | (399) | (1,035) |
Equity attributable to shareholders of Manitex International, Inc. | 70,072 | 70,845 |
Total equity | 70,072 | 70,845 |
Total liabilities and equity | $ 230,777 | $ 225,188 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Accumulated Depreciation | $ 13,624 | $ 12,921 |
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 | 16,668,986 | 16,617,932 |
Common Stock, shares outstanding | 16,668,986 | 16,617,932 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Net revenues | $ 56,675 | $ 40,119 |
Cost of sales | 45,575 | 32,727 |
Gross profit | 11,100 | 7,392 |
Operating expenses | ||
Research and development costs | 652 | 687 |
Selling, general and administrative expenses | 9,986 | 8,941 |
Total operating expenses | 10,638 | 9,628 |
Operating income (loss) | 462 | (2,236) |
Other (expense) income | ||
Interest expense | (1,553) | (1,208) |
Change in fair value of securities held | 187 | |
Foreign currency transaction loss | (119) | (83) |
Other (loss) income | (354) | 273 |
Total other expense | (1,839) | (1,018) |
Income (loss) before income taxes and income (loss) in equity interest from continuing operations | (1,377) | (3,254) |
Income tax expense (benefit) from continuing operations | (301) | 171 |
Loss on equity investments (including loss on sale of shares) | (409) | |
Net loss from continuing operations | (1,485) | (3,425) |
Discontinued operations | ||
Loss from operations of discontinued operations | 232 | |
Income tax benefit | (19) | |
Loss from discontinued operations | 251 | |
Net loss | (1,485) | (3,174) |
Net (income) attributable to noncontrolling interest from discontinued operations | (114) | |
Net loss attributable to shareholders of Manitex International, Inc. | $ (1,485) | $ (3,288) |
Earnings (loss) Per Share Basic | ||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | $ (0.09) | $ (0.21) |
Loss from discontinued operations attributable to shareholders of Manitex International, Inc. | 0.01 | |
Net earnings (loss) attributable to shareholders of Manitex International, Inc. | (0.09) | (0.20) |
Earnings (loss) Per Share Diluted | ||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | (0.09) | (0.21) |
Loss from discontinued operations attributable to shareholders of Manitex International, Inc. | 0.01 | |
Net earnings (loss) attributable to shareholders of Manitex International, Inc. | $ (0.09) | $ (0.20) |
Weighted average common shares outstanding | ||
Basic | 16,666,937 | 16,559,343 |
Diluted | 16,666,937 | 16,559,343 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss: | $ (1,485) | $ (3,174) |
Other comprehensive income (loss) | ||
Foreign currency translation adjustments | 636 | 343 |
Total other comprehensive income | 636 | 343 |
Comprehensive loss | (849) | (2,831) |
Comprehensive (income) attributed to noncontrolling interest | (114) | |
Total comprehensive loss attributable to shareholders of Manitex International, Inc. | $ (849) | $ (2,945) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (1,485) | $ (3,174) |
Adjustments to reconcile net loss to cash used for operating activities: | ||
Depreciation and amortization | 1,293 | 1,523 |
Loss on sale of partial interest in equity investment | 87 | |
Changes in allowances for doubtful accounts | 15 | 1 |
Changes in inventory reserves | (148) | (122) |
Revaluation of contingent acquisition liability | 345 | (346) |
Deferred income taxes | (70) | 147 |
Amortization of deferred debt issuance costs | 80 | 107 |
Amortization of debt discount | 123 | 127 |
Change in value of interest rate swaps | (1) | (401) |
Loss from equity investments | 204 | |
Change in value of securities held | (187) | |
Share-based compensation | 123 | 229 |
Stock issued to consultant | 23 | |
Adjustment to deferred gain on sales and lease back | (12) | 132 |
(Gain) loss on disposal of assets | (3) | 80 |
Reserves for uncertain tax provisions | 22 | 17 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (3,792) | (2,450) |
(Increase) decrease in inventory | (9,098) | 1,432 |
(Increase) decrease in prepaid expenses | (722) | 168 |
(Increase) decrease in other assets | 25 | (22) |
Increase (decrease) in accounts payable | 8,608 | (3,114) |
Increase (decrease) in accrued expense | (67) | (637) |
Increase (decrease) in other current liabilities | (323) | 557 |
Increase (decrease) in other long-term liabilities | (526) | (478) |
Discontinued operations - cash provided by (used for) operating activities | 963 | |
Net cash used for operating activities | (5,486) | (5,261) |
Cash flows from investing activities: | ||
Proceeds from the sale of partial interest in equity investment | 7,000 | |
Proceeds from the sale of fixed assets | 3 | |
Purchase of property and equipment | (85) | (253) |
Investment in intangibles other than goodwill | (27) | (39) |
Discontinued operations - cash (used for) provided by investing activities | (38) | |
Net cash provided by (used for) investing activities | 6,891 | (330) |
Cash flows from financing activities: | ||
Borrowing on revolving term credit facility | 35,600 | 27,000 |
Payments on revolving term credit facility | (36,013) | (25,680) |
Net (repayment) borrowings on working capital facilities (See Note 11) | (3,120) | 2,812 |
New borrowings—other | 74 | 749 |
Debt issuance costs incurred | (50) | (50) |
Note payments | (525) | (580) |
Shares repurchased for income tax withholding on share-based compensation | (84) | (128) |
Proceeds from stock offering | 2,426 | |
Payments on capital lease obligations | (90) | (145) |
Discontinued operations - cash (used for) provided by financing activities | (2,185) | |
Net cash (used for) provided by financing activities | (4,208) | 4,219 |
Net decrease in cash and cash equivalents | (2,803) | (1,372) |
Effect of exchange rate changes on cash | (61) | 37 |
Cash and cash equivalents at the beginning of the year | 5,366 | 5,314 |
Cash and cash equivalents at end of period | $ 2,502 | $ 3,979 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation The Condensed Consolidated Balance Sheet at March 31, 2018 and the related Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2018 and 2017 and Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2018 and 2017 have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial condition, results of operations and cash flows of the Company for the interim periods. Interim results may not be indicative of results to be realized for the entire year. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The Condensed Consolidated Balance Sheet as of December 31, 2017 was derived from our audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”). Certain amounts for prior periods have been reclassified to conform to the current period financial statement presentation. All references in this report to financial results of periods ending prior to the first quarter of 2018 reflect such results as restated pursuant to the previously announced restatement of such periods. The Company is a leading provider of engineered lifting solutions and operates as a single business segment. Operating activities are conducted through the following wholly-owned subsidiaries: Manitex, Inc. (“Manitex”), Badger Equipment Company (“Badger”), PM Group S.pA. and Subsidiaries (“PM Group”), Manitex Valla S.r.l. (“Valla”), Sabre Manufacturing, LLC (“Sabre”), Crane and Machinery, Inc. (“C&M”), and Crane and Machinery Leasing, Inc. (“C&M Leasing”). The condensed consolidated financial statements include the accounts of Manitex International, Inc. and subsidiaries in which it has a greater than 50% voting interest (collectively, the “Company”). All significant intercompany accounts, profits and transactions have been eliminated in consolidation. Consolidated Variable Interest Entity Even though it has no ownership interest in SVW Crane & Equipment Company (together with its wholly owned subsidiary, Rental Consulting Service Company, “SVW”), the Company had the power to direct the activities that most significantly impact SVW’s economic performance. Additionally, the Company was the primary beneficiary of the SVW relationship. SVW obtained third party financing, which was effectively guaranteed by the Company, on specific cranes the Company manufactured and remitted the loan proceeds to the Company. Other than its business transactions described herein, SVW had no other substantial business operations. The Company determined that SVW was a Variable Interest Entity (“VIE”) that under current accounting guidance needed to consolidate in the Company’s financial results. By December 31, 2017, SVW ceased operations and is not a consolidated VIE after December 31, 2017. Non-Cash Transactions Non-cash transactions for the periods ended March 31, 2018 and 2017 are as follows: Three Months Ended March 31, 2018 2017 Proportional share of increase in equity investments' paid in capital $ 14 $ — Discontinued Operations ASV Segment ASV is located in Grand Rapids, Minnesota and manufactures a line of high quality compact track and skid steer loaders. The products are used in site clearing, general construction, forestry, golf course maintenance and landscaping industries, with general construction being the largest. Prior to the quarter ended June 30, 2017, the Company owned a 51% interest in ASV Holdings, Inc., which was formerly known as A.S.V., LLC (“ASV”). On May 11, 2017, in anticipation of an initial public offering, ASV converted from an LLC to a C-Corporation and the Company’s 51% interest was converted to 4,080,000 common shares of ASV. On May 17, 2017, in connection within its initial public offering, ASV sold 1,800,000 of its own shares and the Company sold 2,000,000 shares of ASV common stock and reduced its investment in ASV to 21.2% interest. ASV was deconsolidated during the quarter ended June 30, 2017 and was recorded as an equity investment starting with the quarter ended June 30, 2017. Periods ending before June 30, 2017 reflect ASV as a discontinued operation. In February 2018, the Company sold an additional 1,000,000 shares of ASV that it held which reduced the Company’s investment in ASV to approximately 11.0%. The Company ceased accounting for its investment in ASV under the equity method and now accounts for its investment as a marketable equity security. See Notes 8 and 18 for additional discussion related to the accounting treatment of the investment in ASV after the sale of the additional shares. Change in Reporting Segments Prior to the quarter ended June 30, 2017, the Company reported its operations in three segments: the Lifting Equipment segment, the ASV segment and the Equipment Distribution segment. Since 2015, the Company has sought to redefine itself strategically and operationally, including through a series of divestitures. The most recent such divestiture occurred in May 2017, with the sale of a portion of the Company’s investment in ASV Holdings. As a result of this sale, the Company has deconsolidated ASV Holdings from its financial reporting, and ASV is no longer a reporting segment. The previously reported Equipment Distribution operations were comprised of C&M and C&M Leasing. C&M was acquired by the Company in 2008 and at that time operated primarily as a distributor of Terex Corporation (“Terex”) rough terrain and truck cranes. Subsequent to 2008, C&M added a used equipment business, which involved buying both lifting and non-lifting construction equipment and then refurbishing and remarketing that equipment. Recently, the C&M operations evolved and the used equipment sales operations were discontinued. C&M remains a distributor of Terex rough terrain and truck cranes; however C&M’s primary business is the distribution of products manufactured by the Company. C&M Leasing’s primary business is the facilitation of sales of products manufactured by the Company through its rent to own program. As C&M and C&M Leasing’s primary business is the facilitation of Company manufactured product sales, discrete financial information is not available. Further, the Company’s Chief Operating Decision Maker (“CODM”) reviews C&M and C&M Leasing operations only to determine their impact on the entire Company. As such, the operations of C&M and C&M Leasing no longer constitute a separate reporting segment. |
Significant Accounting Policies
Significant Accounting Policies and New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and New Accounting Pronouncements | 2. Significant Accounting Policies and New Accounting Pronouncements Principles of Consolidation The Company consolidates all entities that we control by ownership of a majority voting interest. Additionally, there are situations in which consolidation is required even though the usual condition of consolidation (ownership of a majority voting interest) does not apply. Generally, this occurs when an entity holds an interest in another business enterprise that was achieved through arrangements that do not involve voting interests, which results in a disproportionate relationship between such entity's voting interests in, and its exposure to the economic risks and potential rewards of, the other business enterprise. This disproportionate relationship results in what is known as a variable interest, and the entity in which we have this interest is referred to as a Variable Interest Entity (“VIE”). An enterprise must consolidate a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Although the Company does not have an ownership interest in S.V.W. Crane & Equipment Company and its wholly owned subsidiary Rental Consulting Services Corporation (collectively “SVW”), the Company had the power to direct the activities of SVW that most significantly impact its economic performance and absorbed the losses. As such, the Company determined that SVW was a VIE that required consolidation. SVW obtained financing and remitted the proceeds to the Company using inventory (cranes) owned by the Company as collateral. The finance companies that hold the loans have a perfected security interest in the inventory and therefore have recourse against this specific inventory. Furthermore, the debt taken on by SVW was effectively guaranteed by the Company pursuant to certain related agreements. By December 31, 2017, SVW ceased operations and is not a consolidated VIE after December 31, 2017. The Company eliminates from the Company’s financial results all significant intercompany transactions, including the intercompany transactions with consolidated VIEs. 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 $42 and $82 at March 31, 2018 and December 31, 2017, respectively. Guarantees The Company has issued partial residual guarantees to financial institutions related to a customer financing of equipment purchased by the customer. The Company must assess the probability of losses if the fair market value is less than the guaranteed residual value. The Company has issued partially residual guarantees that have maximum exposure of approximately $1.6 million. The Company, however, does not have any reason to believe that any exposure from such a guarantee is either probable or estimable at this time, as such, no liability has been recorded. The Company’s ability to recover any losses incurred under the guarantees may be affected by economic conditions in used equipment markets at the time of loss. The Company records a liability for the estimated fair value of guarantees issued pursuant to ASC 460. The Company recognizes a loss under a guarantee when its obligation to make payment under the guarantee is probable and the amount of the loss can be estimated. A loss would be recognized if the Company’s payment obligation under the guarantee exceeds the value it can expect to recover to offset such payment, primarily through the sale of the equipment underlying the guarantee. Inventory, net 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 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. 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. Accounting for Equity Investments Beginning with the quarter ended June 30, 2017, the Company accounted for its 21.2% investment in ASV under the equity method of accounting. Under the equity method, the Company’s share of the net income (loss) of ASV is recognized as income (loss) in the Company’s statement of operations and added to the investment account, and dividends received from ASV are treated as a reduction of the investment account. ASV’s earnings are recorded on a one quarter lag as ASV may not report earnings in time to be included in the Company’s financial statements for any given reporting period. On May 17, 2017 (the date ASV became an equity investment), the Company’s investment in ASV Holdings exceeded the proportional share of ASV Holdings’ net assets. Under current applicable guidance, assets and liabilities of the investee (ASV Holdings) are valued at fair market value on the date of the investment. The Company investment, however, is not adjusted for the difference between the Company’s proportional share of the net assets and the fair value of the assets that existed on the date that the investment was made. The differences are accounted for on a memo basis. The differences can be either of temporary nature or permanent differences. Adjustment to inventory and identifiable intangible assets with finite lives are temporary differences. Fair market adjustments to land and goodwill are examples of permanent differences. Differences related to temporary items are amortized over their lives. Earnings recognized are the proportional share of investee’s income for the period adjusted for reversal of any timing differences or additional amortization related to the memo fair market adjustments of identifiable intangible assets that have finite lives. Between February 26 and 28, 2018, the Company sold 1,000,000 shares of ASV stock reducing the Company’s investment to approximately 11.0%. See Notes 8 and 18. During the quarter ended March 31, 2018, the Company: • Recognized its proportional share of ASV loss for the three months ended December 31, 2017, • Recorded a loss on the sale of shares, • Ceased accounting for ASV as an equity investment, and • Valued its remaining investment in ASV at its current market value. Accounting for Marketable Equity Securities Marketable equity securities are valued at fair market value based on the closing price of the stock on the date of the balance sheet. Gains and loss related fair value adjustments related to marketable equity securities are recorded into income each reporting period. Shipping and Handling The Company records the amount of shipping and handling costs billed to customers as revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment costs and are in included in cost of sales. Reclassification Certain reclassifications have been made to the prior period condensed consolidated financial statements to conform to the current period presentation. Recently Issued Pronouncements – Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” (“ASU 2016-02”), which 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 early in the process of evaluating the impact of this update on its consolidated financial statements. The Company disclosed in its 2017 10-K that the Company had future operating lease commitments of approximately $5,000. This is an indication of the potential magnitude that adoption of this standard will have on the Company’s 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. In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” (“ASU 2018-2”). ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from H.R. 1 “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018” (formerly known as “Tax Cuts and Jobs Act”). The effective date will be the first quarter of fiscal year 2019. The Company is evaluating the impact that adoption of this new standard will have on its consolidated financial statements. Recently Adopted Accounting Guidance 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 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 requires 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 has adopted this guidance during the quarter ended March 31, 2018 on a modified retrospective basis. Adoption of the new standard has had no material impact on our consolidated balance sheet, cash flows statements or net income. 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 is the first quarter of fiscal year 2018 with early adoption permitted in the first quarter of fiscal year 2017. The Company has adopted this guidance during the quarter ended March 31, 2018 on a modified retrospective basis. 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 is the first quarter of fiscal year 2018 with early adoption permitted in the first quarter of fiscal year 2017. The Company has adopted this guidance during the quarter ended March 31, 2018 on a modified retrospective basis. The adoption of this guidance did not have a significant impact on the operating results when adopted. The Company’s revenue recognition policy adopted as a result of the New Revenue Standards is presented in Note 3 below. 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 made an election to use the “Cumulative Earning Approach” to classify distributions received from equity investments. Other than the aforementioned election (which may have a future impact), the adoption of this guidance during the quarter ended March 31, 2018, did not have an impact on the Company’s Statement of Cash Flows. 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 prior 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 is the first quarter of fiscal year 2018 with early adoption permitted. The Company has adopted this guidance during the quarter ended March 31, 2018. The adoption of this guidance did not have a significant impact on the operating results when adopted. 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 is 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. The Company has adopted this guidance during the quarter ended March 31, 2018. The adoption of this guidance did not have an impact on the operating results when adopted. 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 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition Revenue is recognized when obligations under the terms of the contract with our customer are satisfied; generally, this occurs with the transfer of control of our equipment, parts or installation services (typically completed within one day), which occurs at a point in time. Equipment can be redirected during the manufacturing phase such that over time revenue recognition is not appropriate. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Our contracts are non-cancellable and returns are only allowed in limited instances through Crane & Machinery, Inc. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold and do not constitute a separate performance obligation. For instances where equipment and installation services are sold together, the Company accounts for the equipment and installation services separately. The consideration (including any discounts) is allocated between the equipment and installation services based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the equipment. In some instances, the Company fulfills its obligations and bills the customer for the work performed but does not ship the goods until a later date. These arrangements are considered bill-and-hold transactions. In order to recognize revenue on the bill-and-hold transactions, the Company ensures the customer has requested the arrangement, the product is identified separately as belonging to the customer, the product is ready for shipment to the customer in its current form, and the Company does not have the ability to direct the product to a different customer. A portion of the transaction price is not allocated to the custodial services due to the immaterial value assigned to that performance obligation. Payment terms offered to customers are defined in contracts and purchase orders and do not include a significant financing component. At times, the Company may offer discounts which are considered variable mconsideration however, the Company applies the constraint guidance when determining the transaction price to be allocated to the performance obligations. The Company generates revenue through its principal subsidiaries: Manitex, Inc. (“Manitex”) markets a comprehensive line of boom trucks, truck cranes and sign cranes. Manitex’s boom trucks and crane products are primarily used for industrial projects, energy exploration and infrastructure development, including, roads, bridges and commercial construction. Badger Equipment Company (“Badger”) is a manufacturer of specialized rough terrain cranes and material handling products. Badger primarily serves the needs of the construction, municipality and railroad industries. PM Group S.p.A. (“PM”) is a leading Italian manufacturer of truck mounted hydraulic knuckle boom cranes with a 50-year history of technology and innovation, and a product range spanning more than 50 models. Its largest subsidiary, Oil & Steel (“O&S”), is a manufacturer of truck-mounted aerial platforms with a diverse product line and an international client base. Manitex Valla S.r.l.’s (“Valla”) product line of industrial cranes is a full range of precision pick and carry cranes using electric, diesel, and hybrid power options. Its cranes offer wheeled or tracked, and fixed or swing boom configurations, with special applications designed specifically to meet the needs of its customers. These products are sold internationally through dealers and into the rental distribution channel. Sabre Manufacturing, LLC (“Sabre”) manufactures a comprehensive line of specialized mobile tanks for liquid and solid storage and containment solutions with capacities from 8,000 to 21,000 gallons. Its mobile tanks are sold to specialized independent tank rental companies and through the Company’s existing dealer network. The tanks are used in a variety of end markets such as petrochemical, waste management and oil and gas drilling. Crane and Machinery, Inc. (“C&M”) is a distributor of the Company’s products as well as Terex Corporation’s (“Terex”) rough terrain and truck cranes. Crane and Machinery Leasing, Inc.’s (“C&M Leasing”) rents equipment manufactured by the Company as well limited amount of equipment manufactured by third parties. Although C&M is a distributor of Terex rough terrain and truck cranes, C&M’s primary business is the distribution of products manufactured by the Company. For each of the subsidiaries, various products may be sold separately or together with installation services. Further, equipment sales come with a standard warranty that is not sold separately. Additionally, each of the subsidiaries sell parts to its customers. The following table disaggregates our revenue by principal subsidiary for the three months ended March 31: 2018 2017 Equipment sales $ 48,430 $ 32,868 Part sales 7,087 5,978 Installation services 1,158 1,273 Total Revenue $ 56,675 $ 40,119 The Company attributes revenue to different geographic areas based on where items are shipped or services are performed. The following table provides detail of revenues by geographic area for the three months ended March 31: 2018 2017 United States $ 26,473 $ 18,372 Canada 7,339 2,417 Italy 5,607 4,941 Other 2,235 1,499 Argentina 4,151 2,107 France 1,954 1,610 Chile 1,922 1,702 Spain 1,204 683 Finland 951 629 United Kingdom 682 1,568 Czech Republic 506 696 Netherlands 460 208 Israel 428 864 Malaysia 370 413 Mexico 280 168 Germany 275 235 Ireland 259 228 Denmark 220 103 South Africa 213 302 Belgium 150 — Ukraine 148 103 Qatar 127 — Romania 88 140 Peru 83 — Indonesia 78 — Martinique 76 — Bahrain 62 — Turkey 58 — Thailand 56 — Saudi Arabia 39 135 Russia 35 — China 21 27 Puerto Rico 10 16 Singapore 1 145 Hong Kong 54 181 United Arab Emirates 12 361 Morocco 38 265 Kuwait 10 1 $ 56,675 $ 40,119 Total Company Revenues by Sources The sources of the Company’s revenues are summarized below for the three months ended March 31: 2018 2017 Boom trucks, knuckle boom & truck cranes $ 41,550 $ 27,940 Rough terrain cranes 1,979 1,469 Mobile tanks 1,484 972 Installation services 1,158 1,273 Other equipment 3,417 2,487 Part sales 7,087 5,978 Total Revenue $ 56,675 $ 40,119 Contract Balances Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in selling, general, and administrative expenses. Customer Deposits At times, the Company may require an upfront deposit related to its contracts. In instances where an upfront deposit has been received by the Company and the revenue recognition criteria have not yet been met, the Company records a contract liability in the form of a customer deposit, which is classified as a short term liability on the balance sheet. That customer deposit is revenue that is deferred until the revenue recognition criteria have been met, at which time, the customer deposit is recognized into revenue. The following table summarizes changes in customer deposits for the three months ended March 31, 2018: Customer deposits at January 1, 2018 $ 2,242 Revenue recognized from customer deposits (1,914 ) Additional customer deposits received where revenue has not yet been recognized 2,294 Customer deposits at March 31, 2018 $ 2,622 |
Financial Instruments-Forward C
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts | 4. Financial Instruments—Forward Currency Exchange Contracts and Interest Rate Swap Contracts The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 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, 2018 Level 1 Level 2 Level 3 Total Asset Marketable securities $ 7,841 $ — $ — $ 7,841 Total current assets at fair value $ 7,841 $ — $ — $ 7,841 Liabilities: Forward currency exchange contracts $ — $ 17 $ — $ 17 Residual guarantee — — — — Interest rate swap contracts — 5 — 5 PM contingent liabilities — — 345 345 Valla contingent consideration — — 225 225 Total recurring liabilities at fair value $ — $ 22 $ 570 $ 592 Fair Value at December 31, 2017 Level 1 Level 2 Level 3 Total Liabilities: Forward currency exchange contracts $ — $ 213 $ — $ 213 Residual guarantee — — — — Interest rate swap contracts — 6 — 6 Valla contingent consideration — — 220 220 Total liabilities at fair value $ — $ 219 $ 220 $ 439 Fair Value Measurements Using Significant Unobservable Inputs (level 3) PM Contingent Consideration Valla Contingent Consideration Residual Guarantee Total Liabilities: Balance at January 1, 2018 $ — $ 220 $ — $ 220 Effect of change in exchange rates — 5 — 5 Change in fair value during the period 345 — — 345 Balance at March 31, 2018 $ 345 $ 225 $ — $ 570 Fair Value Measurements ASC 820-10 classifies the inputs used to measure fair value into the following hierarchy: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Fair value of the forward currency contracts are determined on the last day of each reporting period using observable inputs, which are supplied to the Company by the foreign currency trading operation of its bank and are Level 2 items. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 5. Derivative 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. As of March 31, 2018, 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. In addition, 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. PM Group has an intercompany receivable denominated in Euros from its Chilean subsidiary. At March 31, 2018, the Company had entered into a forward currency exchange contract that matures on August 23, 2018. Under the contract the Company is obligated to sell 2,000,000 Chilean pesos for 2,675 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 (€ 262 at March 31, 2018), maturing on October 1, 2020 with interest paid monthly. PM pays interest at a rate of 3.90% and receives from the counterparties interest at the “Euribor” rate for the period in question if greater than 0.90%. As of March 31, 2018, the Company had the following forward currency contracts and interest rate swaps: Nature of Derivative Currency Amount Type Forward currency sales contracts Chilean peso 2,000,000 Not designated as hedge instrument Interest rate swap contract 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, 2018 and December 31, 2017: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location March 31, 2018 December 31, 2017 Asset Derivatives Foreign currency exchange contract Prepaid expense and other $ 17 $ — Liabilities Derivatives Foreign currency exchange contract Accrued expense $ — $ 213 Interest rate swap contracts Notes payable 5 6 Total liabilities $ 5 $ 219 The following tables provide the effect of derivative instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017: Gain (loss) Location of gain or (loss) recognized in Statement of Operations Three Months Ended March 31, 2018 2017 Derivatives Not Designated as Hedge Instruments Forward currency contracts Foreign currency transaction gains (losses) $ 50 $ (52 ) Interest rate swap contracts Interest expense 1 321 $ 51 $ 269 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. |
Inventory, Net
Inventory, Net | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory, Net | 6. Inventory, net The components of inventory are as follows: March 31, 2018 December 31, 2017 Raw materials and purchased parts, net $ 42,680 $ 35,205 Work in process 5,062 4,513 Finished goods 16,426 14,642 Inventory, net $ 64,168 $ 54,360 The Company has established reserves for obsolete and excess inventory of $3,323 and $3,462 as of March 31, 2018 and December 31, 2017, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Intangible assets and accumulated amortization by category as of March 31, 2018 is as follows: Gross Net Useful Carrying Accumulated Carrying lives Amount Amortization Amount Patented and unpatented technology 7-10 years $ 18,687 $ (12,281 ) $ 6,406 Customer relationships 10-20 years 24,119 (10,434 ) 13,685 Trade names and trademarks 25 years-indefinite 12,893 (2,139 ) 10,754 Non-competition agreements 2-5 years 50 (48 ) 2 Total intangible assets, net $ 30,847 Intangible assets and accumulated amortization by category as of December 31, 2017 is as follows: Gross Net Useful Carrying Accumulated Carrying lives Amount Amortization Amount Patented and unpatented technology 7-10 years $ 18,458 $ (12,011 ) $ 6,447 Customer relationships 10-20 years 23,837 (9,907 ) 13,930 Trade names and trademarks 25 years-indefinite 12,724 (2,090 ) 10,634 Non-competition agreements 2-5 years 50 (47 ) 3 Total Intangible assets $ 31,014 Amortization expense for intangible assets was $718 and $940 for the three months ended March 31, 2018 and 2017, respectively. Changes in goodwill for the three months ended March 31, 2018 are as follows: Total Balance January 1, 2018 $ 43,569 Effect of change in exchange rates 790 Balance March 31, 2018 $ 44,359 |
Equity Method Investments
Equity Method Investments | 3 Months Ended |
Mar. 31, 2018 | |
ASV after transaction [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Equity Method Investments | 8. Equity Method Investments ASV Holdings -The Company accounted for its investment in ASV during the period (May 17, 2017 to February 26, 2018) that it owned 21.2% of ASV as an equity investment. Under the equity method, the Company’s share of the net income (loss) of ASV is recognized as income (loss) in the Company’s statement of operations and added to investment account, and dividends received from ASV are treated as a reduction of the investment account. ASV’s earnings are recorded on a one quarter lag as ASV may not report earnings in time to be included in the Company’s financial statements for any given reporting period. During the quarter ended March 31, 2018, the Company recorded its proportional share of ASV’s loss for the quarter ended December 31, 2017 and recorded amortization related temporary differences. On May 17, 2017, the Company’s investment in ASV exceeded the proportional share of ASV’s net assets by $862. The following table provides details of fair market adjustment made to reconcile this difference and subsequent amortization of the fair market adjustments: The following tables present ASV summary income statement information: For the three months ended December 31, (2) 2017 Net sales $ 30,455 Gross profit 4,146 Net income (796 ) Net income attributable to the Company (1) (169 ) Amortization of FMV adjustment (35 ) Income recognized by the Company $ (204 ) (1) Represents 21.22% of ASV’s loss for the quarter ended December 31, 2017. (2) The Company's policy is to record our earnings based on a one quarter lag. Between February 26 and 28, 2018, the Company sold 1,000,000 shares of ASV stock reducing the Company’s investment to approximately 11.0% and ceased accounting for its investment in ASV as an equity method investment. See Note 18, Discontinued Operations and Partial Disposition of the Remaining Equity Investment. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 9. Accrued Expenses March 31, 2018 December 31, 2017 Accounts payable: Trade $ 45,403 $ 35,386 Bank overdraft 472 — Total accounts payable $ 45,875 $ 35,386 Accrued payroll $ 1,437 $ 1,198 Accrued employee benefits 729 1,317 Accrued bonuses 45 180 Accrued vacation 1,403 1,214 Accrued interest 427 414 Accrued commissions 350 560 Accrued expenses—other 1,654 2,045 Accrued warranty 2,119 2,030 Accrued income taxes 255 — Accrued taxes other than income taxes 1,073 969 Accrued product liability and workers compensation claims 350 143 Total accrued expenses $ 9,842 $ 10,070 |
Accrued Warranty
Accrued Warranty | 3 Months Ended |
Mar. 31, 2018 | |
Guarantees [Abstract] | |
Accrued Warranty | 10. Accrued Warranty The accrued warranty liability is established using historical warranty claim experience; however, the current provision may be adjusted to take into consideration unusual or non-recurring events in the past or anticipated changes in future warrant claims. For the three months ended March 31, 2018 2017 Balance January 1, $ 2,030 $ 1,568 Accrual for warranties issued during the period 760 194 Warranty services provided (808 ) (427 ) Changes in estimate 122 60 Foreign currency translation 15 9 Balance March 31, $ 2,119 $ 1,404 |
Credit Facilities and Debt
Credit Facilities and Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Credit Facilities and Debt | 11. U.S. Credit Facilities At March 31, 2018, the Company and its U.S. subsidiaries have a Loan and Security Agreement, as amended, (the “Loan Agreement”) with The CIBC Bank USA (“CIBC”), formally known as “The Private Bank and Trust Company”. 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 net realizable value 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, 2018, the maximum the Company could borrow based on available collateral was $25,000. At March 31, 2018, the Company had borrowed $12,480 under this facility. The Company’s collateral is subject to a 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. 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, 2018 was 5.75%. At March 31, 2018, the Company had four outstanding advances with interest tied to LIBOR. The contracts had an underlying LIBOR rate of 4.81%. In addition, CIBC 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 $2,000 for all quarters starting with the quarter ended September 30, 2017 ended 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. Note Payable—Bank At March 31, 2018, the Company has a $422 term note payable to a bank. The Company is required to make eleven monthly payments of $35 that began on October 1, 2017 and a $182 payment in January and April 2018. The note dated October 1, 2017 had an original principal amount of $719 and an annual interest rate of 5.26%. 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. Note Payable—Winona Facility Purchase At March 31, 2018, Badger has a balance on note payable to Avis Industrial Corporation of $444. Badger is required to make 60 monthly payments of $10 that began on August 1, 2017. The note dated July 26, 2017, had an original principal amount of $500 and annual interest rate of 8.00%. The note is guaranteed by the Company. PM Debt Restructuring On March 6, 2018, PM Group and Oil & Steel S.p.A. (PM Group’s subsidiary) entered into a Debt Restructuring Agreement (the “Restructuring Agreement”) with Banca Monte dei Paschi di Siena S.p.A., Banca Nazionale del Lavoro S.p.A., BPER Banca S.p.A., Cassa di Risparmio in Bologna S.p.A. and Unicredit S.p.A. (collectively the “Lenders”), and Loan Agency Services S.r.l. (the “Agent”). The Restructuring Agreement, which replaces the previous debt restructuring agreement with the Lenders entered into in 2014, provides for, among other things: • The provision of subordinated shareholders’ loans by the Company to PM Group, consisting of (i) conversion of an existing trade receivable in the amount of €3.1 million into a loan; (ii) an additional subordinated shareholders’ loan in the aggregate maximum amount of up to €2.4 million, to be made currently; and (iii) a further loan of €1.8 million to be made by December 31, 2018, in each case to be used to repay a portion of PM Group’s outstanding obligations to the Lenders; • Amendments to the 2014 put and call options agreement with BPER to, among other things, extend the exercise of the options until the approval of PM Group’s financial statements for the 2021 fiscal year and permit the assignment of certain subordinated receivables to the Company. The fair market value of this liability is subject to revaluation on a recurring basis. • New amortization and repayment schedules for amounts owed by PM Group to the Lenders under the various outstanding tranches of indebtedness, along with revised interest rates and financial covenants. Under the Debt Restructuring Agreement term debt is repaid over a nine-year period starting in 2018 and ending in 2026 (2022 prior to Debt Restructuring Agreement); and • The effect of PM not meeting its December 31, 2017 financial covenants was cured by the Debt Restructuring Agreement. PM Group Short-Term Working Capital Borrowings At March 31, 2018, PM Group had established demand credit and overdraft facilities with seven Italian banks and eight banks in South America. Under the facilities, PM Group can borrow up to approximately €29,331 ($36,136) for advances against invoices, and letter of credit and bank overdrafts. These facilities are divided into three types: working capital facilities, cash facilities and guarantee facilities. Interest on the Italian working capital facilities, cash facilities and guarantee facilities is charged at the 3-month Euribor plus 175 or 200 basis points, 3-month Euribor plus 350 basis points, and 150 basis points, respectively. Interest on the South American facilities is charged at a flat rate of points for advances on invoices ranging from 10%-32%. At March 31, 2018, the Italian banks had advanced PM Group €15,185 ($18,708), at variable interest rates, which currently range from 1.42% to 1.67%. At March 31, 2018, the South American banks had advanced PM Group €3,285 ($4,047). Total short-term borrowings for PM Group were €18,470 ($22,755) at March 31, 2018. PM Group Term Loans At March 31, 2018, PM Group has a €10,451 ($12,875) term loan with two Italian banks, BPER and Unicredit. The term loan is split into a note and a balloon payment and is secured by PM Group’s common stock and building. Accrued interest on these borrowings through the date of acquisition at January 15, 2015, totaled €358 ($430) and is payable in semi-annual installments beginning June 2019 and ending December 2019. The note and balloon payment have an outstanding principal balance of €7,449 ($9,177) and €3,002 ($3,698), respectively. Both are charged interest at a fixed rate of 3.5%, with an effective rate of 3.5% at March 31, 2018. The note is payable in annual installments of principal €958 for 2019, €991 for 2020, €1,026 for 2021, €1,062 for 2022, €1,099 for 2023, €1,137 for 2024, and €1,177 for 2025. The balloon payment is payable in a single payment of €3,002 in 2026. 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 $1,562 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, 2018, the remaining balance was €471 or $580 and has been offset to the debt. At March 31, 2018, PM Group has unsecured borrowings with three Italian banks totaling €12,566 ($15,481). Interest on the unsecured notes is charged at a stated and effective rate of 3.5% at March 31, 2018. €450 of the remaining €900 principal due to one bank will be forgiven on December 31, 2018, provided the remaining €450 of principal and any borrowings outstanding under the short-term working capital facilities are repaid by December 31, 2018. Annual payments of €1,731 are payable beginning in 2019 and ending in 2025. PM Group is subject to certain financial covenants as defined by the debt restructuring agreement 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 beginning on December 31, 2018. At March 31, 2018, Autogru PM RO, a subsidiary of PM Group, has two notes. The first note is payable in 60 monthly principal installments of €8 ($10), plus interest at the 1-month Euribor plus 300 basis points, effective rate of 3.00% at March 31, 2018, maturing October 2020. At March 31, 2018, the outstanding principal balance of the note was €262 ($322). The second note is payable in monthly installments of €6 ($7) starting from October 2017 and ending in December 2017, three installments of €9 ($11) starting from January 2018 and ending in June 2018 and one final payment of €395 ($487) in June 2018. The note is charged interest at the 1-month Euribor plus 250 basis points, effective rate of 2.50% at March 31, 2018. At March 31, 2018, the outstanding principal balance of the note was €455 ($561). PM has an interest rate swap with a fair market value at March 31, 2018 of €4 or $5 which has been included in debt. At March 31, 2018 PM Argentina Sistemas de Elevacion, a subsidiary of PM Group has a note payable. The note is payable in five quarterly installments of €79 ($97) starting from April 2018 and ending in April 2019, the note is charged interest at 28.50% at March 31, 2018. At March 31, 2018, the outstanding principal balance of the note was €367 ($452). Valla Short-Term Working Capital Borrowings At March 31, 2018, Valla had established demand credit and overdraft facilities with two Italian banks. Under the facilities, Valla can borrow up to approximately €870 ($1,072) for advances against orders, invoices and bank overdrafts. Interest on the Italian working capital facilities is charged at a flat percentage rate for advances on invoices and orders ranging from 4.50% - 4.75%. At March 31, 2018, the Italian banks had advanced Valla €506 ($623). Valla Term Loans At March 31, 2018, Valla has a term loan with Carisbo. The note is payable in quarterly principal installments beginning on October 30, 2017 of €8 ($10), plus interest at the 3-month Euribor plus 470 basis points, effective rate of 4.37% at March 31, 2018. The note matures on January 2021. At March 31, 2018, the outstanding principal balance of the note was €94 ($116). Capital leases Georgetown facility The Company leases its Georgetown facility under a capital lease that expires on April 30, 2028. The monthly rent is currently $66 and is increased by 3% annually on September 1 during the term of the lease. At March 31, 2018, the outstanding capital lease obligation is $5,152. 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 48 month repayment periods. 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, under the like-kind provisions in the agreement, the Company 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, 2018 New equipment $ 896 48 $ 18 $ 607 As of March 31, 2018, the Company has one additional capital lease with total capitalized lease obligations of $11. |
Convertible Notes
Convertible Notes | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Convertible Notes | 12. 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. As of March 31, 2018 and December 31, 2017, the note had a remaining principal balance of $7,043 and $7,005 an unamortized discount of $457 and $495, respectively. 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(a)(2) of the Securities Act of 1933. In accordance with a Registration Rights Agreement with the Investors dated January 7, 2015, the Company agreed to register the resale of the shares of common stock issuable upon conversion of the Perella Notes. The Registration Statement on Form S-3 filed by the Company was declared effective on February 23, 2015. As of March 31, 2018, the note had a remaining principal balance of $14,634 (less $269 debt issuance cost for a net debt of $14,365) and an unamortized discount of $366, compared to a remaining balance of $14,604 (less $294 debt issuance cost for a net debt of $14,310) and an unamortized discount of $396 at December 31, 2017. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes For the three months ended March 31, 2018, the Company recorded an income tax provision (benefit) of ($301), which included a discrete income tax provision of $23. For the three months ended March 31, 2017, the Company recorded an income tax provision (benefit) of $90. The calculation of the overall income tax benefit for the three months ended March 31, 2018 primarily consists of a foreign income tax benefit partially offset by a discrete income tax provision. The effective tax rate for the three months ended March 31, 2018 was an income tax benefit of 16.9% compared to an income tax benefit of 2.8% in the comparable prior period. The effective tax rate for the three months ended March 31, 2018 differs from the U.S. statutory rate of 21% primarily due to the mix of domestic and foreign earnings, nondeductible foreign permanent differences, and domestic losses for which the Company is not recognizing an income tax benefit. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted into law. In response to the enactment of the Act, the SEC staff issued Staff Accounting Bulletin (“SAB”) No. 118, which provides guidance on accounting for the tax effects of the Act. The purpose of SAB No. 118 was to address any uncertainty or diversity of view in applying ASC Topic 740, Income Taxes in the reporting period in which the Act was enacted. SAB No. 118 addresses situations where the accounting is incomplete for certain income tax effects of the Act upon issuance of a company’s financial statements for the reporting period that includes the enactment date. SAB No. 118 allows for a provisional amount to be recorded if it is a reasonable estimate of the impact of the Act. Additionally, SAB No. 118 allows for a measurement period to finalize the impacts of the Act, not to extend beyond one year from the date of enactment. The Company’s accounting for certain elements of the Act was incomplete as of the period ended December 31, 2017, and remains incomplete as of March 31, 2018. However, the Company was able to make reasonable estimates of the effects and, therefore, recorded provisional estimates for these items at December 31, 2017. 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 tax 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 for changes in estimate as necessary. The 2018 estimated annual effective tax is based upon the Company’s anticipated earnings both in the U.S. and in foreign jurisdictions. The Company’s total unrecognized tax benefits as of March 31, 2018 and 2017 were approximately $1,016 and $983 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 Italian corporate income tax (IRES) and Italian regional production tax (IRAP) audit adjustments for the tax year 2013 and Romania for tax years 2012-2016. In July, 2017, the Company received notification from the Internal Revenue Service that its tax return for the year ended December 31, 2015 has been selected for examination. Favorable resolution of an unrecognized tax benefit could be recognized as a reduction in tax provision and effective tax rate in the period of resolution. Unfavorable settlement of an unrecognized tax benefit could increase the tax provision and effective tax rate and may require the use of cash in the period of resolution. |
Net (Loss) Earnings per Common
Net (Loss) Earnings per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net (Loss) Earnings per Common Share | 14. Net (Loss) Earnings per Common Share Basic net earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution of convertible debt and restricted stock units. Details of the calculations are as follows: Three Months Ended March 31, 2018 2017 Net income (loss) attributable to shareholders of Manitex International, Inc. Net loss from continuing operations attributable to shareholders of Manitex International, Inc. $ (1,485 ) $ (3,425 ) Income from operations of discontinued operations, net of income taxes — 251 Less: (income) attributable to noncontrolling interest from discontinued operations — (114 ) Income from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes — 137 Net loss attributable to shareholders of Manitex International, Inc. $ (1,485 ) $ (3,288 ) Earnings (loss) per share Basic Loss from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (0.21 ) Earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes $ — $ 0.01 Loss attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (0.20 ) Diluted Loss from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (0.21 ) Earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes $ — $ 0.01 Loss attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (0.20 ) Weighted average common shares outstanding Basic 16,666,937 16,559,343 Diluted Basic 16,666,937 16,559,343 Dilutive effect of restricted stock units — — 16,666,937 16,559,343 There are 104,011 and 266,397 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, 2018 and March 31, 2017, respectively. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Equity | 15. 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 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, 2018 Employees 12,536 $ 159 January 1, 2018 Directors 4,420 56 January 4, 2018 Directors 7,675 47 January 4, 2018 Employees 26,215 159 January 15, 2018 Directors 6,600 59 57,446 $ 480 On January 4, 2018, the Company granted 2,500 restricted stock units that vested immediately to a consultant. These shares had a value of $23 based on closing share price of $9.39. Stock Repurchase The Company purchases shares of Common Stock from certain employees at the closing share price on the date of purchase. The stock is purchased from the employees to satisfy employees’ withholding tax obligations related to stock issuances described above. The below table summarizes shares repurchased from employees during the current year through March 31, 2018: Date of Purchase Shares Purchased Closing Price on Date of Purchase January 1, 2018 3,183 $ 9.60 January 4, 2018 5,709 $ 9.39 8,892 Equity was decreased by $84, the aggregated value of the shares reflected in the table above. 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 any plan awards. Under the plan, the committee can grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and performance units, except Directors may not be granted stock appreciation rights, performance shares and performance units. During any calendar year, participants are limited in the number of grants they may receive under the plan. In any year, an individual may not receive options for more than 15,000 shares, stock appreciation rights with respect to more than 20,000 shares, more than 20,000 shares of restricted stock and/or an award for more than 10,000 performance shares or restricted stock units or performance units. The plan requires that the exercise price for stock options and stock appreciation rights be not less than fair market value of the Company’s common stock on date of grant. 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. Restricted Stock Awards The following table contains information regarding restricted stock units: March 31, 2018 Outstanding on January 1, 2018 168,763 Units granted during the period 2,500 Vested and issued (51,054 ) Vested-issued and repurchased for income tax withholding (8,892 ) Forfeited (7,306 ) Outstanding on March 31, 2018 104,011 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 $123 and $229 for the three months ended March 31, 2018 and 2017, respectively. Additional compensation expense related to restricted stock units will be $315 and $138 for the remainder of 2018 and 2019, respectively. |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | 16. 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 limits that range from $50 to $500. 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 PM lawsuits in conjunction with the accounting for this acquisition. Additionally, beginning on December 31, 2011, the Company’s workmen’s compensation insurance policy has per claim deductible of $250 and annual aggregates that range from $1,000 to $1,875 depending on the policy year. 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 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, the Company entered into two separate settlement agreements with two plaintiffs. As of March 31, 2018, the Company has a remaining obligation under the agreements to pay the plaintiffs an aggregate of $1,330 without interest in 14 annual installments of $95 on or before May 22 of each year. The Company has recorded a liability for the net present value of the liability. The difference between the net present value and the total payment will be charged to interest expense over payment period. It is reasonably possible that the “Estimated Reserve for Product Liability Claims” may change within the next 12 months. A change in estimate could occur if a case is settled for more or less than anticipated, or if additional information becomes known to the Company. Romania Income Tax Audit As described in Note 13, Income Taxes, the Company increased its unrecognized tax benefits in connection with the Romanian tax audit and pending legal proceedings. Residual Value Guarantees The Company issues residual value guarantees to support a customer’s financing of equipment purchased from the Company. A residual value guarantee involves a guarantee that a piece of equipment will have a minimum fair market value at a future date if certain conditions are met by the customer. The Company has issued partial residual guarantees that have maximum exposure of approximately $1.6 million. The Company does not have any reason to believe that any exposure from such a guarantee is either probable or estimable at this time, as such no liability has been recorded. SEC Inquiry In December of 2017, the Company received an inquiry from the SEC requesting certain information in connection with the Company’s previously announced restatement of prior financial statements and is complying with such request. |
Transactions between the Compan
Transactions between the Company and Related Parties | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Transactions between the Company and Related Parties | 17. Transactions between the Company and Related Parties In the course of conducting its business, the Company has entered into certain related party transactions. C&M is a distributor of Terex rough terrain and truck cranes. As such, C&M purchases cranes and parts from Terex. Additionally, The Company has a convertible note with a face amount of $7,500 payable to Terex. See Note 12 for additional details. During the quarter ended March 31, 2017, the Company was the majority owner of ASV and, therefore, ASV is not a related party during that period. In May 2017, the Company reduced is its ownership interest in ASV to 21.4% and further reduced its ownership to approximately 11% in February 2018. As such, ASV is a related party beginning in the quarter ended June 30, 2017. The Company did not have any transactions with ASV during the quarter ended March 31, 2018. As of March 31, 2018, and December 31, 2017, the Company had accounts receivable and accounts payable with related parties as shown below: March 31, 2018 December 31, 2017 Accounts Receivable $ — $ 26 Accounts Payable Terex $ 92 $ 100 SL Industries and BGI (1) — 1,257 $ 92 $ 1,357 Net Related Party Accounts Payable $ 92 $ 1,331 (1) These companies are controlled by a former executive officer of the Company. The former officer retired effective December 31, 2016 but provided consulting services to the Company through April 30, 2017. Although the Company continues to purchase from SL Industries and BGI, these entities are not now related parties. Therefore, accounts payable to these companies are included in trade payables in 2018. 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, 2018 Three Months Ended March 31, 2017 Rent paid: Bridgeview Facility (2) $ 66 $ 65 Purchases from: Terex $ 143 $ 69 ( 2) 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 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. Note Payable to Terex As of March 31, 2018, the Company had a convertible note payable of $7,043 (net of unamortized debt discount) to Terex. See Note 12 for additional details regarding this convertible note. |
Discontinued Operations and Par
Discontinued Operations and Partial Disposition of the Remaining Equity Investment | 3 Months Ended |
Mar. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations and Partial Disposition of the Remaining Equity Investment | 18. Discontinued Operations and Partial Disposition of the Remaining Equity Investment Sale of Partial Interest in ASV Holdings On May 17, 2017, the Company and ASV completed the previously announced underwritten initial public offering (the “Offering”) of 3,800,000 shares of ASV common stock, including 2,000,000 shares sold by the Company. The Company received proceeds net of commissions of $13,020 from the Offering. Additionally, the Company had legal and other expense associated with transaction of $128. In conjunction with the sale, the Company recognized a pre-tax loss of $1,133 and recognized a $23 tax benefit. The condensed consolidated statement of operations for the three months ended March 31, 2017 reflects ASV as discontinued operations. Following the sale of the above referenced shares, the Company had significant continuing involvement with ASV in the form of an equity investment (21.2% ownership in ASV). At the time of the above transaction, the Company’s plans were to hold the remaining shares it owned in ASV for an indefinite period. The following is the detail of major line items that constitute income from discontinued operations: For the Three Months Ended March 31, 2017 Net revenues $ 28,010 Cost of sales 23,719 Research and development costs 520 Selling, general and administrative expenses 2,623 Interest expense (878 ) Other (expense) income (38 ) Income from discontinued operations before income taxes 232 Income benefit expense related to discontinued operations (19 ) Net loss on discontinued operations $ 251 Partial Disposition of the Remaining Equity Investment Over the period from February 26 to 28, 2018, the Company sold an aggregate of 1,000,000 shares of ASV in privately-negotiated transactions with institutional purchasers. All such shares were sold for $7.00 per share. Following such sale transactions, the Company owns an aggregate of 1,080,000 shares of ASV which equates to approximately 11.0% percent of ASV. After this transaction, the investment in ASV is no longer accounted for under the equity method. The Company recognized a pretax loss of $205 (which includes the $118 of commissions paid) in connection with sale of these shares. The Company was not able to record a tax benefit for this loss. Going forward, the Company’s remaining investment in ASV is shown on the condensed consolidated balance sheet as a marketable equity security that will be marked to market (fair value) each reporting period. Gains and losses related to fair value adjustments on marketable equity securities are recorded into income each reporting period. The Company recognized a $186 gain during the quarter ended March 31, 2018. |
Significant Accounting Polici25
Significant Accounting Policies and New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Company consolidates all entities that we control by ownership of a majority voting interest. Additionally, there are situations in which consolidation is required even though the usual condition of consolidation (ownership of a majority voting interest) does not apply. Generally, this occurs when an entity holds an interest in another business enterprise that was achieved through arrangements that do not involve voting interests, which results in a disproportionate relationship between such entity's voting interests in, and its exposure to the economic risks and potential rewards of, the other business enterprise. This disproportionate relationship results in what is known as a variable interest, and the entity in which we have this interest is referred to as a Variable Interest Entity (“VIE”). An enterprise must consolidate a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Although the Company does not have an ownership interest in S.V.W. Crane & Equipment Company and its wholly owned subsidiary Rental Consulting Services Corporation (collectively “SVW”), the Company had the power to direct the activities of SVW that most significantly impact its economic performance and absorbed the losses. As such, the Company determined that SVW was a VIE that required consolidation. SVW obtained financing and remitted the proceeds to the Company using inventory (cranes) owned by the Company as collateral. The finance companies that hold the loans have a perfected security interest in the inventory and therefore have recourse against this specific inventory. Furthermore, the debt taken on by SVW was effectively guaranteed by the Company pursuant to certain related agreements. By December 31, 2017, SVW ceased operations and is not a consolidated VIE after December 31, 2017. The Company eliminates from the Company’s financial results all significant intercompany transactions, including the intercompany transactions with consolidated VIEs. |
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 $42 and $82 at March 31, 2018 and December 31, 2017, respectively. |
Guarantees | Guarantees The Company has issued partial residual guarantees to financial institutions related to a customer financing of equipment purchased by the customer. The Company must assess the probability of losses if the fair market value is less than the guaranteed residual value. The Company has issued partially residual guarantees that have maximum exposure of approximately $1.6 million. The Company, however, does not have any reason to believe that any exposure from such a guarantee is either probable or estimable at this time, as such, no liability has been recorded. The Company’s ability to recover any losses incurred under the guarantees may be affected by economic conditions in used equipment markets at the time of loss. The Company records a liability for the estimated fair value of guarantees issued pursuant to ASC 460. The Company recognizes a loss under a guarantee when its obligation to make payment under the guarantee is probable and the amount of the loss can be estimated. A loss would be recognized if the Company’s payment obligation under the guarantee exceeds the value it can expect to recover to offset such payment, primarily through the sale of the equipment underlying the guarantee. |
Inventory, net | Inventory, net 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 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. |
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. |
Accounting for Equity Investments | Accounting for Equity Investments Beginning with the quarter ended June 30, 2017, the Company accounted for its 21.2% investment in ASV under the equity method of accounting. Under the equity method, the Company’s share of the net income (loss) of ASV is recognized as income (loss) in the Company’s statement of operations and added to the investment account, and dividends received from ASV are treated as a reduction of the investment account. ASV’s earnings are recorded on a one quarter lag as ASV may not report earnings in time to be included in the Company’s financial statements for any given reporting period. On May 17, 2017 (the date ASV became an equity investment), the Company’s investment in ASV Holdings exceeded the proportional share of ASV Holdings’ net assets. Under current applicable guidance, assets and liabilities of the investee (ASV Holdings) are valued at fair market value on the date of the investment. The Company investment, however, is not adjusted for the difference between the Company’s proportional share of the net assets and the fair value of the assets that existed on the date that the investment was made. The differences are accounted for on a memo basis. The differences can be either of temporary nature or permanent differences. Adjustment to inventory and identifiable intangible assets with finite lives are temporary differences. Fair market adjustments to land and goodwill are examples of permanent differences. Differences related to temporary items are amortized over their lives. Earnings recognized are the proportional share of investee’s income for the period adjusted for reversal of any timing differences or additional amortization related to the memo fair market adjustments of identifiable intangible assets that have finite lives. Between February 26 and 28, 2018, the Company sold 1,000,000 shares of ASV stock reducing the Company’s investment to approximately 11.0%. See Notes 8 and 18. During the quarter ended March 31, 2018, the Company: • Recognized its proportional share of ASV loss for the three months ended December 31, 2017, • Recorded a loss on the sale of shares, • Ceased accounting for ASV as an equity investment, and • Valued its remaining investment in ASV at its current market value. |
Accounting for Marketable Equity Securities | Accounting for Marketable Equity Securities Marketable equity securities are valued at fair market value based on the closing price of the stock on the date of the balance sheet. Gains and loss related fair value adjustments related to marketable equity securities are recorded into income each reporting period. |
Shipping and Handling | Shipping and Handling The Company records the amount of shipping and handling costs billed to customers as revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment costs and are in included in cost of sales. |
Reclassification | Reclassification Certain reclassifications have been made to the prior period condensed consolidated financial statements to conform to the current period presentation. |
Recent Accounting Pronouncements Not Yet Adopted Policy Text Block | Recently Issued Pronouncements – Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” (“ASU 2016-02”), which 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 early in the process of evaluating the impact of this update on its consolidated financial statements. The Company disclosed in its 2017 10-K that the Company had future operating lease commitments of approximately $5,000. This is an indication of the potential magnitude that adoption of this standard will have on the Company’s 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. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance 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 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 requires 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 has adopted this guidance during the quarter ended March 31, 2018 on a modified retrospective basis. Adoption of the new standard has had no material impact on our consolidated balance sheet, cash flows statements or net income. 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 is the first quarter of fiscal year 2018 with early adoption permitted in the first quarter of fiscal year 2017. The Company has adopted this guidance during the quarter ended March 31, 2018 on a modified retrospective basis. 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 is the first quarter of fiscal year 2018 with early adoption permitted in the first quarter of fiscal year 2017. The Company has adopted this guidance during the quarter ended March 31, 2018 on a modified retrospective basis. The adoption of this guidance did not have a significant impact on the operating results when adopted. The Company’s revenue recognition policy adopted as a result of the New Revenue Standards is presented in Note 3 below. 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 made an election to use the “Cumulative Earning Approach” to classify distributions received from equity investments. Other than the aforementioned election (which may have a future impact), the adoption of this guidance during the quarter ended March 31, 2018, did not have an impact on the Company’s Statement of Cash Flows. 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 prior 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 is the first quarter of fiscal year 2018 with early adoption permitted. The Company has adopted this guidance during the quarter ended March 31, 2018. The adoption of this guidance did not have a significant impact on the operating results when adopted. 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 is 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. The Company has adopted this guidance during the quarter ended March 31, 2018. The adoption of this guidance did not have an impact on the operating results when adopted. 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 |
Nature of Operations and Basi26
Nature of Operations and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Non-cash Transactions | Non-cash transactions for the periods ended March 31, 2018 and 2017 are as follows: Three Months Ended March 31, 2018 2017 Proportional share of increase in equity investments' paid in capital $ 14 $ — |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disaggregation Of Revenue [Abstract] | |
Summary of Disaggregates of Revenue by Principal Subsidiary, Geographic Area and Source | The following table disaggregates our revenue by principal subsidiary for the three months ended March 31: 2018 2017 Equipment sales $ 48,430 $ 32,868 Part sales 7,087 5,978 Installation services 1,158 1,273 Total Revenue $ 56,675 $ 40,119 The following table provides detail of revenues by geographic area for the three months ended March 31: 2018 2017 United States $ 26,473 $ 18,372 Canada 7,339 2,417 Italy 5,607 4,941 Other 2,235 1,499 Argentina 4,151 2,107 France 1,954 1,610 Chile 1,922 1,702 Spain 1,204 683 Finland 951 629 United Kingdom 682 1,568 Czech Republic 506 696 Netherlands 460 208 Israel 428 864 Malaysia 370 413 Mexico 280 168 Germany 275 235 Ireland 259 228 Denmark 220 103 South Africa 213 302 Belgium 150 — Ukraine 148 103 Qatar 127 — Romania 88 140 Peru 83 — Indonesia 78 — Martinique 76 — Bahrain 62 — Turkey 58 — Thailand 56 — Saudi Arabia 39 135 Russia 35 — China 21 27 Puerto Rico 10 16 Singapore 1 145 Hong Kong 54 181 United Arab Emirates 12 361 Morocco 38 265 Kuwait 10 1 $ 56,675 $ 40,119 The sources of the Company’s revenues are summarized below for the three months ended March 31: 2018 2017 Boom trucks, knuckle boom & truck cranes $ 41,550 $ 27,940 Rough terrain cranes 1,979 1,469 Mobile tanks 1,484 972 Installation services 1,158 1,273 Other equipment 3,417 2,487 Part sales 7,087 5,978 Total Revenue $ 56,675 $ 40,119 |
Summary of Changes in Customer Deposits | The following table summarizes changes in customer deposits for the three months ended March 31, 2018: Customer deposits at January 1, 2018 $ 2,242 Revenue recognized from customer deposits (1,914 ) Additional customer deposits received where revenue has not yet been recognized 2,294 Customer deposits at March 31, 2018 $ 2,622 |
Financial Instruments-Forward28
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 Level 1 Level 2 Level 3 Total Asset Marketable securities $ 7,841 $ — $ — $ 7,841 Total current assets at fair value $ 7,841 $ — $ — $ 7,841 Liabilities: Forward currency exchange contracts $ — $ 17 $ — $ 17 Residual guarantee — — — — Interest rate swap contracts — 5 — 5 PM contingent liabilities — — 345 345 Valla contingent consideration — — 225 225 Total recurring liabilities at fair value $ — $ 22 $ 570 $ 592 Fair Value at December 31, 2017 Level 1 Level 2 Level 3 Total Liabilities: Forward currency exchange contracts $ — $ 213 $ — $ 213 Residual guarantee — — — — Interest rate swap contracts — 6 — 6 Valla contingent consideration — — 220 220 Total liabilities at fair value $ — $ 219 $ 220 $ 439 |
Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Fair Value Measurements Using Significant Unobservable Inputs (level 3) PM Contingent Consideration Valla Contingent Consideration Residual Guarantee Total Liabilities: Balance at January 1, 2018 $ — $ 220 $ — $ 220 Effect of change in exchange rates — 5 — 5 Change in fair value during the period 345 — — 345 Balance at March 31, 2018 $ 345 $ 225 $ — $ 570 |
Derivative Financial Instrume29
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Foreign Exchange Contracts and Interest Rate Swap Statement of Financial Position | As of March 31, 2018, the Company had the following forward currency contracts and interest rate swaps: Nature of Derivative Currency Amount Type Forward currency sales contracts Chilean peso 2,000,000 Not designated as hedge instrument Interest rate swap contract 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, 2018 and December 31, 2017: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location March 31, 2018 December 31, 2017 Asset Derivatives Foreign currency exchange contract Prepaid expense and other $ 17 $ — Liabilities Derivatives Foreign currency exchange contract Accrued expense $ — $ 213 Interest rate swap contracts Notes payable 5 6 Total liabilities $ 5 $ 219 |
Effect of Derivative Instruments on Condensed Consolidated Statements of Operations | The following tables provide the effect of derivative instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017: Gain (loss) Location of gain or (loss) recognized in Statement of Operations Three Months Ended March 31, 2018 2017 Derivatives Not Designated as Hedge Instruments Forward currency contracts Foreign currency transaction gains (losses) $ 50 $ (52 ) Interest rate swap contracts Interest expense 1 321 $ 51 $ 269 |
Inventory, Net (Tables)
Inventory, Net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory are as follows: March 31, 2018 December 31, 2017 Raw materials and purchased parts, net $ 42,680 $ 35,205 Work in process 5,062 4,513 Finished goods 16,426 14,642 Inventory, net $ 64,168 $ 54,360 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Accumulated Amortization by Category | Intangible assets and accumulated amortization by category as of March 31, 2018 is as follows: Gross Net Useful Carrying Accumulated Carrying lives Amount Amortization Amount Patented and unpatented technology 7-10 years $ 18,687 $ (12,281 ) $ 6,406 Customer relationships 10-20 years 24,119 (10,434 ) 13,685 Trade names and trademarks 25 years-indefinite 12,893 (2,139 ) 10,754 Non-competition agreements 2-5 years 50 (48 ) 2 Total intangible assets, net $ 30,847 Intangible assets and accumulated amortization by category as of December 31, 2017 is as follows: Gross Net Useful Carrying Accumulated Carrying lives Amount Amortization Amount Patented and unpatented technology 7-10 years $ 18,458 $ (12,011 ) $ 6,447 Customer relationships 10-20 years 23,837 (9,907 ) 13,930 Trade names and trademarks 25 years-indefinite 12,724 (2,090 ) 10,634 Non-competition agreements 2-5 years 50 (47 ) 3 Total Intangible assets $ 31,014 |
Changes in Goodwill | Changes in goodwill for the three months ended March 31, 2018 are as follows: Total Balance January 1, 2018 $ 43,569 Effect of change in exchange rates 790 Balance March 31, 2018 $ 44,359 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
ASV after transaction [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of ASV Financial Information | The following tables present ASV summary income statement information: For the three months ended December 31, (2) 2017 Net sales $ 30,455 Gross profit 4,146 Net income (796 ) Net income attributable to the Company (1) (169 ) Amortization of FMV adjustment (35 ) Income recognized by the Company $ (204 ) (1) Represents 21.22% of ASV’s loss for the quarter ended December 31, 2017. (2) The Company's policy is to record our earnings based on a one quarter lag. |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable And Accrued Expenses | March 31, 2018 December 31, 2017 Accounts payable: Trade $ 45,403 $ 35,386 Bank overdraft 472 — Total accounts payable $ 45,875 $ 35,386 Accrued payroll $ 1,437 $ 1,198 Accrued employee benefits 729 1,317 Accrued bonuses 45 180 Accrued vacation 1,403 1,214 Accrued interest 427 414 Accrued commissions 350 560 Accrued expenses—other 1,654 2,045 Accrued warranty 2,119 2,030 Accrued income taxes 255 — Accrued taxes other than income taxes 1,073 969 Accrued product liability and workers compensation claims 350 143 Total accrued expenses $ 9,842 $ 10,070 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Guarantees [Abstract] | |
Summary of Changes in Product Warranty Liability | For the three months ended March 31, 2018 2017 Balance January 1, $ 2,030 $ 1,568 Accrual for warranties issued during the period 760 194 Warranty services provided (808 ) (427 ) Changes in estimate 122 60 Foreign currency translation 15 9 Balance March 31, $ 2,119 $ 1,404 |
Credit Facilities and Debt (Tab
Credit Facilities and Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 New equipment $ 896 48 $ 18 $ 607 |
Net (Loss) Earnings per Commo36
Net (Loss) Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 2017 Net income (loss) attributable to shareholders of Manitex International, Inc. Net loss from continuing operations attributable to shareholders of Manitex International, Inc. $ (1,485 ) $ (3,425 ) Income from operations of discontinued operations, net of income taxes — 251 Less: (income) attributable to noncontrolling interest from discontinued operations — (114 ) Income from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes — 137 Net loss attributable to shareholders of Manitex International, Inc. $ (1,485 ) $ (3,288 ) Earnings (loss) per share Basic Loss from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (0.21 ) Earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes $ — $ 0.01 Loss attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (0.20 ) Diluted Loss from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (0.21 ) Earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes $ — $ 0.01 Loss attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (0.20 ) Weighted average common shares outstanding Basic 16,666,937 16,559,343 Diluted Basic 16,666,937 16,559,343 Dilutive effect of restricted stock units — — 16,666,937 16,559,343 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 Employees 12,536 $ 159 January 1, 2018 Directors 4,420 56 January 4, 2018 Directors 7,675 47 January 4, 2018 Employees 26,215 159 January 15, 2018 Directors 6,600 59 57,446 $ 480 |
Summary of Common Stock Repurchases | The below table summarizes shares repurchased from employees during the current year through March 31, 2018: Date of Purchase Shares Purchased Closing Price on Date of Purchase January 1, 2018 3,183 $ 9.60 January 4, 2018 5,709 $ 9.39 8,892 |
Restricted Stock Units Outstanding | The following table contains information regarding restricted stock units: March 31, 2018 Outstanding on January 1, 2018 168,763 Units granted during the period 2,500 Vested and issued (51,054 ) Vested-issued and repurchased for income tax withholding (8,892 ) Forfeited (7,306 ) Outstanding on March 31, 2018 104,011 |
Transactions between the Comp38
Transactions between the Company and Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Accounts Receivable and Accounts Payable with Related Parties | As of March 31, 2018, and December 31, 2017, the Company had accounts receivable and accounts payable with related parties as shown below: March 31, 2018 December 31, 2017 Accounts Receivable $ — $ 26 Accounts Payable Terex $ 92 $ 100 SL Industries and BGI (1) — 1,257 $ 92 $ 1,357 Net Related Party Accounts Payable $ 92 $ 1,331 (1) These companies are controlled by a former executive officer of the Company. The former officer retired effective December 31, 2016 but provided consulting services to the Company through April 30, 2017. Although the Company continues to purchase from SL Industries and BGI, these entities are not now related parties. Therefore, accounts payable to these companies are included in trade payables in 2018. |
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, 2018 Three Months Ended March 31, 2017 Rent paid: Bridgeview Facility (2) $ 66 $ 65 Purchases from: Terex $ 143 $ 69 ( 2) 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 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. |
Discontinued Operations and P39
Discontinued Operations and Partial Disposition of the Remaining Equity Investment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Income from Discontinued Operations | The following is the detail of major line items that constitute income from discontinued operations: For the Three Months Ended March 31, 2017 Net revenues $ 28,010 Cost of sales 23,719 Research and development costs 520 Selling, general and administrative expenses 2,623 Interest expense (878 ) Other (expense) income (38 ) Income from discontinued operations before income taxes 232 Income benefit expense related to discontinued operations (19 ) Net loss on discontinued operations $ 251 |
Nature of Operations and Basi40
Nature of Operations and Basis of Presentation - Additional Information (Detail) | Feb. 28, 2018shares | May 17, 2017shares | May 11, 2017shares | Mar. 31, 2017Segment | Mar. 31, 2018Segmentshares | Dec. 31, 2017shares |
Partnership Organization And Basis Of Presentation [Line Items] | ||||||
Number of operating segments | Segment | 3 | 1 | ||||
Number of shares | 16,668,986 | 16,617,932 | ||||
ASV transaction [Member] | ||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||
Percentage of ownership interest prior to disposal | 51.00% | 51.00% | ||||
Conversion of stock, shares converted | 4,080,000 | |||||
Number of shares sold | 1,000,000 | |||||
Percentage of ownership interest after disposal | 21.20% | |||||
Percentage of reduction in investment' | 11.00% | 11.00% | ||||
Manitex International, Inc. [Member] | ASV transaction [Member] | ||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||
Number of shares sold | 2,000,000 | |||||
Initial Public Offering [Member] | ASV transaction [Member] | ||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||
Number of shares | 1,800,000 | |||||
SVW [Member] | ||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||
Percentage of ownership interest | 0.00% |
Nature of Operations and Basi41
Nature of Operations and Basis of Presentation - Schedule of Non-cash Transactions (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Supplemental Cash Flow Elements [Abstract] | |
Proportional share of increase in equity investments' paid in capital | $ 14 |
Significant Accounting Polici42
Significant Accounting Policies and New Accounting Pronouncements - Additional Information (Detail) - USD ($) | Feb. 28, 2018 | Mar. 31, 2018 | Feb. 26, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Accounting Policies [Line Items] | |||||
Allowances for doubtful accounts | $ 42,000 | $ 82,000 | |||
Maximum exposure of residual guarantees | 1,600,000 | ||||
Liability recorded for residual guarantees | $ 0 | ||||
ASU 2016-02 [Member] | |||||
Accounting Policies [Line Items] | |||||
Future operating lease commitments | $ 5,000,000 | ||||
ASV after transaction [Member] | |||||
Accounting Policies [Line Items] | |||||
Equity method investment ownership percentage | 21.20% | 21.22% | 21.20% | ||
Number of shares sold | 1,000,000 | ||||
Percentage of reduction in investment' | 11.00% |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018Modelgal | |
Minimum [Member] | |
Disaggregation Of Revenue [Line Items] | |
Storage capacity of trailer mobile tanks | 8,000 |
Maximum [Member] | |
Disaggregation Of Revenue [Line Items] | |
Storage capacity of trailer mobile tanks | 21,000 |
PM Group [Member] | Minimum [Member] | |
Disaggregation Of Revenue [Line Items] | |
Number of models | Model | 50 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregates of Revenue by Principal Subsidiary (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | $ 56,675 | $ 40,119 |
Equipment Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 48,430 | 32,868 |
Part Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 7,087 | 5,978 |
Installation Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | $ 1,158 | $ 1,273 |
Revenue - Summary of Revenues b
Revenue - Summary of Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Net revenues | $ 56,675 | $ 40,119 |
United States [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 26,473 | 18,372 |
Canada [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 7,339 | 2,417 |
Italy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 5,607 | 4,941 |
Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 2,235 | 1,499 |
Argentina [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 4,151 | 2,107 |
France [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 1,954 | 1,610 |
Chile [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 1,922 | 1,702 |
Spain [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 1,204 | 683 |
Finland [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 951 | 629 |
United Kingdom [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 682 | 1,568 |
Czech Republic [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 506 | 696 |
Netherlands [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 460 | 208 |
Israel [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 428 | 864 |
Malaysia [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 370 | 413 |
Mexico [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 280 | 168 |
Germany [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 275 | 235 |
Ireland [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 259 | 228 |
Denmark [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 220 | 103 |
South Africa [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 213 | 302 |
Belgium [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 150 | |
Ukraine [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 148 | 103 |
Romania [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 88 | 140 |
Qatar [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 127 | |
Peru [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 83 | |
Saudi Arabia [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 39 | 135 |
Russia [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 35 | |
Indonesia [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 78 | |
China [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 21 | 27 |
Martinique [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 76 | |
Puerto Rico [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 10 | 16 |
Bahrain [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 62 | |
Singapore [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 1 | 145 |
Turkey [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 58 | |
Hong Kong [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 54 | 181 |
Thailand [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 56 | |
United Arab Emirates [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 12 | 361 |
Morocco [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 38 | 265 |
Kuwait [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | $ 10 | $ 1 |
Revenue - Summary of Revenues46
Revenue - Summary of Revenues by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | $ 56,675 | $ 40,119 |
Boom Trucks, Knuckle Boom & Truck Cranes [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | 41,550 | 27,940 |
Rough Terrain Cranes [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | 1,979 | 1,469 |
Mobile Tanks [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | 1,484 | 972 |
Installation Services [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | 1,158 | 1,273 |
Other Equipment [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | 3,417 | 2,487 |
Part Sales [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | $ 7,087 | $ 5,978 |
Revenue - Summary of Changes in
Revenue - Summary of Changes in Customer Deposits (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Customer deposits, Beginning balance | $ 2,242 |
Revenue recognized from customer deposits | (1,914) |
Additional customer deposits received where revenue has not yet been recognized | 2,294 |
Customer deposits, Ending balance | $ 2,622 |
Financial Instruments-Forward48
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, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | $ 7,841 | |
Total liabilities at fair value | 592 | $ 439 |
Valla [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 225 | 220 |
Marketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 7,841 | |
Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 17 | 213 |
Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 5 | 6 |
PM Contingent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 345 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 7,841 | |
Level 1 [Member] | Marketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 7,841 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 22 | 219 |
Level 2 [Member] | Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 17 | 213 |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 5 | 6 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 570 | 220 |
Level 3 [Member] | Valla [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 225 | $ 220 |
Level 3 [Member] | PM Contingent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 345 |
Financial Instruments-Forward49
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts - Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Detail) - Level 3 [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Liabilities: | |
Beginning Balance | $ 220 |
Effect of change in exchange rates | 5 |
Change in fair value during the period | 345 |
Ending Balance | 570 |
Valla [Member] | |
Liabilities: | |
Beginning Balance | 220 |
Effect of change in exchange rates | 5 |
Ending Balance | 225 |
PM Contingent Liabilities [Member] | |
Liabilities: | |
Change in fair value during the period | 345 |
Ending Balance | $ 345 |
Derivative Financial Instrume50
Derivative Financial Instruments - Additional Information (Detail) - 3 months ended Mar. 31, 2018 | USD ($)ForwardContract | EUR (€)ForwardContract | CLP ($)ForwardContract |
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 | € | € 262,000 | ||
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. 23, 2018 | ||
Contractual obligation foreign currency contracts | € | € 2,675,000 | ||
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Chile Pesos [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | $ | $ 2,000,000,000 |
Derivative Financial Instrume51
Derivative Financial Instruments - Forward Currency Contracts and Interest Rate Swaps (Detail) - Mar. 31, 2018 - Derivatives Not Designated as Hedge Instrument [Member] | EUR (€) | CLP ($) |
Forward Currency Sales Contracts [Member] | ||
Derivative [Line Items] | ||
Forward currency contract and interest rate swaps | $ | $ 2,000,000,000 | |
Interest Rate Swap Contracts [Member] | ||
Derivative [Line Items] | ||
Forward currency contract and interest rate swaps | € | € 482,000 |
Derivative Financial Instrume52
Derivative Financial Instruments - Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheets (Detail) - Derivatives Not Designated as Hedge Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Derivatives Fair Value [Line Items] | ||
Liabilities Derivatives | $ 5 | $ 219 |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 17 | |
Foreign Exchange Forward [Member] | Accrued Expense [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liabilities Derivatives | 213 | |
Interest Rate Swap Contracts [Member] | Notes Payable-Short Term [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liabilities Derivatives | $ 5 | $ 6 |
Derivative Financial Instrume53
Derivative Financial Instruments - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in statement of operations | $ 1 | $ 401 |
Derivatives Not Designated as Hedge Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in statement of operations | 51 | 269 |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Foreign Currency Transaction (Losses) Gain [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in statement of operations | 50 | (52) |
Interest Rate Swap Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in statement of operations | $ 1 | $ 321 |
Inventory, Net - Components of
Inventory, Net - Components of Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts, net | $ 42,680 | $ 35,205 |
Work in process | 5,062 | 4,513 |
Finished goods | 16,426 | 14,642 |
Inventory, net | $ 64,168 | $ 54,360 |
Inventory, Net - Additional Inf
Inventory, Net - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete and excess inventory | $ 3,323 | $ 3,462 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets - Schedule of Intangible Assets and Accumulated Amortization by Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Total Intangible assets, net | $ 30,847 | $ 31,014 |
Patented and Unpatented Technology [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 18,687 | 18,458 |
Accumulated Amortization | (12,281) | (12,011) |
Total Intangible assets, net | $ 6,406 | $ 6,447 |
Patented and Unpatented Technology [Member] | Minimum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 7 years | 7 years |
Patented and Unpatented Technology [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 10 years | 10 years |
Customer Relationships [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 24,119 | $ 23,837 |
Accumulated Amortization | (10,434) | (9,907) |
Total Intangible assets, net | $ 13,685 | $ 13,930 |
Customer Relationships [Member] | Minimum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 10 years | 10 years |
Customer Relationships [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 20 years | 20 years |
Non-competition Agreements [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 50 | $ 50 |
Accumulated Amortization | (48) | (47) |
Total Intangible assets, net | $ 2 | $ 3 |
Non-competition Agreements [Member] | Minimum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 2 years | 2 years |
Non-competition Agreements [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 5 years | 5 years |
Trade Names and Trademarks [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 12,893 | $ 12,724 |
Accumulated Amortization | (2,139) | (2,090) |
Total Intangible assets, net | $ 10,754 | $ 10,634 |
Trade Names and Trademarks [Member] | Minimum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 25 years | 25 years |
Trade Names and Trademarks [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | indefinite | Indefinite |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 718 | $ 940 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets - Changes in Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning Balance | $ 43,569 |
Effect of change in exchange rates | 790 |
Ending Balance | $ 44,359 |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - ASV after transaction [Member] - USD ($) $ in Thousands | Feb. 28, 2018 | Feb. 26, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | May 17, 2017 |
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investment ownership percentage | 21.20% | 21.22% | 21.20% | ||
Excess investment over proportional share in equity method investment's net assets | $ 862 | ||||
Number of shares sold | 1,000,000 | ||||
Percentage of reduction in investment' | 11.00% |
Equity Method Investments - Sum
Equity Method Investments - Summary of ASV Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | ||
Schedule Of Equity Method Investments [Line Items] | |||
Net income attributable to the Company | $ (409) | ||
ASV after transaction [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Net sales | [1] | $ 30,455 | |
Gross profit | [1] | 4,146 | |
Net income | [1] | (796) | |
Net income attributable to the Company | [1],[2] | (169) | |
Amortization of FMV adjustment | [1] | (35) | |
Income recognized by the Company | [1] | $ (204) | |
[1] | The Company's policy is to record our earnings based on a one quarter lag. | ||
[2] | Represents 21.22% of ASV’s loss for the quarter ended December 31, 2017. |
Equity Method Investments - S61
Equity Method Investments - Summary of ASV Financial Information (Parenthetical) (Detail) | Feb. 26, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
ASV after transaction [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 21.20% | 21.22% | 21.20% |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accounts Payable And Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts payable and accrued expenses | ||
Trade | $ 45,403 | $ 35,386 |
Bank overdraft | 472 | |
Total accounts payable | 45,875 | 35,386 |
Accrued payroll | 1,437 | 1,198 |
Accrued employee benefits | 729 | 1,317 |
Accrued bonuses | 45 | 180 |
Accrued vacation | 1,403 | 1,214 |
Accrued interest | 427 | 414 |
Accrued commissions | 350 | 560 |
Accrued expenses—other | 1,654 | 2,045 |
Accrued warranty | 2,119 | 2,030 |
Accrued income taxes | 255 | |
Accrued taxes other than income taxes | 1,073 | 969 |
Accrued product liability and workers compensation claims | 350 | 143 |
Total accrued expenses | $ 9,842 | $ 10,070 |
Accrued Warranty - Summary of C
Accrued Warranty - Summary of Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 2,030 | $ 1,568 |
Accrual for warranties issued during the period | 760 | 194 |
Warranty services provided | (808) | (427) |
Changes in estimate | 122 | 60 |
Foreign currency translation | 15 | 9 |
Ending Balance | $ 2,119 | $ 1,404 |
Credit Facilities and Debt - Ad
Credit Facilities and Debt - Additional Information - U.S. Credit Facilities (Detail) - CIBC Bank USA [Member] | Mar. 31, 2018USD ($)ForwardContract | Dec. 31, 2017 | Mar. 31, 2018USD ($)ForwardContract |
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 | $ 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 | $ 2,000,000 | |
Maximum borrowing capacity based on available collateral | 25,000,000 | 25,000,000 | |
Line of credit facility, amount borrowed | 12,480,000 | 12,480,000 | |
Collateral reserve | $ 5,000,000 | $ 5,000,000 | |
Fixed charge coverage ratio covenant | 1.10 | ||
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. | ||
Maximum number of LIBOR contracts allowed | ForwardContract | 4 | 4 | |
Unused line fee | 0.50% | ||
Letter of credit reserved | $ 3,000,000 | $ 3,000,000 | |
U.S. Credit Facilities [Member] | Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt instrument basis interest rate | 5.75% | 5.75% | |
U.S. Credit Facilities [Member] | LIBOR [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt instrument basis interest rate | 4.81% | 4.81% | |
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] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 25,000,000 | $ 25,000,000 | |
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 - 65
Credit Facilities and Debt - Additional Information - Note Payables-Bank (Detail) - Notes Payable to Banks [Member] $ in Thousands | 3 Months Ended | 4 Months Ended |
Mar. 31, 2018USD ($)Payment | Apr. 30, 2018USD ($) | |
Line of Credit Facility [Line Items] | ||
Notes Payable | $ 422 | |
Number of payments | Payment | 11 | |
Debt Instrument, frequency of periodic payment | monthly | |
Debt Instrument, periodic payment | $ 35 | $ 182 |
Payment commencing date | Oct. 1, 2017 | |
Note payable, issuance date | Oct. 1, 2017 | |
Debt instrument, face amount | $ 719 | |
Debt Instrument Interest Rate | 5.26% |
Credit Facilities and Debt - 66
Credit Facilities and Debt - Additional Information - Note Payable-Winona Facility Purchase (Detail) - Notes Payable to Avis [Member] - Winona Facility [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)Payment | |
Line of Credit Facility [Line Items] | |
Notes Payable | $ 444 |
Number of payments | Payment | 60 |
Debt Instrument, frequency of periodic payment | monthly |
Debt Instrument, periodic payment | $ 10 |
Payment commencing date | Aug. 1, 2017 |
Note payable, issuance date | Jul. 26, 2017 |
Debt instrument, face amount | $ 500 |
Debt Instrument Interest Rate | 8.00% |
Credit Facilities and Debt - 67
Credit Facilities and Debt - Additional Information - PM Debt Restructuring (Detail) - PM Group [Member] - EUR (€) € in Millions | Mar. 06, 2018 | Mar. 31, 2018 | Dec. 31, 2018 |
Line of Credit Facility [Line Items] | |||
Conversion of existing trade receivable into loan | € 3.1 | ||
Additional subordinated shareholders’ loan in aggregate maximum amount | € 2.4 | ||
Put and call option extended maturity year | 2,021 | ||
Debt repayment term | 9 years | ||
Debt repayment beginning year | 2,018 | ||
Debt instrument ending date for principal payments | 2,026 | ||
Scenario Forecast [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, face amount | € 1.8 |
Credit Facilities and Debt - 68
Credit Facilities and Debt - Additional Information - PM Group Short-Term Working Capital Borrowing (Detail) - 3 months ended Mar. 31, 2018 - 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 | $ 36,136 | € 29,331 |
Short-term debt | $ 22,755 | € 18,470 |
Italy [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of banks which PM Group established demand credit and overdraft facilities | 7 | 7 |
Short-term debt | $ 18,708 | € 15,185 |
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 | 8 | 8 |
Short-term debt | $ 4,047 | € 3,285 |
South America [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Working capital borrowing interest rate | 10.00% | 10.00% |
South America [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Working capital borrowing interest rate | 32.00% | 32.00% |
Guarantee Facilities [Member] | Italy [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, basis spread on variable rate | 1.50% | |
3-month Euribor [Member] | Advances on orders, invoices, and letter of credit [Member] | Italy [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, basis spread on variable rate | 1.75% | |
3-month Euribor [Member] | Advances on orders, invoices, and letter of credit [Member] | Italy [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, basis spread on variable rate | 2.00% | |
3-month Euribor [Member] | Cash Facilities [Member] | Italy [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, basis spread on variable rate | 3.50% |
Credit Facilities and Debt - 69
Credit Facilities and Debt - Additional Information - PM Group Term Loans (Detail) € in Thousands, $ in Thousands | Mar. 06, 2018 | Mar. 31, 2018USD ($)PaymentBank | Mar. 31, 2018EUR (€)Payment | Apr. 30, 2018USD ($) | Dec. 31, 2018EUR (€) | Mar. 31, 2018EUR (€)Bank | Jan. 15, 2015USD ($) | Jan. 15, 2015EUR (€) |
Notes Payable to Banks [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument Interest Rate | 5.26% | 5.26% | ||||||
Notes Payable | $ | $ 422 | |||||||
Debt Instrument, periodic payment | $ | $ 35 | $ 182 | ||||||
Number of payments | Payment | 11 | 11 | ||||||
Debt Instrument, frequency of periodic payment | monthly | monthly | ||||||
Payment commencing date | Oct. 1, 2017 | Oct. 1, 2017 | ||||||
PM Group [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument ending date for principal payments | 2,026 | |||||||
Debt repayment beginning year | 2,018 | |||||||
PM Group [Member] | Interest Rate Swap Contracts [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rates swaps, fair value | $ 5 | € 4 | ||||||
PM Group [Member] | Unsecured Debt [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Bank loans | $ 15,481 | € 12,566 | ||||||
Accrued interest | $ 430 | € 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 | ||||||
Debt Instrument Interest Rate | 3.50% | 3.50% | ||||||
Debt instrument, interest rate, effective percentage | 3.50% | 3.50% | ||||||
Debt instrument ending date for principal payments | 2,025 | 2,025 | ||||||
Debt repayment beginning year | 2,019 | 2,019 | ||||||
Annual payments | € 1,731 | |||||||
PM Group [Member] | Unsecured Debt [Member] | Scenario Forecast [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt forgiven | € 450 | |||||||
Notes Payable | 900 | |||||||
Debt Instrument, periodic payment | € 450 | |||||||
PM Group [Member] | Unsecured Debt [Member] | Italy [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Number of Italian banks | Bank | 3 | 3 | ||||||
PM Group [Member] | Notes Payable to Banks [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
2,019 | € 958 | |||||||
2,020 | 991 | |||||||
2,021 | 1,026 | |||||||
2,022 | 1,062 | |||||||
2,023 | 1,099 | |||||||
2,024 | 1,137 | |||||||
2,025 | 1,177 | |||||||
PM Group [Member] | Balloon Payment [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument periodic payment terms balloon payment to be paid | 3,002 | |||||||
Debt instrument ending date for principal payments | 2,026 | |||||||
PM Group [Member] | Bank Term Loan Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Bank loans | $ 12,875 | 10,451 | ||||||
PM Group [Member] | Bank Term Loan Facility [Member] | Non Interest Bearing Debt Adjustment [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, fair value | 580 | 471 | $ 1,562 | € 1,460 | ||||
PM Group [Member] | Bank Term Loan Facility [Member] | Notes Payable to Banks [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Bank loans | $ 9,177 | € 7,449 | ||||||
Debt Instrument Interest Rate | 3.50% | 3.50% | ||||||
Debt instrument, interest rate, effective percentage | 3.50% | 3.50% | ||||||
PM Group [Member] | Bank Term Loan Facility [Member] | Balloon Payment [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Bank loans | $ 3,698 | € 3,002 | ||||||
Debt Instrument Interest Rate | 3.50% | 3.50% | ||||||
Debt instrument, interest rate, effective percentage | 3.50% | 3.50% | ||||||
Autogru PM RO [Member] | Notes Payable to Banks [Member] | First note [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument, interest rate, effective percentage | 3.00% | 3.00% | ||||||
Notes Payable | $ 322 | € 262 | ||||||
Debt Instrument, periodic payment | $ 10 | € 8 | ||||||
Number of payments | Payment | 60 | 60 | ||||||
Debt Instrument, frequency of periodic payment | monthly | monthly | ||||||
Debenture, maturity date | Oct. 31, 2020 | Oct. 31, 2020 | ||||||
Autogru PM RO [Member] | Notes Payable to Banks [Member] | First note [Member] | 1-month Euribor [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, basis spread on variable rate | 3.00% | 3.00% | ||||||
Autogru PM RO [Member] | Notes Payable to Banks [Member] | Second note [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument, interest rate, effective percentage | 2.50% | 2.50% | ||||||
Debt instrument periodic payment terms balloon payment to be paid | $ 487 | € 395 | ||||||
Notes Payable | 561 | € 455 | ||||||
Debt Instrument, periodic payment | $ 7 | € 6 | ||||||
Number of payments | Payment | 3 | 3 | ||||||
Debt Instrument, frequency of periodic payment | monthly | monthly | ||||||
Payment commencing date | Oct. 31, 2017 | Oct. 31, 2017 | ||||||
Debt instrument, periodic payment, ending year | Dec. 31, 2017 | Dec. 31, 2017 | ||||||
Debenture, maturity date | Jun. 30, 2018 | Jun. 30, 2018 | ||||||
Debt instrument, increase in periodic payment | $ 11 | € 9 | ||||||
Debt instrument, increased periodic payment, starting year | Jan. 31, 2018 | Jan. 31, 2018 | ||||||
Debt instrument, increased periodic payment, ending year | Jun. 30, 2018 | Jun. 30, 2018 | ||||||
Autogru PM RO [Member] | Notes Payable to Banks [Member] | Second note [Member] | 1-month Euribor [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, basis spread on variable rate | 2.50% | 2.50% | ||||||
PM Argentina Sistemas de Elevacion [Member] | Notes Payable to Banks [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument Interest Rate | 28.50% | 28.50% | ||||||
Notes Payable | $ 452 | € 367 | ||||||
Debt Instrument, periodic payment | $ 97 | € 79 | ||||||
Number of payments | Payment | 5 | 5 | ||||||
Debt Instrument, frequency of periodic payment | quarterly | quarterly | ||||||
Payment commencing date | Apr. 30, 2018 | Apr. 30, 2018 | ||||||
Debt instrument, periodic payment, ending year | Apr. 30, 2019 | Apr. 30, 2019 |
Credit Facilities and Debt - 70
Credit Facilities and Debt - Additional Information - Valla Short-Term Working Capital Borrowings (Detail) - Mar. 31, 2018 - 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 | $ 1,072 | € 870 |
Line of credit facility, amount borrowed | $ 623 | € 506 |
Italy [Member] | ||
Credit Facilities [Line Items] | ||
Number of Italian banks | 2 | 2 |
Minimum [Member] | Italy [Member] | ||
Credit Facilities [Line Items] | ||
Working capital borrowing interest rate | 4.50% | 4.50% |
Maximum [Member] | Italy [Member] | ||
Credit Facilities [Line Items] | ||
Working capital borrowing interest rate | 4.75% | 4.75% |
Credit Facilities and Debt - 71
Credit Facilities and Debt - Additional Information - Valla Term Loans (Detail) - 3 months ended Mar. 31, 2018 - Valla [Member] - Bank Term Loan Facility [Member] € in Thousands, $ in Thousands | USD ($) | EUR (€) | EUR (€) |
Line of Credit Facility [Line Items] | |||
Debt Instrument, frequency of periodic payment | quarterly | quarterly | |
Payment commencing date | Oct. 30, 2017 | Oct. 30, 2017 | |
Debt instrument, periodic payment | $ 10 | € 8 | |
Debt instrument, interest rate, effective percentage | 4.37% | 4.37% | |
Debenture, maturity date | Jan. 31, 2021 | Jan. 31, 2021 | |
Bank loans | $ 116 | € 94 | |
3-month Euribor [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread for base rate | 4.70% | 4.70% |
Credit Facilities and Debt - 72
Credit Facilities and Debt - Additional Information - Georgetown Facility (Detail) - Georgetown Facility [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Capital Leased Assets [Line Items] | |
Outstanding capital lease obligation | $ 5,152 |
Capital Lease Obligations [Member] | |
Capital Leased Assets [Line Items] | |
Monthly rental payment | $ 66 |
Extended lease expiration date | Apr. 30, 2028 |
Amount of annual increase as a percentage | 3.00% |
Date of annual rent Increase | --09-01 |
Credit Facilities and Debt - 73
Credit Facilities and Debt - Additional Information - Equipment (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)CapitalLease | |
Credit Facilities [Line Items] | |
Number of additional capital leases | CapitalLease | 1 |
Additional capital lease obligations | $ 11 |
Capital Lease Equipment [Member] | |
Credit Facilities [Line Items] | |
Maximum borrowing capacity of new equipment | 100.00% |
Lease repayment period of new equipment | 48 months |
Purchase amount of facility | $ 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, 2018USD ($) | |
Capital Leased Assets [Line Items] | |
Amount Borrowed | $ 896 |
Remaining Repayment Period | 48 months |
Amount of Monthly Payment | $ 18 |
Equipment lease balance | $ 607 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 07, 2015 | Dec. 19, 2014 | Mar. 31, 2018 | Dec. 31, 2017 |
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 | |||
Net carrying amount of convertible debt | $ 7,043 | $ 7,005 | ||
Convertible note unamortized discount | 457 | 495 | ||
Perella Notes Purchase Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible note unamortized discount | 366 | 396 | ||
Net carrying amount of convertible debt | 14,634 | 14,604 | ||
Debt issuance cost | 269 | 294 | ||
Convertible note, net | $ 14,365 | $ 14,310 | ||
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 | 6.50% | |||
Principal amount of convertible notes due date | January 7, 2021 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Taxes Disclosure [Line Items] | ||
Income tax provision (benefit) from continuing operations | $ (301) | $ 90 |
Discrete income tax provision | $ 23 | |
Annual effective tax rate | (16.90%) | (2.80%) |
Annual statutory tax rates | 21.00% | |
Total unrecognized tax benefits | $ 1,016 | $ 983 |
Internal Revenue Service [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Audit adjustments tax period | 2,015 | |
Italian Income Tax [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Audit adjustments tax period | 2,013 | |
Romania Income Tax [Member] | Minimum [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Audit adjustments tax period | 2,012 | |
Romania Income Tax [Member] | Maximum [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Audit adjustments tax period | 2,016 |
Net (Loss) Earnings per Commo77
Net (Loss) Earnings per Common Share - Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income (loss) attributable to shareholders of Manitex International, Inc. | ||
Net loss from continuing operations attributable to shareholders of Manitex International, Inc. | $ (1,485) | $ (3,425) |
Income from operations of discontinued operations, net of income taxes | 251 | |
Less: (income) attributable to noncontrolling interest from discontinued operations | (114) | |
Income from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes | 137 | |
Net loss attributable to shareholders of Manitex International, Inc. | $ (1,485) | $ (3,288) |
Earnings (loss) per share Basic | ||
Loss from continuing operations attributable to shareholders of Manitex International, Inc. | $ (0.09) | $ (0.21) |
Earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes | 0.01 | |
Net earnings (loss) attributable to shareholders of Manitex International, Inc. | (0.09) | (0.20) |
Earnings (loss) per share Diluted | ||
Loss from continuing operations attributable to shareholders of Manitex International, Inc. | (0.09) | (0.21) |
Earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes | 0.01 | |
Net earnings (loss) attributable to shareholders of Manitex International, Inc. | $ (0.09) | $ (0.20) |
Weighted average common shares outstanding | ||
Basic | 16,666,937 | 16,559,343 |
Diluted | ||
Basic | 16,666,937 | 16,559,343 |
Diluted | 16,666,937 | 16,559,343 |
Net (Loss) Earnings per Commo78
Net (Loss) Earnings per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
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 | 104,011 | 266,397 |
Equity - Summary of Stock Issua
Equity - Summary of Stock Issuances (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 57,446 |
Value of Shares Issued | $ | $ 480 |
Employees [Member] | January 1, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 12,536 |
Value of Shares Issued | $ | $ 159 |
Employees [Member] | January 4, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 26,215 |
Value of Shares Issued | $ | $ 159 |
Directors [Member] | January 1, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 4,420 |
Value of Shares Issued | $ | $ 56 |
Directors [Member] | January 4, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 7,675 |
Value of Shares Issued | $ | $ 47 |
Directors [Member] | January 15, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 6,600 |
Value of Shares Issued | $ | $ 59 |
Equity - Additional Information
Equity - Additional Information - Stock Issuance - Stock Issued to Employees and Directors (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 04, 2018 | Mar. 31, 2018 |
Class of Warrant or Right [Line Items] | ||
Restricted stock unit granted | 2,500 | |
Consultant [Member] | ||
Class of Warrant or Right [Line Items] | ||
Restricted stock unit granted, value | $ 23 | |
Restricted Stock Units [Member] | Consultant [Member] | ||
Class of Warrant or Right [Line Items] | ||
Restricted stock unit granted | 2,500 | |
Share price for transaction | $ 9.39 |
Equity - Summary of Common Stoc
Equity - Summary of Common Stock Repurchases (Detail) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 8,892 |
January 1, 2018 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 3,183 |
Closing Price on Date of Purchase | $ / shares | $ 9.60 |
January 4, 2018 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 5,709 |
Closing Price on Date of Purchase | $ / shares | $ 9.39 |
Equity - Additional Informati82
Equity - Additional Information - Stock Repurchase (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Common Stock [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Decrease in equity due to repurchase | $ 84 |
Equity - Additional Informati83
Equity - Additional Information - 2004 Equity Incentive Plan (Detail) | 3 Months Ended |
Mar. 31, 2018shares | |
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 |
Equity - Restricted Stock Units
Equity - Restricted Stock Units Outstanding (Detail) | 3 Months Ended |
Mar. 31, 2018shares | |
Equity [Abstract] | |
Outstanding on January 1, 2018 | 168,763 |
Units granted during the period | 2,500 |
Vested and issued | (51,054) |
Vested-issued and repurchased for income tax withholding | (8,892) |
Forfeited | (7,306) |
Outstanding on March 31, 2018 | 104,011 |
Equity - Additional Informati85
Equity - Additional Information - Restricted Stock Awards (Detail) - Restricted Stock Units [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense related to restricted stock units | $ 123 | $ 229 |
Compensation expense related to restricted stock units for remainder of 2018 | 315 | |
Compensation expense related to restricted stock units for year 2019 | $ 138 |
Legal Proceedings and Other C86
Legal Proceedings and Other Contingencies - Additional Information (Detail) | May 05, 2011AgreementPlaintiff | Mar. 31, 2018USD ($)Installment |
Loss Contingencies [Line Items] | ||
Workmen's compensation insurance policy per claim deductible | $ 250,000 | |
Number of settlement agreements | Agreement | 2 | |
Number of plaintiff | Plaintiff | 2 | |
Remaining obligation to pay product liability settlement to plaintiffs | $ 1,330,000 | |
Number of installments for the payment of product liability settlement | Installment | 14 | |
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 an aggregate of $1,330 without interest in 14 annual installments of $95 on or before May 22 of each year. | |
Estimated Reserve for Product Liability Claims, change in period | 12 months | |
Maximum exposure of residual guarantees | $ 1,600,000 | |
Liability recorded for residual guarantees | 0 | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Product liability insurance self insurance retention amount | 50,000 | |
Maximum workmen's compensation insurance policy aggregate | 1,000,000 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Product liability insurance self insurance retention amount | 500,000 | |
Maximum workmen's compensation insurance policy aggregate | $ 1,875,000 |
Transactions between the Comp87
Transactions between the Company and Related Parties - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 28, 2018 | May 17, 2017 | Mar. 31, 2018 | May 31, 2017 | Dec. 19, 2014 |
ASV transaction [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment ownership percentage | 21.40% | ||||
Percentage of reduction in investment' | 11.00% | 11.00% | |||
Convertible Notes Payable [Member] | Terex Corporation Note Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Note payable | $ 7,043 | ||||
Terex Corporation Note Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument, face amount | $ 7,500 | ||||
Terex Corporation Note Payable [Member] | Convertible Notes Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument, face amount | $ 7,500 |
Transactions between the Comp88
Transactions between the Company and Related Parties - Schedule of Accounts Receivable and Accounts Payable with Related Parties (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Accounts Receivable | $ 26 | ||
Accounts Payable | $ 92 | 1,357 | |
Net Related Party Accounts Payable | 92 | 1,331 | |
Terex Corporation [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable | $ 92 | 100 | |
SL Industries and BGI [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable | [1] | $ 1,257 | |
[1] | These companies are controlled by a former executive officer of the Company. The former officer retired effective December 31, 2016 but provided consulting services to the Company through April 30, 2017. Although the Company continues to purchase from SL Industries and BGI, these entities are not now related parties. Therefore, accounts payable to these companies are included in trade payables in 2018. |
Transactions between the Comp89
Transactions between the Company and Related Parties - Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Bridgeview Facility [Member] | |||
Related Party Transaction [Line Items] | |||
Rent paid: | [1] | $ 66 | $ 65 |
Terex Corporation [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases from: | $ 143 | $ 69 | |
[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 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 Comp90
Transactions between the Company and Related Parties - Related Party Transactions (Parenthetical) (Detail) - Bridgeview Facility [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)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%. |
Discontinued Operations and P91
Discontinued Operations and Partial Disposition of the Remaining Equity Investment - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 17, 2017 | Feb. 28, 2018 | Mar. 31, 2018 |
Sale of Partial Interest in ASV Holdings [Member] | ASV after transaction [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Proceeds from the sale of discontinued operations before expenses | $ 13,020 | ||
Discontinued operation, pre-tax loss on disposal of discontinued operation | (1,133) | ||
Income tax (benefit) and expense on loss on sale of discontinued operations | $ (23) | ||
Percentage of ownership interest after disposal | 21.20% | ||
Sale of Partial Interest in ASV Holdings [Member] | ASV after transaction [Member] | Above Zero Point Nine Zero Percentage Euribor [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Discontinued operation, transaction expense | $ 128 | ||
Sale of Partial Interest in ASV Holdings [Member] | Initial Public Offering [Member] | ASV as a legal entity [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of shares sold | 3,800,000 | ||
Sale of Partial Interest in ASV Holdings [Member] | Initial Public Offering [Member] | ASV after transaction [Member] | Manitex International, Inc. [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of shares sold | 2,000,000 | ||
Partial Disposition of the Remaining Equity Investment [Member] | ASV after transaction [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of shares sold | 1,000,000 | ||
Sale price per share of equity method investment | $ 7 | ||
Number of common stock outstanding, owned by Company | 1,080,000 | ||
Percentage of ownership interest after disposal | 11.00% | ||
Equity Method Investment, Realized Pretax Gain (Loss) on Disposal | $ 205 | ||
Discontinued operation, commissions paid | $ 118 | ||
Marketable securities, gain (loss) recognized | $ 186 |
Discontinued Operations and P92
Discontinued Operations and Partial Disposition of the Remaining Equity Investment - Summary of Income from Discontinued Operations (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Net revenues | $ 28,010 |
Cost of sales | 23,719 |
Research and development costs | 520 |
Selling, general and administrative expenses | 2,623 |
Interest expense | (878) |
Other (expense) income | (38) |
Income from discontinued operations before income taxes | 232 |
Income benefit expense related to discontinued operations | (19) |
Loss from discontinued operations | $ 251 |