Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Manitex International, Inc. | |
Entity Central Index Key | 0001302028 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,691,936 | |
Entity File Number | 001-32401 | |
Entity Tax Identification Number | 42-1628978 | |
Entity Address, Address Line One | 9725 Industrial Drive | |
Entity Address, City or Town | Bridgeview | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60455 | |
City Area Code | 708 | |
Local Phone Number | 430-7500 | |
Entity Incorporation, State or Country Code | MI | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Common Stock [Member] | ||
Document And Entity Information [Line Items] | ||
Trading Symbol | MNTX | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NASDAQ | |
Preferred Share Purchase Rights [Member] | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | Preferred Share Purchase Rights | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash | $ 20,033 | $ 22,103 |
Cash – restricted | 219 | 245 |
Marketable equity securities | 2,160 | |
Trade receivables (net) | 37,574 | 45,448 |
Other receivables | 1,028 | 2,374 |
Inventory (net) | 67,922 | 58,024 |
Prepaid expense and other | 3,178 | 1,639 |
Total current assets | 129,954 | 131,993 |
Total fixed assets, net of accumulated depreciation of $16,153 and $14,826 at September 30, 2019 and December 31, 2018, respectively | 19,351 | 20,249 |
Operating lease assets | 2,474 | |
Intangible assets (net) | 17,204 | 24,773 |
Goodwill | 31,973 | 36,298 |
Other long-term assets | 1,250 | 1,570 |
Deferred tax asset | 543 | 2,366 |
Total assets | 202,749 | 217,249 |
Current liabilities | ||
Notes payable | 21,536 | 22,706 |
Current portion of finance lease obligations | 462 | 422 |
Current portion of operating lease liabilities | 985 | |
Accounts payable | 33,176 | 36,896 |
Accounts payable related parties | 137 | 1,371 |
Accrued expenses | 9,359 | 9,249 |
Customer deposits | 1,393 | 2,310 |
Total current liabilities | 67,048 | 72,954 |
Long-term liabilities | ||
Notes payable (net) | 21,895 | 23,134 |
Finance lease obligations (net of current portion) | 4,711 | 5,061 |
Non-current operating lease liabilities | 1,499 | |
Convertible note related party (net) | 7,281 | 7,158 |
Convertible note (net) | 14,702 | 14,530 |
Deferred gain on sale of property | 687 | 842 |
Deferred tax liability | 362 | 92 |
Other long-term liabilities | 5,271 | 5,474 |
Total long-term liabilities | 56,408 | 56,291 |
Total liabilities | 123,456 | 129,245 |
Commitments and contingencies | ||
Equity | ||
Preferred Stock—Authorized 150,000 shares, no shares issued or outstanding at September 30, 2019 and December 31, 2018 | ||
Common Stock—no par value 25,000,000 shares authorized, 19,691,936 and 19,645,773 shares issued and outstanding at September 30, 2019, and December 31, 2018, respectively | 130,592 | 130,260 |
Paid in capital | 2,766 | 2,674 |
Retained deficit | (49,466) | (41,761) |
Accumulated other comprehensive loss | (4,599) | (3,169) |
Total equity | 79,293 | 88,004 |
Total liabilities and equity | $ 202,749 | $ 217,249 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Accumulated Depreciation | $ 16,153 | $ 14,826 |
Preferred Stock, shares authorized | 150,000 | 150,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0 | $ 0 |
Common Stock, shares authorized | 25,000,000 | 25,000,000 |
Common Stock, shares issued | 19,691,936 | 19,645,773 |
Common Stock, shares outstanding | 19,691,936 | 19,645,773 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Net revenues | $ 51,941 | $ 60,938 | $ 170,330 | $ 181,517 |
Cost of sales | 43,848 | 48,944 | 139,454 | 145,982 |
Gross profit | 8,093 | 11,994 | 30,876 | 35,535 |
Operating expenses | ||||
Research and development costs | 496 | 801 | 1,890 | 2,179 |
Selling, general and administrative expenses | 8,177 | 8,190 | 27,603 | 27,184 |
Impairment of intangibles | 8,112 | 8,112 | ||
Total operating expenses | 16,785 | 8,991 | 37,605 | 29,363 |
Operating (loss) income | (8,692) | 3,003 | (6,729) | 6,172 |
Other (expense) income | ||||
Interest expense | (1,142) | (1,294) | (3,368) | (4,350) |
Interest income | 41 | 68 | 161 | 95 |
Change in fair value of securities held | 216 | (907) | 5,454 | (2,308) |
Foreign currency transaction loss | (307) | (410) | (718) | (635) |
Other expense | (9) | (3) | (17) | (355) |
Total other (expense) income | (1,201) | (2,546) | 1,512 | (7,553) |
(Loss) income before income taxes and loss in equity interest | (9,893) | 457 | (5,217) | (1,381) |
Income tax expense | 1,958 | 335 | 2,488 | 540 |
Loss on equity investments (including loss on sale of shares) | (409) | |||
Net (loss) income | $ (11,851) | $ 122 | $ (7,705) | $ (2,330) |
(Loss) earnings Per Share | ||||
Basic | $ (0.60) | $ 0.01 | $ (0.39) | $ (0.13) |
Diluted | $ (0.60) | $ 0.01 | $ (0.39) | $ (0.13) |
Weighted average common shares outstanding | ||||
Basic | 19,690,233 | 19,610,168 | 19,684,521 | 18,003,829 |
Diluted | 19,690,233 | 19,694,379 | 19,684,521 | 18,003,829 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss ) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net (loss) income: | $ (11,851) | $ 122 | $ (7,705) | $ (2,330) |
Other comprehensive loss | ||||
Foreign currency translation adjustments | (1,074) | (236) | (1,430) | (1,622) |
Total other comprehensive loss | (1,074) | (236) | (1,430) | (1,622) |
Comprehensive loss | (12,925) | (114) | (9,135) | (3,952) |
Total comprehensive loss | $ (12,925) | $ (114) | $ (9,135) | $ (3,952) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid in Capital [Member] | Retained Earnings (deficit) [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at beginning of the year, shares at Dec. 31, 2017 | 16,617,932 | ||||
Employee 2004 incentive plan grant, shares | 59,946 | ||||
Repurchase to satisfy withholding and cancelled, shares | (8,892) | ||||
Balance end of year, shares at Mar. 31, 2018 | 16,668,986 | ||||
Balance at beginning of the year at Dec. 31, 2017 | $ 97,661 | $ 2,802 | $ (28,583) | $ (1,035) | |
Proportional share of increase in equity investments' paid in capital | 137 | ||||
Employee 2004 incentive plan grant, value | 504 | (481) | |||
Net income (loss) | (1,485) | ||||
Gain (loss) on foreign currency translation | 636 | ||||
Repurchase to satisfy withholding and cancelled, value | (84) | ||||
Balance end of year at Mar. 31, 2018 | 98,081 | 2,458 | (30,068) | (399) | |
Balance at beginning of the year, shares at Dec. 31, 2017 | 16,617,932 | ||||
Balance end of year, shares at Sep. 30, 2018 | 19,615,390 | ||||
Balance at beginning of the year at Dec. 31, 2017 | 97,661 | 2,802 | (28,583) | (1,035) | |
Proportional share of increase in equity investments' paid in capital | $ 14 | ||||
Net income (loss) | (2,330) | ||||
Gain (loss) on foreign currency translation | $ (1,622) | ||||
Balance end of year at Sep. 30, 2018 | 130,111 | 2,773 | (30,913) | (2,657) | |
Balance at beginning of the year, shares at Mar. 31, 2018 | 16,668,986 | ||||
Employee 2004 incentive plan grant, shares | 18,990 | ||||
Shares issued to Tadano | 2,918,542 | ||||
Balance end of year, shares at Jun. 30, 2018 | 19,606,518 | ||||
Balance at beginning of the year at Mar. 31, 2018 | 98,081 | 2,458 | (30,068) | (399) | |
Proportional share of increase in equity investments' paid in capital | 326 | ||||
Employee 2004 incentive plan grant, value | 218 | (76) | |||
Net income (loss) | (967) | ||||
Gain (loss) on foreign currency translation | (2,022) | ||||
Shares issued to Tadano, value | 31,784 | ||||
Balance end of year at Jun. 30, 2018 | 130,083 | 2,708 | (31,035) | (2,421) | |
Employee 2004 incentive plan grant, shares | 13,350 | ||||
Repurchase to satisfy withholding and cancelled, shares | (4,478) | ||||
Balance end of year, shares at Sep. 30, 2018 | 19,615,390 | ||||
Proportional share of increase in equity investments' paid in capital | 139 | ||||
Employee 2004 incentive plan grant, value | 75 | (74) | |||
Net income (loss) | $ 122 | 122 | |||
Gain (loss) on foreign currency translation | $ (236) | (236) | |||
Repurchase to satisfy withholding and cancelled, value | (47) | ||||
Balance end of year at Sep. 30, 2018 | 130,111 | 2,773 | (30,913) | (2,657) | |
Balance at beginning of the year, shares at Dec. 31, 2018 | 19,645,773 | ||||
Employee 2004 incentive plan grant, shares | 39,822 | ||||
Repurchase to satisfy withholding and cancelled, shares | (2,882) | ||||
Balance end of year, shares at Mar. 31, 2019 | 19,682,713 | ||||
Balance at beginning of the year at Dec. 31, 2018 | 130,260 | 2,674 | (41,761) | (3,169) | |
Proportional share of increase in equity investments' paid in capital | 159 | ||||
Employee 2004 incentive plan grant, value | 251 | (251) | |||
Net income (loss) | 910 | ||||
Gain (loss) on foreign currency translation | (620) | ||||
Repurchase to satisfy withholding and cancelled, value | (19) | ||||
Balance end of year at Mar. 31, 2019 | 130,492 | 2,582 | (40,851) | (3,789) | |
Balance at beginning of the year, shares at Dec. 31, 2018 | 19,645,773 | ||||
Repurchase to satisfy withholding and cancelled, shares | (3,764) | ||||
Balance end of year, shares at Sep. 30, 2019 | 19,691,936 | ||||
Balance at beginning of the year at Dec. 31, 2018 | 130,260 | 2,674 | (41,761) | (3,169) | |
Net income (loss) | $ (7,705) | ||||
Gain (loss) on foreign currency translation | $ (1,430) | ||||
Balance end of year at Sep. 30, 2019 | 130,592 | 2,766 | (49,466) | (4,599) | |
Balance at beginning of the year, shares at Mar. 31, 2019 | 19,682,713 | ||||
Employee 2004 incentive plan grant, shares | 7,160 | ||||
Balance end of year, shares at Jun. 30, 2019 | 19,689,873 | ||||
Balance at beginning of the year at Mar. 31, 2019 | 130,492 | 2,582 | (40,851) | (3,789) | |
Proportional share of increase in equity investments' paid in capital | 141 | ||||
Employee 2004 incentive plan grant, value | 83 | (83) | |||
Net income (loss) | 3,236 | ||||
Gain (loss) on foreign currency translation | 264 | ||||
Balance end of year at Jun. 30, 2019 | 130,575 | 2,640 | (37,615) | (3,525) | |
Employee 2004 incentive plan grant, shares | 2,945 | ||||
Repurchase to satisfy withholding and cancelled, shares | (882) | ||||
Balance end of year, shares at Sep. 30, 2019 | 19,691,936 | ||||
Proportional share of increase in equity investments' paid in capital | 148 | ||||
Employee 2004 incentive plan grant, value | 22 | (22) | |||
Net income (loss) | $ (11,851) | (11,851) | |||
Gain (loss) on foreign currency translation | $ (1,074) | (1,074) | |||
Repurchase to satisfy withholding and cancelled, value | (5) | ||||
Balance end of year at Sep. 30, 2019 | $ 130,592 | $ 2,766 | $ (49,466) | $ (4,599) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (7,705) | $ (2,330) |
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: | ||
Depreciation and amortization | 3,592 | 3,789 |
Loss on sale of partial interest in equity investment | 87 | |
Changes in allowances for doubtful accounts | 445 | 7 |
Changes in inventory reserves | 1,130 | 439 |
Revaluation of contingent acquisition liability | 345 | |
Deferred income taxes | 1,985 | 509 |
Amortization of deferred debt issuance costs | 119 | 183 |
Amortization of debt discount | 315 | 322 |
Change in value of interest rate swaps | (1) | (2) |
Tradename impairment | 2,310 | |
Goodwill impairment | 3,165 | |
Customer relationship impairment | 2,637 | |
Loss from equity investments | 204 | |
Change in value of securities held | (5,454) | 2,308 |
Share-based compensation | 447 | 530 |
Adjustment to deferred gain on sales and lease back | (95) | (35) |
Loss on disposal of assets | 95 | 4 |
Reserves for uncertain tax provisions | 92 | 43 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 7,885 | 2,995 |
Increase in inventory | (12,235) | (14,325) |
Increase in prepaid expenses | (1,598) | (9) |
Decrease in other assets | 220 | 148 |
(Decrease) increase in accounts payable | (3,831) | 4,451 |
Increase (decrease) in accrued expense | 379 | (463) |
Decrease in other current liabilities | (715) | (1,382) |
Decrease in other long-term liabilities | (107) | (600) |
Net cash used for operating activities | (6,925) | (2,782) |
Cash flows from investing activities: | ||
Proceeds from the sale of investment | 7,614 | 7,000 |
Proceeds from the sale of fixed assets | 9 | |
Purchase of property and equipment | (1,522) | (556) |
Investment in intangibles other than goodwill | (7) | (31) |
Net cash provided by investing activities | 6,085 | 6,422 |
Cash flows from financing activities: | ||
Borrowings on revolving term credit facility | 103,100 | |
Payments on revolving term credit facility | (115,993) | |
Proceeds from investment in the Company | 31,983 | |
Net borrowings (repayment) on working capital facilities (See Note 11) | 23 | (5,058) |
New borrowings—other | 588 | 477 |
Debt issuance costs incurred | (50) | |
Note payments | (931) | (1,823) |
Shares repurchased for income tax withholding on share-based compensation | (25) | (107) |
Payments on capital lease obligations | (310) | (278) |
Net cash (used for) provided by financing activities | (655) | 12,251 |
Net (decrease) increase in cash and cash equivalents | (1,495) | 15,891 |
Effect of exchange rate changes on cash | (601) | (686) |
Cash and cash equivalents at the beginning of the year | 22,348 | 5,366 |
Cash and cash equivalents at end of period | $ 20,252 | $ 20,571 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
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 Sheets at September 30, 2019 and December 31, 2018 and the related Condensed Consolidated Statements of Operations, Comprehensive Loss, Condensed Consolidated Statements of Shareholders’ Equity, and Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 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 fiscal year ended December 31, 2018. The Condensed Consolidated Balance Sheet as of December 31, 2018 was derived from our audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”). The Company is a leading provider of engineered lifting solutions and operates as a single reportable segment with five operating segments. Operating activities are conducted through the following wholly-owned subsidiaries: Manitex, Inc. (“Manitex”), Badger Equipment Company (“Badger”), PM Oil and Steel S.p.A., formerly known as PM Group S.p.A, and its subsidiaries (“PM” or “PM Group”), Manitex Valla S.r.l. (“Valla”), Manitex Sabre, Inc. (“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. Supplemental Cash Flow Information Transactions for the periods ended September 30, 2019 and 2018 are as follows: Nine Months Ended September 30, 2019 2018 Interest received in cash $ 161 $ 95 Interest paid in cash 3,096 4,399 Income tax payments (refunds) in cash 148 (99 ) Proportional share of increase in equity investments' paid in capital — 14 Share based compensation paid in connection with Tadano transaction — 200 Equity Investment 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 with 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 a 21.2% interest. ASV was deconsolidated and was recorded as an equity investment starting with the quarter ended June 30, 2017. 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%. In September 2019, the Company received cash merger consideration for its remaining 1,080,000 shares of ASV and no longer has an investment in ASV. |
Significant Accounting Policies
Significant Accounting Policies and New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
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. The Company eliminates from the Company’s financial results all significant intercompany transactions. Restricted Cash Certain of the Company’s lending arrangements require the Company to post collateral or maintain minimum cash balances in escrow. These cash amounts are reported as current assets on the balance sheets based on when the cash will be contractually released. Total restricted cash was $219 and $245 at September 30, 2019 and December 31, 2018, respectively. 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 $469 and $37 at September 30, 2019 and December 31, 2018, 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 division 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 hedged 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. In assessing the realizability of deferred tax assets, the Company evaluates whether it is more-likely-than-not (more than 50%) that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating losses can be utilized. We assess all positive and negative evidence when determining the amount of the net deferred tax assets that are more-likely-than-not to be realized. This evidence includes, but is not limited to, prior earnings history, schedule reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Significant weight is given to positive and negative evidence that is objectively verifiable. As required by the authoritative guidance on accounting for income taxes, the Company evaluates the realizability of deferred tax assets on a jurisdictional basis at each reporting date. Accounting for income taxes requires that a valuation allowance be established when it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets are not more likely than not realizable, we establish a valuation allowance. 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 was recognized as income (loss) in the Company’s statement of operations and added to the investment account, and dividends received from ASV were treated as a reduction of the investment account. The Company reported ASV’s earnings on a one quarter lag as there was no assurance ASV would report earnings in time to be included in the Company’s financial statements for any given reporting period. Between February 26 and 28, 2018, the Company sold 1,000,000 shares of ASV stock, reducing the Company’s investment in ASV to approximately 11.0%. 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. In September 2019, the Company received cash merger consideration for its remaining 1,080,000 shares of ASV and no longer has an investment in ASV. See Notes 8 and 19. 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. In September 2019, the Company received cash merger consideration for its remaining 1,080,000 shares of ASV and no longer has marketable equity securities. 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 included in cost of sales. Adoption of Highly Inflationary Accounting in Argentina GAAP guidance requires the use of highly inflationary accounting for countries whose cumulative three-year inflation exceeds 100 percent. In the second quarter of 2018, published inflation indices indicated that the three-year cumulative inflation in Argentina exceeded 100 percent, and as of July 1, 2018, we elected to adopt highly inflationary accounting for our subsidiary in Argentina (“PM Argentina”). Under highly inflationary accounting, PM Argentina’s functional currency became the Euro (its parent company’s reporting currency), and its income statement and balance sheet have been measured in Euros using both current and historical rates of exchange. The effect of changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in other (income) and expense, net and was not material. As of September 30, 2019, PM Argentina had a small net peso monetary position. Net sales of PM Argentina were less than 5 and 10 percent of our consolidated net sales for the nine months ended September 30, 2019 and 2018, respectively. Recently Issued Pronouncements- Not Yet Adopted In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (“ASU 2019-04”). ASU 2019-04 provides narrow scope amendments for Topics 326, 815 and 825. The effective date will be the first quarter of fiscal year 2020 and early adoption is permitted. The Company is currently evaluating the impact that the amendments to Topic 326 will have on the implementation of the Credit Loss Standard. Adoption of the amendments to Topic 815 and Topic 825 are not expected to have a material effect on the Company’s consolidated financial statements. Recently Adopted Accounting Guidance 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” (commonly known as the “Tax Cuts and Jobs Act” (the “Jobs Act”)). The Company has adopted this guidance as of January 1, 2019. The adoption of this guidance did not have a significant impact on our operating results. 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. Subsequently, the FASB issued the following standards related to ASU 2016-02: ASU 2018-01, “Land Easement Practical Expedient for Transition to Topic 842,” ASU 2018-10, “Codification Improvements to Topic 842, Leases”, ASU 2018-11, “Leases (Topic 842): Targeted Improvements” (“ASU 2018-11”) and ASU 2018-20, “Narrow-Scope Improvements for Lessors”, which provided additional guidance and clarity to ASU 2016-02 (collectively, the “New Lease Standard”). The Company this guidance as of January 1, 2019. The transition method allows an entity to initially apply the requirements of the New Lease Standard at the adoption date, versus at the beginning of the earliest period presented, and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The New Lease Standard provides a number of optional practical expedients in transition. The Company elected the transition package of practical expedients, the practical expedient to not separate lease and non-lease components for all of its leases, and the short-term lease recognition exemption for all of its leases that qualify for it. 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 | 9 Months Ended |
Sep. 30, 2019 | |
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 consideration 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 Oil and Steel S.p.A (“PM” or “PM Group”), formerly known as PM Group S.p.A., 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. 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. Manitex Sabre, Inc. (“Sabre”) manufactures a comprehensive line of specialized mobile tanks for liquid and solid storage and containment solutions with capacities from 8,000 to 21,000 gallons. Its mobile tanks are sold to specialized independent tank rental companies and through the Company’s existing dealer network. The tanks are used in a variety of end markets such as petrochemical, waste management and oil and gas drilling. 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 as a 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 sells parts to its customers. The following table disaggregates our revenue for the three and nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Equipment sales $ 43,123 $ 52,774 $ 144,686 $ 155,760 Part sales 8,027 7,136 23,183 22,253 Installation services 791 1,028 2,461 3,504 Total Revenue $ 51,941 $ 60,938 $ 170,330 $ 181,517 The Company attributes revenue to different geographic areas based on where items are shipped to or services are performed. The following table provides detail of revenues by geographic area for the three and nine months ended September 30, 2019: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 United States $ 30,506 $ 32,227 $ 91,279 $ 89,811 Canada 1,291 6,481 13,565 20,708 Italy 5,201 4,163 16,813 15,379 Chile 2,976 2,381 7,798 6,957 France 1,828 2,208 6,037 6,461 Other 1,563 2,656 5,571 6,743 Argentina 1,758 1,290 5,648 6,963 United Kingdom 1,553 2,499 4,300 5,643 Spain 689 1,151 3,081 4,031 Germany 671 1,336 2,822 3,775 Finland 386 729 2,233 2,566 Mexico 605 362 2,343 946 Romania 98 57 1,113 282 Peru 507 531 1,241 814 Hong Kong 134 474 842 674 Singapore 48 5 685 138 Israel 25 8 609 626 Czech Republic 504 443 1,016 1,445 Netherlands 596 449 1,106 1,241 Ireland 13 10 416 346 Martinique 67 2 217 262 China — 247 125 303 Morocco 27 52 118 139 Denmark 26 244 94 489 Turkey 62 37 125 163 United Arab Emirates 148 395 205 743 Bahrain 1 1 55 142 Indonesia 36 361 87 534 Saudi Arabia 11 6 61 185 Russia — 5 37 154 Puerto Rico 285 22 320 71 Belgium 85 31 111 257 South Africa 4 — 19 213 Kuwait — — 1 328 Qatar 1 5 1 805 Malaysia 151 1 151 742 Ukraine 85 51 85 340 Thailand — — — 56 Australia — 18 — 42 $ 51,941 $ 60,938 $ 170,330 $ 181,517 Total Company Revenues by Sources The sources of the Company’s revenues are summarized below for the three and nine months ended September 30, 2019: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Boom trucks, knuckle boom & truck cranes $ 36,682 $ 43,949 $ 120,069 $ 132,764 Part sales 8,027 7,136 23,183 22,253 Other equipment 3,020 3,823 11,884 10,212 Mobile tanks 1,310 3,140 7,760 7,943 Rough terrain cranes 2,111 1,862 4,973 4,841 Installation services 791 1,028 2,461 3,504 Total Revenue $ 51,941 $ 60,938 $ 170,330 $ 181,517 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 are as follows: nine months ended September 30, 2019 September 30, 2019 December 31, 2018 Customer deposits $ 2,310 $ 2,242 Revenue recognized from customer deposits (5,052 ) (10,547 ) Additional customer deposits received where revenue has not yet been recognized 4,289 10,839 Effect of change in exchange rates (154 ) (224 ) $ 1,393 $ 2,310 |
Financial Instruments-Marketabl
Financial Instruments-Marketable Securities, Forward Currency Exchange Contracts and Interest Rate Swap Contracts | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments-Marketable Securities, Forward Currency Exchange Contracts and Interest Rate Swap Contracts | 4. Financial Instruments—Marketable Securities, 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 September 30, 2019 and December 31, 2018 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 September 30, 2019 Level 1 Level 2 Level 3 Total Assets: Forward currency exchange contracts $ — $ 18 $ — $ 18 Total current assets at fair value $ — $ 18 $ — $ 18 Liabilities: PM contingent liabilities $ — $ — $ 305 $ 305 Valla contingent consideration — — 200 200 Interest rate swap contracts — 1 — 1 Total recurring liabilities at fair value $ — $ 1 $ 505 $ 506 Fair Value at December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 2,160 $ — $ — $ 2,160 Forward currency exchange contracts — 91 — 91 Total current assets at fair value $ 2,160 $ 91 $ — $ 2,251 Liabilities: PM contingent liabilities $ — $ — $ 321 $ 321 Valla contingent consideration — — 210 210 Interest rate swap contracts — 2 — 2 Total liabilities at fair value $ — $ 2 $ 531 $ 533 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) PM Contingent Consideration Valla Contingent Consideration Total Liabilities: Balance at January 1, 2019 $ 321 $ 210 $ 531 Effect of change in exchange rates (16 ) (10 ) (26 ) Change in fair value during the period — — — Balance at September 30, 2019 $ 305 $ 200 $ 505 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 is 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 | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019, 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 certain 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 September 30, 2019, the Company had entered into two forward currency exchange contracts that mature on November 15, 2019. Under the first contract the Company is obligated to sell 2,900,000 Chilean pesos for 3,656 euros. The Company has a second contract which obligates the Company to sell 90,000 Chilean pesos for $125. The purpose of the forward contracts 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 (€ 110 at September 30, 2019), 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 September 30, 2019, the Company had the following forward currency contracts and interest rate swaps: Nature of Derivative Currency Amount Type Forward currency sales contracts Chilean peso 2,990,000 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 Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location September 30, 2019 December 31, 2018 Asset Derivatives Foreign currency exchange contract Prepaid expense and other $ 18 $ 91 Liabilities Derivatives Interest rate swap contracts Notes payable $ 1 $ 2 The following tables provide the effect of derivative instruments on the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2019 and 2018: Gain (loss) Gain (loss) Location of gain or (loss) recognized in the Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Derivatives Not Designated as Hedge Instruments Forward currency contracts Foreign currency transaction gains (losses) $ 105 $ (36 ) $ (73 ) $ 99 Interest rate swap contracts Interest expense (2 ) (1 ) 1 (2 ) $ 103 $ (37 ) $ (72 ) $ 97 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 | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory, Net | 6. Inventory, net The components of inventory are as follows: September 30, 2019 December 31, 2018 Raw materials and purchased parts, net $ 43,270 $ 38,192 Work in process, net 5,590 5,360 Finished goods, net 19,062 14,472 Inventory, net $ 67,922 $ 58,024 The Company has established reserves for obsolete and excess inventory of $7,097 and $5,967 as of September 30, 2019 and December 31, 2018, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Intangible assets and accumulated amortization by category as of September 30, 2019 is as follows: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 6 $ 17,745 $ (13,229 ) $ 4,516 Customer relationships 14 18,297 (10,517 ) 7,780 Trade names and trademarks 12 4,829 (2,433 ) 2,396 Indefinite lived trade names 2,512 2,512 Total intangible assets, net $ 17,204 Intangible assets and accumulated amortization by category as of December 31, 2018 is as follows: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 7 $ 18,111 $ (12,762 ) $ 5,349 Customer relationships 13 23,301 (11,419 ) 11,882 Trade names and trademarks 13 4,829 (2,286 ) 2,543 Indefinite lived trade names 4,999 4,999 Total intangible assets, net $ 24,773 Amortization expense for intangible assets was $617 and $694 for the three months and $1,912 and $2,118 for the nine months ended September 30, 2019 and 2018, respectively. Estimated amortization expense for the next five years and subsequent is as follows: Amount 2019 $ 1,717 2020 1,685 2021 1,676 2022 1,676 2023 1,637 And subsequent 6,301 Total intangibles currently to be amortized 14,692 Intangibles with indefinite lives not amortized 2,512 Total intangible assets $ 17,204 Changes in goodwill for the nine months ended September 30, 2019 are as follows: Total Balance January 1, 2019 $ 36,298 Effect of change in exchange rates (1,160 ) Goodwill impairment (3,165 ) Balance September 30, 2019 $ 31,973 The Company performed its annual impairment assessment as of September 30, 2019, prior to its October 1, 2019 annual measurement date. The Company’s policy is to assess the realizability of its intangible assets, and to evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows are less than the carrying value. Future cash flow projections include assumptions for future sales levels, the impact of cost reduction programs, and the level of working capital needed to support each business. The amount of any impairment then recognized would be calculated as the difference between the estimated fair value and the carrying value of the asset. At September 30, 2019, the Company considered declining revenue and profitability along with missed projections and a decrease in its market capitalization to be a triggering event and as such a valuation analysis was performed and goodwill and intangible assets were determined to be impaired, and as such non-cash impairment charges were made to selling, general and administrative expense and shown separately on the income statement as impairment of intangibles. Goodwill was impaired at Sabre and PM/Valla in the amount of $2,850 and $315, respectively. At September 30, 2019, intangible assets were impaired at Sabre and PM/Valla in the amount of $3,723 and $1,224, respectively. |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Sep. 30, 2019 | |
ASV after transaction [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Equity Method Investments | 8. Equity Method Investments 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 was recognized as income (loss) in the Company’s statement of operations and added to investment account, and dividends received from ASV were treated as a reduction of the investment account. The Company reported ASV’s earnings on a one quarter lag as there was no assurance that ASV would 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. 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. In September 2019, the Company received cash merger consideration for its remaining 1,080,000 shares of ASV and no longer has an investment in ASV. See Note 19, Sale of |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2019 | |
Accrued Liabilities Current And Noncurrent [Abstract] | |
Accrued Expenses | 9. Accrued Expenses September 30, 2019 December 31, 2018 Accrued payroll $ 1,823 $ 1,195 Accrued employee benefits 405 951 Accrued bonuses 487 146 Accrued vacation 1,074 1,274 Accrued interest 995 723 Accrued commissions 453 424 Accrued expenses—other 696 1,038 Accrued warranty 1,711 2,004 Accrued taxes other than income taxes 1,141 1,243 Accrued product liability and workers compensation claims 574 251 Total accrued expenses $ 9,359 $ 9,249 |
Accrued Warranty
Accrued Warranty | 9 Months Ended |
Sep. 30, 2019 | |
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 nine months ended September 30, 2019 2018 Balance January 1, $ 2,004 $ 2,030 Accrual for warranties issued during the period 1,856 2,530 Warranty services provided (1,579 ) (2,476 ) Changes in estimate (518 ) (128 ) Foreign currency translation (52 ) 10 Balance September 30, $ 1,711 $ 1,966 |
Credit Facilities and Debt
Credit Facilities and Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Credit Facilities and Debt | 11. U.S. Credit Facilities At September 30, 2019, the Company and its U.S. subsidiaries have a Loan and Security Agreement, as amended (the “Loan Agreement”), with CIBC Bank USA (“CIBC”), formerly known as “The Private Bank and Trust Company”. The Loan Agreement provides a revolving credit facility extending the maturity date from July 20, 2021 to July 20, 2023. The aggregate amount of the facility increased from $25,000 to $30,000. 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 $20,000 limit; plus (3) 80% of eligible used equipment, as defined, valued at the lower of cost or market subject to a $2,000 limit; plus (4) 50% of eligible Mexico receivables (as defined) valued at the lower of cost or net realizable value subject to a $400 limit. At September 30, 2019, the maximum the Company could borrow based on available collateral was $29,500. At September 30, 2019, the Company had no borrowings under this facility. The indebtedness under the Loan Agreement is collateralized by substantially all of the Company’s assets, except for certain assets of the Company’s subsidiaries. The Loan Agreement provides that the Company can opt to pay interest on the revolving credit at either a base rate plus a spread, or a LIBOR rate plus a spread. The base rate spread ranges from 0.00% to 0.50% depending on the Borrower’s Adjusted Excess Availability (as defined in the Loan Agreement). The LIBOR spread ranges from 1.75% to 2.25% also depending on the Adjusted Excess Availability. 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. In addition, CIBC assesses a 0.375% unused line fee that is payable monthly. The Loan Agreement subjects the Company and its domestic subsidiaries to a minimum quarterly EBITDA covenant (as defined). The minimum quarterly EBITDA covenant (as defined) is $2,000 for all quarters starting with the quarter ended September 30, 2017 through the end of the agreement. Additionally, the Company and its domestic subsidiaries are subject to a Fixed Charge Coverage ratio of 1.10 to 1.00 measured on an annual basis beginning September 30, 2019 (based on a trailing twelve-month basis) through the term of the agreement. At the end of a quarter, if there is $15,000 or more of availability and outstanding borrowings of less than $5,000, covenant testing is waived. 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 Company were not required to calculate covenant compliance calculations due to undrawn balance at September 30, 2019 and December 31, 2018. The Loan Agreement has a Letter of Credit facility of $3,000, which is fully reserved against availability. Note Payable—Bank At September 30, 2019, the Company has a $60 term note payable to a bank. The Company is required to make ten monthly payments of $60 that began on January 1, 2019. The note dated January 1, 2019 had an original principal amount of $588 and an annual interest rate of 4.99%. 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 September 30, 2019, Badger has a balance on note payable to Avis Industrial Corporation of $308. 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 which was paid 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 (versus 2022 prior to the Debt Restructuring Agreement); and • The effect of PM Group not meeting its December 31, 2017 financial covenants was cured by the Debt Restructuring Agreement. PM Group Short-Term Working Capital Borrowings At September 30, 2019, PM Group had established demand credit and overdraft facilities with five Italian banks, one Spanish bank and eight banks in South America. Under the facilities, PM Group can borrow up to approximately €21,178 ($25,192) for advances against invoices, and letter of credit and bank overdrafts. At December 31, 2018, PM Group had established demand credit and overdraft facilities with five Italian banks and eight banks in South America. Under the facilities, PM Group can borrow up to approximately €21,990 ($23,980) for advances against invoices, and letter of credit and bank overdrafts. These facilities are divided into two types: working capital facilities and cash facilities. Interest on the Italian working capital facilities and cash facilities is charged at the 3-month Euribor plus 175 or 200 basis points and 3-month Euribor plus 350 basis points, respectively. Interest on the South American facilities is charged at a flat rate of points for advances on invoices ranging from 7%-80% and 9% - 65% during the nine months ended September 30, 2019 and 12 months ended December 31, 2018, respectively. At September 30, 2019 the Italian banks had advanced PM Group €15,397 ($16,790), at variable interest rates, which currently range from 1.75% to 2.00%. At September 30, 2019, there were no advances to PM Group from the Spanish bank. At September 30, 2019, the South American banks had advanced PM Group €951 ($1,037). At December 31, 2018, the Italian banks had advanced PM Group €15,796 ($18,096), at variable interest rates, which currently range from 1.75% to 2.00%. At December 31, 2018, there were no advances to PM Group from the Spanish bank. At December 31, 2018, the South American banks had advanced PM Group €715 ($820). Total short-term borrowings for PM Group were €16,348 ($17,827) and €16,511 ($18,916) at September 30, 2019 and December 31, 2018, respectively. PM Group Term Loans At September 30, 2019 PM Group has a €10,451 ($11,397) 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. At September 30, 2019, the note and balloon payment have an outstanding principal balance of €7,449 ($8,123) and €3,001 ($3,274) respectively. Both are charged interest at a fixed rate of 3.5%, with an effective rate of 3.5% at September 30, 2019. 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. See above for restructuring. At December 31, 2018 the note and balloon payment had an outstanding principal balance of €7,449 ($8,534) and €3,002 ($3,439), respectively. An adjustment in the purchase accounting to value the non-interest-bearing debt at its fair market value was made. At March 6, 2018 it was determined that the fair value of the debt was €480 or $550 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 September 30, 2019, the remaining balance was €308 or $336 and has been offset to the debt. At September 30, 2019, PM Group has unsecured borrowings with three Italian banks totaling €12,115 ($13,212). At December 31, 2018, PM Group has unsecured borrowings with three Italian banks totaling €12,115 ($13,879). Interest on the unsecured notes is charged at a stated and effective rate of 3.5% at September 30, 2019 and 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. The Company was in compliance with the loan covenants at September 30, 2019. At September 30, 2019 and December 31, 2018, Autogru PM RO, a subsidiary of PM Group, had three notes. The first note is payable in 60 monthly principal installments of €8 ($9), plus interest at the 1-month Euribor plus 300 basis points, effective rate of 3.00% at September 30, 2019 and December 31, 2018, maturing October 2020. At September 30, 2019 and December 31, 2018, the outstanding principal balance of the note was €110 ($120) and €186 ($213). The second note is payable in monthly installments of €9 ($10) starting from September 2019 and ending in March 2020, and one final payment of €190 ($207) in March 2020. The note is charged interest at the 1-month Euribor plus 250 basis points, effective rate of 2.50% at June 30, 2019 and December 31, 2018. At September 30, 2019 and December 31, 2018, the outstanding principal balance of the note was €243 ($265) and €320 ($367). The third note is divided in three parts: the first part is payable in 60 monthly installments of €1 ($1) plus interest at the 6-month Euribor plus 275 basis points, effective rate of 2.75% at September 30, 2019 and December 31, 2018, maturing February 2023; the second part is payable in 60 monthly installments of €4 ($5) plus interest at the 6-month Euribor plus 275 basis points, effective rate of 2.75% at June 30, 2019 and December 31, 2018, maturing April 2023; the third part is payable in 60 monthly installments of €1 ($1) plus interest at the 6-month Euribor plus 275 basis points, effective rate of 2.75% at September 30, 2019 and December 31, 2018, maturing June 2023. At September 30, 2019 and December 31, 2018, the outstanding principal balance of the note was €252 ($275) and €304 ($348). PM has an interest rate swap with a fair market value at September 30, 2019 and December 31, 2018 of €1 or $1 which has been included in debt. At December 31, 2018, PM Argentina Sistemas de Elevacion, a subsidiary of PM Group had a note payable. The note was payable in fifteen monthly installments of €13 ($15) starting from March 2018 and ending in May 2019, the note was charged interest at 28.50% at December 31, 2018. As of September 30, 2019, this note was paid off. At December 31, 2018, the outstanding principal balance of the note was €68 ($78). Valla Short-Term Working Capital Borrowings At September 30, 2019 and December 31, 2018, Valla had established demand credit and overdraft facilities with two Italian banks. Under the facilities, Valla can borrow up to approximately €660 ($720) and €870 ($997) as of September 30, 2019 and December 31, 2018, 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 1.67% - 4.75% and 4.50% - 4.75%. At September 30, 2019 and December 31, 2018, the Italian banks had advanced Valla €230 ($251) and €40 ($46). Valla Term Loans At September 30, 2019 and December 31, 2018, Valla has a term loan with Carisbo. The note is payable in quarterly principal installments beginning on October 30, 2017 of €8 ($9), plus interest at the 3-month Euribor plus 470 basis points, for an effective rate of 4.36% at September 30, 2019 and December 31, 2018. The note matures in January 2021. At September 30, 2019 and December 31, 2018, the outstanding principal balance of the note was €47 ($51) and €71 ($81). 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 September 30, 2019, the outstanding capital lease obligation is $4,873. 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 35 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 September 30, 2019 New equipment $ 896 35 $ 18 $ 298 As of September 30, 2019, the Company has one additional capital lease with total capitalized lease obligations of $2. |
Convertible Notes
Convertible Notes | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019, and December 31, 2018, the note had a remaining principal balance of $7,281 and $7,158 and an unamortized discount of $219 and $342, respectively. The Terex agreements included obligations on the part of the Company to timely file with the SEC its reports that are required to be filed pursuant to the Exchange Act. Effective March 29, 2018, the Company obtained waivers from the holders with respect to any breaches, defaults or events of default that may have been or may be triggered in connection with the Company’s failure to timely file its reports with the SEC due to the previously completed restatement of the Company’s financial statements. 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 Perella 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 by the SEC on February 23, 2015. As of September 30, 2019, the note had a remaining principal balance of $14,825 (less $123 debt issuance cost for a net debt of $14,702) and an unamortized discount of $175, compared to a remaining balance of $14,726 (less $196 debt issuance cost for a net debt of $14,530) and an unamortized discount of $274 at December 31, 2018. The Perella agreements included obligations on the part of the Company to timely file with the SEC its reports that are required to be filed pursuant to the Exchange Act. Effective March 28, 2018, the Company obtained waivers from the holders with respect to any breaches, defaults or events of default that may have been or may be triggered in connection with the Company’s failure to timely file its reports with the SEC due to the previously completed restatement of the Company’s financial statements. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 13. Leases We lease certain warehouses, office space, machinery, vehicles, and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We are not aware of any variable lease payments, residual value guarantees, covenants or restrictions imposed by the leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term. The exercise of lease renewal options is at our sole discretion. The depreciable life of assets is limited by the expected lease term for finance leases. If there was a rate explicit in the lease, this was the discount rate used. For those leases with no explicit or implicit interest rate, an incremental borrowing rate was used. The weighted average remaining useful life for operating and finance leases was 4 and 8 years, respectively. The weighted average discount rate for operating and finance leases was 4.8% and 12.5% respectively. Leases (thousands) Classification September 30, 2019 Assets Operating lease assets Operating lease assets $ 2,474 Finance lease assets Fixed assets, net 3,782 Total leased assets $ 6,256 Liabilities Current Operating Current liabilities $ 985 Finance Current liabilities 462 Non-current Operating Non-current liabilities 1,499 Finance Non-current liabilities 4,711 Total lease liabilities $ 7,657 Lease Cost (thousands) Classification For the three months ended September 30, 2019 For the nine months ended September 30, 2019 Operating lease costs Operating lease assets $ 241 $ 750 Finance lease cost Depreciation/Amortization of leased assets Depreciation or Inventory reserve 34 319 Interest on lease liabilities Interest expense 155 469 Lease cost $ 430 $ 1,538 Other Information (thousands) For the nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 838 Operating cash flows from finance leases $ 320 Financing cash flows from finance leases $ 469 Future principal minimum lease payments are: Operating Leases Capital Leases 2019 $ 1,083 $ 1,060 2020 597 960 2021 374 898 2022 237 925 2023 77 952 And subsequent 329 3,656 Total undiscounted lease payments 2,697 8,451 Less interest (213 ) (3,278 ) Total liabilities $ 2,484 $ 5,173 Less current maturities (985 ) (462 ) Non-current lease liabilities $ 1,499 $ 4,711 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Based on the weighting of all available positive and negative evidence, most notably significant negative evidence of three-year cumulative losses and a decline in sales during the third quarter of 2019, which led to a triggering event where goodwill is impaired, we determined that it is appropriate to establish a valuation allowance against the deferred tax assets of PM. The Company considered and weighed positive evidence including our existing backlog and how the backlog might enhance future earnings. However, because the accounting guidance for income taxes considers a projection of future earnings inherently subjective, it does not carry significant weight to overcome the objectively verifiable evidence of cumulative losses in recent years. Although the recognition of the valuation allowance is a non-cash charge of approximately $2.2 million to income tax expense, it did have a negative impact on the net loss for the three and nine months ended September 30, 2019. If these estimates and assumptions change in the future, the Company may be required to reduce its valuation allowance resulting in less income tax expense. The Company evaluates the likelihood of realizing its deferred tax assets quarterly. For the three months ended September 30, 2019, the Company recorded an income tax provision of $1,958, which includes a discrete income tax provision of $2,224. The calculation of the overall income tax provision for the three months ended September 30, 2019 primarily consists of a domestic income tax provision resulting from state and local taxes, foreign income taxes, and a discrete income tax provision related to an increase in the valuation allowance for foreign deferred tax assets, and for the accrual of interest related to unrecognized tax benefits. For the three months ended September 30, 2018, the Company recorded an income tax provision of $335, which includes a discrete income tax provision of $111 for the accrual of taxes and interest related to unrecognized tax benefits. The effective tax rate for the three months ended September 30, 2019 was an income tax provision of 19.8% on pretax loss of $9,893 compared to an income tax provision of 73.3% on a pretax income of $457 in the comparable prior period. The effective tax rate for the three months ended September 30, 2019 differs from the U.S. statutory rate of 21% primarily due to the mix of domestic and foreign earnings, nondeductible foreign permanent differences, an increase in the valuation allowance for foreign deferred tax assets, domestic losses for which the Company is not recognizing an income tax benefit and for the accrual of interest related to unrecognized tax benefits. For the nine months ended September 30, 2019, the Company recorded an income tax provision of $2,488, which includes a discrete income tax provision of $2,283. The calculation of the overall income tax provision for the nine months ended September 30, 2019 primarily consists of a domestic income tax provision resulting from state and local taxes, foreign income taxes and a discrete income tax provision related to an increase in the valuation allowance for foreign deferred tax assets, and for the accrual of interest related to unrecognized tax benefits. For the nine months ended September 30, 2018, the Company recorded an income tax provision of $540, which includes a discrete tax provision of $156 for the accrual for taxes and interest related to unrecognized tax benefits. The effective tax rate for the nine months ended September 30, 2019 was an income tax provision of 47.7% on pretax loss of $5,217 compared to an income tax provision of 30.2% on a pretax loss of $1,790 in the comparable prior period. The effective tax rate for the nine months ended September 30, 2019 differs from the U.S. statutory rate of 21% primarily due to the mix of domestic and foreign earnings, nondeductible foreign permanent differences, an increase in the valuation allowance for foreign deferred tax assets, domestic losses for which the Company is not recognizing an income tax benefit and for the accrual of interest related to unrecognized tax benefits. On December 22, 2017, the Jobs Act was enacted into law. The Company completed its analysis of the Jobs Act for the year ended December 31, 2018. There was no impact on income tax expense in 2018 as a result of the changes to the provisional amounts recorded in the consolidated financial statements for the year-ended December 31, 2017. The Company’s total unrecognized tax benefits as of September 30, 2019 and 2018 were approximately $4.1 million and $1.0 million which would reduce the Company’s effective tax rate if recognized. Included in the unrecognized tax benefits is a liability for the disputed Romania income tax audit assessment for tax years 2012-2016. Depending upon the final resolution of the disputed income tax assessment, the uncertain tax position liability could be higher or lower than the amount recorded at September 30, 2019. A favorable resolution of an unrecognized tax benefit could be recognized as a reduction in the tax provision and effective rate in the period of resolution. An 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. It is not reasonably possible estimate the change in unrecognized tax benefits within 12 months of the reporting date. |
Net Earnings (Loss) per Common
Net Earnings (Loss) per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) per Common Share | 15. Net Earnings (Loss) per Common Share Basic net earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution of convertible debt, restricted stock units and stock options. Details of the calculations are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net (loss) income $ (11,851 ) $ 122 $ (7,705 ) $ (2,330 ) (Loss) earnings per share Basic $ (0.60 ) $ 0.01 $ (0.39 ) $ (0.13 ) Diluted $ (0.60 ) $ 0.01 $ (0.39 ) $ (0.13 ) Weighted average common shares outstanding Basic 19,690,233 19,610,168 19,684,521 18,003,829 Diluted Basic 19,690,233 19,610,168 19,684,521 18,003,829 Dilutive effect of restricted stock units and stock options 25,817 84,211 30,551 — 19,716,050 19,694,379 19,715,072 18,003,829 The following securities were not included in the computation of diluted earnings per share as their effect would have been antidilutive: As of September 30, 2019 2018 Unvested restricted stock units 198,874 106,097 Options to purchase common stock 97,437 47,437 Convertible subordinated notes 1,549,451 1,549,451 1,845,762 1,702,985 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Equity | 16. Equity Tadano, Ltd. Investment in the Company On May 24, 2018, the Company entered into a (a) Securities Purchase Agreement (the “Purchase Agreement”) and (b) Registration Rights Agreement (the “Registration Rights Agreement”) with Tadano Ltd., a Japanese company (“Tadano”). Pursuant to the Purchase Agreement, the Company agreed to issue and sell to Tadano, and Tadano agreed to purchase from the Company, 2,918,542 shares of the Company’s common stock, no par value (the “Shares”), representing approximately 14.9% of the outstanding shares of common stock of the Company (based on the number of outstanding shares as of the date of the Purchase Agreement), at a purchase price of $11.19 per share and for an aggregate purchase price of $32,658. The transaction closed on May 29, 2018 (the “Closing Date”). The Shares were issued in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Purchase Agreement also provides for certain rights of Tadano and certain limitations on the Company, subject in each case to Tadano continuing to meet certain minimum ownership requirements. Specifically, so long as Tadano owns at least a majority of the Shares, Tadano has certain preemptive rights to purchase its pro rata share of specified equity securities (including certain derivative and convertible securities) issued by the Company after the Closing Date. Additionally, so long as Tadano owns at least 10% of the Company’s issued and outstanding shares of common stock, the Company is prohibited, absent Tadano’s consent, from, among other items: (i) increasing the number of directors on the Company’s board of directors to a number greater than ten; (ii) entering into certain related person or affiliated transactions, subject to certain exceptions; and (iii) authorizing or approving any plan of dissolution of the Company, any liquidating distribution of the Company’s assets or other action relating to the dissolution or liquidation of the Company. The Purchase Agreement also contains certain restrictions on asset sales by the Company. In addition, so long as it owns at least 10% of the Company’s issued and outstanding shares of common stock, Tadano shall have the right to nominate one individual to serve on the Company’s board of directors. See the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 31, 2018 for additional information regarding this transaction. In connection with this transaction, the Company incurred legal, investment banking and consulting fees that in aggregate that totaled $875. These fees are recorded net of common stock. 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, 2019 Employee 2,500 $ 14 January 4, 2019 Directors 7,900 48 January 4, 2019 Employee 21,502 131 March 13, 2019 Directors 7,920 58 May 15, 2019 Employee 560 6 May 31, 2019 Directors 6,600 77 August 20, 2019 Employee 333 4 September 18, 2019 Employee 2,612 18 49,927 $ 356 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 September 30, 2019: Date of Purchase Shares Purchased Closing Price on Date of Purchase January 1, 2019 2,882 $ 6.65 August 20, 2019 116 $ 5.60 September 18, 2019 766 $ 6.24 3,764 Equity was decreased by $25, the aggregated value of the shares reflected in the table above. Manitex International, Inc. 2019 Equity Incentive Plan In 2019, the Company adopted the Manitex International, Inc. 2019 Equity Incentive Plan. 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: September 30, 2019 Outstanding on January 1, 2019 72,874 Units granted during the period 187,310 Vested and issued (46,163 ) Vested-issued and repurchased for income tax withholding (3,764 ) Forfeited (11,383 ) Outstanding on September 30, 2019 198,874 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 $141 and $139 for the three months and $441 and $530 for the nine months ended September 30, 2019 and 2018, respectively. Additional compensation expense related to restricted stock units will be $136, $437 and $356 for the remainder of 2019, 2020 and 2021, respectively. Stock Options On September 1, 2019, 50,000 stock options were granted at $5.62 per share and vest ratably on each of the first three anniversary dates. Compensation expense related to stock options were $7 for the three and nine months ended September 30, 2019 compared to $0 for the comparable periods. Additional compensation expense will be $21, $69 and $31 for the remainder of 2019, 2020 and 2021, respectively. The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted on September 1, 2019: Grant date 9/1/2019 Dividend yields — Expected volatility 51.0 % Risk free interest rate 1.42 % Expected life (in years) 6 Fair value of the option granted $ 2.76 On May 23, 2018, the Company issued options under the predecessor 2004 Equity Plan to purchase 47,437 shares of the Company’s common stock at $11.08 per share (the closing price of the Company’s common stock on the date before the Tadano Purchase Agreement was executed) to a consultant in connection with his services related to Tadano’s investment in the Company. The options expire on May 23, 2028. The Company determined that the fair market value of the options was $130 on date of grant. The value of options is one component of the expenses related to the Tadano transactions discussed above. |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | 17. 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 our acquisition of PM. Additionally, beginning on December 31, 2011, the Company’s workmen’s compensation insurance policy has a 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 workers’ 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 September 30, 2019, the Company has a remaining obligation under the agreements to pay the plaintiffs an aggregate of $1,140 without interest in 12 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 the 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 14, Income Taxes, included in the unrecognized tax benefits is a liability for the disputed Romania income tax audit assessment for tax years 2012-2016. Depending upon the final resolution of the income tax assessment, the liability could be higher or lower than the amount recorded at September 30, 2019. 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 The Company continues to comply with the SEC investigation regarding the Company’s restatement of prior financial statements, which was completed in April 2018. |
Transactions between the Compan
Transactions between the Company and Related Parties | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Transactions between the Company and Related Parties | 18. Transactions between the Company and Related Parties In the course of conducting its business, the Company has entered into certain related party transactions. Beginning in the second quarter of 2019, Tadano purchased cranes and parts from PM. 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 was not a related party during that period. In May 2017, the Company reduced is its ownership interest in ASV to 21.2% and in February 2018 further reduced its ownership to approximately 11%. As such, ASV became a related party beginning in the quarter ended June 30, 2017. The Company sold its remaining interest in ASV in September 2019 and is no longer a related party at September 30, 2019. As of September 30, 2019 and December 31, 2018, the Company had accounts receivable and payable with related parties as shown below: September 30, 2019 December 31, 2018 Accounts Receivable: Terex $ — $ 23 Accounts Payable Terex 137 1,394 Net Related Party Accounts Payable $ 137 $ 1,371 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 September 30, 2019 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Rent paid: Bridgeview Facility (1) $ 69 $ 69 $ 205 $ 201 Sales to: Terex $ 3 $ — $ 11 $ — Tadano 139 — 278 — Total Sales $ 142 $ — $ 289 $ — Purchases from: Terex $ 142 $ 139 $ 1,050 $ 809 ( 1 ) The Company leases its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Executive Chairman and former CEO. Pursuant to the terms of the lease, the Company makes monthly lease payments of $23. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. On October 3, 2018, the lease was amended to extend the initial lease term to fifteen years expiring in May 26, 2025 with a provision for an option one five-year period and thereafter, 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 September 30, 2019, the Company had a convertible note payable of $7,281 (net of unamortized debt discount) to Terex. See Note 12 for additional details regarding this convertible note. |
Sale of Investment in ASV Holdi
Sale of Investment in ASV Holdings | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Sale of Investment in ASV Holdings | 19. Sale of Investment in ASV Holdings Sale of Partial Interest in ASV Holdings On May 17, 2017, the Company and ASV completed the underwritten initial public offering (the “Offering”) of 3,800,000 shares of ASV common stock, including 2,000,000 shares sold by the Company. 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). Disposition of the Remaining Available for Sale 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 owned an aggregate of 1,080,000 shares of ASV which equated 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. In September 2019, ASV merged with Yanmar America Corporation resulting in the Company receiving $7.05 per share in cash, or $7.6 million, for its remaining 1,080,000 shares of ASV. Going forward, the Company no longer has marketable equity securities on its consolidated balance sheet. Gains and losses related to fair value adjustments on marketable equity securities were recorded into income each reporting period. The Company recognized an $0.2 million gain from change in fair value of marketable securities during the quarter ended September 30, 2019 and a gain of $5.5 million for the nine months ended September 30, 2019. The Company recognized a loss from the change in fair value of marketable securities of $0.9 million during the quarter ended September 20, 2018 and a loss of $2.3 million for the nine months ended September 30, 2018. |
Significant Accounting Polici_2
Significant Accounting Policies and New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
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. The Company eliminates from the Company’s financial results all significant intercompany transactions. |
Restricted Cash | Restricted Cash Certain of the Company’s lending arrangements require the Company to post collateral or maintain minimum cash balances in escrow. These cash amounts are reported as current assets on the balance sheets based on when the cash will be contractually released. Total restricted cash was $219 and $245 at September 30, 2019 and December 31, 2018, respectively. |
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 $469 and $37 at September 30, 2019 and December 31, 2018, 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 division 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 hedged 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. In assessing the realizability of deferred tax assets, the Company evaluates whether it is more-likely-than-not (more than 50%) that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating losses can be utilized. We assess all positive and negative evidence when determining the amount of the net deferred tax assets that are more-likely-than-not to be realized. This evidence includes, but is not limited to, prior earnings history, schedule reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Significant weight is given to positive and negative evidence that is objectively verifiable. As required by the authoritative guidance on accounting for income taxes, the Company evaluates the realizability of deferred tax assets on a jurisdictional basis at each reporting date. Accounting for income taxes requires that a valuation allowance be established when it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets are not more likely than not realizable, we establish a valuation allowance. |
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 was recognized as income (loss) in the Company’s statement of operations and added to the investment account, and dividends received from ASV were treated as a reduction of the investment account. The Company reported ASV’s earnings on a one quarter lag as there was no assurance ASV would report earnings in time to be included in the Company’s financial statements for any given reporting period. Between February 26 and 28, 2018, the Company sold 1,000,000 shares of ASV stock, reducing the Company’s investment in ASV to approximately 11.0%. 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. In September 2019, the Company received cash merger consideration for its remaining 1,080,000 shares of ASV and no longer has an investment in ASV. See Notes 8 and 19. |
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. In September 2019, the Company received cash merger consideration for its remaining 1,080,000 shares of ASV and no longer has marketable equity securities. |
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 included in cost of sales. |
Adoption of Highly Inflationary Accounting | Adoption of Highly Inflationary Accounting in Argentina GAAP guidance requires the use of highly inflationary accounting for countries whose cumulative three-year inflation exceeds 100 percent. In the second quarter of 2018, published inflation indices indicated that the three-year cumulative inflation in Argentina exceeded 100 percent, and as of July 1, 2018, we elected to adopt highly inflationary accounting for our subsidiary in Argentina (“PM Argentina”). Under highly inflationary accounting, PM Argentina’s functional currency became the Euro (its parent company’s reporting currency), and its income statement and balance sheet have been measured in Euros using both current and historical rates of exchange. The effect of changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in other (income) and expense, net and was not material. As of September 30, 2019, PM Argentina had a small net peso monetary position. Net sales of PM Argentina were less than 5 and 10 percent of our consolidated net sales for the nine months ended September 30, 2019 and 2018, respectively. |
Recently Issued Pronouncements- Not Yet Adopted | Recently Issued Pronouncements- Not Yet Adopted In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (“ASU 2019-04”). ASU 2019-04 provides narrow scope amendments for Topics 326, 815 and 825. The effective date will be the first quarter of fiscal year 2020 and early adoption is permitted. The Company is currently evaluating the impact that the amendments to Topic 326 will have on the implementation of the Credit Loss Standard. Adoption of the amendments to Topic 815 and Topic 825 are not expected to have a material effect on the Company’s consolidated financial statements. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance 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” (commonly known as the “Tax Cuts and Jobs Act” (the “Jobs Act”)). The Company has adopted this guidance as of January 1, 2019. The adoption of this guidance did not have a significant impact on our operating results. 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. Subsequently, the FASB issued the following standards related to ASU 2016-02: ASU 2018-01, “Land Easement Practical Expedient for Transition to Topic 842,” ASU 2018-10, “Codification Improvements to Topic 842, Leases”, ASU 2018-11, “Leases (Topic 842): Targeted Improvements” (“ASU 2018-11”) and ASU 2018-20, “Narrow-Scope Improvements for Lessors”, which provided additional guidance and clarity to ASU 2016-02 (collectively, the “New Lease Standard”). The Company this guidance as of January 1, 2019. The transition method allows an entity to initially apply the requirements of the New Lease Standard at the adoption date, versus at the beginning of the earliest period presented, and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The New Lease Standard provides a number of optional practical expedients in transition. The Company elected the transition package of practical expedients, the practical expedient to not separate lease and non-lease components for all of its leases, and the short-term lease recognition exemption for all of its leases that qualify for it. 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 Basi_2
Nature of Operations and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Transactions | Transactions for the periods ended September 30, 2019 and 2018 are as follows: Nine Months Ended September 30, 2019 2018 Interest received in cash $ 161 $ 95 Interest paid in cash 3,096 4,399 Income tax payments (refunds) in cash 148 (99 ) Proportional share of increase in equity investments' paid in capital — 14 Share based compensation paid in connection with Tadano transaction — 200 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disaggregation Of Revenue [Abstract] | |
Summary of Disaggregates of Revenue, Geographic Area and Source | The following table disaggregates our revenue for the three and nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Equipment sales $ 43,123 $ 52,774 $ 144,686 $ 155,760 Part sales 8,027 7,136 23,183 22,253 Installation services 791 1,028 2,461 3,504 Total Revenue $ 51,941 $ 60,938 $ 170,330 $ 181,517 The Company attributes revenue to different geographic areas based on where items are shipped to or services are performed. The following table provides detail of revenues by geographic area for the three and nine months ended September 30, 2019: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 United States $ 30,506 $ 32,227 $ 91,279 $ 89,811 Canada 1,291 6,481 13,565 20,708 Italy 5,201 4,163 16,813 15,379 Chile 2,976 2,381 7,798 6,957 France 1,828 2,208 6,037 6,461 Other 1,563 2,656 5,571 6,743 Argentina 1,758 1,290 5,648 6,963 United Kingdom 1,553 2,499 4,300 5,643 Spain 689 1,151 3,081 4,031 Germany 671 1,336 2,822 3,775 Finland 386 729 2,233 2,566 Mexico 605 362 2,343 946 Romania 98 57 1,113 282 Peru 507 531 1,241 814 Hong Kong 134 474 842 674 Singapore 48 5 685 138 Israel 25 8 609 626 Czech Republic 504 443 1,016 1,445 Netherlands 596 449 1,106 1,241 Ireland 13 10 416 346 Martinique 67 2 217 262 China — 247 125 303 Morocco 27 52 118 139 Denmark 26 244 94 489 Turkey 62 37 125 163 United Arab Emirates 148 395 205 743 Bahrain 1 1 55 142 Indonesia 36 361 87 534 Saudi Arabia 11 6 61 185 Russia — 5 37 154 Puerto Rico 285 22 320 71 Belgium 85 31 111 257 South Africa 4 — 19 213 Kuwait — — 1 328 Qatar 1 5 1 805 Malaysia 151 1 151 742 Ukraine 85 51 85 340 Thailand — — — 56 Australia — 18 — 42 $ 51,941 $ 60,938 $ 170,330 $ 181,517 The sources of the Company’s revenues are summarized below for the three and nine months ended September 30, 2019: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Boom trucks, knuckle boom & truck cranes $ 36,682 $ 43,949 $ 120,069 $ 132,764 Part sales 8,027 7,136 23,183 22,253 Other equipment 3,020 3,823 11,884 10,212 Mobile tanks 1,310 3,140 7,760 7,943 Rough terrain cranes 2,111 1,862 4,973 4,841 Installation services 791 1,028 2,461 3,504 Total Revenue $ 51,941 $ 60,938 $ 170,330 $ 181,517 |
Summary of Changes in Customer Deposits | The following table summarizes changes in customer deposits are as follows: nine months ended September 30, 2019 September 30, 2019 December 31, 2018 Customer deposits $ 2,310 $ 2,242 Revenue recognized from customer deposits (5,052 ) (10,547 ) Additional customer deposits received where revenue has not yet been recognized 4,289 10,839 Effect of change in exchange rates (154 ) (224 ) $ 1,393 $ 2,310 |
Financial Instruments-Marketa_2
Financial Instruments-Marketable Securities, Forward Currency Exchange Contracts and Interest Rate Swap Contracts (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 Level 1 Level 2 Level 3 Total Assets: Forward currency exchange contracts $ — $ 18 $ — $ 18 Total current assets at fair value $ — $ 18 $ — $ 18 Liabilities: PM contingent liabilities $ — $ — $ 305 $ 305 Valla contingent consideration — — 200 200 Interest rate swap contracts — 1 — 1 Total recurring liabilities at fair value $ — $ 1 $ 505 $ 506 Fair Value at December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 2,160 $ — $ — $ 2,160 Forward currency exchange contracts — 91 — 91 Total current assets at fair value $ 2,160 $ 91 $ — $ 2,251 Liabilities: PM contingent liabilities $ — $ — $ 321 $ 321 Valla contingent consideration — — 210 210 Interest rate swap contracts — 2 — 2 Total liabilities at fair value $ — $ 2 $ 531 $ 533 |
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 Total Liabilities: Balance at January 1, 2019 $ 321 $ 210 $ 531 Effect of change in exchange rates (16 ) (10 ) (26 ) Change in fair value during the period — — — Balance at September 30, 2019 $ 305 $ 200 $ 505 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Foreign Exchange Contracts and Interest Rate Swap Statement of Financial Position | As of September 30, 2019, the Company had the following forward currency contracts and interest rate swaps: Nature of Derivative Currency Amount Type Forward currency sales contracts Chilean peso 2,990,000 Not designated as hedge instrument Interest rate swap contract Euro 482 Not designated as hedge instrument |
Fair Value Amounts of Derivative Instruments Reported in Condensed Consolidated Balance Sheets | The following table provides the location and fair value amounts of derivative instruments that are reported in the Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location September 30, 2019 December 31, 2018 Asset Derivatives Foreign currency exchange contract Prepaid expense and other $ 18 $ 91 Liabilities Derivatives Interest rate swap contracts Notes payable $ 1 $ 2 |
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 nine months ended September 30, 2019 and 2018: Gain (loss) Gain (loss) Location of gain or (loss) recognized in the Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Derivatives Not Designated as Hedge Instruments Forward currency contracts Foreign currency transaction gains (losses) $ 105 $ (36 ) $ (73 ) $ 99 Interest rate swap contracts Interest expense (2 ) (1 ) 1 (2 ) $ 103 $ (37 ) $ (72 ) $ 97 |
Inventory, Net (Tables)
Inventory, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory are as follows: September 30, 2019 December 31, 2018 Raw materials and purchased parts, net $ 43,270 $ 38,192 Work in process, net 5,590 5,360 Finished goods, net 19,062 14,472 Inventory, net $ 67,922 $ 58,024 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Accumulated Amortization by Category | Intangible assets and accumulated amortization by category as of September 30, 2019 is as follows: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 6 $ 17,745 $ (13,229 ) $ 4,516 Customer relationships 14 18,297 (10,517 ) 7,780 Trade names and trademarks 12 4,829 (2,433 ) 2,396 Indefinite lived trade names 2,512 2,512 Total intangible assets, net $ 17,204 Intangible assets and accumulated amortization by category as of December 31, 2018 is as follows: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 7 $ 18,111 $ (12,762 ) $ 5,349 Customer relationships 13 23,301 (11,419 ) 11,882 Trade names and trademarks 13 4,829 (2,286 ) 2,543 Indefinite lived trade names 4,999 4,999 Total intangible assets, net $ 24,773 |
Schedule of Estimated Amortization Expense | Estimated amortization expense for the next five years and subsequent is as follows: Amount 2019 $ 1,717 2020 1,685 2021 1,676 2022 1,676 2023 1,637 And subsequent 6,301 Total intangibles currently to be amortized 14,692 Intangibles with indefinite lives not amortized 2,512 Total intangible assets $ 17,204 |
Changes in Goodwill | Changes in goodwill for the nine months ended September 30, 2019 are as follows: Total Balance January 1, 2019 $ 36,298 Effect of change in exchange rates (1,160 ) Goodwill impairment (3,165 ) Balance September 30, 2019 $ 31,973 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accrued Liabilities Current And Noncurrent [Abstract] | |
Schedule of Accrued Expenses | September 30, 2019 December 31, 2018 Accrued payroll $ 1,823 $ 1,195 Accrued employee benefits 405 951 Accrued bonuses 487 146 Accrued vacation 1,074 1,274 Accrued interest 995 723 Accrued commissions 453 424 Accrued expenses—other 696 1,038 Accrued warranty 1,711 2,004 Accrued taxes other than income taxes 1,141 1,243 Accrued product liability and workers compensation claims 574 251 Total accrued expenses $ 9,359 $ 9,249 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Guarantees [Abstract] | |
Summary of Changes in Product Warranty Liability | For the nine months ended September 30, 2019 2018 Balance January 1, $ 2,004 $ 2,030 Accrual for warranties issued during the period 1,856 2,530 Warranty services provided (1,579 ) (2,476 ) Changes in estimate (518 ) (128 ) Foreign currency translation (52 ) 10 Balance September 30, $ 1,711 $ 1,966 |
Credit Facilities and Debt (Tab
Credit Facilities and Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 New equipment $ 896 35 $ 18 $ 298 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Leases on Consolidated Balance Sheet | Leases (thousands) Classification September 30, 2019 Assets Operating lease assets Operating lease assets $ 2,474 Finance lease assets Fixed assets, net 3,782 Total leased assets $ 6,256 Liabilities Current Operating Current liabilities $ 985 Finance Current liabilities 462 Non-current Operating Non-current liabilities 1,499 Finance Non-current liabilities 4,711 Total lease liabilities $ 7,657 |
Schedule of Lease Cost | Lease Cost (thousands) Classification For the three months ended September 30, 2019 For the nine months ended September 30, 2019 Operating lease costs Operating lease assets $ 241 $ 750 Finance lease cost Depreciation/Amortization of leased assets Depreciation or Inventory reserve 34 319 Interest on lease liabilities Interest expense 155 469 Lease cost $ 430 $ 1,538 |
Summary of Other Information Related to Leases | Other Information (thousands) For the nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 838 Operating cash flows from finance leases $ 320 Financing cash flows from finance leases $ 469 |
Schedule of Future Principal Minimum Lease Payments | Future principal minimum lease payments are: Operating Leases Capital Leases 2019 $ 1,083 $ 1,060 2020 597 960 2021 374 898 2022 237 925 2023 77 952 And subsequent 329 3,656 Total undiscounted lease payments 2,697 8,451 Less interest (213 ) (3,278 ) Total liabilities $ 2,484 $ 5,173 Less current maturities (985 ) (462 ) Non-current lease liabilities $ 1,499 $ 4,711 |
Net Earnings (Loss) per Commo_2
Net Earnings (Loss) per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, restricted stock units and stock options. Details of the calculations are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net (loss) income $ (11,851 ) $ 122 $ (7,705 ) $ (2,330 ) (Loss) earnings per share Basic $ (0.60 ) $ 0.01 $ (0.39 ) $ (0.13 ) Diluted $ (0.60 ) $ 0.01 $ (0.39 ) $ (0.13 ) Weighted average common shares outstanding Basic 19,690,233 19,610,168 19,684,521 18,003,829 Diluted Basic 19,690,233 19,610,168 19,684,521 18,003,829 Dilutive effect of restricted stock units and stock options 25,817 84,211 30,551 — 19,716,050 19,694,379 19,715,072 18,003,829 |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share | The following securities were not included in the computation of diluted earnings per share as their effect would have been antidilutive: As of September 30, 2019 2018 Unvested restricted stock units 198,874 106,097 Options to purchase common stock 97,437 47,437 Convertible subordinated notes 1,549,451 1,549,451 1,845,762 1,702,985 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 Employee 2,500 $ 14 January 4, 2019 Directors 7,900 48 January 4, 2019 Employee 21,502 131 March 13, 2019 Directors 7,920 58 May 15, 2019 Employee 560 6 May 31, 2019 Directors 6,600 77 August 20, 2019 Employee 333 4 September 18, 2019 Employee 2,612 18 49,927 $ 356 |
Summary of Common Stock Repurchases | The below table summarizes shares repurchased from employees during the current year through September 30, 2019: Date of Purchase Shares Purchased Closing Price on Date of Purchase January 1, 2019 2,882 $ 6.65 August 20, 2019 116 $ 5.60 September 18, 2019 766 $ 6.24 3,764 |
Restricted Stock Units Outstanding | The following table contains information regarding restricted stock units: September 30, 2019 Outstanding on January 1, 2019 72,874 Units granted during the period 187,310 Vested and issued (46,163 ) Vested-issued and repurchased for income tax withholding (3,764 ) Forfeited (11,383 ) Outstanding on September 30, 2019 198,874 |
Summary of Assumptions to Calculate the Black-Scholes Option Pricing Model for Stock Options Granted | The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted on September 1, 2019: Grant date 9/1/2019 Dividend yields — Expected volatility 51.0 % Risk free interest rate 1.42 % Expected life (in years) 6 Fair value of the option granted $ 2.76 |
Transactions between the Comp_2
Transactions between the Company and Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Accounts Receivable and Accounts Payable with Related Parties | As of September 30, 2019 and December 31, 2018, the Company had accounts receivable and payable with related parties as shown below: September 30, 2019 December 31, 2018 Accounts Receivable: Terex $ — $ 23 Accounts Payable Terex 137 1,394 Net Related Party Accounts Payable $ 137 $ 1,371 |
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 September 30, 2019 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Rent paid: Bridgeview Facility (1) $ 69 $ 69 $ 205 $ 201 Sales to: Terex $ 3 $ — $ 11 $ — Tadano 139 — 278 — Total Sales $ 142 $ — $ 289 $ — Purchases from: Terex $ 142 $ 139 $ 1,050 $ 809 ( 1 ) The Company leases its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Executive Chairman and former CEO. Pursuant to the terms of the lease, the Company makes monthly lease payments of $23. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. On October 3, 2018, the lease was amended to extend the initial lease term to fifteen years expiring in May 26, 2025 with a provision for an option one five-year period and thereafter, 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. |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation - Additional Information (Detail) | Feb. 28, 2018shares | May 17, 2017shares | May 11, 2017shares | Mar. 31, 2017 | Sep. 30, 2019Segmentshares |
Partnership Organization And Basis Of Presentation [Line Items] | |||||
Number of reportable segments | Segment | 1 | ||||
Number of operating segment | Segment | 5 | ||||
ASV transaction [Member] | |||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||
Percentage of reduction in investment | 11.00% | ||||
Number of remaining shares sold for cash merger consideration | 1,080,000 | ||||
Initial Public Offering [Member] | 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 resold | 1,800,000 | ||||
Percentage of ownership interest after disposal | 21.20% | ||||
Initial Public Offering [Member] | Manitex International, Inc. [Member] | ASV transaction [Member] | |||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||
Number of shares sold | 2,000,000 | ||||
Second Sale [Member] | ASV transaction [Member] | |||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||
Number of shares sold | 1,000,000 | ||||
Percentage of reduction in investment | 11.00% |
Nature of Operations and Basi_4
Nature of Operations and Basis of Presentation - Schedule of Supplemental Cash Flow Transactions (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest received in cash | $ 161 | $ 95 |
Interest paid in cash | 3,096 | 4,399 |
Income tax payments (refunds) in cash | $ 148 | (99) |
Proportional share of increase in equity investments' paid in capital | 14 | |
Share based compensation paid in connection with Tadano transaction | $ 200 |
Significant Accounting Polici_3
Significant Accounting Policies and New Accounting Pronouncements - Additional Information (Detail) - USD ($) | Feb. 28, 2018 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | Feb. 26, 2018 |
Accounting Policies [Line Items] | |||||||
Cash - restricted | $ 219,000 | $ 219,000 | $ 245,000 | ||||
Allowances for doubtful accounts | 469,000 | 469,000 | $ 37,000 | ||||
Maximum exposure of residual guarantees | 1,600,000 | 1,600,000 | |||||
Liability recorded for residual guarantees | 0 | 0 | |||||
Operating lease assets | 2,474,000 | 2,474,000 | |||||
Operating lease liabilities | $ 2,484,000 | $ 2,484,000 | |||||
Lease practical expedients, package | true | ||||||
ASU 2016-02 [Member] | Adjustment [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Operating lease assets | $ 3,166,000 | ||||||
Operating lease liabilities | $ 3,184,000 | ||||||
Argentina [Member] | PM Argentina [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Net sales in percentage as compared to consolidated net sales | 10.00% | ||||||
Maximum [Member] | Argentina [Member] | PM Argentina [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Net sales in percentage as compared to consolidated net sales | 5.00% | ||||||
ASV after transaction [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Equity method investment ownership percentage | 21.20% | 21.20% | 21.20% | ||||
Number of shares sold | 1,000,000 | ||||||
Percentage of reduction in investment | 11.00% | ||||||
Number of shares remaining for merger cash consideration | 1,080,000 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019Modelgal | |
PM Group [Member] | Minimum [Member] | |
Disaggregation Of Revenue [Line Items] | |
Number of models | Model | 50 |
Sabre [Member] | Minimum [Member] | |
Disaggregation Of Revenue [Line Items] | |
Storage capacity of trailer mobile tanks | 8,000 |
Sabre [Member] | Maximum [Member] | |
Disaggregation Of Revenue [Line Items] | |
Storage capacity of trailer mobile tanks | 21,000 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregates of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 51,941 | $ 60,938 | $ 170,330 | $ 181,517 |
Equipment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 43,123 | 52,774 | 144,686 | 155,760 |
Part Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 8,027 | 7,136 | 23,183 | 22,253 |
Installation Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 791 | $ 1,028 | $ 2,461 | $ 3,504 |
Revenue - Summary of Revenues b
Revenue - Summary of Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | $ 51,941 | $ 60,938 | $ 170,330 | $ 181,517 |
United States [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 30,506 | 32,227 | 91,279 | 89,811 |
Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 1,291 | 6,481 | 13,565 | 20,708 |
Italy [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 5,201 | 4,163 | 16,813 | 15,379 |
Chile [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 2,976 | 2,381 | 7,798 | 6,957 |
France [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 1,828 | 2,208 | 6,037 | 6,461 |
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 1,563 | 2,656 | 5,571 | 6,743 |
Argentina [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 1,758 | 1,290 | 5,648 | 6,963 |
United Kingdom [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 1,553 | 2,499 | 4,300 | 5,643 |
Spain [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 689 | 1,151 | 3,081 | 4,031 |
Germany [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 671 | 1,336 | 2,822 | 3,775 |
Finland [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 386 | 729 | 2,233 | 2,566 |
Mexico [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 605 | 362 | 2,343 | 946 |
Romania [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 98 | 57 | 1,113 | 282 |
Peru [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 507 | 531 | 1,241 | 814 |
Hong Kong [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 134 | 474 | 842 | 674 |
Singapore [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 48 | 5 | 685 | 138 |
Israel [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 25 | 8 | 609 | 626 |
Czech Republic [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 504 | 443 | 1,016 | 1,445 |
Netherlands [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 596 | 449 | 1,106 | 1,241 |
Ireland [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 13 | 10 | 416 | 346 |
Martinique [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 67 | 2 | 217 | 262 |
China [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 247 | 125 | 303 | |
Morocco [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 27 | 52 | 118 | 139 |
Denmark [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 26 | 244 | 94 | 489 |
Turkey [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 62 | 37 | 125 | 163 |
United Arab Emirates [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 148 | 395 | 205 | 743 |
Bahrain [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 1 | 1 | 55 | 142 |
Indonesia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 36 | 361 | 87 | 534 |
Saudi Arabia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 11 | 6 | 61 | 185 |
Russia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 5 | 37 | 154 | |
Puerto Rico [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 285 | 22 | 320 | 71 |
Belgium [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 85 | 31 | 111 | 257 |
South Africa [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 4 | 19 | 213 | |
Kuwait [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 1 | 328 | ||
Qatar [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 1 | 5 | 1 | 805 |
Malaysia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 151 | 1 | 151 | 742 |
Ukraine [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | $ 85 | 51 | $ 85 | 340 |
Thailand [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 56 | |||
Australia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | $ 18 | $ 42 |
Revenue - Summary of Revenues_2
Revenue - Summary of Revenues by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | $ 51,941 | $ 60,938 | $ 170,330 | $ 181,517 |
Boom Trucks, Knuckle Boom & Truck Cranes [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 36,682 | 43,949 | 120,069 | 132,764 |
Part Sales [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 8,027 | 7,136 | 23,183 | 22,253 |
Other Equipment [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 3,020 | 3,823 | 11,884 | 10,212 |
Mobile Tanks [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 1,310 | 3,140 | 7,760 | 7,943 |
Rough Terrain Cranes [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 2,111 | 1,862 | 4,973 | 4,841 |
Installation Services [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | $ 791 | $ 1,028 | $ 2,461 | $ 3,504 |
Revenue - Summary of Changes in
Revenue - Summary of Changes in Customer Deposits (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | ||
Customer deposits, Beginning balance | $ 2,310 | $ 2,242 |
Revenue recognized from customer deposits | (5,052) | (10,547) |
Additional customer deposits received where revenue has not yet been recognized | 4,289 | 10,839 |
Effect of change in exchange rates | (154) | (224) |
Customer deposits, Ending balance | $ 1,393 | $ 2,310 |
Financial Instruments-Marketa_3
Financial Instruments-Marketable Securities, Forward Currency Exchange Contracts and Interest Rate Swap Contracts - Summary of Items Measures at Fair Value on Recurring Basis (Detail) - Fair Value Measurements Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | $ 18 | $ 2,251 |
Total liabilities at fair value | 506 | 533 |
Valla Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 200 | 210 |
Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 18 | 91 |
Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 1 | 2 |
PM Contingent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 305 | 321 |
Marketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 2,160 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 2,160 | |
Level 1 [Member] | Marketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 2,160 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 18 | 91 |
Total liabilities at fair value | 1 | 2 |
Level 2 [Member] | Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 18 | 91 |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 1 | 2 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 505 | 531 |
Level 3 [Member] | Valla Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 200 | 210 |
Level 3 [Member] | PM Contingent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 305 | $ 321 |
Financial Instruments-Marketa_4
Financial Instruments-Marketable Securities, Forward Currency Exchange Contracts and Interest Swap Contracts - Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Detail) - Level 3 [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Liabilities: | |
Beginning Balance | $ 531 |
Effect of change in exchange rates | (26) |
Ending Balance | 505 |
Valla Contingent Consideration [Member] | |
Liabilities: | |
Beginning Balance | 210 |
Effect of change in exchange rates | (10) |
Ending Balance | 200 |
PM Contingent Liabilities [Member] | |
Liabilities: | |
Beginning Balance | 321 |
Effect of change in exchange rates | (16) |
Ending Balance | $ 305 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - 9 months ended Sep. 30, 2019 | 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 | € | € 110,000 | ||
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 | 2 | 2 | 2 |
First and Second Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | |||
Derivative [Line Items] | |||
Contract maturity date | Nov. 15, 2019 | ||
First Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | € | € 3,656,000 | ||
First Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Chile Pesos [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | $ 2,900,000,000 | ||
Second Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | $ 125,000 | ||
Second Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Chile Pesos [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | $ 90,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Forward Currency Contracts and Interest Rate Swaps (Detail) - Sep. 30, 2019 - Derivatives Not Designated as Hedge Instrument [Member] | EUR (€) | CLP ($) |
Forward Currency Sales Contracts [Member] | ||
Derivative [Line Items] | ||
Forward currency contract and interest rate swaps | $ | $ 2,990,000,000 | |
Interest Rate Swap Contracts [Member] | ||
Derivative [Line Items] | ||
Forward currency contract and interest rate swaps | € | € 482,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Value Amounts of Derivative Instruments Reported in Condensed Consolidated Balance Sheets (Detail) - Derivatives Not Designated as Hedge Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | $ 18 | $ 91 |
Interest Rate Swap Contracts [Member] | Notes Payable-Short Term [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liabilities Derivatives | $ 1 | $ 2 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in statement of operations | $ 1 | $ 2 | ||
Derivatives Not Designated as Hedge Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in statement of operations | $ 103 | $ (37) | (72) | 97 |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Foreign Currency Transaction Gains (Losses) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in statement of operations | 105 | (36) | (73) | 99 |
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 | $ (2) | $ (1) | $ 1 | $ (2) |
Inventory, Net - Components of
Inventory, Net - Components of Inventory (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts, net | $ 43,270 | $ 38,192 |
Work in process, net | 5,590 | 5,360 |
Finished goods, net | 19,062 | 14,472 |
Inventory, net | $ 67,922 | $ 58,024 |
Inventory, Net - Additional Inf
Inventory, Net - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete and excess inventory | $ 7,097 | $ 5,967 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Accumulated Amortization by Category (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Total intangible assets, net | $ 17,204 | $ 24,773 |
Indefinite lived trade names | 2,512 | 4,999 |
Customer Relationships [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 18,297 | 23,301 |
Accumulated Amortization | (10,517) | (11,419) |
Total intangible assets, net | $ 7,780 | $ 11,882 |
Weighted Average Amortization Period (in years) | 14 years | 13 years |
Patented and Unpatented Technology [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 17,745 | $ 18,111 |
Accumulated Amortization | (13,229) | (12,762) |
Total intangible assets, net | $ 4,516 | $ 5,349 |
Weighted Average Amortization Period (in years) | 6 years | 7 years |
Trade Names and Trademarks [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (2,433) | $ (2,286) |
Total intangible assets, net | $ 2,396 | $ 2,543 |
Weighted Average Amortization Period (in years) | 12 years | 13 years |
Gross Carrying Amount | $ 4,829 | $ 4,829 |
Trade Names [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,512 | $ 4,999 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 617 | $ 694 | $ 1,912 | $ 2,118 |
Goodwill impairment | (3,165) | |||
Sabre [Member] | ||||
Finite And Infinite Lived Intangible Assets [Line Items] | ||||
Goodwill impairment | 2,850 | |||
Impairment of intangible assets | 3,723 | |||
PM/Valla [Member] | ||||
Finite And Infinite Lived Intangible Assets [Line Items] | ||||
Goodwill impairment | 315 | |||
Impairment of intangible assets | $ 1,224 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2019 | $ 1,717 | |
2020 | 1,685 | |
2021 | 1,676 | |
2022 | 1,676 | |
2023 | 1,637 | |
And subsequent | 6,301 | |
Total intangibles currently to be amortized | 14,692 | |
Intangibles with indefinite lives not amortized | 2,512 | |
Total intangible assets, net | $ 17,204 | $ 24,773 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Changes in Goodwill (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning Balance | $ 36,298 |
Effect of change in exchange rates | (1,160) |
Goodwill impairment | (3,165) |
Ending Balance | $ 31,973 |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - ASV after transaction [Member] - shares | Feb. 28, 2018 | Sep. 30, 2019 | Feb. 26, 2018 |
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 21.20% | 21.20% | |
Number of shares sold | 1,000,000 | ||
Percentage of reduction in investment | 11.00% | ||
Number of shares remaining for merger cash consideration | 1,080,000 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accrued Liabilities Current [Abstract] | ||
Accrued payroll | $ 1,823 | $ 1,195 |
Accrued employee benefits | 405 | 951 |
Accrued bonuses | 487 | 146 |
Accrued vacation | 1,074 | 1,274 |
Accrued interest | 995 | 723 |
Accrued commissions | 453 | 424 |
Accrued expenses—other | 696 | 1,038 |
Accrued warranty | 1,711 | 2,004 |
Accrued taxes other than income taxes | 1,141 | 1,243 |
Accrued product liability and workers compensation claims | 574 | 251 |
Total accrued expenses | $ 9,359 | $ 9,249 |
Accrued Warranty - Summary of C
Accrued Warranty - Summary of Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 2,004 | $ 2,030 |
Accrual for warranties issued during the period | 1,856 | 2,530 |
Warranty services provided | (1,579) | (2,476) |
Changes in estimate | (518) | (128) |
Foreign currency translation | (52) | 10 |
Ending Balance | $ 1,711 | $ 1,966 |
Credit Facilities and Debt - Ad
Credit Facilities and Debt - Additional Information - U.S. Credit Facilities (Detail) - CIBC Bank USA [Member] | Sep. 30, 2019USD ($)ForwardContract | Jun. 30, 2019USD ($) | Sep. 30, 2019USD ($)ForwardContract |
Line of Credit Facility [Line Items] | |||
Fixed charge coverage ratio covenant | 1.10 | ||
Amount availability for covenant testing waiver | $ 15,000,000 | $ 15,000,000 | |
Covenant testing waiver description | At the end of a quarter, if there is $15,000 or more of availability and outstanding borrowings of less than $5,000, covenant testing is waived. | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding borrowings for covenant testing waiver | $ 5,000,000 | $ 5,000,000 | |
U.S. Credit Facilities [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility termination date | Jul. 20, 2023 | Jul. 20, 2021 | |
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 | $ 20,000,000 | 20,000,000 | |
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 percentage of assets eligible for collateral, eligible mexico receivables | 50.00% | ||
Maximum value of assets eligible for collateral, eligible mexico receivables | $ 400,000 | 400,000 | |
Maximum borrowing capacity based on available collateral | 29,500,000 | 29,500,000 | |
Line of credit facility, amount borrowed | $ 0 | $ 0 | |
Line of credit facility interest rate description | The base rate spread ranges from 0.00% to 0.50% depending on the Borrower’s Adjusted Excess Availability (as defined in the Loan Agreement). The LIBOR spread ranges from 1.75% to 2.25% also depending on the Adjusted Excess Availability. | ||
Maximum number of LIBOR contracts allowed | ForwardContract | 4 | 4 | |
Unused line fee | 0.375% | ||
U.S. Credit Facilities [Member] | Minimum [Member] | Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread for base rate | 0.00% | ||
U.S. Credit Facilities [Member] | Minimum [Member] | LIBOR [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread for base rate | 1.75% | ||
U.S. Credit Facilities [Member] | Maximum [Member] | Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread for base rate | 0.50% | ||
U.S. Credit Facilities [Member] | Maximum [Member] | LIBOR [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread for base rate | 2.25% | ||
U.S. Credit Facilities [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 30,000,000 | $ 25,000,000 | $ 30,000,000 |
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 - _2
Credit Facilities and Debt - Additional Information - Notes Payable-Bank (Detail) | 9 Months Ended |
Sep. 30, 2019USD ($)Payment | |
Notes Payable to Bank [Member] | |
Line of Credit Facility [Line Items] | |
Notes Payable | $ 60,000 |
Number of monthly payments | Payment | 10 |
Debt Instrument, frequency of periodic payment | monthly |
Debt Instrument, periodic payment | $ 60,000 |
Payment commencing date | Jan. 1, 2019 |
Note payable, issuance date | Jan. 1, 2019 |
Debt instrument, face amount | $ 588,000 |
Debt Instrument Interest Rate | 4.99% |
CIBC Bank USA [Member] | U.S. Credit Facilities [Member] | |
Line of Credit Facility [Line Items] | |
Letter of credit reserved | $ 3,000,000 |
Credit Facilities and Debt - _3
Credit Facilities and Debt - Additional Information - Note Payable-Winona Facility Purchase (Detail) - Notes Payable to Avis [Member] - Winona Facility [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)Payment | |
Line of Credit Facility [Line Items] | |
Notes Payable | $ 308 |
Number of monthly 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 - _4
Credit Facilities and Debt - Additional Information - PM Debt Restructuring (Detail) - PM Group [Member] - EUR (€) € in Millions | Mar. 06, 2018 | Sep. 30, 2019 | 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 | ||
Debt instrument, face amount | € 1.8 | ||
Put and call option extended maturity year | 2021 | ||
Debt repayment term | 9 years | ||
Debt repayment beginning year | 2018 | ||
Debt instrument ending date for principal payments | 2026 |
Credit Facilities and Debt - _5
Credit Facilities and Debt - Additional Information - PM Group Short-Term Working Capital Borrowing (Detail) - Short-term Working Capital Borrowings [Member] - PM Group [Member] | Sep. 30, 2019USD ($)Bank | Sep. 30, 2019EUR (€)Bank | Dec. 31, 2018USD ($)Bank | Dec. 31, 2018EUR (€)Bank |
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 25,192,000 | € 21,178,000 | $ 23,980,000 | € 21,990,000 |
Short-term debt | $ 17,827,000 | € 16,348,000 | $ 18,916,000 | € 16,511,000 |
Italy [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Number of banks which PM Group established demand credit and overdraft facilities | 5 | 5 | 5 | 5 |
Short-term debt | $ 16,790,000 | € 15,397,000 | $ 18,096,000 | € 15,796,000 |
Italy [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, variable interest rate | 1.75% | 1.75% | 1.75% | 1.75% |
Italy [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, variable interest rate | 2.00% | 2.00% | 2.00% | 2.00% |
Spain [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Number of banks which PM Group established demand credit and overdraft facilities | 1 | 1 | ||
Short-term debt | $ 0 | € 0 | $ 0 | € 0 |
South America [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Number of banks which PM Group established demand credit and overdraft facilities | 8 | 8 | 8 | 8 |
Short-term debt | $ 1,037,000 | € 951,000 | $ 820,000 | € 715,000 |
South America [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Working capital borrowing interest rate | 7.00% | 7.00% | 9.00% | 9.00% |
South America [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Working capital borrowing interest rate | 80.00% | 80.00% | 65.00% | 65.00% |
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 - _6
Credit Facilities and Debt - Additional Information - PM Group Term Loans (Detail) € in Thousands, $ in Thousands | Sep. 30, 2019USD ($)PaymentBankNote | Sep. 30, 2019EUR (€)PaymentNote | Dec. 31, 2018USD ($)PaymentBankNote | Dec. 31, 2018EUR (€)PaymentNote | Mar. 06, 2018USD ($) | Mar. 31, 2019 | Sep. 30, 2019USD ($)PaymentBank | Dec. 31, 2018USD ($)PaymentBank | Sep. 30, 2019EUR (€)Bank | Dec. 31, 2018EUR (€)Bank | Mar. 06, 2018EUR (€) |
Notes Payable to Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument Interest Rate | 4.99% | 4.99% | 4.99% | ||||||||
Number of monthly payments | Payment | 10 | ||||||||||
Debt Instrument, frequency of periodic payment | monthly | ||||||||||
Debt Instrument, periodic payment | $ | $ 60 | ||||||||||
Payment commencing date | Jan. 1, 2019 | ||||||||||
Notes Payable | $ | $ 60 | $ 60 | |||||||||
PM Group [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument ending date for principal payments | 2026 | ||||||||||
PM Group [Member] | Interest Rate Swap Contracts [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rates swaps, fair value | 1 | $ 1 | 1 | $ 1 | € 1 | € 1 | |||||
PM Group [Member] | Unsecured Debt [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Bank loans | $ 13,212 | $ 13,879 | $ 13,212 | $ 13,879 | € 12,115 | € 12,115 | |||||
Debt Instrument Interest Rate | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | |||||
Debt instrument, interest rate, effective percentage | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | |||||
Annual payments | € 1,731 | ||||||||||
PM Group [Member] | Unsecured Debt [Member] | Italy [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Number of Italian banks | Bank | 3 | 3 | 3 | 3 | 3 | 3 | |||||
PM Group [Member] | Term Debt and Unsecured Debt [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Financial covenants semi-annual measurement, start date | Dec. 31, 2018 | ||||||||||
Financial covenants measurement, frequency | semi-annual | ||||||||||
PM Group [Member] | Bank Term Loan Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Bank loans | $ 11,397 | $ 11,397 | € 10,451 | ||||||||
2019 | 958 | ||||||||||
2020 | 991 | ||||||||||
2021 | 1,026 | ||||||||||
2022 | 1,062 | ||||||||||
2023 | 1,099 | ||||||||||
2024 | 1,137 | ||||||||||
2025 | 1,177 | ||||||||||
PM Group [Member] | Bank Term Loan Facility [Member] | Non Interest Bearing Debt Adjustment [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, fair value | 336 | $ 550 | 336 | 308 | € 480 | ||||||
PM Group [Member] | Bank Term Loan Facility [Member] | Notes Payable to Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Bank loans | $ 8,123 | $ 8,534 | $ 8,123 | $ 8,534 | € 7,449 | € 7,449 | |||||
Debt Instrument Interest Rate | 3.50% | 3.50% | 3.50% | ||||||||
Debt instrument, interest rate, effective percentage | 3.50% | 3.50% | 3.50% | ||||||||
PM Group [Member] | Bank Term Loan Facility [Member] | Balloon Payment [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Bank loans | $ 3,274 | $ 3,439 | $ 3,274 | $ 3,439 | € 3,001 | € 3,002 | |||||
Debt Instrument Interest Rate | 3.50% | 3.50% | 3.50% | ||||||||
Debt instrument, interest rate, effective percentage | 3.50% | 3.50% | 3.50% | ||||||||
Debt instrument periodic payment terms balloon payment to be paid | € 3,002 | ||||||||||
Debt instrument ending date for principal payments | 2026 | ||||||||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, interest rate, effective percentage | 3.00% | 3.00% | 3.00% | ||||||||
Number of notes | Note | 3 | 3 | 3 | 3 | |||||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | First note [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, interest rate, effective percentage | 3.00% | 3.00% | 3.00% | ||||||||
Number of monthly payments | Payment | 60 | 60 | 60 | ||||||||
Debt Instrument, frequency of periodic payment | monthly | monthly | |||||||||
Debt Instrument, periodic payment | $ 9 | € 8 | |||||||||
Debenture, maturity date | 2020-10 | 2020-10 | |||||||||
Notes Payable | $ 120 | $ 213 | $ 120 | $ 213 | € 110 | € 186 | |||||
Autogru PM RO [Member] | Notes Payable to Bank [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 Bank [Member] | Second note [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, interest rate, effective percentage | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | |||||
Debt instrument periodic payment terms balloon payment to be paid | $ 207 | $ 207 | € 190 | ||||||||
Debt Instrument, frequency of periodic payment | monthly | monthly | |||||||||
Debt Instrument, periodic payment | $ 10 | € 9 | |||||||||
Payment commencing date | Sep. 30, 2019 | Sep. 30, 2019 | |||||||||
Debt instrument, periodic payment, ending year | Mar. 31, 2020 | Mar. 31, 2020 | |||||||||
Debenture, maturity date | 2020-03 | 2020-03 | |||||||||
Notes Payable | $ 265 | $ 367 | $ 265 | $ 367 | € 243 | € 320 | |||||
Autogru PM RO [Member] | Notes Payable to Bank [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% | |||||||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Third note of first part [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, interest rate, effective percentage | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | |||||
Number of monthly payments | Payment | 60 | 60 | 60 | ||||||||
Debt Instrument, frequency of periodic payment | monthly | monthly | |||||||||
Debt Instrument, periodic payment | $ 1 | € 1 | |||||||||
Debenture, maturity date | 2023-02 | 2023-02 | |||||||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Third note of first part [Member] | 6-month Euribor [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, basis spread on variable rate | 2.75% | 2.75% | |||||||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Third note of second part [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, interest rate, effective percentage | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | |||||
Number of monthly payments | Payment | 60 | 60 | 60 | ||||||||
Debt Instrument, frequency of periodic payment | monthly | monthly | |||||||||
Debt Instrument, periodic payment | $ 5 | € 4 | |||||||||
Debenture, maturity date | 2023-04 | 2023-04 | |||||||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Third note of second part [Member] | 6-month Euribor [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, basis spread on variable rate | 2.75% | 2.75% | |||||||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Third note of third part [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, interest rate, effective percentage | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | |||||
Number of monthly payments | Payment | 60 | 60 | 60 | ||||||||
Debt Instrument, frequency of periodic payment | monthly | monthly | |||||||||
Debt Instrument, periodic payment | $ 1 | € 1 | |||||||||
Debenture, maturity date | 2023-06 | 2023-06 | |||||||||
Notes Payable | $ 275 | $ 348 | $ 275 | $ 348 | € 252 | € 304 | |||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Third note of third part [Member] | 6-month Euribor [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, basis spread on variable rate | 2.75% | 2.75% | |||||||||
PM Argentina Sistemas de Elevacion [Member] | Notes Payable to Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument Interest Rate | 28.50% | 28.50% | 28.50% | ||||||||
Number of monthly payments | Payment | 15 | 15 | |||||||||
Debt Instrument, frequency of periodic payment | monthly | ||||||||||
Debt Instrument, periodic payment | $ 15 | € 13 | |||||||||
Payment commencing date | Mar. 31, 2018 | Mar. 31, 2018 | |||||||||
Debt instrument, periodic payment, ending year | May 31, 2019 | May 31, 2019 | |||||||||
Notes Payable | $ 78 | $ 78 | € 68 |
Credit Facilities and Debt - _7
Credit Facilities and Debt - Additional Information - Valla Short-Term Working Capital Borrowings (Detail) - Short-term Working Capital Borrowings [Member] - Valla [Member] € in Thousands, $ in Thousands | Sep. 30, 2019USD ($)Bank | Sep. 30, 2019EUR (€)Bank | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) |
Credit Facilities [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 720 | € 660 | $ 997 | € 870 |
Line of credit facility, amount borrowed | $ 251 | € 230 | $ 46 | € 40 |
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 | 1.67% | 1.67% | 4.50% | 4.50% |
Maximum [Member] | Italy [Member] | ||||
Credit Facilities [Line Items] | ||||
Working capital borrowing interest rate | 4.75% | 4.75% | 4.75% | 4.75% |
Credit Facilities and Debt - _8
Credit Facilities and Debt - Additional Information - Valla Term Loans (Detail) - Valla [Member] - Bank Term Loan Facility [Member] € in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019USD ($) | Sep. 30, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Sep. 30, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
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 | $ 9 | € 8 | $ 9 | € 8 | ||
Debt instrument, interest rate, effective percentage | 4.36% | 4.36% | 4.36% | 4.36% | ||
Debenture, maturity date | 2021-01 | 2021-01 | ||||
Bank loans | $ 51 | $ 81 | € 47 | € 71 | ||
3-month Euribor [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate spread for base rate | 4.70% | 4.70% | 470.00% | 470.00% |
Credit Facilities and Debt - _9
Credit Facilities and Debt - Additional Information - Georgetown Facility (Detail) - Georgetown Facility [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Capital Leased Assets [Line Items] | |
Outstanding capital lease obligation | $ 4,873 |
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 -_10
Credit Facilities and Debt - Additional Information - Equipment (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)CapitalLease | |
Credit Facilities [Line Items] | |
Number of additional capital leases | CapitalLease | 1 |
Additional capital lease obligations | $ 2 |
Capital Lease Equipment [Member] | |
Credit Facilities [Line Items] | |
Maximum borrowing capacity of new equipment | 100.00% |
Lease repayment period of new equipment | 35 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 | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Capital Leased Assets [Line Items] | |
Amount Borrowed | $ 896 |
Remaining Repayment Period | 35 months |
Amount of Monthly Payment | $ 18 |
Equipment lease balance | $ 298 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) - USD ($) | Jan. 07, 2015 | Dec. 19, 2014 | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Convertible note, net | $ 14,702,000 | $ 14,530,000 | ||
Terex Corporation Note Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 7,500,000 | |||
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 | $ 7,281,000 | 7,158,000 | ||
Convertible note unamortized discount | 219,000 | 342,000 | ||
Perella Notes Purchase Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible note unamortized discount | 175,000 | 274,000 | ||
Net carrying amount of convertible debt | 14,825,000 | 14,726,000 | ||
Debt issuance cost | 123,000 | 196,000 | ||
Convertible note, net | $ 14,702,000 | $ 14,530,000 | ||
Perella Notes Purchase Agreement [Member] | Convertible Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 15,000,000 | |||
Common stock conversion price | $ 15 | |||
Debt instrument, interest rate, effective percentage | 6.50% | |||
Principal amount of convertible notes due date | January 7, 2021 |
Leases - Additional Information
Leases - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lease renewal term | Most leases include one or more options to renew, with renewal terms that can extend the lease term. |
Weighted average remaining useful life for operating leases | 4 years |
Weighted average remaining useful life for finance leases | 8 years |
Weighted average discount rate for operating leases | 4.80% |
Weighted average discount rate for finance leases | 12.50% |
Leases - Schedule of Leases on
Leases - Schedule of Leases on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Operating lease assets | $ 2,474 | |
Finance lease assets | $ 3,782 | |
Finance lease, Statement of financial position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | |
Total leased assets | $ 6,256 | |
Current | ||
Operating | 985 | |
Finance | 462 | $ 422 |
Non-current | ||
Operating | 1,499 | |
Finance | 4,711 | $ 5,061 |
Total lease liabilities | $ 7,657 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Lease Cost (thousands) | ||
Operating lease costs | $ 241 | $ 750 |
Finance lease cost | ||
Depreciation/Amortization of leased assets | 34 | 319 |
Interest on lease liabilities | 155 | 469 |
Lease cost | $ 430 | $ 1,538 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Leases (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 838 |
Operating cash flows from finance leases | 320 |
Financing cash flows from finance leases | $ 469 |
Leases - Schedule of Future Pri
Leases - Schedule of Future Principal Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Leases | ||
2019 | $ 1,083 | |
2020 | 597 | |
2021 | 374 | |
2022 | 237 | |
2023 | 77 | |
And subsequent | 329 | |
Total undiscounted lease payments | 2,697 | |
Less interest | (213) | |
Total liabilities | 2,484 | |
Less current maturities | (985) | |
Non-current operating lease liabilities | 1,499 | |
Capital Leases | ||
2019 | 1,060 | |
2020 | 960 | |
2021 | 898 | |
2022 | 925 | |
2023 | 952 | |
And subsequent | 3,656 | |
Total undiscounted lease payments | 8,451 | |
Less interest | (3,278) | |
Total liabilities | 5,173 | |
Less current maturities | (462) | $ (422) |
Finance lease obligations (net of current portion) | $ 4,711 | $ 5,061 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Taxes Disclosure [Line Items] | ||||
Non cash valuation allowance | $ 2,200 | $ 2,200 | ||
Income tax provision (benefit) | 1,958 | $ 335 | 2,488 | $ 540 |
Discrete income tax provision | $ 2,224 | $ 111 | $ 2,283 | $ 156 |
Annual effective tax rate | 19.80% | 73.30% | 47.70% | 30.20% |
Pretax income (loss) | $ (9,893) | $ 457 | $ (5,217) | $ (1,790) |
Annual statutory tax rates | 21.00% | 21.00% | ||
Total unrecognized tax benefits | $ 4,100 | $ 1,000 | $ 4,100 | $ 1,000 |
Romania Income Tax [Member] | Earliest Tax Year [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Audit adjustments tax period | 2012 | |||
Romania Income Tax [Member] | Latest Tax Year [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Audit adjustments tax period | 2016 |
Net Earnings (Loss) per Commo_3
Net Earnings (Loss) per Common Share - Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ (11,851) | $ 122 | $ (7,705) | $ (2,330) |
(Loss) earnings per share | ||||
Basic | $ (0.60) | $ 0.01 | $ (0.39) | $ (0.13) |
Diluted | $ (0.60) | $ 0.01 | $ (0.39) | $ (0.13) |
Weighted average common shares outstanding | ||||
Basic | 19,690,233 | 19,610,168 | 19,684,521 | 18,003,829 |
Diluted | ||||
Basic | 19,690,233 | 19,610,168 | 19,684,521 | 18,003,829 |
Dilutive effect of restricted stock units and stock options | 25,817 | 84,211 | 30,551 | |
Diluted | 19,716,050 | 19,694,379 | 19,715,072 | 18,003,829 |
Net Earnings (Loss) per Commo_4
Net Earnings (Loss) per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Detail) - shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 1,845,762 | 1,702,985 |
Unvested Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 198,874 | 106,097 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 97,437 | 47,437 |
Convertible Subordinated Notes [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 1,549,451 | 1,549,451 |
Equity - Additional Information
Equity - Additional Information - Tadano, Ltd Investment in Company (Detail) | May 24, 2018USD ($)Director$ / sharesshares | Jun. 30, 2018shares | Sep. 30, 2019$ / shares | Dec. 31, 2018$ / shares |
Equity Disclosure [Line Items] | ||||
Number of shares issued and sold | shares | 2,918,542 | |||
Common Stock, par value | $ 0 | $ 0 | ||
Maximum [Member] | ||||
Equity Disclosure [Line Items] | ||||
Prohibition on increasing number of directors on company's board of directors | Director | 10 | |||
Tadano, Ltd [Member] | ||||
Equity Disclosure [Line Items] | ||||
Date of agreement | May 24, 2018 | |||
Tadano, Ltd [Member] | Securities Purchase Agreement [Member] | ||||
Equity Disclosure [Line Items] | ||||
Number of shares issued and sold | shares | 2,918,542 | |||
Common Stock, par value | ||||
Sale of stock, price per share | $ 11.19 | |||
Aggregare purchase price | $ | $ 32,658 | |||
Agreement transaction closing date | May 29, 2018 | |||
Right to nominate number of board of director | Director | 1 | |||
Aggregate legal investment banking and consulting fees | $ | $ 875,000 | |||
Tadano, Ltd [Member] | Securities Purchase Agreement [Member] | Minimum [Member] | ||||
Equity Disclosure [Line Items] | ||||
Minimum required ownership percent | 10.00% | |||
Tadano, Ltd [Member] | Securities Purchase Agreement [Member] | Manitex International, Inc. [Member] | ||||
Equity Disclosure [Line Items] | ||||
Percentage of stockholder's ownership | 14.90% |
Equity - Summary of Stock Issua
Equity - Summary of Stock Issuances (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 49,927 |
Value of Shares Issued | $ | $ 356 |
Employee [Member] | January 1, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 2,500 |
Value of Shares Issued | $ | $ 14 |
Employee [Member] | January 4, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 21,502 |
Value of Shares Issued | $ | $ 131 |
Employee [Member] | May 15, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 560 |
Value of Shares Issued | $ | $ 6 |
Employee [Member] | August 20, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 333 |
Value of Shares Issued | $ | $ 4 |
Employee [Member] | September 18, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 2,612 |
Value of Shares Issued | $ | $ 18 |
Directors [Member] | January 4, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 7,900 |
Value of Shares Issued | $ | $ 48 |
Directors [Member] | March 13, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 7,920 |
Value of Shares Issued | $ | $ 58 |
Directors [Member] | May 31, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 6,600 |
Value of Shares Issued | $ | $ 77 |
Equity - Summary of Common Stoc
Equity - Summary of Common Stock Repurchases (Detail) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 3,764 |
January 1, 2019 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 2,882 |
Closing Price on Date of Purchase | $ / shares | $ 6.65 |
August 20, 2019 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 116 |
Closing Price on Date of Purchase | $ / shares | $ 5.60 |
September 18, 2019 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 766 |
Closing Price on Date of Purchase | $ / shares | $ 6.24 |
Equity - Additional Informati_2
Equity - Additional Information - Stock Repurchase (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Common Stock [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Decrease in equity due to repurchase | $ 25 |
Equity - Additional Informati_3
Equity - Additional Information - 2019 Equity Incentive Plan (Detail) | 9 Months Ended |
Sep. 30, 2019shares | |
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) - shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | |
Equity [Abstract] | |||||
Outstanding on January 1, 2019 | 72,874 | 72,874 | |||
Units granted during the period | 187,310 | ||||
Vested and issued | (46,163) | ||||
Vested-issued and repurchased for income tax withholding | (882) | (2,882) | (4,478) | (8,892) | (3,764) |
Forfeited | (11,383) | ||||
Outstanding on September 30, 2019 | 198,874 | 198,874 |
Equity - Additional Informati_4
Equity - Additional Information - Restricted Stock Awards (Detail) - Restricted Stock Units [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense related to restricted stock units | $ 141 | $ 139 | $ 441 | $ 530 |
Compensation expense related to restricted stock units for remainder of 2019 | 136 | 136 | ||
Compensation expense related to restricted stock units for year 2020 | 437 | 437 | ||
Compensation expense related to restricted stock units for year 2021 | $ 356 | $ 356 |
Equity - Additional Informati_5
Equity - Additional Information - Stock Options (Detail) - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | Sep. 01, 2019 | May 23, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Class Of Warrant Or Right [Line Items] | ||||||
Stock options granted | 50,000 | |||||
Stock options granted, exercise price per share | $ 5.62 | |||||
Stock options vesting period | 3 years | |||||
Compensation expense related to stock options | $ 7 | $ 0 | $ 7 | $ 0 | ||
Compensation expense related to stock options for remainder of 2019 | 21 | 21 | ||||
Compensation expense related to stock options for year 2020 | 69 | 69 | ||||
Compensation expense related to stock options for year 2021 | $ 31 | $ 31 | ||||
Consultant [Member] | Predecessor 2004 Equity Plan [Member] | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Stock options issued | 47,437 | |||||
Stock options, expiration date | May 23, 2028 | |||||
Share price for transaction | $ 11.08 | |||||
Grant date fair market value of stock options | $ 130 |
Equity - Summary of Assumptions
Equity - Summary of Assumptions to Calculate the Black-Scholes Option Pricing Model for Stock Options Granted (Detail) - Stock Option [Member] | Sep. 01, 2019$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 51.00% |
Risk free interest rate | 1.42% |
Expected life (in years) | 6 years |
Fair value of the option granted | $ 2.76 |
Legal Proceedings and Other C_2
Legal Proceedings and Other Contingencies - Additional Information (Detail) | May 05, 2011AgreementPlaintiff | Sep. 30, 2019USD ($)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 | $ 1,140,000 | |
Number of installments for the payment of product liability settlement | Installment | 12 | |
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 $1,140 without interest in 12 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 Comp_3
Transactions between the Company and Related Parties - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 28, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | May 31, 2017 | Dec. 19, 2014 |
ASV transaction [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment ownership percentage | 21.20% | ||||
Percentage of reduction in investment | 11.00% | ||||
Terex Corporation Note Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument, face amount | $ 7,500 | ||||
Net carrying amount of convertible debt | $ 7,281 | $ 7,158 | |||
Terex Corporation Note Payable [Member] | Convertible Notes Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument, face amount | $ 7,500 |
Transactions between the Comp_4
Transactions between the Company and Related Parties - Schedule of Accounts Receivable and Accounts Payable with Related Parties (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Net Related Party Accounts Payable | $ 137 | $ 1,371 |
Terex Corporation [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Receivable: | 23 | |
Accounts Payable | $ 137 | $ 1,394 |
Transactions between the Comp_5
Transactions between the Company and Related Parties - Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Related Party Transaction [Line Items] | |||||
Total Sales | $ 142 | $ 289 | |||
Bridgeview Facility [Member] | |||||
Related Party Transaction [Line Items] | |||||
Rent paid: | [1] | 69 | $ 69 | 205 | $ 201 |
Terex Corporation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Sales | 3 | 11 | |||
Purchases from: | 142 | $ 139 | 1,050 | $ 809 | |
Tadano, Ltd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Sales | $ 139 | $ 278 | |||
[1] | The Company leases its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Executive Chairman and former CEO. Pursuant to the terms of the lease, the Company makes monthly lease payments of $23. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. On October 3, 2018, the lease was amended to extend the initial lease term to fifteen years expiring in May 26, 2025 with a provision for an option one five-year period and thereafter, 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 Comp_6
Transactions between the Company and Related Parties - Related Party Transactions (Parenthetical) (Detail) - Bridgeview Facility [Member] $ in Thousands | Oct. 03, 2018 | Sep. 30, 2019USD ($)ft² |
Related Party Transaction [Line Items] | ||
Lease of Bridgeview Facility | ft² | 40,000 | |
Monthly lease payments | $ | $ 23 | |
Maximum rental escalation | 2.00% | |
Lease term | 15 years | |
Extended lease expiration date | May 26, 2025 | |
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%. |
Sale of Investment in ASV Hol_2
Sale of Investment in ASV Holdings - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 28, 2018 | May 17, 2017 | Sep. 30, 2019 | Feb. 28, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Equity Method Investment, Realized Pretax Gain (Loss) on Disposal | $ (87) | |||||||
Gain (loss) from change in fair value of marketable securities | $ 216 | $ (907) | $ 5,454 | $ (2,308) | ||||
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 | |||||||
Percentage of reduction in investment | 11.00% | |||||||
Number of shares remaining for merger cash consideration | 1,080,000 | |||||||
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] | ||||||||
Percentage of ownership interest after disposal | 21.20% | |||||||
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 | |||||||
Disposition of the Remaining Available for Sale Investment [Member] | ASV as a legal entity [Member] | Yanmar America Corporation [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Number of shares remaining for merger cash consideration | 1,080,000 | |||||||
Shares price per share received in cash merger consideration | $ 7.05 | |||||||
Proceeds from shares received in cash merger consideration | $ 7,600 | |||||||
Disposition of the Remaining Available for Sale 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 | 1,080,000 | ||||||
Percentage of reduction in investment | 11.00% | |||||||
Equity Method Investment, Realized Pretax Gain (Loss) on Disposal | $ (205) | |||||||
Discontinued operation, commissions paid | $ 118 |