Generac (GNRC) 10-Q 4 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 28, 2017
Document Information [Line Items]
Entity Registrant Name	GENERAC HOLDINGS INC.
Entity Central Index Key	1,474,735
Trading Symbol	gnrc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		62,151,055
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 67,071	$ 67,272
Accounts receivable, less allowance for doubtful accounts	243,285	241,857
Inventories	378,110	349,731
Prepaid expenses and other assets	9,314	24,649
Total current assets	697,780	683,509
Property and equipment, net	217,056	212,793
Customer lists, net	44,659	45,312
Patents, net	44,409	48,061
Other intangible assets, net	2,699	2,925
Tradenames, net	156,650	158,874
Goodwill	716,820	704,640
Deferred income taxes	4,261	3,337
Other assets	3,196	2,233
Total assets	1,887,530	1,861,684
Current liabilities:
Short-term borrowings	22,155	31,198
Accounts payable	163,359	181,519
Accrued wages and employee benefits	23,765	21,189
Other accrued liabilities	93,343	93,068
Current portion of long-term borrowings and capital lease obligations	7,700	14,965
Total current liabilities	310,322	341,939
Long-term borrowings and capital lease obligations	1,007,235	1,006,758
Deferred income taxes	37,575	17,278
Other long-term liabilities	66,633	61,459
Total liabilities	1,421,765	1,427,434
Redeemable noncontrolling interest	37,796	33,138
Stockholders’ equity:
Common stock, par value $0.01, 500,000,000 shares authorized, 70,594,648 and 70,261,481 shares issued at June 30, 2017 and December 31, 2016, respectively	705	702
Additional paid-in capital	454,763	449,049
Treasury stock, at cost	(293,684)	(262,402)
Excess purchase price over predecessor basis	(202,116)	(202,116)
Retained earnings	495,463	456,052
Accumulated other comprehensive loss	(27,209)	(40,163)
Stockholders' equity attributable to Generac Holdings, Inc.	427,922	401,122
Noncontrolling interests	47	(10)
Total stockholders’ equity	427,969	401,112
Total liabilities and stockholders’ equity	$ 1,887,530	$ 1,861,684

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	70,594,648	70,261,481

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net sales	$ 395,376	$ 367,376	$ 727,190	$ 653,911
Costs of goods sold	260,916	243,229	482,244	431,704
Gross profit	134,460	124,147	244,946	222,207
Operating expenses:
Selling and service	43,116	42,366	83,300	79,635
Research and development	10,567	9,889	20,868	18,086
General and administrative	21,361	19,593	42,334	37,426
Amortization of intangibles	7,129	8,217	14,312	16,014
Total operating expenses	82,173	80,065	160,814	151,161
Income from operations	52,287	44,082	84,132	71,046
Other (expense) income:
Interest expense	(10,893)	(11,380)	(21,681)	(22,415)
Investment income	38	4	43	36
Costs related to acquisition	(136)		(321)	(417)
Other, net	(1,437)	158	(1,214)	545
Total other expense, net	(12,428)	(11,218)	(23,173)	(22,251)
Income before provision for income taxes	39,859	32,864	60,959	48,795
Provision for income taxes	14,114	11,921	22,365	17,640
Net income	25,745	20,943	38,594	31,155
Net income attributable to noncontrolling interests	85	55	92	59
Net income attributable to Generac Holdings Inc.	$ 25,660	$ 20,888	$ 38,502	$ 31,096
Net income attributable to common shareholders per common share - basic: (in dollars per share)	$ 0.42	$ 0.32	$ 0.63	$ 0.47
Weighted average common shares outstanding - basic: (in shares)	62,146,393	65,870,714	62,260,170	65,955,455
Net income attributable to common shareholders per common share - diluted: (in dollars per share)	$ 0.41	$ 0.31	$ 0.63	$ 0.47
Weighted average common shares outstanding - diluted: (in shares)	62,635,437	66,388,581	62,849,877	66,465,770
Comprehensive income attributable to Generac Holdings Inc.	$ 32,577	$ 7,622	$ 48,964	$ 19,076

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net income		$ 38,594	$ 31,155
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation		11,271	10,429
Amortization of intangible assets		14,312	16,014
Amortization of original issue discount and deferred financing costs		1,308	2,122
Deferred income taxes		17,164	9,072
Share-based compensation expense	[1]	5,818	5,386
Other		377	46
Net changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		5,362	(9,389)
Inventories		(13,981)	(1,046)
Other assets		1,069	2,297
Accounts payable		(26,560)	17,537
Accrued wages and employee benefits		1,902	6,166
Other accrued liabilities		(559)	(1,825)
Excess tax benefits from equity awards		(403)	(6,729)
Net cash provided by operating activities		55,674	81,235
Investing activities
Proceeds from sale of property and equipment		45	47
Expenditures for property and equipment		(10,030)	(14,004)
Acquisitions of businesses, net of cash acquired		1,160	(60,886)
Net cash used in investing activities		(8,825)	(74,843)
Financing activities
Proceeds from short-term borrowings		62,435	10,278
Proceeds from long-term borrowings		3,069
Repayments of short-term borrowings		(72,971)	(6,327)
Repayments of long-term borrowings and capital lease obligations		(9,806)	(10,652)
Stock repurchases		(30,012)	(34,576)
Payment of debt issuance costs		(1,517)
Cash dividends paid			(76)
Taxes paid related to the net share settlement of equity awards		(1,958)	(12,099)
Proceeds from exercise of stock options		1,254
Excess tax benefits from equity awards			6,729
Net cash used in financing activities		(49,506)	(46,723)
Effect of exchange rate changes on cash and cash equivalents		2,456	115
Net decrease in cash and cash equivalents		(201)	(40,216)
Cash and cash equivalents at beginning of period		67,272	115,857
Cash and cash equivalents at end of period		$ 67,071	$ 75,641
[1]	Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.

Note 1 - Description of Busines

Note 1 - Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Description of Business and Basis of Presentation Founded in 1959, Generac Holdings Inc. (the Company) is a leading designer and manufacturer of a wide range of power generation equipment and other engine powered products serving the residential, light-commercial and industrial markets. Generac’s power products are available globally through a broad network of independent dealers, distributors, retailers, wholesalers and equipment rental companies, as well as sold direct to certain end user customers. Over the years, t he Company has executed a number of acquisitions that support its strategic plan (as discussed in Item 1 8 1 of the Annual Report on Form 10 December 31, 2016). ● I n March 2016, 150 ● In January 2017, globally to gas-engine manufacturers and to aftermarket customers. While the Motortech acquisition was completed in January 2017, fourth 2016. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries that are consolidated in conformity with U.S. generally accepted accounting principles (U.S. GAAP). All intercompany amounts and transactions have been eliminated in consolidation. The condensed conso lidated balance sheet as of June 30, 2017, three six June 30, 2017 2016, six June 30, 2017 2016 not not The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain information and footnote disclosure normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10 December 31, 2016. New Accounting Standards In May 2014, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014 09, Revenue from Contracts with Customers five 2014 09, 2015 14, Revenue from Contracts with Customers (Topic 606 eferral of the Effective Date 2016 08, Revenue from Contracts with Customers (Topic 606 2016 10, Revenue from Contracts with Customers (Topic 606 g, 2016 12, Revenue from Contracts with Customers (Topic 606 Narrow- Scope Improvements and Practical Expedients 2016 20, Technical Corrections and Improvements to Topic 606, 2018. may not In February 2016, 2016 02, Leases 2019, In August 2016, 2016 15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments 2018, not In January 2017, 2017 04, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment 2 not 2020. January 1, 2017. not In the first 2017, 2016 09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting no no 2016 09 not no There are several other new accounting pronouncements issued by the FASB. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not

Note 2 - Pramac Acquisition

Note 2 - Pramac Acquisition	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	2. Pramac Acquisition On March 1, 2016, 65% acquired, of $60,250. 150 The 35% Pramac had an acquisition date fair value of $34,253, five first two may five no The redeemable noncontrolling interest is recorded at the greater of the initial fair value, increased or decreased for the noncontrolling interests ’ share of comprehensive income (loss), or the estimated redemption value, with any adjustments to the redemption value impacting retained earnings, but not 11, Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance at beginning of period $ 33,566 $ 35,047 $ 33,138 $ - Noncontrolling interest of Pramac - - - 34,253 Net income 92 151 210 167 Foreign currency translation 4,433 487 5,357 1,265 Redemption value adjustment (295 ) - (909 ) - Balance at end of period $ 37,796 $ 35,685 $ 37,796 $ 35,685 The Company finalized the Pramac purchase price allocation during the first 2017, March 1, 2016 Accounts receivable, net $ 50,716 Inventories 39,889 Property and equipment, net 19,138 Intangible assets 34,471 Goodwill 46,775 Other assets 7,698 Total assets acquired 198,687 Short-term borrowings 21,741 Accounts payable 40,270 Long-term debt and capital lease obligations (including current portion) 18,599 Other liabilities 23,521 Redeemable noncontrolling interest 34,253 Noncontrolling interest 53 Net assets acquired $ 60,250 The goodwill ascribed to this acquisition is not The accompanying condensed consolidated financial statements include the results of Pramac from the date of acquisition through June 30, 2017. The following unaudited pro forma information of t he Company gives effect to this acquisition as though the transaction had occurred on January 1, 2016. three six June 30, 2016 $367,376 $683,258, three six June 30, 2016 not not January 1, 2016.

Note 3 - Derivative Instruments

Note 3 - Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	3 . Derivative Instruments and Hedging Activities The Company records all derivatives in accordance with Accounting Standards Codification (ASC) 815, Derivatives and Hedging not Commodities The Company is exposed to significant price fluctuations in commodities it uses as raw materials, and periodically utilizes commodity derivatives to mitigate the impact of these potential price fluctuations on its financial results and its economic well-being. These derivatives typically have maturities of less than eighteen June 30, 2017, December 31, 2016 June 30, 2016, one Because these contracts do not accounting, the related gains and losses are recorded in cost of goods sold in the Company’s condensed consolidated statements of comprehensive income. Net pre-tax gains recognized for the three six June 30, 2017 $2 $185, three six June 30, 2016 $82 $76, Foreign Currencies The Company is exposed to foreign currency exchange risk as a result of transactions denominated in currencies other than the U.S. Dollar. The Company periodically utilizes foreign currency forward purchase and sales contracts to manage the volatility associated with certain foreign currency purchases and sales in the normal course of business. Contracts typically have maturities of twelve June 30, 2017, December 31, 2016 June 30, 2016, thirty-eight twelve Because these contracts do not hedge accounting, the related gains and losses are recorded in cost of goods sold in the Company’s condensed consolidated statements of comprehensive income. Net pre-tax gains recognized for the three six June 30, 2017 $380 $179, three six June 30, 2016 $1 178 Interest Rate Swaps In October 2013, two May 2014, 7A 10 December 31, 2016. In June 2017, ten Hedged Item Contract Date Effective Date Notional Amount Fixed LIBOR Rate Expiration Date Interest Rate June 19, 2017 July 2, 2018 $ 125,000 1.6543% July 1, 2019 Interest Rate June 19, 2017 July 1, 2019 125,000 1.9053% July 1, 2020 Interest Rate June 19, 2017 July 1, 2020 125,000 2.1328% July 1, 2021 Interest Rate June 19, 2017 July 1, 2021 125,000 2.3453% July 1, 2022 Interest Rate June 19, 2017 July 1, 2022 125,000 2.4828% May 31, 2023 Interest Rate June 30, 2017 July 2, 2018 125,000 1.7090% July 1, 2019 Interest Rate June 30, 2017 July 1, 2019 125,000 1.9750% July 1, 2020 Interest Rate June 30, 2017 July 1, 2020 125,000 2.2170% July 1, 2021 Interest Rate June 30, 2017 July 1, 2021 125,000 2.4360% July 1, 2022 Interest Rate June 30, 2017 July 1, 2022 125,000 2.5910% May 31, 2023 Fair Value The following table presents the fair value of all of the Company’s derivatives: June 30 , 7 December 31, 6 Commodity contracts $ 432 $ 623 Foreign currency contracts 267 (150 ) Interest rate swaps (493 ) (1,739 ) The fair value of the commodity and foreign currency contracts are included in other assets, and the fair value of the interest rate swaps are included in other long-term liabilities in the condensed consolidated balance sheets as of June 30, 2017. December 31, 2016. June 30, 2017 December 31, 2016 $206 $1,295, The amount of gains recognized in AOCL in the condensed consolidated balance sheets on the effective portion of interest rate swaps designated as hedging instruments for the three six June 30, 2017 $324 $764, three six June 30, 2016 $134 $1,288, T he amount of pre-tax gains recognized in cost of goods sold in the condensed consolidated statements of comprehensive income for commodity and foreign currency contracts not three six June 30, 2017 $382 $364, three six June 30, 2016 $83 102

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4 . Fair Value Measurements ASC 820 10, Fair Value Measurement 820 10 three 1 2 3 no The Company believes the carrying amount of its financial instruments (cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and ABL facility borrowings), excluding Term Loan borrowings, approximates the fair value of these instruments based upon their short-term nature. The fair value of Term Loan borrowings, which have an aggregate carrying value of $903,294, $902,730 2 June 30, 2017, For the fair value of the assets and liabilities measured on a recurring basis, se e the fair value table in Note 3, 2. 820 10.

Note 5 - Accumulated Other Comp

Note 5 - Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	5 . Accumulated Other Comprehensive Loss The following presents a tabular disclosure of changes in AOCL during the three six June 30, 2017 2016, Foreign Currency Translation Adjustments Defined Benefit Pension Plan Unrealized Gain (Loss) on Cash Flow Hedges Total Beginning Balance – April 1, 2017 $ (24,447 ) $ (11,040 ) $ (636 ) $ (36,123 ) Other comprehensive income before reclassifications 8,590 - 324 (1) 8,914 Amounts reclassified from AOCL - - - - Net current-period other comprehensive income 8,590 - 324 8,914 Ending Balance – June 30, 2017 $ (15,857 ) $ (11,040 ) $ (312 ) $ (27,209 ) Foreign Currency Translation Adjustments Defined Benefit Pension Plan Unrealized Loss on Cash Flow Hedges Total Beginning Balance – April 1, 2016 $ (7,102 ) $ (11,362 ) $ (2,765 ) $ (21,229 ) Other comprehensive loss before reclassifications (13,132 ) - (134 ) (2) (13,266 ) Amounts reclassified from AOCL - - - - Net current-period other comprehensive loss (13,132 ) - (134 ) (13,266 ) Ending Balance – June 30, 2016 $ (20,234 ) $ (11,362 ) $ (2,899 ) $ (34,495 ) Foreign Currency Translation Adjustment Defined Benefit Pension Plan Unrealized Gain (Loss) on Cash Flow Hedges Total Beginning Balance – January 1, 2017 $ (28,047 ) $ (11,040 ) $ (1,076 ) $ (40,163 ) Other comprehensive income before reclassifications 12,190 - 764 (3) 12,954 Amounts reclassified from AOCL - - - - Net current-period other comprehensive income 12,190 - 764 12,954 Ending Balance – June 30, 2017 $ (15,857 ) $ (11,040 ) $ (312 ) $ (27,209 ) Foreign Currency Translation Adjustments Defined Benefit Pension Plan Unrealized Loss on Cash Flow Hedges Total Beginning Balance – January 1, 2016 $ (9,502 ) $ (11,362 ) $ (1,611 ) $ (22,475 ) Other comprehensive loss before reclassifications (10,732 ) - (1,288) (4) (12,020 ) Amounts reclassified from AOCL - - - - Net current-period other comprehensive loss (10,732 ) - (1,288 ) (12,020 ) Ending Balance – June 30, 2016 $ (20,234 ) $ (11,362 ) $ (2,899 ) $ (34,495 ) ( 1 Represents unrealized gains of $531, 207 three June 30, 2017. ( 2 Re presents unrealized losses of $( 219 $85 three June 30, 2016. ( 3 Represents unrealized gains of $1,254, 490 six June 30, 2017. ( 4 Represents unrealized losses of $( 2,115 $827 six June 30, 2016.

Note 6 - Segment Reporting

Note 6 - Segment Reporting	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	6 . Segment Reporting T he Company has two two Net Sales Three Months Ended June 30, Six Months Ended June 30, Reportable Segments 2017 2016 2017 2016 Domestic $ 305,907 $ 286,720 $ 554,404 $ 534,736 International 89,469 80,656 172,786 119,175 Total net sales $ 395,376 $ 367,376 $ 727,190 $ 653,911 The Company's product offerings consist primarily of power generation equipment and other engine powered products geared for varying end customer uses. Residential products and commercial & industrial products are each a similar class of products based on similar power output and end customer. The breakout of net sales between residential, commercial & industrial, and other products by product class is as follows: Net Sales Three Months Ended June 30, Six Months Ended June 30, Product Classes 2017 2016 2017 2016 Residential products $ 198,117 $ 181,735 $ 352,973 $ 340,716 Commercial & industrial products 170,755 156,730 322,198 259,720 Other 26,504 28,911 52,019 53,475 Total net sales $ 395,376 $ 367,376 $ 727,190 $ 653,911 Management evaluates the performance of its segments based primarily on Adjusted EBITDA, which is reconciled to Income before provision for income taxes below. The computation of Adjusted EBITDA is based on the definition that is contained in the Company’s credit agreements. Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Domestic $ 64,157 $ 57,352 $ 107,003 $ 104,212 International 6,034 6,574 10,846 9,523 Total adjusted EBITDA $ 70,191 $ 63,926 $ 117,849 $ 113,735 Interest expense (10,893 ) (11,380 ) (21,681 ) (22,415 ) Depreciation and amortization (12,986 ) (13,650 ) (25,583 ) (26,443 ) Non-cash write-down and other adjustments (1) (1,710 ) (2,909 ) (1,876 ) (2,782 ) Non-cash share-based compensation expense (2) (3,186 ) (2,901 ) (5,818 ) (5,386 ) Transaction costs and credit facility fees (3) (420 ) (237 ) (736 ) (760 ) Business optimization expenses (4) (1,346 ) - (1,446 ) (7,106 ) Other 209 15 250 (48 ) Income before provision for income taxes $ 39,859 $ 32,864 $ 60,959 $ 48,795 ( 1 Includes gains/losses on disposal of assets, unrealized mark-to-market adju stments on commodity contracts, and certain foreign currency and purchase accounting related adjustments. ( 2 Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods. ( 3 Represents transaction costs incurred directly in connection with any investment, as defined in our credit agreement; equity issuance, debt issuance or refinancing; together with certain fees relating to our senior secured credit facilities. ( 4 Represents charges relating to business optimization and restructuring costs. T he Company’s sales in the United States represented approximately 73% 74% three June 30, 2017 2016, 72% 78% six June 30, 2017 2016, 85% 87% June 30, 2017 December 31, 2016,

Note 7 - Balance Sheet Details

Note 7 - Balance Sheet Details	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	7 . Balance Sheet Details Inventories consist of the following: June 30, 2017 December 31, 2016 Raw material $ 225,472 $ 218,911 Work-in-process 4,448 2,950 Finished goods 148,190 127,870 Total $ 378,110 $ 349,731 Property and equipment consists of the following: June 30, 2017 December 31, 2016 Land and improvements $ 12,696 $ 12,079 Buildings and improvements 127,167 122,747 Machinery and equipment 87,647 81,687 Dies and tools 24,222 23,269 Vehicles 1,702 1,474 Office equipment and systems 69,166 66,929 Leasehold improvements 2,397 2,319 Construction in progress 7,060 8,654 Gross property and equipment 332,057 319,158 Accumulated depreciation (115,001 ) (106,365 ) Total $ 217,056 $ 212,793

Note 8 - Product Warranty Oblig

Note 8 - Product Warranty Obligations	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	8 . Product Warranty Obligations The Company records a liability for product warranty obligations at the time of sale to a customer based upon historical warranty experience. The Company also records a liability for specific warranty matters when they become known and are reasonably estimable. Additionally, the Company sells extended warranty coverage for certain products. The sales of extended warranties are recorded as deferred revenue, which is recognized over the lives of the contracts. The following is a tabular reconciliation of the product warranty liability, excluding the deferred revenue related to extended warranty coverage: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance at beginning of period $ 32,008 $ 31,904 $ 31,695 $ 30,197 Product warranty reserve assumed in acquisition - - 43 840 Payments (4,285 ) (4,900 ) (8,845 ) (8,552 ) Provision for warranty issued 4,086 4,220 8,246 7,702 Changes in estimates for pre-existing warranties 1,004 (489 ) 1,674 548 Balance at end of period $ 32,813 $ 30,735 $ 32,813 $ 30,735 The following is a tabular reconciliation of the deferred revenue related to extended warranty coverage : Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance at beginning of period $ 31,451 $ 28,830 $ 31,080 $ 28,961 Deferred revenue contracts issued 6,898 1,619 8,867 2,763 Amortization of deferred revenue contracts (1,632 ) (1,367 ) (3,230 ) (2,642 ) Balance at end of period $ 36,717 $ 29,082 $ 36,717 $ 29,082 Product warranty obligations and extended warranty related deferred revenues are included in the condensed consolidated balance sheets as follows: June 30, 2017 December 31, 2016 Product warranty liability Current portion - other accrued liabilities $ 20,582 $ 20,763 Long-term portion - other long-term liabilities 12,231 10,932 Total $ 32,813 $ 31,695 Deferred revenue related to extended warranties Current portion - other accrued liabilities $ 7,635 $ 6,728 Long-term portion - other long-term liabilities 29,082 24,352 Total $ 36,717 $ 31,080

Note 9 - Credit Agreements

Note 9 - Credit Agreements	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	9 . Credit Agreements Short-term borrowings included in the condensed consolidated balance sheets consist of the following: June 30, 2017 December 31, 2016 ABL facility $ - $ - Other lines of credit 22,155 31,198 Total $ 22,155 $ 31,198 Long-term borrowings in the condensed consolidated balance sheets include the following: June 30, 2017 December 31, 2016 Term loan $ 929,000 $ 929,000 Original issue discount and deferred financing costs (26,800 ) (26,677 ) ABL facility 100,000 100,000 Capital lease obligation 4,845 4,647 Other 7,890 14,753 Total 1,014,935 1,021,723 Less: current portion of debt 7,038 14,399 Less: current portion of capital lease obligation 662 566 Total $ 1,007,235 $ 1,006,758 The Company’s credit agreements originally provided for a $1,200,000 $300,000 November 2016, May 31, 2020 May 31, 2023. first second 1.75% 2.75%, 0.75%. second 2014, 1.50% 2.50%, 3.00 1.00 In May 2017, , modifying the pricing of the facility by reducing certain applicable margin rates; base rate plus a fixed applicable margin of 1.25% 2.25%. 3.00 1.00 0.75% In connection with this amendment and in accordance with ASC 470 50, Debt Modifications and Extinguishments $1,432 $85 second 2017. June 30, 2017, no The Company ’s credit agreements also provide for a $250,000 May 29, 2020. first second 0.50% 1.50%, In May 2015, $100,000 June 30, 2017, $100,000 $145,876 As of June 30, 2017 December 31, 2016, $22,155 $31,198,

Note 10 - Stock Repurchase Prog

Note 10 - Stock Repurchase Program	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Treasury Stock [Text Block]	1 0. I n August 2015, $200,000 third 2016. October 2016, ’s Board of Directors approved an additional $250,000 may $250,000 24 may may may may three June 30, 2017, 844,500 $30,012. 8,116,706 $279,891,

Note 11 - Earnings Per Share

Note 11 - Earnings Per Share	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	11 . Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to the common shareholders of the Company by the weighted average number of common shares outstanding during the period, exclusive of restricted shares. Except where the result would be anti-dilutive, diluted earnings per share is calculated by assuming the vesting of unvested restricted stock and the exercise of stock options. The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator Net income attributable to Generac Holdings Inc. $ 25,660 $ 20,888 $ 38,502 $ 31,096 Redeemable noncontrolling interest redemption value adjustment 295 - 909 - Net income attributable to common shareholders $ 25,955 $ 20,888 $ 39,411 $ 31,096 Denominator Weighted average shares, basic 62,146,393 65,870,714 62,260,170 65,955,455 Dilutive effect of stock compensation awards (1) 489,044 517,867 589,707 510,315 Diluted shares 62,635,437 66,388,581 62,849,877 66,465,770 Net income attributable to common shareholders per share Basic $ 0.42 $ 0.32 $ 0.63 $ 0.47 Diluted $ 0.41 $ 0.31 $ 0.63 $ 0.47 ( 1 approximately 279,200 7,000 three June 30, 2017, 193,200 six June 30, 2017, 189,500 3,000 three June 30, 2016, 215,800 3,400 six June 30, 2016,

Note 12 - Income Taxes

Note 12 - Income Taxes	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	12 . Income Taxes The effective income tax rates for the six June 30, 2017 2016 36.7% 36.2%, 2017 The Company files U.S. federal, U.S. state, and foreign jurisdiction tax returns that are subject to examination up to the expiration of the statute of limitations. We believe the tax positions taken on our returns would be sustained upon an exam, or where a position is uncertain, adequate reserves have been recorded. The Company is currently under examination in multiple jurisdictions and is working to address all matters. While the Company does not may may

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	1 3 . Commitments and Contingencies The Company has an arrangement with a finance company to provide floor plan financing for certain dealers. The Company receives payment from the finance company after shipment of product to the dealer. The Company participates in the cost of dealer financing up to certain limits and has agreed to repurchase products repossessed by the finance company, but does not June 30, 2017 December 31, 2016 $40,900 $33,900, In the normal course of business, the Company is named as a defendant in various lawsuits in which claims are asserted against the Company. In the opinion of management, the liabilities, if any, which may not

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Standards In May 2014, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014 09, Revenue from Contracts with Customers five 2014 09, 2015 14, Revenue from Contracts with Customers (Topic 606 eferral of the Effective Date 2016 08, Revenue from Contracts with Customers (Topic 606 2016 10, Revenue from Contracts with Customers (Topic 606 g, 2016 12, Revenue from Contracts with Customers (Topic 606 Narrow- Scope Improvements and Practical Expedients 2016 20, Technical Corrections and Improvements to Topic 606, 2018. may not In February 2016, 2016 02, Leases 2019, In August 2016, 2016 15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments 2018, not In January 2017, 2017 04, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment 2 not 2020. January 1, 2017. not In the first 2017, 2016 09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting no no 2016 09 not no There are several other new accounting pronouncements issued by the FASB. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not

Note 2 - Pramac Acquisition (Ta

Note 2 - Pramac Acquisition (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Redeemable Noncontrolling Interest [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance at beginning of period $ 33,566 $ 35,047 $ 33,138 $ - Noncontrolling interest of Pramac - - - 34,253 Net income 92 151 210 167 Foreign currency translation 4,433 487 5,357 1,265 Redemption value adjustment (295 ) - (909 ) - Balance at end of period $ 37,796 $ 35,685 $ 37,796 $ 35,685
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	March 1, 2016 Accounts receivable, net $ 50,716 Inventories 39,889 Property and equipment, net 19,138 Intangible assets 34,471 Goodwill 46,775 Other assets 7,698 Total assets acquired 198,687 Short-term borrowings 21,741 Accounts payable 40,270 Long-term debt and capital lease obligations (including current portion) 18,599 Other liabilities 23,521 Redeemable noncontrolling interest 34,253 Noncontrolling interest 53 Net assets acquired $ 60,250

Note 3 - Derivative Instrumen21

Note 3 - Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	Hedged Item Contract Date Effective Date Notional Amount Fixed LIBOR Rate Expiration Date Interest Rate June 19, 2017 July 2, 2018 $ 125,000 1.6543% July 1, 2019 Interest Rate June 19, 2017 July 1, 2019 125,000 1.9053% July 1, 2020 Interest Rate June 19, 2017 July 1, 2020 125,000 2.1328% July 1, 2021 Interest Rate June 19, 2017 July 1, 2021 125,000 2.3453% July 1, 2022 Interest Rate June 19, 2017 July 1, 2022 125,000 2.4828% May 31, 2023 Interest Rate June 30, 2017 July 2, 2018 125,000 1.7090% July 1, 2019 Interest Rate June 30, 2017 July 1, 2019 125,000 1.9750% July 1, 2020 Interest Rate June 30, 2017 July 1, 2020 125,000 2.2170% July 1, 2021 Interest Rate June 30, 2017 July 1, 2021 125,000 2.4360% July 1, 2022 Interest Rate June 30, 2017 July 1, 2022 125,000 2.5910% May 31, 2023
Schedule Of Derivative Assets (Liabilities) at Fair Value [Table Text Block]	June 30 , 7 December 31, 6 Commodity contracts $ 432 $ 623 Foreign currency contracts 267 (150 ) Interest rate swaps (493 ) (1,739 )

Note 5 - Accumulated Other Co22

Note 5 - Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Foreign Currency Translation Adjustments Defined Benefit Pension Plan Unrealized Gain (Loss) on Cash Flow Hedges Total Beginning Balance – April 1, 2017 $ (24,447 ) $ (11,040 ) $ (636 ) $ (36,123 ) Other comprehensive income before reclassifications 8,590 - 324 (1) 8,914 Amounts reclassified from AOCL - - - - Net current-period other comprehensive income 8,590 - 324 8,914 Ending Balance – June 30, 2017 $ (15,857 ) $ (11,040 ) $ (312 ) $ (27,209 ) Foreign Currency Translation Adjustments Defined Benefit Pension Plan Unrealized Loss on Cash Flow Hedges Total Beginning Balance – April 1, 2016 $ (7,102 ) $ (11,362 ) $ (2,765 ) $ (21,229 ) Other comprehensive loss before reclassifications (13,132 ) - (134 ) (2) (13,266 ) Amounts reclassified from AOCL - - - - Net current-period other comprehensive loss (13,132 ) - (134 ) (13,266 ) Ending Balance – June 30, 2016 $ (20,234 ) $ (11,362 ) $ (2,899 ) $ (34,495 ) Foreign Currency Translation Adjustment Defined Benefit Pension Plan Unrealized Gain (Loss) on Cash Flow Hedges Total Beginning Balance – January 1, 2017 $ (28,047 ) $ (11,040 ) $ (1,076 ) $ (40,163 ) Other comprehensive income before reclassifications 12,190 - 764 (3) 12,954 Amounts reclassified from AOCL - - - - Net current-period other comprehensive income 12,190 - 764 12,954 Ending Balance – June 30, 2017 $ (15,857 ) $ (11,040 ) $ (312 ) $ (27,209 ) Foreign Currency Translation Adjustments Defined Benefit Pension Plan Unrealized Loss on Cash Flow Hedges Total Beginning Balance – January 1, 2016 $ (9,502 ) $ (11,362 ) $ (1,611 ) $ (22,475 ) Other comprehensive loss before reclassifications (10,732 ) - (1,288) (4) (12,020 ) Amounts reclassified from AOCL - - - - Net current-period other comprehensive loss (10,732 ) - (1,288 ) (12,020 ) Ending Balance – June 30, 2016 $ (20,234 ) $ (11,362 ) $ (2,899 ) $ (34,495 )

Note 6 - Segment Reporting (Tab

Note 6 - Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Net Sales Three Months Ended June 30, Six Months Ended June 30, Reportable Segments 2017 2016 2017 2016 Domestic $ 305,907 $ 286,720 $ 554,404 $ 534,736 International 89,469 80,656 172,786 119,175 Total net sales $ 395,376 $ 367,376 $ 727,190 $ 653,911 Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Domestic $ 64,157 $ 57,352 $ 107,003 $ 104,212 International 6,034 6,574 10,846 9,523 Total adjusted EBITDA $ 70,191 $ 63,926 $ 117,849 $ 113,735 Interest expense (10,893 ) (11,380 ) (21,681 ) (22,415 ) Depreciation and amortization (12,986 ) (13,650 ) (25,583 ) (26,443 ) Non-cash write-down and other adjustments (1) (1,710 ) (2,909 ) (1,876 ) (2,782 ) Non-cash share-based compensation expense (2) (3,186 ) (2,901 ) (5,818 ) (5,386 ) Transaction costs and credit facility fees (3) (420 ) (237 ) (736 ) (760 ) Business optimization expenses (4) (1,346 ) - (1,446 ) (7,106 ) Other 209 15 250 (48 ) Income before provision for income taxes $ 39,859 $ 32,864 $ 60,959 $ 48,795
Revenue from External Customers by Products and Services [Table Text Block]	Net Sales Three Months Ended June 30, Six Months Ended June 30, Product Classes 2017 2016 2017 2016 Residential products $ 198,117 $ 181,735 $ 352,973 $ 340,716 Commercial & industrial products 170,755 156,730 322,198 259,720 Other 26,504 28,911 52,019 53,475 Total net sales $ 395,376 $ 367,376 $ 727,190 $ 653,911

Note 7 - Balance Sheet Details

Note 7 - Balance Sheet Details (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2017 December 31, 2016 Raw material $ 225,472 $ 218,911 Work-in-process 4,448 2,950 Finished goods 148,190 127,870 Total $ 378,110 $ 349,731
Property, Plant and Equipment [Table Text Block]	June 30, 2017 December 31, 2016 Land and improvements $ 12,696 $ 12,079 Buildings and improvements 127,167 122,747 Machinery and equipment 87,647 81,687 Dies and tools 24,222 23,269 Vehicles 1,702 1,474 Office equipment and systems 69,166 66,929 Leasehold improvements 2,397 2,319 Construction in progress 7,060 8,654 Gross property and equipment 332,057 319,158 Accumulated depreciation (115,001 ) (106,365 ) Total $ 217,056 $ 212,793

Note 8 - Product Warranty Obl25

Note 8 - Product Warranty Obligations (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance at beginning of period $ 32,008 $ 31,904 $ 31,695 $ 30,197 Product warranty reserve assumed in acquisition - - 43 840 Payments (4,285 ) (4,900 ) (8,845 ) (8,552 ) Provision for warranty issued 4,086 4,220 8,246 7,702 Changes in estimates for pre-existing warranties 1,004 (489 ) 1,674 548 Balance at end of period $ 32,813 $ 30,735 $ 32,813 $ 30,735 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance at beginning of period $ 31,451 $ 28,830 $ 31,080 $ 28,961 Deferred revenue contracts issued 6,898 1,619 8,867 2,763 Amortization of deferred revenue contracts (1,632 ) (1,367 ) (3,230 ) (2,642 ) Balance at end of period $ 36,717 $ 29,082 $ 36,717 $ 29,082
Product Warranty Obligations Included In Consolidated Balance Sheet [Table Text Block]	June 30, 2017 December 31, 2016 Product warranty liability Current portion - other accrued liabilities $ 20,582 $ 20,763 Long-term portion - other long-term liabilities 12,231 10,932 Total $ 32,813 $ 31,695 Deferred revenue related to extended warranties Current portion - other accrued liabilities $ 7,635 $ 6,728 Long-term portion - other long-term liabilities 29,082 24,352 Total $ 36,717 $ 31,080

Note 9 - Credit Agreements (Tab

Note 9 - Credit Agreements (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Short-term Debt [Table Text Block]	June 30, 2017 December 31, 2016 ABL facility $ - $ - Other lines of credit 22,155 31,198 Total $ 22,155 $ 31,198
Schedule of Long-term Debt Instruments [Table Text Block]	June 30, 2017 December 31, 2016 Term loan $ 929,000 $ 929,000 Original issue discount and deferred financing costs (26,800 ) (26,677 ) ABL facility 100,000 100,000 Capital lease obligation 4,845 4,647 Other 7,890 14,753 Total 1,014,935 1,021,723 Less: current portion of debt 7,038 14,399 Less: current portion of capital lease obligation 662 566 Total $ 1,007,235 $ 1,006,758

Note 11 - Earnings Per Share (T

Note 11 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator Net income attributable to Generac Holdings Inc. $ 25,660 $ 20,888 $ 38,502 $ 31,096 Redeemable noncontrolling interest redemption value adjustment 295 - 909 - Net income attributable to common shareholders $ 25,955 $ 20,888 $ 39,411 $ 31,096 Denominator Weighted average shares, basic 62,146,393 65,870,714 62,260,170 65,955,455 Dilutive effect of stock compensation awards (1) 489,044 517,867 589,707 510,315 Diluted shares 62,635,437 66,388,581 62,849,877 66,465,770 Net income attributable to common shareholders per share Basic $ 0.42 $ 0.32 $ 0.63 $ 0.47 Diluted $ 0.41 $ 0.31 $ 0.63 $ 0.47

Note 1 - Description of Busin28

Note 1 - Description of Business and Basis of Presentation (Details Textual)	6 Months Ended
	Jun. 30, 2017
Number of Countries Where Product is Sold by Subsidiary	150

Note 2 - Pramac Acquisition (De

Note 2 - Pramac Acquisition (Details Textual) $ in Thousands	Mar. 01, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Payments to Acquire Businesses, Net of Cash Acquired			$ (1,160)	$ 60,886
Number of Countries Where Product is Sold by Subsidiary			150
Business Acquisition, Pro Forma Revenue		$ 367,376		$ 683,258
Pramac [Member]
Business Acquisition, Percentage of Voting Interests Acquired	65.00%
Payments to Acquire Businesses, Net of Cash Acquired	$ 60,250
Number of Countries Where Product is Sold by Subsidiary	150
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	35.00%
Redeemable Noncontrolling Interest, Equity, Fair Value	$ 34,253
Noncontrolling Interest, Term of Put Option	5 years
Noncontrolling Interest, Term of Put Option in which Option Price is Fixed	2 years

Note 2 - Pramac Acquisitions -

Note 2 - Pramac Acquisitions - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Redemption value adjustment	$ 295		$ 909
Redeemable Noncontrolling Interest [Member]
Balance at beginning of period	33,566	35,047	33,138
Noncontrolling interest of Pramac				34,253
Net income	92	151	210	167
Foreign currency translation	4,433	487	5,357	1,265
Redemption value adjustment	(295)		(909)
Balance at end of period	$ 37,796	$ 35,685	$ 37,796	$ 35,685

Note 2 - Pramac Acquisitions 31

Note 2 - Pramac Acquisitions - Preliminary Price Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Mar. 01, 2016
Goodwill	$ 716,820	$ 704,640
Pramac [Member]
Accounts receivable, net			$ 50,716
Inventories			39,889
Property and equipment, net			19,138
Intangible assets			34,471
Goodwill			46,775
Other assets			7,698
Total assets acquired			198,687
Short-term borrowings			21,741
Accounts payable			40,270
Long-term debt and capital lease obligations (including current portion)			18,599
Other liabilities			23,521
Redeemable noncontrolling interest			34,253
Noncontrolling interest			53
Net assets acquired			$ 60,250

Note 3 - Derivative Instrumen32

Note 3 - Derivative Instruments and Hedging Activities (Details Textual) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Oct. 31, 2013	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Commodity Contract [Member]
Derivative, Number of Instruments Held	1		1	1	1	1	1
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Cost of Sales [Member]
Derivative, Gain (Loss) on Derivative, Net			$ 2	$ 82	$ 185	$ 76
Commodity Contract [Member] | Maximum [Member]
Derivative, Remaining Maturity					1 year 180 days
Foreign Exchange Contract [Member]
Derivative, Number of Instruments Held	18		18	12	18	12	38
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Cost of Sales [Member]
Derivative, Gain (Loss) on Derivative, Net			$ 380	$ 1	$ 179	$ (178)
Foreign Exchange Contract [Member] | Maximum [Member]
Derivative, Remaining Maturity					1 year
Interest Rate Swap [Member]
Number of New Contracts Entered	10	2
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net			324	(134)	$ 764	(1,288)
Commodity and Foreign Currency Contracts [Member]
Derivative Assets (Liabilities), Net Fair Value of Derivative Contracts, Excluding Impact of Credit Risk	$ 206		206		206		$ (1,295)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net			$ 382	$ 83	$ 364	$ (102)

Note 3 - Derivative Instrumen33

Note 3 - Derivative Instruments and Hedging Activities - Interest Rate Swaps Qualifying as Cash Flow Hedges (Details) $ in Millions	1 Months Ended
	Jun. 30, 2017USD ($)
Interest Rate Swap Agreement One [Member]
Expiration Date	Jul. 1, 2019
Contract Date	Jun. 19, 2017
Effective Date	Jul. 2, 2018
Notional Amount	$ 125
Fixed LIBOR Rate	1.6543%
Interest Rate Swap Agreement Two [Member]
Expiration Date	Jul. 1, 2020
Contract Date	Jun. 19, 2017
Effective Date	Jul. 1, 2019
Notional Amount	$ 125
Fixed LIBOR Rate	1.9053%
Interest Rate Swap Agreement Three [Member]
Expiration Date	Jul. 1, 2021
Contract Date	Jun. 19, 2017
Effective Date	Jul. 1, 2020
Notional Amount	$ 125
Fixed LIBOR Rate	2.1328%
Interest Rate Swap Agreement Four [Member]
Expiration Date	Jul. 1, 2022
Contract Date	Jun. 19, 2017
Effective Date	Jul. 1, 2021
Notional Amount	$ 125
Fixed LIBOR Rate	2.3453%
Interest Rate Swap Agreement Five [Member]
Expiration Date	May 31, 2023
Contract Date	Jun. 19, 2017
Effective Date	Jul. 1, 2022
Notional Amount	$ 125
Fixed LIBOR Rate	2.4828%
Interest Rate Swap Agreement Six [Member]
Expiration Date	Jul. 1, 2019
Contract Date	Jun. 30, 2017
Effective Date	Jul. 2, 2018
Notional Amount	$ 125
Fixed LIBOR Rate	1.709%
Interest Rate Swap Agreement Seven [Member]
Expiration Date	Jul. 1, 2020
Contract Date	Jun. 30, 2017
Effective Date	Jul. 1, 2019
Notional Amount	$ 125
Fixed LIBOR Rate	1.975%
Interest Rate Swap Agreement Eight [Member]
Expiration Date	Jul. 1, 2021
Contract Date	Jun. 30, 2017
Effective Date	Jul. 1, 2020
Notional Amount	$ 125
Fixed LIBOR Rate	2.217%
Interest Rate Swap Agreement Nine [Member]
Expiration Date	Jul. 1, 2022
Contract Date	Jun. 30, 2017
Effective Date	Jul. 1, 2021
Notional Amount	$ 125
Fixed LIBOR Rate	2.436%
Interest Rate Swap Agreement Ten [Member]
Expiration Date	May 31, 2023
Contract Date	Jun. 30, 2017
Effective Date	Jul. 1, 2022
Notional Amount	$ 125
Fixed LIBOR Rate	2.591%

Note 3 - Derivative Instrumen34

Note 3 - Derivative Instruments and Hedging Activities - Fair Value of Derivatives (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Commodity Contract [Member]
Fair Value of Derivatives	$ 432	$ 623
Foreign Exchange Contract [Member]
Fair Value of Derivatives	267	(150)
Interest Rate Swap [Member]
Fair Value of Derivatives	$ (493)	$ (1,739)

Note 4 - Fair Value Measureme35

Note 4 - Fair Value Measurements (Details Textual) - Fair Value, Inputs, Level 2 [Member] $ in Thousands	Jun. 30, 2017USD ($)
Long-term Debt	$ 903,294
Long-term Debt, Fair Value	$ 902,730

Note 5 - Accumulated Other Co36

Note 5 - Accumulated Other Comprehensive Loss (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Comprehensive Income (Loss), before Reclassifications, before Tax	$ 531	$ (219)	$ 1,254	$ (2,115)
Other Comprehensive Income (Loss) before Reclassifications, Tax	$ (207)	$ 85	$ (490)	$ 827

Note 5 - Accumulated Other Co37

Note 5 - Accumulated Other Comprehensive Loss - Disclosure of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2017		Jun. 30, 2016		Jun. 30, 2017		Jun. 30, 2016
Ending Balance – June 30, 2017	$ (27,209)				$ (27,209)
Beginning Balance – April 1, 2017					(40,163)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Ending Balance – June 30, 2017	(15,857)		$ (20,234)		(15,857)		$ (20,234)
Beginning Balance – April 1, 2017	(24,447)		(7,102)		(28,047)		(9,502)
Other comprehensive income before reclassifications	8,590		(13,132)		12,190		(10,732)
Amounts reclassified from AOCL
Net current-period other comprehensive income	8,590		(13,132)		12,190		(10,732)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Ending Balance – June 30, 2017	(11,040)		(11,362)		(11,040)		(11,362)
Beginning Balance – April 1, 2017	(11,040)		(11,362)		(11,040)		(11,362)
Other comprehensive income before reclassifications
Amounts reclassified from AOCL
Net current-period other comprehensive income
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Ending Balance – June 30, 2017	(312)		(2,899)		(312)		(2,899)
Beginning Balance – April 1, 2017	(636)		(2,765)		(1,076)		(1,611)
Other comprehensive income before reclassifications	324	[1]	(134)	[2]	764	[3]	(1,288)	[4]
Amounts reclassified from AOCL
Net current-period other comprehensive income	324		(134)		764		(1,288)
AOCI Attributable to Parent [Member]
Ending Balance – June 30, 2017	(27,209)		(34,495)		(27,209)		(34,495)
Beginning Balance – April 1, 2017	(36,123)		(21,229)		(40,163)		(22,475)
Other comprehensive income before reclassifications	8,914		(13,266)		12,954		(12,020)
Amounts reclassified from AOCL
Net current-period other comprehensive income	$ 8,914		$ (13,266)		$ 12,954		$ (12,020)
[1]	Represents unrealized gains of $531, net of tax effect of $(207) for the three months ended June 30, 2017.
[2]	Represents unrealized losses of $(219), net of tax benefit of $85 for the three months ended June 30, 2016.
[3]	Represents unrealized gains of $1,254, net of tax effect of $(490) for the six months ended June 30, 2017.
[4]	Represents unrealized losses of $(2,115), net of tax benefit of $827 for the six months ended June 30, 2016.

Note 6 - Segment Reporting (Det

Note 6 - Segment Reporting (Details Textual)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Number of Reportable Segments			2
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | UNITED STATES
Concentration Risk, Percentage	73.00%	74.00%	72.00%	78.00%
Geographic Concentration Risk [Member] | Net Assets, Geographic Area [Member] | UNITED STATES
Concentration Risk, Percentage			85.00%		87.00%

Note 6 - Segment Reporting - Se

Note 6 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net sales		$ 395,376	$ 367,376	$ 727,190	$ 653,911
Total adjusted EBITDA		70,191	63,926	117,849	113,735
Interest expense		(10,893)	(11,380)	(21,681)	(22,415)
Depreciation and amortization		(12,986)	(13,650)	(25,583)	(26,443)
Non-cash write-down and other adjustments (1)	[1]	(1,710)	(2,909)	(1,876)	(2,782)
Non-cash share-based compensation expense (2)	[2]	(3,186)	(2,901)	(5,818)	(5,386)
Transaction costs and credit facility fees (3)	[3]	(420)	(237)	(736)	(760)
Business optimization expenses (4)	[4]	(1,346)		(1,446)	(7,106)
Other		209	15	250	(48)
Income before provision for income taxes		39,859	32,864	60,959	48,795
Domestic [Member]
Net sales		305,907	286,720	554,404	534,736
Total adjusted EBITDA		64,157	57,352	107,003	104,212
International [Member]
Net sales		89,469	80,656	172,786	119,175
Total adjusted EBITDA		$ 6,034	$ 6,574	$ 10,846	$ 9,523
[1]	Includes gains/losses on disposal of assets, unrealized mark-to-market adjustments on commodity contracts, and certain foreign currency and purchase accounting related adjustments.
[2]	Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.
[3]	Represents transaction costs incurred directly in connection with any investment, as defined in our credit agreement; equity issuance, debt issuance or refinancing; together with certain fees relating to our senior secured credit facilities.
[4]	Represents charges relating to business optimization and restructuring costs.

Note 6 - Segment Reporting - Ne

Note 6 - Segment Reporting - Net Sales by Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net sales	$ 395,376	$ 367,376	$ 727,190	$ 653,911
Residential Power Products [Member]
Net sales	198,117	181,735	352,973	340,716
Commercial and Industrial Power Products [Member]
Net sales	170,755	156,730	322,198	259,720
Other Products and Services [Member]
Net sales	$ 26,504	$ 28,911	$ 52,019	$ 53,475

Note 7 - Balance Sheet Detail41

Note 7 - Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Raw material	$ 225,472	$ 218,911
Work-in-process	4,448	2,950
Finished goods	148,190	127,870
Total	$ 378,110	$ 349,731

Note 7 - Balance Sheet Detail42

Note 7 - Balance Sheet Details - Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Property and equipment, gross	$ 332,057	$ 319,158
Accumulated depreciation	(115,001)	(106,365)
Total	217,056	212,793
Land and Land Improvements [Member]
Property and equipment, gross	12,696	12,079
Building and Building Improvements [Member]
Property and equipment, gross	127,167	122,747
Machinery and Equipment [Member]
Property and equipment, gross	87,647	81,687
Dies and Tools [Member]
Property and equipment, gross	24,222	23,269
Vehicles [Member]
Property and equipment, gross	1,702	1,474
Office Equipment [Member]
Property and equipment, gross	69,166	66,929
Leasehold Improvements [Member]
Property and equipment, gross	2,397	2,319
Construction in Progress [Member]
Property and equipment, gross	$ 7,060	$ 8,654

Note 8 - Product Warranty Obl43

Note 8 - Product Warranty Obligations - Reconciliation of Product Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Balance at beginning of period	$ 32,008	$ 31,904	$ 31,695	$ 30,197
Product warranty reserve assumed in acquisition			43	840
Payments	(4,285)	(4,900)	(8,845)	(8,552)
Provision for warranty issued	4,086	4,220	8,246	7,702
Changes in estimates for pre-existing warranties	1,004	(489)	1,674	548
Balance at end of period	32,813	30,735	32,813	30,735
Balance at beginning of period	31,451	28,830	31,080	28,961
Deferred revenue contracts issued	6,898	1,619	8,867	2,763
Amortization of deferred revenue contracts	(1,632)	(1,367)	(3,230)	(2,642)
Balance at end of period	$ 36,717	$ 29,082	$ 36,717	$ 29,082

Note 8 - Product Warranty Obl44

Note 8 - Product Warranty Obligations - Deferred Product Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Current portion - other accrued liabilities	$ 20,582		$ 20,763
Long-term portion - other long-term liabilities	12,231		10,932
Total	32,813	$ 32,008	31,695	$ 30,735	$ 31,904	$ 30,197
Current portion - other accrued liabilities	7,635		6,728
Long-term portion - other long-term liabilities	29,082		24,352
Total	$ 36,717	$ 31,451	$ 31,080	$ 29,082	$ 28,830	$ 28,961

Note 9 - Credit Agreements (Det

Note 9 - Credit Agreements (Details Textual) $ in Thousands	1 Months Ended	4 Months Ended	6 Months Ended
	May 31, 2015USD ($)	Apr. 30, 2017	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	May 31, 2013USD ($)
Short-term Debt			$ 22,155	$ 31,198
ABL Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 250,000
Proceeds from Lines of Credit	$ 100,000
Long-term Line of Credit			100,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 145,876
Base Rate [Member] | ABL Revolving Credit Facility [Member]
Debt Instrument, Basis Spread on Variable Rate			0.50%
Adjusted LIBOR Rate [Member] | ABL Revolving Credit Facility [Member]
Debt Instrument, Basis Spread on Variable Rate			1.50%
Term Loan [Member]
Net Debt Leverage Ratio Threshold		3
Uncommitted Incremental Term Loan Facility					$ 300,000
Debt Issuance Costs, Net			$ 1,432
Debt Instrument, Fee Amount			$ 85
Line of Credit Facility, Maximum Borrowing Capacity					$ 1,200,000
Term Loan [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.75%	1.25%
Term Loan [Member] | Base Rate [Member] | Net Debt Leverage Ratio Threshold [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Term Loan [Member] | Adjusted LIBOR Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		2.75%	2.25%
Term Loan [Member] | Adjusted LIBOR Rate [Member] | Net Debt Leverage Ratio Threshold [Member]
Debt Instrument, Basis Spread on Variable Rate		2.50%
Term Loan [Member] | LIBOR Floor Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			0.75%

Note 9 - Credit Agreements - Sh

Note 9 - Credit Agreements - Short-term Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Short-term borrowings	$ 22,155	$ 31,198
ABL Revolving Credit Facility [Member]
Short-term borrowings	0	0
Other Lines of Credit [Member]
Short-term borrowings	$ 22,155	$ 31,198

Note 9 - Credit Agreements - Lo

Note 9 - Credit Agreements - Long-term Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Term loan	$ 929,000	$ 929,000
Original issue discount and deferred financing costs	(26,800)	(26,677)
ABL facility	100,000	100,000
Capital lease obligation	4,845	4,647
Other	7,890	14,753
Total	1,014,935	1,021,723
Less: current portion of debt	7,038	14,399
Less: current portion of capital lease obligation	662	566
Total	$ 1,007,235	$ 1,006,758

Note 10 - Stock Repurchase Pr48

Note 10 - Stock Repurchase Program (Details Textual) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended		23 Months Ended
	Oct. 31, 2016	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Aug. 31, 2015
Stock Repurchase Program, Authorized Amount	$ 250,000					$ 200,000
Stock Repurchase Program, Period in Force	2 years
Payments for Repurchase of Common Stock		$ 30,012	$ 30,012	$ 34,576	$ 279,891
Treasury Stock, Shares, Acquired		844,500			8,116,706

Note 11 - Earnings Per Share (D

Note 11 - Earnings Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	279,200	189,500	193,200	215,800
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,000	3,000		3,400

Note 11 - Earnings Per Share -

Note 11 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income attributable to Generac Holdings Inc.		$ 25,660	$ 20,888	$ 38,502	$ 31,096
Redemption value adjustment		295		909
Net income attributable to common shareholders		$ 25,955	$ 20,888	$ 39,411	$ 31,096
Weighted average shares, basic (in shares)		62,146,393	65,870,714	62,260,170	65,955,455
Dilutive effect of stock compensation awards (in shares)	[1]	489,044	517,867	589,707	510,315
Diluted shares (in shares)		62,635,437	66,388,581	62,849,877	66,465,770
Basic (in dollars per share)		$ 0.42	$ 0.32	$ 0.63	$ 0.47
Diluted (in dollars per share)		$ 0.41	$ 0.31	$ 0.63	$ 0.47
[1]	Excludes approximately 279,200 stock options and 7,000 shares of restricted stock for the three month period ended June 30, 2017, and 193,200 stock options for the six month period ended June 30, 2017, as the impact of such awards was anti-dilutive. Excludes approximately 189,500 stock options and 3,000 shares of restricted stock for the three month period ended June 30, 2016, and 215,800 stock options and 3,400 shares of restricted stock for the six month period ended June 30, 2016, as the impact of such awards was anti-dilutive.

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Effective Income Tax Rate Reconciliation, Percent	36.70%	36.20%

Note 13 - Commitments and Con52

Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Amount Financed by Dealers	$ 40.9	$ 33.9