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Basis of Presentation | 3 Months Ended
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Mar. 31, 2014
Basis of Presentation [Abstract] |
Basis of Presentation | 1. Basis of Presentation Description of Business Generac Holdings Inc. (the Company) owns all of the common stock of Generac Acquisition Corp. (GAC), which in turn, owns all of the common stock of Generac Power Systems, Inc. (the Borrower). 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, industrial and construction markets. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany amounts and transactions have been eliminated in consolidation. Certain prior period amounts contained in Note 6, “Product Warranty Obligations” have been reclassified to conform to the current period’s presentation. The condensed consolidated balance sheet as of March 31, 2014, the condensed consolidated statements of comprehensive income for the three months ended March 31, 2014 and 2013, and the condensed consolidated statements of cash flows for the three months ended March 31, 2014 and 2013 have been prepared by the Company and have not been audited. In the opinion of management, all adjustments, consisting of only normal recurring adjustments necessary for the fair presentation of the financial position, results of operation and cash flows, have been made. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. Expenses are charged to operations in the year incurred. However, for interim reporting purposes certain expenses are charged to operations based on a proportionate share of annual amounts rather than as they are actually incurred. The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. generally accepted accounting principles 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 our Annual Report on Form 10-K for the year ended December 31, 2013. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of tax, at March 31, 2014 and December 31, 2013 are as follows:
|  | March 31, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
Foreign currency translation adjustments |  | $ | 1,275 |  |  | $ | 1,204 |
Pension liability, net of tax of $886 |  |  | (4,393 | ) |  |  | (4,393 | )
Unrealized gain on cash flow hedges, net of tax of $178 and $462 |  |  | 274 |  |  |  | 774 |
Accumulated other comprehensive loss |  | $ | (2,844 | ) |  | $ | (2,415 | )
The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the three months ended March 31, 2014 and 2013, net of tax:
|  | Foreign Currency Translation Adjustments |  |  | Defined Benefit Pension Plan |  |  | Unrealized gain (loss) on cash flow hedges |  |  | Total |
Beginning Balance – January 1, 2014 |  | $ | 1,204 |  |  | $ | (4,393 | ) |  | $ | 774 |  |  | $ | (2,415 | )
Other comprehensive income before reclassifications |  |  | 71 |  |  |  | - |  |  |  | (500 | ) |  |  | (429 | )
Amounts reclassified from accumulated other comprehensive loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net current-period other comprehensive income |  |  | 71 |  |  |  | - |  |  |  | (500 | ) |  |  | (429 | )
Ending Balance – March 31, 2014 |  | $ | 1,275 |  |  | $ | (4,393 | ) |  | $ | 274 |  |  | $ | (2,844 | )
|  | Foreign Currency Translation Adjustments |  |  | Defined Benefit Pension Plan |  |  | Unrealized gain (loss) on cash flow hedges |  |  | Total |
Beginning Balance – January 1, 2013 |  | $ | (34 | ) |  | $ | (12,081 | ) |  | $ | (2,381 | ) |  | $ | (14,496 | )
Other comprehensive income before reclassifications |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Amounts reclassified from accumulated other comprehensive loss |  |  | - |  |  |  | - |  |  |  | 1,002 |  |  |  | 1,002 |
Net current-period other comprehensive income |  |  | - |  |  |  | - |  |  |  | 1,002 |  |  |  | 1,002 |
Ending Balance – March 31, 2013 |  | $ | (34 | ) |  | $ | (12,081 | ) |  | $ | (1,379 | ) |  | $ | (13,494 | )
The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2014 and 2013:
|  | Amounts reclassified from other accumulated comprehensive loss for the three months ended March 31, |  | Affected line item in the statement where net income is presented
Amortization of unrealized loss on interest rate swaps |  | 2014 |  |  | 2013 |  |
Gross |  |  | - |  |  | $ | (1,048 | ) | Interest expense
Tax benefit |  |  | - |  |  |  | 46 |  |
Net of tax |  |  | - |  |  | $ | (1,002 | ) |

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