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Note 1 - Basis of Presentation | 6 Months Ended
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Jun. 30, 2014
Disclosure Text Block [Abstract] |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 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. In the past several years, the Company has executed a number of acquisitions that support our strategic plan. A summary of recent acquisitions include the following:
| ● | On October 3, 2011, the Company acquired Magnum Products, a supplier of generator powered light towers and mobile generators for a variety of industries and specialties. The Magnum business is a strategic fit for the Company as it provides diversification, with the introduction of new engine powered products and distribution channels.
| ● | On December 8, 2012, the Company acquired Ottomotores, with operations in Mexico City, Mexico and Curitiba, Brazil. Ottomotores is a leading manufacturer in the Mexican market for industrial diesel gensets and is a significant market participant throughout all of Latin America.
| ● | On August 1, 2013, the Company acquired Tower Light. Headquartered outside Milan, Italy, Tower Light is a leading developer and supplier of mobile light towers throughout Europe, the Middle East and Africa.
| ● | On November 1, 2013, the Company purchased the assets of Baldor Electric Company’s generator division (Baldor Generators). Baldor Generators offers a complete line of power generation equipment throughout North America with power output up to 2.5MW.
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 June 30, 2014, the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2014 and 2013, and the condensed consolidated statements of cash flows for the six months ended June 30, 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. The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) 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. 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 our Annual Report on Form 10-K for the year ended December 31, 2013. Accumulated Other Comprehensive Loss The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the three and six months ended June 30, 2014 and 2013, net of tax:
|  | Foreign Currency Translation Adjustments |  |  | Defined Benefit Pension Plan |  |  | Unrealized Gain (Loss) on Cash Flow H edges |  |  | Total |
Beginning Balance – March 31, 2014 |  | $ | 1,275 |  |  | $ | (4,393 | ) |  | $ | 274 |  |  | $ | (2,844 | )
Other comprehensive loss before reclassifications |  |  | (87 | ) |  |  | - |  |  |  | (1,208 | ) |  |  | (1,295 | )
Amounts reclassified from accumulated other comprehensive loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net current-period other comprehensive loss |  |  | (87 | ) |  |  | - |  |  |  | (1,208 | ) |  |  | (1,295 | )
Ending Balance – June 30, 2014 |  | $ | 1,188 |  |  | $ | (4,393 | ) |  | $ | (934 | ) |  | $ | (4,139 | )
|  | Foreign Currency Translation Adjustments |  |  | Defined Benefit Pension Plan |  |  | Unrealized Gain (Loss) on Cash Flow Hedges |  |  | Total |
Beginning Balance – March 31, 2013 |  | $ | (34 | ) |  | $ | (12,081 | ) |  | $ | (1,379 | ) |  | $ | (13,494 | )
Other comprehensive income before reclassifications |  |  | 19 |  |  |  | - |  |  |  | - |  |  |  | 19 |
Amounts reclassified from accumulated other comprehensive loss (1) |  |  | - |  |  |  | - |  |  |  | 1,003 |  |  |  | 1,003 |
Net current-period other comprehensive income |  |  | 19 |  |  |  | - |  |  |  | 1,003 |  |  |  | 1,022 |
Ending Balance – June 30, 2013 |  | $ | (15 | ) |  | $ | (12,081 | ) |  | $ | (376 | ) |  | $ | (12,472 | )
| (1) | Represents amortization of unrealized losses on interest rate swaps to interest expense of $1,049 net of tax benefit of $46 for the three months ended June 30, 2013
|  | Foreign Currency Translation Adjustments |  |  | Defined Benefit Pension Plan |  |  | Unr ealized Gain (Loss) on Cash Flow H edges |  |  | Total |
Beginning Balance – January 1, 2014 |  | $ | 1,204 |  |  | $ | (4,393 | ) |  | $ | 774 |  |  | $ | (2,415 | )
Other comprehensive income before reclassifications |  |  | (16 | ) |  |  | - |  |  |  | (1,708 | ) |  |  | (1,724 | )
Amounts reclassified from accumulated other comprehensive loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net current-period other comprehensive loss |  |  | (16 | ) |  |  | - |  |  |  | (1,708 | ) |  |  | (1,724 | )
Ending Balance – June 30, 2014 |  | $ | 1,188 |  |  | $ | (4,393 | ) |  | $ | (934 | ) |  | $ | (4,139 | )
|  | Foreign Currency Translation Adjustments |  |  | Defined Benefit Pension Plan |  |  | Unrealized Gain (Loss) on Cash Flow H edges |  |  | Total |
Beginning Balance – January 1, 2013 |  | $ | (34 | ) |  | $ | (12,081 | ) |  | $ | (2,381 | ) |  | $ | (14,496 | )
Other comprehensive income before reclassifications |  |  | 19 |  |  |  | - |  |  |  | - |  |  |  | 19 |
Amounts reclassified from accumulated other comprehensive loss (1) |  |  | - |  |  |  | - |  |  |  | 2,005 |  |  |  | 2,005 |
Net current-period other comprehensive income |  |  | 19 |  |  |  | - |  |  |  | 2,005 |  |  |  | 2,024 |
Ending Balance – June 30, 2013 |  | $ | (15 | ) |  | $ | (12,081 | ) |  | $ | (376 | ) |  | $ | (12,472 | )
| (1) | Represents amortization of unrealized losses on interest rate swaps to interest expense of $2,097 net of tax benefit of $92 for the six months ended June 30, 2013

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