XML 34 R21.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Significant Accounting Policies (Policies) | 9 Months Ended
--- | ---
Sep. 30, 2018
Accounting Policies [Abstract] |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards Not Yet Adopted In February 2016, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2016 - 02, Leases. This guidance was issued to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and by disclosing key information about leasing arrangements. The guidance should be applied using a modified retrospective approach and is effective for the Company in 2019. The Company has developed a comprehensive project plan and established a cross-functional implementation team to evaluate the impact of the standard. The project plan includes evaluating the Company’s lease portfolio, analyzing the standard’s impact on the Company’s various types of lease contracts and identifying the reporting requirements of the standard. While the Company does not anticipate the impact to the statement of comprehensive income to be material, it is still calculating the impact the lease asset and lease liability will have on the balance sheet. In August 2017, the FASB issued ASU 2017 - 12, Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities . This guidance was issued to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and to make certain targeted improvements to simplify the application of the hedge accounting guidance. The standard is effective for the Company in 2019, with early adoption permitted. The Company is currently assessing the impact the adoption of this guidance will have on the Company’s results of operations and financial position. In August 2018, the FASB issued ASU 2018 - 15, Intangibles – Goodwill and Other – Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This guidance was issued to address the diversity in practice related to the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption, and is effective for the Company in 2020. The Company is currently assessing the impact the adoption of this guidance will have on the Company’s results of operations and financial position. 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 believe any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements. Recently Adopted Accounting Standards On January 1, 2018, the Company adopted ASU 2017 - 07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The new standard requires presentation of certain components of net periodic pension cost as non-operating expense. The adoption of this new standard did not have a significant impact on the Company’s financial statements. The changes in presentation of the components of net periodic pension cost were applied retrospectively to all periods presented. On January 1, 2018, the Company adopted ASU 2016 - 15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments . The changes in presentation of the proceeds from beneficial interests in securitization transactions were applied retrospectively to all periods presented. On January 1, 2018, the Company adopted ASU 2014 - 09, Revenue from Contracts with Customers , and all related amendments (the “new revenue recognition standard”) using the full retrospective method, which requires application to all periods presented. The impact of adopting the above standards on the Company’s previously reported condensed consolidated financial statements is as follows:
Condensed Consolidated Balance Sheets |  | September 30, 2017 |
|  | As Reported |  |  | Impact of Adoption |  |  | As Adjusted |
Accounts receivable |  | $ | 320,626 |  |  | $ | (4,207 | ) |  | $ | 316,419 |
Inventories |  |  | 349,023 |  |  |  | 7,359 |  |  |  | 356,382 |
Other accrued liabilities |  |  | 109,362 |  |  |  | 5,584 |  |  |  | 114,946 |
Deferred income taxes |  |  | 49,528 |  |  |  | (3,367 | ) |  |  | 46,161 |
Other long-term liabilities |  |  | 69,556 |  |  |  | 6,178 |  |  |  | 75,734 |
Retained earnings |  | $ | 535,172 |  |  | $ | (5,243 | ) |  | $ | 529,929 |
|  | December 31, 2017 |
|  | As Reported |  |  | Impact of Adoption |  |  | As Adjusted |
Accounts receivable |  | $ | 280,002 |  |  | $ | (708 | ) |  | $ | 279,294 |
Inventories |  |  | 380,341 |  |  |  | 6,708 |  |  |  | 387,049 |
Other accrued liabilities |  |  | 105,067 |  |  |  | 7,551 |  |  |  | 112,618 |
Deferred income taxes |  |  | 43,789 |  |  |  | (1,937 | ) |  |  | 41,852 |
Other long-term liabilities |  |  | 76,995 |  |  |  | 5,898 |  |  |  | 82,893 |
Retained earnings |  | $ | 616,347 |  |  | $ | (5,513 | ) |  | $ | 610,835 |
Condensed Consolidated Statements of Comprehensive Income |  | Three Months Ended September 30, 2017 |
|  | As Reported |  |  | Impact of Adoption |  |  | As Adjusted |
Net sales |  | $ | 457,253 |  |  | $ | (1,414 | ) |  | $ | 455,839 |
Cost of goods sold |  |  | 299,784 |  |  |  | (176 | ) |  |  | 299,608 |
Selling and service expenses |  |  | 44,402 |  |  |  | (939 | ) |  |  | 43,463 |
Research and development expenses |  |  | 10,864 |  |  |  | (14 | ) |  |  | 10,850 |
General and administrative expenses |  |  | 22,102 |  |  |  | 26 |  |  |  | 22,128 |
Other, net |  |  | 1,570 |  |  |  | 140 |  |  |  | 1,710 |
Provision for income taxes |  |  | 20,581 |  |  |  | (177 | ) |  |  | 20,404 |
Net income attributable to Generac Holdings Inc. |  | $ | 39,709 |  |  | $ | (274 | ) |  | $ | 39,435 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.64 |  |  | $ | - |  |  | $ | 0.64 |
Diluted |  | $ | 0.64 |  |  | $ | (0.01 | ) |  | $ | 0.63 |
Comprehensive income attributable to Generac Holdings Inc. |  | $ | 43,213 |  |  | $ | (274 | ) |  | $ | 42,939 |
|  | Nine Months Ended September 30, 2017 |
|  | As Reported |  |  | Impact of Adoption |  |  | As Adjusted |
Net sales |  | $ | 1,184,443 |  |  | $ | (3,244 | ) |  | $ | 1,181,199 |
Cost of goods sold |  |  | 782,028 |  |  |  | 1,219 |  |  |  | 783,247 |
Selling and service expenses |  |  | 127,702 |  |  |  | (2,762 | ) |  |  | 124,940 |
Research and development expenses |  |  | 31,732 |  |  |  | (42 | ) |  |  | 31,690 |
General and administrative expenses |  |  | 64,436 |  |  |  | 72 |  |  |  | 64,508 |
Other, net |  |  | 3,105 |  |  |  | 420 |  |  |  | 3,525 |
Provision for income taxes |  |  | 42,946 |  |  |  | (841 | ) |  |  | 42,105 |
Net income attributable to Generac Holdings Inc. |  | $ | 78,211 |  |  | $ | (1,310 | ) |  | $ | 76,901 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.27 |  |  | $ | (0.02 | ) |  | $ | 1.25 |
Diluted |  | $ | 1.26 |  |  | $ | (0.02 | ) |  | $ | 1.24 |
Comprehensive income attributable to Generac Holdings Inc. |  | $ | 92,177 |  |  | $ | (1,310 | ) |  | $ | 90,867 |
Condensed Consolidated Statement of Cash Flows |  | Nine Months Ended September 30, 2017 |
|  | As Reported |  |  | Impact of Adoption |  |  | As Adjusted |
Net income |  | $ | 78,644 |  |  | $ | (1,310 | ) |  | $ | 77,334 |
Deferred income taxes |  |  | 28,703 |  |  |  | (3,367 | ) |  |  | 25,336 |
Accounts receivable |  |  | (70,108 | ) |  |  | 2,105 |  |  |  | (68,003 | )
Inventories |  |  | 16,738 |  |  |  | (7,359 | ) |  |  | 9,379 |
Other accrued liabilities |  |  | 17,319 |  |  |  | 7,829 |  |  |  | 25,148 |
Net cash provided by operating activities |  | $ | 122,719 |  |  | $ | (2,102 | ) |  | $ | 120,617 |
Proceeds from beneficial interests in securitization transactions |  | $ | - |  |  | $ | 2,102 |  |  | $ | 2,102 |
Net cash used in investing activities |  | $ | (15,324 | ) |  | $ | 2,102 |  |  | $ | (13,222 | )

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. + References No definition available. + Details
Name: | us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration