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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Net sales $ 1,444,453 $ 1,317,299 $ 1,460,919
Costs of goods sold 930,347 857,349 944,700
Gross profit 514,106 459,950 516,219
Operating expenses:      
Selling and service 164,607 130,242 120,408
Research and development 37,229 32,922 31,494
General and administrative 74,700 52,947 54,795
Amortization of intangibles 32,953 23,591 21,024
Tradename and goodwill impairment 0 40,687 [1] 0
Gain on remeasurement of contingent consideration (4,877)
Total operating expenses 309,489 280,389 222,844
Income from operations 204,617 179,561 293,375
Other (expense) income:      
Interest expense (44,568) (42,843) (47,215)
Investment income 44 123 130
Loss on extinguishment of debt [2] (574) (4,795) (2,084)
Gain (loss) on change in contractual interest rate [3] (2,957) (2,381) 16,014
Costs related to acquisition (1,082) (1,195) (396)
Other, net 902 (5,487) (1,462)
Total other expense, net (48,235) (56,578) (35,013)
Income before provision for income taxes 156,382 122,983 258,362
Provision for income taxes 57,570 45,236 83,749
Net income 98,812 77,747 174,613
Net income attributable to noncontrolling interests 24
Net income attributable to Generac Holdings Inc. $ 98,788 $ 77,747 $ 174,613
Net income attributable to common shareholders per common share - basic: (in dollars per share) $ 1.51 $ 1.14 $ 2.55
Weighted average common shares outstanding - basic: (in shares) 64,905,793 68,096,051 68,538,248
Net income attributable to common shareholders per common share - diluted: (in dollars per share) $ 1.50 $ 1.12 $ 2.49
Weighted average common shares outstanding - diluted: (in shares) 65,382,774 69,200,297 70,171,044
Other comprehensive income (loss):      
Foreign currency translation adjustment $ (18,545) $ (7,624) $ (3,082)
Net unrealized gain (loss) on derivatives 535 (965) (1,420)
Pension liability adjustment 322 1,881 (8,850)
Other comprehensive loss (17,688) (6,708) (13,352)
Total comprehensive income 81,124 71,039 161,261
Comprehensive loss attributable to noncontrolling interests (973)
Comprehensive income attributable to Generac Holdings Inc. $ 82,097 $ 71,039 $ 161,261
[1] Represents the 2015 impairment of certain tradenames due to a change in brand strategy to transition and consolidate various brands to the Generac tradename ($36,076) and the impairment of goodwill related to the Ottomotores reporting unit ($4,611)
[2] Represents the write-off of original issue discount and capitalized debt issuance costs due to voluntary debt prepayments.
[3] For the year ended December 31, 2016, represents a non-cash loss in the third quarter 2016 relating to the continued 25 basis point increase in borrowing costs as a result of the credit agreement leverage ratio remaining above 3.0 times and expected to remain above 3.0 based on current projections. For the year ended December 31, 2015, represents a non-cash loss relating to a 25 basis point increase in borrowing costs as a result of the credit agreement leverage ratio rising above 3.0 times effective third quarter 2015 and expected to remain above 3.0 times based on projections at the time. For the year ended December 31, 2014 represents a non-cash gain relating to a 25 basis point reduction in borrowing costs as a result of the credit agreement leverage ratio falling below 3.0 times effective second quarter 2014 and expected to remain below 3.0 times based on projections at the time.