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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net sales $ 2,204,336 $ 2,023,464 $ 1,679,373
Costs of goods sold 1,406,584 1,298,424 1,094,587
Gross profit 797,752 725,040 584,786
Operating expenses:      
Selling and service 217,683 191,887 174,841
Research and development 68,394 50,019 42,869
General and administrative 110,868 103,841 87,581
Amortization of intangibles 28,644 22,112 28,861
Total operating expenses 425,589 367,859 334,152
Income from operations 372,163 357,181 250,634
Other (expense) income:      
Interest expense (41,544) (40,956) (42,667)
Investment income 2,767 1,893 298
Loss on extinguishment of debt [1] (926) (1,332) 0
Loss on pension settlement [2] (10,920) 0 0
Other, net (1,933) (5,710) (4,566)
Total other expense, net (52,556) (46,105) (46,935)
Income before provision for income taxes 319,607 311,076 203,699
Provision for income taxes 67,299 69,856 44,142
Net income 252,308 241,220 159,557
Net income attributable to noncontrolling interests 301 2,963 1,749
Net income attributable to Generac Holdings Inc. 252,007 238,257 157,808
Other comprehensive income (loss):      
Foreign currency translation adjustment 2,210 (5,976) 15,191
Net unrealized gain (loss) on derivatives (13,855) 2,924 3,712
Pension liability adjustment 10,541 437 62
Other comprehensive income (loss) (1,104) (2,615) 18,965
Total comprehensive income 251,204 238,605 178,522
Comprehensive income (loss) attributable to noncontrolling interests (635) 1,647 5,549
Comprehensive income attributable to Generac Holdings Inc. $ 251,839 $ 236,958 $ 172,973
Net income attributable to common shareholders per common share - basic: (in dollars per share) $ 4.09 $ 3.57 $ 2.56
Weighted average common shares outstanding - basic: (in shares) 61,926,986 61,662,031 62,040,704
Net income attributable to common shareholders per common share - diluted: (in dollars per share) $ 4.03 $ 3.54 $ 2.53
Weighted average common shares outstanding - diluted: (in shares) 62,865,446 62,233,225 62,642,872
[1] Represents the non-cash write-off of original issue discount and deferred financing costs due to a voluntary prepayment of Term Loan debt.
[2] Represents pre-tax settlement charges related to the termination of the Company’s domestic pension plan in the fourth quarter of 2019.