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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Net sales $ 3,737,184 $ 2,485,200 $ 2,204,336
Costs of goods sold 2,377,102 1,527,546 1,406,584
Gross profit 1,360,082 957,654 797,752
Operating expenses:      
Selling and service 319,020 246,373 217,683
Research and development 104,303 80,251 68,394
General and administrative 144,272 118,233 109,017
Acquisition related costs 21,465 1,411 1,851
Amortization of intangibles 49,886 32,280 28,644
Total operating expenses 638,946 478,548 425,589
Income from operations 721,136 479,106 372,163
Other (expense) income:      
Interest expense (32,953) (32,991) (41,544)
Investment income 1,415 2,182 2,767
Loss on extinguishment of debt [1] (831) 0 (926)
Loss on pension settlement [2] 0 0 (10,920)
Other, net 2,759 (2,106) (1,933)
Total other expense, net (29,610) (32,915) (52,556)
Income before provision for income taxes 691,526 446,191 319,607
Provision for income taxes 134,957 98,973 67,299
Net income 556,569 347,218 252,308
Net income attributable to noncontrolling interests 6,075 (3,358) 301
Net income attributable to Generac Holdings Inc. 550,494 350,576 252,007
Other comprehensive income (loss):      
Foreign currency translation adjustment (41,030) 4,948 2,210
Net unrealized gain (loss) on derivatives 20,529 (14,285) (13,855)
Pension liability adjustment 0 0 10,541
Other comprehensive income (loss) (20,501) (9,337) (1,104)
Total comprehensive income 536,068 337,881 251,204
Comprehensive income (loss) attributable to noncontrolling interests 5,496 (364) (635)
Comprehensive income attributable to Generac Holdings Inc. $ 530,572 $ 338,245 $ 251,839
Net income attributable to Generac Holdings Inc. per common share - basic: (in dollars per share) $ 8.51 $ 5.61 $ 4.09
Weighted average common shares outstanding - basic: (in shares) 62,686,001 62,280,889 61,926,986
Net income attributable to Generac Holdings Inc. per common share - diluted: (in dollars per share) $ 8.30 $ 5.48 $ 4.03
Weighted average common shares outstanding - diluted: (in shares) 64,253,408 63,737,734 62,865,446
[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.