0001437749-21-003793 | 10-K | XBRL Viewer

Income before provision for income taxes

^[2]

(10,920)

Other, net

(2,106)

(1,933)

(5,710)

Total other expense, net

(32,915)

(52,556)

(46,105)

446,191

319,607

311,076

Provision for income taxes

98,973

67,299

69,856

Net income

347,218

252,308

241,220

Net income attributable to noncontrolling interests

(3,358)

301

2,963

Net income attributable to Generac Holdings Inc.

350,576

252,007

238,257

Other comprehensive income (loss):

Foreign currency translation adjustment

4,948

2,210

(5,976)

Net unrealized gain (loss) on derivatives

(14,285)

(13,855)

2,924

Pension liability adjustment

10,541

437

Net current-period other comprehensive income (loss)

(9,337)

(1,104)

(2,615)

Total comprehensive income

337,881

251,204

238,605

Comprehensive income (loss) attributable to noncontrolling interests

(364)

(635)

1,647

Comprehensive income attributable to Generac Holdings Inc.

$ 338,245

$ 251,839

$ 236,958

Net income attributable to Generac Holdings Inc. per common share - basic: (in dollars per share)

$ 5.61

$ 4.09

$ 3.57

Weighted average common shares outstanding - basic: (in shares)

62,280,889

61,926,986

61,662,031

Net income attributable to Generac Holdings Inc. per common share - diluted: (in dollars per share)

$ 5.48

$ 4.03

$ 3.54

Weighted average common shares outstanding - diluted: (in shares)

63,737,734

62,865,446

62,233,225

[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.

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Treasury Stock [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Excess Purchase Price over Predecessor Basis [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] AOCI Attributable to Parent [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Parent [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Noncontrolling Interest [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Excess Purchase Price over Predecessor Basis [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2017										70,820,173		(8,448,874)
Balance at Dec. 31, 2017										$ 708	$ 459,816	$ (294,005)	$ (202,116)	$ 610,836	$ (21,198)	$ 554,041	$ 279	$ 554,320
Net unrealized gain (loss) on derivatives										0	0	0	0	0	2,924	2,924	0	2,924
Foreign currency translation adjustment										$ 0	0	$ 0	0	0	(5,976)	(5,976)	(2)	(5,978)
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares)										366,245		0
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price										$ 4	1,737	$ 0	0	0	0	1,741	0	1,741
Net share settlement of restricted stock awards (in shares)										0		(38,186)
Net share settlement of restricted stock awards										$ 0	0	$ (1,812)	0	0	0	(1,812)	0	(1,812)
Stock repurchases (in shares)										0		(560,000)
Stock repurchases										$ 0	0	$ (25,656)	0	0	0	(25,656)	0	(25,656)
Cash dividends paid to noncontrolling interest of subsidiary										0	0	0	0	0	0	0	(314)	(314)
Share-based compensation										0	14,563	0	0	0	0	14,563	0	14,563
Pension liability adjustment										0	0	0	0	0	437	437	0	437
Redemption value adjustment										0	0	0	0	(17,970)	0	(17,970)	0	(17,970)
Net income attributable to Generac Holdings Inc.										$ 0	0	$ 0	0	238,257	0	238,257		238,257
Net income																	749
Net income																		239,006
Balance (in shares) at Dec. 31, 2018										71,186,418		(9,047,060)
Balance at Dec. 31, 2018										$ 712	476,116	$ (321,473)	(202,116)	831,123	(23,813)	760,549	712	761,261
Net unrealized gain (loss) on derivatives										0	0	0	0	0	(13,855)	(13,855)	0	(13,855)
Foreign currency translation adjustment										$ 0	0	$ 0	0	0	2,210	2,210	(30)	2,180
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares)										481,308		0
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price										$ 5	6,056	$ 0	0	0	0	6,061	0	6,061
Net share settlement of restricted stock awards (in shares)										0		(55,953)
Net share settlement of restricted stock awards										$ 0	0	$ (3,078)	0	0	0	(3,078)	0	(3,078)
Stock repurchases (in shares)												0
Cash dividends paid to noncontrolling interest of subsidiary										0	0	$ 0	0	0	0	0	(285)	(285)
Share-based compensation										0	16,694	0	0	0	0	16,694	0	16,694
Pension liability adjustment										0	0	0	0	0	10,541	10,541	0	10,541
Redemption value adjustment										0	0	0	0	1,253	0	1,253	0	1,253
Net income attributable to Generac Holdings Inc.										0	0	0	0	252,007	0	252,007		252,007
Net income																	226
Net income																		252,233
Change in noncontrolling interest share										$ 0	0	$ 0	0	0	0	0	(154)	(154)
Balance (in shares) at Dec. 31, 2019										71,667,726		(9,103,013)
Balance at Dec. 31, 2019	$ 0	$ 0	$ 0	$ 0	$ (1,147)	$ 0	$ (1,147)	$ 0	$ (1,147)	$ 717	498,866	$ (324,551)	(202,116)	1,084,383	(24,917)	1,032,382	469	1,032,851
Net unrealized gain (loss) on derivatives										0	0	0	0	0	(14,285)	(14,285)	0	(14,285)
Foreign currency translation adjustment										$ 0	0	$ 0	0	0	4,948	4,948	(29)	4,919
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares)										356,603		0
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price										$ 4	5,793	$ 0	0	0	0	5,797	0	5,797
Net share settlement of restricted stock awards (in shares)										0		(70,718)
Net share settlement of restricted stock awards										$ 0	0	$ (7,613)	0	0	0	(7,613)	0	(7,613)
Share-based compensation										0	20,882	0	0	0	0	20,882	0	20,882
Pension liability adjustment																		0
Redemption value adjustment										0	0	0	0	(1,247)	0	(1,247)	0	(1,247)
Net income attributable to Generac Holdings Inc.										$ 0	0	$ 0	0	350,576	0	350,576		350,576
Net income																	(529)
Net income																		350,047
Balance (in shares) at Dec. 31, 2020										72,024,329		(9,173,731)
Balance at Dec. 31, 2020										$ 721	$ 525,541	$ (332,164)	$ (202,116)	$ 1,432,565	$ (34,254)	$ 1,390,293	$ (89)	$ 1,390,204

Consolidated Statements of Stockholders' Equity (Parentheticals) - AOCI Attributable to Parent [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Unrealized gain (loss) on interest rate swaps, tax	$ (4,826)	$ (4,877)	$ 1,027
Pension liability adjustment, tax			$ 154

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

65 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2020

Operating activities

Net income

$ 347,218

$ 252,308

$ 241,220

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

36,493

32,265

25,296

Amortization of intangible assets

32,280

28,644

22,112

Amortization of original issue discount and deferred financing costs

2,598

4,712

4,749

Loss on extinguishment of debt

^[1]

926

1,332

Share-based compensation expense

^[2]

10,920

Deferred income taxes

21,195

18,733

23,600

^[3]

20,882

16,694

14,563

Net changes in operating assets and liabilities, net of acquisitions:

7,145

1,086

2,474

Accounts receivable

(55,976)

8,231

(43,243)

Inventories

(77,983)

26,369

(152,594)

Other assets

12,859

(358)

(6,362)

Accounts payable

66,040

(69,404)

86,359

Accrued wages and employee benefits

20,157

(3,724)

12,626

Other accrued liabilities

60,593

(16,252)

16,972

Excess tax benefits from equity awards

(6,968)

(2,263)

(1,877)

Net cash provided by operating activities

486,533

308,887

247,227

Investing activities

Proceeds from sale of property and equipment

179

214

Proceeds from beneficial interest in securitization transactions

2,651

2,630

3,933

Expenditures for property and equipment

(62,128)

(60,802)

(47,601)

Acquisition of business, net of cash acquired

(64,797)

(112,001)

(65,440)

Net cash used in investing activities

(124,095)

(170,078)

(108,894)

Financing activities

Proceeds from short-term borrowings

257,593

73,340

53,965

Proceeds from long-term borrowings

277

1,660

51,425

Repayments of short-term borrowings

(277,719)

(59,518)

(27,880)

Repayments of long-term borrowings and finance lease obligations

(4,758)

(53,049)

(101,827)

Stock repurchases

(25,656)

$ (305,547)

Payment of contingent acquisition consideration

(4,000)

(5,550)

Payment of debt issuance costs

(1,473)

(1,702)

Cash dividends paid to noncontrolling interest of subsidiary

(285)

(314)

Taxes paid related to equity awards

(14,910)

(6,438)

(5,659)

Proceeds from the exercise of stock options

13,089

9,395

5,614

Net cash used in financing activities

(30,428)

(41,918)

(52,034)

Effect of exchange rate changes on cash and cash equivalents

235

1,510

(289)

Net increase in cash and cash equivalents

332,245

98,401

86,010

Cash and cash equivalents at beginning of period

322,883

224,482

138,472

Cash and cash equivalents at end of period

655,128

322,883

224,482

$ 655,128

Supplemental disclosure of cash flow information

Interest

28,765

35,465

41,007

Income taxes

$ 61,861

$ 61,767

$ 41,044

[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.
[3]	Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.

Note 1 - Description of Business

12 Months Ended

Dec. 31, 2020

Business Description and Basis of Presentation [Text Block]

1.	Description of Business

Founded in 1959, Generac Holdings Inc. (the Company) is a leading global designer and manufacturer of a wide range of energy technology solutions. The Company provides power generation equipment, energy storage systems, grid service solutions, and other power products serving the residential, light commercial and industrial markets. Generac’s power products and solutions are available globally through a broad network of independent dealers, distributors, retailers, e-commerce partners, wholesalers, and equipment rental companies, as well as sold direct to certain end user customers.

Over the years, the Company has executed a number of acquisitions that support its strategic plan (refer to Item 1 in this Annual Report on Form 10-K for discussion of our "Powering Our Future" strategic plan). A summary of acquisitions affecting the reporting periods presented include:

●

In June 2018, the Company acquired Selmec Equipos Industriales, S.A. de C.V. (Selmec), headquartered in Mexico City, Mexico. Selmec is a designer and manufacturer of industrial generators ranging from 10kW to 2,750kW. Selmec offers a market-leading service platform and specialized engineering capabilities, together with robust integration, project management and remote monitoring services.

●

In February 2019, the Company acquired a majority share of Captiva Energy Solutions Private Limited (Captiva). Captiva, founded in 2010 and headquartered in Kolkata, India, specializes in customized industrial generators for the India market.

●

In March 2019, the Company acquired Neurio Technology Inc. (Neurio), founded in 2005 and headquartered in Vancouver, British Columbia. Neurio is a leading energy data company focused on metering technology and sophisticated analytics to optimize energy use within a home or business.

●

In April 2019, the Company acquired Pika Energy, Inc. (Pika), founded in 2010 and located in Westbrook, Maine. Pika is a designer and manufacturer of battery storage technologies that capture and store solar or other power sources for homeowners and businesses, and is also a developer of advanced power electronics, software and controls for smart energy storage and management.

	●	In July 2020, the Company acquired West Coast Energy Systems LLC (Energy Systems), its industrial distributor in northern California. This addition enhances the Company's ability to serve the west coast markets for both commercial & industrial (C&I) and residential products.
	●	In September 2020, the Company acquired Mean Green Products, LLC (Mean Green), founded in 2009 and located in Ross, Ohio. Mean Green is a designer and manufacturer of commercial grade, battery-powered turf care products that provide quiet, zero emissions and reduced maintenance options as compared to traditional commercial mowers.
	●	In October 2020, the Company acquired Enbala Power Networks Inc. (Enbala), founded in 2003 and headquartered in Denver, Colorado. Enbala is one of the leading providers of distributed energy optimization and control software that helps support the operational stability of the world's power grids.

Note 2 - Summary of Accounting Policies

12 Months Ended

Dec. 31, 2020

Significant Accounting Policies [Text Block]

2.	Summary of Accounting Policies

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries that are consolidated in conformity with U.S. GAAP. All intercompany amounts and transactions have been eliminated in consolidation.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Concentration of Credit Risk

The Company maintains the majority of its domestic cash in a few commercial banks in multiple operating and investment accounts. Balances on deposit are insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits. Balances in excess of FDIC limits are uninsured.

One customer accounted for approximately 13% and 9% of accounts receivable at December 31, 2020 and 2019, respectively. No one customer accounted for greater than 6%, 5%, and 6%, of net sales during the years ended December 31, 2020, 2019, or 2018, respectively.

Accounts Receivable and Allowance for Credit Losses

The Company's trade and other receivables primarily arise from the sale of our products to independent residential dealers, industrial distributors and dealers, national and regional retailers, electrical/HVAC/solar wholesalers, e-commerce partners, equipment rental companies, equipment distributors, solar installers, utilities, and certain end users with payment terms generally ranging from 30 to 90 days. The Company evaluates the credit risk of a customer when extending credit based on a combination of various financial and qualitative factors that may affect the customers' ability to pay. These factors include the customer's financial condition, past payment experience, credit bureau information, and regional considerations.

Receivables are recorded at their face value amount less an allowance for credit losses. The Company maintains an allowance for credit losses, which represents an estimate of expected losses over the remaining contractual life of its receivables considering current market conditions and estimates for supportable forecasts when appropriate. The Company measures expected credit losses on its trade receivables on an entity by entity basis. The estimate of expected credit losses considers a historical loss experience rate that is adjusted for delinquency trends, collection experience, and/or economic risk where appropriate based on current market conditions. Additionally, management develops a specific allowance for trade receivables known to have a high risk of expected future credit loss.

The Company has historically experienced immaterial write-offs given the nature of the customers that receive credit. In addition, the Company holds a credit insurance plan that covers the risk of loss up to specified amounts on certain trade receivables. As of December 31, 2020, the Company had gross receivables of $386,907 and an allowance for credit losses of $12,001.

The following is a tabular reconciliation of the Company's allowance for credit losses:

Year Ended December 31, 2020

Balance at beginning of period
$ 6,968

Adoption of ASU 2016-13
1,147

Established for Acquisitions 198

Provision for credit losses
4,645

Charge-offs
(1,448 )

Currency translation
491

Balance at end of period
$ 12,001

Inventories

Inventories are stated at the lower of cost or market, with cost determined generally using the first-in, first-out method.

Property and Equipment

Property and equipment are recorded at cost and are being depreciated using the straight-line method over the estimated useful lives of the assets, which are summarized below (in years). Costs of leasehold improvements are amortized over the lesser of the term of the lease (including renewal option periods) or the estimated useful lives of the improvements. Finance lease right of use assets are included in property and equipment. Refer to Note 10, "Leases," to the consolidated financial statements for the Company's lease disclosure.

Land improvements
8 – 20

Buildings and improvements
10 – 40

Machinery and equipment
3 – 15

Dies and tools
3 – 10

Vehicles
3 – 6

Office equipment and systems
3 – 15

Leasehold improvements
2 – 20

Total depreciation expense was $36,493, $32,265, and $25,296 for the years ended December 31, 2020, 2019 and 2018, respectively.

Goodwill and Other Indefinite-Lived Intangible Assets

Goodwill represents the excess of the purchase price over fair value of identifiable net assets acquired from business acquisitions. Goodwill is not amortized, but is reviewed for impairment on an annual basis and between annual tests if indicators of impairment are present. The Company evaluates goodwill for impairment annually as of October 31 or more frequently when an event occurs or circumstances change that indicates the carrying value may not be recoverable. The Company has the option to assess goodwill for impairment by performing either a qualitative assessment or quantitative test. The qualitative assessment determines whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative test is not required to be performed. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company is required to perform the quantitative test. In the quantitative test, the calculated fair value of the reporting unit is compared to its book value including goodwill. If the fair value of the reporting unit is in excess of its book value, the related goodwill is not impaired. If the fair value of the reporting unit is less than its book value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

Other indefinite-lived intangible assets consist of certain tradenames. The Company tests the carrying value of these tradenames annually as of October 31, or more frequently when an event occurs or circumstances change that indicates the carrying value may not be recoverable, by comparing the assets’ fair value to its carrying value. Fair value is measured using a relief-from-royalty approach, which assumes the fair value of the tradename is the discounted cash flows of the amount that would be paid had the Company not owned the tradename and instead licensed the tradename from another company.

The Company performed the required annual impairment tests for goodwill and other indefinite-lived intangible assets for the fiscal years 2020, 2019 and 2018, and found no impairment.

Impairment of Long-Lived Assets

The Company periodically evaluates the carrying value of long-lived assets (excluding goodwill and indefinite-lived tradenames). Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected future undiscounted cash flows is less than the carrying amount of an asset, a loss is recognized for the difference between the fair value and carrying value of the asset.

Debt Issuance Costs

Debt discounts and direct costs incurred in connection with the issuance or amendment of long-term debt are deferred and recorded as a reduction of outstanding debt and amortized to interest expense using the effective interest method over the terms of the related credit agreements. $2,598, $4,712, and $4,749 of deferred financing costs and original issue discount were amortized to interest expense during fiscal years 2020, 2019 and 2018, respectively. Excluding the impact of any future long-term debt issuances or prepayments, estimated amortization to interest expense for the next five years is as follows: 2021 - $2,640; 2022 - $2,689; 2023 - $2,579; 2024 - $2,508; 2025 - $2,555.

Income Taxes

The Company is a C Corporation and therefore accounts for income taxes pursuant to the liability method. Accordingly, the current or deferred tax consequences of a transaction are measured by applying the provision of enacted tax laws to determine the amount of taxes payable currently or in future years. Deferred income taxes are provided for temporary differences between the income tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the years in which those temporary differences become deductible. The Company considers taxable income in prior carryback years, the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies, as appropriate, in making this assessment.

Revenue Recognition

The Company’s revenues primarily consist of product sales to its customers. The Company considers the purchase orders, which in some cases are governed by master sales agreements, to be the contracts with the customers. For each contract, the Company considers the commitment to transfer products, each of which is distinct, to be the identified performance obligations. Revenue is measured as the amount of consideration the Company expects to be entitled in exchange for the transfer of product, which is generally the price stated in the contract specific for each item sold, adjusted for the value of expected returns, discounts, rebates, or other promotional incentives or allowances offered to our customers. Expected returns for damaged or defective product are estimated using the expected value method based upon historical product return experience. Discounts and rebates offered to customers are typically defined in the master sales agreements with customers and, therefore, are recorded using the most likely amount method based on the terms of the contract. Promotional incentives are defined programs offered for short, specific periods of time and are estimated using the expected value method based upon historical experience. The Company does not expect the transaction price for revenue recognized will be subject to a significant revenue reversal. As the Company’s product sale contracts and standard payment terms have a duration of less than one year, it uses the practical expedient applicable to such contracts and does not consider the time value of money. Sales, use, value add and other similar taxes assessed by governmental authorities and collected concurrent with revenue-producing activities are excluded from revenue. The Company has elected to recognize the cost for freight activities when control of the product has transferred to the customer as an expense within cost of goods sold in the consolidated statements of comprehensive income. Product revenues are recognized at the point in time when control of the product is transferred to the customer, which typically occurs upon shipment or delivery to the customer. To determine when control has transferred, the Company considers if there is a present right to payment and if legal title, physical possession, and the significant risks and rewards of ownership of the asset has transferred to the customer. As substantially all of the Company’s product revenues are recognized at a point in time, the amount of unsatisfied performance obligations at each period end is not material. The Company’s contracts have an original expected duration of one year or less. As a result, the Company has elected to use the practical expedient to not disclose its remaining performance obligations.

At the request of certain customers, the Company will warehouse inventory billed to the customer but not delivered. Unless all revenue recognition criteria have been met, the Company does not recognize revenue on these transactions until the customer takes possession of the product.

While the Company’s standard payment terms are less than one year, the specific payment terms and conditions in its customer contracts vary. In some cases, customers prepay for their goods; in other cases, after appropriate credit evaluation, an open credit line is granted and payment is due in arrears. Contracts with payment in arrears are recognized in the consolidated balance sheets as accounts receivable upon revenue recognition, while contracts where customers pay in advance are recognized as customer deposits and recorded in other accrued liabilities in the consolidated balance sheets until revenue is recognized. The balance of customer deposits (contract liabilities) was $25,710 and $9,952 at December 31, 2020 and December 31, 2019, respectively. During the year ended December 31, 2020, the Company recognized revenue of $8,703 related to amounts included in the December 31, 2019 customer deposit balance. The Company typically recognizes revenue within one year of the receipt of the customer deposit.

The Company offers standard warranty coverage on substantially all products that it sells and accounts for this standard warranty coverage as an assurance warranty. As such, no transaction price is allocated to the standard warranty, and the Company records a liability for product warranty obligations at the time of sale to a customer based upon historical warranty experience. Refer to Note 11, “Product Warranty Obligations,” to the consolidated financial statements for further information regarding the Company’s standard warranties.

The Company also sells extended warranty coverage for certain products, which it accounts for as service warranties. In most cases, the extended warranty is sold as a separate contract. As such, extended warranty sales are considered a separate performance obligation, and the extended warranty transaction is separate and distinct from the product. The extended warranty transaction price is initially recorded as deferred revenue in the consolidated balance sheets and amortized on a straight-line basis to net sales in the consolidated statements of comprehensive income over the life of the contracts following the standard warranty period. For extended warranty contracts that the Company sells under a third-party marketing agreement, it is required to pay fees to the third-party service provider and classifies these fees as costs to obtain a contract. The contract costs are deferred and recorded as other assets in the consolidated balance sheets. The deferred contract costs are amortized to net sales in the consolidated statements of comprehensive income consistent with how the related deferred revenue is recognized. Refer to Note 11, “Product Warranty Obligations,” to the consolidated financial statements for further information regarding the Company’s extended warranties.

In addition to extended warranties, the Company offers other services, including remote monitoring, installation, maintenance and grid services in certain circumstances. Total service revenues accounted for less than two percent of revenue during the year ended December 31, 2020.

Refer to Note 7, “Segment Reporting,” to the consolidated financial statements for the Company’s disaggregated revenue disclosure. The information discussed above is applicable to each of the Company’s product classes.

Advertising and Co-Op Advertising

Expenditures for advertising, included in selling and service expenses in the consolidated statements of comprehensive income, are expensed as incurred. Expenditures for advertising production costs are expensed when the related advertisement is first run. Expenditures for Co-Op advertising are expensed when claimed by the customer. Total expenditures for advertising were $53,678, $44,153, and $34,792 for the years ended December 31, 2020, 2019 and 2018, respectively.

Research and Development

The Company expenses research and development costs as incurred. Total expenditures incurred for research and development were $80,251, $68,394, and $50,019 for the years ended December 31, 2020, 2019 and 2018, respectively.

Foreign Currency Translation and Transactions

Balance sheet amounts for non-U.S. Dollar functional currency businesses are translated into U.S. Dollars at the rates of exchange in effect at the end of the fiscal year. Income and expenses incurred in a foreign currency are translated at the average rates of exchange in effect during the year. The related translation adjustments are made directly to accumulated other comprehensive loss, a component of stockholders’ equity, in the consolidated balance sheets. Gains and losses from foreign currency transactions are recognized as incurred in the consolidated statements of comprehensive income.

Fair Value of Financial Instruments

ASC 820-10, Fair Value Measurement, defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring basis or nonrecurring basis. ASC 820-10 clarifies that fair value is an exit price, representing the amount that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the pronouncement establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The Company believes the carrying amount of its financial instruments (cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and ABL facility borrowings), excluding Term Loan borrowings, approximates the fair value of these instruments based upon their short-term nature. The fair value of Term Loan borrowings, which have an aggregate carrying value of $815,260, was approximately $831,038 (Level 2) at December 31, 2020, as calculated based on independent valuations whose inputs and significant value drivers are observable.

For the fair value of the assets and liabilities measured on a recurring basis, refer to the fair value table in Note 5, “Derivative Instruments and Hedging Activities,” to the consolidated financial statements. The fair value of all derivative contracts is classified as Level 2. The valuation techniques used to measure the fair value of derivative contracts, all of which have counterparties with high credit ratings, were based on quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data. The fair value of derivative contracts considers the Company’s credit risk in accordance with ASC 820-10.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Derivative Instruments and Hedging Activities

The Company records all derivatives in accordance with ASC 815, Derivatives and Hedging, which requires derivative instruments to be reported in the consolidated balance sheets at fair value and establishes criteria for designation and effectiveness of hedging relationships. The Company is exposed to market risk such as changes in commodity prices, foreign currencies and interest rates. The Company does not hold or issue derivative financial instruments for trading purposes. Refer to Item 7A of this Annual Report on Form 10-K for further information on the Company’s derivatives.

Share-Based Compensation

Share-based compensation expense, including stock options and restricted stock awards, is generally recognized on a straight-line basis over the vesting period based on the fair value of awards which are expected to vest. The fair value of all share-based awards is estimated on the date of grant. Refer to Note 17, “Share Plans,” to the consolidated financial statements for further information on the Company’s share-based compensation plans and accounting.

New Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of accounting standard updates (“ASUs”) to the FASB Accounting Standards Codification (ASC). ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s consolidated financial statements.

Recently Adopted Accounting Standards

On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance was issued to provide financial statement users with more useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Specifically, this guidance requires entities to utilize a new “expected loss” model as it relates to trade and other receivables. The Company adopted this standard using the modified retrospective approach as of the date of adoption, meaning no prior period balances were impacted by the adoption. The adoption of the standard impacts the way the Company estimates the allowance for doubtful accounts on its trade and other receivables, and the Company recorded a decrease to retained earnings of $1,147 as a result of adopting ASU 2016-13. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Refer to Note 2 to the consolidated financial statements, “Summary of Accounting Policies - Accounts Receivable and Allowance for Credit Losses,” for further information regarding the Company’s allowance for expected credit losses.

On January 1, 2020, the Company elected to apply the optional expedients discussed in ASU 2020-04, Reference Rate Reform. This guidance was issued to address challenges likely to arise in accounting for contract modifications and hedge accounting because of reference rate reform. The update provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued if certain criteria are met. The adoption of the optional expedients in this standard permits the Company to account for the change to a reference rate on its LIBOR based term loan as a continuation of the existing contract rather than having to account for the change in rate as a modification or extinguishment. Additionally, the election of the optional expedients permits the Company to continue with its hedge accounting treatment for its interest rate swaps despite expected changes due to reference rate reform.

Note 3 - Acquisitions

12 Months Ended

Dec. 31, 2020

Business Combination Disclosure [Text Block]

3.	Acquisitions

Fiscal 2020

Acquisition of Enbala

On October 7, 2020, the Company acquired Enbala for a purchase price, net of cash acquired, of $41,982. The acquisition purchase price was funded solely through cash on hand.

The Company recorded a preliminary purchase price allocation during the fourth quarter of 2020 based upon its estimates of the fair value of the acquired assets and assumed liabilities. As a result, the Company recorded $46,645 of intangible assets, including $27,545 of goodwill recorded in the Domestic segment, as of the acquisition date. A portion of the goodwill ascribed to this acquisition is deductible for tax purposes. The accompanying consolidated financial statements include the results of Enbala from the date of acquisition through December 31, 2020.

Other Acquisitions

In July 2020, the Company acquired Energy Systems, its industrial distributor in northern California.

In September 2020, the Company acquired Mean Green, a designer and manufacturer of commercial grade, battery-powered turf care products.

The combined purchase price for these acquisitions was $22,815 and was funded solely through cash on hand. The accompanying consolidated financial statements include the results of the acquired businesses since the dates of acquisition through December 31, 2020.

Fiscal 2019

Acquisition of Pika

On April 26, 2019, the Company acquired Pika for a purchase price, net of cash acquired, of $49,068. The acquisition purchase price was funded solely through cash on hand.

The Company finalized the Pika purchase price allocation during the first quarter of 2020 based upon its estimates of the fair value of the acquired assets and assumed liabilities. As a result, the Company recorded $58,196 of intangible assets, including $19,896 of goodwill recorded in the Domestic segment, as of the acquisition date. The goodwill ascribed to the acquisition is not deductible for tax purposes. The accompanying consolidated financial statements include the results of Pika from the date of acquisition through December 31, 2020.

Acquisition of Neurio

On March 12, 2019, the Company acquired Neurio for a purchase price of $59,071, net of cash acquired and inclusive of a deferred payment of $7,922 which was made during the third quarter of 2019. The acquisition purchase price was funded solely through cash on hand.

The Company finalized the Neurio purchase price allocation during the first quarter of 2020 based upon its estimates of the fair value of the acquired assets and assumed liabilities. As a result, the Company recorded $58,762 of intangible assets, including $17,862 of goodwill recorded in the Domestic segment, as of the acquisition date. Substantially all of the goodwill ascribed to this acquisition is deductible for tax purposes. The accompanying consolidated financial statements include the results of Neurio from the date of acquisition through December 31, 2020.

Other Acquisitions

In February 2019, the Company acquired a majority share of Captiva, a manufacturer of customized industrial generators in Kolkata, India. The purchase price was immaterial to the Company and was funded solely through cash on hand. The accompanying consolidated financial statements include the results of the acquired business from the date of acquisition through December 31, 2020.

Fiscal 2018

Acquisition of Selmec

On June 1, 2018, the Company acquired Selmec for a purchase price of $79,972, net of cash acquired and inclusive of earnout payments of $14,902. Changes in the fair value of the earnout liability during 2020 and 2019 of $(2,241) and $(977), respectively, were recognized as a component of operating income in the Company's consolidated statements of comprehensive income. Changes in the fair value of the earnout liability during 2020 and 2019 included interest accretion of $536 and $2,740, respectively, and other fair value remeasurement adjustments of $(2,777) and $(3,717), respectively. The acquisition purchase price was funded solely through cash on hand.

The Company finalized the Selmec purchase price allocation during the second quarter of 2019 based upon its estimates of the fair value of the acquired assets and assumed liabilities. As a result, the Company recorded $79,827 of intangible assets, including $46,196 of goodwill recorded in the International segment, as of the acquisition date. The goodwill ascribed to the acquisition is not deductible for tax purposes. The accompanying consolidated financial statements include the results of Selmec from the date of acquisition through December 31, 2020.

Summary Purchase Price Allocations

The fair values assigned to certain assets acquired and liabilities assumed, as of the acquisition dates, for the years ended December 31 are as follows:

	Year Ended December 31,
	2020		2019		2018
Accounts receivable	$	5,151	$	4,643	$	14,302
Inventories		3,711		4,313		8,000
Prepaid expenses and other assets		897		304		4,323
Property and equipment		635		384		5,572
Intangible assets		26,057		79,200		33,631
Goodwill		42,698		41,428		46,196
Deferred income taxes		-		3,217		3,252
Other assets		1,122		133		597
Total assets acquired		80,271		133,622		115,873

Accounts payable		4,088		4,380		7,216
Accrued wages and employee benefits		700		4,408		397
Other accrued liabilities		2,151		602		13,671
Current portion of long-term debt		-		937		-
Deferred income taxes		4,134		9,958		10,974
Other long-term liabilities		4,401		778		3,643
Redeemable non-controlling interest		-		3,165		-
Net assets acquired	$	64,797	$	109,394	$	79,972

Pro Forma Information

The following unaudited pro forma information of the Company gives effect to all acquisitions as though the transactions had occurred on January 1, 2018. Refer to Note 1, “Description of Business,” for further information on the acquisitions included in the table.

	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Net Sales:
As reported	$	2,485,200	$	2,204,336	$	2,023,464
Pro forma		2,512,017		2,242,710		2,093,112

Net income attributable to Generac Holdings Inc.:
As reported	$	350,576	$	252,007	$	238,257
Pro forma		339,317		239,925		220,555

Net income attributable to Generac Holdings Inc. per common share - diluted
As reported	$	5.48	$	4.03	$	3.54
Pro forma		5.34		3.84		3.26

This unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisitions been consummated on January 1, 2018.

Note 4 - Redeemable Noncontrolling Interest

12 Months Ended

Dec. 31, 2020

Redeemable Noncontrolling Interest [Text Block]

4.	Redeemable Noncontrolling Interest

On March 1, 2016, the Company acquired a 65% ownership interest in PR Industrial S.r.l. and its subsidiaries (Pramac). The 35% noncontrolling interest in Pramac had an acquisition date fair value of $34,253, and was recorded as a redeemable noncontrolling interest in the consolidated balance sheet, as the noncontrolling interest holder had within its control the right to require the Company to redeem its interest in Pramac. In February 2019, the Company amended its agreement with the noncontrolling interest holder of Pramac, extending the agreement by five years, allowing the Company to exercise its call option rights in partial increments at certain times during the five year period, and providing that the noncontrolling interest holder no longer holds the right to put its shares to the Company until April 1, 2021. The put and call option price is based on a multiple of earnings, subject to a floor and the terms of the acquisition agreement, as amended.

On February 1, 2019, the Company acquired a 51% ownership interest in Captiva Energy Solutions, Ltd (Captiva). The 49% noncontrolling interest in Captiva has an acquisition date fair value of $3,165, and was recorded as a redeemable noncontrolling interest in the consolidated balance sheet, as the noncontrolling interest holder had within its control the right to require the Company to redeem its interest in Captiva. The noncontrolling interest holder has a put option to sell his interest to the Company any time after five years from the date of acquisition, or earlier upon the occurrence of certain circumstances. The put option price is based on a multiple of earnings, subject to the terms of the acquisition. Further, the Company has a call option that it may redeem any time after five years from the date of acquisition, or earlier upon the occurrence of certain circumstances. The call option price is based on a multiple of earnings, subject to the terms of the acquisition.

For both transactions, the redeemable noncontrolling interest is recorded at the greater of the initial fair value, increased or decreased for the noncontrolling interests’ share of comprehensive income (loss), or the estimated redemption value, with any adjustments to the redemption value impacting retained earnings, but not net income. However, the redemption value adjustments are reflected in the earnings per share calculation, as detailed in Note 14, “Earnings Per Share,” to the consolidated financial statements. The following table presents the changes in the redeemable noncontrolling interest:

	*Year Ended December 31,*
	*2020*			*2019*				*2018*
Balance at beginning of period	$	61,227		$	61,004			$	43,929
Noncontrolling interest		-			3,165		(1)		-
Net income		(2,829	)		75				2,214
Foreign currency translation		6,562			(1,764	)			(3,109	)
Redemption value adjustment		1,247			(1,253	)			17,970
Balance at end of period	$	66,207		$	61,227			$	61,004

(1) Represents the noncontrolling interest of Captiva calculated at the date of acquisition, February 1, 2019.

Note 5 - Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Text Block]

5.	Derivative Instruments and Hedging Activities

Commodities

The Company is exposed to price fluctuations in commodities including steel, copper and aluminum; and periodically utilizes commodity derivatives to mitigate the impact of these potential price fluctuations on its financial results. These derivatives typically have maturities of less than eighteen months. At December 31, 2020 and 2019, the Company had one and no commodity contracts outstanding, respectively.

Because these contracts do not qualify for hedge accounting, the related gains and losses are recorded in cost of goods sold in the Company’s consolidated statements of comprehensive income. Net pre-tax gains (losses) recognized were $2,185, $(174), and $(874) for the years ended December 31, 2020, 2019 and 2018, respectively.

Foreign Currencies

The Company is exposed to foreign currency exchange risk as a result of transactions denominated in currencies other than the U.S. Dollar. The Company periodically utilizes foreign currency forward purchase and sales contracts to manage the volatility associated with certain foreign currency purchases and sales in the normal course of business. Contracts typically have maturities of twelve months or less. As of December 31, 2020 and 2019, the Company had forty-four and forty-three foreign currency contracts outstanding, respectively.

Because these contracts do not qualify for hedge accounting, the related gains and losses are recorded in "other, net" in the Company’s consolidated statements of comprehensive income. Net pre-tax gains (losses) recognized for the years ended December 31, 2020, 2019 and 2018 were $355, $(1,195), and $(653), respectively.

Interest Rate Swaps

In 2017, the Company entered into twenty interest rate swap agreements, twelve of which were still outstanding as of December 31, 2020. In December 2019, in conjunction with the amendment to its Term Loan, the Company amended those interest rate swaps to remove the LIBOR floor, which also resulted in minor reductions to the future dated swap fixed rates. In March 2020, the Company entered into three additional interest rate swap agreements, bringing the total outstanding interest rate swaps to fifteen as of December 31, 2020. The Company formally documented all relationships between interest rate hedging instruments and the related hedged items, as well as its risk-management objectives and strategies for undertaking these hedge transactions. These interest rate swap agreements qualify as cash flow hedges and therefore, the effective portions of the gains or losses are reported as a component of accumulated other comprehensive loss (AOCL) in the consolidated balance sheets. The amount of after-tax gains (losses) recognized for the years ended December 31, 2020, 2019 and 2018 were $(14,285), $(13,855), and $2,924, respectively. The cash flows of the swaps are recognized as adjustments to interest expense each period. The ineffective portions of the derivatives’ changes in fair value, if any, are immediately recognized in earnings.

Fair Value

The following table presents the fair value of the Company’s derivatives:

	December 31, 2020			December 31, 2019
Commodity contracts	$	1,386		$	6
Foreign currency contracts		(154	)		31
Interest rate swaps		(29,536	)		(10,425	)

The fair value of the commodity contract is included in prepaid expenses and other current assets, and the fair values of the foreign currency contracts and interest rate swaps are included in other accrued liabilities and other long-term liabilities in the consolidated balance sheet as of December 31, 2020. The fair value of the commodity and foreign currency contracts are included in prepaid expenses and other current assets, and the fair value of the interest rate swaps are included in other accrued liabilities and other long-term liabilities in the consolidated balance sheet as of December 31, 2019. Excluding the impact of credit risk, the fair value of the derivative contracts as of December 31, 2020 and 2019 is a liability of $28,667 and $10,588, respectively, which represents the net amount the Company would pay to exit all of the agreements on those dates.

Note 6 - Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2020

Comprehensive Income (Loss) Note [Text Block]

6.	Accumulated Other Comprehensive Loss

The following presents a tabular disclosure of changes in AOCL during the years ended December 31, 2020 and 2019, net of tax:

	Foreign Currency Translation Adjustments			Defined Benefit Pension Plan		Unrealized Loss on Cash Flow Hedges				Total
Beginning Balance – January 1, 2020	$	(16,622	)	$	-	$	(8,295	)		$	(24,917	)
Other comprehensive income (loss) before reclassifications		4,948			-		(14,285	)	(1)		(9,337	)
Amounts reclassified from AOCL		-			-		-				-
Net current-period other comprehensive income (loss)		4,948			-		(14,285	)			(9,337	)
Ending Balance – December 31, 2020	$	(11,674	)	$	-	$	(22,580	)		$	(34,254	)

	Foreign Currency Translation Adjustments			Defined Benefit Pension Plan				Unrealized Gain (Loss) on Cash Flow Hedges				Total
Beginning Balance – January 1, 2019	$	(18,832	)	$	(10,541	)		$	5,560			$	(23,813	)
Other comprehensive income (loss) before reclassifications		2,210			1,474		(2)		(13,855	)	(3)		(10,171	)
Amounts reclassified from AOCL		-			9,067		(4)		-				9,067
Net current-period other comprehensive income (loss)		2,210			10,541				(13,855	)			(1,104	)
Ending Balance – December 31, 2019	$	(16,622	)	$	-			$	(8,295	)		$	(24,917	)

	(1)	Represents unrealized losses of $(19,111), net of tax effect of $4,826 for the year ended December 31, 2020.
	(2)	Represents unrecognized actuarial gains of $1,992 net of tax effect of $(518), included in the computation of net periodic pension cost for the year ended December 31, 2019. Refer to Note 16, “Benefit Plans,” to the consolidated financial statements for additional information.

(3)

Represents unrealized losses of $(18,732), net of tax effect of $4,877 for the year ended December 31, 2019.

(4)

Details of reclassifications from AOCL during 2019 are as follows:

	Amounts reclassified from AOCL
Loss on pension settlement	$	10,920
Amortization of net loss		843
Total before tax		11,763
Income tax impact		(2,696	)
Amounts reclassified from AOCL during 2019	$	9,067

Note 7 - Segment Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting Disclosure [Text Block]

7.	Segment Reporting

The Company has two reportable segments for financial reporting purposes – Domestic and International. The Domestic segment includes the legacy Generac business (excluding its traditional Latin American export operations), and the acquisitions that are based in the U.S. and Canada, all of which have revenues substantially derived from the U.S. and Canada. The International segment includes the legacy Generac business Latin American export operations, and the Ottomotores, Tower Light, Pramac, Motortech and Selmec acquisitions, all of which have revenues substantially derived from outside the U.S and Canada. Both reportable segments design and manufacture a wide range of energy technology solutions and other power products. The Company has multiple operating segments, which it aggregates into the two reportable segments, based on materially similar economic characteristics, products, production processes, classes of customers, distribution methods and regional considerations.

The Company's product offerings consist primarily of power generation equipment, energy storage systems, and other power products geared for varying end customer uses. Residential products and C&I products are each a similar class of products based on similar power output and end customer. The breakout of net sales between residential, C&I, and other products by reportable segment is as follows:

	*Net Sales by Segment*
	*Year Ended December 31, 2020*
Product Classes	*Domestic*		*International*		*Total*
Residential products	$	1,495,383	$	61,118	$	1,556,501
Commercial & industrial products		404,867		296,884		701,751
Other		188,558		38,390		226,948
Total net sales	$	2,088,808	$	396,392	$	2,485,200

	Year Ended December 31, 2019
Product Classes	Domestic		International		Total
Residential products	$	1,086,019	$	57,704	$	1,143,723
Commercial & industrial products		513,482		358,113		871,595
Other		143,397		45,621		189,018
Total net sales	$	1,742,898	$	461,438	$	2,204,336

	Year Ended December 31, 2018
Product Classes	Domestic		International		Total
Residential products	$	980,707	$	62,032	$	1,042,739
Commercial & industrial products		461,415		358,855		820,270
Other		124,398		36,057		160,455
Total net sales	$	1,566,520	$	456,944	$	2,023,464

Residential products consist primarily of automatic home standby generators ranging in output from 7.5kW to 150kW, portable generators, energy storage and monitoring solutions, and other outdoor power equipment. These products are sold through independent residential dealers, national and regional retailers, e-commerce merchants, electrical/HVAC/solar wholesalers, solar installers, and outdoor power equipment dealers. The residential products revenue consists of the sale of the product to our distribution partners, which in turn sell or rent the product to the end consumer, including installation and maintenance services. In some cases, residential products are sold direct to the end consumer. Substantially all of the residential products revenues are transferred to the customer at a point in time.

C&I products consist of larger output stationary generators used in C&I applications and fueled by diesel, natural gas, liquid propane and bi-fuel, with power outputs ranging from 10kW up to 3,250kW. Also included in C&I products are mobile generators, light towers, mobile heaters and mobile pumps. These products are sold through industrial distributors and dealers, equipment rental companies and equipment distributors. The C&I products revenue consists of the sale of the product to our distribution partners, which in turn sell or rent the product to the end customer, including installation and maintenance services. In some cases, C&I products are sold direct to the end customer. Substantially all of the C&I products revenues are transferred to the customer at a point in time.

Other consists primarily of aftermarket service parts and product accessories sold to our dealers, the amortization of extended warranty deferred revenue, remote monitoring subscription revenue, grid services, installation and maintenance service revenue. The aftermarket service parts and product accessories are generally transferred to the customer at a point in time, while the extended warranty and subscription revenue are recognized over the life of the contract. Other service revenue is recognized when the service is performed.

Management evaluates the performance of its segments based primarily on Adjusted EBITDA, which is reconciled to Income before provision for income taxes below. The computation of Adjusted EBITDA is based on the definition that is contained in the Company’s credit agreements.

	*Adjusted EBITDA*
	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Domestic	$	563,394		$	428,667		$	388,495
International		20,379			25,448			36,057
Total adjusted EBITDA	$	583,773		$	454,115		$	424,552

Interest expense		(32,991	)		(41,544	)		(40,956	)
Depreciation and amortization		(68,773	)		(60,767	)		(47,408	)
Non-cash write-down and other adjustments (1)		327			(240	)		(3,532	)
Non-cash share-based compensation expense (2)		(20,882	)		(16,694	)		(14,563	)
Loss on extinguishment of debt (3)		-			(926	)		(1,332	)
Loss on pension settlement (4)		-			(10,920	)		-
Transaction costs and credit facility fees (5)		(2,151	)		(2,724	)		(3,883	)
Business optimization and other charges (6)		(12,158	)		(1,572	)		(952	)
Other		(954	)		879			(850	)
Income before provision for income taxes	$	446,191		$	319,607		$	311,076

(1)

Includes certain foreign currency and purchase accounting related adjustments, gains/losses on disposal of assets and unrealized mark-to-market adjustments on commodity contracts.

(2)

Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.

(3)

Represents the non-cash write-off of original issue discount and deferred financing costs due to a voluntary prepayment of Term Loan debt.

(4)

Represents pre-tax settlement charges related to the termination of the Company’s domestic pension plan in the fourth quarter of 2019.

(5)

Represents transaction costs incurred directly in connection with any investment, as defined in our credit agreement, equity issuance, debt issuance or refinancing, together with certain fees relating to our senior secured credit facilities.

(6)

For the year ended December 31, 2020, represents severance, non-cash asset write-downs, and other charges to address the impact of the COVID-19 pandemic and decline in oil prices. For the year ended December 31, 2019, represents severance and other charges related to the consolidation of certain of our facilities.

The following tables summarize additional financial information by reportable segment:

	*Assets*
	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Domestic	$	2,659,597	$	2,123,251	$	1,868,554
International		575,826		542,418		557,760
Total	$	3,235,423	$	2,665,669	$	2,426,314

	*Depreciation and Amortization*
	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Domestic	$	53,020	$	46,145	$	35,586
International		15,753		14,764		11,822
Total	$	68,773	$	60,909	$	47,408

	*Capital Expenditures*
	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Domestic	$	51,867	$	36,007	$	38,242
International		10,261		24,795		9,359
Total	$	62,128	$	60,802	$	47,601

The Company’s sales in the United States represent approximately 82%, 75%, and 74% of total sales for the years ended December 31, 2020, 2019 and 2018, respectively. Approximately 81% and 80% of the Company’s identifiable long-lived assets are located in the United States as of December 31, 2020 and 2019, respectively.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Note 8 - Balance Sheet Details

12 Months Ended

Dec. 31, 2020

Supplemental Balance Sheet Disclosures [Text Block]

8.	Balance Sheet Details

Inventories consist of the following:

	*December 31,*
	*2020*		*2019*
Raw material	$	375,516	$	328,021
Work-in-process		6,833		10,387
Finished goods		220,968		183,616
Total	$	603,317	$	522,024

As of December 31, 2020 and 2019, inventories totaling $9,154 and $18,684, respectively, were on consignment at customer locations.

Property and equipment consists of the following:

	*December 31,*
	*2020*			*2019*
Land and improvements	$	18,363		$	18,252
Buildings and improvements		198,908			177,079
Machinery and equipment		153,696			117,114
Dies and tools		24,190			22,040
Vehicles		6,037			3,955
Office equipment and systems		107,923			99,124
Leasehold improvements		5,276			4,293
Construction in progress		30,227			36,299
Gross property and equipment		544,620			478,156
Accumulated depreciation		(200,684	)		(161,180	)
Total	$	343,936		$	316,976

Total property and equipment included finance leases of $27,269 and $26,063 at December 31, 2020 and 2019, respectively, primarily made up of buildings and improvements. Amortization of finance lease right of use assets is recorded within depreciation expense in the consolidated statements of comprehensive income. The initial measurement of new finance lease right of use assets is accounted for as a non-cash item in the consolidated statement of cash flows. Refer to Note 10, “Leases,” for further information regarding the Company’s accounting for leases under ASC 842, Leases.

Note 9 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Text Block]

9.	Goodwill and Intangible Assets

The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2020 and 2019 are as follows:

	*Domestic*		*International*			*Total*
Balance at December 31, 2018	$	621,451	$	143,204		$	764,655
Acquisitions of businesses, net		37,758		3,078			40,836
Foreign currency translation		-		(207	)		(207	)
Balance at December 31, 2019		659,209		146,075			805,284
Acquisitions of businesses, net		42,722		-			42,722
Foreign currency translation		604		6,618			7,222
Balance at December 31, 2020	$	702,535	$	152,693		$	855,228

Refer to Note 3, “Acquisitions,” to the consolidated financial statements for further information regarding the Company’s acquisitions.

The details of the gross goodwill applicable to each reportable segment at December 31, 2020 and 2019 are as follows:

	*December 31, 2020*							*December 31, 2019*
	Gross		Accumulated Impairment			Net		Gross		Accumulated Impairment			Net
Domestic	$	1,205,728	$	(503,193	)	$	702,535	$	1,162,402	$	(503,193	)	$	659,209
International		157,304		(4,611	)		152,693		150,686		(4,611	)		146,075
Total	$	1,363,032	$	(507,804	)	$	855,228	$	1,313,088	$	(507,804	)	$	805,284

The following table summarizes intangible assets by major category as of December 31, 2020 and 2019:

	Weighted Average	*December 31, 2020*							*December 31, 2019*
	Amortization Years	Gross		Accumulated Amortization			Net Book Value		Gross		Accumulated Amortization			Net Book Value
Finite-lived intangible assets:
Tradenames	9	$	58,729	$	(40,891	)	$	17,838	$	56,669	$	(36,613	)	$	20,056
Customer lists	12		370,736		(321,531	)		49,205		369,932		(314,380	)		55,552
Patents and technology	10		233,271		(146,544	)		86,727		213,972		(128,426	)		85,546
Software	-		1,046		(1,046	)		-		1,046		(1,046	)		-
Non-compete/other	4		16,469		(6,537	)		9,932		12,063		(3,804	)		8,259
Total finite-lived intangible assets		$	680,251	$	(516,549	)	$	163,702	$	653,682	$	(484,269	)	$	169,413
Indefinite-lived tradenames			128,321		-			128,321		128,321		-			128,321
Total intangible assets		$	808,572	$	(516,549	)	$	292,023	$	782,003	$	(484,269	)	$	297,734

Amortization of intangible assets was $32,280, $28,644 and $22,112 in 2020, 2019 and 2018, respectively. Excluding the impact of any future acquisitions, the Company estimates amortization expense for the next five years will be as follows: 2021 - $33,906; 2022 - $26,649; 2023 - $22,129; 2024 - $18,581; 2025 - $16,808.

Note 10 - Leases

12 Months Ended

Dec. 31, 2020

Leases of Lessee Disclosure [Text Block]

10.

Leases

The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right of use (“ROU”) asset and lease liability at the lease commencement date based on the present value of the lease payments over the lease term. As the Company’s leases generally do not provide an implicit rate, the incremental borrowing rate is used to determine the present value of lease payments. The incremental borrowing rate is a collateralized rate determined based on the lease term, the Company’s credit rating, and other market information available at the commencement date. The ROU asset also includes any lease payments made prior to the commencement date and is reduced by any lease incentives. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term, while lease expense for finance leases is recognized as depreciation and interest expense using the effective interest method. The Company’s variable lease expense generally consists of property tax and insurance payments that are variable in nature, however, these amounts are immaterial to the consolidated financial statements and are therefore not separately reported.

The Company has lease agreements with both lease and nonlease components, which it elected to account for as a single lease component. However, the Company did not elect to apply the recognition exception for short-term leases. The Company is applying these elections to all asset classes.

The Company leases certain manufacturing facilities, distribution centers, office space, warehouses, automobiles, machinery and computer equipment globally under both finance and operating leases. The Company’s leases have remaining lease terms of up to 20 years, of which certain leases, primarily within the buildings and improvements asset class, include options to extend the leases for up to 10 additional years. Further, the Company leases certain buildings from a noncontrolling interest holder, which the Company has determined to be arms’ length transactions.

The Company is a lessor of one building that it leases to a third party. The lease income related to this arrangement is not material to the consolidated financial statements.

The Company records its operating lease cost and amortization of finance lease ROU assets within cost of goods sold or operating expenses in the consolidated statements of comprehensive income depending on the cost center of the underlying asset. The Company records its finance lease interest cost within interest expense in the consolidated statements of comprehensive income.

The components of total lease cost consist of the following:

	*Year Ended December 31, 2020*		*Year Ended December 31, 2019*
Operating lease cost	$	18,648	$	9,647
Finance lease cost:
Amortization of ROU assets		2,587		2,531
Interest on lease liabilities		2,237		2,227
Total lease cost	$	23,472	$	14,405

Prior to the adoption of ASU 2016-02 in 2019, lease expense consisted of payments on operating leases. Total rent expense related to operating leases for the year ended December 31, 2018 was approximately $10,739.

As of January 1, 2019, the date of the adoption of ASU 2016-02, the Company recognized ROU assets and lease liabilities related to operating leases of $42,024 and $42,056, respectively, and there was no cumulative effect adjustment made to retained earnings. Supplemental balance sheet information related to the Company’s leases is as follows:

	*December 31, 2020*			*December 31, 2019*
Operating Leases
Operating lease ROU assets (1)	$	62,030		$	35,950

Operating lease liabilities - current (2)	$	17,192		$	7,231
Operating lease liabilities - noncurrent (3)		46,558			29,778
Total operating lease liabilities	$	63,750		$	37,009

Finance Leases
Finance lease ROU assets, gross	$	34,929		$	29,142
Accumulated depreciation - finance lease ROU assets		(7,660	)		(3,079	)
Finance lease ROU assets, net (4)	$	27,269		$	26,063

Finance lease liabilities - current (5)	$	2,311		$	1,830
Finance lease liabilities - noncurrent (6)		25,060			24,132
Total finance lease liabilities	$	27,371		$	25,962

(1)

Recorded in the operating lease and other assets line within the consolidated balance sheets

(2)

Recorded in the other accrued liabilities line within the consolidated balance sheets

(3)

Recorded in the operating lease and other long-term liabilities line within the consolidated balance sheets

(4)

Recorded in the property and equipment, net line within the consolidated balance sheets

(5)

Recorded in the current portion of long-term borrowings and finance lease obligations line within the consolidated balance sheets

(6)

Recorded in the long-term borrowings and finance lease obligations line within the consolidated balance sheets

Supplemental cash flow information related to the Company’s leases is as follows:

	*Year Ended December 31, 2020*		*Year Ended December 31, 2019*
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	18,412	$	10,125
Operating cash flows from finance leases		1,871		1,864
Financing cash flows from finance leases		3,957		3,237

ROU assets obtained in exchange for lease liabilities
Operating leases		41,678		4,021
Finance leases		3,737		8,797

Weighted average remaining lease term and discount rate information related to the Company’s leases as of December 31, 2020 is as follows:

Weighted average remaining lease term (in years)
Operating Leases	4.92
Finance Leases	12.90

Weighted average discount rate
Operating Leases	4.48	%
Finance Leases	7.66	%

The maturities of the Company’s lease liabilities as of December 31, 2020 are as follows:

	*Finance Leases*			*Operating Leases*
2021	$	4,146		$	19,530
2022		4,292			18,135
2023		3,112			9,519
2024		2,999			7,452
2025		2,678			5,359
After 2025		28,596			11,711
Total minimum lease payments		45,823			71,706
Interest component		(18,452	)		(7,956	)
Present value of minimum lease payments	$	27,371		$	63,750

Note 11 - Product Warranty Obligations

12 Months Ended

Dec. 31, 2020

Product Warranty Disclosure [Text Block]

11.

Product Warranty Obligations

The Company records a liability for standard product warranty obligations accounted for as assurance warranties at the time of sale to a customer based upon historical warranty experience. The Company also records a liability for specific warranty matters when they become known and are reasonably estimable. The following is a tabular reconciliation of the Company’s standard product warranty liability accounted for as an assurance warranty:

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Balance at beginning of period	$	49,316		$	41,785		$	35,422
Product warranty reserve assumed in acquisition		124			1,062			-
Payments		(33,496	)		(26,096	)		(20,029	)
Provision for warranty issued		42,093			32,060			26,910
Changes in estimates for pre-existing warranties		1,181			505			(518	)
Balance at end of period	$	59,218		$	49,316		$	41,785

The Company also sells extended warranty coverage for certain products, which it accounts for as a service warranty. The sales of extended warranties are recorded as deferred revenue, and typically have a duration of five to ten years. The deferred revenue related to extended warranty coverage is amortized over the duration of the extended warranty contract period, following the standard warranty period, using the straight-line method. The Company believes the straight-line method is appropriate because the performance obligation is satisfied based on the passage of time. The amortization of deferred revenue is recorded to net sales in the consolidated statements of comprehensive income. The following is a tabular reconciliation of the deferred revenue related to extended warranty coverage:

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Balance at beginning of period	$	78,738		$	68,340		$	57,854
Deferred revenue contracts issued		26,968			24,483			21,440
Amortization of deferred revenue contracts		(15,918	)		(14,085	)		(10,954	)
Balance at end of period	$	89,788		$	78,738		$	68,340

The timing of recognition of the Company’s deferred revenue balance related to extended warranties at December 31, 2020 is as follows:

2021	$	18,754
2022		18,819
2023		16,464
2024		11,849
After 2024		23,902
Total	$	89,788

The Company has a post-sale extended warranty marketing program with a third party. In the program’s agreement, the Company is required to pay fees to the third-party service provider based on the number of extended warranty contracts that they sell, which it classifies as costs to obtain a contract. The contract costs are deferred and recorded as other assets in the consolidated balance sheets. The deferred contract costs are amortized to net sales in the consolidated statements of comprehensive income over the same period that the underlying deferred revenue is recognized. The balance of deferred contract costs as of December 31, 2020 and 2019 was $6,869 and $6,190, respectively. Amortization of deferred contract costs recorded during the years ended December 31, 2020, 2019 and 2018 was $1,303, $869 and $615, respectively.

Standard product warranty obligations and extended warranty related deferred revenues are included in the consolidated balance sheets as follows:

	*December 31,*
	*2020*		*2019*
Product warranty liability
Current portion - other accrued liabilities	$	37,417	$	27,885
Long-term portion - other long-term liabilities		21,801		21,431
Total	$	59,218	$	49,316

Deferred revenue related to extended warranties
Current portion - other accrued liabilities	$	18,857	$	15,519
Long-term portion - other long-term liabilities		70,931		63,219
Total	$	89,788	$	78,738

Note 12 - Credit Agreements

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Text Block]

12.

Credit Agreements

Short-term borrowings are included in the consolidated balance sheets as follows:

	*December 31,*
	*2020*		*2019*
ABL facility	$	-	$	30,961
Other lines of credit		39,282		27,753
Total	$	39,282	$	58,714

Long-term borrowings are included in the consolidated balance sheets as follows:

	*December 31,*
	*2020*			*2019*
Term loan	$	830,000		$	830,000
Original issue discount and deferred financing costs		(15,450	)		(18,048	)
ABL facility		-			-
Finance lease obligation		27,371			25,962
Other		3,990			2,236
Total		845,911			840,150
Less: current portion of debt		1,836			553
Less: current portion of finance lease obligation		2,311			1,830
Total	$	841,764		$	837,767

Maturities of long-term borrowings outstanding at December 31, 2020, excluding finance lease obligations as their maturities are disclosed in Note 10, “Leases,” and before considering original issue discount and deferred financing costs, are as follows:

2021	$	1,836
2022		1,905
2023		46
2024		115
After 2024		830,088
Total	$	833,990

The Company’s credit agreements originally provided for a $1,200,000 term loan B credit facility (Term Loan) and currently include a $300,000 uncommitted incremental term loan facility. The maturity date of the Term Loan is currently December 13, 2026. The Term Loan is guaranteed by all of the Company’s wholly-owned domestic restricted subsidiaries, and is secured by associated collateral agreements which pledge a first priority lien on virtually all of the Company’s assets, including fixed assets and intangibles, other than cash, trade accounts receivable, inventory, and other current assets and proceeds thereof, which are secured by a second priority lien. The Term Loan initially bore interest at rates based upon either a base rate plus an applicable margin of 1.75% or adjusted LIBOR rate plus an applicable margin of 2.75%, subject to a LIBOR floor of 0.75%. Currently, the Term Loan bears interest at rates based upon either a base rate plus an applicable margin of 0.75% or adjusted LIBOR rate plus an applicable margin of 1.75%.

In June 2018, the Company amended the Term Loan, which further reduced the applicable margin rates to base rate plus a fixed applicable margin of 0.75% or adjusted LIBOR rate plus a fixed applicable margin of 1.75%. In connection with this amendment and in accordance with ASC 470-50, the Company capitalized $829 of fees paid to creditors as deferred financing costs on long-term borrowings and expensed $118 of transaction fees in the second quarter of 2018.

In December 2019, the Company amended its Term Loan to extend the maturity date from May 31, 2023 to December 13, 2026, as well as to remove the LIBOR floor of 0.75% from the adjusted LIBOR rate. In connection with this amendment and in accordance with ASC 470-50, the Company capitalized $1,247 of fees paid to creditors as deferred financing costs on long-term borrowings and expensed $432 of transaction fees in the fourth quarter of 2019. Additionally, the Company made a voluntary prepayment of $49,000 on the Term Loan, which resulted in the write-off of $926 of original issue discount and capitalized debt issuance costs as a loss on extinguishment of debt in the consolidated statements of comprehensive income.

In connection with our Term Loan amendment in December 2019, language was added to the agreement to include a benchmark replacement rate, selected by the administrative agent and the borrower, as a replacement to LIBOR that would take affect at the time LIBOR ceases. The Company plans to work with its lenders in the future to amend other LIBOR based debt agreements to add a replacement rate should the use of LIBOR cease.

The Term Loan does not require an Excess Cash Flow payment if the Company’s net secured leverage ratio is maintained below 3.75 to 1.00 times. As of December 31, 2020, the Company’s net secured leverage ratio was 1.12 to 1.00 times, and the Company was in compliance with all covenants of the Term Loan. There are no financial maintenance covenants on the Term Loan.

The Company’s credit agreements also provide for a senior secured ABL revolving credit facility (ABL Facility). The maturity date of the ABL Facility is currently June 12, 2023. Borrowings under the ABL Facility are guaranteed by all of the Company’s wholly-owned domestic restricted subsidiaries, and are secured by associated collateral agreements which pledge a first priority lien on all cash, trade accounts receivable, inventory, and other current assets and proceeds thereof, and a second priority lien on all other assets, including fixed assets and intangibles of the Company and certain domestic subsidiaries. ABL Facility borrowings initially bore interest at rates based upon either a base rate plus an applicable margin of 1.00% or adjusted LIBOR rate plus an applicable margin of 2.00%, in each case, subject to adjustments based upon average availability under the ABL Facility. Currently, the ABL Facility bears interest at rates based upon either a base rate plus an applicable margin of 0.125% or an adjusted LIBOR rate plus an applicable margin of 1.125%, in each case subject to adjustments based upon average availability under the ABL Facility.

In June 2018, the Company amended the ABL Facility; increasing it from $250,000 to $300,000 and extending the maturity date to June 12, 2023. In addition, the ABL Facility amendment modified the pricing by reducing certain applicable interest rates to either a base rate plus an applicable margin of 0.375% or an adjusted LIBOR rate plus an applicable margin of 1.375%. In connection with this amendment and in accordance with ASC 470-50, the Company capitalized $755 of new debt issuance costs as deferred financing costs on long-term borrowings and wrote-off $34 of capitalized debt issuance costs as a loss on extinguishment of debt in the second quarter of 2018.

In June 2018, the Company borrowed $50,000 under the ABL Facility, the proceeds of which were used as a voluntary prepayment of the Term Loan. As a result of the prepayment of the Term Loan, the Company wrote-off $1,298 of original issue discount and capitalized debt issuance costs during the second quarter of 2018 as a loss on extinguishment of debt in the consolidated statements of comprehensive income. In October 2018, the Company repaid the $50,000 outstanding ABL Facility balance with cash on hand.

As of December 31, 2020, there was no outstanding balance under the ABL Facility, leaving $299,621 of availability, net of outstanding letters of credit.

As of December 31, 2020 and December 31, 2019, short-term borrowings consisted of borrowings by the Company’s foreign subsidiaries on local lines of credit and the ABL Facility, which totaled $39,282 and $58,714, respectively.

Note 13 - Stock Repurchase Programs

12 Months Ended

Dec. 31, 2020

Treasury Stock [Text Block]

13.

Stock Repurchase Programs

In September 2018, the Company’s Board of Directors approved a $250,000 stock repurchase program, which expired in October 2020. In September 2020, the Company’s Board of Directors approved another stock repurchase program, which commenced on October 27, 2020, and allows for the repurchase of up to $250,000 of the Company's common stock over a 24-month period. The Company may repurchase its common stock from time to time, in amounts and at prices the Company deems appropriate, subject to market conditions and other considerations. The repurchases may be executed using open market purchases, privately negotiated agreements or other transactions. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s common stock and general market and economic conditions, applicable legal requirements, and compliance with the terms of the Company’s outstanding indebtedness. The repurchases may be funded with cash on hand, available borrowings or proceeds from potential debt or other capital markets sources. The stock repurchase program may be suspended or discontinued at any time without prior notice. During the years ended December 31, 2020 and 2019, the Company did not repurchase any shares of its common stock. During the year ended December 31, 2018, the Company repurchased 560,000 shares of its common stock for $25,656, all funded with cash on hand. Since the inception of all programs starting in August 2015, the Company has repurchased 8,676,706 shares of its common stock for $305,547 (at an average cost per share of $35.21), all funded with cash on hand.

Note 14 - Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Text Block]

14.

Earnings Per Share

Basic earnings per share is calculated by dividing net income attributable to the common shareholders of the Company by the weighted average number of common shares outstanding during the period, exclusive of restricted shares. Except where the result would be anti-dilutive, diluted earnings per share is calculated by assuming the vesting of unvested restricted stock and the exercise of stock options. Refer to Note 4, “Redeemable Noncontrolling Interest,” to the consolidated financial statements for further information regarding the accounting for redeemable noncontrolling interests.

The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share:

	*Year Ended December 31,*
	*2020*			*2019*		*2018*
Numerator
Net income attributable to Generac Holdings Inc.	$	350,576		$	252,007	$	238,257
Redeemable noncontrolling interest redemption value adjustment		(1,247	)		1,253		(17,970	)
Net income attributable to common shareholders	$	349,329		$	253,260	$	220,287

Denominator
Weighted average shares, basic		62,280,889			61,926,986		61,662,031
Dilutive effect of stock compensation awards (1)		1,456,845			938,460		571,194
Diluted shares		63,737,734			62,865,446		62,233,225

Net income attributable to common shareholders per share
Basic	$	5.61		$	4.09	$	3.57
Diluted	$	5.48		$	4.03	$	3.54

(1)

Excludes approximately 26,100 stock options for the year ended December 31, 2018, as the impact of such awards was anti-dilutive. There were no awards with an anti-dilutive impact for the years ended December 31, 2020 and 2019.

Note 15 - Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Text Block]

15.

Income Taxes

The Company’s provision for income taxes consists of the following:

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Current:
Federal	$	62,714		$	41,686		$	32,072
State		13,071			4,211			9,639
Foreign		1,974			2,660			4,546
Total		77,759			48,557			46,257
Deferred:
Federal		20,452			19,393			22,225
State		1,243			1,390			1,910
Foreign		(1,197	)		(1,263	)		479
Total		20,498			19,520			24,614
Change in valuation allowance		716			(778	)		(1,015	)
Provision for income taxes	$	98,973		$	67,299		$	69,856

The Company files U.S. federal, U.S. state and foreign jurisdiction tax returns which are subject to examination up to the expiration of the statute of limitations. The Company believes the tax positions taken on its returns would be sustained upon an exam, or where a position is uncertain, adequate reserves have been recorded. As of December 31, 2020, the Company is no longer subject to income tax examinations for United States federal income taxes for tax years prior to 2017. Due to the carryforward of net operating losses and research & development credits, the Company’s Wisconsin state income tax returns for tax years 2009 through 2019 remain open. In addition, the Company is subject to audit by various foreign taxing jurisdictions for tax years 2015 through 2019.

The Company is regularly under tax return examination by tax authorities in the various jurisdictions in which we operate. The Company is actively managing the examinations and working to address any open matters. While the Company does not believe any material taxes or penalties are due, there is a possibility that the ultimate tax outcome of an examination may result in differences from what was recorded. Such differences may affect the provision for income taxes in the period in which the determination is made, and could impact the Company’s financial results.

Significant components of deferred tax assets and liabilities are as follows:

	*December 31,*
	*2020*			*2019*
Deferred tax assets:
Accrued expenses	$	24,358		$	21,053
Deferred revenue		15,851			14,697
Inventories		11,795			9,879
Stock-based compensation		8,348			7,490
Operating loss and credit carryforwards		31,275			28,356
Bad debt		1,633			1,094
Other		8,558			4,275
Valuation allowance		(5,740	)		(5,024	)
Total deferred tax assets		96,078			81,820

Deferred tax liabilities:
Goodwill and intangible assets		171,831			142,159
Depreciation		33,716			27,864
Debt refinancing costs		3,544			4,119
Prepaid expenses		1,259			1,073
Total deferred tax liabilities		210,350			175,215
Net deferred tax liabilities	$	(114,272	)	$	(93,395	)

As of December 31, 2020 and 2019, deferred tax assets of $1,497 and $2,933, and deferred tax liabilities of $115,769 and $96,328, respectively, were reflected on the consolidated balance sheets.

The Company maintains a valuation allowance against the deferred tax assets when it is uncertain it will generate sufficient taxable income to utilize the asset. During 2020, the valuation allowance increased by $716 primarily due to state net operating losses which are unlikely to be utilized, partially offset by utilization of loss carryforwards in certain foreign subsidiaries.

At December 31, 2020, the Company had various state research & development and state manufacturing tax credit carryforwards of approximately $4,513 and $19,303, respectively, which expire between 2024 and 2035. The Company believes it will generate sufficient taxable income in these jurisdictions to fully utilize the credits prior to their expiration.

Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows:

	*December 31,*
	*2020*			*2019*
Unrecognized tax benefit, beginning of period	$	6,720		$	5,635
Increase in unrecognized tax benefit for positions taken in prior period		332			633
Increase in unrecognized tax benefit for positions taken in current period		750			495
Statute of limitation expirations		(189	)		(43	)
Settlements		-			-
Unrecognized tax benefit, end of period	$	7,613		$	6,720

The unrecognized tax benefit as of December 31, 2020 and 2019, if recognized, would favorably impact the effective tax rate.

As of December 31, 2020 and 2019, total accrued interest of approximately $95 and $71, respectively, and accrued penalties of approximately $274 and $195, respectively, associated with net unrecognized tax benefits are included in the consolidated balance sheets. Interest and penalties are recorded as a component of income tax expense.

The Company does not expect a significant increase or decrease to the total amounts of unrecognized tax benefits related to continuing operations during the fiscal year ending December 31, 2021.

A reconciliation of the statutory tax rates and the effective tax rates for the years ended December 31, 2020, 2019 and 2018 are as follows:

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
U.S. statutory rate		21.0	%		21.0	%		21.0	%
State taxes		4.3			4.3			4.7
State tax rate differential		0.0			(1.0	)		-
Research and development credits		(1.1	)		(0.8	)		(1.3	)
State credits		(1.5	)		(1.0	)		(1.0	)
Share-based compensation (1)		(1.0	)		(0.6	)		(0.5	)
Tax Act impact		0.0			-			(0.2	)
Other		0.5			(0.8	)		(0.2	)
Effective tax rate		22.2	%		21.1	%		22.5	%

(1)

With the adoption of ASU 2016-09 in 2017, excess tax benefits from equity awards are reflected within the provision for income taxes rather than within the consolidated balance sheet.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Note 16 - Benefit Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Text Block]

16.

Benefit Plans

Medical and Dental Plans

The Company maintains medical and dental benefit plans covering its full-time domestic employees and their dependents. These plans are partially or fully self-funded under which participant claims are obligations of the plan. These plans are funded through employer and employee contributions at a level sufficient to pay for the benefits provided by the plan. The Company’s contributions to the plans were $24,617, $18,290, and $14,660 for the years ended December 31, 2020, 2019 and 2018, respectively.

The Company’s foreign subsidiaries participate in government sponsored medical benefit plans. In certain cases, the Company purchases supplemental medical coverage for certain employees at these foreign locations. The expenses related to these plans are not material to the Company’s consolidated financial statements.

Savings Plan

The Company maintains a defined-contribution 401(k) savings plan for eligible domestic employees. Under the plan, employees may defer receipt of a portion of their eligible compensation. The Company may contribute a matching contribution of 50% of the first 6% of eligible compensation of employees that is deferred. The Company may also contribute a non-elective contribution for eligible employees employed on December 31, 2008 that were impacted by the freezing of the Company’s pension plans. The Company’s matching contributions are subject to vesting. Forfeitures may be applied against plan expenses and Company contributions. The Company recognized $5,332, $4,791 and $4,193 of expense related to these plans for the years ended December 31, 2020, 2019 and 2018, respectively.

Pension Plans

Historically, the Company maintained noncontributory salaried and hourly pension plans (Pension Plans) covering certain domestic employees. The Pension Plans were frozen effective December 31, 2008. Effective December 31, 2018, the Pension Plans were merged into the same plan (Pension Plan), resulting in no change to benefits for participants. The benefits under the salaried plan were based upon years of service and the participants’ defined final average monthly compensation. The benefits under the hourly plan were based on a unit amount at the date of termination multiplied by the participant’s years of credited service.

In 2019, the Company completed the termination of its Pension Plan. In connection with the Company’s activities to terminate the plan, lump sum distributions were made in the fourth quarter of 2019 to individuals who elected lump sum distributions, including rolling over their accounts to the Company’s 401(k) savings plan. Also in the fourth quarter of 2019, annuity contracts were purchased to settle obligations for the remaining participants. Upon settlement of the pension liability, the Company reclassified related unrecognized pension losses recorded in AOCL to the consolidated statements of comprehensive income. As a result, the Company recorded pre-tax settlement charges of $10,920 in the fourth quarter of the year ended December 31, 2019.

Certain of the Company’s foreign subsidiaries participate in local statutory defined benefit or other post-employment benefit plans. These plans provide benefits that are generally based on years of credited service and a percentage of the employee’s eligible compensation earned throughout the applicable service period. Liabilities recorded under these plans are included in other long-term liabilities in the Company’s consolidated balance sheets and are not material.

The entire disclosure for retirement benefits.

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Note 17 - Share Plans

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Text Block]

17.

Share Plans

The Company adopted an equity incentive plan (the 2010 Plan) on February 10, 2010 in connection with its initial public offering. The 2010 Plan, as amended, allowed for granting of up to 9.1 million share-based awards to executives, directors and employees. Awards available for grant under the 2010 Plan included stock options, stock appreciation rights, restricted stock, other share-based awards and performance-based compensation awards. Awards under the 2010 Plan ceased in June 2019. Total share-based compensation expense related to the Plan, net of estimated forfeitures, was $11,681, $15,738, and $14,563 for the years ended December 31, 2020, 2019 and 2018, respectively, which is recorded in operating expenses in the consolidated statements of comprehensive income.

On June 13, 2019, the stockholders of Generac Holdings Inc. approved the Company’s 2019 Equity Incentive Plan (the 2019 Plan). Following the effectiveness of the 2019 Plan, no new awards may be made under the Plan. The 2019 Plan allows for granting of up to 2.7 million share-based awards to executives, directors and employees. Awards available for grant under the 2019 Plan include stock options, stock appreciation rights, restricted stock, other share-based awards and performance-based compensation awards. Total share-based compensation expense related to the 2019 Plan, net of estimated forfeitures, was $9,201 and $956 for the years ended December 31, 2020 and 2019, respectively, which is recorded in operating expenses in the consolidated statements of comprehensive income.

Stock Options - Stock options granted in 2020 have an exercise price between $91.00 per share and $158.89 per share; stock options granted in 2019 have an exercise price of $52.07 per share; and stock options granted in 2018 have an exercise price between $43.88 per share and $45.29 per share. Stock options vest in equal installments over four years, subject to the grantee’s continued employment or service and expire ten years after the date of grant.

Stock option exercises can be net-share settled such that the Company withholds shares with value equivalent to the exercise price of the stock option awards plus the employees’ minimum statutory obligation for the applicable income and other employment taxes. Total shares withheld were 24,070, 32,211 and 63,817 for the years ended December 31, 2020, 2019 and 2018, respectively, and were based on the value of the stock on the exercise dates. The net-share settlement has the effect of share repurchases by the Company as they reduce the number of shares that would have otherwise been issued.

Employees can also utilize a cashless for cash exercise of stock options, such that all exercised shares will be sold in the market immediately. Cash equivalent to the exercise price of the awards plus the employees’ minimum statutory tax obligations is remitted to the Company, with the remaining cash being transferred to the employee. Total net proceeds from the cashless for cash exercise of stock options were $13,089, $9,395 and $5,614 for the years ended December 31, 2020, 2019 and 2018, respectively, and are reflected as a financing activity in the consolidated statement of cash flows.

Total payments made by the Company to the taxing authorities for the employees’ tax obligations related to stock option exercises were $7,297, $3,360 and $3,846 for the years ended December 31, 2020, 2019 and 2018, respectively, and are reflected as a financing activity in the consolidated statements of cash flows.

The grant-date fair value of each option grant is estimated using the Black-Scholes-Merton option pricing model. The fair value is then amortized on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility is calculated based on an analysis of historic volatility of the Company’s stock price. The average expected life is based on the contractual term of the option using the simplified method. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. The compensation expense recognized is net of estimated forfeitures. Forfeitures are estimated based on actual share option forfeiture history.

The weighted-average assumptions used in the Black-Scholes-Merton option pricing model for 2020, 2019 and 2018 are as follows:

	Year Ended December 31,
	2020			2019			2018
Weighted average grant date fair value	$	35.79		$	19.33		$	17.86

Assumptions:
Expected stock price volatility		32	%		33	%		37	%
Risk free interest rate		1.56	%		2.52	%		2.60	%
Expected annual dividend per share	$	-		$	-		$	-
Expected life of options (years)		6.25			6.25			6.25

A summary of the Company’s stock option activity and related information for the years ended December 31, 2020, 2019 and 2018 is as follows:

	*Number of Options*			*Weighted-Average Exercise Price*		*Weighted-Average Remaining Contractual Term (in years)*		*Aggregate Intrinsic Value ($ in thousands)*

Outstanding as of December 31, 2017		1,472,130		$	33.11		7.3	$	25,281
Granted		366,231			43.88
Exercised		(267,909	)		19.90
Forfeited		(49,285	)		43.34
Outstanding as of December 31, 2018		1,521,167			37.70		7.0	$	19,212

Granted		369,779			52.07
Exercised		(263,250	)		30.75
Forfeited		(35,010	)		43.79
Outstanding as of December 31, 2019		1,592,686			42.04		6.9	$	93,242

Granted		173,650			102.32
Exercised		(216,196	)		39.88
Forfeited		(21,450	)		50.25
Outstanding as of December 31, 2020		1,528,690			49.08		6.3	$	272,553

Exercisable as of December 31, 2020		845,365			39.15		4.9	$	159,145

As of December 31, 2020, there was $10,673 of total unrecognized compensation cost, net of expected forfeitures, related to unvested options. The cost is expected to be recognized over the remaining service period, having a weighted-average period of 2.4 years. Total share-based compensation cost related to the stock options for the years ended December 31, 2020, 2019 and 2018 was $5,860, $5,597 and $4,998, respectively, which is recorded in operating expenses in the consolidated statements of comprehensive income.

Restricted Stock – Restricted stock awards vest in equal installments over three years, subject to the grantee’s continued employment or service. Certain restricted stock awards also include performance shares, whereby the number of performance shares that can be earned are contingent upon Company performance measures over a three-year period. Performance measures are based on a weighting of a number of financial metrics, from which grantees may earn from 0% to 200% of their target performance share award. The performance period for the 2018 awards covers the years 2018 through 2020, the performance period for the 2019 awards covers the years 2019 through 2021, and the performance period for the 2020 awards covers the years 2020 through 2022. The Company estimates the number of performance shares that will vest based on projected financial performance. The fair value of restricted awards is determined based on the market value of the Company's shares on the grant date. The fair market value of the restricted awards at the time of the grant is amortized to expense over the period of vesting. The compensation expense recognized for restricted share awards is net of estimated forfeitures.

Restricted stock vesting is net-share settled such that, upon vesting, the Company withholds shares with value equivalent to the employees’ minimum statutory tax obligation, and then pays the cash to the taxing authorities on behalf of the employees. In effect, the Company repurchases these shares and classifies them as treasury stock. Total shares withheld were 70,718, 55,953 and 38,186 for the years ended December 31, 2020, 2019 and 2018, respectively, and were based on the value of the stock on the vesting dates. Total payments made by the Company to the taxing authorities for the employees’ tax obligations related to restricted stock vesting were $7,613, $3,078 and $1,812 for the years ended December 31, 2020, 2019 and 2018, respectively, and are reflected as a financing activity within the consolidated statements of cash flows.

A summary of the Company's restricted stock activity for the years ended December 31, 2020, 2019 and 2018 is as follows:

	*Shares*			*Weighted-Average Grant-Date Fair Value*

Non-vested as of December 31, 2017		392,276		$	37.77
Granted		208,803			44.49
Vested		(128,433	)		39.03
Forfeited		(46,650	)		39.43
Non-vested as of December 31, 2018		425,996			40.50

Granted		265,255			62.38
Vested		(184,628	)		38.78
Forfeited		(14,986	)		44.23
Non-vested as of December 31, 2019		491,637			52.84

Granted		183,868			95.14
Vested		(200,390	)		45.10
Forfeited		(18,921	)		56.58
Non-vested as of December 31, 2020		456,194			68.42

As of December 31, 2020, there was $20,608 of unrecognized compensation cost, net of expected forfeitures, related to non-vested restricted stock awards. That cost is expected to be recognized over the remaining service period, having a weighted-average period of 1.9 years. Total share-based compensation cost related to the restricted stock for the years ended December 31, 2020, 2019 and 2018, inclusive of performance shares, was $15,022, $11,097 and $9,565, respectively, which is recorded in operating expenses in the consolidated statements of comprehensive income.

During 2020, 2019 and 2018, 15,275, 22,544 and 33,419 shares of stock, respectively, were granted to certain members of the Company’s Board of Directors as a component of their compensation for their service on the Board, all of which were fully vested at time of grant. A non-employee director can elect to receive his or her director fees in the form of deferred stock units, which voluntarily defers the issuance of the related shares granted until the director separates from the Company or a triggering event occurs. 10,528, 16,604 and 22,675 of deferred stock units are included in the shares of stock granted to certain members of the Company’s Board of Directors for the years 2020, 2019, and 2018, respectively. Total share-based compensation cost for these share grants in 2020, 2019 and 2018 was $1,558, $1,391 and $1,718, respectively, which is recorded in operating expenses in the consolidated statements of comprehensive income.

Note 18 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Text Block]

18.

Commitments and Contingencies

The Company has an arrangement with a finance company to provide floor plan financing for certain dealers. The Company receives payment from the finance company after shipment of product to the dealer. The Company participates in the cost of dealer financing up to certain limits and has agreed to repurchase products repossessed by the finance company, but does not indemnify the finance company for any credit losses they incur. The amount financed by dealers which remained outstanding under this arrangement at December 31, 2020 and 2019 was approximately $55,600 and $49,600, respectively.

In the normal course of business, the Company is named as a defendant in various lawsuits in which claims are asserted against the Company. In the opinion of management, the liabilities, if any, which may result from such lawsuits are not expected to have a material adverse effect on the financial position, results of operations, or cash flows of the Company.

Note 19 - Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information [Text Block]

19.

Quarterly Financial Information (Unaudited)

	*Quarters in the Year Ended December 31, 2020*
	Q1		Q2		Q3		Q4
Net sales	$	475,915	$	546,848	$	701,355	$	761,082
Gross profit		172,320		208,983		276,149		300,202
Operating income		62,862		89,553		155,637		171,054
Net income attributable to Generac Holdings Inc.		44,460		66,145		114,970		125,001
Net income attributable to common shareholders per common share - basic:	$	0.69	$	1.04	$	1.86	$	2.02
Net income attributable to common shareholders per common share - diluted:	$	0.68	$	1.02	$	1.82	$	1.97

	*Quarters in the Year Ended December 31, 2019*
	Q1		Q2		Q3		Q4
Net sales	$	470,353	$	541,916	$	601,135	$	590,932
Gross profit		162,175		195,838		217,517		222,222
Operating income		71,173		90,926		105,556		104,508
Net income attributable to Generac Holdings Inc.		44,861		61,958		75,574		69,614
Net income attributable to common shareholders per common share - basic:	$	0.77	$	0.99	$	1.20	$	1.14
Net income attributable to common shareholders per common share - diluted:	$	0.76	$	0.98	$	1.18	$	1.12

Note 20 - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

20.

Valuation and Qualifying Accounts

For the years ended December 31, 2020, 2019 and 2018:

	Balance at Beginning of Year		Additions Charged to Earnings		Additions Charged to Retained Earnings (1)		Charges to Reserve, Net (2)			Reserves Established for Acquisitions			Balance at End of Year
Year ended December 31, 2020
Allowance for credit losses	$	6,968	$	4,645	$	1,147	$	(957	)	$	198		$	12,001
Reserves for inventory		24,293		11,353		-		(8,788	)		959			27,817
Valuation of deferred tax assets		5,024		716		-		-			-			5,740

Year ended December 31, 2019
Allowance for credit losses	$	4,873	$	3,086	$	-	$	(1,033	)	$	42		$	6,968
Reserves for inventory		23,140		4,821		-		(3,867	)		199			24,293
Valuation of deferred tax assets		5,802		-		-		-			(778	)		5,024

Year ended December 31, 2018
Allowance for credit losses	$	4,805	$	1,941	$	-	$	(2,123	)	$	250		$	4,873
Reserves for inventory		15,987		10,004		-		(3,720	)		869			23,140
Valuation of deferred tax assets		6,817		478		-		-			(1,493	)		5,802

	(1)	Result of adopting ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.
	(2)	Deductions from the allowance for doubtful accounts equal accounts receivable written off against the allowance, less recoveries, as well as foreign currency translation adjustments. Deductions from the reserves for inventory excess and obsolete items equal inventory written off against the reserve as items were disposed of, as well as foreign currency translation adjustments.

Note 21 - Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Text Block]

21.

Subsequent Events

The Company performed an evaluation of subsequent events through the date these financial statements were issued and no such events were identified.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk

The Company maintains the majority of its domestic cash in a few commercial banks in multiple operating and investment accounts. Balances on deposit are insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits. Balances in excess of FDIC limits are uninsured.

One customer accounted for approximately 13% and 9% of accounts receivable at December 31, 2020 and 2019, respectively. No one customer accounted for greater than 6%, 5%, and 6%, of net sales during the years ended December 31, 2020, 2019, or 2018, respectively.

Receivable [Policy Text Block]

Accounts Receivable and Allowance for Credit Losses

The Company's trade and other receivables primarily arise from the sale of our products to independent residential dealers, industrial distributors and dealers, national and regional retailers, electrical/HVAC/solar wholesalers, e-commerce partners, equipment rental companies, equipment distributors, solar installers, utilities, and certain end users with payment terms generally ranging from 30 to 90 days. The Company evaluates the credit risk of a customer when extending credit based on a combination of various financial and qualitative factors that may affect the customers' ability to pay. These factors include the customer's financial condition, past payment experience, credit bureau information, and regional considerations.

Receivables are recorded at their face value amount less an allowance for credit losses. The Company maintains an allowance for credit losses, which represents an estimate of expected losses over the remaining contractual life of its receivables considering current market conditions and estimates for supportable forecasts when appropriate. The Company measures expected credit losses on its trade receivables on an entity by entity basis. The estimate of expected credit losses considers a historical loss experience rate that is adjusted for delinquency trends, collection experience, and/or economic risk where appropriate based on current market conditions. Additionally, management develops a specific allowance for trade receivables known to have a high risk of expected future credit loss.

The Company has historically experienced immaterial write-offs given the nature of the customers that receive credit. In addition, the Company holds a credit insurance plan that covers the risk of loss up to specified amounts on certain trade receivables. As of December 31, 2020, the Company had gross receivables of $386,907 and an allowance for credit losses of $12,001.

The following is a tabular reconciliation of the Company's allowance for credit losses:

	*Year Ended December 31, 2020*
Balance at beginning of period	$	6,968
Adoption of ASU 2016-13		1,147
Established for Acquisitions		198
Provision for credit losses		4,645
Charge-offs		(1,448	)
Currency translation		491
Balance at end of period	$	12,001

Inventory, Policy [Policy Text Block]

Inventories

Inventories are stated at the lower of cost or market, with cost determined generally using the first-in, first-out method.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Property and equipment are recorded at cost and are being depreciated using the straight-line method over the estimated useful lives of the assets, which are summarized below (in years). Costs of leasehold improvements are amortized over the lesser of the term of the lease (including renewal option periods) or the estimated useful lives of the improvements. Finance lease right of use assets are included in property and equipment. Refer to Note 10, "Leases," to the consolidated financial statements for the Company's lease disclosure.

Land improvements	8	–	20
Buildings and improvements	10	–	40
Machinery and equipment	3	–	15
Dies and tools	3	–	10
Vehicles	3	–	6
Office equipment and systems	3	–	15
Leasehold improvements	2	–	20

Total depreciation expense was $36,493, $32,265, and $25,296 for the years ended December 31, 2020, 2019 and 2018, respectively.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill and Other Indefinite-Lived Intangible Assets

Goodwill represents the excess of the purchase price over fair value of identifiable net assets acquired from business acquisitions. Goodwill is not amortized, but is reviewed for impairment on an annual basis and between annual tests if indicators of impairment are present. The Company evaluates goodwill for impairment annually as of October 31 or more frequently when an event occurs or circumstances change that indicates the carrying value may not be recoverable. The Company has the option to assess goodwill for impairment by performing either a qualitative assessment or quantitative test. The qualitative assessment determines whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative test is not required to be performed. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company is required to perform the quantitative test. In the quantitative test, the calculated fair value of the reporting unit is compared to its book value including goodwill. If the fair value of the reporting unit is in excess of its book value, the related goodwill is not impaired. If the fair value of the reporting unit is less than its book value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

Other indefinite-lived intangible assets consist of certain tradenames. The Company tests the carrying value of these tradenames annually as of October 31, or more frequently when an event occurs or circumstances change that indicates the carrying value may not be recoverable, by comparing the assets’ fair value to its carrying value. Fair value is measured using a relief-from-royalty approach, which assumes the fair value of the tradename is the discounted cash flows of the amount that would be paid had the Company not owned the tradename and instead licensed the tradename from another company.

The Company performed the required annual impairment tests for goodwill and other indefinite-lived intangible assets for the fiscal years 2020, 2019 and 2018, and found no impairment.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets

The Company periodically evaluates the carrying value of long-lived assets (excluding goodwill and indefinite-lived tradenames). Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected future undiscounted cash flows is less than the carrying amount of an asset, a loss is recognized for the difference between the fair value and carrying value of the asset.

Debt, Policy [Policy Text Block]

Debt Issuance Costs

Debt discounts and direct costs incurred in connection with the issuance or amendment of long-term debt are deferred and recorded as a reduction of outstanding debt and amortized to interest expense using the effective interest method over the terms of the related credit agreements. $2,598, $4,712, and $4,749 of deferred financing costs and original issue discount were amortized to interest expense during fiscal years 2020, 2019 and 2018, respectively. Excluding the impact of any future long-term debt issuances or prepayments, estimated amortization to interest expense for the next five years is as follows: 2021 - $2,640; 2022 - $2,689; 2023 - $2,579; 2024 - $2,508; 2025 - $2,555.

Income Tax, Policy [Policy Text Block]

Income Taxes

The Company is a C Corporation and therefore accounts for income taxes pursuant to the liability method. Accordingly, the current or deferred tax consequences of a transaction are measured by applying the provision of enacted tax laws to determine the amount of taxes payable currently or in future years. Deferred income taxes are provided for temporary differences between the income tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the years in which those temporary differences become deductible. The Company considers taxable income in prior carryback years, the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies, as appropriate, in making this assessment.

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

The Company’s revenues primarily consist of product sales to its customers. The Company considers the purchase orders, which in some cases are governed by master sales agreements, to be the contracts with the customers. For each contract, the Company considers the commitment to transfer products, each of which is distinct, to be the identified performance obligations. Revenue is measured as the amount of consideration the Company expects to be entitled in exchange for the transfer of product, which is generally the price stated in the contract specific for each item sold, adjusted for the value of expected returns, discounts, rebates, or other promotional incentives or allowances offered to our customers. Expected returns for damaged or defective product are estimated using the expected value method based upon historical product return experience. Discounts and rebates offered to customers are typically defined in the master sales agreements with customers and, therefore, are recorded using the most likely amount method based on the terms of the contract. Promotional incentives are defined programs offered for short, specific periods of time and are estimated using the expected value method based upon historical experience. The Company does not expect the transaction price for revenue recognized will be subject to a significant revenue reversal. As the Company’s product sale contracts and standard payment terms have a duration of less than one year, it uses the practical expedient applicable to such contracts and does not consider the time value of money. Sales, use, value add and other similar taxes assessed by governmental authorities and collected concurrent with revenue-producing activities are excluded from revenue. The Company has elected to recognize the cost for freight activities when control of the product has transferred to the customer as an expense within cost of goods sold in the consolidated statements of comprehensive income. Product revenues are recognized at the point in time when control of the product is transferred to the customer, which typically occurs upon shipment or delivery to the customer. To determine when control has transferred, the Company considers if there is a present right to payment and if legal title, physical possession, and the significant risks and rewards of ownership of the asset has transferred to the customer. As substantially all of the Company’s product revenues are recognized at a point in time, the amount of unsatisfied performance obligations at each period end is not material. The Company’s contracts have an original expected duration of one year or less. As a result, the Company has elected to use the practical expedient to not disclose its remaining performance obligations.

At the request of certain customers, the Company will warehouse inventory billed to the customer but not delivered. Unless all revenue recognition criteria have been met, the Company does not recognize revenue on these transactions until the customer takes possession of the product.

While the Company’s standard payment terms are less than one year, the specific payment terms and conditions in its customer contracts vary. In some cases, customers prepay for their goods; in other cases, after appropriate credit evaluation, an open credit line is granted and payment is due in arrears. Contracts with payment in arrears are recognized in the consolidated balance sheets as accounts receivable upon revenue recognition, while contracts where customers pay in advance are recognized as customer deposits and recorded in other accrued liabilities in the consolidated balance sheets until revenue is recognized. The balance of customer deposits (contract liabilities) was $25,710 and $9,952 at December 31, 2020 and December 31, 2019, respectively. During the year ended December 31, 2020, the Company recognized revenue of $8,703 related to amounts included in the December 31, 2019 customer deposit balance. The Company typically recognizes revenue within one year of the receipt of the customer deposit.

The Company offers standard warranty coverage on substantially all products that it sells and accounts for this standard warranty coverage as an assurance warranty. As such, no transaction price is allocated to the standard warranty, and the Company records a liability for product warranty obligations at the time of sale to a customer based upon historical warranty experience. Refer to Note 11, “Product Warranty Obligations,” to the consolidated financial statements for further information regarding the Company’s standard warranties.

The Company also sells extended warranty coverage for certain products, which it accounts for as service warranties. In most cases, the extended warranty is sold as a separate contract. As such, extended warranty sales are considered a separate performance obligation, and the extended warranty transaction is separate and distinct from the product. The extended warranty transaction price is initially recorded as deferred revenue in the consolidated balance sheets and amortized on a straight-line basis to net sales in the consolidated statements of comprehensive income over the life of the contracts following the standard warranty period. For extended warranty contracts that the Company sells under a third-party marketing agreement, it is required to pay fees to the third-party service provider and classifies these fees as costs to obtain a contract. The contract costs are deferred and recorded as other assets in the consolidated balance sheets. The deferred contract costs are amortized to net sales in the consolidated statements of comprehensive income consistent with how the related deferred revenue is recognized. Refer to Note 11, “Product Warranty Obligations,” to the consolidated financial statements for further information regarding the Company’s extended warranties.

In addition to extended warranties, the Company offers other services, including remote monitoring, installation, maintenance and grid services in certain circumstances. Total service revenues accounted for less than two percent of revenue during the year ended December 31, 2020.

Refer to Note 7, “Segment Reporting,” to the consolidated financial statements for the Company’s disaggregated revenue disclosure. The information discussed above is applicable to each of the Company’s product classes.

Advertising Cost [Policy Text Block]

Advertising and Co-Op Advertising

Expenditures for advertising, included in selling and service expenses in the consolidated statements of comprehensive income, are expensed as incurred. Expenditures for advertising production costs are expensed when the related advertisement is first run. Expenditures for Co-Op advertising are expensed when claimed by the customer. Total expenditures for advertising were $53,678, $44,153, and $34,792 for the years ended December 31, 2020, 2019 and 2018, respectively.

Research and Development Expense, Policy [Policy Text Block]

Research and Development

The Company expenses research and development costs as incurred. Total expenditures incurred for research and development were $80,251, $68,394, and $50,019 for the years ended December 31, 2020, 2019 and 2018, respectively.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation and Transactions

Balance sheet amounts for non-U.S. Dollar functional currency businesses are translated into U.S. Dollars at the rates of exchange in effect at the end of the fiscal year. Income and expenses incurred in a foreign currency are translated at the average rates of exchange in effect during the year. The related translation adjustments are made directly to accumulated other comprehensive loss, a component of stockholders’ equity, in the consolidated balance sheets. Gains and losses from foreign currency transactions are recognized as incurred in the consolidated statements of comprehensive income.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

ASC 820-10, Fair Value Measurement, defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring basis or nonrecurring basis. ASC 820-10 clarifies that fair value is an exit price, representing the amount that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the pronouncement establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The Company believes the carrying amount of its financial instruments (cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and ABL facility borrowings), excluding Term Loan borrowings, approximates the fair value of these instruments based upon their short-term nature. The fair value of Term Loan borrowings, which have an aggregate carrying value of $815,260, was approximately $831,038 (Level 2) at December 31, 2020, as calculated based on independent valuations whose inputs and significant value drivers are observable.

For the fair value of the assets and liabilities measured on a recurring basis, refer to the fair value table in Note 5, “Derivative Instruments and Hedging Activities,” to the consolidated financial statements. The fair value of all derivative contracts is classified as Level 2. The valuation techniques used to measure the fair value of derivative contracts, all of which have counterparties with high credit ratings, were based on quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data. The fair value of derivative contracts considers the Company’s credit risk in accordance with ASC 820-10.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Derivatives, Policy [Policy Text Block]

Derivative Instruments and Hedging Activities

The Company records all derivatives in accordance with ASC 815, Derivatives and Hedging, which requires derivative instruments to be reported in the consolidated balance sheets at fair value and establishes criteria for designation and effectiveness of hedging relationships. The Company is exposed to market risk such as changes in commodity prices, foreign currencies and interest rates. The Company does not hold or issue derivative financial instruments for trading purposes. Refer to Item 7A of this Annual Report on Form 10-K for further information on the Company’s derivatives.

Share-based Payment Arrangement [Policy Text Block]

Share-Based Compensation

Share-based compensation expense, including stock options and restricted stock awards, is generally recognized on a straight-line basis over the vesting period based on the fair value of awards which are expected to vest. The fair value of all share-based awards is estimated on the date of grant. Refer to Note 17, “Share Plans,” to the consolidated financial statements for further information on the Company’s share-based compensation plans and accounting.

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of accounting standard updates (“ASUs”) to the FASB Accounting Standards Codification (ASC). ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s consolidated financial statements.

Recently Adopted Accounting Standards

On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance was issued to provide financial statement users with more useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Specifically, this guidance requires entities to utilize a new “expected loss” model as it relates to trade and other receivables. The Company adopted this standard using the modified retrospective approach as of the date of adoption, meaning no prior period balances were impacted by the adoption. The adoption of the standard impacts the way the Company estimates the allowance for doubtful accounts on its trade and other receivables, and the Company recorded a decrease to retained earnings of $1,147 as a result of adopting ASU 2016-13. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Refer to Note 2 to the consolidated financial statements, “Summary of Accounting Policies - Accounts Receivable and Allowance for Credit Losses,” for further information regarding the Company’s allowance for expected credit losses.

On January 1, 2020, the Company elected to apply the optional expedients discussed in ASU 2020-04, Reference Rate Reform. This guidance was issued to address challenges likely to arise in accounting for contract modifications and hedge accounting because of reference rate reform. The update provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued if certain criteria are met. The adoption of the optional expedients in this standard permits the Company to account for the change to a reference rate on its LIBOR based term loan as a continuation of the existing contract rather than having to account for the change in rate as a modification or extinguishment. Additionally, the election of the optional expedients permits the Company to continue with its hedge accounting treatment for its interest rate swaps despite expected changes due to reference rate reform.

Note 2 - Summary of Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

	*Year Ended December 31, 2020*
Balance at beginning of period	$	6,968
Adoption of ASU 2016-13		1,147
Established for Acquisitions		198
Provision for credit losses		4,645
Charge-offs		(1,448	)
Currency translation		491
Balance at end of period	$	12,001

Property Plant and Equipment, Estimated Useful Lives [Table Text Block]

Land improvements	8	–	20
Buildings and improvements	10	–	40
Machinery and equipment	3	–	15
Dies and tools	3	–	10
Vehicles	3	–	6
Office equipment and systems	3	–	15
Leasehold improvements	2	–	20

Note 3 - Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	Year Ended December 31,
	2020		2019		2018
Accounts receivable	$	5,151	$	4,643	$	14,302
Inventories		3,711		4,313		8,000
Prepaid expenses and other assets		897		304		4,323
Property and equipment		635		384		5,572
Intangible assets		26,057		79,200		33,631
Goodwill		42,698		41,428		46,196
Deferred income taxes		-		3,217		3,252
Other assets		1,122		133		597
Total assets acquired		80,271		133,622		115,873

Accounts payable		4,088		4,380		7,216
Accrued wages and employee benefits		700		4,408		397
Other accrued liabilities		2,151		602		13,671
Current portion of long-term debt		-		937		-
Deferred income taxes		4,134		9,958		10,974
Other long-term liabilities		4,401		778		3,643
Redeemable non-controlling interest		-		3,165		-
Net assets acquired	$	64,797	$	109,394	$	79,972

Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block]

	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Net Sales:
As reported	$	2,485,200	$	2,204,336	$	2,023,464
Pro forma		2,512,017		2,242,710		2,093,112

Net income attributable to Generac Holdings Inc.:
As reported	$	350,576	$	252,007	$	238,257
Pro forma		339,317		239,925		220,555

Net income attributable to Generac Holdings Inc. per common share - diluted
As reported	$	5.48	$	4.03	$	3.54
Pro forma		5.34		3.84		3.26

Note 4 - Redeemable Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 2020

Redeemable Noncontrolling Interest [Table Text Block]

	*Year Ended December 31,*
	*2020*			*2019*				*2018*
Balance at beginning of period	$	61,227		$	61,004			$	43,929
Noncontrolling interest		-			3,165		(1)		-
Net income		(2,829	)		75				2,214
Foreign currency translation		6,562			(1,764	)			(3,109	)
Redemption value adjustment		1,247			(1,253	)			17,970
Balance at end of period	$	66,207		$	61,227			$	61,004

Note 5 - Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

Schedule Of Derivative Assets (Liabilities) at Fair Value [Table Text Block]

	December 31, 2020			December 31, 2019
Commodity contracts	$	1,386		$	6
Foreign currency contracts		(154	)		31
Interest rate swaps		(29,536	)		(10,425	)

Note 6 - Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Foreign Currency Translation Adjustments			Defined Benefit Pension Plan		Unrealized Loss on Cash Flow Hedges				Total
Beginning Balance – January 1, 2020	$	(16,622	)	$	-	$	(8,295	)		$	(24,917	)
Other comprehensive income (loss) before reclassifications		4,948			-		(14,285	)	(1)		(9,337	)
Amounts reclassified from AOCL		-			-		-				-
Net current-period other comprehensive income (loss)		4,948			-		(14,285	)			(9,337	)
Ending Balance – December 31, 2020	$	(11,674	)	$	-	$	(22,580	)		$	(34,254	)

	Foreign Currency Translation Adjustments			Defined Benefit Pension Plan				Unrealized Gain (Loss) on Cash Flow Hedges				Total
Beginning Balance – January 1, 2019	$	(18,832	)	$	(10,541	)		$	5,560			$	(23,813	)
Other comprehensive income (loss) before reclassifications		2,210			1,474		(2)		(13,855	)	(3)		(10,171	)
Amounts reclassified from AOCL		-			9,067		(4)		-				9,067
Net current-period other comprehensive income (loss)		2,210			10,541				(13,855	)			(1,104	)
Ending Balance – December 31, 2019	$	(16,622	)	$	-			$	(8,295	)		$	(24,917	)

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

	Amounts reclassified from AOCL
Loss on pension settlement	$	10,920
Amortization of net loss		843
Total before tax		11,763
Income tax impact		(2,696	)
Amounts reclassified from AOCL during 2019	$	9,067

Note 7 - Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Disaggregation of Revenue [Table Text Block]

	*Net Sales by Segment*
	*Year Ended December 31, 2020*
Product Classes	*Domestic*		*International*		*Total*
Residential products	$	1,495,383	$	61,118	$	1,556,501
Commercial & industrial products		404,867		296,884		701,751
Other		188,558		38,390		226,948
Total net sales	$	2,088,808	$	396,392	$	2,485,200

	Year Ended December 31, 2019
Product Classes	Domestic		International		Total
Residential products	$	1,086,019	$	57,704	$	1,143,723
Commercial & industrial products		513,482		358,113		871,595
Other		143,397		45,621		189,018
Total net sales	$	1,742,898	$	461,438	$	2,204,336

	Year Ended December 31, 2018
Product Classes	Domestic		International		Total
Residential products	$	980,707	$	62,032	$	1,042,739
Commercial & industrial products		461,415		358,855		820,270
Other		124,398		36,057		160,455
Total net sales	$	1,566,520	$	456,944	$	2,023,464

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Adjusted EBITDA*
	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Domestic	$	563,394		$	428,667		$	388,495
International		20,379			25,448			36,057
Total adjusted EBITDA	$	583,773		$	454,115		$	424,552

Interest expense		(32,991	)		(41,544	)		(40,956	)
Depreciation and amortization		(68,773	)		(60,767	)		(47,408	)
Non-cash write-down and other adjustments (1)		327			(240	)		(3,532	)
Non-cash share-based compensation expense (2)		(20,882	)		(16,694	)		(14,563	)
Loss on extinguishment of debt (3)		-			(926	)		(1,332	)
Loss on pension settlement (4)		-			(10,920	)		-
Transaction costs and credit facility fees (5)		(2,151	)		(2,724	)		(3,883	)
Business optimization and other charges (6)		(12,158	)		(1,572	)		(952	)
Other		(954	)		879			(850	)
Income before provision for income taxes	$	446,191		$	319,607		$	311,076

	*Assets*
	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Domestic	$	2,659,597	$	2,123,251	$	1,868,554
International		575,826		542,418		557,760
Total	$	3,235,423	$	2,665,669	$	2,426,314

	*Depreciation and Amortization*
	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Domestic	$	53,020	$	46,145	$	35,586
International		15,753		14,764		11,822
Total	$	68,773	$	60,909	$	47,408

	*Capital Expenditures*
	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Domestic	$	51,867	$	36,007	$	38,242
International		10,261		24,795		9,359
Total	$	62,128	$	60,802	$	47,601

Note 8 - Balance Sheet Details (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Inventory, Current [Table Text Block]

	*December 31,*
	*2020*		*2019*
Raw material	$	375,516	$	328,021
Work-in-process		6,833		10,387
Finished goods		220,968		183,616
Total	$	603,317	$	522,024

Property, Plant and Equipment [Table Text Block]

	*December 31,*
	*2020*			*2019*
Land and improvements	$	18,363		$	18,252
Buildings and improvements		198,908			177,079
Machinery and equipment		153,696			117,114
Dies and tools		24,190			22,040
Vehicles		6,037			3,955
Office equipment and systems		107,923			99,124
Leasehold improvements		5,276			4,293
Construction in progress		30,227			36,299
Gross property and equipment		544,620			478,156
Accumulated depreciation		(200,684	)		(161,180	)
Total	$	343,936		$	316,976

Note 9 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Goodwill [Table Text Block]

	*Domestic*		*International*			*Total*
Balance at December 31, 2018	$	621,451	$	143,204		$	764,655
Acquisitions of businesses, net		37,758		3,078			40,836
Foreign currency translation		-		(207	)		(207	)
Balance at December 31, 2019		659,209		146,075			805,284
Acquisitions of businesses, net		42,722		-			42,722
Foreign currency translation		604		6,618			7,222
Balance at December 31, 2020	$	702,535	$	152,693		$	855,228

	*December 31, 2020*							*December 31, 2019*
	Gross		Accumulated Impairment			Net		Gross		Accumulated Impairment			Net
Domestic	$	1,205,728	$	(503,193	)	$	702,535	$	1,162,402	$	(503,193	)	$	659,209
International		157,304		(4,611	)		152,693		150,686		(4,611	)		146,075
Total	$	1,363,032	$	(507,804	)	$	855,228	$	1,313,088	$	(507,804	)	$	805,284

Schedule Of Intangible Assets [Table Text Block]

	Weighted Average	*December 31, 2020*							*December 31, 2019*
	Amortization Years	Gross		Accumulated Amortization			Net Book Value		Gross		Accumulated Amortization			Net Book Value
Finite-lived intangible assets:
Tradenames	9	$	58,729	$	(40,891	)	$	17,838	$	56,669	$	(36,613	)	$	20,056
Customer lists	12		370,736		(321,531	)		49,205		369,932		(314,380	)		55,552
Patents and technology	10		233,271		(146,544	)		86,727		213,972		(128,426	)		85,546
Software	-		1,046		(1,046	)		-		1,046		(1,046	)		-
Non-compete/other	4		16,469		(6,537	)		9,932		12,063		(3,804	)		8,259
Total finite-lived intangible assets		$	680,251	$	(516,549	)	$	163,702	$	653,682	$	(484,269	)	$	169,413
Indefinite-lived tradenames			128,321		-			128,321		128,321		-			128,321
Total intangible assets		$	808,572	$	(516,549	)	$	292,023	$	782,003	$	(484,269	)	$	297,734

Note 10 - Leases (Tables)

12 Months Ended

Dec. 31, 2020

Lease, Cost [Table Text Block]

	*Year Ended December 31, 2020*		*Year Ended December 31, 2019*
Operating lease cost	$	18,648	$	9,647
Finance lease cost:
Amortization of ROU assets		2,587		2,531
Interest on lease liabilities		2,237		2,227
Total lease cost	$	23,472	$	14,405

Schedule of Components of Lease Assets and Liabilities [Table Text Block]

	*December 31, 2020*			*December 31, 2019*
Operating Leases
Operating lease ROU assets (1)	$	62,030		$	35,950

Operating lease liabilities - current (2)	$	17,192		$	7,231
Operating lease liabilities - noncurrent (3)		46,558			29,778
Total operating lease liabilities	$	63,750		$	37,009

Finance Leases
Finance lease ROU assets, gross	$	34,929		$	29,142
Accumulated depreciation - finance lease ROU assets		(7,660	)		(3,079	)
Finance lease ROU assets, net (4)	$	27,269		$	26,063

Finance lease liabilities - current (5)	$	2,311		$	1,830
Finance lease liabilities - noncurrent (6)		25,060			24,132
Total finance lease liabilities	$	27,371		$	25,962

Schedule of Leases Cash Flow Information [Table Text Block]

	*Year Ended December 31, 2020*		*Year Ended December 31, 2019*
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	18,412	$	10,125
Operating cash flows from finance leases		1,871		1,864
Financing cash flows from finance leases		3,957		3,237

ROU assets obtained in exchange for lease liabilities
Operating leases		41,678		4,021
Finance leases		3,737		8,797

Lease, Term and Discount Rate [Table Text Block]

Weighted average remaining lease term (in years)
Operating Leases	4.92
Finance Leases	12.90

Weighted average discount rate
Operating Leases	4.48	%
Finance Leases	7.66	%

Operating and Finance Lease, Liability, Maturity [Table Text Block]

	*Finance Leases*			*Operating Leases*
2021	$	4,146		$	19,530
2022		4,292			18,135
2023		3,112			9,519
2024		2,999			7,452
2025		2,678			5,359
After 2025		28,596			11,711
Total minimum lease payments		45,823			71,706
Interest component		(18,452	)		(7,956	)
Present value of minimum lease payments	$	27,371		$	63,750

Note 11 - Product Warranty Obligations (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Product Warranty Liability [Table Text Block]

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Balance at beginning of period	$	49,316		$	41,785		$	35,422
Product warranty reserve assumed in acquisition		124			1,062			-
Payments		(33,496	)		(26,096	)		(20,029	)
Provision for warranty issued		42,093			32,060			26,910
Changes in estimates for pre-existing warranties		1,181			505			(518	)
Balance at end of period	$	59,218		$	49,316		$	41,785

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Balance at beginning of period	$	78,738		$	68,340		$	57,854
Deferred revenue contracts issued		26,968			24,483			21,440
Amortization of deferred revenue contracts		(15,918	)		(14,085	)		(10,954	)
Balance at end of period	$	89,788		$	78,738		$	68,340

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

2021	$	18,754
2022		18,819
2023		16,464
2024		11,849
After 2024		23,902
Total	$	89,788

Product Warranty Obligations Included In Consolidated Balance Sheet [Table Text Block]

	*December 31,*
	*2020*		*2019*
Product warranty liability
Current portion - other accrued liabilities	$	37,417	$	27,885
Long-term portion - other long-term liabilities		21,801		21,431
Total	$	59,218	$	49,316

Deferred revenue related to extended warranties
Current portion - other accrued liabilities	$	18,857	$	15,519
Long-term portion - other long-term liabilities		70,931		63,219
Total	$	89,788	$	78,738

Note 12 - Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Short-term Debt [Table Text Block]

	*December 31,*
	*2020*		*2019*
ABL facility	$	-	$	30,961
Other lines of credit		39,282		27,753
Total	$	39,282	$	58,714

Schedule of Long-term Debt Instruments [Table Text Block]

	*December 31,*
	*2020*			*2019*
Term loan	$	830,000		$	830,000
Original issue discount and deferred financing costs		(15,450	)		(18,048	)
ABL facility		-			-
Finance lease obligation		27,371			25,962
Other		3,990			2,236
Total		845,911			840,150
Less: current portion of debt		1,836			553
Less: current portion of finance lease obligation		2,311			1,830
Total	$	841,764		$	837,767

Schedule of Maturities of Long-term Debt [Table Text Block]

2021	$	1,836
2022		1,905
2023		46
2024		115
After 2024		830,088
Total	$	833,990

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Note 14 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Year Ended December 31,*
	*2020*			*2019*		*2018*
Numerator
Net income attributable to Generac Holdings Inc.	$	350,576		$	252,007	$	238,257
Redeemable noncontrolling interest redemption value adjustment		(1,247	)		1,253		(17,970	)
Net income attributable to common shareholders	$	349,329		$	253,260	$	220,287

Denominator
Weighted average shares, basic		62,280,889			61,926,986		61,662,031
Dilutive effect of stock compensation awards (1)		1,456,845			938,460		571,194
Diluted shares		63,737,734			62,865,446		62,233,225

Net income attributable to common shareholders per share
Basic	$	5.61		$	4.09	$	3.57
Diluted	$	5.48		$	4.03	$	3.54

Note 15 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Current:
Federal	$	62,714		$	41,686		$	32,072
State		13,071			4,211			9,639
Foreign		1,974			2,660			4,546
Total		77,759			48,557			46,257
Deferred:
Federal		20,452			19,393			22,225
State		1,243			1,390			1,910
Foreign		(1,197	)		(1,263	)		479
Total		20,498			19,520			24,614
Change in valuation allowance		716			(778	)		(1,015	)
Provision for income taxes	$	98,973		$	67,299		$	69,856

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	*December 31,*
	*2020*			*2019*
Deferred tax assets:
Accrued expenses	$	24,358		$	21,053
Deferred revenue		15,851			14,697
Inventories		11,795			9,879
Stock-based compensation		8,348			7,490
Operating loss and credit carryforwards		31,275			28,356
Bad debt		1,633			1,094
Other		8,558			4,275
Valuation allowance		(5,740	)		(5,024	)
Total deferred tax assets		96,078			81,820

Deferred tax liabilities:
Goodwill and intangible assets		171,831			142,159
Depreciation		33,716			27,864
Debt refinancing costs		3,544			4,119
Prepaid expenses		1,259			1,073
Total deferred tax liabilities		210,350			175,215
Net deferred tax liabilities	$	(114,272	)	$	(93,395	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	*December 31,*
	*2020*			*2019*
Unrecognized tax benefit, beginning of period	$	6,720		$	5,635
Increase in unrecognized tax benefit for positions taken in prior period		332			633
Increase in unrecognized tax benefit for positions taken in current period		750			495
Statute of limitation expirations		(189	)		(43	)
Settlements		-			-
Unrecognized tax benefit, end of period	$	7,613		$	6,720

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
U.S. statutory rate		21.0	%		21.0	%		21.0	%
State taxes		4.3			4.3			4.7
State tax rate differential		0.0			(1.0	)		-
Research and development credits		(1.1	)		(0.8	)		(1.3	)
State credits		(1.5	)		(1.0	)		(1.0	)
Share-based compensation (1)		(1.0	)		(0.6	)		(0.5	)
Tax Act impact		0.0			-			(0.2	)
Other		0.5			(0.8	)		(0.2	)
Effective tax rate		22.2	%		21.1	%		22.5	%

Note 17 - Share Plans (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Year Ended December 31,
	2020			2019			2018
Weighted average grant date fair value	$	35.79		$	19.33		$	17.86

Assumptions:
Expected stock price volatility		32	%		33	%		37	%
Risk free interest rate		1.56	%		2.52	%		2.60	%
Expected annual dividend per share	$	-		$	-		$	-
Expected life of options (years)		6.25			6.25			6.25

Share-based Payment Arrangement, Option, Activity [Table Text Block]

	*Number of Options*			*Weighted-Average Exercise Price*		*Weighted-Average Remaining Contractual Term (in years)*		*Aggregate Intrinsic Value ($ in thousands)*

Outstanding as of December 31, 2017		1,472,130		$	33.11		7.3	$	25,281
Granted		366,231			43.88
Exercised		(267,909	)		19.90
Forfeited		(49,285	)		43.34
Outstanding as of December 31, 2018		1,521,167			37.70		7.0	$	19,212

Granted		369,779			52.07
Exercised		(263,250	)		30.75
Forfeited		(35,010	)		43.79
Outstanding as of December 31, 2019		1,592,686			42.04		6.9	$	93,242

Granted		173,650			102.32
Exercised		(216,196	)		39.88
Forfeited		(21,450	)		50.25
Outstanding as of December 31, 2020		1,528,690			49.08		6.3	$	272,553

Exercisable as of December 31, 2020		845,365			39.15		4.9	$	159,145

Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

	*Shares*			*Weighted-Average Grant-Date Fair Value*

Non-vested as of December 31, 2017		392,276		$	37.77
Granted		208,803			44.49
Vested		(128,433	)		39.03
Forfeited		(46,650	)		39.43
Non-vested as of December 31, 2018		425,996			40.50

Granted		265,255			62.38
Vested		(184,628	)		38.78
Forfeited		(14,986	)		44.23
Non-vested as of December 31, 2019		491,637			52.84

Granted		183,868			95.14
Vested		(200,390	)		45.10
Forfeited		(18,921	)		56.58
Non-vested as of December 31, 2020		456,194			68.42

Note 19 - Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information [Table Text Block]

	*Quarters in the Year Ended December 31, 2020*
	Q1		Q2		Q3		Q4
Net sales	$	475,915	$	546,848	$	701,355	$	761,082
Gross profit		172,320		208,983		276,149		300,202
Operating income		62,862		89,553		155,637		171,054
Net income attributable to Generac Holdings Inc.		44,460		66,145		114,970		125,001
Net income attributable to common shareholders per common share - basic:	$	0.69	$	1.04	$	1.86	$	2.02
Net income attributable to common shareholders per common share - diluted:	$	0.68	$	1.02	$	1.82	$	1.97

	*Quarters in the Year Ended December 31, 2019*
	Q1		Q2		Q3		Q4
Net sales	$	470,353	$	541,916	$	601,135	$	590,932
Gross profit		162,175		195,838		217,517		222,222
Operating income		71,173		90,926		105,556		104,508
Net income attributable to Generac Holdings Inc.		44,861		61,958		75,574		69,614
Net income attributable to common shareholders per common share - basic:	$	0.77	$	0.99	$	1.20	$	1.14
Net income attributable to common shareholders per common share - diluted:	$	0.76	$	0.98	$	1.18	$	1.12

Note 20 - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2020

Valuation and Qualifying Accounts [Table Text Block]

	Balance at Beginning of Year		Additions Charged to Earnings		Additions Charged to Retained Earnings (1)		Charges to Reserve, Net (2)			Reserves Established for Acquisitions			Balance at End of Year
Year ended December 31, 2020
Allowance for credit losses	$	6,968	$	4,645	$	1,147	$	(957	)	$	198		$	12,001
Reserves for inventory		24,293		11,353		-		(8,788	)		959			27,817
Valuation of deferred tax assets		5,024		716		-		-			-			5,740

Year ended December 31, 2019
Allowance for credit losses	$	4,873	$	3,086	$	-	$	(1,033	)	$	42		$	6,968
Reserves for inventory		23,140		4,821		-		(3,867	)		199			24,293
Valuation of deferred tax assets		5,802		-		-		-			(778	)		5,024

Year ended December 31, 2018
Allowance for credit losses	$	4,805	$	1,941	$	-	$	(2,123	)	$	250		$	4,873
Reserves for inventory		15,987		10,004		-		(3,720	)		869			23,140
Valuation of deferred tax assets		6,817		478		-		-			(1,493	)		5,802

Note 2 - Summary of Accounting Policies (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 01, 2020 USD ($)
Accounts Receivable, before Allowance for Credit Loss	$ 386,907
Accounts Receivable, Allowance for Credit Loss, Ending Balance	12,001	$ 6,968
Depreciation, Total	36,493	32,265	$ 25,296
Goodwill and Intangible Asset Impairment, Total	0	0	0
Amortization of Financing Costs and Debt Discount Premium	2,598	4,712	4,749
Deferred Costs Amortization Expense, Next Twelve Months	2,640
Deferred Costs Amortization Expense, Year Two	2,689
Deferred Costs Amortization Expense, Year Three	2,579
Contract with Customer, Liability, Total	25,710	9,952
Contract with Customer, Liability, Revenue Recognized	8,703
Advertising Expense	53,678	44,153	34,792
Research and Development Expense, Total	80,251	68,394	$ 50,019
Retained Earnings (Accumulated Deficit), Ending Balance	1,432,565	$ 1,084,383
Deferred Costs Amortization Expense, Year Four	2,508
Deferred Costs Amortization Expense, Year Five	2,555
Accounting Standards Update 2016-13 [Member]
Retained Earnings (Accumulated Deficit), Ending Balance				$ (1,147)
Fair Value, Inputs, Level 2 [Member]
Debt Instrument, Fair Value Disclosure, Total	831,038
Term Loan [Member]
Long-term Debt, Total	$ 815,260
Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Concentration Risk, Percentage	13.00%	9.00%
Number of Major Customers	1	1
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk, Percentage	6.00%	5.00%	6.00%
Number of Major Customers	0	0	0

Note 2 - Summary of Accounting Policies - Summary of Allowance for Doubtful Accounts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Balance	$ 6,968
Adoption of ASU 2016-13	1,147
Established for Acquisitions	198
Provision for credit losses	4,645
Charge-offs	(1,448)
Currency translation	491
Balance	$ 12,001

Note 2 - Summary of Accounting Policies - Property and Equipment Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
Land Improvements [Member] \| Minimum [Member]
Property and equipment, estimated useful lives (Year)	8 years
Land Improvements [Member] \| Maximum [Member]
Property and equipment, estimated useful lives (Year)	20 years
Building and Building Improvements [Member] \| Minimum [Member]
Property and equipment, estimated useful lives (Year)	10 years
Building and Building Improvements [Member] \| Maximum [Member]
Property and equipment, estimated useful lives (Year)	40 years
Machinery and Equipment [Member] \| Minimum [Member]
Property and equipment, estimated useful lives (Year)	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property and equipment, estimated useful lives (Year)	15 years
Dies and Tools [Member] \| Minimum [Member]
Property and equipment, estimated useful lives (Year)	3 years
Dies and Tools [Member] \| Maximum [Member]
Property and equipment, estimated useful lives (Year)	10 years
Vehicles [Member] \| Minimum [Member]
Property and equipment, estimated useful lives (Year)	3 years
Vehicles [Member] \| Maximum [Member]
Property and equipment, estimated useful lives (Year)	6 years
Office Equipment [Member] \| Minimum [Member]
Property and equipment, estimated useful lives (Year)	3 years
Office Equipment [Member] \| Maximum [Member]
Property and equipment, estimated useful lives (Year)	15 years
Leasehold Improvements [Member] \| Minimum [Member]
Property and equipment, estimated useful lives (Year)	2 years
Leasehold Improvements [Member] \| Maximum [Member]
Property and equipment, estimated useful lives (Year)	20 years

Note 3 - Acquisitions (Details Textual) - USD ($) $ in Thousands					3 Months Ended	12 Months Ended
	Oct. 07, 2020	Apr. 26, 2019	Mar. 12, 2019	Jun. 01, 2018	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Payments to Acquire Businesses, Net of Cash Acquired, Total						$ 64,797	$ 112,001	$ 65,440
Goodwill, Ending Balance						855,228	805,284	764,655
Acquisition of Enbala [Member]
Payments to Acquire Businesses, Net of Cash Acquired, Total	$ 41,982
Business Acquisition, Purchase Price Allocation, Intangible Assets Including Goodwill	46,645
Goodwill, Ending Balance	$ 27,545
Neurio [Member]
Payments to Acquire Businesses, Net of Cash Acquired, Total			$ 59,071		$ 7,922	22,815
Business Acquisition, Purchase Price Allocation, Intangible Assets Including Goodwill			58,762
Goodwill, Ending Balance			$ 17,862
Pika [Member]
Payments to Acquire Businesses, Net of Cash Acquired, Total		$ 49,068
Business Acquisition, Purchase Price Allocation, Intangible Assets Including Goodwill		58,196
Goodwill, Ending Balance		$ 19,896
Selmec [Member]
Payments to Acquire Businesses, Net of Cash Acquired, Total				$ 79,972
Business Acquisition, Purchase Price Allocation, Intangible Assets Including Goodwill				79,827
Goodwill, Ending Balance				46,196				$ 46,196
Business Combination, Liabilities Arising from Contingencies, Amount Recognized				$ 14,902
Business Combination, Liabilities Arising from Contingencies, Changes in Fair Value						(2,241)	(977)
Business Combination, Liabilities Arising from Contingencies, Interest Accretion						536	2,740
Business Combination, Liabilities Arising from Contingencies, Other Fair Value Re-measurement Adjustments						$ (2,777)	$ (3,717)

Note 3 - Acquisitions - Preliminary Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 01, 2018
Goodwill	$ 855,228	$ 805,284	$ 764,655
The 2020 Acquisitions [Member]
Accounts receivable	5,151
Inventories	3,711
Prepaid expenses and other assets	897
Property and equipment	635
Intangible assets	26,057
Goodwill	42,698
Deferred income taxes	0
Other assets	1,122
Total assets acquired	80,271
Accounts payable	4,088
Accrued wages and employee benefits	700
Other accrued liabilities	2,151
Current portion of long-term debt	0
Deferred income taxes	4,134
Other long-term liabilities	4,401
Redeemable non-controlling interest	0
Net assets acquired	$ 64,797
The 2019 Acquisitions [Member]
Accounts receivable		4,643
Inventories		4,313
Prepaid expenses and other assets		304
Property and equipment		384
Intangible assets		79,200
Goodwill		41,428
Deferred income taxes		3,217
Other assets		133
Total assets acquired		133,622
Accounts payable		4,380
Accrued wages and employee benefits		4,408
Other accrued liabilities		602
Current portion of long-term debt		937
Deferred income taxes		9,958
Other long-term liabilities		778
Redeemable non-controlling interest		3,165
Net assets acquired		$ 109,394
Selmec [Member]
Accounts receivable			14,302
Inventories			8,000
Prepaid expenses and other assets			4,323
Property and equipment			5,572
Intangible assets			33,631
Goodwill			46,196	$ 46,196
Deferred income taxes			3,252
Other assets			597
Total assets acquired			115,873
Accounts payable			7,216
Accrued wages and employee benefits			397
Other accrued liabilities			13,671
Current portion of long-term debt			0
Deferred income taxes			10,974
Other long-term liabilities			3,643
Redeemable non-controlling interest			0
Net assets acquired			$ 79,972

Note 3 - Acquisitions - Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 761,082	$ 701,355	$ 546,848	$ 475,915	$ 590,932	$ 601,135	$ 541,916	$ 470,353	$ 2,485,200	$ 2,204,336	$ 2,023,464
As reported	$ 125,001	$ 114,970	$ 66,145	$ 44,460	$ 69,614	$ 75,574	$ 61,958	$ 44,861	$ 350,576	$ 252,007	$ 238,257
As reported (in dollars per share)	$ 1.97	$ 1.82	$ 1.02	$ 0.68	$ 1.12	$ 1.18	$ 0.98	$ 0.76	$ 5.48	$ 4.03	$ 3.54
Pro Forma [Member]
Net sales									$ 2,512,017	$ 2,242,710	$ 2,093,112
As reported									$ 339,317	$ 239,925	$ 220,555
As reported (in dollars per share)									$ 5.34	$ 3.84	$ 3.26

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Redemption value adjustment

Note 4 - Redeemable Noncontrolling Interest (Details Textual) - USD ($) $ in Thousands		1 Months Ended
	Feb. 01, 2019	Feb. 28, 2019	Mar. 01, 2016
Pramac [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			35.00%
Captiva Energy Solutions [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	49.00%
Pramac [Member]
Business Acquisition, Percentage of Voting Interests Acquired			65.00%
Redeemable Noncontrolling Interest, Equity, Fair Value, Total			$ 34,253
Noncontrolling Interest Agreement, Extension of Term (Year)		5 years
Captiva Energy Solutions [Member]
Business Acquisition, Percentage of Voting Interests Acquired	51.00%
Redeemable Noncontrolling Interest, Equity, Fair Value, Total	$ 3,165
Business Acquisition, Noncontrolling Interest, Term of Put Option (Year)	5 years
Business Acquisition, Term of Call Option (Year)	5 years

Note 4 - Redeemable Noncontrolling Interest - Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

$ (1,247)

$ 1,253

$ (17,970)

Redeemable Noncontrolling Interest [Member]

Foreign currency translation

61,227

61,004

43,929

Noncontrolling interest

3,165

^[1]

Net income

(2,829)

2,214

6,562

(1,764)

(3,109)

Redemption value adjustment

1,247

(1,253)

17,970

$ 66,207

$ 61,227

$ 61,004

[1]	Represents the noncontrolling interest of Captiva calculated at the date of acquisition, February 1, 2019.

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

Note 5 - Derivative Instruments and Hedging Activities (Details Textual) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017
Derivative, Gain (Loss) on Derivative, Net, Total		$ 355	$ (1,195)	$ (653)
Derivative Assets (Liabilities), Net Fair Value of Derivative Contracts, Excluding Impact of Credit Risk		$ (28,667)	$ (10,588)
Commodity Contract [Member]
Derivative, Number of Instruments Held, Total		1	0
Commodity Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Cost of Sales [Member]
Derivative, Gain (Loss) on Derivative, Net, Total		$ 2,185	$ (174)	(874)
Foreign Exchange Contract [Member]
Derivative, Number of Instruments Held, Total		44	43
Interest Rate Swap [Member]
Number of New Contracts Entered	3				20
Derivative, Number of Instruments Outstanding		15
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax		$ (14,285)	$ (13,855)	$ 2,924

Note 5 - Derivative Instruments and Hedging Activities - Fair Value of Derivatives (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commodity Contract [Member]
Fair Value of Derivatives	$ 1,386	$ 6
Foreign Exchange Contract [Member]
Fair Value of Derivatives	(154)	31
Interest Rate Swap [Member]
Fair Value of Derivatives	$ (29,536)	$ (10,425)

Note 6 - Accumulated Other Comprehensive Loss (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	$ (19,111)	$ (18,732)
Other Comprehensive Income (Loss) before Reclassifications, Tax, Total	$ 4,826	4,877
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Other Comprehensive Income (Loss), before Reclassifications, before Tax		1,992
Other Comprehensive Income (Loss) before Reclassifications, Tax, Total		$ (518)

Note 6 - Accumulated Other Comprehensive Loss - Disclosure of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Net current-period other comprehensive income (loss)

$ 1,032,851

$ 761,261

$ 554,320

(9,337)

(1,104)

(2,615)

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

1,390,204

1,032,851

761,261

Other comprehensive income (loss) before reclassifications

(16,622)

(18,832)

4,948

2,210

Net current-period other comprehensive income (loss)

4,948

2,210

Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]

(11,674)

(16,622)

(18,832)

Other comprehensive income (loss) before reclassifications

(10,541)

1,474

^[1]

Net current-period other comprehensive income (loss)

9,067

^[2]

10,541

Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]

(10,541)

Other comprehensive income (loss) before reclassifications

(8,295)

5,560

(14,285)

^[3]

(13,855)

^[4]

Net current-period other comprehensive income (loss)

(14,285)

(13,855)

AOCI Attributable to Parent [Member]

(22,580)

(8,295)

5,560

Other comprehensive income (loss) before reclassifications

(24,917)

(23,813)

(21,198)

(9,337)

(10,171)

Net current-period other comprehensive income (loss)

9,067

(9,337)

(1,104)

$ (34,254)

$ (24,917)

$ (23,813)

[1]	Represents unrecognized actuarial gains of $1,992 net of tax effect of $(518), included in the computation of net periodic pension cost for the year ended December 31, 2019. Refer to Note 16, “Benefit Plans,” to the consolidated financial statements for additional information.
[2]	Details of reclassifications from AOCL during 2019 are as follows: Amounts reclassified from AOCL Loss on pension settlement $ 10,920 Amortization of net loss 843 Total before tax 11,763 Income tax impact (2,696 ) Amounts reclassified from AOCL $ 9,067
[3]	Represents unrealized losses of $(19,111), net of tax effect of $4,826 for the year ended December 31, 2020.
[4]	Represents unrealized losses of $(18,732), net of tax effect of $4,877 for the year ended December 31, 2019.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Note 6 - Accumulated Other Comprehensive Loss - Reclassifications from AOCL (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]

^[1]

$ 0

$ (10,920)

$ 0

Total before tax

446,191

319,607

311,076

Income tax impact

98,973

67,299

$ 69,856

Amounts reclassified from AOCL during 2019

$ (0)

(9,067)

^[2]

Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

Amounts reclassified from AOCL during 2019

(10,920)

Amortization of net loss

843

Total before tax

11,763

Income tax impact

(2,696)

$ 9,067

[1]	Represents pre-tax settlement charges related to the termination of the Company’s domestic pension plan in the fourth quarter of 2019.
[2]	Details of reclassifications from AOCL during 2019 are as follows: Amounts reclassified from AOCL Loss on pension settlement $ 10,920 Amortization of net loss 843 Total before tax 11,763 Income tax impact (2,696 ) Amounts reclassified from AOCL $ 9,067

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Note 7 - Segment Reporting (Details Textual)	12 Months Ended
Note 7 - Segment Reporting (Details Textual)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Reportable Segments	2
Geographic Concentration Risk [Member] \| Revenue Benchmark [Member] \| UNITED STATES
Concentration Risk, Percentage	82.00%	75.00%	74.00%
Geographic Concentration Risk [Member] \| Net Assets, Geographic Area [Member] \| UNITED STATES
Concentration Risk, Percentage	81.00%	80.00%

Note 7 - Segment Reporting - Net Sales by Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 761,082	$ 701,355	$ 546,848	$ 475,915	$ 590,932	$ 601,135	$ 541,916	$ 470,353	$ 2,485,200	$ 2,204,336	$ 2,023,464
Domestic [Member]
Net sales									2,088,808	1,742,898	1,566,520
International [Member]
Net sales									396,392	461,438	456,944
Residential Power Products [Member]
Net sales									1,556,501	1,143,723	1,042,739
Residential Power Products [Member] \| Domestic [Member]
Net sales									1,495,383	1,086,019	980,707
Residential Power Products [Member] \| International [Member]
Net sales									61,118	57,704	62,032
Commercial and Industrial Power Products [Member]
Net sales									701,751	871,595	820,270
Commercial and Industrial Power Products [Member] \| Domestic [Member]
Net sales									404,867	513,482	461,415
Commercial and Industrial Power Products [Member] \| International [Member]
Net sales									296,884	358,113	358,855
Other Products and Services [Member]
Net sales									226,948	189,018	160,455
Other Products and Services [Member] \| Domestic [Member]
Net sales									188,558	143,397	124,398
Other Products and Services [Member] \| International [Member]
Net sales									$ 38,390	$ 45,621	$ 36,057

Depreciation and amortization

Note 7 - Segment Reporting - Segment Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Total adjusted EBITDA

$ 583,773

$ 454,115

$ 424,552

Interest expense

(32,991)

(41,544)

(40,956)

(68,773)

(60,767)

(47,408)

Non-cash write-down and other adjustments (1)

^[1]

327

(240)

(3,532)

Non-cash share-based compensation expense (2)

^[2]

(20,882)

(16,694)

(14,563)

Loss on extinguishment of debt

^[3]

(926)

(1,332)

Transaction costs and credit facility fees (5)

^[4]

(10,920)

^[5]

(2,151)

(2,724)

(3,883)

Business optimization and other charges (6)

^[6]

(12,158)

(1,572)

(952)

Depreciation and Amortization

(954)

879

(850)

Total before tax

446,191

319,607

311,076

Assets

3,235,423

2,665,669

2,426,314

68,773

60,909

47,408

Capital expenditures

62,128

60,802

47,601

Domestic [Member]

Total adjusted EBITDA

563,394

428,667

388,495

Assets

2,659,597

2,123,251

1,868,554

Depreciation and Amortization

53,020

46,145

35,586

Capital expenditures

51,867

36,007

38,242

International [Member]

Total adjusted EBITDA

20,379

25,448

36,057

Assets

575,826

542,418

557,760

Depreciation and Amortization

15,753

14,764

11,822

Capital expenditures

$ 10,261

$ 24,795

$ 9,359

[1]	Includes certain foreign currency and purchase accounting related adjustments, gains/losses on disposal of assets and unrealized mark-to-market adjustments on commodity contracts.
[2]	Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.
[3]	Represents the non-cash write-off of original issue discount and deferred financing costs due to a voluntary prepayment of Term Loan debt.
[4]	Represents pre-tax settlement charges related to the termination of the Company’s domestic pension plan in the fourth quarter of 2019.
[5]	Represents transaction costs incurred directly in connection with any investment, as defined in our credit agreement, equity issuance, debt issuance or refinancing, together with certain fees relating to our senior secured credit facilities.
[6]	For the year ended December 31, 2020, represents severance, non-cash asset write-downs, and other charges to address the impact of the COVID-19 pandemic and decline in oil prices. For the year ended December 31, 2019, represents severance and other charges related to the consolidation of certain of our facilities.

Note 8 - Balance Sheet Details (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross	$ 9,154	$ 18,684
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total	$ 27,269	$ 26,063

Note 8 - Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Raw material	$ 375,516	$ 328,021
Work-in-process	6,833	10,387
Finished goods	220,968	183,616
Total	$ 603,317	$ 522,024

Note 8 - Balance Sheet Details - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property and equipment, gross	$ 544,620	$ 478,156
Accumulated depreciation	(200,684)	(161,180)
Total	343,936	316,976
Land and Land Improvements [Member]
Property and equipment, gross	18,363	18,252
Building and Building Improvements [Member]
Property and equipment, gross	198,908	177,079
Machinery and Equipment [Member]
Property and equipment, gross	153,696	117,114
Dies and Tools [Member]
Property and equipment, gross	24,190	22,040
Vehicles [Member]
Property and equipment, gross	6,037	3,955
Office Equipment [Member]
Property and equipment, gross	107,923	99,124
Leasehold Improvements [Member]
Property and equipment, gross	5,276	4,293
Construction in Progress [Member]
Property and equipment, gross	$ 30,227	$ 36,299

Note 9 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amortization of Intangible Assets, Total	$ 32,280	$ 28,644	$ 22,112
Finite-Lived Intangible Asset, Expected Amortization, Year One	33,906
Finite-Lived Intangible Asset, Expected Amortization, Year Two	26,649
Finite-Lived Intangible Asset, Expected Amortization, Year Three	22,129
Finite-Lived Intangible Asset, Expected Amortization, Year Four	18,581
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 16,808

Note 9 - Goodwill and Intangible Assets - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Balance	$ 805,284	$ 764,655
Acquisitions of businesses, net	42,722	40,836
Foreign currency translation	7,222	(207)
Balance	855,228	805,284
Goodwill, gross			$ 1,363,032	$ 1,313,088
Accumulated impairment			(507,804)	(507,804)
Goodwill	805,284	764,655	855,228	805,284
Domestic [Member]
Balance	659,209	621,451
Acquisitions of businesses, net	42,722	37,758
Foreign currency translation	604	0
Balance	702,535	659,209
Goodwill, gross			1,205,728	1,162,402
Accumulated impairment			(503,193)	(503,193)
Goodwill	702,535	659,209	702,535	659,209
International [Member]
Balance	146,075	143,204
Acquisitions of businesses, net	0	3,078
Foreign currency translation	6,618	(207)
Balance	152,693	146,075
Goodwill, gross			157,304	150,686
Accumulated impairment			(4,611)	(4,611)
Goodwill	$ 152,693	$ 146,075	$ 152,693	$ 146,075

Note 9 - Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-lived intangible assets, gross	$ 680,251	$ 653,682
Finite-lived intangible assets, accumulated amortization	(516,549)	(484,269)
Finite-lived intangible assets, net	163,702	169,413
Indefinite-lived tradenames, gross	128,321	128,321
Total intangible assets, gross	808,572	782,003
Total intangible assets, net	$ 292,023	297,734
Trade Names [Member]
Finite-lived intangible assets, useful life (Year)	9 years
Finite-lived intangible assets, gross	$ 58,729	56,669
Finite-lived intangible assets, accumulated amortization	(40,891)	(36,613)
Finite-lived intangible assets, net	$ 17,838	20,056
Customer Lists [Member]
Finite-lived intangible assets, useful life (Year)	12 years
Finite-lived intangible assets, gross	$ 370,736	369,932
Finite-lived intangible assets, accumulated amortization	(321,531)	(314,380)
Finite-lived intangible assets, net	$ 49,205	55,552
Patents and Technology [Member]
Finite-lived intangible assets, useful life (Year)	10 years
Finite-lived intangible assets, gross	$ 233,271	213,972
Finite-lived intangible assets, accumulated amortization	(146,544)	(128,426)
Finite-lived intangible assets, net	86,727	85,546
Computer Software, Intangible Asset [Member]
Finite-lived intangible assets, gross	1,046	1,046
Finite-lived intangible assets, accumulated amortization	(1,046)	(1,046)
Finite-lived intangible assets, net	$ 0	0
Noncompete Agreements [Member]
Finite-lived intangible assets, useful life (Year)	4 years
Finite-lived intangible assets, gross	$ 16,469	12,063
Finite-lived intangible assets, accumulated amortization	(6,537)	(3,804)
Finite-lived intangible assets, net	$ 9,932	$ 8,259

Note 10 - Leases (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2019	Jan. 01, 2019
Operating Leases, Rent Expense, Net, Total		$ 10,739
Retained Earnings (Accumulated Deficit), Ending Balance	$ 1,432,565		$ 1,084,383
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset				$ 42,024
Operating Lease, Liability, Total				42,056
Accounting Standards Update 2016-02 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained Earnings (Accumulated Deficit), Ending Balance				$ 0
Maximum [Member]
Lessee, Operating Lease and Finance Lease, Remaining Term of Contract (Year)	20 years
Lessee, Operating Lease, Renewal Term (Year)	10 years

Note 10 - Leases - Leases Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating lease cost	$ 18,648	$ 9,647
Amortization of ROU assets	2,587	2,531
Interest on lease liabilities	2,237	2,227
Total lease cost	$ 23,472	$ 14,405

Note 10 - Leases - Supplement Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Finance lease ROU assets, gross

$ 34,929

$ 29,142

Accumulated depreciation - finance lease ROU assets

(7,660)

(3,079)

Finance lease ROU assets, net (4)

^[1]

27,269

26,063

Finance lease liabilities - current (5)

^[2]

2,311

1,830

Finance lease liabilities - noncurrent (6)

^[3]

25,060

24,132

Total finance lease liabilities

27,371

25,962

Operating Lease and Other Assets [Member]

Operating lease ROU assets (1)

^[4]

62,030

35,950

Other Accrued Liabilities [Member]

Operating lease liabilities - current (2)

^[5]

17,192

7,231

Operating Lease and Other Long-term Liabilities [Member]

Operating lease liabilities - noncurrent (3)

^[6]

46,558

29,778

Other Accrued Liabilities and Operating Lease and Other Long-term Liabilities [Member]

Total operating lease liabilities

$ 63,750

$ 37,009

[1]	Recorded in the property and equipment, net line
[2]	Recorded in the current portion of long-term borrowings and finance lease obligations line
[3]	Recorded in the long-term borrowings and finance lease obligations line
[4]	Recorded in the operating lease and other assets line within the consolidated balance sheets
[5]	Recorded in the other accrued liabilities line
[6]	Recorded in the operating lease and other long-term liabilities line

Note 10 - Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating cash flows from operating leases	$ 18,412	$ 10,125
Operating cash flows from finance leases	1,871	1,864
Financing cash flows from finance leases	3,957	3,237
Operating leases	41,678	4,021
Finance leases	$ 3,737	$ 8,797

Note 10 - Leases - Weighted Average Remaining Lease Term and Discount Rate Information (Details)	Dec. 31, 2020
Operating Leases (Year)	4 years 11 months 1 day
Finance Leases (Year)	12 years 10 months 24 days
Operating Leases	4.48%
Finance Leases	7.66%

Note 10 - Leases - Maturities of Lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
2021, finance leases	$ 4,146
2021, operating leases	19,530
2022, finance leases	4,292
2022, operating leases	18,135
2023, finance leases	3,112
2023, operating leases	9,519
2024, finance leases	2,999
2024, operating leases	7,452
2025, finance leases	2,678
2025, operating leases	5,359
After 2023, finance leases	28,596
After 2023, operating leases	11,711
Total minimum lease payments, finance leases	45,823
Total minimum lease payments, operating leases	71,706
Interest component	(18,452)
Interest component	(7,956)
Present value of minimum lease payments, finance leases	27,371	$ 25,962
Other Accrued Liabilities and Operating Lease and Other Long-term Liabilities [Member]
Operating Lease, Liability, Total	$ 63,750	$ 37,009

Note 11 - Product Warranty Obligations 1 (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capitalized Contract Cost, Net, Total	$ 6,869	$ 6,190
Capitalized Contract Cost, Amortization	$ 1,303	$ 869	$ 615
Minimum [Member]
Extended Warranty Term (Year)	5 years
Maximum [Member]
Extended Warranty Term (Year)	10 years

Note 11 - Product Warranty Obligations 2 (Details Textual)	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year

Note 11 - Product Warranty Obligations - Reconciliation of Product Warranty Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance at beginning of period	$ 49,316	$ 41,785	$ 35,422
Product warranty reserve assumed in acquisition	124	1,062	0
Payments	(33,496)	(26,096)	(20,029)
Provision for warranty issued	42,093	32,060	26,910
Changes in estimates for pre-existing warranties	1,181	505	(518)
Balance at end of period	59,218	49,316	41,785
Balance at beginning of period	78,738	68,340	57,854
Deferred revenue contracts issued	26,968	24,483	21,440
Amortization of deferred revenue contracts	(15,918)	(14,085)	(10,954)
Balance at end of period	$ 89,788	$ 78,738	$ 68,340

Note 11 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Revenue performance obligation	$ 89,788

Note 11 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties 2 (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Revenue performance obligation	$ 89,788
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue performance obligation	18,754
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue performance obligation	18,819
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue performance obligation	16,464
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue performance obligation	11,849
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue performance obligation	$ 23,902

Note 11 - Product Warranty Obligations - Deferred Product Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current portion - other accrued liabilities	$ 37,417	$ 27,885
Long-term portion - other long-term liabilities	21,801	21,431
Total	59,218	49,316	$ 41,785	$ 35,422
Current portion - other accrued liabilities	18,857	15,519
Long-term portion - other long-term liabilities	70,931	63,219
Total	$ 89,788	$ 78,738	$ 68,340	$ 57,854

Note 12 - Credit Agreements (Details Textual) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

May 31, 2013

Jun. 30, 2018

May 31, 2015

Dec. 31, 2019

Jun. 30, 2018

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Gain (Loss) on Extinguishment of Debt, Total

^[1]

$ 0

$ (926)

$ (1,332)

Long-term Line of Credit, Total

$ 0

Short-term Debt, Total

58,714

$ 39,282

58,714

ABL Revolving Credit Facility [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 250,000

Amended ABL Facility [Member]

Line of Credit Facility, Maximum Borrowing Capacity

300,000

Debt Issuance Costs, Net, Total

755

Gain (Loss) on Extinguishment of Debt, Total

(34)

Proceeds from Lines of Credit, Total

50,000

Repayments of Lines of Credit

50,000

Long-term Line of Credit, Total

Line of Credit Facility, Remaining Borrowing Capacity

299,621

$ 299,621

Base Rate [Member] | ABL Revolving Credit Facility [Member]

Base Rate [Member] | Amended ABL Facility [Member]

1.00%

0.125%

Adjusted LIBOR Rate [Member] | ABL Revolving Credit Facility [Member]

0.375%

London Interbank Offered Rate (LIBOR) [Member] | ABL Revolving Credit Facility [Member]

2.00%

1.375%

Line of Credit Facility, Maximum Borrowing Capacity

1.125%

Term Loan [Member]

$ 1,200,000

Uncommitted Incremental Term Loan Facility

$ 300,000

Debt Issuance Costs, Net, Total

829

1,247

$ 829

1,247

Debt Instrument, Fee Amount

$ 118

432

118

$ 432

Repayments of Long-term Debt, Total

49,000

Gain (Loss) on Extinguishment of Debt, Total

$ (926)

$ (1,298)

Secured Leverage Ratio

1.12

Term Loan [Member] | Maximum [Member]

Threshold for Secured Leverage Ratio Excess Cash Flow Payment Requirement

3.75

Term Loan [Member] | Base Rate [Member]

Term Loan [Member] | Adjusted LIBOR Rate [Member]

1.75%

0.75%

Term Loan [Member] | LIBOR Floor Rate [Member]

2.75%

1.75%

Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]

0.75%

Original issue discount and deferred financing costs

1.75%

[1]	Represents the non-cash write-off of original issue discount and deferred financing costs due to a voluntary prepayment of Term Loan debt.

Note 12 - Credit Agreements - Short-term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Short-term borrowings	$ 39,282	$ 58,714
ABL Revolving Credit Facility [Member]
Short-term borrowings	0	30,961
Other Lines of Credit [Member]
Short-term borrowings	$ 39,282	$ 27,753

Note 12 - Credit Agreements - Long-term Borrowings (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Term loan

$ 830,000

(15,450)

(18,048)

ABL facility

Total finance lease liabilities

27,371

25,962

Less: current portion of debt

3,990

2,236

Total

845,911

840,150

1,836

553

Finance lease liabilities - current (5)

^[1]

2,311

1,830

Total

$ 841,764

$ 837,767

[1]	Recorded in the current portion of long-term borrowings and finance lease obligations line

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

Net income attributable to Generac Holdings Inc.

Note 12 - Credit Agreements - Maturities of Long-term Borrowings Outstanding (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 1,836
2022	1,905
2023	46
2024	115
After 2024	830,088
Total	$ 833,990

Note 13 - Stock Repurchase Programs (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended			65 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Sep. 30, 2018
Stock Repurchase Program, Authorized Amount	$ 250,000					$ 250,000
Stock Repurchase Program, Period in Force (Month)	24 months
Payments for Repurchase of Common Stock		$ (0)	$ (0)	$ 25,656	$ 305,547
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)					$ 35.21
Treasury Stock [Member]
Shares Acquired Under Stock Repurchases Program, Shares (in shares)			0	560,000	8,676,706

Note 14 - Earnings Per Share (Details Textual) - shares	12 Months Ended
Note 14 - Earnings Per Share (Details Textual) - shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0	0	26,100

Note 14 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

$ 125,001

$ 114,970

$ 66,145

$ 44,460

$ 69,614

$ 75,574

$ 61,958

$ 44,861

$ 350,576

$ 252,007

$ 238,257

Redeemable noncontrolling interest redemption value adjustment

(1,247)

1,253

(17,970)

Net income attributable to common shareholders

$ 349,329

$ 253,260

$ 220,287

Weighted average shares, basic (in shares)

62,280,889

61,926,986

61,662,031

Dilutive effect of stock compensation awards (1) (in shares)

^[1]

1,456,845

938,460

571,194

Diluted shares (in shares)

63,737,734

62,865,446

62,233,225

Net income attributable to Generac Holdings Inc. per common share - basic: (in dollars per share)

$ 2.02

$ 1.86

$ 1.04

$ 0.69

$ 1.14

$ 1.20

$ 0.99

$ 0.77

$ 5.61

$ 4.09

$ 3.57

Net income attributable to Generac Holdings Inc. per common share - diluted: (in dollars per share)

$ 1.97

$ 1.82

$ 1.02

$ 0.68

$ 1.12

$ 1.18

$ 0.98

$ 0.76

$ 5.48

$ 4.03

$ 3.54

[1]	Excludes approximately 26,100 stock options for the year ended December 31, 2018, as the impact of such awards was anti-dilutive. There were no awards with an anti-dilutive impact for the years ended December 31, 2020 and 2019.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

State tax rate differential

Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Income Tax Assets, Net, Total	$ 1,497	$ 2,933
Deferred Income Tax Liabilities, Net, Total	115,769	96,328
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	716	(778)	$ (1,015)
Tax Credit Carry Forward State Research and Development	4,513
Tax Credit Carryforward State Manufacturing	19,303
Unrecognized Tax Benefits, Interest on Income Taxes Expense	95	71
Unrecognized Tax Benefits, Income Tax Penalties Expense	$ 274	$ 195

Note 15 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 62,714	$ 41,686	$ 32,072
State	13,071	4,211	9,639
Foreign	1,974	2,660	4,546
Total	77,759	48,557	46,257
Deferred:
Federal	20,452	19,393	22,225
State	1,243	1,390	1,910
Foreign	(1,197)	(1,263)	479
Total	20,498	19,520	24,614
Change in valuation allowance	716	(778)	(1,015)
Provision for income taxes	$ 98,973	$ 67,299	$ 69,856

Note 15 - Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accrued expenses	$ 24,358	$ 21,053
Deferred revenue	15,851	14,697
Inventories	11,795	9,879
Stock-based compensation	8,348	7,490
Operating loss and credit carryforwards	31,275	28,356
Bad debt	1,633	1,094
Other	8,558	4,275
Valuation allowance	(5,740)	(5,024)
Total deferred tax assets	96,078	81,820
Goodwill and intangible assets	171,831	142,159
Depreciation	33,716	27,864
Debt refinancing costs	3,544	4,119
Prepaid expenses	1,259	1,073
Total deferred tax liabilities	210,350	175,215
Net deferred tax liabilities	$ (114,272)	$ (93,395)

Note 15 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Unrecognized tax benefit, beginning of period	$ 6,720	$ 5,635
Increase in unrecognized tax benefit for positions taken in prior period	332	633
Increase in unrecognized tax benefit for positions taken in current period	750	495
Statute of limitation expirations	(189)	(43)
Settlements	0	0
Unrecognized tax benefit, end of period	$ 7,613	$ 6,720

Note 15 - Income Taxes - Reconciliation of Statutory and Effective Tax Rates (Details)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

U.S. statutory rate

21.00%

State taxes

4.30%

4.70%

0.00%

(1.00%)

Research and development credits

(1.10%)

(0.80%)

(1.30%)

State credits

(1.50%)

(1.00%)

Share-based compensation

^[1]

(1.00%)

(0.60%)

(0.50%)

Tax Act impact

0.00%

(0.20%)

0.50%

(0.80%)

(0.20%)

Effective tax rate

22.20%

21.10%

22.50%

[1]	With the adoption of ASU 2016-09 in 2017, excess tax benefits from equity awards are reflected within the provision for income taxes rather than within the consolidated balance sheet.

Note 16 - Benefit Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employer Contribution under Medical and Dental Plan		$ 24,617	$ 18,290	$ 14,660
Savings Plan 401(k) [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		50.00%
Defined Contribution Plan Percentage of Eligible Compensation		6.00%
Defined Contribution Plan, Cost		$ 5,332	$ 4,791	$ 4,193
Pension Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	$ (10,920)

Note 17 - Share Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 13, 2019	Feb. 10, 2010
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)					9,100,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 102.32	$ 52.07	$ 43.88
Proceeds from Stock Options Exercised	$ 13,089	$ 9,395	$ 5,614
Payment, Tax Withholding, Share-based Payment Arrangement	$ 14,910	$ 6,438	$ 5,659
Board of Directors Chairman [Member]
Deferred Compensation Arrangement with Individual, Shares Issued (in shares)	15,275	22,544	33,419
Deferred Compensation Arrangement with Individual, Shares Granted (in shares)	10,528	16,604	22,675
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 1,558	$ 1,391	$ 1,718
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Expense	$ 5,860	$ 5,597	$ 4,998
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)	10 years
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)	24,070	32,211	63,817
Proceeds from Stock Options Exercised	$ 13,089	$ 9,395	$ 5,614
Payment, Tax Withholding, Share-based Payment Arrangement	7,297	$ 3,360	$ 3,846
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 10,673
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 4 months 24 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)	70,718	55,953	38,186
Payment, Tax Withholding, Share-based Payment Arrangement	$ 7,613	$ 3,078	$ 1,812
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 20,608
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 10 months 24 days
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Performance Measurement, Period (Year)	3 years
Restricted Stock and Performance Shares [Member]
Share-based Payment Arrangement, Expense	$ 15,022	$ 11,097	$ 9,565
Minimum [Member]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 91.00	$ 52.07	$ 43.88
Performance Share Award, Percentage	0.00%
Maximum [Member]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 158.89		$ 45.29
Performance Share Award, Percentage	200.00%
Equity Incentive Plan (Plan) [Member]
Share-based Payment Arrangement, Expense	$ 11,681	$ 15,738	$ 14,563
The 2019 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)				2,700,000
Share-based Payment Arrangement, Expense	$ 9,201	$ 956

Note 17 - Share Plans - Weighted-average Assumptions used in the Black-Scholes-Merton Option Pricing Model (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Weighted average grant date fair value (in dollars per share)	$ 35.79	$ 19.33	$ 17.86
Expected stock price volatility	32.00%	33.00%	37.00%
Risk free interest rate	1.56%	2.52%	2.60%
Expected annual dividend per share (in dollars per share)	$ 0	$ 0	$ 0
Expected life of options (Year)	6 years 3 months	6 years 3 months	6 years 3 months

Note 17 - Share Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Outstanding, number of options (in shares)	1,592,686	1,521,167	1,472,130
Outstanding, weighted average exercise price (in dollars per share)	$ 42.04	$ 37.70	$ 33.11
Outstanding, weighted average remaining contractual term (Year)	6 years 3 months 18 days	6 years 10 months 24 days	7 years	7 years 3 months 18 days
Outstanding, aggregate intrinsic value	$ 272,553	$ 93,242	$ 19,212	$ 25,281
Granted, number of options (in shares)	173,650	369,779	366,231
Granted, weighted average exercise price (in dollars per share)	$ 102.32	$ 52.07	$ 43.88
Exercised, number of options (in shares)	(216,196)	(263,250)	(267,909)
Exercised, weighted average exercise price (in dollars per share)	$ 39.88	$ 30.75	$ 19.90
Forfeited, number of options (in shares)	(21,450)	(35,010)	(49,285)
Forfeited, weighted average exercise price (in dollars per share)	$ 50.25	$ 43.79	$ 43.34
Outstanding, number of options (in shares)	1,528,690	1,592,686	1,521,167	1,472,130
Outstanding, weighted average exercise price (in dollars per share)	$ 49.08	$ 42.04	$ 37.70	$ 33.11
Exercisable, number of options (in shares)	845,365
Exercisable, weighted average exercise price (in dollars per share)	$ 39.15
Exercisable, weighted average remaining contractual term (Year)	4 years 10 months 24 days
Exercisable, aggregate intrinsic value	$ 159,145

Note 17 - Share Plans - Summary of Restricted Share Awards Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non-vested (in shares)	491,637	425,996	392,276
Non-vested (in dollars per share)	$ 52.84	$ 40.50	$ 37.77
Granted (in shares)	183,868	265,255	208,803
Granted (in dollars per share)	$ 95.14	$ 62.38	$ 44.49
Vested (in shares)	(200,390)	(184,628)	(128,433)
Vested (in dollars per share)	$ 45.10	$ 38.78	$ 39.03
Forfeited (in shares)	(18,921)	(14,986)	(46,650)
Forfeited (in dollars per share)	$ 56.58	$ 44.23	$ 39.43
Non-vested (in shares)	456,194	491,637	425,996
Non-vested (in dollars per share)	$ 68.42	$ 52.84	$ 40.50

Note 18 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Amount Financed by Dealers	$ 55.6	$ 49.6

Note 19 - Quarterly Financial Information (Unaudited) - Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 761,082	$ 701,355	$ 546,848	$ 475,915	$ 590,932	$ 601,135	$ 541,916	$ 470,353	$ 2,485,200	$ 2,204,336	$ 2,023,464
Gross profit	300,202	276,149	208,983	172,320	222,222	217,517	195,838	162,175	957,654	797,752	725,040
Operating income	171,054	155,637	89,553	62,862	104,508	105,556	90,926	71,173	479,106	372,163	357,181
Net income attributable to Generac Holdings Inc.	$ 125,001	$ 114,970	$ 66,145	$ 44,460	$ 69,614	$ 75,574	$ 61,958	$ 44,861	$ 350,576	$ 252,007	$ 238,257
Net income attributable to common shareholders per common share - basic: (in dollars per share)	$ 2.02	$ 1.86	$ 1.04	$ 0.69	$ 1.14	$ 1.20	$ 0.99	$ 0.77	$ 5.61	$ 4.09	$ 3.57
Net income attributable to common shareholders per common share - diluted: (in dollars per share)	$ 1.97	$ 1.82	$ 1.02	$ 0.68	$ 1.12	$ 1.18	$ 0.98	$ 0.76	$ 5.48	$ 4.03	$ 3.54

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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