0001437749-24-005040 | 10-K | XBRL Viewer

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Note 10 - Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating cash flows - operating leases	$ 39,073	$ 36,020	$ 21,250
Operating cash flows - finance leases	2,409	1,919	1,972
Financing cash flows - finance leases	3,618	4,931	4,679
Operating leases	17,830	28,766	55,057
Finance leases	$ 47,715	$ 2,874	$ 4,026

Note 17 - Share Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Outstanding, number of options (in shares)	1,268,404	1,342,131	1,528,690
Outstanding, weighted average exercise price (in dollars per share)	$ 81.35	$ 64.29	$ 49.08
Outstanding, weighted average remaining contractual term (Year)	5 years	4 years 10 months 24 days	5 years 6 months	6 years 3 months 18 days
Outstanding, aggregate intrinsic value	$ 75,587	$ 47,764	$ 386,069	$ 272,553
Granted, number of options (in shares)	208,392	109,266	70,392
Granted, weighted average exercise price (in dollars per share)	$ 119.31	$ 282.2	$ 335.7
Exercised, number of options (in shares)	(159,316)	(137,305)	(229,921)
Exercised, weighted average exercise price (in dollars per share)	$ 42.46	$ 36.91	$ 45.95
Forfeited, number of options (in shares)	(33,144)	(45,688)	(27,030)
Forfeited, weighted average exercise price (in dollars per share)	$ 185.81	$ 194.05	$ 63.27
Outstanding, number of options (in shares)	1,284,336	1,268,404	1,342,131	1,528,690
Outstanding, weighted average exercise price (in dollars per share)	$ 89.64	$ 81.35	$ 64.29	$ 49.08
Exercisable, number of options (in shares)	961,340
Exercisable, weighted average exercise price (in dollars per share)	$ 63.08

Note 3 - Acquisitions - Unaudited Pro Forma Information (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Net sales

$ 1,063,670

$ 1,070,667

$ 1,000,420

$ 887,910

$ 1,049,232

$ 1,088,258

$ 1,291,391

$ 1,135,856

$ 4,022,667

$ 4,564,737

$ 3,737,184

As reported

$ 96,601

$ 60,377

$ 45,198

$ 12,430

$ 71,015

$ 58,270

$ 156,359

$ 113,858

$ 214,606

$ 399,502

$ 550,494

As reported (in dollars per share)

$ 1.57

$ 0.97

$ 0.7

$ 0.05

$ 0.83

$ 2.21

$ 1.57

$ 3.27

$ 5.42

$ 8.3

Pro Forma [Member]

Net sales

$ 4,022,826

$ 4,600,162

$ 3,933,666

As reported

^[1]

$ 214,343

$ 395,261

$ 461,193

As reported (in dollars per share)

$ 3.27

$ 5.36

$ 6.91

[1]	Includes additional pro forma intangible amortization from all acquisitions as though the transactions had occurred on January 1, 2021 of $111, $2,465, and $70,152 for the years ended December 31, 2023, 2022, and 2021, respectively.

- Definition

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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Note 5 - Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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.

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 recognized were not material for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023 and 2022, the Company had no commodity contracts outstanding.

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.

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, 2023, 2022 and 2021 were not material. As of December 31, 2023 and 2022, the Company had 53 and 34 foreign currency contracts outstanding, respectively.

Interest Rate Swaps

In 2017, the Company entered into twenty interest rate swap agreements, the final four of which expired in May 2023. In March 2020, the Company entered into three additional interest rate swap agreements which were still outstanding as of December 31, 2023.

In June 2022, in conjunction with the amendments to the Company's credit agreements discussed further in Note 12, “Credit Agreements,” to the consolidated financial statements, the Company amended its interest rate swaps to match the underlying debt and reconfirmed hedge effectiveness. 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 various hedge transactions. These interest rate swap agreements qualify as cash flow hedges and therefore, the effective portions of their gains or losses are reported as a component of accumulated other comprehensive loss (AOCL) in the consolidated balance sheets.

The amount of after-tax unrealized gains (losses) recognized for the years ended December 31, 2023, 2022 and 2021 were $(8,004), $38,494, and $20,529, 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,
	2023		2022
Foreign currency contracts	$	(147)	$	94
Interest rate swaps		38,601		49,279

The fair values of the interest rate swaps are included in operating lease and other assets in the consolidated balance sheet as of December 31, 2023 and 2022. Excluding the impact of credit risk, the fair value of the derivative contracts as of December 31, 2023, and December 31, 2022, is an asset of $39,796 and $51,184, respectively, which represents the net amount the Company would receive to exit all of the agreements on that date.

Note 2 - Summary of Accounting Policies - Reconciliation of Contingent Consideration (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Beginning balance, January 1, 2023

$ 81,533

Changes in fair value

(5,922)

$ (18,339)

$ (206)

Ending balance, December 31, 2023

38,937

81,533

Contingent Consideration Liability [Member]

Beginning balance, January 1, 2023

81,533

Changes in fair value

Additional contingent consideration (1)

^[1]

11,490

Payment of contingent consideration (2)

^[2]

(53,786)

Present value interest accretion

(300)

Ending balance, December 31, 2023

$ 38,937

$ 81,533

[1]	Represents $11,490 of contingent deferred consideration for the Pramac buyout. See Note 3, "Redeemable Noncontrolling Interest".
[2]	Includes payments of $479 in cash and $44,521 in shares for the ecobee acquisition, $4,286 in shares for the Chilicon acquisition, and $4,500 in cash for the Mean Green acquisition. The payment of common stock is accounted for as a non-cash item in the consolidated statement of cash flows.

Note 18 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	Dec. 27, 2023	Oct. 15, 2023	Jun. 23, 2023	May 03, 2023	Aug. 01, 2022	Dec. 31, 2023	Dec. 31, 2022
Amount Financed by Dealers						$ 158.0	$ 212.0
Consumer Product Safety Commission [Member]
Settlement Agreement, Civil Fine Payments				$ 15.8
Power Home Solar, LLC Against Generac Power Systems, Inc. [Member] \| Minimum [Member]
Loss Contingency, Damages Sought, Value					$ 25.0
Case Nos. 21-cv-00428-ADA and 20-cv-00078-ADA [Member]
Litigation Settlement, Amount Awarded to Other Party	$ 4.6		$ 5.4
Case No. 22-cv-00072-JRG [Member]
Litigation Settlement, Amount Awarded to Other Party		$ 11.5

Note 15 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 71,741	$ 118,320	$ 105,236
State	13,802	25,743	21,295
Foreign	22,115	51,055	10,536
Current Income Tax Expense (Benefit)	107,658	195,118	137,067
Deferred:
Federal	(26,504)	(43,475)	10,518
State	(5,254)	(10,966)	(3,728)
Foreign	(3,218)	(40,109)	(7,863)
Deferred Income Tax Expense (Benefit) Before Adjustment of Valuation Allowance	(34,976)	(94,550)	(1,073)
Change in valuation allowance	498	(972)	(1,037)
Provision for income taxes	$ 73,180	$ 99,596	$ 134,957

Note 3 - Acquisitions - The Combined Fair Value of the Consideration Transferred for These Acquisitions (Details) - USD ($)
$ in Thousands

Dec. 01, 2021

Jul. 02, 2021

Acquisition of Chilicon [Member]

Cash paid at closing

$ 11,821

Deferred cash payment (1)

^[1]

6,000

Common stock issued at closing

12,000

Contingent consideration (2)

^[2]

31,308

Total purchase price

$ 61,129

ecobee Inc. [Member]

Cash paid at closing

$ 225,403

Common stock issued at closing

420,774

Contingent consideration (2)

^[3]

89,400

Total purchase price

$ 735,577

[1]	Payable on the third business day after December 31, 2023.
[2]	Payable in common stock issued upon achievement of certain performance targets within 45 calendar days following the conclusion of the earnout period, December 31, 2025.
[3]	he contingent consideration for the period ended June 30, 2022, was paid during the fourth quarter of 2022 in the amount of $47,123 in shares of common stock, or 196,531 shares of common stock, and $542 was paid with cash on hand. Additionally, during the fourth quarter of 2022, the Company entered into a definitive agreement to accelerate the measurement and payment for the remaining contingent consideration period ending June 30, 2023. The parties agreed to a final payment amount of $45,000 issued with 466,188 shares of common stock and $479 of cash. The $45,000 was paid during the first quarter of 2023.

Note 12 - Credit Agreements - Maturities of Long-term Borrowings Outstanding (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024	$ 42,162
2025	46,958
2026	595,651
2027	750,026
2028	28
Total	1,434,825
Tranche A Term Loan Facility [Member]
2024	32,813
2025	46,875
2026	65,625
2027	600,000
2028	0
Total	745,313
Tranche B Term Loan Facility [Member]
2024	0
2025	0
2026	530,000
2027	0
2028	0
Total	530,000
ABL Revolving Credit Facility [Member]
2024	0
2025	0
2026	0
2027	150,000
2028	0
Total	150,000
Other Term Loan Facility [Member]
2024	9,349
2025	83
2026	26
2027	26
2028	28
Total	$ 9,512

Note 16 - Benefit Plans (Details Textual) - USD ($)	12 Months Ended
Note 16 - Benefit Plans (Details Textual) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employer Contribution under Medical and Dental Plan	$ 26,090,000	$ 31,180,000	$ 24,189,000
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	$ 3,735	$ 4,141,000	$ 6,725,000

Note 10 - Leases (Details Textual)	12 Months Ended
Note 10 - Leases (Details Textual)	Dec. 31, 2023
Lessee, Operating Lease and Finance Lease, Remaining Term of Contract (Year)	18 years
Lessee, Operating Lease, Renewal Term (Year)	10 years

Note 18 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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, 2023 and 2022 was approximately $158.0 million and $212.0 million, respectively.

On August 1, 2022, Power Home Solar, LLC d/b/a Pink Energy (PHS) filed a lawsuit in the Western District of Virginia against Generac Power Systems, Inc., a wholly-owned subsidiary of the Company (Generac Power). The complaint alleges breaches of warranty, product liability, and other various causes of action against Generac Power relating to the sale and performance of certain clean energy equipment and seeks to recover damages, including consequential damages, that PHS allegedly incurred. The Company disputes the allegations in the complaint, including that PHS can seek consequential damages or amounts greater than the $25.0 million liability cap set forth in the agreement between the parties. Generac Power moved to dismiss the complaint and compel arbitration consistent with the parties’ agreement. PHS later filed a Chapter 7 bankruptcy petition in the Western District of North Carolina that identified Generac Power as one of its outstanding creditors. The parties agreed to toll PHS’s deadline to respond to the motion to dismiss and all other pretrial deadlines to allow the bankruptcy trustee to evaluate the complaint. The Trustee has not yet taken further action in this lawsuit. Generac Power intends to vigorously defend against the claims in the complaint, in whichever forum they may proceed.

On October 28, 2022, Daniel Haak filed a putative consumer class action lawsuit against Generac Power in the Middle District of Florida. The complaint alleges breaches of warranty, tort-based, and unjust enrichment claims against Generac Power relating to the sale and performance of certain clean energy products, and seeks to recover damages, including consequential damages, that the plaintiff and putative class allegedly incurred. Additional putative class actions were filed by consumers raising similar claims and allegations in other district court cases. These putative class actions have been consolidated into a Multidistrict Litigation, In re: Generac Solar Power Systems Marketing, Sales Practices and Products Liability Litigation currently pending in the Eastern District of Wisconsin, Case No. 23-md-3078. Generac Power moved to dismiss claims in the consolidated master complaint, which is pending with the court. Generac Power and the Company intend to vigorously defend against the consolidated master complaint.

On December 1, 2022, Oakland County Voluntary Employees’ Beneficiary Association and Oakland County Employees’ Retirement System filed a putative securities class action lawsuit against the Company and certain of its officers in the Eastern District of Wisconsin. The court subsequently consolidated a later filed action and appointed a lead plaintiff. The lead plaintiff filed a consolidated complaint alleging violation of federal securities law related to disclosures of quality issues in Generac Power’s clean energy product, accounting for warranty reserves, reliance on channel partners, and demand for home standby generators (the “Oakland County Lawsuit”). The Company moved to dismiss the consolidated complaint on October 9, 2023. The Company disputes the allegations in the operative consolidated complaint and intends to vigorously defend against the claims in the consolidated class action.

On February 3, 2023, a purported Company shareholder filed a shareholder derivative action against certain of the Company’s officers and directors in the United States District Court for the Eastern District of Wisconsin. The complaint seeks unspecified damages on behalf of the Company and certain other relief, such as certain reforms to corporate governance practices. The complaint (in which the Company is named as a nominal defendant) generally alleges, among other things, breaches of fiduciary duties in connection with the oversight of the Company’s public statements and legal compliance, and that the Company was damaged as a result of the breaches of fiduciary duties, and the defendants were unjustly enriched. The complaint also alleges, among other things, violations of Sections 14(a), 10(b) and 20(a) of the Securities Exchange Act of 1934, abuse of control, gross mismanagement, and waste of corporate assets. The Company has received several additional derivative actions filed in both state and federal courts raising similar claims and allegations, including issues raised in the Oakland County Lawsuit. The Company disputes the allegations in the shareholder derivative actions and intends to vigorously defend against the claims in the complaints.

On October 28, 2022, Generac Power received a grand jury subpoena from the U.S. Attorney for the Eastern District of Michigan, as a result of which the Company became aware of an enforcement investigation by the U.S. DOJ. The subpoena requests similar documents and information provided by the Company to the U.S. EPA and the CARB in response to civil document requests related to the Company’s compliance with emissions regulations for approximately 1.85 thousand portable generators produced by the Company in 2019 and 2020 and sold in 2020. The Company is cooperating with both the DOJ and the EPA and CARB inquiries.

On November 30, 2022, the CPSC notified the Company of its intention to recommend the imposition of a civil penalty for failing to timely submit a report to the CPSC in relation to certain portable generators that were subject to a voluntary recall previously announced on July 29, 2021. On May 3, 2023, the parties entered into a mutual settlement agreement. The agreement does not constitute an admission by Generac or a determination by the CPSC that Generac violated the CPSA. The terms of the settlement agreement require the Company to (i) abide by certain customary agency requirements regarding the ongoing commitment to the Company’s internal CPSA compliance practices and program, and (ii) pay a civil fine of $15.8 million. On July 21, 2023, Generac Power received a grand jury subpoena from the U.S. Attorney for the Eastern District of Wisconsin, as a result of which the Company became aware of a continuing inquiry by the DOJ related to its statutory obligations under the CPSA in connection with this matter. Additionally, on October 23, 2023, the CPSC notified the Company that it is further investigating whether the Company complied with the reporting requirements to the CPSC in relation to certain portable generators that were subject to a voluntary recall previously announced on September 14, 2023. The Company is cooperating fully with both the CPSC and DOJ investigations and, at this time, is unable to predict the eventual scope, duration or final outcome of such investigations.

In 2019, EcoFactor, Inc. started a litigation campaign against smart thermostat manufacturers, including ecobee, Inc., which was acquired by the Company in 2021. EcoFactor accused ecobee of infringing its patents in three lawsuits filed in the United States District Court for the Western District of Texas and one lawsuit in the United States District Court for the District of Delaware. On June 23, 2023, a jury issued a verdict in a consolidated action in the Western District of Texas (Case Nos. 21-cv-00428-ADA and 20-cv-00078-ADA) finding that ecobee infringed one of the two patents at issue and awarded a lump-sum payment of $5.4 million for past and future damages. On December 27, 2023, the parties reached a global settlement at an incremental cost of $4.6 million to resolve all remaining disputes between the parties, including the two remaining lawsuits.

On March 8, 2022, Ollnova Technologies Limited, a non-practicing entity, filed a patent infringement lawsuit against ecobee in the United States District Court for the Eastern District of Texas (Case No. 22-cv-00072-JRG). Ollnova claimed that ecobee infringes on four of its patents. On October 5, 2023, a jury issued a verdict finding one of Ollnova’s patents invalid and that ecobee infringed at least one of the claims of the asserted patents and awarded a lump-sum payment of $11.5 million. ecobee intends to file motions for judgment as a matter of law and an appeal of any adverse judgment.

On June 9, 2023, Spartronics Vietnam, Inc., a contract manufacturer of Generac Power’s clean energy products, filed multiple lawsuits against Generac Power and sub-suppliers accusing Generac Power of fraud, breaching its supply agreement with Spartronics, tortiously interfering with Spartronics’ relationships with its sub-suppliers, and requesting a determination of rights under the parties’ agreements in state and federal court. Spartronics subsequently filed additional third-party complaints against Generac Power raising similar claims and allegations. Generac Power denies the allegations in the complaints, including that Generac Power is responsible for Spartronics purchasing practices, and moved for dismissal of the individual cases in favor of arbitration, and intends to pursue available claims in connection with the arbitration.

On November 21, 2023, Christopher Walling filed a putative securities class action lawsuit against the Company and certain of its officers in the Western District of Wisconsin and was later appointed lead plaintiff. The complaint asserts claims for alleged violation of federal securities law related to statements concerning the Company’s financial outlook and the impact of macroeconomic trends on the demand for its products. The plaintiff seeks to represent a class of individuals who purchased or otherwise acquired common stock between May 3, 2023 and August 3, 2023 and seeks unspecified compensatory damages and other relief on behalf of a purported class of purchasers of the Company’s stock (the “Walling Lawsuit”). The lead plaintiff has not yet filed an amended complaint or designated an operative complaint. The Company disputes the allegations in the initially-filed complaint and intends to defend itself vigorously in this action.

On February 14, 2024, a purported Company shareholder filed a derivative action against certain of the Company’s officers and directors in the United States District Court for the Eastern District of Wisconsin. The complaint (in which the Company is named as a nominal defendant) generally alleges, among other things, breaches of fiduciary duties in connection with the oversight of the Company’s public statements and legal compliance, including as to the claims raised in the Walling Lawsuit. The complaint seeks unspecified damages on behalf of the Company and certain other relief, including certain corporate governance reforms. The Company disputes the allegations in the shareholder derivative action and intends to vigorously defend against the claims in the complaint.

In the opinion of management, it is presently unlikely that any legal or regulatory proceedings pending against or involving the Company will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. However, in many of these matters, it is inherently difficult to determine whether a loss is probable or to estimate the size or range of the possible loss given the variety and potential outcomes of actual and potential claims, the uncertainty of future rulings, the behavior or incentives of adverse parties, and other factors outside the control of the Company. Accordingly, the Company’s loss reserves may change from time to time, and actual losses could exceed the amounts reserved by an amount that could be material to the Company’s consolidated financial position, results of operations or cash flows in any particular reporting period.

Note 7 - Segment Reporting - Net Sales by Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales	$ 1,063,670	$ 1,070,667	$ 1,000,420	$ 887,910	$ 1,049,232	$ 1,088,258	$ 1,291,391	$ 1,135,856	$ 4,022,667	$ 4,564,737	$ 3,737,184
Domestic [Member]
Net sales									3,276,324	3,867,866	3,164,050
International [Member]
Net sales									746,343	696,871	573,134
Residential Power Products [Member]
Net sales									2,062,929	2,911,871	2,456,765
Residential Power Products [Member] \| Domestic [Member]
Net sales									1,945,273	2,782,037	2,366,908
Residential Power Products [Member] \| International [Member]
Net sales									117,656	129,834	89,857
Commercial and Industrial Power Products [Member]
Net sales									1,494,799	1,260,737	998,998
Commercial and Industrial Power Products [Member] \| Domestic [Member]
Net sales									916,118	746,172	556,520
Commercial and Industrial Power Products [Member] \| International [Member]
Net sales									578,681	514,565	442,478
Other Products and Services [Member]
Net sales									464,939	392,129	281,421
Other Products and Services [Member] \| Domestic [Member]
Net sales									414,933	339,657	240,622
Other Products and Services [Member] \| International [Member]
Net sales									$ 50,006	$ 52,472	$ 40,799

- Definition

+ References

+ Details

Note 9 - Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-lived intangible assets, gross	$ 1,491,704	$ 1,472,148
Finite-lived intangible assets, accumulated amortization	(773,949)	(669,755)
Finite-lived intangible assets, net	717,755	802,393
Indefinite-lived tradenames, gross	128,321	128,321
Total intangible assets, gross	1,620,025	1,600,469
Total intangible assets, net	$ 846,076	930,714
Trade Names [Member]
Finite-lived intangible assets, useful life (Year)	15 years
Finite-lived intangible assets, gross	$ 159,671	157,751
Finite-lived intangible assets, accumulated amortization	(70,997)	(58,821)
Finite-lived intangible assets, net	$ 88,674	98,930
Customer Lists [Member]
Finite-lived intangible assets, useful life (Year)	11 years
Finite-lived intangible assets, gross	$ 589,318	577,203
Finite-lived intangible assets, accumulated amortization	(404,805)	(370,216)
Finite-lived intangible assets, net	$ 184,513	206,987
Patents and Technology [Member]
Finite-lived intangible assets, useful life (Year)	14 years
Finite-lived intangible assets, gross	$ 670,099	665,563
Finite-lived intangible assets, accumulated amortization	(252,658)	(210,806)
Finite-lived intangible assets, net	417,441	454,757
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)	5 years
Finite-lived intangible assets, gross	$ 71,570	70,585
Finite-lived intangible assets, accumulated amortization	(44,443)	(28,866)
Finite-lived intangible assets, net	$ 27,127	$ 41,719

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

U.S. statutory rate

21.00%

State taxes

4.00%

4.30%

State tax rate differential

0.00%

(0.30%)

0.00%

Research and development credits

(2.40%)

(1.10%)

(1.00%)

State credits

(0.90%)

(1.50%)

(1.10%)

Share-based compensation

^[1]

(0.40%)

(2.70%)

(3.80%)

Nondeductible U.S. compensation

1.00%

1.60%

1.50%

Foreign tax deduction

0.00%

(0.40%)

(1.50%)

Foreign deferred tax rate change

0.00%

1.20%

Uncertain tax positions reserve

0.90%

0.00%

Global intangible low tax income

1.70%

0.20%

0.00%

Other

0.30%

(1.20%)

(1.10%)

Effective tax rate

25.20%

19.60%

19.50%

[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 4 - Redeemable Noncontrolling Interest - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Redemption value adjustment	$ (11,517)	$ (49,235)	$ (17,102)
Redeemable Noncontrolling Interest [Member]
Balance	110,471	58,050	66,207
Share of net income (loss)	1,864	7,543	5,574
Foreign currency translation	(549)	(3,982)	(3,669)
Purchase of additional ownership interest	(116,754)	(375)	(27,164)
Redemption value adjustment	11,517	49,235	17,102
Balance	$ 6,549	$ 110,471	$ 58,050

- Definition

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.

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 200,994	$ 132,723
Accounts receivable, less allowance for credit losses of $33,925 and $27,664 at December 31, 2023 and 2022, respectively	537,316	522,458
Inventories	1,167,484	1,405,384
Prepaid expenses and other assets	91,898	121,783
Total current assets	1,997,692	2,182,348
Property and equipment, net	598,577	467,604
Customer lists, net	184,513	206,987
Patents and technology, net	417,441	454,757
Other intangible assets, net	27,127	41,719
Tradenames, net	216,995	227,251
Goodwill	1,432,384	1,400,880
Deferred income taxes	15,532	12,746
Operating lease and other assets	203,051	175,170
Total assets	5,093,312	5,169,462
Current liabilities:
Short-term borrowings	81,769	48,990
Accounts payable	340,719	446,050
Accrued wages and employee benefits	54,970	45,741
Accrued product warranty	65,298	89,141
Other accrued liabilities	292,120	349,389
Current portion of long-term borrowings and finance lease obligations	45,895	12,733
Total current liabilities	880,771	992,044
Long-term borrowings and finance lease obligations	1,447,553	1,369,085
Deferred income taxes	90,012	125,691
Deferred revenue	167,008	143,726
Operating lease and other long-term liabilities	158,349	169,190
Total liabilities	2,743,693	2,799,736
Redeemable noncontrolling interest	6,549	110,471
Stockholders’ equity:
Common stock, par value $0.01, 500,000,000 shares authorized, 73,195,055 and 72,701,257 shares issued at December 31, 2023 and 2022, respectively	733	728
Additional paid-in capital	1,070,386	1,016,138
Treasury stock, at cost, 13,057,298 and 11,284,350 shares at December 31, 2023 and 2022, respectively	(1,032,921)	(808,491)
Excess purchase price over predecessor basis	(202,116)	(202,116)
Retained earnings	2,519,313	2,316,224
Accumulated other comprehensive loss	(15,143)	(65,102)
Stockholders’ equity attributable to Generac Holdings Inc.	2,340,252	2,257,381
Noncontrolling interests	2,818	1,874
Total stockholders’ equity	2,343,070	2,259,255
Total liabilities and stockholders’ equity	$ 5,093,312	$ 5,169,462

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Total adjusted EBITDA

$ 637,859

$ 825,367

$ 861,425

Interest expense

(97,627)

(54,826)

(32,953)

Depreciation and amortization

(166,602)

(156,141)

(92,041)

Non-cash write-down and other adjustments

^[1]

5,953

2,091

3,070

Non-cash share-based compensation expense

^[2]

(35,492)

(29,481)

(23,954)

Loss on extinguishment of debt

^[3]

(3,743)

(831)

Transaction costs and credit facility fees

^[4]

(4,054)

(5,026)

(22,357)

Business optimization and other charges

^[5]

(10,551)

(4,371)

(33)

Provision for legal, regulatory, and clean energy product charges (6)

^[6]

(38,490)

(65,265)

Other

(696)

(139)

(800)

Income before provision for income taxes

290,300

508,466

691,526

Assets

5,093,312

5,169,462

4,877,780

Depreciation and Amortization

166,602

156,141

92,041

Capital expenditures

129,060

86,188

109,992

Domestic [Member]

Total adjusted EBITDA

523,337

716,302

795,417

Assets

3,770,883

4,032,086

3,742,101

Depreciation and Amortization

129,648

123,768

66,675

Capital expenditures

103,036

69,680

100,672

International [Member]

Total adjusted EBITDA

114,522

109,065

66,008

Assets

1,322,429

1,137,376

1,135,679

Depreciation and Amortization

36,954

32,373

25,366

Capital expenditures

$ 26,024

$ 16,508

$ 9,320

[1]	Includes gains/losses on disposals of assets and sales of certain investments, unrealized mark-to-market adjustments on commodity contracts, certain foreign currency related adjustments, and certain purchase accounting and contingent consideration adjustments.
[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 primarily to a voluntary prepayment of debt.
[4]	Represents severance and other restructuring charges related to the consolidation of certain operating facilities and organizational functions.
[5]	Represents severance and other restructuring charges related to the consolidation of certain operating facilities and organizational functions.
[6]	Represents the following significant and unusual charges not indicative of our ongoing operations: • a provision for judgments and legal expenses related to certain patent and securities lawsuits - $28,340 in 2023. • a provision for a matter with the CPSC concerning the imposition of civil fines for allegedly failing to timely submit a report under the CPSA in relation to certain portable generators that were subject to a voluntary recall previously announced on July 29, 2021 - $5,800 in 2023; $10,000 in 2022. • a bad debt provision and additional customer support costs for a clean energy product customer that filed for bankruptcy in 2022 – $4,350 additional customer support costs in 2023; $17,926 bad debt provision 2022. • a warranty provision to address certain clean energy product warranty-related matters - $37,338 in 2022.

Note 14 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Numerator
Net income attributable to Generac Holdings Inc.	$	214,606		$	399,502		$	550,494
Redeemable noncontrolling interest redemption value adjustment		(11,517	)		(49,235	)		(17,102	)
Net income attributable to common shareholders	$	203,089		$	350,267		$	533,392

Denominator
Weighted average shares, basic		61,265,060			63,117,007			62,686,001
Dilutive effect of stock compensation awards (1)		793,327			1,087,219			1,534,603
Dilutive effect of contingently issued shares		-			477,131			32,804
Diluted shares		62,058,387			64,681,357			64,253,408

Net income attributable to common shareholders per share
Basic	$	3.31		$	5.55		$	8.51
Diluted	$	3.27		$	5.42		$	8.30

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

1 Months Ended

3 Months Ended

12 Months Ended

Jan. 01, 2023

May 31, 2013

Jun. 30, 2022

May 31, 2021

May 31, 2015

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

May 01, 2021

Short-Term Debt

$ 81,769

$ 48,990

Gain (Loss) on Extinguishment of Debt, Total

^[1]

$ 0

$ (3,743)

$ (831)

ABL Revolving Credit Facility [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 500,000

$ 300,000

Line of Credit Facility, Incremental Capacity

200,000

$ 100,000

Debt Issuance Costs, Net, Total

920

Proceeds from Long-term Lines of Credit

$ 50,000

Write off of Deferred Debt Issuance Cost

$ 197

Revolving Credit Facility [Member]

Line of Credit Facility, Maximum Borrowing Capacity

1,250,000

$ 1,250,000

Debt Instrument, Interest Rate, Effective Percentage

6.94%

Debt Issuance Costs, Net, Total

10,330

Covenant Maximum Total Leverage Ratio

3.75

Covenant Minimum Interest Coverage Ratio

Total Leverage Ratio

2.18

Interest Coverage Ratio

6.44

Debt Instrument, Fee Amount

800

Long-Term Line of Credit

$ 150,000

Line of Credit Facility, Remaining Borrowing Capacity

1,099,203

Line of Credit Facility, Current Borrowing Capacity

$ 992,833

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

Debt Instrument, Basis Spread on Variable Rate

1.00%

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

Debt Instrument, Basis Spread on Variable Rate

0.25%

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

Debt Instrument, Basis Spread on Variable Rate

0.00%

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

Debt Instrument, Basis Spread on Variable Rate

2.00%

LIBOR Floor Rate [Member] | Maximum [Member] | ABL Revolving Credit Facility [Member]

Debt Instrument, Basis Spread on Variable Rate

1.25%

LIBOR Floor Rate [Member] | Minimum [Member] | ABL Revolving Credit Facility [Member]

Debt Instrument, Basis Spread on Variable Rate

1.00%

Tranche B Term Loan Facility [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 1,200,000

Uncommitted Incremental Term Loan Facility

$ 300,000

Debt Instrument, SOFR Floor

0.00%

Debt Instrument, Interest Rate, Effective Percentage

7.19%

Gain (Loss) on Extinguishment of Debt, Total

3,546

$ (831)

Repayments of Long-Term Debt, Total

250,000

Tranche B Term Loan Facility [Member] | Maximum [Member]

Threshold for Secured Leverage Ratio Excess Cash Flow Payment Requirement

3.75

Tranche B Term Loan Facility [Member] | Base Rate [Member]

Debt Instrument, Basis Spread on Variable Rate

1.75%

0.75%

Tranche B Term Loan Facility [Member] | Adjusted LIBOR Rate [Member]

Debt Instrument, Basis Spread on Variable Rate

2.75%

Tranche B Term Loan Facility [Member] | LIBOR Floor Rate [Member]

Debt Instrument, Basis Spread on Variable Rate

0.75%

Tranche B Term Loan Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Debt Instrument, Basis Spread on Variable Rate

1.75%

Term Loan [Member] | Maximum [Member]

Secured Leverage Ratio

2.05

Tranche A Term Loan Facility [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 750,000

Tranche A Term Loan Facility and Revolving Credit Facility [Member]

Debt Instrument, SOFR Floor

0.00%

Debt Instrument, Interest Rate, Effective Percentage

6.99%

Tranche A Term Loan Facility and Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Debt Instrument, Basis Spread on Variable Rate

1.50%

Tranche A Term Loan Facility and Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member]

Debt Instrument, Basis Spread on Variable Rate

1.75%

Tranche A Term Loan Facility and Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member]

Debt Instrument, Basis Spread on Variable Rate

1.25%

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

Note 5 - Derivative Instruments and Hedging Activities - Fair Value of Derivatives (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Foreign Exchange Contract [Member]
Fair Value of Derivatives	$ (147)	$ 94
Interest Rate Swap [Member]
Fair Value of Derivatives	$ 38,601	$ 49,279

Note 9 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Goodwill [Table Text Block]

	*Domestic*			*International*			*Total*
Balance at December 31, 2021	$	995,444		$	414,230		$	1,409,674
Acquisitions of businesses, net		22,128			437			22,565
Foreign currency translation		(915	)		(30,444	)		(31,359	)
Balance at December 31, 2022		1,016,657			384,223			1,400,880
Acquisitions of businesses, net		1,376			5,363			6,739
Foreign currency translation		495			24,270			24,765
Balance at December 31, 2023	$	1,018,528		$	413,856		$	1,432,384

	*Year Ended December 31, 2023*							*Year Ended December 31, 2022*
	Gross		Accumulated Impairment			Net		Gross		Accumulated Impairment			Net
Domestic	$	1,521,721	$	(503,193	)	$	1,018,528	$	1,519,850	$	(503,193	)	$	1,016,657
International		418,467		(4,611	)		413,856		388,834		(4,611	)		384,223
Total	$	1,940,188	$	(507,804	)	$	1,432,384	$	1,908,684	$	(507,804	)	$	1,400,880

Schedule Of Intangible Assets [Table Text Block]

			December 31, 2023							December 31, 2022
	Weighted Average Amortization Years		Gross		Accumulated Amortization			Net Book Value		Gross		Accumulated Amortization			Net Book Value
Finite-lived intangible assets:
Tradenames		15	$	159,671	$	(70,997	)	$	88,674	$	157,751	$	(58,821	)	$	98,930
Customer lists		11		589,318		(404,805	)		184,513		577,203		(370,216	)		206,987
Patents and technology		14		670,099		(252,658	)		417,441		665,563		(210,806	)		454,757
Software		-		1,046		(1,046	)		-		1,046		(1,046	)		-
Non-compete/other		5		71,570		(44,443	)		27,127		70,585		(28,866	)		41,719
Total finite-lived intangible assets			$	1,491,704	$	(773,949	)	$	717,755	$	1,472,148	$	(669,755	)	$	802,393
Indefinite-lived tradenames				128,321		-			128,321		128,321		-			128,321
Total intangible assets			$	1,620,025	$	(773,949	)	$	846,076	$	1,600,469	$	(669,755	)	$	930,714

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Note 3 - Acquisitions (Details Textual) - USD ($) $ in Thousands					3 Months Ended			12 Months Ended
	Dec. 01, 2021	Sep. 01, 2021	Jul. 02, 2021	Jun. 01, 2021	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Payments to Acquire Businesses, Net of Cash Acquired								$ 15,974	$ 25,065	$ 713,471
Goodwill, Ending Balance						$ 1,400,880		1,432,384	1,400,880	1,409,674
Business Combination, Contingent Consideration, Liability						81,533		38,937	81,533
Payment for Contingent Consideration Liability, Financing Activities								4,979	16,135	3,750
EEC and Blue Pillar [Member]
Payments to Acquire Businesses, Net of Cash Acquired								27,658	25,654
Acquisition of Deep Sea [Member]
Payments to Acquire Businesses, Net of Cash Acquired				$ 420,700
Business Acquisition, Purchase Price Allocation, Intangible Assets Including Goodwill				437,874
Goodwill, Ending Balance				$ 263,604						263,604
Acquisition of Chilicon [Member]
Business Acquisition, Purchase Price Allocation, Intangible Assets Including Goodwill			$ 70,174
Goodwill, Ending Balance			36,974
Business Combination, Consideration Transferred, Total			$ 61,129
Contingent Consideration, Share Payments, Value								4,286
Acquisition of Off Grid Energy [Member]
Payments to Acquire Businesses, Net of Cash Acquired		$ 56,949
Business Acquisition, Purchase Price Allocation, Intangible Assets Including Goodwill		56,076
Goodwill, Ending Balance		21,531
Business Combination, Contingent Consideration, Liability		$ 29,054
Payment for Contingent Consideration Liability, Financing Activities							$ 16,135
ecobee Inc. [Member]
Business Acquisition, Purchase Price Allocation, Intangible Assets Including Goodwill										806,131
Goodwill, Ending Balance										248,231
Business Combination, Consideration Transferred, Total	$ 735,577
Payment for Contingent Consideration Liability, Financing Activities					$ 479	542		479
Contingent Consideration, Share Payments, Value					$ 45,000	$ 47,123		44,521
Contingent Consideration, Share Payment, Shares (in shares)					466,188	196,531
Other 2021 Acquisitions [Member]
Payments to Acquire Businesses, Net of Cash Acquired										29,945
All Acquisitions [Member]
Proforma Amortization of Intangible Assets								$ 111	$ 2,465	$ 70,152

Note 1 - Description of Business

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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, energy management devices & 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 the Company's “Powering a Smarter World” strategic plan). A summary of acquisitions affecting the reporting periods presented include:

	●		In June 2021, the Company acquired Deep Sea Electronics Limited (Deep Sea), founded in 1975 and headquartered in Hunmanby, United Kingdom. Deep Sea is an industry leading designer and manufacturer of a diverse suite of flexible control solutions focused on the global power generation and transfer switch markets.
	●		In July 2021, the Company acquired Chilicon Power LLC (Chilicon), a designer and provider of grid-interactive microinverter and monitoring solutions for the solar market based in Los Angeles, California.
	●		In September 2021, the Company acquired Apricity Code Corporation (Apricity Code), an advanced engineering and product design company located in Bend, Oregon.
	●		In September 2021, the Company acquired Off Grid Energy Ltd. (Off Grid Energy), a designer and manufacturer of industrial-grade mobile energy storage systems. Headquartered in Rugby, United Kingdom, Off Grid Energy offers a diverse range of energy storage solutions that provide cleaner and more flexible energy for industrial and mobile applications.
	●		In October 2021, the Company acquired Tank Utility Inc. (Tank Utility). Headquartered in Boston, Massachusetts, Tank Utility is a provider of internet of things (IoT) propane tank monitoring that enables the optimization of propane fuel logistics.
	●		In December 2021, the Company acquired ecobee Inc. (ecobee), founded in 2007 and headquartered in Toronto, Canada. ecobee is a leader in sustainable home technology solutions including smart thermostats that deliver significant energy savings, security and peace of mind.
	●		In June 2022, the Company acquired Electronic Environments Co. LLC and related subsidiaries (collectively EEC). Headquartered in Marlborough, Massachusetts, EEC is an industrial generator distributor as well as a provider of data center and telecom facility design, build, maintenance, and repair services.
	●		In October 2022, the Company acquired Blue Pillar, an industrial IoT platform developer that designs, deploys, and manages industrial IoT network solutions to enable distributed energy generation monitoring and control.
	●		In February 2023, the Company acquired REFUstor, headquartered in Pfullingen, Germany. REFUstor is a developer and supplier of battery storage hardware products, advanced software, and platform services for the commercial and industrial energy storage market.

Note 2 - Summary of Accounting Policies - Summary of Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Balance

$ 27,664

$ 12,025

Established for acquisitions

498

Provision for credit losses (1)

^[1]

7,443

17,966

Charge-offs

(1,464)

(2,554)

Currency translation

258

(271)

Balance

$ 33,925

$ 27,664

[1]	Includes a specific credit loss provision of $17,926 recorded during the third quarter of 2022 for a clean energy product customer that filed for bankruptcy.

Note 20 - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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

20.

Valuation and Qualifying Accounts

For the years ended December 31, 2023, 2022 and 2021:

	*Balance at Beginning of Year*		*Additions Charged to Earnings*		*Charges to Reserve, Net (1)*			*Reserves Established for Acquisitions*			*Balance at End of Year*
Year ended December 31, 2023
Allowance for credit losses	$	27,664	$	7,443	$	(1,206	)	$	24		$	33,925
Reserves for inventory		39,714		4,621		(5,308	)		-			39,027
Valuation of deferred tax assets		4,638		516		(18	)		-			5,136

Year ended December 31, 2022
Allowance for credit losses	$	12,025	$	17,966	$	(2,825	)	$	498		$	27,664
Reserves for inventory		33,537		9,656		(4,737	)		1,258			39,714
Valuation of deferred tax assets		7,874		649		(1,501	)		(2,384	)		4,638

Year ended December 31, 2021
Allowance for credit losses	$	12,001	$	206	$	(1,640	)	$	1,458		$	12,025
Reserves for inventory		27,817		17,698		(15,749	)		3,771			33,537
Valuation of deferred tax assets		5,740		1,404		(2,441	)		3,171			7,874

(1)

Deductions from the allowance for credit losses 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 2 - Summary of Accounting Policies

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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 7% and 11% of accounts receivable at December 31, 2023 and 2022, respectively. No one customer accounted for greater than 4%, 4%, and 6%, of net sales during the years ended December 31, 2023, 2022, and 2021, respectively.

Accounts Receivable and Allowance for Credit Losses

The Company's trade and other receivables primarily arise from the sale of its products and services 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, EPC companies, telecommunications customers, 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 holds various credit insurance plans that cover the risk of loss up to specified amounts on certain trade receivables. As of December 31, 2023, the Company had gross receivables of $571,241 and an allowance for credit losses of $33,925.

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

	Year Ended December 31,
	2023			2022
Balance at beginning of period	$	27,664		$	12,025
Established for acquisitions		24			498
Provision for credit losses (1)		7,443			17,966
Charge-offs		(1,464	)		(2,554	)
Currency translation		258			(271	)
Balance at end of period	$	33,925		$	27,664

(1) Includes a specific credit loss provision of $17,926 recorded during 2022 for a clean energy product customer that filed for bankruptcy.

Inventories

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

Property and Equipment

Property and equipment, including internal use software and software to provide a service, is recorded at cost and 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. The Company capitalizes significant software enhancements. Implementation costs incurred in cloud computing arrangements that are service contracts are recorded in prepaid expenses and other assets and operating lease and other assets on the Consolidated Balance Sheets and are amortized over the expected service period. 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 & information technology equipment and internal use software	3	–	15
Leasehold improvements	2	–	20

Total depreciation expense was $62,408, $52,821, and $42,155 for the years ended December 31, 2023, 2022 and 2021, 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 2023, 2022 and 2021, 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. $3,885, $3,234, and $2,589, of deferred financing costs and original issue discount were amortized to interest expense during fiscal years 2023, 2022 and 2021, 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: 2024 - $3,923; 2025 - $3,919; 2026 - $3,819; 2027 - $1,028; 2028 - $0.

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 on 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 on 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 a substantial portion 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.

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 $19,173 and $33,551 at December 31, 2023 and December 31, 2022, respectively. During the year ended December 31, 2023, the Company recognized revenue of $33,551 related to amounts included in the December 31, 2022 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 on 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, data center and telecom design and build, and grid services to utilities in certain circumstances. Total service revenues accounted for less than 4%, 3%, and 2% of net sales during the years ended December 31, 2023, 2022 and 2021, respectively.

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 $118,303, $100,589, and $66,660 for the years ended December 31, 2023, 2022 and 2021, respectively.

Research and Development

The Company expenses research and development costs as incurred. Total expenditures incurred for research and development were $173,443, $159,774, and $104,303 for the years ended December 31, 2023, 2022 and 2021, respectively.

Foreign Currency Translation and Transactions

Balance sheet amounts for non-U.S. Dollar functional currency subsidiaries 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 balance sheet 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 revolving facility borrowings), excluding Term Loan borrowings, approximates the fair value of these instruments based on their short-term nature. The fair value of the Term Loan B borrowing, which has a net carrying value of $524,946, was approximately $531,325 (Level 2) at December 31, 2023, as calculated based on independent valuations whose inputs and significant value drivers are observable. The fair value of Term Loan A and Revolving Facility approximates the carrying value.

For the fair value of the assets and liabilities measured on a recurring basis, excluding the contingent consideration discussed below, 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.

Contingent Consideration

Certain of the Company's business combinations involve potential payment of future consideration that is contingent upon the achievement of certain milestones. As part of purchase accounting, a liability is recorded for the estimated fair value of the contingent consideration on the acquisition date. The fair value of the contingent consideration is remeasured at each reporting period, and the change in fair value is recognized within general and administrative expenses in the Company's consolidated statements of comprehensive income. The fair value measurement of contingent consideration is typically categorized as a Level 3 liability, as the measurement amount is based primarily on significant inputs that are not observable in the market.

The fair value of contingent consideration for Chilicon and Pramac as of December 31, 2023 was $38,937, which was reported in other long-term liabilities in the consolidated balance sheet at December 31, 2023. The fair value of contingent consideration as of December 31, 2022 was $81,533, of which $49,500 was reported in other accrued liabilities and $32,033 in other long-term liabilities in the consolidated balance sheet. The contingent consideration for Chilicon extends through December 31, 2028. The contingent consideration for Pramac extends through December 31, 2025.

The following table provides a reconciliation of the activity for contingent consideration:

Beginning balance, January 1, 2023	$	81,533
Changes in fair value		-
Additional contingent consideration (1)		11,490
Payment of contingent consideration (2)		(53,786	)
Present value interest accretion		(300	)
Ending balance, December 31, 2023	$	38,937

(1) Represents $11,490 of contingent deferred consideration for the Pramac buyout. See Note 4, "Redeemable Noncontrolling Interest".

(2) Includes payments of $479 in cash and $44,521 in shares for the ecobee acquisition, $4,286 in shares for the Chilicon acquisition, and $4,500 in cash for the Mean Green acquisition. The payment of common stock is accounted for as a non-cash item in the consolidated statement of cash flows.

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.

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.

Acquisition related costs

Acquisition related costs are external costs the Company incurs to complete a business combination including legal fees, professional and advisory services, transaction taxes such as stamp tax, and insurance premiums. The Company accounts for acquisition related costs as expense in the period in which the costs are incurred and the services are received. Total acquisition related costs were $460, $1,459, and $21,465 for the years ended December 31, 2023, 2022 and 2021, respectively.

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).

In December 2023, the FASB issued ASU 2023-09 Improvements to Income Tax Disclosures. The ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, the Company must consistently categorize and provide greater disaggregation of information in the rate reconciliation. It must also further disaggregate income taxes paid. The update is effective for fiscal years beginning after December 15, 2024, and interim periods for fiscal years beginning after December 15, 2025. Entities may apply the amendments prospectively or may elect retrospective application.

In November 2023, the FASB issued ASU 2023-07 Segment Reporting - Improving Reportable Segment Disclosures (Topic 280). The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements.

There have been no other recent accounting pronouncements, changes in accounting pronouncements or recently adopted accounting guidance during 2023 that are of significance or potential significance to the Company's consolidated financial statements or disclosures.

Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Net sales

$ 4,022,667

$ 4,564,737

$ 3,737,184

Costs of goods sold

2,657,236

3,042,733

2,377,102

Gross profit

1,365,431

1,522,004

1,360,082

Operating expenses:

Selling and service

448,199

496,260

319,020

Research and development

173,443

159,774

104,303

General and administrative

252,936

194,861

144,272

Acquisition related costs

460

1,459

21,465

Amortization of intangibles

104,194

103,320

49,886

Total operating expenses

979,232

955,674

638,946

Income from operations

386,199

566,330

721,136

Other (expense) income:

Interest expense

(97,627)

(54,826)

(32,953)

Investment income

4,272

1,129

1,415

Loss on extinguishment of debt

^[1]

(3,743)

(831)

Other, net

(2,544)

(424)

2,759

Total other expense, net

(95,899)

(57,864)

(29,610)

Income before provision for income taxes

290,300

508,466

691,526

Provision for income taxes

73,180

99,596

134,957

Net income

217,120

408,870

556,569

Net income attributable to noncontrolling interests

2,514

9,368

6,075

Net income attributable to Generac Holdings Inc.

214,606

399,502

550,494

Other comprehensive income (loss):

Foreign currency translation adjustment

57,963

(48,841)

(41,030)

Net unrealized (loss) gain on derivatives

(8,004)

38,494

20,529

Other comprehensive income (loss)

49,959

(10,347)

(20,501)

Total comprehensive income

267,079

398,523

536,068

Comprehensive income attributable to noncontrolling interests

2,581

11,179

5,496

Comprehensive income attributable to Generac Holdings Inc.

$ 264,498

$ 387,344

$ 530,572

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

$ 3.31

$ 5.55

$ 8.51

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

61,265,060

63,117,007

62,686,001

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

$ 3.27

$ 5.42

$ 8.3

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

62,058,387

64,681,357

64,253,408

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

Note 11 - Product Warranty Obligations - Deferred Product Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current portion - Accrued product warranty	$ 65,298	$ 89,141
Long-term portion - other long-term liabilities	51,110	48,870
Total	116,408	138,011	$ 94,213	$ 59,218
Current portion - other accrued liabilities	28,203	30,291
Long-term portion - Deferred revenue	127,667	102,522
Total	$ 155,870	$ 132,813	$ 111,647	$ 89,788

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

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

Receivable [Policy Text Block]

Accounts Receivable and Allowance for Credit Losses

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

	Year Ended December 31,
	2023			2022
Balance at beginning of period	$	27,664		$	12,025
Established for acquisitions		24			498
Provision for credit losses (1)		7,443			17,966
Charge-offs		(1,464	)		(2,554	)
Currency translation		258			(271	)
Balance at end of period	$	33,925		$	27,664

(1) Includes a specific credit loss provision of $17,926 recorded during 2022 for a clean energy product customer that filed for bankruptcy.

Inventory, Policy [Policy Text Block]

Inventories

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

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

Property and Equipment

Land improvements	8	–	20
Buildings and improvements	10	–	40
Machinery and equipment	3	–	15
Dies and tools	3	–	10
Vehicles	3	–	6
Office & information technology equipment and internal use software	3	–	15
Leasehold improvements	2	–	20

Total depreciation expense was $62,408, $52,821, and $42,155 for the years ended December 31, 2023, 2022 and 2021, respectively.

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

Goodwill and Other Indefinite-Lived Intangible Assets

The Company performed the required annual impairment tests for goodwill and other indefinite-lived intangible assets for the fiscal years 2023, 2022 and 2021, and found no impairment.

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

Impairment of Long-Lived Assets

Debt, Policy [Policy Text Block]

Debt Issuance Costs

Income Tax, Policy [Policy Text Block]

Income Taxes

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

Advertising Cost [Policy Text Block]

Advertising and Co-Op Advertising

Research and Development Expense, Policy [Policy Text Block]

Research and Development

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation and Transactions

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

Fair Value of Financial Instruments

Fair value of Contingent Consideration in a Business Combination [Policy Text Block]

Contingent Consideration

The following table provides a reconciliation of the activity for contingent consideration:

Beginning balance, January 1, 2023	$	81,533
Changes in fair value		-
Additional contingent consideration (1)		11,490
Payment of contingent consideration (2)		(53,786	)
Present value interest accretion		(300	)
Ending balance, December 31, 2023	$	38,937

(1) Represents $11,490 of contingent deferred consideration for the Pramac buyout. See Note 4, "Redeemable Noncontrolling Interest".

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Derivatives, Policy [Policy Text Block]

Derivative Instruments and Hedging Activities

Share-Based Payment Arrangement [Policy Text Block]

Share-Based Compensation

Acquisition related costs

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).

Note 3 - Acquisitions

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Business Combination Disclosure [Text Block]

3.	Acquisitions

Fiscal 2023

Acquisitions

On February 1, 2023, the Company acquired REFUstor, headquartered in Pfullingen, Germany. REFUstor is a developer and supplier of battery storage hardware products, advanced software, and platform services for the commercial and industrial energy storage market.

The Company recorded its preliminary purchase price allocation for REFUstor during the first quarter of 2023, based on its estimates of the fair value of the acquired assets and assumed liabilities. Purchase accounting will be finalized prior to March 31, 2024, and there have not been any material changes to the balances acquired as of December 31, 2023. The accompanying consolidated financial statements include the results of REFUstor from the date of acquisition through December 31, 2023.

Fiscal 2022

Acquisitions

On June 30, 2022, the Company acquired EEC. Headquartered in Marlborough, Massachusetts, EEC is an industrial generator distributor as well as a provider of data center and telecom facility design, build, maintenance, and repair services.

On October 3, 2022, the Company acquired Blue Pillar, an industrial IoT platform developer that designs, deploys, and manages industrial IoT network solutions to enable distributed energy generation monitoring and control.

The combined purchase price for these two acquisitions was $25,654, net of cash acquired. The Company recorded its preliminary purchase price allocation for EEC and Blue Pillar during the second quarter and fourth quarter of 2022, respectively, based on its estimates of the fair value of the acquired assets and assumed liabilities. Purchase accounting for EEC was finalized in the second quarter of 2023 and did not result in material adjustments to the Company's preliminary estimates. Purchase accounting for Blue Pillar was finalized in the fourth quarter of 2023 and did not result in material adjustments to the Company's preliminary estimates. The combined purchase price for EEC and Blue Pillar has increased to $27,658 due to working capital adjustments. The accompanying consolidated financial statements include the results of the acquired businesses since the dates of acquisition through December 31, 2023.

Fiscal 2021

Acquisition of Deep Sea

On June 1, 2021, the Company acquired Deep Sea for a purchase price, net of cash acquired, of $420,700. Headquartered in Hunmanby, United Kingdom, Deep Sea is a designer and manufacturer of a diverse suite of flexible control solutions focused on the global power generation and transfer switch markets. The acquisition purchase price was funded solely through cash on hand.

The Company finalized the Deep Sea purchase price allocation during the second quarter of 2022 based on its estimates of the fair value of the acquired assets and assumed liabilities. The finalization did not result in material adjustments to the Company's preliminary estimates. As a result, the Company recorded $437,874 of intangible assets, including $263,604 of goodwill recorded in the international segment, as of the acquisition date. The goodwill ascribed to this acquisition is not deductible for tax purposes. The accompanying consolidated financial statements include the results of Deep Sea from the date of acquisition through December 31, 2023.

Acquisition of Chilicon

On July 2, 2021, the Company acquired Chilicon for a purchase price, net of cash acquired, of $61,129 inclusive of estimated contingent consideration. Based in Los Angeles, California, Chilicon is a designer and provider of grid-interactive microinverter and monitoring solutions for the solar market. Total consideration consisted of the following:

Cash paid at closing	$	11,821
Deferred cash payment (1)		6,000
Common stock issued at closing		12,000
Contingent consideration (2)		31,308
Total purchase price	$	61,129

(1)	Paid on January 4, 2024.
(2)	Payable in common stock issued upon achievement of certain performance targets within 45 calendar days following the conclusion of the contingent consideration period, December 31, 2028.

The Company finalized the Chilicon purchase price allocation during the second quarter of 2022 based on its estimates of the fair value of the acquired assets and assumed liabilities. The finalization did not result in material adjustments to the Company's preliminary estimates. As a result, the Company recorded $70,174 of intangible assets, including $36,974 of goodwill recorded in the domestic segment, as of the acquisition date. The goodwill ascribed to the Chilicon acquisition is not deductible for tax purposes. The accompanying consolidated financial statements include the results of Chilicon from the date of acquisition through December 31, 2023.

Acquisition of Off Grid Energy

On September 1, 2021, the Company acquired Off Grid Energy for a purchase price of $56,949, net of cash acquired and inclusive of the then estimated contingent consideration of $29,054 payable in cash based on the contingent consideration period performance. The contingent consideration was paid during the third quarter of 2022 in the amount of $16,135. Headquartered in Rugby, United Kingdom, Off Grid Energy is a designer and manufacturer of industrial-grade mobile energy storage systems. The acquisition purchase price was funded through cash on hand.

The Company finalized the Off Grid Energy purchase price allocation during the third quarter of 2022 based on its estimates of the fair value of the acquired assets and assumed liabilities. The finalization did not result in material adjustments to the Company's preliminary estimates. As a result, the Company recorded $56,076 of intangible assets, including $21,531 of goodwill recorded in the international segment, as of the acquisition date. The goodwill ascribed to this acquisition is not deductible for tax purposes. The accompanying consolidated financial statements include the results of Off Grid Energy from the date of acquisition through December 31, 2023.

Acquisition of ecobee

On December 1, 2021, the Company acquired ecobee for a purchase price, net of cash acquired, of $735,577 inclusive of estimated contingent consideration. Headquartered in Toronto, Canada, ecobee is a leader in sustainable home technology solutions including smart thermostats that deliver significant energy savings, security and peace of mind. The purchase price consisted of the following:

Cash paid at closing	$	225,403
Common stock issued at closing		420,774
Contingent consideration (1)		89,400
Total purchase price	$	735,577

(1)

The contingent consideration for the period ended June 30, 2022, was paid during the fourth quarter of 2022 in the amount of $47,123 in shares of common stock, or 196,531 shares of common stock, and $542 was paid with cash on hand. Additionally, during the fourth quarter of 2022, the Company entered into a definitive agreement to accelerate the measurement and payment for the remaining contingent consideration period ending June 30, 2023. The parties agreed to a final payment amount of $45,000 issued with 466,188 shares of common stock and $479 of cash. The $45,000 was paid during the first quarter of 2023.

The Company finalized the ecobee purchase price allocation during the fourth quarter of 2022 based on its estimates of the fair value of the acquired assets and assumed liabilities. The finalization did not result in material adjustments to the Company's preliminary estimates. As a result, the Company recorded $806,131 of intangible assets, including $248,231 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 ecobee from the date of acquisition through December 31, 2023.

Other Acquisitions

On September 1, 2021, the Company acquired Apricity Code, an advanced engineering and product design company located in Bend, Oregon.

On October 1, 2021, the Company acquired Tank Utility, a provider of IoT propane tank monitoring that enables the optimization of propane fuel logistics.

The combined purchase price for these two acquisitions was $29,945, net of cash acquired, and was funded solely through cash on hand. The Company finalized its purchase price allocation during the third quarter of 2022 based on the Company's estimates of the fair value of the acquired assets and assumed liabilities. The finalization did not result in material adjustments to the Company's preliminary estimates. The accompanying consolidated financial statements include the results of these two acquired businesses since the dates of acquisition through December 31, 2023.

Summary Purchase Price Allocations

The fair values assigned to certain assets acquired and liabilities assumed for all acquisitions completed during the reporting period, as of the acquisition dates, are as follows:

					*2021 Acquisitions*
		*2023 Acquisitions*		*2022 Acquisitions*		Deep Sea		ecobee		All Other		Total
Accounts receivable	$	347	$	11,965	$	9,574	$	23,337	$	13,852	$	46,763
Inventories		1,239		2,955		9,970		7,258		7,034		24,262
Prepaid expenses and other current assets		166		4,456		1,181		5,689		6,594		13,464
Property and equipment		5,843		708		8,838		3,588		480		12,906
Intangible assets		6,174		10,032		174,270		557,900		81,171		813,341
Goodwill		5,363		8,714		263,604		248,231		83,859		595,694
Deferred income taxes		-		-		-		40,020		5,694		45,714
Other assets		837		1,954		151		9,289		8,526		17,966
Total assets acquired		19,969		40,784		467,588		895,312		207,210		1,570,110

Accounts payable		1,278		1,826		8,998		25,968		7,473		42,439
Accrued wages and employee benefits		264		1,662		2,106		1,354		872		4,332
Other accrued liabilities		236		7,917		1,737		19,898		18,258		39,893
Short-term borrowings		-		-		-		-		800		800
Current portion of long-term borrowings and finance lease obligations		-		-		-		-		233		233
Deferred income taxes		2,007		564		33,957		78,753		19,930		132,640
Other long-term liabilities		57		1,157		90		33,762		9,997		43,849
Long-term debt		-		-		-		-		1,624		1,624
Net assets acquired	$	16,127	$	27,658	$	420,700	$	735,577	$	148,023	$	1,304,300

The allocations of the purchase price to identifiable assets and liabilities for the 2022 and 2021 acquisitions are based on the final valuations performed to determine the fair value of the net assets as of their respective acquisition dates.

Unaudited 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, 2021.

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Net Sales:
As reported	$	4,022,667	$	4,564,737	$	3,737,184
Pro forma		4,022,826		4,600,162		3,933,666

Net income attributable to Generac Holdings Inc.:
As reported	$	214,606	$	399,502	$	550,494
Pro forma (1)		214,343		395,261		461,193

Net income attributable to Generac Holdings Inc. per common share - diluted
As reported	$	3.27	$	5.42	$	8.30
Pro forma		3.27		5.36		6.91

(1)

Includes additional pro forma intangible amortization from all acquisitions as though the transactions had occurred on January 1, 2021 of $111, $2,465, and $70,152 for the years ended December 31, 2023, 2022, and 2021, respectively.

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, 2021.

Note 8 - Balance Sheet Details (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 68,079	$ 24,719

Note 9 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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, 2023 and 2022 are as follows:

	*Domestic*			*International*			*Total*
Balance at December 31, 2021	$	995,444		$	414,230		$	1,409,674
Acquisitions of businesses, net		22,128			437			22,565
Foreign currency translation		(915	)		(30,444	)		(31,359	)
Balance at December 31, 2022		1,016,657			384,223			1,400,880
Acquisitions of businesses, net		1,376			5,363			6,739
Foreign currency translation		495			24,270			24,765
Balance at December 31, 2023	$	1,018,528		$	413,856		$	1,432,384

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

Goodwill applicable to each reportable segment at December 31, 2023 and 2022 is as follows:

	*Year Ended December 31, 2023*							*Year Ended December 31, 2022*
	Gross		Accumulated Impairment			Net		Gross		Accumulated Impairment			Net
Domestic	$	1,521,721	$	(503,193	)	$	1,018,528	$	1,519,850	$	(503,193	)	$	1,016,657
International		418,467		(4,611	)		413,856		388,834		(4,611	)		384,223
Total	$	1,940,188	$	(507,804	)	$	1,432,384	$	1,908,684	$	(507,804	)	$	1,400,880

The following table summarizes intangible assets by major category as of December 31, 2023 and 2022:

			December 31, 2023							December 31, 2022
	Weighted Average Amortization Years		Gross		Accumulated Amortization			Net Book Value		Gross		Accumulated Amortization			Net Book Value
Finite-lived intangible assets:
Tradenames		15	$	159,671	$	(70,997	)	$	88,674	$	157,751	$	(58,821	)	$	98,930
Customer lists		11		589,318		(404,805	)		184,513		577,203		(370,216	)		206,987
Patents and technology		14		670,099		(252,658	)		417,441		665,563		(210,806	)		454,757
Software		-		1,046		(1,046	)		-		1,046		(1,046	)		-
Non-compete/other		5		71,570		(44,443	)		27,127		70,585		(28,866	)		41,719
Total finite-lived intangible assets			$	1,491,704	$	(773,949	)	$	717,755	$	1,472,148	$	(669,755	)	$	802,393
Indefinite-lived tradenames				128,321		-			128,321		128,321		-			128,321
Total intangible assets			$	1,620,025	$	(773,949	)	$	846,076	$	1,600,469	$	(669,755	)	$	930,714

Amortization expense of intangible assets was $104,194, $103,320, and $49,886 in 2023, 2022 and 2021, respectively. Excluding the impact of future acquisitions, the Company estimates amortization expense for the next five years to be as follows: 2024 - $96,595; 2025 - $91,694; 2026 - $84,833; 2027 - $58,065; 2028 - $52,354.

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted average grant date fair value per share (in dollars per share)	$ 57.73	$ 129.38	$ 129.47
Expected stock price volatility	45.00%	38.00%	37.00%
Risk free interest rate	3.64%	1.54%	0.45%
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 2 - Summary of Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	Year Ended December 31,
	2023			2022
Balance at beginning of period	$	27,664		$	12,025
Established for acquisitions		24			498
Provision for credit losses (1)		7,443			17,966
Charge-offs		(1,464	)		(2,554	)
Currency translation		258			(271	)
Balance at end of period	$	33,925		$	27,664

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 & information technology equipment and internal use software	3	–	15
Leasehold improvements	2	–	20

Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]

Beginning balance, January 1, 2023	$	81,533
Changes in fair value		-
Additional contingent consideration (1)		11,490
Payment of contingent consideration (2)		(53,786	)
Present value interest accretion		(300	)
Ending balance, December 31, 2023	$	38,937

Note 11 - Product Warranty Obligations (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Standard Product Warranty Accrual, Warranty Provision	$ 37,338
Capitalized Contract Cost, Net		$ 10,153	$ 9,199
Capitalized Contract Cost, Amortization		$ 2,306	$ 1,932	$ 1,739
Minimum [Member]
Extended Warranty Term (Year)		5 years
Maximum [Member]
Extended Warranty Term (Year)		10 years

Note 8 - Balance Sheet Details (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*December 31,*
	*2023*		*2022*
Raw material	$	677,428	$	798,340
Work-in-process		10,877		14,899
Finished goods		479,179		592,145
Total	$	1,167,484	$	1,405,384

Property, Plant and Equipment [Table Text Block]

	*December 31,*
	*2023*			*2022*
Land and improvements	$	22,556		$	22,589
Buildings and improvements		298,483			243,553
Machinery and equipment		271,879			229,593
Dies and tools		45,998			37,343
Vehicles		11,411			9,807
Office & information technology equipment and internal use software		185,601			148,166
Leasehold improvements		8,772			6,849
Construction in progress		98,083			52,522
Gross property and equipment		942,783			750,422
Accumulated depreciation		(344,206	)		(282,818	)
Total	$	598,577		$	467,604

Note 11 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties 2 (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue performance obligation	$ 155,870
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue performance obligation	28,203
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue performance obligation	30,088
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue performance obligation	27,407
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue performance obligation	22,069
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue performance obligation	$ 48,103

Note 12 - Credit Agreements

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

12.

Credit Agreements

Short-term borrowings included in the consolidated balance sheets as of December 31, 2023 and 2022 consisted of borrowings by the Company’s foreign subsidiaries on local lines of credit totaling $81,769 and $48,990, respectively.

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

	*December 31,*
	*2023*			*2022*
Tranche A Term Loan	$	745,313		$	750,000
Tranche B Term Loan		530,000			530,000
Original issue discount and deferred financing costs		(12,685	)		(16,568	)
Revolver		150,000			90,000
Finance lease obligation		71,308			27,420
Other		9,512			966
Total		1,493,448			1,381,818
Less: current portion of debt		42,110			10,083
Less: current portion of finance lease obligation		3,785			2,650
Total long-term borrowings and finance lease obligations	$	1,447,553		$	1,369,085

Maturities of long-term borrowings outstanding at December 31, 2023, 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:

	*Tranche A Term Loan*		*Tranche B Term Loan*		*Revolver*		*Other*		*Total*
2024	$	32,813	$	-	$	-	$	9,349	$	42,162
2025		46,875		-		-		83		46,958
2026		65,625		530,000		-		26		595,651
2027		600,000		-		150,000		26		750,026
2028		-		-		-		28		28
Total	$	745,313	$	530,000	$	150,000	$	9,512	$	1,434,825

The Tranche B Term Loan Facility matures on December 13, 2026, while the Tranche A Term Loan Facility and Revolving Facility mature on June 29, 2027. The Tranche A Term Loan Facility is repayable in installments due at the end of each quarter commencing September 2023.

The Company’s credit agreements originally provided for a $1,200,000 Tranche B Term Loan Facility and included a $300,000 uncommitted incremental term loan on that facility. The Tranche B Term Loan Facility initially bore interest at rates based on 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%. After a number of amendments, the Tranche B Term Loan Facility currently bears interest at rates based on either a base rate plus an applicable margin of 0.75% or adjusted SOFR rate plus an applicable margin of 1.75%, subject to a SOFR floor of 0.00%. The interest rate for the Tranche B Term Loan Facility as of December 31, 2023, was 7.19%.

The Tranche B Term Loan Facility does not require an Excess Cash Flow payment if the Company’s net secured leverage ratio is maintained below 3.75 to 1.00. As of December 31, 2023, the Company’s net secured leverage ratio was 2.05 to 1.00, and the Company was in compliance with all covenants of the Tranche B Term Loan Facility. There are no financial maintenance covenants on the Tranche B Term Loan Facility.

The Company’s credit agreements also originally provided for a senior secured ABL revolving credit facility (ABL Facility). ABL Facility borrowings initially bore interest at rates based on 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 on average availability under the ABL Facility.

In May 2021, the Company amended the ABL Facility, increasing its borrowing limit from $300,000 to $500,000, raising its incremental capacity from $100,000 to $200,000, and extending the maturity date from June 12, 2023 to May 27, 2026 (Amended ABL Facility). In addition, the Amended ABL Facility modified the pricing by reducing certain applicable interest rates to either a base rate plus an applicable margin of 0.00% to 0.25% or adjusted LIBOR rate plus an applicable margin of 1.00% to 1.25%, in each case, based on average availability under the Amended ABL Facility. In connection with this amendment, the Company capitalized $920 of new debt issuance costs as deferred financing costs on long-term borrowings in the second quarter of 2021. At the same time, the Company also amended its Tranche B Term Loan Facility agreement to reflect the same amendments made to the ABL Facility.

In May 2021, the Company borrowed $50,000 under the Amended ABL Facility, the proceeds of which were used as a voluntary prepayment of the Tranche B Term Loan Facility. As a result of this prepayment of the Tranche B Term Loan Facility, the Company wrote off $831 of original issue discount and capitalized debt issuance costs during the second quarter of 2021 as a loss on extinguishment of debt in the consolidated statements of comprehensive income.

In June 2022, the Company amended and restated its existing credit agreements (Amended Credit Agreement) that resulted in a new term loan facility in an aggregate principal amount of $750,000 (Tranche A Term Loan Facility), established a new $1,250,000 revolving facility (Revolving Facility), terminated the former asset-based lending facility (ABL Facility), and replaced all LIBOR provisions with SOFR provisions. Proceeds received by the Company from the Tranche A Term Loan Facility were used to repay the total existing outstanding balance on the Company's former ABL Facility and to make a $250,000 voluntary prepayment on the Tranche B Term Loan Facility, with the remaining funds used for future general corporate purposes. As a result of these prepayments, the Company wrote off $3,546 of original issue discount and capitalized debt issuance costs during the second quarter of 2022 as a loss on extinguishment of debt.

The Tranche A Term Loan Facility and the Revolving Facility initially bore interest at a rate based on adjusted SOFR plus an applicable margin of 1.5% through December 31, 2022, subject to a SOFR floor of 0.0%. Beginning on January 1, 2023, the Tranche A Term Loan Facility and the Revolving Facility bear interest at a rate based on adjusted SOFR plus an applicable margin between 1.25% and 1.75%, based on the Company's total leverage ratio and subject to a SOFR floor of 0.0%. As of December 31, 2023, the interest rate for the Tranche A Term Loan Facility is 6.99% and the interest rate for the Revolving Facility is 6.94%.

The Tranche A Term Loan Facility and the Revolving Facility added certain financial covenants that require the Company to maintain a total leverage ratio below 3.75 to 1.00 as well as an interest coverage ratio above 3.00 to 1.00. As of December 31, 2023, the Company’s total leverage ratio was 2.18 to 1.00, and the Company's interest coverage ratio was 6.44 to 1.00. The Company was also in compliance with all other covenants of the Amended Credit Agreement as of December 31, 2023.

The Tranche B Term Loan Facility, Tranche A Term Loan Facility and Revolving Facility are guaranteed by substantially all of the Company’s wholly-owned domestic restricted subsidiaries and are secured by associated collateral agreements which pledge a first priority lien on virtually all of the Company’s assets, including fixed assets and intangibles, cash, trade accounts receivable, inventory, and other current assets and proceeds thereof.

In connection with the June 2022 refinancing and in accordance with ASC 470-50, the Company capitalized $10,330 of fees paid to creditors as deferred financing costs on long-term borrowings and expensed $800 of transaction fees. The Company evaluated on a lender-by-lender basis if the debt related to returning lenders on the Revolving Facility was significantly modified or not, resulting in the write-off of $197 in unamortized deferred financing costs related to the former ABL Facility as a loss on extinguishment of debt.

As of December 31, 2023, there was $150,000 outstanding under the Revolving Facility, leaving $1,099,203 of unused capacity, net of outstanding letters of credit. Total availability on the Revolving Facility is reduced to $992,833 under the Company's most restrictive debt covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Paragraph 1E
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares
ecd_TradingArrByIndTable
Material Terms of Trading Arrangement [Text Block]	*Item 9B.* Other Information** Adoption: On November 13, 2023, Aaron Jagdfeld, Chief Executive Officer and director, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 60,000 shares of the Company’s common stock until February 28, 2025.
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Aaron Jagdfeld [Member]
ecd_TradingArrByIndTable
Trading Arrangement, Securities Aggregate Available Amount	60,000
Trading Arrangement Adoption Date	November 13, 2023
Trading Arrangement, Individual Name	Aaron Jagdfeld
Trading Arrangement, Individual Title	Chief Executive Officer and director
Rule 10b5-1 Arrangement Adopted [Flag]	true

Note 13 - Stock Repurchase Programs (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended			24 Months Ended	101 Months Ended
	Sep. 30, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 12, 2024	Dec. 31, 2023	Aug. 05, 2022
Stock Repurchase Program, Authorized Amount	$ 250,000						$ 500,000
Stock Repurchase Program, Period in Force (Year)	24 years
Treasury Stock, Value, Acquired, Cost Method		$ 251,513	$ 345,840	$ 125,992
Payments for Repurchase of Common Stock		$ 251,513	$ 345,840	$ 125,992
Treasury Stock, Common [Member]
Treasury Stock, Shares, Acquired (in shares)		2,188,475	2,722,007	350,000
Treasury Stock, Value, Acquired, Cost Method		$ 251,513	$ 345,840	$ 125,992
Stock Repurchase Program [Member] \| Treasury Stock, Common [Member]
Treasury Stock, Shares, Acquired (in shares)		2,188,475	2,722,007			13,937,188
Treasury Stock, Value, Acquired, Cost Method		$ 251,513	$ 345,840			$ 1,028,892
Shares Acquired Under Stock Repurchases Program, Shares (in shares)				350,000
Payments for Repurchase of Common Stock				$ 125,992
Shares Acquired, Average Cost Per Share (in dollars per share)						$ 73.82
Subsequent Event [Member]
Stock Repurchase Program, Authorized Amount					$ 500,000,000
Stock Repurchase Program, Period in Force (Year)					24 months
Stock Repurchase Program, Remaining Authorized Repurchase Amount					$ 26,297

Note 9 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amortization of Intangible Assets	$ 104,194	$ 103,320	$ 49,886
Finite-Lived Intangible Asset, Expected Amortization, Year One	96,595
Finite-Lived Intangible Asset, Expected Amortization, Year Two	91,694
Finite-Lived Intangible Asset, Expected Amortization, Year Three	84,833
Finite-Lived Intangible Asset, Expected Amortization, Year Four	58,065
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 52,354

Note 17 - Share Plans

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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. New grants under the 2010 Plan ceased in June 2019. Total share-based compensation expense related to the 2010 Plan, net of estimated forfeitures, was $309, $2,379, and $6,249 for the years ended December 31, 2023, 2022 and 2021, 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). 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 $35,183, $27,102, and $17,705 for the years ended December 31, 2023, 2022 and 2021, respectively, which is recorded in operating expenses in the consolidated statements of comprehensive income.

Stock Options - Stock options granted in 2023 have an exercise price between $110.86 per share and $119.57 per share; stock options granted in 2022 have an exercise price between $103.50 per share and $315.88 per share; and stock options granted in 2021 have an exercise price between $323.66 per share and $438.83 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 31,030, 17,376, and 8,608 for the years ended December 31, 2023, 2022 and 2021, 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 to the Company from the cashless for cash exercise of stock options were $7,815, $13,786, and $38,787 for the years ended December 31, 2023, 2022 and 2021, respectively, and are reflected as a financing activity in the consolidated statements of cash flows.

Total payments made by the Company to the taxing authorities for the employees’ tax obligations related to stock option exercises were $4,895, $14,089, and $31,680 for the years ended December 31, 2023, 2022 and 2021, 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 and are trued up upon vesting based on actual forfeiture activity.

The weighted-average assumptions used in the Black-Scholes-Merton option pricing model for 2023, 2022 and 2021 are as follows:

	Year Ended December 31,
	2023			2022			2021
Weighted average grant date fair value per share	$	57.73		$	129.38		$	129.47

Assumptions:
Expected stock price volatility		45	%		38	%		37	%
Risk free interest rate		3.64	%		1.54	%		0.45	%
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, 2023, 2022 and 2021 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, 2020		1,528,690			49.08		6.3	$	272,553
Granted		70,392			335.70
Exercised		(229,921	)		45.95
Forfeited		(27,030	)		63.27
Outstanding as of December 31, 2021		1,342,131			64.29		5.5	$	386,069

Granted		109,266			282.20
Exercised		(137,305	)		36.91
Forfeited		(45,688	)		194.05
Outstanding as of December 31, 2022		1,268,404			81.35		4.9	$	47,764

Granted		208,392			119.31
Exercised		(159,316	)		42.46
Forfeited		(33,144	)		185.81
Outstanding as of December 31, 2023		1,284,336			89.64		5.0	$	75,587

Exercisable as of December 31, 2023		961,340			63.08		3.8	$	72,609

As of December 31, 2023, there was $18,109 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 2.6 years. Total share-based compensation cost related to stock options for the years ended December 31, 2023, 2022 and 2021 was $8,229, $6,911, and $6,462, 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 2021 awards covers the years 2021 through 2023. The performance period for the 2022 awards covers the years 2022 through 2024. The performance period for the 2023 awards covers the years 2023 through 2025. 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 stock 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 and is trued up upon vesting based on actual forfeiture activity.

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 50,577, 92,008, and 80,583 for the years ended December 31, 2023, 2022 and 2021, 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 $6,002, $26,834, and $27,223 for the years ended December 31, 2023, 2022 and 2021, 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, 2023, 2022 and 2021 is as follows:

	*Shares*			*Weighted-Average Grant-Date Fair Value*
Non-vested as of December 31, 2020		456,194		$	68.42
Granted		126,339			223.09
Vested		(202,327	)		58.99
Forfeited		(14,241	)		138.64
Non-vested as of December 31, 2021		365,965			124.25

Granted		287,821		$	214.58
Vested		(234,284	)		83.52
Forfeited		(41,204	)		263.47
Non-vested as of December 31, 2022		378,298			203.04

Granted		425,099		$	117.62
Vested		(133,222	)		175.94
Forfeited		(44,789	)		213.80
Non-vested as of December 31, 2023		625,386			153.01

As of December 31, 2023, there was $53,392 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 2.0 years. Total share-based compensation cost related to the restricted stock for the years ended December 31, 2023, 2022 and 2021, inclusive of performance shares, was $27,263, $22,570, and $17,492, respectively, which is recorded in operating expenses in the consolidated statements of comprehensive income.

During 2023, 2022 and 2021, 16,174, 8,572, and 4,677 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. 8,832, 5,008, and 3,160 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 2023, 2022, and 2021, respectively. Total share-based compensation cost for these share grants in 2023, 2022 and 2021 was $1,846, $1,886, and $1,579, respectively, which is recorded in operating expenses in the consolidated statements of comprehensive income.

Note 10 - Leases - Maturities of Lease liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

2024, finance lease

$ 8,043

2024, operating lease

32,145

2025, finance lease

^[1]

48,297

2025, operating lease

^[2]

18,887

2026, finance lease

4,243

2026, operating lease

8,278

2027, finance lease

3,896

2027, operating lease

7,667

2028, finance lease

3,472

2028, operating lease

6,157

After 2023, finance leases

22,616

After 2023, operating leases

12,014

Total minimum lease payments, finance leases

90,567

Total minimum lease payments, operating leases

85,148

Interest component

(19,259)

Interest component

(11,000)

Present value of minimum lease payments, finance leases

71,308

$ 27,420

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

Present value of minimum lease payments, operating leases

$ 74,148

$ 103,877

[1]	Includes a payment for a purchase option reasonably certain to be exercised in 2025.
[2]	Includes a payment for a purchase option reasonably certain to be exercised in 2025.

Note 10 - Leases

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Lessee, Operating Leases and Finance Leases [Text Block]

10.

Leases

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 18 years, of which certain leases, primarily within the buildings and improvements asset class, include options to extend for up to 10 additional years. Further, the Company leases certain buildings from a related party, which the Company has determined to be arm's length transactions.

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 interest 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 non-lease 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 is a lessor of certain of its C&I mobile products as part of a rental fleet, as well as two of its buildings that it leases to third parties. The lease income related to these arrangements 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,
	2023		2022		2021

Operating lease cost	$	38,980	$	36,292	$	22,432
Finance lease cost:
Amortization of ROU assets		4,142		3,298		3,187
Interest on lease liabilities		2,540		1,945		2,021
Total lease cost	$	45,662	$	41,535	$	27,640

Supplemental balance sheet information related to the Company’s leases is as follows:

	December 31,
	2023			2022
Operating Leases
Operating lease ROU assets (1)	$	70,937		$	100,083

Operating lease liabilities - current (2)	$	29,388		$	30,330
Operating lease liabilities - noncurrent (3)		44,760			73,547
Total operating lease liabilities	$	74,148		$	103,877

Finance Leases
Finance lease ROU assets, gross	$	82,744		$	35,470
Accumulated depreciation - finance lease ROU assets		(14,665	)		(10,751	)
Finance lease ROU assets, net (4)	$	68,079		$	24,719

Finance lease liabilities - current (5)	$	3,785		$	2,650
Finance lease liabilities - noncurrent (6)		67,523			24,770
Total finance lease liabilities	$	71,308		$	27,420

(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,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows - operating leases	$	39,073	$	36,020	$	21,250
Operating cash flows - finance leases		2,409		1,919		1,972
Financing cash flows - finance leases		3,618		4,931		4,679

ROU assets obtained in exchange for lease liabilities
Operating leases		17,830		28,766		55,057
Finance leases		47,715		2,874		4,026

Weighted average remaining lease term and discount rate information related to the Company’s leases as of December 31, 2023 and 2022 is as follows:

	December 31,
	2023			2022
Weighted average remaining lease term (in years)
Operating Leases		4.55			4.65
Finance Leases		5.34			11.26

Weighted average discount rate
Operating Leases		4.63	%		4.82	%
Finance Leases		6.64	%		7.58	%

The maturities of the Company’s lease liabilities as of December 31, 2023 are as follows:

	*Finance Leases*			*Operating Leases*
2024	$	8,043		$	32,145
2025 (1)		48,297			18,887
2026		4,243			8,278
2027		3,896			7,667
2028		3,472			6,157
After 2028		22,616			12,014
Total minimum lease payments		90,567			85,148
Interest component		(19,259	)		(11,000	)
Present value of minimum lease payments	$	71,308		$	74,148

(1)	Includes a payment for a purchase option reasonably certain to be exercised in 2025.

Note 15 - Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued expenses	$ 48,758	$ 46,994
Deferred Income	36,927	34,914
Inventories	12,549	20,229
Stock-based compensation	14,143	11,750
Operating loss and credit carryforwards	54,753	56,279
Bad debt	1,380	1,415
Other deferred tax assets	8,722	7,531
Capitalized R&D	65,523	33,738
Valuation allowance	(5,136)	(4,638)
Total deferred tax assets	237,619	208,212
Goodwill and intangible assets	253,342	260,745
Depreciation	45,964	44,385
Debt refinancing costs	828	1,184
Interest swap and derivative	9,521	12,370
Prepaid expenses	2,444	2,473
Total deferred tax liabilities	312,099	321,157
Net deferred tax liabilities	$ (74,480)	$ (112,945)

Note 15 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Current:
Federal	$	71,741		$	118,320		$	105,236
State		13,802			25,743			21,295
Foreign		22,115			51,055			10,536
		107,658			195,118			137,067
Deferred:
Federal		(26,504	)		(43,475	)		10,518
State		(5,254	)		(10,966	)		(3,728	)
Foreign		(3,218	)		(40,109	)		(7,863	)
		(34,976	)		(94,550	)		(1,073	)
Change in valuation allowance		498			(972	)		(1,037	)
Provision for income taxes	$	73,180		$	99,596		$	134,957

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

	*December 31,*
	*2023*			*2022*
Deferred tax assets:
Accrued expenses	$	48,758		$	46,994
Deferred revenue		36,927			34,914
Inventories		12,549			20,229
Stock-based compensation		14,143			11,750
Operating loss and credit carryforwards		54,753			56,279
Bad debt		1,380			1,415
Other		8,722			7,531
Capitalized R&D		65,523			33,738
Valuation allowance		(5,136	)		(4,638	)
Total deferred tax assets		237,619			208,212

Deferred tax liabilities:
Goodwill and intangible assets		253,342			260,745
Depreciation		45,964			44,385
Debt refinancing costs		828			1,184
Interest swap and derivative		9,521			12,370
Prepaid expenses		2,444			2,473
Total deferred tax liabilities		312,099			321,157

Net deferred tax liabilities	$	(74,480	)	$	(112,945	)

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

	*December 31,*
	*2023*			*2022*
Unrecognized tax benefit, beginning of period	$	8,895		$	8,647
Increase in unrecognized tax benefit for positions taken in prior period		3,081			97
Increase in unrecognized tax benefit for positions taken in current period		1,122			975
Statute of limitation expirations		(3,395	)		(824	)
Settlements		-			-
Unrecognized tax benefit, end of period	$	9,703		$	8,895

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

	Year Ended December 31,
	2023			2022			2021
U.S. statutory rate		21.0	%		21.0	%		21.0	%
State taxes		4.0			4.0			4.3
State tax rate differential		0.0			(0.3	)		0.0
Research and development credits		(2.4	)		(1.1	)		(1.0	)
State credits		(0.9	)		(1.5	)		(1.1	)
Share-based compensation		(0.4	)		(2.7	)		(3.8	)
Nondeductible U.S. compensation		1.0			1.6			1.5
Foreign tax deduction		0.0			(0.4	)		(1.5	)
Foreign deferred tax rate change		0.0			0.0			1.2
Uncertain tax positions reserve		0.9			0.0			0.0
Global intangible low tax income		1.7			0.2			0.0
Other		0.3			(1.2	)		(1.1	)
Effective tax rate		25.2	%		19.6	%		19.5	%

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Operating activities

Net income

$ 217,120

$ 408,870

$ 556,569

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

Depreciation

62,408

52,821

42,155

Amortization of intangible assets

104,194

103,320

49,886

Amortization of original issue discount and deferred financing costs

3,885

3,234

2,589

Loss on extinguishment of debt

^[1]

3,743

831

Deferred income taxes

(34,478)

(95,465)

(2,096)

Share-based compensation expense

^[2]

35,492

29,481

23,954

Gain on disposal of assets

(285)

(592)

(4,393)

Other noncash charges

5,922

18,339

206

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

Accounts receivable

(18,272)

6,547

(131,861)

Inventories

262,670

(319,274)

(470,991)

Other assets

24,266

4,766

(819)

Accounts payable

(120,900)

(223,031)

297,323

Accrued wages and employee benefits

7,962

(27,369)

5,814

Other accrued liabilities

(27,337)

110,036

73,798

Excess tax benefits from equity awards

(977)

(16,910)

(31,809)

Net cash provided by operating activities

521,670

58,516

411,156

Investing activities

Proceeds from sale of property and equipment

2,896

2,077

259

Proceeds from sale of investment

1,308

4,968

Proceeds from beneficial interest in securitization transactions

3,294

3,566

4,609

Contribution to tax equity investment

(6,627)

(14,930)

(3,660)

Expenditures for property and equipment

(129,060)

(86,188)

(109,992)

Purchase of long-term investments

(32,592)

(15,000)

Acquisition of businesses, net of cash acquired

(15,974)

(25,065)

(713,471)

Net cash used in investing activities

(178,063)

(134,232)

(817,287)

Financing activities

Proceeds from short-term borrowings

64,257

248,209

272,818

Proceeds from long-term borrowings

348,827

1,026,284

150,088

Repayments of short-term borrowings

(37,104)

(268,133)

(239,113)

Repayments of long-term borrowings and finance lease obligations

(288,699)

(542,191)

(108,556)

Stock repurchases

(251,513)

(345,840)

(125,992)

Payment of contingent acquisition consideration

(4,979)

(16,135)

(3,750)

Payment of debt issuance costs

(10,330)

(1,185)

Purchase of additional ownership interest

(104,844)

(375)

(27,164)

Cash dividends paid to noncontrolling interest of subsidiary

(309)

Taxes paid related to equity awards

(10,897)

(40,923)

(58,903)

Proceeds from the exercise of stock options

7,815

13,786

38,787

Net cash (used in) provided by financing activities

(277,137)

64,043

(102,970)

Effect of exchange rate changes on cash and cash equivalents

1,801

(2,943)

1,312

Net increase (decrease) in cash and cash equivalents

68,271

(14,616)

(507,789)

Cash and cash equivalents at beginning of period

132,723

147,339

655,128

Cash and cash equivalents at end of period

200,994

132,723

147,339

Supplemental disclosure of cash flow information

Interest

84,027

48,912

27,842

Income taxes

$ 100,082

$ 150,893

$ 156,728

[1]	Represents the non-cash write-off of original issue discount and deferred financing costs due primarily to a voluntary prepayment of debt.
[2]	Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [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, 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
Change in noncontrolling interest share								(96)	(96)
Net unrealized (loss) gain on derivatives						20,529	20,529		20,529
Foreign currency translation adjustment						(41,030)	(41,030)	(3)	(41,033)
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares)	331,048
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price	$ 3	7,073					7,076		7,076
Common stock issued for business combination (in shares)	30,640
Common stock issued for business combination	$ 1	12,000					12,001		12,001
Treasury stock issued for business combination (in shares)			937,283
Treasury stock issued for business combination		384,371	$ 36,403				420,774		420,774
Net share settlement of restricted stock awards (in shares)			(80,583)
Net share settlement of restricted stock awards			$ (27,223)				(27,223)		(27,223)
Stock repurchases (in shares)			(350,000)
Stock repurchases			$ (125,992)				(125,992)		(125,992)
Share-based compensation		23,954					23,954		23,954
Redemption value adjustment					(17,102)		(17,102)		(17,102)
Net income attributable to Generac Holdings Inc.					550,494		550,494		550,494
Net income								501
Net income									550,995
Balance (in shares) at Dec. 31, 2021	72,386,017		(8,667,031)
Balance at Dec. 31, 2021	$ 725	952,939	$ (448,976)	(202,116)	1,965,957	(54,755)	2,213,774	313	2,214,087
Net unrealized (loss) gain on derivatives						38,494	38,494		38,494
Foreign currency translation adjustment						(48,841)	(48,841)	(264)	(49,105)
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares)	315,240
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price	$ 3	(247)					(244)		(244)
Net share settlement of restricted stock awards (in shares)			(91,843)
Net share settlement of restricted stock awards			$ (26,833)				(26,833)		(26,833)
Stock repurchases (in shares)			(2,722,007)
Stock repurchases			$ (345,840)				(345,840)		(345,840)
Share-based compensation		29,481					29,481		29,481
Redemption value adjustment					(49,235)		(49,235)		(49,235)
Net income attributable to Generac Holdings Inc.					399,502		399,502		399,502
Net income								1,825
Net income									401,327
Payment of acquisition contingent consideration (in shares)			196,531
Payment of acquisition contingent consideration		33,965	$ 13,158				47,123		47,123
Balance (in shares) at Dec. 31, 2022	72,701,257		(11,284,350)
Balance at Dec. 31, 2022	$ 728	1,016,138	$ (808,491)	(202,116)	2,316,224	(65,102)	2,257,381	1,874	2,259,255
Net unrealized (loss) gain on derivatives						(8,004)	(8,004)		(8,004)
Foreign currency translation adjustment						57,963	57,963	128	58,091
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares)	482,855
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price	$ 5	3,345					3,350		3,350
Net share settlement of restricted stock awards (in shares)			(50,591)
Net share settlement of restricted stock awards			$ (6,313)				(6,313)		(6,313)
Stock repurchases (in shares)			(2,188,475)
Stock repurchases			$ (251,513)				(251,513)		(251,513)
Share-based compensation		35,492					35,492		35,492
Redemption value adjustment					(11,517)		(11,517)		(11,517)
Net income attributable to Generac Holdings Inc.					214,606		214,606		214,606
Net income								816
Net income									215,422
Payment of acquisition contingent consideration (in shares)	10,943		466,118
Payment of acquisition contingent consideration	$ 0	15,411	$ 33,396				48,807		48,807
Balance (in shares) at Dec. 31, 2023	73,195,055		(13,057,298)
Balance at Dec. 31, 2023	$ 733	$ 1,070,386	$ (1,032,921)	$ (202,116)	$ 2,519,313	$ (15,143)	$ 2,340,252	$ 2,818	$ 2,343,070

Note 4 - Redeemable Noncontrolling Interest (Details Textual) - USD ($) shares in Thousands, $ in Thousands			1 Months Ended			12 Months Ended
	Mar. 08, 2023	Feb. 01, 2019	May 31, 2022	Mar. 31, 2022	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 01, 2016
Payments for Repurchase of Redeemable Noncontrolling Interest						$ 104,844	$ 375	$ 27,164
Pramac [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					20.00%				35.00%
Captiva Energy Solutions [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		49.00%
Pramac [Member]
Business Acquisition, Percentage of Voting Interests Acquired					15.00%				65.00%
Redeemable Noncontrolling Interest, Equity, Fair Value, Total									$ 34,253
Payments for Repurchase of Redeemable Noncontrolling Interest	$ 116,754				$ 27,164
Business Combination, Step Acquisition, Equity Interest in Acquiree, including Subsequent Acquisition, Percentage, Total	100.00%				80.00%
Business Combination, Consideration Transferred, Total	$ 105,264
Payments to Acquire Businesses, Gross	104,844
Gain (Loss), Foreign Currency Transaction, before Tax	420
Business Combination, Consideration Transferred, Liabilities Incurred	$ 11,490
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	135,205
Captiva Energy Solutions [Member]
Business Acquisition, Percentage of Voting Interests Acquired		51.00%		15.00%
Redeemable Noncontrolling Interest, Equity, Fair Value, Total		$ 3,165
Payments for Repurchase of Redeemable Noncontrolling Interest			$ 375	$ 461
Business Combination, Step Acquisition, Equity Interest in Acquiree, including Subsequent Acquisition, Percentage, Total			66.00%
Business Acquisition, Noncontrolling Interest, Term of Put Option (Year)		5 years

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, allowance for doubtful accounts	$ 33,925	$ 27,664
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	73,195,055	72,701,257
Treasury Stock, Common, Shares	13,057,298	11,284,350

Note 7 - Segment Reporting

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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 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 acquisitions not based in the U.S and Canada, 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, organizational structure, and regional considerations.

The Company's product offerings consist primarily of power generation equipment, energy storage systems, energy management devices & solutions, and other power products geared for varying end customer uses. While Residential products and Commercial & Industrial (C&I) products include similar products, they differ based on power output and end customer. The composition of net sales between residential, C&I, and other products & services by reportable segment is as follows:

	*Net Sales by Segment*
	*Year Ended December 31, 2023*
Product Classes	*Domestic*		*International*		*Total*
Residential products	$	1,945,273	$	117,656	$	2,062,929
Commercial & industrial products		916,118		578,681		1,494,799
Other		414,933		50,006		464,939
Total net sales	$	3,276,324	$	746,343	$	4,022,667

	*Year Ended December 31, 2022*
Product Classes	*Domestic*		*International*		*Total*
Residential products	$	2,782,037	$	129,834	$	2,911,871
Commercial & industrial products		746,172		514,565	$	1,260,737
Other		339,657		52,472	$	392,129
Total net sales	$	3,867,866	$	696,871	$	4,564,737

	*Year Ended December 31, 2021*
Product Classes	*Domestic*		*International*		*Total*
Residential products	$	2,366,908	$	89,857	$	2,456,765
Commercial & industrial products		556,520		442,478	$	998,998
Other		240,622		40,799	$	281,421
Total net sales	$	3,164,050	$	573,134	$	3,737,184

Residential products consist primarily of automatic home standby generators ranging in output from 7.5kW to 150kW, portable generators, residential energy storage systems, energy management devices & solutions, and other outdoor power equipment. These products are predominantly 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, who 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, with power outputs up to 3,250kW. Also included in C&I products are mobile generators, light towers, C&I energy storage systems, mobile heaters, mobile pumps, and related controllers for power generation equipment. These products are sold globally through industrial distributors and dealers, EPC companies, equipment rental companies, and equipment distributors. The C&I products revenue consists of the sale of the product to our distribution partners, who 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 customers, the amortization of extended warranty deferred revenue, remote monitoring and grid services subscription revenue, as well as certain 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, sometimes based on achievement of milestones.

The following tables sets forth total sales by reportable segment and inclusive of intersegment sales:

	*Year Ended December 31, 2023*
	*Domestic*		*International*		*Eliminations*			*Total*
External net sales	$	3,276,324	$	746,343	$	-		$	4,022,667
Intersegment sales		43,937		91,552		(135,489	)		-
Total sales	$	3,320,261	$	837,895	$	(135,489	)	$	4,022,667

	*Year Ended December 31, 2022*
	*Domestic*		*International*		*Eliminations*			*Total*
External net sales	$	3,867,866	$	696,871	$	-		$	4,564,737
Intersegment sales		60,731		93,699		(154,430	)		-
Total sales	$	3,928,597	$	790,570	$	(154,430	)	$	4,564,737

	*Year Ended December 31, 2021*
	*Domestic*		*International*		*Eliminations*			*Total*
External net sales	$	3,164,050	$	573,134	$	-		$	3,737,184
Intersegment sales		39,339		26,123		(65,462	)		-
Total sales	$	3,203,389	$	599,257	$	(65,462	)	$	3,737,184

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 primarily on the definition that is contained in the Company’s credit agreements.

	*Adjusted EBITDA*
	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Domestic	$	523,337		$	716,302		$	795,417
International		114,522			109,065			66,008
Total adjusted EBITDA	$	637,859		$	825,367		$	861,425

Interest expense		(97,627	)		(54,826	)		(32,953	)
Depreciation and amortization		(166,602	)		(156,141	)		(92,041	)
Non-cash write-down and other adjustments (1)		5,953			2,091			3,070
Non-cash share-based compensation expense (2)		(35,492	)		(29,481	)		(23,954	)
Loss on extinguishment of debt (3)		-			(3,743	)		(831	)
Transaction costs and credit facility fees (4)		(4,054	)		(5,026	)		(22,357	)
Business optimization and other charges (5)		(10,551	)		(4,371	)		(33	)
Provision for legal, regulatory, and clean energy product charges (6)		(38,490	)		(65,265	)		-
Other		(696	)		(139	)		(800	)
Income before provision for income taxes	$	290,300		$	508,466		$	691,526

(1)

Includes gains/losses on dispositions of assets other than in the ordinary course of business, gains/losses on sales of certain investments, unrealized mark-to-market adjustments on commodity contracts, certain foreign currency related adjustments, and certain purchase accounting and contingent consideration adjustments.

(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 primarily to a voluntary prepayment of debt.

(4)

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.

(5)

Represents severance and other restructuring charges related to the consolidation of certain operating facilities and organizational functions.

(6)

Represents the following significant and unusual charges not indicative of our ongoing operations:
• a provision for judgments and legal expenses related to certain patent and other litigation - $28,340 in 2023.
• a provision for a matter with the CPSC concerning the imposition of civil fines for allegedly failing to timely submit a report under the CPSA in relation to certain portable generators that were subject to a voluntary recall previously

announced on July 29, 2021 - $5,800 in 2023; $10,000 in 2022.
• a bad debt provision and additional customer support costs for a clean energy product customer that filed for bankruptcy in 2022 – $4,350 additional customer support costs in 2023; $17,926 bad debt provision in 2022.
• a warranty provision to address certain clean energy product warranty-related matters - $37,338 in 2022.

The following tables summarize additional financial information by reportable segment:

	*Assets*
	*December 31,*
	*2023*		*2022*		*2021*
Domestic	$	3,770,883	$	4,032,086	$	3,742,101
International		1,322,429		1,137,376		1,135,679
Total	$	5,093,312	$	5,169,462	$	4,877,780

	*Depreciation and Amortization*
	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Domestic	$	129,648	$	123,768	$	66,675
International		36,954		32,373		25,366
Total	$	166,602	$	156,141	$	92,041

	*Capital Expenditures*
	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Domestic	$	103,036	$	69,680	$	100,672
International		26,024		16,508		9,320
Total	$	129,060	$	86,188	$	109,992

The Company’s sales in the United States represent approximately 77%, 80%, and 82% of total sales for the years ended December 31, 2023, 2022 and 2021, respectively. Approximately 74% and 77% of the Company’s identifiable long-lived assets are located in the United States as of December 31, 2023 and 2022, respectively.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 42
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (f)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Note 15 - Income Taxes

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

15.

Income Taxes

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Current:
Federal	$	71,741		$	118,320		$	105,236
State		13,802			25,743			21,295
Foreign		22,115			51,055			10,536
		107,658			195,118			137,067
Deferred:
Federal		(26,504	)		(43,475	)		10,518
State		(5,254	)		(10,966	)		(3,728	)
Foreign		(3,218	)		(40,109	)		(7,863	)
		(34,976	)		(94,550	)		(1,073	)
Change in valuation allowance		498			(972	)		(1,037	)
Provision for income taxes	$	73,180		$	99,596		$	134,957

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, 2023, the Company is no longer subject to income tax examinations for United States federal income taxes for tax years prior to 2020. Due to the carryforward of net operating losses and research & development credits, the Company’s Wisconsin state income tax returns for tax years 2007 through 2022 remain open. In addition, the Company is subject to audit by various foreign taxing jurisdictions for tax years 2012 through 2023.

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,*
	*2023*			*2022*
Deferred tax assets:
Accrued expenses	$	48,758		$	46,994
Deferred revenue		36,927			34,914
Inventories		12,549			20,229
Stock-based compensation		14,143			11,750
Operating loss and credit carryforwards		54,753			56,279
Bad debt		1,380			1,415
Other		8,722			7,531
Capitalized R&D		65,523			33,738
Valuation allowance		(5,136	)		(4,638	)
Total deferred tax assets		237,619			208,212

Deferred tax liabilities:
Goodwill and intangible assets		253,342			260,745
Depreciation		45,964			44,385
Debt refinancing costs		828			1,184
Interest swap and derivative		9,521			12,370
Prepaid expenses		2,444			2,473
Total deferred tax liabilities		312,099			321,157

Net deferred tax liabilities	$	(74,480	)	$	(112,945	)

As of December 31, 2023 and 2022, deferred tax assets of $15,532 and $12,746, and deferred tax liabilities of $90,012 and $125,691, 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 2023, the valuation allowance increased by $498 primarily due to the establishment of valuation allowances in certain jurisdictions where we believe the deferred tax assets may not be able to be fully utilized.

At December 31, 2023, the Company had tax loss carryforwards of approximately $218,432, which have varying expiration periods ranging from 2024 to indefinite. For carryforward amounts which the Company believes the losses will expire prior to use, a valuation allowance has been established. For all other carryforwards the Company believes it will generate sufficient taxable income in these jurisdictions to utilize its loss carryforwards.

At December 31, 2023, the Company had state manufacturing tax credit carryforwards of approximately $29,196, which expire between 2028 and 2038. 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,*
	*2023*			*2022*
Unrecognized tax benefit, beginning of period	$	8,895		$	8,647
Increase in unrecognized tax benefit for positions taken in prior period		3,081			97
Increase in unrecognized tax benefit for positions taken in current period		1,122			975
Statute of limitation expirations		(3,395	)		(824	)
Settlements		-			-
Unrecognized tax benefit, end of period	$	9,703		$	8,895

The unrecognized tax benefit as of December 31, 2023 and 2022, if recognized, would favorably impact the effective tax rate.

As of December 31, 2023 and 2022, total accrued interest of approximately $532 and $161, respectively, and accrued penalties of approximately $1,275 and $422, 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 change to the total amount of unrecognized tax benefits during the fiscal year ending December 31, 2024.

A reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31, 2023, 2022 and 2021 is as follows:

	Year Ended December 31,
	2023			2022			2021
U.S. statutory rate		21.0	%		21.0	%		21.0	%
State taxes		4.0			4.0			4.3
State tax rate differential		0.0			(0.3	)		0.0
Research and development credits		(2.4	)		(1.1	)		(1.0	)
State credits		(0.9	)		(1.5	)		(1.1	)
Share-based compensation		(0.4	)		(2.7	)		(3.8	)
Nondeductible U.S. compensation		1.0			1.6			1.5
Foreign tax deduction		0.0			(0.4	)		(1.5	)
Foreign deferred tax rate change		0.0			0.0			1.2
Uncertain tax positions reserve		0.9			0.0			0.0
Global intangible low tax income		1.7			0.2			0.0
Other		0.3			(1.2	)		(1.1	)
Effective tax rate		25.2	%		19.6	%		19.5	%

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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+ Details

Note 8 - Balance Sheet Details - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and equipment, gross	$ 942,783	$ 750,422
Accumulated depreciation	(344,206)	(282,818)
Total	598,577	467,604
Land and Land Improvements [Member]
Property and equipment, gross	22,556	22,589
Building and Building Improvements [Member]
Property and equipment, gross	298,483	243,553
Machinery and Equipment [Member]
Property and equipment, gross	271,879	229,593
Dies and Tools [Member]
Property and equipment, gross	45,998	37,343
Vehicles [Member]
Property and equipment, gross	11,411	9,807
Office Equipment [Member]
Property and equipment, gross	185,601	148,166
Leasehold Improvements [Member]
Property and equipment, gross	8,772	6,849
Construction in Progress [Member]
Property and equipment, gross	$ 98,083	$ 52,522

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Central Index Key	0001474735
Entity Registrant Name	GENERAC HOLDINGS INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-34627
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5654756
Entity Address, Address Line One	S45 W29290 Hwy 59
Entity Address, City or Town	Waukesha
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53189
City Area Code	262
Local Phone Number	544-4811
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	GNRC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 9,000,000,000
Entity Common Stock, Shares Outstanding		60,269,310
Auditor Name	Deloitte & Touche LLP
Auditor Location	Milwaukee, Wisconsin
Auditor Firm ID	34

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, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales	$ 1,063,670	$ 1,070,667	$ 1,000,420	$ 887,910	$ 1,049,232	$ 1,088,258	$ 1,291,391	$ 1,135,856	$ 4,022,667	$ 4,564,737	$ 3,737,184
Gross profit	388,724	375,787	328,421	272,499	343,167	361,104	456,985	360,748	1,365,431	1,522,004	1,360,082
Operating income	150,968	104,776	85,972	44,483	107,228	87,523	216,844	154,735	386,199	566,330	721,136
Net income attributable to Generac Holdings Inc.	$ 96,601	$ 60,377	$ 45,198	$ 12,430	$ 71,015	$ 58,270	$ 156,359	$ 113,858	$ 214,606	$ 399,502	$ 550,494
Net income attributable to common shareholders per common share - basic: (in dollars per share)	$ 1.59	$ 0.98	$ 0.7	$ 0.06	$ 0.84	$ 0.84	$ 2.24	$ 1.61	$ 3.31	$ 5.55	$ 8.51
Net income attributable to common shareholders per common share - diluted: (in dollars per share)	$ 1.57	$ 0.97	$ 0.7	$ 0.05	$ 0.83	$ 0.83	$ 2.21	$ 1.57	$ 3.27	$ 5.42	$ 8.3

- Definition

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

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

+ References

+ Details

- Definition

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

Note 7 - Segment Reporting - Total Sales by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total sales	$ 1,063,670	$ 1,070,667	$ 1,000,420	$ 887,910	$ 1,049,232	$ 1,088,258	$ 1,291,391	$ 1,135,856	$ 4,022,667	$ 4,564,737	$ 3,737,184
External Net Sales [Member]
Total sales									4,022,667	4,564,737	3,737,184
Intersegment Sales [Member]
Total sales									0	0	0
Intersegment Eliminations [Member]
Total sales									(135,489)	(154,430)	(65,462)
Intersegment Eliminations [Member] \| External Net Sales [Member]
Total sales									0	0	0
Intersegment Eliminations [Member] \| Intersegment Sales [Member]
Total sales									(135,489)	(154,430)	(65,462)
Domestic [Member]
Total sales									3,276,324	3,867,866	3,164,050
Domestic [Member] \| Operating Segments [Member]
Total sales									3,320,261	3,928,597	3,203,389
Domestic [Member] \| Operating Segments [Member] \| External Net Sales [Member]
Total sales									3,276,324	3,867,866	3,164,050
Domestic [Member] \| Operating Segments [Member] \| Intersegment Sales [Member]
Total sales									43,937	60,731	39,339
International [Member]
Total sales									746,343	696,871	573,134
International [Member] \| Operating Segments [Member]
Total sales									837,895	790,570	599,257
International [Member] \| Operating Segments [Member] \| External Net Sales [Member]
Total sales									746,343	696,871	573,134
International [Member] \| Operating Segments [Member] \| Intersegment Sales [Member]
Total sales									$ 91,552	$ 93,699	$ 26,123

- Definition

+ References

+ Details

Note 9 - Goodwill and Intangible Assets - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance	$ 1,400,880	$ 1,409,674
Acquisitions of businesses, net	6,739	22,565
Foreign currency translation	24,765	(31,359)
Balance	1,432,384	1,400,880
Goodwill, gross	1,940,188	1,908,684
Accumulated impairment	(507,804)	(507,804)
Goodwill	1,432,384	1,400,880
Domestic [Member]
Balance	1,016,657	995,444
Acquisitions of businesses, net	1,376	22,128
Foreign currency translation	495	(915)
Balance	1,018,528	1,016,657
Goodwill, gross	1,521,721	1,519,850
Accumulated impairment	(503,193)	(503,193)
Goodwill	1,018,528	1,016,657
International [Member]
Balance	384,223	414,230
Acquisitions of businesses, net	5,363	437
Foreign currency translation	24,270	(30,444)
Balance	413,856	384,223
Goodwill, gross	418,467	388,834
Accumulated impairment	(4,611)	(4,611)
Goodwill	$ 413,856	$ 384,223

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

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

12 Months Ended

Dec. 31, 2023

Notes Tables

Quarterly Financial Information [Table Text Block]

	*Quarters Ended 2023*
	Q1		Q2		Q3		Q4
Net sales	$	887,910	$	1,000,420	$	1,070,667	$	1,063,670
Gross profit		272,499		328,421		375,787		388,724
Operating income		44,483		85,972		104,776		150,968
Net income attributable to Generac Holdings Inc.		12,430		45,198		60,377		96,601
Net income attributable to common shareholders per common share - basic:	$	0.06	$	0.70	$	0.98	$	1.59
Net income attributable to common shareholders per common share - diluted:	$	0.05	$	0.70	$	0.97	$	1.57

	*Quarters Ended 2022*
	Q1		Q2		Q3		Q4
Net sales	$	1,135,856	$	1,291,391	$	1,088,258	$	1,049,232
Gross profit		360,748		456,985		361,104		343,167
Operating income		154,735		216,844		87,523		107,228
Net income attributable to Generac Holdings Inc.		113,858		156,359		58,270		71,015
Net income attributable to common shareholders per common share - basic:	$	1.61	$	2.24	$	0.84	$	0.84
Net income attributable to common shareholders per common share - diluted:	$	1.57	$	2.21	$	0.83	$	0.83

Note 11 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue performance obligation	$ 155,870

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, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Net income attributable to Generac Holdings Inc.

$ 96,601

$ 60,377

$ 45,198

$ 12,430

$ 71,015

$ 58,270

$ 156,359

$ 113,858

$ 214,606

$ 399,502

$ 550,494

Redeemable noncontrolling interest redemption value adjustment

(11,517)

(49,235)

(17,102)

Net income attributable to common shareholders

$ 203,089

$ 350,267

$ 533,392

Weighted average shares, basic (in shares)

61,265,060

63,117,007

62,686,001

Dilutive effect of stock compensation awards (in shares)

^[1]

793,327

1,087,219

1,534,603

Dilutive effect of contingently issued shares (in shares)

477,131

32,804

Diluted shares (in shares)

62,058,387

64,681,357

64,253,408

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

$ 1.59

$ 0.98

$ 0.7

$ 0.06

$ 0.84

$ 2.24

$ 1.61

$ 3.31

$ 5.55

$ 8.51

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

$ 1.57

$ 0.97

$ 0.7

$ 0.05

$ 0.83

$ 2.21

$ 1.57

$ 3.27

$ 5.42

$ 8.3

[1]	There were no awards with an anti-dilutive impact for the years ended December 31, 2021, 2020 and 2019.

- Definition

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

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Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of contingently issuable shares. Contingently issuable shares are those shares that are issuable for little or no cash contingent on certain conditions being met.

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+ Details

- Definition

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

+ References

+ Details

Note 3 - Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Consideration Transferred for Business Acquisitions [Table Text Block]

Cash paid at closing	$	11,821
Deferred cash payment (1)		6,000
Common stock issued at closing		12,000
Contingent consideration (2)		31,308
Total purchase price	$	61,129

Cash paid at closing	$	225,403
Common stock issued at closing		420,774
Contingent consideration (1)		89,400
Total purchase price	$	735,577

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

					*2021 Acquisitions*
		*2023 Acquisitions*		*2022 Acquisitions*		Deep Sea		ecobee		All Other		Total
Accounts receivable	$	347	$	11,965	$	9,574	$	23,337	$	13,852	$	46,763
Inventories		1,239		2,955		9,970		7,258		7,034		24,262
Prepaid expenses and other current assets		166		4,456		1,181		5,689		6,594		13,464
Property and equipment		5,843		708		8,838		3,588		480		12,906
Intangible assets		6,174		10,032		174,270		557,900		81,171		813,341
Goodwill		5,363		8,714		263,604		248,231		83,859		595,694
Deferred income taxes		-		-		-		40,020		5,694		45,714
Other assets		837		1,954		151		9,289		8,526		17,966
Total assets acquired		19,969		40,784		467,588		895,312		207,210		1,570,110

Accounts payable		1,278		1,826		8,998		25,968		7,473		42,439
Accrued wages and employee benefits		264		1,662		2,106		1,354		872		4,332
Other accrued liabilities		236		7,917		1,737		19,898		18,258		39,893
Short-term borrowings		-		-		-		-		800		800
Current portion of long-term borrowings and finance lease obligations		-		-		-		-		233		233
Deferred income taxes		2,007		564		33,957		78,753		19,930		132,640
Other long-term liabilities		57		1,157		90		33,762		9,997		43,849
Long-term debt		-		-		-		-		1,624		1,624
Net assets acquired	$	16,127	$	27,658	$	420,700	$	735,577	$	148,023	$	1,304,300

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

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Net Sales:
As reported	$	4,022,667	$	4,564,737	$	3,737,184
Pro forma		4,022,826		4,600,162		3,933,666

Net income attributable to Generac Holdings Inc.:
As reported	$	214,606	$	399,502	$	550,494
Pro forma (1)		214,343		395,261		461,193

Net income attributable to Generac Holdings Inc. per common share - diluted
As reported	$	3.27	$	5.42	$	8.30
Pro forma		3.27		5.36		6.91

Note 12 - Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	*December 31,*
	*2023*			*2022*
Tranche A Term Loan	$	745,313		$	750,000
Tranche B Term Loan		530,000			530,000
Original issue discount and deferred financing costs		(12,685	)		(16,568	)
Revolver		150,000			90,000
Finance lease obligation		71,308			27,420
Other		9,512			966
Total		1,493,448			1,381,818
Less: current portion of debt		42,110			10,083
Less: current portion of finance lease obligation		3,785			2,650
Total long-term borrowings and finance lease obligations	$	1,447,553		$	1,369,085

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

	*Tranche A Term Loan*		*Tranche B Term Loan*		*Revolver*		*Other*		*Total*
2024	$	32,813	$	-	$	-	$	9,349	$	42,162
2025		46,875		-		-		83		46,958
2026		65,625		530,000		-		26		595,651
2027		600,000		-		150,000		26		750,026
2028		-		-		-		28		28
Total	$	745,313	$	530,000	$	150,000	$	9,512	$	1,434,825

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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+ Details

Note 2 - Summary of Accounting Policies (Details Textual)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 08, 2023

USD ($)

Dec. 01, 2021

USD ($)

Jul. 02, 2021

USD ($)

Mar. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Sep. 30, 2022

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Accounts Receivable, before Allowance for Credit Loss

$ 571,241

Accounts Receivable, Allowance for Credit Loss

$ 27,664

33,925

$ 27,664

$ 12,025

Accounts Receivable, Credit Loss Expense (Reversal)

^[1]

7,443

17,966

Depreciation

62,408

52,821

42,155

Goodwill and Intangible Asset Impairment, Total

Amortization of Financing Costs and Debt Discount Premium

3,885

3,234

2,589

Deferred Costs Amortization Expense, Next Twelve Months

3,923

Deferred Costs Amortization Expense, Year Two

3,919

Deferred Costs Amortization Expense, Year Three

3,819

Deferred Costs Amortization Expense, Year Four

1,028

Deferred Costs Amortization Expense, Year Five

Contract with Customer, Liability

33,551

19,173

33,551

Contract with Customer, Liability, Revenue Recognized

33,551

Advertising Expense

118,303

100,589

66,660

Research and Development Expense

173,443

159,774

104,303

Business Combination, Contingent Consideration, Liability

81,533

38,937

81,533

Payment for Contingent Consideration Liability, Financing Activities

4,979

16,135

3,750

Business Combination, Acquisition Related Costs

460

1,459

$ 21,465

Pramac [Member]

Business Combination, Consideration Transferred, Liabilities Incurred

$ 11,490

ecobee Inc. [Member]

Business Combination, Consideration Transferred, Liabilities Incurred

^[2]

$ 89,400

Payment for Contingent Consideration Liability, Financing Activities

$ 479

542

479

Contingent Consideration, Share Payments, Value

$ 45,000

47,123

44,521

Acquisition of Chilicon [Member]

Business Combination, Consideration Transferred, Liabilities Incurred

^[3]

$ 31,308

Contingent Consideration, Share Payments, Value

4,286

Mean Green [Member]

Payment for Contingent Consideration Liability, Financing Activities

4,500

Other Accrued Liabilities [Member]

Business Combination, Contingent Consideration, Liability

49,500

Other Long-term Liabilities [Member]

Business Combination, Contingent Consideration, Liability

$ 32,033

32,033

Fair Value, Inputs, Level 2 [Member]

Debt Instrument, Fair Value Disclosure

531,325

Term Loan [Member]

Long-Term Debt

$ 524,946

Clean Energy Product [Member]

Accounts Receivable, Credit Loss Expense (Reversal)

$ 17,926

Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member]

Concentration Risk, Percentage

7.00%

11.00%

Revenue Benchmark [Member] | Customer Concentration Risk [Member]

Number of Major Customers

Revenue Benchmark [Member] | Customer Concentration Risk [Member] | No Customer [Member]

Concentration Risk, Percentage

4.00%

6.00%

[1]	Includes a specific credit loss provision of $17,926 recorded during the third quarter of 2022 for a clean energy product customer that filed for bankruptcy.
[2]	he contingent consideration for the period ended June 30, 2022, was paid during the fourth quarter of 2022 in the amount of $47,123 in shares of common stock, or 196,531 shares of common stock, and $542 was paid with cash on hand. Additionally, during the fourth quarter of 2022, the Company entered into a definitive agreement to accelerate the measurement and payment for the remaining contingent consideration period ending June 30, 2023. The parties agreed to a final payment amount of $45,000 issued with 466,188 shares of common stock and $479 of cash. The $45,000 was paid during the first quarter of 2023.
[3]	Payable in common stock issued upon achievement of certain performance targets within 45 calendar days following the conclusion of the earnout period, December 31, 2025.

Note 7 - Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Net Sales by Segment*
	*Year Ended December 31, 2023*
Product Classes	*Domestic*		*International*		*Total*
Residential products	$	1,945,273	$	117,656	$	2,062,929
Commercial & industrial products		916,118		578,681		1,494,799
Other		414,933		50,006		464,939
Total net sales	$	3,276,324	$	746,343	$	4,022,667

	*Year Ended December 31, 2022*
Product Classes	*Domestic*		*International*		*Total*
Residential products	$	2,782,037	$	129,834	$	2,911,871
Commercial & industrial products		746,172		514,565	$	1,260,737
Other		339,657		52,472	$	392,129
Total net sales	$	3,867,866	$	696,871	$	4,564,737

	*Year Ended December 31, 2021*
Product Classes	*Domestic*		*International*		*Total*
Residential products	$	2,366,908	$	89,857	$	2,456,765
Commercial & industrial products		556,520		442,478	$	998,998
Other		240,622		40,799	$	281,421
Total net sales	$	3,164,050	$	573,134	$	3,737,184

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

	*Year Ended December 31, 2023*
	*Domestic*		*International*		*Eliminations*			*Total*
External net sales	$	3,276,324	$	746,343	$	-		$	4,022,667
Intersegment sales		43,937		91,552		(135,489	)		-
Total sales	$	3,320,261	$	837,895	$	(135,489	)	$	4,022,667

	*Year Ended December 31, 2022*
	*Domestic*		*International*		*Eliminations*			*Total*
External net sales	$	3,867,866	$	696,871	$	-		$	4,564,737
Intersegment sales		60,731		93,699		(154,430	)		-
Total sales	$	3,928,597	$	790,570	$	(154,430	)	$	4,564,737

	*Year Ended December 31, 2021*
	*Domestic*		*International*		*Eliminations*			*Total*
External net sales	$	3,164,050	$	573,134	$	-		$	3,737,184
Intersegment sales		39,339		26,123		(65,462	)		-
Total sales	$	3,203,389	$	599,257	$	(65,462	)	$	3,737,184

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

	*Adjusted EBITDA*
	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Domestic	$	523,337		$	716,302		$	795,417
International		114,522			109,065			66,008
Total adjusted EBITDA	$	637,859		$	825,367		$	861,425

Interest expense		(97,627	)		(54,826	)		(32,953	)
Depreciation and amortization		(166,602	)		(156,141	)		(92,041	)
Non-cash write-down and other adjustments (1)		5,953			2,091			3,070
Non-cash share-based compensation expense (2)		(35,492	)		(29,481	)		(23,954	)
Loss on extinguishment of debt (3)		-			(3,743	)		(831	)
Transaction costs and credit facility fees (4)		(4,054	)		(5,026	)		(22,357	)
Business optimization and other charges (5)		(10,551	)		(4,371	)		(33	)
Provision for legal, regulatory, and clean energy product charges (6)		(38,490	)		(65,265	)		-
Other		(696	)		(139	)		(800	)
Income before provision for income taxes	$	290,300		$	508,466		$	691,526

	*Assets*
	*December 31,*
	*2023*		*2022*		*2021*
Domestic	$	3,770,883	$	4,032,086	$	3,742,101
International		1,322,429		1,137,376		1,135,679
Total	$	5,093,312	$	5,169,462	$	4,877,780

	*Depreciation and Amortization*
	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Domestic	$	129,648	$	123,768	$	66,675
International		36,954		32,373		25,366
Total	$	166,602	$	156,141	$	92,041

	*Capital Expenditures*
	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Domestic	$	103,036	$	69,680	$	100,672
International		26,024		16,508		9,320
Total	$	129,060	$	86,188	$	109,992

Note 2 - Summary of Accounting Policies - Property and Equipment Estimated Useful Lives (Details)	Dec. 31, 2023
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 6 - Accumulated Other Comprehensive Loss - Disclosure of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Balance

$ 2,259,255

$ 2,214,087

$ 1,390,204

Current-period comprehensive income (loss)

49,959

(10,347)

(20,501)

Balance

2,343,070

2,259,255

2,214,087

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

Balance

(101,545)

(52,704)

Current-period comprehensive income (loss)

57,963

^[1]

(48,841)

^[2]

Balance

(43,582)

(101,545)

(52,704)

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

Balance

36,443

(2,051)

Current-period comprehensive income (loss)

(8,004)

^[3]

38,494

^[4]

Balance

28,439

36,443

(2,051)

AOCI Attributable to Parent [Member]

Balance

(65,102)

(54,755)

(34,254)

Current-period comprehensive income (loss)

49,959

(10,347)

Balance

$ (15,143)

$ (65,102)

$ (54,755)

[1]	Represents favorable impact from the weakening of the U.S. dollar against foreign currencies during the year ended December 31, 2023, particularly the Euro, British Pound, and Mexican Peso.
[2]	Represents unfavorable impact from the strengthening of the U.S. dollar against foreign currencies during the year ended December 31, 2022, particularly the Euro and British Pound.
[3]	Represents unrealized losses of $10,678 on the interest rate swaps, net of tax effect of $(2,674) for the year ended December 31, 2023.
[4]	Represents unrealized gains of $51,352 on the interest rate swaps, net of tax effect of $(12,858) for the year ended December 31, 2022.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Note 11 - Product Warranty Obligations

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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 of the related product to a customer based on 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,*
	*2023*			*2022*			*2021*
Balance at beginning of period	$	138,011		$	94,213		$	59,218
Product warranty reserve assumed in acquisition		-			-			3,932
Payments		(92,200	)		(77,476	)		(42,682	)
Provision for warranty issued		67,104			80,340			69,280
Changes in estimates for pre-existing warranties (1)		3,493			40,934			4,465
Balance at end of period	$	116,408		$	138,011		$	94,213

(1)	Includes a specific warranty provision recorded during the third quarter of 2022 in the amount of $37,338 to address certain clean energy product related matters.

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,*
	*2023*			*2022*			*2021*
Balance at beginning of period	$	132,813		$	111,647		$	89,788
Deferred revenue contracts issued		48,107			42,869			41,560
Amortization of deferred revenue contracts		(25,050	)		(21,703	)		(19,701	)
Balance at end of period	$	155,870		$	132,813		$	111,647

The timing of recognition of the Company’s deferred revenue balance related to extended warranties at December 31, 2023 is as follows:

2024	$	28,203
2025		30,088
2026		27,407
2027		22,069
After 2027		48,103
Total	$	155,870

The Company has a post-sale extended warranty marketing agreement with a third party, pursuant to which 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. These fees are deferred and recorded as other assets in the consolidated balance sheets, and then amortized to net sales in the consolidated statements of comprehensive income over the same period that the underlying deferred revenue is recognized. Deferred contract costs as of December 31, 2023 and 2022 were $10,153 and $9,199, respectively. Amortization of deferred contract costs recorded during the years ended December 31, 2023, 2022 and 2021 was $2,306, $1,932, and $1,739, respectively.

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

	*December 31,*
	*2023*		*2022*
Product warranty liability
Current portion - Accrued product warranty	$	65,298	$	89,141
Long-term portion - other long-term liabilities		51,110		48,870
Total	$	116,408	$	138,011

Deferred revenue related to extended warranties
Current portion - other accrued liabilities	$	28,203	$	30,291
Long-term portion - Deferred revenue		127,667		102,522
Total	$	155,870	$	132,813

Note 4 - Redeemable Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Redeemable Noncontrolling Interest [Table Text Block]

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Balance at beginning of period	$	110,471		$	58,050		$	66,207
Share of net income (loss)		1,864			7,543			5,574
Foreign currency translation		(549	)		(3,982	)		(3,669	)
Purchase of additional ownership interest		(116,754	)		(375	)		(27,164	)
Redemption value adjustment		11,517			49,235			17,102
Balance at end of period	$	6,549		$	110,471		$	58,050

Note 5 - Derivative Instruments and Hedging Activities (Details Textual) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2017
Derivative, Gain (Loss) on Derivative, Net		$ 0	$ 0	$ 0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax		(8,004)	38,494	20,529
Derivative Assets (Liabilities), Net Fair Value of Derivative Contracts, Excluding Impact of Credit Risk		$ 39,796	$ 51,184
Commodity Contract [Member]
Derivative, Number of Instruments Held		0	0
Commodity Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Cost of Sales [Member]
Derivative, Gain (Loss) on Derivative, Net		$ 0	$ 0	0
Foreign Exchange Contract [Member]
Derivative, Number of Instruments Held		53	34
Interest Rate Swap [Member]
Number of New Contracts Entered	3				20
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax		$ (8,004)	$ 38,494	$ 20,529

Note 11 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties (Details) (Parentheticals)	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue performance period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue performance period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue performance period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue performance period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue performance period (Year)	1 year

Note 8 - Balance Sheet Details

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Supplemental Balance Sheet Disclosures [Text Block]

8.	Balance Sheet Details

Inventories consist of the following:

	*December 31,*
	*2023*		*2022*
Raw material	$	677,428	$	798,340
Work-in-process		10,877		14,899
Finished goods		479,179		592,145
Total	$	1,167,484	$	1,405,384

Property and equipment consists of the following:

	*December 31,*
	*2023*			*2022*
Land and improvements	$	22,556		$	22,589
Buildings and improvements		298,483			243,553
Machinery and equipment		271,879			229,593
Dies and tools		45,998			37,343
Vehicles		11,411			9,807
Office & information technology equipment and internal use software		185,601			148,166
Leasehold improvements		8,772			6,849
Construction in progress		98,083			52,522
Gross property and equipment		942,783			750,422
Accumulated depreciation		(344,206	)		(282,818	)
Total	$	598,577		$	467,604

Total property and equipment included finance leases of $68,079 and $24,719 at December 31, 2023 and 2022, respectively, primarily comprised 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 10 - Leases - Supplement Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Finance lease ROU assets, gross

$ 82,744

$ 35,470

Accumulated depreciation - finance lease ROU assets

(14,665)

(10,751)

Finance lease ROU assets, net

68,079

24,719

Less: current portion of finance lease obligation

3,785

2,650

Finance lease obligation

71,308

27,420

Operating Lease and Other Assets [Member]

Operating lease ROU assets

^[1]

70,937

100,083

Other Accrued Liabilities [Member]

Operating lease liabilities - current

^[2]

29,388

30,330

Operating Lease and Other Long-term Liabilities [Member]

Operating lease liabilities - noncurrent

^[3]

44,760

73,547

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

Total operating lease liabilities

74,148

103,877

Finance Lease and Other Assets [Member]

Finance lease ROU assets, net

^[4]

68,079

24,719

Current Portion of Long-term Borrowings and Finance Lease Obligations [Member]

Less: current portion of finance lease obligation

^[5]

3,785

2,650

Finance Lease and Other Long-term Liabilities [Member]

Finance lease liabilities - noncurrent

^[6]

67,523

24,770

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

Finance lease obligation

$ 71,308

$ 27,420

[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

Note 19 - Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Quarterly Financial Information [Text Block]

19.

Quarterly Financial Information (Unaudited)

	*Quarters Ended 2023*
	Q1		Q2		Q3		Q4
Net sales	$	887,910	$	1,000,420	$	1,070,667	$	1,063,670
Gross profit		272,499		328,421		375,787		388,724
Operating income		44,483		85,972		104,776		150,968
Net income attributable to Generac Holdings Inc.		12,430		45,198		60,377		96,601
Net income attributable to common shareholders per common share - basic:	$	0.06	$	0.70	$	0.98	$	1.59
Net income attributable to common shareholders per common share - diluted:	$	0.05	$	0.70	$	0.97	$	1.57

	*Quarters Ended 2022*
	Q1		Q2		Q3		Q4
Net sales	$	1,135,856	$	1,291,391	$	1,088,258	$	1,049,232
Gross profit		360,748		456,985		361,104		343,167
Operating income		154,735		216,844		87,523		107,228
Net income attributable to Generac Holdings Inc.		113,858		156,359		58,270		71,015
Net income attributable to common shareholders per common share - basic:	$	1.61	$	2.24	$	0.84	$	0.84
Net income attributable to common shareholders per common share - diluted:	$	1.57	$	2.21	$	0.83	$	0.83

Note 6 - Accumulated Other Comprehensive Loss (Details Textual) - Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other Comprehensive Income (Loss), before Reclassifications, before Tax	$ (10,678)	$ 51,352
Other Comprehensive Income (Loss) before Reclassifications, Tax	$ (2,674)	$ (12,858)

Note 10 - Leases (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Lease, Cost [Table Text Block]

	Year Ended December 31,
	2023		2022		2021

Operating lease cost	$	38,980	$	36,292	$	22,432
Finance lease cost:
Amortization of ROU assets		4,142		3,298		3,187
Interest on lease liabilities		2,540		1,945		2,021
Total lease cost	$	45,662	$	41,535	$	27,640

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

	December 31,
	2023			2022
Operating Leases
Operating lease ROU assets (1)	$	70,937		$	100,083

Operating lease liabilities - current (2)	$	29,388		$	30,330
Operating lease liabilities - noncurrent (3)		44,760			73,547
Total operating lease liabilities	$	74,148		$	103,877

Finance Leases
Finance lease ROU assets, gross	$	82,744		$	35,470
Accumulated depreciation - finance lease ROU assets		(14,665	)		(10,751	)
Finance lease ROU assets, net (4)	$	68,079		$	24,719

Finance lease liabilities - current (5)	$	3,785		$	2,650
Finance lease liabilities - noncurrent (6)		67,523			24,770
Total finance lease liabilities	$	71,308		$	27,420

Schedule of Leases Cash Flow Information [Table Text Block]

	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows - operating leases	$	39,073	$	36,020	$	21,250
Operating cash flows - finance leases		2,409		1,919		1,972
Financing cash flows - finance leases		3,618		4,931		4,679

ROU assets obtained in exchange for lease liabilities
Operating leases		17,830		28,766		55,057
Finance leases		47,715		2,874		4,026

Lease, Term and Discount Rate [Table Text Block]

	December 31,
	2023			2022
Weighted average remaining lease term (in years)
Operating Leases		4.55			4.65
Finance Leases		5.34			11.26

Weighted average discount rate
Operating Leases		4.63	%		4.82	%
Finance Leases		6.64	%		7.58	%

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

	*Finance Leases*			*Operating Leases*
2024	$	8,043		$	32,145
2025 (1)		48,297			18,887
2026		4,243			8,278
2027		3,896			7,667
2028		3,472			6,157
After 2028		22,616			12,014
Total minimum lease payments		90,567			85,148
Interest component		(19,259	)		(11,000	)
Present value of minimum lease payments	$	71,308		$	74,148

Note 17 - Share Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	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)	$ 119.31	$ 282.2	$ 335.7
Proceeds from Stock Options Exercised	$ 7,815	$ 13,786	$ 38,787
Payment, Tax Withholding, Share-Based Payment Arrangement	$ 10,897	$ 40,923	$ 58,903
Board of Directors Chairman [Member]
Deferred Compensation Arrangement with Individual, Shares Issued (in shares)	16,174	8,572	4,677
Deferred Compensation Arrangement with Individual, Shares Granted (in shares)	8,832	5,008	3,160
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 1,846	$ 1,886	$ 1,579
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense	$ 8,229	$ 6,911	$ 6,462
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)	31,030	17,376	8,608
Proceeds from Stock Options Exercised	$ 7,815	$ 13,786	$ 38,787
Payment, Tax Withholding, Share-Based Payment Arrangement	4,895	$ 14,089	$ 31,680
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 18,109
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 7 months 6 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)	50,577	92,008	80,583
Payment, Tax Withholding, Share-Based Payment Arrangement	$ 6,002	$ 26,834	$ 27,223
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 53,392
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years
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	$ 27,263	$ 22,570	$ 17,492
Minimum [Member]
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 110.86	$ 103.5	$ 323.66
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)	$ 119.57	$ 315.88	$ 438.83
Performance Share Award, Percentage	200.00%
Equity Incentive Plan (Plan) [Member]
Share-Based Payment Arrangement, Expense	$ 309	$ 2,379	$ 6,249
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	$ 35,183	$ 27,102	$ 17,705

Note 20 - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Valuation and Qualifying Accounts [Table Text Block]

	*Balance at Beginning of Year*		*Additions Charged to Earnings*		*Charges to Reserve, Net (1)*			*Reserves Established for Acquisitions*			*Balance at End of Year*
Year ended December 31, 2023
Allowance for credit losses	$	27,664	$	7,443	$	(1,206	)	$	24		$	33,925
Reserves for inventory		39,714		4,621		(5,308	)		-			39,027
Valuation of deferred tax assets		4,638		516		(18	)		-			5,136

Year ended December 31, 2022
Allowance for credit losses	$	12,025	$	17,966	$	(2,825	)	$	498		$	27,664
Reserves for inventory		33,537		9,656		(4,737	)		1,258			39,714
Valuation of deferred tax assets		7,874		649		(1,501	)		(2,384	)		4,638

Year ended December 31, 2021
Allowance for credit losses	$	12,001	$	206	$	(1,640	)	$	1,458		$	12,025
Reserves for inventory		27,817		17,698		(15,749	)		3,771			33,537
Valuation of deferred tax assets		5,740		1,404		(2,441	)		3,171			7,874

Note 11 - Product Warranty Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Balance at beginning of period	$	138,011		$	94,213		$	59,218
Product warranty reserve assumed in acquisition		-			-			3,932
Payments		(92,200	)		(77,476	)		(42,682	)
Provision for warranty issued		67,104			80,340			69,280
Changes in estimates for pre-existing warranties (1)		3,493			40,934			4,465
Balance at end of period	$	116,408		$	138,011		$	94,213

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Balance at beginning of period	$	132,813		$	111,647		$	89,788
Deferred revenue contracts issued		48,107			42,869			41,560
Amortization of deferred revenue contracts		(25,050	)		(21,703	)		(19,701	)
Balance at end of period	$	155,870		$	132,813		$	111,647

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

2024	$	28,203
2025		30,088
2026		27,407
2027		22,069
After 2027		48,103
Total	$	155,870

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

	*December 31,*
	*2023*		*2022*
Product warranty liability
Current portion - Accrued product warranty	$	65,298	$	89,141
Long-term portion - other long-term liabilities		51,110		48,870
Total	$	116,408	$	138,011

Deferred revenue related to extended warranties
Current portion - other accrued liabilities	$	28,203	$	30,291
Long-term portion - Deferred revenue		127,667		102,522
Total	$	155,870	$	132,813

Note 10 - Leases - Weighted Average Remaining Lease Term and Discount Rate Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Operating Leases (Year)	4 years 6 months 18 days	4 years 7 months 24 days
Finance Leases (Year)	5 years 4 months 2 days	11 years 3 months 3 days
Operating Leases	4.63%	4.82%
Finance Leases	6.64%	7.58%

Note 12 - Credit Agreements - Long-term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Original issue discount and deferred financing costs	$ (12,685)	$ (16,568)
Finance lease obligation	71,308	27,420
Other	9,512	966
Total	1,493,448	1,381,818
Less: current portion of debt	42,110	10,083
Less: current portion of finance lease obligation	3,785	2,650
Total long-term borrowings and finance lease obligations	1,447,553	1,369,085
Revolving Credit Facility [Member]
Line of credit	150,000	90,000
Tranche A Term Loan Facility [Member]
Term Loan	745,313	750,000
Tranche B Term Loan Facility [Member]
Term Loan	$ 530,000	$ 530,000

Note 8 - Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Raw material	$ 677,428	$ 798,340
Work-in-process	10,877	14,899
Finished goods	479,179	592,145
Total	$ 1,167,484	$ 1,405,384

Note 6 - Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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, 2023 and 2022, net of tax:

	*Foreign Currency Translation Adjustments*				*Unrealized Gain (Loss) on Cash Flow Hedges*				*Total*
Beginning Balance – January 1, 2023	$	(101,545	)		$	36,443			$	(65,102	)
Current-period comprehensive income (loss)		57,963		(1)		(8,004	)	(2)		49,959
Ending Balance – December 31, 2023	$	(43,582	)		$	28,439			$	(15,143	)

	*Foreign Currency Translation Adjustments*				*Unrealized Gain (Loss) on Cash Flow Hedges*				*Total*
Beginning Balance – January 1, 2022	$	(52,704	)		$	(2,051	)		$	(54,755	)
Current-period comprehensive income (loss)		(48,841	)	(3)		38,494		(4)		(10,347	)
Ending Balance – December 31, 2022	$	(101,545	)		$	36,443			$	(65,102	)

	(1)	Represents favorable impact from the weakening of the U.S. dollar against foreign currencies during the year ended December 31, 2023, particularly the Euro, British Pound, and Mexican Peso.
	(2)	Represents unrealized losses of $10,678 on the interest rate swaps, net of tax effect of $(2,674) for the year ended December 31, 2023.
	(3)	Represents unfavorable impact from the strengthening of the U.S. dollar against foreign currencies during the year ended December 31, 2022, particularly the Euro and British Pound.

(4)

Represents unrealized gains of $51,352 on the interest rate swaps, net of tax effect of $(12,858) for the year ended December 31, 2022.

Note 17 - Share Plans - Summary of Restricted Share Awards Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-vested (in shares)	378,298	365,965	456,194
Non-vested (in dollars per share)	$ 203.04	$ 124.25	$ 68.42
Granted (in shares)	425,099	287,821	126,339
Granted (in dollars per share)	$ 117.62	$ 214.58	$ 223.09
Vested (in shares)	(133,222)	(234,284)	(202,327)
Vested (in dollars per share)	$ 175.94	$ 83.52	$ 58.99
Forfeited (in shares)	(44,789)	(41,204)	(14,241)
Forfeited (in dollars per share)	$ 213.8	$ 263.47	$ 138.64
Non-vested (in shares)	625,386	378,298	365,965

Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Income Tax Assets, Net	$ 15,532	$ 12,746
Deferred Income Tax Liabilities, Net	90,012	125,691
Vauation Allowances and Reserves Adjustments	498
Tax Credit Carryforward, Amount	218,432
Tax Credit Carryforward State Manufacturing	29,196
Unrecognized Tax Benefits, Interest on Income Taxes Expense	532	161
Unrecognized Tax Benefits, Income Tax Penalties Expense	$ 1,275	$ 422

Note 14 - Earnings Per Share

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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, as well as the satisfaction of certain contingent acquisition consideration conditions as of the end of the period. Refer to Note 4, “Redeemable Noncontrolling Interest,” to the consolidated financial statements for further information regarding the accounting for redeemable noncontrolling interests within earnings per share.

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Numerator
Net income attributable to Generac Holdings Inc.	$	214,606		$	399,502		$	550,494
Redeemable noncontrolling interest redemption value adjustment		(11,517	)		(49,235	)		(17,102	)
Net income attributable to common shareholders	$	203,089		$	350,267		$	533,392

Denominator
Weighted average shares, basic		61,265,060			63,117,007			62,686,001
Dilutive effect of stock compensation awards (1)		793,327			1,087,219			1,534,603
Dilutive effect of contingently issued shares		-			477,131			32,804
Diluted shares		62,058,387			64,681,357			64,253,408

Net income attributable to common shareholders per share
Basic	$	3.31		$	5.55		$	8.51
Diluted	$	3.27		$	5.42		$	8.30

(1)

For the years ended December 31, 2023, and December 31, 2022, excludes approximately 348,000 and 76,000 stock options and restricted stock awards, respectively, as the impact of such awards was anti-dilutive. There were no awards with an anti-dilutive impact for the year ended December 31, 2021.

Note 20 - Valuation and Qualifying Accounts - Schedule of Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

SEC Schedule, 12-09, Allowance, Credit Loss [Member]

Beginning

$ 27,664

$ 12,025

$ 12,001

Additions Charged to Earnings

7,443

17,966

206

Allowance for credit losses

^[1]

(1,206)

(2,825)

(1,640)

Charges to Reserve, Net

^[2]

498

1,458

Reserves Assumed in Acquisition

33,925

27,664

12,025

SEC Schedule, 12-09, Reserve, Inventory [Member]

Beginning

39,714

33,537

27,817

Additions Charged to Earnings

4,621

9,656

17,698

Allowance for credit losses

^[1]

(5,308)

(4,737)

(15,749)

Charges to Reserve, Net

^[2]

1,258

3,771

Reserves Assumed in Acquisition

39,027

39,714

33,537

SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]

Beginning

4,638

7,874

5,740

Additions Charged to Earnings

516

649

1,404

Allowance for credit losses

^[1]

(18)

(1,501)

(2,441)

Charges to Reserve, Net

^[2]

(2,384)

3,171

Reserves Assumed in Acquisition

$ 5,136

$ 4,638

$ 7,874

[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 16 - Benefit Plans

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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 $26,090, $31,180, and $24,189 for the years ended December 31, 2023, 2022 and 2021, respectively.

Employees of the Company’s foreign subsidiaries participate in government sponsored medical benefit plans and other local 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 $3,735, $4,141, and $6,725 of expense related to these plans for the years ended December 31, 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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Reference 3: 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 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Note 15 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Unrecognized tax benefit, beginning of period	$ 8,895	$ 8,647
Increase in unrecognized tax benefit for positions taken in prior period	3,081	97
Increase in unrecognized tax benefit for positions taken in current period	1,122	975
Statute of limitation expirations	(3,395)	(824)
Settlements	0	0
Unrecognized tax benefit, end of period	$ 9,703	$ 8,895

Note 10 - Leases - Leases Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating lease cost	$ 38,980	$ 36,292	$ 22,432
Amortization of ROU assets	4,142	3,298	3,187
Interest on lease liabilities	2,540	1,945	2,021
Total lease cost	$ 45,662	$ 41,535	$ 27,640

Note 11 - Product Warranty Obligations - Reconciliation of Product Warranty Liability (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Balance at beginning of period

$ 138,011

$ 94,213

$ 59,218

Product warranty reserve assumed in acquisition

3,932

Payments

(92,200)

(77,476)

(42,682)

Provision for warranty issued

67,104

80,340

69,280

Changes in estimates for pre-existing warranties (1)

^[1]

3,493

40,934

4,465

Balance at end of period

116,408

138,011

94,213

Balance at beginning of period

132,813

111,647

89,788

Deferred revenue contracts issued

48,107

42,869

41,560

Amortization of deferred revenue contracts

(25,050)

(21,703)

(19,701)

Balance at end of period

$ 155,870

$ 132,813

$ 111,647

[1]	Includes a specific warranty provision recorded during the third quarter of 2022 in the amount of $37,338 to address certain clean energy product related matters.

Note 17 - Share Plans (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	Year Ended December 31,
	2023			2022			2021
Weighted average grant date fair value per share	$	57.73		$	129.38		$	129.47

Assumptions:
Expected stock price volatility		45	%		38	%		37	%
Risk free interest rate		3.64	%		1.54	%		0.45	%
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, 2020		1,528,690			49.08		6.3	$	272,553
Granted		70,392			335.70
Exercised		(229,921	)		45.95
Forfeited		(27,030	)		63.27
Outstanding as of December 31, 2021		1,342,131			64.29		5.5	$	386,069

Granted		109,266			282.20
Exercised		(137,305	)		36.91
Forfeited		(45,688	)		194.05
Outstanding as of December 31, 2022		1,268,404			81.35		4.9	$	47,764

Granted		208,392			119.31
Exercised		(159,316	)		42.46
Forfeited		(33,144	)		185.81
Outstanding as of December 31, 2023		1,284,336			89.64		5.0	$	75,587

Exercisable as of December 31, 2023		961,340			63.08		3.8	$	72,609

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

	*Shares*			*Weighted-Average Grant-Date Fair Value*
Non-vested as of December 31, 2020		456,194		$	68.42
Granted		126,339			223.09
Vested		(202,327	)		58.99
Forfeited		(14,241	)		138.64
Non-vested as of December 31, 2021		365,965			124.25

Granted		287,821		$	214.58
Vested		(234,284	)		83.52
Forfeited		(41,204	)		263.47
Non-vested as of December 31, 2022		378,298			203.04

Granted		425,099		$	117.62
Vested		(133,222	)		175.94
Forfeited		(44,789	)		213.80
Non-vested as of December 31, 2023		625,386			153.01

Note 4 - Redeemable Noncontrolling Interest

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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 sheets, as the noncontrolling interest holder had within its control the right to require the Company to redeem its interest in Pramac. In May 2021, the Company exercised its call option rights and paid a purchase price of $27,164 to purchase an additional 15% ownership interest in Pramac, bringing the Company's total ownership interest in Pramac to 80%. On March 8, 2023, the Company and the noncontrolling interest holder entered into an agreement whereby the Company acquired the remaining 20% ownership interest in Pramac for a purchase price of $116,754, which brought the Company's total ownership interest in Pramac to 100%. The purchase price included $105,264 of initial consideration (which included a cash payment of $104,844 and a $420 gain on a foreign currency settlement in the first quarter of 2023) and $11,490 of contingent deferred consideration to be paid in up to 135,205 restricted shares that were issued based on the twenty day volume weighted average price of the Company’s stock ending on December 31, 2022, and which shall vest upon achievement of certain earnings targets at the end of the earn-out period, December 31, 2025.

On February 1, 2019, the Company acquired a 51% ownership interest in Captiva Energy Solutions Private Limited (Captiva). The 49% noncontrolling interest in Captiva had an acquisition date fair value of $3,165 and was recorded as a redeemable noncontrolling interest in the consolidated balance sheets, 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. 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 put and call option price is based on a multiple of earnings, subject to the terms of the acquisition agreement. In March 2022, the Company signed an agreement to purchase an additional 15% ownership interest in Captiva for a purchase price of $461, bringing the Company's total ownership interest in Captiva to 66%. In May 2022, the Company signed an amendment to the purchase agreement resulting in a revised purchase price of $375, which was paid with cash on hand.

The redeemable noncontrolling interests are 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 for both Captiva and Pramac:

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Balance at beginning of period	$	110,471		$	58,050		$	66,207
Share of net income (loss)		1,864			7,543			5,574
Foreign currency translation		(549	)		(3,982	)		(3,669	)
Purchase of additional ownership interest		(116,754	)		(375	)		(27,164	)
Redemption value adjustment		11,517			49,235			17,102
Balance at end of period	$	6,549		$	110,471		$	58,050

Note 3 - Acquisitions - Preliminary Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 01, 2021
Goodwill	$ 1,432,384	$ 1,400,880	$ 1,409,674
The 2023 Acquistions [Member]
Accounts receivable	347
Inventories	1,239
Prepaid expenses and other current assets	166
Property and equipment	5,843
Intangible assets	6,174
Goodwill	5,363
Deferred income taxes	0
Other assets	837
Total assets acquired	19,969
Accounts payable	1,278
Accrued wages and employee benefits	264
Other accrued liabilities	236
Short-term borrowings	0
Current portion of long-term borrowings and finance lease obligations	0
Deferred income taxes liability	2,007
Other long-term liabilities	57
Long-term debt	0
Net assets acquired	$ 16,127
The 2022 Acquisitions [Member]
Accounts receivable		11,965
Inventories		2,955
Prepaid expenses and other current assets		4,456
Property and equipment		708
Intangible assets		10,032
Goodwill		8,714
Deferred income taxes		0
Other assets		1,954
Total assets acquired		40,784
Accounts payable		1,826
Accrued wages and employee benefits		1,662
Other accrued liabilities		7,917
Short-term borrowings		0
Current portion of long-term borrowings and finance lease obligations		0
Deferred income taxes liability		564
Other long-term liabilities		1,157
Long-term debt		0
Net assets acquired		$ 27,658
Acquisition of Deep Sea [Member]
Accounts receivable			9,574
Inventories			9,970
Prepaid expenses and other current assets			1,181
Property and equipment			8,838
Intangible assets			174,270
Goodwill			263,604	$ 263,604
Deferred income taxes			0
Other assets			151
Total assets acquired			467,588
Accounts payable			8,998
Accrued wages and employee benefits			2,106
Other accrued liabilities			1,737
Short-term borrowings			0
Current portion of long-term borrowings and finance lease obligations			0
Deferred income taxes liability			33,957
Other long-term liabilities			90
Long-term debt			0
Net assets acquired			420,700
ecobee Inc. [Member]
Accounts receivable			23,337
Inventories			7,258
Prepaid expenses and other current assets			5,689
Property and equipment			3,588
Intangible assets			557,900
Goodwill			248,231
Deferred income taxes			40,020
Other assets			9,289
Total assets acquired			895,312
Accounts payable			25,968
Accrued wages and employee benefits			1,354
Other accrued liabilities			19,898
Short-term borrowings			0
Current portion of long-term borrowings and finance lease obligations			0
Deferred income taxes liability			78,753
Other long-term liabilities			33,762
Long-term debt			0
Net assets acquired			735,577
All Other 2021 Acquisitions [Member]
Accounts receivable			13,852
Inventories			7,034
Prepaid expenses and other current assets			6,594
Property and equipment			480
Intangible assets			81,171
Goodwill			83,859
Deferred income taxes			5,694
Other assets			8,526
Total assets acquired			207,210
Accounts payable			7,473
Accrued wages and employee benefits			872
Other accrued liabilities			18,258
Short-term borrowings			800
Current portion of long-term borrowings and finance lease obligations			233
Deferred income taxes liability			19,930
Other long-term liabilities			9,997
Long-term debt			1,624
Net assets acquired			148,023
The 2021 Acquisitions [Member]
Accounts receivable			46,763
Inventories			24,262
Prepaid expenses and other current assets			13,464
Property and equipment			12,906
Intangible assets			813,341
Goodwill			595,694
Deferred income taxes			45,714
Other assets			17,966
Total assets acquired			1,570,110
Accounts payable			42,439
Accrued wages and employee benefits			4,332
Other accrued liabilities			39,893
Short-term borrowings			800
Current portion of long-term borrowings and finance lease obligations			233
Deferred income taxes liability			132,640
Other long-term liabilities			43,849
Long-term debt			1,624
Net assets acquired			$ 1,304,300

Note 6 - Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	*Foreign Currency Translation Adjustments*				*Unrealized Gain (Loss) on Cash Flow Hedges*				*Total*
Beginning Balance – January 1, 2023	$	(101,545	)		$	36,443			$	(65,102	)
Current-period comprehensive income (loss)		57,963		(1)		(8,004	)	(2)		49,959
Ending Balance – December 31, 2023	$	(43,582	)		$	28,439			$	(15,143	)

	*Foreign Currency Translation Adjustments*				*Unrealized Gain (Loss) on Cash Flow Hedges*				*Total*
Beginning Balance – January 1, 2022	$	(52,704	)		$	(2,051	)		$	(54,755	)
Current-period comprehensive income (loss)		(48,841	)	(3)		38,494		(4)		(10,347	)
Ending Balance – December 31, 2022	$	(101,545	)		$	36,443			$	(65,102	)

Note 7 - Segment Reporting (Details Textual)
$ in Thousands

3 Months Ended

12 Months Ended

Jan. 01, 2022

Sep. 30, 2022

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Number of Reportable Segments

Provision for Product Charges

^[1]

$ (38,490)

$ (65,265)

$ 0

Accounts Receivable, Credit Loss Expense (Reversal)

^[2]

$ 7,443

$ 17,966

Standard Product Warranty Accrual, Warranty Provision

$ 37,338

Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED STATES

Concentration Risk, Percentage

80.00%

77.00%

82.00%

Geographic Concentration Risk [Member] | Long-lived Assets [Member] | UNITED STATES

Concentration Risk, Percentage

74.00%

77.00%

Patents and Securites [Member]

Provision for Product Charges

$ 28,340

Product [Member]

Provision for Product Charges

5,800

$ 10,000

Clean Energy Product [Member]

Provision for Product Charges

$ 4,350

Accounts Receivable, Credit Loss Expense (Reversal)

$ 17,926

17,926

Standard Product Warranty Accrual, Warranty Provision

$ 37,338

[1]

Represents the following significant and unusual charges not indicative of our ongoing operations: • a provision for judgments and legal expenses related to certain patent and securities lawsuits - $28,340 in 2023. • a provision for a matter with the CPSC concerning the imposition of civil fines for allegedly failing to timely submit a report under the CPSA in relation to certain portable generators that were subject to a voluntary recall previously announced on July 29, 2021 - $5,800 in 2023; $10,000 in 2022. • a bad debt provision and additional customer support costs for a clean energy product customer that filed for bankruptcy in 2022 – $4,350 additional customer support costs in 2023; $17,926 bad debt provision 2022. • a warranty provision to address certain clean energy product warranty-related matters - $37,338 in 2022.

[2]

Includes a specific credit loss provision of $17,926 recorded during the third quarter of 2022 for a clean energy product customer that filed for bankruptcy.

Note 14 - Earnings Per Share (Details Textual) - shares	12 Months Ended
Note 14 - Earnings Per Share (Details Textual) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	348,000	76,000	0

Note 13 - Stock Repurchase Programs

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Treasury Stock [Text Block]

13.

Stock Repurchase Programs

In September 2020, the Company’s Board of Directors approved a $250,000 stock repurchase program, which was exhausted in the third quarter of 2022. In July 2022, the Company's Board of Directors approved another stock repurchase program, which commenced on August 5, 2022, and allowed for the repurchase of up to $500,000 of the Company's common stock over a 24-month period. Additionally, on February 12, 2024, the Company’s Board of Directors approved a new stock repurchase program that allows for the repurchase of up to $500,000 of the Company’s common stock over the next twenty-four months. The new program replaces the prior share repurchase program, which had approximately $26,297 remaining available for repurchase when the new program was approved. Pursuant to the approved program, 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 in compliance with the terms of the Company's credit agreements. 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 year ended December 31, 2023, the Company repurchased2,188,475 shares of its common stock for $251,513. During the year ended December 31, 2022, the Company repurchased 2,722,007 shares of its common stock for $345,840. During the year ended December 31, 2021, the Company repurchased 350,000 shares of its common stock for $125,992. Since the inception of all stock repurchase programs (starting in August 2015), the Company has repurchased 13,937,188 shares of the Company's common stock for $1,028,892 (at an average cost per share of $73.82). We have periodically reissued shares out of Treasury stock, including for earnout payments.

Note 5 - Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	December 31,
	2023		2022
Foreign currency contracts	$	(147)	$	94
Interest rate swaps		38,601		49,279