0001437749-24-015075 | 10-Q | XBRL Viewer

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 Reportable Segment*
	*Three Months Ended March 31, 2024*
Product Classes	*Domestic*		*International*		*Total*
Residential products	$	412,153	$	16,797	$	428,950
Commercial & industrial products		206,493		147,477		353,970
Other		93,691		12,662		106,353
Total net sales	$	712,337	$	176,936	$	889,273

	*Net Sales by Reportable Segment*
	*Three Months Ended March 31, 2023*
Product Classes	*Domestic*		*International*		*Total*
Residential products	$	381,151	$	37,712	$	418,863
Commercial & industrial products		228,123		134,867		362,990
Other		95,112		10,945		106,057
Total net sales	$	704,386	$	183,524	$	887,910

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 table sets forth total sales by reportable segment and is inclusive of intersegment sales:

	*Three Months Ended March 31, 2024*									*Three Months Ended March 31, 2023*
	*Domestic*		*International*		*Eliminations*			*Total*		*Domestic*		*International*		*Eliminations*			*Total*
External net sales	$	712,337	$	176,936	$	-		$	889,273	$	704,386	$	183,524	$	-		$	887,910
Intersegment sales		8,136		9,772		(17,908	)		-		15,607		32,942		(48,549	)		-
Total sales	$	720,473	$	186,708	$	(17,908	)	$	889,273	$	719,993	$	216,466	$	(48,549	)	$	887,910

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 by Reportable Segment*
	*Three Months Ended March 31,*
	*2024*			*2023*
Domestic	$	99,175		$	67,662
International		28,058			32,413
Total Adjusted EBITDA	$	127,233		$	100,075

Interest expense		(23,605	)		(22,995	)
Depreciation and amortization		(41,902	)		(39,951	)
Non-cash write-down and other adjustments (1)		(510	)		3,160
Non-cash share-based compensation expense (2)		(12,440	)		(10,334	)
Transaction costs and credit facility fees (3)		(1,425	)		(1,091	)
Business optimization and other charges (4)		(486	)		(1,100	)
Provision for regulatory, legal, and clean energy product charges (5)		(2,535	)		(5,800	)
Change in fair value of investment (6)		(6,019	)		-
Other		200			46
Income before provision for income taxes	$	38,511		$	22,010

(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 transaction costs incurred directly in connection with any investment, as defined in our credit agreement, equity issuance or debt issuance or refinancing, together with certain fees relating to our senior secured credit facilities, such as administrative agent fees and credit facility commitment fees under our Amended Credit Agreement, which we believe to be akin to, or associated with, interest expense and whose inclusion in Adjusted EBITDA is therefore similar to the inclusion of interest expense in that calculation.
	(4)	Represents severance and other restructuring charges related to the consolidation of certain operating facilities and organizational functions.
	(5)	Represents the following significant and unusual charges not indicative of our ongoing operations: • A provision for judgments and legal expenses related to certain patent lawsuits - $2,170 in 2024. • Additional customer support costs related to a clean energy product customer that filed for bankruptcy in 2022 – $365 in 2024. • A provision for a matter with the Consumer Product Safety Commission ("CPSC") concerning the imposition of civil fines for allegedly failing to timely submit a report under the Consumer Product Safety Act ("CPSA") in relation to certain portable generators that were subject to a voluntary recall previously announced on July 29, 2021 - $5,800 in the first quarter 2023.
	(6)	Represents non-cash gains and losses from changes in the fair value of the Company's investment in warrants and equity securities of Wallbox N.V.

The Company’s sales in the U.S. represented approximately 76% and 75% of total sales for the three months ended March 31, 2024 and 2023, respectively. Approximately 74% of the Company’s identifiable long-lived assets were located in the U.S. on March 31, 2024 and December 31, 2023.

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.

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Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Other Long-term Liabilities [Member]
Business Combination, Contingent Consideration, Liability	$ 39,082		$ 38,937
Fair Value, Inputs, Level 3 [Member] \| Stock Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 6
Fair Value, Inputs, Level 1 [Member] \| Equity Securities [Member]
Investment Owned, Balance, Shares (in shares)	9,836,066
Fair Value, Inputs, Level 1 [Member] \| Equity Securities [Member] \| Operating Lease and Other Assets [Member]
Long-Term Investments	$ 13,967	$ 17,213
Tranche B Term Loan Facility [Member]
Long-Term Debt	525,361
Tranche B Term Loan Facility [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Instrument, Fair Value Disclosure	528,675
Tranche A Term Loan Facility [Member]
Long-Term Debt	738,246
Tranche A Term Loan Facility [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Instrument, Fair Value Disclosure	$ 736,922

Note 13 - Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Text Block]

13. 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 3, “Redeemable Noncontrolling Interest,” to the condensed 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:

	*Three Months Ended March 31,*
	*2024*			*2023*
Numerator
Net income attributable to Generac Holdings Inc.	$	26,232		$	12,430
Redeemable noncontrolling interest redemption value adjustment		(2,686	)		(9,016	)
Net income attributable to common shareholders	$	23,546		$	3,414

Denominator
Weighted average shares, basic		59,849,362			61,556,044
Dilutive effect of stock compensation awards (1)		636,763			738,403
Diluted shares		60,486,125			62,294,447

Net income attributable to common shareholders per share
Basic	$	0.39		$	0.06
Diluted	$	0.39		$	0.05

(1) Excludes approximately 427,000 and 411,000 stock options and restricted stock awards for the three months ended March 31, 2024 and 2023, respectively, because they would be anti-dilutive.

Note 8 - Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Inventory, Current [Table Text Block]

	*March 31,*		*December 31,*
	*2024*		*2023*
Raw material	$	683,145	$	677,428
Work-in-process		7,609		10,877
Finished goods		491,596		479,179
Total	$	1,182,350	$	1,167,484

Property, Plant and Equipment [Table Text Block]

	*March 31,*			*December 31,*
	*2024*			*2023*
Land and improvements	$	24,549		$	22,556
Buildings and improvements		316,350			298,483
Machinery and equipment		271,215			271,879
Dies and tools		45,722			45,998
Vehicles		11,960			11,411
Office & information technology equipment and internal use software		185,323			185,601
Leasehold improvements		8,957			8,772
Construction in progress		85,831			98,083
Gross property and equipment		949,907			942,783
Accumulated depreciation		(344,441	)		(344,206	)
Total	$	605,466		$	598,577

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

USD ($)

Mar. 31, 2023

USD ($)

Dec. 31, 2023

Number of Reportable Segments

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

^[1]

$ (2,535)

$ (5,800)

Concentration Risk, Percentage

76.00%

75.00%

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

Concentration Risk, Percentage

74.00%

Patents and Securites [Member]

Clean Energy Product [Member]

$ 2,170

365

Product [Member]

$ 5,800

[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 lawsuits - $2,170 in 2024. • Additional customer support costs related to a clean energy product customer that filed for bankruptcy in 2022 – $365 in 2024. • A provision for a matter with the Consumer Product Safety Commission ("CPSC") concerning the imposition of civil fines for allegedly failing to timely submit a report under the Consumer Product Safety Act ("CPSA") in relation to certain portable generators that were subject to a voluntary recall previously announced on July 29, 2021 - $5,800 in the first quarter 2023.

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for doubtful accounts	$ 34,594	$ 33,925
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)	73,492,146	73,195,055
Treasury stock, shares (in shares)	13,087,185	13,057,298

Note 4 - Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

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

	March 31, 2024		December 31, 2023
Foreign currency contracts	$	(13)	$	(147	)
Interest rate swaps		41,245		38,601
Stock warrants		10,014		14,862

Note 5 - Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Text Block]

5. Fair Value Measurements

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 $525,361, was $528,675 (Level 2) on March 31, 2024. The fair value of the Term Loan A borrowing, which has a net carrying value of $738,246, was $736,922 (Level 2) on March 31, 2024. These fair values were calculated based on independent valuations which contain inputs and significant value drivers that are observable. The fair value of the Revolving Facility approximates the carrying value.

For the fair value of the derivatives measured on a recurring basis, refer to the fair value table in Note 4, “Derivative Instruments and Hedging Activities,” to the condensed consolidated financial statements. The fair value of our interest rate swaps and commodity and foreign currency derivative contracts are classified as Level 2. The valuation techniques used to measure the fair value of these 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 the derivative contracts above considers the Company’s credit risk in accordance with ASC 820-10. The fair value of the Wallbox N.V. stock warrants is classified as Level 3. The fair value of these contracts is measured using a Black Scholes option pricing model, with significant inputs derived from or corroborated by observable market data as well as internal estimates, specifically the time period until exercise. The warrants expire at the earlier of when the price per share equals or exceeds $6.00 or in 2029. The time period until exercise assumption has a significant impact on the fair value of the warrants.

Equity Securities

Equity securities consist of shares of Wallbox N.V. Class A common stock. The Company owned 9,836,066 Wallbox Shares as of March 31, 2024. The Wallbox Shares are classified as Level 1 in the fair value hierarchy and are recognized at fair value using the most recent closing price of Wallbox N.V. common stock quoted on the New York Stock Exchange ("NYSE"). The Wallbox Shares are included in operating lease and other assets in the condensed consolidated balance sheets. The fair value of the Wallbox Shares was $13,967 and $17,213 as of March 31, 2024, and December 31, 2023, respectively.

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 March 31, 2024, and December 31, 2023, was $39,082 and $38,937, respectively, and was reported in other long-term liabilities in the condensed consolidated balance sheets. The contingent consideration for Chilicon extends through December 31, 2028, while 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, 2024	$	38,937
Changes in fair value		-
Present value interest accretion		145
Ending balance, March 31, 2024	$	39,082

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Note 15 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Text Block]

15. 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 on March 31, 2024, and December 31, 2023, was approximately $153.5 million and $158.0 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 $25,000 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. Department of Justice ("DOJ"). The subpoena requests similar documents and information provided by the Company to the U.S. Environmental Protection Agency ("EPA") and the California Air Resource Board ("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 $15,800. 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.

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 $11,500. ecobee filed motions for judgment as a matter of law and intends to appeal any adverse judgment. In the first quarter of 2024, the Company recorded an additional reserve of $1,826 for estimated prejudgment interest.

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. After a court granted Generac Power’s motion to compel arbitration, Spartronics filed a demand for arbitration of its claims. Generac Power denies the allegations in the complaints, including that Generac Power is responsible for Spartronics purchasing practices, 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 Company plans to move for dismissal of the recently filed amended complaint, disputes the allegations, 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.

It is presently unlikely that any legal, regulatory or other 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 11 - Credit Agreements (Tables)

3 Months Ended

Mar. 31, 2024

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

	*March 31,*			*December 31,*
	*2024*			*2023*
Tranche A Term Loan	$	740,625		$	745,313
Tranche B Term Loan		530,000			530,000
Original issue discount and deferred financing costs		(11,710	)		(12,685	)
Revolver		150,000			150,000
Finance lease obligation		72,543			71,308
Other		1,716			9,512
Total		1,483,174			1,493,448
Less: current portion of debt		39,030			42,110
Less: current portion of finance lease obligation		4,408			3,785
Total	$	1,439,736		$	1,447,553

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

	*Tranche A Term Loan*		*Tranche B Term Loan*		*Revolving Facility*		*Total*
2024	$	28,125	$	-	$	-	$	28,125
2025		46,875		-		-		46,875
2026		65,625		530,000		-		595,625
2027		600,000		-		150,000		750,000
Total	$	740,625	$	530,000	$	150,000	$	1,420,625

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

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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Note 11 - Credit Agreements - Long-term Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Original issue discount and deferred financing costs	$ (11,710)	$ (12,685)
Finance lease obligation	72,543	71,308
Other	1,716	9,512
Total	1,483,174	1,493,448
Less: current portion of debt	39,030	42,110
Less: current portion of finance lease obligation	4,408	3,785
Total	1,439,736	1,447,553
Revolving Credit Facility [Member]
Line of credit	150,000	150,000
Tranche A Term Loan Facility [Member]
Term Loan	740,625	745,313
Tranche B Term Loan Facility [Member]
Term Loan	$ 530,000	$ 530,000

Note 3 - Redeemable Noncontrolling Interest

3 Months Ended

Mar. 31, 2024

Redeemable Noncontrolling Interest [Text Block]

3. 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. On April 5, 2024, the Company acquired the remaining 34% ownership interest in Captiva for $9,117.

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 13, “Earnings Per Share,” to the condensed consolidated financial statements. The following table presents the changes in the redeemable noncontrolling interest for both Captiva and Pramac:

	*Three Months Ended March 31,*
	*2024*			*2023*
Balance at beginning of period	$	6,549		$	110,471
Net income		58			1,448
Foreign currency translation		(176	)		(367	)
Purchase of additional ownership interest		-			(116,754	)
Redemption value adjustment		2,686			9,016
Balance at end of period	$	9,117		$	3,814

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Operating activities

Net income

$ 26,478

$ 14,161

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation

17,152

14,128

Amortization of intangible assets

24,750

25,823

Amortization of original issue discount and deferred financing costs

973

954

Change in fair value of investment

6,019

Deferred income taxes

(5,405)

(10,712)

Share-based compensation expense

^[1]

12,440

10,334

(Gain) loss on disposal of assets

(52)

Other noncash charges

1,410

(160)

Excess tax expense (benefits) from equity awards

1,009

(998)

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

Accounts receivable

13,664

33,925

Inventories

(18,109)

(23,820)

Other assets

(920)

(5,576)

Accounts payable

44,682

(24,488)

Accrued wages and employee benefits

(8,512)

1,630

Other accrued liabilities

(3,681)

(53,790)

Net cash provided by (used in) operating activities

111,898

(18,559)

Investing activities

Proceeds from sale of property and equipment

Proceeds from beneficial interests in securitization transactions

795

Contribution to tax equity investment

(1,629)

Net proceeds from (purchase of) long-term investment

1,761

(2,000)

Expenditures for property and equipment

(26,820)

(23,977)

Acquisition of business, net of cash acquired

(16,188)

Net cash used in investing activities

(26,637)

(41,286)

Financing activities

Proceeds from short-term borrowings

8,970

19,515

Proceeds from long-term borrowings

471

267,869

Repayments of short-term borrowings

(18,489)

(5,080)

Repayments of long-term borrowings and finance lease obligations

(7,030)

(113,573)

Payment of contingent acquisition consideration

(479)

Payment of deferred acquisition consideration

(6,000)

Payment for additional ownership interest

(9,117)

(104,844)

Taxes paid related to equity awards

(5,455)

(4,710)

Proceeds from exercise of stock options

319

4,975

Net cash (used in) provided by financing activities

(36,331)

63,673

Effect of exchange rate changes on cash and cash equivalents

(569)

814

Net increase in cash and cash equivalents

48,361

4,642

Cash and cash equivalents at beginning of period

200,994

132,723

Cash and cash equivalents at end of period

$ 249,355

$ 137,365

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

Note 3 - Redeemable Noncontrolling Interest (Details Textual) - USD ($) shares in Thousands, $ in Thousands				1 Months Ended			3 Months Ended
	Apr. 05, 2024	Mar. 08, 2023	Feb. 01, 2019	May 31, 2022	Mar. 31, 2022	May 31, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 01, 2016
Payments for Repurchase of Redeemable Noncontrolling Interest							$ 9,117	$ 104,844
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		$ 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
Captiva Energy Solutions [Member] \| Subsequent Event [Member]
Business Acquisition, Percentage of Voting Interests Acquired	34.00%
Payments for Repurchase of Redeemable Noncontrolling Interest	$ 9,117

Note 13 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Net income attributable to Generac Holdings Inc.

$ 26,232

$ 12,430

Redeemable noncontrolling interest redemption value adjustment

(2,686)

(9,016)

Net income attributable to common shareholders

$ 23,546

$ 3,414

Weighted average shares, basic (in shares)

59,849,362

61,556,044

Dilutive effect of stock compensation awards (in shares)

^[1]

636,763

738,403

Diluted shares (in shares)

60,486,125

62,294,447

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

$ 0.39

$ 0.06

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

$ 0.39

$ 0.05

[1]	Excludes approximately 427,000 and 411,000 stock options and restricted stock awards for the three months ended March 31, 2024 and 2023, respectively, because they would be anti-dilutive.

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

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.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 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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Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 249,355	$ 200,994
Accounts receivable, less allowance for credit losses of $34,594 and $33,925 at March 31, 2024 and December 31, 2023, respectively	520,725	537,316
Inventories	1,182,350	1,167,484
Prepaid expenses and other current assets	101,483	91,898
Total current assets	2,053,913	1,997,692
Property and equipment, net	605,466	598,577
Customer lists, net	175,632	184,513
Patents and technology, net	407,928	417,441
Other intangible assets, net	23,956	27,127
Tradenames, net	214,136	216,995
Goodwill	1,429,495	1,432,384
Deferred income taxes	16,035	15,532
Operating lease and other assets	202,959	203,051
Total assets	5,129,520	5,093,312
Current liabilities:
Short-term borrowings	78,086	81,769
Accounts payable	381,352	340,719
Accrued wages and employee benefits	46,198	54,970
Accrued product warranty	61,801	65,298
Other accrued liabilities	287,026	292,120
Current portion of long-term borrowings and finance lease obligations	43,438	45,895
Total current liabilities	897,901	880,771
Long-term borrowings and finance lease obligations	1,439,736	1,447,553
Deferred income taxes	84,923	90,012
Deferred revenue	172,500	167,008
Operating lease and other long-term liabilities	155,031	158,349
Total liabilities	2,750,091	2,743,693
Redeemable noncontrolling interests	9,117	6,549
Stockholders’ equity:
Common stock, par value $0.01, 500,000,000 shares authorized, 73,492,146 and 73,195,055 shares issued at March 31, 2024 and December 31, 2023, respectively	735	733
Additional paid-in capital	1,081,985	1,070,386
Treasury stock, at cost, 13,087,185 and 13,057,298 shares at March 31, 2024 and December 31, 2023, respectively	(1,037,227)	(1,032,921)
Excess purchase price over predecessor basis	(202,116)	(202,116)
Retained earnings	2,542,859	2,519,313
Accumulated other comprehensive loss	(18,832)	(15,143)
Stockholders’ equity attributable to Generac Holdings Inc.	2,367,404	2,340,252
Noncontrolling interests	2,908	2,818
Total stockholders' equity	2,370,312	2,343,070
Total liabilities and stockholders’ equity	$ 5,129,520	$ 5,093,312

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net sales	$ 889,273	$ 887,910
Costs of goods sold	572,894	615,411
Gross profit	316,379	272,499
Operating expenses:
Selling and service	108,586	100,688
Research and development	49,410	41,820
General and administrative	66,764	59,685
Amortization of intangibles	24,750	25,823
Total operating expenses	249,510	228,016
Income from operations	66,869	44,483
Other (expense) income:
Interest expense	(23,605)	(22,995)
Investment income	1,688	688
Change in fair value of investment	(6,019)	0
Other, net	(422)	(166)
Total other expense, net	(28,358)	(22,473)
Income before provision for income taxes	38,511	22,010
Provision for income taxes	12,033	7,849
Net income	26,478	14,161
Net income attributable to noncontrolling interests	246	1,731
Net income attributable to Generac Holdings Inc.	$ 26,232	$ 12,430
Net income attributable to Generac Holdings Inc. per common share - basic: (in dollars per share)	$ 0.39	$ 0.06
Weighted average common shares outstanding - basic: (in shares)	59,849,362	61,556,044
Net income attributable to Generac Holdings Inc. per common share - diluted: (in dollars per share)	$ 0.39	$ 0.05
Weighted average common shares outstanding - diluted: (in shares)	60,486,125	62,294,447
Comprehensive income attributable to Generac Holdings Inc.	$ 22,564	$ 35,362

Note 9 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties (Details) (Parentheticals)	Mar. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue performance period (Year)	9 months
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue performance period (Year)	1 year

Note 12 - Stock Repurchase Program

3 Months Ended

Mar. 31, 2024

Treasury Stock [Text Block]

12. Stock Repurchase Program

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 24 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.

There were no share repurchases during the three months ended March 31, 2024 and 2023. Since the inception of all stock repurchase programs (starting in August 2015), the Company has repurchased 13,937,188 shares of common stock for $1,028,892 (at an average cost per share of $73.82). The Company has periodically reissued shares out of Treasury stock, including for earnout payments.

Note 9 - Product Warranty Obligations - Deferred Product Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Current portion - accrued product warranty	$ 61,801	$ 65,298
Long-term portion - other long-term liabilities	49,325	51,110
Total	111,126	116,408	$ 128,599	$ 138,011
Current portion - other accrued liabilities	29,750	28,203
Long-term portion - deferred revenue	134,043	127,667
Total	$ 163,793	$ 155,870	$ 136,685	$ 132,813

Note 2 - Acquisitions

3 Months Ended

Mar. 31, 2024

Business Combination Disclosure [Text Block]

2. 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 for REFUstor was finalized in the first quarter of 2024 and did not result in material adjustments to the Company's preliminary estimates. The accompanying condensed consolidated financial statements include the results of REFUstor from the date of acquisition through March 31, 2024. Pro forma and other financial information are not presented as the effects of the REFUstor acquisition are not material to the Company's results of operations or financial position prior to the acquisition date.

Note 7 - Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

Disaggregation of Revenue [Table Text Block]

	*Net Sales by Reportable Segment*
	*Three Months Ended March 31, 2024*
Product Classes	*Domestic*		*International*		*Total*
Residential products	$	412,153	$	16,797	$	428,950
Commercial & industrial products		206,493		147,477		353,970
Other		93,691		12,662		106,353
Total net sales	$	712,337	$	176,936	$	889,273

	*Net Sales by Reportable Segment*
	*Three Months Ended March 31, 2023*
Product Classes	*Domestic*		*International*		*Total*
Residential products	$	381,151	$	37,712	$	418,863
Commercial & industrial products		228,123		134,867		362,990
Other		95,112		10,945		106,057
Total net sales	$	704,386	$	183,524	$	887,910

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

	*Three Months Ended March 31, 2024*									*Three Months Ended March 31, 2023*
	*Domestic*		*International*		*Eliminations*			*Total*		*Domestic*		*International*		*Eliminations*			*Total*
External net sales	$	712,337	$	176,936	$	-		$	889,273	$	704,386	$	183,524	$	-		$	887,910
Intersegment sales		8,136		9,772		(17,908	)		-		15,607		32,942		(48,549	)		-
Total sales	$	720,473	$	186,708	$	(17,908	)	$	889,273	$	719,993	$	216,466	$	(48,549	)	$	887,910

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

	*Adjusted EBITDA by Reportable Segment*
	*Three Months Ended March 31,*
	*2024*			*2023*
Domestic	$	99,175		$	67,662
International		28,058			32,413
Total Adjusted EBITDA	$	127,233		$	100,075

Interest expense		(23,605	)		(22,995	)
Depreciation and amortization		(41,902	)		(39,951	)
Non-cash write-down and other adjustments (1)		(510	)		3,160
Non-cash share-based compensation expense (2)		(12,440	)		(10,334	)
Transaction costs and credit facility fees (3)		(1,425	)		(1,091	)
Business optimization and other charges (4)		(486	)		(1,100	)
Provision for regulatory, legal, and clean energy product charges (5)		(2,535	)		(5,800	)
Change in fair value of investment (6)		(6,019	)		-
Other		200			46
Income before provision for income taxes	$	38,511		$	22,010

Note 11 - Credit Agreements

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Text Block]

11. Credit Agreements

Short-term borrowings included in the condensed consolidated balance sheets as of March 31, 2024, and December 31, 2023, consisted of borrowings by the Company’s foreign subsidiaries on local lines of credit totaling $78,086 and $81,769, respectively.

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

	*March 31,*			*December 31,*
	*2024*			*2023*
Tranche A Term Loan	$	740,625		$	745,313
Tranche B Term Loan		530,000			530,000
Original issue discount and deferred financing costs		(11,710	)		(12,685	)
Revolver		150,000			150,000
Finance lease obligation		72,543			71,308
Other		1,716			9,512
Total		1,483,174			1,493,448
Less: current portion of debt		39,030			42,110
Less: current portion of finance lease obligation		4,408			3,785
Total	$	1,439,736		$	1,447,553

Maturities of the Company's Tranche A Term Loan Facility, Tranche B Term Loan Facility, and Revolving Facility outstanding on March 31, 2024, are as follows:

	*Tranche A Term Loan*		*Tranche B Term Loan*		*Revolving Facility*		*Total*
2024	$	28,125	$	-	$	-	$	28,125
2025		46,875		-		-		46,875
2026		65,625		530,000		-		595,625
2027		600,000		-		150,000		750,000
Total	$	740,625	$	530,000	$	150,000	$	1,420,625

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 March 31, 2024, was 7.18%.

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 March 31, 2024, the Company’s net secured leverage ratio was 1.87 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.

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 March 31, 2024, the interest rate for the Tranche A Term Loan Facility and Revolving Facility was 6.93%.

The Tranche A Term Loan Facility and the Revolving Facility contain 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 March 31, 2024, the Company’s total leverage ratio was 1.99 to 1.00, and the Company's interest coverage ratio was 7.39 to 1.00. The Company was also in compliance with all other covenants of the Amended Credit Agreement as of March 31, 2024.

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 March 31, 2024, there was $150,000 outstanding under the Revolving Facility, leaving $1,099,203 of unused capacity, net of outstanding letters of credit.

See Note 4, "Derivative Instruments and Hedging Activities" and Item 7A of the Annual Report on Form 10-K for further information on interest rate swaps that are currently outstanding and partially offset the above interest rate expense.

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.

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Note 5 - Fair Value Measurements - Reconciliation of Contingent Consideration (Details) - Contingent Consideration Liability [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Balance	$ 38,937
Changes in fair value	0
Present value interest accretion	145
Balance	$ 39,082

Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Oct. 05, 2023	May 03, 2023	Aug. 01, 2022	Mar. 31, 2024	Dec. 31, 2023
Amount Financed by Dealers				$ 153,500	$ 158,000
Consumer Product Safety Commission [Member]
Settlement Agreement, Civil Fine Payments		$ 15,800
Power Home Solar, LLC Against Generac Power Systems, Inc. [Member] \| Maximum [Member]
Loss Contingency, Damages Sought, Value			$ 25,000
Case No. 22-cv-00072-JRG [Member]
Litigation Settlement, Amount Awarded to Other Party	$ 11,500
Case No. 22-cv-00072-JRG [Member] \| Estimated Prejudgment Interest [Member]
Loss Contingency Accrual				$ 1,826

Note 9 - Product Warranty Obligations (Details Textual)	3 Months Ended
Note 9 - Product Warranty Obligations (Details Textual)	Mar. 31, 2024
Minimum [Member]
Extended Warranty Term (Year)	5 years
Maximum [Member]
Extended Warranty Term (Year)	10 years

Note 6 - Accumulated Other Comprehensive Loss (Details Textual) - Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Comprehensive Income (Loss), before Reclassifications, before Tax	$ 2,644	$ (5,988)
Other Comprehensive Income (Loss) before Reclassifications, Tax	$ (662)	$ 1,500

Note 13 - Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

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

	*Three Months Ended March 31,*
	*2024*			*2023*
Numerator
Net income attributable to Generac Holdings Inc.	$	26,232		$	12,430
Redeemable noncontrolling interest redemption value adjustment		(2,686	)		(9,016	)
Net income attributable to common shareholders	$	23,546		$	3,414

Denominator
Weighted average shares, basic		59,849,362			61,556,044
Dilutive effect of stock compensation awards (1)		636,763			738,403
Diluted shares		60,486,125			62,294,447

Net income attributable to common shareholders per share
Basic	$	0.39		$	0.06
Diluted	$	0.39		$	0.05

Note 5 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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

Beginning balance, January 1, 2024	$	38,937
Changes in fair value		-
Present value interest accretion		145
Ending balance, March 31, 2024	$	39,082

Note 8 - Balance Sheet Details - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property and equipment, gross	$ 949,907	$ 942,783
Accumulated depreciation	(344,441)	(344,206)
Total	605,466	598,577
Land and Land Improvements [Member]
Property and equipment, gross	24,549	22,556
Building and Building Improvements [Member]
Property and equipment, gross	316,350	298,483
Machinery and Equipment [Member]
Property and equipment, gross	271,215	271,879
Dies and Tools [Member]
Property and equipment, gross	45,722	45,998
Vehicles [Member]
Property and equipment, gross	11,960	11,411
Office Equipment [Member]
Property and equipment, gross	185,323	185,601
Leasehold Improvements [Member]
Property and equipment, gross	8,957	8,772
Construction in Progress [Member]
Property and equipment, gross	$ 85,831	$ 98,083

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

$ 2,343,070

$ 2,259,255

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

2,370,312

2,341,379

(43,582)

(101,545)

^[1]

(5,671)

(49,253)

(74,298)

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

^[2]

27,247

28,439

36,443

^[3]

1,982

30,421

31,955

AOCI Attributable to Parent [Member]

^[4]

(4,488)

(15,143)

(65,102)

(3,689)

$ (18,832)

(42,343)

$ 22,759

[1]	Represents unfavorable impact from the strengthening of the U.S. dollar against foreign currencies during the three months ended March 31, 2024.
[2]	Represents favorable impact from the weakening of the U.S. dollar against foreign currencies during the three months ended March 31, 2023, particularly the Euro and British Pound.
[3]	Represents unrealized gains of $2,644 on the interest rate swaps, net of tax effect of $(662) for the three months ended March 31, 2024.
[4]	Represents unrealized losses of $(5,988) on the interest rate swaps, net of tax effect of $1,500 for the three months ended March 31, 2023.

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

+ References + Details

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

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

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Note 8 - Balance Sheet Details

3 Months Ended

Mar. 31, 2024

Supplemental Balance Sheet Disclosures [Text Block]

8. Balance Sheet Details

Inventories consist of the following:

	*March 31,*		*December 31,*
	*2024*		*2023*
Raw material	$	683,145	$	677,428
Work-in-process		7,609		10,877
Finished goods		491,596		479,179
Total	$	1,182,350	$	1,167,484

Property and equipment consists of the following:

	*March 31,*			*December 31,*
	*2024*			*2023*
Land and improvements	$	24,549		$	22,556
Buildings and improvements		316,350			298,483
Machinery and equipment		271,215			271,879
Dies and tools		45,722			45,998
Vehicles		11,960			11,411
Office & information technology equipment and internal use software		185,323			185,601
Leasehold improvements		8,957			8,772
Construction in progress		85,831			98,083
Gross property and equipment		949,907			942,783
Accumulated depreciation		(344,441	)		(344,206	)
Total	$	605,466		$	598,577

Total property and equipment includes finance leases of $68,535 and $68,079 on March 31, 2024 and December 31, 2023, respectively, primarily consisting of buildings and improvements. Amortization of finance lease right of use assets is recorded within depreciation expense in the condensed 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 condensed consolidated statements of cash flows.

Note 4 - Derivative Instruments and Hedging Activities (Details Textual) $ in Thousands	1 Months Ended	3 Months Ended			12 Months Ended
	Mar. 31, 2020	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2017
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax		$ 1,982		$ (4,488)
Gain (Loss) on Investments		(6,019)		0
Derivative Assets (Liabilities), Net Fair Value of Derivative Contracts, Excluding Impact of Credit Risk		$ 52,576	$ 55,042
Wallbox N.V. [Member]
Payments to Acquire Investments			$ 30,000
Investment Owned, Net Assets, Percentage			5.00%
Gain (Loss) on Investments			$ (6,019)
Wallbox N.V. [Member] \| Option to Purchase Additional Interest [Member]
Investment Owned, Net Assets, Percentage			5.00%
Commodity Contract [Member]
Derivative, Number of Instruments Held, Total		0
Interest Rate Swap [Member]
Number of New Contracts Entered	3				20
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax		$ 1,982		$ (4,488)
Stock Warrants [Member] \| Wallbox N.V. [Member]
Unrealized Gain (Loss) on Derivatives		$ (4,849)

Note 13 - Earnings Per Share (Details Textual) - shares	3 Months Ended
Note 13 - Earnings Per Share (Details Textual) - shares	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	427,000	411,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information During the three months ended March 31, 2024, no director or officer of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 7 - Segment Reporting - Net Sales by Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net sales	$ 889,273	$ 887,910
Residential Power Products [Member]
Net sales	428,950	418,863
Commercial and Industrial Power Products [Member]
Net sales	353,970	362,990
Other Products and Services [Member]
Net sales	106,353	106,057
Domestic [Member]
Net sales	712,337	704,386
Domestic [Member] \| Residential Power Products [Member]
Net sales	412,153	381,151
Domestic [Member] \| Commercial and Industrial Power Products [Member]
Net sales	206,493	228,123
Domestic [Member] \| Other Products and Services [Member]
Net sales	93,691	95,112
International [Member]
Net sales	176,936	183,524
International [Member] \| Residential Power Products [Member]
Net sales	16,797	37,712
International [Member] \| Commercial and Industrial Power Products [Member]
Net sales	147,477	134,867
International [Member] \| Other Products and Services [Member]
Net sales	$ 12,662	$ 10,945

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Note 4 - Derivative Instruments and Hedging Activities - Fair Value of Derivatives (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Foreign Exchange Contract [Member]
Fair Value of Derivatives	$ (13)	$ (147)
Interest Rate Swap [Member]
Fair Value of Derivatives	41,245	38,601
Stock Warrants [Member]
Fair Value of Derivatives	$ 10,014	$ 14,862

Note 1 - Description of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Business Description and Basis of Presentation [Text Block]

1. Description of Business and Basis of Presentation

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 and services 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 (as discussed in Item 1 of the Annual Report on Form 10-K for the year ended December 31, 2023). A summary of acquisitions affecting the reporting periods presented include:

●

In February 2023, the Company acquired REFU Storage Systems ("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 condensed consolidated financial statements include the accounts of the Company and its subsidiaries that are consolidated in conformity with U.S. generally accepted accounting principles ("GAAP"). All intercompany amounts and transactions have been eliminated in consolidation.

The condensed consolidated balance sheet as of March 31, 2024, the condensed consolidated statements of comprehensive income for the three months ended March 31, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 have been prepared by the Company and have not been audited. In the opinion of management, all adjustments (which include only normal recurring adjustments except where disclosed) necessary for the fair presentation of the financial position, results of operation, and cash flows have been made. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.

The preparation of the condensed consolidated financial statements in conformity with 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 condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023.

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 March 2024, the SEC adopted a final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize climate-related disclosures. The rule will require companies to disclose material Scope 1 and Scope 2 greenhouse gas emissions; climate-related risks, governance, and oversight; and the financial effects of severe weather events and other natural conditions. These disclosures will begin to be phased in beginning with our annual report for the year ending December 31, 2025. While this rule has been stayed pending the outcome of legal challenges, we are currently assessing the impact of adoption on the Company's consolidated financial statements and related disclosures in the event the stay is lifted.

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. We are evaluating the impact of the new required disclosures but do not expect the adoption of ASU 2023-09 will have a material impact on the Company's consolidated financial statements.

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. We are evaluating the impact of the new required disclosures but do not expect the adoption of ASU 2023-07 will have a material impact on the Company's consolidated financial statements.

There have been no other recent accounting pronouncements, changes in accounting pronouncements or recently adopted accounting guidance during the first quarter of 2024 that are of significance or potential significance to the Company's consolidated financial statements or disclosures.

Note 9 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue performance obligation	$ 163,793

Note 11 - Credit Agreements - Maturities of Long-term Borrowings Outstanding (Details) $ in Thousands	Mar. 31, 2024 USD ($)
2024	$ 28,125
2025	46,875
2026	595,625
2027	750,000
Total	1,420,625
Tranche A Term Loan Facility [Member]
2024	28,125
2025	46,875
2026	65,625
2027	600,000
Total	740,625
Tranche B Term Loan Facility [Member]
2024	0
2025	0
2026	530,000
2027	0
Total	530,000
ABL Revolving Credit Facility [Member]
2024	0
2025	0
2026	0
2027	150,000
Total	$ 150,000

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent [Member]
Unrealized gain (loss) on interest rate swaps, tax	$ 662	$ 1,500

Note 9 - Product Warranty Obligations - Reconciliation of Product Warranty Liability (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Balance at beginning of period

$ 116,408

$ 138,011

Payments

(21,347)

(26,152)

Provision for warranty issued

15,304

15,865

Changes in estimates for pre-existing warranties

^[1]

761

875

Balance at end of period

111,126

128,599

Balance at beginning of period

155,870

132,813

Deferred revenue contracts issued

14,784

9,726

Amortization of deferred revenue contracts

(6,861)

(5,854)

Balance at end of period

$ 163,793

$ 136,685

[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 3 - Redeemable Noncontrolling Interest (Tables)

3 Months Ended

Mar. 31, 2024

Redeemable Noncontrolling Interest [Table Text Block]

	*Three Months Ended March 31,*
	*2024*			*2023*
Balance at beginning of period	$	6,549		$	110,471
Net income		58			1,448
Foreign currency translation		(176	)		(367	)
Purchase of additional ownership interest		-			(116,754	)
Redemption value adjustment		2,686			9,016
Balance at end of period	$	9,117		$	3,814

Note 12 - Stock Repurchase Program (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		24 Months Ended	104 Months Ended
	Sep. 30, 2020	Mar. 31, 2024	Mar. 31, 2023	Feb. 12, 2024	Mar. 31, 2024	Aug. 05, 2022
Stock Repurchase Program, Authorized Amount	$ 250,000			$ 500,000		$ 500,000
Stock Repurchase Program, Period in Force (Year)	24 years			24 months
Stock Repurchase Program, Remaining Authorized Repurchase Amount				$ 26,297
Stock Repurchase Program [Member] \| Treasury Stock, Common [Member]
Treasury Stock, Shares, Acquired (in shares)		0	0		13,937,188
Treasury Stock, Value, Acquired, Cost Method					$ 1,028,892
Shares Acquired, Average Cost Per Share (in dollars per share)					$ 73.82

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 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
Unrealized gain (loss) on interest rate swaps, net of tax						(4,488)	(4,488)		(4,488)
Foreign currency translation adjustment						27,247	27,247	60	27,307
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares)	340,560
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price	$ 3	904					907		907
Net share settlement of restricted stock awards (in shares)			(36,971)
Net share settlement of restricted stock awards			$ (4,438)				(4,438)		(4,438)
Share-based compensation		10,334					10,334		10,334
Redemption value adjustment					(9,016)		(9,016)		(9,016)
Net income attributable to Generac Holdings Inc.					12,430		12,430		12,430
Net income								282
Net income									12,712
Balance (in shares) at Mar. 31, 2023	73,052,760		(10,855,203)
Balance at Mar. 31, 2023	$ 731	1,042,786	$ (779,533)	(202,116)	2,319,638	(42,343)	2,339,163	2,216	2,341,379
Payment of contingent consideration (in shares)	10,943		466,118
Payment of contingent consideration		15,410	$ 33,396				48,806		48,806
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
Unrealized gain (loss) on interest rate swaps, net of tax						1,982	1,982		1,982
Foreign currency translation adjustment						(5,671)	(5,671)	(87)	(5,758)
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares)	297,091
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price	$ 2	(841)					(839)		(839)
Net share settlement of restricted stock awards (in shares)			(38,304)
Net share settlement of restricted stock awards			$ (4,306)				(4,306)		(4,306)
Share-based compensation		12,440					12,440		12,440
Redemption value adjustment					(2,686)		(2,686)		(2,686)
Net income attributable to Generac Holdings Inc.					26,232		26,232		26,232
Net income								177
Net income									26,409
Balance (in shares) at Mar. 31, 2024	73,492,146		(13,087,185)
Balance at Mar. 31, 2024	$ 735	$ 1,081,985	$ (1,037,227)	$ (202,116)	$ 2,542,859	$ (18,832)	$ 2,367,404	$ 2,908	$ 2,370,312

Note 7 - Segment Reporting - Total Sales by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total sales	$ 889,273	$ 887,910
External Net Sales [Member]
Total sales	889,273	887,910
Intersegment Sales [Member]
Total sales	0	0
Intersegment Eliminations [Member]
Total sales	(17,908)	(48,549)
Intersegment Eliminations [Member] \| External Net Sales [Member]
Total sales	0	0
Intersegment Eliminations [Member] \| Intersegment Sales [Member]
Total sales	(17,908)	(48,549)
Domestic [Member]
Total sales	712,337	704,386
Domestic [Member] \| Operating Segments [Member]
Total sales	720,473	719,993
Domestic [Member] \| Operating Segments [Member] \| External Net Sales [Member]
Total sales	712,337	704,386
Domestic [Member] \| Operating Segments [Member] \| Intersegment Sales [Member]
Total sales	8,136	15,607
International [Member]
Total sales	176,936	183,524
International [Member] \| Operating Segments [Member]
Total sales	186,708	216,466
International [Member] \| Operating Segments [Member] \| External Net Sales [Member]
Total sales	176,936	183,524
International [Member] \| Operating Segments [Member] \| Intersegment Sales [Member]
Total sales	$ 9,772	$ 32,942

Note 4 - Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Text Block]

4. 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 condensed 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.

The Company periodically utilizes commodity derivatives and foreign currency forward purchase and sales contracts in the normal course of business. Because these contracts do not qualify for hedge accounting, the related gains and losses are recorded in the Company’s condensed consolidated statements of comprehensive income. The commodity and foreign currency forward contract gains and losses are not material to the Company’s condensed consolidated financial statements for the periods presented.

Additionally, during the fourth quarter of 2023, the Company acquired stock warrants described in more detail below.

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 March 31, 2024.

In June 2022, in conjunction with the amendments to the Company's credit agreements discussed further in Note 11, “Credit Agreements,” to the condensed 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 condensed consolidated balance sheets.

The amount of gains/(losses), net of tax recognized, for the three months ended March 31, 2024 and 2023 were $1,982 and $(4,488), 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.

Stock Warrants

During the fourth quarter of 2023, the Company entered into a $30,000 agreement with Wallbox N.V. to purchase 5% of its Class A common stock ("Wallbox Shares") and acquire stock warrants, which provide the option to purchase an additional 5% of the Class A common stock outstanding of Wallbox N.V. at a fixed price during a stated period. In accordance with GAAP, the Company is required to adjust the carrying value of these investments to market value on a quarterly basis. As a result of the decrease in the stock price of Wallbox N.V. during the quarter, the Company recognized a loss of $6,019 on the Wallbox Shares and stock warrants during the period.

The loss specifically ascribed to the warrant derivative instruments, for the three months ended March 31, 2024, was $4,849.

Fair Value

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

	March 31, 2024		December 31, 2023
Foreign currency contracts	$	(13)	$	(147	)
Interest rate swaps		41,245		38,601
Stock warrants		10,014		14,862

In the condensed consolidated balance sheets, the fair value of the foreign currency contracts is included in prepaid expenses and other current assets as well as other accrued liabilities at both March 31, 2024, and December 31, 2023. The fair value of the interest rate swaps and stock warrants is included in operating lease and other assets at both March 31, 2024, and December 31, 2023. Excluding the impact of credit risk, the fair value of the derivative contracts as of March 31, 2024 and December 31, 2023 is an asset of $52,576 and $55,042, respectively, which represents the amount the Company would receive to exit all of the agreements on those dates.

Note 9 - Product Warranty Obligations

3 Months Ended

Mar. 31, 2024

Product Warranty Disclosure [Text Block]

9. 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:

	*Three Months Ended March 31,*
	*2024*			*2023*
Balance at beginning of period	$	116,408		$	138,011
Payments		(21,347	)		(26,152	)
Provision for warranty issued		15,304			15,865
Changes in estimates for pre-existing warranties		761			875
Balance at end of period	$	111,126		$	128,599

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:

	*Three Months Ended March 31,*
	*2024*			*2023*
Balance at beginning of period	$	155,870		$	132,813
Deferred revenue contracts issued		14,784			9,726
Amortization of deferred revenue contracts		(6,861	)		(5,854	)
Balance at end of period	$	163,793		$	136,685

The timing of recognition of the Company’s deferred revenue balance related to extended warranties as of March 31, 2024 is as follows:

Remainder of 2024	$	22,014
2025		31,430
2026		29,697
2027		24,251
2028		18,247
After 2028		38,154
Total	$	163,793

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

	*March 31,*		*December 31,*
	*2024*		*2023*
Product warranty liability
Current portion - accrued product warranty	$	61,801	$	65,298
Long-term portion - other long-term liabilities		49,325		51,110
Total	$	111,126	$	116,408

Deferred revenue related to extended warranties
Current portion - other accrued liabilities	$	29,750	$	28,203
Long-term portion - deferred revenue		134,043		127,667
Total	$	163,793	$	155,870

Note 8 - Balance Sheet Details (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 68,535	$ 68,079

Note 8 - Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Raw material	$ 683,145	$ 677,428
Work-in-process	7,609	10,877
Finished goods	491,596	479,179
Total	$ 1,182,350	$ 1,167,484

Note 11 - 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	Mar. 31, 2024	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2023
Short-Term Debt				$ 78,086			$ 81,769
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 1,250,000		$ 1,250,000
Covenant Maximum Total Leverage Ratio						3.75
Covenant Minimum Interest Coverage Ratio						3
Total Leverage Ratio				1.99
Interest Coverage Ratio				7.39
Debt Issuance Costs, Net, Total			10,330		10,330
Debt Instrument, Fee Amount			800		800
Long-Term Line of Credit				$ 150,000
Line of Credit Facility, Remaining Borrowing Capacity				$ 1,099,203
ABL Revolving Credit Facility [Member]
Write off of Deferred Debt Issuance Cost			197
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				7.18%
Repayments of Long-Term Debt, Total			250,000
Gain (Loss) on Extinguishment of Debt, Total					(3,546)
Long-Term Debt, Maturity Date		Dec. 13, 2026
Tranche B Term Loan Facility [Member] \| Maximum [Member]
Threshold for Secured Leverage Ratio Excess Cash Flow Payment Requirement				3.75
Secured Leverage Ratio				1.87
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%
Tranche A Term Loan Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 750,000		$ 750,000
Tranche A Term Loan Facility and Revolving Credit Facility [Member]
Debt Instrument, SOFR Floor	0.00%
Debt Instrument, Interest Rate, Effective Percentage				6.93%
Long-Term Debt, Maturity Date			Jun. 29, 2027		Jun. 29, 2027
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%

Note 6 - Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024	$	(43,582	)		$	28,439		$	(15,143	)
Other comprehensive income (loss)		(5,671	)	(1)		1,982	(2)		(3,689	)
Ending Balance – March 31, 2024	$	(49,253	)		$	30,421		$	(18,832	)

	*Foreign Currency Translation Adjustments*				*Unrealized Gain (Loss) on Cash Flow Hedges*				*Total*
Beginning Balance – January 1, 2023	$	(101,545	)		$	36,443			$	(65,102	)
Other comprehensive income (loss)		27,247		(3)		(4,488	)	(4)		22,759
Ending Balance – March 31, 2023	$	(74,298	)		$	31,955			$	(42,343	)

Note 9 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties 2 (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue performance obligation	$ 163,793
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue performance obligation	22,014
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue performance obligation	31,430
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue performance obligation	29,697
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue performance obligation	24,251
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue performance obligation	18,247
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue performance obligation	$ 38,154

Note 14 - Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Text Block]

14. Income Taxes

The effective income tax rates for the three months ended March 31, 2024 and 2023 were 31.2% and 35.7%, respectively. The decrease in the effective tax rate was primarily driven by increased year-over-year pre-tax book income, which reduced the impact of certain discrete tax items in the current year.

The entire disclosure for income tax.

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Depreciation and amortization

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Total adjusted EBITDA

$ 127,233

$ 100,075

Interest expense

(23,605)

(22,995)

(41,902)

(39,951)

Non-cash write-down and other adjustments

^[1]

(510)

3,160

Non-cash share-based compensation expense

^[2]

(12,440)

(10,334)

Transaction costs and credit facility fees

^[3]

(1,425)

(1,091)

Business optimization and other charges

^[4]

(486)

(1,100)

Provision for regulatory, legal, and clean energy product charges (5)

^[5]

(2,535)

(5,800)

Change in fair value of investment (6)

^[6]

(6,019)

Other

200

Income before provision for income taxes

38,511

22,010

Domestic [Member]

Total adjusted EBITDA

99,175

67,662

International [Member]

Total adjusted EBITDA

$ 28,058

$ 32,413

[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 transaction costs incurred directly in connection with any investment, as defined in our credit agreement, equity issuance or debt issuance or refinancing, together with certain fees relating to our senior secured credit facilities, such as administrative agent fees and credit facility commitment fees under our Amended Credit Agreement, which we believe to be akin to, or associated with, interest expense and whose inclusion in Adjusted EBITDA is therefore similar to the inclusion of interest expense in that calculation.
[4]	Represents severance and other restructuring charges related to the consolidation of certain operating facilities and organizational functions.
[5]	Represents the following significant and unusual charges not indicative of our ongoing operations: • A provision for judgments and legal expenses related to certain patent lawsuits - $2,170 in 2024. • Additional customer support costs related to a clean energy product customer that filed for bankruptcy in 2022 – $365 in 2024. • A provision for a matter with the Consumer Product Safety Commission ("CPSC") concerning the imposition of civil fines for allegedly failing to timely submit a report under the Consumer Product Safety Act ("CPSA") in relation to certain portable generators that were subject to a voluntary recall previously announced on July 29, 2021 - $5,800 in the first quarter 2023.
[6]	Represents non-cash gains and losses from changes in the fair value of the Company's investment in warrants and equity securities in Wallbox N.V.

Note 10 - Contract Balances

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Text Block]

10. Contract Balances

While the Company’s standard payment terms for its customers are less than one year, the specific payment terms and conditions in its customer contracts vary. In certain cases, the Company’s customers pay for their goods in advance. These prepayments are recognized as customer deposits (contract liabilities) and recorded in other accrued liabilities in the condensed consolidated balance sheets. The balance of customer deposits was $14,430 and $19,173 on March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024, the Company recognized revenue of $9,167 related to amounts included in the December 31, 2023 customer deposit balance. The Company typically recognizes revenue within one year of the receipt of the customer deposit.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Note 3 - Redeemable Noncontrolling Interest - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Redemption value adjustment	$ (2,686)	$ (9,016)
Redeemable Noncontrolling Interest [Member]
Balance	6,549	110,471
Net income	58	1,448
Foreign currency translation	(176)	(367)
Purchase of additional ownership interest	0	(116,754)
Redemption value adjustment	2,686	9,016
Balance	$ 9,117	$ 3,814

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

Note 6 - Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024