Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 30, 2020 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MANITEX INTERNATIONAL, INC. | ||
Entity Central Index Key | 0001302028 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 19,821,089 | ||
Entity Public Float | $ 71.5 | ||
Entity File Number | 001-32401 | ||
Entity Tax Identification Number | 42-1628978 | ||
Entity Address, Address Line One | 9725 Industrial Drive | ||
Entity Address, City or Town | Bridgeview | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60455 | ||
City Area Code | 708 | ||
Local Phone Number | 430-7500 | ||
Entity Incorporation, State or Country Code | MI | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Part III of this Annual Report on Form 10-K incorporates by reference information (to the extent specific sections are referred to herein) from the registrant’s Proxy Statement for its 2021 Annual Meeting (the “2021 Proxy Statement”) to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2020. | ||
Common Stock [Member] | |||
Document And Entity Information [Line Items] | |||
Trading Symbol | MNTX | ||
Title of 12(b) Security | Common Stock, no par value | ||
Security Exchange Name | NASDAQ | ||
Preferred Share Purchase Rights [Member] | |||
Document And Entity Information [Line Items] | |||
Title of 12(b) Security | Preferred Share Purchase Rights | ||
Security Exchange Name | NASDAQ | ||
No Trading Symbol Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash | $ 17,161 | $ 23,327 |
Cash - restricted | 240 | 217 |
Trade receivables (net) | 30,418 | 34,725 |
Other receivables | 179 | 1,033 |
Inventory (net) | 56,055 | 57,818 |
Prepaid expense and other current assets | 2,218 | 4,706 |
Current assets of discontinued operations | 1,591 | |
Total current assets | 106,271 | 123,417 |
Total fixed assets, net of accumulated depreciation of $17,444 and $14,864, at December 31, 2020 and 2019, respectively | 18,723 | 19,035 |
Operating lease assets | 4,068 | 2,174 |
Intangible assets (net) | 15,671 | 17,032 |
Goodwill | 27,472 | 32,635 |
Other long-term assets | 1,143 | 281 |
Deferred tax asset | 247 | 415 |
Long-term assets of discontinued operations | 413 | |
Total assets | 173,595 | 195,402 |
Current liabilities | ||
Accounts payable | 32,429 | 29,593 |
Accrued expenses | 7,909 | 9,138 |
Accounts payable related parties | 52 | 228 |
Notes payable | 16,510 | 18,212 |
Convertible note-related party (net) | 7,323 | |
Current portion of finance lease obligations | 344 | 476 |
Current portion of operating lease obligations | 1,167 | 813 |
Customer deposits | 2,363 | 1,493 |
Deferred income liability | 3,747 | |
Current liabilities of discontinued operations | 800 | |
Total current liabilities | 64,521 | 68,076 |
Long-term liabilities | ||
Revolving term credit facilities (net) | 12,606 | |
Notes payable (net) | 13,625 | 19,446 |
Finance lease obligations (net of current portion) | 4,221 | 4,584 |
Non-current operating lease obligations | 2,901 | 1,361 |
Convertible note (net) | 14,760 | |
Deferred gain on sale of property | 587 | 667 |
Deferred tax liability | 1,333 | 1,045 |
Other long-term liabilities | 4,892 | 5,913 |
Total long-term liabilities | 40,165 | 47,776 |
Total liabilities | 104,686 | 115,852 |
Commitments and contingencies | ||
Equity | ||
Preferred Stock—Authorized 150,000 shares, no shares issued or outstanding at December 31, 2020 and 2019 | ||
Common Stock—no par value 25,000,000 shares authorized, 19,821,090 and 19,713,185 shares issued and outstanding at December 31, 2020 and 2019, respectively | 131,455 | 130,710 |
Paid in capital | 3,025 | 2,793 |
Retained deficit | (63,863) | (50,253) |
Accumulated other comprehensive loss | (1,708) | (3,700) |
Total equity | 68,909 | 79,550 |
Total liabilities and equity | $ 173,595 | $ 195,402 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Accumulated Depreciation | $ 17,444 | $ 14,864 |
Preferred Stock, shares authorized | 150,000 | 150,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0 | $ 0 |
Common Stock, shares authorized | 25,000,000 | 25,000,000 |
Common Stock, shares issued | 19,821,090 | 19,713,185 |
Common Stock, shares outstanding | 19,821,090 | 19,713,185 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Net revenues | $ 167,498 | $ 215,492 |
Cost of sales | 136,632 | 174,649 |
Gross profit | 30,866 | 40,843 |
Operating expenses | ||
Research and development costs | 3,227 | 2,714 |
Selling, general and administrative expenses | 28,743 | 34,086 |
Impairment of intangibles | 6,722 | 1,539 |
Total operating expenses | 38,692 | 38,339 |
Operating (loss) income | (7,826) | 2,504 |
Other income (expense) | ||
Interest expense | (3,595) | (4,512) |
Interest income | 97 | 229 |
Gain on extinguishment of debt | 595 | |
Change in fair value of securities held | 5,454 | |
Foreign currency transaction loss | (813) | (844) |
Other (expense) income | (503) | 15 |
Total other (expense) income | (4,219) | 342 |
(Loss) income before income taxes from continuing operations | (12,045) | 2,846 |
Income tax expense from continuing operations | 674 | 2,791 |
(Loss) income from continuing operations | (12,719) | 55 |
Discontinued operations: | ||
Loss from operations of discontinued operations | (888) | (8,575) |
Income tax expense (benefit) | 3 | (28) |
Loss on discontinued operations | (891) | (8,547) |
Net loss | $ (13,610) | $ (8,492) |
Basic | ||
Loss from continuing operations | $ (0.64) | |
Loss from discontinued operations | (0.05) | $ (0.43) |
Net loss | (0.69) | (0.43) |
Diluted | ||
Loss from continuing operations | (0.64) | |
Loss from discontinued operations | (0.05) | (0.43) |
Net loss | $ (0.69) | $ (0.43) |
Weighted average common shares outstanding | ||
Basic | 19,773,081 | 19,687,414 |
Diluted | 19,773,081 | 19,687,414 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (13,610) | $ (8,492) |
Other comprehensive loss | ||
Foreign currency translation gain (loss) | 1,992 | (531) |
Total other comprehensive income (loss) | 1,992 | (531) |
Total comprehensive loss | $ (11,618) | $ (9,023) |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings (deficit) [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at beginning of the year at Dec. 31, 2018 | $ 88,004 | $ 130,260 | $ 2,674 | $ (41,761) | $ (3,169) |
Balance at beginning of the year, shares at Dec. 31, 2018 | 19,645,773,000 | ||||
Net loss | (8,492) | (8,492) | |||
Loss on foreign currency translation | (531) | (531) | |||
Employee 2004 and 2019 incentive plan grant | $ 484 | (484) | |||
Employee 2004 and 2019 incentive plan grant, shares | 72,834,000 | ||||
Repurchase to satisfy withholding and cancelled | $ (34) | $ (34) | |||
Repurchase to satisfy withholding and cancelled, shares | 5,422 | (5,422,000) | |||
Share-based compensation | $ 603 | 603 | |||
Balance end of year at Dec. 31, 2019 | 79,550 | $ 130,710 | 2,793 | (50,253) | (3,700) |
Balance end of year, shares at Dec. 31, 2019 | 19,713,185,000 | ||||
Net loss | (13,610) | (13,610) | |||
Loss on foreign currency translation | 1,992 | 1,992 | |||
Employee 2004 and 2019 incentive plan grant | $ 806 | (806) | |||
Employee 2004 and 2019 incentive plan grant, shares | 121,027,000 | ||||
Repurchase to satisfy withholding and cancelled | $ (61) | $ (61) | |||
Repurchase to satisfy withholding and cancelled, shares | 13,122 | (13,122,000) | |||
Share-based compensation | $ 1,038 | 1,038 | |||
Balance end of year at Dec. 31, 2020 | $ 68,909 | $ 131,455 | $ 3,025 | $ (63,863) | $ (1,708) |
Balance end of year, shares at Dec. 31, 2020 | 19,821,090,000 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (13,610) | $ (8,492) |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
Depreciation and amortization | 4,354 | 4,702 |
Gain on sale of discontinued operations | (319) | |
Gain from extinguishment of debt | (595) | |
Changes in allowances for doubtful accounts | (478) | 646 |
Loss on disposal of assets | 34 | |
Changes in inventory reserves | (1,021) | 1,253 |
Changes in deferred income taxes | 458 | 2,285 |
Amortization of deferred financing cost | 376 | 221 |
Write down of goodwill | 6,585 | 3,165 |
Write down of intangibles | 137 | 4,947 |
Amortization of debt discount | 508 | 421 |
Change in value of securities held | (5,454) | |
Share-based compensation | 1,038 | 603 |
Deferred gain on sale and lease back | (80) | (80) |
Reserves for uncertain tax provisions | (131) | 45 |
Other non-cash charges | (17) | |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 6,824 | 9,282 |
Decrease (increase) in inventory | 4,746 | (2,395) |
Decrease (increase) in prepaid expenses | 2,772 | (624) |
Increase (decrease) in other assets | (1,065) | 125 |
Increase (decrease) in accounts payable* | 165 | (7,567) |
Increase in deferred income | 3,747 | |
(Decrease) increase in accrued expense | (1,913) | 185 |
Increase (decrease) in other current liabilities | 738 | (519) |
(Decrease) increase in other long-term liabilities | (1,200) | 471 |
Net cash provided by operating activities | 12,036 | 3,237 |
Cash flows from investing activities: | ||
Proceeds from the sale of equity investment | 7,614 | |
Proceeds from the sale of assets from discontinued operations | 1,553 | |
Purchase of property and equipment | (709) | (1,778) |
Investment in intangibles other than goodwill | (7) | |
Net cash provided by investing activities | 844 | 5,829 |
Cash flows from financing activities: | ||
Payments on revolving term credit facilities | (3,500) | |
Borrowings on revolving term credit facility | 16,300 | |
Net repayments on working capital facilities | (2,276) | (3,852) |
Repayments on convertible notes | (22,500) | |
New borrowings- other | 246 | 588 |
Note payments | (8,287) | (4,110) |
Bank fees and cost related to new financing | (194) | (141) |
Shares repurchased for income tax withholding on share-based compensation | (61) | (34) |
Payments on capital lease obligations | (496) | (422) |
Net cash used for financing activities | (20,768) | (7,971) |
Net (decrease) increase in cash and cash equivalents | (7,888) | 1,095 |
Effect of exchange rate changes on cash | 1,712 | 134 |
Cash and cash equivalents at the beginning of the year | 23,577 | 22,348 |
Cash and cash equivalents at end of period | $ 17,401 | $ 23,577 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations | Note 1. Nature of Operations The Company is a leading provider of engineered lifting solutions. The Company reports in a single Manitex, Inc. (“Manitex”) markets a comprehensive line of boom trucks, truck cranes and sign cranes. Manitex’s boom trucks and crane products are primarily used for industrial projects, energy exploration and infrastructure development, including roads, bridges and commercial construction. Badger Equipment Company (“Badger”) is a manufacturer of specialized rough terrain cranes and material handling products. Badger primarily serves the needs of the construction, municipality and railroad industries. PM Oil and Steel S.p.A. (“PM” or “PM Group”), formerly known as PM Group S.p.A., is a leading Italian manufacturer of truck- mounted hydraulic knuckle boom cranes with a 50-year history of technology and innovation, and a product range spanning more than 50 models. PM is also a manufacturer of truck-mounted aerial platforms with a diverse product line and an international client base. Through its consolidated subsidiaries, PM Group has locations in Modena, Italy; Valencia, Spain; Arad, Romania; Chassieu, France; Buenos Aires, Argentina; Santiago, Chile; Singapore and Querétaro, Mexico. Manitex Valla S.r.L. (“Valla”) produces a full range of precision pick and carry industrial cranes using electric, diesel, and hybrid power options. Its cranes offer wheeled or tracked, and fixed or swing boom configurations, with special applications designed specifically to meet the needs of its customers. These products are sold internationally through dealers and into the rental distribution channel. Crane and Machinery, Inc. (“C&M”) is a distributor of the Company’s products as well as Terex Corporation’s (“Terex”) cranes. Crane and Machinery Leasing, Inc. (“C&M Leasing”) rents equipment manufactured by the Company as well as a limited amount of equipment manufactured by third parties. Although C&M is a distributor of Terex cranes, C&M’s primary business is the distribution of products manufactured by the Company. COVID-19 Pandemic The Company is continuing to closely monitor the spread and impact of the COVID-19 pandemic and is continually assessing its potential effects on our business and our financial performance as well as the businesses of our customers and vendors. The Company cannot predict the duration or severity of the COVID-19 pandemic, and we cannot reasonably estimate the financial impact the COVID-19 outbreak will have on our results and significant estimates going forward. Discontinued Operations A.S.V., LLC Prior to the quarter ended June 30, 2017, the Company owned a 51% interest in ASV Holdings, Inc., which was formerly known as A.S.V., LLC (“ASV” or “ASV Holdings”). ASV is located in Grand Rapids, Minnesota and manufactures a line of high-quality compact track and skid steer loaders. The products are used in site clearing, general construction, forestry, golf course maintenance and landscaping industries, with general construction being the largest. On May 11, 2017, in anticipation of an initial public offering, ASV Holdings converted from an LLC to a C-Corporation and the Company’s 51% interest was converted to 4,080,000 common shares of ASV. On May 17, 2017, in connection with its initial public offering, ASV Holdings sold 1,800,000 of its own shares and the Company sold 2,000,000 shares of ASV Holdings common stock and reduced its investment in ASV to a 21.2% interest. ASV was deconsolidated and was recorded as an equity investment starting with the quarter ended June 30, 2017. Periods ending before June 30, 2017 reflect ASV as a discontinued operation. In February 2018, the Company sold an additional 1,000,000 shares of ASV that it held which reduced the Company’s stake in ASV to approximately 11%. The Company ceased accounting for its investment in ASV under the equity method and began accounting for its investment as a marketable equity security. In September 2019, in connection with the sale of ASV to Yanmar American Corporation the Company received cash merger consideration for its remaining 1,080,000 shares of ASV and no longer has an investment in ASV. Manitex Sabre, Inc. (“Sabre”) On March 4, 2020, the Company’s Board of Directors approved the exploration by management of various strategic alternatives for Sabre, including the possibility of a transaction involving the sale of all or part of Sabre’s business and assets, to determine whether such a transaction would provide value to shareholders. The criterion of asset held for sale had been met and Sabre is reported as a discontinued operation. On August 21, 2020, the Company entered into an Asset Purchase Agreement to sell Manitex Sabre, Inc. to an affiliate of Super Steel, LLC for cash proceeds of $1.5 million, subject to certain adjustments based on closing date accounts receivable and inventory. In addition to the cash proceeds from sale of $1.5 million in cash received, the Company may receive a maximum royalty and earnout payments of approximately $2.9 million for years 2021 thru 2023 if certain revenue criteria are met. The Company will account for the contingent consideration as a gain in accordance with ASC 450. Under this approach, we will recognize the contingent consideration in earnings after the contingency is resolved. See Note 22 for additional discussion related to the sale of Sabre’s business and assets. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation The consolidated financial statements, included herein, have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission. Pursuant to these rules and regulations, the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. Financial statements are presented in thousands of dollars except for share and per share amounts. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies The summary of significant accounting policies of Manitex International, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. Cash and Cash Equivalents —For purposes of the statement of cash flows, the Company considers all short-term securities purchased with maturity dates of three months or less to be cash equivalents. The cash in the Company's U.S. banks (primarily CIBC) is not fully insured by the FDIC due to the statutory limit of $250. Restricted Cash —Certain of the Company’s lending arrangements require the Company to post collateral or maintain minimum cash balances in escrow. These cash amounts are reported as current assets on the balance sheets based on when the cash will be contractually released. Total restricted cash was $240 and $217 at December 31, 2020 and 2019, respectively. Revenue Recognition —Revenue is recognized when obligations under the terms of the contract with our customer are satisfied; generally, this occurs with the transfer of control of our equipment, parts or installation services (typically completed within one day), which occurs at a point in time. Equipment can be redirected during the manufacturing phase such that over time revenue recognition is not appropriate. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Our contracts are non-cancellable and returns are only allowed in limited instances. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold and do not constitute a separate performance obligation. For instances where equipment and installation services are sold together, the Company accounts for the equipment and installation services separately. The consideration (including any discounts) is allocated between the equipment and installation services based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the equipment . In some instances, the Company fulfills its obligations and bills the customer for the work performed but does not ship the goods until a later date. These arrangements are considered bill-and-hold transactions. In order to recognize revenue on the bill-and-hold transactions, the Company ensures the customer has requested the arrangement, the product is identified separately as belonging to the customer, the product is ready for shipment to the customer in its current form, and the Company does not have the ability to direct the product to a different customer. A portion of the transaction price is not allocated to the custodial services due to the immaterial value assigned to that performance obligation. Payment terms offered to customers are defined in contracts and purchase orders and do not include a significant financing component. At times, the Company may offer discounts which are considered variable consideration however, the Company applies the constraint guidance when determining the transaction price to be allocated to the performance obligations. Allowance for Doubtful Accounts —Accounts receivable are stated at the amounts the Company’s customers are invoiced and do not bear interest. The Company has adopted a policy consistent with U.S. GAAP for the periodic review of its accounts receivable to determine whether the establishment of an allowance for doubtful accounts is warranted based on the Company’s assessment of the collectability of the accounts. The Company established an allowance for bad debt of $2.6 million and $2.8 million at December 31, 2020 and 2019, respectively. The Company also has in some instances a security interest in its accounts receivable until payment is received. Property, Equipment and Depreciation —Property and equipment are stated at cost or the fair market value at date of acquisition for property and equipment acquired in connection with the acquisition of a company. Depreciation of property and equipment is provided over the following useful lives: Asset Category Depreciable Buildings 12 –33 years Machinery and equipment 3 – 15 years Furniture and fixtures 3 – 10 years Leasehold improvements 5 Motor Vehicles 3 Computer software 3 Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation of property, and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Depreciation expense for the years ended December 31, 2020 and 2019 was $2,011 and $2,071, respectively. Other Intangible Assets —The Company capitalizes certain costs related to patent technology. Additionally, a substantial portion of the purchase price related to the Company’s acquisitions has been assigned to patents or unpatented technology, trade name, customer Goodwill — Goodwill, representing the difference between the total purchase price and the fair value of assets (tangible and intangible) and liabilities at the date of acquisition, is reviewed for impairment annually, and more frequently as circumstances warrant, and written down only in the period in which the recorded value of such assets exceed their fair value. The Company does not amortize goodwill. Under “ASC 350”, entities are provided with the option of first performing a qualitative assessment on none, some, or all of its reporting units to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If after completing a qualitative analysis, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value a quantitative analysis is required. The Company evaluates its consolidated goodwill using the quantitative two step approach. The first step used to identify potential impairment involves comparing the reporting unit’s estimated fair value to its carrying value, including goodwill. During the first step testing, the Company evaluates goodwill for impairment using a business valuation method, which is calculated as of a measurement date by determining the present value of debt-free, after-tax projected future cash flows, discounted at the weighted average cost of capital of a hypothetical third-party buyer. The market approach was also considered in evaluating the potential for impairment by calculating fair value based on multiples of earnings before interest, taxes, depreciation and amortization (EBITDA) of comparable, publicly traded companies. The Company also observed implied EBITDA multiples from relatively recent merger and acquisition activity in the industry, which was used to test the reasonableness of the results. The second step of the process involves the calculation of an implied fair value of goodwill for each reporting unit for which step one indicated impairment. The implied fair value of goodwill is determined by measuring the excess of the estimated fair value of the reporting unit over the estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying value of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess. An impairment loss cannot exceed the carrying value of goodwill assigned to a reporting unit and the subsequent reversal of goodwill impairment losses is not permitted. The determination of fair value requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to, revenue growth and operating earnings projections, discount rates, terminal growth rates, and required capital expenditure projections. In the event the Company determines that goodwill is impaired in the future the Company would need to recognize a non-cash impairment charge. The Company performed its annual impairment assessment as of March 31, 2020, prior to its October 1, 2020 annual measurement date. The valuation analysis was performed at March 31, 2020 due to the Company identifying a triggering event. Subsequently, a step 0 analysis was performed at December 31, 2020 indicating no impairment. In 2019, Impairment of Long-Lived Assets — The Company’s policy is to assess the realizability of its long-lived assets, including intangible assets, and to evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows are less than the carrying value. Future cash flow projections include assumptions for future sales levels, the impact of cost reduction programs, and the level of working capital needed to support each business. The amount of any impairment then recognized would be calculated as the difference between the estimated fair value and the carrying value of the asset. The Company recognized $6.7 million in impairment related to tradenames, goodwill and customer relationships for the year ended December 31, 2020. The Company recognized $1.5 million in impairment related to tradenames, goodwill and customer relationships for the year ended December 31, 2019. Inventory —Inventory consists of stock materials and equipment stated at the lower of cost (first in, first out) or net realizable value. All equipment classified as inventory is available for sale. The company records excess and obsolete inventory reserves. The estimated reserve is based upon specific identification and/or historical experience of excess or obsolete inventories. Selling, general and administrative expenses are expensed as incurred and are not capitalized as a component of inventory. Accounting for Paycheck Protection Program —The Company has elected to account for the Paycheck Protection Program (PPP) loan as a government grant and as such, the loan was recorded as a deferred income liability on the balance sheet. The Company has applied for forgiveness of the loan. The offset will be recorded against the related expense on the income statement. Foreign Currency Translation and Transactions —The financial statements of the Company’s non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the weighted-average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to accumulated other comprehensive income (OCI) as a component of shareholders’ equity The Company converts receivables and payables denominated in other than the Company’s functional currency at the exchange rate as of the balance sheet date. The resulting transaction exchange gains or losses, except for certain transaction gains or loss related to intercompany receivable and payables, are included in other income and expense. Transaction gains and losses related to intercompany receivables and payables not anticipated to be settled in the foreseeable future are excluded from the determination of net income and are recorded as a translation adjustment (with consideration to the tax effect) to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. Derivatives—Forward Currency Exchange Contracts —When the Company enters into forward currency exchange contracts it does so such that the exchange gains and losses on the assets and liabilities that are being hedged, which are denominated in a currency other than the reporting units’ functional currency, would be offset by the changes in the market value of the forward currency exchange contracts it holds. The forward currency exchange contracts that the Company has to offset existing assets and liabilities denominated in other than the reporting units’ functional currency have been determined not to be considered a hedge. The Company records the forward currency exchange contracts at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Consolidated Statements of Operations in the other income expense section on the line titled foreign currency transaction loss. Research and Development Expenses — The Company expenses research and development costs, as incurred. For the periods ended December 31, 2020 and 2019 expenses were $3,227 and $2,714, respectively. Advertising —Advertising costs are expensed as incurred and were $ and $ 965 for the years ended December 31, 20 20 and 201 9 , respectively. Retirement Benefit Costs and Termination Benefits —Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. Employees in Italy are entitled to Trattamento di Fine Rapporto (“TFR”), commonly referred to as an employee leaving indemnity, which represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal). The expense is recognized in the personnel costs (SG&A or COGS) in the Consolidated Statements of Operations and the accrual is recorded in other long-term liability in the Consolidated Balance Sheets. Litigation Claims —In determining whether liabilities should be recorded for pending litigation claims, the Company must assess the allegations and the likelihood that it will successfully defend itself. When the Company believes it is probable that it will not prevail in a particular matter, it will then record an estimate of the amount of liability based, in part, on advice of legal counsel Shipping and Handling —The Company records the amount of shipping and handling costs billed to customers as revenue. The cost incurred for shipping and handling is included in the cost of sales. Adoption of Highly Inflationary Accounting in Argentina — GAAP guidance requires the use of highly inflationary accounting for countries whose cumulative three-year inflation exceeds 100 percent. In the second quarter of 2018, published inflation indices indicated that the three-year cumulative inflation in Argentina exceeded 100 percent, and as of July 1, 2018, we elected to adopt highly inflationary accounting for our subsidiary in Argentina (“PM Argentina”). Under highly inflationary accounting, PM Argentina’s functional currency became the Euro (its parent company’s reporting currency), and its income statement and balance sheet have been measured in Euros using both current and historical rates of exchange. The effect of changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in other (income) and expense, net and was not material. As of December 31, 2020, PM Argentina had a small net peso monetary position. Net sales of PM Argentina were less than 5 percent of our consolidated net sales for the years ended December 31, 2020 and 2019, respectively. Income Taxes — On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security (CARES) Act” was enacted. The CARES Act, among other things, includes provisions relating to net operating loss carrybacks, alternative minimum tax credit refunds, a modification to the net interest deduction limitations and a technical correction to tax depreciation methods for qualified improvement property. The CARES Act did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2020. The Company accounts for income taxes under the provisions of ASC 740 “Income Taxes,” which requires recognition of income taxes based on amounts payable with respect to the current year and the effects of deferred taxes for the expected future tax consequences of events that have been included in the Company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial accounting and tax basis of assets and liabilities, as well as for operating losses and tax credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not a tax benefit will not be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of any net operating loss carryforwards. See Note 15, Income Taxes, for further details. The Jobs Act also establishes Global Intangible Low-Taxed Income (“GILTI”) provisions that impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has elected to recognize GILTI as a period cost as incurred, therefore there are no deferred taxes recognized for basis differences that are expected to impact the amount of the GILTI inclusion upon reversal. ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company records interest and penalties related to income tax matters in the provision for income taxes. Accrued Warranties —Warranty costs are accrued at the time revenue is recognized. The Company’s products are typically sold with a warranty covering defects that arise during a fixed period of time. The specific warranty offered is a function of customer expectations and competitive forces. A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. As of December 31, 2020 and 2019, accrued warranties were $1,292 and $1,604, respectively. Debt Issuance Costs —Debt issuance costs incurred in securing the Company’s financing arrangements are capitalized and amortized over the term of the associated debt. Deferred financing costs associated with long-term debt are presented in the balance sheet as direct deduction from the carrying amount of that debt liability, consistent with debt discount. Deferred financing costs associated with revolving lines of credit are included with other long-term assets on the Company’s Consolidated Balance Sheets. Sale and Leaseback —In accordance with ASC 842-10 Sales-Leaseback Transactions, the Company has recorded a deferred gain in relationship to the sale and leaseback of one of the Company’s operating facilities and on certain equipment. As such, the gains have been deferred and are being amortized on a straight- line basis over the life of the leases. Computation of EPS —Basic Earnings per Share (“EPS”) was computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The number of shares related to options, warrants, restricted stock, convertible debt and similar instruments included in diluted EPS (“EPS”) is based on the “Treasury Stock Method” prescribed in ASC 260-10, Earnings per Share. This method assumes the theoretical repurchase of shares using proceeds of the respective stock option or warrant exercised, and for restricted stock, the amount of compensation cost attributed to future services which has not yet been recognized, and the amount of current and deferred tax benefit, if any, that would be credited to additional paid in capital upon the vesting of the restricted stock, at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of EPS in respect of the stock options, warrants, restricted stock, convertible debt, and similar instruments is dependent on this average stock price and will increase as the average stock price increases. Stock Based Compensation —In accordance with ASC 718 Compensation-Stock Compensation, share-based payments to employees, including grants of restricted stock units, are measured at fair value as of the date of grant and are expensed in the Consolidated Statements of Operation over the service period (generally the vesting period). Comprehensive Income —Comprehensive income includes, in addition to net earnings, other items that are reported as direct adjustments to shareholder’s equity. Currently, the comprehensive income adjustment required for the Company is a foreign currency translation adjustment, the result of consolidating its foreign subsidiary. Business Combinations —The Company accounts for acquisitions in accordance with guidance found in ASC 805, Business Combinations. The guidance requires consideration given, including contingent consideration, assets acquired, and liabilities assumed to be valued at their fair market values at the acquisition date. The guidance further provides that: (1) in-process research and development will be recorded at fair value as an indefinite-lived intangible asset; (2) acquisition costs will generally be expensed as incurred, (3) restructuring costs associated with a business combination will generally be expensed subsequent to the acquisition date; and (4) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. The Company records any excess of purchase price over fair value of assets acquired, including identifiable intangibles and liabilities assumed be recognized as goodwill. Reclassification —A reclassification to properly reflect a decrease in long-term liabilities of discontinued operations of $0.4 million, an increase in deferred tax liability of $0.3 million, and a decrease in deferred tax asset of $0.1 million was recorded in the fourth quarter of 2020 for the year ended December 31, 2019. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 4. Revenue Recognition The following table disaggregates our sources of revenues for the years indicated (ended December 31): 2020 2019 Boom trucks, knuckle boom & truck cranes $ 116,013 $ 155,562 Part sales 26,528 28,217 Rough terrain cranes 9,347 10,077 Services 2,950 6,295 Other equipment 12,660 15,341 Net Revenue $ 167,498 $ 215,492 2020 2019 Equipment sales $ 138,020 $ 180,980 Part sales 26,528 28,217 Services 2,950 6,295 Net Revenue $ 167,498 $ 215,492 The Company attributes revenue to different geographic areas based on where items are shipped to or services are performed. The following table provides details of revenues by geographic area for the years ended December 31, 2020 and 2019, respectively. 2020 2019 United States $ 71,406 $ 108,122 Italy 25,582 25,820 Canada 8,656 16,986 France 8,522 7,614 Chile 8,397 10,099 Other 44,935 46,851 $ 167,498 $ 215,492 Customer Deposits At times, the Company may require an upfront deposit related to its contracts. In instances where an upfront deposit has been received by the Company and the revenue recognition criteria have not yet been met, the Company records a contract liability in the form of a customer deposit, which is classified as a short-term liability on the Consolidated Balance Sheets. That customer deposit is revenue that is deferred until the revenue recognition criteria have been met, at which time, the customer deposit is recognized into revenue. The following table summarizes changes in customer deposits for the year ended December 31, 2020 and 2019: 2020 2019 Customer deposits at January 1, $ 1,493 $ 1,836 Additional customer deposits received where revenue has not yet been recognized 7,019 5,658 Revenue recognized from customer deposits (6,188 ) (5,847 ) Effect of change in exchange rates 39 (154 ) Customer deposits at December 31, $ 2,363 $ 1,493 |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 5. Earnings per Common Share Basic net earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Details of the calculations are as follows: For the Years Ended December 31, 2020 2019 Net (loss) income from continuing operations $ (12,719 ) $ 55 Loss from discontinued operations, net of income taxes (891 ) (8,547 ) Net Loss $ (13,610 ) $ (8,492 ) Loss (earnings) per share Basic Loss from continuing operations $ (0.64 ) $ - Loss from discontinued operations, net of income taxes $ (0.05 ) $ (0.43 ) Net loss $ (0.69 ) $ (0.43 ) Diluted (Loss) income from continuing operations $ (0.64 ) $ - Loss from discontinued operations, net of income taxes $ (0.05 ) $ (0.43 ) Net loss $ (0.69 ) $ (0.43 ) Weighted average common shares outstanding Basic and Dilutive 19,773,081 19,687,414 There are 350,165 and 177,706 restricted stock units and stock options which are anti-dilutive and therefore are not included in the average number of diluted shares shown above for the years ended December 31, 2020 and 2019, respectively. The following securities were not included in the computation of diluted earnings per share as their effect would have been antidilutive: For the Years Ended December 31, 2020 2019 Unvested restricted stock units 242,586 198,717 Options to purchase common stock 97,437 97,437 Convertible subordinated notes - 1,549,451 340,023 1,845,605 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6. Fair Value Measurements The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value by level with the fair value hierarchy. As required by ASC 820-10, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Except as noted the below assets and liabilities are valued at fair market on a recurring basis. The following is a summary of items that the Company measured at fair value during the periods: Fair Value at December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities: Valla contingent consideration $ — $ — $ 224 $ 224 Forward currency exchange contracts — 267 — 267 Total liabilities at fair value $ — $ 267 $ 224 $ 491 Fair Value at December 31, 2019 Liabilities: PM contingent liabilities $ — $ — $ 314 $ 314 Valla contingent consideration — — 205 205 Forward currency exchange contracts — 99 — 99 Total liabilities at fair value $ — $ 99 $ 519 $ 618 Fair Value Measurements Using Significant Unobservable Inputs (level 3) Liabilities: PM Contingent Liability Valla Contingent Consideration Total Balance at December 31, 2019 $ 314 $ 205 $ 519 Effect of change in exchange rates — 19 19 Change in contingent liability consideration (314 ) — (314 ) Balance at December 31, 2020 $ — $ 224 $ 224 In 2019, the fair value of PM contingent liabilities, a Level 3 item, was based on an option pricing framework, more specifically, a Monte Carlo simulation. The original fair value of Valla contingent consideration was also determined by using the Monte Carlo option pricing framework simulation at the acquisition date. The Company has qualitatively evaluated the Valla contingent liability from the date of acquisition. The carrying value of the amounts reported in the Consolidated Balance Sheets for cash, accounts receivable, accounts payable and short-term variable debt, including any amounts outstanding under the Company’s revolving credit facilities and working capital borrowing, approximate fair value due to the short periods during which these amounts are outstanding. The book and fair value of the Company’s term debt was $16,532 for the year ended December 31, 2020, and $22,931 for the year ending December 31, 2019. The book and fair value of the Company’s capital leases was $4,565 and $5,592 for the year ended December 31, 2020, respectively and $5,060 and $6,295 for the year ending December 31, 2019, respectively. There is no difference between the book value and the fair value for amount recorded in connection with the liability recorded for a long-term legal settlement, which was $765 and $809 for the years ending December 31, 2020 and 2019, respectively. Fair Value Measurements ASC 820-10 classifies the inputs used to measure fair value into the following hierarchy: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity) Fair value of the forward currency contracts is determined on the last day of each reporting period using observable inputs, which are supplied to the Company by the foreign currency trading operation of its bank and are Level 2 items. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 7. Derivative Financial Instruments The Company’s risk management objective is to use the most efficient and effective methods available to us to minimize, eliminate, reduce or transfer the risks which are associated with fluctuation of exchange rates between the Euro, Chilean Peso and the U.S. dollar. Forward Currency Contracts The Company enters into forward currency exchange contracts such that the exchange gains and losses on the assets and liabilities denominated in other than the reporting units’ functional currency would be offset by the changes in the market value of the forward currency exchange contracts it holds. The forward currency exchange contracts that the Company has to offset existing assets and liabilities denominated in other than the reporting units’ functional currency have been determined not to be considered a hedge under ASC 815-10. The Company records the forward currency exchange contracts at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Consolidated Statements of Operations in the other income expense section on the line titled foreign currency transaction gains (losses). Items denominated in other than a reporting unit functional currency include certain intercompany receivables due from the Company’s Italian subsidiaries and accounts receivable and accounts payable of our Italian subsidiaries and their subsidiaries. PM Group has an intercompany receivable denominated in Euros from its Chilean subsidiary. At December 31, 2020, the Company had entered into two forward currency exchange contracts that mature on January 8, 2021. Under the contract the Company is obligated to sell 2,900,000 Chilean pesos for 3,140 euros. The Company has a second contract which obligates the Company to sell 160,000 Chilean pesos for $205. The purpose of the forward contract is to mitigate the income effect related to this intercompany receivable that results with a change in exchange rate between the Euro and the Chilean peso. The following table provides the location and fair value amounts of derivative instruments that are reported in the Consolidated Balance Sheet as of December 31, 2020 and 2019: Total derivatives not designated as a hedge instrument Fair Value As of December 31, Balance Sheet Location 2020 2019 Liabilities Derivatives Foreign currency Exchange Contracts Accrued expense $ 267 $ 99 Total derivative liabilities $ 267 $ 99 The following tables provide the effect of derivative instruments on the Consolidated Statement of Operations for 2020 and 2019: Derivatives not designated as Hedge Instrument Location of gain or (loss) recognized in Income Statement Years ended December 31, 2020 2019 Forward currency contracts Foreign currency transaction losses $ (167 ) $ (191 ) Interest rate swap contracts Interest income — 2 Total derivatives loss $ (167 ) $ (189 ) During 2020 and 2019, there were no forward currency contracts designated as cash flow hedges. As such, all gains and loss related to forward currency contracts during 2020 and 2019 were recorded in current earnings and did not impact other comprehensive income. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 8. Inventory The components of inventory at December 31, are summarized as follows: 2020 2019 Raw materials and purchased parts $ 33,172 $ 35,406 Work in process 3,845 5,547 Finished goods and replacement parts 19,038 16,865 Inventories, net $ 56,055 $ 57,818 The Company has established reserves for obsolete and excess inventory of $8,451 and $9,196 as of December 31, 2020 and 2019, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 9. Property, Plant and Equipment Property, plant and equipment consist of the following at December 31, 2020 and 2019, respectively: 2020 2019 Machinery and equipment $ 10,925 $ 10,116 Buildings 10,130 9,435 Finance lease 4,606 4,606 Land 4,437 4,131 Furniture and fixtures 2,653 2,058 Computer software & equipment 1,683 1,342 Leasehold improvements 1,501 1,445 Construction in progress 139 345 Motor vehicles 93 421 Totals 36,167 33,899 Less: accumulated depreciation (15,505 ) (13,288 ) Less: accumulated depreciation - finance lease (1,939 ) (1,576 ) Net property and equipment $ 18,723 $ 19,035 Depreciation expense was $2,011 (net of $80 amortization of deferred gain on building) and $2,071 (net of $80 amortization of deferred gain on building) in 2020 and 2019, respectively. See Note 13 for information regarding finance leases. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 10. Goodwill and Other Intangible Assets Intangible assets were comprised of the following as of December 31: Weighted Average Amortization Period Remaining (in years) Gross Carrying Amount Accumulated Amortization December 31, 2020 Net Carrying Amount Patented and unpatented technology 6 $ 18,643 $ (14,587 ) $ 4,056 Customer relationships 5 19,552 (12,753 ) 6,799 Trade names and trademarks 11 4,829 (2,677 ) 2,152 Indefinite lived trade names 2,664 2,664 Total intangible assets, net $ 15,671 Weighted Average Amortization Period Remaining (in years) Gross Carrying Amount Accumulated Amortization December 31, 2019 Net Carrying Amount Patented and unpatented technology 7 $ 17,963 $ (13,499 ) $ 4,464 Customer relationships 6 18,602 (10,968 ) 7,634 Trade names and trademarks 12 4,829 (2,481 ) 2,348 Indefinite lived trade names 2,586 2,586 Total intangible assets, net $ 17,032 Amortization expense was $2,218 and $2,232 for the periods ended December 31, 2020 and 2019, respectively. Estimated amortization expense for the next five years and subsequent is as follows: Amount 2021 $ 2,233 2022 2,233 2023 2,233 2024 2,175 2025 2,163 And subsequent 1,970 Total intangibles currently to be amortized 13,007 Intangibles with indefinite lives not amortized 2,664 Total intangible assets $ 15,671 Changes in the Company’s goodwill are as follows: Goodwill Balance December 31, 2019 $ 32,635 Goodwill impairment $ (6,585 ) Effects of change in exchange rate 1,422 Balance December 31, 2020 $ 27,472 The Company performed its annual impairment assessment as of March 31, 2020, prior to its October 1, 2020 annual measurement date. The valuation analysis was performed at March 31, 2020 due to the Company identifying a triggering event. Subsequently, a step 0 analysis was performed at December 31, 2020 indicating no impairment. As of the valuation date, the global economy and the financial markets were experiencing severe adverse effects from the coronavirus disease (COVID-19) pandemic. While uncertainty remains as to its ultimate impact and duration, the COVID-19 pandemic is causing tremendous hardships globally and adversely impacting global and financial market conditions. At March 31, 2020, the Company considered a decrease in its market capitalization to be a triggering event and as such a valuation analysis was performed and goodwill and intangible assets were determined to be impaired, and as such non-cash impairment charges were made to selling, general and administrative expense and shown separately on the Consolidated Statement of Operations as impairment of intangibles. In order to more closely align the estimated fair values of our reporting units to our overall market capitalization, an increase to our risk premium utilized within our discounted cash flows analysis was applied, resulting in an impairment charge to goodwill and intangible assets at our PM reporting unit in the amount of $6.6 million and $0.1 million, respectively. At September 30, 2019, the Company considered declining revenue and profitability along with missed projections and a decrease in its market capitalization to be a triggering event and as such a valuation analysis was performed and goodwill and intangible assets were determined to be impaired, and as such non-cash impairment charges were made to selling, general and administrative expense and shown separately on the income statement as impairment of intangibles. Goodwill was impaired at PM/Valla in the amount of $0.3 million. At December 31, 2019, intangible assets were impaired at PM/Valla in the amount of $1.2 million. While there was no additional impairment of goodwill recognized as a result of the 2020 annual impairment test, a reasonably possible unexpected deterioration in financial performance or adverse change in earnings may result in a further impairment. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities Current And Noncurrent [Abstract] | |
Accrued Expenses | Note 11. Accrued Expenses As of December 31, 2020 2019 Accrued vacation expense $ 1,398 $ 1,217 Accrued payroll 1,306 961 Accrued warranty 1,292 1,604 Accrued income tax and other taxes 1,127 1,297 Accrued employee benefits 910 769 Accrued interest 244 932 Accrued expenses—other 1,632 2,358 Total accrued expenses $ 7,909 $ 9,138 |
Revolving Term Credit Facilitie
Revolving Term Credit Facilities and Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Revolving Term Credit Facilities and Debt | Note 12. Revolving Term Credit Facilities and Debt U.S. Credit Facilities At December 31, 2020, the Company and its U.S. subsidiaries have a Loan and Security Agreement, as amended, (the “Loan Agreement”) with CIBC Bank USA (“CIBC”), formerly known as “The Private Bank and Trust Company”. The Loan Agreement provides a revolving credit facility with a maturity date of July 20, 2023. The aggregate amount of the facility is $30 million. The maximum borrowing available to the Company under the Loan Agreement is limited to: (1) 85% of eligible receivables; plus (2) 50% of eligible inventory valued at the lower of cost or net realizable value subject to a $20 million limit; plus (3) 80% of eligible used equipment, as defined, valued at the lower of cost or market subject to a $2 million limit; plus (4) 50% of eligible Mexico receivables (as defined) valued at the lower of cost or net realizable value subject to a $0.4 million limit. The Loan Agreement provides that the Company can opt to pay interest on the revolving credit at either a base rate plus a spread, or a LIBOR rate plus a spread. The base rate and the LIBOR rate are subject to a floor of 0.50%. The LIBOR spread ranges from 1.75% to 2.25% depending on the Adjusted Excess Availability. Funds borrowed under the LIBOR option can be borrowed for periods of one, two, or three months and are limited to four LIBOR contracts outstanding at any time. In addition, a fee of 0.375% is applied for the unused portion of the revolving facility and is payable monthly. The Loan Agreement subjects the Company and its domestic subsidiaries to a quarterly EBITDA covenant if the Company has less than $15 million of Adjusted Excess Availability (as defined). The minimum quarterly EBITDA covenant is $0.5 million for the quarter ending March 31, 2021 and builds to $1.5 million on a trailing 3 quarter basis starting with the quarter ending September 30, 2021 and then maintains at $1.5 million on a trailing twelve-month basis for the quarter ending December 31, 2021. Additionally, the Company and its domestic subsidiaries are subject to a Fixed Charge Coverage ratio if the Company has less than $15 million of adjusted excess availability (as defined) and $5 million or more of outstanding borrowings under the revolving facility. The Fixed Charge Coverage ratio is 1.10 to 1.00 measured on a trailing 3 quarter basis through quarter ending March 31, 2021 and then based upon a trailing month to month basis beginning with the quarter ending June 30, 2021 through the end of the term of the agreement. At the end of a quarter, if there is less than $15 million of excess availability and more than $5 million in outstanding borrowings, then covenant testing is required. The Loan Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company’s ability to, among other things, incur additional indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, pay dividends or make distributions, repurchase stock, in each case subject to customary exceptions for a credit facility of this size. The Company was in compliance with its covenants as of December 31, 2020. The Loan Agreement has a Letter of Credit facility of $3 million, which is fully reserved against availability. As of December 31, 2020, the outstanding Letters of Credit were $0.2 million which is offset against availability under the revolving facility. Note Payable—Bank At December 31, 2020, the Company has a $237 term note payable to a bank. The note dated November 13, 2020 had an original principal amount of $289 and an annual interest rate of 5.81%. Proceeds from the note were used to pay annual premiums for certain insurance policies carried by the Company. The holder of the note has a security interest in the insurance policies it financed and has the right upon default to cancel these policies and receive any unearned premiums. There are nine remaining monthly payments of $26 on this note. Note Payable—Winona Facility Purchase At December 31, 2020 and 2019, Badger has balance on note payable to Avis Industrial Corporation of $180 and $283, respectively. Badger is required to make 60 monthly payments of $10 that began on August 1, 2017. The note dated July 26, 2017, had an original principal amount of $500 and annual interest rate of 8.00%. The note matures on July 1, 2022. The note is guaranteed by the Company. PM Group Short-Term Working Capital Borrowings At December 31, 2020 and 2019, respectively, PM Group had established demand credit and overdraft facilities with five banks in Italy, one bank in Spain and eleven banks in South America. Under the facilities, as of December 31, 2020 and 2019 respectively, PM Group can borrow up to approximately €20,550 ($25,133) and €21,337 ($23,955) At December 31, 2020, the Italian banks had advanced PM Group €10,551 ($12,904). There were no advances to PM Group from the Spanish bank, and the South American banks had advanced PM Group €98 ($120). PM Group Term Loans At December 31, 2020, PM Group has a €5,752 ($7,035) term loan with Davy Global Fund Management, an Irish fund that purchased the debt from BPER, an Italian bank. The term loan is split into a note and a balloon payment and is secured by PM Group’s common stock. The term loan is charged interest at a fixed rate of 3.5%. The note is payable in annual installments of principal, €513 for 2021, €531 for 2022, €549 for 2023, €569 for 2024, and €588 for 2025. The balloon payment is payable in a single payment of €3,002 in 2026. At December 31, 2019, the note and balloon payment had an outstanding principal balance of €6,492 ($7,289) for BPER and €3,002 ($3,439) for Unicredit, respectively. An adjustment in the purchase accounting to value the non-interest- bearing debt at its fair market value was made. At March 6, 2018 it was determined that the fair value of the debt was €480 or $550 less than the book value. This reduction is not reflected in the above descriptions of PM debt. This discount is being amortized over the life of the debt and being charged to interest expense. As of December 31, 2020, and 2019 respectively, the remaining balance was €114 ($140) and €281 ($315) and has been offset to the debt. At December 31, 2020, PM Group has unsecured borrowings with an Italian bank (MPS) and an Irish fund (Davy Global Fund Management) totaling totaling €7,225 ($8,836). At December 31, 2019, PM Group has unsecured borrowings with three Italian banks totaling €10,385 ($11,659). Interest on the unsecured notes is charged at a stated and effective rate of 3.5% at December 31, 2020 and 2019. Annual payments of €1,445 were payable beginning in 2019 and ending in 2025. PM Group is subject to certain financial covenants including maintaining (1) Net debt to EBITDA, (2) Net debt to equity, and (3) EBITDA to net financial charges ratios. The covenants are measured on a semi-annual basis. The Company was in compliance with the loan covenants at December 31, 2020 and 2019. Autogru PM RO, a subsidiary of PM Group, had an outstanding note during 2020 and 2019 that was payable in 60 monthly principal installments of €8 ($9), October 2020 At December 31, 2020 and 2019, Autogru PM had a term note with an outstanding principal balance of €116 ($142) and €218 ($245), respectively. The note is payable in monthly installments and matures in December 2021 Autogru PM had another term note with an outstanding principal balance of €164 ($201) and €234 ($263) at December 31, 2020 and 2019, respectively. The note is divided in three parts: the first part is payable in 60 monthly installments of €1 ($1) plus interest at the 6-month Euribor plus 275 basis points, for an effective rate of 2.75% at December 31, 2020 and 2019, maturing in February 2023 April 2023 In May 2020 PM’s term and secured debt with BPER was purchased by Davy Global Fund management in Ireland. The Company approached Unicredit to paydown the entire debt obligation in a cash offer at a discount. On July 20, 2020, the Company paid off the entire PM term and unsecured debt of €4,960 ($6,269) with Unicredit at a 15% discount to its face value which resulted in a gain of €533 ($595) recorded in other income. In additional, accrued interest from April 1, 2020 to July 19, 2020 was forgiven by the bank. The above PM facilities included a put and call options agreement with BPER to, among other things, extend the exercise of the options until the approval of PM Group’s financial statements for the 2021 fiscal year and permit the assignment of certain subordinated receivables to the Company. The fair market value of this liability is subject to revaluation on a recurring basis and as such, the Company reversed the €280 ($334) liability as of December 31, 2020. Valla Short-Term Working Capital Borrowings At December 31, 2020 and 2019, respectively, Valla had established demand credit and overdraft facilities with two Italian banks. Valla Term Loans At December 31, 2019 and 2018, Valla had a term loan with Carisbo. The note is payable in quarterly principal installments beginning on October 30, 2017 of €8 ($10), plus interest at the 3-month Euribor plus 470 basis points, effective rate of 4.36% at December 31, 2020 and 2019, respectively. The note matures on January 2021 At December 31, 2020, Valla has a term loan with BPER. The note is payable in monthly principal installments beginning on July 10, 2022 of €0.5 ($1), plus interest at 1.45%, for an effective rate of 1.45% at December 31, 2020. The note matures in December 2025 Schedule of Debt Maturities Scheduled annual maturities of the principal portion of debt outstanding at December 31, 2020 in the next five years and the remaining maturity in aggregate are summarized below. Amounts shown include the debt described above in this footnote. North America Italy Total 2021 $ 349 $ 16,161 $ 16,510 2022 70 2,474 2,544 2023 12,800 2,472 15,272 2024 — 2,459 2,459 2025 — 2,486 2,486 Thereafter — 3,804 3,804 13,219 29,856 43,075 Debt discount related to non-interest-bearing debt — (140 ) (140 ) Debt issuance cost (194 ) — (194 ) Total $ 13,025 $ 29,716 $ 42,741 At December 31, 2020, the Company’s weighted average interest rate on debt at year end was 2.7%. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 13. Leases The Company leases certain warehouses, office space, machinery, vehicles, and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company is not aware of any variable lease payments, residual value guarantees, covenants or restrictions imposed by the leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term. The exercise of lease renewal options is at our sole discretion. The depreciable life of assets is limited by the expected lease term for finance leases. If there was a rate explicit in the lease, this was the discount rate used. For those leases with no explicit or implicit interest rate, an incremental borrowing rate was used. The weighted average remaining useful life for operating and finance leases was 5 and 7 years, respectively. The weighted average discount rate for operating and finance leases was 5.7% and 12.5% respectively. Leases (thousands) Classification 12/31/2020 12/31/2019 Assets Operating lease assets Operating lease assets $ 4,068 $ 2,174 Finance lease assets Current and noncurrent assets 2,847 3,906 Total leased assets 6,915 $ 6,080 Liabilities Current Operating Current liabilities $ 1,167 $ 813 Financing Current liabilities 344 476 Noncurrent Operating Noncurrent liabilities 2,901 1,361 Financing Noncurrent liabilities 4,221 4,584 Total lease liabilities $ 8,633 $ 7,234 Lease Cost (thousands) Classification For the year ended December 31, 2020 For the year ended December 31, 2019 Operating lease costs Operating lease assets $ 1,009 $ 840 Finance lease cost Depreciation/Amortization of leased assets Depreciation 1,135 454 Interest on lease liabilities Interest expense 588 622 Lease cost $ 2,732 $ 1,916 Other Information (thousands) For the year ended December 31, 2020 For the year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,172 $ 1,104 Operating cash flows from finance leases $ 612 $ 418 Financing cash flows from finance leases $ 588 $ 622 Future minimum lease payments are: Operating Leases Capital Leases 2021 $ 1,271 $ 895 2022 945 904 2023 783 932 2024 440 960 2025 397 988 Subsequent 756 2,423 Total undiscounted lease payments 4,592 7,102 Less interest (524 ) (2,537 ) Total liabilities $ 4,068 $ 4,565 Less current maturities (1,167 ) (344 ) Non-current lease liabilities $ 2,901 $ 4,221 Operating Leases The Company leases office and production space under various non-cancellable operating leases that expire no later than 2027. Certain real estate leases include one or more options to renew. The exercise of lease renewal options is at the Company's sole discretion. Options to extend the lease are included in the lease term when it is reasonably certain the Company will exercise the option. The Company also has production equipment, office equipment and vehicles under operating leases. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option that is reasonably certain of exercise. Certain leases include rental payments adjusted periodically for inflation. The lease agreements do not contain any material residual value guarantee or material restrictive covenants. Bridgeview Facility The Company leased its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Executive Chairman and CEO, through December 31, 2020. This facility is now owned by an unaffiliated third party. See Note 19, Transactions between the Company and Related Parties for further information. |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Notes | Note 14. Convertible Notes Related Party On December 19, 2014, the Company issued a subordinated convertible debenture with a $7,500 face amount payable to Terex, a related party. The convertible debenture is subordinated, carries a 5% per annum coupon, and is convertible into Company common stock at a conversion price of $13.65 per share or a total of 549,451 shares, subject to customary adjustment provisions. The debenture matured on December 19, 2020. From and after the third anniversary of the original issuance date, the Company may redeem the convertible debenture in full (but not in part) at any time that the last reported sale price of the Company’s common stock equals at least 130% of the Conversion Price (as defined in the debenture) for at least 20 of any 30 consecutive trading days. Following an election by the holder to convert the debenture into common stock of the Company in accordance with the terms of the debenture, the Company has the discretion to deliver to the holder either (i) shares of common stock, (ii) a cash payment, or (iii) a combination of cash and stock. In accounting for the issuance of the note, the Company separated the note into liability and equity components. The carrying amount of the liability component was calculated by measuring the estimated fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the face value of the Note as a whole. The excess of the principal amount of the liability component over its carrying amount (“debt discount”) is amortized to interest expense over the term of the note using the effective interest method with an effective interest rate of 7.5 percent per annum. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. Additionally, in connection with the transaction a $321 deferred tax liability was established and was recorded as a deduction to paid in capital. The deferred tax liability was recognized as the excess of the principal amount being amortized and charged to interest expenses is not tax deductible. As of December 31, 2020, the Company paid off the remaining principal balance of the note. As of December 31, 2019, the note had a remaining principal balance of $7,323 and an unamortized discount of $177. Perella Notes On January 7, 2015, the Company entered into a Note Purchase Agreement (the “Perella Note Purchase Agreement”) with MI Convert Holdings LLC (which is owned by investment funds constituting part of the Perella Weinberg Partners Asset Based Value Strategy) and Invemed Associates LLC (together, the “Investors”), pursuant to which the Company agreed to issue $15,000 in aggregate principal amount of convertible notes due January 7, 2021 (the “Perella Notes”) to the Investors. The Notes are subordinated, carry a 6.50% per annum coupon, and are convertible, at the holder’s option, into shares of Company common stock, based on an initial conversion price of $15.00 per share, subject to customary adjustments. Following an election by the holder to convert the debenture into common stock of the Company in accordance with the terms of the debenture, the Company has the discretion to deliver to the holder either (i) shares of common stock, (ii) a cash payment, or (iii) a combination of cash and stock. Upon the occurrence of certain fundamental corporate changes, the Perella Notes are redeemable at the option of the holders of the Perella Notes. The Perella Notes are not redeemable at the Company’s option prior to the maturity date, and the payment of principal is subject to acceleration upon an event of default. The issuance of the Perella Notes by the Company was made in reliance upon the exemptions from registration provided by Rule 506 and Section 4(2) of the Securities Act of 1933. In accounting for the issuance of the note, the Company separated the note into liability and equity components. The carrying amount of the liability component was calculated by measuring the estimated fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the face value of the Note as a whole. The excess of the principal amount of the liability component over its carrying amount (“debt discount”) is amortized to interest expense over the term of the note using the effective interest method with an effective interest rate of 7.5 percent per annum. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. Additionally, in connection with the transaction a $257 deferred tax liability was established and was recorded as a deduction to paid in capital. The deferred tax liability was recognized as the excess of the principal amount being amortized and charged to interest expense and is not tax deductible. As of December 31, 2020, the Company paid off the remaining principal balance of the note. As of December 31, 2019, the note had a remaining principal balance of $14,858 (less $98 debt issuance cost for a net debt $14,760) and an unamortized discount of $142. The difference between this amount and the amount initially recorded represents $572 of discount amortization. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 15. Income Taxes On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security (CARES) Act” was enacted. The CARES Act, among other things, includes provisions relating to net operating loss carrybacks, alternative minimum tax credit refunds, a modification to the net interest deduction limitations and a technical correction to tax depreciation methods for qualified improvement property. The CARES Act did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2020. The Jobs Act establishes Global Intangible Low-Taxed Income (“GILTI”) provisions that impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has elected to recognize GILTI as a period cost as incurred; therefore, there are no deferred taxes recognized for basis differences that are expected to impact the amount of the GILTI inclusion upon reversal. The Company’s assertion to indefinitely reinvest its foreign earnings remains unchanged despite the US taxation of its undistributed foreign earnings and new tax law, which includes a 100% dividend received deduction. This means that future distributions of foreign earnings will generally not be taxable in the US. However, upon remittance of these earnings, the Company would be subject to withholding tax, US tax on foreign currency gains and losses related to previously taxed earnings, and some state income tax. It is not practicable to estimate the tax impact of the reversal of the outside basis difference, or the repatriation of cash due to the complexity associated with these calculations . Information pertaining to the Company’s income before income taxes from continuing operations is as follows: Years ended December 31, 2020 2019 (Loss) income before income taxes: Domestic $ (6,566 ) $ 6,861 Foreign (5,479 ) (4,015 ) Total net (loss) income before income taxes $ (12,045 ) $ 2,846 Information pertaining to the Company’s provision for income taxes for continuing operations is as follows: Years ended December 31, 2020 2019 Expense (benefit) for income taxes: Current: Federal $ (28 ) $ (33 ) State and local (112 ) 19 Foreign 488 510 348 496 Deferred: Federal 32 31 State and local 187 159 Foreign 107 2,105 326 2,295 Total expense for income taxes $ 674 $ 2,791 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: Year ended December 31, 2020 2019 Deferred tax assets: Accrued expenses $ 532 $ 906 Inventory 1,924 2,326 Other liabilities 1,465 930 Deferred gain 137 172 Net operating loss carryforwards 5,473 3,498 Tax credit carryforwards 1,341 1,317 Capital loss carryforwards 238 440 Unrealized foreign currency loss 110 97 Interest expense 3,566 3,537 Property, plant and equipment 296 688 Total deferred tax asset 15,082 13,911 Deferred tax liabilities: Intangibles 3,696 2,926 Discount on convertible notes — 73 Deferred State Income Tax 396 402 Debt 2,382 2,197 Total deferred tax liability 6,474 5,598 Valuation allowance (9,694 ) (8,943 ) Net deferred tax (liability) asset $ (1,086 ) $ (630 ) The Company made a downward adjustment to its U.S. net operating loss carryforward disclosed in the deferred tax assets and liabilities table in the comparable reporting period by approximately $1.3 million with an offsetting adjustment to the valuation allowance. In assessing the realizability of deferred tax assets, we evaluate whether it is more likely than not (more than 50%) that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating losses can be utilized. We assess all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, prior earnings history, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Significant weight is given to positive and negative evidence that is objectively verifiable. As required by the authoritative guidance on accounting for income taxes, the Company evaluates the realizability of deferred tax assets on a jurisdictional basis at each reporting date. Accounting for income taxes requires that a valuation allowance be established when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets are not more likely than not realizable, we establish a valuation allowance. Any further increases or decreases in the valuation allowance could have an unfavorable or favorable impact on our income tax provision and net income in the period in which such determination is made. As of December 31, 2020, the Company had U.S. federal and foreign net operating loss carryforwards of approximately $15.2 million. U.S. net operating loss carryforwards of approximately $4.1 million expire in 2036. The remaining U.S. federal net operating loss carryforward and the majority of the foreign loss carryforwards are available for carryforward indefinitely. The Company also had state net operating losses of approximately $0.6 million that are set to expire at varying periods between 2025 and 2040 if not utilized. As of December 31, 2020, the Company has a Texas Margin Tax Credit of $1.0 million and U.S. federal R&D credits of $0.1 million that may be utilized through 2026 and 2036, respectively. The Company has capital loss carryforwards of $0.2 million expiring in 2021 and 2022. The effective tax rate before income taxes varies from the current U.S. federal statutory income tax rate as follows: Years ended December 31, 2020 2019 Statutory rate 21.0 % 21.0 % State and local taxes 0.5 % 5.1 % Permanent differences (19.4 )% 26.6 % Tax credits 0.0 % 16.2 % Foreign operations (1.3 )% 8.2 % Uncertain tax positions (0.8 )% 1.6 % Valuation allowance (5.1 )% 21.0 % Other (0.5 )% (1.6 )% (5.6 )% 98.1 % A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows: 2020 2019 Balance at January 1, $ 4,295 $ 4,115 (Decrease) increases in tax positions for current years (375 ) 455 Other (42 ) (149 ) Lapse in statute of limitations (235 ) (126 ) Settlements (97 ) — Balance at December 31, $ 3,546 $ 4,295 Of the amounts reflected in the above table at December 31, 2020, approximately $1.4 million would reduce the Company’s annual effective tax rate if recognized. This amount considers the indirect effects of offsetting tax positions in different jurisdictions. The Company records accrued interest and penalties related to income tax matters in the provision for income taxes in the accompanying consolidated statement of income. For the years ended December 31, 2020 and 2019, interest and penalties recognized on unrecognized tax benefits were $(287) and $134, respectively. The accrued balance as of December 31, 2020 and 2019 was $495 and $782, respectively. Included in the unrecognized tax benefits is a liability for the Romania income tax audit for tax years 2012-2016 and Italy for tax year 2016. Depending upon the final resolution of the audits, the uncertain tax position liabilities could be higher or lower than the amount recorded at December 31, 2020. We believe that it is reasonably possible that a decrease up to $0.7 million in unrecognized tax benefits within 12 months of the reporting date as a result of a lapse of the statute of limitations in various jurisdictions and for the resolution of the 2016 Italy audit. The Company files income tax returns in the United States, Italy, Romania, Argentina, and Chile as well as various state and local tax jurisdictions with varying statutes of limitations. With a few exceptions, the Company is no longer subject to examination by the tax authorities for U.S. federal or state for the years before 2017, or foreign examinations for years before 2012. |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Disclosures | Note 16. Supplemental Cash Flow Disclosures Interest received and paid and income taxes paid (refunds) during the years ended December 31, 2020 and 2019 were as follows: 2020 2019 Interest received in cash $ 97 $ 229 Interest paid in cash 4,345 4,394 Income taxes paid (refunds) in cash 536 (175 ) |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | Note 17. Employee Benefits U.S. Plan The Company sponsors a 401(k) plan. The plan is intended to cover all non-union United States based employees. The plan is open to employees 21 years of age and older. There is no minimum employment duration required before eligibility. The plan allows for monthly enrollment and contribution changes. The Company currently matches dollar for dollar participants’ contributions up to 3% of the participants’ gross income and a 50% match on the next 2% of gross income. There is no dollar limit regarding matched funds and the plan also calls for immediate vesting of the employer contribution component. The amount paid in matching contributions by the company for 2020 and 2019 were $336 and $388, respectively. Non-U.S. Plan Employees in Italy are entitled to Trattamento di Fine Rapporto (“TFR”), commonly referred to as an employee leaving indemnity, which represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal). The annual accrual is approximately 7% of total pay, with no ceiling, and is revalued each year by applying a pre-established rate of return of 1.50%, plus 75% of the Consumer Price Index, and is recorded by a book reserve. TFR is an unfunded plan. The accrued employee severance indemnity must be transferred to the Fund for the payment of severance pay to employees in the private sector, managed by the INPS (the National Social Contributions Authority), on behalf of the State, on a special account opened at the State Treasury. In this case the workers continue to have as their sole interlocutor the employer, who will provide monthly payment of the amount due (together with the social contributions due to INPS). In this situation, the Company will pay the severance to the employees leaving and then those amounts will be compensated by the payments to be made in favor of INPS. The amount paid by the company for 2020 and 2019 was $521 and $146, respectively. The amount allocated to the Employee severance indemnity provision in 2020 and 2019 were $689 and $428, respectively. |
Accrued Warranties
Accrued Warranties | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees [Abstract] | |
Accrued Warranties | Note 18. Accrued Warranties A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. Historical warranty experience is reviewed by management. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability. The following table summarizes the changes in product warranty liability: 2020 2019 Balance January 1, $ 1,604 $ 2,004 Provision for warranties issued during the year 2,573 2,377 Warranty services provided (3,091 ) (2,163 ) Changes in estimates 177 (563 ) Foreign currency translation 29 (51 ) Balance December 31, $ 1,292 $ 1,604 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | Note 19. Equity Stock issued to employees and Directors The Company issued shares of common stock to employees and Directors at various times in 2020 and 2019 as restricted stock units issued under the Company’s 2004 and 2019 Incentive Plan vested. Upon issuance entries were recorded to increase common stock and decrease paid in capital for the amounts shown below. The following is a summary of stock issuances that occurred during the two-year period: Date of Issue Employees or Director Shares Issued Value of Shares Issued January 1, 2020 Employee 2,250 $ 13 March 6, 2020 Directors 7,920 47 March 13, 2020 Employee 39,714 292 May 15, 2020 Employee 560 6 May 31, 2020 Directors 6,800 79 August 14, 2020 Directors 9,900 44 August 20, 2020 Employee 333 4 August 21, 2020 Employee 335 2 September 1, 2020 Employee 16,500 93 October 2, 2020 Employee 34,075 210 December 31, 2020 Employee 2,640 16 121,027 $ 806 Date of Issue Employees or Director Shares Issued Value of Shares Issued January 1, 2019 Employee 2,500 $ 14 January 4, 2019 Directors 7,900 48 January 4, 2019 Employee 21,502 131 March 13, 2019 Directors 7,920 58 May 15, 2019 Employee 560 6 May 31, 2019 Directors 6,600 77 August 20, 2019 Employee 333 4 September 18, 2019 Employee 2,612 18 December 14, 2019 Directors 7,900 44 December 14, 2019 Employee 15,007 84 72,834 $ 484 Stock Repurchase The Company purchased shares of Common Stock at various times from certain employees at the closing price on date of purchase. The stock was purchased from the employees to satisfy employees’ withholding tax obligations related to stock issuances described above. The following is a summary of common stock purchased during 2020 and 2019: Date of Purchase Shares Purchased Closing Price on Date of Purchase March 13, 2020 2,949 $ 4.34 August 20, 2020 116 $ 4.37 August 21, 2020 116 $ 4.23 October 2, 2020 9,941 $ 4.74 13,122 January 4, 2019 2,882 $ 9.60 August 20, 2019 116 $ 11.54 September 18, 2019 766 $ 6.24 December 14, 2019 1,658 $ 5.66 5,422 Manitex International, Inc. 2019 Equity Incentive Plan In 2019, the Company adopted the Manitex International, Inc. 2019 Equity Incentive Plan (the “Plan”). In 2020, the Plan was amended to increase the number of shares authorized for issuance under the Plan from 279,717 to 779,717. Restricted Stock Awards Restricted stock units are subject to the same conditions as the restricted stock awards except the restricted stock units do not have voting rights and the common stock will not be issued until the vesting criteria are satisfied. The Company awarded a total of 176,000 and The following is a summary of restricted stock units that were awarded during 2020 and 2019: 2020 Grants Vesting Date Number of Restricted Stock Units Closing Price on Date of Grant Value of Restricted Stock Units Issued January 1, 2020 January 1, 2021 4,950 units; January 1, 2022 4,950 units; January 1, 2023 5,100 units 15,000 $ 5.95 $ 89 March 6, 2020 March 6, 2020 7,920 units; March 6, 2021 7,920 units; March 6, 2022 8,160 units 24,000 $ 5.89 $ 141 March 6, 2020 March 6, 2021 28,380 units; March 6, 2022 28,380 units; March 6, 2023 29,240 units 86,000 $ 5.89 $ 507 August 14, 2020 August 14, 2020 9,900 units; August 14, 2021 9,900 units; August 14, 2022 10,200 units 30,000 $ 4.41 $ 132 October 20, 2020 October 20, 2020 3,300 units; October 20, 2021 2,211 units; October 20, 2022 2,211 units; October 20, 2023 2,278 units 10,000 $ 4.60 $ 46 December 10, 2020 December 10, 2021 3,630 units; December 10, 2022 3,630 units; December 10, 2023 3,740 units 11,000 $ 4.67 $ 51 176,000 $ 966 2019 Grants Vesting Date Number of Restricted Stock Units Closing Price on Date of Grant Value of Restricted Stock Units Issued January 1, 2019 January 1, 2019 2,500 units; January 1, 2020 2,500 units 5,000 $ 5.68 $ 29 March 13, 2019 March 13, 2019 7,920 units; March 13, 2020 7,920 units; March 13, 2021 8,160 units 24,000 $ 7.36 $ 177 March 13, 2019 March 13, 2020 9,900 units; March 13, 2021 9,900 units; March 13, 2022 10,200 units 30,000 $ 7.36 $ 221 March 13, 2019 March 13, 2020 25,842 units; March 13, 2021 25,842 units; March 13, 2022 26,626 units 78,310 $ 7.36 $ 576 September 1, 2019 September 1, 2020 16,500 units, September 1, 2021 16,500 units; September 1, 2022 17,000 units 50,000 $ 5.62 $ 281 December 31, 2019 December 31, 2020 7,590 units; December 31, 2021 7,590 units; December 31, 2022 7,820 units 23,000 $ 5.95 $ 137 210,310 $ 1,421 The following table contains information regarding restricted stock units for the years ended December 31, 2020 and 2019, respectively: Restricted Stock Units 2020 2019 Outstanding on January 1, 198,717 72,874 Units granted during period 176,000 210,310 Vested and issued (107,905 ) (67,412 ) Vested—issued and repurchased for income tax withholding (13,122 ) (5,422 ) Forfeited (11,104 ) (11,633 ) Outstanding on December 31, 242,586 198,717 Stock Options On September 1, 2019, 50,000 stock options were granted at $5.62 per share and vest ratably on each of the first three anniversary dates. The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted on September 1, 2019: Grant date 9/1/2019 Dividend yields — Expected volatility 51 % Risk free interest rate 1.42 % Expected life (in years) 6 Fair value of the option granted $ 2.76 Compensation expense in 2020 and 2019 includes $1,038 and $603 related to restricted stock units and stock options, respectively. Compensation expense related to restricted stock units and stock options will be $611 and $340 for 2021 and 2022, respectively. |
Transactions between the Compan
Transactions between the Company and Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Transactions between the Company and Related Parties | Note 20. Transactions between the Company and Related Parties In the course of conducting its business, the Company has entered into certain related party transactions. C&M conducts business with RAM P&E LLC for the purposes of obtaining parts business as well as buying, selling, and renting equipment. In 2020, less than $0.1 million was invoiced by Crane and Machinery, Inc. through government parts contracts awarded to RAM P&E LLC. C&M is a distributor of Terex rough terrain and truck cranes. As such, C&M purchases cranes and parts from Terex. The Company had a convertible note with a face amount of $7.5 million paid payable to Terex. This note was paid off in full in December 2020. PM is a manufacturer of cranes. PM sold cranes, parts, and accessories to Tadano during 2019 and 2020. During the quarter ended March 31, 2017, the Company was the majority owner of ASV and, therefore, ASV was not a related party during that period. In May 2017, the Company reduced is its ownership interest in ASV to 21.2% and in February 2018 further reduced its ownership to approximately 11%. As such, ASV became a related party beginning in the quarter ended June 30, 2017. The Company did not have any transactions with ASV during 2018. In September 2019, in connection with the sale of ASV to Yanmar American Corporation, the Company received cash merger consideration for its remaining 1,080,000 shares in ASV and ASV is no longer a related party at September 30, 2019. As of December 31, 2020, and 2019, the Company had accounts receivable and accounts payable with related parties as shown below: December 31, 2020 December 31, 2019 Accounts Receivable Terex $ - $ 9 Tadano 62 88 Ram P&E 13 — $ 75 $ 97 Accounts Payable Terex $ 47 $ 325 Tadano 80 — $ 127 $ 325 Net Related Party Accounts Payable $ 52 $ 228 The following is a summary of the amounts attributable to certain related party transactions as described in the footnotes to the table, for the periods indicated: 2020 2019 Bridgeview Facility (1) $ 276 $ 273 Sales to: Tadano 708 144 Terex 43 35 RAM P&E (2) 13 — Total Sales $ 764 $ 179 Inventory Purchases from: Tadano 96 — Terex 499 1,858 Total Inventory Purchases $ 595 $ 1,858 (1) The Company leased its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Executive Chairman and former CEO, through December 31, 2020. Pursuant to the terms of the lease, the Company makes monthly lease payments of $23. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The entity controlled by Mr. David Langevin sold the building on December 31, 2020 to an unaffiliated third party. The new terms of the building lease are substantially the same. (2) RAM P&E is owned by the Company’s Executive Chairman’s daughter. |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | Note 21. Legal Proceedings and Other Contingencies The Company is involved in various legal proceedings, including product liability, employment related issues, and workers’ compensation matters which have arisen in the normal course of operations. The Company has product liability insurance with self-insurance retention that range from $50 to $500. The Company has been named as a defendant in several multi-defendant asbestos related product liability lawsuits. In certain instances, the Company is indemnified by a former owner of the product line in question. In the remaining cases the plaintiff has, to date, not been able to establish any exposure by the plaintiff to the Company’s products. The Company is uninsured with respect to these claims but believes that it will not incur any material liability with respect to these claims. Additionally, beginning on December 31, 2011 through December 31, 2019, the Company’s worker’s compensation insurance policy has per claim deductible of $250 and annual aggregates of $1,000 to $1,875 depending on the policy year. During 2020, the Company changed its insurance coverage and no longer has a deductible obligation. The Company is fully insured for any amount on any individual claim that exceeds the deductible and for any additional amounts of all claims once the aggregate is reached. The Company currently has several worker’s compensation claims related to injuries that occurred after December 31, 2011 and therefore are subject to a deductible. The Company does not believe that the contingencies associated with these worker compensation claims in aggregate will have a material adverse effect on the Company. On May 5, 2011, Company entered into two separate settlement agreements with two plaintiffs. As of December 31, 2020, the Company has a remaining obligation under the agreements to pay the plaintiffs $1,045 without interest in 11 annual installments of $95 on or before May 22 each year. The Company has recorded a liability for the net present value of the liability. The difference between the net present value and the total payment will be charged to interest expense over payment period. When it is probable that a loss has been incurred and possible to make a reasonable estimate of the Company’s liability with respect to such matters, a provision is recorded for the amount of such estimate to estimate the amount within the range that is most likely to occur. Certain cases are at a preliminary stage, and it is not possible to estimate the amount or timing of any cost to the Company. However, the Company does not believe that these contingencies, in the aggregate, will have a material adverse effect on the Company. It is reasonably possible that the “Estimated Reserve for Product Liability Claims” may change within the next 12 months. A change in estimate could occur if a case is settled for more or less than anticipated, or if additional information becomes known to the Company. SEC Investigation The Company has settled the previously disclosed SEC investigation regarding the Company’s restatement of prior financial statements. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | Note 22. Discontinued Operations Assets and Liabilities Classified as Held for Sale On March 4, 2020, the Company’s Board of Directors approved the exploration by management of various strategic alternatives for Sabre, including the possibility of a transaction involving the sale of all or part of Sabre’s business and assets, to determine whether such a transaction would provide value to shareholders. The criterion of asset held for sale has been met and Sabre will be reported as a discontinued operation for 2020. On August 21, 2020, the Company entered into an Asset Purchase Agreement to sell Manitex Sabre, Inc. to an affiliate of Super Steel, LLC for cash proceeds of $1.5 million, subject to certain adjustments based on closing date accounts receivable and inventory. In addition to the cash proceeds from sale of $1.5 million in cash received, the Company may receive a maximum royalty and earnout payments of approximately $2.9 million for years 2021 thru 2023 if certain revenue criteria are met. The Company will account for the contingent consideration as a gain in accordance with ASC 450. Under this approach, we will recognize the contingent consideration in earnings after the contingency is resolved. During the year ended December 31, 2020, the Company recorded a gain on the sale of Manitex Sabre of $319. The calculation of the gain on sale for the year ended December 31, 2020 is as follows: For the year ended December 31, 2020 Proceeds from sale $ 1,489 Transaction Costs (126 ) working capital adjustment 190 Net proceeds 1,553 Net assets sold (1,234 ) Gain on sale before taxes 319 Taxes on gain - Gain on sale, net of tax $ 319 After August 21, 2020, additional invoices of $57 related to Sabre were received resulting in a Gain of Sale, net of tax of $319 as of December 31, 2020. Cash flows: For the year ended December 31, 2020, cash flows used for operating activities was $1,586, this consisted of depreciation expense of $44, no purchases of fixed assets and no amortization expense. Cash flows provided by investing activities consisted of proceeds from sale of assets was $1,553. For the year ended December 31, 2019, cash flows provided by operating activities was $203, this consisted of depreciation expense of $173 and $222 of amortization expense. Cash flows used in investing activities consisted of purchases of fixed assets was $103. As of December 31, 2019 ASSETS Current assets Cash $ 33 Trade receivables (net) 507 Inventory (net) 916 Prepaid expense and other 135 Total current assets of discontinued operations 1,591 Long-term assets Total fixed assets (net) 314 Operating lease assets 99 Total long-term assets of discontinued operations 413 Total assets of discontinued operations $ 2,004 LIABILITIES Current liabilities Current operating lease liability $ 106 Accounts payable 381 Accrued expenses 187 Customer deposits 126 Total current liabilities of discontinued operations $ 800 For the years ended December 31, 2020 2019 Net revenues $ 3,276 $ 9,283 Cost of sales 3,594 9,671 Selling, general and administrative expenses 840 8,103 Interest expense 62 91 Other income (loss) 332 7 Net loss from discontinued operations before income tax (888 ) (8,575 ) Income tax expense (benefit) related to discontinued operations 3 (28 ) Net loss on discontinued operations $ (891 ) $ (8,547 ) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II- VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Balance Beginning of Year Charges to Earnings Other Deductions (2) Balance End of Year Year ended December 31, 2020 Deducted from asset accounts: Allowance for doubtful accounts $ 2,842 (4) $ 236 $ 256 (1) $ (754 ) $ 2,580 Reserve for inventory 9,196 (4) 1,112 223 (1) (2,080 ) 8,451 Valuation allowance for deferred tax assets 10,282 1,182 (1,339 ) (3) (431 ) 9,694 Totals $ 22,320 $ 2,530 $ (860 ) $ (3,265 ) $ 20,725 Year ended December 31, 2019 Deducted from asset accounts: Allowance for doubtful accounts $ 2,237 (4) $ 670 $ (35 ) (1) $ (30 ) $ 2,842 (4) Reserve for inventory 7,423 (4) 3,784 (474 ) (1) (1,537 ) 9,196 (4) Valuation allowance for deferred tax assets 7,643 2,849 — (210 ) 10,282 Totals $ 17,303 $ 7,303 $ (509 ) $ (1,777 ) $ 22,320 ( 1 ) ( 2 ) ( 3 ) During the fourth quarter of 2020, the Company made a downward adjustment to its U.S. net operating loss carryforward disclosed in the deferred tax assets and liabilities table in the comparable reporting period by approximately $1.3 million with an offsetting adjustment to the valuation allowance. ( 4 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting Policy | The summary of significant accounting policies of Manitex International, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents —For purposes of the statement of cash flows, the Company considers all short-term securities purchased with maturity dates of three months or less to be cash equivalents. The cash in the Company's U.S. banks (primarily CIBC) is not fully insured by the FDIC due to the statutory limit of $250. |
Restricted Cash | Restricted Cash —Certain of the Company’s lending arrangements require the Company to post collateral or maintain minimum cash balances in escrow. These cash amounts are reported as current assets on the balance sheets based on when the cash will be contractually released. Total restricted cash was $240 and $217 at December 31, 2020 and 2019, respectively. |
Revenue Recognition | Revenue Recognition —Revenue is recognized when obligations under the terms of the contract with our customer are satisfied; generally, this occurs with the transfer of control of our equipment, parts or installation services (typically completed within one day), which occurs at a point in time. Equipment can be redirected during the manufacturing phase such that over time revenue recognition is not appropriate. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Our contracts are non-cancellable and returns are only allowed in limited instances. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold and do not constitute a separate performance obligation. For instances where equipment and installation services are sold together, the Company accounts for the equipment and installation services separately. The consideration (including any discounts) is allocated between the equipment and installation services based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the equipment . In some instances, the Company fulfills its obligations and bills the customer for the work performed but does not ship the goods until a later date. These arrangements are considered bill-and-hold transactions. In order to recognize revenue on the bill-and-hold transactions, the Company ensures the customer has requested the arrangement, the product is identified separately as belonging to the customer, the product is ready for shipment to the customer in its current form, and the Company does not have the ability to direct the product to a different customer. A portion of the transaction price is not allocated to the custodial services due to the immaterial value assigned to that performance obligation. Payment terms offered to customers are defined in contracts and purchase orders and do not include a significant financing component. At times, the Company may offer discounts which are considered variable consideration however, the Company applies the constraint guidance when determining the transaction price to be allocated to the performance obligations. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts —Accounts receivable are stated at the amounts the Company’s customers are invoiced and do not bear interest. The Company has adopted a policy consistent with U.S. GAAP for the periodic review of its accounts receivable to determine whether the establishment of an allowance for doubtful accounts is warranted based on the Company’s assessment of the collectability of the accounts. The Company established an allowance for bad debt of $2.6 million and $2.8 million at December 31, 2020 and 2019, respectively. The Company also has in some instances a security interest in its accounts receivable until payment is received. |
Property, Equipment and Depreciation | Property, Equipment and Depreciation —Property and equipment are stated at cost or the fair market value at date of acquisition for property and equipment acquired in connection with the acquisition of a company. Depreciation of property and equipment is provided over the following useful lives: Asset Category Depreciable Buildings 12 –33 years Machinery and equipment 3 – 15 years Furniture and fixtures 3 – 10 years Leasehold improvements 5 Motor Vehicles 3 Computer software 3 Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation of property, and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Depreciation expense for the years ended December 31, 2020 and 2019 was $2,011 and $2,071, respectively. |
Other Intangible Assets | Other Intangible Assets —The Company capitalizes certain costs related to patent technology. Additionally, a substantial portion of the purchase price related to the Company’s acquisitions has been assigned to patents or unpatented technology, trade name, customer |
Goodwill | Goodwill — Goodwill, representing the difference between the total purchase price and the fair value of assets (tangible and intangible) and liabilities at the date of acquisition, is reviewed for impairment annually, and more frequently as circumstances warrant, and written down only in the period in which the recorded value of such assets exceed their fair value. The Company does not amortize goodwill. Under “ASC 350”, entities are provided with the option of first performing a qualitative assessment on none, some, or all of its reporting units to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If after completing a qualitative analysis, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value a quantitative analysis is required. The Company evaluates its consolidated goodwill using the quantitative two step approach. The first step used to identify potential impairment involves comparing the reporting unit’s estimated fair value to its carrying value, including goodwill. During the first step testing, the Company evaluates goodwill for impairment using a business valuation method, which is calculated as of a measurement date by determining the present value of debt-free, after-tax projected future cash flows, discounted at the weighted average cost of capital of a hypothetical third-party buyer. The market approach was also considered in evaluating the potential for impairment by calculating fair value based on multiples of earnings before interest, taxes, depreciation and amortization (EBITDA) of comparable, publicly traded companies. The Company also observed implied EBITDA multiples from relatively recent merger and acquisition activity in the industry, which was used to test the reasonableness of the results. The second step of the process involves the calculation of an implied fair value of goodwill for each reporting unit for which step one indicated impairment. The implied fair value of goodwill is determined by measuring the excess of the estimated fair value of the reporting unit over the estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying value of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess. An impairment loss cannot exceed the carrying value of goodwill assigned to a reporting unit and the subsequent reversal of goodwill impairment losses is not permitted. The determination of fair value requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to, revenue growth and operating earnings projections, discount rates, terminal growth rates, and required capital expenditure projections. In the event the Company determines that goodwill is impaired in the future the Company would need to recognize a non-cash impairment charge. The Company performed its annual impairment assessment as of March 31, 2020, prior to its October 1, 2020 annual measurement date. The valuation analysis was performed at March 31, 2020 due to the Company identifying a triggering event. Subsequently, a step 0 analysis was performed at December 31, 2020 indicating no impairment. In 2019, |
Impairment of Long Lived Assets | Impairment of Long-Lived Assets — The Company’s policy is to assess the realizability of its long-lived assets, including intangible assets, and to evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows are less than the carrying value. Future cash flow projections include assumptions for future sales levels, the impact of cost reduction programs, and the level of working capital needed to support each business. The amount of any impairment then recognized would be calculated as the difference between the estimated fair value and the carrying value of the asset. The Company recognized $6.7 million in impairment related to tradenames, goodwill and customer relationships for the year ended December 31, 2020. The Company recognized $1.5 million in impairment related to tradenames, goodwill and customer relationships for the year ended December 31, 2019. |
Inventory | Inventory —Inventory consists of stock materials and equipment stated at the lower of cost (first in, first out) or net realizable value. All equipment classified as inventory is available for sale. The company records excess and obsolete inventory reserves. The estimated reserve is based upon specific identification and/or historical experience of excess or obsolete inventories. Selling, general and administrative expenses are expensed as incurred and are not capitalized as a component of inventory. |
Accounting for Paycheck Protection Program | Accounting for Paycheck Protection Program —The Company has elected to account for the Paycheck Protection Program (PPP) loan as a government grant and as such, the loan was recorded as a deferred income liability on the balance sheet. The Company has applied for forgiveness of the loan. The offset will be recorded against the related expense on the income statement. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions —The financial statements of the Company’s non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the weighted-average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to accumulated other comprehensive income (OCI) as a component of shareholders’ equity The Company converts receivables and payables denominated in other than the Company’s functional currency at the exchange rate as of the balance sheet date. The resulting transaction exchange gains or losses, except for certain transaction gains or loss related to intercompany receivable and payables, are included in other income and expense. Transaction gains and losses related to intercompany receivables and payables not anticipated to be settled in the foreseeable future are excluded from the determination of net income and are recorded as a translation adjustment (with consideration to the tax effect) to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. |
Derivatives-Forward Currency Exchange Contracts | Derivatives—Forward Currency Exchange Contracts —When the Company enters into forward currency exchange contracts it does so such that the exchange gains and losses on the assets and liabilities that are being hedged, which are denominated in a currency other than the reporting units’ functional currency, would be offset by the changes in the market value of the forward currency exchange contracts it holds. The forward currency exchange contracts that the Company has to offset existing assets and liabilities denominated in other than the reporting units’ functional currency have been determined not to be considered a hedge. The Company records the forward currency exchange contracts at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Consolidated Statements of Operations in the other income expense section on the line titled foreign currency transaction loss. |
Research and Development Expenses | Research and Development Expenses — The Company expenses research and development costs, as incurred. For the periods ended December 31, 2020 and 2019 expenses were $3,227 and $2,714, respectively. |
Advertising | Advertising —Advertising costs are expensed as incurred and were $ and $ 965 for the years ended December 31, 20 20 and 201 9 , respectively. |
Retirement Benefit Costs and Termination Benefits | Retirement Benefit Costs and Termination Benefits —Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. Employees in Italy are entitled to Trattamento di Fine Rapporto (“TFR”), commonly referred to as an employee leaving indemnity, which represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal). The expense is recognized in the personnel costs (SG&A or COGS) in the Consolidated Statements of Operations and the accrual is recorded in other long-term liability in the Consolidated Balance Sheets. |
Litigation Claims | Litigation Claims —In determining whether liabilities should be recorded for pending litigation claims, the Company must assess the allegations and the likelihood that it will successfully defend itself. When the Company believes it is probable that it will not prevail in a particular matter, it will then record an estimate of the amount of liability based, in part, on advice of legal counsel |
Shipping and Handling | Shipping and Handling —The Company records the amount of shipping and handling costs billed to customers as revenue. The cost incurred for shipping and handling is included in the cost of sales. |
Adoption of Highly Inflationary Accounting | Adoption of Highly Inflationary Accounting in Argentina — GAAP guidance requires the use of highly inflationary accounting for countries whose cumulative three-year inflation exceeds 100 percent. In the second quarter of 2018, published inflation indices indicated that the three-year cumulative inflation in Argentina exceeded 100 percent, and as of July 1, 2018, we elected to adopt highly inflationary accounting for our subsidiary in Argentina (“PM Argentina”). Under highly inflationary accounting, PM Argentina’s functional currency became the Euro (its parent company’s reporting currency), and its income statement and balance sheet have been measured in Euros using both current and historical rates of exchange. The effect of changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in other (income) and expense, net and was not material. As of December 31, 2020, PM Argentina had a small net peso monetary position. Net sales of PM Argentina were less than 5 percent of our consolidated net sales for the years ended December 31, 2020 and 2019, respectively. |
Income Taxes | Income Taxes — On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security (CARES) Act” was enacted. The CARES Act, among other things, includes provisions relating to net operating loss carrybacks, alternative minimum tax credit refunds, a modification to the net interest deduction limitations and a technical correction to tax depreciation methods for qualified improvement property. The CARES Act did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2020. The Company accounts for income taxes under the provisions of ASC 740 “Income Taxes,” which requires recognition of income taxes based on amounts payable with respect to the current year and the effects of deferred taxes for the expected future tax consequences of events that have been included in the Company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial accounting and tax basis of assets and liabilities, as well as for operating losses and tax credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not a tax benefit will not be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of any net operating loss carryforwards. See Note 15, Income Taxes, for further details. The Jobs Act also establishes Global Intangible Low-Taxed Income (“GILTI”) provisions that impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has elected to recognize GILTI as a period cost as incurred, therefore there are no deferred taxes recognized for basis differences that are expected to impact the amount of the GILTI inclusion upon reversal. ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company records interest and penalties related to income tax matters in the provision for income taxes. |
Accrued Warranties | Accrued Warranties —Warranty costs are accrued at the time revenue is recognized. The Company’s products are typically sold with a warranty covering defects that arise during a fixed period of time. The specific warranty offered is a function of customer expectations and competitive forces. A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. As of December 31, 2020 and 2019, accrued warranties were $1,292 and $1,604, respectively. |
Debt Issuance Costs | Debt Issuance Costs —Debt issuance costs incurred in securing the Company’s financing arrangements are capitalized and amortized over the term of the associated debt. Deferred financing costs associated with long-term debt are presented in the balance sheet as direct deduction from the carrying amount of that debt liability, consistent with debt discount. Deferred financing costs associated with revolving lines of credit are included with other long-term assets on the Company’s Consolidated Balance Sheets. |
Sale and Leaseback | Sale and Leaseback —In accordance with ASC 842-10 Sales-Leaseback Transactions, the Company has recorded a deferred gain in relationship to the sale and leaseback of one of the Company’s operating facilities and on certain equipment. As such, the gains have been deferred and are being amortized on a straight- line basis over the life of the leases. |
Computation of EPS | Computation of EPS —Basic Earnings per Share (“EPS”) was computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The number of shares related to options, warrants, restricted stock, convertible debt and similar instruments included in diluted EPS (“EPS”) is based on the “Treasury Stock Method” prescribed in ASC 260-10, Earnings per Share. This method assumes the theoretical repurchase of shares using proceeds of the respective stock option or warrant exercised, and for restricted stock, the amount of compensation cost attributed to future services which has not yet been recognized, and the amount of current and deferred tax benefit, if any, that would be credited to additional paid in capital upon the vesting of the restricted stock, at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of EPS in respect of the stock options, warrants, restricted stock, convertible debt, and similar instruments is dependent on this average stock price and will increase as the average stock price increases. |
Stock Based Compensation | Stock Based Compensation —In accordance with ASC 718 Compensation-Stock Compensation, share-based payments to employees, including grants of restricted stock units, are measured at fair value as of the date of grant and are expensed in the Consolidated Statements of Operation over the service period (generally the vesting period). |
Comprehensive Income | Comprehensive Income —Comprehensive income includes, in addition to net earnings, other items that are reported as direct adjustments to shareholder’s equity. Currently, the comprehensive income adjustment required for the Company is a foreign currency translation adjustment, the result of consolidating its foreign subsidiary. |
Business Combinations | Business Combinations —The Company accounts for acquisitions in accordance with guidance found in ASC 805, Business Combinations. The guidance requires consideration given, including contingent consideration, assets acquired, and liabilities assumed to be valued at their fair market values at the acquisition date. The guidance further provides that: (1) in-process research and development will be recorded at fair value as an indefinite-lived intangible asset; (2) acquisition costs will generally be expensed as incurred, (3) restructuring costs associated with a business combination will generally be expensed subsequent to the acquisition date; and (4) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. The Company records any excess of purchase price over fair value of assets acquired, including identifiable intangibles and liabilities assumed be recognized as goodwill. |
Reclassifications | Reclassification —A reclassification to properly reflect a decrease in long-term liabilities of discontinued operations of $0.4 million, an increase in deferred tax liability of $0.3 million, and a decrease in deferred tax asset of $0.1 million was recorded in the fourth quarter of 2020 for the year ended December 31, 2019. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Useful Lives of Property and Equipment | . Depreciation of property and equipment is provided over the following useful lives: Asset Category Depreciable Buildings 12 –33 years Machinery and equipment 3 – 15 years Furniture and fixtures 3 – 10 years Leasehold improvements 5 Motor Vehicles 3 Computer software 3 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disaggregation Of Revenue [Abstract] | |
Summary of Disaggregates of Revenue, Geographic Area and Source | The following table disaggregates our sources of revenues for the years indicated (ended December 31): 2020 2019 Boom trucks, knuckle boom & truck cranes $ 116,013 $ 155,562 Part sales 26,528 28,217 Rough terrain cranes 9,347 10,077 Services 2,950 6,295 Other equipment 12,660 15,341 Net Revenue $ 167,498 $ 215,492 2020 2019 Equipment sales $ 138,020 $ 180,980 Part sales 26,528 28,217 Services 2,950 6,295 Net Revenue $ 167,498 $ 215,492 The Company attributes revenue to different geographic areas based on where items are shipped to or services are performed. The following table provides details of revenues by geographic area for the years ended December 31, 2020 and 2019, respectively. 2020 2019 United States $ 71,406 $ 108,122 Italy 25,582 25,820 Canada 8,656 16,986 France 8,522 7,614 Chile 8,397 10,099 Other 44,935 46,851 $ 167,498 $ 215,492 |
Summary of Changes in Customer Deposits | The following table summarizes changes in customer deposits for the year ended December 31, 2020 and 2019: 2020 2019 Customer deposits at January 1, $ 1,493 $ 1,836 Additional customer deposits received where revenue has not yet been recognized 7,019 5,658 Revenue recognized from customer deposits (6,188 ) (5,847 ) Effect of change in exchange rates 39 (154 ) Customer deposits at December 31, $ 2,363 $ 1,493 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Earnings Per Share | Basic net earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Details of the calculations are as follows: For the Years Ended December 31, 2020 2019 Net (loss) income from continuing operations $ (12,719 ) $ 55 Loss from discontinued operations, net of income taxes (891 ) (8,547 ) Net Loss $ (13,610 ) $ (8,492 ) Loss (earnings) per share Basic Loss from continuing operations $ (0.64 ) $ - Loss from discontinued operations, net of income taxes $ (0.05 ) $ (0.43 ) Net loss $ (0.69 ) $ (0.43 ) Diluted (Loss) income from continuing operations $ (0.64 ) $ - Loss from discontinued operations, net of income taxes $ (0.05 ) $ (0.43 ) Net loss $ (0.69 ) $ (0.43 ) Weighted average common shares outstanding Basic and Dilutive 19,773,081 19,687,414 |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share | The following securities were not included in the computation of diluted earnings per share as their effect would have been antidilutive: For the Years Ended December 31, 2020 2019 Unvested restricted stock units 242,586 198,717 Options to purchase common stock 97,437 97,437 Convertible subordinated notes - 1,549,451 340,023 1,845,605 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measures at Fair Value on Recurring Basis | The following is a summary of items that the Company measured at fair value during the periods: Fair Value at December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities: Valla contingent consideration $ — $ — $ 224 $ 224 Forward currency exchange contracts — 267 — 267 Total liabilities at fair value $ — $ 267 $ 224 $ 491 Fair Value at December 31, 2019 Liabilities: PM contingent liabilities $ — $ — $ 314 $ 314 Valla contingent consideration — — 205 205 Forward currency exchange contracts — 99 — 99 Total liabilities at fair value $ — $ 99 $ 519 $ 618 |
Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Fair Value Measurements Using Significant Unobservable Inputs (level 3) Liabilities: PM Contingent Liability Valla Contingent Consideration Total Balance at December 31, 2019 $ 314 $ 205 $ 519 Effect of change in exchange rates — 19 19 Change in contingent liability consideration (314 ) — (314 ) Balance at December 31, 2020 $ — $ 224 $ 224 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Value Amounts of Derivative Instruments Reported in Condensed Consolidated Balance Sheets | The following table provides the location and fair value amounts of derivative instruments that are reported in the Consolidated Balance Sheet as of December 31, 2020 and 2019: Total derivatives not designated as a hedge instrument Fair Value As of December 31, Balance Sheet Location 2020 2019 Liabilities Derivatives Foreign currency Exchange Contracts Accrued expense $ 267 $ 99 Total derivative liabilities $ 267 $ 99 |
Effect of Derivative Instruments on Condensed Consolidated Statements of Operations | The following tables provide the effect of derivative instruments on the Consolidated Statement of Operations for 2020 and 2019: Derivatives not designated as Hedge Instrument Location of gain or (loss) recognized in Income Statement Years ended December 31, 2020 2019 Forward currency contracts Foreign currency transaction losses $ (167 ) $ (191 ) Interest rate swap contracts Interest income — 2 Total derivatives loss $ (167 ) $ (189 ) |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory at December 31, are summarized as follows: 2020 2019 Raw materials and purchased parts $ 33,172 $ 35,406 Work in process 3,845 5,547 Finished goods and replacement parts 19,038 16,865 Inventories, net $ 56,055 $ 57,818 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Plant and Equipment | Property, plant and equipment consist of the following at December 31, 2020 and 2019, respectively: 2020 2019 Machinery and equipment $ 10,925 $ 10,116 Buildings 10,130 9,435 Finance lease 4,606 4,606 Land 4,437 4,131 Furniture and fixtures 2,653 2,058 Computer software & equipment 1,683 1,342 Leasehold improvements 1,501 1,445 Construction in progress 139 345 Motor vehicles 93 421 Totals 36,167 33,899 Less: accumulated depreciation (15,505 ) (13,288 ) Less: accumulated depreciation - finance lease (1,939 ) (1,576 ) Net property and equipment $ 18,723 $ 19,035 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Accumulated Amortization by Category | Intangible assets were comprised of the following as of December 31: Weighted Average Amortization Period Remaining (in years) Gross Carrying Amount Accumulated Amortization December 31, 2020 Net Carrying Amount Patented and unpatented technology 6 $ 18,643 $ (14,587 ) $ 4,056 Customer relationships 5 19,552 (12,753 ) 6,799 Trade names and trademarks 11 4,829 (2,677 ) 2,152 Indefinite lived trade names 2,664 2,664 Total intangible assets, net $ 15,671 Weighted Average Amortization Period Remaining (in years) Gross Carrying Amount Accumulated Amortization December 31, 2019 Net Carrying Amount Patented and unpatented technology 7 $ 17,963 $ (13,499 ) $ 4,464 Customer relationships 6 18,602 (10,968 ) 7,634 Trade names and trademarks 12 4,829 (2,481 ) 2,348 Indefinite lived trade names 2,586 2,586 Total intangible assets, net $ 17,032 |
Schedule of Estimated Amortization Expense | Estimated amortization expense for the next five years and subsequent is as follows: Amount 2021 $ 2,233 2022 2,233 2023 2,233 2024 2,175 2025 2,163 And subsequent 1,970 Total intangibles currently to be amortized 13,007 Intangibles with indefinite lives not amortized 2,664 Total intangible assets $ 15,671 |
Changes in Goodwill | Changes in the Company’s goodwill are as follows: Goodwill Balance December 31, 2019 $ 32,635 Goodwill impairment $ (6,585 ) Effects of change in exchange rate 1,422 Balance December 31, 2020 $ 27,472 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities Current And Noncurrent [Abstract] | |
Schedule of Accrued Expenses | As of December 31, 2020 2019 Accrued vacation expense $ 1,398 $ 1,217 Accrued payroll 1,306 961 Accrued warranty 1,292 1,604 Accrued income tax and other taxes 1,127 1,297 Accrued employee benefits 910 769 Accrued interest 244 932 Accrued expenses—other 1,632 2,358 Total accrued expenses $ 7,909 $ 9,138 |
Revolving Term Credit Facilit_2
Revolving Term Credit Facilities and Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Annual Maturities Of Debt Outstanding | Scheduled annual maturities of the principal portion of debt outstanding at December 31, 2020 in the next five years and the remaining maturity in aggregate are summarized below. Amounts shown include the debt described above in this footnote. North America Italy Total 2021 $ 349 $ 16,161 $ 16,510 2022 70 2,474 2,544 2023 12,800 2,472 15,272 2024 — 2,459 2,459 2025 — 2,486 2,486 Thereafter — 3,804 3,804 13,219 29,856 43,075 Debt discount related to non-interest-bearing debt — (140 ) (140 ) Debt issuance cost (194 ) — (194 ) Total $ 13,025 $ 29,716 $ 42,741 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Leases on Consolidated Balance Sheet | Leases (thousands) Classification 12/31/2020 12/31/2019 Assets Operating lease assets Operating lease assets $ 4,068 $ 2,174 Finance lease assets Current and noncurrent assets 2,847 3,906 Total leased assets 6,915 $ 6,080 Liabilities Current Operating Current liabilities $ 1,167 $ 813 Financing Current liabilities 344 476 Noncurrent Operating Noncurrent liabilities 2,901 1,361 Financing Noncurrent liabilities 4,221 4,584 Total lease liabilities $ 8,633 $ 7,234 |
Schedule of Lease Cost | Lease Cost (thousands) Classification For the year ended December 31, 2020 For the year ended December 31, 2019 Operating lease costs Operating lease assets $ 1,009 $ 840 Finance lease cost Depreciation/Amortization of leased assets Depreciation 1,135 454 Interest on lease liabilities Interest expense 588 622 Lease cost $ 2,732 $ 1,916 |
Summary of Other Information Related to Leases | Other Information (thousands) For the year ended December 31, 2020 For the year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,172 $ 1,104 Operating cash flows from finance leases $ 612 $ 418 Financing cash flows from finance leases $ 588 $ 622 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments are: Operating Leases Capital Leases 2021 $ 1,271 $ 895 2022 945 904 2023 783 932 2024 440 960 2025 397 988 Subsequent 756 2,423 Total undiscounted lease payments 4,592 7,102 Less interest (524 ) (2,537 ) Total liabilities $ 4,068 $ 4,565 Less current maturities (1,167 ) (344 ) Non-current lease liabilities $ 2,901 $ 4,221 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Company's Income Before Income Taxes from Continuing Operations | Information pertaining to the Company’s income before income taxes from continuing operations is as follows: Years ended December 31, 2020 2019 (Loss) income before income taxes: Domestic $ (6,566 ) $ 6,861 Foreign (5,479 ) (4,015 ) Total net (loss) income before income taxes $ (12,045 ) $ 2,846 |
Schedule of Company's Provision (Benefit) for Income Taxes for Continuing Operations | Information pertaining to the Company’s provision for income taxes for continuing operations is as follows: Years ended December 31, 2020 2019 Expense (benefit) for income taxes: Current: Federal $ (28 ) $ (33 ) State and local (112 ) 19 Foreign 488 510 348 496 Deferred: Federal 32 31 State and local 187 159 Foreign 107 2,105 326 2,295 Total expense for income taxes $ 674 $ 2,791 |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows: Year ended December 31, 2020 2019 Deferred tax assets: Accrued expenses $ 532 $ 906 Inventory 1,924 2,326 Other liabilities 1,465 930 Deferred gain 137 172 Net operating loss carryforwards 5,473 3,498 Tax credit carryforwards 1,341 1,317 Capital loss carryforwards 238 440 Unrealized foreign currency loss 110 97 Interest expense 3,566 3,537 Property, plant and equipment 296 688 Total deferred tax asset 15,082 13,911 Deferred tax liabilities: Intangibles 3,696 2,926 Discount on convertible notes — 73 Deferred State Income Tax 396 402 Debt 2,382 2,197 Total deferred tax liability 6,474 5,598 Valuation allowance (9,694 ) (8,943 ) Net deferred tax (liability) asset $ (1,086 ) $ (630 ) |
Summary of Effective Tax Rate Before Income Taxes Varies from Current Statutory Federal Income Tax Rate | The effective tax rate before income taxes varies from the current U.S. federal statutory income tax rate as follows: Years ended December 31, 2020 2019 Statutory rate 21.0 % 21.0 % State and local taxes 0.5 % 5.1 % Permanent differences (19.4 )% 26.6 % Tax credits 0.0 % 16.2 % Foreign operations (1.3 )% 8.2 % Uncertain tax positions (0.8 )% 1.6 % Valuation allowance (5.1 )% 21.0 % Other (0.5 )% (1.6 )% (5.6 )% 98.1 % |
Summary of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows: 2020 2019 Balance at January 1, $ 4,295 $ 4,115 (Decrease) increases in tax positions for current years (375 ) 455 Other (42 ) (149 ) Lapse in statute of limitations (235 ) (126 ) Settlements (97 ) — Balance at December 31, $ 3,546 $ 4,295 |
Supplemental Cash Flow Disclo_2
Supplemental Cash Flow Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Disclosures | Interest received and paid and income taxes paid (refunds) during the years ended December 31, 2020 and 2019 were as follows: 2020 2019 Interest received in cash $ 97 $ 229 Interest paid in cash 4,345 4,394 Income taxes paid (refunds) in cash 536 (175 ) |
Accrued Warranties (Tables)
Accrued Warranties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees [Abstract] | |
Summary of Changes in Product Warranty Liability | The following table summarizes the changes in product warranty liability: 2020 2019 Balance January 1, $ 1,604 $ 2,004 Provision for warranties issued during the year 2,573 2,377 Warranty services provided (3,091 ) (2,163 ) Changes in estimates 177 (563 ) Foreign currency translation 29 (51 ) Balance December 31, $ 1,292 $ 1,604 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Summary of Stock Issuances | The following is a summary of stock issuances that occurred during the two-year period: Date of Issue Employees or Director Shares Issued Value of Shares Issued January 1, 2020 Employee 2,250 $ 13 March 6, 2020 Directors 7,920 47 March 13, 2020 Employee 39,714 292 May 15, 2020 Employee 560 6 May 31, 2020 Directors 6,800 79 August 14, 2020 Directors 9,900 44 August 20, 2020 Employee 333 4 August 21, 2020 Employee 335 2 September 1, 2020 Employee 16,500 93 October 2, 2020 Employee 34,075 210 December 31, 2020 Employee 2,640 16 121,027 $ 806 Date of Issue Employees or Director Shares Issued Value of Shares Issued January 1, 2019 Employee 2,500 $ 14 January 4, 2019 Directors 7,900 48 January 4, 2019 Employee 21,502 131 March 13, 2019 Directors 7,920 58 May 15, 2019 Employee 560 6 May 31, 2019 Directors 6,600 77 August 20, 2019 Employee 333 4 September 18, 2019 Employee 2,612 18 December 14, 2019 Directors 7,900 44 December 14, 2019 Employee 15,007 84 72,834 $ 484 |
Summary of Common Stock Repurchases | The following is a summary of common stock purchased during 2020 and 2019: Date of Purchase Shares Purchased Closing Price on Date of Purchase March 13, 2020 2,949 $ 4.34 August 20, 2020 116 $ 4.37 August 21, 2020 116 $ 4.23 October 2, 2020 9,941 $ 4.74 13,122 January 4, 2019 2,882 $ 9.60 August 20, 2019 116 $ 11.54 September 18, 2019 766 $ 6.24 December 14, 2019 1,658 $ 5.66 5,422 |
Summary of Restricted Stock Units Awarded | The following is a summary of restricted stock units that were awarded during 2020 and 2019: 2020 Grants Vesting Date Number of Restricted Stock Units Closing Price on Date of Grant Value of Restricted Stock Units Issued January 1, 2020 January 1, 2021 4,950 units; January 1, 2022 4,950 units; January 1, 2023 5,100 units 15,000 $ 5.95 $ 89 March 6, 2020 March 6, 2020 7,920 units; March 6, 2021 7,920 units; March 6, 2022 8,160 units 24,000 $ 5.89 $ 141 March 6, 2020 March 6, 2021 28,380 units; March 6, 2022 28,380 units; March 6, 2023 29,240 units 86,000 $ 5.89 $ 507 August 14, 2020 August 14, 2020 9,900 units; August 14, 2021 9,900 units; August 14, 2022 10,200 units 30,000 $ 4.41 $ 132 October 20, 2020 October 20, 2020 3,300 units; October 20, 2021 2,211 units; October 20, 2022 2,211 units; October 20, 2023 2,278 units 10,000 $ 4.60 $ 46 December 10, 2020 December 10, 2021 3,630 units; December 10, 2022 3,630 units; December 10, 2023 3,740 units 11,000 $ 4.67 $ 51 176,000 $ 966 2019 Grants Vesting Date Number of Restricted Stock Units Closing Price on Date of Grant Value of Restricted Stock Units Issued January 1, 2019 January 1, 2019 2,500 units; January 1, 2020 2,500 units 5,000 $ 5.68 $ 29 March 13, 2019 March 13, 2019 7,920 units; March 13, 2020 7,920 units; March 13, 2021 8,160 units 24,000 $ 7.36 $ 177 March 13, 2019 March 13, 2020 9,900 units; March 13, 2021 9,900 units; March 13, 2022 10,200 units 30,000 $ 7.36 $ 221 March 13, 2019 March 13, 2020 25,842 units; March 13, 2021 25,842 units; March 13, 2022 26,626 units 78,310 $ 7.36 $ 576 September 1, 2019 September 1, 2020 16,500 units, September 1, 2021 16,500 units; September 1, 2022 17,000 units 50,000 $ 5.62 $ 281 December 31, 2019 December 31, 2020 7,590 units; December 31, 2021 7,590 units; December 31, 2022 7,820 units 23,000 $ 5.95 $ 137 210,310 $ 1,421 |
Restricted Stock Units Outstanding | The following table contains information regarding restricted stock units for the years ended December 31, 2020 and 2019, respectively: Restricted Stock Units 2020 2019 Outstanding on January 1, 198,717 72,874 Units granted during period 176,000 210,310 Vested and issued (107,905 ) (67,412 ) Vested—issued and repurchased for income tax withholding (13,122 ) (5,422 ) Forfeited (11,104 ) (11,633 ) Outstanding on December 31, 242,586 198,717 |
Summary of Assumptions to Calculate the Black-Scholes Option Pricing Model for Stock Options Granted | The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted on September 1, 2019: Grant date 9/1/2019 Dividend yields — Expected volatility 51 % Risk free interest rate 1.42 % Expected life (in years) 6 Fair value of the option granted $ 2.76 |
Transactions between the Comp_2
Transactions between the Company and Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Accounts Receivable and Accounts Payable with Related Parties | As of December 31, 2020, and 2019, the Company had accounts receivable and accounts payable with related parties as shown below: December 31, 2020 December 31, 2019 Accounts Receivable Terex $ - $ 9 Tadano 62 88 Ram P&E 13 — $ 75 $ 97 Accounts Payable Terex $ 47 $ 325 Tadano 80 — $ 127 $ 325 Net Related Party Accounts Payable $ 52 $ 228 |
Related Party Transactions | The following is a summary of the amounts attributable to certain related party transactions as described in the footnotes to the table, for the periods indicated: 2020 2019 Bridgeview Facility (1) $ 276 $ 273 Sales to: Tadano 708 144 Terex 43 35 RAM P&E (2) 13 — Total Sales $ 764 $ 179 Inventory Purchases from: Tadano 96 — Terex 499 1,858 Total Inventory Purchases $ 595 $ 1,858 (1) The Company leased its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Executive Chairman and former CEO, through December 31, 2020. Pursuant to the terms of the lease, the Company makes monthly lease payments of $23. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The entity controlled by Mr. David Langevin sold the building on December 31, 2020 to an unaffiliated third party. The new terms of the building lease are substantially the same. (2) RAM P&E is owned by the Company’s Executive Chairman’s daughter. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule Of Calculation Of Gain On Sales | The calculation of the gain on sale for the year ended December 31, 2020 is as follows: For the year ended December 31, 2020 Proceeds from sale $ 1,489 Transaction Costs (126 ) working capital adjustment 190 Net proceeds 1,553 Net assets sold (1,234 ) Gain on sale before taxes 319 Taxes on gain - Gain on sale, net of tax $ 319 |
Summary of Major Classes of Assets and Liabilities of Discontinued Operations on Consolidated Balance Sheets and Loss from Discontinued Operations | As of December 31, 2019 ASSETS Current assets Cash $ 33 Trade receivables (net) 507 Inventory (net) 916 Prepaid expense and other 135 Total current assets of discontinued operations 1,591 Long-term assets Total fixed assets (net) 314 Operating lease assets 99 Total long-term assets of discontinued operations 413 Total assets of discontinued operations $ 2,004 LIABILITIES Current liabilities Current operating lease liability $ 106 Accounts payable 381 Accrued expenses 187 Customer deposits 126 Total current liabilities of discontinued operations $ 800 For the years ended December 31, 2020 2019 Net revenues $ 3,276 $ 9,283 Cost of sales 3,594 9,671 Selling, general and administrative expenses 840 8,103 Interest expense 62 91 Other income (loss) 332 7 Net loss from discontinued operations before income tax (888 ) (8,575 ) Income tax expense (benefit) related to discontinued operations 3 (28 ) Net loss on discontinued operations $ (891 ) $ (8,547 ) |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) $ in Millions | Feb. 28, 2018shares | Feb. 28, 2018shares | May 17, 2017shares | May 11, 2017shares | Mar. 31, 2017 | Dec. 31, 2020USD ($)SegmentModel | Aug. 21, 2020USD ($) | Sep. 30, 2019shares |
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Number of reportable segments | Segment | 1 | |||||||
Number of operating segment | Segment | 4 | |||||||
Gain contingency, description | In addition to the cash proceeds from sale of $1.5 million in cash received, the Company may receive a maximum royalty and earnout payments of approximately $2.9 million for years 2021 thru 2023 if certain revenue criteria are met. | |||||||
Super Steel, LLC [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Assets and certain liabilities purchase | $ | $ 1.5 | |||||||
Discontinued operation, consideration | $ | $ 1.5 | |||||||
ASV transaction [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Percentage of reduction in investment | 11.00% | |||||||
ASV transaction [Member] | Initial Public Offering [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Percentage of ownership interest prior to disposal | 51.00% | 51.00% | ||||||
Conversion of stock, shares converted | 4,080,000 | |||||||
Number of shares resold | 1,800,000 | |||||||
Percentage of ownership interest after disposal | 21.20% | |||||||
ASV transaction [Member] | Initial Public Offering [Member] | Manitex International, Inc. [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Number of shares sold | 2,000,000 | |||||||
ASV transaction [Member] | Second Sale [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Number of shares sold | 1,000,000 | 1,000,000 | ||||||
Percentage of reduction in investment | 11.00% | |||||||
Maximum [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Royalty and Earn-out payments receivable | $ | $ 2.9 | |||||||
PM Group [Member] | Minimum [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Number of models | Model | 50 | |||||||
Yanmar American Corporation [Member] | ASV transaction [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Number of remaining shares sold for cash merger consideration | 1,080,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Line Items] | |||
Original maturity of highly liquid investments | three months | ||
Statutory limit of highly liquid investments | $ 250,000 | $ 250,000 | |
Cash - restricted | 240,000 | 240,000 | $ 217,000 |
Allowance for bad debt | 2,600 | 2,600 | 2,800 |
Depreciation Expense | 2,011,000 | 2,071,000 | |
Research and development costs | 3,227,000 | 2,714,000 | |
Advertising costs | 489,000 | 965,000 | |
Accrued warranties | $ 1,292,000 | $ 1,604,000 | |
Decrease in long-term liabilities | 400,000 | ||
Increase in deferred income liabilities | 300,000 | ||
Decrease in deferred tax asset | $ 100,000 | ||
Maximum [Member] | Argentina [Member] | PM Argentina [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Accounting Policies [Line Items] | |||
Net sales in percentage as compared to consolidated net sales | 5.00% | 5.00% | |
TradeNames [Member] | Goodwill [Member] | CustomerRelationships [Member] | |||
Accounting Policies [Line Items] | |||
Impairment charges | $ 6,700,000 | $ 1,500,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | Buildings [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 12 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 5 years |
Minimum [Member] | Motor Vehicles [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 3 years |
Minimum [Member] | Computer Software [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 3 years |
Maximum [Member] | Buildings [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 33 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 15 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 10 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 7 years |
Maximum [Member] | Motor Vehicles [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 7 years |
Maximum [Member] | Computer Software [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 5 years |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregates of Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | $ 167,498 | $ 215,492 |
Boom Trucks, Knuckle Boom & Truck Cranes [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 116,013 | 155,562 |
Equipment Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 138,020 | 180,980 |
Part Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 26,528 | 28,217 |
Rough Terrain Cranes [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 9,347 | 10,077 |
Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 2,950 | 6,295 |
Other Equipment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | $ 12,660 | $ 15,341 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Net revenues | $ 167,498 | $ 215,492 |
United States [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 71,406 | 108,122 |
Italy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 25,582 | 25,820 |
Canada [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 8,656 | 16,986 |
France [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 8,522 | 7,614 |
Chile [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 8,397 | 10,099 |
Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | $ 44,935 | $ 46,851 |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Changes in Customer Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Customer deposits, Beginning balance | $ 1,493 | $ 1,836 |
Additional customer deposits received where revenue has not yet been recognized | 7,019 | 5,658 |
Revenue recognized from customer deposits | (6,188) | (5,847) |
Effect of change in exchange rates | 39 | (154) |
Customer deposits, Ending balance | $ 2,363 | $ 1,493 |
Earnings per Common Share - Bas
Earnings per Common Share - Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net (loss) income from continuing operations | $ (12,719) | $ 55 |
Loss from discontinued operations, net of income taxes | (891) | (8,547) |
Net loss | $ (13,610) | $ (8,492) |
(Loss) earnings per share Basic | ||
Loss from continuing operations | $ (0.64) | |
Loss from discontinued operations, net of income taxes | (0.05) | $ (0.43) |
Net loss | (0.69) | (0.43) |
(Loss) earnings per share Diluted | ||
(Loss) income from continuing operations | (0.64) | |
Loss from discontinued operations, net of income taxes | (0.05) | (0.43) |
Net loss | $ (0.69) | $ (0.43) |
Weighted average common shares outstanding | ||
Basic and Dilutive | 19,773,081 | 19,687,414 |
Earnings per Common Share - Add
Earnings per Common Share - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 340,023 | 1,845,605 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 350,165 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 177,706 |
Earnings per Common Share - Sch
Earnings per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 340,023 | 1,845,605 |
Unvested Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 242,586 | 198,717 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 97,437 | 97,437 |
Convertible Subordinated Notes [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 1,549,451 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Items Measures at Fair Value on Recurring Basis (Detail) - Fair Value Measurements Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 491 | $ 618 |
Valla Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 224 | 205 |
Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 267 | 99 |
PM Contingent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 314 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 267 | 99 |
Level 2 [Member] | Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 267 | 99 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 224 | 519 |
Level 3 [Member] | Valla Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 224 | 205 |
Level 3 [Member] | PM Contingent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 314 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Liabilities: | |
Beginning Balance | $ 519 |
Effect of change in exchange rates | 19 |
Change in contingent liability consideration | (314) |
Ending Balance | 224 |
Valla Contingent Consideration [Member] | |
Liabilities: | |
Beginning Balance | 205 |
Effect of change in exchange rates | 19 |
Ending Balance | 224 |
PM Contingent Liabilities [Member] | |
Liabilities: | |
Beginning Balance | 314 |
Change in contingent liability consideration | $ (314) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Book value of debt | $ 42,741 | |
Fair value of debt | 16,532 | $ 22,931 |
Fair value of capital lease | 5,592 | 6,295 |
Book Value [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Book value of debt | 16,532 | 22,931 |
Book value of capital lease | 4,565 | 5,060 |
Long term legal settlement | 765 | 809 |
Fair Value [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Long term legal settlement | $ 765 | $ 809 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2020USD ($)ForwardContract | Dec. 31, 2020EUR (€)ForwardContract | Dec. 31, 2020CLP ($)ForwardContract | Dec. 31, 2019ForwardContract | |
Forward Currency Contracts [Member] | ||||
Derivative [Line Items] | ||||
Number of forward currency exchange contracts | ForwardContract | 2 | 2 | 2 | |
Forward Currency Contracts [Member] | Derivatives Designated as Hedge Instrument [Member] | Designated as Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Number of forward currency exchange contracts | ForwardContract | 0 | 0 | 0 | 0 |
First and Second Forward Currency Contracts [Member] | ||||
Derivative [Line Items] | ||||
Contract maturity date | Jan. 8, 2021 | |||
First Forward Currency Contracts [Member] | ||||
Derivative [Line Items] | ||||
Contractual obligation foreign currency contracts | € | € 3,140,000 | |||
First Forward Currency Contracts [Member] | Chile Pesos [Member] | ||||
Derivative [Line Items] | ||||
Contractual obligation foreign currency contracts | $ 2,900,000,000 | |||
Second Forward Currency Contracts [Member] | ||||
Derivative [Line Items] | ||||
Contractual obligation foreign currency contracts | $ 205,000 | |||
Second Forward Currency Contracts [Member] | Chile Pesos [Member] | ||||
Derivative [Line Items] | ||||
Contractual obligation foreign currency contracts | $ 160,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives Fair Value [Line Items] | ||
Liabilities Derivatives | $ 267 | $ 99 |
Derivatives Not Designated as Hedge Instrument [Member] | Foreign currency Exchange Contracts [Member] | Accrued Expense [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liabilities Derivatives | $ 267 | $ 99 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Operations (Detail) - Derivatives Not Designated as Hedge Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (loss) recognized in income statement | $ (167) | $ (189) |
Forward Currency Contracts [Member] | Foreign Currency Transaction Losses [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (loss) recognized in income statement | $ (167) | (191) |
Interest Rate Swap Contracts [Member] | Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (loss) recognized in income statement | $ 2 |
Inventory - Components of Inven
Inventory - Components of Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 33,172 | $ 35,406 |
Work in process | 3,845 | 5,547 |
Finished goods and replacement parts | 19,038 | 16,865 |
Inventories, net | $ 56,055 | $ 57,818 |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete and excess inventory | $ 8,451 | $ 9,196 |
Property Plant and Equipment -
Property Plant and Equipment - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | $ 36,167 | $ 33,899 |
Less: accumulated depreciation | (15,505) | (13,288) |
Less: accumulated depreciation - finance lease | (1,939) | (1,576) |
Net property and equipment | 18,723 | 19,035 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 10,925 | 10,116 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 10,130 | 9,435 |
Finance Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 4,606 | 4,606 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 4,437 | 4,131 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 2,653 | 2,058 |
Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 1,683 | 1,342 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 1,501 | 1,445 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 139 | 345 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | $ 93 | $ 421 |
Property Plant and Equipment _2
Property Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment Useful Life And Values [Abstract] | ||
Depreciation Expense | $ 2,011 | $ 2,071 |
Amortization of deferred gain on building | $ 80 | $ 80 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Intangible Assets and Accumulated Amortization by Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Total intangible assets, net | $ 15,671 | $ 17,032 |
Total intangible assets, net | 2,664 | 2,586 |
Patented and Unpatented Technology [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 18,643 | 17,963 |
Accumulated Amortization | (14,587) | (13,499) |
Total intangible assets, net | $ 4,056 | $ 4,464 |
Weighted Average Amortization Period (in years) | 6 years | 7 years |
CustomerRelationships [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 19,552 | $ 18,602 |
Accumulated Amortization | (12,753) | (10,968) |
Total intangible assets, net | $ 6,799 | $ 7,634 |
Weighted Average Amortization Period (in years) | 5 years | 6 years |
Trade Names and Trademarks [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (2,677) | $ (2,481) |
Total intangible assets, net | $ 2,152 | $ 2,348 |
Weighted Average Amortization Period (in years) | 11 years | 12 years |
Finite Lived Intangible Assets Gross | $ 4,829 | $ 4,829 |
TradeNames [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Gross | $ 2,664 | $ 2,586 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Finite And Infinite Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 2,218 | $ 2,232 | |||
Write down of goodwill | $ 6,600 | 6,585 | $ 3,165 | ||
Goodwill impairment | $ (6,585) | ||||
PM Group [Member] | |||||
Finite And Infinite Lived Intangible Assets [Line Items] | |||||
Goodwill impairment | $ 100 | ||||
PM Valla [Member] | |||||
Finite And Infinite Lived Intangible Assets [Line Items] | |||||
Goodwill impairment | $ 1,200 | $ 300 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2021 | $ 2,233 | |
2022 | 2,233 | |
2023 | 2,233 | |
2024 | 2,175 | |
2025 | 2,163 | |
And subsequent | 1,970 | |
Total intangibles currently to be amortized | 13,007 | |
Intangibles with indefinite lives not amortized | 2,664 | |
Total intangible assets, net | $ 15,671 | $ 17,032 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Changes in Goodwill (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Balance December 31, 2019 | $ 32,635 |
Goodwill impairment | (6,585) |
Effects of change in exchange rate | 1,422 |
Balance December 31, 2020 | $ 27,472 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities Current [Abstract] | ||
Accrued vacation expense | $ 1,398 | $ 1,217 |
Accrued payroll | 1,306 | 961 |
Accrued warranty | 1,292 | 1,604 |
Accrued income tax and other taxes | 1,127 | 1,297 |
Accrued employee benefits | 910 | 769 |
Accrued interest | 244 | 932 |
Accrued expenses—other | 1,632 | 2,358 |
Total accrued expenses | $ 7,909 | $ 9,138 |
Revolving Term Credit Facilit_3
Revolving Term Credit Facilities and Debt - Additional Information - U.S. Credit Facilities (Detail) € in Thousands | Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)ForwardContract | Dec. 31, 2020USD ($)ForwardContract | Dec. 31, 2020EUR (€)ForwardContract | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) |
Line Of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | $ 25,133,000 | $ 25,133,000 | € 20,550 | $ 23,955,000 | € 21,337 | |||
Debt issuance cost | 194,000 | 194,000 | ||||||
Book value of debt | 42,741,000 | $ 42,741,000 | ||||||
Fixed charge coverage ratio covenant | 1.10 | |||||||
Covenant testing waiver description | At the end of a quarter, if there is less than $15 million of excess availability and more than $5 million in outstanding borrowings, then covenant testing is required. | |||||||
Maximum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Amount availability for covenant testing waiver | 15,000,000 | $ 15,000,000 | ||||||
Minimum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Outstanding borrowings for covenant testing waiver | $ 5,000,000 | 5,000,000 | ||||||
United States Credit Facilities Quarterly Covenant September30th2017 And Thereafter | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Quarterly adjusted EBITDA covenant | $ 1,500,000 | $ 1,500,000 | $ 500,000 | |||||
C I B C | United States Credit Facilities | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Credit facility termination date | Jul. 20, 2023 | |||||||
C I B C | United States Credit Facilities | Revolving Credit Facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | $ 30,000,000 | $ 30,000,000 | ||||||
C I B C | United States Credit Facilities Quarterly Covenant September30th2017 And Thereafter | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Maximum percentage of assets eligible for collateral | 85.00% | |||||||
Maximum percentage of assets eligible for collateral, eligible inventory | 50.00% | |||||||
Maximum value of assets eligible for collateral, eligible inventory | 20,000,000 | $ 20,000,000 | ||||||
Maximum percentage of assets eligible for collateral, eligible used equipment | 80.00% | |||||||
Maximum value of assets eligible for collateral, eligible used equipment | 2,000,000 | $ 2,000,000 | ||||||
Maximum percentage of assets eligible for collateral, eligible mexico receivables | 50.00% | |||||||
Maximum value of assets eligible for collateral, eligible mexico receivables | 400,000 | $ 400,000 | ||||||
Maximum borrowing capacity based on available collateral | 21,900,000 | 21,900,000 | 27,600,000 | |||||
Line of credit facility, amount borrowed | 12,800,000 | 12,800,000 | $ 0 | |||||
Debt issuance cost | 200,000 | 200,000 | ||||||
Book value of debt | $ 12,600,000 | $ 12,600,000 | ||||||
Line of credit facility interest rate description | The base rate and the LIBOR rate are subject to a floor of 0.50%. The LIBOR spread ranges from 1.75% to 2.25% depending on the Adjusted Excess Availability. | |||||||
Maximum number of LIBOR contracts allowed | ForwardContract | 4 | 4 | 4 | |||||
Unused line fee | 0.375% | |||||||
Letter of credit reserved | $ 3,000,000 | $ 3,000,000 | ||||||
Letters of Credit Outstanding, Amount | $ 200,000 | 200,000 | ||||||
C I B C | United States Credit Facilities Quarterly Covenant September30th2017 And Thereafter | Maximum [Member] | Base Rate | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate spread for base rate | 0.50% | |||||||
C I B C | United States Credit Facilities Quarterly Covenant September30th2017 And Thereafter | Maximum [Member] | London Interbank Offered Rate (LIBOR) | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate spread for base rate | 2.25% | |||||||
C I B C | United States Credit Facilities Quarterly Covenant September30th2017 And Thereafter | Minimum [Member] | London Interbank Offered Rate (LIBOR) | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate spread for base rate | 1.75% | |||||||
C I B C | United States Credit Facilities Quarterly Covenant September30th2017 And Thereafter | Revolving Credit Facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, amount borrowed | $ 9,100,000 | $ 9,100,000 |
Revolving Term Credit Facilit_4
Revolving Term Credit Facilities and Debt - Additional Information - Note Payable-Bank (Detail) - Notes Payable to Banks $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)Payment | |
Line Of Credit Facility [Line Items] | |
Notes Payable | $ 237 |
Debt Instrument, periodic payment | $ 26 |
Number Of Remaining Monthly Payments | Payment | 9 |
Debt instrument, face amount | $ 289 |
Debt Instrument Interest Rate | 5.81% |
Revolving Term Credit Facilit_5
Revolving Term Credit Facilities and Debt - Additional Information - Note Payable-Winona Facility Purchase (Detail) - Notes Payable to Avis [Member] - Winona Facility [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Payment | Dec. 31, 2019USD ($) | |
Line Of Credit Facility [Line Items] | ||
Notes Payable | $ 180 | $ 283 |
Number of monthly payments | Payment | 60 | |
Debt Instrument, frequency of periodic payment | monthly | |
Debt Instrument, periodic payment | $ 10 | |
Payment commencing date | Aug. 1, 2017 | |
Note payable, issuance date | Jul. 26, 2017 | |
Debt instrument, face amount | $ 500 | |
Debt Instrument Interest Rate | 8.00% | |
Notes payable maturity date | Jul. 1, 2022 |
Revolving Term Credit Facilit_6
Revolving Term Credit Facilities and Debt - Additional Information - PM Group Short-Term Working Capital Borrowing (Detail) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)Bank | Dec. 31, 2020EUR (€)Bank | Dec. 31, 2019USD ($)Bank | Dec. 31, 2019EUR (€)Bank | |
Line Of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 25,133 | € 20,550 | $ 23,955 | € 21,337 |
Italy [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Number of banks which PM Group established demand credit and overdraft facilities | 5 | 5 | 5 | 5 |
Short-term debt | $ 12,904 | € 10,551 | $ 13,334 | € 11,877 |
SPAIN | ||||
Line Of Credit Facility [Line Items] | ||||
Number of banks which PM Group established demand credit and overdraft facilities | 1 | 1 | 1 | 1 |
Short-term debt | $ 0 | € 0 | $ 0 | € 0 |
South America | ||||
Line Of Credit Facility [Line Items] | ||||
Number of banks which PM Group established demand credit and overdraft facilities | 11 | 11 | 11 | 11 |
Short-term debt | $ 120 | € 98 | $ 1,090 | € 971 |
South America | Minimum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Working capital borrowing interest rate | 8.00% | 8.00% | ||
South America | Maximum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Working capital borrowing interest rate | 55.00% | 55.00% | ||
Three Month Euribor | Letters Of Credit And Other | Italy [Member] | Minimum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Debt Instrument, basis spread on variable rate | 1.75% | |||
Three Month Euribor | Letters Of Credit And Other | Italy [Member] | Maximum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Debt Instrument, basis spread on variable rate | 2.00% | |||
Three Month Euribor | Cash Facilities | Italy [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Debt Instrument, basis spread on variable rate | 3.50% |
Revolving Term Credit Facilit_7
Revolving Term Credit Facilities and Debt - Additional Information - PM Group Term Loans (Detail) $ in Thousands | Jul. 20, 2020USD ($) | Jul. 20, 2020EUR (€) | Mar. 31, 2020 | Jun. 03, 2018USD ($) | Dec. 31, 2020USD ($)PaymentBank | Dec. 31, 2020EUR (€)Payment | Dec. 31, 2019USD ($)EUR (€)Bank | Dec. 31, 2020EUR (€)Bank | Dec. 31, 2019EUR (€)Bank | Jun. 03, 2018EUR (€) |
Line Of Credit Facility [Line Items] | ||||||||||
2021 | $ 16,510 | |||||||||
2022 | 2,544 | |||||||||
2023 | 15,272 | |||||||||
2024 | 2,459 | |||||||||
2025 | 2,486 | |||||||||
Gain on extinguishment of debt | 595 | |||||||||
Debt instrument reversed liability | 334 | € 280,000 | ||||||||
Italy [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
2021 | 16,161 | |||||||||
2022 | 2,474 | |||||||||
2023 | 2,472 | |||||||||
2024 | 2,459 | |||||||||
2025 | $ 2,486 | |||||||||
Number of Italian banks | Bank | 5 | 5 | 5 | 5 | ||||||
Notes Payable to Banks | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Debt Instrument Interest Rate | 5.81% | 5.81% | ||||||||
Debt Instrument, periodic payment | $ 26 | |||||||||
Notes Payable | $ 237 | |||||||||
Notes Payable to Banks | First note [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Debt instrument, interest rate, effective percentage | 3.00% | 3.00% | 3.00% | |||||||
Number of monthly payments | 60 | 60 | 60,000 | |||||||
Debt Instrument, frequency of periodic payment | monthly | monthly | monthly | |||||||
Debt Instrument, periodic payment | $ 9 | € 8,000 | ||||||||
Notes payable maturity date | Oct. 31, 2020 | |||||||||
Notes Payable | $ 94 | € 84,000 | ||||||||
Notes Payable to Banks | First note [Member] | 1-month Euribor [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Interest rate spread for base rate | 3.00% | |||||||||
Debt Instrument, basis spread on variable rate | 3.00% | |||||||||
Notes Payable to Banks | Second note [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Debt instrument, interest rate, effective percentage | 2.50% | 2.50% | ||||||||
Notes payable maturity date | Dec. 31, 2021 | Dec. 31, 2021 | ||||||||
Notes Payable | $ 142 | $ 245 | € 116,000 | € 218,000 | ||||||
Notes Payable to Banks | Second note [Member] | 1-month Euribor [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Interest rate spread for base rate | 2.50% | 2.50% | ||||||||
Debt Instrument, basis spread on variable rate | 2.50% | 2.50% | ||||||||
Notes Payable to Banks | Third note of first part [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Debt instrument, interest rate, effective percentage | 2.75% | 2.75% | 2.75% | 2.75% | ||||||
Number of monthly payments | Payment | 60 | 60 | ||||||||
Debt Instrument, frequency of periodic payment | monthly | monthly | ||||||||
Debt Instrument, periodic payment | $ 1 | € 1,000 | ||||||||
Notes payable maturity date | Feb. 28, 2023 | Feb. 28, 2023 | ||||||||
Notes Payable | $ 201 | $ 263 | € 164,000 | € 234,000 | ||||||
Notes Payable to Banks | Third note of first part [Member] | 6-month Euribor [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Interest rate spread for base rate | 2.75% | 2.75% | ||||||||
Debt Instrument, basis spread on variable rate | 2.75% | 2.75% | ||||||||
Notes Payable to Banks | Notes Payable Third Note Of Second Part | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Debt instrument, interest rate, effective percentage | 2.75% | 2.75% | 2.75% | 2.75% | ||||||
Number of monthly payments | Payment | 60 | 60 | ||||||||
Debt Instrument, frequency of periodic payment | monthly | monthly | ||||||||
Debt Instrument, periodic payment | $ 5 | € 4,000 | ||||||||
Notes payable maturity date | Apr. 30, 2023 | Apr. 30, 2023 | ||||||||
Notes Payable to Banks | Notes Payable Third Note Of Second Part | 6-month Euribor [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Interest rate spread for base rate | 2.75% | 2.75% | ||||||||
Debt Instrument, basis spread on variable rate | 2.75% | 2.75% | ||||||||
Notes Payable to Banks | Notes Payable Third Note Of Third Part | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Debt instrument, interest rate, effective percentage | 2.75% | 2.75% | 2.75% | 2.75% | ||||||
Number of monthly payments | Payment | 60 | 60 | ||||||||
Debt Instrument, frequency of periodic payment | monthly | monthly | ||||||||
Debt Instrument, periodic payment | $ 1 | € 1,000 | ||||||||
Notes Payable to Banks | Notes Payable Third Note Of Third Part | 6-month Euribor [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Interest rate spread for base rate | 2.75% | 2.75% | ||||||||
Debt Instrument, basis spread on variable rate | 2.75% | 2.75% | ||||||||
Unsecured Debt [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Bank loans | $ 8,836 | $ 11,659 | € 7,225,000 | € 10,385,000 | ||||||
Debt Instrument Interest Rate | 15.00% | 15.00% | 3.50% | 3.50% | ||||||
Debt instrument, interest rate, effective percentage | 3.50% | 3.50% | ||||||||
Annual payments | € | € 1,445,000 | |||||||||
Debt Paid off, Amount | $ 6,269 | € 4,960,000 | ||||||||
Gain on extinguishment of debt | $ 595 | € 533,000 | ||||||||
Unsecured Debt [Member] | Italy [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Number of Italian banks | Bank | 3 | 3 | ||||||||
Term Debt and Unsecured Debt [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Financial covenants measurement, frequency | semi-annual | semi-annual | ||||||||
Bank Term Loan Facility [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Bank loans | $ 7,035 | 5,752,000 | ||||||||
2021 | € | 513,000 | |||||||||
2022 | € | 531,000 | |||||||||
2023 | € | 549,000 | |||||||||
2024 | € | 569,000 | |||||||||
2025 | € | 588,000 | |||||||||
Bank Term Loan Facility [Member] | Non Interest Bearing Debt Adjustment [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Debt Instrument, fair value | $ 550 | 140 | $ 315 | 114,000 | € 281,000 | € 480,000 | ||||
Bank Term Loan Facility [Member] | Notes Payable to Banks | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Bank loans | $ 7,289 | € 6,492,000 | ||||||||
Debt Instrument Interest Rate | 3.50% | 3.50% | ||||||||
Bank Term Loan Facility [Member] | Balloon Payment [Member] | ||||||||||
Line Of Credit Facility [Line Items] | ||||||||||
Bank loans | $ 3,439 | € 3,002,000 | ||||||||
Debt instrument periodic payment terms balloon payment to be paid | € | € 3,002,000 | |||||||||
Debt instrument ending date for principal payments | 2026 |
Revolving Term Credit Facilit_8
Revolving Term Credit Facilities and Debt - Additional Information - Valla Short-Term Working Capital Borrowings (Detail) € in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) |
Line Of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 25,133 | € 20,550 | $ 23,955 | € 21,337 |
Working Capital Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 807 | 660 | ||
Line of credit facility, amount borrowed | $ 579 | € 474 | $ 302 | € 269 |
Working Capital Facility | Minimum [Member] | Italy [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Debt Instrument Interest Rate | 1.67% | 1.67% | ||
Working Capital Facility | Maximum [Member] | Italy [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Debt Instrument Interest Rate | 4.75% | 4.75% |
Revolving Term Credit Facilit_9
Revolving Term Credit Facilities and Debt - Additional Information - Valla Term Loans (Detail) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Line Of Credit Facility [Line Items] | |||||||||
Weighted average interest rate on debt | 2.70% | 2.70% | |||||||
Bank Term Loan Facility [Member] | |||||||||
Line Of Credit Facility [Line Items] | |||||||||
Bank loans | $ 7,035 | € 5,752,000 | |||||||
Bank Term Loan Facility [Member] | Carisbo [Member] | |||||||||
Line Of Credit Facility [Line Items] | |||||||||
Debt Instrument, frequency of periodic payment | quarterly | quarterly | |||||||
Payment commencing date | Oct. 30, 2017 | Oct. 30, 2017 | |||||||
Debt Instrument, periodic payment | $ 10 | € 8,000 | $ 10 | € 8,000 | |||||
Debt instrument, interest rate, effective percentage | 4.36% | 4.36% | 4.36% | 4.36% | |||||
Notes payable maturity date | Jan. 31, 2021 | Jan. 31, 2021 | |||||||
Bank loans | $ 10 | $ 44 | € 8,000 | € 39,000 | |||||
Bank Term Loan Facility [Member] | BPER [Member] | |||||||||
Line Of Credit Facility [Line Items] | |||||||||
Debt Instrument, frequency of periodic payment | monthly | monthly | |||||||
Payment commencing date | Jul. 10, 2022 | Jul. 10, 2022 | |||||||
Debt Instrument, periodic payment | $ 1 | € 500 | |||||||
Debt instrument, interest rate, effective percentage | 1.45% | 1.45% | |||||||
Notes payable maturity date | Dec. 31, 2025 | Dec. 31, 2025 | |||||||
Bank loans | $ 31 | € 25,000 | |||||||
Bank Term Loan Facility [Member] | Three Month Euribor | Carisbo [Member] | |||||||||
Line Of Credit Facility [Line Items] | |||||||||
Interest rate spread for base rate | 470.00% | 470.00% | 470.00% | 470.00% | |||||
Bank Term Loan Facility [Member] | Three Month Euribor | BPER [Member] | |||||||||
Line Of Credit Facility [Line Items] | |||||||||
Interest rate spread for base rate | 1.45% | 1.45% |
Revolving Term Credit Facili_10
Revolving Term Credit Facilities and Debt - Schedule of Annual Maturities Of Debt Outstanding (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Line Of Credit Facility [Line Items] | |
2021 | $ 16,510 |
2022 | 2,544 |
2023 | 15,272 |
2024 | 2,459 |
2025 | 2,486 |
Thereafter | 3,804 |
Long-term Debt, Gross | 43,075 |
Debt issuance cost | (194) |
Total | 42,741 |
Non Interest Bearing Promissory Note | |
Line Of Credit Facility [Line Items] | |
Debt discount related to non-interest-bearing debt | (140) |
North America | |
Line Of Credit Facility [Line Items] | |
2021 | 349 |
2022 | 70 |
2023 | 12,800 |
Long-term Debt, Gross | 13,219 |
Debt issuance cost | (194) |
Total | 13,025 |
Italy [Member] | |
Line Of Credit Facility [Line Items] | |
2021 | 16,161 |
2022 | 2,474 |
2023 | 2,472 |
2024 | 2,459 |
2025 | 2,486 |
Thereafter | 3,804 |
Long-term Debt, Gross | 29,856 |
Total | 29,716 |
Italy [Member] | Non Interest Bearing Promissory Note | |
Line Of Credit Facility [Line Items] | |
Debt discount related to non-interest-bearing debt | $ (140) |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020ft² | |
Lease Description [Line Items] | |
Lease renewal term | Most leases include one or more options to renew, with renewal terms that can extend the lease term. |
Weighted average remaining useful life for operating leases | 5 years |
Weighted average remaining useful life for finance leases | 7 years |
Weighted average discount rate for operating leases | 5.70% |
Weighted average discount rate for finance leases | 12.50% |
Bridgeview Facility [Member] | |
Lease Description [Line Items] | |
Lease of Bridgeview Facility | 40,000 |
Operating Lease [Member] | |
Lease Description [Line Items] | |
Lease renewal term | Certain real estate leases include one or more options to renew. |
Latest lease expiration maximum date | 2027 |
Leases - Schedule of Leases on
Leases - Schedule of Leases on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Operating lease assets | $ 4,068 | $ 2,174 |
Finance lease assets | 2,847 | 3,906 |
Total leased assets | 6,915 | 6,080 |
Current liabilities | ||
Operating | 1,167 | 813 |
Financing | 344 | 476 |
Long-term liabilities | ||
Operating | 2,901 | 1,361 |
Financing | 4,221 | 4,584 |
Total lease liabilities | $ 8,633 | $ 7,234 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Cost (thousands) | ||
Operating lease costs | $ 1,009 | $ 840 |
Finance lease cost | ||
Depreciation/Amortization of leased assets | 1,135 | 454 |
Interest on lease liabilities | 588 | 622 |
Lease cost | $ 2,732 | $ 1,916 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 1,172 | $ 1,104 |
Operating cash flows from finance leases | 612 | 418 |
Financing cash flows from finance leases | $ 588 | $ 622 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2021 | $ 1,271 | |
2022 | 945 | |
2023 | 783 | |
2024 | 440 | |
2025 | 397 | |
Subsequent | 756 | |
Total undiscounted lease payments | 4,592 | |
Less interest | (524) | |
Total liabilities | 4,068 | |
Less current maturities | (1,167) | $ (813) |
Non-current lease liabilities | 2,901 | 1,361 |
Capital Leases | ||
2021 | 895 | |
2022 | 904 | |
2023 | 932 | |
2024 | 960 | |
2025 | 988 | |
Subsequent | 2,423 | |
Total undiscounted lease payments | 7,102 | |
Less interest | (2,537) | |
Total liabilities | 4,565 | |
Less current maturities | (344) | (476) |
Non-current lease liabilities | $ 4,221 | $ 4,584 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) - USD ($) | Jan. 07, 2015 | Dec. 19, 2014 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||
Deferred tax liability | $ 6,474,000 | $ 5,598,000 | ||
Convertible note, net | 14,760,000 | |||
Debt issuance cost | $ 194,000 | |||
Terex Corporation Note Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 7,500,000 | |||
Debenture interest rate | 5.00% | |||
Common stock conversion price | $ 13.65 | |||
Convertible number of common stock | 549,451 | |||
Debenture, maturity date | Dec. 19, 2020 | |||
Percentage of debt conversion price | 130.00% | |||
Debt instrument, days before a call is permitted | 20 days | |||
Debt instrument, consecutive trading days | 30 days | |||
Debt instrument, interest rate, effective percentage | 7.50% | |||
Deferred tax liability | $ 321,000 | |||
Net carrying amount of convertible debt | 7,323,000 | |||
Convertible note discount amortization | 716,000 | |||
Convertible note unamortized discount | 177,000 | |||
Perella Notes Purchase Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred tax liability | $ 257,000 | |||
Convertible note discount amortization | 572,000 | |||
Convertible note unamortized discount | 142,000 | |||
Net carrying amount of convertible debt | 14,858,000 | |||
Convertible note, net | 14,760,000 | |||
Debt issuance cost | $ 98,000 | |||
Perella Notes Purchase Agreement [Member] | Convertible Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 15,000,000 | |||
Common stock conversion price | $ 15 | |||
Debt instrument, interest rate, effective percentage | 7.50% | |||
Debt instrument, interest rate, effective percentage | 6.50% | |||
Principal amount of convertible notes due date | January 7, 2021 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes Disclosure [Line Items] | ||
Dividend received deduction | 100.00% | |
Domestic net operating loss carryforwards | $ 1,300 | |
Capital loss carryforwards | 238 | $ 440 |
Total unrecognized tax benefits | 1,400 | |
Unrecognized tax benefits, interest and penalties recognized | (287) | 134 |
Unrecognized tax benefits, interest and penalties accrued balance | $ 495 | $ 782 |
Income tax examination description | The Company files income tax returns in the United States, Italy, Romania, Argentina, and Chile as well as various state and local tax jurisdictions with varying statutes of limitations. With a few exceptions, the Company is no longer subject to examination by the tax authorities for U.S. federal or state for the years before 2017, or foreign examinations for years before 2012 | |
U.S. Federal and Foreign [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Net operating loss carryforwards | $ 15,200 | |
U.S. Federal and Foreign [Member] | Earliest Tax Year [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Net operating loss carryforwards expiration date | Dec. 31, 2036 | |
State [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Net operating loss carryforwards | $ 600 | |
Capital loss carryforwards | 200 | |
State [Member] | Texas Margin Tax Credit [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Tax credit carryforward | 1,000 | |
State [Member] | U.S. Federal R&D Credits [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Tax credit carryforward | $ 100 | |
State [Member] | Earliest Tax Year [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Net operating loss carryforwards expiration date | Dec. 31, 2025 | |
Capital loss carryforwards expiration date | Dec. 31, 2021 | |
State [Member] | Earliest Tax Year [Member] | Texas Margin Tax Credit [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Tax credit carryforwards expiration date | Dec. 31, 2026 | |
State [Member] | Latest Tax Year [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Net operating loss carryforwards expiration date | Dec. 31, 2040 | |
Capital loss carryforwards expiration date | Dec. 31, 2022 | |
State [Member] | Latest Tax Year [Member] | U.S. Federal R&D Credits [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Tax credit carryforwards expiration date | Dec. 31, 2036 | |
U.S. [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Net operating loss carryforwards | $ 4,100 | |
Romania Income Tax [Member] | Minimum [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Audit adjustments tax period | 2012 | |
Romania Income Tax [Member] | Maximum [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Audit adjustments tax period | 2016 | |
Italy Income Tax [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Audit adjustments tax period | 2016 | |
Italy Income Tax [Member] | Maximum [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Decrease in unrecognized tax benefits | $ (700) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Company's Income Before Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
(Loss) income before income taxes: | ||
Domestic | $ (6,566) | $ 6,861 |
Foreign | (5,479) | (4,015) |
(Loss) income before income taxes from continuing operations | $ (12,045) | $ 2,846 |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Company's Provision for Income Taxes for Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Expense (benefit) for income taxes: | ||
Current - Federal | $ (28) | $ (33) |
Current - State and local | (112) | 19 |
Current - Foreign | 488 | 510 |
Current - Total | 348 | 496 |
Deferred - Federal | 32 | 31 |
Deferred - State and local | 187 | 159 |
Deferred - Foreign | 107 | 2,105 |
Deferred - Total | 326 | 2,295 |
Total expense for income taxes | $ 674 | $ 2,791 |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Accrued expenses | $ 532 | $ 906 |
Inventory | 1,924 | 2,326 |
Other liabilities | 1,465 | 930 |
Deferred gain | 137 | 172 |
Net operating loss carryforwards | 5,473 | 3,498 |
Tax credit carryforwards | 1,341 | 1,317 |
Capital loss carryforwards | 238 | 440 |
Unrealized foreign currency loss | 110 | 97 |
Interest expense | 3,566 | 3,537 |
Property, plant and equipment | 296 | 688 |
Total deferred tax asset | 15,082 | 13,911 |
Deferred tax liabilities: | ||
Intangibles | 3,696 | 2,926 |
Discount on convertible notes | 73 | |
Deferred State Income Tax | 396 | 402 |
Debt | 2,382 | 2,197 |
Total deferred tax liability | 6,474 | 5,598 |
Valuation allowance | (9,694) | (8,943) |
Net deferred tax (liability) | $ (1,086) | $ (630) |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Tax Rate Before Income Taxes Varies from Current US Federal Statutory Income Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Statutory rate | 21.00% | 21.00% |
State and local taxes | 0.50% | 5.10% |
Permanent differences | (19.40%) | 26.60% |
Tax credits | 0.00% | 16.20% |
Foreign operations | (1.30%) | 8.20% |
Uncertain tax positions | (0.80%) | 1.60% |
Valuation allowance | (5.10%) | 21.00% |
Other | (0.50%) | (1.60%) |
Effective Income Tax Rate, Continuing Operations, Total | (5.60%) | 98.10% |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 4,295 | $ 4,115 |
(Decrease) increases in tax positions for current years | (375) | 455 |
Other | (42) | (149) |
Lapse in statute of limitations | (235) | (126) |
Settlements | (97) | |
Ending balance | $ 3,546 | $ 4,295 |
Supplemental Cash Flow Disclo_3
Supplemental Cash Flow Disclosures - Schedule of Supplemental Cash Flow Disclosures (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest received in cash | $ 97 | $ 229 |
Interest paid in cash | 4,345 | 4,394 |
Income taxes paid (refunds) in cash | $ 536 | $ (175) |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
United States [Member] | 401(k) with Dollar for Dollar Match | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching contributions percentage | 3.00% | |
United States [Member] | 401(k) with 50% Match | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching contributions percentage | 2.00% | |
Matching contribution, percent of match | 50.00% | |
United States [Member] | 401(k) Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amount paid in matching contributions by the company | $ 336 | $ 388 |
Non-U.S. Plan [Member] | Employee Severance Indemnity/TFR | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Annual accrual of total pay | 7.00% | |
Pre-established annual fixed portion rate of return | 1.50% | |
Percentage of consumer price index | 75.00% | |
Amount paid by the company | $ 521 | 146 |
Employee severance indemnity provision | $ 689 | $ 428 |
Accrued Warranties - Summary of
Accrued Warranties - Summary of Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 1,604 | $ 2,004 |
Provision for warranties issued during the year | 2,573 | 2,377 |
Warranty services provided | (3,091) | (2,163) |
Changes in estimates | 177 | (563) |
Foreign currency translation | 29 | (51) |
Ending Balance | $ 1,292 | $ 1,604 |
Equity - Summary of Stock Issua
Equity - Summary of Stock Issuances (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 121,027 | 72,834 |
Value of Shares Issued | $ 806 | $ 484 |
Employee [Member] | January 1, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 2,250 | |
Value of Shares Issued | $ 13 | |
Employee [Member] | March 13, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 39,714 | |
Value of Shares Issued | $ 292 | |
Employee [Member] | May 15, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 560 | |
Value of Shares Issued | $ 6 | |
Employee [Member] | August 20, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 333 | |
Value of Shares Issued | $ 4 | |
Employee [Member] | August 21, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 335 | |
Value of Shares Issued | $ 2 | |
Employee [Member] | September 01, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 16,500 | |
Value of Shares Issued | $ 93 | |
Employee [Member] | October 2, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 34,075 | |
Value of Shares Issued | $ 210 | |
Employee [Member] | December 31, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 2,640 | |
Value of Shares Issued | $ 16 | |
Employee [Member] | January 1, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 2,500 | |
Value of Shares Issued | $ 14 | |
Employee [Member] | January 4, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 21,502 | |
Value of Shares Issued | $ 131 | |
Employee [Member] | May 15, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 560 | |
Value of Shares Issued | $ 6 | |
Employee [Member] | August 20, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 333 | |
Value of Shares Issued | $ 4 | |
Employee [Member] | September 18, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 2,612 | |
Value of Shares Issued | $ 18 | |
Employee [Member] | December 14, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 15,007 | |
Value of Shares Issued | $ 84 | |
Directors [Member] | March 6, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 7,920 | |
Value of Shares Issued | $ 47 | |
Directors [Member] | May 31, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 6,800 | |
Value of Shares Issued | $ 79 | |
Directors [Member] | August 14, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 9,900 | |
Value of Shares Issued | $ 44 | |
Directors [Member] | January 4, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 7,900 | |
Value of Shares Issued | $ 48 | |
Directors [Member] | March 13, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 7,920 | |
Value of Shares Issued | $ 58 | |
Directors [Member] | May 31, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 6,600 | |
Value of Shares Issued | $ 77 | |
Directors [Member] | December 14, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 7,900 | |
Value of Shares Issued | $ 44 |
Equity - Summary of Common Stoc
Equity - Summary of Common Stock Repurchases (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 13,122 | 5,422 |
March 13, 2020 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 2,949 | |
Closing Price on Date of Purchase | $ 4.34 | |
August 20, 2020 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 116 | |
Closing Price on Date of Purchase | $ 4.37 | |
August 21, 2020 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 116 | |
Closing Price on Date of Purchase | $ 4.23 | |
October 2, 2020 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 9,941 | |
Closing Price on Date of Purchase | $ 4.74 | |
January 4, 2019 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 2,882 | |
Closing Price on Date of Purchase | $ 9.60 | |
August 20, 2019 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 116 | |
Closing Price on Date of Purchase | $ 11.54 | |
September 18, 2019 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 766 | |
Closing Price on Date of Purchase | $ 6.24 | |
December 14, 2019 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 1,658 | |
Closing Price on Date of Purchase | $ 5.66 |
Equity - Additional Information
Equity - Additional Information - 2019 Equity Incentive Plan (Detail) | 12 Months Ended |
Dec. 31, 2020shares | |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of common stock authorized for issuance | 279,717 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of common stock authorized for issuance | 779,717 |
Options to Purchase Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares eligible under share based compensation plan by individual within a year | 15,000 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares eligible under share based compensation plan by individual within a year | 20,000 |
Stock Appreciation Rights [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares eligible under share based compensation plan by individual within a year | 20,000 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares eligible under share based compensation plan by individual within a year | 10,000 |
Equity - Additional Informati_2
Equity - Additional Information - Restricted Stock Awards (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units | 176,000 | 210,310 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units | 176,000 | 210,310 |
Fair value of the option granted | $ 5.49 | $ 6.75 |
Equity - Summary of Restricted
Equity - Summary of Restricted Stock Units Awarded (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 176,000 | 210,310 |
Value of restricted stock units issued | $ 966 | $ 1,421 |
January 1, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 15,000 | |
Closing price on date of grant | $ 5.95 | |
Value of restricted stock units issued | $ 89 | |
January 1, 2020 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 4,950 | |
Vesting Date | Jan. 1, 2021 | |
January 1, 2020 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 4,950 | |
Vesting Date | Jan. 1, 2022 | |
January 1, 2020 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 5,100 | |
Vesting Date | Jan. 1, 2023 | |
March 6, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 24,000 | |
Closing price on date of grant | $ 5.89 | |
Value of restricted stock units issued | $ 141 | |
March 6, 2020 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 7,920 | |
Vesting Date | Mar. 6, 2020 | |
March 6, 2020 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 7,920 | |
Vesting Date | Mar. 6, 2021 | |
March 6, 2020 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 8,160 | |
Vesting Date | Mar. 6, 2022 | |
March 6, 2020 Grants Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 86,000 | |
Closing price on date of grant | $ 5.89 | |
Value of restricted stock units issued | $ 507 | |
March 6, 2020 Grants Two [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 28,380 | |
Vesting Date | Mar. 6, 2021 | |
March 6, 2020 Grants Two [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 28,380 | |
Vesting Date | Mar. 6, 2022 | |
March 6, 2020 Grants Two [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 29,240 | |
Vesting Date | Mar. 6, 2023 | |
August 14, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 30,000 | |
Closing price on date of grant | $ 4.41 | |
Value of restricted stock units issued | $ 132 | |
August 14, 2020 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 9,900 | |
Vesting Date | Aug. 14, 2020 | |
August 14, 2020 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 9,900 | |
Vesting Date | Aug. 14, 2021 | |
August 14, 2020 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 10,200 | |
Vesting Date | Aug. 14, 2022 | |
October 20, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 10,000 | |
Closing price on date of grant | $ 4.60 | |
Value of restricted stock units issued | $ 46 | |
October 20, 2020 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 3,300 | |
Vesting Date | Oct. 20, 2020 | |
October 20, 2020 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 2,211 | |
Vesting Date | Oct. 20, 2021 | |
October 20, 2020 [Member] | Vesting Date 4 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 2,278 | |
Vesting Date | Oct. 20, 2023 | |
October 20, 2020 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 2,211 | |
Vesting Date | Oct. 20, 2022 | |
December 10, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 11,000 | |
Closing price on date of grant | $ 4.67 | |
Value of restricted stock units issued | $ 51 | |
December 10, 2020 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 3,630 | |
Vesting Date | Dec. 10, 2021 | |
December 10, 2020 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 3,630 | |
Vesting Date | Dec. 10, 2022 | |
December 10, 2020 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 3,740 | |
Vesting Date | Dec. 10, 2023 | |
January 1, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 5,000 | |
Closing price on date of grant | $ 5.68 | |
Value of restricted stock units issued | $ 29 | |
January 1, 2019 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 2,500 | |
Vesting Date | Jan. 1, 2019 | |
January 1, 2019 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 2,500 | |
Vesting Date | Jan. 1, 2020 | |
March 13, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 24,000 | |
Closing price on date of grant | $ 7.36 | |
Value of restricted stock units issued | $ 177 | |
March 13, 2019 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 7,920 | |
Vesting Date | Mar. 13, 2019 | |
March 13, 2019 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 7,920 | |
Vesting Date | Mar. 13, 2020 | |
March 13, 2019 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 8,160 | |
Vesting Date | Mar. 13, 2021 | |
March 13, 2019 Grants Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 30,000 | |
Closing price on date of grant | $ 7.36 | |
Value of restricted stock units issued | $ 221 | |
March 13, 2019 Grants Two [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 9,900 | |
Vesting Date | Mar. 13, 2020 | |
March 13, 2019 Grants Two [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 9,900 | |
Vesting Date | Mar. 13, 2021 | |
March 13, 2019 Grants Two [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 10,200 | |
Vesting Date | Mar. 13, 2022 | |
March 13, 2019 Grants Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 78,310 | |
Closing price on date of grant | $ 7.36 | |
Value of restricted stock units issued | $ 576 | |
March 13, 2019 Grants Three [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 25,842 | |
Vesting Date | Mar. 13, 2020 | |
March 13, 2019 Grants Three [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 25,842 | |
Vesting Date | Mar. 13, 2021 | |
March 13, 2019 Grants Three [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 26,626 | |
Vesting Date | Mar. 13, 2022 | |
September 1, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 50,000 | |
Closing price on date of grant | $ 5.62 | |
Value of restricted stock units issued | $ 281 | |
September 1, 2019 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 16,500 | |
Vesting Date | Sep. 1, 2020 | |
September 1, 2019 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 16,500 | |
Vesting Date | Sep. 1, 2021 | |
September 1, 2019 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 17,000 | |
Vesting Date | Sep. 1, 2022 | |
December 31, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 23,000 | |
Closing price on date of grant | $ 5.95 | |
Value of restricted stock units issued | $ 137 | |
December 31, 2019 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 7,590 | |
Vesting Date | Dec. 31, 2020 | |
December 31, 2019 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 7,590 | |
Vesting Date | Dec. 31, 2021 | |
December 31, 2019 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 7,820 | |
Vesting Date | Dec. 31, 2022 |
Equity - Restricted Stock Units
Equity - Restricted Stock Units Outstanding (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | ||
Outstanding on January 1, | 198,717 | 72,874 |
Units granted during period | 176,000 | 210,310 |
Vested and issued | (107,905) | (67,412) |
Vested—issued and repurchased for income tax withholding | (13,122) | (5,422) |
Forfeited | (11,104) | (11,633) |
Outstanding on December 31, | 242,586 | 198,717 |
Equity - Additional Informati_3
Equity - Additional Information - Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Options to Purchase Common Stock [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Stock options granted | 50,000 | ||
Stock options granted, exercise price per share | $ 5.62 | ||
Stock options vesting period | 3 years | ||
Restricted Stock Units [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Compensation expense related to restricted stock units and stock options | $ 1,038 | $ 603 | |
Compensation expense related to restricted stock units and stock options for year 2021 | 611 | ||
Compensation expense related to restricted stock units and stock options for year 2022 | $ 340 |
Equity - Summary of Assumptions
Equity - Summary of Assumptions to Calculate the Black-Scholes Option Pricing Model for Stock Options Granted (Detail) - Options to Purchase Common Stock [Member] | Sep. 01, 2019$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 51.00% |
Risk free interest rate | 1.42% |
Expected life (in years) | 6 years |
Fair value of the option granted | $ 2.76 |
Transactions between the Comp_3
Transactions between the Company and Related Parties - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Feb. 28, 2018 | Dec. 31, 2020 | May 31, 2017 | Dec. 19, 2014 |
ASV transaction [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment ownership percentage | 21.20% | ||||
Percentage of reduction in investment | 11.00% | ||||
ASV transaction [Member] | Disposition of the Remaining Available for Sale Investment [Member] | Yanmar American Corporation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Net carrying amount of convertible debt | 1,080,000 | ||||
Ram P&E [Member] | |||||
Related Party Transaction [Line Items] | |||||
Invoiced amount for business | $ 100 | ||||
Terex Corporation Note Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument, face amount | $ 7,500 | ||||
Terex Corporation Note Payable [Member] | Convertible Notes Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument, face amount | $ 7,500 |
Transactions between the Comp_4
Transactions between the Company and Related Parties - Schedule of Accounts Receivable and Accounts Payable with Related Parties (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||
Accounts Receivable | $ 75 | $ 97 |
Accounts Payable | 127 | 325 |
Net Related Party Accounts Payable | 52 | 228 |
Terex Corporation [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Receivable | 9 | |
Accounts Payable | 47 | 325 |
Tadano [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Receivable | 62 | $ 88 |
Accounts Payable | 80 | |
Ram P&E [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Receivable | $ 13 |
Transactions between the Comp_5
Transactions between the Company and Related Parties - Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Related Party Transaction [Line Items] | |||
Total Sales | $ 764 | $ 179 | |
Total Purchases | 595 | 1,858 | |
Bridgeview Facility [Member] | |||
Related Party Transaction [Line Items] | |||
Rent paid | [1] | 276 | 273 |
Tadano [Member] | |||
Related Party Transaction [Line Items] | |||
Total Sales | 708 | 144 | |
Total Purchases | 96 | ||
Terex Corporation [Member] | |||
Related Party Transaction [Line Items] | |||
Total Sales | 43 | 35 | |
Total Purchases | 499 | $ 1,858 | |
Ram P&E [Member] | |||
Related Party Transaction [Line Items] | |||
Total Sales | [2] | $ 13 | |
[1] | The Company leased its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Executive Chairman and former CEO, through December 31, 2020. Pursuant to the terms of the lease, the Company makes monthly lease payments of $23. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The entity controlled by Mr. David Langevin sold the building on December 31, 2020 to an unaffiliated third party. The new terms of the building lease are substantially the same. | ||
[2] | RAM P&E is owned by the Company’s Executive Chairman’s daughter. |
Transactions between the Comp_6
Transactions between the Company and Related Parties - Related Party Transactions (Parenthetical) (Detail) - Bridgeview Facility [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)ft² | |
Related Party Transaction [Line Items] | |
Lease of Bridgeview Facility | ft² | 40,000 |
Monthly lease payments | $ | $ 23 |
Legal Proceedings and Other C_2
Legal Proceedings and Other Contingencies - Additional Information (Detail) | May 05, 2011AgreementPlaintiff | Dec. 31, 2020USD ($)Installment | Dec. 31, 2019USD ($) |
Loss Contingencies [Line Items] | |||
Worker's compensation insurance policy per claim deductible | $ 250,000 | ||
Number of settlement agreements | Agreement | 2 | ||
Number of plaintiff | Plaintiff | 2 | ||
Remaining obligation to pay product liability settlement to plaintiffs | $ 1,045,000 | ||
Number of installments for the payment of product liability settlement | Installment | 11 | ||
Annual installment amount | $ 95,000 | ||
Settlement agreements date | May 5, 2011 | ||
Settlement payment terms | the Company has a remaining obligation under the agreements to pay the plaintiffs $1,045 without interest in 11 annual installments of $95 on or before May 22 each year | ||
Estimated Reserve for Product Liability Claims, change in period | 12 months | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Product liability insurance self insurance retention amount | $ 50,000 | ||
Maximum worker's compensation insurance policy aggregate | 1,000,000 | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Product liability insurance self insurance retention amount | $ 500,000 | ||
Maximum worker's compensation insurance policy aggregate | $ 1,875,000 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Aug. 21, 2020 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Gain contingency, description | In addition to the cash proceeds from sale of $1.5 million in cash received, the Company may receive a maximum royalty and earnout payments of approximately $2.9 million for years 2021 thru 2023 if certain revenue criteria are met. | ||
Gain (Loss) on disposal of discontinued operation | $ 319 | ||
Amount of adjustment to prior period Gain (Loss) on disposal of discontinued operation | 57 | ||
Cash flows used in operating activities | 1,586 | $ 203 | |
Depreciation expense | 44 | 173 | |
Purchases of fixed assets | 0 | ||
Amortization expense | 0 | 222 | |
Cash flows used in Investing activities | 1,553 | $ 103 | |
Maximum [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Royalty and Earn-out payments receivable | $ 2,900 | ||
Super Steel, LLC [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Assets and certain liabilities purchase | $ 1,500 | ||
Discontinued operation, consideration | $ 1,500 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Calculation of Gain On Sales (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Proceeds from sale | $ 1,489 |
Transaction Costs | (126) |
working capital adjustment | 190 |
Net proceeds | 1,553 |
Net assets sold | (1,234) |
Gain on sale before taxes | 319 |
Gain on sale, net of tax | $ 319 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Assets and Liabilities of Discontinued Operations (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Current assets | |
Cash | $ 33 |
Trade receivables (net) | 507 |
Inventory (net) | 916 |
Prepaid expense and other | 135 |
Total current assets of discontinued operations | 1,591 |
Long-term assets | |
Total fixed assets (net) | 314 |
Operating lease assets | 99 |
Total long-term assets of discontinued operations | 413 |
Total assets of discontinued operations | 2,004 |
Current liabilities | |
Current operating lease liability | 106 |
Accounts payable | 381 |
Accrued expenses | 187 |
Customer deposits | 126 |
Total current liabilities of discontinued operations | $ 800 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Loss from Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | ||
Net revenues | $ 3,276 | $ 9,283 |
Cost of sales | 3,594 | 9,671 |
Selling, general and administrative expenses | 840 | 8,103 |
Interest expense | 62 | 91 |
Other income (loss) | 332 | 7 |
Net loss from discontinued operations before income tax | (888) | (8,575) |
Income tax expense (benefit) | 3 | (28) |
Net loss on discontinued operations | $ (891) | $ (8,547) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||||
Balance Beginning of Year | $ 22,320 | $ 17,303 | ||||
Charges to Earnings | 2,530 | 7,303 | ||||
Other | (860) | (509) | ||||
Deductions | [1] | (3,265) | (1,777) | |||
Balance End of Year | $ 20,725 | 20,725 | 22,320 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||||
Balance Beginning of Year | [2] | 2,842 | 2,237 | |||
Charges to Earnings | 236 | 670 | ||||
Other | [3] | 256 | (35) | |||
Deductions | [1] | (754) | (30) | |||
Balance End of Year | 2,580 | 2,580 | 2,842 | [2] | ||
Reserve for Inventory [Member] | ||||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||||
Balance Beginning of Year | [2] | 9,196 | 7,423 | |||
Charges to Earnings | 1,112 | 3,784 | ||||
Other | [3] | 223 | (474) | |||
Deductions | [1] | (2,080) | (1,537) | |||
Balance End of Year | 8,451 | 8,451 | 9,196 | [2] | ||
Valuation Allowance for Deferred Tax Assets [Member] | ||||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||||
Balance Beginning of Year | 10,282 | 7,643 | ||||
Charges to Earnings | 1,182 | 2,849 | ||||
Other | 1,300 | (1,339) | [4] | |||
Deductions | [1] | (431) | (210) | |||
Balance End of Year | $ 9,694 | $ 9,694 | $ 10,282 | |||
[1] | Primarily represents the utilization of established reserves, net of recoveries. | |||||
[2] | The Company previously presented only the change in the account balances for reserve for inventory and allowance for doubtful accounts. During 2020, the Company changed to reporting the ending account balances. The adjustment to 2019 and 2020 reserve for inventory and allowance for doubtful accounts are for disclosures only, no financial statements were impacted. | |||||
[3] | Primarily represents the impact of foreign currency exchange, business divestitures and other amounts recorded to accumulated other comprehensive income (loss). | |||||
[4] | During the fourth quarter of 2020, the Company made a downward adjustment to its U.S. net operating loss carryforward disclosed in the deferred tax assets and liabilities table in the comparable reporting period by approximately $1.3 million with an offsetting adjustment to the valuation allowance. |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts and Reserves (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Valuation allowance for deferred tax assets | $ (860) | $ (509) | ||
Valuation Allowance for Deferred Tax Assets [Member] | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Valuation allowance for deferred tax assets | $ 1,300 | $ (1,339) | [1] | |
[1] | During the fourth quarter of 2020, the Company made a downward adjustment to its U.S. net operating loss carryforward disclosed in the deferred tax assets and liabilities table in the comparable reporting period by approximately $1.3 million with an offsetting adjustment to the valuation allowance. |