Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 01, 2022 | Jun. 30, 2021 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
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 | 19,943,787 | ||
Entity Public Float | $ 105.4 | ||
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 | ||
Auditor Name | Grant Thornton LLP | ||
Auditor Location | Chicago, IL, United States of America | ||
Auditor Firm ID | 248 | ||
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 2022 Annual Meeting (the “2022 Proxy Statement”) to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2021. | ||
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, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 21,359 | $ 17,161 |
Cash - restricted | 222 | 240 |
Trade receivables (net) | 30,515 | 30,418 |
Other receivables | 2,039 | 179 |
Inventory (net) | 64,965 | 56,055 |
Prepaid expense and other current assets | 2,436 | 2,218 |
Total current assets | 121,536 | 106,271 |
Total fixed assets, net of accumulated depreciation of $18,662 and $17,444, at December 31, 2021 and 2020, respectively | 16,460 | 18,723 |
Operating lease assets | 3,563 | 4,068 |
Intangible assets (net) | 11,946 | 15,671 |
Goodwill | 24,949 | 27,472 |
Other long-term assets | 1,143 | 1,143 |
Deferred tax assets | 178 | 247 |
Total assets | 179,775 | 173,595 |
Current liabilities | ||
Accounts payable | 44,136 | 32,429 |
Accrued expenses | 10,539 | 7,909 |
Related party payables (net) | 203 | 52 |
Notes payable | 18,401 | 16,510 |
Current portion of finance lease obligations | 399 | 344 |
Current portion of operating lease obligations | 1,064 | 1,167 |
Customer deposits | 7,121 | 2,363 |
Deferred income liability | 3,747 | |
Total current liabilities | 81,863 | 64,521 |
Long-term liabilities | ||
Revolving term credit facilities (net) | 12,717 | 12,606 |
Notes payable (net) | 10,089 | 13,625 |
Finance lease obligations (net of current portion) | 3,822 | 4,221 |
Non-current operating lease obligations (net of current portion) | 2,499 | 2,901 |
Deferred gain on sale of property | 507 | 587 |
Deferred tax liability | 1,074 | 1,333 |
Other long-term liabilities | 4,389 | 4,892 |
Total long-term liabilities | 35,097 | 40,165 |
Total liabilities | 116,960 | 104,686 |
Commitments and contingencies | ||
Equity | ||
Preferred Stock—Authorized 150,000 shares, no shares issued or outstanding at December 31, 2021 and 2020 | ||
Common Stock—no par value 25,000,000 shares authorized, 19,940,487 and 19,821,090 shares issued and outstanding at December 31, 2021 and 2020, respectively | 132,206 | 131,455 |
Paid-in capital | 3,264 | 3,025 |
Retained deficit | (68,436) | (63,863) |
Accumulated other comprehensive loss | (4,219) | (1,708) |
Total equity | 62,815 | 68,909 |
Total liabilities and equity | $ 179,775 | $ 173,595 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Accumulated Depreciation | $ 18,662 | $ 17,444 |
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 | 19,940,487 | 19,821,090 |
Common Stock, shares outstanding | 19,940,487 | 19,821,090 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Net revenues | $ 211,539 | $ 167,498 |
Cost of sales | 175,377 | 136,632 |
Cost of sales - inventory write-down | 3,226 | |
Gross profit | 32,936 | 30,866 |
Operating expenses | ||
Research and development costs | 3,332 | 3,227 |
Selling, general and administrative expenses | 31,948 | 28,743 |
Impairment of intangibles and fixed assets | 2,078 | 6,722 |
Total operating expenses | 37,358 | 38,692 |
Operating income (loss) | (4,422) | (7,826) |
Other income (expense) | ||
Interest expense | (2,084) | (3,595) |
Interest income | 43 | 97 |
Gain on extinguishment of debt | 595 | |
Gain on Paycheck Protection Program loan forgiveness | 3,747 | |
Foreign currency transaction loss | (543) | (813) |
Other income (expense) | (97) | (503) |
Total other income (expense) | 1,066 | (4,219) |
Income (loss) before income taxes from continuing operations | (3,356) | (12,045) |
Income tax expense from continuing operations | 1,217 | 674 |
Net income (loss) from continuing operations | (4,573) | (12,719) |
Discontinued operations: | ||
Loss from operations of discontinued operations | (888) | |
Income tax expense | 3 | |
Loss on discontinued operations | (891) | |
Net income (loss) | $ (4,573) | $ (13,610) |
Basic | ||
Income (loss) from continuing operations | $ (0.23) | $ (0.64) |
Loss from discontinued operations | (0.05) | |
Net income (loss) | (0.23) | (0.69) |
Diluted | ||
Income (loss) from continuing operations | (0.23) | (0.64) |
Loss from discontinued operations | (0.05) | |
Net income (loss) | $ (0.23) | $ (0.69) |
Weighted average common shares outstanding | ||
Basic | 19,900,117 | 19,773,081 |
Diluted | 19,900,117 | 19,773,081 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ (4,573) | $ (13,610) |
Other comprehensive income (loss) | ||
Foreign currency translation gain (loss) | (2,511) | 1,992 |
Total other comprehensive income (loss) | (2,511) | 1,992 |
Total comprehensive loss | $ (7,084) | $ (11,618) |
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, 2019 | $ 79,550 | $ 130,710 | $ 2,793 | $ (50,253) | $ (3,700) |
Balance at beginning of the year, shares at Dec. 31, 2019 | 19,713,185,000 | ||||
Net loss | (13,610) | (13,610) | |||
Gain (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 | ||||
Net loss | (4,573) | (4,573) | |||
Gain (Loss) on foreign currency translation | (2,522) | (11) | (2,511) | ||
Employee 2004 and 2019 incentive plan grant | $ 807 | (807) | |||
Employee 2004 and 2019 incentive plan grant, shares | 126,704,000 | ||||
Repurchase to satisfy withholding and cancelled | $ (56) | $ (56) | |||
Repurchase to satisfy withholding and cancelled, shares | 7,307 | (7,307,000) | |||
Share-based compensation | $ 1,057 | 1,057 | |||
Balance end of year at Dec. 31, 2021 | $ 62,815 | $ 132,206 | $ 3,264 | $ (68,436) | $ (4,219) |
Balance end of year, shares at Dec. 31, 2021 | 19,940,487,000 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (4,573) | $ (13,610) |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
Depreciation and amortization | 4,343 | 4,354 |
Gain on sale of discontinued operations | (319) | |
Gain from extinguishment of debt | (595) | |
Gain on forward currency contract | (278) | |
Changes in allowances for doubtful accounts | 42 | (478) |
Gain on Payroll Protection Program loan forgiveness | (3,747) | |
Inventory write-down | 3,226 | |
Changes in inventory reserves | (1,621) | (1,021) |
Changes in deferred income taxes | (106) | 458 |
Amortization of deferred financing cost | 111 | 376 |
Write-down of goodwill | 1,130 | 6,585 |
Write-down of intangibles | 872 | 137 |
Write-down of fixed assets | 76 | |
Amortization of debt discount | 152 | 508 |
Share-based compensation | 1,056 | 1,038 |
Deferred gain on sale and lease back | (80) | (80) |
Reserves for uncertain tax provisions | (131) | |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (322) | 5,954 |
(Increase) decrease in other receivable | (1,947) | 870 |
(Increase) decrease in inventory | (12,777) | 4,746 |
(Increase) decrease in prepaid expenses | (273) | 2,772 |
Increase in other assets | (89) | (1,065) |
Increase in accounts payable | 14,221 | 165 |
Increase in deferred income | 3,747 | |
Increase (decrease) in accrued expenses | 3,293 | (1,913) |
Increase in other current liabilities | 4,973 | 738 |
Decrease in other long-term liabilities | (226) | (1,200) |
Net cash provided by operating activities | 7,456 | 12,036 |
Cash flows from investing activities: | ||
Proceeds from the sale of assets from discontinued operations | 1,553 | |
Purchase of property and equipment | (890) | (709) |
Investment in intangibles other than goodwill | (247) | |
Net cash (used) provided by investing activities | (1,137) | 844 |
Cash flows from financing activities: | ||
Payments on revolving term credit facilities | (3,500) | |
Borrowings on revolving term credit facility | 16,300 | |
Net borrowings (repayments) on working capital facilities | 3,055 | (2,276) |
Repayments on convertible notes | (22,500) | |
New borrowings- other | 1,095 | 246 |
Note payments | (3,704) | (8,287) |
Bank fees and cost related to new financing | (194) | |
Shares repurchased for income tax withholding on share-based compensation | (56) | (61) |
Payments on finance lease obligations | (344) | (496) |
Net cash provided by (used) for financing activities | 46 | (20,768) |
Net increase (decrease) in cash and cash equivalents | 6,365 | (7,888) |
Effect of exchange rate changes on cash | (2,185) | 1,712 |
Cash and cash equivalents at the beginning of the year | 17,401 | 23,577 |
Cash and cash equivalents at end of period | $ 21,581 | $ 17,401 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
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 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 is a manufacturer of specialized rough terrain cranes and material handling products. PM Oil and Steel S.p.A. (“PM” or “PM Group”) 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. 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. COVID-19 Pandemic We are continuing to closely monitor the impact of the COVID-19 pandemic on all aspects of our business, including how it is impacting our customers, employees, supply chain, and distribution network, as well as the demand for our products in the industries and markets that we serve. Our first priority is the health and safety of our employees, customers, and business partners and we believe that we have taken the necessary steps to keep our facilities clean and safe during the COVID-19 pandemic. While COVID-19 has had a material impact on our past financial results, we are unable to predict the ultimate impact that it may have on our business, future results of operations, financial position or cash flows. The extent to which our operations may be impacted by the COVID-19 pandemic will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the ultimate severity and duration of the outbreak (including the spread and impact of new COVID-19 variants) and actions by government authorities to contain the outbreak or treat its impact. Furthermore, the impacts of a potential worsening of global economic conditions and the continued disruptions to and volatility in the financial markets remain unknown. The Company is currently experiencing supply chain disruptions and related logistical bottlenecks that have impacted our ability to meet strong industrial demand and have also, increased costs related to shipping, warehousing, and working capital management. While the Company is doing everything it can to mitigate these expenses and the associated timing issues, certain segments – such as truck chassis – have been more impacted than others. Where appropriate and feasible, we have implemented pricing adjustments to protect margins and, in tandem, are building inventory to meet our customer requirements. In addition, the Company is Discontinued Operations Manitex Sabre, Inc. (“Sabre”) 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. The criterion of asset held for sale had been met and Sabre was reported as a discontinued operation for 2020. In addition to the cash proceeds from sale of $1.5 million in cash received, the Company may receive maximum royalty and earn-out payments of up to approximately $2.9 million for years 2021 through 2023 if certain revenue criteria are met. The Company has received approximately $0.1 million of such payments to date. 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, 2021 | |
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 GAAP. Financial statements are presented in thousands of dollars except for share and per share amounts unless otherwise stated. The preparation of financial statements in conformity with GAAP 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, 2021 | |
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 GAAP 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 $222 and $240 at December 31, 2021 and 2020, 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 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 $2.4 million and $2.6 million at December 31, 2021 and 2020, 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 – 20 years Furniture and fixtures 3 – 7 years Leasehold improvements 1 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, 2021 and 2020 was $2,061 and $2,011, 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 by identifying potential impairment by comparing the reporting unit’s estimated fair value to its carrying value, including goodwill. 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. An impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any, would be recognized. The loss recognized would not exceed total amount of goodwill allocated to that reporting unit. The Company performed its annual impairment assessment as of October 1, 2021 and determined its goodwill was impaired. The Company recognized $1.1 million and $6.6 million impairment related to goodwill for the year ended December 31, 2021 and 2020, respectively. 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 a $1.0 million impairment related to patents, tradenames, customer relationships, and fixed assets for the year ended December 31, 2021. The Company recognized $0.1 million in impairment related to tradenames and customer relationships for the year ended December 31, 2020. Inventory, net —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. In valuing inventory, the Company is required to make assumptions regarding the level of reserves required to value potentially obsolete or over-valued items at lower of cost or NRV. These assumptions require the Company to analyze the aging of and forecasted demand for its inventory, forecast future product sales prices, pricing trends and margins, and to make judgments and estimates regarding obsolete or excess inventory. Future product sales prices, pricing trends and margins are based on the best available information at that time including actual orders received, negotiations with the Company’s customers for future orders, including their plans for expenditures, and market trends for similar products. The Company’s judgments and estimates for excess or obsolete inventory are based on analysis of actual and forecasted usage. Accounting for Paycheck Protection Program — During April 2020, the Company entered a loan transaction pursuant to which the Company received proceeds of $3.7 million under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying companies and is administered by the U.S. Small Business Administration (“SBA”). The PPP loan was evidenced by a promissory note between the Company and CIBC. The promissory note had a two-year term, accrued interest at the rate of 1.0% per annum, and was prepayable at any time without payment of any premium. No payments of principal or interest were due during the six-month period beginning on the date of the promissory note. Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loans granted under the PPP, with such forgiveness to be determined, subject to limitations, based on the use of the loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. However, at least 75 percent of the PPP loan proceeds must be used for eligible payroll costs. The terms of any forgiveness may also be subject to further requirements in any regulation and guidelines the SBA may adopt. The Company applied for forgiveness of the PPP loan during November 2020 and in June 2021, the Company received confirmation that the application for forgiveness of the PPP loan had been approved by the SBA. The loan forgiveness of $3.7 million was applied to the Company’s entire outstanding PPP loan balance from CIBC. The Company recorded the forgiveness as Gain on Paycheck Protection Program loan forgiveness in Other Income (Expense) on the Consolidated Statement of Operations. The gain on loan forgiveness is not subject to U.S. taxation. This deductible permanent difference is offset by a change in the U.S. valuation allowance and therefore has no impact on the effective tax rate. 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, 2021 and 2020 expenses were $3,332 and $3,227, respectively. Advertising —Advertising costs are expensed as incurred and were $737 and $489 for the years ended December 31, 2021 and 2020, 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, either in Selling, General, and Administrative expense or Cost of Goods Sold, 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. 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, 2021, PM Argentina had an insignificant 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, 2021 and 2020, respectively. Income Taxes — 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 and the expense is recorded in Statement of Operations in Cost of Sales . 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 for 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, 2021 and 2020, accrued warranties were $1,578 and $1,292, 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 a direct deduction from the carrying amount of that debt liability, consistent with debt discount. 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. 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 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, restricted stock, 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. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
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): 2021 2020 Boom trucks, knuckle boom & truck cranes $ 128,768 $ 96,007 Aerial platforms 27,179 20,385 Part sales 25,769 25,657 Other equipment 23,560 17,033 Services 5,424 4,168 Rough terrain cranes 839 4,248 Net Revenue $ 211,539 $ 167,498 2021 2020 Equipment sales $ 180,346 $ 137,673 Part sales 25,769 25,657 Services 5,424 4,168 Net Revenue $ 211,539 $ 167,498 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, 2021 and 2020, respectively. 2021 2020 United States $ 77,881 $ 71,406 Italy 36,876 25,582 Canada 20,827 8,656 Chile 12,232 8,397 France 10,359 8,522 Other 53,364 44,935 $ 211,539 $ 167,498 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, 2021 and 2020: 2021 2020 Customer deposits at January 1, $ 2,363 $ 1,493 Additional customer deposits received where revenue has not yet been recognized 11,447 7,019 Revenue recognized from customer deposits (6,446 ) (6,188 ) Effect of change in exchange rates (243 ) 39 Customer deposits at December 31, $ 7,121 $ 2,363 |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Net (loss) income from continuing operations $ (4,573 ) $ (12,719 ) Loss from discontinued operations, net of income taxes — (891 ) Net Loss $ (4,573 ) $ (13,610 ) Loss (earnings) per share Basic Loss from continuing operations $ (0.23 ) $ (0.64 ) Loss from discontinued operations, net of income taxes $ — $ (0.05 ) Net loss $ (0.23 ) $ (0.69 ) Diluted (Loss) income from continuing operations $ (0.23 ) $ (0.64 ) Loss from discontinued operations, net of income taxes $ — $ (0.05 ) Net loss $ (0.23 ) $ (0.69 ) Weighted average common shares outstanding Basic and Dilutive 19,900,117 19,773,081 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, 2021 2020 Unvested restricted stock units 286,227 242,586 Options to purchase common stock 97,437 97,437 383,664 340,023 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 Level 1 Level 2 Level 3 Total Asset: Forward currency exchange contracts $ — $ 75 $ — $ 75 Total current assets at fair value $ — $ 75 $ — $ 75 Liabilities: Valla contingent consideration $ — $ — $ 207 $ 207 Total liabilities at fair value $ — $ — $ 207 $ 207 Fair Value at December 31, 2020 Liabilities: Valla contingent consideration $ — $ — $ 224 $ 224 Forward currency exchange contracts — 267 — 267 Total liabilities at fair value $ — $ 267 $ 224 $ 491 Fair Value Measurements Using Significant Unobservable Inputs (level 3) Liabilities: Valla Contingent Consideration Balance at December 31, 2020 $ 224 Effect of change in exchange rates (17 ) Balance at December 31, 2021 $ 207 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 $12,814 for the year ended December 31, 2021, and $16,532 for the year ending December 31, 2020. The book and fair value of the Company’s finance leases were $4,221 and $5,044 for the year ended December 31, 2021, respectively and $4,565 and $5,592 for the year ending December 31, 2020, 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 $687 and $765 for the years ending December 31, 2021 and 2020, 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, 2021 | |
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 loss. 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, 2021, the Company had entered into a forward currency exchange contracts that matured on 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, 2021 and 2020: Total derivatives not designated as a hedge instrument Fair Value As of December 31, Balance Sheet Location 2021 2020 Asset Derivatives Foreign currency exchange contracts Prepaid $ 75 $ — Total derivative assets $ 75 $ — Liabilities Derivatives Foreign currency exchange contracts Accrued expense $ — $ 267 Total derivative liabilities $ — $ 267 The following tables provide the effect of derivative instruments on the Consolidated Statement of Operations for 2021 and 2020: Derivatives not designated as Hedge Instrument Location of gain or (loss) recognized in Statement of Operations Years ended December 31, 2021 2020 Forward currency contracts Foreign currency transaction gains (losses) $ 278 $ (167 ) Total derivatives gain (loss) $ 278 $ (167 ) During 2021 and 2020, there were no forward currency contracts designated as cash flow hedges. As such, all gains and loss related to forward currency contracts during 2021 and 2020 were recorded in current earnings and did not impact other comprehensive income. |
Inventory, Net
Inventory, Net | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory, Net | Note 8. Inventory, net The components of inventory at December 31, are summarized as follows: 2021 2020 Raw materials and purchased parts $ 42,983 $ 33,172 Work in process 3,938 3,845 Finished goods and replacement parts 18,044 19,038 Inventories, net $ 64,965 $ 56,055 The Company has established reserves for obsolete and excess inventory of $9,884 and $8,451 as of December 31, 2021 and 2020, respectively. The Company’s restructuring plan resulted in inventory write-downs of $3.2 million recorded as of December 31, 2021. See Note 23 for information regarding the restructuring plan. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020, respectively: 2021 2020 Machinery and equipment $ 10,605 $ 10,925 Buildings 9,649 10,130 Finance lease - building 4,606 4,606 Land 4,138 4,437 Furniture and fixtures 2,612 2,653 Computer equipment 1,728 1,683 Leasehold improvements 1,504 1,501 Construction in progress 187 139 Motor vehicles 93 93 Totals 35,122 36,167 Less: accumulated depreciation (16,359 ) (15,505 ) Less: accumulated depreciation - finance lease (2,303 ) (1,939 ) Net property and equipment $ 16,460 $ 18,723 Depreciation expense was $2,041 (net of $20 amortization of deferred gain on building) and $2,011 (net of $80 amortization of deferred gain on building) in 2021 and 2020, respectively. See Note 13 for information regarding finance leases. The Company’s restructuring plan resulted in an impairment charge to its fixed assets at Badger for less than $0.1 million. See Note 23 for information regarding the restructuring plan. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 Net Carrying Amount Patented and unpatented technology 3 $ 16,848 $ (13,845 ) $ 3,003 Customer relationships 3 18,077 (13,017 ) 5,060 Trade names and trademarks 10 4,269 (2,595 ) 1,674 Software 5 160 (8 ) 152 Indefinite lived trade names 2,057 2,057 Total intangible assets, net $ 11,946 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 Amortization expense was $2,282 and $2,218 for the periods ended December 31, 2021 and 2020, respectively. Estimated amortization expense for the next five years and subsequent is as follows: Amount 2022 $ 2,748 2023 2,748 2024 2,748 2025 496 2026 343 And subsequent 806 Total intangibles currently to be amortized 9,889 Intangibles with indefinite lives not amortized 2,057 Total intangible assets $ 11,946 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 Goodwill impairment (1,130 ) Effects of change in exchange rate (1,393 ) Balance December 31, 2021 $ 24,949 The Company performed its annual impairment assessment as of October 1, 2021 . 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. While there was $1.1 million of goodwill impairment recognized as a result of the 2021 annual impairment test related to the Valla business unit, a reasonably possible unexpected deterioration in financial performance or adverse change in earnings may result in a further impairment in the other business units. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities Current And Noncurrent [Abstract] | |
Accrued Expenses | Note 11. Accrued Expenses As of December 31, 2021 2020 Accrued payroll and benefits $ 3,362 $ 2,511 Accrued income tax and other taxes 2,473 1,127 Accrued vacation expense 1,701 1,398 Accrued warranty 1,578 1,292 Accrued expenses—other 1,425 1,581 Total accrued expenses $ 10,539 $ 7,909 |
Revolving Term Credit Facilitie
Revolving Term Credit Facilities and Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Revolving Term Credit Facilities and Debt | Note 12. Revolving Term Credit Facilities and Debt Debt is summarized as follows: December 31, 2021 December 31, 2020 U.S. Credit Facilities $ 12,800 $ 12,800 Italy Short-Term Working Capital Borrowings 15,676 13,603 Italy Group Term Loan 12,472 15,871 Other 342 661 Total debt 41,290 42,935 Less: Debt issuance costs (83 ) (194 ) Debt net of issuance costs $ 41,207 $ 42,741 U.S. Credit Facilities At December 31, 2021, the Company and its U.S. subsidiaries have a Loan and Security Agreement, as amended (the “Loan Agreement”) with CIBC. 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 Loan Agreement has a Letter of Credit facility of $3 million. As of December 31, 2021, there was no outstanding Letters of Credit which offset availability under the revolving facility. PM Group Short-Term Working Capital Borrowings At December 31, 2021 and 2020, respectively, PM Group had established demand credit and overdraft facilities with five banks in Italy, one bank in Spain and twelve banks in South America. Under the facilities, as of December 31, 2021 and 2020 respectively, PM Group can borrow up to $21,449 and $25,133 for advances against invoices, letter of credit and bank overdrafts. These facilities are divided into two types: working capital facilities and cash facilities. For the year ended December, 31, 2021 and 2020, interest on the Italian working capital facilities is charged at the 3-month Euribor plus 175 or 200 basis points and 3-month Euribor plus 350 basis points, respectively. Interest on the South American facilities is charged at a flat rate of points for advances on invoices ranging from 8% 55% At December 31, 2021, the Italian banks had advanced PM Group $14,874. There were no advances to PM Group from the Spanish bank, and the South American banks had advanced PM Group $463. At December 31, 2020, the Italian banks had advanced PM Group $12,904. There were no advances to PM Group from the Spanish bank, and the South American banks had advanced PM Group $120. Valla Short-Term Working Capital Borrowings At December 31, 2021 and 2020, respectively, Valla had established demand credit and overdraft facilities with two Italian banks. Under the facilities, Valla can borrow up to $634 for advances against orders, invoices and bank overdrafts. Interest on the Italian working capital facilities is charged at a flat percentage rate for advances on invoices and orders ranging from 1.67% - 5.75% for both 2021 and 2020. At December 31, 2021 and 2020, the Italian banks had advanced Valla $339 and $579. PM Group Term Loans At December 31, 2021 and 2020, PM Group has a $5,930 and $7,035 term loan that is split into a note and a balloon payment and is secured by PM Group’s common stock. 3.5% At December 31, 2021 and 2020, PM Group has unsecured borrowings totaling $6,542 and $8,836, respectively. The borrowings have a fixed rate of interest of 3.5%. Annual payments of $1,636 are payable ending in 2025. At December 31, 2021, PM Group was 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 were measured on a semi-annual basis. The Company was in compliance with the loan covenants at December 31, 2021 and 2020. After December 31, 2021, the financial covenants will no longer apply. Schedule of Debt Maturities Scheduled annual maturities of the principal portion of debt outstanding at December 31, 2021 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 2022 $ 353 $ 17,995 $ 18,348 2023 12,800 2,292 15,092 2024 — 2,286 2,286 2025 — 2,309 2,309 2026 — 3,400 3,400 Thereafter — — — 13,153 28,282 41,435 Debt discount related to non-interest-bearing debt — (145 ) (145 ) Debt issuance cost (83 ) — (83 ) Total $ 13,070 $ 28,137 $ 41,207 At December 31, 2021, the Company’s weighted average interest rate on debt at year end was 2.6%. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
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 4 and 6 years, respectively. The weighted average discount rate for operating and finance leases was 5.2% and 12.5% respectively. Leases (thousands) Classification 12/31/2021 12/31/2020 Assets Operating lease assets Operating lease assets $ 3,563 $ 4,068 Finance lease assets Fixed assets, net 2,303 2,847 Total leased assets $ 5,866 $ 6,915 Liabilities Current Operating Current liabilities $ 1,064 $ 1,167 Financing Current liabilities 399 344 Noncurrent Operating Noncurrent liabilities 2,499 2,901 Financing Noncurrent liabilities 3,822 4,221 Total lease liabilities $ 7,784 $ 8,633 Lease Cost (thousands) Classification For the year ended December 31, 2021 For the year ended December 31, 2020 Operating lease costs Operating lease assets $ 1,194 $ 1,009 Finance lease cost Amortization of leased assets Amortization 364 1,135 Interest on lease liabilities Interest expense 551 588 Lease cost $ 2,109 $ 2,732 Other Information (thousands) For the year ended December 31, 2021 For the year ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,194 $ 1,172 Operating cash flows from finance leases $ 551 $ 588 Financing cash flows from finance leases $ 328 $ 612 Future minimum lease payments are: Operating Leases Finance Leases 2022 $ 1,181 $ 904 2023 974 932 2024 627 960 2025 412 988 2026 393 1,018 Subsequent 342 1,405 Total undiscounted lease payments 3,929 6,207 Less interest (366 ) (1,986 ) Total liabilities $ 3,563 $ 4,221 Less current maturities (1,064 ) (399 ) Non-current lease liabilities $ 2,499 $ 3,822 Operating Leases The Company leases office and production space under various non-cancellable operating leases that expire no later than 2029. 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. |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2021 | |
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 was subordinated, carried a 5% per annum coupon, and was 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 and $7,500 was repaid in full during 2020. Perella Notes On January 7, 2015, the Company entered into a 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 were subordinated, carried a 6.50% per annum coupon, and were 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. As of December 31, 2020, the Company had paid off the $15,000 balance of the note in full. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
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 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, 2021 2020 (Loss) income before income taxes: Domestic $ (5,467 ) $ (6,566 ) Foreign 2,111 (5,479 ) Total net (loss) income before income taxes $ (3,356 ) $ (12,045 ) Information pertaining to the Company’s provision for income taxes for continuing operations is as follows: Years ended December 31, 2021 2020 Expense (benefit) for income taxes: Current: Federal $ (4 ) $ (28 ) State and local (58 ) (112 ) Foreign 1,330 488 1,268 348 Deferred: Federal — 32 State and local 52 187 Foreign (103 ) 107 (51 ) 326 Total expense for income taxes $ 1,217 $ 674 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, 2021 2020 Deferred tax assets: Accrued expenses $ 669 $ 532 Inventory 2,337 1,924 Other liabilities 1,696 1,465 Deferred gain 118 137 Net operating loss carryforwards 6,385 5,473 Tax credit carryforwards 1,395 1,341 Capital loss carryforwards 233 238 Unrealized foreign currency loss 70 110 Interest expense 2,888 3,566 Property, plant and equipment 6 296 Total deferred tax asset 15,797 15,082 Deferred tax liabilities: Intangibles 2,432 3,696 Discount on convertible notes — — Deferred State Income Tax 386 396 Debt 2,199 2,382 Total deferred tax liability 5,017 6,474 Valuation allowance (11,676 ) (9,694 ) Net deferred tax (liability) asset $ (896 ) $ (1,086 ) 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 the Company’s income tax provision and net income in the period in which such determination is made. As of December 31, 2021, the Company had U.S. federal and foreign net operating loss carryforwards of $23.9 million. U.S. net operating loss carryforwards of $4.1 million expire in 2036. The remaining U.S. federal net operating loss carryforward of $16.1 million and the majority of the foreign loss carryforwards of $3.7 million are available for carryforward indefinitely. The Company has state net operating losses of approximately $0.5 million that are set to expire at varying periods between 2025 and 2041 if not utilized. As of December 31, 2021, 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 2037, respectively. The Company has capital loss carryforwards of $1.0 million expiring in 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, 2021 2020 Statutory rate 21.0 % 21.0 % State and local taxes (1.2 )% 0.5 % Permanent differences 8.8 % (19.4 )% Tax credits 0.0 % 0.0 % Foreign operations (3.3 )% (1.3 )% Uncertain tax positions 7.3 % (0.8 )% Valuation allowance (59.1 )% (5.1 )% Other (9.8 )% (0.5 )% (36.3 )% (5.6 )% A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows: 2021 2020 Balance at January 1, $ 3,546 $ 4,295 (Decrease) increases in tax positions for current years 123 (375 ) Other (14 ) (42 ) Lapse in statute of limitations (515 ) (235 ) Settlements (112 ) (97 ) Balance at December 31, $ 3,028 $ 3,546 Of the amounts reflected in the above table at December 31, 2021, approximately $1.2 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 statements of operations. For the years ended December 31, 2021 and 2020, interest and penalties recognized on unrecognized tax benefits were $(187) and $(287), respectively. The accrued balance as of December 31, 2021 and 2020 was $309 and $495, respectively. Included in the unrecognized tax benefits is a liability for the Romania income tax audit for tax years 2012-2016. 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, 2021. 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 2018, or foreign examinations for years before 2012. |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 were as follows: 2021 2020 Interest received in cash $ 43 $ 97 Interest paid in cash 2,148 4,345 Income taxes paid (refunds) in cash 1,342 536 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 and 2020 were $319 and $336, 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 2021 and 2020 was $385 and $521, respectively. The amount allocated to the Employee severance indemnity provision in 2021 and 2020 were $810 and $689, respectively. |
Accrued Warranties
Accrued Warranties | 12 Months Ended |
Dec. 31, 2021 | |
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: 2021 2020 Balance January 1, $ 1,292 $ 1,604 Provision for warranties issued during the year 3,625 2,573 Warranty services provided (3,293 ) (3,091 ) Changes in estimates - 177 Foreign currency translation (46 ) 29 Balance December 31, $ 1,578 $ 1,292 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 and 2020 as restricted stock units issued under the Company’s 2004 and 2019 Incentive Plan. 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 (in thousands) January 1, 2021 Employee 3,300 $ 20 March 6, 2021 Directors 7,920 47 March 6, 2021 Employees 24,923 147 March 8, 2021 Directors 12,000 93 March 8, 2021 Employee 2,000 15 March 13, 2021 Directors 18,060 133 March 13, 2021 Employees 17,680 130 June 3, 2021 Directors 5,940 43 August 14, 2021 Directors 9,900 44 September 1, 2021 Employee 16,500 93 October 20, 2021 Employee 2,211 10 December 10, 2021 Employee 3,630 17 December 31, 2021 Employee 2,640 16 126,704 $ 807 Date of Issue Employees or Director Shares Issued Value of Shares Issued (in thousands) 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 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 2021 and 2020: Date of Purchase Shares Purchased Closing Price on Date of Purchase March 6, 2021 2,779 $ 7.43 March 8, 2021 692 $ 7.73 March 13, 2021 2,712 $ 8.29 December 10, 2021 1,124 $ 6.99 7,307 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 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 177,800 and 176,000 restricted stock units to employees and directors during 2021 and 2020, respectively. The weighted average grant date fair value of awards made in 2021 was $7.48 per share, compared to $5.49 at 2020. The restricted stock units are subject to the same conditions as the restricted stock awards except the restricted stock units will not have voting rights and the common stock will not be issued until the vesting criteria are satisfied. The following is a summary of restricted stock units that were awarded during 2021 and 2020: 2021 Grants Vesting Date Number of Restricted Stock Units Closing Price on Date of Grant Value of Restricted Stock Units Issued March 8, 2021 March 8, 2021 12,000 units; March 8, 2022 12,000 units; March 8, 2023 12,000 units 36,000 $ 7.73 $ 278 March 8, 2021 March 8, 2021 2,000 units; March 8, 2022, 30,294 March 8, 2023 30,294 units; March 8, 2024 31,212 units 93,800 $ 7.73 $ 725 June 3, 2021 June 3, 2021 5,940 units; June 3, 2022 5,940 units; June 3, 2023 6,120 units 18,000 $ 7.29 $ 131 November 23, 2021 November 23, 2022 6,600 units; November 23, 2023 6,600 units; November 23, 2024 6,800 units 20,000 $ 6.60 $ 132 December 31, 2021 December 31, 2022 3,300 units; December 31, 2023 3,300 units; December 31, 2024 3,400 units 10,000 $ 6.36 $ 64 177,800 $ 1,330 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 The following table contains information regarding restricted stock units for the years ended December 31, 2021 and 2020, respectively: Restricted Stock Units 2021 2020 Outstanding on January 1, 242,586 198,717 Units granted during period 177,800 176,000 Vested and issued (119,397 ) (107,905 ) Vested—issued and repurchased for income tax withholding (7,307 ) (13,122 ) Forfeited (7,455 ) (11,104 ) Outstanding on December 31 286,227 242,586 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 September 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 2021 and 2020 includes $1,056 and $1,038 related to restricted stock units and stock options, respectively. Compensation expense related to restricted stock units and stock options granted will be $688, $307, and $37 for 2022, 2023, and 2024, respectively. |
Transactions between the Compan
Transactions between the Company and Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
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 2021, $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 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 Ltd. during 2020 and 2021. As of December 31, 2021, and 2020, the Company had accounts receivable and accounts payable with related parties as shown below: December 31, 2021 December 31, 2020 Accounts Receivable Tadano $ — $ 62 Ram P&E — 13 $ - $ 75 Accounts Payable Terex $ 23 $ 47 Tadano 180 80 $ 203 $ 127 Net Related Party Accounts Payable $ 203 $ 52 The following is a summary of the amounts attributable to certain related party transactions as described in the footnotes to the table, for the years ended December 31: 2021 2020 Bridgeview Facility (1) $ - $ 276 Sales to: Tadano (3) 167 708 Terex (4) 43 43 RAM P&E (2) 122 13 Total Sales $ 332 $ 764 Inventory Purchases from: Tadano (3) 303 96 Terex (4) 403 499 Total Inventory Purchases $ 706 $ 595 (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. (3) Tadano is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. (4) Terex is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
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. 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 for these cases. However, the Company does not believe that these contingencies, in the aggregate, will have a material adverse effect on the Company. 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. 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 deductible is reached. On May 5, 2011, Company entered into two separate settlement agreements with two plaintiffs. As of December 31, 2021, the Company has a remaining obligation under the agreements to pay the plaintiffs $950 without interest in 10 annual installments of $95 on or before May 22 of 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. 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. Romania Income Tax Audit As described in Note 15, included in the unrecognized tax benefits is a liability for the Romania income tax audit for tax years 2012-2016. Depending upon the final resolution of the audits, the liability could be higher or lower than the amount recorded at December 31, 2021. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | Note 22. Discontinued Operations Assets and Liabilities Classified as Held for Sale 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 the sale of $1.5 million in cash received, the Company may receive maximum royalty and earn-out payments of up to approximately $2.9 million for years 2021 through 2023 if certain revenue criteria are met. The Company has received approximately $0.1 million of such payments to date. 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, 2020 Net revenues $ 3,276 Cost of sales 3,594 Selling, general and administrative expenses 840 Interest expense 62 Other income 332 Net loss from discontinued operations before income tax (888 ) Income tax expense related to discontinued operations 3 Net loss on discontinued operations $ (891 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 23. Subsequent Events On January 12, 2022, Manitex International, Inc. (the “Company”) announced a restructuring plan (the “Restructuring”) that will result in the closure of its Badger Equipment facility in Winona, Minnesota. As part of the Restructuring, the Company intends to move the manufacturing of their straight mast boom cranes and aerial platforms now produced in Winona to its Georgetown, Texas facility. The Restructuring is expected to be completed around March 31, 2022. The Company recorded a one-time pre-tax charge of $3.6 million related to inventory write-downs, impairment of fixed assets, and impairment of intangible assets in the fourth quarter of 2021. The Company estimates that it will incur severance and other plant closure costs of approximately $0.2 million to $0.4 million in the first quarter of 2022. These estimates are subject to a number of assumptions, and actual results may differ. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the Restructuring. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 Deducted from asset accounts: Allowance for doubtful accounts $ 2,580 $ 156 $ (208 ) $ (96 ) $ 2,432 Reserve for inventory 8,451 3,813 (5) (174 ) (2,196 ) 9,894 Valuation allowance for deferred tax assets 9,694 2,529 (167 ) (380 ) 11,676 Totals $ 20,725 $ 6,498 $ (549 ) $ (2,672 ) $ 24,002 Year ended December 31, 2020 Deducted from asset accounts: Allowance for doubtful accounts $ 2,842 (4) $ 236 $ 256 (1) $ (754 ) $ 2,580 (4) Reserve for inventory 9,196 (4) 1,112 223 (1) (2,080 ) 8,451 (4) 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 ( 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 ) ( 5 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 GAAP 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 $222 and $240 at December 31, 2021 and 2020, 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 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 $2.4 million and $2.6 million at December 31, 2021 and 2020, 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 – 20 years Furniture and fixtures 3 – 7 years Leasehold improvements 1 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, 2021 and 2020 was $2,061 and $2,011, 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 by identifying potential impairment by comparing the reporting unit’s estimated fair value to its carrying value, including goodwill. 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. An impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any, would be recognized. The loss recognized would not exceed total amount of goodwill allocated to that reporting unit. The Company performed its annual impairment assessment as of October 1, 2021 and determined its goodwill was impaired. The Company recognized $1.1 million and $6.6 million impairment related to goodwill for the year ended December 31, 2021 and 2020, respectively. |
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 a $1.0 million impairment related to patents, tradenames, customer relationships, and fixed assets for the year ended December 31, 2021. The Company recognized $0.1 million in impairment related to tradenames and customer relationships for the year ended December 31, 2020. |
Inventory, net | Inventory, net —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. In valuing inventory, the Company is required to make assumptions regarding the level of reserves required to value potentially obsolete or over-valued items at lower of cost or NRV. These assumptions require the Company to analyze the aging of and forecasted demand for its inventory, forecast future product sales prices, pricing trends and margins, and to make judgments and estimates regarding obsolete or excess inventory. Future product sales prices, pricing trends and margins are based on the best available information at that time including actual orders received, negotiations with the Company’s customers for future orders, including their plans for expenditures, and market trends for similar products. The Company’s judgments and estimates for excess or obsolete inventory are based on analysis of actual and forecasted usage. |
Accounting for Paycheck Protection Program | Accounting for Paycheck Protection Program — During April 2020, the Company entered a loan transaction pursuant to which the Company received proceeds of $3.7 million under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying companies and is administered by the U.S. Small Business Administration (“SBA”). The PPP loan was evidenced by a promissory note between the Company and CIBC. The promissory note had a two-year term, accrued interest at the rate of 1.0% per annum, and was prepayable at any time without payment of any premium. No payments of principal or interest were due during the six-month period beginning on the date of the promissory note. Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loans granted under the PPP, with such forgiveness to be determined, subject to limitations, based on the use of the loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. However, at least 75 percent of the PPP loan proceeds must be used for eligible payroll costs. The terms of any forgiveness may also be subject to further requirements in any regulation and guidelines the SBA may adopt. The Company applied for forgiveness of the PPP loan during November 2020 and in June 2021, the Company received confirmation that the application for forgiveness of the PPP loan had been approved by the SBA. The loan forgiveness of $3.7 million was applied to the Company’s entire outstanding PPP loan balance from CIBC. The Company recorded the forgiveness as Gain on Paycheck Protection Program loan forgiveness in Other Income (Expense) on the Consolidated Statement of Operations. The gain on loan forgiveness is not subject to U.S. taxation. This deductible permanent difference is offset by a change in the U.S. valuation allowance and therefore has no impact on the effective tax rate. |
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, 2021 and 2020 expenses were $3,332 and $3,227, respectively. |
Advertising | Advertising —Advertising costs are expensed as incurred and were $737 and $489 for the years ended December 31, 2021 and 2020, 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, either in Selling, General, and Administrative expense or Cost of Goods Sold, 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. 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, 2021, PM Argentina had an insignificant 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, 2021 and 2020, respectively. |
Income Taxes | Income Taxes — 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 and the expense is recorded in Statement of Operations in Cost of Sales . 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 for 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, 2021 and 2020, accrued warranties were $1,578 and $1,292, 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 a direct deduction from the carrying amount of that debt liability, consistent with debt discount. |
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. 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 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, restricted stock, 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 – 20 years Furniture and fixtures 3 – 7 years Leasehold improvements 1 Motor Vehicles 3 Computer software 3 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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): 2021 2020 Boom trucks, knuckle boom & truck cranes $ 128,768 $ 96,007 Aerial platforms 27,179 20,385 Part sales 25,769 25,657 Other equipment 23,560 17,033 Services 5,424 4,168 Rough terrain cranes 839 4,248 Net Revenue $ 211,539 $ 167,498 2021 2020 Equipment sales $ 180,346 $ 137,673 Part sales 25,769 25,657 Services 5,424 4,168 Net Revenue $ 211,539 $ 167,498 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, 2021 and 2020, respectively. 2021 2020 United States $ 77,881 $ 71,406 Italy 36,876 25,582 Canada 20,827 8,656 Chile 12,232 8,397 France 10,359 8,522 Other 53,364 44,935 $ 211,539 $ 167,498 |
Summary of Changes in Customer Deposits | The following table summarizes changes in customer deposits for the year ended December 31, 2021 and 2020: 2021 2020 Customer deposits at January 1, $ 2,363 $ 1,493 Additional customer deposits received where revenue has not yet been recognized 11,447 7,019 Revenue recognized from customer deposits (6,446 ) (6,188 ) Effect of change in exchange rates (243 ) 39 Customer deposits at December 31, $ 7,121 $ 2,363 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Net (loss) income from continuing operations $ (4,573 ) $ (12,719 ) Loss from discontinued operations, net of income taxes — (891 ) Net Loss $ (4,573 ) $ (13,610 ) Loss (earnings) per share Basic Loss from continuing operations $ (0.23 ) $ (0.64 ) Loss from discontinued operations, net of income taxes $ — $ (0.05 ) Net loss $ (0.23 ) $ (0.69 ) Diluted (Loss) income from continuing operations $ (0.23 ) $ (0.64 ) Loss from discontinued operations, net of income taxes $ — $ (0.05 ) Net loss $ (0.23 ) $ (0.69 ) Weighted average common shares outstanding Basic and Dilutive 19,900,117 19,773,081 |
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, 2021 2020 Unvested restricted stock units 286,227 242,586 Options to purchase common stock 97,437 97,437 383,664 340,023 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 Level 1 Level 2 Level 3 Total Asset: Forward currency exchange contracts $ — $ 75 $ — $ 75 Total current assets at fair value $ — $ 75 $ — $ 75 Liabilities: Valla contingent consideration $ — $ — $ 207 $ 207 Total liabilities at fair value $ — $ — $ 207 $ 207 Fair Value at December 31, 2020 Liabilities: Valla contingent consideration $ — $ — $ 224 $ 224 Forward currency exchange contracts — 267 — 267 Total liabilities at fair value $ — $ 267 $ 224 $ 491 |
Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Fair Value Measurements Using Significant Unobservable Inputs (level 3) Liabilities: Valla Contingent Consideration Balance at December 31, 2020 $ 224 Effect of change in exchange rates (17 ) Balance at December 31, 2021 $ 207 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020: Total derivatives not designated as a hedge instrument Fair Value As of December 31, Balance Sheet Location 2021 2020 Asset Derivatives Foreign currency exchange contracts Prepaid $ 75 $ — Total derivative assets $ 75 $ — Liabilities Derivatives Foreign currency exchange contracts Accrued expense $ — $ 267 Total derivative liabilities $ — $ 267 |
Effect of Derivative Instruments on Consolidated Statements of Operations | The following tables provide the effect of derivative instruments on the Consolidated Statement of Operations for 2021 and 2020: Derivatives not designated as Hedge Instrument Location of gain or (loss) recognized in Statement of Operations Years ended December 31, 2021 2020 Forward currency contracts Foreign currency transaction gains (losses) $ 278 $ (167 ) Total derivatives gain (loss) $ 278 $ (167 ) |
Inventory, Net (Tables)
Inventory, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory at December 31, are summarized as follows: 2021 2020 Raw materials and purchased parts $ 42,983 $ 33,172 Work in process 3,938 3,845 Finished goods and replacement parts 18,044 19,038 Inventories, net $ 64,965 $ 56,055 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Plant and Equipment | Property, plant and equipment consist of the following at December 31, 2021 and 2020, respectively: 2021 2020 Machinery and equipment $ 10,605 $ 10,925 Buildings 9,649 10,130 Finance lease - building 4,606 4,606 Land 4,138 4,437 Furniture and fixtures 2,612 2,653 Computer equipment 1,728 1,683 Leasehold improvements 1,504 1,501 Construction in progress 187 139 Motor vehicles 93 93 Totals 35,122 36,167 Less: accumulated depreciation (16,359 ) (15,505 ) Less: accumulated depreciation - finance lease (2,303 ) (1,939 ) Net property and equipment $ 16,460 $ 18,723 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 Net Carrying Amount Patented and unpatented technology 3 $ 16,848 $ (13,845 ) $ 3,003 Customer relationships 3 18,077 (13,017 ) 5,060 Trade names and trademarks 10 4,269 (2,595 ) 1,674 Software 5 160 (8 ) 152 Indefinite lived trade names 2,057 2,057 Total intangible assets, net $ 11,946 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 |
Schedule of Estimated Amortization Expense | Estimated amortization expense for the next five years and subsequent is as follows: Amount 2022 $ 2,748 2023 2,748 2024 2,748 2025 496 2026 343 And subsequent 806 Total intangibles currently to be amortized 9,889 Intangibles with indefinite lives not amortized 2,057 Total intangible assets $ 11,946 |
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 Goodwill impairment (1,130 ) Effects of change in exchange rate (1,393 ) Balance December 31, 2021 $ 24,949 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities Current And Noncurrent [Abstract] | |
Schedule of Accrued Expenses | As of December 31, 2021 2020 Accrued payroll and benefits $ 3,362 $ 2,511 Accrued income tax and other taxes 2,473 1,127 Accrued vacation expense 1,701 1,398 Accrued warranty 1,578 1,292 Accrued expenses—other 1,425 1,581 Total accrued expenses $ 10,539 $ 7,909 |
Revolving Term Credit Facilit_2
Revolving Term Credit Facilities and Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt is summarized as follows: December 31, 2021 December 31, 2020 U.S. Credit Facilities $ 12,800 $ 12,800 Italy Short-Term Working Capital Borrowings 15,676 13,603 Italy Group Term Loan 12,472 15,871 Other 342 661 Total debt 41,290 42,935 Less: Debt issuance costs (83 ) (194 ) Debt net of issuance costs $ 41,207 $ 42,741 |
Schedule of Annual Maturities Of Debt Outstanding | Scheduled annual maturities of the principal portion of debt outstanding at December 31, 2021 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 2022 $ 353 $ 17,995 $ 18,348 2023 12,800 2,292 15,092 2024 — 2,286 2,286 2025 — 2,309 2,309 2026 — 3,400 3,400 Thereafter — — — 13,153 28,282 41,435 Debt discount related to non-interest-bearing debt — (145 ) (145 ) Debt issuance cost (83 ) — (83 ) Total $ 13,070 $ 28,137 $ 41,207 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Leases on Consolidated Balance Sheet | Leases (thousands) Classification 12/31/2021 12/31/2020 Assets Operating lease assets Operating lease assets $ 3,563 $ 4,068 Finance lease assets Fixed assets, net 2,303 2,847 Total leased assets $ 5,866 $ 6,915 Liabilities Current Operating Current liabilities $ 1,064 $ 1,167 Financing Current liabilities 399 344 Noncurrent Operating Noncurrent liabilities 2,499 2,901 Financing Noncurrent liabilities 3,822 4,221 Total lease liabilities $ 7,784 $ 8,633 |
Schedule of Lease Cost | Lease Cost (thousands) Classification For the year ended December 31, 2021 For the year ended December 31, 2020 Operating lease costs Operating lease assets $ 1,194 $ 1,009 Finance lease cost Amortization of leased assets Amortization 364 1,135 Interest on lease liabilities Interest expense 551 588 Lease cost $ 2,109 $ 2,732 |
Summary of Other Information Related to Leases | Other Information (thousands) For the year ended December 31, 2021 For the year ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,194 $ 1,172 Operating cash flows from finance leases $ 551 $ 588 Financing cash flows from finance leases $ 328 $ 612 |
Schedule of Future Principal Minimum Lease Payments | Future minimum lease payments are: Operating Leases Finance Leases 2022 $ 1,181 $ 904 2023 974 932 2024 627 960 2025 412 988 2026 393 1,018 Subsequent 342 1,405 Total undiscounted lease payments 3,929 6,207 Less interest (366 ) (1,986 ) Total liabilities $ 3,563 $ 4,221 Less current maturities (1,064 ) (399 ) Non-current lease liabilities $ 2,499 $ 3,822 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 (Loss) income before income taxes: Domestic $ (5,467 ) $ (6,566 ) Foreign 2,111 (5,479 ) Total net (loss) income before income taxes $ (3,356 ) $ (12,045 ) |
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, 2021 2020 Expense (benefit) for income taxes: Current: Federal $ (4 ) $ (28 ) State and local (58 ) (112 ) Foreign 1,330 488 1,268 348 Deferred: Federal — 32 State and local 52 187 Foreign (103 ) 107 (51 ) 326 Total expense for income taxes $ 1,217 $ 674 |
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, 2021 2020 Deferred tax assets: Accrued expenses $ 669 $ 532 Inventory 2,337 1,924 Other liabilities 1,696 1,465 Deferred gain 118 137 Net operating loss carryforwards 6,385 5,473 Tax credit carryforwards 1,395 1,341 Capital loss carryforwards 233 238 Unrealized foreign currency loss 70 110 Interest expense 2,888 3,566 Property, plant and equipment 6 296 Total deferred tax asset 15,797 15,082 Deferred tax liabilities: Intangibles 2,432 3,696 Discount on convertible notes — — Deferred State Income Tax 386 396 Debt 2,199 2,382 Total deferred tax liability 5,017 6,474 Valuation allowance (11,676 ) (9,694 ) Net deferred tax (liability) asset $ (896 ) $ (1,086 ) |
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, 2021 2020 Statutory rate 21.0 % 21.0 % State and local taxes (1.2 )% 0.5 % Permanent differences 8.8 % (19.4 )% Tax credits 0.0 % 0.0 % Foreign operations (3.3 )% (1.3 )% Uncertain tax positions 7.3 % (0.8 )% Valuation allowance (59.1 )% (5.1 )% Other (9.8 )% (0.5 )% (36.3 )% (5.6 )% |
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: 2021 2020 Balance at January 1, $ 3,546 $ 4,295 (Decrease) increases in tax positions for current years 123 (375 ) Other (14 ) (42 ) Lapse in statute of limitations (515 ) (235 ) Settlements (112 ) (97 ) Balance at December 31, $ 3,028 $ 3,546 |
Supplemental Cash Flow Disclo_2
Supplemental Cash Flow Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 were as follows: 2021 2020 Interest received in cash $ 43 $ 97 Interest paid in cash 2,148 4,345 Income taxes paid (refunds) in cash 1,342 536 |
Accrued Warranties (Tables)
Accrued Warranties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees [Abstract] | |
Summary of Changes in Product Warranty Liability | The following table summarizes the changes in product warranty liability: 2021 2020 Balance January 1, $ 1,292 $ 1,604 Provision for warranties issued during the year 3,625 2,573 Warranty services provided (3,293 ) (3,091 ) Changes in estimates - 177 Foreign currency translation (46 ) 29 Balance December 31, $ 1,578 $ 1,292 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 (in thousands) January 1, 2021 Employee 3,300 $ 20 March 6, 2021 Directors 7,920 47 March 6, 2021 Employees 24,923 147 March 8, 2021 Directors 12,000 93 March 8, 2021 Employee 2,000 15 March 13, 2021 Directors 18,060 133 March 13, 2021 Employees 17,680 130 June 3, 2021 Directors 5,940 43 August 14, 2021 Directors 9,900 44 September 1, 2021 Employee 16,500 93 October 20, 2021 Employee 2,211 10 December 10, 2021 Employee 3,630 17 December 31, 2021 Employee 2,640 16 126,704 $ 807 Date of Issue Employees or Director Shares Issued Value of Shares Issued (in thousands) 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 |
Summary of Common Stock Repurchases | The following is a summary of common stock purchased during 2021 and 2020: Date of Purchase Shares Purchased Closing Price on Date of Purchase March 6, 2021 2,779 $ 7.43 March 8, 2021 692 $ 7.73 March 13, 2021 2,712 $ 8.29 December 10, 2021 1,124 $ 6.99 7,307 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 |
Summary of Restricted Stock Units Awarded | The following is a summary of restricted stock units that were awarded during 2021 and 2020: 2021 Grants Vesting Date Number of Restricted Stock Units Closing Price on Date of Grant Value of Restricted Stock Units Issued March 8, 2021 March 8, 2021 12,000 units; March 8, 2022 12,000 units; March 8, 2023 12,000 units 36,000 $ 7.73 $ 278 March 8, 2021 March 8, 2021 2,000 units; March 8, 2022, 30,294 March 8, 2023 30,294 units; March 8, 2024 31,212 units 93,800 $ 7.73 $ 725 June 3, 2021 June 3, 2021 5,940 units; June 3, 2022 5,940 units; June 3, 2023 6,120 units 18,000 $ 7.29 $ 131 November 23, 2021 November 23, 2022 6,600 units; November 23, 2023 6,600 units; November 23, 2024 6,800 units 20,000 $ 6.60 $ 132 December 31, 2021 December 31, 2022 3,300 units; December 31, 2023 3,300 units; December 31, 2024 3,400 units 10,000 $ 6.36 $ 64 177,800 $ 1,330 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 |
Restricted Stock Units Outstanding | The following table contains information regarding restricted stock units for the years ended December 31, 2021 and 2020, respectively: Restricted Stock Units 2021 2020 Outstanding on January 1, 242,586 198,717 Units granted during period 177,800 176,000 Vested and issued (119,397 ) (107,905 ) Vested—issued and repurchased for income tax withholding (7,307 ) (13,122 ) Forfeited (7,455 ) (11,104 ) Outstanding on December 31 286,227 242,586 |
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 September 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, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Accounts Receivable and Accounts Payable with Related Parties | As of December 31, 2021, and 2020, the Company had accounts receivable and accounts payable with related parties as shown below: December 31, 2021 December 31, 2020 Accounts Receivable Tadano $ — $ 62 Ram P&E — 13 $ - $ 75 Accounts Payable Terex $ 23 $ 47 Tadano 180 80 $ 203 $ 127 Net Related Party Accounts Payable $ 203 $ 52 |
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 years ended December 31: 2021 2020 Bridgeview Facility (1) $ - $ 276 Sales to: Tadano (3) 167 708 Terex (4) 43 43 RAM P&E (2) 122 13 Total Sales $ 332 $ 764 Inventory Purchases from: Tadano (3) 303 96 Terex (4) 403 499 Total Inventory Purchases $ 706 $ 595 (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. (3) Tadano is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. (4) Terex is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 | For the year ended December 31, 2020 Net revenues $ 3,276 Cost of sales 3,594 Selling, general and administrative expenses 840 Interest expense 62 Other income 332 Net loss from discontinued operations before income tax (888 ) Income tax expense related to discontinued operations 3 Net loss on discontinued operations $ (891 ) |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)SegmentModel | Aug. 21, 2020USD ($) | |
Partnership Organization And Basis Of Presentation [Line Items] | ||
Number of reportable segments | Segment | 1 | |
Number of operating segment | Segment | 4 | |
Number of Reporting Units | Segment | 5 | |
Gain contingency, description | In addition to the cash proceeds from the sale of $1.5 million in cash received, the Company may receive maximum royalty and earn-out payments of up to approximately $2.9 million for years 2021 through 2023 if certain revenue criteria are met. | |
Sabre Acquisition LLC [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Assets and certain liabilities purchase | $ | $ 1.5 | |
Gain contingency, description | In addition to the cash proceeds from sale of $1.5 million in cash received, the Company may receive maximum royalty and earn-out payments of up to approximately $2.9 million for years 2021 through 2023 if certain revenue criteria are met. | |
Royalty and earn-out payments received | $ | $ 0.1 | |
Maximum [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Royalty and earn-out payments receivable | $ | 2.9 | |
Maximum [Member] | Sabre Acquisition LLC [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 | |
Manitex International, Inc. [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Number of operating segment | Segment | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Line Items] | ||||
Statutory limit of highly liquid investments | $ 250,000 | |||
Cash - restricted | 222,000 | $ 240,000 | ||
Allowance for bad debt | 2,400 | 2,600 | ||
Depreciation Expense | 2,061,000 | 2,011,000 | ||
Write-down of goodwill | $ 6,600,000 | 1,130,000 | 6,585,000 | |
Research and development costs | 3,332,000 | 3,227,000 | ||
Advertising costs | 737,000 | 489,000 | ||
Accrued warranties | $ 1,578,000 | $ 1,292,000 | ||
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% | ||
Paycheck Protection Program [Member] | ||||
Accounting Policies [Line Items] | ||||
Debt instrument, payment terms | two-year term | |||
Debt instrument, interest rate during period | 1.00% | |||
Debt instrument, periodic payment, principal | $ 0 | |||
Proceeds from bank debt | 3,700,000 | |||
Paycheck Protection Program [Member] | Loans Payable [Member] | ||||
Accounting Policies [Line Items] | ||||
Proceeds from Issuance of Debt | $ 3,700,000 | |||
Goodwill [Member] | ||||
Accounting Policies [Line Items] | ||||
Write-down of goodwill | 1,100,000 | $ 6,600,000 | ||
Customer Relationships and Fixed Assets [Member] | Patents, Tradenames [Member] | ||||
Accounting Policies [Line Items] | ||||
Impairment charges | $ 1,000,000 | |||
Customer Relationships [Member] | Trade Names [Member] | ||||
Accounting Policies [Line Items] | ||||
Impairment charges | $ 100,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
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 | 1 year |
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 | 20 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 7 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 12 years |
Maximum [Member] | Motor Vehicles [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 5 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, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | $ 211,539 | $ 167,498 |
Boom Trucks, Knuckle Boom & Truck Cranes [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 128,768 | 96,007 |
Equipment Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 180,346 | 137,673 |
Aerial Platforms [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 27,179 | 20,385 |
Part Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 25,769 | 25,657 |
Other Equipment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 23,560 | 17,033 |
Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 5,424 | 4,168 |
Rough Terrain Cranes [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | $ 839 | $ 4,248 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Net revenues | $ 211,539 | $ 167,498 |
United States [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 77,881 | 71,406 |
Italy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 36,876 | 25,582 |
Canada [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 20,827 | 8,656 |
Chile [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 12,232 | 8,397 |
France [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 10,359 | 8,522 |
Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | $ 53,364 | $ 44,935 |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Changes in Customer Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | ||
Customer deposits, Beginning balance | $ 2,363 | $ 1,493 |
Additional customer deposits received where revenue has not yet been recognized | 11,447 | 7,019 |
Revenue recognized from customer deposits | (6,446) | (6,188) |
Effect of change in exchange rates | (243) | 39 |
Customer deposits, Ending balance | $ 7,121 | $ 2,363 |
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, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net (loss) income from continuing operations | $ (4,573) | $ (12,719) |
Loss from discontinued operations, net of income taxes | (891) | |
Net income (loss) | $ (4,573) | $ (13,610) |
(Loss) earnings per share Basic | ||
Income (loss) from continuing operations | $ (0.23) | $ (0.64) |
Loss from discontinued operations, net of income taxes | (0.05) | |
Net income (loss) | (0.23) | (0.69) |
(Loss) earnings per share Diluted | ||
(Loss) income from continuing operations | (0.23) | (0.64) |
Loss from discontinued operations, net of income taxes | (0.05) | |
Net income (loss) | $ (0.23) | $ (0.69) |
Weighted average common shares outstanding | ||
Basic and Dilutive | 19,900,117 | 19,773,081 |
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, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 383,664 | 340,023 |
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 | 286,227 | 242,586 |
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 |
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, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 207 | $ 491 |
Valla Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 207 | 224 |
Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 75 | |
Total liabilities at fair value | 267 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 267 | |
Level 2 [Member] | Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 75 | |
Total liabilities at fair value | 267 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 207 | 224 |
Level 3 [Member] | Valla Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 207 | $ 224 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Detail) - Level 3 [Member] - Valla Contingent Consideration [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Liabilities: | |
Beginning Balance | $ 224 |
Effect of change in exchange rates | (17) |
Ending Balance | $ 207 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Book value of debt | $ 41,207 | $ 42,741 |
Fair value of debt | 12,814 | 16,532 |
Book value of finance lease | 4,221 | |
Fair value of finance lease | 5,044 | 5,592 |
Book Value [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Book value of debt | 12,814 | 16,532 |
Book value of finance lease | 4,221 | 4,565 |
Long term legal settlement | 687 | 765 |
Fair Value [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Long term legal settlement | $ 687 | $ 765 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021EUR (€)ForwardContract | Dec. 31, 2021CLP ($)ForwardContract | Dec. 31, 2020ForwardContract | |
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 |
First and Second Forward Currency Contracts [Member] | |||
Derivative [Line Items] | |||
Contract maturity date | Jan. 31, 2022 | ||
First Forward Currency Contracts [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | € | € 2,634,000 | ||
First Forward Currency Contracts [Member] | Chile Pesos [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | $ | $ 2,500,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheets (Detail) - Derivatives Not Designated as Hedge Instrument [Member] - Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments Gain Loss [Line Items] | ||
Asset Derivatives | $ 75 | |
Liabilities Derivatives | $ 267 | |
Prepaid Expense and Other [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Asset Derivatives | $ 75 | |
Accrued Expense [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Liabilities Derivatives | $ 267 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Operations (Detail) - Forward Currency Contracts [Member] - Derivatives Not Designated as Hedge Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments Gain Loss [Line Items] | ||
Gain (loss) recognized in statement of operations | $ 278 | $ (167) |
Forward Currency Contracts [Member] | Foreign Currency Transaction Gains (Losses) [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (loss) recognized in statement of operations | $ 278 | $ (167) |
Inventory, Net - Components of
Inventory, Net - Components of Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 42,983 | $ 33,172 |
Work in process | 3,938 | 3,845 |
Finished goods and replacement parts | 18,044 | 19,038 |
Inventories, net | $ 64,965 | $ 56,055 |
Inventory, Net - Additional Inf
Inventory, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete and excess inventory | $ 9,884 | $ 8,451 |
Inventory write-down | $ 3,226 |
Property Plant and Equipment -
Property Plant and Equipment - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | $ 35,122 | $ 36,167 |
Less: accumulated depreciation | (16,359) | (15,505) |
Less: accumulated depreciation - finance lease | (2,303) | (1,939) |
Net property and equipment | 16,460 | 18,723 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 10,605 | 10,925 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 9,649 | 10,130 |
Finance Lease - Building [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 | 4,138 | 4,437 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 2,612 | 2,653 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 1,728 | 1,683 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 1,504 | 1,501 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 187 | 139 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | $ 93 | $ 93 |
Property Plant and Equipment _2
Property Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment Useful Life And Values [Line Items] | ||
Depreciation Expense | $ 2,041 | $ 2,011 |
Amortization of deferred gain on building | 20 | $ 80 |
Maximum [Member] | Badger Restructuring Plan [Member] | ||
Property Plant And Equipment Useful Life And Values [Line Items] | ||
Impairment charge to fixed assets | $ 100 |
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, 2021 | Dec. 31, 2020 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Total intangible assets, net | $ 11,946 | $ 15,671 |
Indefinite lived trade names | 2,057 | 2,664 |
Patented and Unpatented Technology [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,848 | 18,643 |
Accumulated Amortization | (13,845) | (14,587) |
Total intangible assets, net | $ 3,003 | $ 4,056 |
Weighted Average Amortization Period (in years) | 3 years | 6 years |
Software [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 160 | |
Accumulated Amortization | (8) | |
Total intangible assets, net | $ 152 | |
Weighted Average Amortization Period (in years) | 5 years | |
Customer Relationships [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 18,077 | $ 19,552 |
Accumulated Amortization | (13,017) | (12,753) |
Total intangible assets, net | $ 5,060 | $ 6,799 |
Weighted Average Amortization Period (in years) | 3 years | 5 years |
Trade Names and Trademarks [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (2,595) | $ (2,677) |
Total intangible assets, net | $ 1,674 | $ 2,152 |
Weighted Average Amortization Period (in years) | 10 years | 11 years |
Gross Carrying Amount | $ 4,269 | $ 4,829 |
Trade Names [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,057 | $ 2,664 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite And Infinite Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 2,282 | $ 2,218 | |
Write-down of goodwill | $ 6,600 | 1,130 | 6,585 |
Goodwill impairment | (1,130) | $ (6,585) | |
Badger Restructuring Plan [Member] | |||
Finite And Infinite Lived Intangible Assets [Line Items] | |||
Goodwill impairment | 300 | ||
PM Valla [Member] | |||
Finite And Infinite Lived Intangible Assets [Line Items] | |||
Write-down of goodwill | 1,100 | ||
Goodwill impairment | $ 500 | ||
PM Group [Member] | |||
Finite And Infinite Lived Intangible Assets [Line Items] | |||
Goodwill impairment | $ 100 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2022 | $ 2,748 | |
2023 | 2,748 | |
2024 | 2,748 | |
2025 | 496 | |
2026 | 343 | |
And subsequent | 806 | |
Total intangibles currently to be amortized | 9,889 | |
Intangibles with indefinite lives not amortized | 2,057 | |
Total intangible assets, net | $ 11,946 | $ 15,671 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Changes in Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 27,472 | $ 32,635 |
Goodwill impairment | (1,130) | (6,585) |
Effects of change in exchange rate | (1,393) | 1,422 |
Ending Balance | $ 24,949 | $ 27,472 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities Current [Abstract] | ||
Accrued payroll and benefits | $ 3,362 | $ 2,511 |
Accrued income tax and other taxes | 2,473 | 1,127 |
Accrued vacation expense | 1,701 | 1,398 |
Accrued warranty | 1,578 | 1,292 |
Accrued expenses—other | 1,425 | 1,581 |
Total accrued expenses | $ 10,539 | $ 7,909 |
Revolving Term Credit Facilit_3
Revolving Term Credit Facilities and Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 41,290 | $ 42,935 |
Less: Debt issuance costs | (83) | (194) |
Debt net of issuance costs | 41,207 | 42,741 |
U.S. Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 12,800 | 12,800 |
Italy Short-Term Working Capital Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 15,676 | 13,603 |
Italy Group Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 12,472 | 15,871 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 342 | $ 661 |
Revolving Term Credit Facilit_4
Revolving Term Credit Facilities and Debt - Additional Information - U.S. Credit Facilities (Detail) | 12 Months Ended | |
Dec. 31, 2021USD ($)ForwardContract | Dec. 31, 2020USD ($) | |
Line Of Credit Facility [Line Items] | ||
Debt issuance cost | $ 83,000 | $ 194,000 |
Book value of debt | $ 41,207,000 | 42,741,000 |
CIBC Bank USA [Member] | U.S. Credit Facilities [Member] | ||
Line Of Credit Facility [Line Items] | ||
Credit facility termination date | Jul. 20, 2023 | |
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 | |
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 | |
Maximum percentage of assets eligible for collateral, eligible mexico receivables | 50.00% | |
Maximum value of assets eligible for collateral, eligible mexico receivables | $ 400,000 | |
Maximum borrowing capacity based on available collateral | 24,000,000 | 21,900,000 |
Line of credit facility, amount borrowed | 12,800,000 | 12,800,000 |
Debt issuance cost | 100,000 | 200,000 |
Book value of debt | $ 12,700,000 | 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 | |
Unused line fee | 0.375% | |
Letter of credit reserved | $ 3,000,000 | |
Letters of Credit Outstanding, Amount | $ 0 | |
CIBC Bank USA [Member] | U.S. Credit Facilities [Member] | Maximum [Member] | Base Rate [Member] | ||
Line Of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 0.50% | |
CIBC Bank USA [Member] | U.S. Credit Facilities [Member] | Maximum [Member] | LIBOR [Member] | ||
Line Of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 2.25% | |
CIBC Bank USA [Member] | U.S. Credit Facilities [Member] | Minimum [Member] | LIBOR [Member] | ||
Line Of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 1.75% | |
CIBC Bank USA [Member] | U.S. Credit Facilities [Member] | Revolving Credit Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 30,000,000 | |
Line of credit facility, amount borrowed | $ 11,200,000 | $ 9,100,000 |
Revolving Term Credit Facilit_5
Revolving Term Credit Facilities and Debt - Additional Information - PM Group Short-Term Working Capital Borrowing (Detail) | 12 Months Ended | |
Dec. 31, 2021USD ($)Bank | Dec. 31, 2020USD ($)Bank | |
Line Of Credit Facility [Line Items] | ||
Debt issuance cost | $ 83,000 | $ 194,000 |
Book value of debt | 41,207,000 | 42,741,000 |
Italy [Member] | ||
Line Of Credit Facility [Line Items] | ||
Book value of debt | 28,137,000 | |
Short-term Working Capital Borrowings [Member] | PM Group [Member] | ||
Line Of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 21,449,000 | $ 25,133,000 |
Short-term Working Capital Borrowings [Member] | PM Group [Member] | Italy [Member] | ||
Line Of Credit Facility [Line Items] | ||
Number of banks which PM Group established demand credit and overdraft facilities | Bank | 5 | 5 |
Short-term debt | $ 14,874,000 | $ 12,904,000 |
Short-term Working Capital Borrowings [Member] | PM Group [Member] | Spain [Member] | ||
Line Of Credit Facility [Line Items] | ||
Number of banks which PM Group established demand credit and overdraft facilities | Bank | 1 | 1 |
Short-term debt | $ 0 | $ 0 |
Short-term Working Capital Borrowings [Member] | PM Group [Member] | South America [Member] | ||
Line Of Credit Facility [Line Items] | ||
Number of banks which PM Group established demand credit and overdraft facilities | Bank | 12 | 12 |
Short-term debt | $ 463,000 | $ 120,000 |
Short-term Working Capital Borrowings [Member] | PM Group [Member] | South America [Member] | Minimum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Working capital borrowing interest rate | 8.00% | 8.00% |
Short-term Working Capital Borrowings [Member] | PM Group [Member] | South America [Member] | Maximum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Working capital borrowing interest rate | 55.00% | 55.00% |
Short-term Working Capital Borrowings [Member] | PM Group [Member] | 3-month Euribor [Member] | Advances on orders, invoices, and letter of credit [Member] | Italy [Member] | Minimum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt Instrument, basis spread on variable rate | 1.75% | 1.75% |
Short-term Working Capital Borrowings [Member] | PM Group [Member] | 3-month Euribor [Member] | Advances on orders, invoices, and letter of credit [Member] | Italy [Member] | Maximum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt Instrument, basis spread on variable rate | 2.00% | 2.00% |
Short-term Working Capital Borrowings [Member] | PM Group [Member] | 3-month Euribor [Member] | Cash Facilities [Member] | Italy [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt Instrument, basis spread on variable rate | 3.50% | 3.50% |
Revolving Term Credit Facilit_6
Revolving Term Credit Facilities and Debt - Additional Information - Valla Short-Term Working Capital Borrowings (Detail) - Short-term Working Capital Borrowings [Member] - Valla Contingent Consideration [Member] $ in Thousands | Dec. 31, 2021USD ($)Bank | Dec. 31, 2020USD ($)Bank |
Credit Facilities [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 634 | |
Line of credit facility, amount borrowed | $ 339 | $ 579 |
Italy [Member] | ||
Credit Facilities [Line Items] | ||
Number of Italian banks | Bank | 2 | 2 |
Minimum [Member] | Italy [Member] | ||
Credit Facilities [Line Items] | ||
Working capital borrowing interest rate | 1.67% | 1.67% |
Maximum [Member] | Italy [Member] | ||
Credit Facilities [Line Items] | ||
Working capital borrowing interest rate | 5.75% | 5.75% |
Revolving Term Credit Facilit_7
Revolving Term Credit Facilities and Debt - Additional Information - PM Group Term Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Line Of Credit Facility [Line Items] | ||
Annual principal payments, 2026 | $ 3,400 | |
PM Group [Member] | ||
Line Of Credit Facility [Line Items] | ||
Financial covenants measurement, frequency | semi-annual | |
Weighted average interest rate on debt | 2.60% | |
PM Group [Member] | Unsecured Debt [Member] | ||
Line Of Credit Facility [Line Items] | ||
Bank loans | $ 6,542 | $ 8,836 |
Debt Instrument Interest Rate | 3.50% | 3.50% |
Debt instrument, interest rate, effective percentage | 3.50% | 3.50% |
Annual payments | $ 1,636 | |
PM Group [Member] | Bank Term Loan Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Bank loans | $ 5,930 | $ 7,035 |
PM Group [Member] | Bank Term Loan Facility [Member] | Notes Payable to Bank [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt Instrument Interest Rate | 3.50% | 3.50% |
Annual principal payments, 2026 | $ 600 | |
PM Group [Member] | Bank Term Loan Facility [Member] | Balloon Payment [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt instrument periodic payment terms balloon payment to be paid | $ 3,397 | |
Debt instrument ending date for principal payments | 2026 |
Revolving Term Credit Facilit_8
Revolving Term Credit Facilities and Debt - Schedule of Annual Maturities Of Debt Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Line Of Credit Facility [Line Items] | ||
2022 | $ 18,348 | |
2023 | 15,092 | |
2024 | 2,286 | |
2025 | 2,309 | |
2026 | 3,400 | |
Long-term Debt, Gross | 41,435 | |
Less: Debt issuance costs | (83) | $ (194) |
Debt net of issuance costs | 41,207 | $ 42,741 |
Non Interest Bearing Promissory Note [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt discount related to non-interest-bearing debt | (145) | |
North America [Member] | ||
Line Of Credit Facility [Line Items] | ||
2022 | 353 | |
2023 | 12,800 | |
Long-term Debt, Gross | 13,153 | |
Less: Debt issuance costs | (83) | |
Debt net of issuance costs | 13,070 | |
Italy [Member] | ||
Line Of Credit Facility [Line Items] | ||
2022 | 17,995 | |
2023 | 2,292 | |
2024 | 2,286 | |
2025 | 2,309 | |
2026 | 3,400 | |
Long-term Debt, Gross | 28,282 | |
Debt net of issuance costs | 28,137 | |
Italy [Member] | Non Interest Bearing Promissory Note [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt discount related to non-interest-bearing debt | $ (145) |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
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 | 4 years |
Weighted average remaining useful life for finance leases | 6 years |
Weighted average discount rate for operating leases | 5.20% |
Weighted average discount rate for finance leases | 12.50% |
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 | 2029 |
Leases - Schedule of Leases on
Leases - Schedule of Leases on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Operating lease assets | $ 3,563 | $ 4,068 |
Finance lease assets | $ 2,303 | $ 2,847 |
Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List | Total fixed assets, net of accumulated depreciation of $18,662 and $17,444, at December 31, 2021 and 2020, respectively | Total fixed assets, net of accumulated depreciation of $18,662 and $17,444, at December 31, 2021 and 2020, respectively |
Total leased assets | $ 5,866 | $ 6,915 |
Current | ||
Operating | 1,064 | 1,167 |
Financing | 399 | 344 |
Noncurrent | ||
Operating | 2,499 | 2,901 |
Financing | 3,822 | 4,221 |
Total lease liabilities | $ 7,784 | $ 8,633 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease Cost | ||
Operating lease costs | $ 1,194 | $ 1,009 |
Finance lease cost | ||
Amortization of leased assets | 364 | 1,135 |
Interest on lease liabilities | 551 | 588 |
Lease cost | $ 2,109 | $ 2,732 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 1,194 | $ 1,172 |
Operating cash flows from finance leases | 551 | 588 |
Financing cash flows from finance leases | $ 328 | $ 612 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 1,181 | |
2023 | 974 | |
2024 | 627 | |
2025 | 412 | |
2026 | 393 | |
Subsequent | 342 | |
Total undiscounted lease payments | 3,929 | |
Less interest | (366) | |
Total liabilities | 3,563 | |
Less current maturities | (1,064) | $ (1,167) |
Non-current lease liabilities | 2,499 | 2,901 |
Capital Leases | ||
2022 | 904 | |
2023 | 932 | |
2024 | 960 | |
2025 | 988 | |
2026 | 1,018 | |
Subsequent | 1,405 | |
Total undiscounted lease payments | 6,207 | |
Less interest | (1,986) | |
Total liabilities | 4,221 | |
Less current maturities | (399) | (344) |
Non-current lease liabilities | $ 3,822 | $ 4,221 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) - USD ($) | Jan. 07, 2015 | Dec. 19, 2014 | Dec. 31, 2020 |
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 | ||
Debt paid off, amount | $ 7,500,000 | ||
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 paid off, amount | $ 15,000,000 | ||
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, 2021 | Dec. 31, 2020 | |
Income Taxes Disclosure [Line Items] | ||
Dividend received deduction | 100.00% | |
Capital loss carryforwards | $ 233 | $ 238 |
Total unrecognized tax benefits | 1,200 | |
Unrecognized tax benefits, interest and penalties recognized | (187) | (287) |
Unrecognized tax benefits, interest and penalties accrued balance | $ 309 | $ 495 |
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 2018, or foreign examinations for years before 2012. | |
U.S. Federal and Foreign [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Net operating loss carryforwards | $ 23,900 | |
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 | $ 500 | |
Capital loss carryforwards | $ 1,000 | |
Capital loss carryforwards expiration date | Dec. 31, 2022 | |
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 | |
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, 2041 | |
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, 2037 | |
Foreign [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Net operating loss carryforwards indefinitely | $ 3,700 | |
U.S. [Member] | ||
Income Taxes Disclosure [Line Items] | ||
Net operating loss carryforwards | 4,100 | |
Net operating loss carryforwards indefinitely | $ 16,100 | |
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 |
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, 2021 | Dec. 31, 2020 | |
(Loss) income before income taxes: | ||
Domestic | $ (5,467) | $ (6,566) |
Foreign | 2,111 | (5,479) |
Income (loss) before income taxes from continuing operations | $ (3,356) | $ (12,045) |
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, 2021 | Dec. 31, 2020 | |
Expense (benefit) for income taxes: | ||
Current - Federal | $ (4) | $ (28) |
Current - State and local | (58) | (112) |
Current - Foreign | 1,330 | 488 |
Current - Total | 1,268 | 348 |
Deferred - Federal | 32 | |
Deferred - State and local | 52 | 187 |
Deferred - Foreign | (103) | 107 |
Deferred - Total | (51) | 326 |
Total expense for income taxes | $ 1,217 | $ 674 |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Accrued expenses | $ 669 | $ 532 |
Inventory | 2,337 | 1,924 |
Other liabilities | 1,696 | 1,465 |
Deferred gain | 118 | 137 |
Net operating loss carryforwards | 6,385 | 5,473 |
Tax credit carryforwards | 1,395 | 1,341 |
Capital loss carryforwards | 233 | 238 |
Unrealized foreign currency loss | 70 | 110 |
Interest expense | 2,888 | 3,566 |
Property, plant and equipment | 6 | 296 |
Total deferred tax asset | 15,797 | 15,082 |
Deferred tax liabilities: | ||
Intangibles | 2,432 | 3,696 |
Deferred State Income Tax | 386 | 396 |
Debt | 2,199 | 2,382 |
Total deferred tax liability | 5,017 | 6,474 |
Valuation allowance | (11,676) | (9,694) |
Net deferred tax (liability) | $ (896) | $ (1,086) |
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, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Statutory rate | 21.00% | 21.00% |
State and local taxes | (1.20%) | 0.50% |
Permanent differences | 8.80% | (19.40%) |
Tax credits | 0.00% | 0.00% |
Foreign operations | (3.30%) | (1.30%) |
Uncertain tax positions | 7.30% | (0.80%) |
Valuation allowance | (59.10%) | (5.10%) |
Other | (9.80%) | (0.50%) |
Effective Income Tax Rate, Continuing Operations, Total | (36.30%) | (5.60%) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 3,546 | $ 4,295 |
(Decrease) increases in tax positions for current years | 123 | (375) |
Other | (14) | (42) |
Lapse in statute of limitations | (515) | (235) |
Settlements | (112) | (97) |
Ending balance | $ 3,028 | $ 3,546 |
Supplemental Cash Flow Disclo_3
Supplemental Cash Flow Disclosures - Schedule of Supplemental Cash Flow Disclosures (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest received in cash | $ 43 | $ 97 |
Interest paid in cash | 2,148 | 4,345 |
Income taxes paid (refunds) in cash | $ 1,342 | $ 536 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
United States [Member] | 401(k) with Dollar for Dollar Match [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching contributions percentage | 3.00% | |
United States [Member] | 401(k) with 50% Match [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching contributions percentage | 2.00% | |
Matching contribution, percent of match | 50.00% | |
United States [Member] | 401(k) Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amount paid in matching contributions by the company | $ 319 | $ 336 |
Non-U.S. Plan [Member] | Employee Severance Indemnity/TFR [Member] | ||
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 | $ 385 | 521 |
Employee severance indemnity provision | $ 810 | $ 689 |
Accrued Warranties - Summary of
Accrued Warranties - Summary of Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 1,292 | $ 1,604 |
Provision for warranties issued during the year | 3,625 | 2,573 |
Warranty services provided | (3,293) | (3,091) |
Changes in estimates | 177 | |
Foreign currency translation | (46) | 29 |
Ending Balance | $ 1,578 | $ 1,292 |
Equity - Summary of Stock Issua
Equity - Summary of Stock Issuances (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 126,704 | 121,027 |
Value of Shares Issued | $ 807 | $ 806 |
Employee [Member] | January 1, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 3,300 | |
Value of Shares Issued | $ 20 | |
Employee [Member] | March 6, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 24,923 | |
Value of Shares Issued | $ 147 | |
Employee [Member] | March 8, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 2,000 | |
Value of Shares Issued | $ 15 | |
Employee [Member] | March 13, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 17,680 | |
Value of Shares Issued | $ 130 | |
Employee [Member] | September 1, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 16,500 | |
Value of Shares Issued | $ 93 | |
Employee [Member] | October 20, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 2,211 | |
Value of Shares Issued | $ 10 | |
Employee [Member] | December 10, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 3,630 | |
Value of Shares Issued | $ 17 | |
Employee [Member] | December 31, 2021 [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, 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 1, 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 | |
Directors [Member] | March 6, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 7,920 | |
Value of Shares Issued | $ 47 | |
Directors [Member] | March 8, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 12,000 | |
Value of Shares Issued | $ 93 | |
Directors [Member] | March 13, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 18,060 | |
Value of Shares Issued | $ 133 | |
Directors [Member] | June 3, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 5,940 | |
Value of Shares Issued | $ 43 | |
Directors [Member] | August 14, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 9,900 | |
Value of Shares Issued | $ 44 | |
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 |
Equity - Summary of Common Stoc
Equity - Summary of Common Stock Repurchases (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 7,307 | 13,122 |
March 6, 2021 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 2,779 | |
Closing Price on Date of Purchase | $ 7.43 | |
March 8, 2021 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 692 | |
Closing Price on Date of Purchase | $ 7.73 | |
March 13, 2021 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 2,712 | |
Closing Price on Date of Purchase | $ 8.29 | |
December 10, 2021 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 1,124 | |
Closing Price on Date of Purchase | $ 6.99 | |
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 |
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, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units | 177,800 | 176,000 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units | 177,800 | 176,000 |
Fair value of the option granted | $ 7.48 | $ 5.49 |
Equity - Summary of Restricted
Equity - Summary of Restricted Stock Units Awarded (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 177,800 | 176,000 |
Value of restricted stock units issued | $ 1,330 | $ 966 |
March 8, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 36,000 | |
Closing price on date of grant | $ 7.73 | |
Value of restricted stock units issued | $ 278 | |
March 8, 2021 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 12,000 | |
Vesting Date | Mar. 8, 2021 | |
March 8, 2021 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 12,000 | |
Vesting Date | Mar. 8, 2022 | |
March 8, 2021 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 12,000 | |
Vesting Date | Mar. 8, 2023 | |
March 8, 2021 Grants Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 93,800 | |
Closing price on date of grant | $ 7.73 | |
Value of restricted stock units issued | $ 725 | |
March 8, 2021 Grants Two [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 2,000 | |
Vesting Date | Mar. 8, 2021 | |
March 8, 2021 Grants Two [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 30,924 | |
Vesting Date | Mar. 8, 2022 | |
March 8, 2021 Grants Two [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 30,294 | |
Vesting Date | Mar. 8, 2023 | |
March 8, 2021 Grants Two [Member] | Vesting Date 4 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 31,212 | |
Vesting Date | Mar. 8, 2024 | |
June 3, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 18,000 | |
Closing price on date of grant | $ 7.29 | |
Value of restricted stock units issued | $ 131 | |
June 3, 2021 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 5,940 | |
Vesting Date | Jun. 3, 2021 | |
June 3, 2021 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 5,940 | |
Vesting Date | Jun. 3, 2022 | |
June 3, 2021 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 6,120 | |
Vesting Date | Jun. 3, 2023 | |
November 23, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 20,000 | |
Closing price on date of grant | $ 6.60 | |
Value of restricted stock units issued | $ 132 | |
November 23, 2021 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 6,600 | |
Vesting Date | Nov. 23, 2022 | |
November 23, 2021 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 6,600 | |
Vesting Date | Nov. 23, 2023 | |
November 23, 2021 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 6,800 | |
Vesting Date | Nov. 23, 2024 | |
December 31, 2021 [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 | $ 6.36 | |
Value of restricted stock units issued | $ 64 | |
December 31, 2021 [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 | Dec. 31, 2022 | |
December 31, 2021 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 3,300 | |
Vesting Date | Dec. 31, 2023 | |
December 31, 2021 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 3,400 | |
Vesting Date | Dec. 31, 2024 | |
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 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 | |
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 | |
December 31, 2019 [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, 2021 [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, 2021 [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, 2021 [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 |
Equity - Restricted Stock Units
Equity - Restricted Stock Units Outstanding (Detail) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
Outstanding on January 1, | 242,586 | 198,717 |
Units granted during period | 177,800 | 176,000 |
Vested and issued | (119,397) | (107,905) |
Vested—issued and repurchased for income tax withholding | (7,307) | (13,122) |
Forfeited | (7,455) | (11,104) |
Outstanding on December 31 | 286,227 | 242,586 |
Equity - Additional Informati_3
Equity - Additional Information - Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 01, 2019 | Dec. 31, 2021 | Dec. 31, 2020 |
Stock Option [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 and Stock Options [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Compensation expense related to restricted stock units and stock options granted | $ 1,056 | $ 1,038 | |
Compensation expense related to restricted stock units and stock options granted for year 2022 | 688 | ||
Compensation expense related to restricted stock units and stock options granted for year 2023 | 307 | ||
Compensation expense related to restricted stock units and stock options granted for year 2024 | $ 37 |
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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 19, 2014 | |
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, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Accounts Receivable | $ 75 | |
Accounts Payable | $ 203 | 127 |
Net Related Party Accounts Payable | 203 | 52 |
Tadano [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Receivable | 62 | |
Accounts Payable | 180 | 80 |
Ram P&E [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Receivable | 13 | |
Terex Corporation | ||
Related Party Transaction [Line Items] | ||
Accounts Payable | $ 23 | $ 47 |
Transactions between the Comp_5
Transactions between the Company and Related Parties - Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Related Party Transaction [Line Items] | |||
Total Sales | $ 332 | $ 764 | |
Total Purchases | 706 | 595 | |
Bridgeview Facility [Member] | |||
Related Party Transaction [Line Items] | |||
Rent paid | [1] | 276 | |
Tadano [Member] | |||
Related Party Transaction [Line Items] | |||
Total Sales | [2] | 167 | 708 |
Total Purchases | [2] | 303 | 96 |
Terex Corporation | |||
Related Party Transaction [Line Items] | |||
Total Sales | [3] | 43 | 43 |
Total Purchases | [3] | 403 | 499 |
Ram P&E [Member] | |||
Related Party Transaction [Line Items] | |||
Total Sales | [4] | $ 122 | $ 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] | Tadano is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. | ||
[3] | Terex is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. | ||
[4] | 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, 2021USD ($)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, 2021USD ($)Installment |
Loss Contingencies [Line Items] | ||
Number of settlement agreements | Agreement | 2 | |
Number of plaintiff | Plaintiff | 2 | |
Remaining obligation to pay product liability settlement to plaintiffs | $ 950,000 | |
Number of installments for the payment of product liability settlement | Installment | 10 | |
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 $950 without interest in 10 annual installments of $95 on or before May 22 of 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 | |
Minimum [Member] | Romania Income Tax [Member] | ||
Loss Contingencies [Line Items] | ||
Audit adjustments tax period | 2012 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Product liability insurance self insurance retention amount | $ 500,000 | |
Maximum [Member] | Romania Income Tax [Member] | ||
Loss Contingencies [Line Items] | ||
Audit adjustments tax period | 2016 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | 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 the sale of $1.5 million in cash received, the Company may receive maximum royalty and earn-out payments of up to approximately $2.9 million for years 2021 through 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 | ||
Depreciation expense | 44 | ||
Purchases of fixed assets | 0 | ||
Amortization expense | 0 | ||
Cash flows used in Investing activities | $ 1,553 | ||
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] | |||
Discontinued operation, consideration | $ 1,500 | ||
Royalty and earn-out payments received | $ 100 | ||
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 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 Loss from Discontinued Operations (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Net revenues | $ 3,276 |
Cost of sales | 3,594 |
Selling, general and administrative expenses | 840 |
Interest expense | 62 |
Other income | 332 |
Net loss from discontinued operations before income tax | (888) |
Income tax expense related to discontinued operations | 3 |
Net loss on discontinued operations | $ (891) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Badger Equipment Facility Closing [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||
One-time pre-tax charge related to inventory write-downs, impairment of fixed assets, and impairment of intangible assets | $ 3.6 | |
Severance and other plant closure costs | $ 0.2 | |
Forecast [Member] | ||
Subsequent Event [Line Items] | ||
Severance and other plant closure costs | $ 0.4 |
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, 2021 | Dec. 31, 2020 | |||||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||||||
Balance Beginning of Year | $ 20,725 | $ 22,320 | |||||
Charges to Earnings | 6,498 | 2,530 | |||||
Other | (549) | (860) | |||||
Deductions | [1] | (2,672) | (3,265) | ||||
Balance End of Year | $ 20,725 | 24,002 | 20,725 | ||||
Allowance for Doubtful Accounts [Member] | |||||||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||||||
Balance Beginning of Year | [2] | 2,580 | 2,842 | ||||
Charges to Earnings | 156 | 236 | |||||
Other | [3] | (208) | 256 | ||||
Deductions | [1] | (96) | (754) | ||||
Balance End of Year | 2,580 | [2] | 2,432 | 2,580 | [2] | ||
Reserve for Inventory [Member] | |||||||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||||||
Balance Beginning of Year | [2] | 8,451 | 9,196 | ||||
Charges to Earnings | 3,813 | [4] | 1,112 | ||||
Other | [3] | (174) | 223 | ||||
Deductions | [1] | (2,196) | (2,080) | ||||
Balance End of Year | 8,451 | [2] | 9,894 | 8,451 | [2] | ||
Valuation Allowance for Deferred Tax Assets [Member] | |||||||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||||||
Balance Beginning of Year | 9,694 | 10,282 | |||||
Charges to Earnings | 2,529 | 1,182 | |||||
Other | 1,300 | (167) | [5] | (1,339) | [6] | ||
Deductions | [1] | (380) | (431) | ||||
Balance End of Year | $ 9,694 | $ 11,676 | $ 9,694 | ||||
[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 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] | Includes approximately $3.2 million of inventory write-downs related to Badger restructuring plan. | ||||||
[5] | 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. | ||||||
[6] | 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, 2021 | Dec. 31, 2020 | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||||
Valuation allowance for deferred tax assets | $ (549) | $ (860) | ||||
Inventory write-down | 3,226 | |||||
Valuation Allowance for Deferred Tax Assets [Member] | ||||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||||
Valuation allowance for deferred tax assets | $ 1,300 | (167) | [1] | (1,339) | [2] | |
Reserve for Inventory [Member] | ||||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||||
Valuation allowance for deferred tax assets | [3] | (174) | $ 223 | |||
Reserve for Inventory [Member] | Badger Restructuring Plan [Member] | ||||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||||
Inventory write-down | $ 3,200 | |||||
[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. | |||||
[2] | 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 | |||||
[3] | Primarily represents the impact of foreign currency exchange, business divestitures and other amounts recorded to accumulated other comprehensive income (loss). |