10-Q Filing

DOUGLAS DYNAMICS, INC CIK: 1287213 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001558370-20-005212`
Period End Date	20200331
Filing Date	20200505
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	plow-20200505x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 36 Cash Flow Statement 55 Stockholders Equity 27

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.14M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	22.86M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.66M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	22.80M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$348.00K	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	22.86M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$48.10M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	22.80M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$87.87M	USD	Point-in-time
Inventories	`InventoryNet`	$112.37M	USD	Point-in-time
Inventories	`InventoryNet`	$77.94M	USD	Point-in-time
Inventories - truck chassis floor plan	`TruckFloorPlanInventoriesNet`	$6.54M	USD	Point-in-time
Inventories - truck chassis floor plan	`TruckFloorPlanInventoriesNet`	$8.77M	USD	Point-in-time
Refundable income taxes paid	`IncomeTaxesReceivable`	$974.00K	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.17M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.51M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$211.53M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$202.52M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$58.44M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$58.54M	USD	Point-in-time
Goodwill	`Goodwill`	$241.01M	USD	Point-in-time
Goodwill	`Goodwill`	$241.01M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$160.98M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$163.72M	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$22.56M	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$21.55M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$7.93M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$8.44M	USD	Point-in-time
Total assets	`Assets`	$705.70M	USD	Point-in-time
Total assets	`Assets`	$692.54M	USD	Point-in-time
Total assets	`Assets`	$676.02M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$17.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$16.11M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$22.14M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$26.50M	USD	Point-in-time
Floor plan obligations	`FloorPlanObligations`	$8.77M	USD	Point-in-time
Floor plan obligations	`FloorPlanObligations`	$6.54M	USD	Point-in-time
Operating lease liability - current	`OperatingLeaseLiabilityCurrent`	$3.77M	USD	Point-in-time
Operating lease liability - current	`OperatingLeaseLiabilityCurrent`	$3.82M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.99M	USD	Point-in-time
Short term borrowings	`ShortTermBorrowings`	$30.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$22.14M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$78.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$83.84M	USD	Point-in-time
Retiree health benefit obligation	`OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent`	$6.45M	USD	Point-in-time
Retiree health benefit obligation	`OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent`	$6.34M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$47.21M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$45.96M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$222.01M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$222.08M	USD	Point-in-time
Operating lease liability - noncurrent	`OperatingLeaseLiabilityNoncurrent`	$18.98M	USD	Point-in-time
Operating lease liability - noncurrent	`OperatingLeaseLiabilityNoncurrent`	$18.01M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$23.23M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$19.82M	USD	Point-in-time
Common Stock, par value $0.01, 200,000,000 shares authorized, 22,857,457 and 22,795,412 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$229.00K	USD	Point-in-time
Common Stock, par value $0.01, 200,000,000 shares authorized, 22,857,457 and 22,795,412 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$228.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$156.30M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$155.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$160.75M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$143.62M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-7.11M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.81M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-7.07M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.05M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$282.76M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$276.15M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$293.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$313.16M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$692.54M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$705.70M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$68.19M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$93.19M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$56.50M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$70.24M	USD	1 Quarter
Gross profit	`GrossProfit`	$22.95M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.69M	USD	1 Quarter
Selling, general, and administrative expense	`SellingGeneralAndAdministrativeExpense`	$16.64M	USD	1 Quarter
Selling, general, and administrative expense	`SellingGeneralAndAdministrativeExpense`	$17.15M	USD	1 Quarter
Intangibles amortization	`AmortizationOfIntangibleAssets`	$2.74M	USD	1 Quarter
Intangibles amortization	`AmortizationOfIntangibleAssets`	$2.74M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-8.20M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$3.56M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-5.04M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-4.15M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-171.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-111.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-13.35M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-760.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-463.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-3.26M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-297.00K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-10.09M	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	22.73M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	22.81M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.73M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.81M	shares	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.44	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.44	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Cash dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.28	USD	1 Quarter
Cash dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.27	USD	1 Quarter
Cash dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.28	USD	1 Quarter
Cash dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.27	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-14.38M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.32M	USD	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-297.00K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-10.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.81M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.89M	USD	1 Quarter
Amortization of deferred financing costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$303.00K	USD	1 Quarter
Amortization of deferred financing costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$303.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.05M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.37M	USD	1 Quarter
Mark-to-market adjustments on derivatives not classified as hedges	`MarketAdjustmentOnDerivativesNotClassifiedAsHedges`	$1.41M	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$107.00K	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$204.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxNoncashExpenseBenefit`	$1.01M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxNoncashExpenseBenefit`	$-1.25M	USD	1 Quarter
Earnout liability	`BusinessAcquisitionContingentConsiderationEarnoutExpense`	$-17.00K	USD	1 Quarter
Earnout liability	`BusinessAcquisitionContingentConsiderationEarnoutExpense`	$-217.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-26.10M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-39.01M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$29.23M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$34.43M	USD	1 Quarter
Prepaid assets, refundable income taxes and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.12M	USD	1 Quarter
Prepaid assets, refundable income taxes and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.68M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.18M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.16M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-7.33M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.45M	USD	1 Quarter
Benefit obligations and other long-term liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.91M	USD	1 Quarter
Benefit obligations and other long-term liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-2.20M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.58M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.08M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$2.30M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$769.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-769.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.30M	USD	1 Quarter
Shares withheld on restricted stock vesting paid for employees' taxes	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$50.00K	USD	1 Quarter
Shares withheld on restricted stock vesting paid for employees' taxes	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$72.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$6.49M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$6.29M	USD	1 Quarter
Net revolver borrowings	`ProceedsFromLinesOfCredit`	$30.00M	USD	1 Quarter
Net revolver borrowings	`ProceedsFromLinesOfCredit`	$16.00M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$20.58M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$30.78M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.13M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.86M	USD	1 Quarter
Change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-8.52M	USD	1 Quarter
Change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-27.47M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$27.14M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$35.66M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$27.82M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$348.00K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$27.14M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$35.66M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$27.82M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$348.00K	USD	Point-in-time
Truck chassis inventory acquired through floorplan obligations	`InventoryAcquiredThroughFloorplanObligations`	$10.30M	USD	1 Quarter
Truck chassis inventory acquired through floorplan obligations	`InventoryAcquiredThroughFloorplanObligations`	$6.21M	USD	1 Quarter

Stockholders Equity 27 line items

Line Item	Tag	Value	Unit	Period
Impact due to adoption, net of tax	`CumulativeEffectOnRetainedEarningsNetOfTax1`	$193.00K	USD	1 Quarter
Adjustment for pension and postretirement benefit liability, tax	`OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent`	$-18.00K	USD	1 Quarter
Adjustment for pension and postretirement benefit liability, tax	`OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent`	$20.00K	USD	1 Quarter
Adjustment for interest rate swap, tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent`	$1.49M	USD	1 Quarter
Adjustment for interest rate swap, tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent`	$378.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$282.76M	USD	Point-in-time
Balance	`StockholdersEquity`	$276.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$293.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$313.16M	USD	Point-in-time
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-297.00K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-10.09M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$6.29M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$6.49M	USD	1 Quarter
Impact due to adoption	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$-557.00K	USD	Point-in-time
Adjustment for pension and postretirement benefit liability, net of tax of $20 in 2020, ($18) in 2019	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$57.00K	USD	1 Quarter
Adjustment for pension and postretirement benefit liability, net of tax of $20 in 2020, ($18) in 2019	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-53.00K	USD	1 Quarter
Adjustment for interest rate swap, net of tax of $1,489 in 2020, $378 in 2019	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-4.24M	USD	1 Quarter
Adjustment for interest rate swap, net of tax of $1,489 in 2020, $378 in 2019	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-1.07M	USD	1 Quarter
Pension termination, net of tax of ($2,237)	`OtherComprehensiveIncomeLossPensionPlanTerminationLossAfterTaxAndReclassificationAdjustmentAttributableToParent`	$6.38M	USD	Annual
Shares withheld on restricted stock vesting	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationSharesWithheldRestrictedStockUnitsVesting`	$50.00K	USD	1 Quarter
Shares withheld on restricted stock vesting	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationSharesWithheldRestrictedStockUnitsVesting`	$72.00K	USD	1 Quarter
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.05M	USD	1 Quarter
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.37M	USD	1 Quarter
Balance	`StockholdersEquity`	$282.76M	USD	Point-in-time
Balance	`StockholdersEquity`	$276.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$293.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$313.16M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.