10-Q Filing

DOUGLAS DYNAMICS, INC CIK: 1287213 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001558370-21-005545`
Period End Date	20210331
Filing Date	20210503
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	plow-20210331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 32 Cash Flow Statement 55 Stockholders Equity 23

Balance Sheet 77 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`	$35.52M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	22.86M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$41.03M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	22.96M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.14M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	22.86M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$83.19M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$45.15M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	22.96M	shares	Point-in-time
Inventories	`InventoryNet`	$99.87M	USD	Point-in-time
Inventories	`InventoryNet`	$79.48M	USD	Point-in-time
Inventories - truck chassis floor plan	`TruckFloorPlanInventoriesNet`	$12.11M	USD	Point-in-time
Inventories - truck chassis floor plan	`TruckFloorPlanInventoriesNet`	$8.15M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.21M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.33M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$217.19M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$197.87M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$64.32M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$64.40M	USD	Point-in-time
Goodwill	`Goodwill`	$113.13M	USD	Point-in-time
Goodwill	`Goodwill`	$113.13M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$150.09M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$152.79M	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$21.44M	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$20.40M	USD	Point-in-time
Non-qualified benefit plan assets	`DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent`	$9.38M	USD	Point-in-time
Non-qualified benefit plan assets	`DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent`	$9.04M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$1.29M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$1.33M	USD	Point-in-time
Total assets	`Assets`	$579.20M	USD	Point-in-time
Total assets	`Assets`	$692.54M	USD	Point-in-time
Total assets	`Assets`	$556.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$19.84M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$16.28M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$30.83M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$27.36M	USD	Point-in-time
Floor plan obligations	`FloorPlanObligations`	$7.88M	USD	Point-in-time
Floor plan obligations	`FloorPlanObligations`	$12.03M	USD	Point-in-time
Operating lease liability - current	`OperatingLeaseLiabilityCurrent`	$4.36M	USD	Point-in-time
Operating lease liability - current	`OperatingLeaseLiabilityCurrent`	$4.33M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$5.21M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$4.59M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.67M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.46M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$66.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$69.64M	USD	Point-in-time
Retiree health benefit obligation	`OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent`	$15.80M	USD	Point-in-time
Retiree health benefit obligation	`OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent`	$16.85M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$26.68M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$27.00M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$236.68M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$216.59M	USD	Point-in-time
Operating lease liability - noncurrent	`OperatingLeaseLiabilityNoncurrent`	$17.43M	USD	Point-in-time
Operating lease liability - noncurrent	`OperatingLeaseLiabilityNoncurrent`	$16.38M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$13.51M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$16.20M	USD	Point-in-time
Common Stock, par value $0.01, 200,000,000 shares authorized, 22,955,472 and 22,857,457 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$230.00K	USD	Point-in-time
Common Stock, par value $0.01, 200,000,000 shares authorized, 22,955,472 and 22,857,457 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$229.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$157.76M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$159.72M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$47.71M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$41.66M	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`	$-5.50M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.99M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.81M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$313.16M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$196.63M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$293.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$200.20M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$579.20M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$556.60M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$103.34M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$68.19M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$56.50M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$77.09M	USD	1 Quarter
Gross profit	`GrossProfit`	$26.25M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.69M	USD	1 Quarter
Selling, general, and administrative expense	`SellingGeneralAndAdministrativeExpense`	$19.90M	USD	1 Quarter
Selling, general, and administrative expense	`SellingGeneralAndAdministrativeExpense`	$17.15M	USD	1 Quarter
Intangibles amortization	`AmortizationOfIntangibleAssets`	$2.71M	USD	1 Quarter
Intangibles amortization	`AmortizationOfIntangibleAssets`	$2.74M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$3.65M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-8.20M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-2.98M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-5.04M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-111.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-8.00K	USD	1 Quarter
Income (Loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$665.00K	USD	1 Quarter
Income (Loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-13.35M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-77.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-3.26M	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$742.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-10.09M	USD	1 Quarter
Basic earnings (loss) per common share attributable to common shareholders (in dollars per share)	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic earnings (loss) per common share attributable to common shareholders (in dollars per share)	`EarningsPerShareBasic`	$-0.44	USD	1 Quarter
Earnings (loss) per common share assuming dilution attributable to common shareholders (in dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Earnings (loss) per common share assuming dilution attributable to common shareholders (in dollars per share)	`EarningsPerShareDiluted`	$-0.44	USD	1 Quarter
Cash dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.29	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)	`CommonStockDividendsPerShareCashPaid`	$0.28	USD	1 Quarter
Cash dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.29	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-14.38M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$1.25M	USD	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$742.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-10.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.01M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.89M	USD	1 Quarter
Amortization of deferred financing costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$392.00K	USD	1 Quarter
Amortization of deferred financing costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$303.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.37M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.97M	USD	1 Quarter
Adjustments on derivatives not designated as hedges	`MarketAdjustmentOnDerivativesNotClassifiedAsHedges`	$1.41M	USD	1 Quarter
Adjustments on derivatives not designated as hedges	`MarketAdjustmentOnDerivativesNotClassifiedAsHedges`	$-1.45M	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$179.00K	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$204.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxNoncashExpenseBenefit`	$324.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxNoncashExpenseBenefit`	$-1.25M	USD	1 Quarter
Non-cash lease expense	`NonCashLeaseExpenses`	$1.01M	USD	1 Quarter
Non-cash lease expense	`NonCashLeaseExpenses`	$1.04M	USD	1 Quarter
Earnout liability	`BusinessAcquisitionContingentConsiderationEarnoutExpense`	$-17.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-39.01M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-37.87M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$20.21M	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`	$254.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.35M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.16M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-4.09M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-7.33M	USD	1 Quarter
Benefit obligations and other long-term liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-701.00K	USD	1 Quarter
Benefit obligations and other long-term liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-3.22M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$24.15M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.08M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$2.18M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$2.30M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.30M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.18M	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`	$6.79M	USD	1 Quarter
Net revolver borrowings	`ProceedsFromLinesOfCredit`	$30.00M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$20.69M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$20.58M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-27.48M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.86M	USD	1 Quarter
Change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-5.51M	USD	1 Quarter
Change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-8.52M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$35.52M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$41.03M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$35.66M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$27.14M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$35.52M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$41.03M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$35.66M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$27.14M	USD	Point-in-time
Truck chassis inventory acquired through floorplan obligations	`InventoryAcquiredThroughFloorplanObligations`	$16.23M	USD	1 Quarter
Truck chassis inventory acquired through floorplan obligations	`InventoryAcquiredThroughFloorplanObligations`	$6.21M	USD	1 Quarter

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Adjustment for pension and postretirement benefit liability, tax	`OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent`	$20.00K	USD	1 Quarter
Adjustment for pension and postretirement benefit liability, tax	`OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent`	$20.00K	USD	1 Quarter
Adjustment for interest rate swap, tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent`	$194.00K	USD	1 Quarter
Adjustment for interest rate swap, tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent`	$1.49M	USD	1 Quarter
Balance	`StockholdersEquity`	$313.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$196.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$293.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$200.20M	USD	Point-in-time
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$742.00K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-10.09M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$6.49M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$6.79M	USD	1 Quarter
Adjustment for pension and postretirement benefit liability, net of tax of $34 in 2020, ($94) in 2019 and ($558) in 2018	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$57.00K	USD	1 Quarter
Adjustment for pension and postretirement benefit liability, net of tax of $34 in 2020, ($94) in 2019 and ($558) in 2018	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$58.00K	USD	1 Quarter
Adjustment for interest rate swap, net of tax of $899 in 2020, $1,211 in 2019 and ($64) in 2018	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-4.24M	USD	1 Quarter
Adjustment for interest rate swap, net of tax of $899 in 2020, $1,211 in 2019 and ($64) in 2018	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$564.00K	USD	1 Quarter
Shares withheld on restricted stock vesting	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationSharesWithheldRestrictedStockUnitsVesting`	$72.00K	USD	1 Quarter
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.37M	USD	1 Quarter
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.97M	USD	1 Quarter
Balance	`StockholdersEquity`	$313.16M	USD	Point-in-time
Balance	`StockholdersEquity`	$196.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$293.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$200.20M	USD	Point-in-time

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