UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 11-K

 

x        ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
  For the fiscal year ended December 31, 2020  
   
¨        TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

  For the transition period from _____________________ to _____________________

 

  Commission file number 001-34728  

 

  A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

 

Douglas Dynamics, L.L.C. 401(k) Plan

  

  B. Name of issuer of securities held pursuant to the plan and the address of its principal executive office:

 

Douglas Dynamics, Inc.

7777 North 73rd Street

Milwaukee, Wisconsin 53223

 

 

 

 

 

 

REQUIRED INFORMATION

 

The following financial statements and supplemental information of the Douglas Dynamics, L.L.C. 401(k) Plan, prepared in accordance with the financial reporting requirements of the Employee Retirement Income Security Act of 1974, as amended, are filed herewith.

 

 

 

 

DOUGLAS DYNAMICS, L.L.C.

401(k) PLAN

Milwaukee, Wisconsin

 

FINANCIAL STATEMENTS AND

SUPPLEMENTAL INFORMATION

December 31, 2020 and 2019

 

 

 

 

DOUGLAS DYNAMICS, L.L.C.

401(k) PLAN

  

TABLE OF CONTENTS

  

  Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 1
   
Financial Statements  
   
Statements of Net Assets Available for Benefits 3
Statement of Changes in Net Assets Available for Benefits 4
   
Notes to Financial Statements 5
   
SUPPLEMENTAL INFORMATION 14
   
Schedule H, Line 4a – Schedule of Delinquent Participant Contributions 15
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) 16

 

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

Committee of Plan Fiduciaries

Douglas Dynamics, L.L.C. 401(k) Plan

Milwaukee, Wisconsin

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of net assets available for benefits of Douglas Dynamics, L.L.C. 401(k) Plan (the Plan) as of December 31, 2020 and 2019, the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes and schedules (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of Douglas Dynamics, L.L.C. 401(k) Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

1 

 

  

Supplemental Information

 

The supplemental schedule of assets (held at end of year) and schedule of delinquent participant contributions (collectively, the supplemental information) have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

  

/s/ CliftonLarsonAllen LLP

 

CliftonLarsonAllen LLP

 

We have served as the Plan’s auditor since 2011.

 

Milwaukee, Wisconsin

June 29, 2021

 

2 

 

 

DOUGLAS DYNAMICS, L.L.C.
401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2020 and 2019

 

   2020   2019 
ASSETS          
Participant-directed investments, at fair value  $121,369,782   $107,393,495 
Contributions receivable   46,923    36,334 
Other receivables   -    19,583 
Notes receivable from participants   1,867,085    1,883,324 
           
NET ASSETS AVAILABLE FOR BENEFITS  $123,283,790   $109,332,736 

 

The accompanying notes are an integral part of the financial statements

 

3

 

 

DOUGLAS DYNAMICS, L.L.C.
401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 2020

 

ADDITIONS TO NET ASSETS ATTRIBUTED TO     
Investment income:     
Interest and dividends  $265,062 
Net appreciation in fair value of investments   13,295,525 
      
Net investment income   13,560,587 
      
Interest income from notes receivable from participants   110,836 
      
Contributions:     
Company   3,889,875 
Participants   7,032,972 
Rollover   940,185 
      
Total contributions   11,863,032 
      
Total additions   25,534,455 
      
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO     
Benefits paid to participants   11,536,511 
Administrative expenses   40,720 
Deemed distributions   6,170 
      
Total deductions   11,583,401 
      
NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS   13,951,054 
      
NET ASSETS AVAILABLE FOR BENEFITS     
Beginning of year   109,332,736 
      
End of year  $123,283,790 

 

The accompanying notes are an integral part of the financial statements

 

4

 

 

DOUGLAS DYNAMICS, L.L.C.

401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2020 and 2019

 

Note 1 - Description of Plan

 

The following is a brief description of Douglas Dynamics, L.L.C. 401(k) Plan (the “Plan”) as in effect during 2020. Participants should refer to the Plan document and Summary Plan Description for a more complete discussion of the provisions of the Plan.

 

General

 

The Plan is a defined contribution plan established on January 1, 1988 and most recently restated effective January 1, 2019. All employees (other than leased employees of Douglas Dynamics, L.L.C. (the “Company”) and its controlled group members who have adopted the plan) are eligible for participation in the Plan. Employees become participants on the first day of each calendar quarter following the employment commencement date. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. Effective January 1, 1998, employees of the Company’s subsidiary, Fisher, LLC, became eligible to participate.

 

A new Plan document was issued with an effective date of January 1, 2019 that converted the Plan to a safe harbor plan. Under the new safe harbor plan, the Company has an employer matching percentage of 100% of contributions up to 3% of compensation, plus 50% of contributions over 3% of compensation up to 6% of compensation. The Company also amended the Plan as of January 1, 2019 changing the financial hardship withdrawals in accordance with the Bipartisan Budget Act of 2018.

 

Contributions

 

Contributions to the Plan are made by the participants in the Plan and by the Company and are subject to the provisions of Section 401(k) of the Internal Revenue Code (IRC).

 

New employees that meet the requirements to participate in the Plan are automatically enrolled with a default 3 percent deferral rate, increasing each year until the participant reaches a 6 percent deferral rate, unless otherwise elected by the Plan participant.

 

Participants can contribute up to 70 percent of their eligible compensation, as defined, to the Plan, subject to limits set forth by the IRC. Participants who attained age 50 before the end of the Plan year were eligible to make catch-up contributions. The Company has an employer matching percentage of 100% of contributions up to 3% of compensation, plus 50% of contributions over 3% of compensation up to 6% of compensation. Additional contributions could be made at the option of the Company’s Board of Managers subject to certain limitations set forth in the Plan. All contributions are 100 percent vested.

 

Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (rollover). Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan currently offers various pooled separate accounts, mutual funds, Company stock and common collective trusts as investment options for participants.

 

5

 

 

DOUGLAS DYNAMICS, L.L.C.

401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2020 and 2019

 

Note 1 - Description of Plan (CONTINUED)

 

Participant Accounts

 

Each participant’s account is credited with the participant’s contribution and allocations of (a) the Company’s contribution and (b) Plan earnings or losses. Allocations are based on the participant’s eligible compensation or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

 

Notes Receivable from Participants

 

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of $50,000 or 50 percent of their vested account balance, whichever is less. Notes receivable transactions are treated as a transfer between the investment fund and the notes receivable fund. Notes receivable terms range from one to five years, although a longer term is permitted if proceeds are for the purchase of a primary residence. The notes receivable are secured by the balance in the participant’s account and bear a fixed rate of interest at 2 percent over the prime rate at the time the loan was made. Principal and interest are paid ratably through payroll deductions in those cases where repayment through payroll deduction is available. Payments of principal and interest are credited to the participant’s account.

 

Forfeitures

 

Forfeited nonvested accounts will be used to pay administrative expenses, reduce employer contributions, or be reallocated to participants. At December 31, 2020 and 2019, there were $1,286 and $1,593 of forfeited nonvested accounts available to reduce Company contributions and pay administrative expenses, respectively. During 2020, $9,763 of forfeitures were used to reduce Company contributions. During 2020, $1 of forfeitures were used to pay administrative expenses.

 

Benefit Payments

 

Plan benefits are payable upon retirement at age 65 or later, disability, death, financial hardship, or termination of employment. Upon death, a participant’s account will be paid to the beneficiary in a lump sum upon the valuation date immediately following death. If a participant is at least age 59-1/2, an election may be made generally once each year, in writing, to receive a payment consisting of all or part of the account balance.

 

If the participant’s vested account is $5,000 or greater, upon retirement or termination of employment other than death, the vested account will generally be paid in one single sum (subject to exceptions described in the Plan). For 2020, an account could be maintained up to age 72, at which time payment must be arranged. If the balance is less than $5,000, the entire balance will be distributed upon retirement or termination in one lump sum payment.

 

6

 

  

DOUGLAS DYNAMICS, L.L.C.

401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2020 and 2019

 

Note 1 - Description of Plan (CONTINUED)

 

Plan Termination

 

Although it has not expressed an intent to do so, the Company has the right under the Plan to discontinue contributions at any time and to terminate the Plan subject to provisions of ERISA. In the event of Plan termination, the participants would become fully vested in their Company contributions.

 

Note 2 - Summary of Significant Accounting Policies

 

Basis of Accounting

 

The financial statements have been prepared on the accrual basis of accounting.

 

Investment Valuation

 

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.

 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net investment appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

 

Notes Receivable from Participants

 

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document. Related fees are recorded as administrative expenses and are expensed as incurred. No allowance for credit losses has been recorded as of December 31, 2020 or 2019.

 

Payment of Benefits

 

Benefits are recorded when paid.

 

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires the Plan administrator to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of certain assets and liabilities. Actual results could differ from those estimates.

 

7

 

 

DOUGLAS DYNAMICS, L.L.C.

401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2020 and 2019

 

Note 2 - Summary of Significant Accounting Policies (CONTINUED)

 

Excess Contributions Payable

 

The Plan is required to return contributions received during the Plan year in excess of the IRC limits and are recorded as a liability with a corresponding deduction to contributions. There were no excess contributions payable as of December 31, 2020 or 2019.

 

Plan Expenses

 

Pursuant to the terms of the Plan, the Company pays all of the administrative expenses of the Plan except for administrative expenses incurred in conjunction with early withdrawals, participant requested services, and loan distributions (which are paid by participants). Investment related expenses are included in net appreciation in fair value of investments.

 

Subsequent Events

 

The Plan was amended in 2021 to provide for a one-time additional employer contribution of $5,000 on behalf of each active participant who is classified as a team leader with at least one direct report or an exempt human resource employee who is not currently participating in the Douglas Dynamics, Inc. Amended and Restated 2010 Stock Incentive Plan as of March 2021 and was an active participant in the Plan from January 1, 2020 through March 1, 2021.

 

The Plan has evaluated subsequent events through June 29, 2021, the date the financial statements were issued.

 

8

 

 

DOUGLAS DYNAMICS, L.L.C.

401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2020 and 2019

 

NOTE 3 - FAIR VALUE MEASUREMENTS

 

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:

 

  Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

 

  Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly such as,

  quoted prices for similar assets or liabilities in active markets;
  quoted prices for identical or similar assets or liabilities in inactive markets;
  inputs other than quoted prices that are observable for the asset or liability;
inputs that are derived principally from or corroborated by observable market data by correlation or other means.
If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

 

  Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

 

9

 

 

 

DOUGLAS DYNAMICS, L.L.C.

401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2020 and 2019

 

NOTE 3 - FAIR VALUE MEASUREMENTS (CONTINUED)

 

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2020 and 2019.

 

  Douglas Dynamics, Inc. Common Stock is valued at fair value based on the closing price reported in an active market where such shares are traded.

 

Mutual funds are valued at the net asset value (“NAV”) of shares held by the plan at year end.

 

Pooled separate accounts consist of various investment options (i.e. common stock, mutual funds, short-term securities, real estate) and are valued at the NAV which is based on the market value of its underlying investments. While the majority of the underlying asset values are quoted prices, the NAV of the pooled separate accounts is not publicly quoted and are determined by the insurance company. NAV is a readily determinable fair value and is the basis for current transactions.

 

Common collective trusts are valued at the NAV which is based on the market value of its underlying investments. The Plan offers funds that are common collective trusts. These funds are collective investment trusts that contain synthetic investment contracts comprised of both underlying investment and contractual components which have observable Level 1 or Level 2 pricing inputs, including quoted prices for similar assets in active or non-active markets.  NAV is used as an estimate of fair value, as the reporting entity has the ability to redeem its investment at NAV as of the measurement date as collective investment trusts can be redeemed on a daily basis. NAV is a readily determinable fair value and is the basis for current transactions.

 

10 

 

 

DOUGLAS DYNAMICS, L.L.C.

401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2020 and 2019

 

NOTE 3 - FAIR VALUE MEASUREMENTS (continued)

 

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2020:

 

   Level 1   Level 2   Level 3   Total 
Douglas Dynamics, Inc. common stock  $2,970,174   $-   $-   $2,970,174 
Mutual funds   25,376,399    -    -    25,376,399 
Pooled separate accounts   -    23,593,589    -    23,593,589 
Common collective trust   -    69,429,620    -    69,429,620 
Total assets at fair value  $28,346,573   $93,023,209   $-   $121,369,782 

 

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2019:

 

   Level 1   Level 2   Level 3   Total 
Douglas Dynamics, Inc. common stock  $3,972,731   $-   $-   $3,972,731 
Mutual funds   29,973,454    -    -    29,973,454 
Pooled separate accounts   -    16,557,054    -    16,557,054 
Common collective trust   -    56,890,256    -    56,890,256 
Total assets at fair value  $33,946,185   $73,447,310   $-   $107,393,495 

 

NOTE 4 – PARTY-IN-INTEREST TRANSACTIONS

 

Certain Plan investments are managed by Principal Life Insurance Company. Principal Life Insurance Company is the custodian as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions. Fees paid by the Plan to Principal Life Insurance Company amounted to $40,720 for the year ended December 31, 2020. These party-in-interest transactions are exempt from the prohibited transaction rules at ERISA.

 

11 

 

 

DOUGLAS DYNAMICS, L.L.C.

401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2020 and 2019

 

Note 5 - Tax Status

 

The Internal Revenue Service (IRS) has determined and informed the Company by a letter dated August 8, 2014, that the volume submitter plan used by the Plan and related trust are designed in accordance with applicable sections of the IRC. The Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes is included in the accompanying financial statements.

 

GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain tax position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

 

NOTE 6 - RISK AND UNCERTAINTIES

 

The Plan invests in various investment securities. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits.

 

The outbreak of the coronavirus (COVID-19) has adversely affected, and may continue to adversely affect, economic activity globally, nationally and locally. Following the COVID-19 outbreak in March 2020, the values of investment securities have experienced significant volatility. These economic and market conditions and other effects of the COVID-19 outbreak may continue to adversely affect the Plan. The extent of the adverse impact to the amounts reported in the 2020 statement of net assets available for benefits will depend on future developments that are highly uncertain and cannot be accurately predicted.

 

12 

 

 

DOUGLAS DYNAMICS, L.L.C.

401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2020 and 2019

 

NOTE 7 - RECONCILIATION TO FORM 5500

 

The following is a reconciliation of net assets available for benefits per the financial statements to the Plan’s Form 5500 as of December 31:

 

   2020   2019 
Net assets available for benefits per the financial statements  $123,283,790   $109,332,736 
Difference in fair value of common collective trust reported on Form 5500   -    65,265 
           
Net assets available for benefits per the Form 5500  $123,283,790   $109,398,001 

 

The following is a reconciliation of the net increase in net assets available for benefits per the financial statements to the Form 5500 for the year ended December 31, 2020:

 

Net increase in net assets available for benefits per the financial statements  $13,951,054 
Change in difference in fair value of common collective trust reported on Form 5500   (65,265)
      

Net increase in net assets available for benefits per the Form 5500

  $13,885,789 

 

The Principal Stable Value Fund Common Collective Trust is reconciled to the fair value on Form 5500 from the fair value on the financial statements above.

 

NOTE 8 – NON-EXEMPT TRANSACTIONS

 

In 2019 the Company withheld excess loan payments from certain payroll periods that were never applied to the participant accounts or refunded. In 2020 the Company failed to remit certain employee deferral contributions for certain payroll periods within the timeframe prescribed by the Department of Labor. 2019 loan payments have been corrected and 2020 delinquent contributions are in the process of being corrected. In 2018, the Company failed to remit certain employee deferral contributions and loan payments for certain payroll periods within the timeframe prescribed by the Department of Labor. These are deemed prohibited transactions in accordance with ERISA and the IRC. The Company has filed the required Form 5330 with the IRS and paid the associated excise tax.

 

13 

 

 

SUPPLEMENTAL INFORMATION

 

14 

 

 

DOUGLAS DYNAMICS, L.L.C.
401(k) PLAN
SCHEDULE H, LINE 4(a) - SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS
Year Ended December 31, 2020
             
Name of Plan Sponsor: DOUGLAS DYNAMICS, L.L.C.        
Employer Identification Number: 42-1623692          
Three Digit Plan Number: 006          

 

2018 Participant Contributions Transferred Late to Plan   Total that Constitute Non-Exempt Prohibited Transactions    
Amount Withheld   Check here if Late
Participant Loan
Repayments are included:
  Contributions Not
Corrected
 

Contributions
Corrected
Outside
VFCP

  Contributions
Pending Correction
in VFCP
  Total fully corrected
under VFCP and PTE
2002-51
$ 192           $ 192        

 

2019 Participant Contributions Transferred Late to Plan   Total that Constitute Non-Exempt Prohibited Transactions    
Amount Withheld   Check here if Late
Participant Loan
Repayments are included:
  Contributions Not
Corrected
  Contributions
Corrected Outside
VFCP
  Contributions
Pending Correction
in VFCP
  Total fully corrected
under VFCP and PTE
2002-51
$ 289  

      $ 289        

 

2020 Participant Contributions Transferred Late to Plan   Total that Constitute Non-Exempt Prohibited Transactions    
Amount Withheld   Check here if Late
Participant Loan
Repayments are included:
  Contributions Not
Corrected
  Contributions
Corrected Outside
VFCP
  Contributions
Pending Correction
in VFCP
  Total fully corrected
under VFCP and PTE
2002-51
$ 232  

  $ 232            

 

15

 

 

DOUGLAS DYNAMICS, L.L.C.
401(k) PLAN
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2020
               
Name of Plan Sponsor:   DOUGLAS DYNAMICS, L.L.C.      
Employer Identification Number:   42-1623692      
Three Digit Plan Number:   006      

 

   (b)  (c)        
   Identity of Issuer,  Description of Investment      (e) 
   Borrower, Lessor,  including maturity date, rate of interest,  (d)   Current 
(a)  or Similar Party  collateral, par, or maturity value  Cost (2)   Value 
*  Douglas Dynamics, Inc. Common Stock  Employer Common Stock       $2,970,174 
*  Principal Life Insurance Company  Large Cap S&P 500 Index - pooled separate account        7,186,292 
*  Principal Life Insurance Company  Small Cap S&P 600 Index - pooled separate account        4,104,562 
*  Principal Life Insurance Company  Bond Market Index - pooled separate account        1,470,531 
*  Principal Life Insurance Company  Large Cap Value I - pooled separate account        6,580,058 
*  Principal Life Insurance Company  International Equity Index - pooled separate account        459,446 
*  Principal Life Insurance Company  Principal Stable Value Fund - common collective trust        6,208,037 
*  Principal Life Insurance Company  Stock - pooled separate account        71,115 
*  Principal Life Insurance Company  Core Plus Bond - pooled separate account        2,053,197 
*  Principal Life Insurance Company  Mid-Cap Value I - pooled separate account        667,284 
*  Principal Life Insurance Company  Mid-Cap S&P 400 Index - pooled separate account        1,001,104 
*  Principal Global Investors  Lifetime Hybrid Income - common collective trust        382,015 
*  Principal Global Investors  Lifetime 2010 - common collective trust        1,276,329 
*  Principal Global Investors  Lifetime 2020 - common collective trust        12,052,245 
*  Principal Global Investors  Lifetime 2030 - common collective trust        22,676,904 
*  Principal Global Investors  Lifetime 2040 - common collective trust        12,739,657 
*  Principal Global Investors  Lifetime 2050 - common collective trust        10,640,499 
*  Principal Global Investors  Lifetime 2060 - common collective trust        3,453,934 
   The Vanguard Group  Vanguard Windsor Admiral  - mutual fund        3,809,855 
   The Vanguard Group  High Yield Corporate- mutual fund        1,448,184 
   The Vanguard Group  Vanguard Explorer Admiral - mutual fund        2,456,601 
   T. Rowe Price  Capital Appreciation - mutual fund        6,212,523 
   T. Rowe Price  Mid-Cap Growth - mutual fund        5,619,360 
   American Century Investments  Small Cap Value - mutual fund        1,052,683 
   American Funds  American - mutual fund        1,241,925 
   Legg Mason  Clearbridge International Growth Fund - mutual fund        2,566,233 
   Oppenheimer  Oppenheimer Developing Markets Y Fund - mutual fund        969,035 
*  Participants  Loans (1)  $-    1,867,085 
                 
              $123,236,867 

 

* Party-in-interest as defined by ERISA.

 

(1)Bearing interest rates ranging from 4.25 to 7.50 percent and maturing at various dates through May 2029.  
(2) Not applicable - participant directed investments except for participant loans.  

 

16

 

  

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  DOUGLAS DYNAMICS, L.L.C. 401(K) PLAN
   
Dated: June 29, 2021 By: /s/ Sarah Lauber
    Sarah Lauber
    Chief Financial Officer and Secretary of Douglas Dynamics, Inc.

 

17

 

 

EXHIBIT INDEX

 

DOUGLAS DYNAMICS, L.L.C. 401(K) PLAN

FORM 11-K

 

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020

 

Exhibit No. Description
   
23 Consent of CliftonLarsonAllen LLP

 

18

 

 

Exhibit 23

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in Registration Statement No. 333-184781 on Form S-8 of our report dated June 29, 2021, appearing in this Annual Report on Form 11-K of Douglas Dynamics, L.L.C. 401(k) Plan for the year ended December 31, 2020.

 

/s/ CliftonLarsonAllen LLP

 

CliftonLarsonAllen LLP

 

Milwaukee, Wisconsin

June 29, 2021