Revenue Recognition (Tables)
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6 Months Ended |
Jun. 30, 2018 |
|---|
| Revenue From Contract With Customer [Abstract] |
|
| Revenue by customer and timing recognition |
Revenue by customer type was as follows:
|
|
|
|
|
|
|
Three Months Ended June 30,2018
|
Work Truck Attachments
|
Work Truck Solutions
|
Corporate and Eliminations
|
Total Revenue
|
|
Independent dealer
|
$ 118,332
|
$ 19,901
|
$ -
|
$ 138,233
|
|
Government
|
8,962
|
-
|
-
|
8,962
|
|
Fleet
|
-
|
15,194
|
-
|
15,194
|
|
Other
|
-
|
2,051
|
(994)
|
1,057
|
|
Total revenue
|
$ 127,294
|
$ 37,146
|
$ (994)
|
$ 163,446
|
|
|
|
|
|
|
|
Six Months Ended June 30,2018
|
Work Truck Attachments
|
Work Truck Solutions
|
Corporate and Eliminations
|
Total Revenue
|
|
Independent dealer
|
$ 151,970
|
$ 39,792
|
$ -
|
$ 191,762
|
|
Government
|
22,783
|
-
|
-
|
22,783
|
|
Fleet
|
-
|
29,546
|
-
|
29,546
|
|
Other
|
-
|
6,521
|
(3,202)
|
3,319
|
|
Total revenue
|
$ 174,753
|
$ 75,859
|
$ (3,202)
|
$ 247,410
|
|
|
|
|
|
|
Revenue by timing of revenue recognition was as follows:
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|
|
|
|
|
|
Three Months Ended June 30,2018
|
Work Truck Attachments
|
Work Truck Solutions
|
Corporate and Eliminations
|
Total Revenue
|
|
Point in time
|
$ 127,294
|
$ 13,524
|
$ (994)
|
$ 139,824
|
|
Over time
|
-
|
23,622
|
-
|
23,622
|
|
Total revenue
|
$ 127,294
|
$ 37,146
|
$ (994)
|
$ 163,446
|
|
|
|
|
|
|
|
Six Months Ended June 30,2018
|
Work Truck Attachments
|
Work Truck Solutions
|
Corporate and Eliminations
|
Total Revenue
|
|
Point in time
|
$ 174,753
|
$ 28,900
|
$ (3,202)
|
$ 200,451
|
|
Over time
|
-
|
46,959
|
-
|
46,959
|
|
Total revenue
|
$ 174,753
|
$ 75,859
|
$ (3,202)
|
$ 247,410
|
|
|
|
|
|
|
|
| Contract Balances |
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|
|
|
|
|
|
|
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|
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Three Months Ended June 30,2018
|
|
Balance at Beginning of Period
|
|
Additions
|
|
Deductions
|
|
Balance at End of Period
|
|
Contract liabilities
|
$
|
2,219
|
$
|
4,351
|
$
|
(3,254)
|
$
|
3,316
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,2018
|
|
Balance at Beginning of Period
|
|
Additions
|
|
Deductions
|
|
Balance at End of Period
|
|
Contract liabilities
|
$
|
2,048
|
$
|
6,171
|
$
|
(4,903)
|
$
|
3,316
|
|
| Impact of New Revenue Guidance on Financial Statement Line Items |
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Three Months Ended June 30, 2018
|
|
Six Months Ended June 30, 2018
|
|
|
As Reported
|
Balances without adoption of Topic 606
|
Effect of Change Higher/(Lower)
|
|
As Reported
|
Balances without adoption of Topic 606
|
Effect of Change Higher/(Lower)
|
|
Net sales
|
$ 163,446
|
$ 163,483
|
$ (37)
|
|
$ 247,410
|
$ 247,153
|
$ 257
|
|
Cost of sales
|
107,597
|
107,618
|
(21)
|
|
171,534
|
171,366
|
168
|
|
Gross profit
|
55,849
|
55,865
|
(16)
|
|
75,876
|
75,787
|
89
|
|
Selling, general, and administrative expense
|
20,543
|
20,543
|
-
|
|
36,689
|
36,689
|
-
|
|
Intangibles amortization
|
2,866
|
2,866
|
-
|
|
5,737
|
5,737
|
-
|
|
Income from operations
|
32,440
|
32,456
|
(16)
|
|
33,450
|
33,361
|
89
|
|
Interest expense, net
|
(4,096)
|
(4,096)
|
-
|
|
(8,041)
|
(8,041)
|
-
|
|
Litigation proceeds
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
Other expense, net
|
(264)
|
(264)
|
-
|
|
(467)
|
(467)
|
-
|
|
Income before taxes
|
28,080
|
28,096
|
(16)
|
|
24,942
|
24,853
|
89
|
|
Income tax expense
|
6,916
|
6,920
|
(4)
|
|
5,654
|
5,630
|
24
|
|
Net income
|
$ 21,164
|
$ 21,176
|
$ (12)
|
|
$ 19,288
|
$ 19,223
|
$ 65
|
|
Earnings per common share:
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|
|
|
|
|
|
|
|
Basic
|
$ 0.92
|
$ -
|
$ 0.92
|
|
$ 0.84
|
$ -
|
$ 0.84
|
|
Diluted
|
$ 0.91
|
$ -
|
$ 0.91
|
|
$ 0.83
|
$ -
|
$ 0.83
|
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In accordance with Topic 606, the disclosure of the impact of adoption to the condensed consolidated balance sheet was as follows:
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As of June 30, 2018
|
|
|
As Reported
|
Balances without adoption of Topic 606
|
Effect of Change Higher/(Lower)
|
|
Assets:
|
|
|
|
|
Accounts Receivable
|
$ 95,038
|
$ 92,910
|
$ 2,128
|
|
Inventory
|
84,633
|
86,339
|
(1,706)
|
|
Liabilities:
|
|
|
|
|
Deferred tax liability
|
42,854
|
42,744
|
110
|
|
Shareholder's Equity:
|
|
|
|
|
Retained Earnings
|
123,208
|
122,830
|
378
|
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