Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.8
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2013
Summary of Significant Accounting Policies  
Schedule of estimated useful lives of the assets

 

 

 
   Years  

Land improvements and buildings

     15 - 40  

Machinery and equipment

     3 - 20  

Furniture and fixtures

     3 - 12  

Mobile equipment and other

     3 - 10  
Schedule of changes in deferred financing costs

 

 

Balance at January 1, 2011

   $ 953  

Write-off of unamortized deferred financing costs

    
(335
)

Deferred financing costs capitalized on new debt

     3,471  

Amortization of deferred financing costs

     (687 )
       
​ ​ ​ ​ ​

Balance at December 31, 2011

     3,402  

Deferred financing costs capitalized on new debt

    
168		  

Amortization of deferred financing costs

     (776 )
       
​ ​ ​ ​ ​

Balance at December 31, 2012

     2,794  

Amortization of deferred financing costs

    
(578
)
       
​ ​ ​ ​ ​

Balance at December 31, 2013

   $ 2,216  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       
Schedule of financial assets and liabilities measured at fair value on a recurring basis and disclosure of the fair value of long-term debt

 

 

 
   Fair Value at
12/31/2013		   Fair Value at
12/31/2012		  

Assets:

              

Other assets(a)

   $ 1,127   $ 491  
           
​ ​ ​ ​ ​ ​ ​ ​

Total Assets

   $ 1,127   $ 491  
           
​ ​ ​ ​ ​ ​ ​ ​

Liabilities:

              

Long term debt(b)

     110,439     110,566  

Other long-term liabilities—

              

Earnout—Trynex(c)

     3,587     —  

Interest rate swap(d)

     282     544  
           
​ ​ ​ ​ ​ ​ ​ ​

Total Liabilities

   $ 114,308   $ 111,110  
           
​ ​ ​ ​ ​ ​ ​ ​
(a)
Included in other assets is the cash surrender value of insurance policies on various individuals that are associated with the Company. The carrying amounts of these insurance policies approximates their fair value.

(b)
The fair value of the Company's long-term debt, including current maturities, is estimated using discounted cash flows based on the Company's current incremental borrowing rates for similar types of borrowing arrangements, which is a Level 2 input for all periods presented. Meanwhile, long-term debt is recorded at carrying amount, net of discount, as disclosed on the face of the balance sheet.

(c)
Included in other long term liabilities is an obligation for a portion of the potential earn out incurred in conjunction with the acquisition of substantially all of TrynEx's assets. The carrying amount of the earn out approximates its fair value. Fair value is based upon Level 3 inputs of a monte carlo simulation analysis using key inputs of forecasted future sales and financial performance as well as a growth rate reduced by the market required rate of return. See reconciliation of liability included below:

 
   2013  

Balance at January 1

   $ —  

Additions

     3,587  

Adjustments to fair value

     —  
       
​ ​ ​ ​ ​

Balance at December 31

   $ 3,587  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       
(d)
Valuation models are calibrated to initial trade price. Subsequent valuations are based on observable inputs to the valuation model (e.g. interest rates and credit spreads). Model inputs are changed only when corroborated by market data. A credit risk adjustment is made using observable market credit spreads. Thus, inputs used to determine fair value of the interest rate swap are Level 2 inputs.
Schedule of reconciliation of liability

 

 
   2013  

Balance at January 1

   $ —  

Additions

     3,587  

Adjustments to fair value

     —  
       
​ ​ ​ ​ ​

Balance at December 31

   $ 3,587  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       
Schedule of the Company's product offerings

 

 

 
   Year ended December 31,  
 
   2013   2012   2011  

Equipment

   $ 164,460   $ 123,308   $ 177,806  

Parts and accessories

     29,860     16,725     30,992  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net Sales

   $ 194,320   $ 140,033   $ 208,798  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​