| Schedule of changes in deferred financing costs |
|
|
|
|
|
|
|
|
Balance at December 31, 2017 |
|
$ |
3,209 |
Amortization of deferred financing costs |
|
|
(823) |
Balance at December 31, 2018 |
|
|
2,386 |
Amortization of deferred financing costs |
|
|
(823) |
Balance at December 31, 2019 |
|
|
1,563 |
Deferred financing costs capitalized on new debt |
|
|
1,133 |
Write-off of unamortized deferred financing costs |
|
|
(197) |
Amortization of deferred financing costs |
|
|
(763) |
Balance at December 31, 2020 |
|
$ |
1,736 |
|
| 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 December 31, 2020 |
|
|
Fair Value at December 31, 2019 |
Assets: |
|
|
|
|
|
Non-qualified benefit plan assets (a) |
$ |
9,041 |
|
$ |
7,270 |
|
|
|
|
|
|
Total Assets |
$ |
9,041 |
|
$ |
7,270 |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Interest rate swaps (b) |
|
13,073 |
|
|
6,736 |
Long term debt (c) |
|
241,278 |
|
|
247,630 |
Earnout - Dejana (d) |
|
- |
|
|
2,000 |
|
|
|
|
|
|
Total Liabilities |
$ |
254,351 |
|
$ |
256,366 |
| (a) |
Included in Non-qualified benefit plan 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) |
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 on each swap using observable market credit spreads. Thus, inputs used to determine fair value of the interest rate swap are Level 2 inputs. Interest rate swaps of $4,075 and $8,998 at December 31, 2020 are included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively. Interest rate swaps of $1,522 and $5,214 at December 31, 2019 are included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively.
|
| (c) |
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 and deferred financing costs, as disclosed on the face of the balance sheet. |
| (d) |
Due to the remote probability of attaining targets related to the obligation for a portion of the potential earnout incurred in conjunction with the acquisition of substantially all of the assets of Dejana Truck & Utility Equipment Company, Inc. and certain entities directly or indirectly owned by the Peter Paul Dejana Family Trust dated 12/31/98 (“Dejana”), the earnout obligation was reduced to $0 during the year ended December 31, 2020, which is the fair value of an obligation for a portion of the potential earnout incurred in conjunction with the acquisition of substantially all of the assets of Dejana Truck & Utility Equipment Company, Inc. and certain entities directly or indirectly owned by Dejana. Included in Other long term liabilities in the amount of $2,000 at December 31, 2019 is the fair value of an obligation for a portion of the potential earnout incurred in conjunction with the acquisition of Dejana. The carrying amount of the earnout approximates its fair value. Fair value is based upon Level 3 inputs of a real options approach where gross sales were simulated in a risk-neutral framework using Geometric Brownian Motion, a well-accepted model of stock price behavior that is used in option pricing models such as the Black-Scholes option pricing model, using key inputs of forecasted future sales and financial performance as well as a risk adjusted expected growth rate adjusted appropriately based on its correlation with the market. See reconciliation of liability included below:
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
2020 |
|
2019 |
Beginning Balance |
|
$ |
2,000 |
|
$ |
2,200 |
Adjustments to fair value |
|
|
(2,000) |
|
|
(200) |
Ending balance |
|
$ |
- |
|
$ |
2,000 |
|
|
|
|
|
|
|
|
| Credit losses for trade accounts receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
|
Adoption of |
|
Additions |
|
|
|
Changes to |
|
Balance at |
|
December 31, |
|
ASU 2016-03 |
|
charged to |
|
Writeoffs |
|
reserve, net |
|
December 31, |
|
2019 |
|
|
|
earnings |
|
|
|
|
|
2020 |
Year Ended December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Work Truck Attachments |
$ |
600 |
|
$ |
400 |
|
$ |
401 |
|
$ |
(12) |
|
$ |
91 |
|
$ |
1,480 |
Work Truck Solutions |
|
887 |
|
|
350 |
|
|
680 |
|
|
(416) |
|
|
(52) |
|
|
1,449 |
Total |
$ |
1,487 |
|
$ |
750 |
|
$ |
1,081 |
|
$ |
(428) |
|
$ |
39 |
|
$ |
2,929 |
|