Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jul. 19, 2022 | Jul. 04, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-14962 | ||
Entity Registrant Name | CIRCOR INTERNATIONAL, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-3477276 | ||
Entity Address, Address Line One | 30 CORPORATE DRIVE, SUITE 200 | ||
Entity Address, City or Town | Burlington, | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01803-4238 | ||
City Area Code | 781 | ||
Local Phone Number | 270-1200 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | CIR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 620,142,240 | ||
Entity Common Stock, Shares Outstanding | 20,351,853 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001091883 |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Auditor Information [Abstract] | ||
Auditor Firm ID | 42 | 238 |
Auditor Name | Ernst & Young LLP | PricewaterhouseCoopers LLP |
Auditor Location | Boston, Massachusetts | Boston, Massachusetts |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | $ 59,924 | $ 58,013 | $ 58,862 | $ 64,837 | $ 66,918 | $ 63,429 | $ 117,719 | $ 163,609 | ||
Trade accounts receivable, net | 100,149 | 86,505 | 89,351 | 98,609 | 95,635 | 97,705 | 113,227 | 113,648 | ||
Inventories | 123,343 | 130,376 | 135,005 | 134,398 | 128,092 | 142,667 | 147,829 | 143,420 | ||
Prepaid expenses and other current assets | 110,749 | 109,055 | 99,104 | 92,475 | 88,985 | 101,277 | 99,150 | 85,370 | ||
Assets held for sale | 0 | 0 | 5,073 | 0 | 0 | 26,617 | ||||
Total Current Assets | 394,165 | 383,949 | 382,322 | 390,319 | 384,703 | 405,078 | 477,925 | 532,664 | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 154,461 | 156,589 | 159,187 | 161,811 | 166,022 | 165,562 | 166,029 | 165,476 | ||
OTHER ASSETS: | ||||||||||
Goodwill | 122,906 | 134,152 | 135,014 | 135,253 | 136,923 | 136,566 | 135,369 | 129,978 | $ 272,693 | |
Intangibles, net | 303,476 | 315,452 | 328,957 | 337,864 | 353,595 | 357,038 | 363,087 | 368,519 | ||
Deferred income taxes | 756 | 813 | 847 | 820 | 830 | 4,695 | 55,170 | 44,536 | ||
Other assets | 43,534 | 40,265 | 37,289 | 42,024 | 40,784 | 42,116 | 36,501 | 32,337 | ||
TOTAL ASSETS | 1,019,298 | 1,031,220 | 1,043,616 | 1,068,091 | 1,082,857 | 1,111,055 | 1,234,081 | 1,273,510 | 1,462,511 | |
CURRENT LIABILITIES: | ||||||||||
Accounts payable | 83,382 | 73,731 | 68,144 | 67,425 | 63,614 | 64,538 | 70,407 | 76,115 | ||
Accrued expenses and other current liabilities | 81,998 | 76,250 | 74,735 | 68,761 | 79,040 | 92,906 | 114,325 | 102,840 | ||
Accrued compensation and benefits | 26,551 | 33,237 | 30,580 | 32,271 | 28,016 | 28,546 | 27,465 | 25,865 | ||
Short-term borrowings and current portion of long-term debt | 1,611 | 1,426 | 1,353 | 1,604 | 1,624 | 1,154 | 1,341 | 1,276 | ||
Total Current Liabilities | 193,542 | 184,644 | 174,812 | 170,061 | 172,294 | 187,144 | 213,538 | 232,713 | ||
LONG-TERM DEBT | 511,694 | 507,093 | 512,375 | 525,573 | 507,888 | 527,721 | 578,613 | 588,958 | ||
DEFERRED INCOME TAXES | 21,721 | 23,770 | 24,519 | 24,026 | 25,865 | 19,710 | 18,173 | 17,160 | ||
PENSION LIABILITY, NET | 120,881 | 152,322 | 156,501 | 156,746 | 163,642 | 143,599 | 145,138 | 137,779 | ||
OTHER NON-CURRENT LIABILITIES | 37,744 | 42,135 | 53,224 | 53,022 | 60,270 | 58,527 | 44,830 | 41,939 | ||
COMMITMENTS AND CONTINGENCIES (Note 17 and 18) | ||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; — shares issued and outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,633,131 and 21,373,813 shares issued at December 31, 2021 and 2020, respectively | 217 | 217 | 216 | 216 | 214 | 214 | 214 | 213 | ||
Additional paid-in capital | 454,852 | 453,761 | 452,512 | 451,858 | 452,728 | 451,351 | 449,576 | 447,867 | ||
Accumulated deficit | (198,081) | (169,652) | (167,022) | (148,239) | (136,443) | (118,467) | (53,737) | (17,195) | ||
Common treasury stock, at cost (1,372,488 shares at December 31, 2021 and 2020) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | ||
Accumulated other comprehensive loss | (48,800) | (88,598) | (89,049) | (90,700) | (89,129) | (84,272) | (87,792) | (101,452) | ||
Total Shareholders’ Equity | 133,716 | 121,256 | 122,185 | 138,663 | 152,898 | 174,354 | 233,789 | 254,961 | $ 373,867 | $ 515,979 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 1,019,298 | $ 1,031,220 | $ 1,043,616 | $ 1,068,091 | $ 1,082,857 | $ 1,111,055 | $ 1,234,081 | $ 1,273,510 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 |
Statement of Financial Position [Abstract] | ||||||||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 |
Common stock, shares, Issued (in shares) | 21,633,131 | 21,627,259 | 21,620,528 | 21,543,496 | 21,373,813 | 19,997,931 | 19,994,356 | 19,956,518 |
Common treasury stock (in shares) | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||||||||||||
Net revenues | $ 189,709 | $ 187,590 | $ 176,451 | $ 185,290 | $ 183,509 | $ 191,125 | $ 364,041 | $ 374,634 | $ 553,750 | $ 559,924 | $ 758,667 | $ 765,219 | $ 957,262 |
Cost of revenues | 131,898 | 131,156 | 124,889 | 132,310 | 126,807 | 132,646 | 256,045 | 259,454 | 387,943 | 391,764 | 528,291 | 533,005 | 656,775 |
Gross profit | 57,811 | 56,434 | 51,562 | 52,980 | 56,702 | 58,479 | 107,996 | 115,180 | 165,807 | 168,160 | 230,376 | 232,214 | 300,487 |
Selling, general and administrative expenses | 53,546 | 58,188 | 57,637 | 51,150 | 54,407 | 60,352 | 115,825 | 114,759 | 169,371 | 165,909 | 224,927 | 223,386 | 248,466 |
Impairment charges | 0 | 0 | 0 | 0 | 0 | 138,078 | 0 | 138,078 | 0 | 138,078 | 10,500 | 138,078 | 0 |
Special and restructuring charges (recoveries), net | 814 | 6,803 | (809) | 938 | 5,607 | (42,292) | 5,995 | (36,685) | 6,808 | (35,747) | 24,272 | (34,303) | 21,548 |
Operating (loss) income | 3,451 | (8,557) | (5,266) | 892 | (3,312) | (97,659) | (13,824) | (100,972) | (10,372) | (100,080) | (29,323) | (94,947) | 30,473 |
Other expense (income): | |||||||||||||
Interest expense, net | 7,997 | 7,957 | 8,369 | 8,202 | 8,486 | 9,011 | 16,327 | 17,497 | 24,325 | 25,699 | 32,365 | 34,219 | 48,609 |
Other (income), net | (256) | (1,267) | (1,781) | 750 | 2,023 | (3,167) | (3,048) | (1,144) | (3,301) | (396) | (3,826) | (1,594) | (878) |
Total other expense, net | 7,741 | 6,690 | 6,588 | 8,952 | 10,509 | 5,844 | 13,279 | 16,353 | 21,024 | 25,303 | 28,539 | 32,625 | 47,731 |
(Loss) from continuing operations before income taxes | (4,290) | (15,247) | (11,854) | (8,060) | (13,821) | (103,503) | (27,103) | (117,325) | (31,396) | (125,383) | (57,862) | (127,572) | (17,258) |
Provision for income taxes | 850 | 2,659 | (297) | 56,990 | (21,126) | 5,046 | 2,360 | (16,080) | 3,206 | 40,910 | 5,182 | 55,902 | 13,052 |
(Loss) from continuing operations, net of tax | (5,140) | (17,906) | (11,557) | (65,050) | 7,305 | (108,549) | (29,463) | (101,245) | (34,602) | (166,293) | (63,044) | (183,474) | (30,310) |
Income (loss) from discontinued operations, net of tax | 2,510 | (878) | (239) | 341 | (43,847) | 9,162 | (1,117) | (34,685) | 1,393 | (34,345) | 1,406 | (35,140) | (107,452) |
Net (loss) | $ (2,630) | $ (18,784) | $ (11,796) | $ (64,709) | $ (36,542) | $ (99,387) | $ (30,580) | $ (135,930) | $ (33,209) | $ (200,638) | $ (61,638) | $ (218,614) | $ (137,762) |
Basic (loss) income per common share: | |||||||||||||
Basic from continuing operations (in USD per share) | $ (0.25) | $ (0.89) | $ (0.58) | $ (3.25) | $ 0.37 | $ (5.45) | $ (1.46) | $ (5.07) | $ (1.71) | $ (8.33) | $ (3.12) | $ (9.18) | $ (1.52) |
Basic from discontinued operations (in USD per share) | 0.12 | (0.04) | (0.01) | 0.02 | (2.19) | 0.46 | (0.06) | (1.74) | 0.07 | (1.72) | 0.07 | (1.76) | (5.40) |
Basic, Net (loss) income (in USD per share) | (0.13) | (0.93) | (0.59) | (3.24) | (1.83) | (4.99) | (1.52) | (6.81) | (1.65) | (10.04) | (3.05) | (10.94) | (6.92) |
Diluted (loss) income per common share: | |||||||||||||
Diluted from continuing operations (in USD per share) | (0.25) | (0.89) | (0.58) | (3.25) | 0.36 | (5.45) | (1.46) | (5.07) | (1.71) | (8.33) | (3.12) | (9.18) | (1.52) |
Diluted from discontinued operations (in USD per share) | 0.12 | (0.04) | (0.01) | 0.02 | (2.16) | 0.46 | (0.06) | (1.74) | 0.07 | (1.72) | 0.07 | (1.76) | (5.40) |
Diluted, Net (loss) income (in USD per share) | $ (0.13) | $ (0.93) | $ (0.59) | $ (3.24) | $ (1.80) | $ (4.99) | $ (1.52) | $ (6.81) | $ (1.65) | $ (10.04) | $ (3.05) | $ (10.94) | $ (6.92) |
Weighted average common shares outstanding: | |||||||||||||
Basic (in shares) | 20,257 | 20,230 | 20,054 | 20,001 | 19,987 | 19,935 | 20,143 | 19,962 | 20,181 | 19,975 | 20,201 | 19,982 | 19,903 |
Diluted (in shares) | 20,257 | 20,230 | 20,054 | 20,001 | 20,286 | 19,935 | 20,143 | 19,962 | 20,181 | 19,975 | 20,201 | 19,982 | 19,903 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Statement of Comprehensive Income [Abstract] | ||||||||||||||||
Net (loss) | $ (2,630) | $ (18,784) | $ (11,796) | $ (64,709) | $ (36,542) | $ (99,387) | $ (30,580) | $ (135,930) | $ (33,209) | $ (200,638) | $ (61,638) | $ (218,614) | $ (137,762) | |||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation adjustments | (1,244) | 39 | (3,218) | 2,105 | 12,860 | (18,226) | (3,178) | (5,366) | (4,423) | (3,261) | (4,372) | 4,466 | (5,443) | |||
Interest rate swap adjustments | 1,644 | 1,562 | 1,586 | 1,373 | 755 | (2,320) | 3,148 | (1,565) | 4,792 | (192) | 6,398 | [1] | 1,196 | [1] | (5,390) | [1] |
Other net changes in post-retirement liabilities and assets - recognized actuarial gains (loss) | 50 | 49 | 60 | 44 | 43 | 39 | 111 | 82 | 161 | 126 | 38,303 | [2] | (13,846) | [2] | (398) | [2] |
Other comprehensive income (loss), net of tax | 450 | 1,650 | (1,572) | 3,522 | 13,658 | (20,507) | 81 | (6,849) | 530 | (3,327) | 40,329 | (8,184) | (11,231) | |||
COMPREHENSIVE (LOSS) | $ (2,180) | $ (17,134) | $ (13,368) | $ (61,187) | $ (22,884) | $ (119,894) | $ (30,499) | $ (142,779) | $ (32,679) | $ (203,965) | $ (21,309) | $ (226,798) | $ (148,993) | |||
[1]Net of an income tax effect of $0.0 million, $0.5 million, and $1.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.[2]Net of an income tax effect of $0.0 million, $0.0 million, and $1.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Interest rate swat adjustment, net of income tax effect | $ 0 | $ 0.5 | $ 1.6 |
Other net changes in post-retirement liabilities and assets recognized actuarial gains (loss), net of income tax effect | $ 0 | $ 0 | $ 1.9 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Apr. 04, 2021 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||||||||
Net (loss) | $ (11,796) | $ (99,387) | $ (30,580) | $ (135,930) | $ (33,209) | $ (200,638) | $ (61,638) | $ (218,614) | $ (137,762) |
Income (loss) from discontinued operations, net of tax | (239) | 9,162 | (1,117) | (34,685) | 1,393 | (34,345) | 1,406 | (35,140) | (107,452) |
(Loss) from continuing operations, net of tax | (11,557) | (108,549) | (29,463) | (101,245) | (34,602) | (166,293) | (63,044) | (183,474) | (30,310) |
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: | |||||||||
Depreciation | 6,509 | 5,121 | 11,970 | 10,079 | 17,505 | 14,881 | 22,854 | 20,401 | 22,045 |
Amortization | 10,696 | 10,611 | 21,353 | 21,492 | 31,929 | 32,418 | 42,304 | 43,662 | 47,591 |
Change in provision for bad debt expense | (465) | 5,824 | (356) | 7,768 | (383) | 7,219 | 1,213 | 6,274 | 732 |
Write down of inventory | 188 | 787 | 1,548 | 1,259 | 1,742 | 3,023 | 3,364 | 4,272 | 643 |
Compensation expense of share-based plans | 1,402 | 608 | 2,903 | 2,290 | 4,165 | 4,076 | 5,252 | 5,488 | 5,418 |
Loss on debt extinguishment | 0 | 8,693 | 0 | 0 | |||||
Amortization of debt issuance costs | 995 | 4,513 | 2,005 | 5,488 | 3,032 | 6,463 | 3,996 | 7,460 | 4,622 |
Deferred income tax provision (benefit) | (1,011) | 0 | (1,317) | 0 | 823 | 0 | (2,992) | 46,774 | (4,053) |
(Gain) loss on disposal of property, plant and equipment | 0 | 0 | (1,793) | ||||||
Goodwill Impairment | 138,078 | 138,078 | 138,078 | 10,500 | 138,078 | 0 | |||
Loss (gain) on sale of businesses | (1,947) | (54,356) | 1,031 | (54,253) | 1,308 | (54,253) | 1,919 | (54,429) | 3,615 |
Trade accounts receivable | (3,707) | (2,324) | 6,455 | 921 | 8,686 | 19,365 | (6,308) | 26,211 | 27,274 |
Inventories | (8,255) | (11,564) | (14,617) | (14,320) | (11,621) | (8,894) | (6,974) | 4,366 | (10,372) |
Prepaid expenses and other assets | (8,875) | (14,064) | (10,119) | (22,696) | (26,686) | (37,571) | (23,665) | (29,255) | 9,048 |
Accounts payable, accrued expenses and other liabilities | (2,547) | 8,010 | (1,158) | (30,906) | 6,439 | 8,970 | 15,820 | (43,748) | (33,427) |
Net cash provided by (used in) continuing operations | (18,574) | (17,305) | (9,765) | (36,045) | 2,337 | (32,518) | 12,932 | (7,920) | 41,033 |
Net cash (used in) discontinued operations | (636) | (5,320) | (579) | (11,532) | (2,484) | (14,022) | (2,484) | (14,561) | (26,405) |
Net cash provided by (used in) operating activities | (19,210) | (22,625) | (10,344) | (47,577) | (147) | (46,540) | 10,448 | (22,481) | 14,628 |
INVESTING ACTIVITIES | |||||||||
Additions of property, plant and equipment | (3,394) | (3,412) | (6,038) | (6,815) | (10,579) | (9,147) | (14,747) | (12,222) | (13,855) |
Proceeds from the sale of property, plant and equipment | 2 | 0 | 2 | (142) | 2 | (122) | 2 | (322) | 6,172 |
Proceeds from beneficial interest of factored receivables | 812 | 599 | 998 | 1,339 | 1,531 | 2,212 | 2,047 | 2,957 | 861 |
Proceeds from sale of business | 7,193 | 169,773 | 9,993 | 169,375 | 9,993 | 166,210 | 9,993 | 165,540 | 162,591 |
Net cash (used in) provided by continuing investing activities | 166,960 | 163,757 | 159,153 | (2,705) | 155,953 | 155,769 | |||
Net cash (used in) discontinued investing activities | 68 | (10,071) | (11,338) | 0 | (11,658) | (2,733) | |||
Net cash (used in) provided by investing activities | 4,613 | 167,028 | 4,955 | 153,686 | 947 | 147,815 | (2,705) | 144,295 | 153,036 |
FINANCING ACTIVITIES | |||||||||
Proceeds from long-term debt | 63,500 | 129,325 | 103,350 | 129,325 | 145,550 | 165,800 | 734,612 | 219,000 | 281,600 |
Payments of long-term debt | (46,500) | (180,891) | (100,250) | (191,141) | (148,450) | (279,191) | (729,551) | (352,916) | (434,797) |
Net change in short-term borrowings | (22) | 154 | (292) | 174 | (225) | (47) | (374) | 372 | (190) |
Proceeds from the exercise of stock options | 151 | 118 | 151 | 118 | 151 | 117 | 151 | 118 | 253 |
Withholding tax payments on net share settlements on equity rewards | (3,274) | (523) | (4,119) | (656) | (4,154) | (656) | (4,209) | (713) | (538) |
Payment of debt issuance costs | (12,157) | 0 | 0 | ||||||
Net cash used in financing activities | 13,855 | (51,817) | (1,160) | (62,180) | (7,128) | (113,977) | (11,528) | (134,139) | (153,672) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,615) | (4,582) | (1,782) | (1,833) | (2,834) | 638 | (3,448) | 3,878 | 278 |
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (2,357) | 88,004 | (8,331) | 42,096 | (9,162) | (12,064) | (7,233) | (8,447) | 14,270 |
Cash, cash equivalents and restricted cash at beginning of year | 68,607 | 77,054 | 68,607 | 77,054 | 68,607 | 77,054 | 68,607 | 77,054 | 62,784 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | $ 66,250 | $ 165,058 | $ 60,276 | $ 119,150 | $ 59,445 | $ 64,990 | 61,374 | 68,607 | 77,054 |
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income taxes | 7,264 | 11,085 | 16,526 | ||||||
Interest | $ 31,430 | $ 33,993 | $ 47,544 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | As Previously Reported | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjustment As Previously Reported | Common Stock | Common Stock As Previously Reported | Additional Paid-in Capital | Additional Paid-in Capital As Previously Reported | Retained Earnings (Accumulated deficit) | Retained Earnings (Accumulated deficit) As Previously Reported | Retained Earnings (Accumulated deficit) Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings (Accumulated deficit) Cumulative Effect, Period of Adoption, Adjustment As Previously Reported | Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income As Previously Reported | Treasury Stock | Treasury Stock As Previously Reported |
Balance (in shares) at Dec. 31, 2018 | 19,845,000 | 19,845,000 | ||||||||||||||
Balance at beginning of period at Dec. 31, 2018 | $ 515,979 | $ 528,993 | $ 1,113 | $ 1,113 | $ 212 | $ 212 | $ 440,890 | $ 440,890 | $ 219,063 | $ 232,102 | $ 1,113 | $ 1,113 | $ (69,714) | $ (69,739) | $ (74,472) | $ (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | $ (137,762) | $ (133,935) | (137,762) | (133,935) | ||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||||||||
Other comprehensive income (loss) | $ (11,231) | $ (10,528) | (11,231) | (10,528) | ||||||||||||
Common stock dividends declared | 0 | |||||||||||||||
Stock options exercised (in shares) | 6,000 | 6,000 | ||||||||||||||
Stock options exercised | 253 | 253 | 253 | 253 | ||||||||||||
Conversion of restricted stock units (in shares) | 61,000 | 61,000 | ||||||||||||||
Conversion of restricted stock units | (64) | (64) | $ 1 | $ 1 | (65) | (65) | ||||||||||
Share-based plan compensation | 5,579 | 5,579 | 5,579 | 5,579 | ||||||||||||
Balance (in shares) at Dec. 31, 2019 | 19,912,000 | 19,912,000 | ||||||||||||||
Balance at end of period at Dec. 31, 2019 | 373,867 | 391,411 | (222) | (222) | $ 213 | $ 213 | 446,657 | 446,657 | 82,414 | 99,280 | (222) | (222) | (80,945) | (80,267) | (74,472) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | (99,387) | (78,948) | (99,387) | (78,948) | ||||||||||||
Other comprehensive income (loss) | (20,507) | (22,606) | (20,507) | (22,606) | ||||||||||||
Stock options exercised (in shares) | 3,000 | 3,000 | ||||||||||||||
Stock options exercised | 117 | 117 | 117 | 117 | ||||||||||||
Conversion of restricted stock units (in shares) | 41,000 | 41,000 | ||||||||||||||
Conversion of restricted stock units | 420 | 420 | 420 | 420 | ||||||||||||
Share-based plan compensation | 673 | 673 | 673 | 673 | ||||||||||||
Balance (in shares) at Mar. 29, 2020 | 19,956,000 | 19,956,000 | ||||||||||||||
Balance at end of period at Mar. 29, 2020 | 254,961 | 290,845 | $ 213 | $ 213 | 447,867 | 447,867 | (17,195) | 20,110 | (101,452) | (102,873) | (74,472) | (74,472) | ||||
Balance (in shares) at Dec. 31, 2019 | 19,912,000 | 19,912,000 | ||||||||||||||
Balance at beginning of period at Dec. 31, 2019 | 373,867 | 391,411 | (222) | (222) | $ 213 | $ 213 | 446,657 | 446,657 | 82,414 | 99,280 | (222) | (222) | (80,945) | (80,267) | (74,472) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | (135,930) | (113,040) | (135,930) | (113,040) | ||||||||||||
Other comprehensive income (loss) | (6,849) | (7,718) | (6,849) | (7,718) | ||||||||||||
Stock options exercised | 119 | 119 | 119 | 119 | ||||||||||||
Conversion of restricted stock units (in shares) | 82,000 | 82,000 | ||||||||||||||
Conversion of restricted stock units | 287 | 287 | $ 1 | $ 1 | 286 | 286 | ||||||||||
Share-based plan compensation | 2,514 | 2,514 | 2,514 | 2,514 | ||||||||||||
Balance (in shares) at Jun. 28, 2020 | 19,994,000 | 19,994,000 | ||||||||||||||
Balance at end of period at Jun. 28, 2020 | 233,789 | 273,351 | $ 214 | $ 214 | 449,576 | 449,576 | (53,737) | (13,982) | (87,794) | (87,985) | (74,472) | (74,472) | ||||
Balance (in shares) at Dec. 31, 2019 | 19,912,000 | 19,912,000 | ||||||||||||||
Balance at beginning of period at Dec. 31, 2019 | 373,867 | 391,411 | (222) | (222) | $ 213 | $ 213 | 446,657 | 446,657 | 82,414 | 99,280 | (222) | (222) | (80,945) | (80,267) | (74,472) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | (200,638) | (171,564) | (200,638) | (171,564) | ||||||||||||
Other comprehensive income (loss) | (3,327) | (3,484) | (3,327) | (3,484) | ||||||||||||
Other | 22 | 22 | 22 | 22 | ||||||||||||
Stock options exercised (in shares) | 3,000 | 3,000 | ||||||||||||||
Stock options exercised | 117 | 117 | 117 | 117 | ||||||||||||
Conversion of restricted stock units (in shares) | 83,000 | 83,000 | ||||||||||||||
Conversion of restricted stock units | 276 | 276 | $ 1 | $ 1 | 275 | 275 | ||||||||||
Share-based plan compensation | 4,302 | 4,302 | 4,302 | 4,302 | ||||||||||||
Balance (in shares) at Sep. 27, 2020 | 19,998,000 | 19,998,000 | ||||||||||||||
Balance at end of period at Sep. 27, 2020 | 174,354 | 220,814 | $ 214 | $ 214 | 451,351 | 451,351 | (118,466) | (72,528) | (84,273) | (83,751) | (74,472) | (74,472) | ||||
Balance (in shares) at Dec. 31, 2019 | 19,912,000 | 19,912,000 | ||||||||||||||
Balance at beginning of period at Dec. 31, 2019 | 373,867 | 391,411 | $ (222) | $ (222) | $ 213 | $ 213 | 446,657 | 446,657 | 82,414 | 99,280 | $ (222) | $ (222) | (80,945) | (80,267) | (74,472) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | (218,614) | (185,498) | (218,614) | (185,498) | ||||||||||||
Other comprehensive income (loss) | (8,184) | (5,701) | (8,184) | (5,701) | ||||||||||||
Other | (21) | (21) | (21) | (21) | ||||||||||||
Stock options exercised (in shares) | 3,000 | 3,000 | ||||||||||||||
Stock options exercised | 118 | 118 | 118 | 118 | ||||||||||||
Conversion of restricted stock units (in shares) | 86,000 | 86,000 | ||||||||||||||
Conversion of restricted stock units | 240 | 240 | $ 1 | $ 1 | 239 | 239 | ||||||||||
Share-based plan compensation | 5,714 | 5,714 | 5,714 | 5,714 | ||||||||||||
Balance (in shares) at Dec. 31, 2020 | 20,001,000 | 20,001,000 | ||||||||||||||
Balance at end of period at Dec. 31, 2020 | 152,898 | 206,041 | $ 214 | $ 214 | 452,728 | 452,728 | (136,443) | (86,461) | (89,129) | (85,968) | (74,472) | (74,472) | ||||
Balance (in shares) at Mar. 29, 2020 | 19,956,000 | 19,956,000 | ||||||||||||||
Balance at beginning of period at Mar. 29, 2020 | 254,961 | 290,845 | $ 213 | $ 213 | 447,867 | 447,867 | (17,195) | 20,110 | (101,452) | (102,873) | (74,472) | (74,472) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | (36,542) | (34,092) | (36,542) | (34,092) | ||||||||||||
Other comprehensive income (loss) | 13,658 | 14,888 | 13,658 | 14,888 | ||||||||||||
Conversion of restricted stock units (in shares) | 38,000 | 38,000 | ||||||||||||||
Conversion of restricted stock units | (133) | (133) | $ 1 | $ 1 | (134) | (134) | ||||||||||
Share-based plan compensation | 1,843 | 1,843 | 1,843 | 1,843 | ||||||||||||
Balance (in shares) at Jun. 28, 2020 | 19,994,000 | 19,994,000 | ||||||||||||||
Balance at end of period at Jun. 28, 2020 | 233,789 | 273,351 | $ 214 | $ 214 | 449,576 | 449,576 | (53,737) | (13,982) | (87,794) | (87,985) | (74,472) | (74,472) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | (64,709) | (58,524) | (64,709) | (58,524) | ||||||||||||
Other comprehensive income (loss) | 3,522 | 4,234 | 3,522 | 4,234 | ||||||||||||
Other | 22 | 22 | 22 | 22 | 22 | |||||||||||
Conversion of restricted stock units (in shares) | 4,000 | 4,000 | ||||||||||||||
Conversion of restricted stock units | (11) | (11) | (11) | (11) | ||||||||||||
Share-based plan compensation | 1,786 | 1,786 | 1,786 | 1,786 | ||||||||||||
Balance (in shares) at Sep. 27, 2020 | 19,998,000 | 19,998,000 | ||||||||||||||
Balance at end of period at Sep. 27, 2020 | 174,354 | 220,814 | $ 214 | $ 214 | 451,351 | 451,351 | (118,466) | (72,528) | (84,273) | (83,751) | (74,472) | (74,472) | ||||
Balance (in shares) at Dec. 31, 2020 | 20,001,000 | 20,001,000 | ||||||||||||||
Balance at beginning of period at Dec. 31, 2020 | 152,898 | 206,041 | $ 214 | $ 214 | 452,728 | 452,728 | (136,443) | (86,461) | (89,129) | (85,968) | (74,472) | (74,472) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | (11,796) | (7,119) | (11,796) | (7,119) | ||||||||||||
Other comprehensive income (loss) | (1,572) | (1,948) | (1,572) | (1,948) | ||||||||||||
Stock options exercised (in shares) | 5,000 | 5,000 | ||||||||||||||
Stock options exercised | 151 | 151 | 151 | 151 | ||||||||||||
Conversion of restricted stock units (in shares) | 165,000 | 165,000 | ||||||||||||||
Conversion of restricted stock units | (2,421) | (2,421) | $ 2 | $ 2 | (2,423) | (2,423) | ||||||||||
Share-based plan compensation | 1,402 | 1,402 | 1,402 | 1,402 | ||||||||||||
Balance (in shares) at Apr. 04, 2021 | 20,171,000 | 20,171,000 | ||||||||||||||
Balance at end of period at Apr. 04, 2021 | 138,663 | 196,106 | $ 216 | $ 216 | 451,858 | 451,858 | (148,239) | (93,580) | (90,700) | (87,916) | (74,472) | (74,472) | ||||
Balance (in shares) at Dec. 31, 2020 | 20,001,000 | 20,001,000 | ||||||||||||||
Balance at beginning of period at Dec. 31, 2020 | 152,898 | 206,041 | $ 214 | $ 214 | 452,728 | 452,728 | (136,443) | (86,461) | (89,129) | (85,968) | (74,472) | (74,472) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | (30,580) | (22,682) | (30,580) | (22,682) | ||||||||||||
Other comprehensive income (loss) | 81 | (105) | 81 | (105) | ||||||||||||
Stock options exercised (in shares) | 23,000 | 23,000 | ||||||||||||||
Stock options exercised | 151 | 151 | 151 | 151 | ||||||||||||
Conversion of restricted stock units (in shares) | 224,000 | 224,000 | ||||||||||||||
Conversion of restricted stock units | (3,268) | (3,268) | $ 2 | $ 2 | (3,270) | (3,270) | ||||||||||
Share-based plan compensation | 2,903 | 2,903 | 2,903 | 2,903 | ||||||||||||
Balance (in shares) at Jul. 04, 2021 | 20,248,000 | 20,248,000 | ||||||||||||||
Balance at end of period at Jul. 04, 2021 | 122,185 | 183,040 | $ 216 | $ 216 | 452,512 | 452,512 | (167,023) | (109,143) | (89,048) | (86,073) | (74,472) | (74,472) | ||||
Balance (in shares) at Dec. 31, 2020 | 20,001,000 | 20,001,000 | ||||||||||||||
Balance at beginning of period at Dec. 31, 2020 | 152,898 | 206,041 | $ 214 | $ 214 | 452,728 | 452,728 | (136,443) | (86,461) | (89,129) | (85,968) | (74,472) | (74,472) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | (33,209) | (21,535) | (33,209) | (21,535) | ||||||||||||
Other comprehensive income (loss) | 530 | (998) | 530 | (998) | ||||||||||||
Stock options exercised (in shares) | 24,000 | 24,000 | ||||||||||||||
Stock options exercised | 151 | 151 | 151 | |||||||||||||
Conversion of restricted stock units (in shares) | 230,000 | 230,000 | ||||||||||||||
Conversion of restricted stock units | (3,280) | (3,280) | $ 3 | $ 3 | (3,283) | (3,283) | ||||||||||
Share-based plan compensation | 4,165 | 4,165 | 4,165 | 4,165 | ||||||||||||
Balance (in shares) at Oct. 03, 2021 | 20,255,000 | 20,255,000 | ||||||||||||||
Balance at end of period at Oct. 03, 2021 | 121,256 | 184,544 | $ 217 | $ 217 | 453,761 | 453,761 | (169,652) | (107,996) | (88,599) | (86,966) | (74,472) | (74,472) | ||||
Balance (in shares) at Dec. 31, 2020 | 20,001,000 | 20,001,000 | ||||||||||||||
Balance at beginning of period at Dec. 31, 2020 | 152,898 | 206,041 | $ 214 | $ 214 | 452,728 | 452,728 | (136,443) | (86,461) | (89,129) | (85,968) | (74,472) | (74,472) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | (61,638) | (61,638) | ||||||||||||||
Other comprehensive income (loss) | $ 40,329 | 40,329 | ||||||||||||||
Stock options exercised (in shares) | 4,506 | 5,000 | ||||||||||||||
Stock options exercised | $ 151 | 151 | ||||||||||||||
Conversion of restricted stock units (in shares) | 255,000 | |||||||||||||||
Conversion of restricted stock units | (3,276) | $ 3 | (3,279) | |||||||||||||
Share-based plan compensation | 5,252 | 5,252 | ||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 20,261,000 | |||||||||||||||
Balance at end of period at Dec. 31, 2021 | 133,716 | $ 217 | 454,852 | (198,081) | (48,800) | (74,472) | ||||||||||
Balance (in shares) at Apr. 04, 2021 | 20,171,000 | 20,171,000 | ||||||||||||||
Balance at beginning of period at Apr. 04, 2021 | 138,663 | 196,106 | $ 216 | $ 216 | 451,858 | 451,858 | (148,239) | (93,580) | (90,700) | (87,916) | (74,472) | (74,472) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | (18,784) | (15,563) | (18,784) | (15,563) | ||||||||||||
Other comprehensive income (loss) | 1,650 | 1,843 | 1,650 | 1,843 | ||||||||||||
Stock options exercised (in shares) | 0 | 18,000 | ||||||||||||||
Conversion of restricted stock units (in shares) | 77,000 | 59,000 | ||||||||||||||
Conversion of restricted stock units | (847) | (847) | (847) | (847) | ||||||||||||
Share-based plan compensation | 1,501 | 1,501 | 1,501 | 1,501 | ||||||||||||
Balance (in shares) at Jul. 04, 2021 | 20,248,000 | 20,248,000 | ||||||||||||||
Balance at end of period at Jul. 04, 2021 | 122,185 | 183,040 | $ 216 | $ 216 | 452,512 | 452,512 | (167,023) | (109,143) | (89,048) | (86,073) | (74,472) | (74,472) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | (2,630) | 1,147 | (2,630) | 1,147 | ||||||||||||
Other comprehensive income (loss) | 450 | (893) | 450 | (893) | ||||||||||||
Conversion of restricted stock units (in shares) | 7,000 | 7,000 | ||||||||||||||
Conversion of restricted stock units | (12) | (12) | $ 1 | $ 1 | (13) | (13) | ||||||||||
Share-based plan compensation | 1,262 | 1,262 | 1,262 | 1,262 | ||||||||||||
Balance (in shares) at Oct. 03, 2021 | 20,255,000 | 20,255,000 | ||||||||||||||
Balance at end of period at Oct. 03, 2021 | $ 121,256 | $ 184,544 | $ 217 | $ 217 | $ 453,761 | $ 453,761 | $ (169,652) | $ (107,996) | $ (88,599) | $ (86,966) | $ (74,472) | $ (74,472) |
Description Of Business
Description Of Business | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description Of Business | Description of Business CIRCOR International, Inc. (“CIRCOR” or the “Company”) designs, manufactures and distributes a broad array of flow and motion control products and certain services to a variety of end-markets for use in a wide range of applications to optimize the efficiency and/or ensure the safety of flow control systems. CIRCOR has a global presence and operates major manufacturing facilities in North America, Western Europe, Morocco, India and China. As of December 31, 2021, the Company organized its business segment reporting structure into two segments: CIRCOR Aerospace & Defense (“Aerospace & Defense”) and CIRCOR Industrial (“Industrial”). Refer to Note 19, Business Segment and Geographical Information, for further information about the segments. The significant transactions the Company entered into during the periods presented are described below. In January 2019, the Company sold its Reliability Services (“RS”) business for approximately $85.0 million in cash, on a cash-free, debt-free basis, subject to working capital and other adjustments of approximately $(5.0) million. The RS business provided lubrication management, chemical flushing services, and oil misting equipment to the oil and gas industry. The RS business was acquired as part of the acquisition of the Colfax Fluid Handling (“FH”) business. The disposal group did not meet the criteria to be classified as discontinued operations. In July 2019, the Company sold its Engineered Valves (“EV”) business for a nominal amount, with an earnout of 50% of net income over seven years up to a maximum of $21.8 million (€18 million). The EV business is a long-cycle upstream oil and gas engineered value business. The disposal group met the criteria to be classified as discontinued operations, and is recorded as such within the consolidated financial statements. All prior period comparative financial information has been reclassified to conform with this presentation. In August 2019, the Company sold certain assets and liabilities related to its Spence and Nicholson product lines for $84.5 million, subject to adjustment for working capital and other specified items of approximately $(0.5) million. The Spence and Nicholson product lines include steam regulators, control valves, safety relief valves, temperature regulators, steam traps and other steam accessories and solutions. The disposal group did not meet the criteria to be classified as discontinued operations. In January 2020, the Company completed the sale of the non-core Instrumentation and Sampling (“I&S”) business to Crane Co. for $169.1 million in cash, net of working capital adjustments. The I&S business manufactured fittings, regulators, sampling systems and valves. The disposal group did not meet the criteria to be classified as a discontinued operation. As of March 29, 2020, the Company experienced a significant decline in its market capitalization below its consolidated book value. As a result, management concluded that there was a goodwill and an indefinite-lived intangible asset impairment triggering event for the Company in the first quarter of 2020. Through its impairment analysis, the Company determined that goodwill in its Industrial segment was impaired and recognized a $138.1 million impairment. See Note 10, Goodwill and Other Intangibles Assets, for additional information on the goodwill impairment. In June 2020, the Company completed the disposition of its Distributed Valves (“DV”) business at a cost of $10.8 million inclusive of working capital adjustments, while also retaining certain liabilities related to the business. The DV business was a long-cycle upstream oil and gas engineered valve business. This disposal group met the criteria to be classified as held for sale and a discontinued operation, and was recorded as such within the comparative consolidated financial statements for the year ended December 31, 2019. For more information on the discontinued operations and held for sale transactions, see Note 4, Discontinued Operations and Assets Held for Sale. In December 2021, the Company refinanced its term loan and revolving line of credit facility. See Note 13, Financing Arrangements for additional information on the refinancing. In the fourth quarter of 2021, the Company recorded a goodwill impairment charge in the amount of $10.5 million as a result of the Company's annual impairment assessment. See Note 10, Goodwill and Other Intangibles Assets, for additional information on the goodwill impairment. Throughout this Annual Report on Form 10-K, unless otherwise indicated, amounts and activity are presented on a continuing operations basis. COVID-19 In March 2020, the World Health Organization declared the outbreak of COVID-19, which continues to spread throughout the U.S. and the world, as a pandemic. The pandemic is having an impact on the global economy, resulting in rapidly changing market and economic conditions. The effects of the COVID-19 pandemic continue to negatively impact the Company’s results of operations, cash flows and financial position. The Company’s consolidated financial statements presented herein reflect management's estimates and assumptions regarding the effects of COVID-19 as of the date of the consolidated financial statements. |
Restatement of Previously Issue
Restatement of Previously Issued Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Previously Issued Consolidated Financial Statements | Restatement of Previously Issued Consolidated Financial Statements The Company has restated herein its audited consolidated financial statements at December 31, 2020 and for the years ended December 31, 2020 and December 31, 2019. We have also restated interim financial statement periods for the first, second, and third quarters of 2021 and 2020 and restated impacted amounts within the accompanying notes to the consolidated financial statements. Restatement Background On March 13, 2022, management and the Audit Committee of the Company's Board of Directors (the "Audit Committee") reached a determination that the Company's previously issued consolidated financial statements and related disclosures (i) as of December 31, 2020 and for the years ended December 31, 2020 and December 31, 2019, (ii) each of the quarterly and year-to-date periods in 2020 and (iii) the quarterly and year-to-date periods in the nine months ended October 3, 2021 should no longer be relied upon because of material misstatements contained in those consolidated financial statements. I n the course of completing the 2021 audit of the consolidated financial statements to be filed as part of this Annual Report on Form 10-K, the Company and the Company’s independent registered public accounting firm Ernst & Young LLP uncovered accounting irregularities in the financial statements with respect to the Company’s Pipeline Engineering business, which is a part of its Industrial reportable segment. The operations for this business unit are primarily located in Catterick, England. The Company, together with an outside law firm and an independent forensic accounting firm, under the oversight of the Audit Committee conducted an investigation of the financial statements of this business unit (the “Investigation”), which has since been completed. As a result of the Investigation, it was determined that (i) the Company's previously reported net assets and earnings related to the Pipeline Engineering business were materially misstated, (ii) an individual employee in the Pipeline Engineering business had intentionally manipulated Pipeline Engineering's accounting records beginning in 2017, and (iii) the accounting irregularities resulted from intentional acts to conceal relevant information, falsify accounting records and override management controls. These misstatements are described in more detail in restatement references (a) below. As part of the restatement, the Company has also recorded adjustments to correct for other uncorrected misstatements in the impacted periods and are described in more detail in restated references (b), and (c) below. Accordingly, the Company has restated herein the consolidated financial statements at December 31, 2020 and for the fiscal years ended December 31, 2020 and December 31, 2019 in accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections . The relevant unaudited interim financial information for the quarterly periods ended October 3, 2021, July 4, 2021, April 4, 2021, September 27, 2020, June 28, 2020, and March 29, 2020 is included in Note 23, Quarterly Financial Information (Unaudited). The categories of misstatements and their impact on the previously issued consolidated financial statements are described in more detail below. Description of Misstatements Misstatements Associated with Overstatement of Net Assets and Earnings (a) Pipeline Engineering Overstatement of Net Assets and Earnings The Company recorded adjustments to correct the misstatements identified as a result of the Audit Committee's investigation relating to the accounting irregularities in its Pipeline Engineering business unit. Specifically, the investigation revealed that an individual at the Pipeline Engineering business falsely reported the financial statements of the business to overstate net assets and earnings. The impacts of the overstatement of net assets and earnings, along with the related income tax effects are reflected in the restatement tables below as indicated by reference (a) throughout this note and in Note 23, Quarterly Financial Information (Unaudited). For the year ended December 31, 2020, the correction of Pipeline Engineering misstatements resulted in an increase to loss from continuing operations before income tax es of $12.0 million and increase to provision for income taxes of $0.2 million, and a resulting increase to net loss of $12.2 million. For the year ended December 31, 2019, the correction of Pipeline Engineering misstatements resulted in an increase to loss from continuing operations before income taxes of $7.2 million, a net $0 million impact to provision for income taxes, and a resulting increase to net loss of $7.2 million. For the years prior to January 1, 2019, the Pipeline Engineering misstatements overstated earnings by $10.3 million, the correction of which has been reflected as a reduction to retained earnings as of January 1, 2019. Management has determined that substantially all of the Pipeline Engineering misstatements resulted from the accounting irregularities described above. Additional Misstatements (b) Other Adjustments The Company also recorded other adjustments to correct previously uncorrected misstatements that were not material, individually or in the aggregate, to its consolidated financial statements of prior periods. These previously uncorrected and immaterial adjustments to prior periods are being corrected as part of the restatement. For the year ended December 31, 2020, the correction of Other Adjustments resulted in a decrease to loss from continuing operations before income taxes of $0.5 million and decrease to provision for income taxes of $0.1 million, and a resulting decrease to net loss of $0.6 million. For the year ended December 31, 2019, the correction of Other Adjustments resulted in a net $0 million impact to loss from continuing operations before income taxes, increase to benefit from income taxes of $1.6 million and decrease to loss from discontinued operations, net of tax of $1.7 million. For the years prior to January 1, 2019, the Other Adjustments resulted in an overstatement of earnings by $2.7 million, the correction of which has been reflected as a reduction to retained earnings as of January 1, 2019. The impacts of other adjustments are reflected in the restatement tables below as indicated by reference (b) throughout this note and in Note 23, Quarterly Financial Information (Unaudited). (c) Impairment The Company recorded an adjustment to recognize a non-cash goodwill impairment charge after excluding the unsupportable forecasts for Pipeline Engineering from the measurement of the fair value of the Industrial reporting unit for the purposes of its March 29, 2020 goodwill impairment assessment. This resulted in an incremental goodwill impairment of $21.9 million during the quarter ended March 29, 2020 for the Industrial reporting unit. The impacts of the impairment misstatements are reflected in the restatement tables below as indicated by reference (c) throughout this note and in Note 23, Quarterly Financial Information (Unaudited). Description of Restatement Tables The following tables represent the restated consolidated balance sheet as of December 31, 2020, and the restated statements of operations, statements of comprehensive (loss), statements of cash flows, and statements of shareholders’ equity for the years ended December 31, 2020 and December 31, 2019. These tables also present a reconciliation from the prior periods as previously reported to the restated amounts. The amounts as previously reported for fiscal years 2020 and 2019 were derived from the Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed on March 15, 2021. CIRCOR INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) December 31, 2020 As Previously Reported Restatement Impacts Restatement Reference As Restated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 76,452 $ (9,534) a,b $ 66,918 Trade accounts receivable, net 102,730 (7,095) a 95,635 Inventories 129,084 (992) a,b 128,092 Prepaid expenses and other current assets 93,226 (4,241) a,b 88,985 Assets held for sale 5,073 — 5,073 Total Current Assets 406,565 (21,862) 384,703 PROPERTY, PLANT AND EQUIPMENT, NET 168,763 (2,741) a,b 166,022 OTHER ASSETS: Goodwill 158,944 (22,021) c 136,923 Intangibles, net 353,595 — 353,595 Deferred income taxes 779 51 a,b 830 Other assets 41,882 (1,098) a 40,784 TOTAL ASSETS $ 1,130,528 $ (47,671) $ 1,082,857 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 61,236 $ 2,378 a,b $ 63,614 Accrued expenses and other current liabilities 75,624 3,416 a,b 79,040 Accrued compensation and benefits 28,332 (316) a,b 28,016 Short-term borrowings and current portion of long-term debt — 1,624 a 1,624 Total Current Liabilities 165,192 7,102 172,294 LONG-TERM DEBT 507,888 — 507,888 DEFERRED INCOME TAXES 28,980 (3,115) a,b 25,865 PENSION LIABILITY, NET 163,642 — 163,642 OTHER NON-CURRENT LIABILITIES 58,785 1,485 a 60,270 COMMITMENTS AND CONTINGENCIES (Note 17 and 18) SHAREHOLDERS’ EQUITY: Preferred stock, $0.01 par value; 1,000,000 shares authorized; $— shares issued and outstanding — — — Common stock, $0.01 par value; 29,000,000 shares authorized; 21,373,813 shares issued at December 31, 2020. 214 — 214 Additional paid-in capital 452,728 — 452,728 (Accumulated deficit) (86,461) (49,982) a,b,c (136,443) Common treasury stock, at cost (1,372,488 shares at December 31, 2020) (74,472) — (74,472) Accumulated other comprehensive loss (85,968) (3,161) a,b,c (89,129) Total Shareholders’ Equity 206,041 (53,143) 152,898 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,130,528 $ (47,671) $ 1,082,857 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) For Year Ended December 31, 2020 As Previously Reported Restatement Impacts Restatement Reference As Restated Net revenues $ 773,271 $ (8,052) a,b $ 765,219 Cost of revenues 530,844 2,161 a,b 533,005 Gross profit 242,427 (10,213) 232,214 Selling, general and administrative expenses 220,994 2,392 a,b 223,386 Impairment charges 116,182 21,896 c 138,078 Special and restructuring (recoveries), net (34,303) — (34,303) Operating (loss) (60,446) (34,501) (94,947) Other expense (income): Interest expense, net 34,219 — 34,219 Other (income), net (529) (1,065) a (1,594) Total other expense, net 33,690 (1,065) 32,625 (Loss) from continuing operations before income taxes (94,136) (33,436) (127,572) Provision for income taxes 56,222 (320) a,b,c 55,902 (Loss) from continuing operations, net of tax (150,358) (33,116) (183,474) (Loss) from discontinued operations, net of tax (35,140) — (35,140) Net (loss) $ (185,498) $ (33,116) $ (218,614) Basic (loss) per common share: Basic from continuing operations $ (7.52) $ (1.66) $ (9.18) Basic from discontinued operations $ (1.76) $ — $ (1.76) Net (loss) $ (9.28) $ (1.66) $ (10.94) Diluted (loss) per common share: Diluted from continuing operations $ (7.52) $ (1.66) $ (9.18) Diluted from discontinued operations $ (1.76) $ — $ (1.76) Net (loss) $ (9.28) $ (1.66) $ (10.94) Weighted average common shares outstanding: Basic 19,982 19,982 Diluted 19,982 19,982 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) For Year Ended December 31, 2019 As Previously Reported Restatement Impacts Restatement Reference As Restated Net revenues $ 964,313 $ (7,051) a $ 957,262 Cost of revenues 655,504 1,271 a,b 656,775 Gross profit 308,809 (8,322) 300,487 Selling, general and administrative expenses 248,256 210 a,b 248,466 Special and restructuring charges (recoveries), net 22,872 (1,324) a,b 21,548 Operating income (loss) 37,681 (7,208) 30,473 Other expense (income): Interest expense, net 48,609 — 48,609 Other (income), net (836) (42) a,b (878) Total other expense, net 47,773 (42) 47,731 (Loss) from continuing operations before income taxes (10,092) (7,166) (17,258) Provision for (benefit from) income taxes 14,676 (1,624) a,b 13,052 (Loss) from continuing operations, net of tax (24,768) (5,542) (30,310) (Loss) from discontinued operations, net of tax (109,167) 1,715 b (107,452) Net (loss) $ (133,935) $ (3,827) $ (137,762) Basic (loss) per common share: Basic from continuing operations $ (1.24) $ (0.28) $ (1.52) Basic from discontinued operations $ (5.48) $ 0.08 $ (5.40) Net (loss) $ (6.73) $ (0.19) $ (6.92) Diluted (loss) per common share: Diluted from continuing operations $ (1.24) $ (0.28) $ (1.52) Diluted from discontinued operations $ (5.48) $ 0.08 $ (5.40) Net (loss) $ (6.73) $ (0.19) $ (6.92) Weighted average common shares outstanding: Basic 19,903 19,903 Diluted 19,903 19,903 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) (in thousands) Year ended December 31, 2020 As Previously Stated Restatement Impacts Restatement Reference As Restated Net (loss) $ (185,498) $ (33,116) a,b,c $ (218,614) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 6,949 (2,483) a,b 4,466 Interest rate swap adjustments (1) 1,196 — 1,196 Other net changes in post-retirement liabilities and assets - recognized actuarial gains (loss) (2) (13,846) — (13,846) Other comprehensive (loss), net of tax (5,701) (2,483) (8,184) COMPREHENSIVE (LOSS) $ (191,199) $ (35,599) $ (226,798) Year ended December 31, 2019 As Previously Stated Restatement Impacts Restatement Reference As Restated Net (loss) $ (133,935) $ (3,827) a,b $ (137,762) Other comprehensive (loss), net of tax: Foreign currency translation adjustments (4,740) (703) a,b (5,443) Interest rate swap adjustments (1) (5,390) — (5,390) Other net changes in post-retirement liabilities and assets - recognized actuarial gains (loss) (2) (398) — (398) Other comprehensive (loss), net of tax (10,528) (703) (11,231) COMPREHENSIVE (LOSS) $ (144,463) $ (4,530) $ (148,993) CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended December 31, 2020 As Previously Stated Restatement Impacts Restatement Reference As Restated OPERATING ACTIVITIES Net (loss) $ (185,498) $ (33,116) a,b,c $ (218,614) (Loss) from discontinued operations, net of income taxes (35,140) — (35,140) (Loss) from continuing operations, net of tax (150,358) (33,116) (183,474) Adjustments to reconcile net (loss) to net cash (used in) operating activities: Depreciation 20,385 16 a 20,401 Amortization 43,662 — 43,662 Change in provision for bad debt expense 6,099 175 a 6,274 Write down of inventory 3,618 654 a 4,272 Compensation expense of share-based plans 5,488 — 5,488 Amortization of debt issuance costs 7,460 — 7,460 Deferred income tax provision 48,770 (1,996) a,b 46,774 Goodwill Impairment 116,182 21,896 c 138,078 (Gain) on sale of businesses (54,429) — (54,429) Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Trade accounts receivable 23,506 2,705 a 26,211 Inventories 5,780 (1,414) a,b 4,366 Prepaid expenses and other assets (34,824) 5,569 a,b (29,255) Accounts payable, accrued expenses and other liabilities (49,501) 5,753 a,b (43,748) Net cash (used in) continuing operations (8,162) 242 (7,920) Net cash (used in) discontinued operations (14,561) — (14,561) Net cash (used in) operating activities (22,723) 242 (22,481) INVESTING ACTIVITIES Additions of property, plant and equipment (12,222) — (12,222) Proceeds from the sale of property, plant and equipment (322) — (322) Proceeds from beneficial interest of factored receivables 2,957 — 2,957 Proceeds from sale of business 165,540 — 165,540 Net cash provided by continuing investing activities 155,953 — 155,953 Net cash (used in) discontinued investing activities (11,658) — (11,658) Net cash provided by investing activities 144,295 — 144,295 FINANCING ACTIVITIES Proceeds from long-term debt 219,000 — 219,000 Payments of long-term debt (352,916) — (352,916) Net change in short-term borrowings — 372 a 372 Proceeds from the exercise of stock options 118 — 118 Withholding tax payments on net share settlements on equity rewards — (713) b (713) Net cash (used in) financing activities (133,798) (341) (134,139) Effect of exchange rate changes on cash, cash equivalents and restricted cash 4,195 (317) a,b,c 3,878 (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (8,031) (416) (8,447) Cash, cash equivalents and restricted cash at beginning of year 85,727 (8,673) a,b 77,054 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR $ 77,696 $ (9,089) $ 68,607 Supplemental Disclosure of Cash Flow Information: Income taxes $ 13,074 $ (1,989) $ 11,085 Interest $ 33,993 $ — $ 33,993 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended December 31, 2019 As Previously Stated Restatement Impacts Restatement Reference As Restated OPERATING ACTIVITIES Net (loss) $ (133,935) $ (3,827) a,b $ (137,762) (Loss) from discontinued operations, net of income taxes (109,167) 1,715 (107,452) (Loss) from continuing operations, net of tax (24,768) (5,542) (30,310) Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: Depreciation 22,045 — 22,045 Amortization 47,591 — 47,591 Change in provision for bad debt expense 617 115 a 732 Write down of inventory 366 277 a 643 Compensation expense of share-based plans 5,418 — 5,418 Amortization of debt issuance costs 4,622 — 4,622 Deferred income tax (benefit) provision (3,440) (613) a,b (4,053) (Gain) on disposal of property, plant and equipment (1,793) — (1,793) Loss on sale of businesses 3,615 — 3,615 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Trade accounts receivable 24,339 2,935 a 27,274 Inventories (9,557) (815) a,b (10,372) Prepaid expenses and other assets 7,360 1,688 a,b 9,048 Accounts payable, accrued expenses and other liabilities (34,168) 741 a,b (33,427) Net cash provided by continuing operations 42,247 (1,214) 41,033 Net cash (used in) discontinued operations (26,334) (71) b (26,405) Net cash provided by operating activities 15,913 (1,285) 14,628 INVESTING ACTIVITIES Additions of property, plant and equipment (13,855) — (13,855) Proceeds from the sale of property, plant and equipment 6,172 — 6,172 Proceeds from beneficial interest of factored receivables 861 — 861 Proceeds from sale of business 162,591 — 162,591 Net cash provided by continuing investing activities 155,769 — 155,769 Net cash (used in) discontinued investing activities (2,733) — (2,733) Net cash provided by investing activities 153,036 — 153,036 FINANCING ACTIVITIES Proceeds from long-term debt 281,600 — 281,600 Payments of long-term debt (434,797) — (434,797) Net change in short-term borrowings — (190) a (190) Proceeds from the exercise of stock options 253 — 253 Withholding tax payments on net share settlements on equity rewards — (538) b (538) Net cash (used in) continuing financing activities (152,944) (728) (153,672) Effect of exchange rate changes on cash, cash equivalents and restricted cash 197 81 a,b 278 INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 16,202 (1,932) 14,270 Cash, cash equivalents and restricted cash at beginning of year 69,525 (6,741) a 62,784 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR $ 85,727 $ (8,673) $ 77,054 Supplemental Disclosure of Cash Flow Information: Accrual for capital expenditures Cash paid during the year for: Income taxes $ 16,711 (185) $ 16,526 Interest $ 47,544 — $ 47,544 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (in thousands) Common Stock Additional Retained Accumulated Treasury Stock Total Shares Amount As Previously Reported BALANCE AT DECEMBER 31, 2019 19,912 $ 213 $ 446,657 $ 99,280 $ (80,267) $ (74,472) $ 391,411 Net loss — — — (185,498) — — (185,498) Cumulative effect adjustment related to adoption of current expected credit loss standard (ASC 326) — — — (222) — — (222) Other comprehensive loss, net of tax — — — (5,701) — (5,701) Other — — — (21) — — (21) Stock options exercised 3 — 118 — — — 118 Conversion of restricted stock units 86 1 239 — — — 240 Share-based plan compensation — — 5,714 — — — 5,714 BALANCE AT DECEMBER 31, 2020 20,001 $ 214 $ 452,728 $ (86,461) $ (85,968) $ (74,472) $ 206,041 Restatement Impacts BALANCE AT DECEMBER 31, 2019 — — — (16,866) (678) — (17,544) Net loss — — — (33,116) — — (33,116) Cumulative effect adjustment related to adoption of current expected credit loss standard (ASC 326) — — — — — — — Other comprehensive loss, net of tax — — — — (2,483) — (2,483) Other — — — — — — — Stock options exercised — — — — — — — Conversion of restricted stock units — — — — — — — Share-based plan compensation — — — — — — — BALANCE AT DECEMBER 31, 2020 — $ — $ — $ (49,982) $ (3,161) $ — $ (53,143) As Restated BALANCE AT DECEMBER 31, 2019 (As Restated) 19,912 $ 213 $ 446,657 $ 82,414 $ (80,945) $ (74,472) $ 373,867 Net loss — — — (218,614) — — (218,614) Cumulative effect adjustment related to adoption of current expected credit loss standard (ASC 326) — — — (222) — — (222) Other comprehensive income, net of tax — — — — (8,184) — (8,184) Other — — (21) — — (21) Stock options exercised 3 — 118 — — — 118 Conversion of restricted stock units 86 1 239 — — — 240 Share-based plan compensation — — 5,714 — — — 5,714 BALANCE AT DECEMBER 31, 2020 (As Restated) 20,001 214 452,728 (136,443) (89,129) (74,472) 152,898 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (in thousands) Common Stock Additional Retained Accumulated Treasury Stock Total Shares Amount As Previously Reported BALANCE AT DECEMBER 31, 2018 19,845 $ 212 $ 440,890 $ 232,102 $ (69,739) $ (74,472) $ 528,993 Net loss — — — (133,935) — — (133,935) Cumulative effect adjustment related to adoption of ASC (842) — — — 1,113 — — 1,113 Other comprehensive loss, net of tax — — — — (10,528) — (10,528) Stock options exercised 6 — 253 — — — 253 Conversion of restricted stock units 61 1 (65) — — — (64) Share-based plan compensation — — 5,579 — — — 5,579 BALANCE AT DECEMBER 31, 2019 19,912 $ 213 $ 446,657 $ 99,280 $ (80,267) $ (74,472) $ 391,411 Restatement Impacts BALANCE AT DECEMBER 31, 2018 — — — (13,039) 25 — (13,014) Net loss — — — (3,827) — — (3,827) Cumulative effect adjustment related to adoption of (ASC 842) — — — — — — — Other comprehensive loss, net of tax — — — — (703) — (703) Stock options exercised — — — — — — — Conversion of restricted stock units — — — — — — — Share-based plan compensation — — — — — — — BALANCE AT DECEMBER 31, 2019 — — — (16,866) (678) — (17,544) As Restated BALANCE AT DECEMBER 31, 2018 (As Restated) 19,845 $ 212 $ 440,890 $ 219,063 $ (69,714) $ (74,472) $ 515,979 Net loss — — — (137,762) — — (137,762) Cumulative effect adjustment related to adoption of (ASC 842) — — — 1,113 — — 1,113 Other comprehensive income, net of tax — — — — (11,231) — (11,231) Stock options exercised 6 — 253 — — — 253 Conversion of restricted stock units 61 1 (65) — — — (64) Share-based plan compensation — — 5,579 — — — 5,579 BALANCE AT DECEMBER 31, 2019 (As Restated) 19,912 $ 213 $ 446,657 $ 82,414 $ (80,945) $ (74,472) $ 373,867 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of CIRCOR and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The results of companies acquired or divested are included in the consolidated financial statements from the date of acquisition or up to the date of disposal. Use of Estimates The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Some of the more significant estimates, some of which are impacted by management’s estimates and assumptions regarding the effects of the COVID-19 pandemic, relate to recoverability of goodwill and indefinite-lived trade names, estimated total costs for ongoing long-term revenue contracts where transfer of control occurs over time, allowance for credit losses, inventory valuation, share-based compensation, amortization and impairment of long-lived assets, income taxes (including valuation allowance), fair value of disposal group, pension benefit obligations, acquisition accounting, penalty accruals for late shipments, asset valuations, and product warranties. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ materially from those estimates. Assets Held for Sale The Company classifies assets and liabilities (disposal groups) to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the disposal group; the disposal group is available for immediate sale in its present condition subject to terms customary for sales of such disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated; the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company initially measures a disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The Company assesses the fair value of a disposal group, less any costs to sell, each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, as separate line items on the consolidated statements of financial position. Refer to Note 4, Discontinued Operations and Assets Held for Sale, for further information. Revenue Recognition The Company recognizes revenue to depict the transfer of control to the Company’s customers in an amount reflecting what the Company expects to be entitled to in exchange for performance obligations. In order to apply this revenue recognition principle, the Company applies the following five step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when, or as, a performance obligation is satisfied. See Note 5, Revenue Recognition for further information. Revenues relating to point in time contracts are recognized when the customer obtains control of the product, which is generally at the time of shipping. Revenues and costs on certain long-term contracts are recognized on the percentage-of-completion method measured on the basis of costs incurred to estimated total costs for each contract. This method is used because management considers it to be the best available measure of progress towards completion on these contracts. Revenues and costs on contracts are subject to changes in estimates throughout the duration of the contracts, and any required adjustments are made in the period in which a change in estimate becomes known. Unbilled receivables for net revenues recognized in excess of the amounts billed for active projects are recognized as contract assets on the balance sheet. The Company provides for the estimated costs to fulfill customer warranty obligations upon the recognition of the related revenue. Shipping and handling costs invoiced to customers are recorded as components of revenues and the associated costs are recorded as cost of revenues. The Company recognizes revenue net of sales returns, rebates, penalties, and discounts. Accounts receivable allowances include sales returns and the allowance for credit losses. The Company monitors and tracks the amount of product returns and reduces revenue at the time of shipment for the estimated amount of such future returns, based on historical experience. Allowance for Credit Losses The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses or doubtful accounts based upon expected losses, its historical experience, expectation of changes in risk of loss and any specific customer collection issues that it has identified. Account balances are charged off against the allowance when the Company believes it is probable the receivable will not be recovered. The following table presents changes in the accounts receivables allowance for doubtful accounts for the years ended December 31 (in thousands): Additions (Reductions) Description Balance at Charged to Charged to Deductions Balance at Year ended (As Restated) December 31, 2021 Deducted from asset account: Allowance for doubtful accounts $ 10,596 $ 1,213 $ (608) $ (420) $ 10,781 Year ended (As Restated) December 31, 2020 Deducted from asset account: Allowance for doubtful accounts $ 3,948 $ 6,274 $ 999 $ (625) $ 10,596 Year ended (As Restated) December 31, 2019 Deducted from asset account: Allowance for doubtful accounts $ 3,400 $ 732 $ 549 $ (733) $ 3,948 (1) Uncollectible accounts written off, net of recoveries. During 2021 the Company recorded a charge for allowance against contract assets in the amount of $4.4 million which is also the ending balance of allowance against contract assets as of December 31, 2021. Goodwill Goodwill is measured as the excess of the cost of acquisition over the sum of the amounts assigned to identifiable tangible and intangible assets acquired less liabilities assumed. The Company performs an impairment assessment for goodwill at the reporting unit level on an annual basis as of the end of its October month end or more frequently if circumstances warrant. Its annual impairment assessment requires a comparison of the fair value of each of its reporting units to the respective carrying value. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying value of a reporting unit is greater than its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Additionally, the Company will consider the income tax effect from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. Determining the fair value of a reporting unit is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, the Company estimates the fair value of its reporting units using an income approach based on the present value of future cash flows. It believes this approach yields the most appropriate evidence of fair value. The Company also utilizes the comparable company multiples method and market transaction fair value method to validate the fair value estimate using the income approach. The key assumptions utilized in its discounted cash flow model includes estimates of the rate of revenue growth and the discount rate based on a weighted average cost of capital. Any unfavorable material changes to these key assumptions could potentially impact its fair value determinations. For additional information, see Note 10, Goodwill and Other Intangible Assets. Cost of Revenues Cost of revenues primarily reflects the costs of manufacturing and preparing products for sale and, to a much lesser extent, the costs of performing services. Cost of revenues is primarily comprised of the cost of materials, outside processing, inbound freight, production, direct labor and overhead including indirect labor, which are expenses that directly result from the level of production activity at a manufacturing site. Additional expenses that directly result from the level of production activity at a manufacturing site include purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, utility expenses, property taxes, amortization of inventory step-up from revaluation at the date of acquisition, depreciation of production building and equipment assets, warranty costs, salaries and benefits paid to plant manufacturing management and maintenance supplies. Inventories Inventories are stated at the lower of cost or net realizable value. Where appropriate, standard cost systems are utilized for purposes of determining cost; the standards are adjusted as necessary to ensure they approximate actual cost. Cost is generally determined on the first-in, first-out (“FIFO”) basis. The Company typically analyzes its inventory aging and projected future usage on a quarterly basis to assess the adequacy of its inventory valuation reserve, which primarily consists of obsolescence and net realizable value estimates. These estimates are measured either on an item-by-item basis or higher-level inventory grouping and determined based on the difference between the cost of the inventory and estimated net realizable value. The provision for inventory valuation reserves is a component of the Company's cost of revenues. Assumptions about future demand are among the primary factors utilized to estimate net realizable value. At the point of the loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Only subsequent inventory transactions via sale or disposal would then release the established inventory reserve. If there were to be a sudden and significant decrease in demand for its products, significant price reductions, or a higher incidence of inventory obsolescence for any reason, including a change in technology or customer requirements, the Company could be required to increase its inventory valuation reserves, which could adversely affect its gross profits. Legal Contingencies The Company is currently involved in various legal claims and legal proceedings, some of which may involve substantial dollar amounts. Periodically, the Company reviews the status of each significant matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be estimated, it accrues a liability for the estimated loss. The determination of probability and the determination as to whether exposure can be reasonably estimated requires management estimates. Because of uncertainties related to these matters, accruals are based on the best information available at the time. As additional information becomes available, the Company reassesses the potential liability related to its pending claims and litigation and may revise its estimates. Such revisions in the estimates of the potential liabilities could have a material adverse effect on its business, results of operations and financial position. For more information see Note 17, Contingencies, Commitments and Guarantees. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets, such as trade names, are generally recorded and valued in connection with a business acquisition. For these assets, the Company performs a qualitative assessment on an annual basis to determine if it is more likely than not the asset is impaired (“Step 0” test). These assets are reviewed at least annually for impairment as of the October month end, or more frequently if facts and circumstances warrant. For any that fail the Step 0 test, the Company performs an impairment assessment at the asset level utilizing a fair value calculation. The Company has the option to bypass the qualitative assessment for an indefinite lived intangible asset in any period and proceed directly to the quantitative impairment test. Determining the fair value is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, the Company estimates the fair value using the relief from royalty method. For more information see Note 10, Goodwill and Other Intangible Assets. Other Long-Lived Assets In accordance with ASC Topic 360, Plant, Property, and Equipment, the Company performs impairment analyses of long-lived asset groups whenever events and circumstances indicate impairment. If indicators are present, it performs a recoverability test by comparing the sum of the undiscounted future cash flows specific to the asset group to its carrying value. If the recoverability test fails (sum of undiscounted cash flows are less than the asset group's carrying value), it then determines the fair value of the asset group and recognizes an impairment loss if the carrying value exceeds the estimated fair value. For more information, see Note 9, Property, Plant and Equipment. Post-Retirement Benefits Pensions and other post-retirement benefit obligations and net periodic benefit costs are actuarially determined and are affected by several assumptions including the discount rate, mortality, and the expected long-term return on plan assets. Changes in assumptions and differences from actual results will affect the amounts of net periodic benefit cost recognized in future periods. These assumptions may also effect the amount and timing of future cash contributions. As required in the recognition and disclosure provisions of ASC Topic 715, Compensation - Retirement Benefits , the Company recognizes the over-funded or under-funded status of defined benefit post-retirement plans in its balance sheet, measured as the difference between the fair value of plan assets and the benefit obligations (the projected benefit obligation for pension plans and the accumulated post-retirement benefit obligation for other post-retirement plans). The change in the funded status is the net of the recognized net periodic benefit cost, cash contributions to the trust/benefits paid directly by the Company and recognized changes in other comprehensive income. Other comprehensive income changes are due to new actuarial gains and losses, new plan amendments and the amortizations of amounts in the net periodic benefit cost. Unrecognized actuarial gains and losses in excess of the 10% corridor (defined as the threshold above which gains or losses need to be amortized) are being recognized for all plans over the weighted average expected remaining service period of the employee group unless substantially all participants are inactive in which case the average remaining lifetime of covered participants is used. Unrecognized actuarial gains and losses arise from several factors including changes in the benefit obligations from actuarial experience and assumption changes, as well as the difference between expected returns and actual returns on plan assets. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if the Company anticipates that it is more likely than not that it may not realize some or all of a deferred tax asset. In accordance with the provisions of ASC Topic 740, Income Taxes , the Company initially recognizes the financial statement effect of a tax position when, based solely on its technical merits, it is more likely than not (a likelihood of greater than fifty percent) that the position will be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard, are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. If future results of operations exceed the Company's current expectations, its existing tax valuation allowances may be adjusted, resulting in future tax benefits. Alternatively, if future results of operations are less than expected, future assessments may result in a determination that some or all of the deferred tax assets are not realizable. Consequently, the Company may need to establish additional tax valuation allowances for a portion or all of the gross deferred tax assets, which may have a material adverse effect on its results of operations. Under ASC Topic 740, only the portion of the liability that is expected to be paid within one year is classified as a current liability. As a result, liabilities expected to be resolved without the payment of cash (e.g., due to the expiration of the statute of limitations) or are not expected to be paid within one year are classified as non-current. It is the Company’s policy to record estimated interest and penalties as income tax expense, and tax credits as a reduction in income tax expense. With respect to global intangible low-taxed income (“GILTI”), the Company has adopted a policy to account for this provision as a period cost. For additional information, see Note 11, Income Taxes. Share-Based Compensation Share-based compensation costs are based on the grant date fair value estimated in accordance with the provisions of ASC Topic 718, Accounting for Share Based Payments , and these costs are recognized over the requisite vesting period. The Black-Scholes option pricing model is used to estimate the fair value of each stock option at the date of grant. Black-Scholes utilizes assumptions related to volatility, the risk-free interest rate, the dividend yield and employee exercise behavior. Expected volatilities utilized in the model are based on the historic volatility of the Company’s stock price. The risk-free interest rate is derived from the U.S. Treasury Yield curve in effect at the time of the grant. The model incorporates exercise and post-vesting service termination assumptions based on an analysis of historical data. For additional information, see Note 14, Share-Based Compensation. Environmental Compliance and Remediation Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to existing conditions caused by past operations, which do not contribute to current or future revenue generation, are expensed. Expenditures that meet the criteria of “Regulated Operations” are capitalized. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. In accordance with ASC Topic 450, Contingencies, estimated costs are based upon current laws and regulations, existing technology and the most probable method of remediation. Foreign Currency and Foreign Currency Contracts The Company's international subsidiaries operate and report their financial results using local functional currencies. Accordingly, all assets, liabilities, revenues, and costs of these subsidiaries are translated into United States (“U.S.”) dollars using exchange rates in effect at the end of the relevant periods. The resulting translation adjustments are presented as a separate component of other comprehensive income. The Company does not provide for U.S. income taxes on foreign currency translation adjustments since it does not provide for such taxes on undistributed earnings of foreign subsidiaries. The Company is exposed to certain risks relating to its ongoing business operations including foreign currency exchange rate risk. The Company uses derivative instruments to manage foreign currency risk on certain business transactions denominated in foreign currencies. To the extent the underlying transactions hedged are completed, these forward contracts do not subject the Company to significant risk from exchange rate movements because they offset gains and losses on the related foreign currency denominated transactions. These forward contracts do not qualify as hedging instruments and, therefore, do not qualify for fair value or cash flow hedge treatment. Any gains and losses on the forward contracts are recognized as a component of other expense in its consolidated statements of operations. The Company is subject to exchange rate related gains or losses resulting from foreign currency denominated transactions. Its net foreign exchange losses / (gains) recorded for the years ended December 31, 2021, 2020, and 2019 were $0.9 million, $1.7 million, and $(0.4) million, respectively and are included in other (income) expense in the consolidated statements of operations. Earnings Per Common Share Basic earnings per common share is calculated by dividing net income by the number of weighted average common shares outstanding. Diluted earnings per common share is calculated by dividing net income by the weighted average common shares outstanding and assumes the conversion of all dilutive securities when the effects of such conversion would not be anti-dilutive. Earnings per common share and the weighted average number of shares used to compute net earnings per common share, basic and assuming full dilution, are reconciled below (in thousands, except per share data): Year Ended December 31, As Restated 2021 2020 2019 Net Shares Per Share Net Shares Per Share Net Shares Per Share Basic EPS $ (61,638) 20,201 $ (3.05) $ (218,614) 19,982 $ (10.94) $ (137,762) 19,903 $ (6.92) Dilutive securities, principally common stock awards — — — — — — — — — Diluted EPS $ (61,638) 20,201 $ (3.05) $ (218,614) 19,982 $ (10.94) $ (137,762) 19,903 $ (6.92) Certain stock options to purchase common shares and restricted stock units (“RSUs”) were anti-dilutive. There were 596,753 anti-dilutive stock options, RSUs, and RSU MSPs for the year ended December 31, 2021 with exercise prices ranging from $32.76 to $60.99. There were 663,986 anti-dilutive stock options, RSUs and RSU MSPs for the year ended December 31, 2020 with exercise prices ranging from $33.63 to $71.56. There were 431,165 anti-dilutive stock options and RSUs for the year ended December 31, 2019 with exercise prices ranging from $33.63 to $71.56. Cash and Cash Equivalents The Company's cash equivalents are invested in time deposits of financial institutions, and it has established guidelines relative to credit ratings, diversification and maturities that are intended to maintain safety and liquidity. Cash equivalents include highly liquid investments with maturity periods of three months or less when purchased. Restricted Cash Restricted cash represents cash that is legally restricted as to withdrawal or usage and includes amounts required to be maintained in relation to bank guarantees in certain jurisdictions. Restricted cash is classified within other current assets on the consolidated balance sheets. Other Assets Other assets in the accompanying consolidated balance sheets include deferred debt issuance costs associated with the Company's revolving credit facility, tax receivable, non-current contract assets and other certain assets. Fair Value ASC Topic 820, Fair Value Measurement , defines fair value and includes a framework for measuring fair value and disclosing fair value measurements in financial statements. Fair value is a market-based measurement rather than an entity-specific measurement. The fair value hierarchy makes a distinction between assumptions developed based on market data obtained from independent sources (observable inputs) and the reporting entity’s own assumptions (unobservable inputs). This hierarchy prioritizes the inputs into three broad levels as follows: Level One : Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level Two : Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level Three : Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Fair value information for those assets and liabilities, including their classification in the fair value hierarchy, is included in: Note 13, Financing Arrangements along with Derivative Financial Instruments, and Note 16, Retirement Plans (for assets held in trust). Certain pension plan asset investments are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”). The carrying amounts of cash and cash equivalents, restricted cash, trade receivables and trade payables approximate fair value because of the short maturity of these financial instruments. Cash equivalents are carried at cost which approximates fair value at the balance sheet date and is a Level 1 financial instrument. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is generally provided on a straight-line basis over the estimated useful lives of the assets, which typically range from 3 to 40 years for buildings and improvements, 1 to 10 years for manufacturing machinery and equipment, and 3 to 7 years for computer equipment and software. Motor vehicles and furniture and fixtures are typically depreciated over 5 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Repairs and maintenance costs are expensed as incurred. The Company reports depreciation of property, plant and equipment in cost of revenue and selling, general and administrative expenses based on the nature of the underlying assets. Depreciation primarily related to equipment used in the production of inventory is recorded in cost of revenues. Depreciation related to selling and administrative functions is reported in selling, general and administrative expenses. See Note 9, Property, Plant and Equipment for additional information. Research and Development Research and development expenditures, including certain engineering costs, are expensed when incurred and are included in selling, general and administrative expenses. Research and development expenditures for the years ended December 31, 2021, 2020, and 2019 were $7.6 million, $8.4 million, and $7.6 million, respectively. Sale of Receivables The Company has an active receivables purchasing agreement with a bank whereby the Company can sell selected account receivables and receive between 90% to 100% of the purchase price upfront, net of applicable discount fee, and the residual amount as the receivables are collected. During 2021, the Company sold a total of $38.1 million in receivables under the program, receiving $38.0 million in cash of which $0.8 million related to prior year. The outstanding purchase price component of $0.9 million was recorded in prepaid expenses and other current assets on the consolidated balance sheet at December 31, 2021. During 2020, the Company sold a total of $58.9 million in receivables under the program, receiving $58.0 million in cash. The outstanding purchase price component of $0.9 million was recorded in prepaid expenses and other current assets on the consolidated balance sheet at December 31, 2020. New Accounting Standards Adopted In March 2020, the FASB issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance contains optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other areas or transactions that are impacted by reference rate reform (i.e., by the transition of LIBOR and other interbank offered rates to alternative reference interest rates). The new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company adopted the standard as of January 1, 2021, and intends to apply the provisions of this standard to contract modifications if and when applicable. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. On January 1, 2020, the Company adopted FASB ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. The Company adopted the standard using a modified retrospective approach through a cumulative-effect adjustment to retained earnings. It recognized the cumulative effect of adopting the new credit loss standard as an adjustment to the opening balance of retained earnings as of January 1, 2020. The adoption of the standard did not have a material impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarifies and |
Discontinued Operations and Ass
Discontinued Operations and Assets Held for Sale | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Assets Held for Sale | Discontinued Operations and Assets Held for Sale Discontinued Operations During the third quarter of 2019, the Company instituted a strategic shift to exit the upstream oil and gas valves market to focus on more attractive end markets. In line with that shift, during the third quarter of 2019 the Company sold its EV business and classified its DV business as held for sale. These businesses were previously part of the Energy segment. In accordance with ASC Topic 205-20, Presentation of Financial Statements - Discontinued Operation s, the Company determined that the EV and DV businesses represented a strategic shift that has or will have a major effect on the Company's operations and financial results. As a result, these businesses met the conditions for discontinued operations and are recorded as such in the consolidated financial statements. The Company reports financial results for discontinued operations separately from continuing operations in order to distinguish the financial impact of the disposal transactions from ongoing operations. Upon classifying the DV business as held for sale, the Company was required to measure the disposal group at the lower of its carrying value or fair value less expected costs to sell. The Company calculated fair value of the DV business using an income approach based on the present value of projected future cash flows. This approach incorporates several key assumptions which include the rate of revenue growth including the rate of growth used in the terminal year value, the projected operating margin, as well as the discount rate based on a weighted average cost of capital. Through this process, the Company determined that the carrying value exceeded fair value and recognized a goodwill impairment of $6.9 million and an intangible asset impairment of $1.0 million. At December 31, 2019, the Company recognized a valuation allowance of $39.8 million, to adjust the carrying value of the disposal group to its fair value less expected costs to sell. During the second quarter of 2020, the Company completed the sale of its DV business to MS Valves GmbH for negative $8.3 million and a working capital adjustment of negative $2.0 million at the time of closing. The transaction is subject to an earnout of 50% of net profit (only if positive) from closing through December 31, 2022. The Company had agreed to provide certain transition services for six During 2021, the Company continued to settle certain retained liabilities related to the sale of its DV business. During the third quarter of 2021, the Company recognized a gain of $2.7 million related to an extinguished liability for the lease settlement of the Mexico manufacturing facility. The following table presents the summarized components of income (loss) from discontinued operations, for the EV and DV businesses for the years ended December 31, 2021, 2020, and 2019 (in thousands): As Restated Year Ended Year Ended Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Net revenues $ — $ 10,055 $ 79,351 Cost of revenues — 26,399 104,217 Gross (loss) — (16,344) (24,866) Selling, general and administrative expenses (84) 9,074 14,190 Special and restructuring charges, net (1) 17 17,831 85,603 Operating income (loss) 67 (43,249) (124,659) Other (income) expense: Interest (income), net — (14) (8) Other (income) expense, net (1,581) 614 (378) Total other (income) expense, net (1,581) 600 (386) Income (loss) from discontinued operations, pre tax 1,648 (43,849) (124,273) (Benefit from) provision for income taxes 242 (8,709) (16,821) Income (loss) from discontinued operations, net of tax $ 1,406 $ (35,140) $ (107,452) (1) The year ended December 31, 2020, includes a loss on the sale of the DV business of $21.6 million. The year ended December 31, 2019, includes a valuation allowance of $39.8 million for the DV business, loss on sale of the EV business of $37.9 million, and goodwill and intangible asset impairments related to the DV business of $7.9 million. Assets Held for Sale In addition to its businesses classified as discontinued operations, the Company has other disposal groups that meet the requirements of ASC 360-10 to be classified as held for sale in its consolidated balance sheets. In December 2020, the Company determined that its Cryogenic Valves business (“Cryo”) which is part of the Industrial segment constituted a disposal group that satisfied the held for sale classification criteria. In accordance with ASC 360-10, prior period results have not been restated to reflect the Cryo business as held for sale. The following table presents the balance sheet information for assets of the Cryo business held for sale as of December 31, 2020 (in thousands): Held for Sale Inventories $ 2,963 Prepaid expenses and other current assets 48 Property, plant, and equipment, net 162 Goodwill 1,900 Classified as current (1) 5,073 Total assets held for sale $ 5,073 (1) The Company classifies all assets held for sale as current on the consolidated balance sheet because it is probable that these assets will be sold within one year. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company’s revenue is derived from a variety of contracts. A significant portion of revenues are from contracts associated with the design, development, manufacture or modification of highly engineered, complex and severe environment products with customers who are either in or service the aerospace, defense and industrial markets. Contracts within the defense markets are primarily with U.S. military customers. These contracts typically are subject to the Federal Acquisition Regulations (“FAR”). The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Contracts may be modified to account for changes in contract specifications and requirements. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, control is transferred to the customer. Consistent with historical practice, the Company excludes from the transaction price amounts collected on behalf of third parties (e.g. taxes). Performance obligations are typically satisfied at a point in time and shipping and handling costs are treated as fulfillment costs. To determine the proper revenue recognition method for contracts for highly engineered, complex and severe environment products, which meet over-time revenue recognition criteria, the Company evaluates whether two or more contracts should be combined and whether the combined or single contract should be accounted for as more than one performance obligation. For most of the Company’s over-time revenue recognition contracts, the customer contracts with the Company to provide custom products which serve a single project or capability (even if that single project results in the delivery of multiple products) with enforceable right to payment. In circumstances where each distinct product in the contract transfers to the customer over time and the same method would be used to measure the entity’s progress toward complete satisfaction of the performance obligation to transfer each unit to the customer, the Company then applies the series guidance to account for the multiple products as a single performance obligation. In certain instances, the Company may promise to provide distinct goods or services within the over-time revenue recognition contract, in which case the Company separates the contract into more than one performance obligation. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using estimated standalone selling price of each distinct good or service in the contract when not directly observable. If at the inception of the contract the period between the transfer of control of the good or service to the customer and when the customer pays for that good or service is less than a year the Company applies the practical expedient for significant financing component. Certain long-term contracts result in contract assets for unbilled receivables or contract liabilities for customer advances or deposits. Such unbilled receivables or customer advances and deposits are not considered a significant financing component because they are protective in nature for the customer or the Company. Certain of the Company’s contracts give rise to variable consideration, including penalties. The Company includes in its contract estimates a reduction to revenue for customer agreements, primarily in the large projects businesses, which contain late shipment penalty clauses whereby the Company is contractually obligated to pay consideration to customers if the Company does not meet specified shipment dates. Variable consideration is estimated using the most likely amount method or the expected value method depending on nature of the variability, and the method elected is consistently applied among performance obligations with similar uncertainties. For revenue that is recognized from products and services transferred to customers over-time, the Company uses an input measure (e.g., costs incurred to date relative to total estimated costs at completion, known as the “cost-to-cost” method) to measure progress. The Company uses the cost-to-cost measure of progress because it best depicts the transfer of control to the customer which occurs as it incurs costs on its contracts. Under the cost-to-cost measure of progress, revenue is recognized proportionally as costs are incurred. Contract costs include labor, materials and subcontractors’ costs, other direct costs and an allocation of overhead, as appropriate. Accounting for over-time contracts requires reliable estimates in order to estimate total contract revenue and costs. For these contracts, management reviews the progress and execution of the Company's performance obligations at least quarterly. Management estimates the profit on a contract as the difference between the total estimated revenue and estimate at completion (“EAC”) costs and recognizes the resultant profit over the life of the contract, using the cost-to-cost EAC input method to measure progress toward complete satisfaction of a performance obligation. A change in one or more of these estimates could affect the profitability of the related contracts. Management recognizes adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. The impact of adjustments in contract estimates on our operating earnings can be reflected in either cost of revenues or revenue. On December 31, 2021, the Company had $212.8 million of transaction price related to remaining performance obligations. It expects to recognize approximately 71% of our remaining performance obligations as revenue during 2022, 26% in 2023, and 3% thereafter. Contract Balances Revenue on over time contracts is recognized as the Company, in accordance with the terms of the applicable contract, transfers control in the underlying products or services to the customer, which occurs as it incurs costs on its contracts under the cost-to-cost measure of progress. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the consolidated balance sheet. Contract assets include unbilled amounts typically resulting from over-time contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Expected credit losses are considered and allowances recorded where applicable, which result in the net amount expected to be collected. Generally, payment terms are based on milestones or shipment and billing occurs subsequent to revenue recognition, resulting in contract assets for over-time revenue recognition products. However, the Company sometimes receives advances or deposits from its customers, before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported net on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The incremental costs of obtaining a contract are expensed when the amortization period for such contracts would have been one year or less. In order to determine revenue recognized in the period from contract liabilities, the Company first allocates revenue to the individual contract liabilities balances outstanding at the beginning of the period until the revenue exceeds that balance. If additional advances are received on those contracts in subsequent periods, it assumes all revenue recognized in the reporting period first applies to the beginning contract liabilities as opposed to a portion applying to the new advances for the period. Revenue recognized during the years ended December 31, 2021 and 2020, that was included in contract liabilities as of the beginning of each year amounted to 24.5 million and 22.4 million, respectively. The Company’s contract assets and contract liabilities as of December 31, 2021 and 2020 are as follows (in thousands): As Restated December 31, 2021 December 31, 2020 Increase/(Decrease) Contract assets: Recorded within prepaid expenses and other current assets $ 87,527 $ 65,271 $ 22,256 Recorded within other non-current assets 6,336 10,824 (4,488) Total $ 93,863 $ 76,095 $ 17,768 Contract liabilities: Recorded within accrued expenses and other current liabilities $ 26,870 $ 24,857 $ 2,013 Recorded within other non-current liabilities 4,847 9,412 (4,565) Total $ 31,717 $ 34,269 $ (2,552) Contract assets increased by $17.8 million during the year ended December 31, 2021, primarily due to unbilled revenue recognized during the period for over-time revenue contracts within the Defense, Refinery Valves, Commercial and Other businesses partially offset by allowances against contract assets. Contract liabilities decreased by $2.6 million during the year ended December 31, 2021, primarily due to recognition of revenue against customer advances within the Defense business in excess of advances received in the current year partially offset by receipt of customer advances in the Refinery Valves business in excess of recognition of revenue against customer advances in the current year. Disaggregation of Revenue The Company determined that disaggregating revenue into the categories shown in the table below meets the disclosure objective in ASC 606 which is to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The following tables present the revenue disaggregated by major product line and geographical market (in thousands): Year Ended As Restated As Restated Revenue by Major Product Line December 31, 2021 December 31, 2020 December 31, 2019 Industrial Segment Valves $ 185,044 $ 199,715 $ 347,633 Pumps 321,082 299,494 337,004 Total $ 506,126 $ 499,209 $ 684,637 Aerospace & Defense Segment Commercial Aerospace & Other $ 92,059 $ 90,835 $ 124,023 Defense 160,482 175,175 148,602 Total 252,541 266,010 272,625 Net Revenue $ 758,667 $ 765,219 $ 957,262 Year Ended As Restated As Restated Revenue by Geographical Market December 31, 2021 December 31, 2020 December 31, 2019 Industrial Segment EMEA $ 230,176 $ 217,853 $ 285,936 North America 146,307 170,301 265,973 Other 129,643 111,055 132,728 Total $ 506,126 $ 499,209 $ 684,637 Aerospace & Defense Segment EMEA $ 59,242 $ 61,726 $ 74,657 North America 179,589 188,817 172,676 Other 13,710 15,467 25,292 Total $ 252,541 $ 266,010 $ 272,625 Net Revenue $ 758,667 765,219 957,262 |
Special and Restructuring Charg
Special and Restructuring Charges (Recoveries), net | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Special and Restructuring Charges (Recoveries), net | Special and Restructuring Charges (Recoveries), net Special and Restructuring Charges (Recoveries), net Special and restructuring charges (recoveries), net consist of restructuring costs (including costs to exit a product line or program) as well as certain special charges such as significant litigation settlements and other transactions (charges or recoveries) that are described below as well as gain or loss on sale of businesses not classified as discontinued operations. All items described below are recorded in Special and restructuring charges (recoveries), net on the Company's consolidated statements of operations. Certain other special and restructuring charges such as inventory related items may be recorded in cost of revenues given the nature of the item. The table below (in thousands) summarizes the amounts recorded within the special and restructuring charges (recoveries), net line item on the consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019: Special and Restructuring Charges (Recoveries), net Year Ended December 31, Year Ended December 31, As Restated 2021 2020 2019 Special charges (recoveries), net $ 20,038 $ (39,248) $ 16,362 Restructuring charges, net 4,234 4,945 5,186 Total special and restructuring charges (recoveries), net $ 24,272 $ (34,303) $ 21,548 Special Charges (Recoveries), net The table below (in thousands) outlines the special charges (recoveries), net recorded for the year ended December 31, 2021: Special Charges (Recoveries), net Year Ended December 31, 2021 Aerospace & Defense Industrial Corporate Total Cryo divestiture gain $ — $ (1,947) $ — $ (1,947) Heater & Control Valve divestiture charges — 3,459 407 3,866 Debt refinancing charge — — 8,693 8,693 Incremental loss allowance — 7,943 — 7,943 Other special charges, net 39 1,105 339 $ 1,483 Total special charges, net $ 39 $ 10,560 $ 9,439 $ 20,038 Cryo divestiture: The Company recognized a net special recovery of $1.9 million from the sale of the Cryo business. The Company received cash proceeds of $7.2 million and recognized a pre-tax gain on sale of $1.9 million. Heater & Control Valve divestiture: The Company recognized special charges of $3.9 million for the year ended December 31, 2021, related to the sale of the Heater and Control Valve businesses. Debt refinancing charges: The Company incurred special charges of $8.7 million for the year ended December 31, 2021, related to the refinancing of the credit agreement. Incremental loss allowance: The Company incurred special charges of $7.9 million for the year ended December 31, 2021, related to a contract assumed as part of the Fluid Handling acquisition. The charges relate to incremental loss allowance for a receivable, contract asset and sub-contractor claims. Other special charges, net: The Company recognized special charges of $1.5 million for the year ended December 31, 2021. Included in the $1.1 million charge recognized within the Industrial segment was a contingency indemnification to the buyer of a previously divested business. The Company also recognized charges of $0.3 million in Corporate associated with streamlining operations and reducing costs. The table below (in thousands) outlines the special charges, net recorded for the year ended December 31, 2020: Special Charges (Recoveries), net for the year ended December 31, 2020 Aerospace & Defense Industrial Corporate Total Divestiture- related $ — $ (53,203) $ 46 $ (53,157) Professional fees to review and respond to an unsolicited tender offer to acquire the Company — — 6,937 6,937 Amortization debt issuance costs — — 3,541 3,541 Other cost savings initiatives 19 371 3,041 3,431 Total special charges (recoveries), net $ 19 $ (52,832) $ 13,565 $ (39,248) Divestiture-related: The Company recovered net special recoveries of $53.2 million for the year ended December 31, 2020 due to the gain on sale of the I&S business in the Industrial segment. Professional fees: The Company incurred special charges of $6.9 million for the year ended December 31, 2020, associated with milestones reached subsequent to its response to an unsolicited tender offer to acquire the Company in the prior year. Amortization of debt issuance costs: During the first quarter of 2020, the Company amended its term loan agreement in place at that time. As part of this amendment, the Company accelerated amortization of $3.5 million in debt issuance costs. The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2019: Special Charges, net As Restated for the year ended December 31, 2019 Aerospace & Defense Industrial Corporate Total Divestiture- related $ — $ 2,746 $ 1,881 $ 4,627 Professional fees to review and respond to an unsolicited tender offer to acquire the Company — — 7,345 $ 7,345 Other cost saving initiatives — 2,598 1,792 $ 4,390 Total special charges, net $ — $ 5,344 $ 11,018 $ 16,362 Divestiture-related: The Company incurred net special charges of $4.6 million for the year ended December 31, 2019, primarily attributed to a gain on the sale of the RS business (in the Industrial segment) and losses in the Industrial segment associated with the sale of its Spence and Nicholson product lines. Corporate costs include certain costs associated with these and other divestiture activity. Professional fees: The Company incurred special charges of $7.3 million for the year ended December 31, 2019, associated with the review and response to an unsolicited tender offer to acquire the Company. Restructuring Charges, net The tables below (in thousands) outline the charges (or any recoveries) associated with restructuring actions recorded for the years ended December 31, 2021, 2020, and 2019. Restructuring Charges, net as of and for the year ended December 31, 2021 Aerospace & Defense Industrial Corporate Total Facility related expenses $ 181 $ 118 $ — $ 299 Employee related expenses 1,126 2,438 371 3,935 Total restructuring charges, net $ 1,307 $ 2,556 $ 371 $ 4,234 Accrued restructuring charges as of December 31, 2020 $ 1,512 Total year to date charges, net (shown above) 4,234 Charges paid / settled, net (3,907) Accrued restructuring charges as of December 31, 2021 $ 1,839 Included in cost of revenues on the consolidated statements of operations for the year ended December 31, 2021 is $0.6 million for inventory write downs related to the exit of businesses and consolidation of facilities in the Industrial segment. The Company expects to make payment or settle the majority of the restructuring charges accrued as of December 31, 2021 during 2022. Restructuring Charges, net as of and for the year ended December 31, 2020 Aerospace & Defense Industrial Corporate Total Facility related expenses $ 18 $ 246 $ 1 $ 265 Employee related expenses 343 3,822 515 4,680 Total restructuring charges, net $ 361 $ 4,068 $ 516 $ 4,945 Accrued restructuring charges as of December 31, 2019 $ 5,199 Total year to date charges, net (shown above) 4,945 Charges paid / settled, net (8,632) Accrued restructuring charges as of December 31, 2020 $ 1,512 The Company made payment or settled the majority of the restructuring charges accrued as of December 31, 2020 during 2021. Restructuring Charges, net as of and for the year ended December 31, 2019 Aerospace & Defense Industrial Corporate Total Facility related expenses $ 35 $ (1,458) — $ (1,423) Employee related expenses 560 6,049 — 6,609 Total restructuring charges, net $ 595 $ 4,591 $ — $ 5,186 Accrued restructuring charges as of December 31, 2018 $ 874 Total year to date charges, net (shown above) 5,186 Charges paid / settled, net (861) Accrued restructuring charges as of December 31, 2019 $ 5,199 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain office spaces, warehouses, vehicles and equipment under operating leases. Leases with an initial term of 12-months or less are not recorded on the consolidated balance sheets. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into after the adoption of ASC Topic 842, which was adopted on January 1, 2019, the Company combines lease and non-lease fixed components for real estate, vehicles and equipment leases. It does not combine lease and non-lease components for information technology leases. Variable lease costs are not included within the measurement of the lease liability as they are entirely variable or the difference between the portion captured within the lease liability and the actual cost will be expensed as incurred. Variable costs are contractually obligated and relate primarily to common area maintenance and taxes, which are not material to the financial statements. The Company elected the package of practical expedients permitted under the transition guidance, which allowed it to carry forward the historical lease classification, not reassess if existing contracts are or contain leases, and not reassess indirect costs for existing leases. It has elected not to recast the comparable periods and rather used the effective adoption date of the standard as the date of initial application. In determining the present value of lease payments, the Company uses the implicit borrowing rate in the lease, if available. In cases where a lease does not provide an implicit borrowing rate, it uses the incremental borrowing rate based on available information at the lease commencement date. As of December 31, 2021, none of its existing leases provided an implicit borrowing rate. The Company gives consideration to its debt issuances as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. Additionally, it performs an entity-level financial assessment along with risk assessment by country or jurisdiction in the determination of the incremental borrowing rate. It updates its financial and risk assessments periodically. The Company reassesses lease classification and / or remeasures the lease liability in the event of the following: changes in assessment of renewal, termination or purchase option based on triggering events within our control, change in amounts probable of being owed under a residual guarantee, or contingency resolution. Certain leases include one or more options to renew or terminate a lease early. The exercise of these options is at the Company’s sole discretion. There are currently no renewal periods included in any of the leases’ respective lease terms as they are not reasonably certain of being exercised. The Company does not have any material purchase options. Certain of our lease agreements have rental payments that are adjusted periodically for inflation or that are based on usage. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental balance sheet information related to our leases is as follows (in thousands): As Restated December 31, 2021 December 31, 2020 Assets Operating Finance Operating Finance Gross ROU Assets (1) $ 26,657 $ 5,461 $ 25,508 $ 4,991 Less: Accumulated Amortization (9,605) (1,375) (7,312) (858) Net ROU Assets $ 17,052 $ 4,086 $ 18,196 $ 4,133 Liabilities Operating Finance Operating Finance Current (2) $ 3,682 $ 867 $ 3,995 $ 735 Non-current (3) 14,471 3,243 19,405 3,434 Total Lease Liabilities $ 18,153 $ 4,110 $ 23,400 $ 4,169 (1) Operating and finance ROU assets are included within other assets (2) The current portion of operating and finance lease liabilities are recorded within accrued expenses and other current liabilities (3) The non-current portion of operating and finance lease liabilities are recorded within other non-current liabilities The components of lease costs are as follows (in thousands): Year Ended As Restated Lease Costs December 31, 2021 December 31, 2020 December 31, 2019 Operating lease cost (1) $ 5,912 $ 6,794 $ 5,071 Finance lease cost Amortization of leased assets (2) 611 568 251 Interest on lease liabilities (3) 93 70 40 Total finance lease costs 704 638 291 Total lease cost $ 6,616 $ 7,432 $ 5,362 (1) Operating lease costs are recorded within selling, general and administrative expenses or cost of revenues within the consolidated statements of operations depending upon the nature of the underlying lease. (2) Finance lease amortization costs are recorded in cost of revenues, as well as selling, general and administrative expenses within the consolidated statements of operations. (3) Finance lease interest costs are recorded in interest expense, net within the consolidated statements of operations. Short-term lease expense and variable lease cost for the years ended December 31, 2021, 2020, and 2019 were not significant. The estimated future minimum lease payments only include obligations for which the Company is reasonably certain it will exercise its renewal option. Such future payments are as follows (in thousands): Maturity of Lease Liabilities Operating Finance Total 2022 $ 4,775 $ 863 $ 5,638 2023 4,047 819 4,866 2024 3,140 812 3,952 2025 2,114 783 2,897 2026 1,839 685 2,524 After 2026 3,820 742 4,562 Less: Interest 1,582 594 2,176 Total $ 18,153 $ 4,110 $ 22,263 The weighted average remaining lease term and discount rates are as follows: Lease Term and Discount Rate December 31, 2021 December 31, 2020 December 31, 2019 Weighted average remaining lease term (years) Operating leases 5.9 6.3 6.7 Finance leases 5.6 6.2 6.8 Weighted average discount rate (percentage) Operating leases 4.5 % 6.8 % 4.6 % Finance leases 2.0 % 4.8 % 2.0 % Supplemental cash flow information related to leases are as follows (in thousands): Year Ended As Restated Other Information December 31, 2021 December 31, 2020 December 31, 2019 Operating Activities Noncash lease expense on operating ROU assets $ 303 $ 268 $ (17,625) Amortization expense on finance ROU assets 611 568 251 Change in total operating lease liabilities 214 5,200 17,359 Principal paid on operating lease liabilities (2,350) (1,323) (4,301) Total Operating Activities $ (1,222) $ 4,713 $ (4,316) Financing Activities Principal paid on finance lease liabilities $ (654) $ (557) $ (281) Supplemental Interest paid on finance lease liabilities $ 93 $ 70 $ 40 As of December 31, 2021, the Company has not entered into any lease agreements with related parties. |
Leases | Leases The Company leases certain office spaces, warehouses, vehicles and equipment under operating leases. Leases with an initial term of 12-months or less are not recorded on the consolidated balance sheets. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into after the adoption of ASC Topic 842, which was adopted on January 1, 2019, the Company combines lease and non-lease fixed components for real estate, vehicles and equipment leases. It does not combine lease and non-lease components for information technology leases. Variable lease costs are not included within the measurement of the lease liability as they are entirely variable or the difference between the portion captured within the lease liability and the actual cost will be expensed as incurred. Variable costs are contractually obligated and relate primarily to common area maintenance and taxes, which are not material to the financial statements. The Company elected the package of practical expedients permitted under the transition guidance, which allowed it to carry forward the historical lease classification, not reassess if existing contracts are or contain leases, and not reassess indirect costs for existing leases. It has elected not to recast the comparable periods and rather used the effective adoption date of the standard as the date of initial application. In determining the present value of lease payments, the Company uses the implicit borrowing rate in the lease, if available. In cases where a lease does not provide an implicit borrowing rate, it uses the incremental borrowing rate based on available information at the lease commencement date. As of December 31, 2021, none of its existing leases provided an implicit borrowing rate. The Company gives consideration to its debt issuances as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. Additionally, it performs an entity-level financial assessment along with risk assessment by country or jurisdiction in the determination of the incremental borrowing rate. It updates its financial and risk assessments periodically. The Company reassesses lease classification and / or remeasures the lease liability in the event of the following: changes in assessment of renewal, termination or purchase option based on triggering events within our control, change in amounts probable of being owed under a residual guarantee, or contingency resolution. Certain leases include one or more options to renew or terminate a lease early. The exercise of these options is at the Company’s sole discretion. There are currently no renewal periods included in any of the leases’ respective lease terms as they are not reasonably certain of being exercised. The Company does not have any material purchase options. Certain of our lease agreements have rental payments that are adjusted periodically for inflation or that are based on usage. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental balance sheet information related to our leases is as follows (in thousands): As Restated December 31, 2021 December 31, 2020 Assets Operating Finance Operating Finance Gross ROU Assets (1) $ 26,657 $ 5,461 $ 25,508 $ 4,991 Less: Accumulated Amortization (9,605) (1,375) (7,312) (858) Net ROU Assets $ 17,052 $ 4,086 $ 18,196 $ 4,133 Liabilities Operating Finance Operating Finance Current (2) $ 3,682 $ 867 $ 3,995 $ 735 Non-current (3) 14,471 3,243 19,405 3,434 Total Lease Liabilities $ 18,153 $ 4,110 $ 23,400 $ 4,169 (1) Operating and finance ROU assets are included within other assets (2) The current portion of operating and finance lease liabilities are recorded within accrued expenses and other current liabilities (3) The non-current portion of operating and finance lease liabilities are recorded within other non-current liabilities The components of lease costs are as follows (in thousands): Year Ended As Restated Lease Costs December 31, 2021 December 31, 2020 December 31, 2019 Operating lease cost (1) $ 5,912 $ 6,794 $ 5,071 Finance lease cost Amortization of leased assets (2) 611 568 251 Interest on lease liabilities (3) 93 70 40 Total finance lease costs 704 638 291 Total lease cost $ 6,616 $ 7,432 $ 5,362 (1) Operating lease costs are recorded within selling, general and administrative expenses or cost of revenues within the consolidated statements of operations depending upon the nature of the underlying lease. (2) Finance lease amortization costs are recorded in cost of revenues, as well as selling, general and administrative expenses within the consolidated statements of operations. (3) Finance lease interest costs are recorded in interest expense, net within the consolidated statements of operations. Short-term lease expense and variable lease cost for the years ended December 31, 2021, 2020, and 2019 were not significant. The estimated future minimum lease payments only include obligations for which the Company is reasonably certain it will exercise its renewal option. Such future payments are as follows (in thousands): Maturity of Lease Liabilities Operating Finance Total 2022 $ 4,775 $ 863 $ 5,638 2023 4,047 819 4,866 2024 3,140 812 3,952 2025 2,114 783 2,897 2026 1,839 685 2,524 After 2026 3,820 742 4,562 Less: Interest 1,582 594 2,176 Total $ 18,153 $ 4,110 $ 22,263 The weighted average remaining lease term and discount rates are as follows: Lease Term and Discount Rate December 31, 2021 December 31, 2020 December 31, 2019 Weighted average remaining lease term (years) Operating leases 5.9 6.3 6.7 Finance leases 5.6 6.2 6.8 Weighted average discount rate (percentage) Operating leases 4.5 % 6.8 % 4.6 % Finance leases 2.0 % 4.8 % 2.0 % Supplemental cash flow information related to leases are as follows (in thousands): Year Ended As Restated Other Information December 31, 2021 December 31, 2020 December 31, 2019 Operating Activities Noncash lease expense on operating ROU assets $ 303 $ 268 $ (17,625) Amortization expense on finance ROU assets 611 568 251 Change in total operating lease liabilities 214 5,200 17,359 Principal paid on operating lease liabilities (2,350) (1,323) (4,301) Total Operating Activities $ (1,222) $ 4,713 $ (4,316) Financing Activities Principal paid on finance lease liabilities $ (654) $ (557) $ (281) Supplemental Interest paid on finance lease liabilities $ 93 $ 70 $ 40 As of December 31, 2021, the Company has not entered into any lease agreements with related parties. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory, Net [Abstract] | |
Inventories | Inventories Inventories consisted of the following (in thousands): As Restated December 31, 2021 December 31, 2020 Raw materials $ 51,911 $ 63,017 Work in process 55,942 44,145 Finished goods 15,490 20,930 Inventories $ 123,343 $ 128,092 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): As Restated December 31, 2021 December 31, 2020 Land $ 31,377 $ 32,802 Buildings and improvements 84,846 85,515 Manufacturing machinery and equipment 122,944 136,160 Computer equipment and software 39,111 38,031 Furniture and fixtures 13,477 13,450 Vehicles 797 545 Construction in progress 15,517 12,133 Property, plant and equipment, at cost 308,069 318,636 Less: Accumulated depreciation (153,608) (152,614) Property, plant and equipment, net $ 154,461 $ 166,022 Depreciation expense for the years ended December 31, 2021, 2020, and 2019 was $22.9 million, $20.4 million, and $22.0 million, respectively. Property, plant and equipment, net, at December 31, 2020 excludes $0.2 million related to Cryo held for sale assets. The Company recorded additions to property, plant and equipment of $1.5 million and $1.0 million in the years ended December 31, 2021 and December 31, 2020, respectively, for which cash payments had not yet been made. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table shows goodwill by segment as of December 31, 2021 and 2020 (in thousands): Aerospace & Defense Industrial Consolidated Goodwill as of December 31, 2020 (As Restated) $ 57,468 $ 79,455 $ 136,923 Impairment — (10,500) (10,500) Heater & Control Valve divestiture — (755) (755) Currency translation adjustments (108) (2,654) (2,762) Goodwill as of December 31, 2021 $ 57,360 $ 65,546 $ 122,906 As Restated As Restated Aerospace & Defense Industrial Consolidated Goodwill as of December 31, 2019 $ 57,385 $ 215,308 $ 272,693 Impairment — (138,078) (138,078) Reclassification of Cryo to assets held for sale — (1,900) (1,900) Currency translation adjustments 83 4,125 4,208 Goodwill as of December 31, 2020 (As Restated) $ 57,468 $ 79,455 $ 136,923 The Company performs an impairment assessment for goodwill at the reporting unit level on an annual basis as of the end of our October month end or more frequently if the Company believes indicators of impairment exist. As part of its annual goodwill impairment assessment during the fourth quarter of 2021, the Company reassessed the aggregation criteria for its reporting units and determined that the Refinery Valves component in the Industrial segment no longer satisfied criteria for aggregation with the Industrial reporting unit and was identified as a separate reporting unit. Accordingly, goodwill of the previously aggregated Industrial reporting unit was reassigned on a relative fair value basis between the Refinery Valves and Industrial reporting units. The reassignment resulted in $10.5 million of goodwill reassigned from the aggregated Industrial reporting unit to the Refinery Valves reporting unit. The Company performed its goodwill impairment assessment immediately before and after the change in reporting units, on the aggregated Industrial reporting unit and disaggregated Refinery Values and Industrial reporting units. The fair value of the aggregated and disaggregated Industrial reporting unit immediately prior to and following the change in reporting units, exceeded its carrying value and its goodwill was not impaired. The fair value of the Refinery Valves reporting unit was less than its carrying value and resulted in a goodwill impairment charge of all of the Refinery Valves reporting unit goodwill in the amount of $10.5 million. The fair value of the Aerospace & Defense reporting unit exceeded its carrying value and its goodwill was not impaired. The Refinery Valves long-lived asset group was not impaired and did not suffer a decline in utility requiring a reassessment of the long-lived assets in the asset group. For the annual goodwill impairment assessment during the fourth quarter of 2021, the Company estimated the fair value of its reporting units, using an income approach based on the present value of future cash flows. The Company believes this approach was the best approximation of fair value of its reporting units and incorporates assumptions market participants would use in estimating the fair value of reporting units. The Company also utilized the implied market value method under the market approach to validate the fair value amount it obtained using a discounted cash flow model income approach which indicated a control premium. The key assumptions utilized in our discounted cash flow model included an estimated rate of revenue growth and the discount rate based on a weighted average cost of capital. The estimated fair values using a discounted cash flow model were reconciled to the value indicated by the market capitalization including an assessment of the implied control premium. The relevant inputs, estimates and assumptions used in the implied market value method included our market capitalization as of the end of October 2021, and selection of a control premium. The Company also performed its annual impairment testing of indefinite-lived assets during the fourth quarter of 2021. This impairment evaluation was performed using the relief from royalty valuation method. Based on this analysis, the fair value of the indefinite-lived assets exceeded their carrying values and the assets were deemed to be not impaired. The Company believes its procedures for estimating fair value were reasonable and consistent with market conditions at the time of estimation. At March 29, 2020, the Company reorganized its reporting units (see Note 19, Business Segment and Geographical Information) and had its stock price drop below book value, which the Company determined were triggering events requiring an assessment of its goodwill and indefinite-lived trade names. The Company's asset groups did not experience a triggering event, and its long-lived assets did not suffer a decline in utility requiring a reassessment of their useful lives. Through its assessment, management determined that its long-lived assets other than goodwill were not impaired. For the assessment of goodwill as of March 29, 2020, the Company estimated the fair value of its two reporting units, Industrial and Aerospace & Defense, using an income approach based on the present value of future cash flows. The Company also utilized the implied market value method under the market approach to validate the fair value amount it obtained using a discounted cash flow model income approach which indicated a control premium. Management believes this approach was the best approximation of fair value of its reporting units given the environment and considering the uncertainty caused by the COVID-19 pandemic. The key assumptions utilized in discounted cash flow model included an estimated rate of revenue growth and the discount rate based on a weighted average cost of capital. The estimated fair values using a discounted cash flow model were reconciled to the value indicated by the market capitalization including an assessment of the implied control premium. The relevant inputs, estimates and assumptions used in the implied market value method included our market capitalization as of March 29, 2020, and selection of a control premium. Based on the impairment assessment as of March 29, 2020, the Company determined that goodwill in the Industrial reporting unit had been impaired and, accordingly, resulted in a goodwill impairment charge of $138.1 million during the first quarter of 2020. This includes a restatement adjustment to increase the originally recognized goodwill impairment charge of $116.2 million, by $21.9 million. The $21.9 million incremental goodwill impairment charge resulted from a decrease to Pipeline Engineering forecasts included in the Industrial reporting unit fair value, identified in the restatement and further discussed in Note 2, Restatement of Previously Issued Consolidated Financial Statements. Historical accumulated goodwill impairments in continuing operations prior to 2020 were immaterial. Goodwill impairment was measured at fair value on a nonrecurring basis using future discounted cash flows and other observable inputs (Level 3). The tables below present gross intangible assets and the related accumulated amortization (in thousands): December 31, 2021 Gross Carrying Accumulated Net Carrying Value Patents $ 5,368 $ (5,368) $ — Customer relationships 302,358 (137,861) 164,497 Acquired technology 135,972 (72,708) 63,264 Total Amortized Assets $ 443,698 $ (215,937) $ 227,761 Non-amortized intangibles (primarily trademarks and trade names) $ 75,715 $ — $ 75,715 Net Carrying Value of Intangible assets $ 303,476 December 31, 2020 Gross Carrying Accumulated Net Carrying Value Patents $ 5,368 $ (5,368) $ — Customer relationships 310,458 (112,411) 198,047 Order backlog 2,000 (2,000) — Acquired technology 138,833 (60,760) 78,073 Total Amortized Assets $ 456,659 $ (180,539) $ 276,120 Non-amortized intangibles (primarily trademarks and trade names) $ 77,475 $ — $ 77,475 Net Carrying Value of Intangible assets $ 353,595 Amortization of intangible assets was $42.3 million, $43.7 million and $47.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. The table below presents estimated future amortization expense for intangible assets recorded as of December 31, 2021 (in thousands): 2022 2023 2024 2025 2026 After 2026 Estimated amortization expense $ 36,655 $ 32,141 $ 28,245 $ 24,727 $ 21,535 $ 84,458 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The significant components of our deferred income tax liabilities and assets were as follows (in thousands): As Restated December 31, December 31, 2021 2020 Deferred income tax (liabilities): Fixed Assets (12,315) (12,485) Intangible Assets (41,425) (50,165) Right of Use Lease (3,175) (4,134) Other (3,957) (2,000) Total deferred income tax liabilities (60,872) (68,784) Deferred income tax assets: Accrued Expenses 4,937 5,126 Bad Debt 2,375 3,995 Equity Compensation 3,191 3,621 Right of Use Lease 3,457 4,332 Inventory 4,768 5,040 Other 6,804 8,082 Net operating loss and credit carry-forward 96,511 88,598 Pension 23,727 36,532 Interest 22,329 16,262 Goodwill 10,813 10,850 Total deferred income tax assets 178,912 182,438 Valuation allowance (139,005) (138,689) Deferred income tax asset, net of valuation allowance 39,907 43,749 Deferred income tax liability $ (20,965) $ (25,035) The (benefit from) provision for income taxes is based on the following pre-tax (loss) income (in thousands): As Restated Year Ended December 31, Year Ended December 31, Year Ended December 31, 2021 2020 2019 Domestic $ (55,752) $ (168,988) $ (42,692) Foreign (2,110) 41,416 25,434 (Loss) income before income taxes $ (57,862) $ (127,572) $ (17,258) The provision for income taxes consisted of the following (in thousands): As Restated Year Ended Year Ended Year Ended 2021 2020 2019 Current provision: Federal - U.S. $ — $ 165 $ — Foreign 7,942 8,415 16,509 State -U.S. 232 548 596 Total current provision $ 8,174 $ 9,128 $ 17,105 Deferred expense (benefit): Federal - U.S. $ 130 $ 39,293 $ 7,333 Foreign (3,052) 5,033 (11,346) State -U.S. (70) 2,448 (40) Total expense (benefit) deferred (2,992) 46,774 (4,053) Total provision for income taxes $ 5,182 $ 55,902 $ 13,052 Actual income taxes reported from operations were different from those that would have been computed by applying the federal statutory tax rate to (loss) income before income taxes. The expense for income taxes differed from the U.S. statutory rate due to the following: As Restated Year Ended Year Ended Year Ended 2021 2020 2019 Expected federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit (0.3) (2.1) 9.1 Impairment — (6.5) — U.S. permanent differences (1.7) — (1.0) Foreign tax rate differential 3.7 2.8 (23.5) Unbenefited losses — — (0.3) Tax reserve (2.6) (0.6) (0.2) Rate Change (1.7) (0.1) 3.5 GILTI — — (2.3) Intercompany financing — — 17.8 Foreign-derived intangible income (“FDII”) — — 6.3 Prior period adjustment 0.2 1.4 25.8 Dispositions (1.0) (0.7) (129.4) Valuation Allowance (24.7) (59.1) — Other, net (5.2) 0.3 (9.4) Equity compensation 2.0 (0.3) (0.7) Research and development 1.3 — 7.7 Effective tax rate (9.0) % (43.8) % (75.6) % ASC 740, Income Taxes, requires a valuation allowance to reduce deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. The weight given to the potential effect of negative and positive evidence should be commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, (a) the more positive evidence is necessary and (b) the more difficult it is to support a conclusion that a valuation allowance is not needed for some portion, or all, of the deferred tax asset. Should there be a cumulative loss in recent years it is considered a significant piece of negative evidence that is difficult to overcome in assessing the need for a valuation allowance. The Company recognized a valuation allowance for the German and the U.S. net DTAs during the year ended December 31, 2020. The Company reviewed the retention of the German and U.S. valuation allowances as of December 31, 2021. In both the case of Germany and the U.S. there is a cumulative three year loss at December 31, 2021. The Company concluded that the negative evidence outweighed the positive evidence as of December 31, 2021. Therefore, the Company has not relied on projections of future taxable income in our assessment of the realization of deferred tax assets at December 31, 2021. The Company maintained a valuation allowance related to the German deferred tax assets of $13.2 million and $17.3 million, as of December 31, 2021 and December 31, 2020, respectively. The Company maintained a valuation allowance related to the U.S. deferred tax assets of $73.1 million and $67.9 million, a s of December 31, 2021 and December 31, 2020, respectively. As of December 31, 2021, and 2020, the Company maintained a total valuation allowance of $139.0 million and $138.7 million, respectively, which relates to foreign, federal, and state deferred tax assets as of December 31, 2021 and foreign, federal and state deferred tax assets as December 31, 2020. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as our projections for growth. The following table provides a summary of the changes in the deferred tax valuation allowance for the years ended December 31, 2021, 2020, and 2019 (in thousands): December 31, As Restated 2021 2020 2019 Deferred tax valuation allowance at January 1 $ 138,689 $ 46,967 $ 54,716 Additions 9,329 91,866 1,456 Acquired — — 150 Deductions (9,013) (144) (9,355) Deferred tax valuation allowance at December 31 $ 139,005 $ 138,689 $ 46,967 The Company files income tax returns in the US federal, state and local jurisdictions and in foreign jurisdictions. The Company is no longer subject to examination by the Internal Revenue Service (“IRS”) for years prior to 2018 and is no longer subject to examination by the tax authorities in foreign and state jurisdictions prior to 2006, with the exception of net operating loss carryforwards. The Company is currently under examination for income tax filings in various foreign jurisdictions. As of December 31, 2021, the Company had U.S. federal net operating losses of $55.6 million, U.S. tax credits of $21.4 million, foreign net operating losses of $202.0 million, state net operating losses of $151.2 million and state tax credits of $4.0 million. As of December 31, 2020, the Company had U.S. federal net operating losses of $27.1 million, U.S. tax credits of $20.9 million, foreign net operating losses of $206.7 million, state net operating losses of $109.5 million and state tax credits of $2.3 million. The U.S. tax credits, if not utilized, will expire in 2026-2037. A portion of the foreign net operating losses $100.2 million expire at various dates through 2036; the remainder have an unlimited carryforward period. The federal net operating losses have an unlimited carryforward period. The state net operating losses and state tax credits, if not utilized, will expire at various dates through 2040. As of December 31, 2021, the liability for uncertain income tax positions was approximately $2.6 million. Approximately $0.9 million as of December 31, 2021 represents the amount that if recognized would affect the Company’s effective income tax rate in future periods. The Company does not expect the unrecognized tax benefits to change over the next 12 months. The table below does not include interest and penalties of $0.2 million and $0.1 million as of December 31, 2021 and 2020, respectively. The following is a reconciliation of the Company’s liability for uncertain income tax positions for the years ended December 31, 2021, 2020 and 2019 (in thousands): December 31, 2021 2020 2019 Balance beginning January 1 $ 1,078 $ 630 $ 593 Additions/(reductions) for tax positions of prior years 1,529 448 — Additions/(reductions) based on tax positions related to current year 212 — 37 Tax Audit Settlement (200) — — Currency movement (41) — — Balance ending December 31 $ 2,578 $ 1,078 $ 630 Undistributed e arnings of our foreign subsidiaries amounted to $89.0 million and $108.0 million at December 31, 2021 and December 31, 2020, respectively. The undistributed earnings of our foreign subsidiaries (except for one of our China subsidiaries) are considered to be indefinitely reinvested unless earnings can be repatriated in a tax efficient manner and accordingly, no provision f or income taxes has been recorded (except for withholding taxes related to the forementioned China subsidiary). Determination of the amount of unrecognized deferred tax liability on these undistributed earnings is not practicable because of the complexity of laws and regulations, the varying tax treatment of alternative repatriation scenarios, and the variation due to multiple potential assumptions relating to the timing of any future repatriation. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As Restated December 31, December 31, 2021 2020 Customer deposits and obligations $ 18,636 $ 18,540 Commissions payable and sales incentive 3,594 3,601 Warranty reserve 2,739 2,206 Professional fees 2,529 1,836 Taxes other than income tax 3,091 3,900 Other contract liabilities 8,215 6,182 Income tax payable 3,075 5,858 Short term pension liability and other post-employment benefits (OPEB) 4,560 4,939 Operating lease liability 3,682 3,995 Other 31,877 27,983 Total accrued expenses and other current liabilities $ 81,998 $ 79,040 |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements Debt Long-term debt consisted of the following (in thousands): As Restated December 31, December 31, 2021 2020 Term Loan at interest rates ranging from 4.3%-5.0% in 2021 and 4.3%-5.2% in 2020 $ 525,000 $ 492,038 Line of Credit at interest rates ranging from 3.6%-6.75% in 2021 and 3.6%-7.2% in 2020 — 27,900 Short-Term Borrowings 1,311 1,624 Total Principal Debt Outstanding 526,311 521,562 Less: Unamortized Discount and Debt Issuance Costs 13,006 12,050 Less: Short-Term Borrowings and Current Portion of Long-Term Debt 1,611 1,624 Total Long-Term Debt, net $ 511,694 $ 507,888 2022 2023 2024 2025 2026 Thereafter Minimum principal payments $ 1,611 $ 5,300 $ 5,300 $ 5,300 $ 5,300 $ 503,500 On December 20, 2021, the Company entered into a secured credit agreement (the “New Credit Agreement”), which provides for a $100.0 million revolving line of credit with a five year maturity and a $530.0 million term loan with a seven year maturity which was funded in full at closing. The New Credit Agreement replaced and terminated the Company’s prior credit agreement, dated as of December 11, 2017 (the “Prior Credit Agreement”). The Prior Credit Agreement, under which the Company had borrowings of $492.0 million on its term loan and $38.7 million on its revolving line of credit, was terminated on December 20, 2021. The term loan requires quarterly principal payments of 0.25% of initial aggregate principal amount until maturity. The Company has mandatory debt repayment obligations of $5.3 million per year ($1.3 million per quarter) until 2028 under the New Credit Agreement. However, since the Company made a $5.0 million prepayment on its term loan on December 31, 2021, only $0.3 million remains due in 2022. During 2020, the Company paid down $161.8 million on its term loan under the Prior Credit Agreement from proceeds received through the sale of the I&S business. During 2019, the Company paid down its term loan under the Prior Credit Agreement by $123.3 million primarily with divestiture-related proceeds. Per the New Credit Agreement, additional loans may be made available under the New Credit Agreement up to the greater of $100.0 million or 80% of total earnings before interest, taxes, depreciation, and amortization plus the amount of certain voluntary prepayments and plus an amount subject to compliance with a first lien net leverage ratio of 4.50 to 1.00 or less upon request by the Company subject to specified terms and conditions. The Company may repay any borrowings under the New Credit Agreement at any time, subject to certain limited and customary restrictions stated; provided, however, that if the Company prepays all or any portion of the term loan in connection with a repricing transaction on or prior to the 6-month anniversary of the origination date, the Company must pay a prepayment premium of 1.0% of the aggregate principal amount of the term loan so prepaid. The New Credit Agreement was subsequently amended on April 8, 2022 and then again on May 27, 2022, as further described at Note 22, Subsequent Events. In connection with the Prior Credit Agreement, the Company had $9.3 million of unamortized debt discount and debt issuance costs associated with its term loan and $1.2 million unamortized deferred financing fees associated with its revolver as of the agreement termination date of December 20, 2021. Under the New Credit Agreement, the Company incurred $12.0 million of debt discount and issuance costs associated with the term loan and $0.8 million of fees associated with the revolver. For the new term loan, the Company evaluated the accounting for this transaction under ASC 470 to determine modification versus extinguishment accounting on a creditor-by-creditor basis. As a result, the Company accounted for a combination of old and new debt discount and issuance costs totaling $13.0 million as a modification (recorded as a debt discount and issuance costs on the consolidated balance sheet) and accounted for $8.3 million as a debt extinguishment (included in special charges on the consolidated statements of operations). For the new revolving credit facility, $0.4 million of unamortized deferred financing fees was written off as a debt extinguishment (included in special charges on the consolidated statements of operations) and $0.8 million was rolled into the New Credit Agreement (included in other assets) based on the borrowing capacity with the underlying banks. As of December 31, 2021, the Company had borrowings of $525.0 million outstanding under the New Credit Agreement compared to $519.9 million as of December 31, 2020 under the Prior Credit Agreement. In addition, the Company had $1.3 million and $1.6 million in other short-term borrowings as of December 31, 2021 and December 31, 2020, respectively. The Company h ad $24.7 million a nd $30.4 million in letters of credit issued under the New Credit Agreement and Prior Credit Agreement as of December 31, 2021 and December 31, 2020, respectively. The Company recorded non-cash interest expense of $3.9 million, $4.1 million, and $3.9 million for the years ended December 31, 2021, 2020 and 2019, respectively, related to the amortization of its deferred financing costs. The New Credit Agreement revolving line of credit facility matures on December 20, 2026 whereas the term loan facility matures on December 20, 2028. The Company's outstanding debt balances are characterized as Level 2 financial instruments. As of December 31, 2021, the estimated fair value of its gross debt (before netting debt issuance costs) was $524.3 million, or $2.0 million under its carrying value of $526.3 million. This compares to an estimated fair value of $519.0 million, or $2.6 million under its carrying value of $521.6 million as of December 31, 2020. Financial Instruments As of December 31, 2021 and December 31, 2020, the Company had restricted cash balances of $1.4 million and $1.7 million , respectively. These balances are recorded within prepaid expenses and other current assets on the consolidated balance sheets, and are included within cash, cash equivalents and restricted cash in the consolidated statements of cash flows. Effective July 2019, the Company entered into a cross-currency swap agreement to hedge its net investment in non-U.S. subsidiaries against future volatility in exchange rates between the U.S. dollar and the Euro. The three-year cross-currency swap had a fixed notional value of $100.0 million at an annual rate of 2.4065% and a maturity date of July 12, 2022. At inception, the cross-currency swap was designated as a net investment hedge. This hedging agreement mitigated foreign currency exchange rate exposure on the Company's net investment in Euro denominated subsidiaries and was not for speculative trading purposes. The cross-currency swap agreement was pursuant to an ISDA Master Agreement with Deutsche Bank AG and provided for early termination if the counterparty ceased to be part of the Company's secured lender group. Concurrent with the New Credit Agreement, the cross-currency swap was terminated in December 2021 and settled at its then fair value of $0.1 million. As of December 31, 2020 the cross-currency swap had a net fair value liability of $6.2 million . Effective April 2018, the Company entered into an interest rate swap pursuant to an ISDA Master Agreement with Citizens Bank, National Association. The four-year interest rate swap has a fixed notional value of $400.0 million with a 1% LIBOR floor and a maturity date of April 12, 2022. The ISDA Master Agreement, together with its related schedules, contain customary representations, warranties and covenants. The interest rate swap continues to be highly effective at achieving offsetting cash flows attributable to the hedged risk under the New Credit Agreement for its remaining term to April 2022. The interest rate swap is a qualifying hedging instrument and is accounted for as a cash flow hedge pursuant to ASC Topic 815, Derivatives and Hedging. As of December 31, 2021 and December 31, 2020, the interest rate swap had a fair value liability of $2.2 million and $8.6 million , respectively. The aggregate net fair value of the interest rate swap and cross-currency swap as of December 31, 2021 and December 31, 2020 are summarized in the table below (in thousands): Significant Other Observable Inputs Level 2 2021 2020 Derivative asset $ — $ 2,359 Derivative liabilities $ (2,187) $ (17,139) Derivative balances are recorded in accrued expenses and other current liabilities o f $(2.2) million on the Company's consolidated balance sheet as of December 31, 2021. December 31, 2020 balances are recorded in other non-current liabilities of $(10.6) million, accrued expenses and other current liabilities of $(6.5) million, and prepaid expenses and other current assets of $2.4 million. The amount of gain (loss) recognized in other comprehensive (loss) income (“OCI”) and reclassified from accumulated other comprehensive (loss) income (“AOCI”) to earnings are summarized below (in thousands): Year Ended December 31, 2021 December 31, 2020 Amount of gain (loss) recognized in OCI $ (284) $ (5,433) Amount of (loss) reclassified from AOCI to earnings (interest expense, net) $ (6,682) $ (6,162) At December 31, 2021, amounts expected to be reclassified from AOCI into interest expense in the next 12 months is a loss of $1.8 million. Interest expense related to the portion of the Company's term loan subject to the interest-rate swap agreement was $24.0 million for the year ended December 31, 2021 and $24.1 million for the year ended December 31, 2020. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Company has three share-based compensation plans as of December 31, 2021: (1) the 2019 Stock Option and Incentive Plan (the “2019 Plan”), (2) the 2014 Stock Option and Incentive Plan (the “2014 Plan”), and (3) the Amended and Restated 1999 Stock Option and Incentive Plan (the “1999 Plan”). The 2019 Plan was adopted by its Board of Directors (subject to shareholder approval) on February 20, 2019 and approved by its shareholders at the Company's annual meeting on May 9, 2019. On May 25, 2021 at the Company's annual meeting, the Company's shareholders approved an amendment to the 2019 Plan increasing the number of shares available for issuance from 1,000,000 to 2,000,000 shares (subject to adjustment for stock splits and similar events). As of May 9, 2019, no new awards will be granted under either the 2014 Plan or the 1999 Plan. As a result, any shares subject to outstanding awards under the 2014 Plan and the 1999 Plan that expire, are canceled or otherwise terminate, or are withheld to satisfy tax withholding obligations will not be available for award grant purposes under the 2019 Plan. All plans permit the grant of the following types of awards to its officers, other employees and non-employee directors: incentive stock options, nonqualified stock options, deferred stock awards, restricted stock awards, restricted stock unit (“RSU”) awards, unrestricted stock awards, performance share awards, cash based awards, stock appreciation rights (“SARs”) and dividend equivalent rights. Under the 2019 Plan, shares issued for all awards count against the aggregate share limit as 1.0 share for every share actually issued. All stock options and RSUs granted under the 1999 Plan are either 100% vested or have been terminated. RSUs granted under the 2014 Plan and the 2019 Plan generally vest within three years. RSUs will be settled in shares of the Company's common stock. As of December 31, 2021, there were 1,274,109 shares available for grant under the 2019 Plan. As of December 31, 2021, there were 596,753 stock options and 507,647 RSUs outstanding. The Company measures the cost of all share-based payments, including stock options, at fair value on the grant date and recognizes this cost in the consolidated statements of operations, net of actual forfeitures. Compensation expense related to its share-based plans for the years ended December 31, 2021, 2020, and 2019 was $5.3 million, $5.5 million and $5.4 million, respectively. During 2021, expenses related to share-based compensation were recorded entirely in selling, general and administrative expenses. During 2020, $0.2 million of share based compensation expense was classified in discontinued operations related to the sale of the DV business and is not included in the expense of $5.5 million which relates to continuing operations. As of December 31, 2021, there was $7.4 million of total unrecognized compensation cost related to the Company's outstanding share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 2.0 years. This compares to $5.4 million for 2020 and $8.1 million for 2019, respectively. Stock Options During the years ended December 31, 2021 and December 31, 2020, there were no stock option awards granted for the purchase of shares of the Company's common stock, compared with 153,726 granted in 2019. The Company uses the Black Scholes pricing model to fair value the option awards. The average fair value of stock options granted during 2019 was $11.84 and was estimated using the following weighted-average assumptions: Year Ended December 31, 2019 Risk-free interest rate 2.6 % Expected life (years) 4.3 Expected stock volatility 38.1 % Expected dividend yield — % There were no stock option gran ts during 2021 and 2020 . Restricted Stock Units The Company accounts for RSU awards by expensing the weighted average fair value to selling, general and administrative expenses ratably over vesting periods generally ranging up to three years. During the years ended December 31, 2021, December 31, 2020, and December 31, 2019, the Company granted 245,345, 616,612 and 205,291 RSUs, respectively, with weighted average fair values of $40.53 , $12.88, a nd $32.92 per RSU award, respectively. On April 2, 2020, the Company granted 44,511 RSUs to its former Senior Vice President and Chief Financial Officer as an inducement RSU award upon his joining the Company. This award was granted outside the 2019 Plan pursuant to applicable New York Stock Exchange rules and vests ratably over a three year period. This award is no longer outstanding as of December 31, 2021; 14,837 shares of this award vested during 2021 and 29,674 shares were forfeited. During 2021, 2020, and 2019, the Company granted performance-based RSUs as part of the overall mix of RSU awards. In 2021, these performance-based RSU awards include a market condition based on the Company's total shareholder return relative to a subset of the S&P 600 SmallCap Industrial Companies over a three year performance period. The target payout range is 0% to 200% with a cap not to exceed 600% of the target value on grant date. The 2021 performance-based RSUs are valued using a Monte Carlo Simulation model to account for the market condition on grant date. In 2020, these performance-based RSU Awards included metrics for achieving Adjusted Operating Margin and Adjusted Measurement Cash Flow with target payouts ranging from 0% to 200%. In 2019, these performance-based RSUs included metrics for achieving adjusted operating margin and adjusted free cash flow with the same target payouts as the 2020 awards. Of the different performance-based RSU tranches without a market condition, the Company anticipates approxim ately 1% overall ac hievement and probability to vest. Of the 245,345 RSUs granted during 2021, 70,933 are performance-based RSU awards. This compares to 109,278 and 67,362 performance-based RSU awards granted in 2020 and 2019, respectively. The CIRCOR Management Stock Purchase Plan (“MSPP”), which is a component of all three of the Company's share-based compensation plans, provides that eligible employees may elect to receive RSUs in lieu of all or a portion of their pre-tax annual incentive bonus and, in some cases, make after-tax contributions in exchange for RSUs (“RSU MSPs”). Each RSU MSP represents a right to receive one share of the Company's common stock after a three-year vesting period. RSU MSPs are granted at a discount of 33% from the fair market value of the shares of common stock on the date of grant. This discount is amortized as compensation expense, to selling, general and administrative expenses, over a four-year period. During 2021, RSU MSPs totaling 31,248 were granted with per unit discount amounts representing fair values of $13.14. There were no RSU MSPs granted during 2020. RSU MSPs totaling 56,379 with per unit discount amounts representing fair values of $11.10 were granted under the MSPP during the year ended December 31, 2019. A summary of the status of all stock options and RSU awards granted to employees and non-employee directors as of December 31, 2021 and changes during the year are presented in the table below: December 31, 2021 Stock Options RSU Awards RSU MSPs Shares Weighted Shares Weighted Shares Weighted Options and awards outstanding at beginning of period 666,785 $ 43.31 666,627 $ 17.11 78,298 $ 24.99 Granted — $ — 245,345 $ 40.53 31,248 $ 26.68 Exercised/Settled (4,506) $ 33.63 (337,993) $ 17.58 (32,582) $ 34.44 Added by performance factor — $ — 1,133 $ 42.62 — $ — Forfeited (3,661) $ 33.63 (129,716) $ 23.65 (14,713) $ 23.65 Expired (61,865) $ 51.58 — $ — — $ — Options and awards outstanding at end of period 596,753 $ 42.58 445,396 $ 27.81 62,251 $ 24.35 Options and awards exercisable at end of period 554,874 $ 43.26 1,338 $ 42.62 — $ — The weighted average contractual term for stock options outstanding and exercisable as of December 31, 2021 was 2.2 years and 2.1 years, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2021, 2020 and 2019 was $0.0 million, $0.0 million and $0.0 million, respectively. The aggregate fair value of stock-options vested during the years ended December 31, 2021, 2020, and 2019 was $1.1 million, $1.7 million, and $1.8 million, respectively. The aggregate intrinsic value of stock options outstanding and exercisable as of December 31, 2021 was $0.0 million and $0.0 million, respectively. As of December 31, 2021, there was $0.1 million of total unrecognized compensation cost related to stock options expected to be recognized over a weighted average period of 0.2 years. The aggregate intrinsic value of RSU awards settled during the years ended December 31, 2021, 2020, and 2019 was $12.2 million, $1.9 million, and $2.0 million, respectively. The aggregate fair value of RSU awards vested during the 12 months ended December 31, 2021, 2020 and 2019 was $6.0 million, $3.0 million, and $2.6 million, respectively. The aggregate intrinsic value of RSU awards outstanding as of December 31, 2021 was $12.1 million. As of December 31, 2021, there was $7.1 million of total unrecognized compensation cost related to RSU awards that is expected to be recognized over a weighted average period of 2.0 years . There we re no RSU MSPs exercisable as of December 31, 2021 compared to 1,469 as of December 31, 2020, and 5,446 as of December 31, 2019. The aggregate intrinsic value of RSU MSPs settled during the years ended December 31, 2021, 2020, and 2019 was $0.2 million, $0.0 million, and $0.0 million, respectively. The aggregate fair value of RSU MSPs vested during the years ended December 31, 2021, 2020, and 2019 was $0.4 million, $0.4 million, and $0.2 million, respectively. The aggregate intrinsic value of RSU MSPs outstanding as of December 31, 2021 was $0.2 million. As of December 31, 2021, there was $0.3 million of total unrecognized compensation costs related to RSU MSPs that is expected to be recognized over a weighted average period of 2.1 years. The following table summarizes information about equity awards outstanding at December 31, 2021: Equity Awards Outstanding Equity Awards Exercisable (aggregate intrinsic value in thousands) Awards Average Share Price * Aggregate Intrinsic Value Remaining Term ** Awards Average Share Price * Aggregate Intrinsic Value Remaining Term ** Stock Options 596,753 $ 42.58 $ — 2.2 554,874 $ 43.26 $ — 2.1 RSU Awards 445,396 $ 27.81 $ 12,106 1.5 1,338 $ 42.62 $ 36 N/A RSU MSPs 62,251 $ 24.35 $ 176 1.1 — $ — $ — N/A * Weighted-average exercise price per share for options and weighted- average grant date price for RSUs. ** Weighted-average contractual remaining term in years. The Company also grants cash settled stock unit awards to some of its international employee participants. These cash settled awards generally vest ratably over a three year period based on the closing price of the Company's common stock at the time of vesting. As of December 31, 2021, there were 33,454 cash settled stock unit awards outstanding compared with 43,061 cash settled stock unit awards outstanding as of December 31, 2020. During 2021, the aggregate cash used to settle cash settled stock unit awards was $0.7 million. As of December 31, 2021, the Company had $0.4 million in accrued expenses and other current liabilities for cash settled stock unit awards compared with $0.7 million as of December 31, 2020. Cash settled stock unit award related compensation costs for the year ended December 31, 2021 totaled $0.6 million and were recorded entirely in selling, general and administrative expense. In 2020, cash settled stock unit award-related compensation costs totaled $0.7 million and were recorded as follows: $0.6 million as selling, general and administrative expense and $0.1 million as special charges related to the sale of the I&S business. The special charge amount related to the accelerated vesting of awards as a result of the transaction. In 2019, cash settled stock unit award-related compensation costs totaled $1.4 million and were recorded as follows: $1.1 million as selling, general and administrative expense and $0.3 million as special charges related to the sale of the EV business. The variability in cash settled stock unit award related compensation costs year over year was primarily driven by changes in stock price. |
Concentrations of Risk
Concentrations of Risk | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | Concentrations of RiskFinancial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments, trade receivables and contract assets. A significant portion of its revenue, receivables and contract assets are from customers associated with the aerospace, defense, and industrial markets. The Company performs ongoing credit evaluations of its customers including obtaining advance payments or other security when appropriate and maintains allowances for potential credit losses. For the years ended December 31, 2021, 2020, and 2019, the Company had no customers that accounted for more than 10% of its consolidated revenues. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits, Description [Abstract] | |
Retirement Plans | Retirement Plans U.S. Contribution Plan The Company offers a savings plan to eligible U.S. employees. The plan is intended to qualify under Section 401(k) of the Internal Revenue Code. Substantially all of its U.S. employees are eligible to participate in the 401(k) savings plan. Participating employees may defer a portion of their pre-tax compensation, as defined, but not more than statutory limits. Under this plan, the Company matches a specified percentage of employee contributions, and are able to make a discretionary core contribution, subject to certain limitations. The Company contributes 100% of the amount contributed by the employee, up to a maximum of 4% of the employee's earnings. Matching contributions under the updated 401(k) benefit plan vest 0% after one year, 50% after two years, and full vesting after three years of service. In the first quarter of 2020, the Company temporarily suspended the 401(k) match for certain employee populations for the year. In the first quarter of 2021 the Company reinstated the temporarily suspended 401(k) match. The cost of the Company's 401(k) plan is outlined below (in thousands): Year Ended December 31, 2021 2020 2019 Cost of 401(k) plan $ 4,226 $ 458 $ 3,428 Pension & Other Post-Retirement Benefit Obligations The Company also sponsors various defined benefit plans, and other post-retirement benefits plans, including health and life insurance, for former employees of an acquired business. These plans include significant benefit obligations which are calculated based on actuarial valuations. Key assumptions are made in determining these obligations and related net periodic benefit costs, including discount rates, mortality, and expected long-term return on plan assets. The Company maintains a qualified noncontributory defined benefit pension plan, a nonqualified, noncontributory defined benefit supplemental pension plan, and other post-retirement benefit plans, including health and life insurance in the U.S. which are frozen. To date, the supplemental and the other post-retirement benefits plans remain unfunded. Outside of the U.S., the Company sponsors various funded and unfunded defined benefit plans. The obligations are primarily attributed to a partially funded plan in Germany and a fully funded plan in the U.K. During fiscal year 2021, the Company made cash contributions of approximately $0.8 million to its U.S. plans and $4.3 million to its foreign plans. In 2022, it expects to make defined benefit plan contributions based on the minimum required funding in accordance with statutory requirements (approximately $1.0 million in the U.S. and approximately $3.6 million for its foreign plans). The estimates for plan funding for future periods may change as a result of the uncertainties concerning the return on plan assets, the number of plan participants, and other changes in actuarial assumptions. The Company anticipates fulfilling these commitments through the generation of cash flow from operations. The components of net periodic benefit cost for the postretirement plans were as follows (in thousands): Pension Benefits Other Post-retirement Benefits Year Ended December 31, Year Ended December 31, 2021 2020 2019 2021 2020 2019 Components of net periodic benefit cost: Service cost $ 3,235 $ 2,812 $ 2,694 $ 3 $ 3 $ 2 Interest cost 4,019 6,958 10,061 160 262 359 Expected return on assets (10,094) (11,737) (11,979) — — — Net actuarial (gain) / loss — — — — — — Amortization — — — — — — Net periodic benefit cost (2,840) (1,967) 776 163 265 361 Net loss (gain) amortization 912 279 441 — — (32) Prior service cost amortization 17 15 15 — — — Total amortization 929 294 456 — — (32) Net periodic benefit cost $ (1,911) $ (1,673) $ 1,232 $ 163 $ 265 $ 329 The weighted average assumptions used in determining the net periodic benefit cost and benefit obligations for the post-retirement plans are shown below: Pension Benefits Other Post-retirement Benefits Year Ended December 31, Year Ended December 31, 2021 2020 2019 2021 2020 2019 Net periodic benefit cost: Discount rate – U.S. 1.93% 2.83% 3.93% 2.65 % 3.05% 4.10% Discount rate – Foreign 0.82% 1.24% 2.00% N/A N/A N/A Expected return on plan assets - U.S. 4.50% 5.50% 6.25% N/A N/A N/A Expected return on plan assets - Foreign 2.20% 2.95% 3.70% N/A N/A N/A Rate of compensation increase - Foreign 3.20% 3.20% 3.15% N/A N/A N/A Benefit obligations: Discount rate – U.S. 2.41% 1.93% 2.83% 2.26 % 2.26% 3.05% Discount rate – Foreign 1.30% 0.82% 1.24% N/A N/A N/A Rate of compensation increase - Foreign 3.20% 3.20% 3.09% N/A N/A N/A The amounts reported for net periodic benefit cost and the respective benefit obligation amounts are dependent upon the actuarial assumptions used. The Company reviews historical trends, future expectations, current market conditions, and external data to determine the assumptions. The actuarial assumptions used to determine the net periodic pension cost are based upon the prior year’s assumptions used to determine the benefit obligation. Effective with fiscal year 2018, the Company changed the method used to estimate the service and interest cost components of the net periodic benefit costs for all of its plans in the U.S., U.K., and Germany. The new method uses the spot yield curve approach to estimate the service and interest costs by applying the specific spot rates along the yield curve used to determine the benefit obligations to relevant projected cash outflows. The Company changed to the new method to provide a more precise measure of interest and service costs by more closely correlating the application of the discrete spot yield curve rates with the projected benefit cash flows. Prior to fiscal year 2018, the service and interest costs were determined using a single weighted-average discount rate used to measure the benefit obligation at the measurement date. Assumed health care cost trend rates pre-65 trend at December 31, 2021 and 2020 were 7.5% and 6.5%, respectively. The rate to which the cost trend rate is assumed to decline (the ultimate trend rate) for December 31, 2021 and 2020 were 4.5% and 4.5%, respectively, and the years that the rate reaches the ultimate trend rate were 2034 and 2029, respectively. Assumed health care cost trend rates post-65 trend at December 31, 2021 and 2020 were 7.5% and 6.5%, respectively. The rate to which the cost trend rate is assumed to decline (the ultimate trend rate) for December 31, 2021 and 2020 were 4.5% and 4.5%, respectively, and the year that the rate reaches the ultimate trend rate were 2034 and 2029, respectively. In selecting the expected long-term return on assets for the qualified and foreign plans, the Company considered the average rate of earnings expected on the funds invested or to be invested to provide for the benefits of these plans. It, with input from the plans’ professional investment managers and actuaries, also considered the average rate of earnings expected on the funds invested or to be invested to provide plan benefits. This process included determining expected returns for the various asset classes that comprise the plans’ target asset allocation. This basis for selecting the long-term return on assets is consistent with the prior year. Using generally accepted diversification techniques, the plans’ assets, in aggregate and at the individual portfolio level, are invested so that the total portfolio risk exposure and risk-adjusted returns best meet the plans’ long-term benefit obligations to employees. Plan asset allocations are reviewed periodically and rebalanced to achieve target allocation among the asset categories when necessary. This included considering the pension asset allocation and the expected returns likely to be earned over the life of the plans. The funded status of the defined benefit post-retirement plans and amounts recognized in the consolidated balance sheets, measured as of December 31, 2021 and December 31, 2020 were as follows (in thousands): Pension Benefits Other Post-retirement Benefits December 31, December 31, 2021 2020 2021 2020 Change in projected benefit obligation: Balance at beginning of year $ 412,834 $ 382,179 $ 10,893 $ 10,193 Service cost 3,235 2,812 3 3 Interest cost 4,019 6,958 160 262 Amendments — 12 — — Actuarial (gain) loss (1) (24,873) 30,833 (382) 828 Exchange rate (gain) loss (9,597) 12,541 0 — Benefits paid (21,808) (22,501) (430) (393) Balance at end of year $ 363,810 $ 412,834 $ 10,244 $ 10,893 Change in fair value of plan assets: Balance at beginning of year $ 247,821 $ 235,297 $ — $ — Actual return on assets 22,375 29,624 — — Exchange rate (loss) gain (305) 895 — — Benefits paid (21,808) (22,501) (430) (393) Employer contributions 4,694 4,506 430 393 Fair value of plan assets at end of year (2) $ 252,777 $ 247,821 $ — $ — Funded status: Excess of benefit obligation over the fair value of plan assets $ (111,033) $ (165,013) $ (10,244) $ (10,893) Pension plan accumulated benefit obligation (“ABO”) $ 363,810 $412,834 N/A N/A (1) The changes in benefit obligations were primarily drive by changes in discount rates in both U.S. and foreign obligations. (2) Refer to table below for further disclosure regarding the fair value of plan assets. The fair values of the Company’s pension plan assets as of December 31, 2021 and 2020 utilizing the fair value hierarchy were as follows (in thousands): December 31, 2021 December 31, 2020 Measured at Net Asset Value (1) Level 1 Level 2 Level 3 Total Measured at Net Asset Value (1) Level 1 Level 2 Level 3 Total U.S. Plans: Cash Equivalents: Money Market Funds $ 21 $ 867 $ — $ — $ 888 $ 21 $ 656 $ — $ — $ 677 Mutual Funds: Bond Funds $ 46,956 — — — 46,956 — — — — — Comingled Pools: Opportunistic 5,930 — — — 5,930 20,827 — — — 20,827 Investment Grade 105,217 — — — 105,217 59,013 — — — 59,013 Non-U.S. Equity 20,596 — — — 20,596 53,570 — — — 53,570 U.S. Equity 43,067 — — — 43,067 84,186 — — — 84,186 Global Low Volatility — — — — — 20 — — — 20 Insurance Contracts — — 815 — 815 — — 807 — 807 Foreign Plans: Cash — 245 — — 245 — 85 — — 85 Equity — 11,733 — — 11,733 — 11,229 — — 11,229 Non-U.S. government and corporate bonds — 17,050 — — 17,050 — 17,092 — — 17,092 Insurance Contracts — — — 280 280 — — 38 277 315 Other — — — — — — — — — Total Fair Value $ 221,787 $ 29,895 $ 815 $ 280 $ 252,777 $ 217,637 $ 29,062 $ 845 $ 277 $ 247,821 (1) Certain investments that are measured at fair value using NAV have not been classified in the fair value hierarchy. These investments, consisting of common/collective trusts, are valued using the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund that are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term. The following information is presented as of December 31, 2021 and 2020 (in thousands): Pension Benefits Other Post-retirement Benefits 2021 2020 2021 2020 Funded status, end of year: Fair value of plan assets $ 252,777 $ 247,821 $ — $ — Projected Benefit obligation (363,810) (412,834) (10,244) (10,893) Net pension liability $ (111,033) $ (165,013) $ (10,244) $ (10,893) Post-retirement amounts recognized in the balance sheet consists of: Non-current asset $ 13,799 $ 2,885 $ — $ — Current liability (3,951) (4,256) (609) (683) Non-current liability (120,881) (163,642) (9,635) (10,210) Total $ (111,033) $ (165,013) $ (10,244) $ (10,893) Amounts recognized in accumulated other comprehensive loss consist of: Net losses (gains) $ 6,375 $ 45,339 $ (437) $ (55) Prior service cost 308 328 — — Total $ 6,683 $ 45,667 $ (437) $ (55) As of December 31, 2021, the benefit payments expected to be paid in each of the next five years and the aggregate for the five fiscal years thereafter were as follows (in thousands): 2022 2023 2024 2025 2026 Thereafter Pension Benefits - All Plans $ 22,132 $ 21,777 $ 21,430 $ 20,926 $ 20,433 $ 93,400 Other Post-retirement Benefits 609 591 566 556 540 2,437 Expected benefit payments $ 22,741 $ 22,368 $ 21,996 $ 21,482 $ 20,973 $ 95,837 |
Contingencies, Commitments and
Contingencies, Commitments and Guarantees | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Guarantees | Contingencies, Commitments and Guarantees Legal Proceedings The Company is subject to various legal proceedings and claims pertaining to matters such as product liability or contract disputes. The Company is also subject to other proceedings and governmental inquiries, inspections, audits or investigations pertaining to issues such as tax matters, patents and trademarks, pricing, contractual issues, business practices, governmental regulations, employment and other matters. Although the results of litigation and claims cannot be predicted with certainty, the Company expects that the ultimate disposition of these matters, to the extent not previously provided for, will not have a material adverse effect, individually or in the aggregate, on its business, financial condition, results of operations or liquidity. Asbestos-related product liability claims continue to be filed against two of the Company's subsidiaries: CIRCOR Instrumentation Technologies, Inc. (f/k/a Hoke, Inc.) (“Hoke”), the stock of which the Company acquired in 1998 and Spence Engineering Company, Inc., the stock of which the Company acquired in 1984. The Hoke subsidiary was divested in January 2020 through the sale of the I&S business. However, the Company has indemnified the buyer for asbestos-related claims that are made against Hoke. Due to the nature of the products supplied by these entities, the markets they serve and the Company's historical experience in resolving these claims, the Company does not expect that these asbestos-related claims will have a material adverse effect on the financial condition, results of operations or liquidity of the Company. During the second quarter of 2021 the Company was notified of a contract termination by one of its Industrial segment customers. The basis for termination is under dispute and the ultimate outcome of this matter is uncertain. During the fourth quarter of 2021 the Company recorded a full allowance against the outstanding receivables resulting in a charge of $6.3 million. The Company also has outstanding guarantees of its performance under the contract in the aggregate amount of $3.4 million. Further, the Company is exposed to claims from sub-contractors for contract termination. The Company has received claims from sub-contractors and has accrued an additional $1.6 million in charges during the fourth quarter of 2021 as its best estimate of probable loss. Should the negotiations or settlement process be unfavorable for the Company, the Company may be unable to collect the outstanding receivables, be exposed to risk of loss on the outstanding performance guarantees, additional claims from sub-contractors, losses in excess of amounts accrued on claims from subs-contractors and potential future claims should any be asserted. Standby Letters of Credit The Company executes standby letters of credit, which include bank guarantees, bid bonds, and performance bonds, in the normal course of business to ensure its performance or payments to third parties. The aggregate notional value of these instruments was $32.5 million at December 31, 2021 of which $24.7 million were syndicated under the Credit Agreement and $39.3 million at December 31, 2020 of which $30.4 million were syndicated under the Credit Agreement. Based on the Company's historical experience with these types of instruments the Company does not expect potential obligations to be material to its financial position. These instruments generally have expiration dates ranging from less than 1 month to 5 years from December 31, 2021. During May 2022, a Russian customer drew on a letter of credit related to an equipment system in the amount of $3.9 million, which the Company funded. The Company is contesting the draw and is pursuing actions to recover this amount from the customer. Commercial Contract Commitments As of December 31, 2021, the Company had approximately $ 90.0 million of commercial contract commitments related to open purchase orders. Insurance The Company maintains insurance coverage of a type and with such limits as it believes are customary and reasonable for the risks it faces and in the industries in which it operates. While many of its policies do contain a deductible, the amount of such deductible is typically not material. The accruals for insured liabilities are not discounted and take into account these deductibles and are based on claims filed and reported as well as estimates of claims incurred but not yet reported. Restatement of Prior Period Financial Statements and Non-Timely Filing of Financial Statements As described in Note 2, Restatement of Previously Issued Consolidated Financial Statements, the Company discovered accounting irregularities in its Pipeline Engineering business going back to 2017. The Company conducted an investigation into the accounting irregularities at the Pipeline Engineering business and is restating its consolidated financial statements for the annual periods of 2020 and 2019, interim and year to date periods for 2020 and interim and year to date periods for the nine months ended October 3, 2021. The Company was unable to timely file its Annual Report on Form 10-K for 2021 and Quarterly Report on Form 10-Q for the first quarter of 2022 with the Securities and Exchange Commission ("the SEC"). The discovery of accounting irregularities, restatement of prior period financial statements and non-timely filing of financial statements could expose the Company to future claims and losses. The Company has self-reported the identified accounting irregularities at the Pipeline Engineering business to the SEC and the Company continues to respond to requests for information from the SEC. |
Guarantees and Indemnification
Guarantees and Indemnification Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees And Indemnification Obligations [Abstract] | |
Guarantees and Indemnification Obligations | Guarantees and Indemnification Obligations As permitted under Delaware law, the Company has agreements whereby it indemnifies certain of our officers and directors for certain events or occurrences while the officer or director is, or was, serving at our request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. However, the Company has directors and officers liability insurance policies that limit our exposure for events covered under the policies and should enable us to recover a portion of any future amounts paid. As a result of the coverage under these insurance policies, the Company believes the estimated fair value of these indemnification agreements is minimal and, therefore, have no liabilities recorded from those agreements as of December 31, 2021. The Company records provisions for the estimated cost of product warranties, primarily from historical information, at the time product revenue is recognized. While the Company engages in extensive product quality programs and processes, our warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure, and supplier warranties on parts delivered to us. Should actual product failure rates, utilization levels, material usage, service delivery costs or supplier warranties on parts differ from our estimates, revisions to the estimated warranty liability would be required. Our warranty liabilities are included in accrued expenses and other current liabilities on our consolidated balance sheets. The following table sets forth information related to our product warranty reserves for the years ended December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Balance beginning January 1 $ 2,206 $ 1,642 Provisions 3,629 2,825 Claims settled (3,040) (2,313) Currency translation adjustment (56) 52 Balance ending December 31 $ 2,739 $ 2,206 For the year ended December 31, 2021, increases in warranty obligations were primarily driven by provisions and claims within our Refinery Valves, Industrial Pumps North America, and Industrial Pumps EMEA businesses. |
Business Segment and Geographic
Business Segment and Geographical Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segment and Geographical Information | Business Segment and Geographical Information The Company's reportable segments have been identified in accordance with ASC Topic 280-10-50 through its evaluation of how it engages in business activities to earn revenues and incur expenses, which operating results are regularly reviewed by its chief operating decision maker (“CODM”) to assess performance and make decisions about resources to be allocated, and the availability of discrete financial information. CIRCOR’s reportable segments are generally organized based upon the end markets it sells its products and services into. No individual operating segments have been aggregated for purposes of determining the reportable segments. The reporting segments are Industrial and Aerospace & Defense. During the quarter ended March 29, 2020, the Company divested its Instrumentation & Sampling business, which was previously part of the Energy segment. In light of this divestiture, effective March 29, 2020, the Company realigned its segments by eliminating the Energy segment and moving the remaining businesses into the Industrial segment. Following the realignment the new reporting segments are Industrial and Aerospace & Defense in the first quarter of 2020, which is the level at which the CODM regularly reviews operating results and makes resource allocation decisions. The current and prior periods are reported under this new segment structure. Each reporting segment is individually managed, as each requires different technology and marketing strategies, and has separate financial results that are reviewed by the Company's CODM. The CODM evaluates segment performance and determines how to allocate resources utilizing, among other data, segment operating income. Segment operating income excludes special and restructuring charges, net. In addition, certain administrative expenses incurred at the corporate level for the benefit of the reporting segments are allocated to the segments based upon specific identification of costs, employment related information or net revenues. Each segment contains related products and services particular to that segment. Corporate is reported on a net “after allocations” basis. Inter-segment intercompany transactions affecting net operating profit have been eliminated within the respective reportable segments. The amounts reported in the Corporate expenses line item in the following table consists primarily of the following: compensation and fringe benefit costs for executive management and other corporate staff; Board of Director compensation; corporate development costs (relating to mergers and acquisitions); human resource development and benefit plan administration expenses; legal, accounting and other professional and consulting costs; facilities, equipment and maintenance costs; and travel and various other administrative costs related to the corporate office and respective functions. The above costs are incurred in the course of furthering the business prospects of the Company and relate to activities such as: implementing strategic business growth opportunities; corporate governance; risk management; tax; treasury; investor relations and shareholder services; regulatory compliance; strategic tax planning; and stock transfer agent costs. The Company's CODM evaluates segment operating performance using segment operating income. Segment operating income is defined as GAAP operating income excluding intangible amortization and amortization of fair value step-ups of inventory and fixed assets from acquisitions completed subsequent to December 31, 2011, the impact of restructuring related inventory write-offs, impairment charges and special charges or gains. The Company also refers to this measure as adjusted operating income. The Company uses this measure because it helps management understand and evaluate the segments’ core operating results and facilitate comparison of performance for determining incentive compensation achievement. The following table presents certain reportable segment information (in thousands): As Restated As of and for the year ended December 31, As of and for the year ended December 31, As of and for the year ended December 31, 2021 2020 2019 Net revenues Industrial $ 506,126 $ 499,209 $ 684,637 Aerospace & Defense 252,541 266,010 272,625 Consolidated revenues $ 758,667 $ 765,219 $ 957,262 Segment income Aerospace & Defense - Segment Operating Income 56,073 58,379 52,030 Industrial - Segment Operating Income 28,896 27,025 83,058 Corporate expenses (30,638) (30,378) (33,820) Subtotal 54,331 55,026 101,268 Special restructuring charges, net 4,234 4,945 5,186 Special other charges (recoveries), net 20,038 (39,248) 16,362 Special and restructuring charges (recoveries), net 24,272 (34,303) 21,548 Restructuring related inventory charges (recoveries), net 599 (251) (820) Acquisition amortization 41,772 42,463 45,715 Acquisition depreciation 6,511 3,986 4,352 Impairment charges 10,500 138,078 — Restructuring, impairment and other cost, net 59,382 184,276 49,247 Consolidated operating (loss) income (29,323) (94,947) 30,473 Interest expense, net 32,365 34,219 48,609 Other (income), net (3,826) (1,594) (878) (Loss) from continuing operations before income taxes $ (57,862) $ (127,572) $ (17,258) Identifiable assets Industrial $ 1,256,974 $ 1,328,179 $ 1,764,326 Aerospace & Defense 464,964 451,612 431,905 Corporate (702,640) (696,934) (733,720) Consolidated identifiable assets $ 1,019,298 $ 1,082,857 $ 1,462,511 Capital expenditures Industrial $ 9,502 $ 6,928 $ 7,468 Aerospace & Defense 4,608 4,400 4,376 Corporate 467 466 1,074 Consolidated capital expenditures $ 14,577 $ 11,794 $ 12,918 Depreciation and amortization Industrial $ 52,532 $ 50,961 $ 57,576 Aerospace & Defense 11,973 12,492 11,531 Corporate 653 610 529 Consolidated depreciation and amortization $ 65,158 $ 64,063 $ 69,636 The total assets for each reportable segment have been reported as the Identifiable Assets for that segment, including inter-segment intercompany receivables, payables and investments in other CIRCOR companies. Identifiable assets reported in Corporate include both corporate assets, such as cash, deferred taxes, prepaid and other assets, fixed assets, as well as the elimination of all inter-segment intercompany assets. The elimination of intercompany assets results in negative amounts reported in Corporate for Identifiable Assets. Corporate Identifiable Assets after elimination of intercompany assets were $13.6 million, $12.1 million, and $18.9 million as of December 31, 2021, 2020, and 2019, respectively. The following tables present net revenue and long-lived assets by geographic area. The net revenue amounts are based on shipments to each of the respective areas (in thousands). Year Ended December 31, As Restated Net revenues by geographic area 2021 2020 2019 United States $ 309,475 $ 340,705 $ 411,941 Germany 90,407 81,315 96,232 France 38,777 36,616 49,724 China 36,759 27,036 32,779 United Kingdom 32,341 33,439 36,760 Canada 16,421 18,413 25,963 Norway 10,391 12,765 23,045 Saudi Arabia 5,375 5,628 5,110 Russia 5,179 4,893 5,138 Rest of Europe 85,107 82,417 109,854 Rest of Asia-Pacific 89,186 80,112 104,404 Other 39,249 41,880 56,312 Total net revenues $ 758,667 $ 765,219 $ 957,262 December 31, Long-lived assets by geographic area 2021 2020 United States $ 78,472 $ 83,205 Germany 48,228 54,106 UK 9,781 10,511 India 7,196 7,698 France 3,621 3,274 Other 7,163 7,228 Total long-lived assets $ 154,461 $ 166,022 |
Other (Income) Expense, Net
Other (Income) Expense, Net | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense, Net | Other (Income) Expense, Net The following table outlines other (income) expense, net (in thousands): Year Ended December 31, As Restated 2021 2020 2019 Pension - Interest cost $ 4,019 $ 6,958 $ 10,061 Pension - Expected return on assets (10,094) (11,737) (11,979) Foreign Currency Translations 898 1,745 (437) Other 1,351 1,440 1,477 Other (income), net $ (3,826) $ (1,594) $ (878) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss, net of tax, which is reported as a component of total shareholders' equity, for the years ended December 31, 2021, 2020, and 2019 (in thousands): Foreign Currency Translation Adjustments Pension, net Derivative Total Balance as of December 31, 2018 (As Restated) $ (49,083) $ (19,115) $ (1,516) $ (69,714) Other comprehensive (loss) (5,443) (398) (5,390) (11,231) Balance as of December 31, 2019 (As Restated) (54,526) (19,513) (6,906) (80,945) Other comprehensive (loss) income 4,466 (13,846) 1,196 (8,184) Balance as of December 31, 2020 (As Restated) (50,060) (33,359) (5,710) (89,129) Other comprehensive income (loss) (4,372) 38,303 6,398 40,329 Balance as of December 31, 2021 $ (54,432) $ 4,944 $ 688 $ (48,800) During the first quarter of 2019, an immaterial error was identified in the Company's calculation of currency translation adjustments related to goodwill, intangible assets and property, plant and equipment acquired in the FH acquisition. This error impacted other comprehensive income (loss). Specifically, other comprehensive income (loss) was overstated by $2.2 million for fiscal 2018, and understated by $2.2 million for the first quarter of 2019. The Company determined that these adjustments were not material to the prior periods or the Company's 2018 goodwill impairment analyses. These items were adjusted in 2019. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 19, 2022, Scott Buckhout stepped down from his position as President and Chief Executive Officer effective immediately. Also on January 28, 2022, Mr. Buckhout stepped down from his position on the Company’s Board of Directors effective immediately. On January 28, 2022, Mr. Buckhout and the Company entered into an agreement and release (the “Buckhout Release Agreement”). Under the terms of the Buckhout Release Agreement and in accordance with his previously disclosed severance agreement dated April 9, 2013 (the “Buckhout Severance Agreement”), Mr. Buckhout will receive (a) $810,000, an amount equal to one year of his base salary, (b) $891,000, an amount equal to 100% of his annual target bonus, and (c) a lump sum, subject to certification by the Compensation Committee of the Board of Directors, of the amount earned under the Company’s 2021 Short Term Incentive Plan based on the Company’s actual performance against performance measures and weightings and Mr. Buckhout’s annual bonus target. In addition, pursuant to the Buckhout Release Agreement the Company shall cause to vest 35,602 of Mr. Buckhout’s unvested restricted stock units (RSUs), while Mr. Buckhout forfeited 48,389 RSUs. Mr. Buckhout had 24,177 Performance-Based Restricted Stock Units (PSU’s) vest on December 31, 2021, with the final settled share amount to be determined based on company performance in accordance with the terms of the award agreement. His remaining PSUs were forfeited. The Buckhout Severance Agreement also provides for the payment of up to 12 months of medical and dental COBRA coverage for Mr. Buckhout. Under the Buckhout Release Agreement, Mr. Buckhout released the Company from any claims and liabilities. Also on January 19, 2022, the Board appointed Aerospace & Defense Group President Tony Najjar as Chief Operating Officer of the Company and named him as the Company’s Interim President and Chief Executive Officer. In February 2022, the Company entered into an agreement for the sale of a facility of a previously divested business, where the net carrying value of the facility is approximately $0.7 million. The Company closed on the transaction on May 12, 2022 and received net cash proceeds in the amount of $7.1 million. On April 8, 2022, the Company amended the New Credit Agreement ("First Amendment") dated as of December 20, 2021. The First Amendment makes certain changes to the New Credit Agreement, including, among other things, (i) extending the deadline for the Company to deliver its annual financial statements for the fiscal year ended December 31, 2021 to May 31, 2022, (ii) increasing the interest rate margins for (a) the term loan facility to 5.50% with respect to Eurodollar loans, (b) the revolving facility to 4.75% with respect to Eurodollar loans and (c) the swing line facility to 3.75%, (iii) in the event of a step-down in the debt ratings of the facilities, increasing the interest rate margins for the term loan facility by an additional 0.50% during any such step-down period, (iv) decreasing certain debt, lien, investment, restricted payment and affiliate transaction baskets and negative covenant thresholds by 15%, (v) further decreasing or eliminating the use of certain debt, lien, investment and restricted payment baskets until the Company is able to deliver its annual financial statements for the fiscal year ended December 31, 2021, (vi) eliminating the minimum threshold and reinvestment rights with respect to mandatory prepayments of the term loans with the net cash proceeds of sale-leaseback transactions, subject to certain exceptions, (vii) restricting the Company’s ability to borrow swing loans or revolving loans if the aggregate amount of cash and cash equivalents of the Company and its domestic subsidiaries exceeds $10.0 million and creating a requirement to prepay outstanding swing loans and revolving loans with any such excess, in each case, during the Restricted Period, (viii) resetting the “soft call” prepayment premium for 12-months from Amendment date, and (ix) requiring the Company to hold private-side lender calls twice upon request of the Administrative Agent during the Restricted Period and promptly after the delivery of all quarterly and annual financial statements. In connection with the execution of the First Amendment, the Company paid approximately $12.5 million in customary arranger and lender consent fees, attorney fees, and reasonable and documented expenses of the Administrative Agent. O n May 27, 2022, the Company further amended the New Credit Agreement, as amended ("Second Amendment"). The Second Amendment makes certain changes to the Credit Agreement, including, among other things, (i) extending the deadline for the Company to deliver its audited financial statements for the fiscal year ended December 31, 2021 to July 30, 2022, (ii) extending the deadline for the Company to deliver its quarterly financial statements for the fiscal quarter ended April 3, 2022 to July 30, 2022, (iii) extending the deadline for the Company to deliver its quarterly financial statements for the fiscal quarter ending July 3, 2022 to September 30, 2022, and (iv) requiring the Company to hold private-side lender calls once per month upon request of the Administrative Agent during the period beginning on the Effective Date and ending on the last day of the Restricted Period, and promptly after the delivery of all quarterly and annual financial statements. In connection with the execution of the Second Amendment, the Company paid approximately $4.2 million in customary arranger and lender consent fees, attorney fees, and reasonable and documented expenses of the Administrative Agent On April 8, 2022 the Company completed a sale-leaseback transaction for its Tampa, Florida facility. For the sale of the land and building the Company received net proceeds of $19.3 million in cash. Concurrent with the sale the Company leased back the facility at market for an initial lease term of 5 years with an option to renew for an additional term of 5 years. The Company will account for the transaction during the second quarter of 2022, and while the Company has not completed its accounting analysis it currently expects the sale-leaseback transaction to qualify as sale resulting in derecognition of the facility and an operating lease for the leaseback transaction. In the second quarter of 2022 the Company substantially completed the exit of its Pipeline Engineering business. On April 14, 2022 the Company placed the Catterick, UK entity of the Pipeline Engineering business into Administration under the U.K. Insolvency Act of 1986 and the Insolvency (England and Wales) Rules 2016 (IR 2016). Further, the Company has substantially completed the exit of the Houston, Texas and Dubai locations of the Pipeline Engineering Business. Upon placing the Catterick, UK entity into Administration in the second quarter of 2022, the Company expects to deconsolidate the subsidiary under the provisions of ASC Topic 810, Consolidation . The exit of the Pipeline Engineering business will result in certain cash and non-cash charges in the first quarter and second quarter of 2022, the accounting for which is in process. The net assets of the Pipeline Engineering Business at December 31, 2021 approximate $7.0 million. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Information (Unaudited)As further described in Note 2, the previously reported financial information for the quarters ended April 4, 2021 and March 29, 2020, July 4, 2021 and June 28, 2020 and October 3, 2021 and September 27, 2020, have been restated. Relevant restated financial information for the first, second and third quarters of fiscal 2021 and 2020 is included in this Annual Report on Form 10-K in the tables that follow. As part of the restatement, the Company recorded adjustments to correct the uncorrected misstatements in the impacted periods. Descriptions of the restatement references (a), (b), and (c) can be found in Note 2. The unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Restated amounts are computed independently each quarter; therefore, the sum of the quarterly amounts may not equal the total amount for the respective year due to rounding. CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (UNAUDITED) As Restated April 4, July 4, October 3, ASSETS CURRENT ASSETS: Cash and cash equivalents $ 64,837 $ 58,862 $ 58,013 Trade accounts receivable, net 98,609 89,351 86,505 Inventories 134,398 135,005 130,376 Prepaid expenses and other current assets 92,475 99,104 109,055 Total Current Assets 390,319 382,322 383,949 PROPERTY, PLANT AND EQUIPMENT, NET 161,811 159,187 156,589 OTHER ASSETS: Goodwill 135,253 135,014 134,152 Intangibles, net 337,864 328,957 315,452 Deferred income taxes 820 847 813 Other assets 42,024 37,289 40,265 TOTAL ASSETS $ 1,068,091 $ 1,043,616 $ 1,031,220 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 67,425 $ 68,144 $ 73,731 Accrued expenses and other current liabilities 68,761 74,735 76,250 Accrued compensation and benefits 32,271 30,580 33,237 Short-term borrowings and current portion of long-term debt 1,604 1,353 1,426 Total Current Liabilities 170,061 174,812 184,644 LONG-TERM DEBT 525,573 512,375 507,093 DEFERRED INCOME TAXES 24,026 24,519 23,770 PENSION LIABILITY, NET 156,746 156,501 152,322 OTHER NON-CURRENT LIABILITIES 53,022 53,224 42,135 COMMITMENTS AND CONTINGENCIES (NOTE 16) SHAREHOLDERS’ EQUITY: Preferred stock, $0.01 par value; 1,000,000 shares authorized; $— shares issued and outstanding — — — Common stock, $0.01 par value; 29,000,000 shares authorized; 21,543,496, 21,620,528 and 21,627,259 shares issued at April 4, 2021, July 4, 2021 and October 3, 2021, respectively 216 216 217 Additional paid-in capital 451,858 452,512 453,761 (Accumulated deficit) retained earnings (148,239) (167,022) (169,652) Common treasury stock, at cost (1,372,488 shares at April 4, 2021, July 4, 2021 and October 3, 2021) (74,472) (74,472) (74,472) Accumulated other comprehensive loss, net of tax (90,700) (89,049) (88,598) Total Shareholders’ Equity 138,663 122,185 121,256 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,068,091 $ 1,043,616 $ 1,031,220 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (UNAUDITED) As Restated March 29, 2020 June 28, September 27, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 163,609 $ 117,719 $ 63,429 Trade accounts receivable, net 113,648 113,227 97,705 Inventories 143,420 147,829 142,667 Prepaid expenses and other current assets 85,370 99,150 101,277 Assets held for sale 26,617 — — Total Current Assets 532,664 477,925 405,078 PROPERTY, PLANT AND EQUIPMENT, NET 165,476 166,029 165,562 OTHER ASSETS: Goodwill 129,978 135,369 136,566 Intangibles, net 368,519 363,087 357,038 Deferred income taxes 44,536 55,170 4,695 Other assets 32,337 36,501 42,116 TOTAL ASSETS $ 1,273,510 $ 1,234,081 $ 1,111,055 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 76,115 $ 70,407 $ 64,538 Accrued expenses and other current liabilities 102,840 114,325 92,906 Accrued compensation and benefits 25,865 27,465 28,546 Liabilities held for sale 26,617 — — Short term borrowings and current portion of long-term debt 1,276 1,341 1,154 Total Current Liabilities 232,713 213,538 187,144 LONG-TERM DEBT 588,958 578,613 527,721 DEFERRED INCOME TAXES 17,160 18,173 19,710 PENSION LIABILITY, NET 137,779 145,138 143,599 OTHER NON-CURRENT LIABILITIES 41,939 44,830 58,527 SHAREHOLDERS’ EQUITY: Preferred stock, $0.01 par value; 1,000,000 shares authorized; $— shares issued and outstanding — — — Common stock, $0.01 par value; 29,000,000 shares authorized; 19,956,518, 19,994,356 and 19,997,931 shares issued at March 29, 2020, June 28, 2020 and September 27, 2020, respectively 213 214 214 Additional paid-in capital 447,867 449,576 451,351 (Accumulated deficit) retained earnings (17,195) (53,737) (118,467) Common treasury stock, at cost 1,372,488 shares at March 29, 2020, June 28, 2020 and September 27, 2020) (74,472) (74,472) (74,472) Accumulated other comprehensive loss, net of tax (101,452) (87,792) (84,272) Total Shareholders’ Equity 254,961 233,789 174,354 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,273,510 $ 1,234,081 $ 1,111,055 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) As Restated Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended April 4, July 4, July 4, October 3, October 3, Net revenues $ 176,451 $ 187,590 $ 364,041 $ 189,709 $ 553,750 Cost of revenues 124,889 131,156 256,045 131,898 387,943 Gross profit 51,562 56,434 107,996 57,811 165,807 Selling, general and administrative expenses 57,637 58,188 115,825 53,546 169,371 Impairment charges — — — — — Special and restructuring charges (recoveries), net (809) 6,803 5,995 814 6,808 Operating (loss) income (5,266) (8,557) (13,824) 3,451 (10,372) Other expense (income): Interest expense, net 8,369 7,957 16,327 7,997 24,325 Other (income), net (1,781) (1,267) (3,048) (256) (3,301) Total other expense, net 6,588 6,690 13,279 7,741 21,024 (Loss) from continuing operations before income taxes (11,854) (15,247) (27,103) (4,290) (31,396) Provision for (benefit from) income taxes (297) 2,659 2,360 850 3,206 (Loss) from continuing operations, net of tax (11,557) (17,906) (29,463) (5,140) (34,602) (Loss) income from discontinued operations, net of tax (239) (878) (1,117) 2,510 1,393 Net (loss) $ (11,796) $ (18,784) $ (30,580) $ (2,630) $ (33,209) Basic (loss) income per common share: Basic from continuing operations $ (0.58) $ (0.89) $ (1.46) $ (0.25) $ (1.71) Basic from discontinued operations $ (0.01) $ (0.04) $ (0.06) $ 0.12 $ 0.07 Net (loss) $ (0.59) $ (0.93) $ (1.52) $ (0.13) $ (1.65) Diluted (loss) income per common share: Diluted from continuing operations $ (0.58) $ (0.89) $ (1.46) $ (0.25) $ (1.71) Diluted from discontinued operations $ (0.01) $ (0.04) $ (0.06) $ 0.12 $ 0.07 Net (loss) $ (0.59) $ (0.93) $ (1.52) $ (0.13) $ (1.65) Weighted average common shares outstanding: Basic 20,054 20,230 20,143 20,257 20,181 Diluted 20,054 20,230 20,143 20,257 20,181 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) As Restated Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended March 29, June 28, June 28, September 27, September 27, Net revenues $ 191,125 $ 183,509 $ 374,634 $ 185,290 $ 559,924 Cost of revenues 132,646 126,807 259,454 132,310 391,764 Gross profit 58,479 56,702 115,180 52,980 168,160 Selling, general and administrative expenses 60,352 54,407 114,759 51,150 165,909 Impairment charges 138,078 — 138,078 — 138,078 Special and restructuring (recoveries) charges, net (42,292) 5,607 (36,685) 938 (35,747) Operating (loss) income (97,659) (3,312) (100,972) 892 (100,080) Other expense (income): Interest expense, net 9,011 8,486 17,497 8,202 25,699 Other (income) expense, net (3,167) 2,023 (1,144) 750 (396) Total other expense, net 5,844 10,509 16,353 8,952 25,303 (Loss) from continuing operations before income taxes (103,503) (13,821) (117,325) (8,060) (125,383) Provision for (benefit from) income taxes 5,046 (21,126) (16,080) 56,990 40,910 (Loss) income from continuing operations, net of tax (108,549) 7,305 (101,245) (65,050) (166,293) Income (loss) from discontinued operations, net of tax 9,162 (43,847) (34,685) 341 (34,345) Net (loss) $ (99,387) $ (36,542) $ (135,930) $ (64,709) $ (200,638) Basic (loss) income per common share: Basic from continuing operations $ (5.45) $ 0.37 $ (5.07) $ (3.25) $ (8.33) Basic from discontinued operations $ 0.46 $ (2.19) $ (1.74) $ 0.02 $ (1.72) Net (loss) $ (4.99) $ (1.83) $ (6.81) $ (3.24) $ (10.04) Diluted (loss) income per common share: Diluted from continuing operations $ (5.45) $ 0.36 $ (5.07) $ (3.25) $ (8.33) Diluted from discontinued operations $ 0.46 $ (2.16) $ (1.74) $ 0.02 $ (1.72) Net (loss) $ (4.99) $ (1.80) $ (6.81) $ (3.24) $ (10.04) Weighted average common shares outstanding: Basic 19,935 19,987 19,962 20,001 19,975 Diluted 19,935 20,286 19,962 20,001 19,975 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (in thousands) (Unaudited) As Restated Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended April 4, July 4, July 4, October 3, October 3, Net (loss) $ (11,796) $ (18,784) $ (30,580) $ (2,630) $ (33,209) Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments (3,218) 39 (3,178) (1,244) (4,423) Interest rate swap adjustments 1,586 1,562 3,148 1,644 4,792 Pension adjustment 60 49 111 50 161 Other comprehensive (loss) income, net of tax (1,572) 1,650 81 450 530 COMPREHENSIVE (LOSS) INCOME $ (13,368) $ (17,134) $ (30,499) $ (2,180) $ (32,679) As Restated Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended March 29, June 28, June 28, September 27, September 27, Net (loss) $ (99,387) $ (36,542) $ (135,930) $ (64,709) $ (200,638) Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments (18,226) 12,860 (5,366) 2,105 (3,261) Interest rate swap adjustments (2,320) 755 (1,565) 1,373 (192) Pension adjustment 39 43 82 44 126 Other comprehensive (loss) income, net of tax (20,507) 13,658 (6,849) 3,522 (3,327) COMPREHENSIVE (LOSS) $ (119,894) $ (22,884) $ (142,779) $ (61,187) $ (203,965) CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) As Restated Three Months Ended Six Months Ended Nine Months Ended April 4, July 4, October 3, OPERATING ACTIVITIES Net (loss) $ (11,796) $ (30,580) $ (33,209) (Loss) income from discontinued operations, net of income taxes (239) (1,117) 1,393 (Loss) from continuing operations (11,557) (29,463) (34,602) Adjustments to reconcile net (loss) to net cash (used in) provided by operating activities: Depreciation 6,509 11,970 17,505 Amortization 10,696 21,353 31,929 Change in provision for bad debt expense (465) (356) (383) Write down of inventory 188 1,548 1,742 Compensation expense of share-based plans 1,402 2,903 4,165 Amortization of debt issuance costs 995 2,005 3,032 Deferred income tax (benefit) provision (1,011) (1,317) 823 (Gain) loss on sale of businesses (1,947) 1,031 1,308 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Trade accounts receivable (3,707) 6,455 8,686 Inventories (8,255) (14,617) (11,621) Prepaid expenses and other assets (8,875) (10,119) (26,686) Accounts payable, accrued expenses and other liabilities (2,547) (1,158) 6,439 Net cash (used in) provided by continuing operations (18,574) (9,765) 2,337 Net cash (used in) discontinued operations (636) (579) (2,484) Net cash used in operating activities (19,210) (10,344) (147) INVESTING ACTIVITIES Additions of property, plant and equipment (3,394) (6,038) (10,579) Proceeds from the sale of property, plant and equipment 2 2 2 Proceeds from beneficial interest of factored receivables 812 998 1,531 Proceeds from sale of business 7,193 9,993 9,993 Net cash provided by investing activities 4,613 4,955 947 FINANCING ACTIVITIES Proceeds from long-term debt 63,500 103,350 145,550 Payments of long-term debt (46,500) (100,250) (148,450) Net change in short-term borrowings (22) (292) (225) Proceeds from the exercise of stock options 151 151 151 Withholding tax payments on net share settlements on equity rewards (3,274) (4,119) (4,154) Net cash provided by (used in) financing activities 13,855 (1,160) (7,128) Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,615) (1,782) (2,834) DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (2,357) (8,331) (9,162) Cash, cash equivalents and restricted cash at beginning of year 68,607 68,607 68,607 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR $ 66,250 $ 60,276 $ 59,445 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) As Restated Three Months Ended Six Months Ended Nine Months Ended March 29, June 28, September 27, 2020 OPERATING ACTIVITIES Net (loss) $ (99,387) $ (135,930) $ (200,638) Income (loss) from discontinued operations, net of income taxes 9,162 (34,685) (34,345) (Loss) from continuing operations (108,549) (101,245) (166,293) Adjustments to reconcile net (loss) income to net cash (used in) operating activities: Depreciation 5,121 10,079 14,881 Amortization 10,611 21,492 32,418 Change in provision for bad debt expense 5,824 7,768 7,219 Write down of inventory 787 1,259 3,023 Compensation expense of share-based plans 608 2,290 4,076 Amortization of debt issuance costs 4,513 5,488 6,463 Deferred income tax provision — — — Goodwill Impairment 138,078 138,078 138,078 (Gain) on sale of businesses (54,356) (54,253) (54,253) Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Trade accounts receivable (2,324) 921 19,365 Inventories (11,564) (14,320) (8,894) Prepaid expenses and other assets (14,064) (22,696) (37,571) Accounts payable, accrued expenses and other liabilities 8,010 (30,906) 8,970 Net cash used in continuing operations (17,305) (36,045) (32,518) Net cash used in discontinued operations (5,320) (11,532) (14,022) Net cash used in operating activities (22,625) (47,577) (46,540) INVESTING ACTIVITIES Additions of property, plant and equipment (3,412) (6,815) (9,147) Proceeds from the sale of property, plant and equipment — (142) (122) Proceeds from beneficial interest of factored receivables 599 1,339 2,212 Proceeds from sale of business 169,773 169,375 166,210 Net cash provided by continuing investing activities 166,960 163,757 159,153 Net cash provided by (used in) discontinued investing activities 68 (10,071) (11,338) Net cash provided by investing activities 167,028 153,686 147,815 FINANCING ACTIVITIES Proceeds from long-term debt 129,325 129,325 165,800 Payments of long-term debt (180,891) (191,141) (279,191) Net change in short-term borrowings 154 174 (47) Proceeds from the exercise of stock options 118 118 117 Withholding tax payments on net share settlements on equity rewards (523) (656) (656) Net cash used in financing activities (51,817) (62,180) (113,977) Effect of exchange rate changes on cash, cash equivalents and restricted cash (4,582) (1,833) 638 INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 88,004 42,096 (12,064) Cash, cash equivalents and restricted cash at beginning of year 77,054 77,054 77,054 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR $ 165,058 $ 119,150 $ 64,990 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) As of April 4, 2021 As of March 29, 2020 As Previously Reported Restatement Impacts As Restated As Previously Reported Restatement Impacts As Restated Restatement Reference ASSETS CURRENT ASSETS: Cash and cash equivalents $ 75,680 $ (10,843) $ 64,837 $ 170,861 $ (7,252) $ 163,609 a Trade accounts receivable, net 105,607 (6,998) 98,609 116,514 (2,866) 113,648 a Inventories 135,291 (893) 134,398 147,175 (3,755) 143,420 a,b Prepaid expenses and other current assets 103,632 (11,157) 92,475 86,840 (1,470) 85,370 a,b Assets held for sale — — — 26,617 — 26,617 Total Current Assets 420,210 (29,891) 390,319 548,007 (15,343) 532,664 PROPERTY, PLANT AND EQUIPMENT, NET 163,431 (1,620) 161,811 166,580 (1,104) 165,476 a OTHER ASSETS: Goodwill 156,917 (21,664) 135,253 150,928 (20,950) 129,978 c Intangibles, net 337,864 — 337,864 368,519 — 368,519 Deferred income taxes 781 39 820 42,706 1,830 44,536 a,b Other assets 43,999 (1,975) 42,024 32,337 — 32,337 a TOTAL ASSETS $ 1,123,202 $ (55,111) $ 1,068,091 $ 1,309,077 $ (35,567) $ 1,273,510 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 67,126 $ 299 $ 67,425 $ 76,298 $ (183) $ 76,115 a Accrued expenses and other current liabilities 67,059 1,702 68,761 103,917 (1,077) 102,840 a,b Accrued compensation and benefits 31,338 933 32,271 25,601 264 25,865 a,b Liabilities held for sale — — — 26,617 — 26,617 Short-term borrowings and current portion of long-term debt — 1,604 1,604 — 1,276 1,276 a Total Current Liabilities 165,523 4,538 170,061 232,433 280 232,713 LONG-TERM DEBT 525,573 — 525,573 588,958 — 588,958 DEFERRED INCOME TAXES 27,071 (3,045) 24,026 19,175 (2,015) 17,160 a,b PENSION LIABILITY, NET 156,746 — 156,746 137,779 — 137,779 OTHER NON-CURRENT LIABILITIES 52,183 839 53,022 39,887 2,052 41,939 a SHAREHOLDERS’ EQUITY: Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding — — — — — — Common stock, $0.01 par value; 29,000,000 shares authorized; 21,543,496 and 19,956,518 shares issued at April 4, 2021 and March 29, 2020, respectively 216 — 216 213 — 213 Additional paid-in capital 451,858 — 451,858 447,867 — 447,867 (Accumulated deficit) retained earnings (93,580) (54,659) (148,239) 20,110 (37,305) (17,195) a,b,c Common treasury stock, at cost (1,372,488 shares at April 4, 2021 and March 29, 2020) (74,472) — (74,472) (74,472) — (74,472) Accumulated other comprehensive loss, net of tax (87,916) (2,784) (90,700) (102,873) 1,421 (101,452) a,b,c Total Shareholders’ Equity 196,106 (57,443) 138,663 290,845 (35,884) 254,961 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,123,202 $ (55,111) $ 1,068,091 $ 1,309,077 $ (35,567) $ 1,273,510 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) As of July 4, 2021 As of June 28, 2020 As Previously Reported Restatement Impacts As Restated As Previously Reported Restatement Impacts As Restated Restatement Reference ASSETS CURRENT ASSETS: Cash and cash equivalents $ 72,181 $ (13,319) $ 58,862 $ 125,421 $ (7,702) $ 117,719 a Trade accounts receivable, net 96,591 (7,240) 89,351 117,131 (3,904) 113,227 a Inventories 136,012 (1,007) 135,005 148,383 (554) 147,829 a,b Prepaid expenses and other current assets 109,683 (10,579) 99,104 94,969 4,181 99,150 a,b Total Current Assets 414,467 (32,145) 382,322 485,904 (7,979) 477,925 PROPERTY, PLANT AND EQUIPMENT, NET 160,817 (1,630) 159,187 167,194 (1,165) 166,029 a OTHER ASSETS: Goodwill 156,785 (21,771) 135,014 156,654 (21,285) 135,369 c Intangibles, net 328,957 — 328,957 363,087 — 363,087 Deferred income taxes 776 71 847 53,357 1,813 55,170 a,b Other assets 40,199 (2,910) 37,289 34,171 2,330 36,501 a TOTAL ASSETS $ 1,102,001 $ (58,385) $ 1,043,616 $ 1,260,367 $ (26,286) $ 1,234,081 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 68,224 $ (80) $ 68,144 $ 68,155 $ 2,252 $ 70,407 a Accrued expenses and other current liabilities 72,294 2,441 74,735 102,717 11,608 114,325 a,b Accrued compensation and benefits 29,721 859 30,580 27,318 147 27,465 a Short-term borrowings and current portion of long-term debt — 1,353 1,353 — 1,341 1,341 a Total Current Liabilities 170,239 4,573 174,812 198,190 15,348 213,538 LONG-TERM DEBT 512,375 — 512,375 578,613 — 578,613 DEFERRED INCOME TAXES 27,562 (3,043) 24,519 20,229 (2,056) 18,173 a,b PENSION LIABILITY, NET 156,501 — 156,501 145,138 — 145,138 OTHER NON-CURRENT LIABILITIES 52,284 940 53,224 44,846 (16) 44,830 a,b SHAREHOLDERS’ EQUITY: Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding — — — — — — Common stock, $0.01 par value; 29,000,000 shares authorized; 21,620,528 and 19,994,356 shares issued at July 4, 2021 and June 28, 2020, respectively 216 — 216 214 — 214 Additional paid-in capital 452,512 — 452,512 449,576 — 449,576 (Accumulated deficit) retained earnings (109,143) (57,879) (167,022) (13,982) (39,755) (53,737) a,b,c Common treasury stock, at cost (1,372,488 shares at July 4, 2021 and June 28, 2020) (74,472) — (74,472) (74,472) — (74,472) Accumulated other comprehensive loss, net of tax (86,073) (2,976) (89,049) (87,985) 193 (87,792) a,b,c Total Shareholders’ Equity 183,040 (60,855) 122,185 273,351 (39,562) 233,789 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,102,001 $ (58,385) $ 1,043,616 $ 1,260,367 $ (26,286) $ 1,234,081 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) As of October 3, 2021 As of September 27, 2020 As Previously Reported Restatement Impacts As Restated As Previously Reported Restatement Impacts As Restated Restatement Reference ASSETS CURRENT ASSETS: Cash and cash equivalents $ 71,969 $ (13,956) $ 58,013 $ 72,772 $ (9,343) $ 63,429 a Trade accounts receivable, net 93,222 (6,717) 86,505 102,840 (5,135) 97,705 a Inventories 132,242 (1,866) 130,376 144,476 (1,809) 142,667 a,b Prepaid expenses and other current assets 118,783 (9,728) 109,055 98,401 2,876 101,277 a,b Total Current Assets 416,216 (32,267) 383,949 418,489 (13,411) 405,078 PROPERTY, PLANT AND EQUIPMENT, NET 158,327 (1,738) 156,589 167,037 (1,475) 165,562 a OTHER ASSETS: Goodwill 155,739 (21,587) 134,152 158,117 (21,551) 136,566 c Intangibles, net 315,452 — 315,452 357,038 — 357,038 Deferred income taxes 761 52 813 905 3,790 4,695 a,b Other assets 43,780 (3,515) 40,265 43,621 (1,505) 42,116 a,b TOTAL ASSETS $ 1,090,275 $ (59,055) $ 1,031,220 $ 1,145,207 $ (34,152) $ 1,111,055 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 72,883 $ 848 $ 73,731 $ 63,966 $ 572 $ 64,538 a Accrued expenses and other current liabilities 74,357 1,893 76,250 86,176 6,730 92,906 a,b Accrued compensation and benefits 32,454 783 33,237 27,570 976 28,546 a Short-term borrowings and current portion of long-term debt — 1,426 1,426 — 1,154 1,154 Total Current Liabilities 179,694 4,950 184,644 177,712 9,432 187,144 LONG-TERM DEBT 507,093 — 507,093 527,721 — 527,721 DEFERRED INCOME TAXES 26,767 (2,997) 23,770 16,823 2,887 19,710 a,b PENSION LIABILITY, NET 152,322 — 152,322 143,599 — 143,599 OTHER NON-CURRENT LIABILITIES 39,855 2,280 42,135 58,538 (11) 58,527 a,b SHAREHOLDERS’ EQUITY: Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding — — — — — — Common stock, $0.01 par value; 29,000,000 shares authorized; 21,627,259 and 19,997,931 shares issued at October 3, 2021 and September 27, 2020, respectively 217 — 217 214 — 214 Additional paid-in capital 453,761 — 453,761 451,351 — 451,351 (Accumulated deficit) retained earnings (107,996) (61,656) (169,652) (72,528) (45,939) (118,467) a,b,c Common treasury stock, at cost (1,372,488 shares at October 3, 2021 and September 27, 2020) (74,472) — (74,472) (74,472) — (74,472) Accumulated other comprehensive loss, net of tax (86,966) (1,632) (88,598) (83,751) (521) (84,272) a,b,c Total Shareholders’ Equity 184,544 (63,288) 121,256 220,814 (46,460) 174,354 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,090,275 $ (59,055) $ 1,031,220 $ 1,145,207 $ (34,152) $ 1,111,055 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three months ended April 4, 2021 As Previously Reported Restatement Impacts As Restated Restatement Reference Net revenues $ 180,655 $ (4,204) $ 176,451 a,b Cost of revenues 124,574 315 124,889 a,b Gross profit 56,081 (4,519) 51,562 Selling, general and administrative expenses 56,504 1,133 57,637 a,b Special and restructuring (recoveries), net (809) — (809) Operating income (loss) 386 (5,652) (5,266) Other expense (income): Interest expense, net 8,369 — 8,369 Other (income), net (1,503) (278) (1,781) a Total other expense, net 6,866 (278) 6,588 (Loss) from continuing operations before income taxes (6,480) (5,374) (11,854) Provision for (benefit from) income taxes 400 (697) (297) a,b (Loss) from continuing operations, net of tax (6,880) (4,677) (11,557) (Loss) from discontinued operations, net of tax (239) — (239) Net (loss) $ (7,119) $ (4,677) $ (11,796) Basic (loss) per common share: Basic from continuing operations $ (0.34) $ (0.24) $ (0.58) Basic from discontinued operations $ (0.01) $ — $ (0.01) Net (loss) $ (0.35) $ (0.24) $ (0.59) Diluted (loss) per common share: Diluted from continuing operations $ (0.34) $ (0.24) $ (0.58) Diluted from discontinued operations $ (0.01) $ — $ (0.01) Net (loss) $ (0.35) $ (0.24) $ (0.59) Weighted average common shares outstanding: Basic 20,054 20,054 Diluted 20,054 20,054 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months Ended July 4, 2021 Six Months Ended July 4, 2021 As Previously Reported Restatement Impacts As Restated As Previously Reported Restatement Impacts As Restated Restatement Reference Net revenues $ 190,346 $ (2,756) $ 187,590 $ 371,001 $ (6,960) $ 364,041 a,b Cost of revenues 130,460 696 131,156 255,034 1,011 256,045 a,b Gross profit 59,886 (3,452) 56,434 115,967 (7,971) 107,996 Selling, general and administrative expenses 58,023 165 58,188 114,526 1,299 115,825 a,b Special and restructuring charges, net 6,803 — 6,803 5,995 — 5,995 Operating (loss) (4,940) (3,617) (8,557) (4,554) (9,270) (13,824) Other expense (income): Interest expense, net 7,957 — 7,957 16,327 — 16,327 Other (income), net (1,173) (94) (1,267) (2,676) (372) (3,048) a Total other expense (income), net 6,784 (94) 6,690 13,651 (372) 13,279 (Loss) from continuing operations before income taxes (11,724) (3,523) (15,247) (18,205) (8,898) (27,103) Provision for (benefit from) income taxes 2,961 (302) 2,659 3,360 (1,000) 2,360 a,b (Loss) from continuing operations, net of tax (14,685) (3,221) (17,906) (21,565) (7,898) (29,463) (Loss) from discontinued operations, net of tax (878) — (878) (1,117) — (1,117) Net (loss) $ (15,563) $ (3,221) $ (18,784) $ (22,682) $ (7,898) $ (30,580) Basic (loss) per common share: Basic from continuing operations $ (0.73) $ (0.16) $ (0.89) $ (1.07) $ (0.39) $ (1.46) Basic from discontinued operations $ (0.04) $ — $ (0.04) $ (0.06) $ — $ (0.06) Net (loss) $ (0.77) $ (0.16) $ (0.93) $ (1.13) $ (0.39) $ (1.52) Diluted (loss) per common share: Diluted from continuing operations $ (0.73) $ (0.16) $ (0.89) $ (1.07) $ (0.39) $ (1.46) Diluted from discontinued operations $ (0.04) $ — $ (0.04) $ (0.06) $ — $ (0.06) Net (loss) $ (0.77) $ (0.16) $ (0.93) $ (1.13) $ (0.39) $ (1.52) Weighted average common shares outstanding: Basic 20,230 20,230 20,143 20,143 Diluted 20,230 20,230 20,143 20,143 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months ended October 3, 2021 Nine Months ended October 3, 2021 As Previously Reported Restatement Impacts As Restated As Previously Reported Restatement Impacts As Restated Restatement Reference Net revenues $ 190,782 $ (1,073) $ 189,709 $ 561,783 $ (8,033) $ 553,750 a,b Cost of revenues 130,027 1,871 131,898 385,061 2,882 387,943 a,b Gross profit 60,755 (2,944) 57,811 176,722 (10,915) 165,807 Selling, general and administrative expenses 53,265 281 53,546 167,792 1,579 169,371 a,b Special and restructuring charges, net 814 — 814 6,808 — 6,808 Operating income (loss) 6,676 (3,225) 3,451 2,122 (12,494) (10,372) Other expense (income): Interest expense, net 7,997 — 7,997 24,325 — 24,325 Other expense (income), net 134 (390) (256) (2,543) (758) (3,301) a Total other expense, net 8,131 (390) 7,741 21,782 (758) 21,024 (Loss) from continuing operations before income taxes (1,455) (2,835) (4,290) (19,660) (11,736) (31,396) (Benefit from) provision for income taxes (92) 942 850 3,268 (62) 3,206 a,b (Loss) from continuing operations, net of tax (1,363) (3,777) (5,140) (22,928) (11,674) (34,602) Income from discontinued operations, net of tax 2,510 — 2,510 1,393 — 1,393 Net income (loss) $ 1,147 $ (3,777) $ (2,630) $ (21,535) $ (11,674) $ (33,209) Basic (loss) income per common share: Basic from continuing operations $ (0.07) $ (0.18) $ (0.25) $ (1.14) $ (0.57) $ (1.71) Basic from discontinued operations $ 0.12 $ — $ 0.12 $ 0.07 $ — $ 0.07 Net income (loss) $ 0.06 $ (0.19) $ (0.13) $ (1.07) $ (0.58) $ (1.65) Diluted (loss) income per common share: Diluted from continuing operations $ (0.07) $ (0.18) $ (0.25) $ (1.14) $ (0.57) $ (1.71) Diluted from discontinued operations $ 0.12 $ — $ 0.12 $ 0.07 $ — $ 0.07 Net income (loss) $ 0.06 $ (0.19) $ (0.13) $ (1.07) $ (0.58) $ (1.65) Weighted average common shares outstanding: Basic 20,257 20,257 20,181 20,181 Diluted 20,257 20,257 20,181 20,181 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months ended March 29, 2020 As Previously Reported Restatement Impacts As Restated Restatement Reference Net revenues $ 192,213 $ (1,088) $ 191,125 a,b Cost of revenues 132,170 476 132,646 a,b Gross profit 60,043 (1,564) 58,479 Selling, general and administrative expenses 59,558 794 60,352 a,b Impairment charges 116,182 21,896 138,078 c Special and restructuring (recoveries), net (42,292) — (42,292) Operating (loss) (73,405) (24,254) (97,659) Other expense (income): Interest expense, net 9,011 — 9,011 Other (income), net (2,680) (487) (3,167) a Total other expense, net 6,331 (487) 5,844 (Loss) from continuing operations before income taxes (79,736) (23,767) (103,503) Provision for income taxes 8,374 (3,328) 5,046 a,b,c (Loss) from continuing operations, net of tax (88,110) (20,439) (108,549) Income from discontinued operations, net of tax 9,162 — 9,162 Net (loss) $ (78,948) $ (20,439) $ (99,387) Basic (loss) income per common share: Basic from continuing operations $ (4.42) $ (1.03) $ (5.45) Basic from discontinued operations $ 0.46 $ — $ 0.46 Net (loss) $ (3.96) $ (1.03) $ (4.99) Diluted (loss) income per common share: Diluted from continuing operations $ (4.42) $ (1.03) $ (5.45) Diluted from discontinued operations $ 0.46 $ — $ 0.46 Net (loss) $ (3.96) $ (1.03) $ (4.99) Weighted average common shares outstanding: Basic 19,935 19,935 Diluted 19,935 19,935 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months Ended June 28, 2020 Six Months Ended June 28, 2020 As Previously Reported Restatement Impacts As Restated As Previously Reported Restatement Impacts As Restated Restatement Reference Net revenues $ 186,066 $ (2,557) $ 183,509 $ 378,279 $ (3,645) $ 374,634 a,b Cost of revenues 127,105 (298) 126,807 259,275 179 259,454 a,b Gross profit 58,961 (2,259) 56,702 119,004 (3,824) 115,180 Selling, general and administrative expenses 54,738 (331) 54,407 114,296 463 114,759 a,b Impairment charges — — — 116,182 21,896 138,078 c Special and restructuring charges (recoveries), net 5,607 — 5,607 (36,685) — (36,685) Operating (loss) (1,384) (1,928) (3,312) (74,789) (26,183) (100,972) Other expense (income): Interest expense, net 8,486 — 8,486 17,497 — 17,497 Other expense (income), net 2,144 (121) 2,023 (536) (608) (1,144) a Total other expense, net 10,630 (121) 10,509 16,961 (608) 16,353 (Loss) from continuing operations before income taxes (12,014) (1,807) (13,821) (91,750) (25,575) (117,325) (Benefit from) income taxes (21,769) 643 (21,126) (13,395) (2,685) (16,080) a,b,c Income (loss) from continuing operations, net of tax 9,755 (2,450) 7,305 (78,355) (22,890) (101,245) (Loss) from discontinued operations, net of tax (43,847) — (43,847) (34,685) — (34,685) Net (loss) $ (34,092) $ (2,450) $ (36,542) $ (113,040) $ (22,890) $ (135,930) Basic (loss) per common share: Basic from continuing operations $ 0.49 $ (0.12) $ 0.37 $ (3.93) $ (1.14) $ (5.07) Basic from discontinued operations $ (2.19) $ — $ (2.19) $ (1.74) $ — $ (1.74) Net (loss) $ (1.71) $ (0.12) $ (1.83) $ (5.66) $ (1.15) $ (6.81) Diluted (loss) per common share: Diluted from continuing operations $ 0.48 $ (0.12) $ 0.36 $ (3.93) $ (1.14) $ (5.07) D |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation And Basis Of Presentation | Principles of Consolidation and Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). |
Use Of Estimates | Use of Estimates The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Some of the more significant estimates, some of which are impacted by management’s estimates and assumptions regarding the effects of the COVID-19 pandemic, relate to recoverability of goodwill and indefinite-lived trade names, estimated total costs for ongoing long-term revenue contracts where transfer of control occurs over time, allowance for credit losses, inventory valuation, share-based compensation, amortization and impairment of long-lived assets, income taxes (including valuation allowance), fair value of disposal group, pension benefit obligations, acquisition accounting, penalty accruals for late shipments, asset valuations, and product warranties. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ materially from those estimates. |
Assets Held for Sale | Assets Held for Sale The Company classifies assets and liabilities (disposal groups) to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the disposal group; the disposal group is available for immediate sale in its present condition subject to terms customary for sales of such disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated; the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company initially measures a disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The Company assesses the fair value of a disposal group, less any costs to sell, each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue to depict the transfer of control to the Company’s customers in an amount reflecting what the Company expects to be entitled to in exchange for performance obligations. In order to apply this revenue recognition principle, the Company applies the following five step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when, or as, a performance obligation is satisfied. See Note 5, Revenue Recognition for further information. Revenues relating to point in time contracts are recognized when the customer obtains control of the product, which is generally at the time of shipping. Revenues and costs on certain long-term contracts are recognized on the percentage-of-completion method measured on the basis of costs incurred to estimated total costs for each contract. This method is used because management considers it to be the best available measure of progress towards completion on these contracts. Revenues and costs on contracts are subject to changes in estimates throughout the duration of the contracts, and any required adjustments are made in the period in which a change in estimate becomes known. Unbilled receivables for net revenues recognized in excess of the amounts billed for active projects are recognized as contract assets on the balance sheet. |
Allowance for Credit Losses | Allowance for Credit LossesThe Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses or doubtful accounts based upon expected losses, its historical experience, expectation of changes in risk of loss and any specific customer collection issues that it has identified. Account balances are charged off against the allowance when the Company believes it is probable the receivable will not be recovered. |
Goodwill | Goodwill Goodwill is measured as the excess of the cost of acquisition over the sum of the amounts assigned to identifiable tangible and intangible assets acquired less liabilities assumed. The Company performs an impairment assessment for goodwill at the reporting unit level on an annual basis as of the end of its October month end or more frequently if circumstances warrant. Its annual impairment assessment requires a comparison of the fair value of each of its reporting units to the respective carrying value. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying value of a reporting unit is greater than its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Additionally, the Company will consider the income tax effect from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. Determining the fair value of a reporting unit is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, the Company estimates the fair value of its reporting units using an income approach based on the present value of future cash flows. It believes this approach yields the most appropriate evidence of fair value. The Company also utilizes the comparable company multiples method and market transaction fair value method to validate the fair value estimate using the income approach. The key assumptions utilized in its discounted cash flow model includes estimates of the rate of revenue growth and the discount rate based on a weighted average cost of capital. Any unfavorable material changes to these key assumptions could potentially impact its fair value determinations. |
Cost Of Revenue | Cost of Revenues Cost of revenues primarily reflects the costs of manufacturing and preparing products for sale and, to a much lesser extent, the costs of performing services. Cost of revenues is primarily comprised of the cost of materials, outside processing, inbound freight, production, direct labor and overhead including indirect labor, which are expenses that directly result from the level of production activity at a manufacturing site. Additional expenses that directly result from the level of production activity at a manufacturing site include purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, utility expenses, property taxes, amortization of inventory step-up from revaluation at the date of acquisition, depreciation of production building and equipment assets, warranty costs, salaries and benefits paid to plant manufacturing management and maintenance supplies. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Where appropriate, standard cost systems are utilized for purposes of determining cost; the standards are adjusted as necessary to ensure they approximate actual cost. Cost is generally determined on the first-in, first-out (“FIFO”) basis. The Company typically analyzes its inventory aging and projected future usage on a quarterly basis to assess the adequacy of its inventory valuation reserve, which primarily consists of obsolescence and net realizable value estimates. These estimates are measured either on an item-by-item basis or higher-level inventory grouping and determined based on the difference between the cost of the inventory and estimated net realizable value. The provision for inventory valuation reserves is a component of the Company's cost of revenues. Assumptions about future demand are among the primary factors utilized to estimate net realizable value. At the point of the loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Only subsequent inventory transactions via sale or disposal would then release the established inventory reserve. |
Legal Contingencies | Legal Contingencies The Company is currently involved in various legal claims and legal proceedings, some of which may involve substantial dollar amounts. Periodically, the Company reviews the status of each significant matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be estimated, it accrues a liability for the estimated loss. The determination of probability and the determination as to whether exposure can be reasonably estimated requires management estimates. Because of uncertainties related to these matters, accruals are based on the best information available at the time. As additional information becomes available, the Company reassesses the potential liability related to its pending claims and litigation and may revise its estimates. Such revisions in the estimates of the potential liabilities could have a material adverse effect on its business, results of operations and financial position. |
Indefinite-Lived Intangible Assets | Indefinite-Lived Intangible Assets Indefinite-lived intangible assets, such as trade names, are generally recorded and valued in connection with a business acquisition. For these assets, the Company performs a qualitative assessment on an annual basis to determine if it is more likely than not the asset is impaired (“Step 0” test). These assets are reviewed at least annually for impairment as of the October month end, or more frequently if facts and circumstances warrant. For any that fail the Step 0 test, the Company performs an impairment assessment at the asset level utilizing a fair value calculation. The Company has the option to bypass the qualitative assessment for an indefinite lived intangible asset in any period and proceed directly to the quantitative impairment test. Determining the fair value is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, the Company estimates the fair value using the relief from royalty method. |
Other Long-Lived Assets | Other Long-Lived Assets In accordance with ASC Topic 360, Plant, Property, and Equipment, the Company performs impairment analyses of long-lived asset groups whenever events and circumstances indicate impairment. If indicators are present, it performs a recoverability test by comparing the sum of the undiscounted future cash flows specific to the asset group to its carrying value. If the |
Post-Retirement Benefits | Post-Retirement Benefits Pensions and other post-retirement benefit obligations and net periodic benefit costs are actuarially determined and are affected by several assumptions including the discount rate, mortality, and the expected long-term return on plan assets. Changes in assumptions and differences from actual results will affect the amounts of net periodic benefit cost recognized in future periods. These assumptions may also effect the amount and timing of future cash contributions. As required in the recognition and disclosure provisions of ASC Topic 715, Compensation - Retirement Benefits , the Company recognizes the over-funded or under-funded status of defined benefit post-retirement plans in its balance sheet, measured as the difference between the fair value of plan assets and the benefit obligations (the projected benefit obligation for pension plans and the accumulated post-retirement benefit obligation for other post-retirement plans). The change in the funded status is the net of the recognized net periodic benefit cost, cash contributions to the trust/benefits paid directly by the Company and recognized changes in other comprehensive income. Other comprehensive income changes are due to new actuarial gains and losses, new plan amendments and the amortizations of amounts in the net periodic benefit cost. Unrecognized actuarial gains and losses in excess of the 10% corridor (defined as the threshold above which gains or losses need to be amortized) are being recognized for all plans over the weighted average expected remaining service period of the employee group unless substantially all participants are inactive in which case the average remaining lifetime of covered participants is used. Unrecognized actuarial gains and losses arise from several factors including changes in the benefit obligations from actuarial experience and assumption changes, as well as the difference between expected returns and actual returns on plan assets. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if the Company anticipates that it is more likely than not that it may not realize some or all of a deferred tax asset. In accordance with the provisions of ASC Topic 740, Income Taxes , the Company initially recognizes the financial statement effect of a tax position when, based solely on its technical merits, it is more likely than not (a likelihood of greater than fifty percent) that the position will be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard, are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. If future results of operations exceed the Company's current expectations, its existing tax valuation allowances may be adjusted, resulting in future tax benefits. Alternatively, if future results of operations are less than expected, future assessments may result in a determination that some or all of the deferred tax assets are not realizable. Consequently, the Company may need to establish additional tax valuation allowances for a portion or all of the gross deferred tax assets, which may have a material adverse effect on its results of operations. Under ASC Topic 740, only the portion of the liability that is expected to be paid within one year is classified as a current liability. As a result, liabilities expected to be resolved without the payment of cash (e.g., due to the expiration of the statute of limitations) or are not expected to be paid within one year are classified as non-current. It is the Company’s policy to record estimated interest and penalties as income tax expense, and tax credits as a reduction in income tax expense. |
Share-Based Compensation | Share-Based Compensation Share-based compensation costs are based on the grant date fair value estimated in accordance with the provisions of ASC Topic 718, Accounting for Share Based Payments , and these costs are recognized over the requisite vesting period. The Black-Scholes option pricing model is used to estimate the fair value of each stock option at the date of grant. Black-Scholes utilizes assumptions related to volatility, the risk-free interest rate, the dividend yield and employee exercise behavior. Expected volatilities utilized in the model are based on the historic volatility of the Company’s stock price. The risk-free interest rate is derived from the U.S. Treasury Yield curve in effect at the time of the grant. The model incorporates exercise and post-vesting service termination assumptions based on an analysis of historical data. For additional information, see Note 14, Share-Based Compensation. |
Environmental Compliance And Remediation | Environmental Compliance and Remediation Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to existing conditions caused by past operations, which do not contribute to current or future revenue generation, are expensed. Expenditures that meet the criteria of “Regulated Operations” are capitalized. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. In accordance with ASC Topic 450, Contingencies, estimated costs are based upon current laws and regulations, existing technology and the most probable method of remediation. |
Foreign Currency and Foreign Currency Contracts | Foreign Currency and Foreign Currency Contracts The Company's international subsidiaries operate and report their financial results using local functional currencies. Accordingly, all assets, liabilities, revenues, and costs of these subsidiaries are translated into United States (“U.S.”) dollars using exchange rates in effect at the end of the relevant periods. The resulting translation adjustments are presented as a separate component of other comprehensive income. The Company does not provide for U.S. income taxes on foreign currency translation adjustments since it does not provide for such taxes on undistributed earnings of foreign subsidiaries. The Company is exposed to certain risks relating to its ongoing business operations including foreign currency exchange rate risk. The Company uses derivative instruments to manage foreign currency risk on certain business transactions denominated in foreign currencies. To the extent the underlying transactions hedged are completed, these forward contracts do not subject the Company to significant risk from exchange rate movements because they offset gains and losses on the related foreign currency denominated transactions. These forward contracts do not qualify as hedging instruments and, therefore, do not qualify for fair value or cash flow hedge treatment. Any gains and losses on the forward contracts are recognized as a component of other expense in its consolidated statements of operations. The Company is subject to exchange rate related gains or losses resulting from foreign currency denominated transactions. Its net foreign exchange losses / (gains) recorded for the years ended December 31, 2021, 2020, and 2019 were $0.9 million, $1.7 million, and $(0.4) million, respectively and are included in other (income) expense in the consolidated statements of operations. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is calculated by dividing net income by the number of weighted average common shares outstanding. Diluted earnings per common share is calculated by dividing net income by the weighted average common shares outstanding and assumes the conversion of all dilutive securities when the effects of such conversion would not be anti-dilutive. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company's cash equivalents are invested in time deposits of financial institutions, and it has established guidelines relative to credit ratings, diversification and maturities that are intended to maintain safety and liquidity. Cash equivalents include highly liquid investments with maturity periods of three months or less when purchased. |
Restricted Cash | Restricted Cash Restricted cash represents cash that is legally restricted as to withdrawal or usage and includes amounts required to be maintained in relation to bank guarantees in certain jurisdictions. Restricted cash is classified within other current assets on the consolidated balance sheets. |
Other Assets | Other Assets Other assets in the accompanying consolidated balance sheets include deferred debt issuance costs associated with the Company's revolving credit facility, tax receivable, non-current contract assets and other certain assets. |
Fair Value | Fair Value ASC Topic 820, Fair Value Measurement , defines fair value and includes a framework for measuring fair value and disclosing fair value measurements in financial statements. Fair value is a market-based measurement rather than an entity-specific measurement. The fair value hierarchy makes a distinction between assumptions developed based on market data obtained from independent sources (observable inputs) and the reporting entity’s own assumptions (unobservable inputs). This hierarchy prioritizes the inputs into three broad levels as follows: Level One : Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level Two : Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level Three : Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Fair value information for those assets and liabilities, including their classification in the fair value hierarchy, is included in: Note 13, Financing Arrangements along with Derivative Financial Instruments, and Note 16, Retirement Plans (for assets held in trust). Certain pension plan asset investments are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”). The carrying amounts of cash and cash equivalents, restricted cash, trade receivables and trade payables approximate fair value because of the short maturity of these financial instruments. Cash equivalents are carried at cost which approximates fair value at the balance sheet date and is a Level 1 financial instrument. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is generally provided on a straight-line basis over the estimated useful lives of the assets, which typically range from 3 to 40 years for buildings and improvements, 1 to 10 years for manufacturing machinery and equipment, and 3 to 7 years for computer equipment and software. Motor vehicles and furniture and fixtures are typically depreciated over 5 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Repairs and maintenance costs are expensed as incurred. |
Research and Development | Research and Development |
Sale of Receivables | Sale of Receivables The Company has an active receivables purchasing agreement with a bank whereby the Company can sell selected account receivables and receive between 90% to 100% of the purchase price upfront, net of applicable discount fee, and the residual amount as the receivables are collected. |
New Accounting Standards | New Accounting Standards Adopted In March 2020, the FASB issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance contains optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other areas or transactions that are impacted by reference rate reform (i.e., by the transition of LIBOR and other interbank offered rates to alternative reference interest rates). The new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company adopted the standard as of January 1, 2021, and intends to apply the provisions of this standard to contract modifications if and when applicable. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. On January 1, 2020, the Company adopted FASB ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. The Company adopted the standard using a modified retrospective approach through a cumulative-effect adjustment to retained earnings. It recognized the cumulative effect of adopting the new credit loss standard as an adjustment to the opening balance of retained earnings as of January 1, 2020. The adoption of the standard did not have a material impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarifies and |
Restatement of Previously Iss_2
Restatement of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | CIRCOR INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) December 31, 2020 As Previously Reported Restatement Impacts Restatement Reference As Restated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 76,452 $ (9,534) a,b $ 66,918 Trade accounts receivable, net 102,730 (7,095) a 95,635 Inventories 129,084 (992) a,b 128,092 Prepaid expenses and other current assets 93,226 (4,241) a,b 88,985 Assets held for sale 5,073 — 5,073 Total Current Assets 406,565 (21,862) 384,703 PROPERTY, PLANT AND EQUIPMENT, NET 168,763 (2,741) a,b 166,022 OTHER ASSETS: Goodwill 158,944 (22,021) c 136,923 Intangibles, net 353,595 — 353,595 Deferred income taxes 779 51 a,b 830 Other assets 41,882 (1,098) a 40,784 TOTAL ASSETS $ 1,130,528 $ (47,671) $ 1,082,857 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 61,236 $ 2,378 a,b $ 63,614 Accrued expenses and other current liabilities 75,624 3,416 a,b 79,040 Accrued compensation and benefits 28,332 (316) a,b 28,016 Short-term borrowings and current portion of long-term debt — 1,624 a 1,624 Total Current Liabilities 165,192 7,102 172,294 LONG-TERM DEBT 507,888 — 507,888 DEFERRED INCOME TAXES 28,980 (3,115) a,b 25,865 PENSION LIABILITY, NET 163,642 — 163,642 OTHER NON-CURRENT LIABILITIES 58,785 1,485 a 60,270 COMMITMENTS AND CONTINGENCIES (Note 17 and 18) SHAREHOLDERS’ EQUITY: Preferred stock, $0.01 par value; 1,000,000 shares authorized; $— shares issued and outstanding — — — Common stock, $0.01 par value; 29,000,000 shares authorized; 21,373,813 shares issued at December 31, 2020. 214 — 214 Additional paid-in capital 452,728 — 452,728 (Accumulated deficit) (86,461) (49,982) a,b,c (136,443) Common treasury stock, at cost (1,372,488 shares at December 31, 2020) (74,472) — (74,472) Accumulated other comprehensive loss (85,968) (3,161) a,b,c (89,129) Total Shareholders’ Equity 206,041 (53,143) 152,898 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,130,528 $ (47,671) $ 1,082,857 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) For Year Ended December 31, 2020 As Previously Reported Restatement Impacts Restatement Reference As Restated Net revenues $ 773,271 $ (8,052) a,b $ 765,219 Cost of revenues 530,844 2,161 a,b 533,005 Gross profit 242,427 (10,213) 232,214 Selling, general and administrative expenses 220,994 2,392 a,b 223,386 Impairment charges 116,182 21,896 c 138,078 Special and restructuring (recoveries), net (34,303) — (34,303) Operating (loss) (60,446) (34,501) (94,947) Other expense (income): Interest expense, net 34,219 — 34,219 Other (income), net (529) (1,065) a (1,594) Total other expense, net 33,690 (1,065) 32,625 (Loss) from continuing operations before income taxes (94,136) (33,436) (127,572) Provision for income taxes 56,222 (320) a,b,c 55,902 (Loss) from continuing operations, net of tax (150,358) (33,116) (183,474) (Loss) from discontinued operations, net of tax (35,140) — (35,140) Net (loss) $ (185,498) $ (33,116) $ (218,614) Basic (loss) per common share: Basic from continuing operations $ (7.52) $ (1.66) $ (9.18) Basic from discontinued operations $ (1.76) $ — $ (1.76) Net (loss) $ (9.28) $ (1.66) $ (10.94) Diluted (loss) per common share: Diluted from continuing operations $ (7.52) $ (1.66) $ (9.18) Diluted from discontinued operations $ (1.76) $ — $ (1.76) Net (loss) $ (9.28) $ (1.66) $ (10.94) Weighted average common shares outstanding: Basic 19,982 19,982 Diluted 19,982 19,982 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) For Year Ended December 31, 2019 As Previously Reported Restatement Impacts Restatement Reference As Restated Net revenues $ 964,313 $ (7,051) a $ 957,262 Cost of revenues 655,504 1,271 a,b 656,775 Gross profit 308,809 (8,322) 300,487 Selling, general and administrative expenses 248,256 210 a,b 248,466 Special and restructuring charges (recoveries), net 22,872 (1,324) a,b 21,548 Operating income (loss) 37,681 (7,208) 30,473 Other expense (income): Interest expense, net 48,609 — 48,609 Other (income), net (836) (42) a,b (878) Total other expense, net 47,773 (42) 47,731 (Loss) from continuing operations before income taxes (10,092) (7,166) (17,258) Provision for (benefit from) income taxes 14,676 (1,624) a,b 13,052 (Loss) from continuing operations, net of tax (24,768) (5,542) (30,310) (Loss) from discontinued operations, net of tax (109,167) 1,715 b (107,452) Net (loss) $ (133,935) $ (3,827) $ (137,762) Basic (loss) per common share: Basic from continuing operations $ (1.24) $ (0.28) $ (1.52) Basic from discontinued operations $ (5.48) $ 0.08 $ (5.40) Net (loss) $ (6.73) $ (0.19) $ (6.92) Diluted (loss) per common share: Diluted from continuing operations $ (1.24) $ (0.28) $ (1.52) Diluted from discontinued operations $ (5.48) $ 0.08 $ (5.40) Net (loss) $ (6.73) $ (0.19) $ (6.92) Weighted average common shares outstanding: Basic 19,903 19,903 Diluted 19,903 19,903 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) (in thousands) Year ended December 31, 2020 As Previously Stated Restatement Impacts Restatement Reference As Restated Net (loss) $ (185,498) $ (33,116) a,b,c $ (218,614) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 6,949 (2,483) a,b 4,466 Interest rate swap adjustments (1) 1,196 — 1,196 Other net changes in post-retirement liabilities and assets - recognized actuarial gains (loss) (2) (13,846) — (13,846) Other comprehensive (loss), net of tax (5,701) (2,483) (8,184) COMPREHENSIVE (LOSS) $ (191,199) $ (35,599) $ (226,798) Year ended December 31, 2019 As Previously Stated Restatement Impacts Restatement Reference As Restated Net (loss) $ (133,935) $ (3,827) a,b $ (137,762) Other comprehensive (loss), net of tax: Foreign currency translation adjustments (4,740) (703) a,b (5,443) Interest rate swap adjustments (1) (5,390) — (5,390) Other net changes in post-retirement liabilities and assets - recognized actuarial gains (loss) (2) (398) — (398) Other comprehensive (loss), net of tax (10,528) (703) (11,231) COMPREHENSIVE (LOSS) $ (144,463) $ (4,530) $ (148,993) CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended December 31, 2020 As Previously Stated Restatement Impacts Restatement Reference As Restated OPERATING ACTIVITIES Net (loss) $ (185,498) $ (33,116) a,b,c $ (218,614) (Loss) from discontinued operations, net of income taxes (35,140) — (35,140) (Loss) from continuing operations, net of tax (150,358) (33,116) (183,474) Adjustments to reconcile net (loss) to net cash (used in) operating activities: Depreciation 20,385 16 a 20,401 Amortization 43,662 — 43,662 Change in provision for bad debt expense 6,099 175 a 6,274 Write down of inventory 3,618 654 a 4,272 Compensation expense of share-based plans 5,488 — 5,488 Amortization of debt issuance costs 7,460 — 7,460 Deferred income tax provision 48,770 (1,996) a,b 46,774 Goodwill Impairment 116,182 21,896 c 138,078 (Gain) on sale of businesses (54,429) — (54,429) Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Trade accounts receivable 23,506 2,705 a 26,211 Inventories 5,780 (1,414) a,b 4,366 Prepaid expenses and other assets (34,824) 5,569 a,b (29,255) Accounts payable, accrued expenses and other liabilities (49,501) 5,753 a,b (43,748) Net cash (used in) continuing operations (8,162) 242 (7,920) Net cash (used in) discontinued operations (14,561) — (14,561) Net cash (used in) operating activities (22,723) 242 (22,481) INVESTING ACTIVITIES Additions of property, plant and equipment (12,222) — (12,222) Proceeds from the sale of property, plant and equipment (322) — (322) Proceeds from beneficial interest of factored receivables 2,957 — 2,957 Proceeds from sale of business 165,540 — 165,540 Net cash provided by continuing investing activities 155,953 — 155,953 Net cash (used in) discontinued investing activities (11,658) — (11,658) Net cash provided by investing activities 144,295 — 144,295 FINANCING ACTIVITIES Proceeds from long-term debt 219,000 — 219,000 Payments of long-term debt (352,916) — (352,916) Net change in short-term borrowings — 372 a 372 Proceeds from the exercise of stock options 118 — 118 Withholding tax payments on net share settlements on equity rewards — (713) b (713) Net cash (used in) financing activities (133,798) (341) (134,139) Effect of exchange rate changes on cash, cash equivalents and restricted cash 4,195 (317) a,b,c 3,878 (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (8,031) (416) (8,447) Cash, cash equivalents and restricted cash at beginning of year 85,727 (8,673) a,b 77,054 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR $ 77,696 $ (9,089) $ 68,607 Supplemental Disclosure of Cash Flow Information: Income taxes $ 13,074 $ (1,989) $ 11,085 Interest $ 33,993 $ — $ 33,993 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended December 31, 2019 As Previously Stated Restatement Impacts Restatement Reference As Restated OPERATING ACTIVITIES Net (loss) $ (133,935) $ (3,827) a,b $ (137,762) (Loss) from discontinued operations, net of income taxes (109,167) 1,715 (107,452) (Loss) from continuing operations, net of tax (24,768) (5,542) (30,310) Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: Depreciation 22,045 — 22,045 Amortization 47,591 — 47,591 Change in provision for bad debt expense 617 115 a 732 Write down of inventory 366 277 a 643 Compensation expense of share-based plans 5,418 — 5,418 Amortization of debt issuance costs 4,622 — 4,622 Deferred income tax (benefit) provision (3,440) (613) a,b (4,053) (Gain) on disposal of property, plant and equipment (1,793) — (1,793) Loss on sale of businesses 3,615 — 3,615 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Trade accounts receivable 24,339 2,935 a 27,274 Inventories (9,557) (815) a,b (10,372) Prepaid expenses and other assets 7,360 1,688 a,b 9,048 Accounts payable, accrued expenses and other liabilities (34,168) 741 a,b (33,427) Net cash provided by continuing operations 42,247 (1,214) 41,033 Net cash (used in) discontinued operations (26,334) (71) b (26,405) Net cash provided by operating activities 15,913 (1,285) 14,628 INVESTING ACTIVITIES Additions of property, plant and equipment (13,855) — (13,855) Proceeds from the sale of property, plant and equipment 6,172 — 6,172 Proceeds from beneficial interest of factored receivables 861 — 861 Proceeds from sale of business 162,591 — 162,591 Net cash provided by continuing investing activities 155,769 — 155,769 Net cash (used in) discontinued investing activities (2,733) — (2,733) Net cash provided by investing activities 153,036 — 153,036 FINANCING ACTIVITIES Proceeds from long-term debt 281,600 — 281,600 Payments of long-term debt (434,797) — (434,797) Net change in short-term borrowings — (190) a (190) Proceeds from the exercise of stock options 253 — 253 Withholding tax payments on net share settlements on equity rewards — (538) b (538) Net cash (used in) continuing financing activities (152,944) (728) (153,672) Effect of exchange rate changes on cash, cash equivalents and restricted cash 197 81 a,b 278 INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 16,202 (1,932) 14,270 Cash, cash equivalents and restricted cash at beginning of year 69,525 (6,741) a 62,784 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR $ 85,727 $ (8,673) $ 77,054 Supplemental Disclosure of Cash Flow Information: Accrual for capital expenditures Cash paid during the year for: Income taxes $ 16,711 (185) $ 16,526 Interest $ 47,544 — $ 47,544 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (in thousands) Common Stock Additional Retained Accumulated Treasury Stock Total Shares Amount As Previously Reported BALANCE AT DECEMBER 31, 2019 19,912 $ 213 $ 446,657 $ 99,280 $ (80,267) $ (74,472) $ 391,411 Net loss — — — (185,498) — — (185,498) Cumulative effect adjustment related to adoption of current expected credit loss standard (ASC 326) — — — (222) — — (222) Other comprehensive loss, net of tax — — — (5,701) — (5,701) Other — — — (21) — — (21) Stock options exercised 3 — 118 — — — 118 Conversion of restricted stock units 86 1 239 — — — 240 Share-based plan compensation — — 5,714 — — — 5,714 BALANCE AT DECEMBER 31, 2020 20,001 $ 214 $ 452,728 $ (86,461) $ (85,968) $ (74,472) $ 206,041 Restatement Impacts BALANCE AT DECEMBER 31, 2019 — — — (16,866) (678) — (17,544) Net loss — — — (33,116) — — (33,116) Cumulative effect adjustment related to adoption of current expected credit loss standard (ASC 326) — — — — — — — Other comprehensive loss, net of tax — — — — (2,483) — (2,483) Other — — — — — — — Stock options exercised — — — — — — — Conversion of restricted stock units — — — — — — — Share-based plan compensation — — — — — — — BALANCE AT DECEMBER 31, 2020 — $ — $ — $ (49,982) $ (3,161) $ — $ (53,143) As Restated BALANCE AT DECEMBER 31, 2019 (As Restated) 19,912 $ 213 $ 446,657 $ 82,414 $ (80,945) $ (74,472) $ 373,867 Net loss — — — (218,614) — — (218,614) Cumulative effect adjustment related to adoption of current expected credit loss standard (ASC 326) — — — (222) — — (222) Other comprehensive income, net of tax — — — — (8,184) — (8,184) Other — — (21) — — (21) Stock options exercised 3 — 118 — — — 118 Conversion of restricted stock units 86 1 239 — — — 240 Share-based plan compensation — — 5,714 — — — 5,714 BALANCE AT DECEMBER 31, 2020 (As Restated) 20,001 214 452,728 (136,443) (89,129) (74,472) 152,898 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (in thousands) Common Stock Additional Retained Accumulated Treasury Stock Total Shares Amount As Previously Reported BALANCE AT DECEMBER 31, 2018 19,845 $ 212 $ 440,890 $ 232,102 $ (69,739) $ (74,472) $ 528,993 Net loss — — — (133,935) — — (133,935) Cumulative effect adjustment related to adoption of ASC (842) — — — 1,113 — — 1,113 Other comprehensive loss, net of tax — — — — (10,528) — (10,528) Stock options exercised 6 — 253 — — — 253 Conversion of restricted stock units 61 1 (65) — — — (64) Share-based plan compensation — — 5,579 — — — 5,579 BALANCE AT DECEMBER 31, 2019 19,912 $ 213 $ 446,657 $ 99,280 $ (80,267) $ (74,472) $ 391,411 Restatement Impacts BALANCE AT DECEMBER 31, 2018 — — — (13,039) 25 — (13,014) Net loss — — — (3,827) — — (3,827) Cumulative effect adjustment related to adoption of (ASC 842) — — — — — — — Other comprehensive loss, net of tax — — — — (703) — (703) Stock options exercised — — — — — — — Conversion of restricted stock units — — — — — — — Share-based plan compensation — — — — — — — BALANCE AT DECEMBER 31, 2019 — — — (16,866) (678) — (17,544) As Restated BALANCE AT DECEMBER 31, 2018 (As Restated) 19,845 $ 212 $ 440,890 $ 219,063 $ (69,714) $ (74,472) $ 515,979 Net loss — — — (137,762) — — (137,762) Cumulative effect adjustment related to adoption of (ASC 842) — — — 1,113 — — 1,113 Other comprehensive income, net of tax — — — — (11,231) — (11,231) Stock options exercised 6 — 253 — — — 253 Conversion of restricted stock units 61 1 (65) — — — (64) Share-based plan compensation — — 5,579 — — — 5,579 BALANCE AT DECEMBER 31, 2019 (As Restated) 19,912 $ 213 $ 446,657 $ 82,414 $ (80,945) $ (74,472) $ 373,867 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounts Receivable, Allowance for Credit Loss | The following table presents changes in the accounts receivables allowance for doubtful accounts for the years ended December 31 (in thousands): Additions (Reductions) Description Balance at Charged to Charged to Deductions Balance at Year ended (As Restated) December 31, 2021 Deducted from asset account: Allowance for doubtful accounts $ 10,596 $ 1,213 $ (608) $ (420) $ 10,781 Year ended (As Restated) December 31, 2020 Deducted from asset account: Allowance for doubtful accounts $ 3,948 $ 6,274 $ 999 $ (625) $ 10,596 Year ended (As Restated) December 31, 2019 Deducted from asset account: Allowance for doubtful accounts $ 3,400 $ 732 $ 549 $ (733) $ 3,948 (1) Uncollectible accounts written off, net of recoveries. |
Reconciliation Of Earnings Per Share | Earnings per common share and the weighted average number of shares used to compute net earnings per common share, basic and assuming full dilution, are reconciled below (in thousands, except per share data): Year Ended December 31, As Restated 2021 2020 2019 Net Shares Per Share Net Shares Per Share Net Shares Per Share Basic EPS $ (61,638) 20,201 $ (3.05) $ (218,614) 19,982 $ (10.94) $ (137,762) 19,903 $ (6.92) Dilutive securities, principally common stock awards — — — — — — — — — Diluted EPS $ (61,638) 20,201 $ (3.05) $ (218,614) 19,982 $ (10.94) $ (137,762) 19,903 $ (6.92) |
Discontinued Operations and A_2
Discontinued Operations and Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table presents the summarized components of income (loss) from discontinued operations, for the EV and DV businesses for the years ended December 31, 2021, 2020, and 2019 (in thousands): As Restated Year Ended Year Ended Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Net revenues $ — $ 10,055 $ 79,351 Cost of revenues — 26,399 104,217 Gross (loss) — (16,344) (24,866) Selling, general and administrative expenses (84) 9,074 14,190 Special and restructuring charges, net (1) 17 17,831 85,603 Operating income (loss) 67 (43,249) (124,659) Other (income) expense: Interest (income), net — (14) (8) Other (income) expense, net (1,581) 614 (378) Total other (income) expense, net (1,581) 600 (386) Income (loss) from discontinued operations, pre tax 1,648 (43,849) (124,273) (Benefit from) provision for income taxes 242 (8,709) (16,821) Income (loss) from discontinued operations, net of tax $ 1,406 $ (35,140) $ (107,452) (1) The year ended December 31, 2020, includes a loss on the sale of the DV business of $21.6 million. The year ended December 31, 2019, includes a valuation allowance of $39.8 million for the DV business, loss on sale of the EV business of $37.9 million, and goodwill and intangible asset impairments related to the DV business of $7.9 million. The following table presents the balance sheet information for assets of the Cryo business held for sale as of December 31, 2020 (in thousands): Held for Sale Inventories $ 2,963 Prepaid expenses and other current assets 48 Property, plant, and equipment, net 162 Goodwill 1,900 Classified as current (1) 5,073 Total assets held for sale $ 5,073 (1) The Company classifies all assets held for sale as current on the consolidated balance sheet because it is probable that these assets will be sold within one year. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The Company’s contract assets and contract liabilities as of December 31, 2021 and 2020 are as follows (in thousands): As Restated December 31, 2021 December 31, 2020 Increase/(Decrease) Contract assets: Recorded within prepaid expenses and other current assets $ 87,527 $ 65,271 $ 22,256 Recorded within other non-current assets 6,336 10,824 (4,488) Total $ 93,863 $ 76,095 $ 17,768 Contract liabilities: Recorded within accrued expenses and other current liabilities $ 26,870 $ 24,857 $ 2,013 Recorded within other non-current liabilities 4,847 9,412 (4,565) Total $ 31,717 $ 34,269 $ (2,552) |
Disaggregation of Revenue | The following tables present the revenue disaggregated by major product line and geographical market (in thousands): Year Ended As Restated As Restated Revenue by Major Product Line December 31, 2021 December 31, 2020 December 31, 2019 Industrial Segment Valves $ 185,044 $ 199,715 $ 347,633 Pumps 321,082 299,494 337,004 Total $ 506,126 $ 499,209 $ 684,637 Aerospace & Defense Segment Commercial Aerospace & Other $ 92,059 $ 90,835 $ 124,023 Defense 160,482 175,175 148,602 Total 252,541 266,010 272,625 Net Revenue $ 758,667 $ 765,219 $ 957,262 Year Ended As Restated As Restated Revenue by Geographical Market December 31, 2021 December 31, 2020 December 31, 2019 Industrial Segment EMEA $ 230,176 $ 217,853 $ 285,936 North America 146,307 170,301 265,973 Other 129,643 111,055 132,728 Total $ 506,126 $ 499,209 $ 684,637 Aerospace & Defense Segment EMEA $ 59,242 $ 61,726 $ 74,657 North America 179,589 188,817 172,676 Other 13,710 15,467 25,292 Total $ 252,541 $ 266,010 $ 272,625 Net Revenue $ 758,667 765,219 957,262 |
Special and Restructuring Cha_2
Special and Restructuring Charges (Recoveries), net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Special and Restructuring Charges (Recoveries), Net | The table below (in thousands) summarizes the amounts recorded within the special and restructuring charges (recoveries), net line item on the consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019: Special and Restructuring Charges (Recoveries), net Year Ended December 31, Year Ended December 31, As Restated 2021 2020 2019 Special charges (recoveries), net $ 20,038 $ (39,248) $ 16,362 Restructuring charges, net 4,234 4,945 5,186 Total special and restructuring charges (recoveries), net $ 24,272 $ (34,303) $ 21,548 |
Special Charges (Recoveries), Net | The table below (in thousands) outlines the special charges (recoveries), net recorded for the year ended December 31, 2021: Special Charges (Recoveries), net Year Ended December 31, 2021 Aerospace & Defense Industrial Corporate Total Cryo divestiture gain $ — $ (1,947) $ — $ (1,947) Heater & Control Valve divestiture charges — 3,459 407 3,866 Debt refinancing charge — — 8,693 8,693 Incremental loss allowance — 7,943 — 7,943 Other special charges, net 39 1,105 339 $ 1,483 Total special charges, net $ 39 $ 10,560 $ 9,439 $ 20,038 The table below (in thousands) outlines the special charges, net recorded for the year ended December 31, 2020: Special Charges (Recoveries), net for the year ended December 31, 2020 Aerospace & Defense Industrial Corporate Total Divestiture- related $ — $ (53,203) $ 46 $ (53,157) Professional fees to review and respond to an unsolicited tender offer to acquire the Company — — 6,937 6,937 Amortization debt issuance costs — — 3,541 3,541 Other cost savings initiatives 19 371 3,041 3,431 Total special charges (recoveries), net $ 19 $ (52,832) $ 13,565 $ (39,248) The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2019: Special Charges, net As Restated for the year ended December 31, 2019 Aerospace & Defense Industrial Corporate Total Divestiture- related $ — $ 2,746 $ 1,881 $ 4,627 Professional fees to review and respond to an unsolicited tender offer to acquire the Company — — 7,345 $ 7,345 Other cost saving initiatives — 2,598 1,792 $ 4,390 Total special charges, net $ — $ 5,344 $ 11,018 $ 16,362 |
Charges (Recoveries) Associated with Restructuring Actions | The tables below (in thousands) outline the charges (or any recoveries) associated with restructuring actions recorded for the years ended December 31, 2021, 2020, and 2019. Restructuring Charges, net as of and for the year ended December 31, 2021 Aerospace & Defense Industrial Corporate Total Facility related expenses $ 181 $ 118 $ — $ 299 Employee related expenses 1,126 2,438 371 3,935 Total restructuring charges, net $ 1,307 $ 2,556 $ 371 $ 4,234 Accrued restructuring charges as of December 31, 2020 $ 1,512 Total year to date charges, net (shown above) 4,234 Charges paid / settled, net (3,907) Accrued restructuring charges as of December 31, 2021 $ 1,839 Restructuring Charges, net as of and for the year ended December 31, 2020 Aerospace & Defense Industrial Corporate Total Facility related expenses $ 18 $ 246 $ 1 $ 265 Employee related expenses 343 3,822 515 4,680 Total restructuring charges, net $ 361 $ 4,068 $ 516 $ 4,945 Accrued restructuring charges as of December 31, 2019 $ 5,199 Total year to date charges, net (shown above) 4,945 Charges paid / settled, net (8,632) Accrued restructuring charges as of December 31, 2020 $ 1,512 Restructuring Charges, net as of and for the year ended December 31, 2019 Aerospace & Defense Industrial Corporate Total Facility related expenses $ 35 $ (1,458) — $ (1,423) Employee related expenses 560 6,049 — 6,609 Total restructuring charges, net $ 595 $ 4,591 $ — $ 5,186 Accrued restructuring charges as of December 31, 2018 $ 874 Total year to date charges, net (shown above) 5,186 Charges paid / settled, net (861) Accrued restructuring charges as of December 31, 2019 $ 5,199 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to our leases is as follows (in thousands): As Restated December 31, 2021 December 31, 2020 Assets Operating Finance Operating Finance Gross ROU Assets (1) $ 26,657 $ 5,461 $ 25,508 $ 4,991 Less: Accumulated Amortization (9,605) (1,375) (7,312) (858) Net ROU Assets $ 17,052 $ 4,086 $ 18,196 $ 4,133 Liabilities Operating Finance Operating Finance Current (2) $ 3,682 $ 867 $ 3,995 $ 735 Non-current (3) 14,471 3,243 19,405 3,434 Total Lease Liabilities $ 18,153 $ 4,110 $ 23,400 $ 4,169 (1) Operating and finance ROU assets are included within other assets (2) The current portion of operating and finance lease liabilities are recorded within accrued expenses and other current liabilities (3) The non-current portion of operating and finance lease liabilities are recorded within other non-current liabilities |
Lease Cost | The components of lease costs are as follows (in thousands): Year Ended As Restated Lease Costs December 31, 2021 December 31, 2020 December 31, 2019 Operating lease cost (1) $ 5,912 $ 6,794 $ 5,071 Finance lease cost Amortization of leased assets (2) 611 568 251 Interest on lease liabilities (3) 93 70 40 Total finance lease costs 704 638 291 Total lease cost $ 6,616 $ 7,432 $ 5,362 (1) Operating lease costs are recorded within selling, general and administrative expenses or cost of revenues within the consolidated statements of operations depending upon the nature of the underlying lease. (2) Finance lease amortization costs are recorded in cost of revenues, as well as selling, general and administrative expenses within the consolidated statements of operations. (3) Finance lease interest costs are recorded in interest expense, net within the consolidated statements of operations. The weighted average remaining lease term and discount rates are as follows: Lease Term and Discount Rate December 31, 2021 December 31, 2020 December 31, 2019 Weighted average remaining lease term (years) Operating leases 5.9 6.3 6.7 Finance leases 5.6 6.2 6.8 Weighted average discount rate (percentage) Operating leases 4.5 % 6.8 % 4.6 % Finance leases 2.0 % 4.8 % 2.0 % Supplemental cash flow information related to leases are as follows (in thousands): Year Ended As Restated Other Information December 31, 2021 December 31, 2020 December 31, 2019 Operating Activities Noncash lease expense on operating ROU assets $ 303 $ 268 $ (17,625) Amortization expense on finance ROU assets 611 568 251 Change in total operating lease liabilities 214 5,200 17,359 Principal paid on operating lease liabilities (2,350) (1,323) (4,301) Total Operating Activities $ (1,222) $ 4,713 $ (4,316) Financing Activities Principal paid on finance lease liabilities $ (654) $ (557) $ (281) Supplemental Interest paid on finance lease liabilities $ 93 $ 70 $ 40 |
Finance Lease, Maturity of Lease Liabilities | The estimated future minimum lease payments only include obligations for which the Company is reasonably certain it will exercise its renewal option. Such future payments are as follows (in thousands): Maturity of Lease Liabilities Operating Finance Total 2022 $ 4,775 $ 863 $ 5,638 2023 4,047 819 4,866 2024 3,140 812 3,952 2025 2,114 783 2,897 2026 1,839 685 2,524 After 2026 3,820 742 4,562 Less: Interest 1,582 594 2,176 Total $ 18,153 $ 4,110 $ 22,263 |
Operating Lease, Maturity Lease Liabilities | The estimated future minimum lease payments only include obligations for which the Company is reasonably certain it will exercise its renewal option. Such future payments are as follows (in thousands): Maturity of Lease Liabilities Operating Finance Total 2022 $ 4,775 $ 863 $ 5,638 2023 4,047 819 4,866 2024 3,140 812 3,952 2025 2,114 783 2,897 2026 1,839 685 2,524 After 2026 3,820 742 4,562 Less: Interest 1,582 594 2,176 Total $ 18,153 $ 4,110 $ 22,263 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory, Net [Abstract] | |
Components Of Inventory | Inventories consisted of the following (in thousands): As Restated December 31, 2021 December 31, 2020 Raw materials $ 51,911 $ 63,017 Work in process 55,942 44,145 Finished goods 15,490 20,930 Inventories $ 123,343 $ 128,092 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): As Restated December 31, 2021 December 31, 2020 Land $ 31,377 $ 32,802 Buildings and improvements 84,846 85,515 Manufacturing machinery and equipment 122,944 136,160 Computer equipment and software 39,111 38,031 Furniture and fixtures 13,477 13,450 Vehicles 797 545 Construction in progress 15,517 12,133 Property, plant and equipment, at cost 308,069 318,636 Less: Accumulated depreciation (153,608) (152,614) Property, plant and equipment, net $ 154,461 $ 166,022 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by Segment | The following table shows goodwill by segment as of December 31, 2021 and 2020 (in thousands): Aerospace & Defense Industrial Consolidated Goodwill as of December 31, 2020 (As Restated) $ 57,468 $ 79,455 $ 136,923 Impairment — (10,500) (10,500) Heater & Control Valve divestiture — (755) (755) Currency translation adjustments (108) (2,654) (2,762) Goodwill as of December 31, 2021 $ 57,360 $ 65,546 $ 122,906 As Restated As Restated Aerospace & Defense Industrial Consolidated Goodwill as of December 31, 2019 $ 57,385 $ 215,308 $ 272,693 Impairment — (138,078) (138,078) Reclassification of Cryo to assets held for sale — (1,900) (1,900) Currency translation adjustments 83 4,125 4,208 Goodwill as of December 31, 2020 (As Restated) $ 57,468 $ 79,455 $ 136,923 |
Gross Intangible Assets and Related Accumulated Amortization | The tables below present gross intangible assets and the related accumulated amortization (in thousands): December 31, 2021 Gross Carrying Accumulated Net Carrying Value Patents $ 5,368 $ (5,368) $ — Customer relationships 302,358 (137,861) 164,497 Acquired technology 135,972 (72,708) 63,264 Total Amortized Assets $ 443,698 $ (215,937) $ 227,761 Non-amortized intangibles (primarily trademarks and trade names) $ 75,715 $ — $ 75,715 Net Carrying Value of Intangible assets $ 303,476 December 31, 2020 Gross Carrying Accumulated Net Carrying Value Patents $ 5,368 $ (5,368) $ — Customer relationships 310,458 (112,411) 198,047 Order backlog 2,000 (2,000) — Acquired technology 138,833 (60,760) 78,073 Total Amortized Assets $ 456,659 $ (180,539) $ 276,120 Non-amortized intangibles (primarily trademarks and trade names) $ 77,475 $ — $ 77,475 Net Carrying Value of Intangible assets $ 353,595 |
Estimated Future Amortization Expense | The table below presents estimated future amortization expense for intangible assets recorded as of December 31, 2021 (in thousands): 2022 2023 2024 2025 2026 After 2026 Estimated amortization expense $ 36,655 $ 32,141 $ 28,245 $ 24,727 $ 21,535 $ 84,458 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components Of Deferred Income Tax Liabilities And Assets | The significant components of our deferred income tax liabilities and assets were as follows (in thousands): As Restated December 31, December 31, 2021 2020 Deferred income tax (liabilities): Fixed Assets (12,315) (12,485) Intangible Assets (41,425) (50,165) Right of Use Lease (3,175) (4,134) Other (3,957) (2,000) Total deferred income tax liabilities (60,872) (68,784) Deferred income tax assets: Accrued Expenses 4,937 5,126 Bad Debt 2,375 3,995 Equity Compensation 3,191 3,621 Right of Use Lease 3,457 4,332 Inventory 4,768 5,040 Other 6,804 8,082 Net operating loss and credit carry-forward 96,511 88,598 Pension 23,727 36,532 Interest 22,329 16,262 Goodwill 10,813 10,850 Total deferred income tax assets 178,912 182,438 Valuation allowance (139,005) (138,689) Deferred income tax asset, net of valuation allowance 39,907 43,749 Deferred income tax liability $ (20,965) $ (25,035) |
Components Of Pre-Tax Income (Loss) | The (benefit from) provision for income taxes is based on the following pre-tax (loss) income (in thousands): As Restated Year Ended December 31, Year Ended December 31, Year Ended December 31, 2021 2020 2019 Domestic $ (55,752) $ (168,988) $ (42,692) Foreign (2,110) 41,416 25,434 (Loss) income before income taxes $ (57,862) $ (127,572) $ (17,258) |
Provision (Benefit) For Income Taxes | The provision for income taxes consisted of the following (in thousands): As Restated Year Ended Year Ended Year Ended 2021 2020 2019 Current provision: Federal - U.S. $ — $ 165 $ — Foreign 7,942 8,415 16,509 State -U.S. 232 548 596 Total current provision $ 8,174 $ 9,128 $ 17,105 Deferred expense (benefit): Federal - U.S. $ 130 $ 39,293 $ 7,333 Foreign (3,052) 5,033 (11,346) State -U.S. (70) 2,448 (40) Total expense (benefit) deferred (2,992) 46,774 (4,053) Total provision for income taxes $ 5,182 $ 55,902 $ 13,052 |
Reconciliation Of Effective Income Tax Rate | Actual income taxes reported from operations were different from those that would have been computed by applying the federal statutory tax rate to (loss) income before income taxes. The expense for income taxes differed from the U.S. statutory rate due to the following: As Restated Year Ended Year Ended Year Ended 2021 2020 2019 Expected federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit (0.3) (2.1) 9.1 Impairment — (6.5) — U.S. permanent differences (1.7) — (1.0) Foreign tax rate differential 3.7 2.8 (23.5) Unbenefited losses — — (0.3) Tax reserve (2.6) (0.6) (0.2) Rate Change (1.7) (0.1) 3.5 GILTI — — (2.3) Intercompany financing — — 17.8 Foreign-derived intangible income (“FDII”) — — 6.3 Prior period adjustment 0.2 1.4 25.8 Dispositions (1.0) (0.7) (129.4) Valuation Allowance (24.7) (59.1) — Other, net (5.2) 0.3 (9.4) Equity compensation 2.0 (0.3) (0.7) Research and development 1.3 — 7.7 Effective tax rate (9.0) % (43.8) % (75.6) % |
Summary of Valuation Allowance | The following table provides a summary of the changes in the deferred tax valuation allowance for the years ended December 31, 2021, 2020, and 2019 (in thousands): December 31, As Restated 2021 2020 2019 Deferred tax valuation allowance at January 1 $ 138,689 $ 46,967 $ 54,716 Additions 9,329 91,866 1,456 Acquired — — 150 Deductions (9,013) (144) (9,355) Deferred tax valuation allowance at December 31 $ 139,005 $ 138,689 $ 46,967 |
Reconciliation Of Total Gross Unrecognized Tax Benefits | The following is a reconciliation of the Company’s liability for uncertain income tax positions for the years ended December 31, 2021, 2020 and 2019 (in thousands): December 31, 2021 2020 2019 Balance beginning January 1 $ 1,078 $ 630 $ 593 Additions/(reductions) for tax positions of prior years 1,529 448 — Additions/(reductions) based on tax positions related to current year 212 — 37 Tax Audit Settlement (200) — — Currency movement (41) — — Balance ending December 31 $ 2,578 $ 1,078 $ 630 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): As Restated December 31, December 31, 2021 2020 Customer deposits and obligations $ 18,636 $ 18,540 Commissions payable and sales incentive 3,594 3,601 Warranty reserve 2,739 2,206 Professional fees 2,529 1,836 Taxes other than income tax 3,091 3,900 Other contract liabilities 8,215 6,182 Income tax payable 3,075 5,858 Short term pension liability and other post-employment benefits (OPEB) 4,560 4,939 Operating lease liability 3,682 3,995 Other 31,877 27,983 Total accrued expenses and other current liabilities $ 81,998 $ 79,040 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term debt consisted of the following (in thousands): As Restated December 31, December 31, 2021 2020 Term Loan at interest rates ranging from 4.3%-5.0% in 2021 and 4.3%-5.2% in 2020 $ 525,000 $ 492,038 Line of Credit at interest rates ranging from 3.6%-6.75% in 2021 and 3.6%-7.2% in 2020 — 27,900 Short-Term Borrowings 1,311 1,624 Total Principal Debt Outstanding 526,311 521,562 Less: Unamortized Discount and Debt Issuance Costs 13,006 12,050 Less: Short-Term Borrowings and Current Portion of Long-Term Debt 1,611 1,624 Total Long-Term Debt, net $ 511,694 $ 507,888 |
Schedule of Financing Receivables, Minimum Payments | 2022 2023 2024 2025 2026 Thereafter Minimum principal payments $ 1,611 $ 5,300 $ 5,300 $ 5,300 $ 5,300 $ 503,500 |
Schedule of Derivative Assets at Fair Value | The aggregate net fair value of the interest rate swap and cross-currency swap as of December 31, 2021 and December 31, 2020 are summarized in the table below (in thousands): Significant Other Observable Inputs Level 2 2021 2020 Derivative asset $ — $ 2,359 Derivative liabilities $ (2,187) $ (17,139) |
Schedule of Derivative Liabilities at Fair Value | The aggregate net fair value of the interest rate swap and cross-currency swap as of December 31, 2021 and December 31, 2020 are summarized in the table below (in thousands): Significant Other Observable Inputs Level 2 2021 2020 Derivative asset $ — $ 2,359 Derivative liabilities $ (2,187) $ (17,139) |
Reclassification out of Accumulated Other Comprehensive Income | The amount of gain (loss) recognized in other comprehensive (loss) income (“OCI”) and reclassified from accumulated other comprehensive (loss) income (“AOCI”) to earnings are summarized below (in thousands): Year Ended December 31, 2021 December 31, 2020 Amount of gain (loss) recognized in OCI $ (284) $ (5,433) Amount of (loss) reclassified from AOCI to earnings (interest expense, net) $ (6,682) $ (6,162) At December 31, 2021, amounts expected to be reclassified from AOCI into interest expense in the next 12 months is a loss of $1.8 million. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule Of Estimated Weighted-Average Assumptions Of Stock Options | The average fair value of stock options granted during 2019 was $11.84 and was estimated using the following weighted-average assumptions: Year Ended December 31, 2019 Risk-free interest rate 2.6 % Expected life (years) 4.3 Expected stock volatility 38.1 % Expected dividend yield — % |
Summary Of Stock Options Granted To Employees And Non-Employee Directors | A summary of the status of all stock options and RSU awards granted to employees and non-employee directors as of December 31, 2021 and changes during the year are presented in the table below: December 31, 2021 Stock Options RSU Awards RSU MSPs Shares Weighted Shares Weighted Shares Weighted Options and awards outstanding at beginning of period 666,785 $ 43.31 666,627 $ 17.11 78,298 $ 24.99 Granted — $ — 245,345 $ 40.53 31,248 $ 26.68 Exercised/Settled (4,506) $ 33.63 (337,993) $ 17.58 (32,582) $ 34.44 Added by performance factor — $ — 1,133 $ 42.62 — $ — Forfeited (3,661) $ 33.63 (129,716) $ 23.65 (14,713) $ 23.65 Expired (61,865) $ 51.58 — $ — — $ — Options and awards outstanding at end of period 596,753 $ 42.58 445,396 $ 27.81 62,251 $ 24.35 Options and awards exercisable at end of period 554,874 $ 43.26 1,338 $ 42.62 — $ — |
Summarized Information About RSUs Outstanding | The following table summarizes information about equity awards outstanding at December 31, 2021: Equity Awards Outstanding Equity Awards Exercisable (aggregate intrinsic value in thousands) Awards Average Share Price * Aggregate Intrinsic Value Remaining Term ** Awards Average Share Price * Aggregate Intrinsic Value Remaining Term ** Stock Options 596,753 $ 42.58 $ — 2.2 554,874 $ 43.26 $ — 2.1 RSU Awards 445,396 $ 27.81 $ 12,106 1.5 1,338 $ 42.62 $ 36 N/A RSU MSPs 62,251 $ 24.35 $ 176 1.1 — $ — $ — N/A * Weighted-average exercise price per share for options and weighted- average grant date price for RSUs. ** Weighted-average contractual remaining term in years. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits, Description [Abstract] | |
Components of Net Benefit Expense | The cost of the Company's 401(k) plan is outlined below (in thousands): Year Ended December 31, 2021 2020 2019 Cost of 401(k) plan $ 4,226 $ 458 $ 3,428 The components of net periodic benefit cost for the postretirement plans were as follows (in thousands): Pension Benefits Other Post-retirement Benefits Year Ended December 31, Year Ended December 31, 2021 2020 2019 2021 2020 2019 Components of net periodic benefit cost: Service cost $ 3,235 $ 2,812 $ 2,694 $ 3 $ 3 $ 2 Interest cost 4,019 6,958 10,061 160 262 359 Expected return on assets (10,094) (11,737) (11,979) — — — Net actuarial (gain) / loss — — — — — — Amortization — — — — — — Net periodic benefit cost (2,840) (1,967) 776 163 265 361 Net loss (gain) amortization 912 279 441 — — (32) Prior service cost amortization 17 15 15 — — — Total amortization 929 294 456 — — (32) Net periodic benefit cost $ (1,911) $ (1,673) $ 1,232 $ 163 $ 265 $ 329 |
Weighted Average Assumptions Used in Determining Net Periodic Benefit Cost and Benefit Obligations | The weighted average assumptions used in determining the net periodic benefit cost and benefit obligations for the post-retirement plans are shown below: Pension Benefits Other Post-retirement Benefits Year Ended December 31, Year Ended December 31, 2021 2020 2019 2021 2020 2019 Net periodic benefit cost: Discount rate – U.S. 1.93% 2.83% 3.93% 2.65 % 3.05% 4.10% Discount rate – Foreign 0.82% 1.24% 2.00% N/A N/A N/A Expected return on plan assets - U.S. 4.50% 5.50% 6.25% N/A N/A N/A Expected return on plan assets - Foreign 2.20% 2.95% 3.70% N/A N/A N/A Rate of compensation increase - Foreign 3.20% 3.20% 3.15% N/A N/A N/A Benefit obligations: Discount rate – U.S. 2.41% 1.93% 2.83% 2.26 % 2.26% 3.05% Discount rate – Foreign 1.30% 0.82% 1.24% N/A N/A N/A Rate of compensation increase - Foreign 3.20% 3.20% 3.09% N/A N/A N/A |
Schedule of Defined Benefit Plans Disclosures | The funded status of the defined benefit post-retirement plans and amounts recognized in the consolidated balance sheets, measured as of December 31, 2021 and December 31, 2020 were as follows (in thousands): Pension Benefits Other Post-retirement Benefits December 31, December 31, 2021 2020 2021 2020 Change in projected benefit obligation: Balance at beginning of year $ 412,834 $ 382,179 $ 10,893 $ 10,193 Service cost 3,235 2,812 3 3 Interest cost 4,019 6,958 160 262 Amendments — 12 — — Actuarial (gain) loss (1) (24,873) 30,833 (382) 828 Exchange rate (gain) loss (9,597) 12,541 0 — Benefits paid (21,808) (22,501) (430) (393) Balance at end of year $ 363,810 $ 412,834 $ 10,244 $ 10,893 Change in fair value of plan assets: Balance at beginning of year $ 247,821 $ 235,297 $ — $ — Actual return on assets 22,375 29,624 — — Exchange rate (loss) gain (305) 895 — — Benefits paid (21,808) (22,501) (430) (393) Employer contributions 4,694 4,506 430 393 Fair value of plan assets at end of year (2) $ 252,777 $ 247,821 $ — $ — Funded status: Excess of benefit obligation over the fair value of plan assets $ (111,033) $ (165,013) $ (10,244) $ (10,893) Pension plan accumulated benefit obligation (“ABO”) $ 363,810 $412,834 N/A N/A (1) The changes in benefit obligations were primarily drive by changes in discount rates in both U.S. and foreign obligations. (2) Refer to table below for further disclosure regarding the fair value of plan assets. The following information is presented as of December 31, 2021 and 2020 (in thousands): Pension Benefits Other Post-retirement Benefits 2021 2020 2021 2020 Funded status, end of year: Fair value of plan assets $ 252,777 $ 247,821 $ — $ — Projected Benefit obligation (363,810) (412,834) (10,244) (10,893) Net pension liability $ (111,033) $ (165,013) $ (10,244) $ (10,893) Post-retirement amounts recognized in the balance sheet consists of: Non-current asset $ 13,799 $ 2,885 $ — $ — Current liability (3,951) (4,256) (609) (683) Non-current liability (120,881) (163,642) (9,635) (10,210) Total $ (111,033) $ (165,013) $ (10,244) $ (10,893) Amounts recognized in accumulated other comprehensive loss consist of: Net losses (gains) $ 6,375 $ 45,339 $ (437) $ (55) Prior service cost 308 328 — — Total $ 6,683 $ 45,667 $ (437) $ (55) |
Schedule of Changes in Fair Value of Plan Assets | The fair values of the Company’s pension plan assets as of December 31, 2021 and 2020 utilizing the fair value hierarchy were as follows (in thousands): December 31, 2021 December 31, 2020 Measured at Net Asset Value (1) Level 1 Level 2 Level 3 Total Measured at Net Asset Value (1) Level 1 Level 2 Level 3 Total U.S. Plans: Cash Equivalents: Money Market Funds $ 21 $ 867 $ — $ — $ 888 $ 21 $ 656 $ — $ — $ 677 Mutual Funds: Bond Funds $ 46,956 — — — 46,956 — — — — — Comingled Pools: Opportunistic 5,930 — — — 5,930 20,827 — — — 20,827 Investment Grade 105,217 — — — 105,217 59,013 — — — 59,013 Non-U.S. Equity 20,596 — — — 20,596 53,570 — — — 53,570 U.S. Equity 43,067 — — — 43,067 84,186 — — — 84,186 Global Low Volatility — — — — — 20 — — — 20 Insurance Contracts — — 815 — 815 — — 807 — 807 Foreign Plans: Cash — 245 — — 245 — 85 — — 85 Equity — 11,733 — — 11,733 — 11,229 — — 11,229 Non-U.S. government and corporate bonds — 17,050 — — 17,050 — 17,092 — — 17,092 Insurance Contracts — — — 280 280 — — 38 277 315 Other — — — — — — — — — Total Fair Value $ 221,787 $ 29,895 $ 815 $ 280 $ 252,777 $ 217,637 $ 29,062 $ 845 $ 277 $ 247,821 (1) Certain investments that are measured at fair value using NAV have not been classified in the fair value hierarchy. These investments, consisting of common/collective trusts, are valued using the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund that are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term. |
Expected Benefit Payments | As of December 31, 2021, the benefit payments expected to be paid in each of the next five years and the aggregate for the five fiscal years thereafter were as follows (in thousands): 2022 2023 2024 2025 2026 Thereafter Pension Benefits - All Plans $ 22,132 $ 21,777 $ 21,430 $ 20,926 $ 20,433 $ 93,400 Other Post-retirement Benefits 609 591 566 556 540 2,437 Expected benefit payments $ 22,741 $ 22,368 $ 21,996 $ 21,482 $ 20,973 $ 95,837 |
Guarantees and Indemnificatio_2
Guarantees and Indemnification Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees And Indemnification Obligations [Abstract] | |
Product Warranty Reserves | The following table sets forth information related to our product warranty reserves for the years ended December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Balance beginning January 1 $ 2,206 $ 1,642 Provisions 3,629 2,825 Claims settled (3,040) (2,313) Currency translation adjustment (56) 52 Balance ending December 31 $ 2,739 $ 2,206 |
Business Segment and Geograph_2
Business Segment and Geographical Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | The following table presents certain reportable segment information (in thousands): As Restated As of and for the year ended December 31, As of and for the year ended December 31, As of and for the year ended December 31, 2021 2020 2019 Net revenues Industrial $ 506,126 $ 499,209 $ 684,637 Aerospace & Defense 252,541 266,010 272,625 Consolidated revenues $ 758,667 $ 765,219 $ 957,262 Segment income Aerospace & Defense - Segment Operating Income 56,073 58,379 52,030 Industrial - Segment Operating Income 28,896 27,025 83,058 Corporate expenses (30,638) (30,378) (33,820) Subtotal 54,331 55,026 101,268 Special restructuring charges, net 4,234 4,945 5,186 Special other charges (recoveries), net 20,038 (39,248) 16,362 Special and restructuring charges (recoveries), net 24,272 (34,303) 21,548 Restructuring related inventory charges (recoveries), net 599 (251) (820) Acquisition amortization 41,772 42,463 45,715 Acquisition depreciation 6,511 3,986 4,352 Impairment charges 10,500 138,078 — Restructuring, impairment and other cost, net 59,382 184,276 49,247 Consolidated operating (loss) income (29,323) (94,947) 30,473 Interest expense, net 32,365 34,219 48,609 Other (income), net (3,826) (1,594) (878) (Loss) from continuing operations before income taxes $ (57,862) $ (127,572) $ (17,258) Identifiable assets Industrial $ 1,256,974 $ 1,328,179 $ 1,764,326 Aerospace & Defense 464,964 451,612 431,905 Corporate (702,640) (696,934) (733,720) Consolidated identifiable assets $ 1,019,298 $ 1,082,857 $ 1,462,511 Capital expenditures Industrial $ 9,502 $ 6,928 $ 7,468 Aerospace & Defense 4,608 4,400 4,376 Corporate 467 466 1,074 Consolidated capital expenditures $ 14,577 $ 11,794 $ 12,918 Depreciation and amortization Industrial $ 52,532 $ 50,961 $ 57,576 Aerospace & Defense 11,973 12,492 11,531 Corporate 653 610 529 Consolidated depreciation and amortization $ 65,158 $ 64,063 $ 69,636 |
Net Revenues By Geographic Area | Year Ended December 31, As Restated Net revenues by geographic area 2021 2020 2019 United States $ 309,475 $ 340,705 $ 411,941 Germany 90,407 81,315 96,232 France 38,777 36,616 49,724 China 36,759 27,036 32,779 United Kingdom 32,341 33,439 36,760 Canada 16,421 18,413 25,963 Norway 10,391 12,765 23,045 Saudi Arabia 5,375 5,628 5,110 Russia 5,179 4,893 5,138 Rest of Europe 85,107 82,417 109,854 Rest of Asia-Pacific 89,186 80,112 104,404 Other 39,249 41,880 56,312 Total net revenues $ 758,667 $ 765,219 $ 957,262 |
Long-Lived Assets By Geographic Area | December 31, Long-lived assets by geographic area 2021 2020 United States $ 78,472 $ 83,205 Germany 48,228 54,106 UK 9,781 10,511 India 7,196 7,698 France 3,621 3,274 Other 7,163 7,228 Total long-lived assets $ 154,461 $ 166,022 |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other (Income) Expense, Net | The following table outlines other (income) expense, net (in thousands): Year Ended December 31, As Restated 2021 2020 2019 Pension - Interest cost $ 4,019 $ 6,958 $ 10,061 Pension - Expected return on assets (10,094) (11,737) (11,979) Foreign Currency Translations 898 1,745 (437) Other 1,351 1,440 1,477 Other (income), net $ (3,826) $ (1,594) $ (878) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive loss, net of tax, which is reported as a component of total shareholders' equity, for the years ended December 31, 2021, 2020, and 2019 (in thousands): Foreign Currency Translation Adjustments Pension, net Derivative Total Balance as of December 31, 2018 (As Restated) $ (49,083) $ (19,115) $ (1,516) $ (69,714) Other comprehensive (loss) (5,443) (398) (5,390) (11,231) Balance as of December 31, 2019 (As Restated) (54,526) (19,513) (6,906) (80,945) Other comprehensive (loss) income 4,466 (13,846) 1,196 (8,184) Balance as of December 31, 2020 (As Restated) (50,060) (33,359) (5,710) (89,129) Other comprehensive income (loss) (4,372) 38,303 6,398 40,329 Balance as of December 31, 2021 $ (54,432) $ 4,944 $ 688 $ (48,800) |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (UNAUDITED) As Restated April 4, July 4, October 3, ASSETS CURRENT ASSETS: Cash and cash equivalents $ 64,837 $ 58,862 $ 58,013 Trade accounts receivable, net 98,609 89,351 86,505 Inventories 134,398 135,005 130,376 Prepaid expenses and other current assets 92,475 99,104 109,055 Total Current Assets 390,319 382,322 383,949 PROPERTY, PLANT AND EQUIPMENT, NET 161,811 159,187 156,589 OTHER ASSETS: Goodwill 135,253 135,014 134,152 Intangibles, net 337,864 328,957 315,452 Deferred income taxes 820 847 813 Other assets 42,024 37,289 40,265 TOTAL ASSETS $ 1,068,091 $ 1,043,616 $ 1,031,220 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 67,425 $ 68,144 $ 73,731 Accrued expenses and other current liabilities 68,761 74,735 76,250 Accrued compensation and benefits 32,271 30,580 33,237 Short-term borrowings and current portion of long-term debt 1,604 1,353 1,426 Total Current Liabilities 170,061 174,812 184,644 LONG-TERM DEBT 525,573 512,375 507,093 DEFERRED INCOME TAXES 24,026 24,519 23,770 PENSION LIABILITY, NET 156,746 156,501 152,322 OTHER NON-CURRENT LIABILITIES 53,022 53,224 42,135 COMMITMENTS AND CONTINGENCIES (NOTE 16) SHAREHOLDERS’ EQUITY: Preferred stock, $0.01 par value; 1,000,000 shares authorized; $— shares issued and outstanding — — — Common stock, $0.01 par value; 29,000,000 shares authorized; 21,543,496, 21,620,528 and 21,627,259 shares issued at April 4, 2021, July 4, 2021 and October 3, 2021, respectively 216 216 217 Additional paid-in capital 451,858 452,512 453,761 (Accumulated deficit) retained earnings (148,239) (167,022) (169,652) Common treasury stock, at cost (1,372,488 shares at April 4, 2021, July 4, 2021 and October 3, 2021) (74,472) (74,472) (74,472) Accumulated other comprehensive loss, net of tax (90,700) (89,049) (88,598) Total Shareholders’ Equity 138,663 122,185 121,256 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,068,091 $ 1,043,616 $ 1,031,220 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (UNAUDITED) As Restated March 29, 2020 June 28, September 27, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 163,609 $ 117,719 $ 63,429 Trade accounts receivable, net 113,648 113,227 97,705 Inventories 143,420 147,829 142,667 Prepaid expenses and other current assets 85,370 99,150 101,277 Assets held for sale 26,617 — — Total Current Assets 532,664 477,925 405,078 PROPERTY, PLANT AND EQUIPMENT, NET 165,476 166,029 165,562 OTHER ASSETS: Goodwill 129,978 135,369 136,566 Intangibles, net 368,519 363,087 357,038 Deferred income taxes 44,536 55,170 4,695 Other assets 32,337 36,501 42,116 TOTAL ASSETS $ 1,273,510 $ 1,234,081 $ 1,111,055 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 76,115 $ 70,407 $ 64,538 Accrued expenses and other current liabilities 102,840 114,325 92,906 Accrued compensation and benefits 25,865 27,465 28,546 Liabilities held for sale 26,617 — — Short term borrowings and current portion of long-term debt 1,276 1,341 1,154 Total Current Liabilities 232,713 213,538 187,144 LONG-TERM DEBT 588,958 578,613 527,721 DEFERRED INCOME TAXES 17,160 18,173 19,710 PENSION LIABILITY, NET 137,779 145,138 143,599 OTHER NON-CURRENT LIABILITIES 41,939 44,830 58,527 SHAREHOLDERS’ EQUITY: Preferred stock, $0.01 par value; 1,000,000 shares authorized; $— shares issued and outstanding — — — Common stock, $0.01 par value; 29,000,000 shares authorized; 19,956,518, 19,994,356 and 19,997,931 shares issued at March 29, 2020, June 28, 2020 and September 27, 2020, respectively 213 214 214 Additional paid-in capital 447,867 449,576 451,351 (Accumulated deficit) retained earnings (17,195) (53,737) (118,467) Common treasury stock, at cost 1,372,488 shares at March 29, 2020, June 28, 2020 and September 27, 2020) (74,472) (74,472) (74,472) Accumulated other comprehensive loss, net of tax (101,452) (87,792) (84,272) Total Shareholders’ Equity 254,961 233,789 174,354 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,273,510 $ 1,234,081 $ 1,111,055 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) As Restated Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended April 4, July 4, July 4, October 3, October 3, Net revenues $ 176,451 $ 187,590 $ 364,041 $ 189,709 $ 553,750 Cost of revenues 124,889 131,156 256,045 131,898 387,943 Gross profit 51,562 56,434 107,996 57,811 165,807 Selling, general and administrative expenses 57,637 58,188 115,825 53,546 169,371 Impairment charges — — — — — Special and restructuring charges (recoveries), net (809) 6,803 5,995 814 6,808 Operating (loss) income (5,266) (8,557) (13,824) 3,451 (10,372) Other expense (income): Interest expense, net 8,369 7,957 16,327 7,997 24,325 Other (income), net (1,781) (1,267) (3,048) (256) (3,301) Total other expense, net 6,588 6,690 13,279 7,741 21,024 (Loss) from continuing operations before income taxes (11,854) (15,247) (27,103) (4,290) (31,396) Provision for (benefit from) income taxes (297) 2,659 2,360 850 3,206 (Loss) from continuing operations, net of tax (11,557) (17,906) (29,463) (5,140) (34,602) (Loss) income from discontinued operations, net of tax (239) (878) (1,117) 2,510 1,393 Net (loss) $ (11,796) $ (18,784) $ (30,580) $ (2,630) $ (33,209) Basic (loss) income per common share: Basic from continuing operations $ (0.58) $ (0.89) $ (1.46) $ (0.25) $ (1.71) Basic from discontinued operations $ (0.01) $ (0.04) $ (0.06) $ 0.12 $ 0.07 Net (loss) $ (0.59) $ (0.93) $ (1.52) $ (0.13) $ (1.65) Diluted (loss) income per common share: Diluted from continuing operations $ (0.58) $ (0.89) $ (1.46) $ (0.25) $ (1.71) Diluted from discontinued operations $ (0.01) $ (0.04) $ (0.06) $ 0.12 $ 0.07 Net (loss) $ (0.59) $ (0.93) $ (1.52) $ (0.13) $ (1.65) Weighted average common shares outstanding: Basic 20,054 20,230 20,143 20,257 20,181 Diluted 20,054 20,230 20,143 20,257 20,181 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) As Restated Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended March 29, June 28, June 28, September 27, September 27, Net revenues $ 191,125 $ 183,509 $ 374,634 $ 185,290 $ 559,924 Cost of revenues 132,646 126,807 259,454 132,310 391,764 Gross profit 58,479 56,702 115,180 52,980 168,160 Selling, general and administrative expenses 60,352 54,407 114,759 51,150 165,909 Impairment charges 138,078 — 138,078 — 138,078 Special and restructuring (recoveries) charges, net (42,292) 5,607 (36,685) 938 (35,747) Operating (loss) income (97,659) (3,312) (100,972) 892 (100,080) Other expense (income): Interest expense, net 9,011 8,486 17,497 8,202 25,699 Other (income) expense, net (3,167) 2,023 (1,144) 750 (396) Total other expense, net 5,844 10,509 16,353 8,952 25,303 (Loss) from continuing operations before income taxes (103,503) (13,821) (117,325) (8,060) (125,383) Provision for (benefit from) income taxes 5,046 (21,126) (16,080) 56,990 40,910 (Loss) income from continuing operations, net of tax (108,549) 7,305 (101,245) (65,050) (166,293) Income (loss) from discontinued operations, net of tax 9,162 (43,847) (34,685) 341 (34,345) Net (loss) $ (99,387) $ (36,542) $ (135,930) $ (64,709) $ (200,638) Basic (loss) income per common share: Basic from continuing operations $ (5.45) $ 0.37 $ (5.07) $ (3.25) $ (8.33) Basic from discontinued operations $ 0.46 $ (2.19) $ (1.74) $ 0.02 $ (1.72) Net (loss) $ (4.99) $ (1.83) $ (6.81) $ (3.24) $ (10.04) Diluted (loss) income per common share: Diluted from continuing operations $ (5.45) $ 0.36 $ (5.07) $ (3.25) $ (8.33) Diluted from discontinued operations $ 0.46 $ (2.16) $ (1.74) $ 0.02 $ (1.72) Net (loss) $ (4.99) $ (1.80) $ (6.81) $ (3.24) $ (10.04) Weighted average common shares outstanding: Basic 19,935 19,987 19,962 20,001 19,975 Diluted 19,935 20,286 19,962 20,001 19,975 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (in thousands) (Unaudited) As Restated Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended April 4, July 4, July 4, October 3, October 3, Net (loss) $ (11,796) $ (18,784) $ (30,580) $ (2,630) $ (33,209) Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments (3,218) 39 (3,178) (1,244) (4,423) Interest rate swap adjustments 1,586 1,562 3,148 1,644 4,792 Pension adjustment 60 49 111 50 161 Other comprehensive (loss) income, net of tax (1,572) 1,650 81 450 530 COMPREHENSIVE (LOSS) INCOME $ (13,368) $ (17,134) $ (30,499) $ (2,180) $ (32,679) As Restated Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended March 29, June 28, June 28, September 27, September 27, Net (loss) $ (99,387) $ (36,542) $ (135,930) $ (64,709) $ (200,638) Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments (18,226) 12,860 (5,366) 2,105 (3,261) Interest rate swap adjustments (2,320) 755 (1,565) 1,373 (192) Pension adjustment 39 43 82 44 126 Other comprehensive (loss) income, net of tax (20,507) 13,658 (6,849) 3,522 (3,327) COMPREHENSIVE (LOSS) $ (119,894) $ (22,884) $ (142,779) $ (61,187) $ (203,965) CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) As Restated Three Months Ended Six Months Ended Nine Months Ended April 4, July 4, October 3, OPERATING ACTIVITIES Net (loss) $ (11,796) $ (30,580) $ (33,209) (Loss) income from discontinued operations, net of income taxes (239) (1,117) 1,393 (Loss) from continuing operations (11,557) (29,463) (34,602) Adjustments to reconcile net (loss) to net cash (used in) provided by operating activities: Depreciation 6,509 11,970 17,505 Amortization 10,696 21,353 31,929 Change in provision for bad debt expense (465) (356) (383) Write down of inventory 188 1,548 1,742 Compensation expense of share-based plans 1,402 2,903 4,165 Amortization of debt issuance costs 995 2,005 3,032 Deferred income tax (benefit) provision (1,011) (1,317) 823 (Gain) loss on sale of businesses (1,947) 1,031 1,308 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Trade accounts receivable (3,707) 6,455 8,686 Inventories (8,255) (14,617) (11,621) Prepaid expenses and other assets (8,875) (10,119) (26,686) Accounts payable, accrued expenses and other liabilities (2,547) (1,158) 6,439 Net cash (used in) provided by continuing operations (18,574) (9,765) 2,337 Net cash (used in) discontinued operations (636) (579) (2,484) Net cash used in operating activities (19,210) (10,344) (147) INVESTING ACTIVITIES Additions of property, plant and equipment (3,394) (6,038) (10,579) Proceeds from the sale of property, plant and equipment 2 2 2 Proceeds from beneficial interest of factored receivables 812 998 1,531 Proceeds from sale of business 7,193 9,993 9,993 Net cash provided by investing activities 4,613 4,955 947 FINANCING ACTIVITIES Proceeds from long-term debt 63,500 103,350 145,550 Payments of long-term debt (46,500) (100,250) (148,450) Net change in short-term borrowings (22) (292) (225) Proceeds from the exercise of stock options 151 151 151 Withholding tax payments on net share settlements on equity rewards (3,274) (4,119) (4,154) Net cash provided by (used in) financing activities 13,855 (1,160) (7,128) Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,615) (1,782) (2,834) DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (2,357) (8,331) (9,162) Cash, cash equivalents and restricted cash at beginning of year 68,607 68,607 68,607 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR $ 66,250 $ 60,276 $ 59,445 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) As Restated Three Months Ended Six Months Ended Nine Months Ended March 29, June 28, September 27, 2020 OPERATING ACTIVITIES Net (loss) $ (99,387) $ (135,930) $ (200,638) Income (loss) from discontinued operations, net of income taxes 9,162 (34,685) (34,345) (Loss) from continuing operations (108,549) (101,245) (166,293) Adjustments to reconcile net (loss) income to net cash (used in) operating activities: Depreciation 5,121 10,079 14,881 Amortization 10,611 21,492 32,418 Change in provision for bad debt expense 5,824 7,768 7,219 Write down of inventory 787 1,259 3,023 Compensation expense of share-based plans 608 2,290 4,076 Amortization of debt issuance costs 4,513 5,488 6,463 Deferred income tax provision — — — Goodwill Impairment 138,078 138,078 138,078 (Gain) on sale of businesses (54,356) (54,253) (54,253) Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Trade accounts receivable (2,324) 921 19,365 Inventories (11,564) (14,320) (8,894) Prepaid expenses and other assets (14,064) (22,696) (37,571) Accounts payable, accrued expenses and other liabilities 8,010 (30,906) 8,970 Net cash used in continuing operations (17,305) (36,045) (32,518) Net cash used in discontinued operations (5,320) (11,532) (14,022) Net cash used in operating activities (22,625) (47,577) (46,540) INVESTING ACTIVITIES Additions of property, plant and equipment (3,412) (6,815) (9,147) Proceeds from the sale of property, plant and equipment — (142) (122) Proceeds from beneficial interest of factored receivables 599 1,339 2,212 Proceeds from sale of business 169,773 169,375 166,210 Net cash provided by continuing investing activities 166,960 163,757 159,153 Net cash provided by (used in) discontinued investing activities 68 (10,071) (11,338) Net cash provided by investing activities 167,028 153,686 147,815 FINANCING ACTIVITIES Proceeds from long-term debt 129,325 129,325 165,800 Payments of long-term debt (180,891) (191,141) (279,191) Net change in short-term borrowings 154 174 (47) Proceeds from the exercise of stock options 118 118 117 Withholding tax payments on net share settlements on equity rewards (523) (656) (656) Net cash used in financing activities (51,817) (62,180) (113,977) Effect of exchange rate changes on cash, cash equivalents and restricted cash (4,582) (1,833) 638 INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 88,004 42,096 (12,064) Cash, cash equivalents and restricted cash at beginning of year 77,054 77,054 77,054 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR $ 165,058 $ 119,150 $ 64,990 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) As of April 4, 2021 As of March 29, 2020 As Previously Reported Restatement Impacts As Restated As Previously Reported Restatement Impacts As Restated Restatement Reference ASSETS CURRENT ASSETS: Cash and cash equivalents $ 75,680 $ (10,843) $ 64,837 $ 170,861 $ (7,252) $ 163,609 a Trade accounts receivable, net 105,607 (6,998) 98,609 116,514 (2,866) 113,648 a Inventories 135,291 (893) 134,398 147,175 (3,755) 143,420 a,b Prepaid expenses and other current assets 103,632 (11,157) 92,475 86,840 (1,470) 85,370 a,b Assets held for sale — — — 26,617 — 26,617 Total Current Assets 420,210 (29,891) 390,319 548,007 (15,343) 532,664 PROPERTY, PLANT AND EQUIPMENT, NET 163,431 (1,620) 161,811 166,580 (1,104) 165,476 a OTHER ASSETS: Goodwill 156,917 (21,664) 135,253 150,928 (20,950) 129,978 c Intangibles, net 337,864 — 337,864 368,519 — 368,519 Deferred income taxes 781 39 820 42,706 1,830 44,536 a,b Other assets 43,999 (1,975) 42,024 32,337 — 32,337 a TOTAL ASSETS $ 1,123,202 $ (55,111) $ 1,068,091 $ 1,309,077 $ (35,567) $ 1,273,510 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 67,126 $ 299 $ 67,425 $ 76,298 $ (183) $ 76,115 a Accrued expenses and other current liabilities 67,059 1,702 68,761 103,917 (1,077) 102,840 a,b Accrued compensation and benefits 31,338 933 32,271 25,601 264 25,865 a,b Liabilities held for sale — — — 26,617 — 26,617 Short-term borrowings and current portion of long-term debt — 1,604 1,604 — 1,276 1,276 a Total Current Liabilities 165,523 4,538 170,061 232,433 280 232,713 LONG-TERM DEBT 525,573 — 525,573 588,958 — 588,958 DEFERRED INCOME TAXES 27,071 (3,045) 24,026 19,175 (2,015) 17,160 a,b PENSION LIABILITY, NET 156,746 — 156,746 137,779 — 137,779 OTHER NON-CURRENT LIABILITIES 52,183 839 53,022 39,887 2,052 41,939 a SHAREHOLDERS’ EQUITY: Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding — — — — — — Common stock, $0.01 par value; 29,000,000 shares authorized; 21,543,496 and 19,956,518 shares issued at April 4, 2021 and March 29, 2020, respectively 216 — 216 213 — 213 Additional paid-in capital 451,858 — 451,858 447,867 — 447,867 (Accumulated deficit) retained earnings (93,580) (54,659) (148,239) 20,110 (37,305) (17,195) a,b,c Common treasury stock, at cost (1,372,488 shares at April 4, 2021 and March 29, 2020) (74,472) — (74,472) (74,472) — (74,472) Accumulated other comprehensive loss, net of tax (87,916) (2,784) (90,700) (102,873) 1,421 (101,452) a,b,c Total Shareholders’ Equity 196,106 (57,443) 138,663 290,845 (35,884) 254,961 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,123,202 $ (55,111) $ 1,068,091 $ 1,309,077 $ (35,567) $ 1,273,510 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) As of July 4, 2021 As of June 28, 2020 As Previously Reported Restatement Impacts As Restated As Previously Reported Restatement Impacts As Restated Restatement Reference ASSETS CURRENT ASSETS: Cash and cash equivalents $ 72,181 $ (13,319) $ 58,862 $ 125,421 $ (7,702) $ 117,719 a Trade accounts receivable, net 96,591 (7,240) 89,351 117,131 (3,904) 113,227 a Inventories 136,012 (1,007) 135,005 148,383 (554) 147,829 a,b Prepaid expenses and other current assets 109,683 (10,579) 99,104 94,969 4,181 99,150 a,b Total Current Assets 414,467 (32,145) 382,322 485,904 (7,979) 477,925 PROPERTY, PLANT AND EQUIPMENT, NET 160,817 (1,630) 159,187 167,194 (1,165) 166,029 a OTHER ASSETS: Goodwill 156,785 (21,771) 135,014 156,654 (21,285) 135,369 c Intangibles, net 328,957 — 328,957 363,087 — 363,087 Deferred income taxes 776 71 847 53,357 1,813 55,170 a,b Other assets 40,199 (2,910) 37,289 34,171 2,330 36,501 a TOTAL ASSETS $ 1,102,001 $ (58,385) $ 1,043,616 $ 1,260,367 $ (26,286) $ 1,234,081 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 68,224 $ (80) $ 68,144 $ 68,155 $ 2,252 $ 70,407 a Accrued expenses and other current liabilities 72,294 2,441 74,735 102,717 11,608 114,325 a,b Accrued compensation and benefits 29,721 859 30,580 27,318 147 27,465 a Short-term borrowings and current portion of long-term debt — 1,353 1,353 — 1,341 1,341 a Total Current Liabilities 170,239 4,573 174,812 198,190 15,348 213,538 LONG-TERM DEBT 512,375 — 512,375 578,613 — 578,613 DEFERRED INCOME TAXES 27,562 (3,043) 24,519 20,229 (2,056) 18,173 a,b PENSION LIABILITY, NET 156,501 — 156,501 145,138 — 145,138 OTHER NON-CURRENT LIABILITIES 52,284 940 53,224 44,846 (16) 44,830 a,b SHAREHOLDERS’ EQUITY: Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding — — — — — — Common stock, $0.01 par value; 29,000,000 shares authorized; 21,620,528 and 19,994,356 shares issued at July 4, 2021 and June 28, 2020, respectively 216 — 216 214 — 214 Additional paid-in capital 452,512 — 452,512 449,576 — 449,576 (Accumulated deficit) retained earnings (109,143) (57,879) (167,022) (13,982) (39,755) (53,737) a,b,c Common treasury stock, at cost (1,372,488 shares at July 4, 2021 and June 28, 2020) (74,472) — (74,472) (74,472) — (74,472) Accumulated other comprehensive loss, net of tax (86,073) (2,976) (89,049) (87,985) 193 (87,792) a,b,c Total Shareholders’ Equity 183,040 (60,855) 122,185 273,351 (39,562) 233,789 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,102,001 $ (58,385) $ 1,043,616 $ 1,260,367 $ (26,286) $ 1,234,081 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) As of October 3, 2021 As of September 27, 2020 As Previously Reported Restatement Impacts As Restated As Previously Reported Restatement Impacts As Restated Restatement Reference ASSETS CURRENT ASSETS: Cash and cash equivalents $ 71,969 $ (13,956) $ 58,013 $ 72,772 $ (9,343) $ 63,429 a Trade accounts receivable, net 93,222 (6,717) 86,505 102,840 (5,135) 97,705 a Inventories 132,242 (1,866) 130,376 144,476 (1,809) 142,667 a,b Prepaid expenses and other current assets 118,783 (9,728) 109,055 98,401 2,876 101,277 a,b Total Current Assets 416,216 (32,267) 383,949 418,489 (13,411) 405,078 PROPERTY, PLANT AND EQUIPMENT, NET 158,327 (1,738) 156,589 167,037 (1,475) 165,562 a OTHER ASSETS: Goodwill 155,739 (21,587) 134,152 158,117 (21,551) 136,566 c Intangibles, net 315,452 — 315,452 357,038 — 357,038 Deferred income taxes 761 52 813 905 3,790 4,695 a,b Other assets 43,780 (3,515) 40,265 43,621 (1,505) 42,116 a,b TOTAL ASSETS $ 1,090,275 $ (59,055) $ 1,031,220 $ 1,145,207 $ (34,152) $ 1,111,055 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 72,883 $ 848 $ 73,731 $ 63,966 $ 572 $ 64,538 a Accrued expenses and other current liabilities 74,357 1,893 76,250 86,176 6,730 92,906 a,b Accrued compensation and benefits 32,454 783 33,237 27,570 976 28,546 a Short-term borrowings and current portion of long-term debt — 1,426 1,426 — 1,154 1,154 Total Current Liabilities 179,694 4,950 184,644 177,712 9,432 187,144 LONG-TERM DEBT 507,093 — 507,093 527,721 — 527,721 DEFERRED INCOME TAXES 26,767 (2,997) 23,770 16,823 2,887 19,710 a,b PENSION LIABILITY, NET 152,322 — 152,322 143,599 — 143,599 OTHER NON-CURRENT LIABILITIES 39,855 2,280 42,135 58,538 (11) 58,527 a,b SHAREHOLDERS’ EQUITY: Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding — — — — — — Common stock, $0.01 par value; 29,000,000 shares authorized; 21,627,259 and 19,997,931 shares issued at October 3, 2021 and September 27, 2020, respectively 217 — 217 214 — 214 Additional paid-in capital 453,761 — 453,761 451,351 — 451,351 (Accumulated deficit) retained earnings (107,996) (61,656) (169,652) (72,528) (45,939) (118,467) a,b,c Common treasury stock, at cost (1,372,488 shares at October 3, 2021 and September 27, 2020) (74,472) — (74,472) (74,472) — (74,472) Accumulated other comprehensive loss, net of tax (86,966) (1,632) (88,598) (83,751) (521) (84,272) a,b,c Total Shareholders’ Equity 184,544 (63,288) 121,256 220,814 (46,460) 174,354 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,090,275 $ (59,055) $ 1,031,220 $ 1,145,207 $ (34,152) $ 1,111,055 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three months ended April 4, 2021 As Previously Reported Restatement Impacts As Restated Restatement Reference Net revenues $ 180,655 $ (4,204) $ 176,451 a,b Cost of revenues 124,574 315 124,889 a,b Gross profit 56,081 (4,519) 51,562 Selling, general and administrative expenses 56,504 1,133 57,637 a,b Special and restructuring (recoveries), net (809) — (809) Operating income (loss) 386 (5,652) (5,266) Other expense (income): Interest expense, net 8,369 — 8,369 Other (income), net (1,503) (278) (1,781) a Total other expense, net 6,866 (278) 6,588 (Loss) from continuing operations before income taxes (6,480) (5,374) (11,854) Provision for (benefit from) income taxes 400 (697) (297) a,b (Loss) from continuing operations, net of tax (6,880) (4,677) (11,557) (Loss) from discontinued operations, net of tax (239) — (239) Net (loss) $ (7,119) $ (4,677) $ (11,796) Basic (loss) per common share: Basic from continuing operations $ (0.34) $ (0.24) $ (0.58) Basic from discontinued operations $ (0.01) $ — $ (0.01) Net (loss) $ (0.35) $ (0.24) $ (0.59) Diluted (loss) per common share: Diluted from continuing operations $ (0.34) $ (0.24) $ (0.58) Diluted from discontinued operations $ (0.01) $ — $ (0.01) Net (loss) $ (0.35) $ (0.24) $ (0.59) Weighted average common shares outstanding: Basic 20,054 20,054 Diluted 20,054 20,054 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months Ended July 4, 2021 Six Months Ended July 4, 2021 As Previously Reported Restatement Impacts As Restated As Previously Reported Restatement Impacts As Restated Restatement Reference Net revenues $ 190,346 $ (2,756) $ 187,590 $ 371,001 $ (6,960) $ 364,041 a,b Cost of revenues 130,460 696 131,156 255,034 1,011 256,045 a,b Gross profit 59,886 (3,452) 56,434 115,967 (7,971) 107,996 Selling, general and administrative expenses 58,023 165 58,188 114,526 1,299 115,825 a,b Special and restructuring charges, net 6,803 — 6,803 5,995 — 5,995 Operating (loss) (4,940) (3,617) (8,557) (4,554) (9,270) (13,824) Other expense (income): Interest expense, net 7,957 — 7,957 16,327 — 16,327 Other (income), net (1,173) (94) (1,267) (2,676) (372) (3,048) a Total other expense (income), net 6,784 (94) 6,690 13,651 (372) 13,279 (Loss) from continuing operations before income taxes (11,724) (3,523) (15,247) (18,205) (8,898) (27,103) Provision for (benefit from) income taxes 2,961 (302) 2,659 3,360 (1,000) 2,360 a,b (Loss) from continuing operations, net of tax (14,685) (3,221) (17,906) (21,565) (7,898) (29,463) (Loss) from discontinued operations, net of tax (878) — (878) (1,117) — (1,117) Net (loss) $ (15,563) $ (3,221) $ (18,784) $ (22,682) $ (7,898) $ (30,580) Basic (loss) per common share: Basic from continuing operations $ (0.73) $ (0.16) $ (0.89) $ (1.07) $ (0.39) $ (1.46) Basic from discontinued operations $ (0.04) $ — $ (0.04) $ (0.06) $ — $ (0.06) Net (loss) $ (0.77) $ (0.16) $ (0.93) $ (1.13) $ (0.39) $ (1.52) Diluted (loss) per common share: Diluted from continuing operations $ (0.73) $ (0.16) $ (0.89) $ (1.07) $ (0.39) $ (1.46) Diluted from discontinued operations $ (0.04) $ — $ (0.04) $ (0.06) $ — $ (0.06) Net (loss) $ (0.77) $ (0.16) $ (0.93) $ (1.13) $ (0.39) $ (1.52) Weighted average common shares outstanding: Basic 20,230 20,230 20,143 20,143 Diluted 20,230 20,230 20,143 20,143 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months ended October 3, 2021 Nine Months ended October 3, 2021 As Previously Reported Restatement Impacts As Restated As Previously Reported Restatement Impacts As Restated Restatement Reference Net revenues $ 190,782 $ (1,073) $ 189,709 $ 561,783 $ (8,033) $ 553,750 a,b Cost of revenues 130,027 1,871 131,898 385,061 2,882 387,943 a,b Gross profit 60,755 (2,944) 57,811 176,722 (10,915) 165,807 Selling, general and administrative expenses 53,265 281 53,546 167,792 1,579 169,371 a,b Special and restructuring charges, net 814 — 814 6,808 — 6,808 Operating income (loss) 6,676 (3,225) 3,451 2,122 (12,494) (10,372) Other expense (income): Interest expense, net 7,997 — 7,997 24,325 — 24,325 Other expense (income), net 134 (390) (256) (2,543) (758) (3,301) a Total other expense, net 8,131 (390) 7,741 21,782 (758) 21,024 (Loss) from continuing operations before income taxes (1,455) (2,835) (4,290) (19,660) (11,736) (31,396) (Benefit from) provision for income taxes (92) 942 850 3,268 (62) 3,206 a,b (Loss) from continuing operations, net of tax (1,363) (3,777) (5,140) (22,928) (11,674) (34,602) Income from discontinued operations, net of tax 2,510 — 2,510 1,393 — 1,393 Net income (loss) $ 1,147 $ (3,777) $ (2,630) $ (21,535) $ (11,674) $ (33,209) Basic (loss) income per common share: Basic from continuing operations $ (0.07) $ (0.18) $ (0.25) $ (1.14) $ (0.57) $ (1.71) Basic from discontinued operations $ 0.12 $ — $ 0.12 $ 0.07 $ — $ 0.07 Net income (loss) $ 0.06 $ (0.19) $ (0.13) $ (1.07) $ (0.58) $ (1.65) Diluted (loss) income per common share: Diluted from continuing operations $ (0.07) $ (0.18) $ (0.25) $ (1.14) $ (0.57) $ (1.71) Diluted from discontinued operations $ 0.12 $ — $ 0.12 $ 0.07 $ — $ 0.07 Net income (loss) $ 0.06 $ (0.19) $ (0.13) $ (1.07) $ (0.58) $ (1.65) Weighted average common shares outstanding: Basic 20,257 20,257 20,181 20,181 Diluted 20,257 20,257 20,181 20,181 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months ended March 29, 2020 As Previously Reported Restatement Impacts As Restated Restatement Reference Net revenues $ 192,213 $ (1,088) $ 191,125 a,b Cost of revenues 132,170 476 132,646 a,b Gross profit 60,043 (1,564) 58,479 Selling, general and administrative expenses 59,558 794 60,352 a,b Impairment charges 116,182 21,896 138,078 c Special and restructuring (recoveries), net (42,292) — (42,292) Operating (loss) (73,405) (24,254) (97,659) Other expense (income): Interest expense, net 9,011 — 9,011 Other (income), net (2,680) (487) (3,167) a Total other expense, net 6,331 (487) 5,844 (Loss) from continuing operations before income taxes (79,736) (23,767) (103,503) Provision for income taxes 8,374 (3,328) 5,046 a,b,c (Loss) from continuing operations, net of tax (88,110) (20,439) (108,549) Income from discontinued operations, net of tax 9,162 — 9,162 Net (loss) $ (78,948) $ (20,439) $ (99,387) Basic (loss) income per common share: Basic from continuing operations $ (4.42) $ (1.03) $ (5.45) Basic from discontinued operations $ 0.46 $ — $ 0.46 Net (loss) $ (3.96) $ (1.03) $ (4.99) Diluted (loss) income per common share: Diluted from continuing operations $ (4.42) $ (1.03) $ (5.45) Diluted from discontinued operations $ 0.46 $ — $ 0.46 Net (loss) $ (3.96) $ (1.03) $ (4.99) Weighted average common shares outstanding: Basic 19,935 19,935 Diluted 19,935 19,935 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months Ended June 28, 2020 Six Months Ended June 28, 2020 As Previously Reported Restatement Impacts As Restated As Previously Reported Restatement Impacts As Restated Restatement Reference Net revenues $ 186,066 $ (2,557) $ 183,509 $ 378,279 $ (3,645) $ 374,634 a,b Cost of revenues 127,105 (298) 126,807 259,275 179 259,454 a,b Gross profit 58,961 (2,259) 56,702 119,004 (3,824) 115,180 Selling, general and administrative expenses 54,738 (331) 54,407 114,296 463 114,759 a,b Impairment charges — — — 116,182 21,896 138,078 c Special and restructuring charges (recoveries), net 5,607 — 5,607 (36,685) — (36,685) Operating (loss) (1,384) (1,928) (3,312) (74,789) (26,183) (100,972) Other expense (income): Interest expense, net 8,486 — 8,486 17,497 — 17,497 Other expense (income), net 2,144 (121) 2,023 (536) (608) (1,144) a Total other expense, net 10,630 (121) 10,509 16,961 (608) 16,353 (Loss) from continuing operations before income taxes (12,014) (1,807) (13,821) (91,750) (25,575) (117,325) (Benefit from) income taxes (21,769) 643 (21,126) (13,395) (2,685) (16,080) a,b,c Income (loss) from continuing operations, net of tax 9,755 (2,450) 7,305 (78,355) (22,890) (101,245) (Loss) from discontinued operations, net of tax (43,847) — (43,847) (34,685) — (34,685) Net (loss) $ (34,092) $ (2,450) $ (36,542) $ (113,040) $ (22,890) $ (135,930) Basic (loss) per common share: Basic from continuing operations $ 0.49 $ (0.12) $ 0.37 $ (3.93) $ (1.14) $ (5.07) Basic from discontinued operations $ (2.19) $ — $ (2.19) $ (1.74) $ — $ (1.74) Net (loss) $ (1.71) $ (0.12) $ (1.83) $ (5.66) $ (1.15) $ (6.81) Diluted (loss) per common share: Diluted from continuing operations $ 0.48 $ (0.12) $ 0.36 $ (3.93) $ (1.14) $ (5.07) Diluted from discontinued operations $ (2.16) $ — $ (2.16) $ (1.74) $ — $ (1.74) Net (loss) $ (1.68) $ (0.12) $ (1.80) $ (5.66) $ (1.15) $ (6.81) Weighted average common shares outstanding: Basic 19,987 19,987 19,962 19,962 Diluted 20,286 20,286 19,962 19,962 CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months Ended September 27, 2020 Nine Months Ended September 27, 2020 As Previously Reported Restatement Impacts As Restated As Previously Reported Restatement Impacts As Restated Restatement Reference Net revenues $ 186,640 $ (1,350) $ 185,290 $ 564,920 $ (4,996) $ 559,924 a,b Cost of revenues 130,630 1,680 132,310 389,905 1,859 391,764 a,b Gross profit 56,010 (3,030) 52,980 175,015 (6,855) 168,160 Selling, general and administrative expenses 50,652 498 51,150 164,948 961 165,909 a,b Impairment charges — — — 116,182 21,896 138,078 c Special and restructuring charges (recoveries), net 938 — 938 (35,747) — (35,747) Operating income |
Description Of Business (Detail
Description Of Business (Details) $ in Thousands, € in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 20, 2021 USD ($) | Mar. 29, 2020 USD ($) | Jun. 30, 2020 USD ($) | Jan. 31, 2020 USD ($) | Aug. 31, 2019 USD ($) | Jul. 31, 2019 USD ($) | Jul. 31, 2019 EUR (€) | Jan. 31, 2019 USD ($) | Dec. 31, 2021 USD ($) segment | Oct. 03, 2021 USD ($) | Jul. 04, 2021 USD ($) | Apr. 04, 2021 USD ($) | Sep. 27, 2020 USD ($) | Jun. 28, 2020 USD ($) | Mar. 29, 2020 USD ($) | Jul. 04, 2021 USD ($) | Jun. 28, 2020 USD ($) | Oct. 03, 2021 USD ($) | Sep. 27, 2020 USD ($) | Dec. 31, 2021 USD ($) segment | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||
Number of business segments | segment | 2 | 2 | ||||||||||||||||||||
Proceeds from sale of business | $ 7,193 | $ 169,773 | $ 9,993 | $ 169,375 | $ 9,993 | $ 166,210 | $ 9,993 | $ 165,540 | $ 162,591 | |||||||||||||
Impairment charges | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 138,078 | $ 0 | 138,078 | $ 0 | 138,078 | 10,500 | 138,078 | 0 | |||||||||
Long-term debt | $ 5,300 | 5,300 | ||||||||||||||||||||
Goodwill Impairment | $ 138,100 | 10,500 | $ 138,078 | $ 138,078 | $ 138,078 | 10,500 | 138,078 | $ 0 | ||||||||||||||
Prior Credit Agreement | ||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||
Long-term line of credit | $ 38,700 | |||||||||||||||||||||
Prior Credit Agreement | Term Loan | ||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||
Long-term debt | 492,000 | |||||||||||||||||||||
New Credit Agreement | ||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||
Revolving line of credit | $ 100,000 | |||||||||||||||||||||
Debt instrument, term | 5 years | |||||||||||||||||||||
Long-term line of credit | $ 526,300 | $ 526,300 | $ 521,600 | |||||||||||||||||||
New Credit Agreement | Term Loan | ||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||
Debt instrument, term | 7 years | |||||||||||||||||||||
Maximum facility size | $ 530,000 | |||||||||||||||||||||
Instrumentation And Sampling Business | ||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||
Proceeds from sale of business | $ 169,100 | |||||||||||||||||||||
Reliability Services Divestiture | Held-for-sale, not discontinued operations | ||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||
Proceeds from sale of business | $ 85,000 | |||||||||||||||||||||
Working capital adjustments | $ (5,000) | |||||||||||||||||||||
EV | Discontinued Operations | ||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||
Earnout as a percent of net income | 50% | 50% | ||||||||||||||||||||
Earnout period | 7 years | 7 years | ||||||||||||||||||||
Maximum earnout | $ 21,800 | € 18 | ||||||||||||||||||||
Spence and Nicholson, certain assets and liabilities of the product line | ||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||
Proceeds from sale of business | $ 84,500 | |||||||||||||||||||||
Disposal group, adjustment to fair value | $ (500) | |||||||||||||||||||||
Distributed Valves | ||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||
Proceeds from sale of business | $ 10,800 |
Restatement of Previously Iss_3
Restatement of Previously Issued Consolidated Financial Statements - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Mar. 29, 2020 | Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
(Loss) from continuing operations before income taxes | $ (4,290,000) | $ (15,247,000) | $ (11,854,000) | $ (8,060,000) | $ (13,821,000) | $ (103,503,000) | $ (27,103,000) | $ (117,325,000) | $ (31,396,000) | $ (125,383,000) | $ (57,862,000) | $ (127,572,000) | $ (17,258,000) | |||
Income tax benefit | 850,000 | 2,659,000 | (297,000) | 56,990,000 | (21,126,000) | 5,046,000 | 2,360,000 | (16,080,000) | 3,206,000 | 40,910,000 | 5,182,000 | 55,902,000 | 13,052,000 | |||
Net (loss) | (2,630,000) | (18,784,000) | (11,796,000) | (64,709,000) | (36,542,000) | (99,387,000) | (30,580,000) | (135,930,000) | (33,209,000) | (200,638,000) | (61,638,000) | (218,614,000) | (137,762,000) | |||
Income (loss) from discontinued operations, net of tax | 2,510,000 | (878,000) | (239,000) | 341,000 | (43,847,000) | 9,162,000 | (1,117,000) | (34,685,000) | 1,393,000 | (34,345,000) | 1,406,000 | (35,140,000) | (107,452,000) | |||
Goodwill Impairment | $ 138,100,000 | $ 10,500,000 | 138,078,000 | 138,078,000 | 138,078,000 | 10,500,000 | 138,078,000 | 0 | ||||||||
Industrial | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Goodwill Impairment | 21,900,000 | $ 10,500,000 | 138,078,000 | |||||||||||||
Restatement Impacts | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
(Loss) from continuing operations before income taxes | (2,835,000) | (3,523,000) | (5,374,000) | (3,513,000) | (1,807,000) | (23,767,000) | (8,898,000) | (25,575,000) | (11,736,000) | (29,087,000) | (33,436,000) | (7,166,000) | ||||
Income tax benefit | 942,000 | (302,000) | (697,000) | 2,672,000 | 643,000 | (3,328,000) | (1,000,000) | (2,685,000) | (62,000) | (13,000) | (320,000) | (1,624,000) | ||||
Net (loss) | (3,777,000) | (3,221,000) | (4,677,000) | (6,185,000) | (2,450,000) | (20,439,000) | (7,898,000) | (22,890,000) | (11,674,000) | (29,074,000) | (33,116,000) | (3,827,000) | ||||
Income (loss) from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | 0 | 1,715,000 | ||||
Goodwill Impairment | $ 21,896,000 | $ 21,896,000 | $ 21,896,000 | 21,896,000 | ||||||||||||
Restatement Impacts | Overstatement Of Net Assets And Earnings | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
(Loss) from continuing operations before income taxes | (12,000,000) | (7,200,000) | $ (10,300,000) | |||||||||||||
Income tax benefit | 200,000 | 0 | ||||||||||||||
Net (loss) | (12,200,000) | (7,200,000) | ||||||||||||||
Restatement Impacts | Other Adjustment | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
(Loss) from continuing operations before income taxes | (500,000) | 0 | $ (2,700,000) | |||||||||||||
Income tax benefit | 100,000 | (1,600,000) | ||||||||||||||
Net (loss) | $ (600,000) | |||||||||||||||
Income (loss) from discontinued operations, net of tax | $ (1,700,000) |
Restatement of Previously Iss_4
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | $ 59,924 | $ 58,013 | $ 58,862 | $ 64,837 | $ 66,918 | $ 63,429 | $ 117,719 | $ 163,609 | ||
Trade accounts receivable, net | 100,149 | 86,505 | 89,351 | 98,609 | 95,635 | 97,705 | 113,227 | 113,648 | ||
Inventories | 123,343 | 130,376 | 135,005 | 134,398 | 128,092 | 142,667 | 147,829 | 143,420 | ||
Prepaid expenses and other current assets | 110,749 | 109,055 | 99,104 | 92,475 | 88,985 | 101,277 | 99,150 | 85,370 | ||
Assets held for sale | 0 | 0 | 5,073 | 0 | 0 | 26,617 | ||||
Total Current Assets | 394,165 | 383,949 | 382,322 | 390,319 | 384,703 | 405,078 | 477,925 | 532,664 | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 154,461 | 156,589 | 159,187 | 161,811 | 166,022 | 165,562 | 166,029 | 165,476 | ||
OTHER ASSETS: | ||||||||||
Goodwill | 122,906 | 134,152 | 135,014 | 135,253 | 136,923 | 136,566 | 135,369 | 129,978 | $ 272,693 | |
Intangibles, net | 303,476 | 315,452 | 328,957 | 337,864 | 353,595 | 357,038 | 363,087 | 368,519 | ||
Deferred income taxes | 756 | 813 | 847 | 820 | 830 | 4,695 | 55,170 | 44,536 | ||
Other assets | 43,534 | 40,265 | 37,289 | 42,024 | 40,784 | 42,116 | 36,501 | 32,337 | ||
TOTAL ASSETS | 1,019,298 | 1,031,220 | 1,043,616 | 1,068,091 | 1,082,857 | 1,111,055 | 1,234,081 | 1,273,510 | 1,462,511 | |
CURRENT LIABILITIES: | ||||||||||
Accrued expenses and other current liabilities | 81,998 | 76,250 | 74,735 | 68,761 | 79,040 | 92,906 | 114,325 | 102,840 | ||
Accounts payable | 83,382 | 73,731 | 68,144 | 67,425 | 63,614 | 64,538 | 70,407 | 76,115 | ||
Accrued compensation and benefits | 26,551 | 33,237 | 30,580 | 32,271 | 28,016 | 28,546 | 27,465 | 25,865 | ||
Short-term borrowings and current portion of long-term debt | 1,611 | 1,426 | 1,353 | 1,604 | 1,624 | 1,154 | 1,341 | 1,276 | ||
Total Current Liabilities | 193,542 | 184,644 | 174,812 | 170,061 | 172,294 | 187,144 | 213,538 | 232,713 | ||
LONG-TERM DEBT | 511,694 | 507,093 | 512,375 | 525,573 | 507,888 | 527,721 | 578,613 | 588,958 | ||
DEFERRED INCOME TAXES | 21,721 | 23,770 | 24,519 | 24,026 | 25,865 | 19,710 | 18,173 | 17,160 | ||
PENSION LIABILITY, NET | 120,881 | 152,322 | 156,501 | 156,746 | 163,642 | 143,599 | 145,138 | 137,779 | ||
OTHER NON-CURRENT LIABILITIES | 37,744 | 42,135 | 53,224 | 53,022 | 60,270 | 58,527 | 44,830 | 41,939 | ||
COMMITMENTS AND CONTINGENCIES (Note 17 and 18) | ||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; — shares issued and outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,633,131 and 21,373,813 shares issued at December 31, 2021 and 2020, respectively | 217 | 217 | 216 | 216 | 214 | 214 | 214 | 213 | ||
Additional paid-in capital | 454,852 | 453,761 | 452,512 | 451,858 | 452,728 | 451,351 | 449,576 | 447,867 | ||
Accumulated deficit | (198,081) | (169,652) | (167,022) | (148,239) | (136,443) | (118,467) | (53,737) | (17,195) | ||
Common treasury stock, at cost (1,372,488 shares at December 31, 2021 and 2020) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | ||
Accumulated other comprehensive loss | (48,800) | (88,598) | (89,049) | (90,700) | (89,129) | (84,272) | (87,792) | (101,452) | ||
Total Shareholders’ Equity | 133,716 | 121,256 | 122,185 | 138,663 | 152,898 | 174,354 | 233,789 | 254,961 | 373,867 | $ 515,979 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 1,019,298 | 1,031,220 | 1,043,616 | 1,068,091 | 1,082,857 | 1,111,055 | 1,234,081 | 1,273,510 | ||
As Previously Reported | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | 71,969 | 72,181 | 75,680 | 76,452 | 72,772 | 125,421 | 170,861 | |||
Trade accounts receivable, net | 93,222 | 96,591 | 105,607 | 102,730 | 102,840 | 117,131 | 116,514 | |||
Inventories | 132,242 | 136,012 | 135,291 | 129,084 | 144,476 | 148,383 | 147,175 | |||
Prepaid expenses and other current assets | 118,783 | 109,683 | 103,632 | 93,226 | 98,401 | 94,969 | 86,840 | |||
Assets held for sale | 0 | 5,073 | 26,617 | |||||||
Total Current Assets | 416,216 | 414,467 | 420,210 | 406,565 | 418,489 | 485,904 | 548,007 | |||
PROPERTY, PLANT AND EQUIPMENT, NET | 158,327 | 160,817 | 163,431 | 168,763 | 167,037 | 167,194 | 166,580 | |||
OTHER ASSETS: | ||||||||||
Goodwill | 155,739 | 156,785 | 156,917 | 158,944 | 158,117 | 156,654 | 150,928 | |||
Intangibles, net | 315,452 | 328,957 | 337,864 | 353,595 | 357,038 | 363,087 | 368,519 | |||
Deferred income taxes | 761 | 776 | 781 | 779 | 905 | 53,357 | 42,706 | |||
Other assets | 43,780 | 40,199 | 43,999 | 41,882 | 43,621 | 34,171 | 32,337 | |||
TOTAL ASSETS | 1,090,275 | 1,102,001 | 1,123,202 | 1,130,528 | 1,145,207 | 1,260,367 | 1,309,077 | |||
CURRENT LIABILITIES: | ||||||||||
Accrued expenses and other current liabilities | 74,357 | 72,294 | 67,059 | 75,624 | 86,176 | 102,717 | 103,917 | |||
Accounts payable | 72,883 | 68,224 | 67,126 | 61,236 | 63,966 | 68,155 | 76,298 | |||
Accrued compensation and benefits | 32,454 | 29,721 | 31,338 | 28,332 | 27,570 | 27,318 | 25,601 | |||
Short-term borrowings and current portion of long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total Current Liabilities | 179,694 | 170,239 | 165,523 | 165,192 | 177,712 | 198,190 | 232,433 | |||
LONG-TERM DEBT | 507,093 | 512,375 | 525,573 | 507,888 | 527,721 | 578,613 | 588,958 | |||
DEFERRED INCOME TAXES | 26,767 | 27,562 | 27,071 | 28,980 | 16,823 | 20,229 | 19,175 | |||
PENSION LIABILITY, NET | 152,322 | 156,501 | 156,746 | 163,642 | 143,599 | 145,138 | 137,779 | |||
OTHER NON-CURRENT LIABILITIES | 39,855 | 52,284 | 52,183 | 58,785 | 58,538 | 44,846 | 39,887 | |||
COMMITMENTS AND CONTINGENCIES (Note 17 and 18) | ||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; — shares issued and outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,633,131 and 21,373,813 shares issued at December 31, 2021 and 2020, respectively | 217 | 216 | 216 | 214 | 214 | 214 | 213 | |||
Additional paid-in capital | 453,761 | 452,512 | 451,858 | 452,728 | 451,351 | 449,576 | 447,867 | |||
Accumulated deficit | (107,996) | (109,143) | (93,580) | (86,461) | (72,528) | (13,982) | 20,110 | |||
Common treasury stock, at cost (1,372,488 shares at December 31, 2021 and 2020) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | |||
Accumulated other comprehensive loss | (86,966) | (86,073) | (87,916) | (85,968) | (83,751) | (87,985) | (102,873) | |||
Total Shareholders’ Equity | 184,544 | 183,040 | 196,106 | 206,041 | 220,814 | 273,351 | 290,845 | 391,411 | 528,993 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,090,275 | 1,102,001 | 1,123,202 | 1,130,528 | 1,145,207 | 1,260,367 | 1,309,077 | |||
Restatement Impacts | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | (13,956) | (13,319) | (10,843) | (9,534) | (9,343) | (7,702) | (7,252) | |||
Trade accounts receivable, net | (6,717) | (7,240) | (6,998) | (7,095) | (5,135) | (3,904) | (2,866) | |||
Inventories | (1,866) | (1,007) | (893) | (992) | (1,809) | (554) | (3,755) | |||
Prepaid expenses and other current assets | (9,728) | (10,579) | (11,157) | (4,241) | 2,876 | 4,181 | (1,470) | |||
Assets held for sale | 0 | 0 | 0 | |||||||
Total Current Assets | (32,267) | (32,145) | (29,891) | (21,862) | (13,411) | (7,979) | (15,343) | |||
PROPERTY, PLANT AND EQUIPMENT, NET | (1,738) | (1,630) | (1,620) | (2,741) | (1,475) | (1,165) | (1,104) | |||
OTHER ASSETS: | ||||||||||
Goodwill | (21,587) | (21,771) | (21,664) | (22,021) | (21,551) | (21,285) | (20,950) | |||
Intangibles, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Deferred income taxes | 52 | 71 | 39 | 51 | 3,790 | 1,813 | 1,830 | |||
Other assets | (3,515) | (2,910) | (1,975) | (1,098) | (1,505) | 2,330 | 0 | |||
TOTAL ASSETS | (59,055) | (58,385) | (55,111) | (47,671) | (34,152) | (26,286) | (35,567) | |||
CURRENT LIABILITIES: | ||||||||||
Accrued expenses and other current liabilities | 1,893 | 2,441 | 1,702 | 3,416 | 6,730 | 11,608 | (1,077) | |||
Accounts payable | 848 | (80) | 299 | 2,378 | 572 | 2,252 | (183) | |||
Accrued compensation and benefits | 783 | 859 | 933 | (316) | 976 | 147 | 264 | |||
Short-term borrowings and current portion of long-term debt | 1,426 | 1,353 | 1,604 | 1,624 | 1,154 | 1,341 | 1,276 | |||
Total Current Liabilities | 4,950 | 4,573 | 4,538 | 7,102 | 9,432 | 15,348 | 280 | |||
LONG-TERM DEBT | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
DEFERRED INCOME TAXES | (2,997) | (3,043) | (3,045) | (3,115) | 2,887 | (2,056) | (2,015) | |||
PENSION LIABILITY, NET | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
OTHER NON-CURRENT LIABILITIES | 2,280 | 940 | 839 | 1,485 | (11) | (16) | 2,052 | |||
COMMITMENTS AND CONTINGENCIES (Note 17 and 18) | ||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; — shares issued and outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,633,131 and 21,373,813 shares issued at December 31, 2021 and 2020, respectively | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Additional paid-in capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Accumulated deficit | (61,656) | (57,879) | (54,659) | (49,982) | (45,939) | (39,755) | (37,305) | |||
Common treasury stock, at cost (1,372,488 shares at December 31, 2021 and 2020) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Accumulated other comprehensive loss | (1,632) | (2,976) | (2,784) | (3,161) | (521) | 193 | 1,421 | |||
Total Shareholders’ Equity | (63,288) | (60,855) | (57,443) | (53,143) | (46,460) | (39,562) | (35,884) | $ (17,544) | $ (13,014) | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ (59,055) | $ (58,385) | $ (55,111) | $ (47,671) | $ (34,152) | $ (26,286) | $ (35,567) |
Restatement of Previously Iss_5
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Balance Sheet, Additional Information (Details) - $ / shares | Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 |
Accounting Changes and Error Corrections [Abstract] | ||||||||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 |
Common stock, shares, Issued (in shares) | 21,633,131 | 21,627,259 | 21,620,528 | 21,543,496 | 21,373,813 | 19,997,931 | 19,994,356 | 19,956,518 |
Common treasury stock (in shares) | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 |
Restatement of Previously Iss_6
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Statements Of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net revenues | $ 189,709 | $ 187,590 | $ 176,451 | $ 185,290 | $ 183,509 | $ 191,125 | $ 364,041 | $ 374,634 | $ 553,750 | $ 559,924 | $ 758,667 | $ 765,219 | $ 957,262 |
Cost of revenues | 131,898 | 131,156 | 124,889 | 132,310 | 126,807 | 132,646 | 256,045 | 259,454 | 387,943 | 391,764 | 528,291 | 533,005 | 656,775 |
Gross profit | 57,811 | 56,434 | 51,562 | 52,980 | 56,702 | 58,479 | 107,996 | 115,180 | 165,807 | 168,160 | 230,376 | 232,214 | 300,487 |
Selling, general and administrative expenses | 53,546 | 58,188 | 57,637 | 51,150 | 54,407 | 60,352 | 115,825 | 114,759 | 169,371 | 165,909 | 224,927 | 223,386 | 248,466 |
Impairment charges | 0 | 0 | 0 | 0 | 0 | 138,078 | 0 | 138,078 | 0 | 138,078 | 10,500 | 138,078 | 0 |
Special and restructuring charges (recoveries), net | 814 | 6,803 | (809) | 938 | 5,607 | (42,292) | 5,995 | (36,685) | 6,808 | (35,747) | 24,272 | (34,303) | 21,548 |
Operating (loss) income | 3,451 | (8,557) | (5,266) | 892 | (3,312) | (97,659) | (13,824) | (100,972) | (10,372) | (100,080) | (29,323) | (94,947) | 30,473 |
Other expense (income): | |||||||||||||
Interest expense, net | 7,997 | 7,957 | 8,369 | 8,202 | 8,486 | 9,011 | 16,327 | 17,497 | 24,325 | 25,699 | 32,365 | 34,219 | 48,609 |
Other (income), net | (256) | (1,267) | (1,781) | 750 | 2,023 | (3,167) | (3,048) | (1,144) | (3,301) | (396) | (3,826) | (1,594) | (878) |
Total other expense, net | 7,741 | 6,690 | 6,588 | 8,952 | 10,509 | 5,844 | 13,279 | 16,353 | 21,024 | 25,303 | 28,539 | 32,625 | 47,731 |
(Loss) from continuing operations before income taxes | (4,290) | (15,247) | (11,854) | (8,060) | (13,821) | (103,503) | (27,103) | (117,325) | (31,396) | (125,383) | (57,862) | (127,572) | (17,258) |
Provision for income taxes | (850) | (2,659) | 297 | (56,990) | 21,126 | (5,046) | (2,360) | 16,080 | (3,206) | (40,910) | (5,182) | (55,902) | (13,052) |
(Loss) from continuing operations, net of tax | (5,140) | (17,906) | (11,557) | (65,050) | 7,305 | (108,549) | (29,463) | (101,245) | (34,602) | (166,293) | (63,044) | (183,474) | (30,310) |
Income (loss) from discontinued operations, net of tax | 2,510 | (878) | (239) | 341 | (43,847) | 9,162 | (1,117) | (34,685) | 1,393 | (34,345) | 1,406 | (35,140) | (107,452) |
Net (loss) | $ (2,630) | $ (18,784) | $ (11,796) | $ (64,709) | $ (36,542) | $ (99,387) | $ (30,580) | $ (135,930) | $ (33,209) | $ (200,638) | $ (61,638) | $ (218,614) | $ (137,762) |
Basic (loss) income per common share: | |||||||||||||
Basic from continuing operations (in USD per share) | $ (0.25) | $ (0.89) | $ (0.58) | $ (3.25) | $ 0.37 | $ (5.45) | $ (1.46) | $ (5.07) | $ (1.71) | $ (8.33) | $ (3.12) | $ (9.18) | $ (1.52) |
Basic from discontinued operations (in USD per share) | 0.12 | (0.04) | (0.01) | 0.02 | (2.19) | 0.46 | (0.06) | (1.74) | 0.07 | (1.72) | 0.07 | (1.76) | (5.40) |
Basic, Net (loss) income (in USD per share) | (0.13) | (0.93) | (0.59) | (3.24) | (1.83) | (4.99) | (1.52) | (6.81) | (1.65) | (10.04) | (3.05) | (10.94) | (6.92) |
Diluted (loss) income per common share: | |||||||||||||
Diluted from continuing operations (in USD per share) | (0.25) | (0.89) | (0.58) | (3.25) | 0.36 | (5.45) | (1.46) | (5.07) | (1.71) | (8.33) | (3.12) | (9.18) | (1.52) |
Diluted from discontinued operations (in USD per share) | 0.12 | (0.04) | (0.01) | 0.02 | (2.16) | 0.46 | (0.06) | (1.74) | 0.07 | (1.72) | 0.07 | (1.76) | (5.40) |
Diluted, Net (loss) income (in USD per share) | $ (0.13) | $ (0.93) | $ (0.59) | $ (3.24) | $ (1.80) | $ (4.99) | $ (1.52) | $ (6.81) | $ (1.65) | $ (10.04) | $ (3.05) | $ (10.94) | $ (6.92) |
Weighted average common shares outstanding: | |||||||||||||
Basic (in shares) | 20,257 | 20,230 | 20,054 | 20,001 | 19,987 | 19,935 | 20,143 | 19,962 | 20,181 | 19,975 | 20,201 | 19,982 | 19,903 |
Diluted (in shares) | 20,257 | 20,230 | 20,054 | 20,001 | 20,286 | 19,935 | 20,143 | 19,962 | 20,181 | 19,975 | 20,201 | 19,982 | 19,903 |
As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net revenues | $ 190,782 | $ 190,346 | $ 180,655 | $ 186,640 | $ 186,066 | $ 192,213 | $ 371,001 | $ 378,279 | $ 561,783 | $ 564,920 | $ 773,271 | $ 964,313 | |
Cost of revenues | 130,027 | 130,460 | 124,574 | 130,630 | 127,105 | 132,170 | 255,034 | 259,275 | 385,061 | 389,905 | 530,844 | 655,504 | |
Gross profit | 60,755 | 59,886 | 56,081 | 56,010 | 58,961 | 60,043 | 115,967 | 119,004 | 176,722 | 175,015 | 242,427 | 308,809 | |
Selling, general and administrative expenses | 53,265 | 58,023 | 56,504 | 50,652 | 54,738 | 59,558 | 114,526 | 114,296 | 167,792 | 164,948 | 220,994 | 248,256 | |
Impairment charges | 0 | 0 | 116,182 | 116,182 | 116,182 | 116,182 | |||||||
Special and restructuring charges (recoveries), net | 814 | 6,803 | (809) | 938 | 5,607 | (42,292) | 5,995 | (36,685) | 6,808 | (35,747) | (34,303) | 22,872 | |
Operating (loss) income | 6,676 | (4,940) | 386 | 4,420 | (1,384) | (73,405) | (4,554) | (74,789) | 2,122 | (70,368) | (60,446) | 37,681 | |
Other expense (income): | |||||||||||||
Interest expense, net | 7,997 | 7,957 | 8,369 | 8,202 | 8,486 | 9,011 | 16,327 | 17,497 | 24,325 | 25,699 | 34,219 | 48,609 | |
Other (income), net | 134 | (1,173) | (1,503) | 765 | 2,144 | (2,680) | (2,676) | (536) | (2,543) | 229 | (529) | (836) | |
Total other expense, net | 8,131 | 6,784 | 6,866 | 8,967 | 10,630 | 6,331 | 13,651 | 16,961 | 21,782 | 25,928 | 33,690 | 47,773 | |
(Loss) from continuing operations before income taxes | (1,455) | (11,724) | (6,480) | (4,547) | (12,014) | (79,736) | (18,205) | (91,750) | (19,660) | (96,296) | (94,136) | (10,092) | |
Provision for income taxes | 92 | (2,961) | (400) | (54,318) | 21,769 | (8,374) | (3,360) | 13,395 | (3,268) | (40,923) | (56,222) | (14,676) | |
(Loss) from continuing operations, net of tax | (1,363) | (14,685) | (6,880) | (58,865) | 9,755 | (88,110) | (21,565) | (78,355) | (22,928) | (137,219) | (150,358) | (24,768) | |
Income (loss) from discontinued operations, net of tax | 2,510 | (878) | (239) | 341 | (43,847) | 9,162 | (1,117) | (34,685) | 1,393 | (34,345) | (35,140) | (109,167) | |
Net (loss) | $ 1,147 | $ (15,563) | $ (7,119) | $ (58,524) | $ (34,092) | $ (78,948) | $ (22,682) | $ (113,040) | $ (21,535) | $ (171,564) | $ (185,498) | $ (133,935) | |
Basic (loss) income per common share: | |||||||||||||
Basic from continuing operations (in USD per share) | $ (0.07) | $ (0.73) | $ (0.34) | $ (2.94) | $ 0.49 | $ (4.42) | $ (1.07) | $ (3.93) | $ (1.14) | $ (6.87) | $ (7.52) | $ (1.24) | |
Basic from discontinued operations (in USD per share) | 0.12 | (0.04) | (0.01) | 0.02 | (2.19) | 0.46 | (0.06) | (1.74) | 0.07 | (1.72) | (1.76) | (5.48) | |
Basic, Net (loss) income (in USD per share) | 0.06 | (0.77) | (0.35) | (2.93) | (1.71) | (3.96) | (1.13) | (5.66) | (1.07) | (8.59) | (9.28) | (6.73) | |
Diluted (loss) income per common share: | |||||||||||||
Diluted from continuing operations (in USD per share) | (0.07) | (0.73) | (0.34) | (2.94) | 0.48 | (4.42) | (1.07) | (3.93) | (1.14) | (6.87) | (7.52) | (1.24) | |
Diluted from discontinued operations (in USD per share) | 0.12 | (0.04) | (0.01) | 0.02 | (2.16) | 0.46 | (0.06) | (1.74) | 0.07 | (1.72) | (1.76) | (5.48) | |
Diluted, Net (loss) income (in USD per share) | $ 0.06 | $ (0.77) | $ (0.35) | $ (2.93) | $ (1.68) | $ (3.96) | $ (1.13) | $ (5.66) | $ (1.07) | $ (8.59) | $ (9.28) | $ (6.73) | |
Weighted average common shares outstanding: | |||||||||||||
Basic (in shares) | 20,257 | 20,230 | 20,054 | 20,001 | 19,987 | 19,935 | 20,143 | 19,962 | 20,181 | 19,975 | 19,982 | 19,903 | |
Diluted (in shares) | 20,257 | 20,230 | 20,054 | 20,001 | 20,286 | 19,935 | 20,143 | 19,962 | 20,181 | 19,975 | 19,982 | 19,903 | |
Restatement Impacts | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net revenues | $ (1,073) | $ (2,756) | $ (4,204) | $ (1,350) | $ (2,557) | $ (1,088) | $ (6,960) | $ (3,645) | $ (8,033) | $ (4,996) | $ (8,052) | $ (7,051) | |
Cost of revenues | 1,871 | 696 | 315 | 1,680 | (298) | 476 | 1,011 | 179 | 2,882 | 1,859 | 2,161 | 1,271 | |
Gross profit | (2,944) | (3,452) | (4,519) | (3,030) | (2,259) | (1,564) | (7,971) | (3,824) | (10,915) | (6,855) | (10,213) | (8,322) | |
Selling, general and administrative expenses | 281 | 165 | 1,133 | 498 | (331) | 794 | 1,299 | 463 | 1,579 | 961 | 2,392 | 210 | |
Impairment charges | 0 | 0 | 21,896 | 21,896 | 21,896 | 21,896 | |||||||
Special and restructuring charges (recoveries), net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,324) | |
Operating (loss) income | (3,225) | (3,617) | (5,652) | (3,528) | (1,928) | (24,254) | (9,270) | (26,183) | (12,494) | (29,712) | (34,501) | (7,208) | |
Other expense (income): | |||||||||||||
Interest expense, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other (income), net | (390) | (94) | (278) | (15) | (121) | (487) | (372) | (608) | (758) | (625) | (1,065) | (42) | |
Total other expense, net | (390) | (94) | (278) | (15) | (121) | (487) | (372) | (608) | (758) | (625) | (1,065) | (42) | |
(Loss) from continuing operations before income taxes | (2,835) | (3,523) | (5,374) | (3,513) | (1,807) | (23,767) | (8,898) | (25,575) | (11,736) | (29,087) | (33,436) | (7,166) | |
Provision for income taxes | (942) | 302 | 697 | (2,672) | (643) | 3,328 | 1,000 | 2,685 | 62 | 13 | 320 | 1,624 | |
(Loss) from continuing operations, net of tax | (3,777) | (3,221) | (4,677) | (6,185) | (2,450) | (20,439) | (7,898) | (22,890) | (11,674) | (29,074) | (33,116) | (5,542) | |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,715 | |
Net (loss) | $ (3,777) | $ (3,221) | $ (4,677) | $ (6,185) | $ (2,450) | $ (20,439) | $ (7,898) | $ (22,890) | $ (11,674) | $ (29,074) | $ (33,116) | $ (3,827) | |
Basic (loss) income per common share: | |||||||||||||
Basic from continuing operations (in USD per share) | $ (0.18) | $ (0.16) | $ (0.24) | $ (0.31) | $ (0.12) | $ (1.03) | $ (0.39) | $ (1.14) | $ (0.57) | $ (1.46) | $ (1.66) | $ (0.28) | |
Basic from discontinued operations (in USD per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.08 | |
Basic, Net (loss) income (in USD per share) | (0.19) | (0.16) | (0.24) | (0.31) | (0.12) | (1.03) | (0.39) | (1.15) | (0.58) | (1.45) | (1.66) | (0.19) | |
Diluted (loss) income per common share: | |||||||||||||
Diluted from continuing operations (in USD per share) | (0.18) | (0.16) | (0.24) | (0.31) | (0.12) | (1.03) | (0.39) | (1.14) | (0.57) | (1.46) | (1.66) | (0.28) | |
Diluted from discontinued operations (in USD per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.08 | |
Diluted, Net (loss) income (in USD per share) | $ (0.19) | $ (0.16) | $ (0.24) | $ (0.31) | $ (0.12) | $ (1.03) | $ (0.39) | $ (1.15) | $ (0.58) | $ (1.45) | $ (1.66) | $ (0.19) | |
Weighted average common shares outstanding: | |||||||||||||
Basic (in shares) | |||||||||||||
Diluted (in shares) |
Restatement of Previously Iss_7
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Statements of Comprehensive (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Net (loss) | $ (2,630) | $ (18,784) | $ (11,796) | $ (64,709) | $ (36,542) | $ (99,387) | $ (30,580) | $ (135,930) | $ (33,209) | $ (200,638) | $ (61,638) | $ (218,614) | $ (137,762) | |||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation adjustments | (1,244) | 39 | (3,218) | 2,105 | 12,860 | (18,226) | (3,178) | (5,366) | (4,423) | (3,261) | (4,372) | 4,466 | (5,443) | |||
Interest rate swap adjustments | 1,644 | 1,562 | 1,586 | 1,373 | 755 | (2,320) | 3,148 | (1,565) | 4,792 | (192) | 6,398 | [1] | 1,196 | [1] | (5,390) | [1] |
Other net changes in post-retirement liabilities and assets - recognized actuarial gains (loss) | 50 | 49 | 60 | 44 | 43 | 39 | 111 | 82 | 161 | 126 | 38,303 | [2] | (13,846) | [2] | (398) | [2] |
Other comprehensive income (loss), net of tax | 450 | 1,650 | (1,572) | 3,522 | 13,658 | (20,507) | 81 | (6,849) | 530 | (3,327) | 40,329 | (8,184) | (11,231) | |||
COMPREHENSIVE (LOSS) | (2,180) | (17,134) | (13,368) | (61,187) | (22,884) | (119,894) | (30,499) | (142,779) | (32,679) | (203,965) | $ (21,309) | (226,798) | (148,993) | |||
As Previously Reported | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Net (loss) | 1,147 | (15,563) | (7,119) | (58,524) | (34,092) | (78,948) | (22,682) | (113,040) | (21,535) | (171,564) | (185,498) | (133,935) | ||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation adjustments | (2,587) | 232 | (3,594) | 2,817 | 14,090 | (20,325) | (3,364) | (6,235) | (5,951) | (3,418) | 6,949 | (4,740) | ||||
Interest rate swap adjustments | 1,644 | 1,562 | 1,586 | 1,373 | 755 | (2,320) | 3,148 | (1,565) | 4,792 | (192) | 1,196 | (5,390) | ||||
Other net changes in post-retirement liabilities and assets - recognized actuarial gains (loss) | 50 | 49 | 60 | 44 | 43 | 39 | 111 | 82 | 161 | 126 | (13,846) | (398) | ||||
Other comprehensive income (loss), net of tax | (893) | 1,843 | (1,948) | 4,234 | 14,888 | (22,606) | (105) | (7,718) | (998) | (3,484) | (5,701) | (10,528) | ||||
COMPREHENSIVE (LOSS) | 254 | (13,720) | (9,067) | (54,290) | (19,204) | (101,554) | (22,787) | (120,758) | (22,533) | (175,048) | (191,199) | (144,463) | ||||
Restatement Impacts | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Net (loss) | (3,777) | (3,221) | (4,677) | (6,185) | (2,450) | (20,439) | (7,898) | (22,890) | (11,674) | (29,074) | (33,116) | (3,827) | ||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation adjustments | 1,343 | (193) | 376 | (712) | (1,230) | 2,099 | 186 | 869 | 1,528 | 157 | (2,483) | (703) | ||||
Interest rate swap adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other net changes in post-retirement liabilities and assets - recognized actuarial gains (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss), net of tax | 1,343 | (193) | 376 | (712) | (1,230) | 2,099 | 186 | 869 | 1,528 | 157 | (2,483) | (703) | ||||
COMPREHENSIVE (LOSS) | $ (2,434) | $ (3,414) | $ (4,301) | $ (6,897) | $ (3,680) | $ (18,340) | $ (7,712) | $ (22,021) | $ (10,146) | $ (28,917) | $ (35,599) | $ (4,530) | ||||
[1]Net of an income tax effect of $0.0 million, $0.5 million, and $1.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.[2]Net of an income tax effect of $0.0 million, $0.0 million, and $1.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Restatement of Previously Iss_8
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||||||||||||
Net (loss) | $ (2,630) | $ (18,784) | $ (11,796) | $ (64,709) | $ (36,542) | $ (99,387) | $ (30,580) | $ (135,930) | $ (33,209) | $ (200,638) | $ (61,638) | $ (218,614) | $ (137,762) |
Income (loss) from discontinued operations, net of tax | 2,510 | (878) | (239) | 341 | (43,847) | 9,162 | (1,117) | (34,685) | 1,393 | (34,345) | 1,406 | (35,140) | (107,452) |
(Loss) from continuing operations, net of tax | (5,140) | (17,906) | (11,557) | (65,050) | 7,305 | (108,549) | (29,463) | (101,245) | (34,602) | (166,293) | (63,044) | (183,474) | (30,310) |
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: | |||||||||||||
Depreciation | 6,509 | 5,121 | 11,970 | 10,079 | 17,505 | 14,881 | 22,854 | 20,401 | 22,045 | ||||
Amortization | 10,696 | 10,611 | 21,353 | 21,492 | 31,929 | 32,418 | 42,304 | 43,662 | 47,591 | ||||
Change in provision for bad debt expense | (465) | 5,824 | (356) | 7,768 | (383) | 7,219 | 1,213 | 6,274 | 732 | ||||
Write down of inventory | 188 | 787 | 1,548 | 1,259 | 1,742 | 3,023 | 3,364 | 4,272 | 643 | ||||
Compensation expense of share-based plans | 1,402 | 608 | 2,903 | 2,290 | 4,165 | 4,076 | 5,252 | 5,488 | 5,418 | ||||
Amortization of debt issuance costs | 995 | 4,513 | 2,005 | 5,488 | 3,032 | 6,463 | 3,996 | 7,460 | 4,622 | ||||
Deferred income tax provision (benefit) | (1,011) | 0 | (1,317) | 0 | 823 | 0 | (2,992) | 46,774 | (4,053) | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | 0 | 1,793 | ||||||||||
Loss (gain) on sale of businesses | (1,947) | (54,356) | 1,031 | (54,253) | 1,308 | (54,253) | 1,919 | (54,429) | 3,615 | ||||
Trade accounts receivable | (3,707) | (2,324) | 6,455 | 921 | 8,686 | 19,365 | (6,308) | 26,211 | 27,274 | ||||
Inventories | (8,255) | (11,564) | (14,617) | (14,320) | (11,621) | (8,894) | (6,974) | 4,366 | (10,372) | ||||
Prepaid expenses and other assets | (8,875) | (14,064) | (10,119) | (22,696) | (26,686) | (37,571) | (23,665) | (29,255) | 9,048 | ||||
Accounts payable, accrued expenses and other liabilities | (2,547) | 8,010 | (1,158) | (30,906) | 6,439 | 8,970 | 15,820 | (43,748) | (33,427) | ||||
Net cash provided by (used in) continuing operations | (18,574) | (17,305) | (9,765) | (36,045) | 2,337 | (32,518) | 12,932 | (7,920) | 41,033 | ||||
Net cash (used in) discontinued operations | (636) | (5,320) | (579) | (11,532) | (2,484) | (14,022) | (2,484) | (14,561) | (26,405) | ||||
Net cash provided by (used in) operating activities | (19,210) | (22,625) | (10,344) | (47,577) | (147) | (46,540) | 10,448 | (22,481) | 14,628 | ||||
INVESTING ACTIVITIES | |||||||||||||
Additions of property, plant and equipment | (3,394) | (3,412) | (6,038) | (6,815) | (10,579) | (9,147) | (14,747) | (12,222) | (13,855) | ||||
Proceeds from the sale of property, plant and equipment | 2 | 0 | 2 | (142) | 2 | (122) | 2 | (322) | 6,172 | ||||
Proceeds from beneficial interest of factored receivables | 812 | 599 | 998 | 1,339 | 1,531 | 2,212 | 2,047 | 2,957 | 861 | ||||
Proceeds from sale of business | 7,193 | 169,773 | 9,993 | 169,375 | 9,993 | 166,210 | 9,993 | 165,540 | 162,591 | ||||
Net cash (used in) provided by continuing investing activities | 166,960 | 163,757 | 159,153 | (2,705) | 155,953 | 155,769 | |||||||
Net cash (used in) discontinued investing activities | 68 | (10,071) | (11,338) | 0 | (11,658) | (2,733) | |||||||
Net cash (used in) provided by investing activities | 4,613 | 167,028 | 4,955 | 153,686 | 947 | 147,815 | (2,705) | 144,295 | 153,036 | ||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from long-term debt | 63,500 | 129,325 | 103,350 | 129,325 | 145,550 | 165,800 | 734,612 | 219,000 | 281,600 | ||||
Payments of long-term debt | (46,500) | (180,891) | (100,250) | (191,141) | (148,450) | (279,191) | (729,551) | (352,916) | (434,797) | ||||
Net change in short-term borrowings | (22) | 154 | (292) | 174 | (225) | (47) | (374) | 372 | (190) | ||||
Proceeds from the exercise of stock options | 151 | 118 | 151 | 118 | 151 | 117 | 151 | 118 | 253 | ||||
Withholding tax payments on net share settlements on equity rewards | (3,274) | (523) | (4,119) | (656) | (4,154) | (656) | (4,209) | (713) | (538) | ||||
Net cash used in financing activities | 13,855 | (51,817) | (1,160) | (62,180) | (7,128) | (113,977) | (11,528) | (134,139) | (153,672) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,615) | (4,582) | (1,782) | (1,833) | (2,834) | 638 | (3,448) | 3,878 | 278 | ||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (2,357) | 88,004 | (8,331) | 42,096 | (9,162) | (12,064) | (7,233) | (8,447) | 14,270 | ||||
Cash, cash equivalents and restricted cash at beginning of year | 60,276 | 66,250 | 68,607 | 119,150 | 165,058 | 77,054 | 68,607 | 77,054 | 68,607 | 77,054 | 68,607 | 77,054 | 62,784 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | 59,445 | 60,276 | 66,250 | 64,990 | 119,150 | 165,058 | 60,276 | 119,150 | 59,445 | 64,990 | 61,374 | 68,607 | 77,054 |
Supplemental Disclosure of Cash Flow Information: | |||||||||||||
Income taxes | 7,264 | 11,085 | 16,526 | ||||||||||
Interest | 31,430 | 33,993 | 47,544 | ||||||||||
As Previously Reported | |||||||||||||
OPERATING ACTIVITIES | |||||||||||||
Net (loss) | 1,147 | (15,563) | (7,119) | (58,524) | (34,092) | (78,948) | (22,682) | (113,040) | (21,535) | (171,564) | (185,498) | (133,935) | |
Income (loss) from discontinued operations, net of tax | 2,510 | (878) | (239) | 341 | (43,847) | 9,162 | (1,117) | (34,685) | 1,393 | (34,345) | (35,140) | (109,167) | |
(Loss) from continuing operations, net of tax | (1,363) | (14,685) | (6,880) | (58,865) | 9,755 | (88,110) | (21,565) | (78,355) | (22,928) | (137,219) | (150,358) | (24,768) | |
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: | |||||||||||||
Depreciation | 6,509 | 5,121 | 11,970 | 10,079 | 17,505 | 14,881 | 20,385 | 22,045 | |||||
Amortization | 10,696 | 10,611 | 21,353 | 21,492 | 31,929 | 32,418 | 43,662 | 47,591 | |||||
Change in provision for bad debt expense | (254) | 5,802 | (350) | 7,768 | (353) | 7,219 | 6,099 | 617 | |||||
Write down of inventory | 129 | 343 | 961 | 352 | 1,201 | 2,386 | 3,618 | 366 | |||||
Compensation expense of share-based plans | 1,402 | 608 | 2,903 | 2,290 | 4,165 | 4,076 | 5,488 | 5,418 | |||||
Amortization of debt issuance costs | 995 | 4,513 | 2,005 | 5,488 | 3,032 | 6,463 | 7,460 | 4,622 | |||||
Deferred income tax provision (benefit) | 823 | 823 | 823 | 35,582 | 48,770 | (3,440) | |||||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,793 | ||||||||||||
Loss (gain) on sale of businesses | (1,947) | (54,356) | 1,031 | (54,253) | 1,308 | (54,253) | (54,429) | 3,615 | |||||
Trade accounts receivable | (3,793) | (1,550) | 6,345 | 768 | 8,937 | 18,051 | 23,506 | 24,339 | |||||
Inventories | (8,055) | (13,365) | (14,038) | (12,370) | (12,095) | (8,477) | 5,780 | (9,557) | |||||
Prepaid expenses and other assets | (15,332) | (5,507) | (17,792) | (25,264) | (32,680) | (39,184) | (34,824) | 7,360 | |||||
Accounts payable, accrued expenses and other liabilities | (1,360) | 1,081 | 214 | (31,475) | 6,310 | (30,468) | (49,501) | (34,168) | |||||
Net cash provided by (used in) continuing operations | (17,067) | (18,627) | (6,140) | (37,298) | 7,154 | (32,343) | (8,162) | 42,247 | |||||
Net cash (used in) discontinued operations | (636) | (5,320) | (579) | (11,532) | (2,484) | (14,022) | (14,561) | (26,334) | |||||
Net cash provided by (used in) operating activities | (17,703) | (23,947) | (6,719) | (48,830) | 4,670 | (46,365) | (22,723) | 15,913 | |||||
INVESTING ACTIVITIES | |||||||||||||
Additions of property, plant and equipment | (3,394) | (3,412) | (6,038) | (6,815) | (10,579) | (9,147) | (12,222) | (13,855) | |||||
Proceeds from the sale of property, plant and equipment | 2 | 2 | (142) | 2 | (122) | (322) | 6,172 | ||||||
Proceeds from beneficial interest of factored receivables | 812 | 599 | 998 | 1,339 | 1,531 | 2,212 | 2,957 | 861 | |||||
Proceeds from sale of business | 7,193 | 169,773 | 9,993 | 169,375 | 9,993 | 166,210 | 165,540 | 162,591 | |||||
Net cash (used in) provided by continuing investing activities | 166,960 | 163,757 | 159,153 | 155,953 | 155,769 | ||||||||
Net cash (used in) discontinued investing activities | 68 | (10,071) | (11,338) | (11,658) | (2,733) | ||||||||
Net cash (used in) provided by investing activities | 4,613 | 167,028 | 4,955 | 153,686 | 947 | 147,815 | 144,295 | 153,036 | |||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from long-term debt | 63,500 | 129,325 | 103,350 | 129,325 | 145,550 | 165,800 | 219,000 | 281,600 | |||||
Payments of long-term debt | (46,500) | (180,891) | (100,250) | (191,141) | (148,450) | (279,191) | (352,916) | (434,797) | |||||
Net change in short-term borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Proceeds from the exercise of stock options | 151 | 118 | 151 | 118 | 151 | 117 | 118 | 253 | |||||
Withholding tax payments on net share settlements on equity rewards | (3,274) | 0 | (4,119) | 0 | (4,154) | 0 | 0 | 0 | |||||
Net cash used in financing activities | 13,877 | (51,448) | (868) | (61,698) | (6,903) | (113,274) | (133,798) | (152,944) | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,545) | (5,389) | (1,627) | (2,421) | (3,163) | 29 | 4,195 | 197 | |||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (758) | 86,244 | (4,259) | 40,737 | (4,449) | (11,795) | (8,031) | 16,202 | |||||
Cash, cash equivalents and restricted cash at beginning of year | 73,437 | 76,938 | 77,696 | 126,464 | 171,971 | 85,727 | 77,696 | 85,727 | 77,696 | 85,727 | 77,696 | 85,727 | 69,525 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | 73,247 | 73,437 | 76,938 | 73,932 | 126,464 | 171,971 | 73,437 | 126,464 | 73,247 | 73,932 | 77,696 | 85,727 | |
Supplemental Disclosure of Cash Flow Information: | |||||||||||||
Income taxes | 13,074 | 16,711 | |||||||||||
Interest | 33,993 | 47,544 | |||||||||||
Restatement Impacts | |||||||||||||
OPERATING ACTIVITIES | |||||||||||||
Net (loss) | (3,777) | (3,221) | (4,677) | (6,185) | (2,450) | (20,439) | (7,898) | (22,890) | (11,674) | (29,074) | (33,116) | (3,827) | |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,715 | |
(Loss) from continuing operations, net of tax | (3,777) | (3,221) | (4,677) | (6,185) | (2,450) | (20,439) | (7,898) | (22,890) | (11,674) | (29,074) | (33,116) | (5,542) | |
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: | |||||||||||||
Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 16 | 0 | |||||
Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Change in provision for bad debt expense | (211) | 22 | (6) | 0 | (30) | 0 | 175 | 115 | |||||
Write down of inventory | 59 | 444 | 587 | 907 | 541 | 637 | 654 | 277 | |||||
Compensation expense of share-based plans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Amortization of debt issuance costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Deferred income tax provision (benefit) | (1,834) | (2,140) | 0 | (35,582) | (1,996) | (613) | |||||||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | ||||||||||||
Loss (gain) on sale of businesses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Trade accounts receivable | 86 | (774) | 110 | 153 | (251) | 1,314 | 2,705 | 2,935 | |||||
Inventories | (200) | 1,801 | (579) | (1,950) | 474 | (417) | (1,414) | (815) | |||||
Prepaid expenses and other assets | 6,457 | (8,557) | 7,673 | 2,568 | 5,994 | 1,613 | 5,569 | 1,688 | |||||
Accounts payable, accrued expenses and other liabilities | (1,187) | 6,929 | (1,372) | 569 | 129 | 39,438 | 5,753 | 741 | |||||
Net cash provided by (used in) continuing operations | (1,507) | 1,322 | (3,625) | 1,253 | (4,817) | (175) | 242 | (1,214) | |||||
Net cash (used in) discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (71) | |||||
Net cash provided by (used in) operating activities | (1,507) | 1,322 | (3,625) | 1,253 | (4,817) | (175) | 242 | (1,285) | |||||
INVESTING ACTIVITIES | |||||||||||||
Additions of property, plant and equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Proceeds from the sale of property, plant and equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Proceeds from beneficial interest of factored receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Proceeds from sale of business | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Net cash (used in) provided by continuing investing activities | 0 | 0 | 0 | 0 | 0 | ||||||||
Net cash (used in) discontinued investing activities | 0 | 0 | 0 | 0 | 0 | ||||||||
Net cash (used in) provided by investing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Payments of long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Net change in short-term borrowings | (22) | 154 | (292) | 174 | (225) | (47) | 372 | (190) | |||||
Proceeds from the exercise of stock options | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Withholding tax payments on net share settlements on equity rewards | 0 | (523) | 0 | (656) | 0 | (656) | (713) | (538) | |||||
Net cash used in financing activities | (22) | (369) | (292) | (482) | (225) | (703) | (341) | (728) | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (70) | 807 | (155) | 588 | 329 | 609 | (317) | 81 | |||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1,599) | 1,760 | (4,072) | 1,359 | (4,713) | (269) | (416) | (1,932) | |||||
Cash, cash equivalents and restricted cash at beginning of year | (13,161) | (10,688) | (9,089) | (7,314) | (6,913) | (8,673) | (9,089) | (8,673) | (9,089) | (8,673) | $ (9,089) | (8,673) | (6,741) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | $ (13,802) | $ (13,161) | $ (10,688) | $ (8,942) | $ (7,314) | $ (6,913) | $ (13,161) | $ (7,314) | $ (13,802) | $ (8,942) | (9,089) | (8,673) | |
Supplemental Disclosure of Cash Flow Information: | |||||||||||||
Income taxes | (1,989) | (185) | |||||||||||
Interest | $ 0 | $ 0 |
Restatement of Previously Iss_9
Restatement of Previously Issued Consolidated Financial Statements - Consolidated Statements Of Shareholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | $ 122,185 | $ 138,663 | $ 152,898 | $ 233,789 | $ 254,961 | $ 373,867 | $ 152,898 | $ 373,867 | $ 152,898 | $ 373,867 | $ 152,898 | $ 373,867 | $ 515,979 | |
Net income (loss) | (2,630) | (18,784) | (11,796) | (64,709) | (36,542) | (99,387) | (30,580) | (135,930) | (33,209) | (200,638) | (61,638) | (218,614) | $ (137,762) | |
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||||||
Other comprehensive income (loss) | 450 | 1,650 | (1,572) | 3,522 | 13,658 | (20,507) | 81 | (6,849) | 530 | (3,327) | $ 40,329 | (8,184) | $ (11,231) | |
Other | 22 | 22 | (21) | |||||||||||
Stock options exercised (in shares) | 4,506 | |||||||||||||
Stock options exercised | 151 | 117 | 151 | 119 | 151 | 117 | $ 151 | 118 | 253 | |||||
Conversion of restricted stock units | (12) | (847) | (2,421) | (11) | (133) | 420 | (3,268) | 287 | (3,280) | 276 | (3,276) | 240 | (64) | |
Share-based plan compensation | 1,262 | 1,501 | 1,402 | 1,786 | 1,843 | 673 | 2,903 | 2,514 | 4,165 | 4,302 | 5,252 | 5,714 | 5,579 | |
Balance at end of period | 121,256 | 122,185 | 138,663 | 174,354 | 233,789 | 254,961 | 122,185 | 233,789 | 121,256 | 174,354 | 133,716 | 152,898 | 373,867 | $ 515,979 |
As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | 183,040 | 196,106 | 206,041 | 273,351 | 290,845 | 391,411 | 206,041 | 391,411 | 206,041 | 391,411 | 206,041 | 391,411 | 528,993 | |
Net income (loss) | 1,147 | (15,563) | (7,119) | (58,524) | (34,092) | (78,948) | (22,682) | (113,040) | (21,535) | (171,564) | (185,498) | $ (133,935) | ||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||||||
Other comprehensive income (loss) | (893) | 1,843 | (1,948) | 4,234 | 14,888 | (22,606) | (105) | (7,718) | (998) | (3,484) | (5,701) | $ (10,528) | ||
Other | 22 | 22 | (21) | |||||||||||
Stock options exercised | 151 | 117 | 151 | 119 | 151 | 117 | 118 | 253 | ||||||
Conversion of restricted stock units | (12) | (847) | (2,421) | (11) | (133) | 420 | (3,268) | 287 | (3,280) | 276 | 240 | (64) | ||
Share-based plan compensation | 1,262 | 1,501 | 1,402 | 1,786 | 1,843 | 673 | 2,903 | 2,514 | 4,165 | 4,302 | 5,714 | 5,579 | ||
Balance at end of period | 184,544 | 183,040 | 196,106 | 220,814 | 273,351 | 290,845 | 183,040 | 273,351 | 184,544 | 220,814 | 206,041 | 391,411 | $ 528,993 | |
Restatement Impacts | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (60,855) | (57,443) | (53,143) | (39,562) | (35,884) | (17,544) | (53,143) | (17,544) | (53,143) | (17,544) | $ (53,143) | (17,544) | (13,014) | |
Net income (loss) | (3,777) | (3,221) | (4,677) | (6,185) | (2,450) | (20,439) | (7,898) | (22,890) | (11,674) | (29,074) | (33,116) | $ (3,827) | ||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||||||
Other comprehensive income (loss) | 1,343 | (193) | 376 | (712) | (1,230) | 2,099 | 186 | 869 | 1,528 | 157 | (2,483) | $ (703) | ||
Balance at end of period | $ (63,288) | $ (60,855) | $ (57,443) | $ (46,460) | $ (39,562) | (35,884) | $ (60,855) | (39,562) | $ (63,288) | (46,460) | (53,143) | (17,544) | $ (13,014) | |
Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (222) | (222) | (222) | (222) | 1,113 | |||||||||
Balance at end of period | (222) | 1,113 | ||||||||||||
Cumulative Effect, Period of Adoption, Adjustment | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | $ (222) | $ (222) | $ (222) | $ (222) | 1,113 | |||||||||
Balance at end of period | $ (222) | $ 1,113 | ||||||||||||
Common Stock | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance (in shares) | 20,248,000 | 20,171,000 | 20,001,000 | 19,994,000 | 19,956,000 | 19,912,000 | 20,001,000 | 19,912,000 | 20,001,000 | 19,912,000 | 20,001,000 | 19,912,000 | 19,845,000 | |
Balance at beginning of period | $ 216 | $ 216 | $ 214 | $ 214 | $ 213 | $ 213 | $ 214 | $ 213 | $ 214 | $ 213 | $ 214 | $ 213 | $ 212 | |
Stock options exercised (in shares) | 0 | 5,000 | 3,000 | 23,000 | 24,000 | 3,000 | 5,000 | 3,000 | 6,000 | |||||
Conversion of restricted stock units (in shares) | 7,000 | 77,000 | 165,000 | 4,000 | 38,000 | 41,000 | 224,000 | 82,000 | 230,000 | 83,000 | 255,000 | 86,000 | 61,000 | |
Conversion of restricted stock units | $ 1 | $ 2 | $ 1 | $ 2 | $ 1 | $ 3 | $ 1 | $ 3 | $ 1 | $ 1 | ||||
Balance (in shares) | 20,255,000 | 20,248,000 | 20,171,000 | 19,998,000 | 19,994,000 | 19,956,000 | 20,248,000 | 19,994,000 | 20,255,000 | 19,998,000 | 20,261,000 | 20,001,000 | 19,912,000 | 19,845,000 |
Balance at end of period | $ 217 | $ 216 | $ 216 | $ 214 | $ 214 | $ 213 | $ 216 | $ 214 | $ 217 | $ 214 | $ 217 | $ 214 | $ 213 | $ 212 |
Common Stock | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance (in shares) | 20,248,000 | 20,171,000 | 20,001,000 | 19,994,000 | 19,956,000 | 19,912,000 | 20,001,000 | 19,912,000 | 20,001,000 | 19,912,000 | 20,001,000 | 19,912,000 | 19,845,000 | |
Balance at beginning of period | $ 216 | $ 216 | $ 214 | $ 214 | $ 213 | $ 213 | $ 214 | $ 213 | $ 214 | $ 213 | $ 214 | $ 213 | $ 212 | |
Stock options exercised (in shares) | 18,000 | 5,000 | 3,000 | 23,000 | 24,000 | 3,000 | 3,000 | 6,000 | ||||||
Conversion of restricted stock units (in shares) | 7,000 | 59,000 | 165,000 | 4,000 | 38,000 | 41,000 | 224,000 | 82,000 | 230,000 | 83,000 | 86,000 | 61,000 | ||
Conversion of restricted stock units | $ 1 | $ 2 | $ 1 | $ 2 | $ 1 | $ 3 | $ 1 | $ 1 | $ 1 | |||||
Balance (in shares) | 20,255,000 | 20,248,000 | 20,171,000 | 19,998,000 | 19,994,000 | 19,956,000 | 20,248,000 | 19,994,000 | 20,255,000 | 19,998,000 | 20,001,000 | 19,912,000 | 19,845,000 | |
Balance at end of period | $ 217 | $ 216 | $ 216 | $ 214 | $ 214 | $ 213 | $ 216 | $ 214 | $ 217 | $ 214 | $ 214 | $ 213 | $ 212 | |
Common Stock | Restatement Impacts | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance at beginning of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Stock options exercised (in shares) | (18,000) | |||||||||||||
Conversion of restricted stock units (in shares) | 18,000 | |||||||||||||
Balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Additional Paid-in Capital | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | 452,512 | 451,858 | 452,728 | 449,576 | 447,867 | 446,657 | 452,728 | 446,657 | 452,728 | 446,657 | 452,728 | 446,657 | 440,890 | |
Stock options exercised | 151 | 117 | 151 | 119 | 151 | 117 | 151 | 118 | 253 | |||||
Conversion of restricted stock units | (13) | (847) | (2,423) | (11) | (134) | 420 | (3,270) | 286 | (3,283) | 275 | (3,279) | 239 | (65) | |
Share-based plan compensation | 1,262 | 1,501 | 1,402 | 1,786 | 1,843 | 673 | 2,903 | 2,514 | 4,165 | 4,302 | 5,252 | 5,714 | 5,579 | |
Balance at end of period | 453,761 | 452,512 | 451,858 | 451,351 | 449,576 | 447,867 | 452,512 | 449,576 | 453,761 | 451,351 | 454,852 | 452,728 | 446,657 | 440,890 |
Additional Paid-in Capital | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | 452,512 | 451,858 | 452,728 | 449,576 | 447,867 | 446,657 | 452,728 | 446,657 | 452,728 | 446,657 | 452,728 | 446,657 | 440,890 | |
Stock options exercised | 151 | 117 | 151 | 119 | 117 | 118 | 253 | |||||||
Conversion of restricted stock units | (13) | (847) | (2,423) | (11) | (134) | 420 | (3,270) | 286 | (3,283) | 275 | 239 | (65) | ||
Share-based plan compensation | 1,262 | 1,501 | 1,402 | 1,786 | 1,843 | 673 | 2,903 | 2,514 | 4,165 | 4,302 | 5,714 | 5,579 | ||
Balance at end of period | 453,761 | 452,512 | 451,858 | 451,351 | 449,576 | 447,867 | 452,512 | 449,576 | 453,761 | 451,351 | 452,728 | 446,657 | 440,890 | |
Additional Paid-in Capital | Restatement Impacts | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Retained Earnings (Accumulated deficit) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (167,023) | (148,239) | (136,443) | (53,737) | (17,195) | 82,414 | (136,443) | 82,414 | (136,443) | 82,414 | (136,443) | 82,414 | 219,063 | |
Net income (loss) | (2,630) | (18,784) | (11,796) | (64,709) | (36,542) | (99,387) | (30,580) | (135,930) | (33,209) | (200,638) | (61,638) | (218,614) | (137,762) | |
Other | 22 | 22 | (21) | |||||||||||
Balance at end of period | (169,652) | (167,023) | (148,239) | (118,466) | (53,737) | (17,195) | (167,023) | (53,737) | (169,652) | (118,466) | (198,081) | (136,443) | 82,414 | 219,063 |
Retained Earnings (Accumulated deficit) | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (109,143) | (93,580) | (86,461) | (13,982) | 20,110 | 99,280 | (86,461) | 99,280 | (86,461) | 99,280 | (86,461) | 99,280 | 232,102 | |
Net income (loss) | 1,147 | (15,563) | (7,119) | (58,524) | (34,092) | (78,948) | (22,682) | (113,040) | (21,535) | (171,564) | (185,498) | (133,935) | ||
Other | 22 | 22 | (21) | |||||||||||
Balance at end of period | (107,996) | (109,143) | (93,580) | (72,528) | (13,982) | 20,110 | (109,143) | (13,982) | (107,996) | (72,528) | (86,461) | 99,280 | 232,102 | |
Retained Earnings (Accumulated deficit) | Restatement Impacts | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (57,880) | (54,659) | (49,982) | (39,755) | (37,305) | (16,866) | (49,982) | (16,866) | (49,982) | (16,866) | (49,982) | (16,866) | (13,039) | |
Net income (loss) | (3,777) | (3,221) | (4,677) | (6,185) | (2,450) | (20,439) | (7,898) | (22,890) | (11,674) | (29,074) | (33,116) | (3,827) | ||
Balance at end of period | (61,656) | (57,880) | (54,659) | (45,940) | (39,755) | (37,305) | (57,880) | (39,755) | (61,656) | (45,940) | (49,982) | (16,866) | (13,039) | |
Retained Earnings (Accumulated deficit) | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (222) | (222) | (222) | (222) | 1,113 | |||||||||
Balance at end of period | (222) | 1,113 | ||||||||||||
Retained Earnings (Accumulated deficit) | Cumulative Effect, Period of Adoption, Adjustment | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (222) | (222) | (222) | (222) | 1,113 | |||||||||
Balance at end of period | (222) | 1,113 | ||||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (89,048) | (90,700) | (89,129) | (87,794) | (101,452) | (80,945) | (89,129) | (80,945) | (89,129) | (80,945) | (89,129) | (80,945) | (69,714) | |
Other comprehensive income (loss) | 450 | 1,650 | (1,572) | 3,522 | 13,658 | (20,507) | 81 | (6,849) | 530 | (3,327) | 40,329 | (8,184) | (11,231) | |
Other | 22 | |||||||||||||
Balance at end of period | (88,599) | (89,048) | (90,700) | (84,273) | (87,794) | (101,452) | (89,048) | (87,794) | (88,599) | (84,273) | (48,800) | (89,129) | (80,945) | (69,714) |
Accumulated Other Comprehensive (Loss) Income | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (86,073) | (87,916) | (85,968) | (87,985) | (102,873) | (80,267) | (85,968) | (80,267) | (85,968) | (80,267) | (85,968) | (80,267) | (69,739) | |
Other comprehensive income (loss) | (893) | 1,843 | (1,948) | 4,234 | 14,888 | (22,606) | (105) | (7,718) | (998) | (3,484) | (5,701) | (10,528) | ||
Balance at end of period | (86,966) | (86,073) | (87,916) | (83,751) | (87,985) | (102,873) | (86,073) | (87,985) | (86,966) | (83,751) | (85,968) | (80,267) | (69,739) | |
Accumulated Other Comprehensive (Loss) Income | Restatement Impacts | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (2,975) | (2,784) | (3,161) | 191 | 1,421 | (678) | (3,161) | (678) | (3,161) | (678) | (3,161) | (678) | 25 | |
Other comprehensive income (loss) | 1,343 | (193) | 376 | (712) | (1,230) | 2,099 | 186 | 869 | 1,528 | 157 | (2,483) | (703) | ||
Balance at end of period | (1,633) | (2,975) | (2,784) | (521) | 191 | 1,421 | (2,975) | 191 | (1,633) | (521) | (3,161) | (678) | 25 | |
Treasury Stock | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | |
Balance at end of period | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) |
Treasury Stock | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | |
Balance at end of period | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | |
Treasury Stock | Restatement Impacts | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | |
Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies - Schedule of Changes in Accounts Receivable Allowances for Doubtful Accounts (Details) - Allowance For Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
credit l [Line Items] | |||
Balance at Beginning of Period | $ 10,596 | $ 3,948 | $ 3,400 |
Charged to Costs and Expenses | 1,213 | 6,274 | 732 |
Charged to Other Accounts | (608) | 999 | 549 |
Deductions | (420) | (625) | (733) |
Balance at End of Period | $ 10,781 | $ 10,596 | $ 3,948 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Charge for allowance against contract assets | $ 4,400 | ||
Foreign currency transaction (gain) loss | $ 898 | $ 1,745 | $ (437) |
Antidilutive securities excluded from computation of earnings per share (in shares) | 431,165 | ||
Range of exercise prices, lower range limit (in USD per share) | $ 32.76 | $ 33.63 | $ 33.63 |
Range of exercise prices, upper range limit (in USD per share) | $ 60.99 | $ 71.56 | $ 71.56 |
Research and development expense | $ 7,600 | $ 8,400 | $ 7,600 |
Accounts receivable, sale | 38,100 | 58,900 | |
Proceeds from sale and collection of receivables | 38,000 | 58,000 | |
Proceeds from sale and collection of receivables related to prior year | 800 | ||
Purchase price component of receivables sold | $ 900 | $ 900 | |
Stock Options, RSUs and RSU MSPs | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 596,753 | 663,986 | |
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Receivables purchasing agreement | 90% | ||
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Receivables purchasing agreement | 100% |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Reconciliation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||||||||||||
Basic EPS, Net (Loss) | $ (2,630) | $ (18,784) | $ (11,796) | $ (64,709) | $ (36,542) | $ (99,387) | $ (30,580) | $ (135,930) | $ (33,209) | $ (200,638) | $ (61,638) | $ (218,614) | $ (137,762) |
Dilutive securities, principally common stock options, Net (Loss) | 0 | 0 | 0 | ||||||||||
Diluted EPS, Net (Loss) | $ (61,638) | $ (218,614) | $ (137,762) | ||||||||||
Basic (in shares) | 20,257 | 20,230 | 20,054 | 20,001 | 19,987 | 19,935 | 20,143 | 19,962 | 20,181 | 19,975 | 20,201 | 19,982 | 19,903 |
Dilutive securities, principally common stock options, Shares (in shares) | 0 | 0 | 0 | ||||||||||
Diluted EPS (in shares) | 20,257 | 20,230 | 20,054 | 20,001 | 20,286 | 19,935 | 20,143 | 19,962 | 20,181 | 19,975 | 20,201 | 19,982 | 19,903 |
Basic EPS, Per Share Amount (in USD per share) | $ (0.13) | $ (0.93) | $ (0.59) | $ (3.24) | $ (1.83) | $ (4.99) | $ (1.52) | $ (6.81) | $ (1.65) | $ (10.04) | $ (3.05) | $ (10.94) | $ (6.92) |
Dilutive securities, principally common stock options, Per Share Amount (in USD per share) | 0 | 0 | 0 | ||||||||||
Diluted, Net (loss) income (in USD per share) | $ (0.13) | $ (0.93) | $ (0.59) | $ (3.24) | $ (1.80) | $ (4.99) | $ (1.52) | $ (6.81) | $ (1.65) | $ (10.04) | $ (3.05) | $ (10.94) | $ (6.92) |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Property, Plant and Equipment) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | Building And Improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Minimum | Manufacturing Machinery | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 1 year |
Minimum | Computer and Software Equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Maximum | Building And Improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Maximum | Manufacturing Machinery | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Maximum | Computer and Software Equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 7 years |
Maximum | Motor Vehicles | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Discontinued Operations and A_3
Discontinued Operations and Assets Held for Sale - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Mar. 29, 2020 | Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Goodwill Impairment | $ 138,100 | $ 10,500 | $ 138,078 | $ 138,078 | $ 138,078 | $ 10,500 | $ 138,078 | $ 0 | |||||||
Impairment charges | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 138,078 | $ 0 | 138,078 | $ 0 | $ 138,078 | $ 10,500 | 138,078 | 0 | ||
Gain on lease settlement | $ 2,700 | ||||||||||||||
Minimum | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Transition services agreement term | 6 months | ||||||||||||||
Maximum | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Transition services agreement term | 12 months | ||||||||||||||
Distributed Valves | Discontinued Operations, Held-for-sale | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Goodwill Impairment | 6,900 | ||||||||||||||
Impairment charges | 1,000 | ||||||||||||||
Disposal group, adjustment to fair value | $ 39,800 | ||||||||||||||
DV Business | Discontinued Operations, Disposed of by Sale | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Consideration | $ 8,300 | $ 8,300 | |||||||||||||
Working capital adjustments | $ 2,000 | ||||||||||||||
Earnout as a percent of net income | 50% | ||||||||||||||
Loss on sale of business | $ 21,600 |
Discontinued Operations and A_4
Discontinued Operations and Assets Held for Sale - Schedule of (Loss) Income from Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net revenues | $ 0 | $ 10,055 | $ 79,351 |
Cost of revenues | 0 | 26,399 | 104,217 |
Gross (loss) | 0 | (16,344) | (24,866) |
Selling, general and administrative expenses | (84) | 9,074 | 14,190 |
Special and restructuring charges, net | 17 | 17,831 | 85,603 |
Operating income (loss) | 67 | (43,249) | (124,659) |
Other (income) expense: | |||
Interest (income), net | 0 | (14) | (8) |
Other (income) expense, net | (1,581) | 614 | (378) |
Total other (income) expense, net | (1,581) | 600 | (386) |
Income (loss) from discontinued operations, pre tax | 1,648 | (43,849) | (124,273) |
(Benefit from) provision for income taxes | 242 | (8,709) | (16,821) |
Income (loss) from discontinued operations, net of tax | $ 1,406 | (35,140) | (107,452) |
DV Business | Discontinued Operations, Disposed of by Sale | |||
Other (income) expense: | |||
Loss on sale of business | $ 21,600 | ||
Valuation allowance | 39,800 | ||
Goodwill and intangible asset impairment | 7,900 | ||
EV | Discontinued Operations, Disposed of by Sale | |||
Other (income) expense: | |||
Loss on sale of business | $ 37,900 |
Discontinued Operations and A_5
Discontinued Operations and Assets Held for Sale - Balance Sheet Information for Assets and Liabilities Related to Discontinued Operations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Apr. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Inventories | $ 2,963 | |||||
Prepaid expenses and other current assets | 48 | |||||
Property, plant, and equipment, net | 162 | |||||
Goodwill | 1,900 | |||||
Classified as current | $ 0 | $ 0 | 5,073 | $ 0 | $ 0 | $ 26,617 |
Total assets held for sale | $ 5,073 |
Revenue Recognition - Performan
Revenue Recognition - Performance Obligations (Details) $ in Millions | Dec. 31, 2021 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 212.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 71% |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 26% |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 3% |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized | $ 24,500 | $ 22,400 |
Contract asset change | 17,768 | |
Contract liability change | $ 2,552 |
Revenue Recognition - Contract
Revenue Recognition - Contract Asset and Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Contract assets: | ||
Contract assets: | $ 93,863 | $ 76,095 |
Increase/(Decrease) | 17,768 | |
Contract liabilities: | ||
Contract liabilities: | 31,717 | 34,269 |
Increase/(Decrease) | (2,552) | |
Recorded within prepaid expenses and other current assets | ||
Contract assets: | ||
Contract assets: | 87,527 | 65,271 |
Increase/(Decrease) | 22,256 | |
Recorded within other non-current assets | ||
Contract assets: | ||
Contract assets: | 6,336 | 10,824 |
Increase/(Decrease) | (4,488) | |
Recorded within accrued expenses and other current liabilities | ||
Contract liabilities: | ||
Contract liabilities: | 26,870 | 24,857 |
Increase/(Decrease) | 2,013 | |
Recorded within other non-current liabilities | ||
Contract liabilities: | ||
Contract liabilities: | 4,847 | $ 9,412 |
Increase/(Decrease) | $ (4,565) |
Revenue Recognition - Revenue b
Revenue Recognition - Revenue by Major Product Line (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Net Revenue | $ 758,667 | $ 765,219 | $ 957,262 |
Industrial Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | 506,126 | 499,209 | 684,637 |
Aerospace & Defense Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | 252,541 | 266,010 | 272,625 |
Valves | Industrial Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | 185,044 | 199,715 | 347,633 |
Pumps | Industrial Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | 321,082 | 299,494 | 337,004 |
Commercial Aerospace & Other | Aerospace & Defense Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | 92,059 | 90,835 | 124,023 |
Defense | Aerospace & Defense Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | $ 160,482 | $ 175,175 | $ 148,602 |
Revenue Recognition - Revenue_2
Revenue Recognition - Revenue by Geographic Market (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Net Revenue | $ 758,667 | $ 765,219 | $ 957,262 |
Industrial Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | 506,126 | 499,209 | 684,637 |
Aerospace & Defense Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | 252,541 | 266,010 | 272,625 |
EMEA | Industrial Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | 230,176 | 217,853 | 285,936 |
EMEA | Aerospace & Defense Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | 59,242 | 61,726 | 74,657 |
North America | Industrial Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | 146,307 | 170,301 | 265,973 |
North America | Aerospace & Defense Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | 179,589 | 188,817 | 172,676 |
Other | Industrial Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | 129,643 | 111,055 | 132,728 |
Other | Aerospace & Defense Segment | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenue | $ 13,710 | $ 15,467 | $ 25,292 |
Special and Restructuring Cha_3
Special and Restructuring Charges (Recoveries), net - Schedule of Special and Restructuring Charges (Recoveries), net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |||||||||||||
Special charges (recoveries), net | $ 20,038 | $ (39,248) | $ 16,362 | ||||||||||
Restructuring charges, net | 4,234 | 4,945 | 5,186 | ||||||||||
Total special and restructuring charges (recoveries), net | $ 814 | $ 6,803 | $ (809) | $ 938 | $ 5,607 | $ (42,292) | $ 5,995 | $ (36,685) | $ 6,808 | $ (35,747) | $ 24,272 | $ (34,303) | $ 21,548 |
Special and Restructuring Cha_4
Special and Restructuring Charges (Recoveries), net - Schedule of Special Charges (Recoveries) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | $ 20,038 | $ (39,248) | $ 16,362 | |
Cryo divestiture gain | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | (1,947) | |||
Heater & Control Valve divestiture charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 3,866 | |||
Debt refinancing charge | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 8,693 | |||
Divestiture- related | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | (53,157) | 4,627 | ||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 6,937 | 7,345 | ||
Amortization debt issuance costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | $ 3,500 | 8,700 | 3,541 | |
Incremental Loss Allowance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 7,943 | |||
Other cost saving initiatives | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 1,483 | 3,431 | 4,390 | |
Aerospace & Defense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 39 | 19 | 0 | |
Aerospace & Defense | Cryo divestiture gain | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 0 | |||
Aerospace & Defense | Heater & Control Valve divestiture charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 0 | |||
Aerospace & Defense | Debt refinancing charge | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 0 | |||
Aerospace & Defense | Divestiture- related | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 0 | 0 | ||
Aerospace & Defense | Professional fees to review and respond to an unsolicited tender offer to acquire the Company | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 0 | 0 | ||
Aerospace & Defense | Amortization debt issuance costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 0 | |||
Aerospace & Defense | Incremental Loss Allowance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 0 | |||
Aerospace & Defense | Other cost saving initiatives | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 39 | 19 | 0 | |
Industrial | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 10,560 | (52,832) | 5,344 | |
Industrial | Cryo divestiture gain | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | (1,947) | |||
Industrial | Heater & Control Valve divestiture charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 3,459 | |||
Industrial | Debt refinancing charge | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 0 | |||
Industrial | Divestiture- related | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | (53,203) | 2,746 | ||
Industrial | Professional fees to review and respond to an unsolicited tender offer to acquire the Company | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 0 | 0 | ||
Industrial | Amortization debt issuance costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 0 | |||
Industrial | Incremental Loss Allowance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 7,943 | |||
Industrial | Other cost saving initiatives | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 1,105 | 371 | 2,598 | |
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 9,439 | 13,565 | 11,018 | |
Corporate | Cryo divestiture gain | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 0 | |||
Corporate | Heater & Control Valve divestiture charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 407 | |||
Corporate | Debt refinancing charge | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 8,693 | |||
Corporate | Divestiture- related | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 46 | 1,881 | ||
Corporate | Professional fees to review and respond to an unsolicited tender offer to acquire the Company | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 6,937 | 7,345 | ||
Corporate | Amortization debt issuance costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 3,541 | |||
Corporate | Incremental Loss Allowance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | 0 | |||
Corporate | Other cost saving initiatives | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special charges (recoveries) | $ 339 | $ 3,041 | $ 1,792 |
Special and Restructuring Cha_5
Special and Restructuring Charges (Recoveries), net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Apr. 04, 2021 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | $ 20,038 | $ (39,248) | $ 16,362 | ||||||
Proceeds from sale of business | $ 7,193 | $ 169,773 | $ 9,993 | $ 169,375 | $ 9,993 | $ 166,210 | 9,993 | 165,540 | 162,591 |
Gain on disposition of business | 1,947 | 54,356 | (1,031) | 54,253 | (1,308) | 54,253 | (1,919) | 54,429 | (3,615) |
Write down of inventory | $ 188 | 787 | $ 1,548 | $ 1,259 | $ 1,742 | $ 3,023 | 3,364 | 4,272 | 643 |
Industrial | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 10,560 | (52,832) | 5,344 | ||||||
Write down of inventory | 600 | ||||||||
Corporate | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 9,439 | 13,565 | 11,018 | ||||||
Cryo divestiture gain | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | (1,947) | ||||||||
Proceeds from sale of business | 7,200 | ||||||||
Gain on disposition of business | 1,900 | ||||||||
Cryo divestiture gain | Industrial | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | (1,947) | ||||||||
Cryo divestiture gain | Corporate | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 0 | ||||||||
Heater & Control Valve divestiture charges | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 3,866 | ||||||||
Heater & Control Valve divestiture charges | Industrial | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 3,459 | ||||||||
Heater & Control Valve divestiture charges | Corporate | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 407 | ||||||||
Amortization debt issuance costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | $ 3,500 | 8,700 | 3,541 | ||||||
Amortization debt issuance costs | Industrial | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 0 | ||||||||
Amortization debt issuance costs | Corporate | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 3,541 | ||||||||
Incremental Loss Allowance | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 7,943 | ||||||||
Incremental Loss Allowance | Industrial | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 7,943 | ||||||||
Incremental Loss Allowance | Corporate | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 0 | ||||||||
Other cost saving initiatives | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 1,483 | 3,431 | 4,390 | ||||||
Other cost saving initiatives | Industrial | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 1,105 | 371 | 2,598 | ||||||
Other cost saving initiatives | Corporate | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | $ 339 | 3,041 | 1,792 | ||||||
Divestiture- related | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | (53,157) | 4,627 | |||||||
Divestiture- related | Industrial | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | (53,203) | 2,746 | |||||||
Divestiture- related | Corporate | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 46 | 1,881 | |||||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 6,937 | 7,345 | |||||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | Industrial | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | 0 | 0 | |||||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | Corporate | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Special charges (recoveries) | $ 6,937 | $ 7,345 |
Special and Restructuring Cha_6
Special and Restructuring Charges (Recoveries), net - Schedule of Restructuring Charges, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges, net | $ 4,234 | $ 4,945 | $ 5,186 |
Restructuring Reserve [Roll Forward] | |||
Accrued restructuring charges, beginning balance | 1,512 | 5,199 | 874 |
Total restructuring charges, net | 4,234 | 4,945 | 5,186 |
Charges paid / settled, net | (3,907) | (8,632) | (861) |
Accrued restructuring charges, ending balance | 1,839 | 1,512 | 5,199 |
Facility related expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges, net | 299 | 265 | (1,423) |
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 299 | 265 | (1,423) |
Employee related expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges, net | 3,935 | 4,680 | 6,609 |
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 3,935 | 4,680 | 6,609 |
Aerospace & Defense | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges, net | 1,307 | 361 | 595 |
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 1,307 | 361 | 595 |
Aerospace & Defense | Facility related expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges, net | 181 | 18 | 35 |
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 181 | 18 | 35 |
Aerospace & Defense | Employee related expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges, net | 1,126 | 343 | 560 |
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 1,126 | 343 | 560 |
Industrial | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges, net | 2,556 | 4,068 | 4,591 |
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 2,556 | 4,068 | 4,591 |
Industrial | Facility related expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges, net | 118 | 246 | (1,458) |
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 118 | 246 | (1,458) |
Industrial | Employee related expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges, net | 2,438 | 3,822 | 6,049 |
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 2,438 | 3,822 | 6,049 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges, net | 371 | 516 | 0 |
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 371 | 516 | 0 |
Corporate | Facility related expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges, net | 0 | 1 | 0 |
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 0 | 1 | 0 |
Corporate | Employee related expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges, net | 371 | 515 | 0 |
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | $ 371 | $ 515 | $ 0 |
Leases- Supplemental Balance Sh
Leases- Supplemental Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Operating Lease, ROU Asset, Gross | $ 26,657 | $ 25,508 |
Operating Lease, ROU Asset, Accumulated Amortization | (9,605) | (7,312) |
Operating Lease, ROU Asset | 17,052 | 18,196 |
Finance Lease, ROU Asset, Gross | 5,461 | 4,991 |
Finance Lease, ROU Asset, Accumulated Amortization | (1,375) | (858) |
Finance Lease, ROU Asset | 4,086 | 4,133 |
Liabilities | ||
Operating lease liability | 3,682 | 3,995 |
Operating Lease, Liability, Noncurrent | 14,471 | 19,405 |
Operating Lease Liability, Total | 18,153 | 23,400 |
Finance Lease, Liability, Current | 867 | 735 |
Finance Lease, Liability, Noncurrent | 3,243 | 3,434 |
Finance Lease Liability, Total | $ 4,110 | $ 4,169 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 5,912 | $ 6,794 | $ 5,071 |
Finance lease cost | |||
Amortization of leased assets | 611 | 568 | 251 |
Interest on lease liabilities | 93 | 70 | 40 |
Total finance lease costs | 704 | 638 | 291 |
Total lease cost | $ 6,616 | $ 7,432 | $ 5,362 |
Leases - Maturities of Operatin
Leases - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating | ||
2022 | $ 4,775 | |
2023 | 4,047 | |
2024 | 3,140 | |
2025 | 2,114 | |
2026 | 1,839 | |
After 2026 | 3,820 | |
Less: Interest | 1,582 | |
Operating Lease Liability, Total | 18,153 | $ 23,400 |
Finance | ||
2022 | 863 | |
2023 | 819 | |
2024 | 812 | |
2025 | 783 | |
2026 | 685 | |
After 2026 | 742 | |
Less: Interest | 594 | |
Finance Lease Liability, Total | 4,110 | $ 4,169 |
Total | ||
2022 | 5,638 | |
2023 | 4,866 | |
2024 | 3,952 | |
2025 | 2,897 | |
2026 | 2,524 | |
After 2026 | 4,562 | |
Less: Interest | 2,176 | |
Lease Liability, Total | $ 22,263 |
Leases - Lease term and Discoun
Leases - Lease term and Discount rate (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Weighted average remaining lease term (years) | |||
Operating leases | 5 years 10 months 24 days | 6 years 3 months 18 days | 6 years 8 months 12 days |
Finance leases | 5 years 7 months 6 days | 6 years 2 months 12 days | 6 years 9 months 18 days |
Weighted average discount rate (percentage) | |||
Operating leases | 4.50% | 6.80% | 4.60% |
Finance leases | 2% | 4.80% | 2% |
Leases-Supplemental Cash Flow I
Leases-Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Noncash lease expense on operating ROU assets | $ 303 | $ 268 | $ (17,625) |
Amortization expense on finance ROU assets | 611 | 568 | 251 |
Change in total operating lease liabilities | (214) | (5,200) | (17,359) |
Principal paid on operating lease liabilities | (2,350) | (1,323) | (4,301) |
Total Operating Activities | (1,222) | 4,713 | (4,316) |
Financing Activities | |||
Principal paid on finance lease liabilities | (654) | (557) | (281) |
Supplemental | |||
Interest paid on finance lease liabilities | $ 93 | $ 70 | $ 40 |
Inventories -Components (Detail
Inventories -Components (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 |
Inventory, Net [Abstract] | |||||||||
Raw materials | $ 51,911 | $ 63,017 | |||||||
Work in process | 55,942 | 44,145 | |||||||
Finished goods | 15,490 | 20,930 | |||||||
Inventories | 123,343 | $ 130,376 | $ 135,005 | $ 134,398 | 128,092 | $ 142,667 | $ 147,829 | $ 143,420 | |
Inventory reserves | $ 3,400 | $ 4,300 | $ 600 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Components Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 |
Property, Plant and Equipment [Abstract] | ||||||||
Land | $ 31,377 | $ 32,802 | ||||||
Buildings and improvements | 84,846 | 85,515 | ||||||
Manufacturing machinery and equipment | 122,944 | 136,160 | ||||||
Computer equipment and software | 39,111 | 38,031 | ||||||
Furniture and fixtures | 13,477 | 13,450 | ||||||
Vehicles | 797 | 545 | ||||||
Construction in progress | 15,517 | 12,133 | ||||||
Property, plant and equipment, at cost | 308,069 | 318,636 | ||||||
Less: Accumulated depreciation | (153,608) | (152,614) | ||||||
Property, plant and equipment, net | $ 154,461 | $ 156,589 | $ 159,187 | $ 161,811 | $ 166,022 | $ 165,562 | $ 166,029 | $ 165,476 |
Property, Plant And Equipment -
Property, Plant And Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Apr. 04, 2021 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||||||||
Depreciation | $ 6,509 | $ 5,121 | $ 11,970 | $ 10,079 | $ 17,505 | $ 14,881 | $ 22,854 | $ 20,401 | $ 22,045 |
Additions to property, plant and equipment | $ 1,500 | 1,000 | |||||||
Held-for-sale, not discontinued operations | Cryo Business | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Property, plant and equipment, held-for-sale | $ 200 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Goodwill By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 29, 2020 | Dec. 31, 2021 | Mar. 29, 2020 | Jun. 28, 2020 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||||||||
Goodwill, Beginning Balance | $ 134,152 | $ 272,693 | $ 272,693 | $ 272,693 | $ 136,923 | $ 272,693 | ||
Impairment | $ (138,100) | (10,500) | (138,078) | (138,078) | (138,078) | (10,500) | (138,078) | $ 0 |
Heater & Control Valve divestiture | (755) | |||||||
Reclassification of Cryo to assets held for sale | (1,900) | |||||||
Currency translation adjustments | (2,762) | 4,208 | ||||||
Goodwill, Ending Balance | $ 129,978 | 122,906 | 129,978 | 135,369 | 136,566 | 122,906 | 136,923 | 272,693 |
Aerospace & Defense Segment | ||||||||
Goodwill [Roll Forward] | ||||||||
Goodwill, Beginning Balance | 57,385 | 57,385 | 57,385 | 57,468 | 57,385 | |||
Impairment | 0 | 0 | ||||||
Heater & Control Valve divestiture | 0 | |||||||
Reclassification of Cryo to assets held for sale | 0 | |||||||
Currency translation adjustments | (108) | 83 | ||||||
Goodwill, Ending Balance | 57,360 | 57,360 | 57,468 | 57,385 | ||||
Industrial | ||||||||
Goodwill [Roll Forward] | ||||||||
Goodwill, Beginning Balance | 215,308 | $ 215,308 | $ 215,308 | 79,455 | 215,308 | |||
Impairment | $ (21,900) | (10,500) | (138,078) | |||||
Heater & Control Valve divestiture | (755) | |||||||
Reclassification of Cryo to assets held for sale | (1,900) | |||||||
Currency translation adjustments | (2,654) | 4,125 | ||||||
Goodwill, Ending Balance | $ 65,546 | $ 65,546 | $ 79,455 | $ 215,308 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Gross Intangible Assets And Related Accumulated Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Gross Carrying Amount | $ 443,698 | $ 456,659 | ||||||
Accumulated Amortization | (215,937) | (180,539) | ||||||
Net Carrying Value | 227,761 | 276,120 | ||||||
Indefinite-lived Intangible Assets by Segment [Line Items] | ||||||||
Net Carrying Value of Intangible assets | 303,476 | $ 315,452 | $ 328,957 | $ 337,864 | 353,595 | $ 357,038 | $ 363,087 | $ 368,519 |
Non-amortized intangibles (primarily trademarks and trade names) | ||||||||
Indefinite-lived Intangible Assets by Segment [Line Items] | ||||||||
Net Carrying Value | 75,715 | 77,475 | ||||||
Patents | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Gross Carrying Amount | 5,368 | 5,368 | ||||||
Accumulated Amortization | (5,368) | (5,368) | ||||||
Net Carrying Value | 0 | 0 | ||||||
Customer relationships | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Gross Carrying Amount | 302,358 | 310,458 | ||||||
Accumulated Amortization | (137,861) | (112,411) | ||||||
Net Carrying Value | 164,497 | 198,047 | ||||||
Order backlog | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Gross Carrying Amount | 2,000 | |||||||
Accumulated Amortization | (2,000) | |||||||
Net Carrying Value | 0 | |||||||
Acquired technology | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Gross Carrying Amount | 135,972 | 138,833 | ||||||
Accumulated Amortization | (72,708) | (60,760) | ||||||
Net Carrying Value | $ 63,264 | $ 78,073 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Mar. 29, 2020 USD ($) | Dec. 31, 2021 USD ($) | Oct. 03, 2021 USD ($) | Jul. 04, 2021 USD ($) | Apr. 04, 2021 USD ($) | Sep. 27, 2020 USD ($) | Jun. 28, 2020 USD ($) | Mar. 29, 2020 USD ($) | Jul. 04, 2021 USD ($) | Jun. 28, 2020 USD ($) | Oct. 03, 2021 USD ($) | Sep. 27, 2020 USD ($) | Dec. 31, 2021 USD ($) reporting_unit | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Indefinite-lived Intangible Assets by Segment [Line Items] | |||||||||||||||
Goodwill Impairment | $ 138,100,000 | $ 10,500,000 | $ 138,078,000 | $ 138,078,000 | $ 138,078,000 | $ 10,500,000 | $ 138,078,000 | $ 0 | |||||||
Number of reporting units | reporting_unit | 2 | ||||||||||||||
Goodwill | 129,978,000 | 122,906,000 | $ 134,152,000 | $ 135,014,000 | $ 135,253,000 | $ 136,566,000 | $ 135,369,000 | 129,978,000 | $ 135,014,000 | 135,369,000 | $ 134,152,000 | 136,566,000 | $ 122,906,000 | 136,923,000 | 272,693,000 |
Amortization of intangible assets | 42,300,000 | 43,700,000 | 47,600,000 | ||||||||||||
Impairment charges | 0 | 0 | 0 | 0 | 0 | 138,078,000 | 0 | 138,078,000 | 0 | 138,078,000 | 10,500,000 | 138,078,000 | $ 0 | ||
As Previously Reported | |||||||||||||||
Indefinite-lived Intangible Assets by Segment [Line Items] | |||||||||||||||
Goodwill Impairment | 116,200,000 | 116,182,000 | 116,182,000 | 116,182,000 | 116,182,000 | ||||||||||
Goodwill | 150,928,000 | 155,739,000 | 156,785,000 | 156,917,000 | 158,117,000 | 156,654,000 | 150,928,000 | 156,785,000 | 156,654,000 | 155,739,000 | 158,117,000 | 158,944,000 | |||
Impairment charges | 0 | 0 | 116,182,000 | 116,182,000 | 116,182,000 | 116,182,000 | |||||||||
Restatement Impacts | |||||||||||||||
Indefinite-lived Intangible Assets by Segment [Line Items] | |||||||||||||||
Goodwill Impairment | 21,896,000 | 21,896,000 | 21,896,000 | 21,896,000 | |||||||||||
Goodwill | $ (20,950,000) | $ (21,587,000) | $ (21,771,000) | $ (21,664,000) | (21,551,000) | (21,285,000) | (20,950,000) | $ (21,771,000) | (21,285,000) | $ (21,587,000) | (21,551,000) | (22,021,000) | |||
Impairment charges | $ 0 | $ 0 | $ 21,896,000 | $ 21,896,000 | $ 21,896,000 | $ 21,896,000 | |||||||||
Refinery Valves Reporting Unit | |||||||||||||||
Indefinite-lived Intangible Assets by Segment [Line Items] | |||||||||||||||
Goodwill Impairment | 10,500,000 | ||||||||||||||
Goodwill | $ 10,500,000 | 10,500,000 | |||||||||||||
Non-amortized intangibles (primarily trademarks and trade names) | |||||||||||||||
Indefinite-lived Intangible Assets by Segment [Line Items] | |||||||||||||||
Impairment charges | $ 0 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 36,655 |
2023 | 32,141 |
2024 | 28,245 |
2025 | 24,727 |
2026 | 21,535 |
After 2026 | $ 84,458 |
Income Taxes (Components Of Def
Income Taxes (Components Of Deferred Income Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 |
Deferred income tax (liabilities): | ||||
Fixed Assets | $ (12,315) | $ (12,485) | ||
Intangible Assets | (41,425) | (50,165) | ||
Right of Use Lease | (3,175) | (4,134) | ||
Other | (3,957) | (2,000) | ||
Total deferred income tax liabilities | (60,872) | (68,784) | ||
Deferred Tax Assets, Gross [Abstract] | ||||
Accrued Expenses | 4,937 | 5,126 | ||
Bad Debt | 2,375 | 3,995 | ||
Equity Compensation | 3,191 | 3,621 | ||
Right of Use Lease | 3,457 | 4,332 | ||
Inventory | 4,768 | 5,040 | ||
Other | 6,804 | 8,082 | ||
Net operating loss and credit carry-forward | 96,511 | 88,598 | ||
Pension | 23,727 | 36,532 | ||
Interest | 22,329 | 16,262 | ||
Goodwill | 10,813 | 10,850 | ||
Total deferred income tax assets | 178,912 | 182,438 | ||
Valuation allowance | (139,005) | (138,689) | $ (46,967) | $ (54,716) |
Deferred income tax asset, net of valuation allowance | 39,907 | 43,749 | ||
Deferred income tax liability | $ (20,965) | $ (25,035) |
Income Taxes (Components Of Pre
Income Taxes (Components Of Pre-Tax Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||||||||||||
Domestic | $ (55,752) | $ (168,988) | $ (42,692) | ||||||||||
Foreign | (2,110) | 41,416 | 25,434 | ||||||||||
(Loss) from continuing operations before income taxes | $ (4,290) | $ (15,247) | $ (11,854) | $ (8,060) | $ (13,821) | $ (103,503) | $ (27,103) | $ (117,325) | $ (31,396) | $ (125,383) | $ (57,862) | $ (127,572) | $ (17,258) |
Income Taxes (Provision (Benefi
Income Taxes (Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current provision: | |||||||||||||
Federal - U.S. | $ 0 | $ 165 | $ 0 | ||||||||||
Foreign | 7,942 | 8,415 | 16,509 | ||||||||||
State -U.S. | 232 | 548 | 596 | ||||||||||
Total current provision | 8,174 | 9,128 | 17,105 | ||||||||||
Deferred expense (benefit): | |||||||||||||
Federal - U.S. | 130 | 39,293 | 7,333 | ||||||||||
Foreign | (3,052) | 5,033 | (11,346) | ||||||||||
State -U.S. | (70) | 2,448 | (40) | ||||||||||
Total expense (benefit) deferred | (2,992) | 46,774 | (4,053) | ||||||||||
Total provision for income taxes | $ 850 | $ 2,659 | $ (297) | $ 56,990 | $ (21,126) | $ 5,046 | $ 2,360 | $ (16,080) | $ 3,206 | $ 40,910 | $ 5,182 | $ 55,902 | $ 13,052 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation Allowance [Line Items] | |||||
Cumulative loss, duration | 3 years | ||||
Valuation allowance | $ 139,005 | $ 138,689 | $ 46,967 | $ 54,716 | |
Operating loss carryforwards | 55,600 | 27,100 | |||
Foreign tax credits | 21,400 | 20,900 | |||
Operating loss carryforwards, foreign | 202,000 | 206,700 | |||
State net operating losses | 151,200 | 109,500 | |||
State tax credits | 4,000 | 2,300 | |||
Operating loss carryforwards, subject to expiration | 100,200 | ||||
Unrecognized Tax Benefits | 2,578 | 1,078 | $ 630 | $ 593 | |
Uncertain income tax position | 900 | ||||
Accrued interest and penalties | 200 | 100 | |||
Undistributed earnings of foreign subsidiaries | 89,000 | 108,000 | |||
German Deferred Tax Assets | |||||
Valuation Allowance [Line Items] | |||||
Valuation allowance | 13,200 | 17,300 | |||
U.S. Deferred Tax Assets | |||||
Valuation Allowance [Line Items] | |||||
Valuation allowance | $ 73,100 | $ 67,900 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Expected federal income tax rate | 21% | 21% | 21% |
State income taxes, net of federal tax benefit | (0.30%) | (2.10%) | 9.10% |
Impairment | 0% | (6.50%) | 0% |
U.S. permanent differences | (1.70%) | 0% | (1.00%) |
Foreign tax rate differential | 3.70% | 2.80% | (23.50%) |
Unbenefited losses | 0% | 0% | (0.30%) |
Tax reserve | (2.60%) | (0.60%) | (0.20%) |
Rate Change | (1.70%) | (0.10%) | 3.50% |
GILTI | 0% | 0% | (2.30%) |
Intercompany financing | 0% | 0% | 17.80% |
Foreign-derived intangible income (“FDII”) | 0% | 0% | 6.30% |
Prior period adjustment | 0.20% | 1.40% | 25.80% |
Dispositions | (1.00%) | (0.70%) | (129.40%) |
Valuation Allowance | (24.70%) | (59.10%) | 0% |
Other, net | (5.20%) | 0.30% | (9.40%) |
Equity compensation | 2% | (0.30%) | (0.70%) |
Research and development | 1.30% | 0% | 7.70% |
Effective tax rate | (9.00%) | (43.80%) | (75.60%) |
Income Taxes (Summary of Valuat
Income Taxes (Summary of Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Deferred tax valuation allowance at January 1 | $ 138,689 | $ 46,967 | |
Additions | 9,329 | 91,866 | $ 1,456 |
Acquired | 0 | 0 | 150 |
Deductions | (9,013) | (144) | (9,355) |
Deferred tax valuation allowance at December 31 | $ 139,005 | $ 138,689 | $ 46,967 |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation Of Total Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance beginning January 1 | $ 1,078 | $ 630 | $ 593 |
Additions/(reductions) for tax positions of prior years | 1,529 | 448 | 0 |
Additions/(reductions) based on tax positions related to current year | 212 | 0 | 37 |
Tax Audit Settlement | (200) | 0 | 0 |
Currency movement | (41) | 0 | 0 |
Balance ending December 31 | $ 2,578 | $ 1,078 | $ 630 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Customer deposits and obligations | $ 18,636 | $ 18,540 |
Commissions payable and sales incentive | 3,594 | 3,601 |
Warranty reserve | 2,739 | 2,206 |
Professional fees | 2,529 | 1,836 |
Taxes other than income tax | 3,091 | 3,900 |
Other contract liabilities | 8,215 | 6,182 |
Income tax payable | 3,075 | 5,858 |
Short term pension liability and other post-employment benefits (OPEB) | 4,560 | 4,939 |
Operating lease liability | 3,682 | 3,995 |
Other | 31,877 | 27,983 |
Accrued expenses and other current liabilities, Total | $ 81,998 | $ 79,040 |
Financing Arrangements (Schedul
Financing Arrangements (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2021 | Dec. 31, 2020 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | |
Debt Instrument [Line Items] | ||||||||
Total Principal Debt Outstanding | $ 526,311 | $ 521,562 | ||||||
Short-Term Borrowings | 1,311 | 1,624 | ||||||
Less: Unamortized Discount and Debt Issuance Costs | 13,006 | 12,050 | ||||||
Less: Short-Term Borrowings and Current Portion of Long-Term Debt | 1,611 | 1,624 | $ 1,426 | $ 1,353 | $ 1,604 | $ 1,154 | $ 1,341 | $ 1,276 |
Total Long-Term Debt, net | $ 511,694 | $ 507,888 | $ 507,093 | $ 512,375 | $ 525,573 | $ 527,721 | $ 578,613 | $ 588,958 |
Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, interest rate | 4.30% | 4.30% | ||||||
Line of Credit, interest rate | 3.60% | 3.60% | ||||||
Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, interest rate | 5% | 5.20% | ||||||
Line of Credit, interest rate | 6.75% | 7.20% | ||||||
Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Total Principal Debt Outstanding | $ 525,000 | $ 492,038 | ||||||
Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Total Principal Debt Outstanding | $ 0 | $ 27,900 |
Financing Arrangements (Sched_2
Financing Arrangements (Schedule Of Minimum Principal Payments) (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 1,611 |
2023 | 5,300 |
2024 | 5,300 |
2025 | 5,300 |
2026 | 5,300 |
Thereafter | $ 503,500 |
Financing Arrangements (Narrati
Financing Arrangements (Narrative) (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2021 USD ($) | Dec. 20, 2021 USD ($) | Dec. 11, 2017 USD ($) | Jul. 31, 2019 USD ($) | Apr. 30, 2018 USD ($) | Jul. 04, 2021 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 5,300,000 | $ 5,300,000 | |||||||
Periodic payment | 1,300,000 | ||||||||
Maturity, amount due after prepayment | 300,000 | 300,000 | |||||||
Unamortized discount | 13,000,000 | 13,000,000 | |||||||
Unamortized deferred financing fees | 800,000 | 800,000 | $ 1,200,000 | ||||||
Loss on debt extinguishment | $ 0 | 8,693,000 | 0 | $ 0 | |||||
Interest expense | 3,900,000 | 4,100,000 | 3,900,000 | ||||||
Restricted cash | 1,400,000 | 1,400,000 | 1,700,000 | ||||||
Derivative, term of contract | 3 years | 4 years | |||||||
Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | 5,000,000 | ||||||||
Interest expense, borrowings | 24,000,000 | 24,100,000 | |||||||
Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Short-term borrowings | 1,300,000 | 1,300,000 | 1,600,000 | ||||||
New Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving line of credit | $ 100,000,000 | ||||||||
Debt instrument, term | 5 years | ||||||||
Long-term line of credit | 526,300,000 | 526,300,000 | 521,600,000 | ||||||
Periodic payment, percentage of principal | 0.25% | ||||||||
Repayments of debt | 161,800,000 | $ 123,300,000 | |||||||
Increase, additional borrowings | $ 100,000,000 | ||||||||
Incremental borrowing capacity, percent of total EBITDA subject to compliance | 80% | ||||||||
Leverage ratio | 4.50 | ||||||||
Prepayment premium, percentage of principal | 1% | ||||||||
Debt issuance costs, gross | $ 800,000 | ||||||||
Write off of deferred debt issuance cost | 400,000 | ||||||||
Fair value debt | 524,300,000 | 524,300,000 | 519,000,000 | ||||||
Difference between carrying value and fair value | 2,000,000 | 2,000,000 | 2,600,000 | ||||||
New Credit Agreement | Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, term | 7 years | ||||||||
Maximum facility size | $ 530,000,000 | ||||||||
Debt issuance costs, gross | 12,000,000 | ||||||||
New Credit Agreement | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 525,000,000 | 525,000,000 | |||||||
Prior Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term line of credit | 38,700,000 | ||||||||
Unamortized discount | 9,300,000 | ||||||||
Loss on debt extinguishment | 8,300,000 | ||||||||
Prior Credit Agreement | Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 492,000,000 | ||||||||
Prior Credit Agreement | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 519,900,000 | ||||||||
New Credit Agreement and Prior Credit Agreement | Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 24,700,000 | 24,700,000 | 30,400,000 | ||||||
Cross Currency Interest Rate Contract | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, notional amount | 100,000 | $ 100,000,000 | 100,000 | 6,200,000 | |||||
Derivative, fixed interest rate | 2.4065% | ||||||||
Interest Rate Swap | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, notional amount | $ 400,000,000 | ||||||||
Derivative liability | 2,200,000 | 2,200,000 | 8,600,000 | ||||||
Interest Rate Swap | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, basis spread on variable rate | 1% | ||||||||
Cash Flow Hedging | Interest Rate Swap | Recorded within other non-current liabilities | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, gross liability | $ (2,200,000) | $ (2,200,000) | (10,600,000) | ||||||
Cash Flow Hedging | Interest Rate Swap | Accrued Expenses and Other Current Liabilities | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, gross liability | (6,500,000) | ||||||||
Cash Flow Hedging | Interest Rate Swap | Other Current Assets | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, gross liability | $ 2,400,000 |
Financing Arrangements - Schedu
Financing Arrangements - Schedule of Interest Rate Swaps And Cross-Currency Swap (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Derivative asset | $ 0 | $ 2,359 |
Derivative liabilities | $ (2,187) | $ (17,139) |
Financing Arrangements - Sche_2
Financing Arrangements - Schedule of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Amount of gain (loss) recognized in OCI | $ (284) | $ (5,433) |
Amount of (loss) reclassified from AOCI to earnings (interest expense, net) | (6,682) | $ (6,162) |
Loss to be reclassified within twelve months | $ 1,800 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Apr. 02, 2020 shares | Dec. 31, 2021 USD ($) share-basedCompensationPlan $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2019 USD ($) $ / shares shares | May 25, 2021 shares | May 09, 2019 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of share based compensation plans | share-basedCompensationPlan | 3 | |||||
Shares outstanding (in shares) | shares | 596,753 | 666,785 | ||||
Compensation expense | $ 5,300 | $ 5,500 | $ 5,400 | |||
Compensation expense not yet recognized | $ 7,400 | |||||
Period for recognition | 2 years | |||||
Options, costs not recognized | $ 5,400 | $ 8,100 | ||||
Options, granted in period (in shares) | shares | 0 | 0 | 153,726 | |||
Options, grants, weighted average grant date fair value (in USD per share) | $ / shares | $ 11.84 | |||||
Weighted average contractual term for stock-options outstanding | 2 years 2 months 12 days | |||||
Options, exercisable, weighted average remaining contractual term | 2 years 1 month 6 days | |||||
Options, exercises, intrinsic value | $ 0 | $ 0 | $ 0 | |||
Options, vested, fair value | 1,100 | 1,700 | $ 1,800 | |||
Aggregate Intrinsic Value | 0 | |||||
Options, exercisable, intrinsic value | $ 0 | 0 | ||||
DV Business | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Discontinued operations, compensation expense | $ 200 | |||||
2019 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation shares authorized (in shares) | shares | 2,000,000 | 1,000,000 | ||||
Award ratio share limit | 1 | |||||
1999 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested percent | 100% | |||||
Shares available for grant (in shares) | shares | 1,274,109 | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense not yet recognized | $ 100 | |||||
Period for recognition | 2 months 12 days | |||||
RSU's | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Nonvested (in shares) | shares | 507,647 | |||||
Granted (in shares) | shares | 245,345 | 616,612 | 205,291 | |||
Granted (in dollars per share) | $ / shares | $ 40.53 | $ 12.88 | $ 32.92 | |||
RSU's | 2014 Plan and 2019 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
RSU's | Chief Financial Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Granted (in shares) | shares | 44,511 | |||||
Vested (in shares) | shares | 14,837 | |||||
Forfeited (in shares) | shares | 29,674 | |||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Granted (in shares) | shares | 70,933 | 109,278 | 67,362 | |||
Payout cap | 600% | |||||
Performance Shares | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance target payout | 0% | 0% | ||||
Performance Shares | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance target payout | 200% | 200% | ||||
Expected performance payout | 1% | |||||
RSU Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Nonvested (in shares) | shares | 445,396 | 666,627 | ||||
Compensation expense not yet recognized | $ 7,100 | |||||
Period for recognition | 2 years | |||||
Granted (in shares) | shares | 245,345 | |||||
Granted (in dollars per share) | $ / shares | $ 40.53 | |||||
Forfeited (in shares) | shares | 129,716 | |||||
Aggregate intrinsic value, settled | $ 12,200 | $ 1,900 | $ 2,000 | |||
Aggregate fair value of RSU Awards vested | 6,000 | $ 3,000 | $ 2,600 | |||
Aggregate intrinsic value, outstanding | $ 12,106 | |||||
Outstanding, weighted average remaining contractual terms | 1 year 6 months | |||||
Options and awards exercisable at end of period (in shares) | shares | 1,338 | |||||
RSU MSPs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Nonvested (in shares) | shares | 62,251 | 78,298 | ||||
Compensation expense not yet recognized | $ 300 | |||||
Period for recognition | 2 years 1 month 6 days | |||||
Granted (in shares) | shares | 31,248 | 0 | 56,379 | |||
Granted (in dollars per share) | $ / shares | $ 26.68 | |||||
Forfeited (in shares) | shares | 14,713 | |||||
Discount from market price, offering date | 33% | |||||
Discount amortization period | 4 years | |||||
Granted per unit discount representing fair value (in USD per share) | $ / shares | $ 13.14 | $ 11.10 | ||||
Aggregate intrinsic value, settled | $ 200 | $ 0 | $ 0 | |||
Aggregate fair value of RSU Awards vested | 400 | $ 400 | $ 200 | |||
Aggregate intrinsic value, outstanding | $ 176 | |||||
Outstanding, weighted average remaining contractual terms | 1 year 1 month 6 days | |||||
Options and awards exercisable at end of period (in shares) | shares | 0 | 1,469 | 5,446 | |||
PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Nonvested (in shares) | shares | 33,454 | 43,061 | ||||
Compensation expense | $ 600 | $ 700 | $ 1,400 | |||
Cash used to settle awards | 700 | |||||
Compensation liability | $ 400 | 700 | ||||
PSUs | Selling, General and Administrative Expenses | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense | 600 | 1,100 | ||||
PSUs | Special Charges | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense | $ 100 | $ 300 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Estimated Weighted-Average Assumptions of Stock Options (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Risk-free interest rate | 2.60% |
Expected life (years) | 4 years 3 months 18 days |
Expected stock volatility | 38.10% |
Expected dividend yield | 0% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Options Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | |||
Options outstanding at beginning of period (in shares) | 666,785 | ||
Granted (in shares) | 0 | ||
Exercised/Settled (in shares) | (4,506) | ||
Added by performance factor (in shares) | 0 | ||
Forfeited (in shares) | (3,661) | ||
Expired (in shares) | (61,865) | ||
Options outstanding at end of period (in shares) | 596,753 | 666,785 | |
Equity Awards Exercisable, Awards (in shares) | 554,874,000 | ||
Weighted Average Exercise Price | |||
Options and awards outstanding at beginning of period (in dollars per share) | $ 43.31 | ||
Granted (in dollars per share) | 0 | ||
Exercised/Settled (in dollars per share) | 33.63 | ||
Added by performance factor (in dollars per share) | 0 | ||
Forfeited (in dollars per share) | 33.63 | ||
Expired (in dollars per share) | 51.58 | ||
Options and awards outstanding at end of period (in dollars per share) | 42.58 | $ 43.31 | |
Options and awards exercisable at end of period (in dollars per share) | $ 43.26 | ||
RSU Awards | |||
Shares | |||
Options and awards outstanding at beginning of period (in shares) | 666,627 | ||
Granted (in shares) | 245,345 | ||
Exercised/Settled (in shares) | (337,993) | ||
Added by performance factor (in shares) | 1,133 | ||
Forfeited (in shares) | (129,716) | ||
Expired (in shares) | 0 | ||
Options and awards outstanding at end of period (in shares) | 445,396 | 666,627 | |
Options and awards exercisable at end of period (in shares) | 1,338 | ||
Weighted Average Price | |||
Options and awards outstanding at beginning of period (in dollars per share) | $ 17.11 | ||
Granted (in dollars per share) | 40.53 | ||
Exercised/Settled (in dollars per share) | 17.58 | ||
Added by performance factor (in dollars per share) | 42.62 | ||
Forfeited (in dollars per share) | 23.65 | ||
Expired (in dollars per share) | 0 | ||
Options and awards outstanding at end of period (in dollars per share) | 27.81 | $ 17.11 | |
Options and awards exercisable at end of period (in dollars per share) | $ 42.62 | ||
RSU MSPs | |||
Shares | |||
Options and awards outstanding at beginning of period (in shares) | 78,298 | ||
Granted (in shares) | 31,248 | 0 | 56,379 |
Exercised/Settled (in shares) | (32,582) | ||
Added by performance factor (in shares) | 0 | ||
Forfeited (in shares) | (14,713) | ||
Expired (in shares) | 0 | ||
Options and awards outstanding at end of period (in shares) | 62,251 | 78,298 | |
Options and awards exercisable at end of period (in shares) | 0 | 1,469 | 5,446 |
Weighted Average Price | |||
Options and awards outstanding at beginning of period (in dollars per share) | $ 24.99 | ||
Granted (in dollars per share) | 26.68 | ||
Exercised/Settled (in dollars per share) | 34.44 | ||
Added by performance factor (in dollars per share) | 0 | ||
Forfeited (in dollars per share) | 23.65 | ||
Expired (in dollars per share) | 0 | ||
Options and awards outstanding at end of period (in dollars per share) | 24.35 | $ 24.99 | |
Options and awards exercisable at end of period (in dollars per share) | $ 0 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Equity Awards Outstanding and Exercisable) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Options | |||
Equity Awards Outstanding, Options Outstanding, Options | 596,753 | 666,785 | |
Equity Awards Outstanding, Average share price (in dollars per share) | $ 42.58 | $ 43.31 | |
Equity Awards Outstanding, Aggregate Intrinsic Value | $ 0 | ||
Equity Awards Outstanding, Remaining Term | 2 years 2 months 12 days | ||
Equity Awards Exercisable, Awards (in shares) | 554,874,000 | ||
Equity Awards Outstanding, Average Share Price (in dollars per share) | $ 43.26 | ||
Equity Awards Outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 | |
Equity Awards Outstanding, Remaining Term | 2 years 1 month 6 days | ||
RSU Awards | |||
RSU and RSU MSP's | |||
Equity Awards Outstanding, Awards (in shares) | 445,396 | 666,627 | |
Equity Awards Outstanding, Average Share Price (in dollars per share) | $ 27.81 | $ 17.11 | |
Equity Awards Outstanding, Aggregate Intrinsic Value | $ 12,106 | ||
Equity Awards Outstanding, Remaining Term | 1 year 6 months | ||
Equity Awards Exercisable, Awards (in shares) | 1,338 | ||
Equity Awards Outstanding, Aggregate Intrinsic Value (in dollars per share) | $ 42.62 | ||
Equity Awards Outstanding, Remaining Term | $ 36 | ||
RSU MSPs | |||
RSU and RSU MSP's | |||
Equity Awards Outstanding, Awards (in shares) | 62,251 | 78,298 | |
Equity Awards Outstanding, Average Share Price (in dollars per share) | $ 24.35 | $ 24.99 | |
Equity Awards Outstanding, Aggregate Intrinsic Value | $ 176 | ||
Equity Awards Outstanding, Remaining Term | 1 year 1 month 6 days | ||
Equity Awards Exercisable, Awards (in shares) | 0 | 1,469 | 5,446 |
Equity Awards Outstanding, Aggregate Intrinsic Value (in dollars per share) | $ 0 | ||
Equity Awards Outstanding, Remaining Term | $ 0 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of 401(k) Plan Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Cost of 401(k) plan | $ 4,226 | $ 458 | $ 3,428 |
Retirement Plans - Narrative (D
Retirement Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, percent | 100% | ||
Health care cost trend rate assumed pre-65, next fiscal year | 7.50% | 6.50% | |
Ultimate health care cost trend rate, pre-65 | 4.50% | 4.50% | |
Health care cost trend rate assumed, post-65, next fiscal year | 7.50% | 6.50% | |
Ultimate health care cost trend rate, post-65 | 4.50% | 4.50% | |
United States | Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension contributions | $ 0.8 | ||
United States | Forecast | Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension contributions | $ 1 | ||
Foreign Plan | Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension contributions | $ 4.3 | ||
Foreign Plan | Forecast | Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension contributions | $ 3.6 | ||
401K | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, percent of employees' gross pay | 4% | ||
Vesting Year 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employers matching contribution, annual vesting percentage | 0% | ||
Employers matching contribution, vesting term (in years) | 1 year | ||
Vesting Year 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employers matching contribution, annual vesting percentage | 50% | ||
Employers matching contribution, vesting term (in years) | 2 years | ||
Vesting Year 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employers matching contribution, vesting term (in years) | 3 years |
Retirement Plans - Components o
Retirement Plans - Components of Net Benefit Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 6,958 | $ 10,061 | |
Expected return on assets | (11,737) | (11,979) | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 3,235 | 2,812 | 2,694 |
Interest cost | 4,019 | 6,958 | 10,061 |
Expected return on assets | (10,094) | (11,737) | (11,979) |
Net periodic benefit cost | (2,840) | (1,967) | 776 |
Net loss (gain) amortization | 912 | 279 | 441 |
Prior service cost amortization | 17 | 15 | 15 |
Total amortization | 929 | 294 | 456 |
Net periodic benefit cost | (1,911) | (1,673) | 1,232 |
Other Post-retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 3 | 3 | 2 |
Interest cost | 160 | 262 | 359 |
Expected return on assets | 0 | 0 | 0 |
Net periodic benefit cost | 163 | 265 | 361 |
Net loss (gain) amortization | 0 | 0 | (32) |
Prior service cost amortization | 0 | 0 | 0 |
Total amortization | 0 | 0 | (32) |
Net periodic benefit cost | $ 163 | $ 265 | $ 329 |
Retirement Plans - Weighted Ave
Retirement Plans - Weighted Average Assumptions Used in Determining Net Periodic Benefit Cost and Benefit Obligations (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, Net periodic benefit cost | 1.93% | 2.83% | 3.93% |
Expected return on plan assets | 4.50% | 5.50% | 6.25% |
Discount rate, Benefit obligations | 2.41% | 1.93% | 2.83% |
Pension Benefits | Foreign Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, Net periodic benefit cost | 0.82% | 1.24% | 2% |
Expected return on plan assets | 2.20% | 2.95% | 3.70% |
Rate of compensation increase, Net periodic benefit cost | 3.20% | 3.20% | 3.15% |
Discount rate, Benefit obligations | 1.30% | 0.82% | 1.24% |
Rate of compensation increase, Benefit obligations | 3.20% | 3.20% | 3.09% |
Other Post-retirement Benefits | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, Net periodic benefit cost | 2.65% | 3.05% | 4.10% |
Discount rate, Benefit obligations | 2.26% | 2.26% | 3.05% |
Retirement Plans - Change In Pr
Retirement Plans - Change In Projected Benefit Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in projected benefit obligation: | ||||
Interest cost | $ 6,958 | $ 10,061 | ||
Change in fair value of plan assets: | ||||
Balance at beginning of year | $ 247,821 | |||
Fair value of plan assets at end of year | $ 247,821 | 252,777 | 247,821 | |
Pension Benefits | ||||
Change in projected benefit obligation: | ||||
Balance at beginning of year | 412,834 | 382,179 | ||
Service cost | 3,235 | 2,812 | 2,694 | |
Interest cost | 4,019 | 6,958 | 10,061 | |
Amendments | 0 | 12 | ||
Actuarial (gain) loss | (24,873) | 30,833 | ||
Exchange rate (gain) loss | (9,597) | 12,541 | ||
Benefits paid | (21,808) | (22,501) | ||
Balance at end of year | 412,834 | 363,810 | 412,834 | 382,179 |
Change in fair value of plan assets: | ||||
Balance at beginning of year | 247,821 | 235,297 | ||
Actual return on assets | 22,375 | 29,624 | ||
Exchange rate (loss) gain | (305) | 895 | ||
Benefits paid | (21,808) | (22,501) | ||
Employer contributions | 4,694 | 4,506 | ||
Fair value of plan assets at end of year | 247,821 | 252,777 | 247,821 | 235,297 |
Funded status: | ||||
Excess of benefit obligation over the fair value of plan assets | (165,013) | (111,033) | (165,013) | |
Pension plan accumulated benefit obligation (“ABO”) | 412,834 | 363,810 | 412,834 | |
Other Post-retirement Benefits | ||||
Change in projected benefit obligation: | ||||
Balance at beginning of year | 10,893 | 10,193 | ||
Service cost | 3 | 3 | 2 | |
Interest cost | 160 | 262 | 359 | |
Amendments | 0 | 0 | ||
Actuarial (gain) loss | (382) | 828 | ||
Exchange rate (gain) loss | 0 | 0 | ||
Benefits paid | (430) | (393) | ||
Balance at end of year | 10,893 | 10,244 | 10,893 | 10,193 |
Change in fair value of plan assets: | ||||
Balance at beginning of year | 0 | 0 | ||
Actual return on assets | 0 | 0 | ||
Exchange rate (loss) gain | 0 | 0 | ||
Benefits paid | (430) | (393) | ||
Employer contributions | 430 | 393 | ||
Fair value of plan assets at end of year | 0 | 0 | 0 | $ 0 |
Funded status: | ||||
Excess of benefit obligation over the fair value of plan assets | $ (10,893) | $ (10,244) | $ (10,893) |
Retirement Plans - Change In Fa
Retirement Plans - Change In Fair Value Of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 252,777 | $ 247,821 |
Money Market Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 888 | 677 |
Bond Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 46,956 | 0 |
Opportunistic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,930 | 20,827 |
Investment Grade | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 105,217 | 59,013 |
Non-U.S. Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 20,596 | 53,570 |
U.S. Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 43,067 | 84,186 |
Global Low Volatility | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 20 | |
Insurance Contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 815 | 807 |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 245 | 85 |
Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11,733 | 11,229 |
Non-U.S. government and corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 17,050 | 17,092 |
Insurance Contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 280 | 315 |
Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 221,787 | 217,637 |
Net Asset Value | Money Market Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 21 | 21 |
Net Asset Value | Bond Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 46,956 | |
Net Asset Value | Opportunistic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,930 | 20,827 |
Net Asset Value | Investment Grade | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 105,217 | 59,013 |
Net Asset Value | Non-U.S. Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 20,596 | 53,570 |
Net Asset Value | U.S. Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 43,067 | 84,186 |
Net Asset Value | Global Low Volatility | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 20 | |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 29,895 | 29,062 |
Level 1 | Money Market Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 867 | 656 |
Level 1 | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 245 | 85 |
Level 1 | Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11,733 | 11,229 |
Level 1 | Non-U.S. government and corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 17,050 | 17,092 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 815 | 845 |
Level 2 | Insurance Contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 815 | 807 |
Level 2 | Insurance Contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 38 | |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 280 | 277 |
Level 3 | Insurance Contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 280 | $ 277 |
Retirement Plans-Funded Status
Retirement Plans-Funded Status (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 |
Funded status, end of year: | |||||||||
Fair value of plan assets | $ 252,777 | $ 247,821 | |||||||
Post-retirement amounts recognized in the balance sheet consists of: | |||||||||
Current liability | (4,560) | (4,939) | |||||||
Non-current liability | (120,881) | $ (152,322) | $ (156,501) | $ (156,746) | (163,642) | $ (143,599) | $ (145,138) | $ (137,779) | |
Pension Benefits | |||||||||
Funded status, end of year: | |||||||||
Fair value of plan assets | 252,777 | 247,821 | $ 235,297 | ||||||
Projected Benefit obligation | (363,810) | (412,834) | (382,179) | ||||||
Net pension liability | (111,033) | (165,013) | |||||||
Post-retirement amounts recognized in the balance sheet consists of: | |||||||||
Non-current asset | 13,799 | 2,885 | |||||||
Current liability | (3,951) | (4,256) | |||||||
Non-current liability | (120,881) | (163,642) | |||||||
Total | (111,033) | (165,013) | |||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||
Net losses (gains) | 6,375 | 45,339 | |||||||
Prior service cost | 308 | 328 | |||||||
Total | 6,683 | 45,667 | |||||||
Other Post-retirement Benefits | |||||||||
Funded status, end of year: | |||||||||
Fair value of plan assets | 0 | 0 | 0 | ||||||
Projected Benefit obligation | (10,244) | (10,893) | $ (10,193) | ||||||
Net pension liability | (10,244) | (10,893) | |||||||
Post-retirement amounts recognized in the balance sheet consists of: | |||||||||
Non-current asset | 0 | 0 | |||||||
Current liability | (609) | (683) | |||||||
Non-current liability | (9,635) | (10,210) | |||||||
Total | (10,244) | (10,893) | |||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||
Net losses (gains) | (437) | (55) | |||||||
Prior service cost | 0 | 0 | |||||||
Total | $ (437) | $ (55) |
Retirement Plans -Expected Bene
Retirement Plans -Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 22,741 |
2023 | 22,368 |
2024 | 21,996 |
2025 | 21,482 |
2026 | 20,973 |
Thereafter | 95,837 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 22,132 |
2023 | 21,777 |
2024 | 21,430 |
2025 | 20,926 |
2026 | 20,433 |
Thereafter | 93,400 |
Other Post-retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 609 |
2023 | 591 |
2024 | 566 |
2025 | 556 |
2026 | 540 |
Thereafter | $ 2,437 |
Contingencies, Commitments an_2
Contingencies, Commitments and Guarantees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | May 31, 2022 | Dec. 31, 2020 | |
Contingencies, Commitments And Guarantees [Line Items] | |||
Aggregate notional value standby letters of credit | $ 32,500 | $ 39,300 | |
Commercial Contract | |||
Contingencies, Commitments And Guarantees [Line Items] | |||
Approximate commitments | $ 90,000 | ||
Minimum | |||
Contingencies, Commitments And Guarantees [Line Items] | |||
Letter of credit maturity term | 1 month | ||
Maximum | |||
Contingencies, Commitments And Guarantees [Line Items] | |||
Letter of credit maturity term | 5 years | ||
Standby Letters of Credit | |||
Contingencies, Commitments And Guarantees [Line Items] | |||
Aggregate notional value standby letters of credit | $ 24,700 | $ 30,400 | |
Standby Letters of Credit | Subsequent Event | |||
Contingencies, Commitments And Guarantees [Line Items] | |||
Aggregate notional value standby letters of credit | $ 3,900 | ||
Industrial Segment Customer | Contract Termination | |||
Contingencies, Commitments And Guarantees [Line Items] | |||
Allowance for outstanding receivable | 6,300 | ||
Outstanding guarantees of performance under contract | 3,400 | ||
Outstanding guarantees of performing under contract, increase in period | $ 1,600 |
Guarantees and Indemnificatio_3
Guarantees and Indemnification Obligations - Product Warranty Reserves (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Guarantees And Indemnification Obligations [Abstract] | ||
Liability for indemnification agreements | $ 0 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance beginning January 1 | 2,206,000 | $ 1,642,000 |
Provisions | 3,629,000 | 2,825,000 |
Claims settled | (3,040,000) | (2,313,000) |
Currency translation adjustment | (56,000) | 52,000 |
Balance ending December 31 | $ 2,739,000 | $ 2,206,000 |
Business Segment and Geograph_3
Business Segment and Geographical Information - Reportable Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | $ 189,709 | $ 187,590 | $ 176,451 | $ 185,290 | $ 183,509 | $ 191,125 | $ 364,041 | $ 374,634 | $ 553,750 | $ 559,924 | $ 758,667 | $ 765,219 | $ 957,262 |
Operating income (loss) | 3,451 | (8,557) | (5,266) | 892 | (3,312) | (97,659) | (13,824) | (100,972) | (10,372) | (100,080) | (29,323) | (94,947) | 30,473 |
Special restructuring charges, net | 4,234 | 4,945 | 5,186 | ||||||||||
Special other charges (recoveries), net | 20,038 | ||||||||||||
Special and restructuring charges (recoveries), net | 814 | 6,803 | (809) | 938 | 5,607 | (42,292) | 5,995 | (36,685) | 6,808 | (35,747) | 24,272 | (34,303) | 21,548 |
Restructuring related inventory charges (recoveries), net | 4,234 | 4,945 | 5,186 | ||||||||||
Impairment charges | 0 | 0 | 0 | 0 | 0 | 138,078 | 0 | 138,078 | 0 | 138,078 | 10,500 | 138,078 | 0 |
Operating (loss) income | 3,451 | (8,557) | (5,266) | 892 | (3,312) | (97,659) | (13,824) | (100,972) | (10,372) | (100,080) | (29,323) | (94,947) | 30,473 |
Interest expense, net | 7,997 | 7,957 | 8,369 | 8,202 | 8,486 | 9,011 | 16,327 | 17,497 | 24,325 | 25,699 | 32,365 | 34,219 | 48,609 |
Other (income), net | (256) | (1,267) | (1,781) | 750 | 2,023 | (3,167) | (3,048) | (1,144) | (3,301) | (396) | (3,826) | (1,594) | (878) |
(Loss) from continuing operations before income taxes | (4,290) | (15,247) | (11,854) | (8,060) | (13,821) | (103,503) | (27,103) | (117,325) | (31,396) | (125,383) | (57,862) | (127,572) | (17,258) |
Identifiable assets | $ 1,031,220 | $ 1,043,616 | 1,068,091 | $ 1,111,055 | $ 1,234,081 | 1,273,510 | 1,043,616 | 1,234,081 | 1,031,220 | 1,111,055 | 1,019,298 | 1,082,857 | 1,462,511 |
Capital expenditures | $ 3,394 | $ 3,412 | $ 6,038 | $ 6,815 | $ 10,579 | $ 9,147 | 14,747 | 12,222 | 13,855 | ||||
Depreciation and amortization | 65,158 | 64,063 | 69,636 | ||||||||||
Industrial | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 506,126 | 499,209 | 684,637 | ||||||||||
Operating income (loss) | 28,896 | 27,025 | 83,058 | ||||||||||
Restructuring related inventory charges (recoveries), net | 2,556 | 4,068 | 4,591 | ||||||||||
Operating (loss) income | 28,896 | 27,025 | 83,058 | ||||||||||
Identifiable assets | 1,256,974 | 1,328,179 | 1,764,326 | ||||||||||
Depreciation and amortization | 52,532 | 50,961 | 57,576 | ||||||||||
Aerospace & Defense | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 252,541 | 266,010 | 272,625 | ||||||||||
Operating income (loss) | 56,073 | 58,379 | 52,030 | ||||||||||
Restructuring related inventory charges (recoveries), net | 1,307 | 361 | 595 | ||||||||||
Operating (loss) income | 56,073 | 58,379 | 52,030 | ||||||||||
Identifiable assets | 464,964 | 451,612 | 431,905 | ||||||||||
Depreciation and amortization | 11,973 | 12,492 | 11,531 | ||||||||||
Corporate | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Operating income (loss) | (30,638) | (30,378) | (33,820) | ||||||||||
Restructuring related inventory charges (recoveries), net | 371 | 516 | 0 | ||||||||||
Operating (loss) income | (30,638) | (30,378) | (33,820) | ||||||||||
Identifiable assets | (702,640) | (696,934) | (733,720) | ||||||||||
Depreciation and amortization | 653 | 610 | 529 | ||||||||||
Corporate Identifiable Assets after Elimination of Intercompany Assets | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Identifiable assets | 13,600 | 12,100 | 18,900 | ||||||||||
Operating Segments | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Operating income (loss) | 54,331 | 55,026 | 101,268 | ||||||||||
Operating (loss) income | 54,331 | 55,026 | 101,268 | ||||||||||
Capital expenditures | 14,577 | 11,794 | 12,918 | ||||||||||
Operating Segments | Industrial | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Capital expenditures | 9,502 | 6,928 | 7,468 | ||||||||||
Operating Segments | Aerospace & Defense | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Capital expenditures | 4,608 | 4,400 | 4,376 | ||||||||||
Operating Segments | Corporate | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Capital expenditures | 467 | 466 | 1,074 | ||||||||||
Segment Reconciling Items | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Restructuring related inventory charges (recoveries), net | 599 | (251) | (820) | ||||||||||
Acquisition amortization | 41,772 | 42,463 | 45,715 | ||||||||||
Acquisition depreciation | 6,511 | 3,986 | 4,352 | ||||||||||
Impairment charges | 10,500 | 138,078 | 0 | ||||||||||
Restructuring, impairment and other cost, net | $ 59,382 | $ 184,276 | $ 49,247 |
Business Segment and Geograph_4
Business Segment and Geographical Information - Net Revenues By Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | $ 189,709 | $ 187,590 | $ 176,451 | $ 185,290 | $ 183,509 | $ 191,125 | $ 364,041 | $ 374,634 | $ 553,750 | $ 559,924 | $ 758,667 | $ 765,219 | $ 957,262 |
United States | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 309,475 | 340,705 | 411,941 | ||||||||||
Germany | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 90,407 | 81,315 | 96,232 | ||||||||||
France | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 38,777 | 36,616 | 49,724 | ||||||||||
China | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 36,759 | 27,036 | 32,779 | ||||||||||
United Kingdom | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 32,341 | 33,439 | 36,760 | ||||||||||
Canada | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 16,421 | 18,413 | 25,963 | ||||||||||
Norway | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 10,391 | 12,765 | 23,045 | ||||||||||
Saudi Arabia | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 5,375 | 5,628 | 5,110 | ||||||||||
Russia | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 5,179 | 4,893 | 5,138 | ||||||||||
Rest of Europe | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 85,107 | 82,417 | 109,854 | ||||||||||
Rest of Asia-Pacific | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | 89,186 | 80,112 | 104,404 | ||||||||||
Other | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues | $ 39,249 | $ 41,880 | $ 56,312 |
Business Segment and Geograph_5
Business Segment and Geographical Information - Long-Lived Assets By Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 154,461 | $ 166,022 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 78,472 | 83,205 |
Germany | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 48,228 | 54,106 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 9,781 | 10,511 |
India | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 7,196 | 7,698 |
France | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 3,621 | 3,274 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 7,163 | $ 7,228 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |||||||||||||
Interest cost | $ 6,958 | $ 10,061 | |||||||||||
Pension - Expected return on assets | (11,737) | (11,979) | |||||||||||
Foreign Currency Translations | $ 898 | 1,745 | (437) | ||||||||||
Other | 1,351 | 1,440 | 1,477 | ||||||||||
Other (income), net | $ (256) | $ (1,267) | $ (1,781) | $ 750 | $ 2,023 | $ (3,167) | $ (3,048) | $ (1,144) | $ (3,301) | $ (396) | $ (3,826) | $ (1,594) | $ (878) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||
Balance at beginning of period | $ 122,185 | $ 138,663 | $ 152,898 | $ 233,789 | $ 254,961 | $ 373,867 | $ 152,898 | $ 373,867 | $ 152,898 | $ 373,867 | $ 152,898 | $ 373,867 | $ 515,979 |
Other comprehensive income (loss) | 450 | 1,650 | (1,572) | 3,522 | 13,658 | (20,507) | 81 | (6,849) | 530 | (3,327) | 40,329 | (8,184) | (11,231) |
Balance at end of period | 121,256 | 122,185 | 138,663 | 174,354 | 233,789 | 254,961 | 122,185 | 233,789 | 121,256 | 174,354 | 133,716 | 152,898 | 373,867 |
Accumulated Other Comprehensive Income (Loss) Attributable to Parent | |||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||
Balance at beginning of period | (89,048) | (90,700) | (89,129) | (87,794) | (101,452) | (80,945) | (89,129) | (80,945) | (89,129) | (80,945) | (89,129) | (80,945) | (69,714) |
Other comprehensive income (loss) | 450 | 1,650 | (1,572) | 3,522 | 13,658 | (20,507) | 81 | (6,849) | 530 | (3,327) | 40,329 | (8,184) | (11,231) |
Balance at end of period | $ (88,599) | $ (89,048) | (90,700) | $ (84,273) | $ (87,794) | (101,452) | (89,048) | (87,794) | (88,599) | (84,273) | (48,800) | (89,129) | (80,945) |
Foreign Currency Translation Adjustments | |||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||
Balance at beginning of period | (50,060) | (54,526) | (50,060) | (54,526) | (50,060) | (54,526) | (50,060) | (54,526) | (49,083) | ||||
Other comprehensive income (loss) | (5,443) | ||||||||||||
Balance at end of period | (54,432) | (50,060) | (54,526) | ||||||||||
Pension, net | |||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||
Balance at beginning of period | (33,359) | (19,513) | (33,359) | (19,513) | (33,359) | (19,513) | (33,359) | (19,513) | (19,115) | ||||
Other comprehensive income (loss) | 38,303 | (13,846) | (398) | ||||||||||
Balance at end of period | 4,944 | (33,359) | (19,513) | ||||||||||
Derivative | |||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||
Balance at beginning of period | $ (5,710) | $ (6,906) | $ (5,710) | $ (6,906) | $ (5,710) | $ (6,906) | (5,710) | (6,906) | (1,516) | ||||
Other comprehensive income (loss) | 6,398 | 1,196 | (5,390) | ||||||||||
Balance at end of period | $ 688 | $ (5,710) | $ (6,906) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Mar. 31, 2019 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Other comprehensive income (loss) | $ 450 | $ 1,650 | $ (1,572) | $ 3,522 | $ 13,658 | $ (20,507) | $ 81 | $ (6,849) | $ 530 | $ (3,327) | $ 40,329 | $ (8,184) | $ (11,231) | ||
Currency Translation Adjustments | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Other comprehensive income (loss) | $ (2,200) | $ 2,200 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
May 27, 2022 | Apr. 08, 2022 | Jan. 28, 2022 | Feb. 28, 2022 | Apr. 04, 2021 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subsequent Event [Line Items] | |||||||||||||
Gain on disposition of business | $ 1,947 | $ 54,356 | $ (1,031) | $ 54,253 | $ (1,308) | $ 54,253 | $ (1,919) | $ 54,429 | $ (3,615) | ||||
Proceeds from sale of business | $ 7,193 | $ 169,773 | $ 9,993 | $ 169,375 | $ 9,993 | $ 166,210 | 9,993 | $ 165,540 | $ 162,591 | ||||
Pipeline Engineering Business | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Net assets | $ 7,000 | ||||||||||||
Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Gain on disposition of business | $ 700 | ||||||||||||
Proceeds from sale of business | $ 7,100 | ||||||||||||
Proceeds from sale-leaseback transaction | $ 19,300 | ||||||||||||
Sale-leaseback term | 5 years | ||||||||||||
Sale-leaseback option to renew term | 5 years | ||||||||||||
Subsequent Event | Term Loans | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Interest rate, increase | 0.50% | ||||||||||||
Subsequent Event | First Amendment, April 2022 | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Negative covenant threshold | 15% | ||||||||||||
Loan restriction, cash and cash equivalents threshold | $ 10,000 | ||||||||||||
Payment of debt related fees | $ 12,500 | ||||||||||||
Subsequent Event | First Amendment, April 2022 | Eurodollar Loans | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Term Loan, interest rate | 5.50% | ||||||||||||
Subsequent Event | First Amendment, April 2022 | Eurodollar Loans, Credit Facility | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Term Loan, interest rate | 4.75% | ||||||||||||
Subsequent Event | First Amendment, April 2022 | Swingline Loans | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Term Loan, interest rate | 3.75% | ||||||||||||
Subsequent Event | Second Amendment, May 2022 | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Payment of debt related fees | $ 4,200 | ||||||||||||
Subsequent Event | Former President And Chief Executive Officer | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Payout, base salary | $ 810 | ||||||||||||
Payout, annual target bonus | $ 891 | ||||||||||||
Payout, annual target bonus | 100% | ||||||||||||
Subsequent Event | RSU's | Former President And Chief Executive Officer | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Vested (in shares) | 35,602 | ||||||||||||
Forfeited (in shares) | 48,389 | ||||||||||||
Subsequent Event | PSU's | Former President And Chief Executive Officer | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Vested (in shares) | 24,177 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | $ 59,924 | $ 58,013 | $ 58,862 | $ 64,837 | $ 66,918 | $ 63,429 | $ 117,719 | $ 163,609 | ||
Trade accounts receivable, net | 100,149 | 86,505 | 89,351 | 98,609 | 95,635 | 97,705 | 113,227 | 113,648 | ||
Inventories | 123,343 | 130,376 | 135,005 | 134,398 | 128,092 | 142,667 | 147,829 | 143,420 | ||
Prepaid expenses and other current assets | 110,749 | 109,055 | 99,104 | 92,475 | 88,985 | 101,277 | 99,150 | 85,370 | ||
Assets held for sale | 0 | 0 | 5,073 | 0 | 0 | 26,617 | ||||
Total Current Assets | 394,165 | 383,949 | 382,322 | 390,319 | 384,703 | 405,078 | 477,925 | 532,664 | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 154,461 | 156,589 | 159,187 | 161,811 | 166,022 | 165,562 | 166,029 | 165,476 | ||
OTHER ASSETS: | ||||||||||
Goodwill | 122,906 | 134,152 | 135,014 | 135,253 | 136,923 | 136,566 | 135,369 | 129,978 | $ 272,693 | |
Intangibles, net | 303,476 | 315,452 | 328,957 | 337,864 | 353,595 | 357,038 | 363,087 | 368,519 | ||
Deferred income taxes | 756 | 813 | 847 | 820 | 830 | 4,695 | 55,170 | 44,536 | ||
Other assets | 43,534 | 40,265 | 37,289 | 42,024 | 40,784 | 42,116 | 36,501 | 32,337 | ||
TOTAL ASSETS | 1,019,298 | 1,031,220 | 1,043,616 | 1,068,091 | 1,082,857 | 1,111,055 | 1,234,081 | 1,273,510 | 1,462,511 | |
CURRENT LIABILITIES: | ||||||||||
Accounts payable | 83,382 | 73,731 | 68,144 | 67,425 | 63,614 | 64,538 | 70,407 | 76,115 | ||
Accrued expenses and other current liabilities | 81,998 | 76,250 | 74,735 | 68,761 | 79,040 | 92,906 | 114,325 | 102,840 | ||
Accrued compensation and benefits | 26,551 | 33,237 | 30,580 | 32,271 | 28,016 | 28,546 | 27,465 | 25,865 | ||
Short-term borrowings and current portion of long-term debt | 1,611 | 1,426 | 1,353 | 1,604 | 1,624 | 1,154 | 1,341 | 1,276 | ||
Liabilities held for sale | 0 | 0 | 0 | 26,617 | ||||||
Total Current Liabilities | 193,542 | 184,644 | 174,812 | 170,061 | 172,294 | 187,144 | 213,538 | 232,713 | ||
LONG-TERM DEBT | 511,694 | 507,093 | 512,375 | 525,573 | 507,888 | 527,721 | 578,613 | 588,958 | ||
DEFERRED INCOME TAXES | 21,721 | 23,770 | 24,519 | 24,026 | 25,865 | 19,710 | 18,173 | 17,160 | ||
PENSION LIABILITY, NET | 120,881 | 152,322 | 156,501 | 156,746 | 163,642 | 143,599 | 145,138 | 137,779 | ||
OTHER NON-CURRENT LIABILITIES | 37,744 | 42,135 | 53,224 | 53,022 | 60,270 | 58,527 | 44,830 | 41,939 | ||
COMMITMENTS AND CONTINGENCIES (Note 17 and 18) | ||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; — shares issued and outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,633,131 and 21,373,813 shares issued at December 31, 2021 and 2020, respectively | 217 | 217 | 216 | 216 | 214 | 214 | 214 | 213 | ||
Additional paid-in capital | 454,852 | 453,761 | 452,512 | 451,858 | 452,728 | 451,351 | 449,576 | 447,867 | ||
Accumulated deficit | (198,081) | (169,652) | (167,022) | (148,239) | (136,443) | (118,467) | (53,737) | (17,195) | ||
Common treasury stock, at cost (1,372,488 shares at December 31, 2021 and 2020) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | ||
Accumulated other comprehensive loss | (48,800) | (88,598) | (89,049) | (90,700) | (89,129) | (84,272) | (87,792) | (101,452) | ||
Total Shareholders’ Equity | 133,716 | 121,256 | 122,185 | 138,663 | 152,898 | 174,354 | 233,789 | 254,961 | 373,867 | $ 515,979 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 1,019,298 | 1,031,220 | 1,043,616 | 1,068,091 | 1,082,857 | 1,111,055 | 1,234,081 | 1,273,510 | ||
As Previously Reported | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | 71,969 | 72,181 | 75,680 | 76,452 | 72,772 | 125,421 | 170,861 | |||
Trade accounts receivable, net | 93,222 | 96,591 | 105,607 | 102,730 | 102,840 | 117,131 | 116,514 | |||
Inventories | 132,242 | 136,012 | 135,291 | 129,084 | 144,476 | 148,383 | 147,175 | |||
Prepaid expenses and other current assets | 118,783 | 109,683 | 103,632 | 93,226 | 98,401 | 94,969 | 86,840 | |||
Assets held for sale | 0 | 5,073 | 26,617 | |||||||
Total Current Assets | 416,216 | 414,467 | 420,210 | 406,565 | 418,489 | 485,904 | 548,007 | |||
PROPERTY, PLANT AND EQUIPMENT, NET | 158,327 | 160,817 | 163,431 | 168,763 | 167,037 | 167,194 | 166,580 | |||
OTHER ASSETS: | ||||||||||
Goodwill | 155,739 | 156,785 | 156,917 | 158,944 | 158,117 | 156,654 | 150,928 | |||
Intangibles, net | 315,452 | 328,957 | 337,864 | 353,595 | 357,038 | 363,087 | 368,519 | |||
Deferred income taxes | 761 | 776 | 781 | 779 | 905 | 53,357 | 42,706 | |||
Other assets | 43,780 | 40,199 | 43,999 | 41,882 | 43,621 | 34,171 | 32,337 | |||
TOTAL ASSETS | 1,090,275 | 1,102,001 | 1,123,202 | 1,130,528 | 1,145,207 | 1,260,367 | 1,309,077 | |||
CURRENT LIABILITIES: | ||||||||||
Accounts payable | 72,883 | 68,224 | 67,126 | 61,236 | 63,966 | 68,155 | 76,298 | |||
Accrued expenses and other current liabilities | 74,357 | 72,294 | 67,059 | 75,624 | 86,176 | 102,717 | 103,917 | |||
Accrued compensation and benefits | 32,454 | 29,721 | 31,338 | 28,332 | 27,570 | 27,318 | 25,601 | |||
Short-term borrowings and current portion of long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Liabilities held for sale | 0 | 26,617 | ||||||||
Total Current Liabilities | 179,694 | 170,239 | 165,523 | 165,192 | 177,712 | 198,190 | 232,433 | |||
LONG-TERM DEBT | 507,093 | 512,375 | 525,573 | 507,888 | 527,721 | 578,613 | 588,958 | |||
DEFERRED INCOME TAXES | 26,767 | 27,562 | 27,071 | 28,980 | 16,823 | 20,229 | 19,175 | |||
PENSION LIABILITY, NET | 152,322 | 156,501 | 156,746 | 163,642 | 143,599 | 145,138 | 137,779 | |||
OTHER NON-CURRENT LIABILITIES | 39,855 | 52,284 | 52,183 | 58,785 | 58,538 | 44,846 | 39,887 | |||
COMMITMENTS AND CONTINGENCIES (Note 17 and 18) | ||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; — shares issued and outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,633,131 and 21,373,813 shares issued at December 31, 2021 and 2020, respectively | 217 | 216 | 216 | 214 | 214 | 214 | 213 | |||
Additional paid-in capital | 453,761 | 452,512 | 451,858 | 452,728 | 451,351 | 449,576 | 447,867 | |||
Accumulated deficit | (107,996) | (109,143) | (93,580) | (86,461) | (72,528) | (13,982) | 20,110 | |||
Common treasury stock, at cost (1,372,488 shares at December 31, 2021 and 2020) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | |||
Accumulated other comprehensive loss | (86,966) | (86,073) | (87,916) | (85,968) | (83,751) | (87,985) | (102,873) | |||
Total Shareholders’ Equity | 184,544 | 183,040 | 196,106 | 206,041 | 220,814 | 273,351 | 290,845 | 391,411 | 528,993 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,090,275 | 1,102,001 | 1,123,202 | 1,130,528 | 1,145,207 | 1,260,367 | 1,309,077 | |||
Restatement Impacts | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | (13,956) | (13,319) | (10,843) | (9,534) | (9,343) | (7,702) | (7,252) | |||
Trade accounts receivable, net | (6,717) | (7,240) | (6,998) | (7,095) | (5,135) | (3,904) | (2,866) | |||
Inventories | (1,866) | (1,007) | (893) | (992) | (1,809) | (554) | (3,755) | |||
Prepaid expenses and other current assets | (9,728) | (10,579) | (11,157) | (4,241) | 2,876 | 4,181 | (1,470) | |||
Assets held for sale | 0 | 0 | 0 | |||||||
Total Current Assets | (32,267) | (32,145) | (29,891) | (21,862) | (13,411) | (7,979) | (15,343) | |||
PROPERTY, PLANT AND EQUIPMENT, NET | (1,738) | (1,630) | (1,620) | (2,741) | (1,475) | (1,165) | (1,104) | |||
OTHER ASSETS: | ||||||||||
Goodwill | (21,587) | (21,771) | (21,664) | (22,021) | (21,551) | (21,285) | (20,950) | |||
Intangibles, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Deferred income taxes | 52 | 71 | 39 | 51 | 3,790 | 1,813 | 1,830 | |||
Other assets | (3,515) | (2,910) | (1,975) | (1,098) | (1,505) | 2,330 | 0 | |||
TOTAL ASSETS | (59,055) | (58,385) | (55,111) | (47,671) | (34,152) | (26,286) | (35,567) | |||
CURRENT LIABILITIES: | ||||||||||
Accounts payable | 848 | (80) | 299 | 2,378 | 572 | 2,252 | (183) | |||
Accrued expenses and other current liabilities | 1,893 | 2,441 | 1,702 | 3,416 | 6,730 | 11,608 | (1,077) | |||
Accrued compensation and benefits | 783 | 859 | 933 | (316) | 976 | 147 | 264 | |||
Short-term borrowings and current portion of long-term debt | 1,426 | 1,353 | 1,604 | 1,624 | 1,154 | 1,341 | 1,276 | |||
Liabilities held for sale | 0 | 0 | ||||||||
Total Current Liabilities | 4,950 | 4,573 | 4,538 | 7,102 | 9,432 | 15,348 | 280 | |||
LONG-TERM DEBT | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
DEFERRED INCOME TAXES | (2,997) | (3,043) | (3,045) | (3,115) | 2,887 | (2,056) | (2,015) | |||
PENSION LIABILITY, NET | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
OTHER NON-CURRENT LIABILITIES | 2,280 | 940 | 839 | 1,485 | (11) | (16) | 2,052 | |||
COMMITMENTS AND CONTINGENCIES (Note 17 and 18) | ||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; — shares issued and outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,633,131 and 21,373,813 shares issued at December 31, 2021 and 2020, respectively | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Additional paid-in capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Accumulated deficit | (61,656) | (57,879) | (54,659) | (49,982) | (45,939) | (39,755) | (37,305) | |||
Common treasury stock, at cost (1,372,488 shares at December 31, 2021 and 2020) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Accumulated other comprehensive loss | (1,632) | (2,976) | (2,784) | (3,161) | (521) | 193 | 1,421 | |||
Total Shareholders’ Equity | (63,288) | (60,855) | (57,443) | (53,143) | (46,460) | (39,562) | (35,884) | $ (17,544) | $ (13,014) | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ (59,055) | $ (58,385) | $ (55,111) | $ (47,671) | $ (34,152) | $ (26,286) | $ (35,567) |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited) - Condensed Consolidated Balance Sheets, Additional Information (Details) - $ / shares | Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 | 29,000,000 |
Common stock, shares, Issued (in shares) | 21,633,131 | 21,627,259 | 21,620,528 | 21,543,496 | 21,373,813 | 19,997,931 | 19,994,356 | 19,956,518 |
Common treasury stock (in shares) | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 | 1,372,488 |
Quarterly Financial Data (Una_5
Quarterly Financial Data (Unaudited) - Condensed Consolidated Statements Of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net revenues | $ 189,709 | $ 187,590 | $ 176,451 | $ 185,290 | $ 183,509 | $ 191,125 | $ 364,041 | $ 374,634 | $ 553,750 | $ 559,924 | $ 758,667 | $ 765,219 | $ 957,262 |
Cost of revenues | 131,898 | 131,156 | 124,889 | 132,310 | 126,807 | 132,646 | 256,045 | 259,454 | 387,943 | 391,764 | 528,291 | 533,005 | 656,775 |
Gross profit | 57,811 | 56,434 | 51,562 | 52,980 | 56,702 | 58,479 | 107,996 | 115,180 | 165,807 | 168,160 | 230,376 | 232,214 | 300,487 |
Selling, general and administrative expenses | 53,546 | 58,188 | 57,637 | 51,150 | 54,407 | 60,352 | 115,825 | 114,759 | 169,371 | 165,909 | 224,927 | 223,386 | 248,466 |
Impairment charges | 0 | 0 | 0 | 0 | 0 | 138,078 | 0 | 138,078 | 0 | 138,078 | 10,500 | 138,078 | 0 |
Special and restructuring charges (recoveries), net | 814 | 6,803 | (809) | 938 | 5,607 | (42,292) | 5,995 | (36,685) | 6,808 | (35,747) | 24,272 | (34,303) | 21,548 |
Operating (loss) income | 3,451 | (8,557) | (5,266) | 892 | (3,312) | (97,659) | (13,824) | (100,972) | (10,372) | (100,080) | (29,323) | (94,947) | 30,473 |
Other expense (income): | |||||||||||||
Interest expense, net | 7,997 | 7,957 | 8,369 | 8,202 | 8,486 | 9,011 | 16,327 | 17,497 | 24,325 | 25,699 | 32,365 | 34,219 | 48,609 |
Other (income), net | (256) | (1,267) | (1,781) | 750 | 2,023 | (3,167) | (3,048) | (1,144) | (3,301) | (396) | (3,826) | (1,594) | (878) |
Total other expense, net | 7,741 | 6,690 | 6,588 | 8,952 | 10,509 | 5,844 | 13,279 | 16,353 | 21,024 | 25,303 | 28,539 | 32,625 | 47,731 |
(Loss) from continuing operations before income taxes | (4,290) | (15,247) | (11,854) | (8,060) | (13,821) | (103,503) | (27,103) | (117,325) | (31,396) | (125,383) | (57,862) | (127,572) | (17,258) |
Provision for income taxes | 850 | 2,659 | (297) | 56,990 | (21,126) | 5,046 | 2,360 | (16,080) | 3,206 | 40,910 | 5,182 | 55,902 | 13,052 |
(Loss) from continuing operations, net of tax | (5,140) | (17,906) | (11,557) | (65,050) | 7,305 | (108,549) | (29,463) | (101,245) | (34,602) | (166,293) | (63,044) | (183,474) | (30,310) |
Income (loss) from discontinued operations, net of tax | 2,510 | (878) | (239) | 341 | (43,847) | 9,162 | (1,117) | (34,685) | 1,393 | (34,345) | 1,406 | (35,140) | (107,452) |
Net (loss) | $ (2,630) | $ (18,784) | $ (11,796) | $ (64,709) | $ (36,542) | $ (99,387) | $ (30,580) | $ (135,930) | $ (33,209) | $ (200,638) | $ (61,638) | $ (218,614) | $ (137,762) |
Basic (loss) income per common share: | |||||||||||||
Basic from continuing operations (in USD per share) | $ (0.25) | $ (0.89) | $ (0.58) | $ (3.25) | $ 0.37 | $ (5.45) | $ (1.46) | $ (5.07) | $ (1.71) | $ (8.33) | $ (3.12) | $ (9.18) | $ (1.52) |
Basic from discontinued operations (in USD per share) | 0.12 | (0.04) | (0.01) | 0.02 | (2.19) | 0.46 | (0.06) | (1.74) | 0.07 | (1.72) | 0.07 | (1.76) | (5.40) |
Basic, Net (loss) income (in USD per share) | (0.13) | (0.93) | (0.59) | (3.24) | (1.83) | (4.99) | (1.52) | (6.81) | (1.65) | (10.04) | (3.05) | (10.94) | (6.92) |
Diluted (loss) income per common share: | |||||||||||||
Diluted from continuing operations (in USD per share) | (0.25) | (0.89) | (0.58) | (3.25) | 0.36 | (5.45) | (1.46) | (5.07) | (1.71) | (8.33) | (3.12) | (9.18) | (1.52) |
Diluted from discontinued operations (in USD per share) | 0.12 | (0.04) | (0.01) | 0.02 | (2.16) | 0.46 | (0.06) | (1.74) | 0.07 | (1.72) | 0.07 | (1.76) | (5.40) |
Diluted, Net (loss) income (in USD per share) | $ (0.13) | $ (0.93) | $ (0.59) | $ (3.24) | $ (1.80) | $ (4.99) | $ (1.52) | $ (6.81) | $ (1.65) | $ (10.04) | $ (3.05) | $ (10.94) | $ (6.92) |
Weighted average common shares outstanding: | |||||||||||||
Basic (in shares) | 20,257 | 20,230 | 20,054 | 20,001 | 19,987 | 19,935 | 20,143 | 19,962 | 20,181 | 19,975 | 20,201 | 19,982 | 19,903 |
Diluted (in shares) | 20,257 | 20,230 | 20,054 | 20,001 | 20,286 | 19,935 | 20,143 | 19,962 | 20,181 | 19,975 | 20,201 | 19,982 | 19,903 |
As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net revenues | $ 190,782 | $ 190,346 | $ 180,655 | $ 186,640 | $ 186,066 | $ 192,213 | $ 371,001 | $ 378,279 | $ 561,783 | $ 564,920 | $ 773,271 | $ 964,313 | |
Cost of revenues | 130,027 | 130,460 | 124,574 | 130,630 | 127,105 | 132,170 | 255,034 | 259,275 | 385,061 | 389,905 | 530,844 | 655,504 | |
Gross profit | 60,755 | 59,886 | 56,081 | 56,010 | 58,961 | 60,043 | 115,967 | 119,004 | 176,722 | 175,015 | 242,427 | 308,809 | |
Selling, general and administrative expenses | 53,265 | 58,023 | 56,504 | 50,652 | 54,738 | 59,558 | 114,526 | 114,296 | 167,792 | 164,948 | 220,994 | 248,256 | |
Impairment charges | 0 | 0 | 116,182 | 116,182 | 116,182 | 116,182 | |||||||
Special and restructuring charges (recoveries), net | 814 | 6,803 | (809) | 938 | 5,607 | (42,292) | 5,995 | (36,685) | 6,808 | (35,747) | (34,303) | 22,872 | |
Operating (loss) income | 6,676 | (4,940) | 386 | 4,420 | (1,384) | (73,405) | (4,554) | (74,789) | 2,122 | (70,368) | (60,446) | 37,681 | |
Other expense (income): | |||||||||||||
Interest expense, net | 7,997 | 7,957 | 8,369 | 8,202 | 8,486 | 9,011 | 16,327 | 17,497 | 24,325 | 25,699 | 34,219 | 48,609 | |
Other (income), net | 134 | (1,173) | (1,503) | 765 | 2,144 | (2,680) | (2,676) | (536) | (2,543) | 229 | (529) | (836) | |
Total other expense, net | 8,131 | 6,784 | 6,866 | 8,967 | 10,630 | 6,331 | 13,651 | 16,961 | 21,782 | 25,928 | 33,690 | 47,773 | |
(Loss) from continuing operations before income taxes | (1,455) | (11,724) | (6,480) | (4,547) | (12,014) | (79,736) | (18,205) | (91,750) | (19,660) | (96,296) | (94,136) | (10,092) | |
Provision for income taxes | (92) | 2,961 | 400 | 54,318 | (21,769) | 8,374 | 3,360 | (13,395) | 3,268 | 40,923 | 56,222 | 14,676 | |
(Loss) from continuing operations, net of tax | (1,363) | (14,685) | (6,880) | (58,865) | 9,755 | (88,110) | (21,565) | (78,355) | (22,928) | (137,219) | (150,358) | (24,768) | |
Income (loss) from discontinued operations, net of tax | 2,510 | (878) | (239) | 341 | (43,847) | 9,162 | (1,117) | (34,685) | 1,393 | (34,345) | (35,140) | (109,167) | |
Net (loss) | $ 1,147 | $ (15,563) | $ (7,119) | $ (58,524) | $ (34,092) | $ (78,948) | $ (22,682) | $ (113,040) | $ (21,535) | $ (171,564) | $ (185,498) | $ (133,935) | |
Basic (loss) income per common share: | |||||||||||||
Basic from continuing operations (in USD per share) | $ (0.07) | $ (0.73) | $ (0.34) | $ (2.94) | $ 0.49 | $ (4.42) | $ (1.07) | $ (3.93) | $ (1.14) | $ (6.87) | $ (7.52) | $ (1.24) | |
Basic from discontinued operations (in USD per share) | 0.12 | (0.04) | (0.01) | 0.02 | (2.19) | 0.46 | (0.06) | (1.74) | 0.07 | (1.72) | (1.76) | (5.48) | |
Basic, Net (loss) income (in USD per share) | 0.06 | (0.77) | (0.35) | (2.93) | (1.71) | (3.96) | (1.13) | (5.66) | (1.07) | (8.59) | (9.28) | (6.73) | |
Diluted (loss) income per common share: | |||||||||||||
Diluted from continuing operations (in USD per share) | (0.07) | (0.73) | (0.34) | (2.94) | 0.48 | (4.42) | (1.07) | (3.93) | (1.14) | (6.87) | (7.52) | (1.24) | |
Diluted from discontinued operations (in USD per share) | 0.12 | (0.04) | (0.01) | 0.02 | (2.16) | 0.46 | (0.06) | (1.74) | 0.07 | (1.72) | (1.76) | (5.48) | |
Diluted, Net (loss) income (in USD per share) | $ 0.06 | $ (0.77) | $ (0.35) | $ (2.93) | $ (1.68) | $ (3.96) | $ (1.13) | $ (5.66) | $ (1.07) | $ (8.59) | $ (9.28) | $ (6.73) | |
Weighted average common shares outstanding: | |||||||||||||
Basic (in shares) | 20,257 | 20,230 | 20,054 | 20,001 | 19,987 | 19,935 | 20,143 | 19,962 | 20,181 | 19,975 | 19,982 | 19,903 | |
Diluted (in shares) | 20,257 | 20,230 | 20,054 | 20,001 | 20,286 | 19,935 | 20,143 | 19,962 | 20,181 | 19,975 | 19,982 | 19,903 | |
Restatement Impacts | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net revenues | $ (1,073) | $ (2,756) | $ (4,204) | $ (1,350) | $ (2,557) | $ (1,088) | $ (6,960) | $ (3,645) | $ (8,033) | $ (4,996) | $ (8,052) | $ (7,051) | |
Cost of revenues | 1,871 | 696 | 315 | 1,680 | (298) | 476 | 1,011 | 179 | 2,882 | 1,859 | 2,161 | 1,271 | |
Gross profit | (2,944) | (3,452) | (4,519) | (3,030) | (2,259) | (1,564) | (7,971) | (3,824) | (10,915) | (6,855) | (10,213) | (8,322) | |
Selling, general and administrative expenses | 281 | 165 | 1,133 | 498 | (331) | 794 | 1,299 | 463 | 1,579 | 961 | 2,392 | 210 | |
Impairment charges | 0 | 0 | 21,896 | 21,896 | 21,896 | 21,896 | |||||||
Special and restructuring charges (recoveries), net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,324) | |
Operating (loss) income | (3,225) | (3,617) | (5,652) | (3,528) | (1,928) | (24,254) | (9,270) | (26,183) | (12,494) | (29,712) | (34,501) | (7,208) | |
Other expense (income): | |||||||||||||
Interest expense, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other (income), net | (390) | (94) | (278) | (15) | (121) | (487) | (372) | (608) | (758) | (625) | (1,065) | (42) | |
Total other expense, net | (390) | (94) | (278) | (15) | (121) | (487) | (372) | (608) | (758) | (625) | (1,065) | (42) | |
(Loss) from continuing operations before income taxes | (2,835) | (3,523) | (5,374) | (3,513) | (1,807) | (23,767) | (8,898) | (25,575) | (11,736) | (29,087) | (33,436) | (7,166) | |
Provision for income taxes | 942 | (302) | (697) | 2,672 | 643 | (3,328) | (1,000) | (2,685) | (62) | (13) | (320) | (1,624) | |
(Loss) from continuing operations, net of tax | (3,777) | (3,221) | (4,677) | (6,185) | (2,450) | (20,439) | (7,898) | (22,890) | (11,674) | (29,074) | (33,116) | (5,542) | |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,715 | |
Net (loss) | $ (3,777) | $ (3,221) | $ (4,677) | $ (6,185) | $ (2,450) | $ (20,439) | $ (7,898) | $ (22,890) | $ (11,674) | $ (29,074) | $ (33,116) | $ (3,827) | |
Basic (loss) income per common share: | |||||||||||||
Basic from continuing operations (in USD per share) | $ (0.18) | $ (0.16) | $ (0.24) | $ (0.31) | $ (0.12) | $ (1.03) | $ (0.39) | $ (1.14) | $ (0.57) | $ (1.46) | $ (1.66) | $ (0.28) | |
Basic from discontinued operations (in USD per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.08 | |
Basic, Net (loss) income (in USD per share) | (0.19) | (0.16) | (0.24) | (0.31) | (0.12) | (1.03) | (0.39) | (1.15) | (0.58) | (1.45) | (1.66) | (0.19) | |
Diluted (loss) income per common share: | |||||||||||||
Diluted from continuing operations (in USD per share) | (0.18) | (0.16) | (0.24) | (0.31) | (0.12) | (1.03) | (0.39) | (1.14) | (0.57) | (1.46) | (1.66) | (0.28) | |
Diluted from discontinued operations (in USD per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.08 | |
Diluted, Net (loss) income (in USD per share) | $ (0.19) | $ (0.16) | $ (0.24) | $ (0.31) | $ (0.12) | $ (1.03) | $ (0.39) | $ (1.15) | $ (0.58) | $ (1.45) | $ (1.66) | $ (0.19) | |
Weighted average common shares outstanding: | |||||||||||||
Basic (in shares) | |||||||||||||
Diluted (in shares) |
Quarterly Financial Data (Una_6
Quarterly Financial Data (Unaudited) - Condensed Consolidated Statements of Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Net (loss) | $ (2,630) | $ (18,784) | $ (11,796) | $ (64,709) | $ (36,542) | $ (99,387) | $ (30,580) | $ (135,930) | $ (33,209) | $ (200,638) | $ (61,638) | $ (218,614) | $ (137,762) | |||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation adjustments | (1,244) | 39 | (3,218) | 2,105 | 12,860 | (18,226) | (3,178) | (5,366) | (4,423) | (3,261) | (4,372) | 4,466 | (5,443) | |||
Interest rate swap adjustments | 1,644 | 1,562 | 1,586 | 1,373 | 755 | (2,320) | 3,148 | (1,565) | 4,792 | (192) | 6,398 | [1] | 1,196 | [1] | (5,390) | [1] |
Pension adjustment | 50 | 49 | 60 | 44 | 43 | 39 | 111 | 82 | 161 | 126 | 38,303 | [2] | (13,846) | [2] | (398) | [2] |
Other comprehensive income (loss), net of tax | 450 | 1,650 | (1,572) | 3,522 | 13,658 | (20,507) | 81 | (6,849) | 530 | (3,327) | 40,329 | (8,184) | (11,231) | |||
COMPREHENSIVE (LOSS) | (2,180) | (17,134) | (13,368) | (61,187) | (22,884) | (119,894) | (30,499) | (142,779) | (32,679) | (203,965) | $ (21,309) | (226,798) | (148,993) | |||
As Previously Reported | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Net (loss) | 1,147 | (15,563) | (7,119) | (58,524) | (34,092) | (78,948) | (22,682) | (113,040) | (21,535) | (171,564) | (185,498) | (133,935) | ||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation adjustments | (2,587) | 232 | (3,594) | 2,817 | 14,090 | (20,325) | (3,364) | (6,235) | (5,951) | (3,418) | 6,949 | (4,740) | ||||
Interest rate swap adjustments | 1,644 | 1,562 | 1,586 | 1,373 | 755 | (2,320) | 3,148 | (1,565) | 4,792 | (192) | 1,196 | (5,390) | ||||
Pension adjustment | 50 | 49 | 60 | 44 | 43 | 39 | 111 | 82 | 161 | 126 | (13,846) | (398) | ||||
Other comprehensive income (loss), net of tax | (893) | 1,843 | (1,948) | 4,234 | 14,888 | (22,606) | (105) | (7,718) | (998) | (3,484) | (5,701) | (10,528) | ||||
COMPREHENSIVE (LOSS) | 254 | (13,720) | (9,067) | (54,290) | (19,204) | (101,554) | (22,787) | (120,758) | (22,533) | (175,048) | (191,199) | (144,463) | ||||
Restatement Impacts | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Net (loss) | (3,777) | (3,221) | (4,677) | (6,185) | (2,450) | (20,439) | (7,898) | (22,890) | (11,674) | (29,074) | (33,116) | (3,827) | ||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation adjustments | 1,343 | (193) | 376 | (712) | (1,230) | 2,099 | 186 | 869 | 1,528 | 157 | (2,483) | (703) | ||||
Interest rate swap adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Pension adjustment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss), net of tax | 1,343 | (193) | 376 | (712) | (1,230) | 2,099 | 186 | 869 | 1,528 | 157 | (2,483) | (703) | ||||
COMPREHENSIVE (LOSS) | $ (2,434) | $ (3,414) | $ (4,301) | $ (6,897) | $ (3,680) | $ (18,340) | $ (7,712) | $ (22,021) | $ (10,146) | $ (28,917) | $ (35,599) | $ (4,530) | ||||
[1]Net of an income tax effect of $0.0 million, $0.5 million, and $1.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.[2]Net of an income tax effect of $0.0 million, $0.0 million, and $1.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Quarterly Financial Data (Una_7
Quarterly Financial Data (Unaudited)- Condensed Consolidated Statements Of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Mar. 29, 2020 | Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||||||||||||||
Net (loss) | $ (2,630) | $ (18,784) | $ (11,796) | $ (64,709) | $ (36,542) | $ (99,387) | $ (30,580) | $ (135,930) | $ (33,209) | $ (200,638) | $ (61,638) | $ (218,614) | $ (137,762) | ||
Income (loss) from discontinued operations, net of tax | 2,510 | (878) | (239) | 341 | (43,847) | 9,162 | (1,117) | (34,685) | 1,393 | (34,345) | 1,406 | (35,140) | (107,452) | ||
(Loss) from continuing operations, net of tax | (5,140) | (17,906) | (11,557) | (65,050) | 7,305 | (108,549) | (29,463) | (101,245) | (34,602) | (166,293) | (63,044) | (183,474) | (30,310) | ||
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: | |||||||||||||||
Depreciation | 6,509 | 5,121 | 11,970 | 10,079 | 17,505 | 14,881 | 22,854 | 20,401 | 22,045 | ||||||
Amortization | 10,696 | 10,611 | 21,353 | 21,492 | 31,929 | 32,418 | 42,304 | 43,662 | 47,591 | ||||||
Change in provision for bad debt expense | (465) | 5,824 | (356) | 7,768 | (383) | 7,219 | 1,213 | 6,274 | 732 | ||||||
Write down of inventory | 188 | 787 | 1,548 | 1,259 | 1,742 | 3,023 | 3,364 | 4,272 | 643 | ||||||
Compensation expense of share-based plans | 1,402 | 608 | 2,903 | 2,290 | 4,165 | 4,076 | 5,252 | 5,488 | 5,418 | ||||||
Loss on debt extinguishment | 0 | 8,693 | 0 | 0 | |||||||||||
Amortization of debt issuance costs | 995 | 4,513 | 2,005 | 5,488 | 3,032 | 6,463 | 3,996 | 7,460 | 4,622 | ||||||
Deferred income tax provision (benefit) | (1,011) | 0 | (1,317) | 0 | 823 | 0 | (2,992) | 46,774 | (4,053) | ||||||
(Gain) loss on disposal of property, plant and equipment | 0 | 0 | (1,793) | ||||||||||||
Goodwill Impairment | $ 138,100 | $ 10,500 | 138,078 | 138,078 | 138,078 | 10,500 | 138,078 | 0 | |||||||
Loss (gain) on sale of businesses | (1,947) | (54,356) | 1,031 | (54,253) | 1,308 | (54,253) | 1,919 | (54,429) | 3,615 | ||||||
Trade accounts receivable | (3,707) | (2,324) | 6,455 | 921 | 8,686 | 19,365 | (6,308) | 26,211 | 27,274 | ||||||
Inventories | (8,255) | (11,564) | (14,617) | (14,320) | (11,621) | (8,894) | (6,974) | 4,366 | (10,372) | ||||||
Prepaid expenses and other assets | (8,875) | (14,064) | (10,119) | (22,696) | (26,686) | (37,571) | (23,665) | (29,255) | 9,048 | ||||||
Accounts payable, accrued expenses and other liabilities | (2,547) | 8,010 | (1,158) | (30,906) | 6,439 | 8,970 | 15,820 | (43,748) | (33,427) | ||||||
Net cash provided by (used in) continuing operations | (18,574) | (17,305) | (9,765) | (36,045) | 2,337 | (32,518) | 12,932 | (7,920) | 41,033 | ||||||
Net cash (used in) discontinued operations | (636) | (5,320) | (579) | (11,532) | (2,484) | (14,022) | (2,484) | (14,561) | (26,405) | ||||||
Net cash provided by (used in) operating activities | (19,210) | (22,625) | (10,344) | (47,577) | (147) | (46,540) | 10,448 | (22,481) | 14,628 | ||||||
INVESTING ACTIVITIES | |||||||||||||||
Additions of property, plant and equipment | (3,394) | (3,412) | (6,038) | (6,815) | (10,579) | (9,147) | (14,747) | (12,222) | (13,855) | ||||||
Proceeds from the sale of property, plant and equipment | 2 | 0 | 2 | (142) | 2 | (122) | 2 | (322) | 6,172 | ||||||
Proceeds from beneficial interest of factored receivables | 812 | 599 | 998 | 1,339 | 1,531 | 2,212 | 2,047 | 2,957 | 861 | ||||||
Proceeds from sale of business | 7,193 | 169,773 | 9,993 | 169,375 | 9,993 | 166,210 | 9,993 | 165,540 | 162,591 | ||||||
Net cash (used in) provided by continuing investing activities | 166,960 | 163,757 | 159,153 | (2,705) | 155,953 | 155,769 | |||||||||
Net cash (used in) discontinued investing activities | 68 | (10,071) | (11,338) | 0 | (11,658) | (2,733) | |||||||||
Net cash (used in) provided by investing activities | 4,613 | 167,028 | 4,955 | 153,686 | 947 | 147,815 | (2,705) | 144,295 | 153,036 | ||||||
FINANCING ACTIVITIES | |||||||||||||||
Proceeds from long-term debt | 63,500 | 129,325 | 103,350 | 129,325 | 145,550 | 165,800 | 734,612 | 219,000 | 281,600 | ||||||
Payments of long-term debt | (46,500) | (180,891) | (100,250) | (191,141) | (148,450) | (279,191) | (729,551) | (352,916) | (434,797) | ||||||
Net change in short-term borrowings | (22) | 154 | (292) | 174 | (225) | (47) | (374) | 372 | (190) | ||||||
Proceeds from the exercise of stock options | 151 | 118 | 151 | 118 | 151 | 117 | 151 | 118 | 253 | ||||||
Withholding tax payments on net share settlements on equity rewards | (3,274) | (523) | (4,119) | (656) | (4,154) | (656) | (4,209) | (713) | (538) | ||||||
Payment of debt issuance costs | (12,157) | 0 | 0 | ||||||||||||
Net cash used in financing activities | 13,855 | (51,817) | (1,160) | (62,180) | (7,128) | (113,977) | (11,528) | (134,139) | (153,672) | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,615) | (4,582) | (1,782) | (1,833) | (2,834) | 638 | (3,448) | 3,878 | 278 | ||||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (2,357) | 88,004 | (8,331) | 42,096 | (9,162) | (12,064) | (7,233) | (8,447) | 14,270 | ||||||
Cash, cash equivalents and restricted cash at beginning of year | 59,445 | 60,276 | 66,250 | 68,607 | 119,150 | 165,058 | 77,054 | 68,607 | 77,054 | 68,607 | 77,054 | 68,607 | 77,054 | 62,784 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | 165,058 | 61,374 | 59,445 | 60,276 | 66,250 | 64,990 | 119,150 | 165,058 | 60,276 | 119,150 | 59,445 | 64,990 | 61,374 | 68,607 | 77,054 |
As Previously Reported | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||
Net (loss) | 1,147 | (15,563) | (7,119) | (58,524) | (34,092) | (78,948) | (22,682) | (113,040) | (21,535) | (171,564) | (185,498) | (133,935) | |||
Income (loss) from discontinued operations, net of tax | 2,510 | (878) | (239) | 341 | (43,847) | 9,162 | (1,117) | (34,685) | 1,393 | (34,345) | (35,140) | (109,167) | |||
(Loss) from continuing operations, net of tax | (1,363) | (14,685) | (6,880) | (58,865) | 9,755 | (88,110) | (21,565) | (78,355) | (22,928) | (137,219) | (150,358) | (24,768) | |||
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: | |||||||||||||||
Depreciation | 6,509 | 5,121 | 11,970 | 10,079 | 17,505 | 14,881 | 20,385 | 22,045 | |||||||
Amortization | 10,696 | 10,611 | 21,353 | 21,492 | 31,929 | 32,418 | 43,662 | 47,591 | |||||||
Change in provision for bad debt expense | (254) | 5,802 | (350) | 7,768 | (353) | 7,219 | 6,099 | 617 | |||||||
Write down of inventory | 129 | 343 | 961 | 352 | 1,201 | 2,386 | 3,618 | 366 | |||||||
Compensation expense of share-based plans | 1,402 | 608 | 2,903 | 2,290 | 4,165 | 4,076 | 5,488 | 5,418 | |||||||
Loss on debt extinguishment | 0 | ||||||||||||||
Amortization of debt issuance costs | 995 | 4,513 | 2,005 | 5,488 | 3,032 | 6,463 | 7,460 | 4,622 | |||||||
Deferred income tax provision (benefit) | 823 | 823 | 823 | 35,582 | 48,770 | (3,440) | |||||||||
(Gain) loss on disposal of property, plant and equipment | (1,793) | ||||||||||||||
Goodwill Impairment | 116,200 | 116,182 | 116,182 | 116,182 | 116,182 | ||||||||||
Loss (gain) on sale of businesses | (1,947) | (54,356) | 1,031 | (54,253) | 1,308 | (54,253) | (54,429) | 3,615 | |||||||
Trade accounts receivable | (3,793) | (1,550) | 6,345 | 768 | 8,937 | 18,051 | 23,506 | 24,339 | |||||||
Inventories | (8,055) | (13,365) | (14,038) | (12,370) | (12,095) | (8,477) | 5,780 | (9,557) | |||||||
Prepaid expenses and other assets | (15,332) | (5,507) | (17,792) | (25,264) | (32,680) | (39,184) | (34,824) | 7,360 | |||||||
Accounts payable, accrued expenses and other liabilities | (1,360) | 1,081 | 214 | (31,475) | 6,310 | (30,468) | (49,501) | (34,168) | |||||||
Net cash provided by (used in) continuing operations | (17,067) | (18,627) | (6,140) | (37,298) | 7,154 | (32,343) | (8,162) | 42,247 | |||||||
Net cash (used in) discontinued operations | (636) | (5,320) | (579) | (11,532) | (2,484) | (14,022) | (14,561) | (26,334) | |||||||
Net cash provided by (used in) operating activities | (17,703) | (23,947) | (6,719) | (48,830) | 4,670 | (46,365) | (22,723) | 15,913 | |||||||
INVESTING ACTIVITIES | |||||||||||||||
Additions of property, plant and equipment | (3,394) | (3,412) | (6,038) | (6,815) | (10,579) | (9,147) | (12,222) | (13,855) | |||||||
Proceeds from the sale of property, plant and equipment | 2 | 2 | (142) | 2 | (122) | (322) | 6,172 | ||||||||
Proceeds from beneficial interest of factored receivables | 812 | 599 | 998 | 1,339 | 1,531 | 2,212 | 2,957 | 861 | |||||||
Proceeds from sale of business | 7,193 | 169,773 | 9,993 | 169,375 | 9,993 | 166,210 | 165,540 | 162,591 | |||||||
Net cash (used in) provided by continuing investing activities | 166,960 | 163,757 | 159,153 | 155,953 | 155,769 | ||||||||||
Net cash (used in) discontinued investing activities | 68 | (10,071) | (11,338) | (11,658) | (2,733) | ||||||||||
Net cash (used in) provided by investing activities | 4,613 | 167,028 | 4,955 | 153,686 | 947 | 147,815 | 144,295 | 153,036 | |||||||
FINANCING ACTIVITIES | |||||||||||||||
Proceeds from long-term debt | 63,500 | 129,325 | 103,350 | 129,325 | 145,550 | 165,800 | 219,000 | 281,600 | |||||||
Payments of long-term debt | (46,500) | (180,891) | (100,250) | (191,141) | (148,450) | (279,191) | (352,916) | (434,797) | |||||||
Net change in short-term borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Proceeds from the exercise of stock options | 151 | 118 | 151 | 118 | 151 | 117 | 118 | 253 | |||||||
Withholding tax payments on net share settlements on equity rewards | (3,274) | 0 | (4,119) | 0 | (4,154) | 0 | 0 | 0 | |||||||
Net cash used in financing activities | 13,877 | (51,448) | (868) | (61,698) | (6,903) | (113,274) | (133,798) | (152,944) | |||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,545) | (5,389) | (1,627) | (2,421) | (3,163) | 29 | 4,195 | 197 | |||||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (758) | 86,244 | (4,259) | 40,737 | (4,449) | (11,795) | (8,031) | 16,202 | |||||||
Cash, cash equivalents and restricted cash at beginning of year | 73,247 | 73,437 | 76,938 | 77,696 | 126,464 | 171,971 | 85,727 | 77,696 | 85,727 | 77,696 | 85,727 | 77,696 | 85,727 | 69,525 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | 171,971 | 73,247 | 73,437 | 76,938 | 73,932 | 126,464 | 171,971 | 73,437 | 126,464 | 73,247 | 73,932 | 77,696 | 85,727 | ||
Restatement Impacts | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||
Net (loss) | (3,777) | (3,221) | (4,677) | (6,185) | (2,450) | (20,439) | (7,898) | (22,890) | (11,674) | (29,074) | (33,116) | (3,827) | |||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,715 | |||
(Loss) from continuing operations, net of tax | (3,777) | (3,221) | (4,677) | (6,185) | (2,450) | (20,439) | (7,898) | (22,890) | (11,674) | (29,074) | (33,116) | (5,542) | |||
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: | |||||||||||||||
Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 16 | 0 | |||||||
Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Change in provision for bad debt expense | (211) | 22 | (6) | 0 | (30) | 0 | 175 | 115 | |||||||
Write down of inventory | 59 | 444 | 587 | 907 | 541 | 637 | 654 | 277 | |||||||
Compensation expense of share-based plans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Loss on debt extinguishment | 0 | ||||||||||||||
Amortization of debt issuance costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Deferred income tax provision (benefit) | (1,834) | (2,140) | 0 | (35,582) | (1,996) | (613) | |||||||||
(Gain) loss on disposal of property, plant and equipment | 0 | ||||||||||||||
Goodwill Impairment | 21,896 | 21,896 | 21,896 | 21,896 | |||||||||||
Loss (gain) on sale of businesses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Trade accounts receivable | 86 | (774) | 110 | 153 | (251) | 1,314 | 2,705 | 2,935 | |||||||
Inventories | (200) | 1,801 | (579) | (1,950) | 474 | (417) | (1,414) | (815) | |||||||
Prepaid expenses and other assets | 6,457 | (8,557) | 7,673 | 2,568 | 5,994 | 1,613 | 5,569 | 1,688 | |||||||
Accounts payable, accrued expenses and other liabilities | (1,187) | 6,929 | (1,372) | 569 | 129 | 39,438 | 5,753 | 741 | |||||||
Net cash provided by (used in) continuing operations | (1,507) | 1,322 | (3,625) | 1,253 | (4,817) | (175) | 242 | (1,214) | |||||||
Net cash (used in) discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (71) | |||||||
Net cash provided by (used in) operating activities | (1,507) | 1,322 | (3,625) | 1,253 | (4,817) | (175) | 242 | (1,285) | |||||||
INVESTING ACTIVITIES | |||||||||||||||
Additions of property, plant and equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Proceeds from the sale of property, plant and equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Proceeds from beneficial interest of factored receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Proceeds from sale of business | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net cash (used in) provided by continuing investing activities | 0 | 0 | 0 | 0 | 0 | ||||||||||
Net cash (used in) discontinued investing activities | 0 | 0 | 0 | 0 | 0 | ||||||||||
Net cash (used in) provided by investing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
FINANCING ACTIVITIES | |||||||||||||||
Proceeds from long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Payments of long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net change in short-term borrowings | (22) | 154 | (292) | 174 | (225) | (47) | 372 | (190) | |||||||
Proceeds from the exercise of stock options | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Withholding tax payments on net share settlements on equity rewards | 0 | (523) | 0 | (656) | 0 | (656) | (713) | (538) | |||||||
Net cash used in financing activities | (22) | (369) | (292) | (482) | (225) | (703) | (341) | (728) | |||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (70) | 807 | (155) | 588 | 329 | 609 | (317) | 81 | |||||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1,599) | 1,760 | (4,072) | 1,359 | (4,713) | (269) | (416) | (1,932) | |||||||
Cash, cash equivalents and restricted cash at beginning of year | $ (13,802) | (13,161) | (10,688) | (9,089) | (7,314) | (6,913) | (8,673) | (9,089) | (8,673) | (9,089) | (8,673) | $ (9,089) | (8,673) | (6,741) | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | $ (6,913) | $ (13,802) | $ (13,161) | $ (10,688) | $ (8,942) | $ (7,314) | $ (6,913) | $ (13,161) | $ (7,314) | $ (13,802) | $ (8,942) | $ (9,089) | $ (8,673) |
Quarterly Financial Data (Una_8
Quarterly Financial Data (Unaudited) - Consolidated Statements Of Shareholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | $ 122,185 | $ 138,663 | $ 152,898 | $ 233,789 | $ 254,961 | $ 373,867 | $ 152,898 | $ 373,867 | $ 152,898 | $ 373,867 | $ 152,898 | $ 373,867 | $ 515,979 | |
Net income (loss) | (2,630) | (18,784) | (11,796) | (64,709) | (36,542) | (99,387) | (30,580) | (135,930) | (33,209) | (200,638) | (61,638) | (218,614) | $ (137,762) | |
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||||||
Other comprehensive income (loss) | 450 | 1,650 | (1,572) | 3,522 | 13,658 | (20,507) | 81 | (6,849) | 530 | (3,327) | $ 40,329 | (8,184) | $ (11,231) | |
Other | 22 | 22 | (21) | |||||||||||
Stock options exercised (in shares) | 4,506 | |||||||||||||
Stock options exercised | 151 | 117 | 151 | 119 | 151 | 117 | $ 151 | 118 | 253 | |||||
Conversion of restricted stock units | (12) | (847) | (2,421) | (11) | (133) | 420 | (3,268) | 287 | (3,280) | 276 | (3,276) | 240 | (64) | |
Share-based plan compensation | 1,262 | 1,501 | 1,402 | 1,786 | 1,843 | 673 | 2,903 | 2,514 | 4,165 | 4,302 | 5,252 | 5,714 | 5,579 | |
Balance at end of period | 121,256 | 122,185 | 138,663 | 174,354 | 233,789 | 254,961 | 122,185 | 233,789 | 121,256 | 174,354 | 133,716 | 152,898 | 373,867 | $ 515,979 |
As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | 183,040 | 196,106 | 206,041 | 273,351 | 290,845 | 391,411 | 206,041 | 391,411 | 206,041 | 391,411 | 206,041 | 391,411 | 528,993 | |
Net income (loss) | 1,147 | (15,563) | (7,119) | (58,524) | (34,092) | (78,948) | (22,682) | (113,040) | (21,535) | (171,564) | (185,498) | $ (133,935) | ||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||||||
Other comprehensive income (loss) | (893) | 1,843 | (1,948) | 4,234 | 14,888 | (22,606) | (105) | (7,718) | (998) | (3,484) | (5,701) | $ (10,528) | ||
Other | 22 | 22 | (21) | |||||||||||
Stock options exercised | 151 | 117 | 151 | 119 | 151 | 117 | 118 | 253 | ||||||
Conversion of restricted stock units | (12) | (847) | (2,421) | (11) | (133) | 420 | (3,268) | 287 | (3,280) | 276 | 240 | (64) | ||
Share-based plan compensation | 1,262 | 1,501 | 1,402 | 1,786 | 1,843 | 673 | 2,903 | 2,514 | 4,165 | 4,302 | 5,714 | 5,579 | ||
Balance at end of period | 184,544 | 183,040 | 196,106 | 220,814 | 273,351 | 290,845 | 183,040 | 273,351 | 184,544 | 220,814 | 206,041 | 391,411 | $ 528,993 | |
Restatement Impacts | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (60,855) | (57,443) | (53,143) | (39,562) | (35,884) | (17,544) | (53,143) | (17,544) | (53,143) | (17,544) | $ (53,143) | (17,544) | (13,014) | |
Net income (loss) | (3,777) | (3,221) | (4,677) | (6,185) | (2,450) | (20,439) | (7,898) | (22,890) | (11,674) | (29,074) | (33,116) | $ (3,827) | ||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||||||
Other comprehensive income (loss) | 1,343 | (193) | 376 | (712) | (1,230) | 2,099 | 186 | 869 | 1,528 | 157 | (2,483) | $ (703) | ||
Balance at end of period | $ (63,288) | $ (60,855) | $ (57,443) | $ (46,460) | $ (39,562) | (35,884) | $ (60,855) | (39,562) | $ (63,288) | (46,460) | (53,143) | (17,544) | $ (13,014) | |
Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (222) | (222) | (222) | (222) | 1,113 | |||||||||
Balance at end of period | (222) | 1,113 | ||||||||||||
Cumulative Effect, Period of Adoption, Adjustment | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | $ (222) | $ (222) | $ (222) | $ (222) | 1,113 | |||||||||
Balance at end of period | $ (222) | $ 1,113 | ||||||||||||
Common Stock | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance (in shares) | 20,248,000 | 20,171,000 | 20,001,000 | 19,994,000 | 19,956,000 | 19,912,000 | 20,001,000 | 19,912,000 | 20,001,000 | 19,912,000 | 20,001,000 | 19,912,000 | 19,845,000 | |
Balance at beginning of period | $ 216 | $ 216 | $ 214 | $ 214 | $ 213 | $ 213 | $ 214 | $ 213 | $ 214 | $ 213 | $ 214 | $ 213 | $ 212 | |
Stock options exercised (in shares) | 0 | 5,000 | 3,000 | 23,000 | 24,000 | 3,000 | 5,000 | 3,000 | 6,000 | |||||
Conversion of restricted stock units (in shares) | 7,000 | 77,000 | 165,000 | 4,000 | 38,000 | 41,000 | 224,000 | 82,000 | 230,000 | 83,000 | 255,000 | 86,000 | 61,000 | |
Conversion of restricted stock units | $ 1 | $ 2 | $ 1 | $ 2 | $ 1 | $ 3 | $ 1 | $ 3 | $ 1 | $ 1 | ||||
Balance (in shares) | 20,255,000 | 20,248,000 | 20,171,000 | 19,998,000 | 19,994,000 | 19,956,000 | 20,248,000 | 19,994,000 | 20,255,000 | 19,998,000 | 20,261,000 | 20,001,000 | 19,912,000 | 19,845,000 |
Balance at end of period | $ 217 | $ 216 | $ 216 | $ 214 | $ 214 | $ 213 | $ 216 | $ 214 | $ 217 | $ 214 | $ 217 | $ 214 | $ 213 | $ 212 |
Common Stock | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance (in shares) | 20,248,000 | 20,171,000 | 20,001,000 | 19,994,000 | 19,956,000 | 19,912,000 | 20,001,000 | 19,912,000 | 20,001,000 | 19,912,000 | 20,001,000 | 19,912,000 | 19,845,000 | |
Balance at beginning of period | $ 216 | $ 216 | $ 214 | $ 214 | $ 213 | $ 213 | $ 214 | $ 213 | $ 214 | $ 213 | $ 214 | $ 213 | $ 212 | |
Stock options exercised (in shares) | 18,000 | 5,000 | 3,000 | 23,000 | 24,000 | 3,000 | 3,000 | 6,000 | ||||||
Conversion of restricted stock units (in shares) | 7,000 | 59,000 | 165,000 | 4,000 | 38,000 | 41,000 | 224,000 | 82,000 | 230,000 | 83,000 | 86,000 | 61,000 | ||
Conversion of restricted stock units | $ 1 | $ 2 | $ 1 | $ 2 | $ 1 | $ 3 | $ 1 | $ 1 | $ 1 | |||||
Balance (in shares) | 20,255,000 | 20,248,000 | 20,171,000 | 19,998,000 | 19,994,000 | 19,956,000 | 20,248,000 | 19,994,000 | 20,255,000 | 19,998,000 | 20,001,000 | 19,912,000 | 19,845,000 | |
Balance at end of period | $ 217 | $ 216 | $ 216 | $ 214 | $ 214 | $ 213 | $ 216 | $ 214 | $ 217 | $ 214 | $ 214 | $ 213 | $ 212 | |
Common Stock | Restatement Impacts | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance at beginning of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Stock options exercised (in shares) | (18,000) | |||||||||||||
Conversion of restricted stock units (in shares) | 18,000 | |||||||||||||
Balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Additional Paid-in Capital | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | 452,512 | 451,858 | 452,728 | 449,576 | 447,867 | 446,657 | 452,728 | 446,657 | 452,728 | 446,657 | 452,728 | 446,657 | 440,890 | |
Stock options exercised | 151 | 117 | 151 | 119 | 151 | 117 | 151 | 118 | 253 | |||||
Conversion of restricted stock units | (13) | (847) | (2,423) | (11) | (134) | 420 | (3,270) | 286 | (3,283) | 275 | (3,279) | 239 | (65) | |
Share-based plan compensation | 1,262 | 1,501 | 1,402 | 1,786 | 1,843 | 673 | 2,903 | 2,514 | 4,165 | 4,302 | 5,252 | 5,714 | 5,579 | |
Balance at end of period | 453,761 | 452,512 | 451,858 | 451,351 | 449,576 | 447,867 | 452,512 | 449,576 | 453,761 | 451,351 | 454,852 | 452,728 | 446,657 | 440,890 |
Additional Paid-in Capital | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | 452,512 | 451,858 | 452,728 | 449,576 | 447,867 | 446,657 | 452,728 | 446,657 | 452,728 | 446,657 | 452,728 | 446,657 | 440,890 | |
Stock options exercised | 151 | 117 | 151 | 119 | 117 | 118 | 253 | |||||||
Conversion of restricted stock units | (13) | (847) | (2,423) | (11) | (134) | 420 | (3,270) | 286 | (3,283) | 275 | 239 | (65) | ||
Share-based plan compensation | 1,262 | 1,501 | 1,402 | 1,786 | 1,843 | 673 | 2,903 | 2,514 | 4,165 | 4,302 | 5,714 | 5,579 | ||
Balance at end of period | 453,761 | 452,512 | 451,858 | 451,351 | 449,576 | 447,867 | 452,512 | 449,576 | 453,761 | 451,351 | 452,728 | 446,657 | 440,890 | |
Additional Paid-in Capital | Restatement Impacts | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Retained Earnings (Accumulated deficit) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (167,023) | (148,239) | (136,443) | (53,737) | (17,195) | 82,414 | (136,443) | 82,414 | (136,443) | 82,414 | (136,443) | 82,414 | 219,063 | |
Net income (loss) | (2,630) | (18,784) | (11,796) | (64,709) | (36,542) | (99,387) | (30,580) | (135,930) | (33,209) | (200,638) | (61,638) | (218,614) | (137,762) | |
Other | 22 | 22 | (21) | |||||||||||
Balance at end of period | (169,652) | (167,023) | (148,239) | (118,466) | (53,737) | (17,195) | (167,023) | (53,737) | (169,652) | (118,466) | (198,081) | (136,443) | 82,414 | 219,063 |
Retained Earnings (Accumulated deficit) | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (109,143) | (93,580) | (86,461) | (13,982) | 20,110 | 99,280 | (86,461) | 99,280 | (86,461) | 99,280 | (86,461) | 99,280 | 232,102 | |
Net income (loss) | 1,147 | (15,563) | (7,119) | (58,524) | (34,092) | (78,948) | (22,682) | (113,040) | (21,535) | (171,564) | (185,498) | (133,935) | ||
Other | 22 | 22 | (21) | |||||||||||
Balance at end of period | (107,996) | (109,143) | (93,580) | (72,528) | (13,982) | 20,110 | (109,143) | (13,982) | (107,996) | (72,528) | (86,461) | 99,280 | 232,102 | |
Retained Earnings (Accumulated deficit) | Restatement Impacts | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (57,880) | (54,659) | (49,982) | (39,755) | (37,305) | (16,866) | (49,982) | (16,866) | (49,982) | (16,866) | (49,982) | (16,866) | (13,039) | |
Net income (loss) | (3,777) | (3,221) | (4,677) | (6,185) | (2,450) | (20,439) | (7,898) | (22,890) | (11,674) | (29,074) | (33,116) | (3,827) | ||
Balance at end of period | (61,656) | (57,880) | (54,659) | (45,940) | (39,755) | (37,305) | (57,880) | (39,755) | (61,656) | (45,940) | (49,982) | (16,866) | (13,039) | |
Retained Earnings (Accumulated deficit) | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (222) | (222) | (222) | (222) | 1,113 | |||||||||
Balance at end of period | (222) | 1,113 | ||||||||||||
Retained Earnings (Accumulated deficit) | Cumulative Effect, Period of Adoption, Adjustment | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (222) | (222) | (222) | (222) | 1,113 | |||||||||
Balance at end of period | (222) | 1,113 | ||||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (89,048) | (90,700) | (89,129) | (87,794) | (101,452) | (80,945) | (89,129) | (80,945) | (89,129) | (80,945) | (89,129) | (80,945) | (69,714) | |
Other comprehensive income (loss) | 450 | 1,650 | (1,572) | 3,522 | 13,658 | (20,507) | 81 | (6,849) | 530 | (3,327) | 40,329 | (8,184) | (11,231) | |
Other | 22 | |||||||||||||
Balance at end of period | (88,599) | (89,048) | (90,700) | (84,273) | (87,794) | (101,452) | (89,048) | (87,794) | (88,599) | (84,273) | (48,800) | (89,129) | (80,945) | (69,714) |
Accumulated Other Comprehensive (Loss) Income | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (86,073) | (87,916) | (85,968) | (87,985) | (102,873) | (80,267) | (85,968) | (80,267) | (85,968) | (80,267) | (85,968) | (80,267) | (69,739) | |
Other comprehensive income (loss) | (893) | 1,843 | (1,948) | 4,234 | 14,888 | (22,606) | (105) | (7,718) | (998) | (3,484) | (5,701) | (10,528) | ||
Balance at end of period | (86,966) | (86,073) | (87,916) | (83,751) | (87,985) | (102,873) | (86,073) | (87,985) | (86,966) | (83,751) | (85,968) | (80,267) | (69,739) | |
Accumulated Other Comprehensive (Loss) Income | Restatement Impacts | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (2,975) | (2,784) | (3,161) | 191 | 1,421 | (678) | (3,161) | (678) | (3,161) | (678) | (3,161) | (678) | 25 | |
Other comprehensive income (loss) | 1,343 | (193) | 376 | (712) | (1,230) | 2,099 | 186 | 869 | 1,528 | 157 | (2,483) | (703) | ||
Balance at end of period | (1,633) | (2,975) | (2,784) | (521) | 191 | 1,421 | (2,975) | 191 | (1,633) | (521) | (3,161) | (678) | 25 | |
Treasury Stock | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | |
Balance at end of period | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) |
Treasury Stock | As Previously Reported | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | |
Balance at end of period | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | (74,472) | |
Treasury Stock | Restatement Impacts | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Balance at beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | |
Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |