Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 09, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document period end date | Dec. 31, 2017 | ||
Amendment flag | false | ||
Document Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
Current fiscal year end date | --12-31 | ||
Entity central index key | 1,123,494 | ||
Entity current reporting status | Yes | ||
Entity filer category | Accelerated Filer | ||
Entity registrant name | HARVARD BIOSCIENCE INC | ||
Entity voluntary filers | No | ||
Entity well known seasoned issuer | No | ||
Entity common stock shares outstanding | 35,594,802 | ||
Entity public float | $ 73,064,219 | ||
Non Affiliate Share Holding | 28,652,635 | ||
Trading Symbol | HBIO |
Statements of Financial Positio
Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 5,733 | $ 5,596 |
Accounts receivable, net of allowance for doubtful accounts of $454 and $611, respectively | 16,236 | 15,746 |
Inventories | 21,353 | 19,955 |
Other receivables and other assets | 4,213 | 4,175 |
Total current assets | 47,535 | 45,472 |
Property, plant and equipment, net | 4,140 | 4,296 |
Deferred income tax assets - non-current | 182 | 1,157 |
Amortizable intangible assets, net | 15,960 | 17,471 |
Goodwill | 39,969 | 38,032 |
Other indefinite lived intangible assets | 1,244 | 1,209 |
Other assets | 324 | 128 |
Total Assets | 109,354 | 107,765 |
Current liabilities: | ||
Current portion, long-term debt | 2,765 | 2,372 |
Accounts payable | 5,404 | 6,196 |
Deferred revenue | 633 | 500 |
Accrued income taxes payable | 387 | 223 |
Accrued expenses | 4,551 | 4,550 |
Other liabilities - current | 301 | 760 |
Total current liabilities | 14,041 | 14,601 |
Long-term debt | 8,983 | 11,374 |
Deferred income tax liabilities - non-current | 3,964 | 6,417 |
Other liabilities- non current | 1,466 | 3,177 |
Total liabilities | 28,454 | 35,569 |
Stockholders Equity Abstract | ||
Preferred stock, par value $0.01 per share, 5,000,000 shares authorized | 0 | 0 |
Common stock, par value $0.01 per share, 80,000,000 shares authorized; 42,763,985 and 42,186,827 shares issued and 35,018,478 and 34,441,320 shares outstanding, respectively | 419 | 418 |
Additional paid-in-capital | 218,792 | 215,134 |
Accumulated deficit | (116,967) | (116,030) |
Accumulated other comprehensive loss | (10,676) | (16,658) |
Treasury stock at cost, 7,745,507 common shares | (10,668) | (10,668) |
Total stockholders' equity | 80,900 | 72,196 |
Total liabilities and stockholders' equity | $ 109,354 | $ 107,765 |
Statements of Financial Positi3
Statements of Financial Position (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CONSOLIDATED BALANCE SHEETS | ||
Allowance for doubtful accounts | $ 454 | $ 611 |
Preferred Stock Par value | $ 0.01 | $ 0.01 |
Preferred Stock - Shares Authorized | 5,000,000 | 5,000,000 |
Common stock par value | $ 0.01 | $ 0.01 |
Common Stock- Shares Authorized | 80,000,000 | 80,000,000 |
Common Stock- Shares Issued | 42,763,985 | 42,186,827 |
Common Stock- Shares Outstanding | 35,018,478 | 34,441,320 |
Treasury Stock common shares | 7,745,507 | 7,745,507 |
Statements of Operations
Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Revenues | $ 101,882 | $ 104,521 | $ 108,664 |
Cost of revenues (exclusive of items shown separately below) | 54,285 | 56,106 | 59,941 |
Gross profit | 47,597 | 48,415 | 48,723 |
Sales and marketing expenses | 21,036 | 20,486 | 20,577 |
General and administrative expenses | 18,575 | 20,950 | 19,832 |
Research and development expenses | 5,645 | 5,392 | 6,420 |
Restructuring charges (credits) | 0 | (4) | 788 |
Amortization of intangible assets | 2,442 | 2,722 | 2,819 |
Impairment charges | 0 | 676 | 0 |
Loss on sale of AHN | 1,190 | 0 | |
Total operating expenses, net | 47,698 | 51,412 | 50,436 |
Operating (loss) income | (101) | (2,997) | (1,713) |
Other income (expense): | |||
Foreign exchange | (534) | 737 | 210 |
Interest expense | (713) | (639) | (846) |
Interest income | 0 | 0 | 0 |
Other income (expense), net | (740) | (179) | (1,259) |
Other expense, net | (1,987) | (81) | (1,895) |
(Loss) income before income taxes | (2,088) | (3,078) | (3,608) |
Total Income Tax Expense | (1,223) | 1,229 | 15,431 |
Net income (loss) | $ (865) | $ (4,307) | $ (19,039) |
Earnings (loss) per share: | |||
Basic earnings per common share | $ (0.02) | $ (0.13) | $ (0.57) |
Diluted Earnings Per Common Share | $ (0.02) | $ (0.13) | $ (0.57) |
Weighted average common shares: | |||
Basic | 34,753,325 | 34,211,521 | 33,592,775 |
Diluted | 34,753,325 | 34,211,521 | 33,592,775 |
Statement of Comprehensive Inco
Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (865) | $ (4,307) | $ (19,039) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign currency translation adjustments | 4,445 | (4,606) | (4,936) |
Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Period Increase Decrease [Abstract] | |||
Loss on derivative instruments designated and qualifying as cash flow hedges | (24) | (29) | (85) |
Amounts reclassified from accumulated other comprehensive income to net income | (61) | (39) | (93) |
Derivatives qualifying as hedges, net of tax total | 37 | 10 | 8 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | |||
Amount of net loss included in net periodic pension costs, net of tax expense of $62, $52 and $58 in 2017, 2016 and 2015, respectively | 300 | 252 | 248 |
Net gain (loss), net of tax expense (benefits) of ($246), $88 and $241 in 2017, 2016 and 2015, respectively | 1,200 | (430) | 1,029 |
Unrealized losses on pension benefit obligation, net of tax | 1,500 | (178) | 1,277 |
Other Comprehensive Income (Loss), Net of Tax, total | 5,982 | (4,774) | (3,651) |
Total Comprehensive Income (Loss), Net of Tax, total | $ 5,117 | $ (9,081) | $ (22,690) |
Statement of Comprehensive Inc6
Statement of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | $ 62 | $ 52 | $ 58 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | $ (246) | $ 88 | $ 241 |
Statement of Shareholders Equit
Statement of Shareholders Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Total stockholders' equity at begining of the year, Value at Dec. 31, 2014 | $ 95,468,000 | $ 397,000 | $ 206,656,000 | $ (92,684,000) | $ (8,233,000) | $ (10,668,000) |
Stock option exercises during the year, Value | 2,630,000 | 25,000 | 2,605,000 | 0 | 0 | 0 |
Stock issued during the year, Value, Employee Stock Purchase Plan | 208,000 | 0 | 208,000 | 0 | 0 | 0 |
Shares Withheld For Taxes- Value | (773,000) | (6,000) | (767,000) | 0 | 0 | 0 |
Stock-based compensation expense | 2,755,000 | 0 | 2,755,000 | 0 | 0 | 0 |
Net income (loss) | (19,039,000) | 0 | 0 | (19,039,000) | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Other Comprehensive Income (Loss), Net of Tax | (3,651,000) | 0 | 0 | 0 | (3,651,000) | 0 |
Total stockholders' equity at year end, Value at Dec. 31, 2015 | $ 77,598,000 | 416,000 | 211,457,000 | (111,723,000) | (11,884,000) | (10,668,000) |
Beginning balance shares at Dec. 31, 2014 | 40,309,000 | |||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stock option exercises during the year, Shares | 1,772,000 | |||||
Stock issued during the year, Shares, Employee Stock Purchase Plans | 58,823 | |||||
Restricted Stock Unit Issuance | 237,000 | |||||
Shares Withheld For Taxes | (652,000) | |||||
Ending balance shares at Dec. 31, 2015 | 41,725,000 | |||||
Stock option exercises during the year, Value | $ 171,000 | 4,000 | 167,000 | 0 | 0 | 0 |
Stock issued during the year, Value, Employee Stock Purchase Plan | 196,000 | 0 | 196,000 | 0 | 0 | 0 |
Shares Withheld For Taxes- Value | (185,000) | (2,000) | (183,000) | 0 | 0 | 0 |
Stock-based compensation expense | 3,497,000 | 0 | 3,497,000 | 0 | 0 | 0 |
Net income (loss) | (4,307,000) | 0 | 0 | (4,307,000) | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Other Comprehensive Income (Loss), Net of Tax | (4,774,000) | 0 | 0 | 0 | (4,774,000) | 0 |
Total stockholders' equity at year end, Value at Dec. 31, 2016 | $ 72,196,000 | 418,000 | 215,134,000 | (116,030,000) | (16,658,000) | (10,668,000) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stock option exercises during the year, Shares | 375,000 | |||||
Stock issued during the year, Shares, Employee Stock Purchase Plans | 81,228 | |||||
Restricted Stock Unit Issuance | 302,000 | |||||
Shares Withheld For Taxes | (296,000) | |||||
Ending balance shares at Dec. 31, 2016 | 42,187,000 | |||||
Stock option exercises during the year, Value | $ 190,000 | 2,000 | 188,000 | 0 | 0 | 0 |
Stock issued during the year, Value, Employee Stock Purchase Plan | 140,000 | 0 | 140,000 | 0 | 0 | 0 |
Shares Withheld For Taxes- Value | (243,000) | (1,000) | (242,000) | 0 | 0 | 0 |
Share based payment chane in accounting principle | 0 | 72,000 | (72,000) | |||
Stock-based compensation expense | 3,500,000 | 0 | 3,500,000 | 0 | 0 | 0 |
Net income (loss) | (865,000) | 0 | 0 | (865,000) | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Other Comprehensive Income (Loss), Net of Tax | 5,982,000 | 0 | 0 | 0 | 5,982,000 | 0 |
Total stockholders' equity at year end, Value at Dec. 31, 2017 | $ 80,900,000 | $ 419,000 | $ 218,792,000 | $ (116,967,000) | $ (10,676,000) | $ (10,668,000) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stock option exercises during the year, Shares | 143,000 | |||||
Stock issued during the year, Shares, Employee Stock Purchase Plans | 76,215 | |||||
Restricted Stock Unit Issuance | 489,000 | |||||
Shares Withheld For Taxes | (131,000) | |||||
Ending balance shares at Dec. 31, 2017 | 42,764,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (865,000) | $ (4,307,000) | $ (19,039,000) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation expense | 3,500,000 | 3,497,000 | 2,755,000 |
Impairment charges | 0 | 676,000 | 0 |
Depreciation | 1,317,000 | 1,532,000 | 1,745,000 |
Loss on AHN | 93,000 | ||
Loss on sale of AHN | 1,190,000 | 0 | |
(Gain) loss on sales of fixed assets | (12,000) | 0 | 25,000 |
Non cash restructuring charge | 0 | (27,000) | (85,000) |
Amortization Of Catalog Costs | 42,000 | 20,000 | 9,000 |
Provision for allowance for doubtful accounts | (109,000) | 309,000 | (7,000) |
Amortization of intangible assets | 2,442,000 | 2,722,000 | 2,819,000 |
Amortization of deferred financing costs | 44,000 | 91,000 | 86,000 |
Deferrred Income Taxes | (1,584,000) | (279,000) | 15,116,000 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in accounts receivable | 196,000 | 566,000 | (1,340,000) |
Increase in inventories | (548,000) | 1,248,000 | (1,223,000) |
Increase in other receivables and other assets | (102,000) | (658,000) | 755,000 |
Increase in trade accounts payable | (918,000) | (2,413,000) | 2,577,000 |
(Decrease) increase in accrued income taxes | 212,000 | (195,000) | (311,000) |
Increase in accrued expenses | (736,000) | 871,000 | (1,511,000) |
(Decrease) increase in deferred revenue | 95,000 | (187,000) | 120,000 |
Increase (decrease) in other liabilities | (2,010,000) | 727,000 | (1,786,000) |
Net cash provided by operating activities | 1,057,000 | 5,383,000 | 705,000 |
Cash flows (used in) provided by investing activities: | |||
Additions to property, plant and equipment | (890,000) | (1,445,000) | (2,960,000) |
Additions to catalog costs | (39,000) | (34,000) | (18,000) |
Dispositions, net of cash | 0 | 1,417,000 | 0 |
Proceeds from sales of property, plant and equipment | 12,000 | 0 | 6,000 |
Acquisitions, net of cash acquired | 0 | 0 | (4,545,000) |
Net cash used in investing activities | (917,000) | (62,000) | (7,517,000) |
Cash flows provided by (used in) financing activities: | |||
Repayments of debt | (4,702,000) | (9,050,000) | (8,350,000) |
Net proceeds from issuance of debt | 2,750,000 | 4,000,000 | 5,800,000 |
Payments of debt issuance costs | 0 | 0 | (32,000) |
Net proceeds from issuance of common stock | 160,000 | 182,000 | 2,042,000 |
Net cash (used in) provided by financing activities | (1,792,000) | (4,868,000) | (540,000) |
Effect of exchange rate changes on cash | 1,789,000 | (1,601,000) | (38,000) |
Increase in cash and cash equivalents | 137,000 | (1,148,000) | (7,390,000) |
Cash and cash equivalents at the begining of period | 5,596,000 | 6,744,000 | 14,134,000 |
Cash and cash equivalents at the end of period | 5,733,000 | 5,596,000 | 6,744,000 |
Supplemental disclosures of cash flow information [Abstract] | |||
Cash paid for interest | 686,000 | 620,000 | 854,000 |
Cash paid for income taxes, net of refunds | $ (13,000) | $ 928,000 | $ 963,000 |
Organiziation
Organiziation | 12 Months Ended |
Dec. 31, 2017 | |
Organization Disclosure [Abstract] | |
Organization Disclosure [Text Block] | 1 . Organization Harvard Bioscience, Inc. ( “Harvard Bioscience” or “the Company”) is a global developer, manufacturer and marketer of a broad range of scientific instruments and systems used to advance life science for basic research, drug discovery, clinical and environmental testing. The Company’s products are sold to thousands of researchers in over 100 countries through its global sales organization, websites, catalogs, and through distributors including Thermo Fisher Scientific Inc., VWR and other specialized distributors. The Company has sales and manufacturing operations in the United States, the United Kingdom, Germany, Sweden, Spain, France, Canada and China |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Basis of Presentation and Summary of Significant Accounting Policies Disclosure [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies Disclosure [Text Block] | 2. Summary of Significant Accounting Policies (a) Principles of Consolidation The consolidated financial statements include the accounts of Harvard Bioscience, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. (b) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the use of management estimates. Such estimates include the determin ation and establishment of certain accruals and provisions, including those for inventory excess and obsolescence, income tax and reserves for bad debts. In addition, certain estimates are required in order to determine the value of assets and liabilities associated with acquisitions, as well as the Company’s defined benefit pension obligations. Estimates are also required to evaluate the value and recoverability of existing long-lived and intangible assets, including goodwill. On an ongoing basis, the Comp any reviews its estimates based upon currently available information. Actual results could differ materially from those estimates. (c) Cash and Cash Equivalents For purposes of the consolidated balance sheets and statements of cash flows, the Company c onsiders all highly liquid instruments with original maturities of three months or less to be cash equivalents. For the purposes of reporting consolidated cash flows, cash and cash eq uivalents include cash on hand and amounts due from banks . The Company maintains a portion of its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant risk with re spect to these accounts. (d) Allowance for Doubtful Accounts Allowance for doubtful accounts is based on the Company’s assessment of collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historic al experience, credit quality, age of the accounts receivable balances and other factors that may affect a customer’s ability to pay. (e) Inventories The Company values its inventories at the lower of the actual cost to purchase (first-in, first-out met hod) and/or manufacture the inventories or the current estimated market value of the inventories. The Company regularly reviews inventory quantities on hand and records a provision to write down excess and obsolete inventories to its estimated net realizab le value if less than cost, based primarily on historical inventory usage and estimated forecast of product demand. (f) Property, Plant and Equipment Property, plant and equipment are stated at cost and depreciated using the straight-line method over th e estimated useful lives of the assets as follows: Buildings 40 years Machinery and equipment 3 - 10 years Computer equipment and software 3 - 7 years Furniture and fixtures 5 - 10 years Automobiles 3 - 6 years Property and equipment held under capital leases and leasehold improvements are amortized using the straight line method over the shorter of the lease term or estimated useful life of the asset. (g) Catalog Costs Significant costs of product catalog design, development and production are capitalized and amortized over the expected useful life of the catalog (usually one to three years). (h) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and l iabilities 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. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied 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. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is more than 5 0% likely of being realized. Changes in recognition are reflected in the period in which the judgement occurs. (i) Foreign Currency Translation The functional currency of the Company’s foreign subsidiaries is generally their local currency. All assets and liabilities of its foreign subsidiaries are translated at exchange rates in effect at period-end. Income and expenses are translated at rates which approximate those in effect on the transaction dates. The resulting translation adjustment is recorded a s a separate component of stockholders’ equity in accumulated other comprehensive (loss) income (AOCI) in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in net (loss) income. (j) Earnings per Sh are Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods presented. The computation of diluted earnings per share is similar to the computation of basic earnin gs per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities using the treasury stock method unless the effect is antidilutive . (k) Comprehensive Income (Loss) The Company follows the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 220, “Comprehensive Income”. FASB ASC 220 requires companies to report all changes in equity during a period, resulting from net (loss) income and transactions from non-owner sources, in a financial statement in the period in which they are recognized. The Company has chosen to disclose comprehensive income (loss), which encompasses net loss, foreign currency translation adjustments, gains and losse s on derivatives, the underfunded status of its pension plans, and pension minimum additional liability adjustments, net of tax, in the consolidated statements of comprehensive income (loss). (l) Revenue Recognition The Company follows the provisions of FASB ASC 605, “Revenue Recognition”. The Company recognizes product revenues when persuasive evidence of a sales arrangement exists, the price to the buyer is fixed or determinable, delivery has occurred, and collectability of the sales price is reasonabl y assured. Sales of some of its products include provisions to provide additional services such as installation and training. Revenues on these products are recognized when the additional services have been performed. Service agreements on its equipment ar e typically sold separately from the sale of the equipment. Cash received prior to rendering of the service on these contracts is recorded as deferred revenue and the revenues are recognized ratably over the life of the agreement, typically one year, in ac cordance with the provisions of FASB ASC 605-20, “Revenue Recognition—Services”. The Company accounts for shipping and handling fees and costs in accordance with the provisions of FASB ASC 605-45-45, “Revenue Recognition—Principal Agent Considerations”, which requires all amounts charged to customers for shipping and handling to be classified as revenues. The costs incurred related to shipping and handling is classified as cost of product revenues. Warranties and product returns are estimated and accrued for at the time sales are recorded. The Company has no obligations to customers after the date products are shipped or installed, if applicable, other than pursuant to warranty obligations and service or maintenance contracts. The Company provides for the estimated amount of future returns upon shipment of products or installation, if applicable, based on histor ical experience. Sales taxes, value added taxes, and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis, and are therefore excluded from revenues. (m) Valuation of Identifiable Intangible Assets Acquired in Business Combinations The determination of the fair value of intangible assets, which represents a significant portion of the purchase price in the Company’s acquisitions, requ ires the use of significant judgment with regard to (i) the fair value; and (ii) whether such intangibles are amortizable or not amortizable and, if the former, the period and the method by which the intangibles asset will be amortized. The Company estimat es the fair value of acquisition-related intangible assets principally based on projections of cash flows that will arise from identifiable assets of acquired businesses. The projected cash flows are discounted to determine the present value of the assets at the dates of acquisitions. At December 31, 2017 , amortizable intangible assets include existing technology, trade names, distribution agreements, customer relationships and patents. These amortizable intangible assets are amortized on a straight -line basis over 7 to 15 years, 10 to 15 years, 4 to 5 years, 5 to 15 years and 5 to 15 years, respectively. (n) Goodwill and Other Intangible Assets Goodwill and unamortizable intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired, in accordance with the provisions of FASB ASC 350, “Intangibles—Goodwill and Other”. For the purpose of its goodwill analysis, the Company has one reporting unit. The Company conducted its annual impairment analysis in the fourth quarter of f iscal year 2017 . The goodwill impairment test is a two-step process. The first step of the impairment analysis compares the Company’s fair value to its carrying value to determine if there is any indication of impairment. Step two of the analysis c ompares the implied fair value of goodwill to its carrying amount in a manner similar to a purchase price allocation for business combination. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized equal to that excess. For indefinite-lived intangible assets if the carrying amount exceeds the fair value of the asset, the Company would write down the indefinite-lived intangible asset to fair value. At December 31, 2017 , the fair value of the Company sign ificantly exceeded the carrying value. The Company concluded that none of its goodwill was impaired. The Company evaluates indefinite-lived intangible assets for impairment annually and when events occur or circumstances change that may reduce the fair va lue of the asset below its carrying amount. Events or circumstances that might require an interim evaluation include unexpected adverse business conditions, economic factors, unanticipated technological changes or competitive activities, loss of key perso nnel and acts by governments and courts. At December 31, 2017 , the Company concluded that none of its indefinite-lived intangible assets were impaired. (o) Impairment of Long-Lived Assets The Company assesses recoverability of its long-lived as sets that are held for use, such as property, plant and equipment and amortizable intangible assets in accordance with FASB ASC 360, “Property, Plant and Equipment” when events or changes in circumstances indicate that the carrying amount of an asset or as set group may not be recoverable. Recoverability of assets or an asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or the asset group. Cash flow projections are based on trends of historical performance and management’s estimate of future performance. If the carrying amount of the asset or asset group exceeds the estimated future cash flows, an impairment charge is re cognized by the amount by which the carrying amount of the asset or asset group exceeds its estimated fair value. At December 31, 2017 , the Company concluded that none of its long-lived assets were impaired. (p) Derivatives The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does not enter into derivative instruments for any purpose other than cash flow hedging. The Company does not speculate using derivative instruments. The Company recognizes all derivative instruments as either assets or liabilities in the balance sheet at their respective fair values. For derivatives designated in hedging relationships, changes in the fa ir value are either offset through earnings against the change in fair value of the hedged item attributable to the risk being hedged or recognized in AOCI, to the extent the derivative is effective at offsetting the changes in cash flows being hedged unti l the hedged item affects earnings. The Company only enters into derivative contracts that it intends to designate as a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (c ash flow hedge). For all hedging relationships, the Company formally documents the hedging relationship and its risk-management objective and strategy for undertaking the hedge, the hedging instrument, the hedged transaction, the nature of the risk being h edged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method used to measure ineffectiveness. The Company also formally assesses, both at the inception of the hedging relationship and on an ongoing basis, whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in cash flows of hedged transactions. For derivative instruments that are designated and qualify as part of a cash flow hedging relationship, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transacti on affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The Company discontinues hedge accounting prospective ly when it determines that the derivative is no longer effective in offsetting cash flows attributable to the hedged risk, the derivative expires or is sold, terminated, or exercised, the cash flow hedge is de-designated because a forecasted transaction is not probable of occurring, or management determines to remove the designation of the cash flow hedge. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value in earnings. When it is probable that a forecasted transaction will not occur, the Company discontinues hedge accounting and recognizes immediately in earnings gains a nd losses that were accumulated in other comprehensive income related to the hedging relationship. (q) Fair Value of Financial Instruments The carrying values of the Company’s cash and cash equivalents, trade accounts receivable and trade accounts payab le and short-term debt approximate their fair values because of the short maturities of those instruments. The fair value of the Company’s long-term debt approximates its carrying value and is based on the amount of future cash flows associated with the de bt discounted using current borrowing rates for similar debt instruments of comparable maturity. Financial reporting standards define a fair value hierarchy that consists of three levels: Level 1 includes instruments for which quoted prices in activ e markets for identical assets or liabilities accessible to the Company at the measurement date. Level 2 includes instruments for which the valuations are based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3 includes valuations based on inputs that are unobservable and significant to the overall fair value measurement. (r) Stock-based Compensation The Company accounts for stock-based payment awards in accordance with the provisions of FASB ASC 718, “Compensation—Stock Compensation”, which requires it to recognize compensation expense for all stock-based payment awards made to employees and directors including stock options, restricted stock units, restricted stock units with a market condition and employee stock purchases (“employee stock purchases”) related to its Employee Stock Purchase Plan (as amended, the ESPP). The Company issues new shares upon stock option exercises, upon vesting of restricted stock units and restricted stock units with a market condition, and under the Company’s ESPP. Stock-based compensation expense recognized is bas ed on the value of the portion of stock-based payment awards that is ultimately expected to vest. The value of the award is recognized as expense as it vests over the requisite service periods in its consolidated statements of operations. The Company value s stock-based payment awards, except restricted stock units at grant date using the Black-Scholes option-pricing model (Black-Scholes model). The Company values restricted stock units with a market condition using a Monte-Carlo valuation simulation. The de termination of fair value of stock-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by its stock price as well as assumptions regarding certain variables. These variables include, but a re not limited to its expected stock price volatility over the term of the awards and actual and projected stock option exercise behaviors. The fair value of restricted stock units are based on the market price of the Company’s stock on the date of grant and are recorded as compensation expense ratably over the applicable service period, which ranges from one to four years. Unvested restricted stock units are forfeited in the event of termination of employment with the Company. Stock-based compensation ex pense recognized under FASB ASC 718 for the years ended December 31, 2017 , 2016 and 2015 consisted of stock-based compensation expense related to stock options, the employee stock purchase plan, and the restricted stock uni ts and was recorded as a component of cost of product revenues, sales and marketing expenses, general and administrative expenses, research and development expenses and discontinued operations. Refer to footnote 19 for further details. (s) Recently I ssued Accounting Pronouncements |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements Disclosure [Text Block] | (s) Recently I ssued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases , which is intended to improve financial reporting about leasing transactions. The update requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. The update is effective for fiscal years beginning after December 15, 2018. The Company has commenced the process of evaluating the requirements of the standard as well as collectin g information on all its leases. The Company has not yet concluded on the impact of the adoption on its consolidated financial position, results of operations and cash flows, however, assets and liabilities will increase upon adoption for right-of-use asse ts and lease liabilities. The Company’s future commitments under lease obligations are summarized in Note 14. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of credit losses on Financial Instrume nts. The update amends the FASB’s guidance on the impairment of financial instruments. The ASU adds to U.S. GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Unde r the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The ASU is effective for fiscal years beginning after December 15, 2019, includi ng interim periods within those fiscal years. The Company is evaluating the impact of ASU 2016-13 on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) which amends the hedge accounting recognition and presentation requirements in ASC 815. The Board’s objectives in issuing the ASU are to (1) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by b etter aligning the entity’s financial reporting for hedging relationships with those risk management activities and (2) reduce the complexity of and simplify the application of hedge accounting by preparers. The ASU is effective for annual reporting period s, including interim periods within those annual reporting periods, beginning after December 15, 2018. Early adoption is permitted, including adoption in any interim period. The Company is evaluating the requirements of this guidance and has not yet determ ined the impact of the adoption on its consolidated financial position, results of operations and cash flows. Recently Adopted Accounting Pronouncements Adopted in 2017 In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The standard requires an entity to recognize all excess tax benefits and tax deficiencies as income tax benefit or expense in the income statement as discrete items in the reporting period in which they occur, and such tax benefi ts and tax deficiencies are not included in the estimate of an entity’s annual effective tax rate, applied on a prospective basis. Further, the standard eliminates the requirement to defer the recognition of excess tax benefits until the benefit is realize d through a reduction to taxes payable. All excess tax benefits previously unrecognized, along with any valuation allowance, should be recognized on a modified retrospective basis as a cumulative adjustment to retained earnings as of the date of adoption. Under ASU 2016-09, an entity that applies the treasury stock method in calculating diluted earnings per share is required to exclude excess tax benefits and deficiencies from the calculation of assumed proceeds since such amounts are recognized in the inco me statement. Excess tax benefits should also be classified as operating activities in the same manner as other cash flows related to income taxes on the statement of cash flows, as such excess tax benefits no longer represent financing activities since th ey are recognized in the income statement, and should be applied prospectively or retrospectively to all periods presented. The Company adopted ASU 2016-09 as of January 1, 2017. The Company recorded a cumulative increase in retained earnings of $0.5 mil lion at the beginning of the first quarter of 2017 with a corresponding increase in deferred tax assets related to the prior years’ unrecognized excess tax benefits. An equal amount of valuation allowance was also recorded against these deferred tax assets with a corresponding decrease to retained earnings resulting in no net impact to retained earnings and deferred tax assets. In addition, tax deficiencies related to vested restricted stock units and canceled stock options during the year ended December 31 , 2017 have been recognized in the current period’s income statement. ASU 2016-09 also allows an entity to elect as an accounting policy either to continue to estimate the total number of awards for which the requisite service period will not be rendered or to account for forfeitures for service based awards as they occur. An entity that elects to account for forfeitures as they occur should apply the accounting change on a modified retrospective basis as a cumulative effect adjustment to retained earning s as of the date of adoption. The Company elected as an accounting policy to account for forfeitures for service based awards as they occur, and as a result, the Company recorded a cumulative effect adjustment of $0.1 million to reduce retained earnings wi th a corresponding increase in additional paid in capital related to the prior years’ stock-based compensation expense as required under the modified retrospective approach. The tax effect of this adjustment, which included the impact of a valuation allowa nce was immaterial. Adopted in 2018 In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, a new accounting standard that provides for a comprehensive model to use in the accounting for revenue arising from contracts with customers that will replace most existing revenue recognition guidance within generally accepted accounting principles in the United States. Under this standard, revenue will be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or service s. The Company has completed the process of evaluating the impact of the new standard on its consolidated financial position, results of operations and cash flows. The Company adopted this standard as of January 1, 2018 using the modified retrospective approach. As part of the implementation of the standard, the Company identified its significant revenue streams, which currently consist primarily of product revenue transactions, and to a lesser extent, extended warranty transactions on certain product sa les, and revenues from government contracts. The timing of recognizing revenues for these revenue streams is not expected to materially change. Additionally, no material changes to business processes, systems and controls are expected. The Company is draft ing enhanced revenue disclosures which will be presented prospectively starting in the first quarter of 2018. In May 2017, the FASB issued ASU 2017-09, Stock compensation (Topic 718): Scope of modification accounting which amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Sp ecifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The ASU is effective for annual reporting periods, including i nterim periods within those annual reporting periods, beginning after December 15, 2017. The Company adopted this guidance on January 1, 2018, and the new standard did not have a material impact on its consolidated financial position, results of operations and cash flows. . |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2017 | |
Concentrations Disclosure [Abstract] | |
Concentrations Disclosure [Text Block] | 3. Concentrations No customer accounted for more than 10% of revenues for the years ended December 31, 2017 , 2016 and 2015 . At December 31, 2017 and 2016 , no customer accounted for more than 10% of net accounts receivable. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income Disclosure [Text Block] | 4 . Accumulated Other Comprehensive Loss Changes in each component of accumulated other comprehensive loss, net of tax are as follows: Foreign currency Derivatives translation qualifying as Defined benefit (in thousands) adjustments hedges pension plans Total Balance at December 31, 2015 $ (9,594) $ (10) $ (2,280) $ (11,884) Other comprehensive (loss) income before reclassifications (4,606) (29) (430) (5,065) Amounts reclassified from AOCI - 39 252 291 Net other comprehensive (loss) income (4,606) 10 (178) (4,774) Balance at December 31, 2016 (14,200) $ - (2,458) (16,658) Other comprehensive (loss) income before reclassifications 4,445 (24) 1,200 5,621 Amounts reclassified from AOCI - 61 300 361 Other comprehensive (loss) income 4,445 37 1,500 5,982 Balance at December 31, 2017 $ (9,755) $ 37 $ (958) $ (10,676) The amounts reclassified out of accumulated other comprehensive (loss) income are as follows: Affected line item in the Year Ended December 31, (in thousands) Statements of Operations 2017 2016 2015 Amounts Reclassified From AOCI Derivatives qualifying as hedges Realized loss on derivatives qualifying as hedges Interest expense $ 61 $ 39 $ 93 Income tax Income tax (benefit) expense - - - 61 39 93 Defined benefit pension plans Amortization of net losses included in net periodic pension costs General and administrative expenses 362 304 306 Income tax Income tax (benefit) expense (62) (52) (58) 300 252 248 Total reclassifications $ 361 $ 291 $ 341 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventories Disclosure [Abstract] | |
Inventories Disclosure [Text Block] | 5 . Inventories Inventories consist of the following: December 31, December 31, 2017 2016 (in thousands) Finished goods $ 10,284 $ 9,340 Work in process 1,042 823 Raw materials 10,027 9,792 Total $ 21,353 $ 19,955 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment Disclosure [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 6 . Property , Plant and Equipment Property, plant and equipment consist of the following: December 31, December 31, 2017 2016 (in thousands) Land, buildings and leasehold improvements $ 2,220 $ 2,095 Machinery and equipment 7,758 7,224 Computer equipment and software 9,149 8,115 Furniture and fixtures 1,243 1,274 Automobiles 120 196 20,490 18,904 Less: accumulated depreciation (16,350) (14,608) Property, plant and equipment, net $ 4,140 $ 4,296 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Acquisition Disclosure [Abstract] | |
Acquisitions Disclosure [Text Block] | 7 . Acquisitions As further discussed in Note 25 (Subsequent Events) on January 31, 2018, the Company completed the acquisition of Data Sciences International, Inc . HEKA Elektronik On January 8, 2015, the Company, through its wholly-owned Ealing Scientific Limited and Multi-Channel Systems MCS GmbH (MCS) subsidiaries, acquired all of the issued and outstanding shares of HEKA Elektronik (HEKA) for approximately $5.9 million, or $4.5 million, net of cash acquired. Included in the acquisition of HEKA were: HEKA Electronik Dr. Schulze GmbH, based in Lambrecht, Germany (HEKA Germany); HEKA Electronics Incorporated, based in Chester, Nova Scotia, Canada (HEKA Canada); and HEKA Instruments Incorporated, based in Bellmore, New York. The Company funded the acquisition from its existing cash balances. HEKA is a developer, manufacturer and marketer of sophisticated electrophysiology instrumentation and software for biomedical and industrial research applications. This acquisition is complementary to the elec trophysiology line currently offered by the Company’s wholly-owned Warner Instruments and MCS subsidiaries. The aggregate purchase price for this acquisition was allocated to tangible and intangible assets acquired as follows: (in thousands) Tangible assets $ 4,165 Liabilities assumed (2,426) Net assets 1,739 Goodwill and intangible assets: Goodwill 1,668 Trade name 774 Customer relationships 1,627 Developed technology 1,338 Non-compete agreements 27 Deferred tax liabilities (1,245) Total goodwill and intangible assets, net of tax 4,189 Acquisition purchase price $ 5,928 Goodwill recorded as a result of the acquisition of HEKA is not deductible for tax purposes. In the second quarter of 2016, an immaterial correction was made to the allocation of the aggregate purchase price to the tangible and intangible assets acquired to increase both accrued liabilities and goodwill by $50,000 as of June 30, 2016. This correction has been reflected in the table above. The results of operations for HEKA have been included in the Company’s consolidated financial statements from the dat e of acquisition. The following consolidated pro forma information is based on the assumption that the acquisition of HEKA occurred on January 1, 2015 . Accordingly, the historical results have been adjusted to reflect amortization expense that would have been recognized on such a pro forma basis. The pro forma information is presented for comparative purposes only and is not necessarily indicative of the financial position or results of operations which would have been reported had we completed the acquis ition during these periods or which might be report ed in the future. Year Ended December 31, 2015 (in thousands) Pro Forma Revenues $ 108,761 Net (loss) income (19,027) Direct transaction costs recorded in other expense , net, in relation to all current or prospective acquisitions in the Company’s consolidated statements of operations were $0.5 million, $0.1 million and $1.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively . |
Disposition
Disposition | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations [Abstract] | |
Discontinued Operations Disclosure [Text Block] | 8. Dispositions As further discussed in Note 25 (Subsequent Events) on January 22, 2018, the Company sold substantially all the assets of its wholly owned subsidiary, Denville Scientific, Inc. AHN Biotechnologie GmbH On October 26, 2016, the Company sold the operations of its AHN Biotechnologie GmbH subsidiary (AHN), a manufacturer of liquid handling products, located in Nordhausen, Germany for gross cash proceeds of approximately $1.7 million. Proceeds received at closing, net of cash on hand, were a pproximately $1.4 million. The results of operations of AHN, through the date of sale, were reported in the Company’s consolidated statements of operations for the year ended December 31, 2016. As a result of the initiation of plans to sell the operations of AHN, during the third quarter of 2016, the Company evaluated the long-lived assets of AHN for impairment, pursuant to ASC 360-10. Based on the impairment analysis, the carrying amount of the long-lived assets exceeded the fair value of the long-lived a ssets as determined using the probability weighted present value of future cash flows. Consequently, the Company recognized an impairment charge of $0.7 million for the year ended December 31, 2016 in operating expenses within its statements of operations. Of the overall charge, approximately $0.1 million was allocated to AHN’s intangible assets (trade name and customer relationships), while $0.6 million was allocated to its property, plant and equipment (machinery and equipment). Upon the closing of the transaction, the Company recorded a loss on sale of $1.2 million for the year ended December 31, 2016 in operating expenses within the statements of operations. On October 26, 2016, the major classes of assets and liabilities of AHN disposed of, including an allocation of goodwill, were comprised of the following: |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Other Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets Disclosure [Text Block] | 9 . Goodwill and Other Intangible Assets Intangible assets consist of the following: Weighted Average December 31, 2017 December 31, 2016 Life (a) (in thousands) Amortizable intangible assets: Gross Accumulated Amortization Gross Accumulated Amortization Existing technology $ 16,173 $ (13,179) $ 15,082 $ (11,710) 6.5 Years Trade names 7,646 (4,060) 7,379 (3,479) 7.1 Years Distribution agreements/customer relationships 23,744 (14,413) 22,976 (12,862) 8.1 Years Patents 223 (174) 204 (119) 1.2 Years Total amortizable intangible assets 47,786 $ (31,826) 45,641 $ (28,170) Indefinite-lived intangible assets: Goodwill 39,969 38,032 Other indefinite-lived intangible assets 1,244 1,209 Total goodwill and other indefinite-lived intangible assets 41,213 39,241 Total intangible assets $ 88,999 $ 84,882 (a) Weighted average life as of December 31, 2017. The change in the carrying amount of goodwill for the years ended December 31, 2017 and 2016 is as follows: (in thousands) Balance at December 31, 2015 $ 40,357 Adjustment to purchase price allocation of prior year acquisition 50 Adjustment to goodwill for AHN disposition (484) Effect of change in currency translation (1,891) Balance at December 31, 2016 38,032 Effect of change in currency translation 1,937 Balance at December 31, 2017 $ 39,969 Intangible asset amortization expense was $ 2.4 million, $ 2.7 million and $ 2.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Amortization expense of existing amortizable intangible assets is currently estimated to be $ 2.4 million for the year ending December 31 , 2018 , $ 2.2 million for the year ending December 31, 2019 , $ 2.2 million for the year ending December 31, 2020 , $ 2.2 million for the year ending December 31, 2021 and $ 2.1 million for the year ending December 31, 2022 . |
Restructuring and Other Exit Co
Restructuring and Other Exit Costs | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring And Other Exit Costs Disclosure [Text Block] | 10 . Restructuring and Other Exit Costs During 2014 and 2015, the Company entered into various restructuring plans, which included eliminating certain positions made redundant as a result of its site consolidations, as well as a realignment of its commercial sales team. These restructuring plans also included t he relocation of the distribution operations of the Company’s Denville Scientific subsidiary from New Jersey to North Carolina, as well as the consolidation of the manufacturing operations of its Biochrom subsidiary to its headquarters in Holliston, MA. Ac tivity and liability balances related to these charges for the year ended December 31, 2016, were as follows: Severance Costs Other Total (in thousands) Restructuring balance at December 31, 2015 $ 132 $ - $ 132 Restructuring charges - 23 23 Non-cash reversal of restructuring charges (27) - (27) Cash payments (104) (28) (132) Effect of change in currency translation (1) 5 4 Restructuring balance at December 31, 2016 $ - $ - $ - For the year ended December 31, 2015 , the a ctivity and liability balances related to these charges were as follows: Severance Costs Other Total (in thousands) Restructuring balance at December 31, 2014 $ 626 $ - $ 626 Restructuring charges 434 439 873 Non-cash reversal of restructuring charges (85) - (85) Cash payments (833) (439) (1,272) Effect of change in currency translation (10) - (10) Restructuring balance at December 31, 2015 $ 132 $ - $ 132 Aggregate net restructuring charges for the years ended December 31, 2017 , 2016 and 2015 were as follows: Year Ended December 31, 2017 2016 2015 (in thousands) Restructuring (credits) charges $ - $ (4) $ 788 |
Long Term Debt
Long Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Long Term Debt Disclosure [Abstract] | |
Long Term Debt Disclosure [Text Block] | 11. Long Term Debt On August 7, 2009, the Company entered into an Amended and Restated Revolving Credit Loan Agreement related to a $20.0 million revolving credit facility with Bank of America, as agent, and Bank of America and Brown Brothers Harriman & Co as lenders (as amended, the 2009 Credit Agreement). On March 29, 2013, the Company entered into a Second Amended and Restated Revolving Credit Agreement (as amended, the 2013 Credit Agreement) with Bank of America, as agent, and Bank of America and Brow n Brothers Harriman & Co, as lenders that amended and restated the 2009 Credit Agreement. Between September 2011 and May 2017, the Company entered into a series of amendments that among other things did the following: on September 30, 2011, reduced in terest rates to the London Interbank Offered Rate plus 3.0%; on March 29, 2013, converted existing loan advances into a term loan in the principal amount of $15.0 million (the 2013 Term Loan), provided a revolving credit facility in the maximum princi pal amount of $25.0 million (the 2013 Revolving Line) and a delayed draw term loan (the 2013 DDTL) of up to $15.0 million; on October 31, 2013, reduced the 2013 DDTL from up to $15.0 million to up to $10.0 million; on April 24, 2015, extended the maturity date of the 2013 Revolving Line to March 29, 2018 and reduced the interest rates on the 2013 Revolving Line, 2013 Term Loan and 2013 DDTL; on June 30, 2015, amended its quarterly minimum fixed charge coverage financial covenant; on Marc h 9, 2016, amended the principal payment amortization of the 2013 Term Loan and 2013 DDTL to five years, as well as amended its quarterly minimum fixed charge coverage financial covenant; and on May 2, 2017, entered into a Third Amended and Restated Revolving Credit Agreement (as amended, the Credit Agreement) with Bank of America, as agent, and Bank of America and Brown Brothers Harriman & Co, as lenders that amended and restated the 2013 Credit Agreement. The Credit Agreement was entered into to, among other things, consolidate, combine and restate the outstanding indebtedness, on the date of the Credit Agreement, into a term loan (the Term Loan) in the principal amount of $14.0 million, and also provide for a $25.0 million revolving line of credit (the Revolving Line). The Term Loan and the Revolving Line each have a maturity date of May 1, 2022. Borrowings under the Term Loan accrue interest at a rate based on either the effective LIBOR for certain interest periods selected by the Company, or a daily floating rate based on the BBA LIBOR as published by Reuters (or other commercially available source providing quotations of BBA LIBOR), plus in either case, a margin of 2.75%. Additionally, the Revolving Line accrues interest at a rate based on either the effective LIBOR for certain interest periods selected by the Company, or a daily floating rate based on the BBA LIBOR, plus in either case, a margin of 2.25%. The Term Loan and loans under th e Revolving Line evidenced by the Credit Agreement, or the Loans, are guaranteed by all of the Company’s direct and indirect domestic subsidiaries, and secured by substantially all of the assets of the Company and the guarantors. The Loans are subject to r estrictive covenants under the Credit Agreement, and financial covenants that require the Company and its subsidiaries to maintain certain financial ratios on a consolidated basis, including a maximum leverage, minimum fixed charge coverage and minimum wor king capital. Prepayment of the Loans is allowed by the Credit Agreement at any time during the terms of the Loans. The Loans also contain limitations on the Company’s ability to incur additional indebtedness and requires lender approval for acquisitions f unded with cash, promissory notes and/or other consideration in excess of $6.0 million and for acquisitions funded solely with equity in excess of $10.0 million. As of December 31, 2017 and December 31, 2016 , the C ompany had borrowings of $ 11.7 million and $ 13.7 million, net of deferred financing costs, respectively, outstanding under its Credit Agreement. The carrying value of the debt approximates fair value because the interest rate under the obligation approximates ma rket rates of interest available to the Company for similar instruments. As of December 31, 2017 , the weighted effective interest rates , net of the impact of the Company’s interest rate swaps, on its Term Loan was 4.61% . As of December 31, 2017 and December 31, 2016 , the Company’s borrowings were comprised of: December 31, December 31, 2017 2016 (in thousands) Long-term debt: Term loan $ 11,899 $ 5,400 DDTL - 4,400 Revolving line - 4,050 Total unamortized deferred financing costs (151) (104) Total debt 11,748 13,746 Less: current installments (2,800) (2,450) Current unamortized deferred financing costs 35 78 Long-term debt $ 8,983 $ 11,374 The aggregate amounts of debt maturing during the next five years are as follows: (in thousands) 2018 $ 11,899 2019 - 2020 - 2021 - 2022 - Total $ 11,899 As further discussed in Note 25, on January 22, 2018, the Company terminated the Credit Agreement and all outstanding amounts under the agreement were repaid in full. At the time of repayment, there was approximately $ 11.9 million of debt balances outstanding. Accordingly, the table above reflects the repayment of the debt in 2018. Additionally, as further disclosed in Note 25, on January 31, 2018, the Company entered into a financing agreement with Cerberus Business Financ e, LLC, which provided for a $64.0 million term loan and up to a $25.0 million revolving line of credit. The $64.0 million term loan has a maturity of five years. The payment schedule of this financing agreement is detailed in Note 25. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 12 . Derivatives The Company uses interest -rate -related derivative instruments to manage its exposure related to changes in interest rates on its variable -rate debt instruments. The Company does not enter into derivative instruments for any purpose other than cash flow hedging. The Company does not speculate using derivative instruments. By using derivative financial instruments to hedge exposures to changes in interest rates, the Company exposes itself to credit risk and market risk. Credit risk is the f ailure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative co ntract is negative, the Company owes the counterparty and, therefore, the Company is not exposed to the counterparty’s credit risk in those circumstances. The Company minimizes counterparty credit risk in derivative instruments by entering into transaction s with carefully selected major financial institutions based upon their credit profile. Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates. The market risk associated with interest -rat e contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. The Company assesses interest rate risk by continually identifying and monitoring changes in interest rate exposures th at may adversely impact expected future cash flows and by evaluating hedging opportunities. The Company maintains risk management control systems to monitor interest rate risk attributable to both the Company’s outstanding or forecasted debt obligations as well as the Company’s offsetting hedge positions. The risk management control systems involve the use of analytical techniques, including cash flow sensitivity analysis, to estimate the expected impact of changes in interest rates on the Company’s future cash flows. The Company uses variable -rate London Interbank Offered Rate (LIBOR) debt to finance its operations. The debt obligations expose the Company to variability in interest payments due to changes in interest rates. Management believes that it is p rudent to limit the variability of a portion of its interest payments. To meet this objective, management enters into LIBOR based interest rate swap agreements to manage fluctuations in cash flows resulting from changes in the benchmark interest rate of LI BOR. These swaps change the variable -rate cash flow exposure on the debt obligations to fixed cash flows. Under the terms of the interest rate swaps, the Company receives LIBOR based variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed-rate debt for the notional amount of its debt hedged. A s disclosed in Note 1 1 , on May 2, 20 17, the Company entered into a Credit Agreement that amend ed its then existing credit facility with Bank of America, as agent, and Bank of America and Brown Brothers Harriman & Co. as lenders. Immediately after entering into this Credit Agreement, the Company entered into an interest rate swap contract with Bank of America with a notional amount of $14.0 million and a termination date of March 30, 2022 in order to hedge the risk of changes in the effective benchmark interest rate (LIBOR) associated with the Company’s Term Loan. The swap contract converted specific variable-rate debt into fixed-rate debt and fixed the LIBOR rate associated with the Term Loan at 1.86% plus a bank margin of 2.75%. The interest rate swap was designated as a cash flow hedge instrument in accordance with ASC 815 “Derivatives and Hedging”. The notional amount of the Company’s derivative instruments as of December 31, 2017 was $11.9 million . The following table pr esents the notional amount and fair value of the Company ’ s derivative instrument s as of December 31, 2017 and December 31, 2016 . December 31, 2017 December 31, 2017 Notional Amount Fair Value (a) Derivatives designated as hedging instruments under ASC 815 Balance sheet classification (in thousands) Interest rate swaps Other assets $ 11,900 $ 37 December 31, 2016 December 31, 2016 Notional Amount Fair Value (a) Derivatives designated as hedging instruments under ASC 815 Balance sheet classification (in thousands) Interest rate swaps Other assets $ 5,500 $ - (a) See Note 13 for the fair value measurements related to these financial instruments. All of the Company’s derivative instruments are designated as hedging instruments. The Company has structured its interest rate swap agreements to be 100% effective and as a result, there was no impact to earnings resulting from hedge ineffectiveness. Changes in the fair value of interest rate swaps designated as hedging instruments that effectively offset the variability of cash flows associate d with variable -rate, long -term debt obligations are reported in accumulated other comprehensive income (“AOCI”). These amounts subsequently are reclassified into interest expense as a yield adjustment of the hedged interest payments in the same period in which the related interest affects earnings. The Company’s interest rate swap agreement was deemed to be fully effective in accordance with ASC 815, and, as such, unrealized gains and losses related to these derivatives were recorded as AOCI. The followi ng table summarizes the effect of derivatives designated as cash flow hedging instruments and their classification within comprehensive loss for the years ended December 31, 2017 , 2016 and 2015 : Derivatives in Hedging Relationships Amount of gain or (loss) recognized in OCI on derivative (effective portion) Year Ended December 31, 2017 2016 2015 (in thousands) Interest rate swaps $ (24) $ (29) $ (85) The following table summarizes the reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2017 , 2016 and 2015 : Details about AOCI Components Amount reclassified from AOCI into income (effective portion) Location of amount Year Ended December 31, reclassified from AOCI 2017 2016 2015 into income (effective portion) (in thousands) Interest rate swaps $ 61 $ 39 $ 93 Interest expense As of December 31, 2017 , the deferred gains or losses on derivative inst ruments accumulated in AOCI expected to be reclassified to earnings during the next twelve months were immaterial . As disclosed in Note 25, on January 22, 2018, the Company terminated its Credit Agreement with Bank of America, as agent, and Bank of America and Brown Brothers Harriman & Co. as lenders. As a result of terminating this Credit Agreement, the Company unwound the interest rate swap contract and received an immateri al amount in proceeds. In addition, as further described in Note 25, in February 2018, the Company entered into a new interest rate swap agreement with PNC bank as a result of entering into the previously described financing agreement with Cer berus Financing LLC. . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 13 . Fair Value Measurements Fair value measurement is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is established, which prioritizes the inputs used in measuring fair value into three broad levels as follows: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3—Unobservable inputs based on the Company’s own assumptions. The following table s present the fair value hierarchy for those liabili ties measured at fair value on a recurring basis: Fair Value as of December 31, 2017 (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Interest rate swap agreements $ - $ 37 $ - $ 37 Fair Value as of December 31, 2016 (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Interest rate swap agreements $ - $ - $ - $ - The Company uses the market approach technique to value its financial liabilities. The Company’s financial liabilities carried at fair value include derivative instruments used to hedge the Company’s interest rate risks. The fair value of the Company’s interest rate swap agreement s was based on LIBOR yield curves at the reporting date. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases Disclosure [Abstract] | |
Leases Disclosure [Text Block] | 14 . Leases The Company has noncancelable operating leases for office and warehouse space expiri ng at various dates through 2022 and thereafter. Rent expense, which is recorded on a straight-line basis, was $ 1.9 million, $ 1.8 million and $ 2.1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Future minimum lease payments for operating leases, with initial or remaining terms in excess of one year at December 31, 2017 , are a s follows: Operating Leases (in thousands) 2018 $ 1,744 2019 1,657 2020 1,501 2021 1,110 2022 1,089 Thereafter 1,873 Net minimum lease payments $ 8,974 As further discussed in Note 2 5 , on January 22, 2018, the Company sold substantially all the assets of Denville Scientific, an operating subsidiary. Additionally, as discussed in Note 25, the Company acquired DSI in January 2018, and as such the table above, which is as of December 31, 2017 excludes both DSI and Denville’s future payments under operating leases. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities Current [Abstract] | |
Accrued Expenses Disclosure [Text Block] | 15 . Accrued Expenses Accrued expenses consist of: December 31, 2017 2016 (in thousands) Accrued compensation and payroll $ 1,772 $ 1,468 Accrued professional fees 580 1,105 Warranty costs 246 193 Other 1,953 1,784 Total $ 4,551 $ 4,550 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax [Abstract] | |
Income Taxes Disclosure [Text Block] | 16. Income Tax Year Ended December 31, 2017 2016 2015 (in thousands) Current income tax expense: Federal and state $ 262 $ 170 $ (4) Foreign 297 790 677 559 960 673 Deferred income tax (benefit) expense: Federal and state (2,357) 166 15,598 Foreign 575 103 (840) (1,782) 269 14,758 Total income tax (benefit) expense $ (1,223) $ 1,229 $ 15,431 Income tax expense for the years ended December 31, 2017 , 2016 and 2015 differed from the amount computed by applying the U.S. federal income tax ra te of 34% to pre-tax operations income as a result of the following: Year Ended December 31, 2017 2016 2015 (in thousands) Computed "expected" income tax (benefit) expense $ (710) $ (1,046) $ (1,227) Increase (decrease) in income taxes resulting from: Permanent differences, net (108) (128) 32 Foreign tax rate differential 23 165 (12) State income taxes, net of federal income tax benefit (71) (93) 82 Non-deductible stock compensation expense 174 110 (161) Impact of foreign rate change - 30 89 Impact of U.S. rate change 2,521 - - Tax credits (14) (89) (169) Change in reserve for uncertain tax position (58) 127 35 Impact of change to prior year tax accruals 72 291 370 Impact of adoption of ASU 2016-09, Improvements to Employee Share-based Payment Accounting (486) - - U.S. tax on foreign dividends 3,149 497 - Foreign withholding taxes 38 74 - Conversion of U.S. foreign tax credits from credit to deduction 648 1,772 - Non-deductible loss on subsidiary stock sale - 501 - Change in valuation allowance allocated to income tax expense (benefit) (6,393) (983) 16,401 Other (8) 1 (9) Total income tax (benefit) expense $ (1,223) $ 1,229 $ 15,431 Income tax (benefit) expense is based on the following pre-tax loss from operations for the years ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, 2017 2016 2015 (in thousands) Domestic $ (3,129) $ (3,107) $ (3,331) Foreign 1,041 29 (277) Total $ (2,088) $ (3,078) $ (3,608) The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities from operations at December 31, 2017 and 2016 are as follows: December 31, 2017 2016 (in thousands) Deferred tax assets: Accounts receivable $ 93 $ 170 Inventory 891 1,336 Operating loss and credit carryforwards 8,287 12,586 Property, plant and equipment 3 5 Pension liabilities 151 631 Contingent consideration 2,273 3,262 Stock compensation expense 1,667 2,076 Other assets 119 23 Total gross deferred assets 13,484 20,089 Less: valuation allowance (11,447) (17,840) Deferred tax assets $ 2,037 $ 2,249 Deferred tax liabilities: Indefinite-lived intangible assets $ 3,166 $ 4,567 Definite-lived intangible assets 2,383 2,593 Other accrued liabilities 270 349 Total deferred tax liabilities 5,819 7,509 Net deferred tax liabilities $ (3,782) $ (5,260) Certain prior year amounts in the above table have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the Company’s consolidated financial statements. The Company adopted the provisions of ASU 2016-0 9, Improvements to Employee Share-based Payment Accounting, on January 1, 2017. Upon adoption, the company recorded previously unrecognized excess tax benefits from the exercise of employee stock options as an increase in its deferred tax asset for net operati ng losses of approximately $ 0.5 million . The tax benefit of this increased deferred tax asset is fully offset by an increase in the valuation allowance. Following adoption, excess tax benefits or tax deficit is reflected as income tax benefit o r expense in the year the tax impact is generated. Approximately $ 96 thousand of tax deficit was recorded a s income tax expense in 2017. Prior to the adoption of ASU 2016-09, these excess tax benefits could only be recognized when the related tax deduction reduces income taxes payable and the benefit would be reflected as a credit to additional paid-in capital if realized. The amounts recorded as deferred tax assets as of December 31, 2017 and 2016 represent the amount of tax benefits o f existing deductible temporary differences and carryforwards that are more likely than not to be realized through the generation of sufficient future taxable income within the carryforward period. Significant management judgment is required in determining any valuation allowance recorded against deferred tax assets and liabilities. During the year ended December 31, 2015 , the Company determined that it was more likely than not that its U.S. deferred tax assets would not be realized and therefore record ed a net increase to the valuation allowance of $16.4 million to offset U.S. deferred tax assets net of deferred tax liabilities except for deferred tax liabilities associated with certain indefinite-lived intangible assets. The Company’s judgment was base d on consideration of all available evidence . At December 31, 2017 and 2016, the Company continues to maintain a valuation allowance against substantially all net U.S. deferred tax assets, exclusive of deferred tax liabilities associated with certain indef inite-lived intangible assets. During the year ended December 31, 2017, the Company determined that it was more likely than not that deferred tax assets of certain foreign subsidiaries would not be realized and therefore recorded a valuation allowance of $ 0.5 million on net deferred tax assets. On December 22, 2017, tax reform legislation known as the Tax Cuts and Jobs Act (the Tax Act) was signed into law. The Tax Act makes broad and complex changes to the U.S. Internal Revenue Code, including the reducti on of the corporate income tax rate from 35% to 21% and the implementation of a modified territorial tax system; the latter includes a one-time transition tax on previously unremitted earnings of foreign subsidiaries. Recent SEC guidance under Staff Accoun ting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118) provides for a measurement-period approach for the recording of income tax effects related to tax reform for which the accounting is incomplete. The accounting for the impact o f the Tax Act is incomplete, however the Company has recorded provisional estimates for the impact of changes related to the revaluation of deferred taxes, the impact of the mandatory repatriation of foreign earnings after electing the uti lization of existing tax attributes, and for the reduction in valuation allowance on net federal deferred tax assets. Since these provisions were based on estimates, the Company will continue to measure the impact of these areas and record any changes in s ubsequent quarters when information and guidance become available. Those areas include the analysis of various elections available including the transition tax, state-tax impact and adoption by the various states, completion of foreign earnings and profits calculations and additional guidance from the Treasury on various provisions under the new law. Other law changes implemented by the Act such as changes to the calculation for Section 162(m) executive compensation deduction, interest deduction limitat ion and Global Intangible Low Taxed Income (GILTI), and others will not have any impact on the Company until the year ended December 31, 2018. The Company will continue to monitor guidance regarding these changes for how it will impact the financial state ments in later periods. At December 31, 2017 , the Company had federal net ope rating loss carryforwards of $14 .4 million, which begin to expire in 202 1 and state net operating loss carryforwards of $8.6 million, which begin to expire in 2018. Approximately $ 8.0 million of federal net operating loss carryforwards are expected to be utilized during 2017 to offset the transition impact. The Company also had research and development tax credit carryforwards of $1.7 million which begin to expire in 2020. The Company had $0. 4 million of alternative minimum tax credit carryforwards which are not subject to expiration and become refundable under the Tax Act beginning in 2018 subject to sequestration . In addition , the Company had a total of $1.1 millio n of state investment tax credit carryforwards, research and development tax credit carryforwards, and EZ credit carryforwards, which begin to expire in 201 8 . Approximately $ 3.3 million of net operating losses are subject to an annual limitation of $0.7 mi llion imposed by change in ownership provisions of Section 382 of the Internal Revenue Code. As mentioned above, these net operating loss and credit carryforwards have full valuation allowances set up against them. Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $49.2 million, $48.6 million, and $48.7 million at December 31, 2017 , 2016 and 2015 , respectively. A s of December 31, 2017 , the Company changed its indefinite reinvestment assert ion to provide that all foreign earnings above the level required for local operating expenses would be repatriated to the U.S. in tax years after 2017. Prior to 2017, this modified assertion only applied to the Company’s subsidiaries in France and Canada. At December 31, 2017, as the Company was considering a potential U.S. acquisition, the Company changed its assertion and it was anticipated that U.S. needs would require repatriation of all foreign subsidiaries’ earnings rather than just France and Canada. As a result of the Tax Act, all prior unremitted earnings are deemed paid and included in the current provision under the one-time repatriation tax calculation. Therefore, as a result of the change in this assertion, onl y $38 thousand of additional withholding has been accrued as of December 31, 2017. In 2016, the Company recorded a tax reserve in the amount of $59 thousand related to the disposition of a foreign subsidiary. Additionally in 2016, the Company recorded a reserve for $62 thousand related to issues raised in an ongoing German income tax audit. In 2017, the Company recorded a $21 thousand adjustment to the reserve related to the disposition of a foreign subsidiary. Also in 2017, the German income tax audit w as settled for $30 thousand and $32 thousand of the remaining reserve was reversed. A reconciliation of uncertain tax liabilities is as follow s: (in thousands) Balance at December 31, 2015 $ 285 Additions based on current year tax positions 59 Additions based on tax positions of prior years 62 Balance at December 31, 2016 406 Decreases based on tax positions of prior years (53) Settlements (30) Balance at December 31, 2017 $ 323 At December 31, 2017 and 2016 the amount of unrecognized tax benefits that woul d affect the Company’s effective tax rate was $ 0.3 million and $ 0.4 million, respectively. The Company classifies interest and penalties related to unrecognized tax benefits as a component of income tax expense. For the years ended December 31, 2017 and 2016, respectively, interest recognized in the consolidated statement of operations was immaterial, and there were no penalties recognized. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to income tax examinations by tax authoritie s in foreign jurisdictions for years before 2013 . In the U.S., the Company's net operating loss and tax credit carryforward amounts remain subject to federal and state examination for tax years starting in 2000 as a result of tax losses incurred in prior years . There are currently no pending federal or state tax examinations. The Company is subject to audits by various taxing jurisdictions. Additional reserves a re established when necessary. No ongoing audits are expected to have a material impact. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans Disclosure [Abstract] | |
Employee Benefit Plans Disclosure [Text Block] | 17 . Employee Benefit Plans The Company sponsors profit sharing retirement plans for its U.S. employees, which includes employee savings plans established under Section 401(k) of the U.S. Internal Revenue Code (the 401(k) Plans). The 401(k) Plans cover substantially all full-time employees who meet certain eligibility requirements. Contributions to the profit sharing retirement plans are at the discretion of management. For the years ended December 31, 2017 , 2016 and 2015 , the Company contributed approximately $0.6 million , $ 0.6 million and $0.5 million , respectively, to the 401(k) Plans. The Company’s subs idiary in the United Kingdom, Biochrom, maintain s contributory, defin ed benefit or defined contribution pension plans for substantially all of its employees. These defined benefit pension plans have been closed to new employees since 2014 , as well as closed to the future accrual of benefits for existing employees. The provisions of FASB ASC 715-20 require that the funded status of the Company’s pension plans be rec ognized in its balance sheet. FASB ASC 715-20 does not change the measurement or income statement recognition of these plans, although it does require that plan assets and benefit obligations be measured as of the balance sheet date. The Company has histor ically measured the plan assets and benefit obligations as of the balance sheet date. The components of the Company’s defined benefit pension expense were as follows: Year Ended December 31, 2017 2016 2015 (in thousands) Components of net periodic benefit cost: Interest cost $ 524 $ 632 $ 711 Expected return on plan assets (663) (683) (668) Net amortization loss 362 304 306 Net periodic benefit cost $ 223 $ 253 $ 349 The measurement date is December 31 for these plans. The funded status of the Company’s defined benefit pension plans and the amount recognized in the consolidated balance sheets at December 31, 2017 and 2016 is as follo ws: December 31, 2017 2016 (in thousands) Change in benefit obligation: Balance at beginning of year $ 19,214 $ 18,582 Interest cost 524 632 Actuarial loss 26 4,636 Benefits paid (514) (982) Currency translation adjustment 1,876 (3,654) Balance at end of year $ 21,126 $ 19,214 December 31, 2017 2016 (in thousands) Change in fair value of plan assets: Balance at beginning of year $ 16,252 $ 15,767 Actual return on plan assets 1,871 3,868 Employer contributions 689 694 Benefits paid (514) (982) Currency translation adjustment 1,674 (3,095) Balance at end of year $ 19,972 $ 16,252 December 31, 2017 2016 (in thousands) Change in benefit obligation: Funded status $ (1,154) $ (2,962) Unrecognized net loss N/A N/A Net amount recognized $ (1,154) $ (2,962) The accumulated benefit obligation for all defined benefit pension plans was $ 21.1 million and $ 19.2 million at December 31, 2017 and 2016 , respectively. The amounts recognized in the consolidated balance sheets consist of: December 31, 2017 2016 (in thousands) Deferred income tax assets $ 196 $ 504 Other long term liabilities (1,154) (2,962) Net amount recognized $ (958) $ (2,458) The amounts recognized in accumulated other comprehensive loss , net of tax consist of: December 31, 2017 2016 (in thousands) Underfunded status of pension plans $ (958) $ (2,458) Net amount recognized $ (958) $ (2,458) The weighted average assumptions used in determining the net pension cost for these plans follows: Year Ended December 31, 2017 2016 2015 Discount rate 2.43% 2.62% 3.57% Expected return on assets 3.86% 4.68% 4.43% The discount rate assumptions used for pension accounting reflect the prevailing rates available on high-quality, fixed-income debt instruments with terms that match the average expected duration of the Company’s defined benefit pension plan obligations. The Company use s the iBoxx AA 15yr+ index, which matches the average duration of its pension plan liability of approximately 15 years. With the current base of assets in the pension plans, a one percent increase/decrease in the discount rate assumption wo uld decrease/increase annual pension expense by approximately $ 12,000 . The Company’s mix of pension plan investments among asset classes also affects the long-term expected rate of return on pl an assets. As of December 31, 2017 , the Company’s actual asset mix approximated its target mix. Differences between actual and expected returns are recognized in the calculation of net periodic pension (income)/cost over the average remaining expected future working lifetime, which is appr oximately 1 5 years, of active plan participants. With the current base of assets, a one percent increase/decrease in the asset return assumption would decrease/increase annual pension expense by approximately $ 200,000 . The fair value a nd asset allocations of the Company’s pension benefits as of December 31, 2017 and 2016 measurement dates were as follows: December 31, 2017 2016 (in thousands) Asset category: Equity securities $ 10,774 54% $ 8,577 53% Debt securities 3,204 16% 7,447 46% Liability driven investment funds 4,685 24% - 0% Cash and cash equivalents 856 4% 228 1% Other 453 2% - 0% Total $ 19,972 100% $ 16,252 100% Financial reporting standards define a fair value hierarchy that consists of three levels. The fair values of the plan assets by fair value hierarchy level as of December 31, 2017 and 2016 is as follows: December 31, 2017 2016 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) $ 856 $ 228 Significant Other Observable Inputs (Level 2) 19,116 16,024 Significant Other Unobservable Inputs (Level 3) - - Total $ 19,972 $ 16,252 Level 1 assets consist of cash and cash equivalents held in the pension plans at December 31, 2017 . The Level 2 assets primarily consist of investments in private investment funds that are valued using the net asset values provided by the trust or fund, including an insurance contract. Although these funds are not traded in an active market with quoted prices, the investments underlying the net asset value are based o n quoted prices . The Company expects to contribute approximately $ 0.7 million to its pension plans during 2018 . The benefits expected to be paid from the pension plans are $ 0.5 million in 2018 , $ 0.6 million in 2019 , $ 0.6 million in 2020 , $ 0.6 million in 2021 and $ 0.7 million in 2022 . The expected benefits to be paid in the five years from 2023 —2027 are $ 4.2 million. The expected benefits are based on the same assumptions used to measure the Company’s benefit obligation at December 31, 2017 . |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 18 . Commitments and Contingent Liabilities From time to time, the Company may be involved in various claims and legal proceedings arising in the ordinary course of business. The Company is not currently a party to any such material claims or proceedings. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2017 | |
Capital Stock Disclosure [Abstract] | |
Capital Stock Disclosure [Text Block] | 19 . Capital Stock Common Stock On February 5, 2008, the Company’s Board of Directors adopted a Shareholder Rights Plan and declared a dividend distribution of one preferred stock purchase right for each outstanding share of the Company’s common stock to shareholders of record as of the close of business on February 6, 2 008. Initially, these rights would not be exercisable and would trade with the shares of the Company’s common stock. Under the Shareholder Rights Plan, the rights generally would become exercisable if a person became an “acquiring person” by acquiring 20% or more of the common stock of the Company or if a person commences a tender offer that could result in that person owning 20% or more of the common stock of the Company. If a person became an acquiring person, each holder of a right (other than the acquir ing person) would be entitled to purchase, at the then-current exercise price, such number of shares of preferred stock which are equivalent to shares of the Company’s common stock having a value of twice the exercise price of the right. If the Company wer e acquired in a merger or other business combination transaction after any such event, each holder of a right would then be entitled to purchase, at the then-current exercise price, shares of the acquiring company’s common stock having a value of twice the exercise price of the right. T he Shareholder Rights Plan expired in accordance with its terms on the close of business on February 6, 2018. Preferred Stock The Company’s Board of Directors has the authority to issue up to 5.0 million shares of preferred stock and to determine the price privileges and other terms of the shares. The Board of Directors may exercise this authority without any further approval of stockholders. As of December 31, 2017 , the Company had no preferred stock issued or outs tanding . Employee Stock Purchase Plan (as amended, the “ESPP”) In 2000, the Company approved the ESPP . Under this ESPP , participating employees can authorize the Company to withhold a portion of their base pay during consecutive six-month payment periods for the purchase of shares of the Company’s common stock. At the conclusion of the period, participating employees can purchase shares of the Company’s common stock at 85% of the lower of the fair market value of the Company’s common stock at the beginnin g or end of the period. Shares are iss ued under the ESPP for the six-month periods ending June 30 and December 31. Under this plan, 1,050,000 shares of common stock are authorized for issuance of which 801,454 shares were issue d as of December 31, 2017 . During the years ended December 31, 2017 , 2016 and 2015 , the Company issued 76,215 shares, 81,228 shares and 58,823 shares, respectively, of the Company’s common stock un der the ESPP. Third Amended and Restated 2000 Stock Option and Incentive Plan (as amended, the “Third A&R Plan”) The Second Amendment to the Third A&R Plan (the “Amendment”) was adopted by the Board of Directors on April 3, 2015. Such Amendment was approved by the stockholders at the Company’s 2015 Annual Meeting of Stockholders . Pursuant to the Amendment, the aggregate number of shares authorized for issuance under the Third A&R Plan was increased by 2,500,000 shares to 17,508,929. Through December 31, 2017 , 2016 and 2015 , incentive stock options to purchase 10,218,057 shares and non-qualified stock options to purchase 13,369,074 , 13,131,374 and 13,088,374 shares, respectively, had been granted to employees and directors under the Stock Plans. Generally, both the incentive stock options and non -qualified stock options become fully vested over a range of one to four-year periods. Restricted Stock Units with a Market Condition (the “Market Condition RSU’s”) On August 3, 2015, the Compensation Committee of the Board of Directors of the Company approved and granted deferred stock awards of Market Condition RSU’s to members of the Company’s management team under the Third A&R Plan. The vesting of these Market C ondition RSU’s is cliff-based and linked to the achievement of a relative total shareholder return of the Company’s common stock from August 3, 2015 to the earlier of (i) August 3, 2018 or (ii) upon a change of control (measured relative to the Russell 300 0 index and based on the 20-day trading average price before each such date). As of December 31, 2017 , t he target number of these restricted stock units that may be earned is 164,127 shares; the maximum amount is 150% of the target number. Stock- Based Payment Awards The Company accounts for stock-based payment awards in accordance with the provisions of FASB ASC 718, which requires it to recognize compensation expense for all stock-based payment awards made to employees and directors including st ock options, restricted stock units, Market Condition RSU’s and employee stock purchases related to the ESPP. FASB ASC 718 requires companies to estimate the fair value of stock-based payment awards, except restricted stock units, on the date of grant using an option-pricing model. The value of the award is recognized as expense as it vests over the requisite service periods in the Company’s consolidated statements of operations. The Company adopted ASU 2016-09 as of January 1, 2017. As disclosed in footnote 2, as a result of this adoption, the Company has elected as an accounting policy to account for forfeitures for service based awards as they occur, with no adjustment for estimated forfeitures. The Company recognized as of January 1, 2017, a cumulative effect adjustment of $0.1 million to reduce retained earnings as required under the modified retrospective approach. The Company values stock-based payment awards, except restricted stock units, using the Black-Scholes option-prici ng model. The Company values the Market Condition RSU’s using a Monte-Carlo valuation simulation. The determination of fair value of stock-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affect ed by its stock price as well as assumptions regarding certain variables . These variables include, but are not limited to its expected stock price volatility over the term of the awards and actual and projected stock option exercise behaviors. The Company records stock compensation expense on a straight-line basis over the requisite service period for all awards granted since the adoption of FASB ASC 718. Earnings per share Basic earnings per share is based upon net income divided by the number of weighted average common shares outstanding during the period. The calculation of diluted earnings per share assumes conversion of stock options, restricted stock units and Market Condition RSU’s into common stock using the treasury method. The weighted av erage number of shares used to compute basic and diluted earnings per share consists of the following: Year Ended December 31, 2017 2016 2015 Basic 34,753,325 34,211,521 33,592,775 Effect of assumed conversion of employee and director stock options, restricted stock units and Market Condition RSU's - - - Diluted 34,753,325 34,211,521 33,592,775 Excluded from the shares used in calculating the diluted earnings per common share in the above table are options, restricted stock units and Market Condition RSU’s of approximately 5,741,298 , 5,351,261 and 5,521,283 shares of common stock for the years ended December 31, 2017 , 2016 and 2015 , respectively, as the impact of these shares would be anti-dilutive. General Option Information The following is a summary of stock option and t he restricted stock unit activity: Stock Options Restricted Stock Units Market Condition RSU's Weighted Stock Average Restricted Market Options Exercise Stock Units Grant Date Condition RSU's Grant Date Outstanding Price Outstanding Fair Value Outstanding Fair Value Balance at December 31, 2014 6,263,112 $ 3.42 306,397 $ 4.30 - $ - Granted 945,000 5.31 254,685 5.56 196,785 4.81 Exercised (1,772,062) 3.04 - - - - Vested (RSUs) - - (237,188) 5.65 - - Cancelled / forfeited (413,864) 4.15 (10,335) 5.56 (11,247) 4.81 Balance at December 31, 2015 5,022,186 3.85 313,559 5.29 185,538 4.81 Granted 43,000 3.10 1,095,190 2.92 - 4.81 Exercised (374,772) 2.80 - - - - Vested (RSUs) - - (301,520) 4.45 - - Cancelled / forfeited (593,596) 3.84 (34,576) 3.89 (3,388) 4.81 Balance at December 31, 2016 4,096,818 3.94 1,072,653 3.15 182,150 4.81 Granted 237,700 3.24 1,298,371 2.49 - - Exercised (143,391) 2.48 - - - - Vested (RSUs) - - (488,570) 3.08 - - Cancelled / forfeited (410,883) 3.93 (85,527) 3.05 (18,023) 4.81 Balance at December 31, 2017 3,780,244 $ 3.95 1,796,927 $ 2.69 164,127 $ 4.81 The Company’s policy is to issue stock available from its registered but unissued stock pool through its transfer agent to satisfy stock option exercises and vesting of the restricted stock units. The following table summarizes information concerning currently outstanding and exercisable options as of December 31, 2017 (Aggregate Intrinsic Value, in thousands): Options Outstanding Options Exercisable Weighted Weighted Average Weighted Average Weighted Range of Shares Remaining Average Aggregate Shares Remaining Average Aggregate Exercise Outstanding at Contractual Life Exercise Intrinsic Exercisable at Contractual Life Exercise Intrinsic Price Dec. 31, 2017 in Years Price Value Dec. 31, 2017 in Years Price Value $ 2.02-2.37 415,024 1.22 $ 2.20 $ 457 415,024 1.22 $ 2.20 $ 457 2.38-2.94 357,095 4.78 2.58 257 315,845 4.25 2.57 231 2.95-3.59 321,239 7.89 3.30 - 79,039 2.93 3.35 - 3.60-3.95 277,429 5.47 3.65 - 273,679 5.46 3.65 - 3.96-4.11 252,282 3.49 4.04 - 250,782 3.47 4.04 - 4.12-4.17 607,875 6.41 4.12 - 452,750 6.41 4.12 - 4.18-4.26 71,500 6.66 4.21 - 55,500 6.63 4.21 - 4.27-4.41 750,000 5.88 4.31 - 750,000 5.88 4.31 - 4.42-5.51 462,300 7.14 5.37 - 273,175 7.11 5.31 - 5.52-5.63 265,500 7.41 5.56 - 132,750 7.41 5.56 - $ 2.02-5.63 3,780,244 5.61 $ 3.95 $ 714 2,998,544 5.02 $ 3.84 $ 688 The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $ 3.30 as of December 31, 2017 , which would have been received by the option holders had all option holders exercised their options as of that date. T he aggregate intrinsic value of options exercised for the years ended December 31, 2017 and 2016 was approximatel y $ 0.1 million , respectively. T he aggregate intrinsic value of options exercised for the year ended December 31, 2015 was $ 0.8 million . The total number of in-the-money options that were exercisable as of December 31, 2017 was 824,869 . For the year ended December 31, 2017 , the total compensation costs related to unvested awards not yet recognized is $ 4.0 million and the weighted average period over which it is expected to be recognized is 2.18 years. Valuation and Expense Information under Stock-Based-Payment Accounting Stock-based compensation expense related to stock options, restricted stock units, Market Condition RSU’s and the emplo yee stock purchase plan for the years ended December 31, 2017 , 2016 and 2015 was allocated as follows: Year Ended December 31, 2017 2016 2015 (in thousands) Cost of revenues $ 63 $ 60 $ 70 Sales and marketing 595 546 418 General and administrative 2,703 2,780 2,170 Research and development 139 111 97 Total stock-based compensation $ 3,500 $ 3,497 $ 2,755 On April 28, 2015, the Company announced the appointment of James Green to its Board of Directors and the retirement of Robert Dishman from its Board of Directors . As part of Dr. Dishman’s retirement, the Company (i) awarded an unrestricted stock award to Dr. Dishman on April 28, 2015, having an aggregate cash value of $80,000, (ii) accelerated the vesting of all outstanding stock options and restricted stock units that were unvested as of April 28, 2015, and (iii) extended the post-retirement option exe rcise period for each option to the earlier to occu r of the respective scheduled expiration date or April 28, 2016. Total compensation expense recognized as part of general and administrative expenses for the year ended December 31, 2015 , a s part of these modifications, was approximately $0.1 million. The Company did not capitalize any stock-based compensation. The weighted-average estimated fair value per share of stock options granted during 2017 , 2016 and 2015 was $ 1.32 , $ 1.21 and $ 2.12 , respectively, using the Black Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2017 2016 2015 Volatility 41.63 % 41.97 % 40.97 % Risk-free interest rate 2.03 % 1.29 % 1.72 % Expected holding period (in years) 5.41 years 5.21 years 5.50 years Dividend yield - % - % - % The weighted average fair value of the Market Condition RSU’s granted under the Third A&R Plan during the year ended December 31, 2015 was $ 4.81 . The following assumptions were used to estimate the fair value , using a Monte-Carlo valuation simulation, of the Market Condition RSU’s granted during the year ended December 31, 2015 : Year Ended December 31, 2015 Volatility 35.88 % Risk-free interest rate 0.99 % Correlation coefficient 0.25 % Dividend yield - % The Company used historical volatility to calculate the expected volatility as of December 31, 2017 . Historical volatility was determined by calculating the mean reversion of the daily adjusted closing stock price. The risk-free interest rate assumption is based upon observed U.S. Treasury bill interest rates (risk-free) appropriate for the term of the Company’s stock options. The expected holding period of stock options represents the period of time options are expected to be outstanding and w ere based on historical experience. The vesting period ranges from one to four years and the contractual life is ten years. Stock-based compensation expense recognized in the consolidated statement s of operations for the years ended December 31, 2017 , 2016 and 2015 is recognized on awards as they vest and was reduced for annualized estimated forfeitures of 0.00% , 8.41% and 8.06% , respectively. As previously noted, the Company adopted ASU 2016 -09 as of January 1, 2017, and accordingly recorded a cumulative effect adjustment for this adoption. As of that date onward, the Company has accounted for forfeitures as they occur. Prior to the adoption of ASU 2016-09, s tock-based-payment accounting req uired forfeitures to be estimated at the time of grant and revised, if necess ary, in subsequent periods if actual forfeitures differ from those estimates. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 20 . Related Party Transactions As part of the acquisitions of MCS and Triangle BioSystems, Inc. ( TBSI) , the Company signed lease agreements with the former owners of the acquired companies. The principals of such former owners were employees of the Com pany as of December 31, 2017 . Pursuant to a lease agreement , the Company incurred rent expense of approximately $ 0.2 million to the former owners of MCS for each of the years ended December 31, 2017 and 2016 and 2015 , respectivel y . Pursuant to a lease agreement , the Company incurred rent expense of approximately $ 42,000 to the former owner of TBSI for each of the years ended December 31, 2017 and 2016 and 2015 , respectively . |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment and Related Information Disclosure [Abstract] | |
Segment Reporting Disclosure [Text Block] | 21 . Segment and Related Information Operating segments are determined by products and services provided by each segment, internal organization structure, the manner in which operations are managed, criteria used by the C hief Operating Decision Maker, or CODM, to assess the segment performance, as well as resource allocation and the availability of discrete financial information. The Company has one ope rating segment. As such, segment results and consolidated results are the same. The following tables summarize selected financial information of the Company’s continuing operations by geographic location: Revenues originating from the following geographic areas consist of: Year Ended December 31, 2017 2016 2015 (in thousands) United States $ 66,198 $ 65,179 $ 64,766 Germany 11,162 13,477 15,755 United Kingdom 15,042 16,421 18,051 Rest of the world 9,480 9,444 10,092 Total revenues $ 101,882 $ 104,521 $ 108,664 Long-lived assets by geographic area consist of the following: December 31, 2017 2016 (in thousands) United States $ 10,127 $ 12,004 Germany 5,793 5,504 United Kingdom 966 918 Rest of the world 3,214 3,341 Total long-lived assets (1) $ 20,100 $ 21,767 (1) Total long-lived assets includes property, plant and equipment, net and amortizable intangible assets, net. Net assets by geographic area consist of the following: December 31, 2017 2016 (in thousands) United States $ 30,698 $ 22,312 Germany 18,354 18,512 United Kingdom 14,376 17,908 Rest of the world 17,472 18,866 Total net assets $ 80,900 $ 77,598 |
Allowance for Doubtful Debts
Allowance for Doubtful Debts | 12 Months Ended |
Dec. 31, 2017 | |
Allowance For Doubtful Debts Disclosure [Abstract] | |
Allowance For Doubtful Debts Disclosure [Text Block] | 22 . Allowance for Doubtful Accounts Allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts . A rollforward of allowance for doubtful accounts is as follows: Charged (credited) to Beginning Bad Debt Charged to Ending Balance Expense (Recoveries) Allowance (1) Other (2) Balance (in thousands) Year ended December 31, 2015 $ 328 (4) 4 (18) $ 310 Year ended December 31, 2016 $ 310 309 11 (19) $ 611 Year ended December 31, 2017 $ 611 (109) (68) 20 $ 454 (1) Consists of accounts written off, net of recoveries. (2) Consists of the effect of currency translation. |
Warranties
Warranties | 12 Months Ended |
Dec. 31, 2017 | |
Warranties Disclosure [Abstract] | |
Warranties Disclosure [Text Block] | 23 . Warranties Warranties are estimated and accrued at the time revenues are recorded. A rollforward of the Company’s product warranty accrual is as follows: Beginning Additions/ Ending Balance Payments (Credits) Balance (in thousands) Year ended December 31, 2015 $ 252 (81) (24) $ 147 Year ended December 31, 2016 $ 147 (97) 143 $ 193 Year ended December 31, 2017 $ 193 (7) 60 $ 246 |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) Disclosure [Text Block] | 24 . Quarterly Financial Information (unaudited) Statement of Operations Data: First Second Third Fourth Fiscal 2017 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 24,156 $ 25,213 $ 25,050 $ 27,463 $ 101,882 Cost of revenues 12,657 13,926 13,411 14,291 54,285 Gross profit 11,499 11,287 11,639 13,172 47,597 Total operating expenses 12,138 11,286 11,775 12,499 47,698 Operating (loss) income (639) 1 (136) 673 (101) Other (expense) (404) (463) (274) (846) (1,987) Loss before income taxes (1,043) (462) (410) (173) (2,088) Income tax expense (benefit) 23 (81) 7 (1,172) (1,223) Net (loss) income $ (1,066) $ (381) $ (417) $ 999 $ (865) Loss per share: Basic (loss) earnings per common share $ (0.03) $ (0.01) $ (0.01) $ 0.03 $ (0.02) Diluted (loss) earnings per common share $ (0.03) $ (0.01) $ (0.01) $ 0.03 $ (0.02) Statement of Operations Data : First Second Third Fourth Fiscal 2016 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 26,963 $ 26,136 $ 25,007 $ 26,415 $ 104,521 Cost of revenues 14,018 14,461 13,317 14,310 56,106 Gross profit 12,945 11,675 11,690 12,105 48,415 Total operating expenses 13,166 12,515 12,503 13,228 51,412 Operating loss (221) (840) (813) (1,123) (2,997) Other (expense) income, net (222) 73 (67) 135 (81) Loss before income taxes (443) (767) (880) (988) (3,078) Income tax expense (benefit) 193 (54) 758 332 1,229 Net loss $ (636) $ (713) $ (1,638) $ (1,320) $ (4,307) Loss per share: Basic loss per common share $ (0.02) $ (0.02) $ (0.05) $ (0.04) $ (0.13) Diluted loss per common share $ (0.02) $ (0.02) $ (0.05) $ (0.04) $ (0.13) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25 . Subsequent Events Denville Transaction On January 22 , 2018, the Company sold substantially all the assets of its wholly owned subsidiary, Denville Scientific, Inc. (Denville), for approximately $ 20 .0 million, which includes a $ 3 .0 million earn-out provision (the Denville Transaction). Upon the closing of the transaction, the Company received $ 17.0 million. The remaining $3.0 million represents consideration that is contingent on Denville achieving certain performance metrics o ver a period of two years. Denville is a Charlotte, North Carolina-based life science research consumables distributor . The results of operations and financial position of Denville have been reported in the Company’s consolidated statements of operations and balance sheet for all periods presented. As a result of the Company’s initiation of plans to sell the operations of Denville during the fourth quarter of 2017, management conducted an evaluation of Denville’s assets for impairment. Based on this eval uation, which consisted of comparing the probable cash flows to the net book value of the assets, management concluded that the assets were not impaired. As of December 31, 2017, the major classes of assets and liabilities of Denville, which were reported in the Company’s consolidated balance sheet, were comprised of the following: (in thousands) Assets Accounts receivable, net $ 2,854 Inventory 4,457 Property, plant and equipment, net 396 Amortizable intangible assets, net 5,930 Liabilities Accounts payable and accrued expenses $ 1,720 Termination of Third Amended and Restated Credit Agreement On January 22, 2018, in connection with the closing of the Denville Transaction, the Company terminated the Third Amended and Restated Credit Agreement, dated as of May 1, 2017, among the Company, Brown Brothers Harriman & Co. and each of the other lenders party thereto, and Bank of America, as administrative agent. All outstanding amounts under the agreement were repaid in full using a portion of the proceeds of the Denville Transaction. A t the time of repayment, there was approximately $ 11.9 million outstanding. Interest Rate Swap As a result of terminating the Third Amended and Restated Credit Agreement , the Company unwound its existing swap agreement and received an immateria l amount of proceeds. On February 16, 2018, the Company entered into a new interest rate swap contract with PNC bank with a notional amount of $ 36 .0 million and a termination date of January 31, 2023 in order to hedge the risk of changes in the effective b enchmark interest rate (LIBOR) associated with the Financing Agreement (defined below) . The swap contract converted specific variable-rate debt into fixed-rate debt and fixed the LIBOR rate associated with a portion of the term loan under the Financing Agr eement at 2.72%. Data Sciences International Transaction On January 31 , 201 8, the Company acquired all of the issued and outstanding shares of Data Sciences International, Inc. (DSI), a Delaware corporation for approximately $70 .0 million. The Company funded the acquisition from its existing cash balances , the remaining proceeds of the Denville Transaction and the proceeds of the Financing Agreement discussed below . DSI, a St. Paul, Minnesota-based life science research company, is a recognized leader in physiologic monitoring focused on delivering preclinical products, systems, services and solutions to its customers. Its customers include pharmaceutical and biotechnology companies, as well as contract research organizations, academic labs and governme nt researchers. This acquisition diversifies the Company’s customer base into the biopharmaceutical and contract research organization markets. The Company is in the process of determining the fair value of the various tangible and intangible assets acqui red as a result of this acquisition. Financing Agreement On January 31, 2018, the Company entered into a financing agreement by and among the Company and certain subsidiaries of the Company parties thereto, as borrowers (collectively, the Borrower), certain subsidiaries of the Company parties thereto, as guarantors, various lenders from time to time party thereto (the Lenders), and Cerberus Business Finance, LLC, as collateral agent and administrative agent for the Lenders (the Financing Agreement). The Financing Agreement provides for senior secured credit facilities (the Senior Secured Credit Facilities) comprised of a $ 64.0 million term loan and up to a $ 25.0 million revolving line of credit. The proceeds of the term loan and $ 4.8 million of advan ces under the revolving line of credit were used to fund a portion of the DSI acquisition, and to pay fees and expenses related thereto and the closing of the Senior Secured Credit Facilities. In addition, the revolving facility is available for use by the Company and its subsidiaries for general corporate and working capital needs, and other purposes to the extent permitted by the Financing Agreement. The Senior Secured Credit Facilities have a maturity of five years. At the closing date of the Financing A greement, the Company had approximately $ 14.5 million of available borrowing capacity under the revolving line of credit. Commencing on March 31, 2018, the outstanding term loans will amortize in equal quarterly installments equal to $ 0.4 million per qua rter on such date and during each of the next three quarters thereafter, $ 0.6 million per quarter during the next four quarters thereafter and $ 0.8 million per quarter thereafter, with a balloon payment at maturity. The obligations of the Borrower under the Senior Secured Credit Facilities are unconditionally guaranteed by the Company and certain of the Company’s existing and subsequently acquired or organized subsidiaries. The Senior Secured Credit Facilities and related guarantees are secured on a first -priority basis (subject to certain liens permitted under the Financing Agreement) by a lien on substantially all the tangible and intangible assets of the Borrower and the subsidiary guarantors, including all of the capital stock held by such obligors (su bject to a 65% limitation on pledges of capital stock of foreign subsidiaries), subject to certain exceptions. Interest on all loans under the Senior Secured Credit Facilities is paid monthly . Borrowings under the Financing Agreement accrue interest at a per annum rate equal to, at the Borrower’s option, a base rate plus 4.75% or a LIBOR rate plus 6.25%. The loans are also subject to a 1.25% interest rate floor for LIBOR loans and a 4.25% interest rate floor for base rate loans. The Financing Agreement c ontains customary representations and warranties and affirmative covenants applicable to the Company and its subsidiaries and also contains certain restrictive covenants, including, among others, limitations on the incurrence of additional debt, liens on p roperty, acquisitions and investments, loans and guarantees, mergers, consolidations, liquidations and dissolutions, asset sales, dividends and other payments in respect of the Company’s capital stock, prepayments of certain debt, transactions with affilia tes and modifications of organizational documents, material contracts, affiliated practice agreements and certain debt agreements. The Financing Agreement also contains customary events of default. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation [Policy Text Block] | (a) Principles of Consolidation The consolidated financial statements include the accounts of Harvard Bioscience, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates [Policy Text Block] | (b) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the use of management estimates. Such estimates include the determin ation and establishment of certain accruals and provisions, including those for inventory excess and obsolescence, income tax and reserves for bad debts. In addition, certain estimates are required in order to determine the value of assets and liabilities associated with acquisitions, as well as the Company’s defined benefit pension obligations. Estimates are also required to evaluate the value and recoverability of existing long-lived and intangible assets, including goodwill. On an ongoing basis, the Comp any reviews its estimates based upon currently available information. Actual results could differ materially from those estimates. |
Cash and Cash Equivalents [Policy Text Block] | (c) Cash and Cash Equivalents For purposes of the consolidated balance sheets and statements of cash flows, the Company c onsiders all highly liquid instruments with original maturities of three months or less to be cash equivalents. For the purposes of reporting consolidated cash flows, cash and cash eq uivalents include cash on hand and amounts due from banks . The Company maintains a portion of its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant risk with re spect to these accounts. |
Allowance for Doubtful Accounts [Policy Text Block] | (d) Allowance for Doubtful Accounts Allowance for doubtful accounts is based on the Company’s assessment of collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historic al experience, credit quality, age of the accounts receivable balances and other factors that may affect a customer’s ability to pay. |
Inventories [Policy Text Block] | (e) Inventories The Company values its inventories at the lower of the actual cost to purchase (first-in, first-out met hod) and/or manufacture the inventories or the current estimated market value of the inventories. The Company regularly reviews inventory quantities on hand and records a provision to write down excess and obsolete inventories to its estimated net realizab le value if less than cost, based primarily on historical inventory usage and estimated forecast of product demand. |
Property, Plant and Equipment [Policy Text Block] | (f) Property, Plant and Equipment Property, plant and equipment are stated at cost and depreciated using the straight-line method over th e estimated useful lives of the assets as follows: Buildings 40 years Machinery and equipment 3 - 10 years Computer equipment and software 3 - 7 years Furniture and fixtures 5 - 10 years Automobiles 3 - 6 years Property and equipment held under capital leases and leasehold improvements are amortized using the straight line method over the shorter of the lease term or estimated useful life of the asset. |
Catalog Costs [Policy Text Block] | (g) Catalog Costs Significant costs of product catalog design, development and production are capitalized and amortized over the expected useful life of the catalog (usually one to three years). |
Income Taxes [Policy Text Block] | (h) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and l iabilities 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. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied 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. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is more than 5 0% likely of being realized. Changes in recognition are reflected in the period in which the judgement occurs. |
Foreign Currency Transaction [Policy Text Block] | (i) Foreign Currency Translation The functional currency of the Company’s foreign subsidiaries is generally their local currency. All assets and liabilities of its foreign subsidiaries are translated at exchange rates in effect at period-end. Income and expenses are translated at rates which approximate those in effect on the transaction dates. The resulting translation adjustment is recorded a s a separate component of stockholders’ equity in accumulated other comprehensive (loss) income (AOCI) in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in net (loss) income. |
Earnings Per Share [Policy Text Block] | (j) Earnings per Sh are Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods presented. The computation of diluted earnings per share is similar to the computation of basic earnin gs per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities using the treasury stock method unless the effect is antidilutive |
Comprehensive Income Loss [Policy Text Block] | (k) Comprehensive Income (Loss) The Company follows the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 220, “Comprehensive Income”. FASB ASC 220 requires companies to report all changes in equity during a period, resulting from net (loss) income and transactions from non-owner sources, in a financial statement in the period in which they are recognized. The Company has chosen to disclose comprehensive income (loss), which encompasses net loss, foreign currency translation adjustments, gains and losse s on derivatives, the underfunded status of its pension plans, and pension minimum additional liability adjustments, net of tax, in the consolidated statements of comprehensive income (loss). |
Revenue Recognition [Policy Text Block] | (l) Revenue Recognition The Company follows the provisions of FASB ASC 605, “Revenue Recognition”. The Company recognizes product revenues when persuasive evidence of a sales arrangement exists, the price to the buyer is fixed or determinable, delivery has occurred, and collectability of the sales price is reasonabl y assured. Sales of some of its products include provisions to provide additional services such as installation and training. Revenues on these products are recognized when the additional services have been performed. Service agreements on its equipment ar e typically sold separately from the sale of the equipment. Cash received prior to rendering of the service on these contracts is recorded as deferred revenue and the revenues are recognized ratably over the life of the agreement, typically one year, in ac cordance with the provisions of FASB ASC 605-20, “Revenue Recognition—Services”. The Company accounts for shipping and handling fees and costs in accordance with the provisions of FASB ASC 605-45-45, “Revenue Recognition—Principal Agent Considerations”, which requires all amounts charged to customers for shipping and handling to be classified as revenues. The costs incurred related to shipping and handling is classified as cost of product revenues. Warranties and product returns are estimated and accrued for at the time sales are recorded. The Company has no obligations to customers after the date products are shipped or installed, if applicable, other than pursuant to warranty obligations and service or maintenance contracts. The Company provides for the estimated amount of future returns upon shipment of products or installation, if applicable, based on histor ical experience. Sales taxes, value added taxes, and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis, and are therefore excluded from revenues. |
Intangible Assets Finite Lived [Policy Text Block] | (m) Valuation of Identifiable Intangible Assets Acquired in Business Combinations The determination of the fair value of intangible assets, which represents a significant portion of the purchase price in the Company’s acquisitions, requ ires the use of significant judgment with regard to (i) the fair value; and (ii) whether such intangibles are amortizable or not amortizable and, if the former, the period and the method by which the intangibles asset will be amortized. The Company estimat es the fair value of acquisition-related intangible assets principally based on projections of cash flows that will arise from identifiable assets of acquired businesses. The projected cash flows are discounted to determine the present value of the assets at the dates of acquisitions. At December 31, 2017 , amortizable intangible assets include existing technology, trade names, distribution agreements, customer relationships and patents. These amortizable intangible assets are amortized on a straight -line basis over 7 to 15 years, 10 to 15 years, 4 to 5 years, 5 to 15 years and 5 to 15 years, respectively. |
Goodwill and Other Intangible Assets [Policy Text Block] | (n) Goodwill and Other Intangible Assets Goodwill and unamortizable intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired, in accordance with the provisions of FASB ASC 350, “Intangibles—Goodwill and Other”. For the purpose of its goodwill analysis, the Company has one reporting unit. The Company conducted its annual impairment analysis in the fourth quarter of f iscal year 2017 . The goodwill impairment test is a two-step process. The first step of the impairment analysis compares the Company’s fair value to its carrying value to determine if there is any indication of impairment. Step two of the analysis c ompares the implied fair value of goodwill to its carrying amount in a manner similar to a purchase price allocation for business combination. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized equal to that excess. For indefinite-lived intangible assets if the carrying amount exceeds the fair value of the asset, the Company would write down the indefinite-lived intangible asset to fair value. At December 31, 2017 , the fair value of the Company sign ificantly exceeded the carrying value. The Company concluded that none of its goodwill was impaired. The Company evaluates indefinite-lived intangible assets for impairment annually and when events occur or circumstances change that may reduce the fair va lue of the asset below its carrying amount. Events or circumstances that might require an interim evaluation include unexpected adverse business conditions, economic factors, unanticipated technological changes or competitive activities, loss of key perso nnel and acts by governments and courts. At December 31, 2017 , the Company concluded that none of its indefinite-lived intangible assets were impaired. |
Impairment Of Long-Lived Assets [Policy Text Block] | (o) Impairment of Long-Lived Assets The Company assesses recoverability of its long-lived as sets that are held for use, such as property, plant and equipment and amortizable intangible assets in accordance with FASB ASC 360, “Property, Plant and Equipment” when events or changes in circumstances indicate that the carrying amount of an asset or as set group may not be recoverable. Recoverability of assets or an asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or the asset group. Cash flow projections are based on trends of historical performance and management’s estimate of future performance. If the carrying amount of the asset or asset group exceeds the estimated future cash flows, an impairment charge is re cognized by the amount by which the carrying amount of the asset or asset group exceeds its estimated fair value. At December 31, 2017 , the Company concluded that none of its long-lived assets were impaired. |
Derivatives [Policy Text Block] | (p) Derivatives The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does not enter into derivative instruments for any purpose other than cash flow hedging. The Company does not speculate using derivative instruments. The Company recognizes all derivative instruments as either assets or liabilities in the balance sheet at their respective fair values. For derivatives designated in hedging relationships, changes in the fa ir value are either offset through earnings against the change in fair value of the hedged item attributable to the risk being hedged or recognized in AOCI, to the extent the derivative is effective at offsetting the changes in cash flows being hedged unti l the hedged item affects earnings. The Company only enters into derivative contracts that it intends to designate as a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (c ash flow hedge). For all hedging relationships, the Company formally documents the hedging relationship and its risk-management objective and strategy for undertaking the hedge, the hedging instrument, the hedged transaction, the nature of the risk being h edged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method used to measure ineffectiveness. The Company also formally assesses, both at the inception of the hedging relationship and on an ongoing basis, whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in cash flows of hedged transactions. For derivative instruments that are designated and qualify as part of a cash flow hedging relationship, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transacti on affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The Company discontinues hedge accounting prospective ly when it determines that the derivative is no longer effective in offsetting cash flows attributable to the hedged risk, the derivative expires or is sold, terminated, or exercised, the cash flow hedge is de-designated because a forecasted transaction is not probable of occurring, or management determines to remove the designation of the cash flow hedge. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value in earnings. When it is probable that a forecasted transaction will not occur, the Company discontinues hedge accounting and recognizes immediately in earnings gains a nd losses that were accumulated in other comprehensive income related to the hedging relationship. |
Fair Value of Financial Instruments [Policy Text Block] | (q) Fair Value of Financial Instruments The carrying values of the Company’s cash and cash equivalents, trade accounts receivable and trade accounts payab le and short-term debt approximate their fair values because of the short maturities of those instruments. The fair value of the Company’s long-term debt approximates its carrying value and is based on the amount of future cash flows associated with the de bt discounted using current borrowing rates for similar debt instruments of comparable maturity. Financial reporting standards define a fair value hierarchy that consists of three levels: Level 1 includes instruments for which quoted prices in activ e markets for identical assets or liabilities accessible to the Company at the measurement date. Level 2 includes instruments for which the valuations are based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3 includes valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
Share-based Compensation [Policy Text Block] | (r) Stock-based Compensation The Company accounts for stock-based payment awards in accordance with the provisions of FASB ASC 718, “Compensation—Stock Compensation”, which requires it to recognize compensation expense for all stock-based payment awards made to employees and directors including stock options, restricted stock units, restricted stock units with a market condition and employee stock purchases (“employee stock purchases”) related to its Employee Stock Purchase Plan (as amended, the ESPP). The Company issues new shares upon stock option exercises, upon vesting of restricted stock units and restricted stock units with a market condition, and under the Company’s ESPP. Stock-based compensation expense recognized is bas ed on the value of the portion of stock-based payment awards that is ultimately expected to vest. The value of the award is recognized as expense as it vests over the requisite service periods in its consolidated statements of operations. The Company value s stock-based payment awards, except restricted stock units at grant date using the Black-Scholes option-pricing model (Black-Scholes model). The Company values restricted stock units with a market condition using a Monte-Carlo valuation simulation. The de termination of fair value of stock-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by its stock price as well as assumptions regarding certain variables. These variables include, but a re not limited to its expected stock price volatility over the term of the awards and actual and projected stock option exercise behaviors. The fair value of restricted stock units are based on the market price of the Company’s stock on the date of grant and are recorded as compensation expense ratably over the applicable service period, which ranges from one to four years. Unvested restricted stock units are forfeited in the event of termination of employment with the Company. Stock-based compensation ex pense recognized under FASB ASC 718 for the years ended December 31, 2017 , 2016 and 2015 consisted of stock-based compensation expense related to stock options, the employee stock purchase plan, and the restricted stock uni ts and was recorded as a component of cost of product revenues, sales and marketing expenses, general and administrative expenses, research and development expenses and discontinued operations. Refer to footnote 19 for further details. |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements Disclosure [Text Block] | (s) Recently I ssued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases , which is intended to improve financial reporting about leasing transactions. The update requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. The update is effective for fiscal years beginning after December 15, 2018. The Company has commenced the process of evaluating the requirements of the standard as well as collectin g information on all its leases. The Company has not yet concluded on the impact of the adoption on its consolidated financial position, results of operations and cash flows, however, assets and liabilities will increase upon adoption for right-of-use asse ts and lease liabilities. The Company’s future commitments under lease obligations are summarized in Note 14. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of credit losses on Financial Instrume nts. The update amends the FASB’s guidance on the impairment of financial instruments. The ASU adds to U.S. GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Unde r the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The ASU is effective for fiscal years beginning after December 15, 2019, includi ng interim periods within those fiscal years. The Company is evaluating the impact of ASU 2016-13 on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) which amends the hedge accounting recognition and presentation requirements in ASC 815. The Board’s objectives in issuing the ASU are to (1) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by b etter aligning the entity’s financial reporting for hedging relationships with those risk management activities and (2) reduce the complexity of and simplify the application of hedge accounting by preparers. The ASU is effective for annual reporting period s, including interim periods within those annual reporting periods, beginning after December 15, 2018. Early adoption is permitted, including adoption in any interim period. The Company is evaluating the requirements of this guidance and has not yet determ ined the impact of the adoption on its consolidated financial position, results of operations and cash flows. Recently Adopted Accounting Pronouncements Adopted in 2017 In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The standard requires an entity to recognize all excess tax benefits and tax deficiencies as income tax benefit or expense in the income statement as discrete items in the reporting period in which they occur, and such tax benefi ts and tax deficiencies are not included in the estimate of an entity’s annual effective tax rate, applied on a prospective basis. Further, the standard eliminates the requirement to defer the recognition of excess tax benefits until the benefit is realize d through a reduction to taxes payable. All excess tax benefits previously unrecognized, along with any valuation allowance, should be recognized on a modified retrospective basis as a cumulative adjustment to retained earnings as of the date of adoption. Under ASU 2016-09, an entity that applies the treasury stock method in calculating diluted earnings per share is required to exclude excess tax benefits and deficiencies from the calculation of assumed proceeds since such amounts are recognized in the inco me statement. Excess tax benefits should also be classified as operating activities in the same manner as other cash flows related to income taxes on the statement of cash flows, as such excess tax benefits no longer represent financing activities since th ey are recognized in the income statement, and should be applied prospectively or retrospectively to all periods presented. The Company adopted ASU 2016-09 as of January 1, 2017. The Company recorded a cumulative increase in retained earnings of $0.5 mil lion at the beginning of the first quarter of 2017 with a corresponding increase in deferred tax assets related to the prior years’ unrecognized excess tax benefits. An equal amount of valuation allowance was also recorded against these deferred tax assets with a corresponding decrease to retained earnings resulting in no net impact to retained earnings and deferred tax assets. In addition, tax deficiencies related to vested restricted stock units and canceled stock options during the year ended December 31 , 2017 have been recognized in the current period’s income statement. ASU 2016-09 also allows an entity to elect as an accounting policy either to continue to estimate the total number of awards for which the requisite service period will not be rendered or to account for forfeitures for service based awards as they occur. An entity that elects to account for forfeitures as they occur should apply the accounting change on a modified retrospective basis as a cumulative effect adjustment to retained earning s as of the date of adoption. The Company elected as an accounting policy to account for forfeitures for service based awards as they occur, and as a result, the Company recorded a cumulative effect adjustment of $0.1 million to reduce retained earnings wi th a corresponding increase in additional paid in capital related to the prior years’ stock-based compensation expense as required under the modified retrospective approach. The tax effect of this adjustment, which included the impact of a valuation allowa nce was immaterial. Adopted in 2018 In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, a new accounting standard that provides for a comprehensive model to use in the accounting for revenue arising from contracts with customers that will replace most existing revenue recognition guidance within generally accepted accounting principles in the United States. Under this standard, revenue will be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or service s. The Company has completed the process of evaluating the impact of the new standard on its consolidated financial position, results of operations and cash flows. The Company adopted this standard as of January 1, 2018 using the modified retrospective approach. As part of the implementation of the standard, the Company identified its significant revenue streams, which currently consist primarily of product revenue transactions, and to a lesser extent, extended warranty transactions on certain product sa les, and revenues from government contracts. The timing of recognizing revenues for these revenue streams is not expected to materially change. Additionally, no material changes to business processes, systems and controls are expected. The Company is draft ing enhanced revenue disclosures which will be presented prospectively starting in the first quarter of 2018. In May 2017, the FASB issued ASU 2017-09, Stock compensation (Topic 718): Scope of modification accounting which amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Sp ecifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The ASU is effective for annual reporting periods, including i nterim periods within those annual reporting periods, beginning after December 15, 2017. The Company adopted this guidance on January 1, 2018, and the new standard did not have a material impact on its consolidated financial position, results of operations and cash flows. . |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Property Plant And Equipment Useful Life [Table Text Block] | Buildings 40 years Machinery and equipment 3 - 10 years Computer equipment and software 3 - 7 years Furniture and fixtures 5 - 10 years Automobiles 3 - 6 years |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income [Table Text Block] | Foreign currency Derivatives translation qualifying as Defined benefit (in thousands) adjustments hedges pension plans Total Balance at December 31, 2015 $ (9,594) $ (10) $ (2,280) $ (11,884) Other comprehensive (loss) income before reclassifications (4,606) (29) (430) (5,065) Amounts reclassified from AOCI - 39 252 291 Net other comprehensive (loss) income (4,606) 10 (178) (4,774) Balance at December 31, 2016 (14,200) $ - (2,458) (16,658) Other comprehensive (loss) income before reclassifications 4,445 (24) 1,200 5,621 Amounts reclassified from AOCI - 61 300 361 Other comprehensive (loss) income 4,445 37 1,500 5,982 Balance at December 31, 2017 $ (9,755) $ 37 $ (958) $ (10,676) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Affected line item in the Year Ended December 31, (in thousands) Statements of Operations 2017 2016 2015 Amounts Reclassified From AOCI Derivatives qualifying as hedges Realized loss on derivatives qualifying as hedges Interest expense $ 61 $ 39 $ 93 Income tax Income tax (benefit) expense - - - 61 39 93 Defined benefit pension plans Amortization of net losses included in net periodic pension costs General and administrative expenses 362 304 306 Income tax Income tax (benefit) expense (62) (52) (58) 300 252 248 Total reclassifications $ 361 $ 291 $ 341 Details about AOCI Components Amount reclassified from AOCI into income (effective portion) Location of amount Year Ended December 31, reclassified from AOCI 2017 2016 2015 into income (effective portion) (in thousands) Interest rate swaps $ 61 $ 39 $ 93 Interest expense |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventories Disclosure [Abstract] | |
Schedule of Inventory [Table Text Block] | December 31, December 31, 2017 2016 (in thousands) Finished goods $ 10,284 $ 9,340 Work in process 1,042 823 Raw materials 10,027 9,792 Total $ 21,353 $ 19,955 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment Disclosure [Abstract] | |
Schedule Of Property Plant And Equipment [Table Text Block] | December 31, December 31, 2017 2016 (in thousands) Land, buildings and leasehold improvements $ 2,220 $ 2,095 Machinery and equipment 7,758 7,224 Computer equipment and software 9,149 8,115 Furniture and fixtures 1,243 1,274 Automobiles 120 196 20,490 18,904 Less: accumulated depreciation (16,350) (14,608) Property, plant and equipment, net $ 4,140 $ 4,296 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisition Disclosure [Abstract] | |
Schedule of Business Acquisitions [Table Text Block] | (in thousands) Tangible assets $ 4,165 Liabilities assumed (2,426) Net assets 1,739 Goodwill and intangible assets: Goodwill 1,668 Trade name 774 Customer relationships 1,627 Developed technology 1,338 Non-compete agreements 27 Deferred tax liabilities (1,245) Total goodwill and intangible assets, net of tax 4,189 Acquisition purchase price $ 5,928 Year Ended December 31, 2015 (in thousands) Pro Forma Revenues $ 108,761 Net (loss) income (19,027) |
Disposition (Tables)
Disposition (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations [Abstract] | |
Schedule Of Disposal Groups Including Discontinued Operations Income Statement Balance Sheet And Additional Disclosures [Table Text Block] | (in thousands) Assets Accounts receivable, net $ 279 Inventory 438 Property, plant and equipment, net 919 Amortizable intangibles, net 196 Allocation of goodwill 484 Liabilities Accounts payable and accrued expenses $ 245 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Other Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Weighted Average December 31, 2017 December 31, 2016 Life (a) (in thousands) Amortizable intangible assets: Gross Accumulated Amortization Gross Accumulated Amortization Existing technology $ 16,173 $ (13,179) $ 15,082 $ (11,710) 6.5 Years Trade names 7,646 (4,060) 7,379 (3,479) 7.1 Years Distribution agreements/customer relationships 23,744 (14,413) 22,976 (12,862) 8.1 Years Patents 223 (174) 204 (119) 1.2 Years Total amortizable intangible assets 47,786 $ (31,826) 45,641 $ (28,170) Indefinite-lived intangible assets: Goodwill 39,969 38,032 Other indefinite-lived intangible assets 1,244 1,209 Total goodwill and other indefinite-lived intangible assets 41,213 39,241 Total intangible assets $ 88,999 $ 84,882 (a) Weighted average life as of December 31, 2017. |
Goodwill Rollforward [Table Text Block] | (in thousands) Balance at December 31, 2015 $ 40,357 Adjustment to purchase price allocation of prior year acquisition 50 Adjustment to goodwill for AHN disposition (484) Effect of change in currency translation (1,891) Balance at December 31, 2016 38,032 Effect of change in currency translation 1,937 Balance at December 31, 2017 $ 39,969 |
Restructuring and Other Exit 43
Restructuring and Other Exit Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Plan Table [Table Text Block] | Severance Costs Other Total (in thousands) Restructuring balance at December 31, 2015 $ 132 $ - $ 132 Restructuring charges - 23 23 Non-cash reversal of restructuring charges (27) - (27) Cash payments (104) (28) (132) Effect of change in currency translation (1) 5 4 Restructuring balance at December 31, 2016 $ - $ - $ - Severance Costs Other Total (in thousands) Restructuring balance at December 31, 2014 $ 626 $ - $ 626 Restructuring charges 434 439 873 Non-cash reversal of restructuring charges (85) - (85) Cash payments (833) (439) (1,272) Effect of change in currency translation (10) - (10) Restructuring balance at December 31, 2015 $ 132 $ - $ 132 Year Ended December 31, 2017 2016 2015 (in thousands) Restructuring (credits) charges $ - $ (4) $ 788 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Long Term Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | The aggregate amounts of debt maturing during the next five years are as follows: (in thousands) 2018 $ 11,899 2019 - 2020 - 2021 - 2022 - Total $ 11,899 |
Schedule of Debt [Table Text Block] | December 31, December 31, 2017 2016 (in thousands) Long-term debt: Term loan $ 11,899 $ 5,400 DDTL - 4,400 Revolving line - 4,050 Total unamortized deferred financing costs (151) (104) Total debt 11,748 13,746 Less: current installments (2,800) (2,450) Current unamortized deferred financing costs 35 78 Long-term debt $ 8,983 $ 11,374 |
Derivative (Tables)
Derivative (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | December 31, 2017 December 31, 2017 Notional Amount Fair Value (a) Derivatives designated as hedging instruments under ASC 815 Balance sheet classification (in thousands) Interest rate swaps Other assets $ 11,900 $ 37 December 31, 2016 December 31, 2016 Notional Amount Fair Value (a) Derivatives designated as hedging instruments under ASC 815 Balance sheet classification (in thousands) Interest rate swaps Other assets $ 5,500 $ - (a) See Note 13 for the fair value measurements related to these financial instruments. |
Schedule of Cash Flow Hedges Included in AOCI [Table Text Block] | Derivatives in Hedging Relationships Amount of gain or (loss) recognized in OCI on derivative (effective portion) Year Ended December 31, 2017 2016 2015 (in thousands) Interest rate swaps $ (24) $ (29) $ (85) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Affected line item in the Year Ended December 31, (in thousands) Statements of Operations 2017 2016 2015 Amounts Reclassified From AOCI Derivatives qualifying as hedges Realized loss on derivatives qualifying as hedges Interest expense $ 61 $ 39 $ 93 Income tax Income tax (benefit) expense - - - 61 39 93 Defined benefit pension plans Amortization of net losses included in net periodic pension costs General and administrative expenses 362 304 306 Income tax Income tax (benefit) expense (62) (52) (58) 300 252 248 Total reclassifications $ 361 $ 291 $ 341 Details about AOCI Components Amount reclassified from AOCI into income (effective portion) Location of amount Year Ended December 31, reclassified from AOCI 2017 2016 2015 into income (effective portion) (in thousands) Interest rate swaps $ 61 $ 39 $ 93 Interest expense |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis [Table Text Block] | Fair Value as of December 31, 2017 (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Interest rate swap agreements $ - $ 37 $ - $ 37 Fair Value as of December 31, 2016 (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Interest rate swap agreements $ - $ - $ - $ - |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating Leases (in thousands) 2018 $ 1,744 2019 1,657 2020 1,501 2021 1,110 2022 1,089 Thereafter 1,873 Net minimum lease payments $ 8,974 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2017 2016 (in thousands) Accrued compensation and payroll $ 1,772 $ 1,468 Accrued professional fees 580 1,105 Warranty costs 246 193 Other 1,953 1,784 Total $ 4,551 $ 4,550 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2017 2016 2015 (in thousands) Current income tax expense: Federal and state $ 262 $ 170 $ (4) Foreign 297 790 677 559 960 673 Deferred income tax (benefit) expense: Federal and state (2,357) 166 15,598 Foreign 575 103 (840) (1,782) 269 14,758 Total income tax (benefit) expense $ (1,223) $ 1,229 $ 15,431 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2017 2016 2015 (in thousands) Computed "expected" income tax (benefit) expense $ (710) $ (1,046) $ (1,227) Increase (decrease) in income taxes resulting from: Permanent differences, net (108) (128) 32 Foreign tax rate differential 23 165 (12) State income taxes, net of federal income tax benefit (71) (93) 82 Non-deductible stock compensation expense 174 110 (161) Impact of foreign rate change - 30 89 Impact of U.S. rate change 2,521 - - Tax credits (14) (89) (169) Change in reserve for uncertain tax position (58) 127 35 Impact of change to prior year tax accruals 72 291 370 Impact of adoption of ASU 2016-09, Improvements to Employee Share-based Payment Accounting (486) - - U.S. tax on foreign dividends 3,149 497 - Foreign withholding taxes 38 74 - Conversion of U.S. foreign tax credits from credit to deduction 648 1,772 - Non-deductible loss on subsidiary stock sale - 501 - Change in valuation allowance allocated to income tax expense (benefit) (6,393) (983) 16,401 Other (8) 1 (9) Total income tax (benefit) expense $ (1,223) $ 1,229 $ 15,431 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2017 2016 2015 (in thousands) Domestic $ (3,129) $ (3,107) $ (3,331) Foreign 1,041 29 (277) Total $ (2,088) $ (3,078) $ (3,608) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2017 2016 (in thousands) Deferred tax assets: Accounts receivable $ 93 $ 170 Inventory 891 1,336 Operating loss and credit carryforwards 8,287 12,586 Property, plant and equipment 3 5 Pension liabilities 151 631 Contingent consideration 2,273 3,262 Stock compensation expense 1,667 2,076 Other assets 119 23 Total gross deferred assets 13,484 20,089 Less: valuation allowance (11,447) (17,840) Deferred tax assets $ 2,037 $ 2,249 Deferred tax liabilities: Indefinite-lived intangible assets $ 3,166 $ 4,567 Definite-lived intangible assets 2,383 2,593 Other accrued liabilities 270 349 Total deferred tax liabilities 5,819 7,509 Net deferred tax liabilities $ (3,782) $ (5,260) |
Summary of Income Tax Contingencies [Table Text Block] | (in thousands) Balance at December 31, 2015 $ 285 Additions based on current year tax positions 59 Additions based on tax positions of prior years 62 Balance at December 31, 2016 406 Decreases based on tax positions of prior years (53) Settlements (30) Balance at December 31, 2017 $ 323 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans Disclosure [Abstract] | |
Schedule Of Costs Of Retirement Plans [Table Text Block] | Year Ended December 31, 2017 2016 2015 (in thousands) Components of net periodic benefit cost: Interest cost $ 524 $ 632 $ 711 Expected return on plan assets (663) (683) (668) Net amortization loss 362 304 306 Net periodic benefit cost $ 223 $ 253 $ 349 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | December 31, 2017 2016 (in thousands) Change in benefit obligation: Balance at beginning of year $ 19,214 $ 18,582 Interest cost 524 632 Actuarial loss 26 4,636 Benefits paid (514) (982) Currency translation adjustment 1,876 (3,654) Balance at end of year $ 21,126 $ 19,214 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | December 31, 2017 2016 (in thousands) Change in fair value of plan assets: Balance at beginning of year $ 16,252 $ 15,767 Actual return on plan assets 1,871 3,868 Employer contributions 689 694 Benefits paid (514) (982) Currency translation adjustment 1,674 (3,095) Balance at end of year $ 19,972 $ 16,252 |
Schedule of Net Funded Status [Table Text Block] | December 31, 2017 2016 (in thousands) Change in benefit obligation: Funded status $ (1,154) $ (2,962) Unrecognized net loss N/A N/A Net amount recognized $ (1,154) $ (2,962) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | December 31, 2017 2016 (in thousands) Deferred income tax assets $ 196 $ 504 Other long term liabilities (1,154) (2,962) Net amount recognized $ (958) $ (2,458) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2017 2016 (in thousands) Underfunded status of pension plans $ (958) $ (2,458) Net amount recognized $ (958) $ (2,458) |
Schedule of Assumptions Used [Table Text Block] | Year Ended December 31, 2017 2016 2015 Discount rate 2.43% 2.62% 3.57% Expected return on assets 3.86% 4.68% 4.43% |
Schedule of Allocation of Plan Assets [Table Text Block] | December 31, 2017 2016 (in thousands) Asset category: Equity securities $ 10,774 54% $ 8,577 53% Debt securities 3,204 16% 7,447 46% Liability driven investment funds 4,685 24% - 0% Cash and cash equivalents 856 4% 228 1% Other 453 2% - 0% Total $ 19,972 100% $ 16,252 100% December 31, 2017 2016 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) $ 856 $ 228 Significant Other Observable Inputs (Level 2) 19,116 16,024 Significant Other Unobservable Inputs (Level 3) - - Total $ 19,972 $ 16,252 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Capital Stock Disclosure [Abstract] | |
Schedule Of Stock Options And Restricted Stock Units Activity Rollforward [Table Text Block] | Stock Options Restricted Stock Units Market Condition RSU's Weighted Stock Average Restricted Market Options Exercise Stock Units Grant Date Condition RSU's Grant Date Outstanding Price Outstanding Fair Value Outstanding Fair Value Balance at December 31, 2014 6,263,112 $ 3.42 306,397 $ 4.30 - $ - Granted 945,000 5.31 254,685 5.56 196,785 4.81 Exercised (1,772,062) 3.04 - - - - Vested (RSUs) - - (237,188) 5.65 - - Cancelled / forfeited (413,864) 4.15 (10,335) 5.56 (11,247) 4.81 Balance at December 31, 2015 5,022,186 3.85 313,559 5.29 185,538 4.81 Granted 43,000 3.10 1,095,190 2.92 - 4.81 Exercised (374,772) 2.80 - - - - Vested (RSUs) - - (301,520) 4.45 - - Cancelled / forfeited (593,596) 3.84 (34,576) 3.89 (3,388) 4.81 Balance at December 31, 2016 4,096,818 3.94 1,072,653 3.15 182,150 4.81 Granted 237,700 3.24 1,298,371 2.49 - - Exercised (143,391) 2.48 - - - - Vested (RSUs) - - (488,570) 3.08 - - Cancelled / forfeited (410,883) 3.93 (85,527) 3.05 (18,023) 4.81 Balance at December 31, 2017 3,780,244 $ 3.95 1,796,927 $ 2.69 164,127 $ 4.81 |
Table Of Assumptions [Table Text Block] | Year Ended December 31, 2017 2016 2015 Volatility 41.63 % 41.97 % 40.97 % Risk-free interest rate 2.03 % 1.29 % 1.72 % Expected holding period (in years) 5.41 years 5.21 years 5.50 years Dividend yield - % - % - % Year Ended December 31, 2015 Volatility 35.88 % Risk-free interest rate 0.99 % Correlation coefficient 0.25 % Dividend yield - % |
Stock Based Compensation Expense Activity By Function [Table Text Block] | Year Ended December 31, 2017 2016 2015 (in thousands) Cost of revenues $ 63 $ 60 $ 70 Sales and marketing 595 546 418 General and administrative 2,703 2,780 2,170 Research and development 139 111 97 Total stock-based compensation $ 3,500 $ 3,497 $ 2,755 |
Basic and Diluted Shares [Table Text Block] | Year Ended December 31, 2017 2016 2015 Basic 34,753,325 34,211,521 33,592,775 Effect of assumed conversion of employee and director stock options, restricted stock units and Market Condition RSU's - - - Diluted 34,753,325 34,211,521 33,592,775 |
Schedule of Summary of Outstanding and Exercisable Options [Table Text Block] | Options Outstanding Options Exercisable Weighted Weighted Average Weighted Average Weighted Range of Shares Remaining Average Aggregate Shares Remaining Average Aggregate Exercise Outstanding at Contractual Life Exercise Intrinsic Exercisable at Contractual Life Exercise Intrinsic Price Dec. 31, 2017 in Years Price Value Dec. 31, 2017 in Years Price Value $ 2.02-2.37 415,024 1.22 $ 2.20 $ 457 415,024 1.22 $ 2.20 $ 457 2.38-2.94 357,095 4.78 2.58 257 315,845 4.25 2.57 231 2.95-3.59 321,239 7.89 3.30 - 79,039 2.93 3.35 - 3.60-3.95 277,429 5.47 3.65 - 273,679 5.46 3.65 - 3.96-4.11 252,282 3.49 4.04 - 250,782 3.47 4.04 - 4.12-4.17 607,875 6.41 4.12 - 452,750 6.41 4.12 - 4.18-4.26 71,500 6.66 4.21 - 55,500 6.63 4.21 - 4.27-4.41 750,000 5.88 4.31 - 750,000 5.88 4.31 - 4.42-5.51 462,300 7.14 5.37 - 273,175 7.11 5.31 - 5.52-5.63 265,500 7.41 5.56 - 132,750 7.41 5.56 - $ 2.02-5.63 3,780,244 5.61 $ 3.95 $ 714 2,998,544 5.02 $ 3.84 $ 688 |
Segment and Related Information
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment and Related Information Disclosure [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Revenues originating from the following geographic areas consist of: Year Ended December 31, 2017 2016 2015 (in thousands) United States $ 66,198 $ 65,179 $ 64,766 Germany 11,162 13,477 15,755 United Kingdom 15,042 16,421 18,051 Rest of the world 9,480 9,444 10,092 Total revenues $ 101,882 $ 104,521 $ 108,664 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Long-lived assets by geographic area consist of the following: December 31, 2017 2016 (in thousands) United States $ 10,127 $ 12,004 Germany 5,793 5,504 United Kingdom 966 918 Rest of the world 3,214 3,341 Total long-lived assets (1) $ 20,100 $ 21,767 (1) Total long-lived assets includes property, plant and equipment, net and amortizable intangible assets, net. |
Net Assets By Geographic Area [Table Text Block] | Net assets by geographic area consist of the following: December 31, 2017 2016 (in thousands) United States $ 30,698 $ 22,312 Germany 18,354 18,512 United Kingdom 14,376 17,908 Rest of the world 17,472 18,866 Total net assets $ 80,900 $ 77,598 |
Allowance for Doubtful Debts (T
Allowance for Doubtful Debts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Allowance For Doubtful Debts Disclosure [Abstract] | |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | Charged (credited) to Beginning Bad Debt Charged to Ending Balance Expense (Recoveries) Allowance (1) Other (2) Balance (in thousands) Year ended December 31, 2015 $ 328 (4) 4 (18) $ 310 Year ended December 31, 2016 $ 310 309 11 (19) $ 611 Year ended December 31, 2017 $ 611 (109) (68) 20 $ 454 (1) Consists of accounts written off, net of recoveries. (2) Consists of the effect of currency translation. |
Warranties (Tables)
Warranties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Warranties Disclosure [Abstract] | |
Warranty Rollforward Disclosure [Table Text Block] | Beginning Additions/ Ending Balance Payments (Credits) Balance (in thousands) Year ended December 31, 2015 $ 252 (81) (24) $ 147 Year ended December 31, 2016 $ 147 (97) 143 $ 193 Year ended December 31, 2017 $ 193 (7) 60 $ 246 |
Quarterly Financial Informati55
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | First Second Third Fourth Fiscal 2017 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 24,156 $ 25,213 $ 25,050 $ 27,463 $ 101,882 Cost of revenues 12,657 13,926 13,411 14,291 54,285 Gross profit 11,499 11,287 11,639 13,172 47,597 Total operating expenses 12,138 11,286 11,775 12,499 47,698 Operating (loss) income (639) 1 (136) 673 (101) Other (expense) (404) (463) (274) (846) (1,987) Loss before income taxes (1,043) (462) (410) (173) (2,088) Income tax expense (benefit) 23 (81) 7 (1,172) (1,223) Net (loss) income $ (1,066) $ (381) $ (417) $ 999 $ (865) Loss per share: Basic (loss) earnings per common share $ (0.03) $ (0.01) $ (0.01) $ 0.03 $ (0.02) Diluted (loss) earnings per common share $ (0.03) $ (0.01) $ (0.01) $ 0.03 $ (0.02) First Second Third Fourth Fiscal 2016 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 26,963 $ 26,136 $ 25,007 $ 26,415 $ 104,521 Cost of revenues 14,018 14,461 13,317 14,310 56,106 Gross profit 12,945 11,675 11,690 12,105 48,415 Total operating expenses 13,166 12,515 12,503 13,228 51,412 Operating loss (221) (840) (813) (1,123) (2,997) Other (expense) income, net (222) 73 (67) 135 (81) Loss before income taxes (443) (767) (880) (988) (3,078) Income tax expense (benefit) 193 (54) 758 332 1,229 Net loss $ (636) $ (713) $ (1,638) $ (1,320) $ (4,307) Loss per share: Basic loss per common share $ (0.02) $ (0.02) $ (0.05) $ (0.04) $ (0.13) Diluted loss per common share $ (0.02) $ (0.02) $ (0.05) $ (0.04) $ (0.13) |
Subsequent Events (Table)
Subsequent Events (Table) | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent event related table | As of December 31, 2017, the major classes of assets and liabilities of Denville, which were reported in the Company’s consolidated balance sheet, were comprised of the following: (in thousands) Assets Accounts receivable, net $ 2,854 Inventory 4,457 Property, plant and equipment, net 396 Amortizable intangible assets, net 5,930 Liabilities Accounts payable and accrued expenses $ 1,720 |
Summary of Significant Accoun57
Summary of Significant Accounting Policy (Details 1) | 12 Months Ended |
Dec. 31, 2017 | |
Land, Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 40 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 10 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 7 years |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 5 years |
Automobiles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 6 years |
Automobiles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment useful life | 3 years |
Developed Technology Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 6 years 6 months |
Developed Technology Rights [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 15 years |
Developed Technology Rights [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 7 years |
Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 7 years 1 month 6 days |
Trade Names [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 15 years |
Trade Names [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 10 years |
Distribution Agreements [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 5 years |
Distribution Agreements [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 4 years |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 8 years 1 month 6 days |
Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 15 years |
Customer Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 5 years |
Patents [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 1 year 2 months 12 days |
Patents [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 15 years |
Patents [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 5 years |
Concentrations (Narratives) (De
Concentrations (Narratives) (Details) - Customers | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Customer | Revenues: No customer accounted for more than 10% of the revenues for the years ended December 31, 2017, 2016 and 2015. | ||
Number Of Customers With Benchmark Contribution Of More Than 10% | 0 | 0 | 0 |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Customer | Receivables: At December 31, 2017 and 2016, no customer accounted for more than 10% of net accounts receivable. | ||
Number Of Customers With Benchmark Contribution Of More Than 10% | 0 | 0 |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Opening Balance | $ (16,658) | $ (11,884) | |
Other Comprehensive Income (Loss) before Reclassifications | 5,621 | (5,065) | |
Reclassification from Accumulated Other Comprehensive Income | 361 | 291 | $ (341) |
Other Comprehensive Income (Loss), Net of Tax, total | 5,982 | (4,774) | (3,651) |
Closing Balance | (10,676) | (16,658) | (11,884) |
Foreign currency translation adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Opening Balance | (14,200) | (9,594) | |
Other Comprehensive Income (Loss) before Reclassifications | 4,445 | (4,606) | |
Reclassification from Accumulated Other Comprehensive Income | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax, total | 4,445 | (4,606) | |
Closing Balance | (9,755) | (14,200) | (9,594) |
Derivatives qualifying as hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Opening Balance | 0 | (10) | |
Other Comprehensive Income (Loss) before Reclassifications | (24) | (29) | |
Reclassification from Accumulated Other Comprehensive Income | 61 | 39 | |
Other Comprehensive Income (Loss), Net of Tax, total | 37 | 10 | |
Closing Balance | 37 | 0 | (10) |
Defined benefit pension plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Opening Balance | (2,458) | (2,280) | |
Other Comprehensive Income (Loss) before Reclassifications | 1,200 | (430) | |
Reclassification from Accumulated Other Comprehensive Income | 300 | 252 | |
Other Comprehensive Income (Loss), Net of Tax, total | 1,500 | (178) | |
Closing Balance | $ (958) | $ (2,458) | $ (2,280) |
Accumulated Other Comprehensi60
Accumulated Other Comprehensive Income (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassifications Out of Accumulated Other Comprehensive Income [Line Items] | |||
Derivatives Reclassification Adjustment from AOCI, net tax | $ 61,000 | $ 39,000 | $ 93,000 |
Pension Plan Reclassification Adjustment from AOCI, net tax | 300,000 | 252,000 | 248,000 |
Reclassification from Accumulated Other Comprehensive Income | (361,000) | (291,000) | 341,000 |
Interest Expense [Member] | |||
Reclassifications Out of Accumulated Other Comprehensive Income [Line Items] | |||
Derivatives Reclassification Adjustment from AOCI, before tax | 61,000 | 39,000 | 93,000 |
Derivatives Reclassification Adjustment from AOCI, tax | 0 | 0 | 0 |
General and Administrative Expense [Member] | |||
Reclassifications Out of Accumulated Other Comprehensive Income [Line Items] | |||
Pension Plan Reclassification Adjustment from AOCI, before tax | 362,000 | 304,000 | 306,000 |
Income Tax Expense (Benefit) [Member] | |||
Reclassifications Out of Accumulated Other Comprehensive Income [Line Items] | |||
Pension Plan Reclassification Adjustment from AOCI, tax | $ (62,000) | $ (52,000) | $ (58,000) |
Inventories (Details 1)
Inventories (Details 1) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories Disclosure [Abstract] | ||
Finished Goods | $ 10,284,000 | $ 9,340,000 |
Work in Process | 1,042,000 | 823,000 |
Raw Materials | 10,027,000 | 9,792,000 |
Total Inventories, Net | $ 21,353,000 | $ 19,955,000 |
Property, Plant and Equipment62
Property, Plant and Equipment (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 20,490 | $ 18,904 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (16,350) | (14,608) |
Property, plant and equipment, net | 4,140 | 4,296 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,220 | 2,095 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 7,758 | 7,224 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 9,149 | 8,115 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,243 | 1,274 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 120 | $ 196 |
Acquisitions (Narratives) (Deta
Acquisitions (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||
Business Acquisition Direct Acquisition Costs In Income Statement | $ 0.5 | $ 0.1 | $ 1.2 |
Acquisitions (Details 1)
Acquisitions (Details 1) - HEKA Elektronik [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Jan. 08, 2015 | |
Business Acquisition [Line Items] | ||
Tangible Assets Acquired | $ 4,165 | |
Liabilities Assumed | (2,426) | |
Net Tangible Assets Acquired | 1,739 | |
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||
Purchase Price Allocation, Goodwill Amount | 1,668 | |
Deferred Tax Liabilities | 1,245 | |
Business Acquisition Purchase Price Allocation Total Intangible Assets Amount Including Goodwill | 4,189 | |
Total Acquisition Purchase Price | 5,928 | |
Business Acquisition, Cost of Acquired Entity 1 [Abstract] | ||
Business Acquisition Cost Of Acquired Entity Purchase Price 1 | 5,928 | |
Business Acquisitions Pro Forma Revenue | $ 108,761 | |
Business Acquisitions Pro Forma Net Income Loss | $ (19,027) | |
Unpatented Technology [Member] | ||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||
Purchase Price Allocation, Amortizable Intangible Assets | 1,338 | |
Customer Relationships [Member] | ||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||
Purchase Price Allocation, Amortizable Intangible Assets | 1,627 | |
Trade Names [Member] | ||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||
Purchase Price Allocation, Amortizable Intangible Assets | 774 | |
Non compete Agreements [Member] | ||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||
Purchase Price Allocation, Amortizable Intangible Assets | $ 27 |
Disposition (Narratives) (Detai
Disposition (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Asset Impairment Charges | $ 0 | $ 676 | $ 0 |
Loss on sale of AHN | 1,190 | $ 0 | |
AHN | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash proceeds from sale of business | 1,700 | ||
Loss on sale of AHN | 1,200 | ||
AHN | Machinery and Equipment | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Asset Impairment Charges | 600 | ||
AHN | Trade name and customer relationships | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Asset Impairment Charges | $ 100 |
Disposition (Major Classes of A
Disposition (Major Classes of Assets Disposed) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | |||
Accounts receivable, net | $ 16,236 | $ 15,746 | |
Inventories | 21,353 | 19,955 | |
Property, plant and equipment, net | 4,140 | 4,296 | |
Amortizable intangibles, net | 15,960 | 17,471 | |
Goodwill | 39,969 | 38,032 | $ 40,357 |
Liabilities | |||
Accounts payable and accrued expeneses | $ 5,404 | 6,196 | |
AHN | |||
Assets | |||
Accounts receivable, net | 279 | ||
Inventories | 438 | ||
Property, plant and equipment, net | 919 | ||
Amortizable intangibles, net | 196 | ||
Goodwill | 484 | ||
Liabilities | |||
Accounts payable and accrued expeneses | $ 245 |
Goodwill and Other Intangible67
Goodwill and Other Intangible Assets (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Other Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 2,442 | $ 2,722 | $ 2,819 |
Estimated Amortization Expense Next Twelve Months | 2,400 | ||
Estimated Amortization Expense Year 2 | 2,200 | ||
Estimated Amortization Expense Year 3 | 2,200 | ||
Estimated Amortization Expense Year 4 | 2,200 | ||
Estimated Amortization Expense Year 5 | $ 2,100 |
Goodwill and Other Intangible68
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 47,786 | $ 45,641 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (31,826) | (28,170) | |
Goodwill | 39,969 | 38,032 | $ 40,357 |
Other indefinite lived intangible assets | 1,244 | 1,209 | |
Total goodwill and other indefinite lived intangible assets | 41,213 | 39,241 | |
Total intangible assets | 88,999 | 84,882 | |
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 16,173 | 15,082 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (13,179) | (11,710) | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 6 years 6 months | ||
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 7,646 | 7,379 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (4,060) | (3,479) | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 7 years 1 month 6 days | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 23,744 | 22,976 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (14,413) | (12,862) | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 8 years 1 month 6 days | ||
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 223 | 204 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (174) | $ (119) | |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 1 year 2 months 12 days |
Goodwill and Other Intangible69
Goodwill and Other Intangible Assets (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Other Intangible Assets Disclosure [Abstract] | ||
Goodwill, Beginning Balance | $ 38,032,000 | $ 40,357,000 |
Adjustment to purchase price allocation of prior year acquisition | 50,000 | |
Adjustment to goodwill for AHN disposition | (484,000) | |
Effect of change in currency transaltion | 1,937,000 | (1,891,000) |
Goodwill, Ending Balance | $ 39,969,000 | $ 38,032,000 |
Restructuring and Other Exit 70
Restructuring and Other Exit Cots (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (credits) | $ 0 | $ (4) | $ 788 |
Restructuring Plans 2016 Activty (Consolidated) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (credits) | 23 | ||
Restructuring Plans 2015 Activty (Consolidated) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (credits) | 873 | ||
Employee Severance [Member] | Restructuring Plans 2016 Activty (Consolidated) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (credits) | 0 | ||
Employee Severance [Member] | Restructuring Plans 2015 Activty (Consolidated) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (credits) | 434 | ||
Other Costs [Member] | Restructuring Plans 2016 Activty (Consolidated) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (credits) | $ 23 | ||
Other Costs [Member] | Restructuring Plans 2015 Activty (Consolidated) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (credits) | $ 439 |
Restructuring and Other Exit 71
Restructuring and Other Exit Costs (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (credits) | $ 0 | $ (4,000) | $ 788,000 |
Restructuring Plans 2016 Activty (Consolidated) [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 0 | 132,000 | |
Restructuring charges (credits) | 23,000 | ||
Restructuring Reserve, Settled with Cash | (132,000) | ||
Restructuring Reserve, Accrual Adjustment | (27,000) | ||
Restructuring Reserve, Translation Adjustment | 4,000 | ||
Restructuring Reserve, Ending Balance | 0 | 132,000 | |
Restructuring Plans 2015 Activty (Consolidated) [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 132,000 | 626,000 | |
Restructuring charges (credits) | 873,000 | ||
Restructuring Reserve, Settled with Cash | (1,272,000) | ||
Restructuring Reserve, Accrual Adjustment | (85,000) | ||
Restructuring Reserve, Translation Adjustment | (10,000) | ||
Restructuring Reserve, Ending Balance | 132,000 | ||
Employee Severance [Member] | Restructuring Plans 2016 Activty (Consolidated) [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 0 | 132,000 | |
Restructuring charges (credits) | 0 | ||
Restructuring Reserve, Settled with Cash | (104,000) | ||
Restructuring Reserve, Accrual Adjustment | (27,000) | ||
Restructuring Reserve, Translation Adjustment | (1,000) | ||
Restructuring Reserve, Ending Balance | 0 | 132,000 | |
Employee Severance [Member] | Restructuring Plans 2015 Activty (Consolidated) [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 132,000 | 626,000 | |
Restructuring charges (credits) | 434,000 | ||
Restructuring Reserve, Settled with Cash | (833,000) | ||
Restructuring Reserve, Accrual Adjustment | (85,000) | ||
Restructuring Reserve, Translation Adjustment | (10,000) | ||
Restructuring Reserve, Ending Balance | 132,000 | ||
Other Costs [Member] | Restructuring Plans 2016 Activty (Consolidated) [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | $ 0 | 0 | |
Restructuring charges (credits) | 23,000 | ||
Restructuring Reserve, Settled with Cash | (28,000) | ||
Restructuring Reserve, Accrual Adjustment | 0 | ||
Restructuring Reserve, Translation Adjustment | 5,000 | ||
Restructuring Reserve, Ending Balance | 0 | 0 | |
Other Costs [Member] | Restructuring Plans 2015 Activty (Consolidated) [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | $ 0 | 0 | |
Restructuring charges (credits) | 439,000 | ||
Restructuring Reserve, Settled with Cash | (439,000) | ||
Restructuring Reserve, Accrual Adjustment | 0 | ||
Restructuring Reserve, Translation Adjustment | 0 | ||
Restructuring Reserve, Ending Balance | $ 0 |
Long Term Debt (Narratives) (De
Long Term Debt (Narratives) (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | May 02, 2017 | Apr. 24, 2015 | Oct. 31, 2013 | Mar. 29, 2013 | Aug. 07, 2009 | Dec. 31, 2017 | Dec. 31, 2016 |
Credit Agreement [Line Items] | ||||||||
Previous Approved Credit Facility | $ 20,000 | |||||||
Secured Debt | $ 11,748 | $ 13,746 | ||||||
Minimum percentage of Term Loan and the DDTL that company was required to fix the rate of interest on | 50.00% | 50.00% | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 14,500 | |||||||
Interest Rate In Excess Of LIBOR On Credit Facility | 3.00% | |||||||
DDTL Threshold For Dollar For Dollar Reduction In Revolving Line | $ 10,000 | |||||||
Transfer Of Delayed Draw Down Term Loan Capacity To Revolver Capacity | $ 5,000 | |||||||
Lender Approval To Fund Acquisition With Cash Promissory Note In Excess Of Threshold | $ 6,000 | $ 6,000 | ||||||
Lender Approval To Fund Acquisition With Equity In Excess Of Threshold | 10,000 | 10,000 | ||||||
Revolving Credit Facility [Member] | ||||||||
Credit Agreement [Line Items] | ||||||||
Secured Debt | $ 25,000 | $ 25,000 | $ 25,000 | 0 | $ 4,050 | |||
Maturity Dates | May 1, 2022 | Mar. 29, 2016 | ||||||
Basis Spread Over LIBOR | 6.25% | 2.25% | 2.25% | |||||
Maximum Borrowings Available Under The Current Credit Agreement | $ 25,000 | |||||||
Term Loan | ||||||||
Credit Agreement [Line Items] | ||||||||
Secured Debt | $ 64,000 | $ 14,000 | $ 15,000 | $ 11,899 | 5,400 | |||
Maturity Dates | May 1, 2022 | Mar. 29, 2018 | ||||||
Basis Spread Over LIBOR | 6.25% | 2.75% | 2.50% | |||||
Interest Rate As Of Reporting Date | 4.61% | |||||||
Delayed Drawdown Term Loan [Member] | ||||||||
Credit Agreement [Line Items] | ||||||||
Secured Debt | $ 15,000 | $ 0 | $ 4,400 | |||||
Maturity Dates | Mar. 29, 2018 | |||||||
Basis Spread Over LIBOR | 2.50% | |||||||
Maximum Borrowings Available Under The Current Credit Agreement | $ 10,000 |
Long Term Debt (Details 1)
Long Term Debt (Details 1) - USD ($) $ in Thousands | Jan. 31, 2018 | Dec. 31, 2017 | May 02, 2017 | Dec. 31, 2016 | Mar. 29, 2013 |
Debt Instrument [Line Items] | |||||
Secured Debt | $ 11,748 | $ 13,746 | |||
Current portion, long-term debt | (2,765) | (2,372) | |||
Unamortized Debt Issuance Expense | (151) | (104) | |||
Long-term debt | 8,983 | 11,374 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured Debt | $ 25,000 | 0 | $ 25,000 | 4,050 | $ 25,000 |
Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured Debt | $ 64,000 | 11,899 | $ 14,000 | 5,400 | 15,000 |
Delayed Drawdown Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured Debt | $ 0 | $ 4,400 | $ 15,000 |
Long Term Debt (Details 2)
Long Term Debt (Details 2) - USD ($) $ in Thousands | Jan. 31, 2018 | Dec. 31, 2017 |
Long Term Debt Disclosure [Abstract] | ||
Debt repayments of principal in the next twelve months | $ 11,899 | |
Debt repayments of principal in Year Two | 0 | |
Debt repayments of principal in Year Three | 0 | |
Debt repayments of principal in Year Four | 0 | |
Debt repayments of principal in Year Five | 0 | |
Long-term Debt | $ 11,900 | $ 11,899 |
Derivative (Narratives) (Detail
Derivative (Narratives) (Details) - USD ($) $ in Millions | Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2013 | Jun. 05, 2013 |
Derivative Instruments And Hedging Activities Disclosure [Line Items] | |||||
Minimum percentage of Term Loan and the DDTL that company was required to fix the rate of interest on | 50.00% | 50.00% | |||
Derivative Interest Rate Swap Effective Percentage | 100.00% | ||||
Delayed Drawdown Term Loan [Member] | |||||
Derivative Instruments And Hedging Activities Disclosure [Line Items] | |||||
Notional Amount of Interest Rate Swaps | $ 5 | ||||
LIBOR Fixed Rate | 0.93% | ||||
Secured Debt [Member] | |||||
Derivative Instruments And Hedging Activities Disclosure [Line Items] | |||||
Notional Amount of Interest Rate Swaps | $ 15 | ||||
LIBOR Fixed Rate | 0.96% | ||||
Basis Spread Over LIBOR | 2.72% |
Derivative (Details 1)
Derivative (Details 1) - USD ($) $ in Thousands | Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Interest Rate Derivatives | $ 36,000 | ||
Other liabilities-non current [Member] | Derivatives qualifying as hedges [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Interest Rate Derivatives | $ 11,900 | $ 5,500 | |
Derivative Liability, Fair Value, Net | $ 37 | $ 0 |
Derivative (Details 2)
Derivative (Details 2) - Derivatives qualifying as hedges [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | $ (24) | $ (29) | $ (85) |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ 61 | $ 39 | $ 93 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Derivatives qualifying as hedges [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | $ 37 | $ 0 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | 37 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | $ 0 | $ 0 |
Leases (Details 1)
Leases (Details 1) $ in Thousands | Dec. 31, 2017USD ($) |
Leases Disclosure [Abstract] | |
2,018 | $ 1,744 |
2,019 | 1,657 |
2,020 | 1,501 |
2,021 | 1,110 |
2,022 | 1,089 |
Thereafter | 1,873 |
Operating Leases, Total Future Minimum Payments Due | $ 8,974 |
Leases (Narratives) (Details)
Leases (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases Disclosure [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 1.9 | $ 1.8 | $ 2.1 |
Accrued Expenses (Details 1)
Accrued Expenses (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities Current [Abstract] | ||
Employee Related Liabilities Current | $ 1,772 | $ 1,468 |
Accrued Professional Fees Current | 580 | 1,105 |
Accrued Severance Current | 0 | 0 |
Product Warranty Accrual Current | 246 | 193 |
Other Accrued Liabilities Current | 1,953 | 1,784 |
Total Accrued Expenses | $ 4,551 | $ 4,550 |
Income Tax (Narratives) (Detail
Income Tax (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax [Abstract] | |||||||||||
Increase (Decrease) In Income Taxes Resulting From Release Of Uncertain Tax Position Liability Due To Expiration Of Statute Of Limitations | $ (58) | $ 127 | $ 35 | ||||||||
US Federal Income Tax Rate | 34.00% | ||||||||||
Change In Valuation Allowances For Deferred Tax Assets | $ 500 | 16,400 | |||||||||
Net Operating Loss Carryforwards Subject To Annual Limitation | $ 3,300 | 3,300 | |||||||||
Net Operating Loss Carryforwards Annual Limitation | 700 | 700 | |||||||||
Undistributed Foreign Earnings | 49,200 | $ 48,600 | 49,200 | 48,600 | 48,700 | ||||||
Cash In Foreign Subsidiaries | 4,800 | 4,500 | 4,800 | 4,500 | |||||||
Cash Held In Foreign Subsidiaries Used For Foreign Capital Improvements | 300 | ||||||||||
Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions | 62 | ||||||||||
Unrecognized Tax Benefits | 323 | 406 | 323 | 406 | 285 | ||||||
Income Tax Disclosure | |||||||||||
Income tax deduction related to stock options | 0 | 1,600 | |||||||||
Tax credit carryforwards | 400 | 400 | |||||||||
Income tax reserve | 59 | 59 | 35 | ||||||||
Deferred Tax Assets, Net | 2,037 | 2,249 | 2,037 | 2,249 | |||||||
Tax benefit (deficit) | (1,172) | $ 7 | $ (81) | $ 23 | 332 | $ 758 | $ (54) | $ 193 | (1,223) | 1,229 | 15,431 |
Tax loss carryforward used in current year | 8,000 | 8,000 | |||||||||
Tax Liability On Foreign Earnings Repatriated | 200 | 200 | |||||||||
Additional Paid In Capital Net Operating Loss Impact On Deferred Tax Assets | 0 | 0 | 900 | ||||||||
ASU 2016-09 | |||||||||||
Income Tax Disclosure | |||||||||||
Deferred Tax Assets, Net | 500 | 500 | |||||||||
Tax benefit (deficit) | (96) | ||||||||||
Federal | |||||||||||
Income Tax Disclosure | |||||||||||
Income tax reserve | $ 59 | ||||||||||
Foreign tax | |||||||||||
Income Tax Disclosure | |||||||||||
Income tax reserve | $ 62 | $ 62 | |||||||||
Expire in 2018 | State | |||||||||||
Income Tax Disclosure | |||||||||||
Operating loss carryforwards | 8,600 | 8,600 | |||||||||
Tax credit carryforwards | 1,100 | 1,100 | |||||||||
Expire in 2020 | |||||||||||
Income Tax Disclosure | |||||||||||
Tax credit carryforwards | 1,700 | 1,700 | |||||||||
Expire in 2021 | Federal | |||||||||||
Income Tax Disclosure | |||||||||||
Operating loss carryforwards | $ 14,400 | $ 14,400 |
Income Tax (Details 1)
Income Tax (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expense (benefit) Attributable To Income From Continuing Operations [Abstract] | |||||||||||
Current Federal And State Income Tax Expense Benefit Continuing Operations | $ 262,000 | $ 170,000 | $ (4,000) | ||||||||
Current Foreign Income Tax Expense (benefit) From Continuing Operations | 297,000 | 790,000 | 677,000 | ||||||||
Current Income Tax Expense (Benefit), Total | 559,000 | 960,000 | 673,000 | ||||||||
Deferred Federal And State Income Tax Expense Benefit Continuing Operations | (2,357,000) | 166,000 | 15,598,000 | ||||||||
Deferred Foreign Income Tax Expense (Benefit) | 575,000 | 103,000 | (840,000) | ||||||||
Deferred Income Taxes Amount | (1,782,000) | 269,000 | 14,758,000 | ||||||||
Income Tax Expense, Total | $ (1,172,000) | $ 7,000 | $ (81,000) | $ 23,000 | $ 332,000 | $ 758,000 | $ (54,000) | $ 193,000 | (1,223,000) | 1,229,000 | 15,431,000 |
Effective Tax Rate Reconciliation [Abstract] | |||||||||||
Computed "expected" income tax (benefit) expense | (710,000) | (1,046,000) | (1,227,000) | ||||||||
Permanent differences, net | (108,000) | (128,000) | 32,000 | ||||||||
Foreign tax rate differential | 23,000 | 165,000 | (12,000) | ||||||||
State income taxes, net of federal income tax benefit | (71,000) | (93,000) | 82,000 | ||||||||
Non-deductible stock compensation expense | 174,000 | 110,000 | (161,000) | ||||||||
Impact of Adoption of ASU 2016-09 | (486,000,000) | 0 | 0 | ||||||||
Impact Of Foreign Rate Changes | 0 | 30,000 | 89,000 | ||||||||
Impact Of US Changes | 2,521,000 | 0 | 0 | ||||||||
Tax credits | (14,000) | (89,000) | (169,000) | ||||||||
Change in reserve for uncertain tax position | (58,000) | 127,000 | 35,000 | ||||||||
Impact of change to prior year tax accruals | 72,000 | 291,000 | 370,000 | ||||||||
U.S. tax on actual and deemed dividends from foreign subsidiaries | 3,149,000 | 497,000 | 0 | ||||||||
Foreign withholding taxes | 38,000 | 74,000 | 0 | ||||||||
Conversion of U.S. foreign tax credits from credit to deduction | 648,000 | 1,772,000 | 0 | ||||||||
Loss on subsidiary stock sale without benefit | 0 | 501,000 | 0 | ||||||||
Change in valuation allowance allocated to income tax expense (benefit) | (6,393,000) | (983,000) | 16,401,000 | ||||||||
Other | (8,000) | 1,000 | (9,000) | ||||||||
Income Tax Expense, Total | (1,172,000) | 7,000 | (81,000) | 23,000 | 332,000 | 758,000 | (54,000) | 193,000 | (1,223,000) | 1,229,000 | 15,431,000 |
Operating Income (Loss) [Abstract] | |||||||||||
Income From Continuing Operations, Domestic | (3,129,000) | (3,107,000) | (3,331,000) | ||||||||
Income from continuing operations, Foreign | 1,041,000 | 29,000 | (277,000) | ||||||||
(Loss) income before income taxes | $ (173,000) | $ (410,000) | $ (462,000) | $ (1,043,000) | $ (988,000) | $ (880,000) | $ (767,000) | $ (443,000) | $ (2,088,000) | $ (3,078,000) | $ (3,608,000) |
Income Tax (Details 2)
Income Tax (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Components Of Deferred Tax Assets And Liabilities [Abstract] | ||
Accounts receivable | $ 93 | $ 170 |
Inventory | 891 | 1,336 |
Operating loss and credit carryforwards | 8,287 | 12,586 |
Property, plant and equipment | 3 | 5 |
Pension liabilities | 151 | 631 |
Contingent consideration | 2,273 | 3,262 |
Stock compensation expense | 1,667 | 2,076 |
Other assets | 119 | 23 |
Total gross deferred assets | 13,484 | 20,089 |
Less: valuation allowance | (11,447) | (17,840) |
Deferred tax assets | 2,037 | 2,249 |
Deferred tax liabilities: | ||
Deferred Tax Liabilities Indefinite Lived Intangible Assets | 3,166 | 4,567 |
Deferred Tax Liabilities Definite Lived Intangible Assets | 2,383 | 2,593 |
Deferred Tax Liabilities, Other | 270 | 349 |
Total Deferred Tax Liabilities | 5,819 | 7,509 |
Net Deferred Tax Assets | (3,782) | (5,260) |
Reconciliation Of Uncertain Tax Liabilities [abstract] | ||
Beginning Balance | 406 | 285 |
Additions based on current year tax positions | 59 | |
Additions based on tax positions of prior years | 62 | |
Decreases based on tax positions of prior years | (53) | |
Settlements | (30) | |
Ending Balance | $ 323 | $ 406 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Benefit Plans Disclosure [Abstract] | |||
Defined Contribution Plan Payments In Current Fiscal Year | $ 600,000 | $ 600,000 | $ 500,000 |
Defined Benefit Plan, Accumulated Benefit Obligation | 21,100,000 | 19,200,000 | |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 700,000 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | The discount rate assumptions used for pension accounting reflect the prevailing rates available on high-quality, fixed-income debt instruments with terms that match the average expected duration of the Company’s defined benefit pension plan obligations. The Company uses the iBoxx AA 15yr+ index, which matches the average duration of its pension plan liability of approximately 15 years. With the current base of assets in the pension plans, a one percent increase/decrease in the discount rate assumption would decrease/increase annual pension expense by approximately $##D . | ||
Defined Benefit Plan Increase (Decrease) In Discount Rate Percentage | 0.10% | ||
Defined Benefit Plan Average Pension Plan Liability | 15 years | ||
Defined Benefit Plan Increase (Decrease) In Discount Rate Value | $ 12,000 | ||
Defined Benefit Plan Increase (Decrease) In Asset Return Percentage | 0.10% | ||
Defined Benefit Plan Average Remaining Work Lifetime | 15 years | ||
Defined Benefit Plan Increase (Decrease) In Asset Return Value | $ 200,000 | ||
Defined Benefit Plan Payments In Current Fiscal Year | 689,000 | 694,000 | |
Unrealized losses on pension benefit obligation, net of tax | (1,500,000) | $ 178,000 | $ (1,277,000) |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 500,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 600,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 600,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 600,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 700,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $ 4,200,000 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | The discount rate assumptions used for pension accounting reflect the prevailing rates available on high-quality, fixed-income debt instruments with terms that match the average expected duration of the Company’s defined benefit pension plan obligations. The Company uses the iBoxx AA 15yr+ index, which matches the average duration of its pension plan liability of approximately 15 years. With the current base of assets in the pension plans, a one percent increase/decrease in the discount rate assumption would decrease/increase annual pension expense by approximately $##D . |
Employee Benefit Plans (Details
Employee Benefit Plans (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Benefit Plans Disclosure [Abstract] | |||
Service Cost | $ 0 | $ 0 | $ 0 |
Interest Cost | 524 | 632 | 711 |
Expected Return on Plan Assets | (663) | (683) | (668) |
Net Amortization Loss | 362 | 304 | 306 |
Curtailment Gain | 0 | 0 | 0 |
Net Periodic Benefit Cost, Total | 223 | 253 | 349 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 19,214 | 18,582 | |
Service Cost for Defined Benefit Plan | 0 | 0 | |
Interest Cost | 524 | 632 | 711 |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 26 | 4,636 | |
Defined Benefit Plan, Benefits Paid | (514) | (982) | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | 1,876 | (3,654) | |
Defined Benefit Plan, Benefit Obligation | 21,126 | 19,214 | 18,582 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 16,252 | 15,767 | |
Defined Benefit Plan, Actual Return on Plan Assets | 1,871 | 3,868 | |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | |
Defined Benefit Plan Payments In Current Fiscal Year | 689 | 694 | |
Defined Benefit Plan, Benefits Paid | (514) | (982) | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 1,674 | (3,095) | |
Defined Benefit Plan, Fair Value of Plan Assets | 19,972 | 16,252 | $ 15,767 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Defined Benefit Plan Funded Status Of Plan | (1,154) | (2,962) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Deferred Income Taxes On Pension Liabilities | 196 | 504 | |
Pension Defined Benefit Plans, Liabilities | (1,154) | (2,962) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (958) | (2,458) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (958) | $ (2,458) |
Employee Benefit Plans (Detai87
Employee Benefit Plans (Details 2) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.43% | 2.62% | 3.57% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 3.86% | 4.68% | 4.43% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0.00% | 0.00% | 0.00% |
Employee Benefit Plans (Detai88
Employee Benefit Plans (Details 3) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 19,972 | $ 16,252 | $ 15,767 |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 856 | $ 228 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 19,116 | 16,024 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 10,774 | $ 8,577 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 54.00% | 53.00% | |
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 3,204 | $ 7,447 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 16.00% | 46.00% | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 856 | $ 228 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 4.00% | 1.00% | |
Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 453 | $ 0 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 2.00% | 0.00% | |
Liability Driven Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 4,685 | $ 0 | |
Defined Benefit Plan, Actual Plan Asset Allocations | 24.00% | 0.00% |
Employee Benefit Plans (Detai89
Employee Benefit Plans (Details 4) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 16,252 | $ 15,767 |
Defined Benefit Plan, Fair Value of Plan Assets | 19,972 | 16,252 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Capital Stock (Narratives) (Det
Capital Stock (Narratives) (Details) - USD ($) | Apr. 28, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Apr. 03, 2015 |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 85.00% | |||||
Share based payment chane in accounting principle | $ 0 | |||||
Employee Stock Purchase Plan Shares Authorized | 1,050,000 | 1,050,000 | ||||
Stock issued during the year, Shares, Employee Stock Purchase Plans | 76,215 | 81,228 | 58,823 | 801,454 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 17,508,929 | |||||
Increase In Number Of Shares Authorized For Issuance Under Stock Option And Incentive Plan | 2,500,000 | |||||
Equity Instruments Other than Options, Grants in Period | 1,298,371 | 1,095,190 | 254,685 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,741,298 | 5,351,261 | 5,521,283 | |||
Percentage Of Outstanding Common Stock | 20.00% | 20.00% | ||||
Incentive Stock Options Granted To Date | 10,218,057 | 10,218,057 | 10,218,057 | |||
Non Qualified Stock Options Granted To Date | 13,369,074 | 13,131,374 | 13,088,374 | 13,369,074 | ||
Common Stock Market Value Per Share On Reporting Date | $ 3.3 | $ 3.3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 100,000 | $ 100,000 | $ 800,000 | |||
In The Money Stock Options Exercisable At The Reporting Date | 824,869 | 824,869 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 4,000,000 | $ 4,000,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month 25 days | |||||
Annualized Estimated Forfeiture Rate | 0.00% | 8.41% | 8.06% | |||
Weighted Average Estimated Black Scholes Value Of Option Grants | $ 1.32 | $ 1.21 | $ 2.12 | |||
Preferred Stock - Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 80,000 | |||||
Accelerated Share Based Compensation Expense | $ 100,000 | |||||
Market Condition Restricted Stock Unit [Member] | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||||
Equity Instruments Other than Options, Grants in Period | 0 | 0 | 196,785 |
Capital Stock (Details 1)
Capital Stock (Details 1) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 03, 2015 | |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Opening Balance Stock Options Outstanding | 4,096,818 | 5,022,186 | 6,263,112 | |
Begining Balance Weighted Average Exercise Price | $ 3.94 | $ 3.85 | $ 3.42 | |
Increase In Number Of Shares Authorized For Issuance Under Stock Option And Incentive Plan | 2,500,000 | |||
Options, Grants in Period, Gross | 237,700 | 43,000 | 945,000 | |
Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.24 | $ 3.1 | $ 5.31 | |
Stock option exercises during the year, Shares | (143,000) | (375,000) | (1,772,000) | |
Options, Forfeitures and Expirations in Period | (410,883) | (593,596) | (413,864) | |
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 3.93 | $ 3.84 | $ 4.15 | |
Closing Balance Stock Options Outstanding | 3,780,244 | 4,096,818 | 5,022,186 | |
Closing Balance Weighted Average Exercise Price | $ 3.95 | $ 3.94 | $ 3.85 | |
Begining Balance Restricted Stock Units Outstanding | 1,072,653 | 313,559 | 306,397 | |
Equity Instruments Other than Options, Grants in Period | 1,298,371 | 1,095,190 | 254,685 | |
Equity Instruments Other than Options, Vested in Period | (488,570) | (301,520) | (237,188) | |
Closing Balance Restricted Stock Units Outstanding | 1,796,927 | 1,072,653 | 313,559 | |
Begining Balance Grant Date Fair Value Of Restricted Stock Units | $ 3.15 | $ 5.29 | $ 4.3 | |
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 2.49 | 2.92 | 5.56 | |
Closing Balance Grant Date Fair Value Of Restricted Stock Units | $ 2.69 | $ 3.15 | $ 5.29 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Fair Value Assumptions, Expected Volatility Rate | 41.63% | 41.97% | 40.97% | |
Fair Value Assumptions, Risk Free Interest Rate | 2.03% | 1.29% | 1.72% | |
Fair Value Assumptions, Expected Term | 5 years 4 months 28 days | 5 years 2 months 15 days | 5 years 6 months | |
Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | |
Options, Exercises in Period, Weighted Average Exercise Price | $ 2.48 | $ 2.8 | $ 3.04 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 3.05 | $ 3.89 | $ 5.56 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (85,527) | (34,576) | (10,335) | |
Preferred Stock - Shares Authorized | 5,000,000 | 5,000,000 | ||
Market Condition Restricted Stock Unit [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Begining Balance Restricted Stock Units Outstanding | 182,150 | 185,538 | 0 | |
Equity Instruments Other than Options, Grants in Period | 0 | 0 | 196,785 | |
Equity Instruments Other than Options, Vested in Period | 0 | 0 | 0 | |
Closing Balance Restricted Stock Units Outstanding | 164,127 | 182,150 | 185,538 | |
Begining Balance Grant Date Fair Value Of Restricted Stock Units | $ 4.81 | $ 4.81 | $ 0 | |
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | 4.81 | 4.81 | |
Closing Balance Grant Date Fair Value Of Restricted Stock Units | 4.81 | 4.81 | $ 4.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Fair Value Assumptions, Expected Volatility Rate | 35.88% | |||
Fair Value Assumptions, Risk Free Interest Rate | 0.99% | |||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Correlation Coefficient | 0.25% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 4.81 | $ 4.81 | $ 4.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (18,023) | (3,388) | (11,247) |
Capital Stock (Details 2)
Capital Stock (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | $ 3,500 | $ 3,497 | $ 2,755 |
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract] | |||
Basic | 34,753,325 | 34,211,521 | 33,592,775 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 0 |
Diluted | 34,753,325 | 34,211,521 | 33,592,775 |
Cost of Sales [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | $ 63 | $ 60 | $ 70 |
Research and Development Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | 139 | 111 | 97 |
Selling and Marketing Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | 595 | 546 | 418 |
General and Administrative Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | $ 2,703 | $ 2,780 | $ 2,170 |
Capital Stock (Details 3)
Capital Stock (Details 3) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,780,244 | 4,096,818 | 5,022,186 | 6,263,112 |
Two Dollars Two Cents To Two Dollars Thirty Seven Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 415,024 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 2 months 19 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 457,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 415,024 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 2 months 19 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 2.2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 457,000 | |||
Two Dollars Thirty Eight Cents to Two Dollars Ninety Four Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 357,095 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 9 months 10 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.58 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 257,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 315,845 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 3 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 2.57 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 231,000 | |||
Two Dollars Ninety Five Cents to Three Dollars Fifty Nine Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 321,239 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 months 20 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.3 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 79,039 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 11 months 4 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 3.35 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Three Dollars Sixty Cents To Three Dollars Ninety Five Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 277,429 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 5 months 19 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.65 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 273,679 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 5 months 15 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 3.65 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Three Dollars Ninety Six Cents to Four Dollars Eleven Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 252,282 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 5 months 26 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 4.04 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 250,782 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 5 months 19 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 4.04 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Four Dollars Twelve Cents To Four Dollars Seventeen Cents[Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 607,875 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 4 months 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 4.12 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 452,750 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 4 months 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 4.12 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Four Dollars Eighteen Cents To Four Dollars Twenty Six Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 71,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 7 months 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 4.21 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 55,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 7 months 17 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 4.21 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Four Dollars Twenty Seven Cents To Four Dollars Forty One Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 750,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 10 months 17 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 4.31 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 750,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 10 months 17 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 4.31 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Four Dollars Forty Two Cents To Five Dollars Fifty One Cents[Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 462,300 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 1 month 20 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 5.37 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 273,175 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 1 month 9 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 5.31 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Five Dollars Fifty Two Cents To Five Dollars Sixty Three Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 265,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 4 months 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 5.56 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 132,750 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 4 months 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 5.56 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Two Dollars Two Cents To Five Dollars Sixty Three Cents [Member] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,780,244 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 7 months 9 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.95 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 714,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,998,544 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 7 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 3.84 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 688,000 |
Related Party Transactions (Nar
Related Party Transactions (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 1,900,000 | $ 1,800,000 | $ 2,100,000 |
Multi Channel Systems MCS GmbH [Member] | |||
Business Acquisition [Line Items] | |||
Operating Leases, Rent Expense, Net | 200,000 | 200,000 | 200,000 |
Triangle BioSystems, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 42,000 | $ 42,000 | $ 42,000 |
Segment and Related Informati95
Segment and Related Information (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment and Related Information Disclosure [Abstract] | |||||||||||
Revenues | $ 27,463 | $ 25,050 | $ 25,213 | $ 24,156 | $ 26,415 | $ 25,007 | $ 26,136 | $ 26,963 | $ 101,882 | $ 104,521 | $ 108,664 |
Segment and Related Informati96
Segment and Related Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 27,463 | $ 25,050 | $ 25,213 | $ 24,156 | $ 26,415 | $ 25,007 | $ 26,136 | $ 26,963 | $ 101,882 | $ 104,521 | $ 108,664 |
Net Assets | 80,900 | 77,598 | 80,900 | 77,598 | |||||||
Long-lived assets, net | 20,100 | 21,767 | 20,100 | 21,767 | |||||||
Segment, Geographical, United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 66,198 | 65,179 | 64,766 | ||||||||
Net Assets | 30,698 | 22,312 | 30,698 | 22,312 | |||||||
Long-lived assets, net | 10,127 | 12,004 | 10,127 | 12,004 | |||||||
Segment, Geographical, Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 11,162 | 13,477 | 15,755 | ||||||||
Net Assets | 18,354 | 18,512 | 18,354 | 18,512 | |||||||
Long-lived assets, net | 5,793 | 5,504 | 5,793 | 5,504 | |||||||
Segment, Geographical, United Kingdom [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 15,042 | 16,421 | 18,051 | ||||||||
Net Assets | 14,376 | 17,908 | 14,376 | 17,908 | |||||||
Long-lived assets, net | 966 | 918 | 966 | 918 | |||||||
Rest Of The World [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 9,480 | 9,444 | 10,092 | ||||||||
Net Assets | 17,472 | 18,866 | 17,472 | 18,866 | |||||||
Long-lived assets, net | 3,214 | 3,341 | 3,214 | 3,341 | |||||||
Total [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 101,882 | 104,521 | $ 108,664 | ||||||||
Net Assets | 80,900 | 77,598 | 80,900 | 77,598 | |||||||
Long-lived assets, net | $ 20,100 | $ 21,767 | $ 20,100 | $ 21,767 |
Allowance for doubtful debts (D
Allowance for doubtful debts (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves Roll Forward [Abstract] | |||
Beginning Balance | $ 611 | $ 310 | $ 328 |
Charged To Bad Debt Expense | (109) | 309 | (4) |
Charged To Allowance | (68) | 11 | 4 |
Valuation Allowances And Reserves Currency Translation | 20 | (19) | (18) |
Ending Balance | $ 454 | $ 611 | $ 310 |
Warranties (Details 1)
Warranties (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Product Warranty Disclosure [Abstract] | |||
Warranty, Beginning Balance | $ 193,000 | $ 147,000 | $ 252,000 |
Warranty payments | (7,000) | (97,000) | (81,000) |
Warranty additions | 60,000 | 143,000 | (24,000) |
Warranty, Ending Balance | $ 246,000 | $ 193,000 | $ 147,000 |
Quarterly Financial Informati99
Quarterly Financial Information (unaudited) (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 27,463 | $ 25,050 | $ 25,213 | $ 24,156 | $ 26,415 | $ 25,007 | $ 26,136 | $ 26,963 | $ 101,882 | $ 104,521 | $ 108,664 |
Cost of revenues (exclusive of items shown separately below) | 14,291 | 13,411 | 13,926 | 12,657 | 14,310 | 13,317 | 14,461 | 14,018 | 54,285 | 56,106 | 59,941 |
Gross profit | 13,172 | 11,639 | 11,287 | 11,499 | 12,105 | 11,690 | 11,675 | 12,945 | 47,597 | 48,415 | 48,723 |
Total operating expenses | 12,499 | 11,775 | 11,286 | 12,138 | 13,228 | 12,503 | 12,515 | 13,166 | 47,698 | 51,412 | 50,436 |
Operating income | 673 | (136) | 1 | (639) | (1,123) | (813) | (840) | (221) | (101) | (2,997) | (1,713) |
Other expense, net | (846) | (274) | (463) | (404) | 135 | (67) | 73 | (222) | (1,987) | (81) | (1,895) |
(Loss) income before income taxes | (173) | (410) | (462) | (1,043) | (988) | (880) | (767) | (443) | (2,088) | (3,078) | (3,608) |
Total Income Tax Expense | (1,172) | 7 | (81) | 23 | 332 | 758 | (54) | 193 | (1,223) | 1,229 | 15,431 |
Net income (loss) | $ 999 | $ (417) | $ (381) | $ (1,066) | $ (1,320) | $ (1,638) | $ (713) | $ (636) | $ (865) | $ (4,307) | $ (19,039) |
Earnings (loss) per share: | |||||||||||
Basic earnings per common share | $ 0.03 | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.04) | $ (0.05) | $ (0.02) | $ (0.02) | $ (0.02) | $ (0.13) | $ (0.57) |
Diluted Earnings Per Common Share | $ 0.03 | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.04) | $ (0.05) | $ (0.02) | $ (0.02) | $ (0.02) | $ (0.13) | $ (0.57) |
Subsequent Events (Narratives)
Subsequent Events (Narratives) (Details) - Subsequent events - Denville $ in Millions | 1 Months Ended |
Jan. 22, 2018USD ($) | |
Disposition | |
Cash proceeds from sale of business | $ 20 |
Earn-Out provision | 3 |
Considerations received | $ 17 |
Subsequent Events (Disposition)
Subsequent Events (Disposition) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||
Accounts receivable, net | $ 16,236 | $ 15,746 |
Inventories | 21,353 | 19,955 |
Property, plant and equipment, net | 4,140 | 4,296 |
Amortizable intangible assets, net | 15,960 | $ 17,471 |
Denville | ||
Subsequent Event [Line Items] | ||
Accounts receivable, net | 2,854 | |
Inventories | 4,457 | |
Property, plant and equipment, net | 396 | |
Amortizable intangible assets, net | 5,930 | |
Accounts payable and accrued expenses | $ 1,720 |
Subsequent Events (Acquisition)
Subsequent Events (Acquisition) (Details) $ in Millions | Jan. 31, 2018USD ($) |
DSI | |
Subsequent Event | |
Acquisition costs | $ 70 |
Subsequent Events (Narratives 2
Subsequent Events (Narratives 2) (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Mar. 31, 2018 | Feb. 16, 2018 | Jan. 22, 2018 | Dec. 31, 2017 |
Debt agreements | |||||
Debt outstanding | $ 11,900 | $ 11,899 | |||
Notional amount | 36,000 | ||||
Term loan | 64,000 | ||||
Advance of line of credit facility | 4,800 | ||||
Available borrowing capacity under revolving line of credit | 14,500 | ||||
Subsequent events | Senior Secured Credit Facilities | |||||
Debt agreements | |||||
Payment frequency | monthly | ||||
Subsequent events | Term Loan | |||||
Debt agreements | |||||
quarterly installments next three quarters thereafter | $ 400 | ||||
quarterly installments next four quarters thereafter | 600 | ||||
quarterly installments per quarters thereafter | $ 800 | ||||
Payment frequency | quarterly | ||||
Subsequent events | Interest rate swap | |||||
Debt agreements | |||||
Notional amount | $ 36,000 | ||||
Subsequent events | DSI | Senior Secured Credit Facilities | |||||
Debt agreements | |||||
Available borrowing capacity under revolving line of credit | 14,500 | ||||
Subsequent events | DSI | Term Loan | |||||
Debt agreements | |||||
Term loan | 64,000 | ||||
Subsequent events | DSI | Line of credit | |||||
Debt agreements | |||||
Maximum borrowing under the revolving line of credit | 25,000 | ||||
Advance of line of credit facility | $ 4,800 | ||||
Subsequent events | Denville | Third Amended and Restated Credit Agreement | |||||
Debt agreements | |||||
Debt outstanding | $ 11,900 |