Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | TPIC | |
Entity Registrant Name | TPI Composites, Inc. | |
Entity Central Index Key | 0001455684 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 37,070,744 | |
Entity Address, State or Province | AZ | |
Entity File Number | 001-37839 | |
Entity Tax Identification Number | 20-1590775 | |
Entity Address, Address Line One | 8501 N. Scottsdale Rd. | |
Entity Address, Address Line Two | Gainey Center II, Suite 100 | |
Entity Address, Postal Zip Code | 85253 | |
City Area Code | 480 | |
Local Phone Number | 305-8910 | |
Entity Address, City or Town | Scottsdale | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 119,005 | $ 129,857 |
Restricted cash | 153 | 339 |
Accounts receivable | 178,104 | 132,768 |
Contract assets | 244,774 | 216,928 |
Prepaid expenses | 22,916 | 29,507 |
Other current assets | 22,613 | 27,921 |
Inventories | 11,251 | 10,839 |
Total current assets | 598,816 | 548,159 |
Property, plant and equipment, net | 192,326 | 209,001 |
Operating lease right of use assets | 146,794 | 158,827 |
Other noncurrent assets | 24,653 | 40,270 |
Total assets | 962,589 | 956,257 |
Current liabilities: | ||
Accounts payable and accrued expenses | 346,272 | 295,992 |
Accrued warranty | 42,479 | 50,852 |
Current maturities of long-term debt | 251,563 | 32,551 |
Current operating lease liabilities | 22,939 | 26,099 |
Contract liabilities | 0 | 614 |
Total current liabilities | 663,253 | 406,108 |
Long-term debt, net of current maturities | 10,566 | 184,316 |
Noncurrent operating lease liabilities | 149,742 | 155,925 |
Other noncurrent liabilities | 7,964 | 8,873 |
Total liabilities | 831,525 | 755,222 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Common shares, $0.01 par value, 100,000 shares authorized, 37,279 shares issued and 37,071 shares outstanding at September 30, 2021 and 100,000 shares authorized, 36,771 shares issued and 36,564 shares outstanding at December 31, 2020 | 373 | 368 |
Paid-in capital | 361,987 | 349,472 |
Accumulated other comprehensive loss | (43,176) | (32,990) |
Accumulated deficit | (181,987) | (109,716) |
Treasury stock, at cost, 208 shares at September 30, 2021 and 207 shares at December 31, 2020 | (6,133) | (6,099) |
Total stockholders’ equity | 131,064 | 201,035 |
Total liabilities and stockholders’ equity | $ 962,589 | $ 956,257 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 37,279,000 | 36,771,000 |
Common stock, shares outstanding | 37,071,000 | 36,564,000 |
Treasury stock, shares | 208,000 | 207,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 479,599 | $ 474,113 | $ 1,343,120 | $ 1,204,566 |
Cost of sales | 472,188 | 425,064 | 1,295,660 | 1,141,183 |
Startup and transition costs | 14,541 | 8,576 | 38,994 | 31,530 |
Total cost of goods sold | 486,729 | 433,640 | 1,334,654 | 1,172,713 |
Gross profit (loss) | (7,130) | 40,473 | 8,466 | 31,853 |
General and administrative expenses | 8,185 | 9,263 | 23,819 | 25,646 |
Loss on sale of assets and asset impairments | 7,250 | 2,160 | 9,998 | 5,518 |
Restructuring charges, net | 1,422 | 45 | 3,876 | 343 |
Income (loss) from operations | (23,987) | 29,005 | (29,227) | 346 |
Other income (expense): | ||||
Interest expense, net | (2,662) | (3,093) | (8,057) | (7,409) |
Foreign currency income (loss) | 3,958 | (17,127) | (6,273) | (18,095) |
Miscellaneous income | 262 | 1,259 | 1,322 | 2,893 |
Total other income (expense) | 1,558 | (18,961) | (13,008) | (22,611) |
Income (loss) before income taxes | (22,429) | 10,044 | (42,235) | (22,265) |
Income tax benefit (provision) | (8,248) | 32,338 | (30,036) | (1,946) |
Net income (loss) | $ (30,677) | $ 42,382 | $ (72,271) | $ (24,211) |
Weighted-average common shares outstanding: | ||||
Basic | 37,052 | 35,546 | 36,846 | 35,354 |
Diluted | 37,052 | 37,423 | 36,846 | 35,354 |
Net income (loss) per common share: | ||||
Basic | $ (0.83) | $ 1.19 | $ (1.96) | $ (0.68) |
Diluted | $ (0.83) | $ 1.13 | $ (1.96) | $ (0.68) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (30,677) | $ 42,382 | $ (72,271) | $ (24,211) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (889) | (1,662) | (6,184) | (13,175) |
Unrealized gain (loss) on hedging derivatives, net of taxes of $(394), $(1,100), $342 and $0, respectively | (728) | 2,961 | (4,002) | (1,159) |
Comprehensive income (loss) | $ (32,294) | $ 43,681 | $ (82,457) | $ (38,545) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on hedging derivatives | $ (394) | $ (1,100) | $ 342 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Treasury Stock, at Cost [Member] |
Beginning balance at Dec. 31, 2019 | $ 205,050 | $ 353 | $ 322,906 | $ (23,612) | $ (90,689) | $ (3,908) |
Beginning balance, shares at Dec. 31, 2019 | 35,326 | |||||
Net income (loss) | (492) | (492) | ||||
Share-based compensation expense | 2,970 | 2,970 | ||||
Issuances under share-based compensation plan | 862 | $ 1 | 861 | |||
Issuances under share-based compensation plan, shares | 109 | |||||
Common stock repurchased for treasury | (459) | (459) | ||||
Other comprehensive income (loss) | (16,893) | (16,893) | ||||
Ending balance at Mar. 31, 2020 | 191,038 | $ 354 | 326,737 | (40,505) | (91,181) | (4,367) |
Ending balance, shares at Mar. 31, 2020 | 35,435 | |||||
Beginning balance at Dec. 31, 2019 | 205,050 | $ 353 | 322,906 | (23,612) | (90,689) | (3,908) |
Beginning balance, shares at Dec. 31, 2019 | 35,326 | |||||
Net income (loss) | (24,211) | |||||
Ending balance at Sep. 30, 2020 | 181,452 | $ 359 | 338,355 | (37,946) | (114,900) | (4,416) |
Ending balance, shares at Sep. 30, 2020 | 35,911 | |||||
Beginning balance at Mar. 31, 2020 | 191,038 | $ 354 | 326,737 | (40,505) | (91,181) | (4,367) |
Beginning balance, shares at Mar. 31, 2020 | 35,435 | |||||
Net income (loss) | (66,101) | (66,101) | ||||
Share-based compensation expense | 2,186 | 2,186 | ||||
Issuances under share-based compensation plan | 511 | $ 1 | 510 | |||
Issuances under share-based compensation plan, shares | 81 | |||||
Common stock repurchased for treasury | (49) | (49) | ||||
Other comprehensive income (loss) | 1,260 | 1,260 | ||||
Ending balance at Jun. 30, 2020 | 128,845 | $ 355 | 329,433 | (39,245) | (157,282) | (4,416) |
Ending balance, shares at Jun. 30, 2020 | 35,516 | |||||
Net income (loss) | 42,382 | 42,382 | ||||
Share-based compensation expense | 2,434 | 2,434 | ||||
Issuances under share-based compensation plan | 6,492 | $ 4 | 6,488 | |||
Issuances under share-based compensation plan, shares | 395 | |||||
Other comprehensive income (loss) | 1,299 | 1,299 | ||||
Ending balance at Sep. 30, 2020 | 181,452 | $ 359 | 338,355 | (37,946) | (114,900) | (4,416) |
Ending balance, shares at Sep. 30, 2020 | 35,911 | |||||
Beginning balance at Dec. 31, 2020 | 201,035 | $ 368 | 349,472 | (32,990) | (109,716) | (6,099) |
Beginning balance, shares at Dec. 31, 2020 | 36,771 | |||||
Net income (loss) | (1,797) | (1,797) | ||||
Share-based compensation expense | 2,494 | 2,494 | ||||
Issuances under share-based compensation plan | 1,236 | $ 1 | 1,235 | |||
Issuances under share-based compensation plan, shares | 149 | |||||
Common stock repurchased for treasury | (34) | (34) | ||||
Other comprehensive income (loss) | (8,326) | (8,326) | ||||
Ending balance at Mar. 31, 2021 | 194,608 | $ 369 | 353,201 | (41,316) | (111,513) | (6,133) |
Ending balance, shares at Mar. 31, 2021 | 36,920 | |||||
Beginning balance at Dec. 31, 2020 | 201,035 | $ 368 | 349,472 | (32,990) | (109,716) | (6,099) |
Beginning balance, shares at Dec. 31, 2020 | 36,771 | |||||
Net income (loss) | (72,271) | |||||
Ending balance at Sep. 30, 2021 | 131,064 | $ 373 | 361,987 | (43,176) | (181,987) | (6,133) |
Ending balance, shares at Sep. 30, 2021 | 37,279 | |||||
Beginning balance at Mar. 31, 2021 | 194,608 | $ 369 | 353,201 | (41,316) | (111,513) | (6,133) |
Beginning balance, shares at Mar. 31, 2021 | 36,920 | |||||
Net income (loss) | (39,797) | (39,797) | ||||
Share-based compensation expense | 2,836 | 2,836 | ||||
Issuances under share-based compensation plan | 3,493 | $ 3 | 3,490 | |||
Issuances under share-based compensation plan, shares | 328 | |||||
Other comprehensive income (loss) | (243) | (243) | ||||
Ending balance at Jun. 30, 2021 | 160,897 | $ 372 | 359,527 | (41,559) | (151,310) | (6,133) |
Ending balance, shares at Jun. 30, 2021 | 37,248 | |||||
Net income (loss) | (30,677) | (30,677) | ||||
Share-based compensation expense | 1,946 | 1,946 | ||||
Issuances under share-based compensation plan | 515 | $ 1 | 514 | |||
Issuances under share-based compensation plan, shares | 31 | |||||
Other comprehensive income (loss) | (1,617) | (1,617) | ||||
Ending balance at Sep. 30, 2021 | $ 131,064 | $ 373 | $ 361,987 | $ (43,176) | $ (181,987) | $ (6,133) |
Ending balance, shares at Sep. 30, 2021 | 37,279 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (72,271) | $ (24,211) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 37,399 | 36,675 |
Loss on sale of assets and asset impairments | 9,998 | 5,518 |
Share-based compensation expense | 7,267 | 7,947 |
Amortization of debt issuance costs | 342 | 237 |
Deferred income taxes | 17,201 | (9,375) |
Changes in assets and liabilities: | ||
Accounts receivable | (51,617) | 27,723 |
Contract assets and liabilities | (31,715) | (48,185) |
Operating lease right of use assets and operating lease liabilities | 2,690 | 14,370 |
Inventories | (560) | (7,986) |
Prepaid expenses | 6,288 | (6,066) |
Other current assets | 5,007 | 7,827 |
Other noncurrent assets | (1,857) | 338 |
Accounts payable and accrued expenses | 52,869 | 19,510 |
Accrued warranty | (8,373) | 5,957 |
Other noncurrent liabilities | (909) | 3,586 |
Net cash provided by (used in) operating activities | (28,241) | 33,865 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (30,138) | (53,428) |
Net cash used in investing activities | (30,138) | (53,428) |
Cash flows from financing activities: | ||
Proceeds from revolving and term loans | 18,109 | 80,000 |
Repayments of revolving and term loans | 0 | (7,199) |
Net repayments of accounts receivable financing | 0 | (3,979) |
Proceeds from working capital loans | 10,334 | 0 |
Principal repayments of finance leases | (4,249) | (4,592) |
Net proceeds from other debt | 18,909 | 32,311 |
Debt issuance costs | 0 | (730) |
Proceeds from exercise of stock options | 5,211 | 7,124 |
Repurchase of common stock including shares withheld in lieu of income taxes | (34) | (508) |
Net cash provided by financing activities | 48,280 | 102,427 |
Impact of foreign exchange rates on cash, cash equivalents and restricted cash | (939) | (3,204) |
Net change in cash, cash equivalents and restricted cash | (11,038) | 79,660 |
Cash, cash equivalents and restricted cash, beginning of year | 130,196 | 71,749 |
Cash, cash equivalents and restricted cash, end of period | 119,158 | 151,409 |
Supplemental cash flow information: | ||
Cash paid for interest | 7,818 | 6,871 |
Cash paid for income taxes, net of refunds | 19,487 | 11,642 |
Noncash investing and financing activities: | ||
Right of use assets obtained in exchange for new operating lease liabilities | 9,190 | 67,705 |
Property, plant, and equipment obtained in exchange for new finance lease liabilities | 1,817 | 131 |
Accrued capital expenditures in accounts payable | 4,966 | 7,769 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents | 129,857 | 70,282 |
Restricted cash | 339 | 992 |
Restricted cash included within other noncurrent assets | $ 0 | $ 475 |
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ 119,158 | $ 151,409 |
Cash and cash equivalents | 119,005 | 149,422 |
Restricted cash | 153 | 1,987 |
Restricted cash included within other noncurrent assets | $ 0 | $ 0 |
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ 119,158 | $ 151,409 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Present ation The condensed consolidated financial statements included herein have been prepared by us without audit, pursuant to the rules and regulations of the SEC and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020 included in our Annual Report on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted, as permitted by the SEC, although we believe the disclosures that are made are adequate to make the information presented herein not misleading. The accompanying condensed consolidated financial statements reflect, in the opinion of our management, all normal recurring adjustments necessary to present fairly our financial position at September 30, 2021, and the results of our operations, comprehensive income (loss) and cash flows for the periods presented. Interim results for the three and nine months ended September 30, 2021 and 2020 are not necessarily indicative of the results to be expected for the full years. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying condensed consolidated financial statements include the accounts of TPI Composites, Inc. and all of our majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. References to TPI Composites, Inc, the “Company,” “we,” “us” or “our” in these notes refer to TPI Composites, Inc. and its consolidated subsidiaries. Accounting Pronouncements Recently Adopted Accounting Pronouncements Convertible Instruments In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU is intended to simplify the accounting for certain convertible instruments with characteristics of both liability and equity. This ASU removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. As a result, after the adoption of this guidance, an entity’s convertible debt instrument will be wholly accounted for as debt. This ASU also expands disclosure requirements for convertible instruments and simplifies areas of the guidance for diluted earnings-per-share calculations by requiring the use of the if-converted method. This ASU is effective for all public business entities (other than smaller reporting companies) for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020 and can be adopted on either a fully retrospective or modified retrospective basis. An entity should adopt the guidance at the beginning of its annual fiscal year. We adopted this standard on January 1, 2021 on a modified retrospective basis and it did not have a material effect on our condensed consolidated financial statements. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This ASU only applies to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. This ASU is effective for all entities beginning on March 12, 2020 and entities may elect to apply the ASU prospectively through December 31, 2022. The FASB later issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , to clarify the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. We are currently evaluating the impact this guidance may have on our condensed consolidated financial statements and related disclosures. |
Revenue From Contracts with Cus
Revenue From Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue From Contracts with Customers | Note 2. Revenue From Contracts with Customers For a detailed discussion of our revenue recognition policy, refer to the discussion in Note 1, Summary of Operations and Summary of Significant Accounting Policies – (c) Revenue Recognition , to the Notes to Consolidated Financial Statements within our Annual Report on Form 10-K. The following tables represents the disaggregation of our net sales revenue by product for each of our reportable segments: Three Months Ended September 30, 2021 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 35,154 $ 47,187 $ 191,499 $ 126,705 $ 50,180 $ 450,725 Precision molding and — 3,869 4,514 — — 8,383 Transportation sales 3,621 — 3,194 — — 6,815 Other sales 8,927 813 1,125 2,739 72 13,676 Total net sales $ 47,702 $ 51,869 $ 200,332 $ 129,444 $ 50,252 $ 479,599 Three Months Ended September 30, 2020 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 37,272 $ 158,120 $ 153,575 $ 82,550 $ 18,618 $ 450,135 Precision molding and — 4,451 6,090 — — 10,541 Transportation sales 6,206 — 801 — — 7,007 Other sales 3,321 887 1,097 1,090 35 6,430 Total net sales $ 46,799 $ 163,458 $ 161,563 $ 83,640 $ 18,653 $ 474,113 Nine Months Ended September 30, 2021 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 114,208 $ 202,181 $ 431,129 $ 340,933 $ 160,157 $ 1,248,608 Precision molding and — 15,467 15,446 — — 30,913 Transportation sales 22,272 — 7,589 — — 29,861 Other sales 17,269 2,255 7,797 6,227 190 33,738 Total net sales $ 153,749 $ 219,903 $ 461,961 $ 347,160 $ 160,347 $ 1,343,120 Nine Months Ended September 30, 2020 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 99,514 $ 385,536 $ 346,954 $ 258,193 $ 44,338 $ 1,134,535 Precision molding and — 13,088 11,110 — — 24,198 Transportation sales 27,424 — 1,374 — — 28,798 Other sales 9,371 1,889 3,795 1,945 35 17,035 Total net sales $ 136,309 $ 400,513 $ 363,233 $ 260,138 $ 44,373 $ 1,204,566 For a further discussion regarding our operating segments, see Note 14, Segment Reporting . The geographic regions of Europe, the Middle East and Africa comprises the EMEA segment. Contract Assets and Liabilities Contract assets consist of the amount of revenue recognized over time for performance obligations in production where control has transferred to the customer but the contract does not yet allow for the customer to be billed. Typically, customers are billed when the product finishes production and meets the technical specifications contained in the contract. The majority of the contract asset balance relates to materials procured based on customer specifications. The contract assets are recorded as current assets in the condensed consolidated balance sheets. Contract liabilities consist of advance payments in excess of revenue earned. These amounts primarily represent progress payments received as precision molding and assembly systems are being manufactured. The contract liabilities are recorded as current liabilities in the condensed consolidated balance sheets and are reduced as we record revenue over time. These contract assets and liabilities are reported on the condensed consolidated balance sheets net on a contract-by-contract basis at the end of each reporting period. Contract assets and contract liabilities consisted of the following: September 30, December 31, 2021 2020 $ Change (in thousands) Gross contract assets $ 253,878 $ 223,428 $ 30,450 Less: reclassification from contract liabilities ( 9,104 ) ( 6,500 ) ( 2,604 ) Contract assets $ 244,774 $ 216,928 $ 27,846 September 30, December 31, 2021 2020 $ Change (in thousands) Gross contract liabilities $ 9,104 $ 7,114 $ 1,990 Less: reclassification to contract assets ( 9,104 ) ( 6,500 ) ( 2,604 ) Contract liabilities $ — $ 614 $ ( 614 ) Contract assets increased by $ 27.8 million from December 31, 2020 to September 30, 2021 due to an increase in customer specific material purchases and incremental unbilled production during the nine months ended September 30, 2021. Contracts liabilities decreased by $ 0.6 million from December 31, 2020 to September 30, 2021 primarily due to the revenue earned related to precision molding and assembly systems and wind blades being produced exceeding the amounts billed to customers during the nine months ended September 30, 2021. For the three and nine months ended September 30, 2021 , we recognized $ 0.5 million and $ 0.6 million, respectively, of revenue related to precision molding and assembly systems and wind blades, which was included in the corresponding contract liability balance at the beginning of the period. Performance Obligations Remaining performance obligations represent the transaction price for which work has not been performed and excludes any unexercised contract options. The transaction price includes estimated variable consideration as determined based on the estimated production output within the range of the contractual guaranteed minimum volume obligations and production capacity. As of September 30, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations to be satisfied in future periods was approximately $ 3.1 billion. We estimate that we will recognize the remaining performance obligations as revenue as follows: $ % of Total (in thousands) Year Ending December 31, Remainder of 2021 $ 418,708 13.4 % 2022 1,632,634 52.1 2023 898,126 28.6 2024 186,034 5.9 Total remaining performance obligations $ 3,135,502 100.0 % For the three and nine months ended September 30, 2021 , net revenue recognized from our performance obligations satisfied in previous periods decreased by $ 7.3 million and $ 19.8 million, respectively, as compared to increases of $ 14.8 million and $ 15.4 million, respectively, in the same periods in 2020. The current year decreases primarily relates to changes in certain of our estimated total contract values and related direct costs to complete the performance obligations. |
Significant Risks and Uncertain
Significant Risks and Uncertainties | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Significant Risks and Uncertainties | Note 3. Significant Risks and Uncertainties Our revenues and receivables are earned from a small number of customers. As such, our production levels are dependent on these customers’ orders. See Note 13, Concentration of Customers . We may be required to reinstate temporary production suspensions or volume reductions at our manufacturing facilities to the extent there are new resurgences of COVID-19 cases in the regions where we operate or there is an outbreak of positive COVID-19 cases in any of our manufacturing facilities. For example, during the three months ended September 30, 2021 our manufacturing facility in Yangzhou, China was shut down for approximately three weeks due to a small outbreak of positive COVID-19 cases in Yangzhou City. In addition, our global supply chain has been adversely affected by the COVID-19 pandemic during 2021 and may continue to be adversely affected if the COVID-19 pandemic persists. During 2021, there have been both significant price increases and supply constraints with respect to resin and carbon fiber, which are key raw materials that we use to manufacture our products, as well as increases in logistics costs to obtain raw materials. We expect that the price of resin and carbon fiber will remain at elevated levels for the remainder of 2021. Approximately 55 % of the resin and resin systems we use are purchased under contracts either controlled or borne by two of our customers and therefore these customers receive/bear 100 % of any decrease or increase in resin prices. With respect to our other customer supply agreements, our customers typically receive/bear 70 % of any raw material price decreases or increases. If the supply of resin feedstocks and carbon fiber continue to be constrained for an extended period of time, such shortages could impact our ability to meet our customers’ forecasted demand for our products for the remainder of 2021 and have a further material adverse impact on our results of operations for the remainder of 2021. We maintain our U.S. cash in bank deposit and money market accounts that, at times, exceed U.S. federally insured limits. U.S. bank accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) in an amount up to $ 250,000 during 2021 and 2020. U.S. money market accounts are not guaranteed by the FDIC. At September 30, 2021 and December 31, 2020, we had $ 70.5 million and $ 68.9 million, respectively, of cash in bank deposit and money market accounts in U.S. banks, which was in excess of FDIC limits. We have not experienced losses in any such accounts. We also maintain cash in bank deposit accounts outside the U.S. with no insurance. At September 30, 2021, this included $ 20.7 million in China, $ 17.9 million in Turkey, $ 7.3 million in India, $ 1.9 million in Mexico and $ 0.7 million in other countries. As of December 31, 2020, this included $ 47.4 million in China, $ 6.0 million in Turkey, $ 5.0 million in India, $ 2.1 million in Mexico and $ 0.5 million in other countries. We have not experienced losses in these accounts. In addition, at September 30, 2021 and December 31, 2020, we had short-term deposits in interest bearing accounts in China of $ 0.2 million and $ 0.3 million, respectively, which are reported as restricted cash in our condensed consolidated balance sheets. Certain of our debt agreements are either tied to LIBOR or the Euro Interbank Offered Rate (EURIBOR) and certain of them have associated interest rate hedges. Due to the relatively low LIBOR and EURIBOR rates in effect as of September 30, 2021 , a 10 % change in the LIBOR or EURIBOR rate would not have had a material impact on our future earnings, fair values or cash flows. |
Accrued Warranty
Accrued Warranty | 9 Months Ended |
Sep. 30, 2021 | |
Product Warranties Disclosures [Abstract] | |
Accrued Warranty | Note 4. Accrued Warranty The warranty accrual activity for the periods noted consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Warranty accrual at beginning of period $ 47,462 $ 56,772 $ 50,852 $ 47,639 Accrual during the period 5,285 5,963 15,532 14,337 Cost of warranty services provided during the period ( 9,826 ) ( 10,895 ) ( 21,178 ) ( 19,377 ) Changes in estimate for pre-existing warranties, ( 442 ) 1,756 ( 2,727 ) 10,997 Warranty accrual at end of period $ 42,479 $ 53,596 $ 42,479 $ 53,596 |
Long-Term Debt, Net of Current
Long-Term Debt, Net of Current Maturities | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net of Current Maturities | Note 5. Long-Term Debt, Net of Current Maturities Long-term debt, net of current maturities, consisted of the following: September 30, December 31, 2021 2020 (in thousands) Senior revolving loan—U.S. $ 181,154 $ 171,154 Unsecured financing—EMEA 52,683 30,040 Equipment financing—EMEA 1,027 4,335 Secured and unsecured working capital—India 10,334 — Unsecured term loan—India 8,109 — Equipment finance lease—Mexico 6,927 8,038 Equipment finance lease—EMEA 2,459 4,119 Other equipment finance leases 145 232 Total debt—principal 262,838 217,918 Less: Debt issuance costs ( 709 ) ( 1,051 ) Total debt, net of debt issuance costs 262,129 216,867 Less: Current maturities of long-term debt ( 251,563 ) ( 32,551 ) Long-term debt, net of debt issuance costs and $ 10,566 $ 184,316 As of September 30, 2021, we were not in compliance with our Total Net Leverage Ratio financial covenant (as defined in our Credit Agreement) and as a result the lender would have the right to request immediate payment of the senior revolving loan. Our liquidity and capital resources were adversely affected by certain events that occurred during the three months ended September 30, 2021. We experienced significant production delays that occurred at the Matamoros, Mexico manufacturing facility that we took over from Nordex in July 2021, as well as significant production delays in one of our Juarez, Mexico manufacturing facilities in connection with the ongoing transition to an innovative new blade for one of our customers. Although we expect that production will be stabilized in both of these manufacturing facilities by the end of the year, we expect that these transitions will continue to have an adverse impact on our liquidity for the remainder of the year. We also expect decreased demand for our wind blades from our customers during the remainder of 2021 and 2022. We believe this decrease in demand is due to the continued global renewable energy regulatory and policy uncertainty and raw material cost increases and constraints. We believe this decreased demand will also adversely impact our profitability and liquidity for the remainder of 2021 and 2022. Absent any other action or failure to close on item (i) discussed below, we will require additional liquidity to continue operations over the next 12 months . In response to these conditions, we entered into (i) a $ 350 million Series A Preferred Stock Purchase Agreement and (ii) executed a limited 30-day credit agreement waiver through December 8, 2021. Per the terms of the Series A Preferred Stock Purchase Agreement, a portion of the funds raised through the Series A Preferred Stock Purchase Agreement will be used to repay in full amounts outstanding under the Credit Agreement. We also may elect at our option to require the purchaser to purchase an additional $ 50.0 million of Series A Preferred Stock upon the same terms and conditions as the initial issuance of the Series A Preferred Stock during the two-year period following the closing date. Accordingly, we have reclassified the balance outstanding under our senior revolving loan as a current liability as of September 30, 2021. We believe our plans are probable of occurring and sufficient to support ongoing operations for the foreseeable future. See Note 15, Subsequent Events , for a further discussion of the Series A Preferred Stock Purchase Agreement and the limited waiver. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Plans | Note 6. Share-Based Compensation Plans During the nine months ended September 30, 2021 , we issued to certain employees and non-employee directors an aggregate of 168,993 timed-based restricted stock units (RSUs), 58,396 performance-based restricted stock units (PSUs) that vest upon achievement of a cumulative, three-year Adjusted EBITDA target measured from January 1, 2021 through December 31, 2023, and 79,784 PSUs that vest upon achievement of certain stock price hurdles for the period of the grant date through December 31, 2023. All of the time-based RSUs vest on the third anniversary date of the grant date. Each of the time-based and performance-based awards are subject to the recipient’s continued service with us, the terms and conditions of our stock option and incentive plan and the applicable award agreement. The share-based compensation expense recognized in the condensed consolidated statements of operations was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Cost of goods sold $ 678 $ 479 $ 2,010 $ 1,115 General and administrative expenses 1,265 2,152 5,257 6,832 Total share-based compensation expense $ 1,943 $ 2,631 $ 7,267 $ 7,947 The share-based compensation expense recognized by award type was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) RSUs $ 1,506 $ 1,262 $ 4,533 $ 3,399 Stock options 466 700 1,657 2,952 PSUs ( 29 ) 669 1,077 1,596 Total share-based compensation expense $ 1,943 $ 2,631 $ 7,267 $ 7,947 During the three months ended September 30, 2021, we derived a $ 0.7 million benefit related to the reduction of the probability to zero of certain PSUs that vest upon achievement of a cumulative, three-year Adjusted EBITDA target. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 7. Leases We have operating and finance leases for our manufacturing facilities, warehouses, offices, automobiles and certain of our machinery and equipment. Our leases have remaining lease terms of between one and 15 years , some of which may include options to extend the leases up to five years . The components of lease cost were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Total operating lease cost $ 9,768 $ 9,546 $ 29,129 $ 27,265 Finance lease cost Amortization of assets under finance leases $ 870 $ 1,529 $ 2,676 $ 4,489 Interest on finance leases 144 240 502 775 Total finance lease cost $ 1,014 $ 1,769 $ 3,178 $ 5,264 Total lease assets and liabilities were as follows: September 30, December 31, 2021 2020 (in thousands) Operating Leases Operating lease right of use assets $ 146,794 $ 158,827 Current operating lease liabilities $ 22,939 $ 26,099 Noncurrent operating lease liabilities 149,742 155,925 Total operating lease liabilities $ 172,681 $ 182,024 Finance Leases Property, plant and equipment, gross $ 26,958 $ 28,462 Less: accumulated depreciation ( 14,065 ) ( 12,461 ) Total property, plant and equipment, net $ 12,893 $ 16,001 Current maturities of long-term debt $ 6,296 $ 6,018 Long-term debt, net of debt issuance costs and current maturities 3,235 6,371 Total finance lease liabilities $ 9,531 $ 12,389 Future minimum lease payments under noncancelable leases as of September 30, 2021 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, Remainder of 2021 $ 9,576 $ 1,407 2022 34,392 6,241 2023 31,995 1,353 2024 27,789 710 2025 27,199 379 Thereafter 101,634 6 Total future minimum lease payments 232,585 10,096 Less: interest ( 59,904 ) ( 565 ) Total lease liabilities $ 172,681 $ 9,531 Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2021 2020 (in thousands) Cash paid for amounts included in the measurement of lease Operating cash flows from operating leases $ 27,116 $ 22,308 Operating cash flows from finance leases 502 775 Financing cash flows from finance leases 4,249 4,592 Other information related to leases was as follows: September 30, December 31, 2021 2020 Weighted-Average Remaining Lease Term (In Years): Operating leases 7.1 7.7 Finance leases 2.0 2.2 Weighted-Average Discount Rate: Operating leases 8.0 % 7.9 % Finance leases 5.9 % 6.4 % As of September 30, 2021 , there were no material additional leases related to our manufacturing facilities, warehouses, offices, automobiles or our machinery and equipment which have not yet commenced. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 8. Financial Instruments Interest Rate Swap We use interest rate swap contracts to mitigate our exposure to interest rate fluctuations associated with our U.S. senior revolving credit agreement (the Credit Agreement). We do not use such swap contracts for speculative or trading purposes. As of September 30, 2021 , no interest rate swaps originally designated for hedge accounting were de-designated or terminated. No ineffectiveness on our interest rate swaps was recognized as of September 30, 2021, and none is anticipated over the remaining term of the agreement. Foreign Exchange Forward Contracts We use foreign exchange forward contracts to mitigate our exposure to fluctuations in exchange rates between the functional currencies of our subsidiaries and the other currencies in which they transact. We do not use such forward contracts for speculative or trading purposes. Mexican Peso All of our remaining outstanding foreign exchange forward contracts (excluding those with call options) expired during the three months ended March 31, 2021. As of December 31, 2020 , the notional values associated with our foreign exchange forward contracts qualifying as cash flow hedges were approximately 0.3 billion Mexican Pesos (approximately $ 14.0 million). With regards to our foreign exchange call option contracts, for the three and nine months ended September 30, 2021 , $ 0.8 million and $ 2.2 million, respectively, of premium amortization was recorded through cost of sales within our condensed consolidated statements of operations. The net income (loss) recognized in accumulated other comprehensive loss in our condensed consolidated statements of changes in stockholders’ equity for our foreign exchange call option contracts is expected to be recognized in cost of sales in our condensed consolidated statements of operations during the next six months. As of September 30, 2021 and December 31, 2020 , the notional values associated with our foreign exchange call option contracts qualifying as cash flow hedges were approximately 1.0 billion Mexican Pesos (approximately $ 48.5 million) and approximately 0.4 billion Mexican Pesos (approximately $ 17.3 million), respectively. Chinese Renminbi With regards to our foreign exchange forward contracts, for which hedge accounting does not apply, for the three and nine months ended September 30, 2021 , $ 0.6 million and $ 1.2 million, respectively, in gains were recorded through foreign currency income (loss) within our condensed consolidated statements of operations. India Rupee With regards to our foreign exchange forward contracts and our foreign exchange call option contracts, for which hedge accounting does not apply, for the three and nine months ended September 30, 2021 , $ 1.3 million and $ 2.5 million, respectively, in gains were recorded through foreign currency income (loss) within our condensed consolidated statements of operations. Additionally, with regards to our foreign exchange call option contracts, for the three and nine months ended September 30, 2021 , $ 0.4 million and $ 0.7 million, respectively, of premium amortization was recorded as losses through foreign currency income (loss) within our condensed consolidated statements of operations. The fair values and location of our financial instruments in our condensed consolidated balance sheets were as follows: Condensed Consolidated September 30, December 31, Financial Instrument Balance Sheet Line Item 2021 2020 (in thousands) Foreign exchange forward contracts Other current assets $ 2,028 $ 5,832 Foreign exchange forward contracts Accounts payable and accrued 1,184 2,096 Interest rate swap Other noncurrent liabilities 2,928 4,414 The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our condensed consolidated statements of operations: Accumulated Condensed Consolidated Three Months Ended Nine Months Ended Other Comprehensive Statement of Operations September 30, September 30, Loss Component Line Item 2021 2020 2021 2020 (in thousands) Foreign exchange forward Cost of sales $ — $ 1,546 $ ( 3,037 ) $ 4,062 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes For the three months ended September 30, 2021 , our income tax provision increased to $ 8.2 million as compared to a benefit of $ 32.3 million in the comparative prior year period, and for the nine months ended September 30, 2021 , our income tax provision increased to $ 30.0 million as compared to a provision of $ 1.9 million in the comparative prior year period. These income tax increases were primarily due to the change in the mix of earnings of foreign jurisdictions and U.S. tax on foreign earnings in the current year periods. In addition, the increase in the nine months ended September 30, 2021 as compared to the same period in 2020 was due to the recording of a full U.S. valuation allowance and an increase in our uncertain tax positions in the current year period. No changes in tax law occurred during the nine months ended September 30, 2021 , which had a material impact on our income tax provision. We do not record a deferred tax liability related to unremitted foreign earnings as we maintain our assertion to indefinitely reinvest our unremitted foreign earnings. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Note 10. Net Income (Loss) Per Common Share The following table sets forth the computation of basic and diluted net income (loss) per common share: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands, except per share data) Numerator: Net income (loss) $ ( 30,677 ) $ 42,382 $ ( 72,271 ) $ ( 24,211 ) Denominator: Basic weighted-average shares outstanding 37,052 35,546 36,846 35,354 Effect of dilutive awards — 1,877 — — Diluted weighted-average shares outstanding 37,052 37,423 36,846 35,354 Basic net income (loss) per common share $ ( 0.83 ) $ 1.19 $ ( 1.96 ) $ ( 0.68 ) Diluted net income (loss) per common share $ ( 0.83 ) $ 1.13 $ ( 1.96 ) $ ( 0.68 ) Potentially dilutive shares excluded from the calculation 1,312 — 1,693 1,399 Anti dilutive share-based compensation awards excluded 13 1 — 33 Performance-based restricted stock units excluded from 265 192 265 192 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders Equity | Note 11. Stockholders’ Equity Accumulated Other Comprehensive Loss The following tables presents the changes in accumulated other comprehensive loss (AOCL) by component: Nine Months Ended September 30, 2021 Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2020 $ ( 30,111 ) $ ( 3,443 ) $ 564 $ ( 32,990 ) Other comprehensive income (loss) before reclassifications ( 5,291 ) 597 ( 2,281 ) ( 6,975 ) Amounts reclassified from AOCL — — ( 2,002 ) ( 2,002 ) Net tax effect — ( 139 ) 790 651 Net current period other comprehensive income (loss) ( 5,291 ) 458 ( 3,493 ) ( 8,326 ) Balance at March 31, 2021 ( 35,402 ) ( 2,985 ) ( 2,929 ) ( 41,316 ) Other comprehensive income (loss) before reclassifications ( 4 ) 452 259 707 Amounts reclassified from AOCL — — ( 1,035 ) ( 1,035 ) Net tax effect — ( 105 ) 190 85 Net current period other comprehensive income (loss) ( 4 ) 347 ( 586 ) ( 243 ) Balance at June 30, 2021 ( 35,406 ) ( 2,638 ) ( 3,515 ) ( 41,559 ) Other comprehensive income (loss) before reclassifications ( 889 ) 437 ( 771 ) ( 1,223 ) Amounts reclassified from AOCL — — — — Net tax effect — 244 ( 638 ) ( 394 ) Net current period other comprehensive income (loss) ( 889 ) 681 ( 1,409 ) ( 1,617 ) Balance at September 30, 2021 $ ( 36,295 ) $ ( 1,957 ) $ ( 4,924 ) $ ( 43,176 ) Nine Months Ended September 30, 2020 Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2019 $ ( 22,012 ) $ ( 2,145 ) $ 545 $ ( 23,612 ) Other comprehensive income (loss) before reclassifications ( 9,223 ) ( 2,550 ) ( 6,936 ) ( 18,709 ) Amounts reclassified from AOCL — — ( 222 ) ( 222 ) Net tax effect — 535 1,503 2,038 Net current period other comprehensive income (loss) ( 9,223 ) ( 2,015 ) ( 5,655 ) ( 16,893 ) Balance at March 31, 2020 ( 31,235 ) ( 4,160 ) ( 5,110 ) ( 40,505 ) Other comprehensive income (loss) before reclassifications ( 2,290 ) — 1,750 ( 540 ) Amounts reclassified from AOCL — — 2,738 2,738 Net tax effect — — ( 938 ) ( 938 ) Net current period other comprehensive income (loss) ( 2,290 ) — 3,550 1,260 Balance at June 30, 2020 ( 33,525 ) ( 4,160 ) ( 1,560 ) ( 39,245 ) Other comprehensive income (loss) before reclassifications ( 1,662 ) 391 2,124 853 Amounts reclassified from AOCL — — 1,546 1,546 Net tax effect — ( 535 ) ( 565 ) ( 1,100 ) Net current period other comprehensive income (loss) ( 1,662 ) ( 144 ) 3,105 1,299 Balance at September 30, 2020 $ ( 35,187 ) $ ( 4,304 ) $ 1,545 $ ( 37,946 ) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Legal Proceedings From time to time, we are party to various lawsuits, claims, and other legal proceedings that arise in the ordinary course of business, some of which may not be covered by insurance. Upon resolution of any pending legal matters, we may incur charges in excess of presently established reserves. Our management does not believe that any such charges would, individually or in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows. In January 2021, we received a complaint that was filed by the administrator for the Senvion GmbH (Senvion) insolvency estate in German insolvency court. The complaint asserts voidance against us in the aggregate amount of $ 13.3 million. The alleged voidance claims relate to payments that Senvion made to us for wind blades that we produced prior to Senvion filing for insolvency protection. We filed a response to these alleged voidance claims in August 2021 and we believe we have meritorious defenses to the alleged voidance claims. Due to the early stage of this claim, we have determined that the ultimate outcome cannot be estimated at this time. |
Concentration of Customers
Concentration of Customers | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration of Customers | Note 13. Concentration of Customers Net sales from certain customers (in thousands) in excess of 10 percent of our total consolidated net sales are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Customer Net sales % of T otal Net sales % of T otal Net sales % of T otal Net sales % of T otal Vestas $ 176,107 36.7 % $ 240,710 50.8 % $ 554,112 41.3 % $ 591,548 49.1 % GE 122,347 25.5 % 124,523 26.3 % 333,136 24.8 % 295,831 24.6 % Nordex 123,373 25.7 % 53,182 11.2 % 281,421 21.0 % 168,697 14.0 % Trade accounts receivable from certain customers in excess of 10 percent of our total consolidated trade accounts receivable are as follows: September 30, December 31, 2021 2020 Customer % of Total % of Total Nordex 43.5 % 40.8 % Vestas 27.7 % 35.0 % Enercon 10.7 % 8.3 % |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 14. Segment Reporting Our operating segments are defined geographically into five geographic operating segments—(1) the United States (U.S.), (2) Asia, (3) Mexico, (4) EMEA and (5) India. For a detailed discussion of our operating segments, refer to the discussion in Note 19, Segment Reporting , to the Notes to Consolidated Financial Statements within our Annual Report on Form 10-K. All of our segments operate in their local currency except for the Mexico and Asia segments, which both include a U.S. parent company, and India and Switzerland, which operate in the U.S. dollar. The following tables set forth certain information regarding each of our segments: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Net sales by segment: U.S. $ 47,702 $ 46,799 $ 153,749 $ 136,309 Asia 51,869 163,458 219,903 400,513 Mexico 200,332 161,563 461,961 363,233 EMEA 129,444 83,640 347,160 260,138 India 50,252 18,653 160,347 44,373 Total net sales $ 479,599 $ 474,113 $ 1,343,120 $ 1,204,566 Net sales by geographic location (1) : United States $ 47,702 $ 46,799 $ 153,749 $ 136,309 China 51,869 163,458 219,903 400,513 Mexico 200,332 161,563 461,961 363,233 Turkey 129,444 83,640 347,160 260,138 India 50,252 18,653 160,347 44,373 Total net sales $ 479,599 $ 474,113 $ 1,343,120 $ 1,204,566 Income (loss) from operations: U.S. (2) $ ( 24,598 ) $ ( 6,360 ) $ ( 36,070 ) $ ( 33,991 ) Asia ( 3,607 ) 25,779 7,207 49,343 Mexico ( 3,802 ) 11,986 ( 33,082 ) ( 1,106 ) EMEA 9,423 1,795 29,993 3,314 India ( 1,403 ) ( 4,195 ) 2,725 ( 17,214 ) Total loss from operations $ ( 23,987 ) $ 29,005 $ ( 29,227 ) $ 346 September 30, December 31, 2021 2020 (in thousands) Property, plant and equipment, net: U.S. $ 27,258 $ 31,811 Asia (China) 37,555 46,075 Mexico 75,573 78,813 EMEA (Turkey) 20,776 28,312 India 31,164 23,990 Total property, plant and equipment, net $ 192,326 $ 209,001 (1) Net sales are attributable to countries based on the location where the product is manufactured or the services are performed. (2) The losses from operations in our U.S. segment includes corporate general and administrative costs of $ 8.2 million and $ 9.3 million for the three months ended September 30, 2021 and 2020, respectively, and $ 23.8 million and $ 25.6 million for the nine months ended September 30, 2021 and 2020 , respectively. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15. Subsequent Events Credit Agreement Limited Waiver On November 8, 2021 (the Waiver Effective Date), we executed a limited waiver in connection with our Credit Agreement, dated as of April 6, 2018 (as amended, restated, supplemented or otherwise modified from time to time), by and among ourselves, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the Administrative Agent), and the lenders from time to time party thereto, with respect to our failure to comply with the Total Net Leverage Ratio (as defined in the Credit Agreement) financial covenant as of September 30, 2021. Pursuant to the terms of the limited waiver, the lenders have agreed to temporarily waive our compliance with this financial covenant from the Waiver Effective Date through December 8, 2021 (the Waiver Period). We also must maintain domestic U.S. cash of at least $ 20.0 million and global available liquidity (as defined in the Credit Agreement) of at least $ 50.0 million as of the close of business on each Friday commencing as of November 5, 2021 through the maturity date of the Credit Agreement. From and after the Waiver Effective Date, we may not allow any of our subsidiaries that are not loan parties to the Credit Agreement to incur any additional indebtedness and we may not make any investment in any of our subsidiaries that are not loan parties to the Credit Agreement in an aggregate amount greater than $ 5.0 million. We had $ 68.3 million of domestic U.S cash and $ 132.9 million of global available liquidity as of October 29, 2021. Series A Preferred Stock Purchase Agreement On November 8, 2021, we entered into a Series A Preferred Stock Purchase Agreement (the Purchase Agreement) with Oaktree Power Opportunities Fund V (Delaware) Holdings, L.P., OPPS TPIC Holdings, LLC, and Oaktree Phoenix Investment Fund L.P. (collectively, the Purchasers). Pursuant to the Purchase Agreement, we agreed to issue and sell to the Purchasers an aggregate of 350,000 shares of our newly designated Series A Preferred Stock, par value $ 0.01 per share (the Series A Preferred Stock), for an aggregate purchase price of $ 350.0 million, with the Series A Preferred Stock having the powers, designations, preferences, and other rights set forth in the Certificate of Designations (as defined below). The issuance and sale of the Series A Preferred Stock will occur on or after the date upon which customary closing conditions set forth in the Purchase Agreement have been satisfied (the Closing Date), which we expect will occur prior to December 8, 2021. We also may elect at our option to require Oaktree to purchase an additional $ 50.0 million of Series A Preferred Stock upon the same terms and conditions as the initial issuance of the Series A Preferred Stock during the two-year period following the Closing Date. We intend to use the net proceeds from the issuance and sale of the Series A Preferred Stock on the Closing Date to repay all outstanding indebtedness under our Credit Agreement, which is a condition to closing, and the remainder for general corporate purposes. Warrant On the Closing Date, we will also issue the Purchasers a warrant to purchase an aggregate of 4,666,667 shares of our Common Stock, at an exercise price of $ 0.01 per share (the “Warrant”). The Warrant will have a five -year term and may be exercised at any time during that period. The number of shares issuable upon exercise of the Warrant is subject to customary adjustments upon the occurrence of certain events such as stock splits, reclassifications, combinations, dividends, distributions, mergers and other similar events. Certificate of Designations The Series A Preferred Stock will have the powers, designations, preferences, and other rights as set forth in a Certificate of Designations of the Series A Preferred Stock that will be filed by us with the Secretary of State of the State of Delaware on or before the Closing Date (the Certificate of Designations). Voting and Consent Rights The Series A Preferred Stock will not have any voting or rights to convert such preferred shares into shares of Common Stock (the Common Stock). We must obtain the prior written consent of holders of a majority of the outstanding shares of Series A Preferred Stock for, among other things: (i) amending our organizational documents to the extent such amendment has an adverse effect on the holders of our Series A Preferred Stock, (ii) effecting any change of control, liquidation event or merger or consolidation of us unless the entirety of the applicable Series A Redemption Price (as defined below) has been paid with respect to all issued and outstanding Series A Preferred Stock, (iii) increasing or decreasing the number of authorized shares of Series A Preferred Stock; (iv) making certain material acquisitions or dispositions or entering into joint ventures or similar transactions, (v) incurring indebtedness except for indebtedness incurred under our existing loan facilities and agreements so long as the total amount of such indebtedness does not exceed $ 100.0 million as of the Closing Date through December 31, 2021 and $ 80.0 million thereafter, (vi) committing to any capital expenditures to construct or acquire new manufacturing facilities, subject to limited exceptions; and (vii) certain other specified actions. Dividends The dividend rate with respect to the Series A Preferred Stock is 11.0 % per annum and will compound on a quarterly basis. The dividend rate will increase by 2.0 % per annum: (i) on the fifth anniversary date of the Closing Date and on each anniversary thereafter, (ii) to the extent that we fail to pay any dividend that is required to be paid in cash, if we are in material breach of its covenants under the Purchase Agreement, the Certificate of Designations or Investor Rights Agreement, or if we experience a bankruptcy or insolvency event, or if certain other Events of Non-compliance (as defined in the Certificate of Designations) occur; (iv) in the event we fail to maintain a specified fixed charge dividend coverage ratio, and (v) in respect of any Series A Preferred Stock issued as curative equity in accordance with the Investor Rights Agreement (each, an “Incremental Dividend”); provided that in no event shall the dividend rate exceed 20.0 %. On or prior to the second anniversary of the Closing Date, we may pay dividends on the Series A Preferred Stock either in cash or “in kind”, through accrual to the liquidation preference of the Series A Preferred Stock or a combination thereof. Following the second anniversary of the Closing Date, dividends shall be payable only in cash. Incremental Dividends must be made in cash. Ranking and Liquidation Preference The Series A Preferred Stock ranks senior to the Common Stock with respect to dividend rights and rights upon the voluntary or involuntary liquidation, dissolution or winding up of our affairs (a Liquidation). Upon a Liquidation, each share of our Series A Preferred Stock would be entitled to the applicable Series A Redemption Price. The initial liquidation preference of the Series A Preferred Stock shall be equal to $ 1,000 plus any dividends that have accrued as the date of determination (the Series A Liquidation Preference). Redemption Rights and Series A Redemption Price We will have the right to redeem all or any portion of the Series A Preferred Stock at any time by paying the applicable Series A Redemption Price; provided, however , that no optional redemption will be permitted that would result in less than 10 % of the shares of Series A Preferred Stock that are issued on the Closing Date remaining outstanding following such redemption unless all remaining shares of Series A Preferred Stock are redeemed. Each holder of Series A Preferred Stock will have the option to require us to redeem any portion of the Series A Preferred Stock at any time after the fifth anniversary of the Closing Date or an Event of Noncompliance occurs. We will be required to redeem all of the outstanding shares of Series A Preferred Stock automatically upon the occurrence of a change of control, Liquidation or insolvency event. The following table sets forth the procedure for calculating the Series A Redemption Price at which the Series A Preferred Stock may be redeemed under the Certificate of Designations: Timing of Redemption Series A Redemption Price Before the third anniversary of the Closing Date Make-Whole Amount From the First Optional Call Date until the first anniversary of the First Optional Call Date 102 % of the Series A Liquidation Preference From and after the first anniversary of the First Optional Call Date 101 % of the Series A Liquidation Preference The “ Make-Whole Amount ” means, with respect to any redemption of any share of the Series A Preferred Stock prior to the third anniversary of the Closing Date (the First Optional Call Date) is defined in the Certificate of Designations as an amount equal to the present value (calculated as provided below) as of the redemption date of the sum of (A) the remaining dividends that would accrue on such shares being redeemed from the day immediately following the redemption date to the First Optional Call Date plus (B) 102 % of the Liquidation Preference of such shares being redeemed on the redemption date assuming that, for purposes of calculating clauses (A) and (B), such shares were to remain outstanding through the First Optional Call Date, and with the present value of such sum being computed using an annual discount rate (applied quarterly) equal to the rate on U.S. Treasury notes with maturity closest to the applicable redemption date plus 50 basis points. Minimum Cash Balance We are also required to maintain a minimum cash balance of $ 50.0 million, which will be measured on a monthly basis, so long as the Series A Preferred Stock remains outstanding. Investor Rights Agreement As a condition to the closing of the transactions contemplated by the Purchase Agreement, In connection with the Purchase Agreement, we and the Purchasers will enter into an Investor Rights Agreement (the Investor Rights Agreement) pursuant to which, among other things, we will grant the Purchasers certain customary registration rights with respect to the shares of Common Stock underlying the Warrants and certain other securities that may be issued to the Purchasers in respect of the Warrant. Pursuant to the Investors Rights Agreement, the Purchasers will be entitled to designate one representative (the Series A Director) to be appointed to our board of directors (the Board) or to appoint one non-voting observer to the Board, in each case so long as 33 % of the Series A Preferred Stock issued on the Closing Date remains outstanding.. The Investor Rights Agreement further contains a number of other customary covenants and agreements, including certain standstill provisions, preemptive rights, rights of first refusal with respect to future debt financing transactions, and information rights. The Investor Rights Agreements provides that the Purchasers will be restricted from transferring the Series A Preferred Stock to parties unaffiliated with the Purchasers without our prior written consent, which consent shall not be unreasonably withheld by us. |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The condensed consolidated financial statements included herein have been prepared by us without audit, pursuant to the rules and regulations of the SEC and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020 included in our Annual Report on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted, as permitted by the SEC, although we believe the disclosures that are made are adequate to make the information presented herein not misleading. The accompanying condensed consolidated financial statements reflect, in the opinion of our management, all normal recurring adjustments necessary to present fairly our financial position at September 30, 2021, and the results of our operations, comprehensive income (loss) and cash flows for the periods presented. Interim results for the three and nine months ended September 30, 2021 and 2020 are not necessarily indicative of the results to be expected for the full years. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying condensed consolidated financial statements include the accounts of TPI Composites, Inc. and all of our majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. References to TPI Composites, Inc, the “Company,” “we,” “us” or “our” in these notes refer to TPI Composites, Inc. and its consolidated subsidiaries. |
Accounting Pronouncements | Accounting Pronouncements Recently Adopted Accounting Pronouncements Convertible Instruments In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU is intended to simplify the accounting for certain convertible instruments with characteristics of both liability and equity. This ASU removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. As a result, after the adoption of this guidance, an entity’s convertible debt instrument will be wholly accounted for as debt. This ASU also expands disclosure requirements for convertible instruments and simplifies areas of the guidance for diluted earnings-per-share calculations by requiring the use of the if-converted method. This ASU is effective for all public business entities (other than smaller reporting companies) for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020 and can be adopted on either a fully retrospective or modified retrospective basis. An entity should adopt the guidance at the beginning of its annual fiscal year. We adopted this standard on January 1, 2021 on a modified retrospective basis and it did not have a material effect on our condensed consolidated financial statements. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This ASU only applies to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. This ASU is effective for all entities beginning on March 12, 2020 and entities may elect to apply the ASU prospectively through December 31, 2022. The FASB later issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , to clarify the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. We are currently evaluating the impact this guidance may have on our condensed consolidated financial statements and related disclosures. |
Revenue From Contracts with C_2
Revenue From Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Net Sales Revenue by Product for Each of Reportable Segments | The following tables represents the disaggregation of our net sales revenue by product for each of our reportable segments: Three Months Ended September 30, 2021 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 35,154 $ 47,187 $ 191,499 $ 126,705 $ 50,180 $ 450,725 Precision molding and — 3,869 4,514 — — 8,383 Transportation sales 3,621 — 3,194 — — 6,815 Other sales 8,927 813 1,125 2,739 72 13,676 Total net sales $ 47,702 $ 51,869 $ 200,332 $ 129,444 $ 50,252 $ 479,599 Three Months Ended September 30, 2020 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 37,272 $ 158,120 $ 153,575 $ 82,550 $ 18,618 $ 450,135 Precision molding and — 4,451 6,090 — — 10,541 Transportation sales 6,206 — 801 — — 7,007 Other sales 3,321 887 1,097 1,090 35 6,430 Total net sales $ 46,799 $ 163,458 $ 161,563 $ 83,640 $ 18,653 $ 474,113 Nine Months Ended September 30, 2021 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 114,208 $ 202,181 $ 431,129 $ 340,933 $ 160,157 $ 1,248,608 Precision molding and — 15,467 15,446 — — 30,913 Transportation sales 22,272 — 7,589 — — 29,861 Other sales 17,269 2,255 7,797 6,227 190 33,738 Total net sales $ 153,749 $ 219,903 $ 461,961 $ 347,160 $ 160,347 $ 1,343,120 Nine Months Ended September 30, 2020 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 99,514 $ 385,536 $ 346,954 $ 258,193 $ 44,338 $ 1,134,535 Precision molding and — 13,088 11,110 — — 24,198 Transportation sales 27,424 — 1,374 — — 28,798 Other sales 9,371 1,889 3,795 1,945 35 17,035 Total net sales $ 136,309 $ 400,513 $ 363,233 $ 260,138 $ 44,373 $ 1,204,566 |
Summary of Contract Assets and Contract Liabilities | Contract assets and contract liabilities consisted of the following: September 30, December 31, 2021 2020 $ Change (in thousands) Gross contract assets $ 253,878 $ 223,428 $ 30,450 Less: reclassification from contract liabilities ( 9,104 ) ( 6,500 ) ( 2,604 ) Contract assets $ 244,774 $ 216,928 $ 27,846 September 30, December 31, 2021 2020 $ Change (in thousands) Gross contract liabilities $ 9,104 $ 7,114 $ 1,990 Less: reclassification to contract assets ( 9,104 ) ( 6,500 ) ( 2,604 ) Contract liabilities $ — $ 614 $ ( 614 ) |
Schedule of Estimate to Recognize Remaining Performance Obligations as Revenue | We estimate that we will recognize the remaining performance obligations as revenue as follows: $ % of Total (in thousands) Year Ending December 31, Remainder of 2021 $ 418,708 13.4 % 2022 1,632,634 52.1 2023 898,126 28.6 2024 186,034 5.9 Total remaining performance obligations $ 3,135,502 100.0 % |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Warranty Accrual Activity | The warranty accrual activity for the periods noted consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Warranty accrual at beginning of period $ 47,462 $ 56,772 $ 50,852 $ 47,639 Accrual during the period 5,285 5,963 15,532 14,337 Cost of warranty services provided during the period ( 9,826 ) ( 10,895 ) ( 21,178 ) ( 19,377 ) Changes in estimate for pre-existing warranties, ( 442 ) 1,756 ( 2,727 ) 10,997 Warranty accrual at end of period $ 42,479 $ 53,596 $ 42,479 $ 53,596 |
Long-Term Debt, Net of Curren_2
Long-Term Debt, Net of Current Maturities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt, Net of Current Maturities | Long-term debt, net of current maturities, consisted of the following: September 30, December 31, 2021 2020 (in thousands) Senior revolving loan—U.S. $ 181,154 $ 171,154 Unsecured financing—EMEA 52,683 30,040 Equipment financing—EMEA 1,027 4,335 Secured and unsecured working capital—India 10,334 — Unsecured term loan—India 8,109 — Equipment finance lease—Mexico 6,927 8,038 Equipment finance lease—EMEA 2,459 4,119 Other equipment finance leases 145 232 Total debt—principal 262,838 217,918 Less: Debt issuance costs ( 709 ) ( 1,051 ) Total debt, net of debt issuance costs 262,129 216,867 Less: Current maturities of long-term debt ( 251,563 ) ( 32,551 ) Long-term debt, net of debt issuance costs and $ 10,566 $ 184,316 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Expense Recognized in Condensed Consolidated Statements of Operations | The share-based compensation expense recognized in the condensed consolidated statements of operations was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Cost of goods sold $ 678 $ 479 $ 2,010 $ 1,115 General and administrative expenses 1,265 2,152 5,257 6,832 Total share-based compensation expense $ 1,943 $ 2,631 $ 7,267 $ 7,947 |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The share-based compensation expense recognized by award type was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) RSUs $ 1,506 $ 1,262 $ 4,533 $ 3,399 Stock options 466 700 1,657 2,952 PSUs ( 29 ) 669 1,077 1,596 Total share-based compensation expense $ 1,943 $ 2,631 $ 7,267 $ 7,947 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Total operating lease cost $ 9,768 $ 9,546 $ 29,129 $ 27,265 Finance lease cost Amortization of assets under finance leases $ 870 $ 1,529 $ 2,676 $ 4,489 Interest on finance leases 144 240 502 775 Total finance lease cost $ 1,014 $ 1,769 $ 3,178 $ 5,264 |
Schedule of Lease Assets and Liabilities | Total lease assets and liabilities were as follows: September 30, December 31, 2021 2020 (in thousands) Operating Leases Operating lease right of use assets $ 146,794 $ 158,827 Current operating lease liabilities $ 22,939 $ 26,099 Noncurrent operating lease liabilities 149,742 155,925 Total operating lease liabilities $ 172,681 $ 182,024 Finance Leases Property, plant and equipment, gross $ 26,958 $ 28,462 Less: accumulated depreciation ( 14,065 ) ( 12,461 ) Total property, plant and equipment, net $ 12,893 $ 16,001 Current maturities of long-term debt $ 6,296 $ 6,018 Long-term debt, net of debt issuance costs and current maturities 3,235 6,371 Total finance lease liabilities $ 9,531 $ 12,389 |
Schedule of Future Minimum Lease Payments under Noncancelable Leases | Future minimum lease payments under noncancelable leases as of September 30, 2021 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, Remainder of 2021 $ 9,576 $ 1,407 2022 34,392 6,241 2023 31,995 1,353 2024 27,789 710 2025 27,199 379 Thereafter 101,634 6 Total future minimum lease payments 232,585 10,096 Less: interest ( 59,904 ) ( 565 ) Total lease liabilities $ 172,681 $ 9,531 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2021 2020 (in thousands) Cash paid for amounts included in the measurement of lease Operating cash flows from operating leases $ 27,116 $ 22,308 Operating cash flows from finance leases 502 775 Financing cash flows from finance leases 4,249 4,592 |
Other Information Related to Leases | Other information related to leases was as follows: September 30, December 31, 2021 2020 Weighted-Average Remaining Lease Term (In Years): Operating leases 7.1 7.7 Finance leases 2.0 2.2 Weighted-Average Discount Rate: Operating leases 8.0 % 7.9 % Finance leases 5.9 % 6.4 % |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values and Location of Financial Instruments | The fair values and location of our financial instruments in our condensed consolidated balance sheets were as follows: Condensed Consolidated September 30, December 31, Financial Instrument Balance Sheet Line Item 2021 2020 (in thousands) Foreign exchange forward contracts Other current assets $ 2,028 $ 5,832 Foreign exchange forward contracts Accounts payable and accrued 1,184 2,096 Interest rate swap Other noncurrent liabilities 2,928 4,414 |
Schedule of Pretax Amounts Reclassified from Accumulated Other Comprehensive Loss | The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our condensed consolidated statements of operations: Accumulated Condensed Consolidated Three Months Ended Nine Months Ended Other Comprehensive Statement of Operations September 30, September 30, Loss Component Line Item 2021 2020 2021 2020 (in thousands) Foreign exchange forward Cost of sales $ — $ 1,546 $ ( 3,037 ) $ 4,062 |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) per Common Share | The following table sets forth the computation of basic and diluted net income (loss) per common share: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands, except per share data) Numerator: Net income (loss) $ ( 30,677 ) $ 42,382 $ ( 72,271 ) $ ( 24,211 ) Denominator: Basic weighted-average shares outstanding 37,052 35,546 36,846 35,354 Effect of dilutive awards — 1,877 — — Diluted weighted-average shares outstanding 37,052 37,423 36,846 35,354 Basic net income (loss) per common share $ ( 0.83 ) $ 1.19 $ ( 1.96 ) $ ( 0.68 ) Diluted net income (loss) per common share $ ( 0.83 ) $ 1.13 $ ( 1.96 ) $ ( 0.68 ) Potentially dilutive shares excluded from the calculation 1,312 — 1,693 1,399 Anti dilutive share-based compensation awards excluded 13 1 — 33 Performance-based restricted stock units excluded from 265 192 265 192 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following tables presents the changes in accumulated other comprehensive loss (AOCL) by component: Nine Months Ended September 30, 2021 Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2020 $ ( 30,111 ) $ ( 3,443 ) $ 564 $ ( 32,990 ) Other comprehensive income (loss) before reclassifications ( 5,291 ) 597 ( 2,281 ) ( 6,975 ) Amounts reclassified from AOCL — — ( 2,002 ) ( 2,002 ) Net tax effect — ( 139 ) 790 651 Net current period other comprehensive income (loss) ( 5,291 ) 458 ( 3,493 ) ( 8,326 ) Balance at March 31, 2021 ( 35,402 ) ( 2,985 ) ( 2,929 ) ( 41,316 ) Other comprehensive income (loss) before reclassifications ( 4 ) 452 259 707 Amounts reclassified from AOCL — — ( 1,035 ) ( 1,035 ) Net tax effect — ( 105 ) 190 85 Net current period other comprehensive income (loss) ( 4 ) 347 ( 586 ) ( 243 ) Balance at June 30, 2021 ( 35,406 ) ( 2,638 ) ( 3,515 ) ( 41,559 ) Other comprehensive income (loss) before reclassifications ( 889 ) 437 ( 771 ) ( 1,223 ) Amounts reclassified from AOCL — — — — Net tax effect — 244 ( 638 ) ( 394 ) Net current period other comprehensive income (loss) ( 889 ) 681 ( 1,409 ) ( 1,617 ) Balance at September 30, 2021 $ ( 36,295 ) $ ( 1,957 ) $ ( 4,924 ) $ ( 43,176 ) Nine Months Ended September 30, 2020 Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2019 $ ( 22,012 ) $ ( 2,145 ) $ 545 $ ( 23,612 ) Other comprehensive income (loss) before reclassifications ( 9,223 ) ( 2,550 ) ( 6,936 ) ( 18,709 ) Amounts reclassified from AOCL — — ( 222 ) ( 222 ) Net tax effect — 535 1,503 2,038 Net current period other comprehensive income (loss) ( 9,223 ) ( 2,015 ) ( 5,655 ) ( 16,893 ) Balance at March 31, 2020 ( 31,235 ) ( 4,160 ) ( 5,110 ) ( 40,505 ) Other comprehensive income (loss) before reclassifications ( 2,290 ) — 1,750 ( 540 ) Amounts reclassified from AOCL — — 2,738 2,738 Net tax effect — — ( 938 ) ( 938 ) Net current period other comprehensive income (loss) ( 2,290 ) — 3,550 1,260 Balance at June 30, 2020 ( 33,525 ) ( 4,160 ) ( 1,560 ) ( 39,245 ) Other comprehensive income (loss) before reclassifications ( 1,662 ) 391 2,124 853 Amounts reclassified from AOCL — — 1,546 1,546 Net tax effect — ( 535 ) ( 565 ) ( 1,100 ) Net current period other comprehensive income (loss) ( 1,662 ) ( 144 ) 3,105 1,299 Balance at September 30, 2020 $ ( 35,187 ) $ ( 4,304 ) $ 1,545 $ ( 37,946 ) |
Concentration of Customers (Tab
Concentration of Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenues from Certain Customers | Net sales from certain customers (in thousands) in excess of 10 percent of our total consolidated net sales are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Customer Net sales % of T otal Net sales % of T otal Net sales % of T otal Net sales % of T otal Vestas $ 176,107 36.7 % $ 240,710 50.8 % $ 554,112 41.3 % $ 591,548 49.1 % GE 122,347 25.5 % 124,523 26.3 % 333,136 24.8 % 295,831 24.6 % Nordex 123,373 25.7 % 53,182 11.2 % 281,421 21.0 % 168,697 14.0 % |
Schedule of Trade Accounts Receivable from Certain Customers | Trade accounts receivable from certain customers in excess of 10 percent of our total consolidated trade accounts receivable are as follows: September 30, December 31, 2021 2020 Customer % of Total % of Total Nordex 43.5 % 40.8 % Vestas 27.7 % 35.0 % Enercon 10.7 % 8.3 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables set forth certain information regarding each of our segments: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Net sales by segment: U.S. $ 47,702 $ 46,799 $ 153,749 $ 136,309 Asia 51,869 163,458 219,903 400,513 Mexico 200,332 161,563 461,961 363,233 EMEA 129,444 83,640 347,160 260,138 India 50,252 18,653 160,347 44,373 Total net sales $ 479,599 $ 474,113 $ 1,343,120 $ 1,204,566 Net sales by geographic location (1) : United States $ 47,702 $ 46,799 $ 153,749 $ 136,309 China 51,869 163,458 219,903 400,513 Mexico 200,332 161,563 461,961 363,233 Turkey 129,444 83,640 347,160 260,138 India 50,252 18,653 160,347 44,373 Total net sales $ 479,599 $ 474,113 $ 1,343,120 $ 1,204,566 Income (loss) from operations: U.S. (2) $ ( 24,598 ) $ ( 6,360 ) $ ( 36,070 ) $ ( 33,991 ) Asia ( 3,607 ) 25,779 7,207 49,343 Mexico ( 3,802 ) 11,986 ( 33,082 ) ( 1,106 ) EMEA 9,423 1,795 29,993 3,314 India ( 1,403 ) ( 4,195 ) 2,725 ( 17,214 ) Total loss from operations $ ( 23,987 ) $ 29,005 $ ( 29,227 ) $ 346 September 30, December 31, 2021 2020 (in thousands) Property, plant and equipment, net: U.S. $ 27,258 $ 31,811 Asia (China) 37,555 46,075 Mexico 75,573 78,813 EMEA (Turkey) 20,776 28,312 India 31,164 23,990 Total property, plant and equipment, net $ 192,326 $ 209,001 (1) Net sales are attributable to countries based on the location where the product is manufactured or the services are performed. (2) The losses from operations in our U.S. segment includes corporate general and administrative costs of $ 8.2 million and $ 9.3 million for the three months ended September 30, 2021 and 2020, respectively, and $ 23.8 million and $ 25.6 million for the nine months ended September 30, 2021 and 2020 , respectively. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Summary of Calculating the Series A Redemption Price under the Certificate of Designations | The following table sets forth the procedure for calculating the Series A Redemption Price at which the Series A Preferred Stock may be redeemed under the Certificate of Designations: Timing of Redemption Series A Redemption Price Before the third anniversary of the Closing Date Make-Whole Amount From the First Optional Call Date until the first anniversary of the First Optional Call Date 102 % of the Series A Liquidation Preference From and after the first anniversary of the First Optional Call Date 101 % of the Series A Liquidation Preference |
Basis of Presentation - Recentl
Basis of Presentation - Recently Adopted Accounting Pronouncements - Additional Information (Detail) - Accounting Standards Update 2020-06 [Member] | Sep. 30, 2021 |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Revenue From Contracts with C_3
Revenue From Contracts with Customers - Summary of Disaggregation of Net Sales Revenue by Product for Each of Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | $ 479,599 | $ 474,113 | $ 1,343,120 | $ 1,204,566 |
U.S. Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 47,702 | 46,799 | 153,749 | 136,309 |
Asia Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 51,869 | 163,458 | 219,903 | 400,513 |
Mexico Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 200,332 | 161,563 | 461,961 | 363,233 |
EMEA Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 129,444 | 83,640 | 347,160 | 260,138 |
India Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 50,252 | 18,653 | 160,347 | 44,373 |
Wind Blades [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 450,725 | 450,135 | 1,248,608 | 1,134,535 |
Wind Blades [Member] | U.S. Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 35,154 | 37,272 | 114,208 | 99,514 |
Wind Blades [Member] | Asia Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 47,187 | 158,120 | 202,181 | 385,536 |
Wind Blades [Member] | Mexico Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 191,499 | 153,575 | 431,129 | 346,954 |
Wind Blades [Member] | EMEA Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 126,705 | 82,550 | 340,933 | 258,193 |
Wind Blades [Member] | India Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 50,180 | 18,618 | 160,157 | 44,338 |
Precision Molding and Assembly Systems [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 8,383 | 10,541 | 30,913 | 24,198 |
Precision Molding and Assembly Systems [Member] | U.S. Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 0 | 0 | 0 | 0 |
Precision Molding and Assembly Systems [Member] | Asia Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 3,869 | 4,451 | 15,467 | 13,088 |
Precision Molding and Assembly Systems [Member] | Mexico Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 4,514 | 6,090 | 15,446 | 11,110 |
Precision Molding and Assembly Systems [Member] | EMEA Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 0 | 0 | 0 | 0 |
Precision Molding and Assembly Systems [Member] | India Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 0 | 0 | 0 | 0 |
Transportation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 6,815 | 7,007 | 29,861 | 28,798 |
Transportation [Member] | U.S. Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 3,621 | 6,206 | 22,272 | 27,424 |
Transportation [Member] | Asia Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 0 | 0 | 0 | 0 |
Transportation [Member] | Mexico Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 3,194 | 801 | 7,589 | 1,374 |
Transportation [Member] | EMEA Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 0 | 0 | 0 | 0 |
Transportation [Member] | India Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 0 | 0 | 0 | 0 |
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 13,676 | 6,430 | 33,738 | 17,035 |
Other [Member] | U.S. Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 8,927 | 3,321 | 17,269 | 9,371 |
Other [Member] | Asia Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 813 | 887 | 2,255 | 1,889 |
Other [Member] | Mexico Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 1,125 | 1,097 | 7,797 | 3,795 |
Other [Member] | EMEA Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 2,739 | 1,090 | 6,227 | 1,945 |
Other [Member] | India Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | $ 72 | $ 35 | $ 190 | $ 35 |
Revenue From Contracts with C_4
Revenue From Contracts with Customers - Summary of Contract Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Gross contract assets | $ 253,878 | $ 223,428 |
Less: reclassification from contract liabilities | (9,104) | (6,500) |
Contract assets | 244,774 | $ 216,928 |
Gross contract assets, Change | 30,450 | |
Less: reclassification from contract liabilities, Change | (2,604) | |
Contract assets, Change | $ 27,846 |
Revenue From Contracts with C_5
Revenue From Contracts with Customers - Summary of Contract Liabilities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Gross contract liabilities | $ 9,104 | $ 7,114 |
Less: reclassification to contract assets | (9,104) | (6,500) |
Contract liabilities | 0 | $ 614 |
Gross contract liabilities, Change | 1,990 | |
Less: reclassification to contract assets, Change | (2,604) | |
Contract liabilities, Change | $ (614) |
Revenue From Contracts with C_6
Revenue From Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from Contracts with Customers [Line Items] | ||||
Increase in contract assets | $ 27,846 | |||
Increase (decrease) in contracts liabilities | (614) | |||
Transaction price allocated to remaining performance obligations to be satisfied in future periods | $ 3,135,502 | 3,135,502 | ||
Net revenue recognized from performance obligations satisfied in previous periods, decrease amount | 7,300 | $ (14,800) | 19,800 | $ (15,400) |
Precision Molding And Assembly Systems And Wind Blades [Member] | ||||
Revenue from Contracts with Customers [Line Items] | ||||
Contract liability revenue recognized | $ 500 | $ 600 |
Revenue From Contracts with C_7
Revenue From Contracts with Customers - Schedule of Estimate to Recognize Remaining Performance Obligations as Revenue (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 3,135,502 |
% of Total remaining performance obligations | 100.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 418,708 |
% of Total remaining performance obligations | 13.40% |
Remaining performance obligations, expected timing of satisfaction period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 1,632,634 |
% of Total remaining performance obligations | 52.10% |
Remaining performance obligations, expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 898,126 |
% of Total remaining performance obligations | 28.60% |
Remaining performance obligations, expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 186,034 |
% of Total remaining performance obligations | 5.90% |
Remaining performance obligations, expected timing of satisfaction period | 1 year |
Revenue From Contracts with C_8
Revenue From Contracts with Customers - Schedule of Estimate to Recognize Remaining Performance Obligations as Revenue (Detail1) $ in Thousands | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 3,135,502 |
% of Total remaining performance obligations | 100.00% |
Significant Risks and Uncerta_2
Significant Risks and Uncertainties - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)Customer | Sep. 30, 2020 | Sep. 30, 2021USD ($)Customer | Sep. 30, 2020 | Dec. 31, 2020USD ($) | |
Concentration Risk [Line Items] | |||||
Percentage of increase in price of raw material bear by customers | 70.00% | ||||
Cash in short-term deposits in interest bearing accounts | $ 153,000 | $ 153,000 | $ 339,000 | ||
Maximum percentage of change in variable rate would not have impact on future earnings | 10.00% | ||||
U.S. [Member] | |||||
Concentration Risk [Line Items] | |||||
Cash in bank deposit and money market accounts | 70,500,000 | $ 70,500,000 | 68,900,000 | ||
U.S. [Member] | Maximum [Member] | |||||
Concentration Risk [Line Items] | |||||
Cash deposit insured amount | 250,000 | 250,000 | 250,000 | ||
China [Member] | |||||
Concentration Risk [Line Items] | |||||
Cash in bank deposit and money market accounts | 20,700,000 | 20,700,000 | 47,400,000 | ||
Cash in short-term deposits in interest bearing accounts | 200,000 | 200,000 | 300,000 | ||
Turkey [Member] | |||||
Concentration Risk [Line Items] | |||||
Cash in bank deposit and money market accounts | 17,900,000 | 17,900,000 | 6,000,000 | ||
Mexico [Member] | |||||
Concentration Risk [Line Items] | |||||
Cash in bank deposit and money market accounts | 1,900,000 | 1,900,000 | 2,100,000 | ||
India [Member] | |||||
Concentration Risk [Line Items] | |||||
Cash in bank deposit and money market accounts | 7,300,000 | 7,300,000 | 5,000,000 | ||
Other Countries [Member] | |||||
Concentration Risk [Line Items] | |||||
Cash in bank deposit and money market accounts | $ 700,000 | $ 700,000 | $ 500,000 | ||
Sales Revenues [Member] | Customer Concentration Risk [Member] | Minimum [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% | 10.00% | |
Resin [Member] | |||||
Concentration Risk [Line Items] | |||||
Percentage of increase in price of raw material bear by customers | 100.00% | ||||
Resin and Resin Systems [Member] | Sales Revenues [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 55.00% | ||||
Number of major customers | Customer | 2 | 2 |
Accrued Warranty - Schedule of
Accrued Warranty - Schedule of Warranty Accrual Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Product Warranties Disclosures [Abstract] | ||||
Warranty accrual at beginning of period | $ 47,462 | $ 56,772 | $ 50,852 | $ 47,639 |
Accrual during the period | 5,285 | 5,963 | 15,532 | 14,337 |
Cost of warranty services provided during the period | (9,826) | (10,895) | (21,178) | (19,377) |
Changes in estimate for pre-existing warranties, including expirations during the period | (442) | 1,756 | (2,727) | 10,997 |
Warranty accrual at end of period | $ 42,479 | $ 53,596 | $ 42,479 | $ 53,596 |
Long-Term Debt, Net of Curren_3
Long-Term Debt, Net of Current Maturities - Schedule of Long-Term Debt, Net of Current Maturities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Total long-term debt | ||
Total long-term debt | $ 262,838 | $ 217,918 |
Less: Debt issuance costs | (709) | (1,051) |
Total debt, net of debt issuance costs | 262,129 | 216,867 |
Less: Current maturities of long-term debt | (251,563) | (32,551) |
Long-term debt, net of current maturities | 10,566 | 184,316 |
Senior Revolving Loan [Member] | U.S. [Member] | ||
Total long-term debt | ||
Total long-term debt | 181,154 | 171,154 |
Unsecured Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 52,683 | 30,040 |
Equipment Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 1,027 | 4,335 |
Secured And Unsecured Working Capital [Member] | India [Member] | ||
Total long-term debt | ||
Total long-term debt | 10,334 | 0 |
Unsecured Term Loan [Member] | India [Member] | ||
Total long-term debt | ||
Total long-term debt | 8,109 | 0 |
Equipment Finance Lease [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 2,459 | 4,119 |
Equipment Finance Lease [Member] | Mexico [Member] | ||
Total long-term debt | ||
Total long-term debt | 6,927 | 8,038 |
Other Equipment Finance Lease [Member] | ||
Total long-term debt | ||
Total long-term debt | $ 145 | $ 232 |
Long-Term Debt, Net of Curren_4
Long-Term Debt, Net of Current Maturities - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Debt Instrument [Line Items] | |
Liquidity for continuing operations | 12 months |
Credit agreement | 30 days |
Series A Preferred Stock [Member] | |
Debt Instrument [Line Items] | |
Preferred stock to be purchased amount | $ 350 |
Preferred stock to be probably purchased amount | $ 50 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Timed-Based Restricted Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation plans, shares issued | 168,993 | |
Performance-Based Restricted Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation plans, shares issued | 58,396 | |
Benefit from Reduction of the Probability of PSUs | $ 0.7 | |
Performance-Based Restricted Stock Units [Member] | Certain Stock Price Hurdles [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation plans, shares issued | 79,784 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Schedule of Share-based Compensation Expense Recognized in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 1,943 | $ 2,631 | $ 7,267 | $ 7,947 |
Cost of Goods Sold [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | 678 | 479 | 2,010 | 1,115 |
General and Administrative Expenses [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 1,265 | $ 2,152 | $ 5,257 | $ 6,832 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Schedule of Share-based Compensation Arrangements by Share-based Payment Award (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 1,943 | $ 2,631 | $ 7,267 | $ 7,947 |
Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | 1,506 | 1,262 | 4,533 | 3,399 |
Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | 466 | 700 | 1,657 | 2,952 |
Performance-based Restricted Stock Units (PSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ (29) | $ 669 | $ 1,077 | $ 1,596 |
Leases - Additional Information
Leases - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Lessee Lease Description [Line Items] | |
Lessee, operating lease, option to extend | include options to extend the leases up to five years |
Lessee, operating lease, existence of option to extend [true false] | true |
Lessee, finance lease, option to extend | include options to extend the leases up to five years |
Lessee, finance lease, existence of option to extend [true false] | true |
Lessee, leases not yet commenced, description | As of September 30, 2021, there were no material additional leases related to our manufacturing facilities, warehouses, offices, automobiles or our machinery and equipment which have not yet commenced. |
Lessee, leases not yet commenced, lease liability | $ 0 |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating and Finance leases, remaining lease terms | 1 year |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating and Finance leases, remaining lease terms | 15 years |
Lessee, lease options to extend lease term | 5 years |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Total operating lease cost | $ 9,768 | $ 9,546 | $ 29,129 | $ 27,265 |
Finance lease cost | ||||
Amortization of assets under finance leases | 870 | 1,529 | 2,676 | 4,489 |
Interest on finance leases | 144 | 240 | 502 | 775 |
Total finance lease cost | $ 1,014 | $ 1,769 | $ 3,178 | $ 5,264 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right of use assets | $ 146,794 | $ 158,827 |
Current operating lease liabilities | 22,939 | 26,099 |
Noncurrent operating lease liabilities | 149,742 | 155,925 |
Total operating lease liabilities | 172,681 | 182,024 |
Property, plant and equipment, gross | 26,958 | 28,462 |
Less: accumulated depreciation | (14,065) | (12,461) |
Total property, plant and equipment, net | 12,893 | 16,001 |
Current maturities of long-term debt | 6,296 | 6,018 |
Long-term debt, net of debt issuance costs and current maturities | 3,235 | 6,371 |
Total finance lease liabilities | $ 9,531 | $ 12,389 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Noncancelable Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leases Abstract | ||
Remainder of 2021 | $ 9,576 | |
2022 | 34,392 | |
2023 | 31,995 | |
2024 | 27,789 | |
2025 | 27,199 | |
Thereafter | 101,634 | |
Total future minimum lease payments | 232,585 | |
Less: interest | (59,904) | |
Total lease liabilities | 172,681 | $ 182,024 |
Finance Leases Abstract | ||
Remainder of 2021 | 1,407 | |
2022 | 6,241 | |
2023 | 1,353 | |
2024 | 710 | |
2025 | 379 | |
Thereafter | 6 | |
Total future minimum lease payments | 10,096 | |
Less: interest | (565) | |
Total lease liabilities | $ 9,531 | $ 12,389 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 27,116 | $ 22,308 |
Operating cash flows from finance leases | 502 | 775 |
Financing cash flows from finance leases | $ 4,249 | $ 4,592 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) | Sep. 30, 2021 | Dec. 31, 2020 |
Weighted-Average Remaining Lease Term (In Years): | ||
Operating leases | 7 years 1 month 6 days | 7 years 8 months 12 days |
Finance leases | 2 years | 2 years 2 months 12 days |
Weighted-Average Discount Rate: | ||
Operating leases | 8.00% | 7.90% |
Finance leases | 5.90% | 6.40% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | |
Derivative [Line Items] | |||||
Derivative designated for hedge accounting terminated | $ 0 | $ 0 | |||
Foreign Exchange Forward Contracts [Member] | Contracts to Hedge in Chinese Renminbi [Member] | Foreign Currency Loss [Member] | |||||
Derivative [Line Items] | |||||
Gain on hedge recorded to statement of operations | 600,000 | 1,200,000 | |||
Foreign Exchange Forward Contracts [Member] | Contracts to Hedge in India Rupee [Member] | Foreign Currency Loss [Member] | |||||
Derivative [Line Items] | |||||
Premium amortization | 400,000 | 700,000 | |||
Gain on hedge recorded to statement of operations | 1,300,000 | 2,500,000 | |||
Foreign Exchange Call Option [Member] | Contracts to Hedge in Mexican Pesos [Member] | Cost of Sales [Member] | |||||
Derivative [Line Items] | |||||
Premium amortization | 800,000 | 2,200,000 | |||
Cash Flow Hedging [Member] | Foreign Exchange Forward Contracts [Member] | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 14,000,000 | $ 300,000,000 | |||
Cash Flow Hedging [Member] | Foreign Exchange Call Option [Member] | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 48,500,000 | $ 48,500,000 | $ 1,000,000,000 | $ 17,300,000 | $ 400,000,000 |
Financial Instruments - Fair Va
Financial Instruments - Fair Values and Location of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative assets, fair value | $ 2,028 | $ 5,832 |
Foreign Exchange Forward Contracts [Member] | Accounts Payable and Accrued Expenses [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 1,184 | 2,096 |
Interest Rate Swap | Other Noncurrent Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 2,928 | $ 4,414 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Pretax Amounts Reclassified From Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of sales | $ 472,188 | $ 425,064 | $ 1,295,660 | $ 1,141,183 |
Foreign Exchange Forward Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of sales | $ 0 | $ 1,546 | $ (3,037) | $ 4,062 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $ 8,248 | $ (32,338) | $ 30,036 | $ 1,946 |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share - Computation of Basic and Diluted Net Income (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Net income (loss) | $ (30,677) | $ (39,797) | $ (1,797) | $ 42,382 | $ (66,101) | $ (492) | $ (72,271) | $ (24,211) |
Basic weighted-average shares outstanding | 37,052 | 35,546 | 36,846 | 35,354 | ||||
Effect of dilutive awards | 0 | 1,877 | 0 | 0 | ||||
Diluted weighted-average shares outstanding | 37,052 | 37,423 | 36,846 | 35,354 | ||||
Basic net income (loss) per common share | $ (0.83) | $ 1.19 | $ (1.96) | $ (0.68) | ||||
Diluted net income (loss) per common share | $ (0.83) | $ 1.13 | $ (1.96) | $ (0.68) | ||||
Potentially dilutive shares excluded from the calculation due to net losses in the period | 1,312 | 0 | 1,693 | 1,399 | ||||
Anti dilutive share-based compensation awards excluded from the calculation | 13 | 1 | 0 | 33 | ||||
Performance-based restricted stock units excluded from the calculation because the performance conditions had not been met | 265 | 192 | 265 | 192 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning balance | $ 160,897 | $ 194,608 | $ 201,035 | $ 128,845 | $ 191,038 | $ 205,050 |
Net current period other comprehensive income (loss) | (1,617) | (243) | (8,326) | 1,299 | 1,260 | (16,893) |
Ending balance | 131,064 | 160,897 | 194,608 | 181,452 | 128,845 | 191,038 |
Foreign Currency Translation Adjustments [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning balance | (35,406) | (35,402) | (30,111) | (33,525) | (31,235) | (22,012) |
Other comprehensive income (loss) before reclassifications | (889) | (4) | (5,291) | (1,662) | (2,290) | (9,223) |
Amounts reclassified from AOCL | 0 | 0 | 0 | 0 | 0 | 0 |
Net tax effect | 0 | 0 | 0 | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | (889) | (4) | (5,291) | (1,662) | (2,290) | (9,223) |
Ending balance | (36,295) | (35,406) | (35,402) | (35,187) | (33,525) | (31,235) |
Interest Rate Swap [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning balance | (2,638) | (2,985) | (3,443) | (4,160) | (4,160) | (2,145) |
Other comprehensive income (loss) before reclassifications | 437 | 452 | 597 | 391 | 0 | (2,550) |
Amounts reclassified from AOCL | 0 | 0 | 0 | 0 | 0 | 0 |
Net tax effect | 244 | (105) | (139) | (535) | 0 | 535 |
Net current period other comprehensive income (loss) | 681 | 347 | 458 | (144) | 0 | (2,015) |
Ending balance | (1,957) | (2,638) | (2,985) | (4,304) | (4,160) | (4,160) |
Foreign Exchange Forward Contract [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning balance | (3,515) | (2,929) | 564 | (1,560) | (5,110) | 545 |
Other comprehensive income (loss) before reclassifications | (771) | 259 | (2,281) | 2,124 | 1,750 | (6,936) |
Amounts reclassified from AOCL | 0 | (1,035) | (2,002) | 1,546 | 2,738 | (222) |
Net tax effect | (638) | 190 | 790 | (565) | (938) | 1,503 |
Net current period other comprehensive income (loss) | (1,409) | (586) | (3,493) | 3,105 | 3,550 | (5,655) |
Ending balance | (4,924) | (3,515) | (2,929) | 1,545 | (1,560) | (5,110) |
Accumulated Other Comprehensive Loss [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning balance | (41,559) | (41,316) | (32,990) | (39,245) | (40,505) | (23,612) |
Other comprehensive income (loss) before reclassifications | (1,223) | 707 | (6,975) | 853 | (540) | (18,709) |
Amounts reclassified from AOCL | 0 | (1,035) | (2,002) | 1,546 | 2,738 | (222) |
Net tax effect | (394) | 85 | 651 | (1,100) | (938) | 2,038 |
Net current period other comprehensive income (loss) | (1,617) | (243) | (8,326) | 1,299 | 1,260 | (16,893) |
Ending balance | $ (43,176) | $ (41,559) | $ (41,316) | $ (37,946) | $ (39,245) | $ (40,505) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 1 Months Ended |
Jan. 31, 2021USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation Settlement Expense | $ 13.3 |
Concentration of Customers - Ad
Concentration of Customers - Additional Information (Detail) - Customer Concentration Risk [Member] - Minimum [Member] | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Sales Revenues [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% | 10.00% | |
Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 10.00% | 10.00% |
Concentration of Customers - Sc
Concentration of Customers - Schedule of Revenues from Certain Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Concentration Risk [Line Items] | ||||
Net sales | $ 479,599 | $ 474,113 | $ 1,343,120 | $ 1,204,566 |
Sales Revenues [Member] | Vestas [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Net sales | $ 176,107 | $ 240,710 | $ 554,112 | $ 591,548 |
Percentage of Total | 36.70% | 50.80% | 41.30% | 49.10% |
Sales Revenues [Member] | GE [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Net sales | $ 122,347 | $ 124,523 | $ 333,136 | $ 295,831 |
Percentage of Total | 25.50% | 26.30% | 24.80% | 24.60% |
Sales Revenues [Member] | Nordex [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Net sales | $ 123,373 | $ 53,182 | $ 281,421 | $ 168,697 |
Percentage of Total | 25.70% | 11.20% | 21.00% | 14.00% |
Concentration of Customers - _2
Concentration of Customers - Schedule of Trade Accounts Receivable from Certain Customers (Detail) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Vestas [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 27.70% | 35.00% |
Nordex [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 43.50% | 40.80% |
Enercon [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 10.70% | 8.30% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 5 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 479,599 | $ 474,113 | $ 1,343,120 | $ 1,204,566 | |
Total loss from operations | (23,987) | 29,005 | (29,227) | 346 | |
Total property, plant and equipment, net | 192,326 | 192,326 | $ 209,001 | ||
U.S. [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 47,702 | 46,799 | 153,749 | 136,309 | |
China [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 51,869 | 163,458 | 219,903 | 400,513 | |
Mexico [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 200,332 | 161,563 | 461,961 | 363,233 | |
Turkey [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 129,444 | 83,640 | 347,160 | 260,138 | |
India [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 50,252 | 18,653 | 160,347 | 44,373 | |
U.S. Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 47,702 | 46,799 | 153,749 | 136,309 | |
Total loss from operations | (24,598) | (6,360) | (36,070) | (33,991) | |
Total property, plant and equipment, net | 27,258 | 27,258 | 31,811 | ||
Asia Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 51,869 | 163,458 | 219,903 | 400,513 | |
Total loss from operations | (3,607) | 25,779 | 7,207 | 49,343 | |
Total property, plant and equipment, net | 37,555 | 37,555 | 46,075 | ||
Mexico Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 200,332 | 161,563 | 461,961 | 363,233 | |
Total loss from operations | (3,802) | 11,986 | (33,082) | (1,106) | |
Total property, plant and equipment, net | 75,573 | 75,573 | 78,813 | ||
EMEA Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 129,444 | 83,640 | 347,160 | 260,138 | |
Total loss from operations | 9,423 | 1,795 | 29,993 | 3,314 | |
Total property, plant and equipment, net | 20,776 | 20,776 | 28,312 | ||
India Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 50,252 | 18,653 | 160,347 | 44,373 | |
Total loss from operations | (1,403) | $ (4,195) | 2,725 | $ (17,214) | |
Total property, plant and equipment, net | $ 31,164 | $ 31,164 | $ 23,990 |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of Segment Information (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
General and administrative costs | $ 8,185 | $ 9,263 | $ 23,819 | $ 25,646 |
U.S. Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative costs | $ 8,200 | $ 9,300 | $ 23,800 | $ 25,600 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 08, 2021 | Sep. 30, 2021 | Oct. 29, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | ||||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Series A Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Preferred stock to be purchased amount | $ 350,000 | |||
Preferred stock to be probably purchased amount | 50,000 | |||
U.S. [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash | $ 70,500 | $ 68,900 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Liquidity available globally | $ 132,900 | |||
Common stock, par value | $ 0.01 | |||
Warrants to purchase common stock | 4,666,667,000 | |||
Warrants term | 5 years | |||
Indebtedness | $ 100,000 | |||
Indebtedness maximum limit thereafter | $ 80,000 | |||
Preferred stock annualized rate | 102.00% | |||
Debt Instrument, Basis spread | 50.00% | |||
Subsequent Event [Member] | Series A Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Preferred stock to be purchased shares | 350,000 | |||
Preferred stock par value | $ 0.01 | |||
Preferred stock to be purchased amount | $ 350,000 | |||
Preferred stock to be probably purchased amount | $ 50,000 | |||
Dividend rate | 11.00% | |||
Annual dividend rate increase | 2.00% | |||
Dividend rate limit | 20.00% | |||
Preferred stock liquidation preference | $ 1,000 | |||
Percentage of preferred stock issued | 10.00% | |||
Subsequent Event [Member] | Investor Rights Agreement [Member] | Series A Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Percentage of preferred stock issued | 33.00% | |||
Subsequent Event [Member] | Minimum [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash | $ 50,000 | |||
Subsequent Event [Member] | Minimum [Member] | Credit Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash | 20,000 | |||
Liquidity available globally | 50,000 | |||
Subsequent Event [Member] | Maximum [Member] | Credit Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Investment in subsidiaries | $ 5,000 | |||
Subsequent Event [Member] | U.S. [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash | $ 68,300 |
Subsequent Events - Summary of
Subsequent Events - Summary of Calculating the Series A Redemption Price under the Certificate of Designations (Detail) - Subsequent Event [Member] | Nov. 08, 2021 |
Subsequent Event [Line Items] | |
Preferred stock annualized rate | 102.00% |
First Anniversary [Member] | |
Subsequent Event [Line Items] | |
Preferred stock annualized rate | 102.00% |
After First Anniversary [Member] | |
Subsequent Event [Line Items] | |
Preferred stock annualized rate | 101.00% |