Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | TPI Composites, Inc. | ||
Entity Central Index Key | 0001455684 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-37839 | ||
Entity Incorporation, State or Country Code | DE | ||
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, City or Town | Scottsdale | ||
Entity Address, State or Province | AZ | ||
Entity Address, Postal Zip Code | 85253 | ||
City Area Code | 480 | ||
Local Phone Number | 305-8910 | ||
Entity Common Stock, Shares Outstanding | 37,180,004 | ||
Entity Public Float | $ 1.8 | ||
Title of 12(b) Security | Common Stock, par value $0.01 | ||
Trading symbol | TPIC | ||
Security Exchange Name | NASDAQ | ||
Documents Incorporated by Reference | Portions of the Registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders, scheduled to be held on May 25, 2022, are incorporated by reference into Part III of this Report. | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Phoenix, AZ | ||
Auditor Firm ID | 185 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 242,165 | $ 129,857 |
Restricted cash | 10,053 | 339 |
Accounts receivable | 157,804 | 132,768 |
Contract assets | 188,323 | 216,928 |
Prepaid expenses | 19,280 | 29,507 |
Other current assets | 22,584 | 27,921 |
Inventories | 11,533 | 10,839 |
Other current assets held for sale | 8,529 | 0 |
Total current assets | 660,271 | 548,159 |
Property, plant and equipment, net | 169,578 | 209,001 |
Operating lease right of use assets | 137,192 | 158,827 |
Goodwill | 2,807 | 2,807 |
Intangible assets and deferred costs, net | 3,540 | 4,146 |
Other noncurrent assets | 34,313 | 33,317 |
Total assets | 1,007,701 | 956,257 |
Current liabilities: | ||
Accounts payable and accrued expenses | 336,697 | 295,992 |
Accrued warranty | 42,020 | 50,852 |
Current maturities of long-term debt | 66,438 | 32,551 |
Current operating lease liabilities | 22,681 | 26,099 |
Contract liabilities | 1,274 | 614 |
Total current liabilities | 469,110 | 406,108 |
Long-term debt, net of current maturities | 8,208 | 184,316 |
Noncurrent operating lease liabilities | 146,479 | 155,925 |
Other noncurrent liabilities | 10,978 | 8,873 |
Total liabilities | 634,775 | 755,222 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Common shares, $0.01 par value, 100,000 shares authorized and 37,418 shares issued and 37,180 shares outstanding at December 31, 2021; 100,000 shares authorized and 36,771 shares issued and 36,564 shares outstanding at December 31, 2020 | 374 | 368 |
Paid-in capital | 451,440 | 349,472 |
Accumulated other comprehensive loss | (54,006) | (32,990) |
Accumulated deficit | (269,264) | (109,716) |
Treasury stock, at cost, 239 shares at December 31, 2021; 207 shares at December 31, 2020 | (6,592) | (6,099) |
Total stockholders’ equity | 121,952 | 201,035 |
Total liabilities, mezzanine equity and stockholders' equity | 1,007,701 | 956,257 |
Series A Preferred Stock [Member] | ||
Mezzanine equity: | ||
Series A Preferred Stock par value $0.01 per share, 400,000 shares authorized; 350,000 and 0 shares issued and outstanding, respectively at December 31, 2021 and 2020 | $ 250,974 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 400 | 400 |
Preferred Stock, Shares Issued | 350 | 0 |
Preferred Stock, Shares Outstanding | 350 | 0 |
liquidation preference | $ 473,227 | $ 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 37,418,000 | 36,771,000 |
Common stock, shares outstanding | 37,180,000 | 36,564,000 |
Treasury stock, shares | 239,000 | 207,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Total Net sales | $ 1,732,583 | $ 1,670,137 | $ 1,436,500 |
Cost of sales | 1,713,331 | 1,561,432 | 1,290,619 |
Startup and transition costs | 50,832 | 44,606 | 68,033 |
Total cost of goods sold | 1,764,163 | 1,606,038 | 1,358,652 |
Gross profit (loss) | (31,580) | 64,099 | 77,848 |
General and administrative expenses | 29,246 | 33,496 | 39,916 |
Loss on sale of assets and asset impairments | 13,110 | 7,748 | 18,117 |
Restructuring charges, net | 23,762 | 4,089 | 3,927 |
Income (loss) from operations | (97,698) | 18,766 | 15,888 |
Other income (expense): | |||
Interest expense | (13,622) | (10,399) | (8,022) |
Foreign currency loss, net | (23,671) | (19,986) | (4,107) |
Miscellaneous income | 2,203 | 3,876 | 3,648 |
Total other expense | (35,090) | (26,509) | (8,481) |
Income (loss) before income taxes | (132,788) | (7,743) | 7,407 |
Income tax benefit (provision) | (26,760) | (11,284) | (23,115) |
Net loss | (159,548) | (19,027) | (15,708) |
Preferred stock dividends and accretion | (6,040) | 0 | 0 |
Net loss attributable to common stockholders | $ (165,588) | $ (19,027) | $ (15,708) |
Weighted-average common shares outstanding: | |||
Basic | 37,415 | 35,532 | 35,062 |
Diluted | 37,415 | 35,532 | 35,062 |
Net income (loss) per common share: | |||
Basic | $ (4.43) | $ (0.54) | $ (0.45) |
Diluted | $ (4.43) | $ (0.54) | $ (0.45) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss attributable to common stockholders | $ (165,588) | $ (19,027) | $ (15,708) |
Other comprehensive loss: | |||
Foreign currency translation adjustments | (18,419) | (8,099) | (7,026) |
Unrealized loss on hedging derivatives, net of taxes of $(633) $(200) and $(585) for the years ended December 31, 2021, 2020 and 2019 | (2,597) | (1,279) | (2,194) |
Comprehensive loss | $ (186,604) | $ (28,405) | $ (24,928) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Tax on hedging derivatives | $ 633 | $ (200) | $ (585) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUTIY AND STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Series A Preferred Stock [Member] | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Treasury Stock, at Cost [Member] | Preferred Stock [Member]Series A Preferred Stock [Member] |
Beginning balance at Dec. 31, 2018 | $ 220,957 | $ 347 | $ 311,771 | $ (14,392) | $ (74,981) | $ (1,788) | ||
Beginning balance, shares at Dec. 31, 2018 | 34,745,000 | |||||||
Net loss | (15,708) | |||||||
Net Income (Loss) Attributable to Parent | (15,708) | (15,708) | ||||||
Other comprehensive loss | (9,220) | (9,220) | ||||||
Common stock repurchased for treasury | (2,120) | (2,120) | ||||||
Issuances under share-based compensation plan | 5,297 | $ 6 | 5,291 | |||||
Issuances under share-based compensation plan, shares | 581,000 | |||||||
Share-based compensation expense | 5,844 | 5,844 | ||||||
Ending balance at Dec. 31, 2019 | 205,050 | $ 353 | 322,906 | (23,612) | (90,689) | (3,908) | ||
Ending balance, shares at Dec. 31, 2019 | 35,326,000 | |||||||
Net loss | (19,027) | |||||||
Net Income (Loss) Attributable to Parent | (19,027) | (19,027) | ||||||
Other comprehensive loss | (9,378) | (9,378) | ||||||
Common stock repurchased for treasury | (2,191) | (2,191) | ||||||
Issuances under share-based compensation plan | 16,584 | $ 15 | 16,569 | |||||
Issuances under share-based compensation plan, shares | 1,445,000 | |||||||
Share-based compensation expense | 9,997 | 9,997 | ||||||
Ending balance at Dec. 31, 2020 | $ 0 | |||||||
Ending balance at Dec. 31, 2020 | 201,035 | $ 368 | 349,472 | (32,990) | (109,716) | (6,099) | ||
Ending balance, shares at Dec. 31, 2020 | 36,771,000 | |||||||
Net loss | (159,548) | |||||||
Net Income (Loss) Attributable to Parent | (159,548) | (159,548) | ||||||
Preferred stock dividends | (4,114) | $ (4,114) | (4,114) | |||||
Other comprehensive loss | (21,016) | (21,016) | ||||||
Common stock repurchased for treasury | (493) | (493) | ||||||
Issuances under share-based compensation plan | 5,245 | $ 6 | 5,239 | |||||
Issuances under share-based compensation plan, shares | 647,000 | |||||||
Share-based compensation expense | 8,414 | 8,414 | ||||||
Issuance of Series A Preferred Stock, net, Shares | 350,000 | |||||||
Issuance of Series A Preferred Stock, net | $ 244,934 | |||||||
Issuance of warrants to purchase common stock | 94,355 | 94,355 | ||||||
Accretion of Series A Preferred Stock | 1,926 | $ 1,926 | 1,926 | |||||
Ending balance at Dec. 31, 2021 | $ 250,974 | |||||||
Ending balance at Dec. 31, 2021 | $ 121,952 | $ 374 | $ 451,440 | $ (54,006) | $ (269,264) | $ (6,592) | ||
Ending balance, shares at Dec. 31, 2021 | 350,000 | 37,418,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (159,548) | $ (19,027) | $ (15,708) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 52,593 | 49,667 | 38,580 |
Loss on sale of assets and asset impairments | 13,110 | 7,748 | 18,117 |
Share-based compensation expense | 8,407 | 10,352 | 5,681 |
Amortization of debt issuance costs | 1,051 | 351 | 206 |
Deferred income taxes | 2,126 | (7,982) | 4,951 |
Changes in assets and liabilities: | |||
Accounts receivable | (34,715) | 42,986 | (19,366) |
Contract assets and liabilities | 23,983 | (56,150) | (57,583) |
Operating lease right of use assets and operating lease liabilities | 8,771 | 15,036 | 6,953 |
Inventories | (1,018) | (4,276) | (1,145) |
Prepaid expenses | 9,683 | (19,916) | (1,052) |
Other current assets | 4,699 | 1,491 | (13,692) |
Other noncurrent assets | 11,612 | 734 | (7,177) |
Accounts payable and accrued expenses | 45,755 | 10,298 | 84,647 |
Accrued warranty | (8,832) | 3,213 | 10,874 |
Other noncurrent liabilities | (3,202) | 3,045 | 2,798 |
Net cash provided by (used in) operating activities | (25,525) | 37,570 | 57,084 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (37,119) | (65,666) | (74,408) |
Acquisition of a business | 0 | 0 | (1,102) |
Net cash used in investing activities | (37,119) | (65,666) | (75,510) |
Cash flows from financing activities: | |||
Proceeds from revolving and term loans | 18,109 | 80,000 | 22,000 |
Repayments of revolving and term loans | (181,154) | (21,260) | 0 |
Proceeds from the issuance of Series A Preferred Stock and warrants to purchase common stock | 350,000 | 0 | 0 |
Equity issuance costs | (10,711) | 0 | 0 |
Net proceeds from (repayments of) accounts receivable financing | 0 | (3,805) | (10,719) |
Proceeds from working capital loans | 10,269 | 0 | 3,535 |
Repayments of working capital loans | 0 | 0 | (3,535) |
Principal repayments of finance leases | (5,750) | (6,116) | (9,128) |
Net proceeds from (repayments of) other debt | 13,438 | 26,875 | (4,286) |
Debt issuance costs | 0 | (730) | 0 |
Proceeds from exercise of stock options | 5,211 | 15,839 | 5,223 |
Repurchase of common stock including shares withheld in lieu of income taxes | (493) | (2,191) | (2,120) |
Net cash provided by (used in) financing activities | 198,919 | 88,612 | 970 |
Impact of foreign exchange rates on cash, cash equivalents and restricted cash | (14,253) | (2,069) | (171) |
Net change in cash, cash equivalents and restricted cash | 122,022 | 58,447 | (17,627) |
Cash, cash equivalents and restricted cash, beginning of year | 130,196 | 71,749 | 89,376 |
Cash, cash equivalents and restricted cash, end of year | 252,218 | 130,196 | 71,749 |
Supplemental cash flow information: | |||
Cash paid for interest | 13,360 | 9,853 | 8,190 |
Cash paid for income taxes, net of refunds | 25,268 | 20,965 | 18,640 |
Noncash investing and financing activities: | |||
Right of use assets obtained in exchange for new operating lease liabilities | 13,232 | 61,455 | 15,855 |
Property, plant, and equipment obtained in exchange for new finance lease liabilities | 1,817 | 163 | 5,811 |
Accrued capital expenditures in accounts payable | 2,504 | 7,556 | 14,644 |
Paid-in-kind preferred stock dividends and accretion | 6,040 | 0 | 0 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | |||
Cash and cash equivalents | 129,857 | 70,282 | 85,346 |
Restricted cash | 339 | 992 | 3,555 |
Restricted cash included within other noncurrent assets | $ 0 | $ 475 | $ 475 |
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent | Other Assets, Noncurrent |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ 252,218 | $ 130,196 | $ 71,749 |
Cash and cash equivalents | 242,165 | 129,857 | 70,282 |
Restricted cash | 10,053 | 339 | 992 |
Restricted cash included within other noncurrent assets | $ 0 | $ 0 | $ 475 |
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent | Other Assets, Noncurrent |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $ 252,218 | $ 130,196 | $ 71,749 |
Summary of Operations and Summa
Summary of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Operations and Significant Accounting Policies | Note 1. Summary of Operations and Summary of Significant Accounting Policies (a) Description of Business TPI Composites, Inc. is the holding company that conducts substantially all of its business operations through its direct and indirect subsidiaries (collectively, the Company or we). The Company was founded in 1968 and has been producing composite wind blades since 2001. The Company is incorporated in Delaware, headquartered in Scottsdale, Arizona and has expanded its global footprint to include domestic facilities in Newton, Iowa; Warren, Rhode Island and Santa Teresa, New Mexico and international facilities in Dafeng, China; Taicang Port, China; Yangzhou, China; Juárez, Mexico; Matamoros, Mexico; Izmir, Turkey; Chennai, India; Kolding, Denmark; Berlin, Germany and Madrid, Spain. (b) Basis of Presentation The accompanying consolidated financial statements include the accounts of TPI Composites, Inc. and all majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. (c) Revenue Recognition The majority of our revenue is generated from supply agreements associated with manufacturing of wind blades and related services. We account for a supply agreement when it has the approval from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance and the collectability of consideration is probable. To determine the proper revenue recognition method for each supply agreement, we evaluate whether the original contract should be accounted for as one or more performance obligations. This evaluation requires judgment and the decisions reached could change the amount of revenue and gross profit recorded in a given period. As most of our contracts contain multiple performance obligations, we allocate the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. Our manufacturing services are customer specific and involve production of items that cannot be sold to other customers due to the customers’ protected IP; therefore, we allocate the total transaction price under our contracts with multiple performance obligations using the contractually stated prices, as these prices represent the relative standalone selling price based on an expected cost plus margin model. Revenue is primarily recognized over time as we have an enforceable right to payment upon termination and we may not use or sell the product to fulfill other customers’ contracts. In addition, the customer does not have return or refund rights for items produced that conform to the specifications included in the contract. Because control transfers over time, revenue is recognized based on the extent of progress towards the completion of the performance obligation. We use the cost-to-cost input measure of progress for our contracts as this method provides the best representation of the production progress towards satisfaction of the performance obligation as the materials are distinct to the product being manufactured because of customer specifications provided for in the contract, the costs incurred are proportional to the progress towards completion of the product, and the products do not involve significant pre-fabricated component parts. Under the cost-to-cost method, progress and the related revenue recognition is determined by a ratio of direct costs incurred to date in fulfillment of the performance obligation to the total estimated direct costs required to complete the performance obligation. Determining the revenue to be recognized for services performed under our supply agreements involves judgments and estimates relating to the total consideration to be received and the expected direct costs to complete the performance obligation. As such, revenue recognized reflects our estimates of future contract volumes and the direct costs to complete the performance obligation. The judgments and estimates relating to the total consideration to be received include the amount of variable consideration as our contracts typically provide the customer with a range of production output options from guaranteed minimum volume obligations to the production capacity of the facility, and customers will provide periodic non-cancellable commitments for the number of wind blades to be produced over the term of the agreement. The total consideration also includes payments expected to be received associated with wind blade model transitions, and payments expected to be received or paid in the form of liquidated damages, for missed production deadlines which are paid over a negotiated timeline. We use historical experience, customer commitments and forecasted future production based on the capacity of the plant to estimate the total revenue to be received to complete the performance obligation. In addition, the amount of consideration per unit produced may vary based on the costs of production of the wind blades as we may be able to change the price per unit based on changes in the cost of production. Further, some of our contracts provide opportunities for us to share in labor and material cost savings as well as absorb some additional costs as an incentive for more efficient production, both of which impact the margin realized on the contract and ultimately the total amount of revenue to be recognized. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information available to us at the time of the estimate and may materially change as additional information becomes known. Our contracts may be modified to account for changes in specifications of products and changing requirements. If the contract modifications are for goods or services that are not distinct from the existing contract, they are accounted for as if they were part of the original contract. The effect of a contract modification on the transaction price and the measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. If contract modifications are for goods and services that are distinct from the existing contract and increases the amount of consideration reflecting the standalone sale price of the additional goods or services, then the contract modification is accounted for as a separate contract and is evaluated for one or more performance obligations. Each reporting period, we evaluate the progress towards satisfaction of each performance obligation based on any contract modifications that have occurred, costs incurred to date, and an estimate of the expected future consideration and costs to be incurred to complete the performance obligation. Based on this analysis, any changes in estimates of total consideration to be received and direct costs to complete the performance obligation are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on the percentage of completion of the performance obligation. Wind blade pricing is based on annual commitments of volume as established in our supply agreements and orders less than committed volume may result in a higher price per wind blade to our customers. Orders in excess of annual commitments may result in discounts to our customers from the contracted price for the committed volume. Our customers typically provide periodic purchase orders with the price per wind blade given the current cost of the bill of materials, labor requirements and volume desired. We record an allowance for expected utilization of early payment discounts which are reported as a reduction of the total consideration to be received. Precision molding and assembly systems included in a customer’s contract are based upon the specific engineering requirements and design determined by the customer and are specific to the wind blade design and function desired. From the customer’s engineering specifications, a job cost estimate is developed along with a production plan, and the desired margin is applied based on the location the work is to be performed and complexity of the customer’s design. Precision molding and assembly systems are generally built to produce wind blades which may be manufactured by us in production runs specified in the customer contract. Contract assets primarily relate to our rights to consideration for work completed but not billed at the reporting date on supply agreements. The contract assets are transferred to accounts receivable when the rights become unconditional, which generally occurs when customers are invoiced upon the determination that a product conforms to the contract specifications and invoices are due based on each customer’s negotiated payment terms, which, range from 5 to 95 days. We apply the practical expedient that allows us to exclude payment terms under one year from the transfer of a promised good or service from consideration of a significant financing component in its contracts. With regards to the production of precision molding and assembly systems, our contracts generally call for progress payments to be made in advance of production. Generally, payment is made at certain percentage of completion milestones with the final payment due upon delivery to the manufacturing facility. These progress payments are recorded within contract liabilities as current liabilities in the consolidated balance sheets and are reduced as we record revenue over time. We evaluate indications that a customer may not be able to meet the obligations under our supply agreements to determine if an account receivable or contract asset may be impaired. Our customers may request, in situations where they do not have space available to receive products or do not want to take possession of products immediately for other reasons, that their finished products be stored by us in one of our facilities. Most of our contracts provide for a limited number of wind blades to be stored during the period of the contract with any additional wind blades stored subject to additional storage fees, which are included in wind blade sales. Revenue related to field service inspection and repair services, non-recurring engineering and freight services provided under our supply agreements is recognized at a point in time following the transfer of control of the promised services to the customer. Customers usually pay the carrier directly for the cost of shipping associated with items produced. When we pay the shipping cost, we apply the practical expedient that allows us to account for shipping and handling as a fulfillment costs and include the revenue in the associated performance obligation and the costs are included in cost of goods sold. Taxes assessed by a governmental authority that are both imposed on and concurrent with specific revenue-producing transactions, that are collected by us from a customer, are excluded from revenue. (d) Cost of Goods Sold Cost of goods sold includes the costs we incur at our production facilities to make products saleable on both products invoiced during the period as well as products in progress towards the satisfaction of the related performance obligations for which we have an enforceable right to payment upon termination and we may not use or sell the product to fulfill other customers’ contracts. Cost of goods sold includes such items as raw materials, direct and indirect labor and facilities costs, including purchasing and receiving costs, plant management, inspection costs, production process improvement activities, product engineering and internal transfer costs, as well as the allocated portion of costs incurred at our corporate headquarters and our research facilities. In addition, all depreciation associated with assets used in the production of our products is also included in cost of goods sold. Direct labor costs consist of salaries, benefits and other personnel related costs for employees engaged in the manufacturing of our products and services. Startup and transition costs are primarily unallocated fixed overhead costs and underutilized direct labor costs incurred during the period production facilities are transitioning wind blade models and ramping up manufacturing. All direct labor costs, excluding non-productive labor costs, are included in the measure of progress towards completion of the relevant performance obligation when determining revenue to be recognized during the period. The cost of sales for the initial products from a new model manufacturing line is generally higher than when the line is operating at optimal production volume levels due to inefficiencies during ramp-up related to labor hours per blade, cycle times per blade and raw material usage. Additionally, these costs as a percentage of net sales are generally higher during the period in which a facility is ramping up to full production capacity due to underutilization of the facility. Manufacturing overhead at each of our facilities includes virtually all indirect costs (including share-based compensation costs) incurred at the plants, including engineering, finance, information technology, human resources and plant management. (e) General and Administrative Expenses General and administrative expenses primarily relate to the unallocated portion of costs incurred at our corporate headquarters and our research facilities and include salaries, benefits and other personnel related costs for employees engaged in research and development, engineering, finance, internal audit, information technology, human resources, business development, global operational excellence, global supply chain, in-house legal and executive management. Other costs include outside legal and accounting fees, risk management (insurance), share-based compensation and certain other administrative and global resources costs. The unallocated research and development expenses incurred at our Warren, Rhode Island location as well as at our Kolding, Denmark advanced engineering center and our Berlin, Germany engineering center are also included in general and administrative expenses. For the years ended December 31, 2021, 2020 and 2019 , total research and development expenses totaled $ 1.0 million in each year, respectively. (f) Loss on Sale of Assets and Asset Impairments For the years ended December 31, 2021, 2020 and 2019, the losses on the sale of certain receivables, on a non-recourse basis under supply chain financing arrangements with our customers, to financial institutions, as well as the losses on the sale of other assets at our corporate and manufacturing facilities and asset impairment charges totaled $ 13.1 million, $ 7.7 million and $ 18.1 million, respectively. (g) Restructuring Charges, Net Restructuring charges primarily consist of employee severance, one-time termination benefits and ongoing benefits related to the reduction of our workforce and other costs associated with exit activities, which may include costs related to leased facilities to be abandoned and facility and employee relocation costs. The determination of when we accrue for involuntary termination benefits under restructuring plans depends on whether the termination benefits are provided under an ongoing benefit arrangement or under a one-time benefit arrangement. Ongoing benefit arrangements are recognized over the service period or when termination becomes reasonably probable, and one-time benefit arrangements are recognized in the period the arrangement is approved and formally communicated to employees. If applicable, we record such costs into operating expense over the terminated employee’s future service period beyond any minimum retention period. Restructuring charges that have been incurred but not yet paid are recorded in accrued expenses in the accompanying consolidated balance sheets. For the years ended December 31, 2021, 2020 and 2019 , restructuring charges, net totaled $ 23.8 million, $ 4.1 million and $ 3.9 million, respectively. These charges primarily related to severance benefits to terminated employees as a result of the closure of our Newton, Iowa; Taicang City, China; and Dafeng, China manufacturing facilities and the stop of production in one of our Juarez, Mexico facilities. (h) Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less. The carrying value of cash and cash equivalents approximates fair value. As of December 31, 2021 and 2020, our China locations collectively had unrestricted cash totaling $ 25.9 million and $ 47.4 million, respectively, in bank accounts in China. The Chinese government imposes certain restrictions on transferring cash out of China. The local governments in other countries in which we operate impose no such restrictions on transferring cash out of the respective country. As of December 31, 2021 and 2020, we had provided for cash deposits for letters of guarantee used for customs clearance related to our China locations totaling $ 0.0 million and $ 0.3 million, respectively. These amounts are reported as restricted cash in our consolidated balance sheets. As of December 31, 2021 and 2020 , we had $ 10.0 million and $ 0.0 million, respectively of cash held as collateral for various instruments, primarily for letters of guarantee used for customs clearance related to our India location, that were previously collateralized with our senior secured credit facility. These amounts are reported as restricted cash in our consolidated balance sheets. (i) Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. We follow the allowance method of recognizing uncollectible accounts receivable, which recognizes bad debt expense based on a review of the individual accounts outstanding and prior history of uncollectible accounts receivable. Credit is extended based on evaluation of each of our customer’s financial condition and is generally unsecured. Accounts receivable are generally due within 30 days and are stated net of an allowance for doubtful accounts in the consolidated balance sheets. Accounts are considered past due if outstanding longer than contractual payment terms. We record an allowance based on consideration of a number of factors, including the length of time trade accounts are past due, previous loss history, the creditworthiness of individual customers, economic conditions affecting specific customer industries, and economic conditions in general. We charge-off accounts receivable after all reasonable collection efforts have been exhausted. We credit payments subsequently received on such receivables to bad debt expense in the period payment is received. We record delinquent finance charges on outstanding accounts receivables only if they are collected. We wrote off no receivables during 2021, 2020, or 2019, and do not have any off-balance-sheet credit exposure related to our customers. See Note 4, Accounts Receivable. (j) Inventories Inventories represent materials purchased that are not restricted to fulfillment of a specific contract and are measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Cost is determined using the first-in, first-out method for such raw materials. Write-downs to reduce the carrying cost of obsolete, slow-moving, and unusable inventory to net realizable value are recognized in cost of goods sold. The effect of these write-downs establishes a new cost basis in the related inventory, which is not subsequently written up. (k) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation and amortization of property, plant, and equipment is calculated on the straight-line method over the estimated useful lives of the assets. See Note 6, Property, Plant and Equipment, Net. Estimated Machinery and equipment 7 to 10 years Buildings 20 years Leasehold improvements 5 to 10 years, or the term Office equipment and software 3 to 5 years Furniture 3 to 5 years Vehicles 5 years (l) Recoverability of Long-Lived Assets We review property, plant and equipment and other long-lived assets in order to assess recoverability based on expected future undiscounted cash flows whenever events or circumstances indicate that the carrying value may not be recoverable. If the sum of the expected future net cash flows is less than the carrying value, an impairment loss is recognized. The impairment loss is measured as the amount by which the carrying value exceeds the fair value of the asset. (m) Assets Held for Sale We classify long-lived assets or disposal groups to be sold as held for sale in the period in which all of the following criteria are met: (1) management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; (2) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal groups; (3) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; (4) the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the asset or disposal group beyond one year; (5) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We initially measure a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the date of sale. We assess the fair value of a long-lived asset or disposal group less any costs to sell each reporting period it remains classified as held for sale and report any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, we cease depreciation and report long-lived assets and/or the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale, respectively, in our consolidated balance sheets. As of December 31, 2021, we met the criteria to classify $ 8.5 million of assets as held for sale associated with our Taicang manufacturing facility, of which $ 7.0 million was related to property, plant and equipment, net and $ 1.5 million was related to other noncurrent assets (land-use rights). These amounts have been reclassified to Assets held for sale in the accompanying consolidated balance sheets. We expect the sale to be completed in the next twelve months. (n) Goodwill, Intangible Assets and Deferred Costs, Net Goodwill represents the excess of the acquisition cost of Composite Solutions, Inc. from True North Partners, LLC in 2004 over the fair value of identifiable assets acquired and liabilities assumed. Goodwill, which is entirely in the U.S. segment, is evaluated for impairment annually on October 31 and whenever events or circumstances make it likely that impairment may have occurred. In determining whether impairment has occurred, one compares the fair value of the related reporting unit (calculated using the discounted cash flow method) to its carrying value. If the carrying value exceeds the fair value, impairment is recognized for the difference. We may first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. We performed our annual goodwill impairment test during 2021 and determined that it is more-likely-than-not that its fair value exceeds its carrying amount. Our patents, licenses, trademarks and development tools were acquired in business acquisitions and provide contractual or legal rights, or other future benefits that could be separately identified. Our valuation of identified intangible assets was based upon discounted cash flow estimates that require significant management judgment with respect to revenue and expense growth rates, changes in working capital, and the selection and use of the appropriate discount rate. The intangible assets are amortized over their estimated useful life. Intangible assets with indefinite lives are evaluated at least annually for impairment or whenever events or circumstances make it likely that impairment may have occurred. In addition, we recognize an asset for deferred costs incurred to fulfill a contract when such costs meet certain criteria. These deferred costs are amortized over their estimated useful life. See Note 2, Revenue from Contracts with Customers for a further discussion of those deferred costs. See Note 7, Intangible Assets and Deferred Costs, Net. (o) Mezzanine Equity We have issued Series A Preferred Stock that we have determined is a financial instrument with both equity and debt characteristics and is classified as mezzanine equity in our consolidated financial statements. The instrument was initially recognized at fair value net of issuance costs. We reassess whether the instrument is currently redeemable or probable to become redeemable in the future as of each reporting date, in which, if the instrument meets either criterion, we will accrete the carrying value to the estimated maximum redemption value based on the effective interest method over the remaining period to the expected redemption date. To assess classification, we review all features of the instrument, including all mandatory and optional redemption features that may be substantive. All financial instruments that are classified as mezzanine equity are evaluated for embedded derivative features by evaluating each feature against the nature of the host instrument (e.g. more equity-like or debt-like). Features identified as freestanding instruments or bifurcated embedded derivatives that are material are recognized separately as a derivative asset or liability in the consolidated financial statements. We have evaluated our Series A Preferred Stock and determined that its nature is that of a debt host and embedded derivatives exist that require bifurcation on our balance sheet. Mezzanine equity is presented net of related issuance costs and discounts resulting from bifurcated instruments and embedded features issued in conjunction with the host. See Note 14, Mezzanine Equity . (p ) Warranty Expense We provide a limited warranty for our mold, wind blade, and transportation products, including materials and workmanship, with terms and conditions that vary depending on the product sold, generally for periods that range from two to five years . Warranty expense is recorded based upon estimates of future repairs using a probability-based methodology that considers previous warranty claims, identified quality issues and industry practices. Once the warranty period has expired, any remaining unused warranty accrual for the specific products is generally reversed against the current year warranty expense amount. See Note 9, Accrued Warranty . (q) Treasury Stock Common stock purchased for treasury is recorded at historical cost. Transactions in treasury shares relate to shares withheld in lieu of income taxes associated with share-based compensation plans and are recorded at weighted-average cost. (r) Foreign Currency Translation and Income and Losses Foreign currency-denominated assets and liabilities are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates. Results of operations of our foreign subsidiaries are translated at the average exchange rates during the respective periods. Translation adjustments are reported in accumulated other comprehensive loss in our consolidated balance sheets. Currency translation adjustments for the years ended December 31, 2021, 2020 and 2019 amounted to other comprehensive losses of $ 18.4 million, $ 8.1 million and $ 7.0 million, respectively. Our reporting currency is the U.S. dollar. However, we have non-U.S. operating subsidiaries in our U.S., Mexico, Turkey, China and India operations. • The U.S. parent companies of our China and Mexico operations, which are wholly-owned subsidiaries of TPI Composites, Inc., maintain their books and records in their functional currency, the US. dollar. • Our Mexico operations maintain their books and records through multiple legal entities that are denominated in the local Mexican currency, the Peso, which are remeasured to their U.S. dollar functional currency. • Our Turkey operations maintain their books and records in their functional currency, the local Turkish currency, the Lira. • Our China operations maintain their books and records in their functional currency, the local Chinese currency, the Renminbi. • Our Chennai, India operations maintain their books and records in their functional currency, the U.S. dollar. • Our Kolding, Denmark operation, which is an indirect, wholly-owned subsidiary of TPI Composites, Inc., maintains its books and records in their functional currency, the local Danish currency, the Krone. • Our Berlin, Germany operation, which is an indirect, wholly-owned subsidiary of TPI Composites, Inc., maintains its books and records in their functional currency, the Euro. Foreign currency transaction gains and losses are reported in foreign currency loss, net in our consolidated statements of operations. (s) Share-Based Compensation We maintain one active incentive compensation plan: the Amended and Restated 2015 Stock Option and Incentive Plan (the 2015 Plan). The 2015 Plan provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units (RSUs), restricted stock awards, unrestricted stock awards, cash-based awards, performance-based restricted stock units (PSUs), and dividend equivalent rights to certain of our employees, non-employee directors and consultants. The term of stock options issued under the 2015 Plan may not exceed ten years from the date of grant. Under the 2015 Plan, incentive stock options and non-qualified stock options are granted at an exercise price that is not to be less than 100 % of the fair market value of our common stock on the date of grant, as determined by the Compensation Committee of our board of directors. Stock options become vested and exercisable at such times and under such conditions as determined by the Compensation Committee on the date of grant. We use the Black Scholes valuation model, unless the awards are subject to market conditions, in which case we utilize a binomial-lattice model (i.e., Monte Carlo simulation model), to determine the fair value of stock options. The Monte Carlo simulation model utilizes multiple input variables to determine the share-based compensation expense. For grants with market conditions made in the year ended December 31, 2021 , we utilized a weighted-average volatility of 65.1 %, a 0 % dividend yield and a weighted-average risk-free interest rate |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Note 2 – Net Sales The following tables represents the disaggregation of our net sales by product for each of our reportable segments: Year Ended December 31, 2021 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 130,455 $ 240,891 $ 567,721 $ 472,059 $ 199,817 $ 1,610,943 Precision molding and — 16,622 18,297 — — 34,919 Transportation sales 26,812 — 10,500 — — 37,312 Field service, inspection and 24,525 2,403 2,835 5,332 33 35,128 Other sales 47 281 8,745 4,829 379 14,281 Total net sales $ 181,839 $ 260,197 $ 608,098 $ 482,220 $ 200,229 $ 1,732,583 Year Ended December 31, 2020 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 135,415 $ 511,090 $ 472,994 $ 368,907 $ 91,649 $ 1,580,055 Precision molding and — 13,134 14,939 — — 28,073 Transportation sales 33,849 — 2,347 — — 36,196 Field service, inspection and 12,128 821 — 2,160 16 15,125 Other sales 549 2,038 5,559 2,478 64 10,688 Total net sales $ 181,941 $ 527,083 $ 495,839 $ 373,545 $ 91,729 $ 1,670,137 Year Ended December 31, 2019 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 120,125 $ 366,206 $ 410,337 $ 431,362 $ 687 $ 1,328,717 Precision molding and 3,774 25,203 19,703 — — 48,680 Transportation sales 28,523 — 347 — — 28,870 Field service, inspection and 14,551 680 — 3,347 — 18,578 Other sales 2,344 1,720 5,219 2,372 — 11,655 Total net sales $ 169,317 $ 393,809 $ 435,606 $ 437,081 $ 687 $ 1,436,500 In addition, most of our net sales are made directly to our customers, primarily large multi-national wind turbine manufacturers, under our supply agreements. For further information regarding our reportable segments, refer to Note 21, Segment Reporting . 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 time it takes to produce a single wind blade is typically between 5 to 7 days . The time it takes to produce a mold is typically between 3 to 6 months. 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 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 consolidated balance sheets and are reduced as we record revenue over time. These contract assets and liabilities are reported on the consolidated balance sheets net on a contract-by-contract basis at the end of each reporting period, as demonstrated in the table below. Contract assets and contract liabilities as of December 31 consisted of the following: 2021 2020 $ Change (in thousands) Gross contract assets $ 196,659 $ 223,428 $ ( 26,769 ) Less: reclassification from contract liabilities ( 8,336 ) ( 6,500 ) ( 1,836 ) Contract assets $ 188,323 $ 216,928 $ ( 28,605 ) 2021 2020 $ Change (in thousands) Gross contract liabilities $ 9,610 $ 7,114 $ 2,496 Less: reclassification to contract assets ( 8,336 ) ( 6,500 ) ( 1,836 ) Contract liabilities $ 1,274 $ 614 $ 660 Contract assets decreased by $ 28.6 million from December 31, 2020 to December 31, 2021 primarily due to amounts billed to customers exceeding the revenue earned related to wind blades being produced, offset by incremental unbilled production during the year ended December 31, 2021. Contracts liabilities increased by $ 0.7 million from December 31, 2020 to December 31, 2021 due to the amounts billed to customers exceeding the revenue earned related to wind blades being produced during the year ended December 31, 2021. For the years ended December 31, 2021 , 2020 and 2019, we recognized revenue of $ 0.6 million, $ 3.0 million and $ 7.1 million, respectively, 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. As discussed in Note 1, Summary of Operations and Summary of Significant Accounting Policies – (c) Revenue Recognition , 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 December 31, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations to be satisfied in future periods was approximately $ 2.8 billion. We estimate that we will recognize the remaining performance obligations as revenue as follows: $ % of Total (in thousands) Year Ending December 31, 2022 $ 1,585,057 56.9 % 2023 1,018,620 36.5 2024 183,144 6.6 Total remaining performance obligations $ 2,786,821 100.0 % For the year ended December 31, 2021, net revenue recognized from our performance obligations satisfied in previous periods decreased by $ 24.7 million. The current year decrease primarily relates to contract modifications that resulted in changes in certain of our estimated total contract values and related direct costs to complete the performance obligations, and were recognized on a cumulative catch-up basis. Pre-Production Investments We recognize an asset for deferred costs incurred to fulfill a contract when those costs meet all of the following criteria: (a) the costs relate directly to a contract or to an anticipated contract that we can specifically identify; (b) the costs generate or enhance our resources that will be used in satisfying performance obligations in the future; and, (c) the costs are expected to be recovered. We capitalize the costs related to training our workforce to execute the manufacturing services and other facility set-up costs related to preparing for production of a specific contract. We factor these costs into our estimated cost analysis for the overall contract. Costs capitalized are amortized over the number of units produced during the contract term. As of December 31, 2021, the cost and accumulated amortization of such assets totaled $ 9.5 million and $ 6.9 million, respectively. As of December 31, 2020, the cost and accumulated amortization of such assets totaled $ 6.6 million and $ 3.7 million, respectively. These amounts are included in intangible assets and deferred costs, net in the consolidated balance sheet. See Note 7, Intangible Assets and Deferred Costs, Net . In applying the practical expedient as permitted under FASB ASU 2014-09, Revenue from Contracts with Customers (Topic 606), we recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less. These costs are included in cost of goods sold. |
Significant Risks and Uncertain
Significant Risks and Uncertainties | 12 Months Ended |
Dec. 31, 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 20, Concentration of Customers . The COVID-19 pandemic adversely affected our business and operations during the year ended December 31, 2020. During the first quarter of 2020, our China manufacturing facilities were adversely impacted by the COVID-19 pandemic in the form of reduced production levels and COVID-19 related costs associated with the health and safety of our associates and non-productive labor. During the second quarter of 2020, all of our manufacturing facilities with the exception of our China manufacturing facilities and our Rhode Island manufacturing facility were required to temporarily suspend production or operate at reduced production levels due primarily to certain applicable government-mandated stay at home orders in response to the COVID-19 pandemic, demands from certain of our labor unions to suspend or reduce production and general safety concerns of our associates. By the end of the second quarter of 2020, most of our manufacturing facilities had returned to operating at or near normal production levels. Although none of our manufacturing facilities are currently operating below normal capacity due to COVID-19 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 year ended December 31, 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. The after-effects of the pandemic continue to evolve and affect supply chain performance and underlying assumptions in various ways – specifically with volatility in the commodity and logistics spaces. During 2021, there were both significant price increases and supply constraints with respect to resin and carbon, key raw materials that we use to manufacture our products, as well as increases in logistics costs to obtain raw materials. We expect carbon fiber and related product supply will remain constrained. Production of carbon products is very energy intensive and continued rising energy costs could continue to adversely impact cost of materials. If the supply of resin feedstocks and carbon fiber continue to be constrained and the prices for these raw materials remain elevated for an extended period of time, such constraints and elevated price levels will have a further material adverse impact on our results of operations. Although we believe that the onshore wind market will continue to grow over the long term, the expiration of the PTC at the end of 2021 has created uncertainty in the near term. We are monitoring legislative and regulatory policy proposals to extend or expand tax credits in the United States to promote wind energy. 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. As of December 31, 2021 and 2020, we had $ 165.4 million and $ 68.9 million, respectively, of cash in bank deposit and money market accounts in high quality 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. As of December 31, 2021, this included $ 25.9 million in China, $ 42.6 million in Turkey, $ 5.7 million in India, $ 2.1 million in Mexico and $ 0.5 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, as of December 31, 2021 and 2020, we have short-term deposits in interest bearing accounts of $ 0.0 million and $ 0.3 million, respectively, in China, which are reported as restricted cash in our consolidated balance sheets. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | Note 4. Accounts Receivable Accounts receivable as of December 31 consisted of the following: 2021 2020 (in thousands) Trade accounts receivable $ 154,464 $ 127,765 Other accounts receivable 3,340 5,003 Total accounts receivable $ 157,804 $ 132,768 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Note 5. Other Current Assets Other current assets as of December 31 consisted of the following: 2021 2020 (in thousands) Refundable value-added tax $ 19,673 $ 18,961 Deposits 1,323 2,791 Other current assets 1,588 6,169 Total current assets $ 22,584 $ 27,921 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 6. Property, Plant and Equipment, Net Property, plant and equipment, net as of December 31 consisted of the following: 2021 2020 (in thousands) Machinery and equipment $ 191,192 $ 204,917 Buildings 15,908 15,544 Leasehold improvements 63,136 61,947 Office equipment and software 37,339 35,194 Furniture 14,794 25,097 Vehicles 613 635 Construction in progress 8,704 8,725 Total property, plant and equipment, gross 331,686 352,059 Accumulated depreciation ( 162,108 ) ( 143,058 ) Total property, plant and equipment, net $ 169,578 $ 209,001 As of December 31, 2021, the projects in construction in progress included the continued investment in of our manufacturing facility in Chennai, India and in our other existing manufacturing facilities. Total depreciation for the years ended December 31, 2021, 2020 and 2019 was $ 49.0 million, $ 48.6 million and $ 36.7 million, respectively. |
Intangible Assets and Deferred
Intangible Assets and Deferred Costs, Net | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Deferred Costs, Net | Note 7. Intangible Assets and Deferred Costs, Net Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2021, consisted of the following: Estimated Cost Accumulated Net (in thousands) Pre-production investments (1) Various $ 9,493 $ ( 6,931 ) $ 2,562 Patents 10 years 113 ( 28 ) 85 Acquired development tools 10 years 991 ( 248 ) 743 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 10,747 $ ( 7,207 ) $ 3,540 Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2020, consisted of the following: Estimated Cost Accumulated Net (in thousands) Pre-production investments (1) Various $ 6,581 $ ( 3,723 ) $ 2,858 Patents 10 years 123 ( 6 ) 117 Acquired development tools 10 years 1,075 ( 54 ) 1,021 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 7,929 $ ( 3,783 ) $ 4,146 (1) See Note 2, Revenue from Contracts with Customers, for a further discussion of these pre-production investments. During the years ended December 31, 2021, 2020 and 2019, we recorded amortization expense for the intangible assets and deferred costs of $ 3.6 million, $ 1.1 million and $ 1.9 million, respectively. |
Other Noncurrent Assets
Other Noncurrent Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets, Noncurrent [Abstract] | |
Other Noncurrent Assets | Note 8. Other Noncurrent Assets Other noncurrent assets as of December 31 consisted of the following: 2021 2020 (in thousands) Deferred tax assets $ 21,078 $ 18,793 Deposits 10,775 10,004 Land use right ( 50 year estimated useful life) — 1,584 Other 2,460 2,936 Total other noncurrent assets $ 34,313 $ 33,317 |
Accrued Warranty
Accrued Warranty | 12 Months Ended |
Dec. 31, 2021 | |
Product Warranties Disclosures [Abstract] | |
Accrued Warranty | Note 9. Accrued Warranty Warranty accrual as of December 31 consisted of the following: 2021 2020 2019 (in thousands) Warranty accrual at beginning of year $ 50,852 $ 47,639 $ 36,765 Accrual during the year 20,650 20,029 23,710 Cost of warranty services provided during the year ( 23,174 ) ( 29,890 ) ( 6,220 ) Changes in estimate for pre-existing warranties, ( 6,308 ) 13,074 ( 6,616 ) Warranty accrual at end of year $ 42,020 $ 50,852 $ 47,639 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 10. Share-Based Compensation The share-based compensation expense recognized in the consolidated statements of operations for the years ended December 31 was as follows: 2021 2020 2019 (in thousands) Cost of goods sold $ 2,536 $ 1,979 $ 386 General and administrative expenses 5,871 8,373 5,295 Total share-based compensation expense $ 8,407 $ 10,352 $ 5,681 The share-based compensation expense recognized by award type for the years ended December 31 was as follows: 2021 2020 2019 (in thousands) RSUs $ 5,703 $ 4,613 $ 3,658 Stock options 1,121 3,589 1,501 PSUs 1,583 2,150 522 Total share-based compensation expense $ 8,407 $ 10,352 $ 5,681 Included in total share-based compensation expense for the year ended December 31, 2020 is $ 1.7 million of compensation expense associated with the modification of an employee and two non-employee awards during the period. The modifications primarily provided for the extension of the post termination exercise period of outstanding stock options, resulting in a one-time charge in the year ended December 31, 2020. The summary of activity for our incentive plans is as follows: Stock Options RSUs PSUs Shares Shares Weighted- Options Units Weighted- Units Weighted- Balance as of December 31, 2018 5,980,605 2,600,694 13.41 1,415,948 425,876 18.75 249,249 16.91 Increase in shares authorized 1,387,123 — — — — — — Granted ( 875,557 ) 397,170 20.94 196,418 26.99 281,969 21.02 Exercised/vested — ( 345,475 ) 15.14 ( 236,187 ) 15.42 — — Forfeited/cancelled 129,341 ( 58,161 ) 15.23 ( 31,680 ) 24.91 ( 39,500 ) 20.24 Balance as of December 31, 2019 6,621,512 2,594,228 14.29 1,697,272 354,427 24.99 491,718 19.00 Increase in shares authorized 1,407,228 — — — — — — Granted ( 1,044,491 ) 261,181 28.49 461,732 22.43 321,578 11.13 Exercised/vested — ( 1,195,405 ) 13.25 ( 117,683 ) 22.81 ( 131,924 ) 12.53 Forfeited/cancelled 221,289 ( 160,418 ) 20.40 ( 30,022 ) 25.06 ( 30,849 ) 19.02 Balance as of December 31, 2020 7,205,538 1,499,586 16.94 959,233 668,454 23.60 650,523 16.42 Granted ( 312,173 ) 5,000 24.76 168,993 49.21 138,180 43.97 Exercised/vested — ( 371,971 ) 14.01 ( 135,621 ) 22.39 ( 139,924 ) 15.19 Forfeited/cancelled 469,827 ( 134,489 ) 26.12 ( 65,220 ) 31.86 ( 270,118 ) 23.99 Balance as of December 31, 2021 7,363,192 998,126 16.84 779,149 636,606 29.81 378,661 21.53 The fair value of RSUs, based on the share price on the date of vesting, which vested during the years ended December 31, 2021, 2020 and 2019 was $ 9.0 million, $ 10.4 million and $ 6.2 million, respectively. In addition, during 2021, 2020 and 2019, we repurchased 3 1,310 shares, 61,920 shares and 79,040 shares for $ 0.5 million, $ 2.2 million and $ 2.1 million, respectively, related to tax withholding requirements on vested RSU awards. The following table summarizes the outstanding and exercisable stock option awards as of December 31, 2021: Options Outstanding Options Exercisable Range of Exercise Prices: Shares Weighted- Weighted- Shares Weighted- $ 10.87 495,460 3.4 10.87 495,460 10.87 $ 11.00 to $ 17.06 57,951 4.5 16.20 53,967 16.13 $ 18.70 5,671 4.4 18.70 5,671 18.70 $ 18.77 to $ 29.56 439,044 8.0 23.64 224,051 23.53 $ 10.87 to $ 29.56 998,126 5.5 16.84 779,149 14.93 The following table contains additional information pertaining to stock options for the years ended December 31: 2021 2020 2019 (in thousands) Total intrinsic value of stock options outstanding $ 2,032 $ 53,741 $ 12,219 Total intrinsic value of stock options exercisable 2,032 38,367 9,718 Cash received from the exercise of stock options 5,211 15,839 5,223 Intrinsic fair value of stock options vested 4,641 4,669 8,796 As of December 31, 2021 , the unamortized cost of the outstanding RSUs and PSUs was $ 7.8 million and $ 2.4 million, respectively, which we expect to recognize in the consolidated financial statements over weighted-average periods of approximately 1.7 years and 1.8 years, respectively. Additionally, the total unrecognized cost related to non-vested stock option awards was $ 0.8 million, which we expect to recognize in the consolidated financial statements over a weighted-average period of approximately 1.6 years. The fair value of the stock options granted during the years ended December 31 were calculated using the Black-Scholes option pricing model with the following assumptions: 2021 2020 2019 Weighted-average fair value $ 13.27 $ 13.11 $ 6.80 Expected volatility 55.9 % 48.5 % 28.0 % Expected life 6.3 years 6.1 years 6.3 years Risk-free interest rate 1.4 % 0.4 % 1.9 % Dividend yield 0.0 % 0.0 % 0.0 % |
Long-Term Debt, Net of Debt Iss
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | Note 11. Long-Term Debt, Net of Current Maturities Long-term debt, net of current maturities, as of December 31 consisted of the following: 2021 2020 (in thousands) Senior revolving loan—US $ — $ 171,154 Unsecured financing—EMEA 48,444 30,040 Equipment financing—EMEA — 4,335 Secured and unsecured working capital—India 10,269 — Unsecured term loan—India 8,109 — Equipment finance lease—Mexico 5,821 8,038 Equipment finance lease—EMEA 1,884 4,119 Other equipment finance leases 119 232 Total debt—principal 74,646 217,918 Less: Debt issuance costs — ( 1,051 ) Total debt, net of debt issuance costs 74,646 216,867 Less: Current maturities of long-term debt ( 66,438 ) ( 32,551 ) Long-term debt, net of debt issuance costs $ 8,208 $ 184,316 The following table summarizes borrowings under these facilities as of December 31: 2021 2020 Credit Facilities Interest Rates Total Borrowing Capacity Outstanding Balance Total Borrowing Capacity Outstanding Balance (in thousands) Senior revolving loan—US 2.75 % $ — $ — $ 205,000 $ 171,154 Unsecured financing—EMEA 1.75 - 6.00 % 96,187 48,444 99,315 30,040 Secured and unsecured working capital—India 1.72 - 3.16 % 10,356 10,269 — — Unsecured financing—Asia 3.80 % 18,037 — 13,027 — Total credit facilities 124,580 58,713 317,342 201,194 Equipment financing and term debt Interest Rates Total Facility Outstanding Balance Total Facility Outstanding Balance Unsecured term loan—India 3.67 % 8,109 8,109 — — Equipment financing—EMEA EURIBOR+ 6.75 % — — 4,335 4,335 Equipment finance lease—Mexico 3.25 - 6.65 % 22,978 5,821 15,425 8,038 Equipment finance lease—EMEA 6.00 % 10,000 1,884 10,000 4,119 Other equipment finance leases 4.93 - 9.75 % 220 119 631 232 Total equipment financing and term debt 41,307 15,933 30,391 16,724 Total debt—principal $ 165,887 $ 74,646 $ 347,733 $ 217,918 U.S.: In November 2021, we used the net proceeds from the issuance and sale of the Series A Preferred Stock to repay all outstanding indebtedness under our senior revolving loan and letter of credit sub-facility (the Credit Agreement) and terminated our Credit Agreement. As of December 31, 2021 and 2020, there was $ 0 million and $ 171.2 million outstanding under the Credit Agreement, respectively. Additionally, as of December 31, 2021 and 2020 , there was $ 0.0 million and $ 7.9 million of letters of credit outstanding under the letter of credit sub-facility of the Credit Agreement, respectively. EMEA: In general, all of the credit agreements which the EMEA segment enters into have provisions which allow them to borrow in either U.S. dollars, Turkish Lira or Euro, regardless of the currency in which the agreement is denominated. In addition, none of the credit agreements have an expiration date, however each credit agreements’ limits are reviewed annually to establish available capacity, and every time we draw under one of the credit agreements a term is set for the respective draw's repayment. As of December 31, 2021 and 2020 , available capacity under the EMEA unsecured financing agreements was reduced by $ 5.4 million and $ 1.0 million, respectively, for outstanding letters of credit. In addition to the total borrowing capacity above, as of December 31, 2021 and 2020, the various EMEA general credit agreements provided for additional financing up to approximately $ 14.9 million and $ 7.6 million related to letters of credit and other non-cash items, of which approximately $ 0.1 million and $ 2.4 million were outstanding as of the end of each year, respectively. Interest on the letters of credit and other non-cash items accrue at fixed rates of between 0.35 % and 6.95 % and are generally payable quarterly until the letters of credit are closed. Due to the short-term nature of the unsecured financings in the EMEA segment, we estimate that fair-value approximates the face value of the notes. Asia: In August 2021, we amended our credit agreement with a Chinese financial institution to increase the amount available under the unsecured credit line from 90.0 million Renminbi up to 150.0 million Renminbi (approximately $ 23.5 million as of December 31, 2021 ) related to two of our China facilities, of which 97.0 million Renminbi (approximately $ 15.2 million as of December 31, 2021) can be used for the purpose of working capital, and 53.0 million Renminbi (approximately $ 8.3 million as of December 31, 2021 ) can be used for issuing customs letters of guarantee and covering the related deposits on such letters of guarantee, and certain other transactions approved by the lender. Interest on the credit line accrues at the Chinese central bank interest rate plus an applicable margin ( 3.8 % as of December 31, 2021 ) and can be paid monthly, quarterly or at the time of the debt’s maturity ( August 2023 ). As of December 31, 2021 and 2020, there were no amounts outstanding under this credit agreement. In March 2018, we entered into a credit agreement, as amended, with a Chinese financial institution to provide an unsecured credit line of up to 100.0 million Renminbi (approximately $ 15.7 million as of December 31, 2021) of which 82.0 million Renminbi (approximately $ 12.9 million as of December 31, 2021) can be used for the purpose of issuing customs letters of guarantee and 18.0 million Renminbi (approximately $ 2.8 million as of December 31, 2021) can be used for the purpose of working capital. Interest on the credit line accrues at the Chinese central bank interest rate plus an applicable margin ( 3.8 % as of December 31, 2021) and can be paid monthly, quarterly or at the time of the debt’s maturity (in March 2023). As of December 31, 2021 and 2020, there were no amounts and 40.5 million Renminbi (approximately $ 6.4 million), respectively, of letters of guarantee used for customs clearance outstanding under this credit agreement. Mexico: In September 2021, we entered into a sale-lease agreement with a leasing company for the initial lease of up to $ 7.5 million of machinery and equipment at our Matamoros, Mexico facility. The lease includes an implied effective interest rate of 4.1 % annually and requires monthly payments during each 48 month term. The amount outstanding under this agreement as of December 31, 2021 was $ 1.6 million. India: In May 2021, we entered into a three-year unsecured term loan with an Indian financial institution to provide up to 600.0 million Indian rupee (approximately $ 8.1 million as of December 31, 2021 ) of unsecured financing. Interest on the term loan accrues at a fixed rate of 3.67 % and is payable in quarterly installments starting in May 2022. The balance outstanding as of December 31, 2021 was $ 8.1 million. In J une 2021, we entered into a general credit agreement with an Indian financial institution to provide up to 400.0 million Indian rupee (approximately $ 5.4 million as of December 31, 2021 ) of secured financing. Interest on the secured financing accrues at a fixed rate of 1.81 % and is payable at the end of the term when the loan is repaid. The balance outstanding as of December 31, 2021 was $ 5.3 million. In October 2021, we entered into a general credit agreement to provide up to $ 5.0 million in unsecured financing to be used for working capital. Interest on the working capital loan accrues at a fixed rate of 3.16 % and is payable at the end of the term when the loan is repaid. The average interest rate on our short-term borrowings as of December 31, 2021 and 2020 was approximately 3.7 % and 3.3 %, respectively. The future aggregate annual principal maturities of debt as of December 31, 2021 are as follows: Year Ending December 31, (in thousands) 2022 $ 66,438 2023 5,619 2024 2,213 2025 370 2026 6 Total debt—principal $ 74,646 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 12. 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 13 years , some of which may include options to extend the leases up to five years . The components of lease cost for the years ended December 31 were as follows: 2021 2020 (in thousands) Total operating lease cost $ 39,209 $ 36,958 Finance lease cost Amortization of assets under finance leases $ 3,662 $ 5,973 Interest on finance leases 637 985 Total finance lease cost $ 4,299 $ 6,958 Total lease liabilities as of December 31 were as follows: 2021 2020 (in thousands) Operating Leases Operating lease right of use assets $ 137,192 $ 158,827 Current operating lease liabilities $ 22,681 $ 26,099 Noncurrent operating lease liabilities 146,479 155,925 Total operating lease liabilities $ 169,160 $ 182,024 Finance Leases Property, plant and equipment, gross $ 26,405 $ 28,462 Less: accumulated depreciation ( 13,782 ) ( 12,461 ) Total property, plant and equipment, net $ 12,623 $ 16,001 Current maturities of long-term debt $ 5,435 $ 6,018 Long-term debt, net of debt issuance costs 2,389 6,371 Total finance lease liabilities $ 7,824 $ 12,389 F uture minimum lease payments under noncancelable leases as of December 31, 2021 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, 2022 $ 34,564 $ 5,856 2023 32,236 1,341 2024 28,074 709 2025 27,539 379 2026 27,822 7 Thereafter 76,503 — Total future minimum lease payments 226,738 8,292 Less: interest ( 57,578 ) ( 468 ) Total lease liabilities $ 169,160 $ 7,824 Supplemental cash flow information related to leases for the years ended December 31 was as follows: 2021 2020 (in thousands) Cash paid for amounts included in the Operating cash flows from operating leases $ 36,355 $ 31,478 Operating cash flows from finance leases 637 985 Financing cash flows from finance leases 5,750 6,116 Right of use assets obtained in exchange Operating leases 13,232 61,455 Finance leases 1,817 163 Other information related to leases as of December 31 was as follows: 2021 2020 Weighted-Average Remaining Lease Term Operating leases 7.0 7.7 Finance leases 1.9 2.2 Weighted-Average Discount Rate: Operating leases 8.0 % 7.9 % Finance leases 5.8 % 6.4 % As of December 31, 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 | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 13. Financial Instruments 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 year ended December 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 years ended December 31, 2021 , 2020 and 2019, $ 2.9 million, $ 0.2 million and $ 0.0 million of premium amortization was recorded through cost of sales within our consolidated statements of operations, respectively. The net loss recognized in accumulated other comprehensive loss in our consolidated statements of changes in mezzanine equity and stockholders’ equity for our foreign exchange call option contracts is expected to be recognized in cost of sales in our consolidated statements of operations during the next three months. As of December 31, 2021 , and 2020 the notional values associated with our foreign exchange call option contracts qualifying as cash flow hedges were approximately 0.4 billion Mexican Pesos (approximately $ 20.2 million) and 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 years ended December 31, 2021 , 2020 and 2019 $ 2.2 million, $ 1.8 million and $ 0.0 million in gains were recorded through foreign currency loss within our consolidated statements of operations, respectively. India Rupee In November 2020, we entered into a monthly foreign exchange forward contract to hedge our exposure to exchange rate fluctuations on certain balance sheet amounts recorded on our India entities that are not the entities' functional currency. Hedge accounting does not apply to the foreign exchange forward contracts, all of which expired during the year ended December 31, 2021. For the year ended December 31, 2020 , $ 0.7 million in gains were recorded through foreign currency loss within our consolidated statements of operations. Beginning June 2021, we entered into a monthly foreign exchange call option contract to hedge the same exposure. Hedge accounting does not apply to the foreign exchange call option contract. For the year ended December 31, 2021 , $ 2.8 million in gains were recorded through foreign currency loss within our consolidated statements of operations, respectively. Additionally, with regards to our foreign exchange call option contracts, for the year ended December 31, 2021 , $ 0.7 million of premium amortization was recorded as losses through foreign currency loss within our consolidated statements of operations. All of our derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. For a detailed discussion of the fair value hierarchy, refer to the discussion in Note 1, Summary of Operations and Summary of Significant Accounting Policies – Fair Value of Financial Instruments. The fair values and location of financial instruments in our consolidated balance sheets as of December 31, were as follows: Consolidated Balance Financial Instrument Sheet Line Item 2021 2020 (in thousands) Foreign exchange forward contracts Other current assets $ 1,580 $ 5,832 Foreign exchange forward contracts Accounts payable and accrued 1,052 2,096 Interest rate swap Other noncurrent liabilities — 4,414 The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our consolidated statements of operations: Comprehensive Income Consolidated Statement of (Loss) Component Operations Line Item 2021 2020 2019 (in thousands) Foreign exchange forward Cost of sales $ ( 3,037 ) $ 996 $ — |
Mezzanine Equity
Mezzanine Equity | 12 Months Ended |
Dec. 31, 2021 | |
Mezzanine Equity | |
Mezzanine Equity | Note 14. Mezzanine Equity On November 22, 2021 (“Series A Preferred Stock Closing Date”), we issued 350,000 shares of our preferred stock, at a price of $ 1,000 per share, for aggregate gross proceeds of $ 350 .0 million. We designated this preferred stock as Series A Preferred Stock (our "Series A Preferred Stock") and warrants to purchase an aggregate of 4,666,667 share of our Common Stock (the “Warrants”) at an exercise price of $ 0.01 per share. Our Series A Preferred Stock is classified as mezzanine equity in our consolidated financial statements as redemption has been deemed probable. We have determined there are embedded features that require recognition as a compound derivative liability (“Compound Derivative”). We allocated the gross proceeds of $ 350.0 million first to the standalone fair value of the compound derivative, which as of the Series A Preferred Stock Closing Date and December 31, 2021 was $ 0.0 million, with the remaining proceeds allocated to the Series A Preferred Stock and Warrants based on the relative fair value of each instrument, resulting in $ 252.7 million being allocated to the Series A Preferred Stock, and $ 97.3 million being allocated to the Warrants. We incurred $ 10.7 million in issuance costs associated with the Series A Preferred Stock. These costs are allocated to the Series A Preferred Stock, and the Warrants consistent with the allocation of proceeds. As of December 31, 2021, the carrying value of our Series A Preferred Stock, net of issuance costs, is $ 251.0 million, and holders have earned unpaid dividends in the amount of $ 4.1 million. We expect these dividends will be paid in kind for the first two years following the Series A Preferred Stock Closing Date. If the Series A Preferred Stock was redeemed in full as of December 31, 2021, the redemption amount would be $ 473.2 million. This redemption value includes (i) the par value of all currently outstanding Series A Preferred Shares, (ii) accrued paid-in-kind (PIK) dividends, (iii) remaining cash dividends through the third anniversary, and (iv) the applicable redemption premium of 102 %. Dividends —The holders of our Series A Preferred Stock are entitled to dividends. The dividend rate is 11.0 % per annum and compounds on a quarterly basis. The dividend rate will increase by 2.0 % per annum: (i) on the fifth anniversary date of the Series A Preferred Stock Closing Date and on each anniversary thereafter, (ii) to the extent that the we fail to pay any dividend that is required to be paid in cash, (iii) if we are in material breach of its covenants under the Series A Preferred Stock Purchase Agreement and related exhibits, or if we experience a bankruptcy or insolvency event, or if certain other events of noncompliance 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; provided that in no event shall the dividend rate exceed 20.0 %. On or prior to the second anniversary of the Series A Preferred Stock Closing Date, we may pay dividends either in cash or “in kind”. Following the second anniversary of the Series A Preferred Stock Closing Date, dividends shall be payable only in cash. Voting Rights — The holders of Series A Preferred Stock do not have any voting rights or rights to convert such preferred shares into shares of Common Stock. We must obtain the prior written consent of the 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 the 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 Preferred Stock price is paid with respect to all the then 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 its existing loan facilities and agreements so long as the total amount of such indebtedness does not exceed $ 80.0 million, (vi) committing to any capital expenditures or agreements to construct or acquire new manufacturing facilities, and (vii) certain other specified actions, such as entering into single capital expenditure projects greater than $ 10.0 million and/or annual total capital expenditures greater than $ 30.0 million. Redemption — We will have the right to redeem all or any portion of the Series A Preferred Stock at any time by paying the applicable 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 remaining outstanding following such redemption unless all remaining shares of Series A Preferred Stock are redeemed. The holders of the 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 Series A Preferred Stock 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. We shall be required to redeem all of the outstanding shares of Series A Preferred Stock automatically upon the occurrence of (i) a change of control or a liquidation event, or (ii) any insolvency event. Upon consummation of any such mandatory redemption, we shall pay to the holders from whom such shares were redeemed an amount that would equal the applicable redemption price effective as of the date of the event. The redemption price includes a redemption premium, which varies based on the date of redemption. Upon redemption prior to the third anniversary of the Series A Preferred Stock Closing Date, the Company is required to pay all dividends that would have otherwise accrued from the date of redemption through the third anniversary of the Series A Preferred Stock Closing Date. Liquidation Rights —Upon our liquidation, dissolution, or winding up, holders of our Series A Preferred Stock will be entitled to receive cash out of our assets prior to holders of the common stock. Financial Covenants —We must maintain cash on hand of $ 50.0 million in the U.S., and beginning December 31, 2023, and quarterly thereafter, compliance with a fixed charge-dividend coverage ratio of 1.10 to 1.00. Warrants — The Warrants are fully vested and are exercisable at any time from the Series A Preferred Stock Closing Date to the close of business on the fifth anniversary of the Series A Preferred Stock Closing Date. The Warrants include customary anti-dilution adjustments. Compound Derivative — Certain features embedded with the Series A Preferred Stock are required to be bifurcated as derivative instruments. The compound derivative instrument is recorded at fair value and marked-to-market each reporting period with changes in fair value being reflected in earnings. As of December 31, 2021, the compound derivative had a value of $ 0.0 million. For the year ended December 31, 2021, there were no mark-to-market adjustments recorded through earnings. |
Restructuring charges, net
Restructuring charges, net | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring charges, net | Note 15. Restructuring charges, net Restructuring charges, net for the years ended December 31 were as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Severance $ 23,027 $ 3,960 $ 3,285 Other restructuring costs 735 129 642 Total restructuring charges, net $ 23,762 $ 4,089 $ 3,927 The following is a summary of our restructuring liability activity for the periods presented: Severance and other costs Balance at December 31, 2020 $ 3,200 Restructuring charges, net 23,762 Payments ( 14,018 ) Balance at December 31, 2021 $ 12,944 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16. Commitments and Contingencies Legal Proceedings From time to time, we may be involved in disputes or litigation relating to claims arising out of its operations. 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 expect to file a supplemental response in April 2022. 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. 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 are 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. Insurance/Self-Insurance We use a combination of insurance and self-insurance for a number of risks, including claims related to our employee health care, workers’ compensation and general liability. Liabilities associated with these risks are estimated based on, among other things, historical claims experience, severity factors, and other actuarial assumptions. Our loss exposure related to self-insurance is limited by stop loss coverage on a per occurrence and aggregate basis. We regularly analyze our reserves for incurred but not reported claims, and for reported but not paid claims related to our self-funded insurance programs. While we believe our reserves are adequate, significant judgment is involved in assessing these reserves such as assessing historical paid claims, average lags between the claims’ incurred date, reported dates and paid dates, and the frequency and severity of claims. There may be differences between actual settlement amounts and recorded reserves and any resulting adjustments are included in expense once a probable amount is known. Dividend Restrictions Certain of our subsidiaries are limited in their ability to declare dividends without first meeting statutory restrictions of China, including retained earnings as determined under Chinese-statutory accounting requirements. Until 50 % ($ 26.7 million) of registered capital is contributed to a surplus reserve, our China operations can only pay dividends equal to 90 % of after-tax profits ( 10 % must be contributed to the surplus reserve). Once the surplus reserve fund requirement is met, our China operations can pay dividends equal to 100 % of after-tax profit assuming other conditions are met. As of December 31, 2021 , the amount of the surplus reserve fund was $ 10.0 million. Collective Bargaining Agreements Certain of our employees in Turkey and Matamoros, Mexico are covered by collective bargaining agreements. We have a collective bargaining agreement with our employees in Turkey through the end of 2022. We have separate collective bargaining agreements for each of our Matamoros, Mexico manufacturing facilities. We amended a collective bargaining agreement at one of our Matamoros, Mexico manufacturing facilities to adjust the salaries and bonuses payable to our associates for calendar year 2022, and this collective bargaining agreement is in effect through March 2023. We have a collective bargaining agreement for our other facility in Matamoros, Mexico that we took over from Nordex, which is in effect through April 2023, and we expect this collective bargaining agreement for the associates at this manufacturing facility will be amended during the first half of 2022. Escheat Audit In November 2020, we were notified by the state of Delaware that they intend to examine our books and records to determine compliance with Delaware escheat laws. Since that date, additional states have joined with Delaware in the audit process and additional states may join in the audit process. The audit is conducted by an outside firm on behalf of the states and covers the period from 2005 to 2019. We believe that the audits may take several years to complete. Due to the preliminary stage of this audit, we have determined that the ultimate outcome cannot be reasonably estimated at this time. Any claims or liabilities resulting from these audits could have a material impact on our financial condition, results of operations and cash flows. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17. Income Taxes Geographic sources of income (loss) before income taxes are as follows for the years ended December 31: 2021 2020 2019 (in thousands) United States $ ( 141,074 ) $ 4,913 $ ( 41,255 ) China ( 18,919 ) 16,232 ( 3,777 ) Turkey ( 8,551 ) ( 26,566 ) 47,579 Mexico 10,297 8,509 8,434 India 26,453 ( 13,810 ) ( 3,970 ) Other ( 994 ) 2,979 396 Total income (loss) before income taxes $ ( 132,788 ) $ ( 7,743 ) $ 7,407 Tax Reform The Tax Cuts and Jobs Act (Tax Reform) enacted a new minimum tax on U.S. companies’ foreign operations called global intangible low tax income (GILTI). The GILTI provisions require us to include in our U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. We have made a policy election to account for any ongoing impacts of GILTI tax in the period in which it is incurred. The Internal Revenue Service published final regulations in July 2020 to address the application of the high-tax exclusion from GILTI under the Tax Reform allowing us to make an annual election to exclude GILTI of our foreign subsidiaries with an effective tax rate greater than 90 % of the U.S. corporate rate. We recognized $ 10.6 million of tax benefits related to 2020 and 2019 as a result of this change in legislation. We do not provide deferred taxes related to U.S. GAAP basis in excess of outside tax basis in the investment in our foreign subsidiaries to the extent such amounts relate to indefinitely reinvested earnings and profits of such foreign subsidiaries. In 2021, management classified the Taicang subsidiary as held for sale, therefore the company no longer asserts permanent reinvestment in Taicang and has accrued for the estimated tax on disposal. As of December 31, 2021, our undistributed earnings of certain of our foreign subsidiaries amounted to approximately $ 198.4 million, and we consider those earnings reinvested indefinitely. The income tax provision includes U.S. federal, state, and local taxes, Turkey, China, Mexico and India taxes currently payable and those deferred because of temporary differences between the financial statement and the tax bases of assets and liabilities. The components of the income tax provision (benefit) for the years ended December 31 are as follows: 2021 2020 2019 (in thousands) Current: U.S. federal $ ( 630 ) $ — $ — U.S. state and local taxes ( 23 ) 32 ( 7 ) Foreign 25,287 19,234 18,171 Total current 24,634 19,266 18,164 Deferred: U.S. federal 3,869 ( 1,909 ) 6,277 U.S. state and local taxes 2,374 ( 1,385 ) ( 950 ) Foreign ( 4,117 ) ( 4,688 ) ( 376 ) Total deferred 2,126 ( 7,982 ) 4,951 Total income tax provision (benefit) $ 26,760 $ 11,284 $ 23,115 The following is a reconciliation from the U.S. statutory income tax rate to our effective income tax rate for the years ended December 31: 2021 2020 2019 United States statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign rate differential ( 12.3 ) ( 189.1 ) ( 40.8 ) Foreign permanent differences ( 0.6 ) ( 19.4 ) 2.9 Tax rate change 0.1 ( 6.9 ) ( 0.3 ) Withholding taxes ( 4.4 ) ( 20.1 ) 24.5 Subpart F / GILTI income ( 6.3 ) 137.6 212.3 Unrecognized tax benefits ( 1.7 ) ( 91.6 ) — Share-based compensation ( 0.2 ) 3.5 ( 9.1 ) Valuation allowance ( 21.0 ) 0.7 115.5 State taxes 1.0 13.7 ( 10.2 ) Deferred tax adjustments ( 0.9 ) 11.8 2.1 Research and development 0.2 11.2 ( 13.4 ) Foreign currency / inflationary adjustments 3.6 5.6 ( 0.5 ) Other 1.3 ( 23.7 ) 8.1 Effective income tax rate ( 20.2 )% ( 145.7 )% 312.1 % T he following is a summary of the components of deferred tax assets and liabilities as of December 31: 2021 2020 2019 (in thousands) Deferred tax assets: Net operating loss and credit carry forwards $ 47,533 $ 36,754 $ 23,065 Deferred revenue 1,727 180 1,792 Non-deductible accruals 12,788 12,360 16,111 Equity compensation 2,892 3,298 3,274 Lease liabilities 26,611 23,271 1,062 Non-deductible interest 5,618 3,302 — Tax credits 1,931 1,931 1,931 Other 11,623 6,760 4,480 Gross deferred tax assets 110,723 87,856 51,715 Valuation allowance ( 47,469 ) ( 18,903 ) ( 18,505 ) Total deferred tax assets 63,254 68,953 33,210 Deferred tax liabilities: Deferred revenue ( 16,620 ) ( 24,294 ) ( 17,081 ) Depreciation ( 2,155 ) ( 3,446 ) ( 4,196 ) Lease assets ( 25,354 ) ( 22,453 ) ( 32 ) Other ( 3,352 ) 33 ( 827 ) Total deferred tax liabilities ( 47,481 ) ( 50,160 ) ( 22,136 ) Net deferred tax assets $ 15,773 $ 18,793 $ 11,074 The deferred tax valuation allowance as of December 31 consisted of the following: 2021 2020 2019 (in thousands) Valuation allowance at beginning of year $ ( 18,903 ) $ ( 18,505 ) $ ( 8,520 ) Benefits obtained (costs accumulated) ( 28,566 ) ( 398 ) ( 9,985 ) Valuation allowance at end of year $ ( 47,469 ) $ ( 18,903 ) $ ( 18,505 ) The valuation allowance as of December 31, 2021 primarily relates to the U.S. federal and state deferred tax assets and certain foreign net operating losses (NOLs) that we believe do not meet the more-likely-than-not criteria for recording the related benefits. During 2019, we increased the valuation allowance recorded against deferred tax assets in Taicang, China and India. The increase of this valuation allowance resulted in tax expense of $ 8.5 million for the year. During 2020, we recognized $ 0.6 million tax benefits from the release of valuation allowance against deferred tax assets in India and changes to realizability of certain attributes in the U.S. During 2021, we recognized a full U.S. valuation allowance, resulting in tax expense of $ 26.8 million for the year. As of December 31, 2021, we have U.S. federal and state NOL carryforwards of $ 167.0 million and $ 211.7 million, respectively, with foreign NOL carryforwards of approximately $ 31.0 million and foreign tax credits of approximately $ 1.9 million available to offset future U.S., China and India taxable income. A portion of the U.S. federal and all state NOL carryforwards expire in varying amounts through 2039 with most of the U.S. federal NOLs having indefinite lives. We also have foreign tax credits that expire in 2026 and foreign NOL carryforwards that expire in varying amounts through 2028 . The utilization of our NOLs is subject to an annual limitation under Section 382 of the Internal Revenue Code due to changes in ownership. Based on our analysis, we do not believe such limitation will impact our realization of the NOL carryforwards . We recognize the impact of a tax position in the financial statements if that position is more-likely-than-not to be sustained on audit, based on the technical merits of the position. We disclose all unrecognized tax benefits, which include the reserves recorded for uncertain tax positions on filed tax returns and the unrecognized portion of affirmative claims. Included in the balance of unrecognized tax benefits as of December 31, 2021 are $ 9.4 million, of tax benefits that, if recognized, would reduce our annual effective rate. We do not anticipate any decreases to unrecognized tax benefits in the coming year. Our policy is to recognize any interest and penalties that we may incur related to our tax positions as a component of our income tax provision or benefit. There were no estimated interest or penalties to accrue in 2021 related to the unrecognized tax benefits. We did not record any uncertain tax positions in 2019 . The following is a reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December 31: 2021 2020 2019 (in thousands) Unrecognized tax benefits at beginning of year $ 6,992 $ — $ — Increases related to prior year tax positions — 5,220 — Decreases related to prior year tax positions — — — Increases related to current year tax positions 2,391 2,268 — Increases (decreases) due to currency translation — — — Decreases relating to settlements with authorities — ( 496 ) — Decreases from laps in statute of limitations — — — Unrecognized tax benefits at end of year $ 9,383 $ 6,992 $ — We operate in and file income tax returns in various jurisdictions in China, Mexico, Turkey, India, U.S., Denmark, Germany, Spain and Switzerland, which are subject to examination by tax authorities. In the U.S., the federal tax returns for 2018 through 2020 remain open to examination. For U.S. state and local taxes as well as in non-U.S. jurisdictions, the statute of limitations generally varies between three and ten years . However, to the extent allowable by law, the tax authorities may have a right to examine and make adjustment to prior periods when amended returns have been filed, or when NOLs or tax credits were generated and carried forward for subsequent utilization. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Note 18. Net Income (Loss) Per Common Share The following table sets forth the computation of basic and diluted net income (loss) per common share: 2021 2020 2019 (in thousands, except per share data) Numerator: Net loss $ ( 159,548 ) $ ( 19,027 ) $ ( 15,708 ) Preferred stock dividends and accretion ( 6,040 ) — — Net loss attributable to common stockholders $ ( 165,588 ) $ ( 19,027 ) $ ( 15,708 ) Denominator: Basic weighted-average shares outstanding 37,415 35,532 35,062 Effect of dilutive awards — — — Diluted weighted-average shares outstanding 37,415 35,532 35,062 Basic net loss per common share $ ( 4.43 ) $ ( 0.54 ) $ ( 0.45 ) Diluted net loss per common share $ ( 4.43 ) $ ( 0.54 ) $ ( 0.45 ) Dilutive shares excluded from the calculation 1,569 1,674 1,176 Anti-dilutive share-based compensation awards 1 17 28 For the year ended December 31, 2021, the weighted average number of common shares outstanding during the period includes 4,666,667 of outstanding, fully vested warrants that are exercisable for $ 0.01 per warrant. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders Equity | Note 19. Stockholders’ Equity Accumulated Other Comprehensive Loss The following table presents the changes in accumulated other comprehensive loss (AOCL) by component for the years ended December 31, 2021, 2020 and 2019: Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2018 ( 14,986 ) 594 — ( 14,392 ) Other comprehensive income (loss) before reclassifications ( 7,026 ) ( 3,469 ) 518 ( 9,977 ) Amounts reclassified from AOCL — — 172 172 Net tax effect — 730 ( 145 ) 585 Net current period other comprehensive income (loss) ( 7,026 ) ( 2,739 ) 545 ( 9,220 ) Balance at December 31, 2019 ( 22,012 ) ( 2,145 ) 545 ( 23,612 ) Other comprehensive income (loss) before reclassifications ( 8,099 ) ( 1,698 ) ( 777 ) ( 10,574 ) Amounts reclassified from AOCL — — 996 996 Net tax effect — 400 ( 200 ) 200 Net current period other comprehensive income (loss) ( 8,099 ) ( 1,298 ) 19 ( 9,378 ) Balance at December 31, 2020 ( 30,111 ) ( 3,443 ) 564 ( 32,990 ) Other comprehensive income (loss) before reclassifications ( 18,419 ) 4,414 ( 3,341 ) ( 17,346 ) Amounts reclassified from AOCL — — ( 3,037 ) ( 3,037 ) Net tax effect — ( 971 ) 338 ( 633 ) Net current period other comprehensive income (loss) ( 18,419 ) 3,443 ( 6,040 ) ( 21,016 ) Balance at December 31, 2021 $ ( 48,530 ) $ — $ ( 5,476 ) $ ( 54,006 ) |
Concentration of Customers
Concentration of Customers | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration of Customers | Note 20. Concentration of Customers Revenues from certain customers (in thousands) in excess of 10 percent of total consolidated Company revenues for the years ended December 31 are as follows: 2021 2020 2019 Customer Revenues % of Total Revenues % of Total Revenues % of Total (in thousands) (in thousands) (in thousands) Customer 1—Vestas $ 699,632 40.4 % $ 830,302 49.7 % $ 662,302 46.1 % Customer 2—GE 428,013 24.7 391,533 23.4 369,067 25.7 Customer 3—Nordex 387,714 22.4 255,912 15.3 230,563 16.1 Trade accounts receivable from certain customers in excess of 10 percent of total consolidated Company trade accounts receivable as of December 31 are as follows: 2021 2020 Customer % of Total % of Total Customer 1—Vestas 10.7 % 35.0 % Customer 3—Nordex 61.5 40.8 Customer 5—Enercon 14.7 8.3 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 21. Segment Reporting FASB ASC Topic 280, Segment Reporting , establishes standards for the manner in which companies report financial information about operating segments, products, services, geographic areas and major customers. In managing our business, management focuses on growing our revenues and earnings in select geographic areas serving primarily the wind energy market. We have operations in the United States, China, Mexico, Turkey and India. The Company’s reportable segments are (1) the United States (U.S.), (2) Asia, (3) Mexico, (4) Europe, the Middle East and Africa (EMEA) and (5) India. These reportable segments are reflective of how the Company’s chief operating decision maker reviews operating results for the purposes of allocating resources and assessing performance. As further described below, our operating segments are defined geographically as the U.S., Asia, Mexico, EMEA and India. 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, which operate in the U.S. dollar. We divide our business operations into five geographic operating segments as follows: Our U.S. segment includes (1) the manufacturing of wind blades at our Newton, Iowa facility, (2) the manufacturing of precision molding and assembly systems used for our transportation business at our Warren, Rhode Island facility, (3) the manufacturing of composite solutions for the transportation industry, which we also conduct at our Warren, Rhode Island facility, (4) wind blade inspection and repair services, (5) our advanced engineering center in Kolding, Denmark, which provides technical and engineering resources to our manufacturing facilities, (6) our engineering center in Berlin, Germany and ( 7 ) our corporate headquarters, the costs of which are included in general and administrative expenses. Our Asia segment includes (1) the manufacturing of wind blades at our facilities in Dafeng, China and Yangzhou, China, (2) the manufacturing of precision molding and assembly systems at our Taicang Port, China facility and ( 3 ) wind blade inspection and repair services. Our Mexico segment includes (1) the manufacturing of wind blades at our three facilities in Juárez, Mexico and two facilities in Matamoros, Mexico, (2) the manufacturing of precision molding and assembly systems and composite solutions for the transportation industry at our fourth Juárez, Mexico facility and ( 3 ) wind blade inspection and repair services. Our EMEA segment includes (1) the manufacturing of wind blades at our two facilities in Izmir, Turkey and wind blade inspection and repair services, and (2) our wind blade inspection and repair service facility in Madrid, Spain. Our India segment manufactures wind blades from our new manufacturing facility in Chennai, India , which commenced operations in the first quarter of 2020. The following tables set forth certain information regarding each of our segments as of or for the years ended December 31: 2021 2020 2019 (in thousands) Net sales by segment: U.S. $ 181,839 $ 181,941 $ 169,317 Asia 260,197 527,083 393,809 Mexico 608,098 495,839 435,606 EMEA 482,220 373,545 437,081 India 200,229 91,729 687 Total net sales $ 1,732,583 $ 1,670,137 $ 1,436,500 Net sales by geographic location (1) : United States $ 181,839 $ 181,941 $ 169,317 China 260,197 527,083 393,809 Mexico 608,098 495,839 435,606 Turkey 482,220 373,545 437,081 India 200,229 91,729 687 Total net sales $ 1,732,583 $ 1,670,137 $ 1,436,500 Depreciation and amortization: U.S. $ 8,269 $ 7,193 $ 9,223 Asia 14,987 15,692 10,699 Mexico 17,047 18,587 12,577 EMEA 5,814 6,217 6,081 India 6,476 1,978 — Total depreciation and amortization $ 52,593 $ 49,667 $ 38,580 Income (loss) from operations: U.S. $ ( 49,246 ) $ ( 40,991 ) $ ( 78,278 ) Asia ( 13,025 ) 62,869 24,132 Mexico ( 74,191 ) ( 9,611 ) 3,533 EMEA 39,609 23,331 70,449 India ( 845 ) ( 16,832 ) ( 3,948 ) Total income (loss) from operations $ ( 97,698 ) $ 18,766 $ 15,888 Capital expenditures: U.S. $ 9,422 $ 6,949 $ 8,321 Asia 2,583 13,135 22,471 Mexico 10,659 15,624 25,842 EMEA 2,103 10,887 11,023 India 12,352 19,071 6,751 Total capital expenditures $ 37,119 $ 65,666 $ 74,408 Tangible long-lived assets: U.S. $ 25,522 $ 31,811 Asia (China) 26,965 46,075 Mexico 71,208 78,813 EMEA (Turkey) 14,413 28,312 India 31,470 23,990 Total tangible long-lived assets $ 169,578 $ 209,001 Total assets: U.S. $ 207,601 $ 118,456 Asia (China) 171,963 250,582 Mexico 266,936 251,764 EMEA (Turkey) 192,737 201,691 India 168,464 133,764 Total assets $ 1,007,701 $ 956,257 Net sales are attributable to countries based on the location where the product is manufactured or the services are performed. |
Summary of Operations and Sum_2
Summary of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Description of Business | (a) Description of Business TPI Composites, Inc. is the holding company that conducts substantially all of its business operations through its direct and indirect subsidiaries (collectively, the Company or we). The Company was founded in 1968 and has been producing composite wind blades since 2001. The Company is incorporated in Delaware, headquartered in Scottsdale, Arizona and has expanded its global footprint to include domestic facilities in Newton, Iowa; Warren, Rhode Island and Santa Teresa, New Mexico and international facilities in Dafeng, China; Taicang Port, China; Yangzhou, China; Juárez, Mexico; Matamoros, Mexico; Izmir, Turkey; Chennai, India; Kolding, Denmark; Berlin, Germany and Madrid, Spain. |
Basis of Presentation | (b) Basis of Presentation The accompanying consolidated financial statements include the accounts of TPI Composites, Inc. and all majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. |
Revenue Recognition | (c) Revenue Recognition The majority of our revenue is generated from supply agreements associated with manufacturing of wind blades and related services. We account for a supply agreement when it has the approval from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance and the collectability of consideration is probable. To determine the proper revenue recognition method for each supply agreement, we evaluate whether the original contract should be accounted for as one or more performance obligations. This evaluation requires judgment and the decisions reached could change the amount of revenue and gross profit recorded in a given period. As most of our contracts contain multiple performance obligations, we allocate the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. Our manufacturing services are customer specific and involve production of items that cannot be sold to other customers due to the customers’ protected IP; therefore, we allocate the total transaction price under our contracts with multiple performance obligations using the contractually stated prices, as these prices represent the relative standalone selling price based on an expected cost plus margin model. Revenue is primarily recognized over time as we have an enforceable right to payment upon termination and we may not use or sell the product to fulfill other customers’ contracts. In addition, the customer does not have return or refund rights for items produced that conform to the specifications included in the contract. Because control transfers over time, revenue is recognized based on the extent of progress towards the completion of the performance obligation. We use the cost-to-cost input measure of progress for our contracts as this method provides the best representation of the production progress towards satisfaction of the performance obligation as the materials are distinct to the product being manufactured because of customer specifications provided for in the contract, the costs incurred are proportional to the progress towards completion of the product, and the products do not involve significant pre-fabricated component parts. Under the cost-to-cost method, progress and the related revenue recognition is determined by a ratio of direct costs incurred to date in fulfillment of the performance obligation to the total estimated direct costs required to complete the performance obligation. Determining the revenue to be recognized for services performed under our supply agreements involves judgments and estimates relating to the total consideration to be received and the expected direct costs to complete the performance obligation. As such, revenue recognized reflects our estimates of future contract volumes and the direct costs to complete the performance obligation. The judgments and estimates relating to the total consideration to be received include the amount of variable consideration as our contracts typically provide the customer with a range of production output options from guaranteed minimum volume obligations to the production capacity of the facility, and customers will provide periodic non-cancellable commitments for the number of wind blades to be produced over the term of the agreement. The total consideration also includes payments expected to be received associated with wind blade model transitions, and payments expected to be received or paid in the form of liquidated damages, for missed production deadlines which are paid over a negotiated timeline. We use historical experience, customer commitments and forecasted future production based on the capacity of the plant to estimate the total revenue to be received to complete the performance obligation. In addition, the amount of consideration per unit produced may vary based on the costs of production of the wind blades as we may be able to change the price per unit based on changes in the cost of production. Further, some of our contracts provide opportunities for us to share in labor and material cost savings as well as absorb some additional costs as an incentive for more efficient production, both of which impact the margin realized on the contract and ultimately the total amount of revenue to be recognized. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information available to us at the time of the estimate and may materially change as additional information becomes known. Our contracts may be modified to account for changes in specifications of products and changing requirements. If the contract modifications are for goods or services that are not distinct from the existing contract, they are accounted for as if they were part of the original contract. The effect of a contract modification on the transaction price and the measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. If contract modifications are for goods and services that are distinct from the existing contract and increases the amount of consideration reflecting the standalone sale price of the additional goods or services, then the contract modification is accounted for as a separate contract and is evaluated for one or more performance obligations. Each reporting period, we evaluate the progress towards satisfaction of each performance obligation based on any contract modifications that have occurred, costs incurred to date, and an estimate of the expected future consideration and costs to be incurred to complete the performance obligation. Based on this analysis, any changes in estimates of total consideration to be received and direct costs to complete the performance obligation are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on the percentage of completion of the performance obligation. Wind blade pricing is based on annual commitments of volume as established in our supply agreements and orders less than committed volume may result in a higher price per wind blade to our customers. Orders in excess of annual commitments may result in discounts to our customers from the contracted price for the committed volume. Our customers typically provide periodic purchase orders with the price per wind blade given the current cost of the bill of materials, labor requirements and volume desired. We record an allowance for expected utilization of early payment discounts which are reported as a reduction of the total consideration to be received. Precision molding and assembly systems included in a customer’s contract are based upon the specific engineering requirements and design determined by the customer and are specific to the wind blade design and function desired. From the customer’s engineering specifications, a job cost estimate is developed along with a production plan, and the desired margin is applied based on the location the work is to be performed and complexity of the customer’s design. Precision molding and assembly systems are generally built to produce wind blades which may be manufactured by us in production runs specified in the customer contract. Contract assets primarily relate to our rights to consideration for work completed but not billed at the reporting date on supply agreements. The contract assets are transferred to accounts receivable when the rights become unconditional, which generally occurs when customers are invoiced upon the determination that a product conforms to the contract specifications and invoices are due based on each customer’s negotiated payment terms, which, range from 5 to 95 days. We apply the practical expedient that allows us to exclude payment terms under one year from the transfer of a promised good or service from consideration of a significant financing component in its contracts. With regards to the production of precision molding and assembly systems, our contracts generally call for progress payments to be made in advance of production. Generally, payment is made at certain percentage of completion milestones with the final payment due upon delivery to the manufacturing facility. These progress payments are recorded within contract liabilities as current liabilities in the consolidated balance sheets and are reduced as we record revenue over time. We evaluate indications that a customer may not be able to meet the obligations under our supply agreements to determine if an account receivable or contract asset may be impaired. Our customers may request, in situations where they do not have space available to receive products or do not want to take possession of products immediately for other reasons, that their finished products be stored by us in one of our facilities. Most of our contracts provide for a limited number of wind blades to be stored during the period of the contract with any additional wind blades stored subject to additional storage fees, which are included in wind blade sales. Revenue related to field service inspection and repair services, non-recurring engineering and freight services provided under our supply agreements is recognized at a point in time following the transfer of control of the promised services to the customer. Customers usually pay the carrier directly for the cost of shipping associated with items produced. When we pay the shipping cost, we apply the practical expedient that allows us to account for shipping and handling as a fulfillment costs and include the revenue in the associated performance obligation and the costs are included in cost of goods sold. Taxes assessed by a governmental authority that are both imposed on and concurrent with specific revenue-producing transactions, that are collected by us from a customer, are excluded from revenue. |
Cost of Goods Sold | (d) Cost of Goods Sold Cost of goods sold includes the costs we incur at our production facilities to make products saleable on both products invoiced during the period as well as products in progress towards the satisfaction of the related performance obligations for which we have an enforceable right to payment upon termination and we may not use or sell the product to fulfill other customers’ contracts. Cost of goods sold includes such items as raw materials, direct and indirect labor and facilities costs, including purchasing and receiving costs, plant management, inspection costs, production process improvement activities, product engineering and internal transfer costs, as well as the allocated portion of costs incurred at our corporate headquarters and our research facilities. In addition, all depreciation associated with assets used in the production of our products is also included in cost of goods sold. Direct labor costs consist of salaries, benefits and other personnel related costs for employees engaged in the manufacturing of our products and services. Startup and transition costs are primarily unallocated fixed overhead costs and underutilized direct labor costs incurred during the period production facilities are transitioning wind blade models and ramping up manufacturing. All direct labor costs, excluding non-productive labor costs, are included in the measure of progress towards completion of the relevant performance obligation when determining revenue to be recognized during the period. The cost of sales for the initial products from a new model manufacturing line is generally higher than when the line is operating at optimal production volume levels due to inefficiencies during ramp-up related to labor hours per blade, cycle times per blade and raw material usage. Additionally, these costs as a percentage of net sales are generally higher during the period in which a facility is ramping up to full production capacity due to underutilization of the facility. Manufacturing overhead at each of our facilities includes virtually all indirect costs (including share-based compensation costs) incurred at the plants, including engineering, finance, information technology, human resources and plant management. |
General and Administrative Expenses | (e) General and Administrative Expenses General and administrative expenses primarily relate to the unallocated portion of costs incurred at our corporate headquarters and our research facilities and include salaries, benefits and other personnel related costs for employees engaged in research and development, engineering, finance, internal audit, information technology, human resources, business development, global operational excellence, global supply chain, in-house legal and executive management. Other costs include outside legal and accounting fees, risk management (insurance), share-based compensation and certain other administrative and global resources costs. The unallocated research and development expenses incurred at our Warren, Rhode Island location as well as at our Kolding, Denmark advanced engineering center and our Berlin, Germany engineering center are also included in general and administrative expenses. For the years ended December 31, 2021, 2020 and 2019 , total research and development expenses totaled $ 1.0 million in each year, respectively. |
Loss on Sale of Assets and Asset Impairments | (f) Loss on Sale of Assets and Asset Impairments For the years ended December 31, 2021, 2020 and 2019, the losses on the sale of certain receivables, on a non-recourse basis under supply chain financing arrangements with our customers, to financial institutions, as well as the losses on the sale of other assets at our corporate and manufacturing facilities and asset impairment charges totaled $ 13.1 million, $ 7.7 million and $ 18.1 million, respectively. |
Restructuring charges, net | (g) Restructuring Charges, Net Restructuring charges primarily consist of employee severance, one-time termination benefits and ongoing benefits related to the reduction of our workforce and other costs associated with exit activities, which may include costs related to leased facilities to be abandoned and facility and employee relocation costs. The determination of when we accrue for involuntary termination benefits under restructuring plans depends on whether the termination benefits are provided under an ongoing benefit arrangement or under a one-time benefit arrangement. Ongoing benefit arrangements are recognized over the service period or when termination becomes reasonably probable, and one-time benefit arrangements are recognized in the period the arrangement is approved and formally communicated to employees. If applicable, we record such costs into operating expense over the terminated employee’s future service period beyond any minimum retention period. Restructuring charges that have been incurred but not yet paid are recorded in accrued expenses in the accompanying consolidated balance sheets. For the years ended December 31, 2021, 2020 and 2019 , restructuring charges, net totaled $ 23.8 million, $ 4.1 million and $ 3.9 million, respectively. These charges primarily related to severance benefits to terminated employees as a result of the closure of our Newton, Iowa; Taicang City, China; and Dafeng, China manufacturing facilities and the stop of production in one of our Juarez, Mexico facilities. |
Cash and Cash Equivalents and Restricted Cash | (h) Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less. The carrying value of cash and cash equivalents approximates fair value. As of December 31, 2021 and 2020, our China locations collectively had unrestricted cash totaling $ 25.9 million and $ 47.4 million, respectively, in bank accounts in China. The Chinese government imposes certain restrictions on transferring cash out of China. The local governments in other countries in which we operate impose no such restrictions on transferring cash out of the respective country. As of December 31, 2021 and 2020, we had provided for cash deposits for letters of guarantee used for customs clearance related to our China locations totaling $ 0.0 million and $ 0.3 million, respectively. These amounts are reported as restricted cash in our consolidated balance sheets. As of December 31, 2021 and 2020 , we had $ 10.0 million and $ 0.0 million, respectively of cash held as collateral for various instruments, primarily for letters of guarantee used for customs clearance related to our India location, that were previously collateralized with our senior secured credit facility. These amounts are reported as restricted cash in our consolidated balance sheets. |
Accounts Receivable | (i) Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. We follow the allowance method of recognizing uncollectible accounts receivable, which recognizes bad debt expense based on a review of the individual accounts outstanding and prior history of uncollectible accounts receivable. Credit is extended based on evaluation of each of our customer’s financial condition and is generally unsecured. Accounts receivable are generally due within 30 days and are stated net of an allowance for doubtful accounts in the consolidated balance sheets. Accounts are considered past due if outstanding longer than contractual payment terms. We record an allowance based on consideration of a number of factors, including the length of time trade accounts are past due, previous loss history, the creditworthiness of individual customers, economic conditions affecting specific customer industries, and economic conditions in general. We charge-off accounts receivable after all reasonable collection efforts have been exhausted. We credit payments subsequently received on such receivables to bad debt expense in the period payment is received. We record delinquent finance charges on outstanding accounts receivables only if they are collected. We wrote off no receivables during 2021, 2020, or 2019, and do not have any off-balance-sheet credit exposure related to our customers. See Note 4, Accounts Receivable. |
Inventories | (j) Inventories Inventories represent materials purchased that are not restricted to fulfillment of a specific contract and are measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Cost is determined using the first-in, first-out method for such raw materials. Write-downs to reduce the carrying cost of obsolete, slow-moving, and unusable inventory to net realizable value are recognized in cost of goods sold. The effect of these write-downs establishes a new cost basis in the related inventory, which is not subsequently written up. |
Property, Plant and Equipment | (k) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation and amortization of property, plant, and equipment is calculated on the straight-line method over the estimated useful lives of the assets. See Note 6, Property, Plant and Equipment, Net. Estimated Machinery and equipment 7 to 10 years Buildings 20 years Leasehold improvements 5 to 10 years, or the term Office equipment and software 3 to 5 years Furniture 3 to 5 years Vehicles 5 years |
Recoverability of Long-Lived Assets | (l) Recoverability of Long-Lived Assets We review property, plant and equipment and other long-lived assets in order to assess recoverability based on expected future undiscounted cash flows whenever events or circumstances indicate that the carrying value may not be recoverable. If the sum of the expected future net cash flows is less than the carrying value, an impairment loss is recognized. The impairment loss is measured as the amount by which the carrying value exceeds the fair value of the asset. |
Assets Held for Sale | (m) Assets Held for Sale We classify long-lived assets or disposal groups to be sold as held for sale in the period in which all of the following criteria are met: (1) management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; (2) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal groups; (3) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; (4) the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the asset or disposal group beyond one year; (5) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We initially measure a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the date of sale. We assess the fair value of a long-lived asset or disposal group less any costs to sell each reporting period it remains classified as held for sale and report any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, we cease depreciation and report long-lived assets and/or the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale, respectively, in our consolidated balance sheets. As of December 31, 2021, we met the criteria to classify $ 8.5 million of assets as held for sale associated with our Taicang manufacturing facility, of which $ 7.0 million was related to property, plant and equipment, net and $ 1.5 million was related to other noncurrent assets (land-use rights). These amounts have been reclassified to Assets held for sale in the accompanying consolidated balance sheets. We expect the sale to be completed in the next twelve months. |
Goodwill, Intangible Assets and Deferred Costs, Net | (n) Goodwill, Intangible Assets and Deferred Costs, Net Goodwill represents the excess of the acquisition cost of Composite Solutions, Inc. from True North Partners, LLC in 2004 over the fair value of identifiable assets acquired and liabilities assumed. Goodwill, which is entirely in the U.S. segment, is evaluated for impairment annually on October 31 and whenever events or circumstances make it likely that impairment may have occurred. In determining whether impairment has occurred, one compares the fair value of the related reporting unit (calculated using the discounted cash flow method) to its carrying value. If the carrying value exceeds the fair value, impairment is recognized for the difference. We may first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. We performed our annual goodwill impairment test during 2021 and determined that it is more-likely-than-not that its fair value exceeds its carrying amount. Our patents, licenses, trademarks and development tools were acquired in business acquisitions and provide contractual or legal rights, or other future benefits that could be separately identified. Our valuation of identified intangible assets was based upon discounted cash flow estimates that require significant management judgment with respect to revenue and expense growth rates, changes in working capital, and the selection and use of the appropriate discount rate. The intangible assets are amortized over their estimated useful life. Intangible assets with indefinite lives are evaluated at least annually for impairment or whenever events or circumstances make it likely that impairment may have occurred. In addition, we recognize an asset for deferred costs incurred to fulfill a contract when such costs meet certain criteria. These deferred costs are amortized over their estimated useful life. See Note 2, Revenue from Contracts with Customers for a further discussion of those deferred costs. See Note 7, Intangible Assets and Deferred Costs, Net. |
Mezzanine Equity | (o) Mezzanine Equity We have issued Series A Preferred Stock that we have determined is a financial instrument with both equity and debt characteristics and is classified as mezzanine equity in our consolidated financial statements. The instrument was initially recognized at fair value net of issuance costs. We reassess whether the instrument is currently redeemable or probable to become redeemable in the future as of each reporting date, in which, if the instrument meets either criterion, we will accrete the carrying value to the estimated maximum redemption value based on the effective interest method over the remaining period to the expected redemption date. To assess classification, we review all features of the instrument, including all mandatory and optional redemption features that may be substantive. All financial instruments that are classified as mezzanine equity are evaluated for embedded derivative features by evaluating each feature against the nature of the host instrument (e.g. more equity-like or debt-like). Features identified as freestanding instruments or bifurcated embedded derivatives that are material are recognized separately as a derivative asset or liability in the consolidated financial statements. We have evaluated our Series A Preferred Stock and determined that its nature is that of a debt host and embedded derivatives exist that require bifurcation on our balance sheet. Mezzanine equity is presented net of related issuance costs and discounts resulting from bifurcated instruments and embedded features issued in conjunction with the host. See Note 14, Mezzanine Equity . |
Warranty Expense | ) Warranty Expense We provide a limited warranty for our mold, wind blade, and transportation products, including materials and workmanship, with terms and conditions that vary depending on the product sold, generally for periods that range from two to five years . Warranty expense is recorded based upon estimates of future repairs using a probability-based methodology that considers previous warranty claims, identified quality issues and industry practices. Once the warranty period has expired, any remaining unused warranty accrual for the specific products is generally reversed against the current year warranty expense amount. See Note 9, Accrued Warranty . |
Treasury Stock | (q) Treasury Stock Common stock purchased for treasury is recorded at historical cost. Transactions in treasury shares relate to shares withheld in lieu of income taxes associated with share-based compensation plans and are recorded at weighted-average cost. |
Foreign Currency Translation and Income and Losses | (r) Foreign Currency Translation and Income and Losses Foreign currency-denominated assets and liabilities are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates. Results of operations of our foreign subsidiaries are translated at the average exchange rates during the respective periods. Translation adjustments are reported in accumulated other comprehensive loss in our consolidated balance sheets. Currency translation adjustments for the years ended December 31, 2021, 2020 and 2019 amounted to other comprehensive losses of $ 18.4 million, $ 8.1 million and $ 7.0 million, respectively. Our reporting currency is the U.S. dollar. However, we have non-U.S. operating subsidiaries in our U.S., Mexico, Turkey, China and India operations. • The U.S. parent companies of our China and Mexico operations, which are wholly-owned subsidiaries of TPI Composites, Inc., maintain their books and records in their functional currency, the US. dollar. • Our Mexico operations maintain their books and records through multiple legal entities that are denominated in the local Mexican currency, the Peso, which are remeasured to their U.S. dollar functional currency. • Our Turkey operations maintain their books and records in their functional currency, the local Turkish currency, the Lira. • Our China operations maintain their books and records in their functional currency, the local Chinese currency, the Renminbi. • Our Chennai, India operations maintain their books and records in their functional currency, the U.S. dollar. • Our Kolding, Denmark operation, which is an indirect, wholly-owned subsidiary of TPI Composites, Inc., maintains its books and records in their functional currency, the local Danish currency, the Krone. • Our Berlin, Germany operation, which is an indirect, wholly-owned subsidiary of TPI Composites, Inc., maintains its books and records in their functional currency, the Euro. Foreign currency transaction gains and losses are reported in foreign currency loss, net in our consolidated statements of operations. |
Share-Based Compensation | (s) Share-Based Compensation We maintain one active incentive compensation plan: the Amended and Restated 2015 Stock Option and Incentive Plan (the 2015 Plan). The 2015 Plan provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units (RSUs), restricted stock awards, unrestricted stock awards, cash-based awards, performance-based restricted stock units (PSUs), and dividend equivalent rights to certain of our employees, non-employee directors and consultants. The term of stock options issued under the 2015 Plan may not exceed ten years from the date of grant. Under the 2015 Plan, incentive stock options and non-qualified stock options are granted at an exercise price that is not to be less than 100 % of the fair market value of our common stock on the date of grant, as determined by the Compensation Committee of our board of directors. Stock options become vested and exercisable at such times and under such conditions as determined by the Compensation Committee on the date of grant. We use the Black Scholes valuation model, unless the awards are subject to market conditions, in which case we utilize a binomial-lattice model (i.e., Monte Carlo simulation model), to determine the fair value of stock options. The Monte Carlo simulation model utilizes multiple input variables to determine the share-based compensation expense. For grants with market conditions made in the year ended December 31, 2021 , we utilized a weighted-average volatility of 65.1 %, a 0 % dividend yield and a weighted-average risk-free interest rate of 0.3 %. The volatility was based on the most recent comparable period for our peer group and us. The stock price projection for us and the components of our peer group assumes a 0 % dividend yield. This is mathematically equivalent to reinvesting dividends in the issuing entity over the performance period. The risk-free interest rate is equal to the yield, as of the measurement date, of the zero-coupon U.S. Treasury bill that is commensurate with the remaining performance measurement period. The determination of the grant date fair value using an option-pricing model and simulation model requires judgment as well as assumptions regarding a number of other complex and subjective variables. These variables include our closing market price at the grant date as well as the following assumptions: Expected Volatility . The expected volatility assumption reflects an average of our historical volatility and the volatilities of publicly traded peer group companies with a period equal to the expected life of the options. Expected Life (years) . We use the simplified method to estimate the expected term of stock options. The simplified method for estimating expected term is to use the mid-point between the vesting term and the contractual term of the option. We elected to use the simplified method because we did not have historical exercise data to estimate the expected term due to the limited time period our common stock had been publicly traded. Risk-Free Interest Rate . The risk-free interest rate assumption is based upon the U.S. constant maturity treasury rates as the risk-free rate interpolated between the years commensurate with the expected life of the options. Dividend Yield . The dividend yield assumption is zero since we do not expect to declare or pay dividends in the foreseeable future. Forfeitures. Share-based compensation expense is reversed when the service-based award is forfeited. Expected Vesting Period . We amortize the share-based compensation expense over the requisite service period. Share-based compensation expense related to RSUs and PSUs are expensed over the vesting period using the straight-line method for our employees and our board of directors. The RSUs and PSUs do not have voting rights. We calculate the fair value of our share-based awards on the date of grant for our employees and directors. |
Leases | (t) Leases In accordance with FASB ASC Topic 842, Leases we determine if an arrangement is a lease at inception. Operating leases are included in operating lease right of use (ROU) assets, current operating lease liabilities, and noncurrent operating lease liabilities in the consolidated balance sheets. Finance leases are included in property, plant and equipment, current maturities of long-term debt, and long-term debt, net of debt issuance costs and current maturities in the consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Variable payments are not included in ROU assets or lease liabilities and can vary from period to period based on asset usage or our proportionate share of common costs. The implicit rate within our leases is generally not determinable and, therefore, the incremental borrowing rate at lease commencement is utilized to determine the present value of lease payments. We estimate our incremental borrowing rate based on third-party lender quotes to obtain secured debt in a like currency for a similar asset over a timeframe similar to the term of the lease. The ROU asset also includes any lease prepayments made and any initial direct costs incurred and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have elected not to recognize ROU assets or lease liabilities for leases with a term of 12 months or less. We have lease agreements with lease and non-lease components. We have elected to apply the practical expedient to account for these components as a single lease component for all classes of underlying assets. See Note 12, Leases. |
Income Taxes | (u) Income Taxes Income taxes are accounted for under the asset and liability method in accordance with FASB ASC Topic 740, Income Taxes . Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are projected to be recovered or settled. Realization of deferred tax assets is dependent on our ability to generate sufficient taxable income of an appropriate character in future periods. A valuation allowance is established if it is determined to be more-likely-than-not that a deferred tax asset will not be realized. See Note 17, Income Taxes. |
Use of Estimates | (v) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, realizability of intangible assets, deferred costs and deferred tax assets, standalone selling prices and future contract volumes and the direct costs to complete the performance obligation for revenue recognition, fair value of stock options, performance-based restricted stock units and warrants, features related to our Series A Preferred Stock , warranty reserves and other contingencies. |
Fair Value of Financial Instruments | (w) Fair Value of Financial Instruments FASB ASC Topic 820, Fair Value Measurements , defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820 also specifies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value is follows: Level 1: Quoted prices in active markets for identical assets or liabilities; Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amounts of our cash and cash equivalents, trade accounts receivable, income taxes receivable, accounts payable and accrued expenses and income taxes payable approximate fair value because of the short-term nature of these financial instruments. The carrying amount of our short-term unsecured loans approximates fair value due to their short-term nature and the loans carry a current market rate of interest, a Level 2 input. The carrying value of our long-term debt approximates fair value based on its variable rate index or based upon market interest rates available to us for debt of similar risk and maturities, both of which are Level 2 inputs. Since our derivative assets and liabilities are not traded on an exchange, we value them using standard industry valuation models. As applicable, these models project future cash flows and discount the amounts to a present value using market-based observable inputs, including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies. These inputs are observable in active markets over the contract term of the derivative instruments we hold, including the compound derivative associated with our Series A Preferred Stock and accordingly, we classify the valuation techniques as Level 2. See Note 14, Mezzanine Equity. |
Earnings Per Share | (x) Earnings Per Share We calculate basic earnings per share by dividing net income, after deducting dividends on and accretion of preferred stock by the average number of common shares outstanding during the period, which includes unissued common shares associated with vested equity awards for which little or no consideration is required prior to issuance, net of any treasury shares. We calculate diluted earnings per share in a similar manner after consideration of the potential dilutive effect of common stock equivalents on the average number of common shares outstanding during the period. Common stock equivalents include warrants, stock options, restricted stock awards and units, and performance share awards and units. Common stock equivalents are calculated based upon the treasury stock method using an average market price of common shares during the period. Dilution is not considered when a net loss is reported. Common stock equivalents that have an antidilutive effect are excluded from the computation of diluted earnings per share. See Note 18, Net Income (Loss) Per Share . |
Recently Issued Accounting Pronouncements | (y) Recently Issued Accounting Pronouncements Accounting Pronouncements Adopted in 2021 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 consolidated financial statements and related disclosures. Recent 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 consolidated financial statements and related disclosures. There have been no other recent accounting pronouncements or changes in accounting pronouncements during the current year that are of significance, or potential significance, to us. |
Summary of Operations and Sum_3
Summary of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property, Plant and Equipment | Property, plant and equipment are stated at cost. Depreciation and amortization of property, plant, and equipment is calculated on the straight-line method over the estimated useful lives of the assets. See Note 6, Property, Plant and Equipment, Net. Estimated Machinery and equipment 7 to 10 years Buildings 20 years Leasehold improvements 5 to 10 years, or the term Office equipment and software 3 to 5 years Furniture 3 to 5 years Vehicles 5 years |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 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 by product for each of our reportable segments: Year Ended December 31, 2021 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 130,455 $ 240,891 $ 567,721 $ 472,059 $ 199,817 $ 1,610,943 Precision molding and — 16,622 18,297 — — 34,919 Transportation sales 26,812 — 10,500 — — 37,312 Field service, inspection and 24,525 2,403 2,835 5,332 33 35,128 Other sales 47 281 8,745 4,829 379 14,281 Total net sales $ 181,839 $ 260,197 $ 608,098 $ 482,220 $ 200,229 $ 1,732,583 Year Ended December 31, 2020 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 135,415 $ 511,090 $ 472,994 $ 368,907 $ 91,649 $ 1,580,055 Precision molding and — 13,134 14,939 — — 28,073 Transportation sales 33,849 — 2,347 — — 36,196 Field service, inspection and 12,128 821 — 2,160 16 15,125 Other sales 549 2,038 5,559 2,478 64 10,688 Total net sales $ 181,941 $ 527,083 $ 495,839 $ 373,545 $ 91,729 $ 1,670,137 Year Ended December 31, 2019 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 120,125 $ 366,206 $ 410,337 $ 431,362 $ 687 $ 1,328,717 Precision molding and 3,774 25,203 19,703 — — 48,680 Transportation sales 28,523 — 347 — — 28,870 Field service, inspection and 14,551 680 — 3,347 — 18,578 Other sales 2,344 1,720 5,219 2,372 — 11,655 Total net sales $ 169,317 $ 393,809 $ 435,606 $ 437,081 $ 687 $ 1,436,500 |
Summary of Contract Assets and Contract Liabilities | Contract assets and contract liabilities as of December 31 consisted of the following: 2021 2020 $ Change (in thousands) Gross contract assets $ 196,659 $ 223,428 $ ( 26,769 ) Less: reclassification from contract liabilities ( 8,336 ) ( 6,500 ) ( 1,836 ) Contract assets $ 188,323 $ 216,928 $ ( 28,605 ) 2021 2020 $ Change (in thousands) Gross contract liabilities $ 9,610 $ 7,114 $ 2,496 Less: reclassification to contract assets ( 8,336 ) ( 6,500 ) ( 1,836 ) Contract liabilities $ 1,274 $ 614 $ 660 |
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, 2022 $ 1,585,057 56.9 % 2023 1,018,620 36.5 2024 183,144 6.6 Total remaining performance obligations $ 2,786,821 100.0 % |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Accounts receivable as of December 31 consisted of the following: 2021 2020 (in thousands) Trade accounts receivable $ 154,464 $ 127,765 Other accounts receivable 3,340 5,003 Total accounts receivable $ 157,804 $ 132,768 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets as of December 31 consisted of the following: 2021 2020 (in thousands) Refundable value-added tax $ 19,673 $ 18,961 Deposits 1,323 2,791 Other current assets 1,588 6,169 Total current assets $ 22,584 $ 27,921 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Plant and Equipment Net | Property, plant and equipment, net as of December 31 consisted of the following: 2021 2020 (in thousands) Machinery and equipment $ 191,192 $ 204,917 Buildings 15,908 15,544 Leasehold improvements 63,136 61,947 Office equipment and software 37,339 35,194 Furniture 14,794 25,097 Vehicles 613 635 Construction in progress 8,704 8,725 Total property, plant and equipment, gross 331,686 352,059 Accumulated depreciation ( 162,108 ) ( 143,058 ) Total property, plant and equipment, net $ 169,578 $ 209,001 |
Intangible Assets and Deferre_2
Intangible Assets and Deferred Costs, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Values and Estimated Useful Lives of Intangible Assets and Deferred Costs | Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2021, consisted of the following: Estimated Cost Accumulated Net (in thousands) Pre-production investments (1) Various $ 9,493 $ ( 6,931 ) $ 2,562 Patents 10 years 113 ( 28 ) 85 Acquired development tools 10 years 991 ( 248 ) 743 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 10,747 $ ( 7,207 ) $ 3,540 Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2020, consisted of the following: Estimated Cost Accumulated Net (in thousands) Pre-production investments (1) Various $ 6,581 $ ( 3,723 ) $ 2,858 Patents 10 years 123 ( 6 ) 117 Acquired development tools 10 years 1,075 ( 54 ) 1,021 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 7,929 $ ( 3,783 ) $ 4,146 (1) See Note 2, Revenue from Contracts with Customers, for a further discussion of these pre-production investments. |
Other Noncurrent Assets (Tables
Other Noncurrent Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of Other Noncurrent Assets | Other noncurrent assets as of December 31 consisted of the following: 2021 2020 (in thousands) Deferred tax assets $ 21,078 $ 18,793 Deposits 10,775 10,004 Land use right ( 50 year estimated useful life) — 1,584 Other 2,460 2,936 Total other noncurrent assets $ 34,313 $ 33,317 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Warranty Accrual | Warranty accrual as of December 31 consisted of the following: 2021 2020 2019 (in thousands) Warranty accrual at beginning of year $ 50,852 $ 47,639 $ 36,765 Accrual during the year 20,650 20,029 23,710 Cost of warranty services provided during the year ( 23,174 ) ( 29,890 ) ( 6,220 ) Changes in estimate for pre-existing warranties, ( 6,308 ) 13,074 ( 6,616 ) Warranty accrual at end of year $ 42,020 $ 50,852 $ 47,639 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Expense Recognized in Consolidated Statements of Operations | The share-based compensation expense recognized in the consolidated statements of operations for the years ended December 31 was as follows: 2021 2020 2019 (in thousands) Cost of goods sold $ 2,536 $ 1,979 $ 386 General and administrative expenses 5,871 8,373 5,295 Total share-based compensation expense $ 8,407 $ 10,352 $ 5,681 |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The share-based compensation expense recognized by award type for the years ended December 31 was as follows: 2021 2020 2019 (in thousands) RSUs $ 5,703 $ 4,613 $ 3,658 Stock options 1,121 3,589 1,501 PSUs 1,583 2,150 522 Total share-based compensation expense $ 8,407 $ 10,352 $ 5,681 |
Summary of Activity for Incentive Plans | The summary of activity for our incentive plans is as follows: Stock Options RSUs PSUs Shares Shares Weighted- Options Units Weighted- Units Weighted- Balance as of December 31, 2018 5,980,605 2,600,694 13.41 1,415,948 425,876 18.75 249,249 16.91 Increase in shares authorized 1,387,123 — — — — — — Granted ( 875,557 ) 397,170 20.94 196,418 26.99 281,969 21.02 Exercised/vested — ( 345,475 ) 15.14 ( 236,187 ) 15.42 — — Forfeited/cancelled 129,341 ( 58,161 ) 15.23 ( 31,680 ) 24.91 ( 39,500 ) 20.24 Balance as of December 31, 2019 6,621,512 2,594,228 14.29 1,697,272 354,427 24.99 491,718 19.00 Increase in shares authorized 1,407,228 — — — — — — Granted ( 1,044,491 ) 261,181 28.49 461,732 22.43 321,578 11.13 Exercised/vested — ( 1,195,405 ) 13.25 ( 117,683 ) 22.81 ( 131,924 ) 12.53 Forfeited/cancelled 221,289 ( 160,418 ) 20.40 ( 30,022 ) 25.06 ( 30,849 ) 19.02 Balance as of December 31, 2020 7,205,538 1,499,586 16.94 959,233 668,454 23.60 650,523 16.42 Granted ( 312,173 ) 5,000 24.76 168,993 49.21 138,180 43.97 Exercised/vested — ( 371,971 ) 14.01 ( 135,621 ) 22.39 ( 139,924 ) 15.19 Forfeited/cancelled 469,827 ( 134,489 ) 26.12 ( 65,220 ) 31.86 ( 270,118 ) 23.99 Balance as of December 31, 2021 7,363,192 998,126 16.84 779,149 636,606 29.81 378,661 21.53 |
Summary of Outstanding and Exercisable Stock Option Awards | The following table summarizes the outstanding and exercisable stock option awards as of December 31, 2021: Options Outstanding Options Exercisable Range of Exercise Prices: Shares Weighted- Weighted- Shares Weighted- $ 10.87 495,460 3.4 10.87 495,460 10.87 $ 11.00 to $ 17.06 57,951 4.5 16.20 53,967 16.13 $ 18.70 5,671 4.4 18.70 5,671 18.70 $ 18.77 to $ 29.56 439,044 8.0 23.64 224,051 23.53 $ 10.87 to $ 29.56 998,126 5.5 16.84 779,149 14.93 |
Additional Information Pertaining to Stock Options | The following table contains additional information pertaining to stock options for the years ended December 31: 2021 2020 2019 (in thousands) Total intrinsic value of stock options outstanding $ 2,032 $ 53,741 $ 12,219 Total intrinsic value of stock options exercisable 2,032 38,367 9,718 Cash received from the exercise of stock options 5,211 15,839 5,223 Intrinsic fair value of stock options vested 4,641 4,669 8,796 |
Assumptions Used to Calculate Fair Value of Stock Options Granted under Black-Scholes Option Pricing Model | The fair value of the stock options granted during the years ended December 31 were calculated using the Black-Scholes option pricing model with the following assumptions: 2021 2020 2019 Weighted-average fair value $ 13.27 $ 13.11 $ 6.80 Expected volatility 55.9 % 48.5 % 28.0 % Expected life 6.3 years 6.1 years 6.3 years Risk-free interest rate 1.4 % 0.4 % 1.9 % Dividend yield 0.0 % 0.0 % 0.0 % |
Long-Term Debt, Net of Debt I_2
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | Long-term debt, net of current maturities, as of December 31 consisted of the following: 2021 2020 (in thousands) Senior revolving loan—US $ — $ 171,154 Unsecured financing—EMEA 48,444 30,040 Equipment financing—EMEA — 4,335 Secured and unsecured working capital—India 10,269 — Unsecured term loan—India 8,109 — Equipment finance lease—Mexico 5,821 8,038 Equipment finance lease—EMEA 1,884 4,119 Other equipment finance leases 119 232 Total debt—principal 74,646 217,918 Less: Debt issuance costs — ( 1,051 ) Total debt, net of debt issuance costs 74,646 216,867 Less: Current maturities of long-term debt ( 66,438 ) ( 32,551 ) Long-term debt, net of debt issuance costs $ 8,208 $ 184,316 |
Summary of Borrowings | The following table summarizes borrowings under these facilities as of December 31: 2021 2020 Credit Facilities Interest Rates Total Borrowing Capacity Outstanding Balance Total Borrowing Capacity Outstanding Balance (in thousands) Senior revolving loan—US 2.75 % $ — $ — $ 205,000 $ 171,154 Unsecured financing—EMEA 1.75 - 6.00 % 96,187 48,444 99,315 30,040 Secured and unsecured working capital—India 1.72 - 3.16 % 10,356 10,269 — — Unsecured financing—Asia 3.80 % 18,037 — 13,027 — Total credit facilities 124,580 58,713 317,342 201,194 Equipment financing and term debt Interest Rates Total Facility Outstanding Balance Total Facility Outstanding Balance Unsecured term loan—India 3.67 % 8,109 8,109 — — Equipment financing—EMEA EURIBOR+ 6.75 % — — 4,335 4,335 Equipment finance lease—Mexico 3.25 - 6.65 % 22,978 5,821 15,425 8,038 Equipment finance lease—EMEA 6.00 % 10,000 1,884 10,000 4,119 Other equipment finance leases 4.93 - 9.75 % 220 119 631 232 Total equipment financing and term debt 41,307 15,933 30,391 16,724 Total debt—principal $ 165,887 $ 74,646 $ 347,733 $ 217,918 |
Schedule of Future Aggregate Annual Principal Maturities of Debt | The future aggregate annual principal maturities of debt as of December 31, 2021 are as follows: Year Ending December 31, (in thousands) 2022 $ 66,438 2023 5,619 2024 2,213 2025 370 2026 6 Total debt—principal $ 74,646 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost for the years ended December 31 were as follows: 2021 2020 (in thousands) Total operating lease cost $ 39,209 $ 36,958 Finance lease cost Amortization of assets under finance leases $ 3,662 $ 5,973 Interest on finance leases 637 985 Total finance lease cost $ 4,299 $ 6,958 |
Schedule of Lease Assets and Liabilities | Total lease liabilities as of December 31 were as follows: 2021 2020 (in thousands) Operating Leases Operating lease right of use assets $ 137,192 $ 158,827 Current operating lease liabilities $ 22,681 $ 26,099 Noncurrent operating lease liabilities 146,479 155,925 Total operating lease liabilities $ 169,160 $ 182,024 Finance Leases Property, plant and equipment, gross $ 26,405 $ 28,462 Less: accumulated depreciation ( 13,782 ) ( 12,461 ) Total property, plant and equipment, net $ 12,623 $ 16,001 Current maturities of long-term debt $ 5,435 $ 6,018 Long-term debt, net of debt issuance costs 2,389 6,371 Total finance lease liabilities $ 7,824 $ 12,389 |
Schedule of Future Minimum Lease Payments under Noncancelable Leases | uture minimum lease payments under noncancelable leases as of December 31, 2021 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, 2022 $ 34,564 $ 5,856 2023 32,236 1,341 2024 28,074 709 2025 27,539 379 2026 27,822 7 Thereafter 76,503 — Total future minimum lease payments 226,738 8,292 Less: interest ( 57,578 ) ( 468 ) Total lease liabilities $ 169,160 $ 7,824 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the years ended December 31 was as follows: 2021 2020 (in thousands) Cash paid for amounts included in the Operating cash flows from operating leases $ 36,355 $ 31,478 Operating cash flows from finance leases 637 985 Financing cash flows from finance leases 5,750 6,116 Right of use assets obtained in exchange Operating leases 13,232 61,455 Finance leases 1,817 163 |
Other Information Related to Leases | Other information related to leases as of December 31 was as follows: 2021 2020 Weighted-Average Remaining Lease Term Operating leases 7.0 7.7 Finance leases 1.9 2.2 Weighted-Average Discount Rate: Operating leases 8.0 % 7.9 % Finance leases 5.8 % 6.4 % |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values and Location of Financial Instruments | The fair values and location of financial instruments in our consolidated balance sheets as of December 31, were as follows: Consolidated Balance Financial Instrument Sheet Line Item 2021 2020 (in thousands) Foreign exchange forward contracts Other current assets $ 1,580 $ 5,832 Foreign exchange forward contracts Accounts payable and accrued 1,052 2,096 Interest rate swap Other noncurrent liabilities — 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 consolidated statements of operations: Comprehensive Income Consolidated Statement of (Loss) Component Operations Line Item 2021 2020 2019 (in thousands) Foreign exchange forward Cost of sales $ ( 3,037 ) $ 996 $ — |
Restructuring charges, net (Tab
Restructuring charges, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges, Net | Restructuring charges, net for the years ended December 31 were as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Severance $ 23,027 $ 3,960 $ 3,285 Other restructuring costs 735 129 642 Total restructuring charges, net $ 23,762 $ 4,089 $ 3,927 |
Summary of Restructuring Liability | The following is a summary of our restructuring liability activity for the periods presented: Severance and other costs Balance at December 31, 2020 $ 3,200 Restructuring charges, net 23,762 Payments ( 14,018 ) Balance at December 31, 2021 $ 12,944 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Income Taxes | Geographic sources of income (loss) before income taxes are as follows for the years ended December 31: 2021 2020 2019 (in thousands) United States $ ( 141,074 ) $ 4,913 $ ( 41,255 ) China ( 18,919 ) 16,232 ( 3,777 ) Turkey ( 8,551 ) ( 26,566 ) 47,579 Mexico 10,297 8,509 8,434 India 26,453 ( 13,810 ) ( 3,970 ) Other ( 994 ) 2,979 396 Total income (loss) before income taxes $ ( 132,788 ) $ ( 7,743 ) $ 7,407 |
Components of Income Tax Provision (Benefit) | The components of the income tax provision (benefit) for the years ended December 31 are as follows: 2021 2020 2019 (in thousands) Current: U.S. federal $ ( 630 ) $ — $ — U.S. state and local taxes ( 23 ) 32 ( 7 ) Foreign 25,287 19,234 18,171 Total current 24,634 19,266 18,164 Deferred: U.S. federal 3,869 ( 1,909 ) 6,277 U.S. state and local taxes 2,374 ( 1,385 ) ( 950 ) Foreign ( 4,117 ) ( 4,688 ) ( 376 ) Total deferred 2,126 ( 7,982 ) 4,951 Total income tax provision (benefit) $ 26,760 $ 11,284 $ 23,115 |
Reconciliation from U.S. Statutory Income Tax Rate to Our Effective Income Tax Rate | The following is a reconciliation from the U.S. statutory income tax rate to our effective income tax rate for the years ended December 31: 2021 2020 2019 United States statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign rate differential ( 12.3 ) ( 189.1 ) ( 40.8 ) Foreign permanent differences ( 0.6 ) ( 19.4 ) 2.9 Tax rate change 0.1 ( 6.9 ) ( 0.3 ) Withholding taxes ( 4.4 ) ( 20.1 ) 24.5 Subpart F / GILTI income ( 6.3 ) 137.6 212.3 Unrecognized tax benefits ( 1.7 ) ( 91.6 ) — Share-based compensation ( 0.2 ) 3.5 ( 9.1 ) Valuation allowance ( 21.0 ) 0.7 115.5 State taxes 1.0 13.7 ( 10.2 ) Deferred tax adjustments ( 0.9 ) 11.8 2.1 Research and development 0.2 11.2 ( 13.4 ) Foreign currency / inflationary adjustments 3.6 5.6 ( 0.5 ) Other 1.3 ( 23.7 ) 8.1 Effective income tax rate ( 20.2 )% ( 145.7 )% 312.1 % |
Summary of Components of Deferred Tax Assets and Liabilities | he following is a summary of the components of deferred tax assets and liabilities as of December 31: 2021 2020 2019 (in thousands) Deferred tax assets: Net operating loss and credit carry forwards $ 47,533 $ 36,754 $ 23,065 Deferred revenue 1,727 180 1,792 Non-deductible accruals 12,788 12,360 16,111 Equity compensation 2,892 3,298 3,274 Lease liabilities 26,611 23,271 1,062 Non-deductible interest 5,618 3,302 — Tax credits 1,931 1,931 1,931 Other 11,623 6,760 4,480 Gross deferred tax assets 110,723 87,856 51,715 Valuation allowance ( 47,469 ) ( 18,903 ) ( 18,505 ) Total deferred tax assets 63,254 68,953 33,210 Deferred tax liabilities: Deferred revenue ( 16,620 ) ( 24,294 ) ( 17,081 ) Depreciation ( 2,155 ) ( 3,446 ) ( 4,196 ) Lease assets ( 25,354 ) ( 22,453 ) ( 32 ) Other ( 3,352 ) 33 ( 827 ) Total deferred tax liabilities ( 47,481 ) ( 50,160 ) ( 22,136 ) Net deferred tax assets $ 15,773 $ 18,793 $ 11,074 |
Schedule of Deferred Tax Valuation Allowance | The deferred tax valuation allowance as of December 31 consisted of the following: 2021 2020 2019 (in thousands) Valuation allowance at beginning of year $ ( 18,903 ) $ ( 18,505 ) $ ( 8,520 ) Benefits obtained (costs accumulated) ( 28,566 ) ( 398 ) ( 9,985 ) Valuation allowance at end of year $ ( 47,469 ) $ ( 18,903 ) $ ( 18,505 ) |
Schedule of Reconciliation of Unrecognized Tax Benefits | The following is a reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December 31: 2021 2020 2019 (in thousands) Unrecognized tax benefits at beginning of year $ 6,992 $ — $ — Increases related to prior year tax positions — 5,220 — Decreases related to prior year tax positions — — — Increases related to current year tax positions 2,391 2,268 — Increases (decreases) due to currency translation — — — Decreases relating to settlements with authorities — ( 496 ) — Decreases from laps in statute of limitations — — — Unrecognized tax benefits at end of year $ 9,383 $ 6,992 $ — |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 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: 2021 2020 2019 (in thousands, except per share data) Numerator: Net loss $ ( 159,548 ) $ ( 19,027 ) $ ( 15,708 ) Preferred stock dividends and accretion ( 6,040 ) — — Net loss attributable to common stockholders $ ( 165,588 ) $ ( 19,027 ) $ ( 15,708 ) Denominator: Basic weighted-average shares outstanding 37,415 35,532 35,062 Effect of dilutive awards — — — Diluted weighted-average shares outstanding 37,415 35,532 35,062 Basic net loss per common share $ ( 4.43 ) $ ( 0.54 ) $ ( 0.45 ) Diluted net loss per common share $ ( 4.43 ) $ ( 0.54 ) $ ( 0.45 ) Dilutive shares excluded from the calculation 1,569 1,674 1,176 Anti-dilutive share-based compensation awards 1 17 28 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following table presents the changes in accumulated other comprehensive loss (AOCL) by component for the years ended December 31, 2021, 2020 and 2019: Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2018 ( 14,986 ) 594 — ( 14,392 ) Other comprehensive income (loss) before reclassifications ( 7,026 ) ( 3,469 ) 518 ( 9,977 ) Amounts reclassified from AOCL — — 172 172 Net tax effect — 730 ( 145 ) 585 Net current period other comprehensive income (loss) ( 7,026 ) ( 2,739 ) 545 ( 9,220 ) Balance at December 31, 2019 ( 22,012 ) ( 2,145 ) 545 ( 23,612 ) Other comprehensive income (loss) before reclassifications ( 8,099 ) ( 1,698 ) ( 777 ) ( 10,574 ) Amounts reclassified from AOCL — — 996 996 Net tax effect — 400 ( 200 ) 200 Net current period other comprehensive income (loss) ( 8,099 ) ( 1,298 ) 19 ( 9,378 ) Balance at December 31, 2020 ( 30,111 ) ( 3,443 ) 564 ( 32,990 ) Other comprehensive income (loss) before reclassifications ( 18,419 ) 4,414 ( 3,341 ) ( 17,346 ) Amounts reclassified from AOCL — — ( 3,037 ) ( 3,037 ) Net tax effect — ( 971 ) 338 ( 633 ) Net current period other comprehensive income (loss) ( 18,419 ) 3,443 ( 6,040 ) ( 21,016 ) Balance at December 31, 2021 $ ( 48,530 ) $ — $ ( 5,476 ) $ ( 54,006 ) |
Concentration of Customers (Tab
Concentration of Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenues from Customers | Revenues from certain customers (in thousands) in excess of 10 percent of total consolidated Company revenues for the years ended December 31 are as follows: 2021 2020 2019 Customer Revenues % of Total Revenues % of Total Revenues % of Total (in thousands) (in thousands) (in thousands) Customer 1—Vestas $ 699,632 40.4 % $ 830,302 49.7 % $ 662,302 46.1 % Customer 2—GE 428,013 24.7 391,533 23.4 369,067 25.7 Customer 3—Nordex 387,714 22.4 255,912 15.3 230,563 16.1 |
Schedule of Trade Accounts Receivable from Certain Customers | Trade accounts receivable from certain customers in excess of 10 percent of total consolidated Company trade accounts receivable as of December 31 are as follows: 2021 2020 Customer % of Total % of Total Customer 1—Vestas 10.7 % 35.0 % Customer 3—Nordex 61.5 40.8 Customer 5—Enercon 14.7 8.3 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables set forth certain information regarding each of our segments as of or for the years ended December 31: 2021 2020 2019 (in thousands) Net sales by segment: U.S. $ 181,839 $ 181,941 $ 169,317 Asia 260,197 527,083 393,809 Mexico 608,098 495,839 435,606 EMEA 482,220 373,545 437,081 India 200,229 91,729 687 Total net sales $ 1,732,583 $ 1,670,137 $ 1,436,500 Net sales by geographic location (1) : United States $ 181,839 $ 181,941 $ 169,317 China 260,197 527,083 393,809 Mexico 608,098 495,839 435,606 Turkey 482,220 373,545 437,081 India 200,229 91,729 687 Total net sales $ 1,732,583 $ 1,670,137 $ 1,436,500 Depreciation and amortization: U.S. $ 8,269 $ 7,193 $ 9,223 Asia 14,987 15,692 10,699 Mexico 17,047 18,587 12,577 EMEA 5,814 6,217 6,081 India 6,476 1,978 — Total depreciation and amortization $ 52,593 $ 49,667 $ 38,580 Income (loss) from operations: U.S. $ ( 49,246 ) $ ( 40,991 ) $ ( 78,278 ) Asia ( 13,025 ) 62,869 24,132 Mexico ( 74,191 ) ( 9,611 ) 3,533 EMEA 39,609 23,331 70,449 India ( 845 ) ( 16,832 ) ( 3,948 ) Total income (loss) from operations $ ( 97,698 ) $ 18,766 $ 15,888 Capital expenditures: U.S. $ 9,422 $ 6,949 $ 8,321 Asia 2,583 13,135 22,471 Mexico 10,659 15,624 25,842 EMEA 2,103 10,887 11,023 India 12,352 19,071 6,751 Total capital expenditures $ 37,119 $ 65,666 $ 74,408 Tangible long-lived assets: U.S. $ 25,522 $ 31,811 Asia (China) 26,965 46,075 Mexico 71,208 78,813 EMEA (Turkey) 14,413 28,312 India 31,470 23,990 Total tangible long-lived assets $ 169,578 $ 209,001 Total assets: U.S. $ 207,601 $ 118,456 Asia (China) 171,963 250,582 Mexico 266,936 251,764 EMEA (Turkey) 192,737 201,691 India 168,464 133,764 Total assets $ 1,007,701 $ 956,257 Net sales are attributable to countries based on the location where the product is manufactured or the services are performed. |
Summary of Operations and Sum_4
Summary of Operations and Summary of Significant Accounting Policies - Revenue Recognition - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Revenue recognition, description of payment terms | The contract assets are transferred to accounts receivable when the rights become unconditional, which generally occurs when customers are invoiced upon the determination that a product conforms to the contract specifications and invoices are due based on each customer’s negotiated payment terms, which, range from 5 to 95 days. |
Summary of Operations and Sum_5
Summary of Operations and Summary of Significant Accounting Policies - General and Administrative Expenses - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
General and Administrative Expenses [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Research and development expense | $ 1 | $ 1 | $ 1 |
Summary of Operations and Sum_6
Summary of Operations and Summary of Significant Accounting Policies - Loss on Sale of Assets and Asset Impairments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Loss on sale of account receivables and other assets and asset impairments | $ 13,110 | $ 7,748 | $ 18,117 |
Summary of Operations and Sum_7
Summary of Operations and Summary of Significant Accounting Policies - Restructuring charges, net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Restructuring charges, net | $ 23,762 | $ 4,089 | $ 3,927 |
Summary of Operations and Sum_8
Summary of Operations and Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Cash in short-term deposits in interest bearing accounts | $ 10,053 | $ 339 |
China [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Unrestricted Cash | 25,900 | 47,400 |
Cash in short-term deposits in interest bearing accounts | 0 | 300 |
India [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Unrestricted Cash | 5,700 | 5,000 |
Cash-collateralized letter of credit, non current | $ 10,000 | $ 0 |
Summary of Operations and Sum_9
Summary of Operations and Summary of Significant Accounting Policies - Accounts Receivable - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Accounts receivables, written off | $ 0 | $ 0 | $ 0 |
Summary of Operations and Su_10
Summary of Operations and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Machinery and Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 7 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 10 years |
Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 20 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 10 years |
Office Equipment and Software [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 3 years |
Office Equipment and Software [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Furniture [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 3 years |
Furniture [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Vehicles [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Summary of Operations and Su_11
Summary of Operations and Summary of Significant Accounting Policies - Warranty Expense - Additional Information (Detail) - Mold, Wind Blade, and Transportation Products [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Minimum [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Limited warranty period | 2 years |
Maximum [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Limited warranty period | 5 years |
Summary of Operations and Su_12
Summary of Operations and Summary of Significant Accounting Policies - Foreign Currency Translation Adjustments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Foreign currency translation adjustments gain (loss) | $ 18,419 | $ 8,099 | $ 7,026 |
Summary of Operations and Su_13
Summary of Operations and Summary of Significant Accounting Policies - Share-Based Compensation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021Plan | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Number of active incentive compensation plans | 1 |
Expected dividend yield | 0.00% |
Monte Carlo Simulation Model [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Expected volatility rate | 65.10% |
Expected dividend yield | 0.00% |
Expected risk free interest rate | 0.30% |
2015 Stock Option and Incentive Plan [Member] | Minimum [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Percentage of common stock fair market value on incentive stock options and non-qualified stock options granted at exercise price | 100.00% |
2015 Stock Option and Incentive Plan [Member] | Maximum [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Stock options expiration term | 10 years |
Summary of Operations and Su_14
Summary of Operations and Summary of Significant Accounting Policies - Leases - Additional Information (Detail) | Dec. 31, 2021 |
Accounting Standard Codification (ASC) Topic 842 [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Summary of Operations and Su_15
Summary of Operations and Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements - Additional Information (Detail) | Dec. 31, 2021 |
Accounting Standards Update 2016-13 [Member] | |
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, immaterial effect | true |
Accounting Standards Update 2018-13 [Member] | |
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, immaterial effect | true |
Accounting Standards Update 2019-12 [Member] | |
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, immaterial effect | true |
Summary of Operations and Su_16
Summary of Operations and Summary of Significant Accounting Policies - Assets Held for Sale (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, net | $ 169,578 | $ 209,001 |
Other Noncurrent Assets [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Assets held for sale | 1,500 | |
Property, Plant and Equipment [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Assets held for sale | 7,000 | |
Taicang Manufacturing Facility [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Assets held for sale | $ 8,500 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 1,732,583 | $ 1,670,137 | $ 1,436,500 |
U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 181,839 | 181,941 | 169,317 |
Asia Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 260,197 | 527,083 | 393,809 |
Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 608,098 | 495,839 | 435,606 |
EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 482,220 | 373,545 | 437,081 |
India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 200,229 | 91,729 | 687 |
Wind Blades [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 1,610,943 | 1,580,055 | 1,328,717 |
Wind Blades [Member] | U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 130,455 | 135,415 | 120,125 |
Wind Blades [Member] | Asia Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 240,891 | 511,090 | 366,206 |
Wind Blades [Member] | Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 567,721 | 472,994 | 410,337 |
Wind Blades [Member] | EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 472,059 | 368,907 | 431,362 |
Wind Blades [Member] | India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 199,817 | 91,649 | 687 |
Precision Molding and Assembly Systems [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 34,919 | 28,073 | 48,680 |
Precision Molding and Assembly Systems [Member] | U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | 3,774 |
Precision Molding and Assembly Systems [Member] | Asia Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 16,622 | 13,134 | 25,203 |
Precision Molding and Assembly Systems [Member] | Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 18,297 | 14,939 | 19,703 |
Precision Molding and Assembly Systems [Member] | EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Precision Molding and Assembly Systems [Member] | India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Transportation [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 37,312 | 36,196 | 28,870 |
Transportation [Member] | U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 26,812 | 33,849 | 28,523 |
Transportation [Member] | Asia Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Transportation [Member] | Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 10,500 | 2,347 | 347 |
Transportation [Member] | EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Transportation [Member] | India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 14,281 | 10,688 | 11,655 |
Other [Member] | U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 47 | 549 | 2,344 |
Other [Member] | Asia Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 281 | 2,038 | 1,720 |
Other [Member] | Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 8,745 | 5,559 | 5,219 |
Other [Member] | EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 4,829 | 2,478 | 2,372 |
Other [Member] | India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 379 | 64 | 0 |
Field Services Inspection and Repair Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 35,128 | 15,125 | 18,578 |
Field Services Inspection and Repair Services [Member] | U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 24,525 | 12,128 | 14,551 |
Field Services Inspection and Repair Services [Member] | Asia Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 2,403 | 821 | 680 |
Field Services Inspection and Repair Services [Member] | Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 2,835 | 0 | 0 |
Field Services Inspection and Repair Services [Member] | EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 5,332 | 2,160 | 3,347 |
Field Services Inspection and Repair Services [Member] | India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 33 | $ 16 | $ 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contracts with Customers | |||
Increase (Decrease) in contracts assets | $ (28,605) | ||
Increase (Decrease) in contracts liabilities | 660 | ||
Transaction price allocated to remaining performance obligations to be satisfied in future periods | 2,786,821 | ||
Net revenue recognized from performance obligations satisfied in previous periods,increase (decrease) amount | $ (24,700) | ||
Revenue, practical expedient, incremental cost of obtaining contract | true | ||
Intangible Assets and Deferred Costs, Net [Member] | |||
Revenue from Contracts with Customers | |||
Capitalized contract cost | $ 9,500 | $ 6,600 | |
Capitalized contract cost, accumulated amortization | 6,900 | 3,700 | |
Precision Molding And Assembly Systems And Wind Blades [Member] | |||
Revenue from Contracts with Customers | |||
Contract liability revenue recognized | $ 600 | $ 3,000 | $ 7,100 |
Minimum [Member] | |||
Revenue from Contracts with Customers | |||
Production hours of single blade | 5 days | ||
Production time of mold | 3 months | ||
Maximum [Member] | |||
Revenue from Contracts with Customers | |||
Production hours of single blade | 7 days | ||
Production time of mold | 6 months |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Contract Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Gross contract assets | $ 196,659 | $ 223,428 |
Less: reclassification from contract liabilities | (8,336) | (6,500) |
Contract assets | 188,323 | $ 216,928 |
Gross contract assets, Change | (26,769) | |
Less: reclassification from contract liabilities, Change | (1,836) | |
Contract assets, Change | $ (28,605) |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Summary of Contract Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Gross contract liabilities | $ 9,610 | $ 7,114 |
Less: reclassification to contract assets | (8,336) | (6,500) |
Contract liabilities | 1,274 | $ 614 |
Gross contract liabilities, Change | 2,496 | |
Less: reclassification to contract assets, Change | (1,836) | |
Contract liabilities, Change | $ 660 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Schedule of Estimate to Recognize Remaining Performance Obligations as Revenue (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 2,786,821 |
% of Total remaining performance obligations | 100.00% |
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 | $ 1,585,057 |
% of Total remaining performance obligations | 56.90% |
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 | $ 1,018,620 |
% of Total remaining performance obligations | 36.50% |
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 | $ 183,144 |
% of Total remaining performance obligations | 6.60% |
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 | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 2,786,821 |
% of Total remaining performance obligations | 100.00% |
Significant Risks and Uncerta_2
Significant Risks and Uncertainties - Additional Information (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Concentration Risk [Line Items] | ||
Cash in short-term deposits in interest bearing accounts | $ 10,053,000 | $ 339,000 |
U.S. [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 165,400,000 | 68,900,000 |
Turkey [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 42,600,000 | 6,000,000 |
China [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 25,900,000 | 47,400,000 |
Cash in short-term deposits in interest bearing accounts | 0 | 300,000 |
India [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 5,700,000 | 5,000,000 |
Mexico [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 2,100,000 | 2,100,000 |
Other Countries [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 500,000 | 500,000 |
Maximum [Member] | U.S. [Member] | ||
Concentration Risk [Line Items] | ||
Cash deposit insured amount | $ 250,000 | $ 250,000 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 157,804 | $ 132,768 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 154,464 | 127,765 |
Other Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 3,340 | $ 5,003 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Refundable value-added tax | $ 19,673 | $ 18,961 |
Deposits | 1,323 | 2,791 |
Other current assets | 1,588 | 6,169 |
Total current assets | $ 22,584 | $ 27,921 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property Plant and Equipment Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 331,686 | $ 352,059 |
Accumulated depreciation | (162,108) | (143,058) |
Total property, plant and equipment, net | 169,578 | 209,001 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 191,192 | 204,917 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 15,908 | 15,544 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 63,136 | 61,947 |
Office Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 37,339 | 35,194 |
Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,794 | 25,097 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 613 | 635 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 8,704 | $ 8,725 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Total depreciation expense | $ 49,000 | $ 48,600 | $ 36,700 |
Accumulated depreciation of property plant and equipment under finance lease arrangements | $ 13,782 | $ 12,461 |
Intangible Assets and Deferre_3
Intangible Assets and Deferred Costs, Net - Schedule of Carrying Values and Estimated Useful Lives of Intangible Assets and Deferred Costs - (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Intangible Assets and Deferred Costs [Line Items] | |||
Total intangible assets and deferred costs, Cost | $ 10,747 | $ 7,929 | |
Total intangible assets and deferred costs, Accumulated Amortization | (7,207) | (3,783) | |
Total intangible assets and deferred costs, Net | 3,540 | 4,146 | |
Trademarks [Member] | |||
Intangible Assets and Deferred Costs [Line Items] | |||
Total intangible assets and deferred costs, Cost | 150 | 150 | |
Total intangible assets and deferred costs, Net | 150 | 150 | |
Pre-Production Investments [Member] | |||
Intangible Assets and Deferred Costs [Line Items] | |||
Total intangible assets and deferred costs, Cost | [1] | 9,493 | 6,581 |
Total intangible assets and deferred costs, Accumulated Amortization | [1] | (6,931) | (3,723) |
Total intangible assets and deferred costs, Net | [1] | $ 2,562 | $ 2,858 |
Patents [Member] | |||
Intangible Assets and Deferred Costs [Line Items] | |||
Total intangible assets and deferred costs, Estimated Useful Life | 10 years | 10 years | |
Total intangible assets and deferred costs, Cost | $ 113 | $ 123 | |
Total intangible assets and deferred costs, Accumulated Amortization | (28) | (6) | |
Total intangible assets and deferred costs, Net | $ 85 | $ 117 | |
Acquired Development Tools [Member] | |||
Intangible Assets and Deferred Costs [Line Items] | |||
Total intangible assets and deferred costs, Estimated Useful Life | 10 years | 10 years | |
Total intangible assets and deferred costs, Cost | $ 991 | $ 1,075 | |
Total intangible assets and deferred costs, Accumulated Amortization | (248) | (54) | |
Total intangible assets and deferred costs, Net | $ 743 | $ 1,021 | |
[1] | See Note 2, Revenue from Contracts with Customers, for a further discussion of these pre-production investments. |
Intangible Assets and Deferre_4
Intangible Assets and Deferred Costs, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense of intangible assets and deferred costs | $ 3.6 | $ 1.1 | $ 1.9 |
Other Noncurrent Assets - Sched
Other Noncurrent Assets - Schedule of Other Noncurrent Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets, Noncurrent [Abstract] | ||
Deferred tax assets | $ 21,078 | $ 18,793 |
Deposits | 10,775 | 10,004 |
Land use rights | 0 | 1,584 |
Other | 2,460 | 2,936 |
Total other noncurrent assets | $ 34,313 | $ 33,317 |
Other Noncurrent Assets - Sch_2
Other Noncurrent Assets - Schedule of Other Noncurrent Assets (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Land Use Right | |
Other Noncurrent Assets [Line Items] | |
Estimated useful lives | 50 years |
Accrued Warranty - Schedule of
Accrued Warranty - Schedule of Warranty Accrual (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Product Warranties Disclosures [Abstract] | |||
Warranty accrual at beginning of year | $ 50,852 | $ 47,639 | $ 36,765 |
Accrual during the year | 20,650 | 20,029 | 23,710 |
Cost of warranty services provided during the year | (23,174) | (29,890) | (6,220) |
Changes in estimate for pre-existing warranties, including expirations during the period | (6,308) | 13,074 | (6,616) |
Warranty accrual at end of year | $ 42,020 | $ 50,852 | $ 47,639 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share-based Compensation Expense Recognized in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 8,407 | $ 10,352 | $ 5,681 |
Cost of Goods Sold [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 2,536 | 1,979 | 386 |
General and Administrative Expenses [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 5,871 | $ 8,373 | $ 5,295 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Share-based Compensation Arrangements by Share-based Payment Award (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 8,407 | $ 10,352 | $ 5,681 |
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 5,703 | 4,613 | 3,658 |
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 1,121 | 3,589 | 1,501 |
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 1,583 | $ 2,150 | $ 522 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 8,407 | $ 10,352 | $ 5,681 |
Modification of Employee and Non-Employee Awards Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | 1,700 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | 5,703 | 4,613 | 3,658 |
Fair value of awards vested during period | $ 9,000 | $ 10,400 | $ 6,200 |
Shares repurchased for awards | 1,310 | 61,920 | 79,040 |
Shares repurchased for tax withholding requirements, value | $ 500 | $ 2,200 | $ 2,100 |
Unamortized amount of share-based compensation expense | $ 7,800 | ||
Unrecognized cost expects to recognize, weighted-average period | 1 year 8 months 12 days | ||
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 1,583 | 2,150 | 522 |
Unamortized amount of share-based compensation expense | $ 2,400 | ||
Unrecognized cost expects to recognize, weighted-average period | 1 year 9 months 18 days | ||
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 1,121 | $ 3,589 | $ 1,501 |
Unrecognized cost expects to recognize, weighted-average period | 1 year 7 months 6 days | ||
Total unrecognized cost related to non-vested stock option awards | $ 800 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Activity for Incentive Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock Options, Shares Available for Grant, Beginning balance | 7,205,538 | 6,621,512 | 5,980,605 |
Stock Options, Shares Available for Grant, Increase in shares authorized | 1,407,228 | 1,387,123 | |
Stock Options, Shares Available for Grant, Granted | (312,173) | (1,044,491) | (875,557) |
Stock Options, Shares Available for Grant, Exercised/vested | 0 | 0 | 0 |
Stock Options, Shares Available for Grant, Forfeited/cancelled | 469,827 | 221,289 | 129,341 |
Stock Options, Shares Available for Grant, Ending balance | 7,363,192 | 7,205,538 | 6,621,512 |
Stock Options, Shares, Beginning balance | 1,499,586 | 2,594,228 | 2,600,694 |
Stock Options, Shares, Increase in shares authorized | 0 | 0 | |
Stock Options, Shares, Granted | 5,000 | 261,181 | 397,170 |
Stock Options, Shares, Exercised/vested | (371,971) | (1,195,405) | (345,475) |
Stock Options, Shares, Forfeited/cancelled | (134,489) | (160,418) | (58,161) |
Stock Options, Shares, Ending balance | 998,126 | 1,499,586 | 2,594,228 |
Stock Options, Weighted-Average Exercise Price, Beginning balance | $ 16.94 | $ 14.29 | $ 13.41 |
Stock Options, Weighted-Average Exercise Price, Increase in shares authorized | 0 | 0 | |
Stock Options, Weighted-Average Exercise Price, Granted | 24.76 | 28.49 | 20.94 |
Stock Options, Weighted-Average Exercise Price, Exercised/vested | 14.01 | 13.25 | 15.14 |
Stock Options, Weighted-Average Exercise Price, Forfeited/cancelled | 26.12 | 20.40 | 15.23 |
Stock Options, Weighted-Average Exercise Price, Ending balance | $ 16.84 | $ 16.94 | $ 14.29 |
Stock Options, Options Exercisable, Beginning balance | 959,233 | 1,697,272 | 1,415,948 |
Stock Options, Options Exercisable, Ending balance | 779,149 | 959,233 | 1,697,272 |
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares, Beginning balance | 668,454 | 354,427 | 425,876 |
Shares, Increase in shares authorized | 0 | 0 | |
Shares, Granted | 168,993 | 461,732 | 196,418 |
Shares, Exercised/vested | (135,621) | (117,683) | (236,187) |
Shares, Forfeited/cancelled | (65,220) | (30,022) | (31,680) |
Shares, Ending balance | 636,606 | 668,454 | 354,427 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 23.60 | $ 24.99 | $ 18.75 |
Weighted-Average Grant Date Fair Value, Increase in shares authorized | 0 | 0 | |
Weighted-Average Grant Date Fair Value, Granted | 49.21 | 22.43 | 26.99 |
Weighted-Average Grant Date Fair Value, Exercised/vested | 22.39 | 22.81 | 15.42 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | 31.86 | 25.06 | 24.91 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 29.81 | $ 23.60 | $ 24.99 |
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares, Beginning balance | 650,523 | 491,718 | 249,249 |
Shares, Increase in shares authorized | 0 | 0 | |
Shares, Granted | 138,180 | 321,578 | 281,969 |
Shares, Exercised/vested | (139,924) | (131,924) | 0 |
Shares, Forfeited/cancelled | (270,118) | (30,849) | (39,500) |
Shares, Ending balance | 378,661 | 650,523 | 491,718 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 16.42 | $ 19 | $ 16.91 |
Weighted-Average Grant Date Fair Value, Increase in shares authorized | 0 | 0 | |
Weighted-Average Grant Date Fair Value, Granted | 43.97 | 11.13 | 21.02 |
Weighted-Average Grant Date Fair Value, Exercised/vested | 15.19 | 12.53 | 0 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | 23.99 | 19.02 | 20.24 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 21.53 | $ 16.42 | $ 19 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Outstanding and Exercisable Stock Option Awards (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Range One [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Minimum | $ 10.87 | |
Options Outstanding, Shares | 495,460 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 3 years 4 months 24 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 10.87 | |
Options Exercisable, Shares | 495,460 | |
Options Exercisable, Weighted-Average Exercise Price | $ 10.87 | |
Range Two [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Minimum | 11 | $ 11 |
Range of Exercise Prices, Maximum | $ 17.06 | 17.06 |
Options Outstanding, Shares | 57,951 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 4 years 6 months | |
Options Outstanding, Weighted-Average Exercise Price | $ 16.20 | |
Options Exercisable, Shares | 53,967 | |
Options Exercisable, Weighted-Average Exercise Price | $ 16.13 | |
Range Three [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Minimum | $ 18.70 | |
Options Outstanding, Shares | 5,671 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 4 years 4 months 24 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 18.70 | |
Options Exercisable, Shares | 5,671 | |
Options Exercisable, Weighted-Average Exercise Price | $ 18.70 | |
Range Four [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Minimum | 18.77 | 18.77 |
Range of Exercise Prices, Maximum | $ 29.56 | 29.56 |
Options Outstanding, Shares | 439,044 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years | |
Options Outstanding, Weighted-Average Exercise Price | $ 23.64 | |
Options Exercisable, Shares | 224,051 | |
Options Exercisable, Weighted-Average Exercise Price | $ 23.53 | |
Range Five [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Minimum | 10.87 | 10.87 |
Range of Exercise Prices, Maximum | $ 29.56 | $ 29.56 |
Options Outstanding, Shares | 998,126 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 5 years 6 months | |
Options Outstanding, Weighted-Average Exercise Price | $ 16.84 | |
Options Exercisable, Shares | 779,149 | |
Options Exercisable, Weighted-Average Exercise Price | $ 14.93 |
Share-Based Compensation - Ad_2
Share-Based Compensation - Additional Information Pertaining to Stock Options (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Total intrinsic value of stock options outstanding | $ 2,032 | $ 53,741 | $ 12,219 |
Total intrinsic value of stock options exercisable | 2,032 | 38,367 | 9,718 |
Cash received from the exercise of stock options | 5,211 | 15,839 | 5,223 |
Intrinsic fair value of stock options vested | $ 4,641 | $ 4,669 | $ 8,796 |
Share-Based Compensation - Assu
Share-Based Compensation - Assumptions Used to Calculate Fair Value of Stock Options Granted under Black-Scholes Option Pricing Model (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average fair value | $ 13.27 | $ 13.11 | $ 6.80 |
Expected volatility | 55.90% | 48.50% | 28.00% |
Expected life | 6 years 3 months 18 days | 6 years 1 month 6 days | 6 years 3 months 18 days |
Risk-free interest rate | 1.40% | 0.40% | 1.90% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Long-Term Debt, Net of Debt I_3
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Schedule of Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total long-term debt | ||
Total long-term debt | $ 74,646 | $ 217,918 |
Less: Debt issuance costs | 0 | (1,051) |
Total debt, net of debt issuance costs | 74,646 | 216,867 |
Less: Current maturities of long-term debt | (66,438) | (32,551) |
Long-term debt, net of debt issuance costs and current maturities | 8,208 | 184,316 |
Senior Revolving Loan [Member] | U.S. [Member] | ||
Total long-term debt | ||
Total long-term debt | 0 | 171,154 |
Unsecured Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 48,444 | 30,040 |
Equipment Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 0 | 4,335 |
Secured And Unsecured Working Capital [Member] | India [Member] | ||
Total long-term debt | ||
Total long-term debt | 10,269 | 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 | 1,884 | 4,119 |
Equipment Finance Lease [Member] | Mexico [Member] | ||
Total long-term debt | ||
Total long-term debt | 5,821 | 8,038 |
Other Equipment Finance Leases [Member] | ||
Total long-term debt | ||
Total long-term debt | 119 | 232 |
Other Equipment Finance Leases [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | $ 119 | $ 232 |
Long-Term Debt, Net of Current
Long-Term Debt, Net of Current Maturities - Summarizes borrowings under these facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | $ 165,887 | $ 347,733 |
Debt instrument, amount outstanding | 74,646 | 217,918 |
Other Equipment Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | 220 | |
Debt instrument, amount outstanding | 119 | 232 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, amount outstanding | 58,713 | 201,194 |
Debt instrument, current borrowing capacity | 124,580 | 317,342 |
Equipment Financing and Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | 41,307 | 30,391 |
Debt instrument, amount outstanding | $ 15,933 | 16,724 |
Maximum [Member] | Other Equipment Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 9.75% | |
Minimum [Member] | Other Equipment Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 4.93% | |
U.S. [Member] | Senior Revolving Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 2.75% | |
Debt instrument, amount outstanding | $ 0 | 171,154 |
Debt instrument, current borrowing capacity | 0 | 205,000 |
EMEA [Member] | Unsecured Financing [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, amount outstanding | 48,444 | 30,040 |
Debt instrument, current borrowing capacity | 96,187 | 99,315 |
EMEA [Member] | Equipment Financing [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | 0 | 4,335 |
Debt instrument, amount outstanding | 0 | 4,335 |
EMEA [Member] | Equipment Finance Lease [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | 10,000 | 10,000 |
Debt instrument, amount outstanding | 1,884 | 4,119 |
EMEA [Member] | Other Equipment Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | 631 | |
Debt instrument, amount outstanding | $ 119 | 232 |
EMEA [Member] | Maximum [Member] | Unsecured Financing [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 6.00% | |
EMEA [Member] | Minimum [Member] | Unsecured Financing [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 1.75% | |
EMEA [Member] | One month EURIBOR [Member] | Equipment Financing [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 6.75% | |
Mexico [Member] | Equipment Finance Lease [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 6.00% | |
Debt instrument, maximum borrowing capacity | $ 22,978 | 15,425 |
Debt instrument, amount outstanding | $ 5,821 | 8,038 |
Mexico [Member] | Maximum [Member] | Equipment Finance Lease [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 6.65% | |
Mexico [Member] | Minimum [Member] | Equipment Finance Lease [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 3.25% | |
India [Member] | Secured And Unsecured Working Capital [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, amount outstanding | $ 10,269 | 0 |
Debt instrument, current borrowing capacity | $ 10,356 | 0 |
India [Member] | Unsecured Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 3.67% | |
Debt instrument, maximum borrowing capacity | $ 8,109 | |
Debt instrument, amount outstanding | $ 8,109 | 0 |
India [Member] | Maximum [Member] | Secured And Unsecured Working Capital [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 3.16% | |
India [Member] | Minimum [Member] | Secured And Unsecured Working Capital [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 1.72% | |
Asia [Member] | Unsecured Financing [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 3.80% | |
Debt instrument, amount outstanding | $ 0 | 0 |
Debt instrument, current borrowing capacity | $ 18,037 | $ 13,027 |
Long-Term Debt, Net of Debt I_4
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Senior Revolving Loan (U.S) - Additional Information (Detail) $ in Thousands, $ in Billions | Dec. 31, 2021USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||
Credit facility, amount | $ 165,887 | $ 347,733 | |
Debt instrument, amount outstanding | 74,646 | 217,918 | |
Derivative notional amount | $ 0.4 | ||
Debt issuance costs | 0 | 1,051 | |
Senior Revolving Loan [Member] | U.S. [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, amount outstanding | 0 | 171,154 | |
Senior Revolving Loan [Member] | U.S. [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding amount | 0 | 171,200 | |
Senior Revolving Loan [Member] | Letter of Credit Sub-Facility [Member] | U.S. [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding amount | $ 0 | $ 7,900 |
Long-Term Debt, Net of Debt I_5
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Accounts Receivable, Secured and Unsecured Financing (EMEA) - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Credit facility, amount | $ 165,887 | $ 347,733 |
EMEA [Member] | Letters of Credit and Other Non-cash Items [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding amount | $ 100 | 2,400 |
EMEA [Member] | Letters of Credit and Other Non-cash Items [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 0.35% | |
EMEA [Member] | Letters of Credit and Other Non-cash Items [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 6.95% | |
EMEA [Member] | Unsecured Financing [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 1.75% | |
EMEA [Member] | Unsecured Financing [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 6.00% | |
EMEA [Member] | Unsecured Financing [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding amount | $ 5,400 | 1,000 |
EMEA [Member] | Financial Institution One [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, amount | $ 14,900 | $ 7,600 |
Long-Term Debt, Net of Debt I_6
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Accounts Receivable, Secured and Unsecured Financing (Asia) - Additional Information (Detail) $ in Thousands, ¥ in Millions | 12 Months Ended | |||||
Dec. 31, 2021USD ($) | Dec. 31, 2021CNY (¥) | Aug. 31, 2021CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Mar. 31, 2018CNY (¥) | |
Debt Instrument [Line Items] | ||||||
Credit facility, amount | $ 165,887 | $ 347,733 | ||||
Credit Agreement March 2018 [Member] | Asia [Member] | Financial Institution Three [Member] | Unsecured Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | 15,700 | ¥ 100 | ||||
Credit facility outstanding | $ 0 | 6,400 | ¥ 40.5 | |||
Credit facility, interest rate terms | Interest on the credit line accrues at the Chinese central bank interest rate plus an applicable margin (3.8% as of December 31, 2021) and can be paid monthly, quarterly or at the time of the debt’s maturity (in March 2023). | |||||
Debt instrument, variable interest rate | 3.80% | |||||
Credit Agreement March 2018 [Member] | Asia [Member] | Financial Institution Three [Member] | Letters of Guarantee [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | $ 12,900 | ¥ 82 | ||||
Credit Agreement March 2018 [Member] | Asia [Member] | Financial Institution Three [Member] | Working Capital [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | 2,800 | 18 | ||||
Amended Credit Agreement August 2021 [Member] | Asia [Member] | Financial Institution Two [Member] | Unsecured Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | 23,500 | |||||
Credit facility outstanding | $ 0 | $ 0 | ||||
Credit facility, interest rate terms | Interest on the credit line accrues at the Chinese central bank interest rate plus an applicable margin (3.8% as of December 31, 2021) and can be paid monthly, quarterly or at the time of the debt’s maturity (August 2023). | |||||
Debt instrument, interest rate | 3.80% | |||||
Debt instrument, maturity date | Aug. 31, 2023 | |||||
Amended Credit Agreement August 2021 [Member] | Asia [Member] | Financial Institution Two [Member] | Letters of Guarantee [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | $ 8,300 | ¥ 53 | ||||
Amended Credit Agreement August 2021 [Member] | Asia [Member] | Financial Institution Two [Member] | Working Capital [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | $ 15,200 | ¥ 97 | ||||
Amended Credit Agreement August 2021 [Member] | Maximum [Member] | Asia [Member] | Financial Institution Two [Member] | Unsecured Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | ¥ | 150 | |||||
Amended Credit Agreement August 2021 [Member] | Minimum [Member] | Asia [Member] | Financial Institution Two [Member] | Unsecured Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | ¥ | ¥ 90 |
Long-Term Debt, Net of Debt I_7
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities- Equipment Leases and Other Arrangements (Mexico) - Additional Information (Detail) - USD ($) | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Initial amount of lease agreement | $ 7,824,000 | $ 12,389,000 | |
Debt instrument, amount outstanding | $ 74,646,000 | $ 217,918,000 | |
Mexico [Member] | Sale-lease Agreement, September 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Initial amount of lease agreement | $ 7,500 | ||
Effective interest rate of lease agreement | 4.10% | ||
Lease agreement period | 48 months | ||
Debt instrument, amount outstanding | $ 1,600,000 |
Long-Term Debt, Net of Debt I_8
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Accounts Receivable, Secured and Unsecured Financing (India) - Additional Information (Detail) $ in Thousands, ₨ in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Oct. 31, 2021USD ($) | Jun. 30, 2021INR (₨) | May 31, 2021INR (₨) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||||
Credit facility, amount | $ 165,887 | $ 347,733 | |||
India [Member] | |||||
Debt Instrument [Line Items] | |||||
Average interest rate on short-term borrowings | 3.70% | 3.30% | |||
India [Member] | Unsecured Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount | $ 8,109 | ||||
India [Member] | Financial Institution One [Member] | Unsecured Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured debt | $ 8,100 | ||||
Debt instrument, interest rate | 3.67% | ||||
India [Member] | Financial Institution Two [Member] | Unsecured Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate | 1.81% | ||||
Credit facility outstanding | $ 5,300 | ||||
India [Member] | Financial Institution Two [Member] | Secured Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount | $ 5,400 | ||||
India [Member] | Financial Institution Three [Member] | Working Capital [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount | $ 5,000 | ||||
Debt instrument, interest rate | 3.16% | ||||
Maximum [Member] | India [Member] | Financial Institution One [Member] | Unsecured Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount | ₨ | ₨ 600 | ||||
Maximum [Member] | India [Member] | Financial Institution Two [Member] | Secured Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount | ₨ | ₨ 400 |
Long-Term Debt, Net of Debt I_9
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Schedule of Future Aggregate Annual Principal Maturities of Debt (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2022 | $ 66,438 |
2023 | 5,619 |
2024 | 2,213 |
2025 | 370 |
2026 | 6 |
Total debt - principal | $ 74,646 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Lessee Lease Description [Line Items] | |
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 December 31, 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 | 13 years |
Lessee, lease options to extend lease term | 5 years |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Total operating lease cost | $ 39,209 | $ 36,958 |
Finance lease cost | ||
Amortization of assets under finance leases | 3,662 | 5,973 |
Interest on finance leases | 637 | 985 |
Total finance lease cost | $ 4,299 | $ 6,958 |
Leases - Schedule of Lease Liab
Leases - Schedule of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right of use assets | $ 137,192 | $ 158,827 |
Current operating lease liabilities | 22,681 | 26,099 |
Noncurrent operating lease liabilities | 146,479 | 155,925 |
Total operating lease liabilities | 169,160 | 182,024 |
Property, plant and equipment, gross | 26,405 | 28,462 |
Less: accumulated depreciation | (13,782) | (12,461) |
Total property, plant and equipment, net | $ 12,623 | $ 16,001 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Current maturities of long-term debt | $ 5,435 | $ 6,018 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-term Debt and Lease Obligation, Current | Long-term Debt and Lease Obligation, Current |
Long-term debt, net of debt issuance costs and current maturities | $ 2,389 | $ 6,371 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term Debt and Lease Obligation | Long-term Debt and Lease Obligation |
Total finance lease liabilities | $ 7,824 | $ 12,389 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Noncancelable Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases Abstract | ||
2022 | $ 34,564 | |
2023 | 32,236 | |
2024 | 27,822 | |
2025 | 28,074 | |
2026 | 27,539 | |
Thereafter | 76,503 | |
Total future minimum lease payments | 226,738 | |
Less: interest | (57,578) | |
Total lease liabilities | 169,160 | $ 182,024 |
Finance Leases Abstract | ||
2022 | 5,856 | |
2023 | 1,341 | |
2024 | 7 | |
2025 | 709 | |
2026 | 379 | |
Thereafter | 0 | |
Total future minimum lease payments | 8,292 | |
Less: interest | (468) | |
Total lease liabilities | $ 7,824 | $ 12,389 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 36,355 | $ 31,478 | |
Operating cash flows from finance leases | 637 | 985 | |
Financing cash flows from finance leases | 5,750 | 6,116 | $ 9,128 |
Right of use assets obtained in exchange for new lease obligations: | |||
Operating leases | 13,232 | 61,455 | |
Finance leases | $ 1,817 | $ 163 | $ 5,811 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted-Average Remaining Lease Term (In Years): | ||
Operating leases | 7 years | 7 years 8 months 12 days |
Finance leases | 1 year 10 months 24 days | 2 years 2 months 12 days |
Weighted-Average Discount Rate: | ||
Operating leases | 8.00% | 7.90% |
Finance leases | 5.80% | 6.40% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Millions, $ in Billions | 12 Months Ended | ||||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | |||||||
Derivative notional amount | $ 0.4 | ||||||
Foreign Exchange Call Option [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | $ 20.2 | $ 0.4 | $ 17.3 | ||||
Foreign Exchange Call Option [Member] | Cost of Sales [Member] | Contracts to Hedge in Mexican Peso [Member] | |||||||
Derivative [Line Items] | |||||||
Premium amortization | $ 2.9 | $ 0.2 | $ 0 | ||||
Foreign Exchange Forward Contract [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | $ 0.3 | $ 14 | |||||
Foreign Exchange Forward Contract [Member] | Foreign Currency Loss [Member] | Contracts to Hedge in Chinese Renminbi [Member] | |||||||
Derivative [Line Items] | |||||||
Gain on hedge recorded to other comprehensive income (loss) | 2.2 | 1.8 | $ 0 | ||||
Foreign Exchange Forward Contract [Member] | Foreign Currency Loss [Member] | Contracts To Hedge In India Rupee [Member] | |||||||
Derivative [Line Items] | |||||||
Premium amortization | 0.7 | ||||||
Derivative Loss On Derivative | $ 2.8 | ||||||
Gain on hedge recorded to other comprehensive income (loss) | $ 0.7 |
Financial Instruments - Fair Va
Financial Instruments - Fair Values and Location of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Foreign Exchange Forward Contract [Member] | Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative assets, fair value | $ 1,580 | $ 5,832 |
Foreign Exchange Forward Contract [Member] | Accounts Payable and Accrued Expenses [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 1,052 | 2,096 |
Interest Rate Swap Arrangement [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 4,414 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Pretax Amounts Reclassified From Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | $ 1,713,331 | $ 1,561,432 | $ 1,290,619 |
Foreign Exchange Forward Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | $ 3,037 | $ 996 | $ 0 |
Mezzanine Equity (Additional In
Mezzanine Equity (Additional Information) (Details) | Nov. 22, 2021USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2023 |
Gross proceeds | $ 350,000,000 | $ 0 | $ 0 | ||
Fair value of warrants | 94,355,000 | ||||
Unpaid dividends | $ 6,040,000 | $ 0 | $ 0 | ||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | |||
Minimum Cash In Hand Requirement | $ 50,000,000 | ||||
Fixed Charge Dividend Coverage Ratio Quarterly Compliance | 1.10 | ||||
Derivative [Member] | |||||
Changes in fair value of derivative | 0 | ||||
Series A Preferred Stock [Member] | |||||
Preferred Stock, Shares Issued | shares | 350,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 1 | ||||
Gross proceeds | $ 350,000,000 | ||||
Fair value instrument | 252,700,000 | ||||
Fair value of warrants | 97,300,000 | ||||
Issuance costs | 10,700,000 | 251,000,000 | |||
Unpaid dividends | $ 4,100,000 | ||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $ 4,666,667 | ||||
Common stock, par value | $ / shares | $ 0.01 | ||||
Preferred Stock, Dividend Rate, Percentage | 11.00% | ||||
Annual Dividend Rate Percentage Increase | 2.00% | ||||
Dividend rate limit | 20.00% | ||||
Convertible Preferred Stock Non redeemable Or Redeemable Issuer Option Value, Percentage | 10.00% | ||||
Indebtedness maximum limit | $ 80,000,000 | ||||
Maximum Single Capital Expenditure Allowed Without Consent | 10,000 | ||||
Maximum Annual Capital Expenditure Allowed Without Consent | 30,000 | ||||
Preferred stock redemption amount | $ 473,200,000 | ||||
Percentage of preferred stock redemption premium | 102.00% |
Restructuring charges, net - Sc
Restructuring charges, net - Schedule of Restructuring Charges, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |||
Severance Costs | $ 23,027 | $ 3,960 | $ 3,285 |
Other Restructuring Costs | 735 | 129 | 642 |
Total restructuring charges, net | $ 23,762 | $ 4,089 | $ 3,927 |
Restructuring charges, net - Su
Restructuring charges, net - Summary of Restructuring Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, net | $ 23,762 | $ 4,089 | $ 3,927 |
Severance and Other Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 3,200 | ||
Restructuring charges, net | 23,762 | ||
Payments | (14,018) | ||
Restructuring Reserve, Ending Balance | $ 12,944 | $ 3,200 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies [Line Items] | |||
Operating leases rental expense | $ 39,209 | $ 36,958 | |
Litigation settlement, expense | $ 13,300 | ||
Surplus reserve fund | $ 10,000 | ||
China [Member] | |||
Commitments and Contingencies [Line Items] | |||
Maximum percentage of registered capital contributed to surplus reserve | 50.00% | ||
Maximum amount of registered capital contributed to surplus reserve | $ 26,700 | ||
Percentage of dividends payment after tax profits | 90.00% | ||
Percentage of dividend contributed to surplus reserve | 10.00% | ||
Percentage of dividends payment after tax profits upon fulfillment of requirement | 100.00% |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | $ (132,788) | $ (7,743) | $ 7,407 |
United States [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | (141,074) | 4,913 | (41,255) |
China [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | (18,919) | 16,232 | (3,777) |
Turkey [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | (8,551) | (26,566) | 47,579 |
Mexico [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | 10,297 | 8,509 | 8,434 |
India [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | 26,453 | (13,810) | (3,970) |
Other [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | $ (994) | $ 2,979 | $ 396 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | ||||
Effective tax rate, percent | (20.20%) | (145.70%) | 312.10% | |
Undistributed earnings of foreign subsidiaries | $ 198,400 | |||
Unrecognized tax benefits | $ 9,383 | $ 6,992 | $ 0 | $ 0 |
Income tax examinations, description | We operate in and file income tax returns in various jurisdictions in China, Mexico, Turkey, India, U.S., Denmark, Germany, Spain and Switzerland, which are subject to examination by tax authorities. In the U.S., the federal tax returns for 2018 through 2020 remain open to examination. | |||
State [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Net operating loss carryforward | $ 211,700 | |||
Net operating loss carryforwards expiration year | 2039 | |||
U.S. Federal [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Net operating loss, valuation allowance | $ 26,800 | 600 | 8,500 | |
Net operating loss carryforward | 167,000 | |||
Foreign [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Net operating loss carryforward | $ 31,000 | |||
Net operating loss carryforwards expiration year | 2028 | |||
Tax credit carryforwards | $ 1,900 | |||
Tax credits carryforward expiration year | 2026 | |||
Minimum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Income tax examination period | 2018 | |||
Tax jurisdictions on statute of limitations tenure | 3 years | |||
Maximum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Income tax examination period | 2020 | |||
Tax jurisdictions on statute of limitations tenure | 10 years | |||
Internal Revenue Service (IRS) [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Impact of change in legislation tax reform | $ 10,600 | $ 10,600 | ||
Internal Revenue Service (IRS) [Member] | Minimum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Effective tax rate, percent | 90.00% |
Income Taxes - Components of _2
Income Taxes - Components of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
U.S. federal | $ (630) | $ 0 | $ 0 |
U.S. state and local taxes | (23) | 32 | (7) |
Foreign | 25,287 | 19,234 | 18,171 |
Total current | 24,634 | 19,266 | 18,164 |
Deferred: | |||
U.S. federal | 3,869 | (1,909) | 6,277 |
U.S. state and local taxes | 2,374 | (1,385) | (950) |
Foreign | (4,117) | (4,688) | (376) |
Total deferred | 2,126 | (7,982) | 4,951 |
Total income tax provision (benefit) | $ 26,760 | $ 11,284 | $ 23,115 |
Income Taxes - Reconciliation f
Income Taxes - Reconciliation from U.S. Statutory Income Tax Rate to Our Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
United States statutory income tax rate | 21.00% | 21.00% | 21.00% |
Foreign rate differential | (12.30%) | (189.10%) | (40.80%) |
Foreign permanent differences | (0.60%) | (19.40%) | 2.90% |
Tax rate change | 0.10% | (6.90%) | (0.30%) |
Withholding taxes | (4.40%) | (20.10%) | 24.50% |
Subpart F / GILTI income | 6.30% | 137.60% | 212.30% |
Unrecognized tax benefits | 1.70% | 91.60% | |
Share-based compensation | 0.20% | (3.50%) | 9.10% |
Valuation allowance | (21.00%) | 0.70% | 115.50% |
State taxes | 1.00% | 13.70% | (10.20%) |
Deferred tax adjustments | (0.90%) | 11.80% | 2.10% |
Research and development | 0.20% | (11.20%) | (13.40%) |
Foreign currency / inflationary adjustments | 3.60% | 5.60% | (0.50%) |
Other | 1.30% | (23.70%) | 8.10% |
Effective income tax rate | (20.20%) | (145.70%) | 312.10% |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||||
Net operating loss and credit carry forwards | $ 47,533 | $ 36,754 | $ 23,065 | |
Deferred revenue | 1,727 | 180 | 1,792 | |
Non-deductible accruals | 12,788 | 12,360 | 16,111 | |
Equity compensation | 2,892 | 3,298 | 3,274 | |
Lease liabilities | 26,611 | 23,271 | 1,062 | |
Non-deductible interest | 5,618 | 3,302 | 0 | |
Tax credits | 1,931 | 1,931 | 1,931 | |
Other | 11,623 | 6,760 | 4,480 | |
Gross deferred tax assets | 110,723 | 87,856 | 51,715 | |
Valuation allowance | (47,469) | (18,903) | (18,505) | $ (8,520) |
Total deferred tax assets | 63,254 | 68,953 | 33,210 | |
Deferred tax liabilities: | ||||
Deferred revenue | (16,620) | (24,294) | (17,081) | |
Depreciation | (2,155) | (3,446) | (4,196) | |
Lease assets | (25,354) | (22,453) | (32) | |
Other | (3,352) | 33 | (827) | |
Total deferred tax liabilities | (47,481) | (50,160) | (22,136) | |
Net deferred tax assets | $ 15,773 | $ 18,793 | $ 11,074 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Valuation allowance at beginning of year | $ (18,903) | $ (18,505) | $ (8,520) |
Benefits obtained (costs accumulated) | (28,566) | (398) | (9,985) |
Valuation allowance at end of year | $ (47,469) | $ (18,903) | $ (18,505) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at beginning of year | $ 6,992 | $ 0 | $ 0 |
Increases related to prior year tax positions | 0 | 5,220 | 0 |
Decreases related to prior year tax positions | 0 | 0 | 0 |
Increases related to current year tax positions | 2,391 | 2,268 | 0 |
Increases (decreases) due to currency translation | 0 | 0 | 0 |
Decreases relating to settlements with authorities | 0 | (496) | 0 |
Decreases from laps in statute of limitations | 0 | 0 | 0 |
Unrecognized tax benefits at end of year | $ 9,383 | $ 6,992 | $ 0 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net loss | $ (159,548) | $ (19,027) | $ (15,708) |
Preferred stock dividends and accretion | (6,040) | 0 | 0 |
Net loss attributable to common stockholders | $ (165,588) | $ (19,027) | $ (15,708) |
Basic weighted-average shares outstanding | 37,415 | 35,532 | 35,062 |
Effect of dilutive awards | 0 | 0 | 0 |
Diluted weighted-average shares outstanding | 37,415 | 35,532 | 35,062 |
Basic net income (loss) per common share | $ (4.43) | $ (0.54) | $ (0.45) |
Diluted net income (loss) per common share | $ (4.43) | $ (0.54) | $ (0.45) |
Dilutive shares excluded from the calculation due to net losses in the period | 1,569 | 1,674 | 1,176 |
Anti-dilutive share-based compensation awards that would be excluded from the calculation if income was reported in the period | 1 | 17 | 28 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share - Additional Information (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Basic weighted-average shares outstanding | 37,415 | 35,532 | 35,062 |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Basic weighted-average shares outstanding | 4,666,667 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ 201,035 | $ 205,050 | $ 220,957 |
Net current period other comprehensive income (loss) | (21,016) | (9,378) | (9,220) |
Ending balance | 121,952 | 201,035 | 205,050 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (30,111) | (22,012) | (14,986) |
Other comprehensive income (loss) before reclassifications | (18,419) | (8,099) | (7,026) |
Net current period other comprehensive income (loss) | (18,419) | (8,099) | (7,026) |
Ending balance | (48,530) | (30,111) | (22,012) |
Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (3,443) | (2,145) | 594 |
Other comprehensive income (loss) before reclassifications | 4,414 | (1,698) | (3,469) |
Net tax effect | (971) | 400 | 730 |
Net current period other comprehensive income (loss) | 3,443 | (1,298) | (2,739) |
Ending balance | 0 | (3,443) | (2,145) |
Foreign Exchange Forward Contract [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | 564 | 545 | 0 |
Other comprehensive income (loss) before reclassifications | (3,341) | (777) | 518 |
Amounts reclassified from AOCL | (3,037) | 996 | 172 |
Net tax effect | 338 | (200) | (145) |
Net current period other comprehensive income (loss) | (6,040) | 19 | 545 |
Ending balance | (5,476) | 564 | 545 |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (32,990) | (23,612) | (14,392) |
Other comprehensive income (loss) before reclassifications | (17,346) | (10,574) | (9,977) |
Amounts reclassified from AOCL | (3,037) | 996 | 172 |
Net tax effect | (633) | 200 | 585 |
Net current period other comprehensive income (loss) | (21,016) | (9,378) | (9,220) |
Ending balance | $ (54,006) | $ (32,990) | $ (23,612) |
Concentration of Customers - Ad
Concentration of Customers - Additional Information (Detail) - Customer Concentration Risk [Member] - Minimum [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Sales Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Customer risk percentage | 10.00% | 10.00% | 10.00% |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Customer risk percentage | 10.00% | 10.00% |
Concentration of Customers - Sc
Concentration of Customers - Schedule of Revenues from Customers (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | |||
Revenue | $ 1,732,583 | $ 1,670,137 | $ 1,436,500 |
Sales Revenues [Member] | Customer 1 - Vestas [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 699,632 | $ 830,302 | $ 662,302 |
Percentage of Total | 40.40% | 49.70% | 46.10% |
Sales Revenues [Member] | Customer 2 - GE [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 428,013 | $ 391,533 | $ 369,067 |
Percentage of Total | 24.70% | 23.40% | 25.70% |
Sales Revenues [Member] | Customer 3 - Nordex [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 387,714 | $ 255,912 | $ 230,563 |
Percentage of Total | 22.40% | 15.30% | 16.10% |
Concentration of Customers - _2
Concentration of Customers - Schedule of Trade Accounts Receivable from Certain Customers (Detail) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Customer 1 - Vestas [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 10.70% | 35.00% |
Customer 3 - Nordex [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 61.50% | 40.80% |
Customer 5 - Enercon [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 14.70% | 8.30% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021FacilitySegment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | Segment | 5 |
U.S. [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 5 |
Asia [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 3 |
Mexico [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 6 |
EMEA [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 3 |
India [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 1 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total Net sales | $ 1,732,583 | $ 1,670,137 | $ 1,436,500 |
Total depreciation and amortization | 52,593 | 49,667 | 38,580 |
Total income (loss) from operations | (97,698) | 18,766 | 15,888 |
Total capital expenditures | 37,119 | 65,666 | 74,408 |
Total tangible long-lived assets | 169,578 | 209,001 | |
Total assets | 1,007,701 | 956,257 | |
United States Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Net sales | 181,839 | 181,941 | 169,317 |
Total depreciation and amortization | 8,269 | 7,193 | 9,223 |
Total income (loss) from operations | (49,246) | (40,991) | (78,278) |
Total capital expenditures | 9,422 | 6,949 | 8,321 |
Total tangible long-lived assets | 25,522 | 31,811 | |
Total assets | 207,601 | 118,456 | |
Asia Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Net sales | 260,197 | 527,083 | 393,809 |
Total depreciation and amortization | 14,987 | 15,692 | 10,699 |
Total income (loss) from operations | (13,025) | 62,869 | 24,132 |
Total capital expenditures | 2,583 | 13,135 | 22,471 |
Total tangible long-lived assets | 26,965 | 46,075 | |
Total assets | 171,963 | 250,582 | |
Mexico Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Net sales | 608,098 | 495,839 | 435,606 |
Total depreciation and amortization | 17,047 | 18,587 | 12,577 |
Total income (loss) from operations | (74,191) | (9,611) | 3,533 |
Total capital expenditures | 10,659 | 15,624 | 25,842 |
Total tangible long-lived assets | 71,208 | 78,813 | |
Total assets | 266,936 | 251,764 | |
EMEA Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Net sales | 482,220 | 373,545 | 437,081 |
Total depreciation and amortization | 5,814 | 6,217 | 6,081 |
Total income (loss) from operations | 39,609 | 23,331 | 70,449 |
Total capital expenditures | 2,103 | 10,887 | 11,023 |
Total tangible long-lived assets | 14,413 | 28,312 | |
Total assets | 192,737 | 201,691 | |
India Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Net sales | 200,229 | 91,729 | 687 |
Total depreciation and amortization | 6,476 | 1,978 | 0 |
Total income (loss) from operations | (845) | (16,832) | (3,948) |
Total capital expenditures | 12,352 | 19,071 | 6,751 |
Total tangible long-lived assets | 31,470 | 23,990 | |
Total assets | 168,464 | 133,764 | |
U.S. [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Net sales | 181,839 | 181,941 | 169,317 |
China [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Net sales | 260,197 | 527,083 | 393,809 |
Mexico [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Net sales | 608,098 | 495,839 | 435,606 |
Turkey [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Net sales | 482,220 | 373,545 | 437,081 |
India [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Net sales | $ 200,229 | $ 91,729 | $ 687 |