Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | TPIC | |
Entity Registrant Name | TPI Composites, Inc. | |
Entity Central Index Key | 0001455684 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 36,711,525 | |
Entity Address, State or Province | AZ | |
Entity File Number | 001-37839 | |
Entity Tax Identification Number | 20-1590775 | |
Entity Address, Address Line One | 8501 N. Scottsdale Rd. | |
Entity Address, Address Line Two | Gainey Center II, Suite 100 | |
Entity Address, Postal Zip Code | 85253 | |
City Area Code | 480 | |
Local Phone Number | 305-8910 | |
Entity Address, City or Town | Scottsdale | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 136,236 | $ 129,857 |
Restricted cash | 336 | 339 |
Accounts receivable | 130,417 | 132,768 |
Contract assets | 216,035 | 216,928 |
Prepaid expenses | 23,128 | 29,507 |
Other current assets | 19,389 | 27,921 |
Inventories | 11,829 | 10,839 |
Total current assets | 537,370 | 548,159 |
Property, plant and equipment, net | 212,129 | 209,001 |
Operating lease right of use assets | 151,212 | 158,827 |
Other noncurrent assets | 53,345 | 40,270 |
Total assets | 954,056 | 956,257 |
Current liabilities: | ||
Accounts payable and accrued expenses | 291,947 | 295,992 |
Accrued warranty | 45,956 | 50,852 |
Current maturities of long-term debt | 53,294 | 32,551 |
Current operating lease liabilities | 26,496 | 26,099 |
Contract liabilities | 2,132 | 614 |
Total current liabilities | 419,825 | 406,108 |
Long-term debt, net of debt issuance costs and current maturities | 180,976 | 184,316 |
Noncurrent operating lease liabilities | 150,289 | 155,925 |
Other noncurrent liabilities | 8,358 | 8,873 |
Total liabilities | 759,448 | 755,222 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Common shares, $0.01 par value, 100,000 shares authorized, 36,920 shares issued and 36,712 shares outstanding at March 31, 2021 and 100,000 shares authorized, 36,771 shares issued and 36,564 shares outstanding at December 31, 2020 | 369 | 368 |
Paid-in capital | 353,201 | 349,472 |
Accumulated other comprehensive loss | (41,316) | (32,990) |
Accumulated deficit | (111,513) | (109,716) |
Treasury stock, at cost, 208 shares at March 31, 2021 and 207 shares at December 31, 2020 | (6,133) | (6,099) |
Total stockholders’ equity | 194,608 | 201,035 |
Total liabilities and stockholders’ equity | $ 954,056 | $ 956,257 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 36,920,000 | 36,771,000 |
Common stock, shares outstanding | 36,712,000 | 36,564,000 |
Treasury stock, shares | 208,000 | 207,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 404,680 | $ 356,636 |
Cost of sales | 383,056 | 348,475 |
Startup and transition costs | 14,354 | 12,034 |
Total cost of goods sold | 397,410 | 360,509 |
Gross profit (loss) | 7,270 | (3,873) |
General and administrative expenses | 8,922 | 9,496 |
Loss on sale of assets and asset impairments | 1,297 | 1,918 |
Restructuring charges, net | 258 | 117 |
Loss from operations | (3,207) | (15,404) |
Other income (expense): | ||
Interest expense, net | (2,704) | (1,771) |
Foreign currency income (loss) | (3,727) | 960 |
Miscellaneous income | 739 | 695 |
Total other expense | (5,692) | (116) |
Loss before income taxes | (8,899) | (15,520) |
Income tax benefit | 7,102 | 15,028 |
Net loss | $ (1,797) | $ (492) |
Weighted-average common shares outstanding: | ||
Basic | 36,601 | 35,213 |
Diluted | 36,601 | 35,213 |
Net loss per common share: | ||
Basic | $ (0.05) | $ (0.01) |
Diluted | $ (0.05) | $ (0.01) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (1,797) | $ (492) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (5,291) | (9,224) |
Unrealized loss on hedging derivatives, net of taxes of $651 and $2,039, respectively | (3,035) | (7,669) |
Comprehensive income (loss) | $ (10,123) | $ (17,385) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Unrealized gain (loss) on hedging derivatives | $ 651 | $ 2,039 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Treasury Stock, at Cost [Member] |
Beginning balance at Dec. 31, 2019 | $ 205,050 | $ 353 | $ 322,906 | $ (23,612) | $ (90,689) | $ (3,908) |
Beginning balance, shares at Dec. 31, 2019 | 35,326 | |||||
Net loss | (492) | (492) | ||||
Share-based compensation expense | 2,970 | 2,970 | ||||
Issuances under share-based compensation plan | 862 | $ 1 | 861 | |||
Issuances under share-based compensation plan, shares | 109 | |||||
Common stock repurchased for treasury | (459) | (459) | ||||
Other comprehensive loss | (16,893) | (16,893) | ||||
Ending balance at Mar. 31, 2020 | 191,038 | $ 354 | 326,737 | (40,505) | (91,181) | (4,367) |
Ending balance, shares at Mar. 31, 2020 | 35,435 | |||||
Beginning balance at Dec. 31, 2020 | 201,035 | $ 368 | 349,472 | (32,990) | (109,716) | (6,099) |
Beginning balance, shares at Dec. 31, 2020 | 36,771 | |||||
Net loss | (1,797) | (1,797) | ||||
Share-based compensation expense | 2,494 | 2,494 | ||||
Issuances under share-based compensation plan | 1,236 | $ 1 | 1,235 | |||
Issuances under share-based compensation plan, shares | 149 | |||||
Common stock repurchased for treasury | (34) | (34) | ||||
Other comprehensive loss | (8,326) | (8,326) | ||||
Ending balance at Mar. 31, 2021 | $ 194,608 | $ 369 | $ 353,201 | $ (41,316) | $ (111,513) | $ (6,133) |
Ending balance, shares at Mar. 31, 2021 | 36,920 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (1,797) | $ (492) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 11,609 | 11,028 |
Loss on sale of assets and asset impairments | 1,297 | 1,918 |
Restructuring charges, net | 258 | 117 |
Share-based compensation expense | 2,399 | 2,942 |
Amortization of debt issuance costs | 114 | 56 |
Deferred income taxes | (11,574) | (17,612) |
Changes in assets and liabilities: | ||
Accounts receivable | (428) | 50,328 |
Contract assets and liabilities | (132) | (32,574) |
Operating lease right of use assets and operating lease liabilities | 2,376 | 2,018 |
Inventories | (1,129) | (3,515) |
Prepaid expenses | 6,105 | (4,558) |
Other current assets | 8,302 | 4,552 |
Other noncurrent assets | (1,526) | 167 |
Accounts payable and accrued expenses | (3,724) | (17,557) |
Accrued warranty | (4,896) | 3,889 |
Other noncurrent liabilities | (514) | 1,861 |
Net cash provided by operating activities | 6,740 | 2,568 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (18,786) | (26,983) |
Net cash used in investing activities | (18,786) | (26,983) |
Cash flows from financing activities: | ||
Proceeds from revolving loans | 50,000 | |
Net repayments of accounts receivable financing | (101) | |
Principal repayments of finance leases | (1,406) | (1,492) |
Net proceeds from other debt | 18,695 | 16,505 |
Debt issuance costs | (183) | |
Proceeds from exercise of stock options | 1,216 | 812 |
Repurchase of common stock including shares withheld in lieu of income taxes | (34) | (459) |
Net cash provided by financing activities | 18,471 | 65,082 |
Impact of foreign exchange rates on cash, cash equivalents and restricted cash | (49) | (1,806) |
Net change in cash, cash equivalents and restricted cash | 6,376 | 38,861 |
Cash, cash equivalents and restricted cash, beginning of year | 130,196 | 71,749 |
Cash, cash equivalents and restricted cash, end of period | 136,572 | 110,610 |
Supplemental cash flow information: | ||
Cash paid for interest | 2,617 | 1,773 |
Cash paid for income taxes, net of refunds | 5,130 | 3,414 |
Noncash investing and financing activities: | ||
Right of use assets obtained in exchange for new operating lease liabilities | 1,245 | 55,156 |
Accrued capital expenditures in accounts payable | 6,975 | 14,669 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents | 129,857 | 70,282 |
Restricted cash | $ 339 | 992 |
Restricted cash included within other noncurrent assets | $ 475 | |
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent |
Cash, cash equivalents and restricted cash, beginning of year | $ 130,196 | $ 71,749 |
Cash and cash equivalents | 136,236 | 109,473 |
Restricted cash | $ 336 | 662 |
Restricted cash included within other noncurrent assets | $ 475 | |
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent |
Cash, cash equivalents and restricted cash, end of period | $ 136,572 | $ 110,610 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation The condensed consolidated financial statements included herein have been prepared by us without audit, pursuant to the rules and regulations of the SEC and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020 included in our Annual Report on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted, as permitted by the SEC, although we believe the disclosures that are made are adequate to make the information presented herein not misleading. The accompanying condensed consolidated financial statements reflect, in the opinion of our management, all normal recurring adjustments necessary to present fairly our financial position at March 31, 2021, and the results of our operations, comprehensive income (loss) and cash flows for the periods presented. Interim results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full years. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying condensed consolidated financial statements include the accounts of TPI Composites, Inc. and all of our majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. References to TPI Composites, Inc, the “Company,” “we,” “us” or “our” in these notes refer to TPI Composites, Inc. and its consolidated subsidiaries. Accounting Pronouncements Recently Adopted Accounting Pronouncements Convertible Instruments In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU is effective for all public business entities (other than smaller reporting companies) for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020 and can be adopted on either a fully retrospective or modified retrospective basis. An entity should adopt the guidance at the beginning of its annual fiscal year. We adopted this standard on January 1, 2021 on a modified retrospective basis and it did not have a material effect on our condensed consolidated financial statements. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Scope |
Revenue From Contracts with Cus
Revenue From Contracts with Customers | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue From Contracts with Customers | Note 2. Revenue From Contracts with Customers For a detailed discussion of our revenue recognition policy, refer to the discussion in Note 1, Summary of Operations and Summary of Significant Accounting Policies – (c) Revenue Recognition The following tables represents the disaggregation of our net sales revenue by product for each of our reportable segments: Three Months Ended March 31, 2021 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 39,627 $ 72,503 $ 108,442 $ 111,027 $ 47,580 $ 379,179 Precision molding and assembly systems sales — 3,964 4,963 — — 8,927 Transportation sales 6,424 — 1,707 — — 8,131 Other sales 3,235 461 3,347 1,339 61 8,443 Total net sales $ 49,286 $ 76,928 $ 118,459 $ 112,366 $ 47,641 $ 404,680 Three Months Ended March 31, 2020 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 35,933 $ 85,876 $ 115,186 $ 88,481 $ 10,861 $ 336,337 Precision molding and assembly systems sales — 5,061 1,702 — — 6,763 Transportation sales 6,679 — 210 — — 6,889 Other sales 4,819 200 1,152 476 — 6,647 Total net sales $ 47,431 $ 91,137 $ 118,250 $ 88,957 $ 10,861 $ 356,636 For a further discussion regarding our operating segments, see Note 14, 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 majority of the contract asset balance relates to materials procured based on customer specifications. The contract assets are recorded as current assets in the condensed consolidated balance sheets. Contract liabilities consist of advance payments in excess of revenue earned. These amounts primarily represent progress payments received as precision molding and assembly systems are being manufactured. The contract liabilities are recorded as current liabilities in the condensed consolidated balance sheets and are reduced as we record revenue over time. These contract assets and liabilities are reported on the condensed consolidated balance sheets net on a contract-by-contract basis at the end of each reporting period. Contract assets and contract liabilities consisted of the following: March 31, December 31, 2021 2020 $ Change (in thousands) Gross contract assets $ 221,938 $ 223,428 $ (1,490 ) Less: reclassification from contract liabilities (5,903 ) (6,500 ) 597 Contract assets $ 216,035 $ 216,928 $ (893 ) March 31, December 31, 2021 2020 $ Change (in thousands) Gross contract liabilities $ 8,035 $ 7,114 $ 921 Less: reclassification to contract assets (5,903 ) (6,500 ) 597 Contract liabilities $ 2,132 $ 614 $ 1,518 Contract assets decreased by $0.9 million from December 31, 2020 to March 31, 2021 due to a decrease in customer specific material purchases and incremental unbilled production during the three months ended March 31, 2021. Contracts liabilities increased by $1.5 million from December 31, 2020 to March 31, 2021 primarily due to amounts billed to a customer in advance of the production of precision molding and assembly systems during the three months ended March 31, 2021. For the three months ended March 31, 2021, we recognized $0.1 million of revenue related to precision molding and assembly systems and wind blades, which was included in the corresponding contract liability balance at the beginning of the period. Performance Obligations Remaining performance obligations represent the transaction price for which work has not been performed and excludes any unexercised contract options. The transaction price includes estimated variable consideration as determined based on the estimated production output within the range of the contractual guaranteed minimum volume obligations and production capacity. As of March 31, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations to be satisfied in future periods was approximately $3.5 billion. We estimate that we will recognize the remaining performance obligations as revenue as follows: $ % of Total (in thousands) Year Ending December 31, Remainder of 2021 $ 1,332,175 38.6 % 2022 1,426,379 41.3 2023 613,392 17.8 2024 78,353 2.3 Total remaining performance obligations $ 3,450,299 100.0 % For the three months ended March 31, 2021, net revenue recognized from our performance obligations satisfied in previous periods decreased by $8.5 million. The current year decrease primarily relates to changes in certain of our estimated total contract values and related direct costs to complete the performance obligations. |
Significant Risks and Uncertain
Significant Risks and Uncertainties | 3 Months Ended |
Mar. 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 13, Concentration of Customers We may be required to reinstate temporary production suspensions or volume reductions at our manufacturing facilities to the extent there are new resurgences of COVID-19 cases in the regions where we operate or there is an outbreak of positive COVID-19 cases in any of our manufacturing facilities. In addition, our global supply chain may in the future be adversely affected if the COVID-19 pandemic persists. We maintain our U.S. cash in bank deposit and money market accounts that, at times, exceed U.S. federally insured limits. U.S. bank accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) in an amount up to $250,000 during 2021 and 2020. U.S. money market accounts are not guaranteed by the FDIC. At March 31, 2021 and December 31, 2020, we had $97.0 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. At March 31, 2021, this included $32.7 million in China, $3.5 million in Turkey, $1.8 million in India, $0.8 million in Mexico and $0.4 million in other countries. As of December 31, 2020, this included $47.4 million in China, $6.0 million in Turkey, $5.0 million in India, $2.1 million in Mexico and $0.5 million in other countries. We have not experienced losses in these accounts. In addition, at March 31, 2021 and December 31, 2020, we had short-term deposits in interest bearing accounts of $0.3 million in both periods in China, which are reported as restricted cash in our condensed consolidated balance sheets. Certain of our debt agreements are either tied to LIBOR or the Euro Interbank Offered Rate (EURIBOR) and certain of them have associated interest rate hedges. Due to the relatively low LIBOR and EURIBOR rates in effect as of March 31, 2021, a 10% change in the LIBOR or EURIBOR rate would not have had a material impact on our future earnings, fair values or cash flows. |
Accrued Warranty
Accrued Warranty | 3 Months Ended |
Mar. 31, 2021 | |
Product Warranties Disclosures [Abstract] | |
Accrued Warranty | Note 4. Accrued Warranty The warranty accrual activity for the periods noted consisted of the following: Three Months Ended March 31, 2021 2020 (in thousands) Warranty accrual at beginning of period $ 50,852 $ 47,639 Accrual during the period 4,847 3,865 Cost of warranty services provided during the period (7,571 ) (3,215 ) Changes in estimate for pre-existing warranties, including expirations during the period (2,172 ) 3,239 Warranty accrual at end of period $ 45,956 $ 51,528 |
Long-Term Debt, Net of Debt Iss
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | Note 5. Long-Term Debt, Net of Debt Issuance Costs and Current Maturities Long-term debt, net of debt issuance costs and current maturities, consisted of the following: March 31, December 31, 2021 2020 (in thousands) Senior revolving loan—U.S. $ 171,154 $ 171,154 Unsecured financing—EMEA 50,211 30,040 Equipment financing—EMEA 3,107 4,335 Equipment finance lease—Mexico 7,083 8,038 Equipment finance lease—EMEA 3,458 4,119 Other equipment finance leases 194 232 Total debt - principal 235,207 217,918 Less: Debt issuance costs (937 ) (1,051 ) Total debt, net of debt issuance costs 234,270 216,867 Less: Current maturities of long-term debt (53,294 ) (32,551 ) Long-term debt, net of debt issuance costs and current maturities $ 180,976 $ 184,316 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation Plans | Note 6. Share-Based Compensation Plans During the three months ended March 31, 2021, we issued to certain employees an aggregate of 145,643 timed-based restricted stock units (RSUs), 58,396 performance-based restricted stock units (PSUs) that vest upon achievement of a cumulative, three-year Adjusted EBITDA target measured from January 1, 2021 through December 31, 2023, and 79,784 PSUs that vest upon achievement of certain stock price hurdles for the period of the grant date through December 31, 2023. All of the time-based RSUs vest on the third anniversary date of the grant date. Each of the time-based and performance-based awards are subject to the recipient ’s continued service with us , the terms and conditions of the 2015 Plan and the applicable award agreement. The share-based compensation expense recognized in the condensed consolidated statements of operations was as follows: Three Months Ended March 31, 2021 2020 (in thousands) Cost of goods sold $ 203 $ 171 General and administrative expenses 2,196 2,771 Total share-based compensation expense $ 2,399 $ 2,942 The share-based compensation expense recognized by award type was as follows: Three Months Ended March 31, 2021 2020 (in thousands) RSUs $ 1,255 $ 956 Stock options 618 1,653 PSUs 526 333 Total share-based compensation expense $ 2,399 $ 2,942 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 7. Leases We have operating and finance leases for our manufacturing facilities, warehouses, offices, automobiles and certain of our machinery and equipment. Our leases have remaining lease terms of between one and 15 years, some of which may include options to extend the leases up to five years. The components of lease cost were as follows: Three Months Ended March 31, 2021 2020 (in thousands) Total operating lease cost $ 9,716 $ 8,571 Finance lease cost Amortization of assets under finance leases $ 900 $ 1,547 Interest on finance leases 189 279 Total finance lease cost $ 1,089 $ 1,826 Total lease liabilities as of March 31, 2021 were as follows: Operating Finance Leases Leases (in thousands) Current operating lease liabilities $ 26,496 $ — Current maturities of long-term debt — 5,989 Noncurrent operating lease liabilities 150,289 — Long-term debt, net of debt issuance costs and current maturities — 4,746 Total lease liabilities $ 176,785 $ 10,735 As of March 31, 2021, the cost and accumulated depreciation of property, plant and equipment that we are leasing under finance lease arrangements were $27.5 million and $12.8 million, respectively. As of December 31, 2020, the cost and accumulated depreciation of property, plant and equipment that we are leasing under finance lease arrangements were $28.5 million and $12.5 million, respectively. Future minimum lease payments under noncancelable leases as of March 31, 2021 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, Remainder of 2021 $ 26,297 $ 4,565 2022 32,414 5,771 2023 30,585 871 2024 26,903 224 2025 26,721 7 Thereafter 98,447 — Total future minimum lease payments 241,367 11,438 Less: interest (64,582 ) (703 ) Total lease liabilities $ 176,785 $ 10,735 Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2021 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,250 $ 7,508 Operating cash flows from finance leases 189 279 Financing cash flows from finance leases 1,406 1,492 Other information related to leases was as follows: March 31, December 31, 2021 2020 Weighted-Average Remaining Lease Term (In Years): Operating leases 7.5 7.7 Finance leases 2.0 2.2 Weighted-Average Discount Rate: Operating leases 7.9 % 7.9 % Finance leases 6.4 % 6.4 % As of March 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 | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 8. Financial Instruments Interest Rate Swap We use interest rate swap contracts to mitigate our exposure to interest rate fluctuations associated with our U.S. senior revolving credit agreement (the Credit Agreement). We do not use such swap contracts for speculative or trading purposes. As of March 31, 2021, no interest rate swaps originally designated for hedge accounting were de-designated or terminated. No ineffectiveness on our interest rate swaps was recognized as of March 31, 2021, and none is anticipated over the remaining term of the agreement. Foreign Exchange Forward Contracts We use foreign exchange forward contracts to mitigate our exposure to fluctuations in exchange rates between the functional currencies of our subsidiaries and the other currencies in which they transact. We do not use such forward contracts for speculative or trading purposes. Mexican Peso All of our remaining outstanding foreign exchange forward contracts (excluding those with call options) expired during the three months ended March 31, 2021. As of December 31, 2020, the notional values associated with our foreign exchange forward contracts qualifying as cash flow hedges were approximately 0.3 billion Mexican Pesos (approximately $14.0 million). With regards to our foreign exchange call option contracts, for the three months ended March 31, 2021, $0.7 million of premium amortization was recorded through cost of sales within our condensed consolidated statements of operations. The net income (loss) recognized in accumulated other comprehensive loss in our condensed consolidated statements of changes in stockholders’ equity for our foreign exchange call option contracts is expected to be recognized in cost of sales in our condensed consolidated statements of operations during the next nine months. As of March 31, 2021 and December 31, 2020, the notional values associated with our foreign exchange call option contracts qualifying as cash flow hedges were approximately 1.4 billion Mexican Pesos (approximately $68.1 million) and approximately 0.4 billion Mexican Pesos (approximately $17.3 million), respectively. Chinese Renminbi With regards to our balance sheet hedges, for the three months ended March 31, 2021, $0.1 million in gains were recorded through foreign currency loss within our condensed consolidated statements of operations. The fair values and location of our financial instruments in our condensed consolidated balance sheets were as follows: Condensed Consolidated March 31, December 31, Financial Instrument Balance Sheet Line Item 2021 2020 (in thousands) Foreign exchange forward contracts Other current assets 1,693 5,832 Foreign exchange forward contracts Accounts payable and accrued expenses 1,283 2,096 Interest rate swap Other noncurrent liabilities 3,818 4,414 The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our condensed consolidated statements of operations: Accumulated Other Condensed Three Months Ended Comprehensive Consolidated Statement March 31, Loss Component of Operations Line Item 2021 2020 (in thousands) Foreign exchange forward contracts Cost of sales $ (2,002 ) $ (222 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The income tax benefit for the three months ended March 31, 2021 was lower than for the corresponding period ended March 31, 2020 primarily due to the earnings mix by jurisdiction in 2021 as compared to 2020. We do not record a deferred tax liability related to unremitted foreign earnings as we maintain our assertion to indefinitely reinvest our unremitted foreign earnings. No changes in tax law occurred during the quarter which have a material impact on our income tax provision. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share Calculation | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share Calculation | Note 10. Net Income (Loss) Per Common Share Calculation Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding during a period. Diluted net income per common share is computed by giving effect to all potentially dilutive securities, unless there is a net loss for the period and/or performance-based awards which are not included until performance conditions are met. In computing diluted net income per common share, we use the treasury stock method. The table below reflects the calculation of the weighted-average number of common shares outstanding, using the treasury stock method, used in computing basic and diluted net income (loss) per common share: Three Months Ended March 31, 2021 2020 (in thousands) Basic weighted-average shares outstanding 36,601 35,213 Effect of dilutive awards — — Diluted weighted-average shares outstanding 36,601 35,213 For the three months ended March 31, 2021 and 2020, approximately 2,040,000 and 890,000 potentially dilutive shares, respectively, were excluded from the calculation due to net losses. In addition, for the three months ended March 31, 2020, approximately 66,000 share-based compensation awards were excluded from the computation of net income (loss) per common share because their effect would be anti-dilutive. Certain performance-based restricted stock units have been excluded from the computation of diluted shares outstanding for the 2021 and 2020 periods presented as the performance conditions had not yet been met. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders Equity | Note 11. Stockholders’ Equity Accumulated Other Comprehensive Loss The following tables presents the changes in accumulated other comprehensive loss (AOCL) by component: Three Months Ended March 31, 2021 Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2020 $ (30,111 ) $ (3,443 ) $ 564 $ (32,990 ) Other comprehensive income (loss) before reclassifications (5,291 ) 597 (2,281 ) (6,975 ) Amounts reclassified from AOCL — — (2,002 ) (2,002 ) Net tax effect — (139 ) 790 651 Net current period other comprehensive income (loss) (5,291 ) 458 (3,493 ) (8,326 ) Balance at March 31, 2021 $ (35,402 ) $ (2,985 ) $ (2,929 ) $ (41,316 ) Three Months Ended March 31, 2020 Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2019 $ (22,012 ) $ (2,145 ) $ 545 $ (23,612 ) Other comprehensive income (loss) before reclassifications (9,223 ) (2,550 ) (6,936 ) (18,709 ) Amounts reclassified from AOCL — — (222 ) (222 ) Net tax effect — 535 1,503 2,038 Net current period other comprehensive income (loss) (9,223 ) (2,015 ) (5,655 ) (16,893 ) Balance at March 31, 2020 $ (31,235 ) $ (4,160 ) $ (5,110 ) $ (40,505 ) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Legal Proceedings From time to time, we are party to various lawsuits, claims, and other legal proceedings that arise in the ordinary course of business, some of which may not be covered by insurance. Upon resolution of any pending legal matters, we may incur charges in excess of presently established reserves. Our management does not believe that any such charges would, individually or in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows. |
Concentration of Customers
Concentration of Customers | 3 Months Ended |
Mar. 31, 2021 | |
Risks And Uncertainties [Abstract] | |
Concentration of Customers | Note 13. Concentration of Customers Revenues from certain customers (in thousands) in excess of 10 percent of our total consolidated revenues are as follows: Three Months Ended March 31, 2021 2020 Customer Revenues % of Total Revenues % of Total Vestas $ 169,218 41.8 % $ 157,412 44.1 % GE 104,852 25.9 % 100,132 28.1 % Nordex 76,543 18.9 % 53,257 14.9 % Trade accounts receivable from certain customers in excess of 10 percent of our total consolidated trade accounts receivable are as follows: March 31, December 31, 2021 2020 Customer % of Total % of Total Vestas 26.7 % 35.0 % Nordex 44.3 % 40.8 % Enercon 11.2 % 8.3 % |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 14. Segment Reporting Our operating segments are defined geographically into five geographic operating segments—(1) the United States (U.S.), (2) Asia, (3) Mexico, (4) EMEA and (5) India. For a detailed discussion of our operating segments, refer to the discussion in Note 19, Segment Reporting All of our segments operate in their local currency except for the Mexico and Asia segments, which both include a U.S. parent company, and India and Switzerland, which operate in the U.S. dollar. The following tables set forth certain information regarding each of our segments: Three Months Ended March 31, 2021 2020 (in thousands) Net sales by segment: U.S. $ 49,286 $ 47,431 Asia 76,928 91,137 Mexico 118,459 118,250 EMEA 112,366 88,957 India 47,641 10,861 Total net sales $ 404,680 $ 356,636 Net sales by geographic location (1) United States $ 49,286 $ 47,431 China 76,928 91,137 Mexico 118,459 118,250 Turkey 112,366 88,957 India 47,641 10,861 Total net sales $ 404,680 $ 356,636 Income (loss) from operations: U.S. (2) $ (11,620 ) $ (15,586 ) Asia 2,709 5,072 Mexico (4,024 ) (1,768 ) EMEA 9,788 2,664 India (60 ) (5,786 ) Total loss from operations $ (3,207 ) $ (15,404 ) March 31, December 31, 2021 2020 (in thousands) Property, plant and equipment, net: U.S. $ 32,884 $ 31,811 Asia (China) 43,771 46,075 Mexico 81,857 78,813 EMEA (Turkey) 23,890 28,312 India 29,727 23,990 Total property, plant and equipment, net $ 212,129 $ 209,001 (1) Net sales are attributable to countries based on the location where the product is manufactured or the services are performed. (2) The losses from operations in our U.S. segment includes corporate general and administrative costs of $8.9 million and $9.5 million for the three months ended March 31, 2021 and 2020, respectively. |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The condensed consolidated financial statements included herein have been prepared by us without audit, pursuant to the rules and regulations of the SEC and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020 included in our Annual Report on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted, as permitted by the SEC, although we believe the disclosures that are made are adequate to make the information presented herein not misleading. The accompanying condensed consolidated financial statements reflect, in the opinion of our management, all normal recurring adjustments necessary to present fairly our financial position at March 31, 2021, and the results of our operations, comprehensive income (loss) and cash flows for the periods presented. Interim results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full years. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying condensed consolidated financial statements include the accounts of TPI Composites, Inc. and all of our majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. References to TPI Composites, Inc, the “Company,” “we,” “us” or “our” in these notes refer to TPI Composites, Inc. and its consolidated subsidiaries. |
Accounting Pronouncements | Accounting Pronouncements Recently Adopted Accounting Pronouncements Convertible Instruments In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU is effective for all public business entities (other than smaller reporting companies) for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020 and can be adopted on either a fully retrospective or modified retrospective basis. An entity should adopt the guidance at the beginning of its annual fiscal year. We adopted this standard on January 1, 2021 on a modified retrospective basis and it did not have a material effect on our condensed consolidated financial statements. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Scope |
Revenue From Contracts with C_2
Revenue From Contracts with Customers (Tables) | 3 Months Ended |
Mar. 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 revenue by product for each of our reportable segments: Three Months Ended March 31, 2021 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 39,627 $ 72,503 $ 108,442 $ 111,027 $ 47,580 $ 379,179 Precision molding and assembly systems sales — 3,964 4,963 — — 8,927 Transportation sales 6,424 — 1,707 — — 8,131 Other sales 3,235 461 3,347 1,339 61 8,443 Total net sales $ 49,286 $ 76,928 $ 118,459 $ 112,366 $ 47,641 $ 404,680 Three Months Ended March 31, 2020 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 35,933 $ 85,876 $ 115,186 $ 88,481 $ 10,861 $ 336,337 Precision molding and assembly systems sales — 5,061 1,702 — — 6,763 Transportation sales 6,679 — 210 — — 6,889 Other sales 4,819 200 1,152 476 — 6,647 Total net sales $ 47,431 $ 91,137 $ 118,250 $ 88,957 $ 10,861 $ 356,636 |
Summary of Contract Assets and Contract Liabilities | Contract assets and contract liabilities consisted of the following: March 31, December 31, 2021 2020 $ Change (in thousands) Gross contract assets $ 221,938 $ 223,428 $ (1,490 ) Less: reclassification from contract liabilities (5,903 ) (6,500 ) 597 Contract assets $ 216,035 $ 216,928 $ (893 ) March 31, December 31, 2021 2020 $ Change (in thousands) Gross contract liabilities $ 8,035 $ 7,114 $ 921 Less: reclassification to contract assets (5,903 ) (6,500 ) 597 Contract liabilities $ 2,132 $ 614 $ 1,518 |
Schedule of Estimate to Recognize Remaining Performance Obligations as Revenue | We estimate that we will recognize the remaining performance obligations as revenue as follows: $ % of Total (in thousands) Year Ending December 31, Remainder of 2021 $ 1,332,175 38.6 % 2022 1,426,379 41.3 2023 613,392 17.8 2024 78,353 2.3 Total remaining performance obligations $ 3,450,299 100.0 % |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Warranty Accrual Activity | The warranty accrual activity for the periods noted consisted of the following: Three Months Ended March 31, 2021 2020 (in thousands) Warranty accrual at beginning of period $ 50,852 $ 47,639 Accrual during the period 4,847 3,865 Cost of warranty services provided during the period (7,571 ) (3,215 ) Changes in estimate for pre-existing warranties, including expirations during the period (2,172 ) 3,239 Warranty accrual at end of period $ 45,956 $ 51,528 |
Long-Term Debt, Net of Debt I_2
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | Long-term debt, net of debt issuance costs and current maturities, consisted of the following: March 31, December 31, 2021 2020 (in thousands) Senior revolving loan—U.S. $ 171,154 $ 171,154 Unsecured financing—EMEA 50,211 30,040 Equipment financing—EMEA 3,107 4,335 Equipment finance lease—Mexico 7,083 8,038 Equipment finance lease—EMEA 3,458 4,119 Other equipment finance leases 194 232 Total debt - principal 235,207 217,918 Less: Debt issuance costs (937 ) (1,051 ) Total debt, net of debt issuance costs 234,270 216,867 Less: Current maturities of long-term debt (53,294 ) (32,551 ) Long-term debt, net of debt issuance costs and current maturities $ 180,976 $ 184,316 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Share-based Compensation Expense Recognized in Condensed Consolidated Statements of Operations | The share-based compensation expense recognized in the condensed consolidated statements of operations was as follows: Three Months Ended March 31, 2021 2020 (in thousands) Cost of goods sold $ 203 $ 171 General and administrative expenses 2,196 2,771 Total share-based compensation expense $ 2,399 $ 2,942 |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The share-based compensation expense recognized by award type was as follows: Three Months Ended March 31, 2021 2020 (in thousands) RSUs $ 1,255 $ 956 Stock options 618 1,653 PSUs 526 333 Total share-based compensation expense $ 2,399 $ 2,942 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost were as follows: Three Months Ended March 31, 2021 2020 (in thousands) Total operating lease cost $ 9,716 $ 8,571 Finance lease cost Amortization of assets under finance leases $ 900 $ 1,547 Interest on finance leases 189 279 Total finance lease cost $ 1,089 $ 1,826 |
Schedule of Lease Liabilities | Total lease liabilities as of March 31, 2021 were as follows: Operating Finance Leases Leases (in thousands) Current operating lease liabilities $ 26,496 $ — Current maturities of long-term debt — 5,989 Noncurrent operating lease liabilities 150,289 — Long-term debt, net of debt issuance costs and current maturities — 4,746 Total lease liabilities $ 176,785 $ 10,735 |
Schedule of Future Minimum Lease Payments under Noncancelable Leases | Future minimum lease payments under noncancelable leases as of March 31, 2021 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, Remainder of 2021 $ 26,297 $ 4,565 2022 32,414 5,771 2023 30,585 871 2024 26,903 224 2025 26,721 7 Thereafter 98,447 — Total future minimum lease payments 241,367 11,438 Less: interest (64,582 ) (703 ) Total lease liabilities $ 176,785 $ 10,735 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2021 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,250 $ 7,508 Operating cash flows from finance leases 189 279 Financing cash flows from finance leases 1,406 1,492 |
Other Information Related to Leases | Other information related to leases was as follows: March 31, December 31, 2021 2020 Weighted-Average Remaining Lease Term (In Years): Operating leases 7.5 7.7 Finance leases 2.0 2.2 Weighted-Average Discount Rate: Operating leases 7.9 % 7.9 % Finance leases 6.4 % 6.4 % |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values and Location of Financial Instruments | The fair values and location of our financial instruments in our condensed consolidated balance sheets were as follows: Condensed Consolidated March 31, December 31, Financial Instrument Balance Sheet Line Item 2021 2020 (in thousands) Foreign exchange forward contracts Other current assets 1,693 5,832 Foreign exchange forward contracts Accounts payable and accrued expenses 1,283 2,096 Interest rate swap Other noncurrent liabilities 3,818 4,414 |
Schedule of Pretax Amounts Reclassified From Accumulated Other Comprehensive Loss | The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our condensed consolidated statements of operations: Accumulated Other Condensed Three Months Ended Comprehensive Consolidated Statement March 31, Loss Component of Operations Line Item 2021 2020 (in thousands) Foreign exchange forward contracts Cost of sales $ (2,002 ) $ (222 ) |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share Calculation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Calculation Of Weighted-Average Number Of Common Shares Outstanding | The table below reflects the calculation of the weighted-average number of common shares outstanding, using the treasury stock method, used in computing basic and diluted net income (loss) per common share: Three Months Ended March 31, 2021 2020 (in thousands) Basic weighted-average shares outstanding 36,601 35,213 Effect of dilutive awards — — Diluted weighted-average shares outstanding 36,601 35,213 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following tables presents the changes in accumulated other comprehensive loss (AOCL) by component: Three Months Ended March 31, 2021 Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2020 $ (30,111 ) $ (3,443 ) $ 564 $ (32,990 ) Other comprehensive income (loss) before reclassifications (5,291 ) 597 (2,281 ) (6,975 ) Amounts reclassified from AOCL — — (2,002 ) (2,002 ) Net tax effect — (139 ) 790 651 Net current period other comprehensive income (loss) (5,291 ) 458 (3,493 ) (8,326 ) Balance at March 31, 2021 $ (35,402 ) $ (2,985 ) $ (2,929 ) $ (41,316 ) Three Months Ended March 31, 2020 Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2019 $ (22,012 ) $ (2,145 ) $ 545 $ (23,612 ) Other comprehensive income (loss) before reclassifications (9,223 ) (2,550 ) (6,936 ) (18,709 ) Amounts reclassified from AOCL — — (222 ) (222 ) Net tax effect — 535 1,503 2,038 Net current period other comprehensive income (loss) (9,223 ) (2,015 ) (5,655 ) (16,893 ) Balance at March 31, 2020 $ (31,235 ) $ (4,160 ) $ (5,110 ) $ (40,505 ) |
Concentration of Customers (Tab
Concentration of Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Risks And Uncertainties [Abstract] | |
Schedule of Revenues from Certain Customers | Revenues from certain customers (in thousands) in excess of 10 percent of our total consolidated revenues are as follows: Three Months Ended March 31, 2021 2020 Customer Revenues % of Total Revenues % of Total Vestas $ 169,218 41.8 % $ 157,412 44.1 % GE 104,852 25.9 % 100,132 28.1 % Nordex 76,543 18.9 % 53,257 14.9 % |
Schedule of Trade Accounts Receivable from Certain Customers | Trade accounts receivable from certain customers in excess of 10 percent of our total consolidated trade accounts receivable are as follows: March 31, December 31, 2021 2020 Customer % of Total % of Total Vestas 26.7 % 35.0 % Nordex 44.3 % 40.8 % Enercon 11.2 % 8.3 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables set forth certain information regarding each of our segments: Three Months Ended March 31, 2021 2020 (in thousands) Net sales by segment: U.S. $ 49,286 $ 47,431 Asia 76,928 91,137 Mexico 118,459 118,250 EMEA 112,366 88,957 India 47,641 10,861 Total net sales $ 404,680 $ 356,636 Net sales by geographic location (1) United States $ 49,286 $ 47,431 China 76,928 91,137 Mexico 118,459 118,250 Turkey 112,366 88,957 India 47,641 10,861 Total net sales $ 404,680 $ 356,636 Income (loss) from operations: U.S. (2) $ (11,620 ) $ (15,586 ) Asia 2,709 5,072 Mexico (4,024 ) (1,768 ) EMEA 9,788 2,664 India (60 ) (5,786 ) Total loss from operations $ (3,207 ) $ (15,404 ) March 31, December 31, 2021 2020 (in thousands) Property, plant and equipment, net: U.S. $ 32,884 $ 31,811 Asia (China) 43,771 46,075 Mexico 81,857 78,813 EMEA (Turkey) 23,890 28,312 India 29,727 23,990 Total property, plant and equipment, net $ 212,129 $ 209,001 (1) Net sales are attributable to countries based on the location where the product is manufactured or the services are performed. (2) The losses from operations in our U.S. segment includes corporate general and administrative costs of $8.9 million and $9.5 million for the three months ended March 31, 2021 and 2020, respectively. |
Basis of Presentation - Recentl
Basis of Presentation - Recently Adopted Accounting Pronouncements - Additional Information (Detail) - Accounting Standards Update 2020-06 [Member] | Mar. 31, 2021 |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Revenue From Contracts with C_3
Revenue From Contracts with Customers - Summary of Disaggregation of Net Sales Revenue by Product for Each of Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | $ 404,680 | $ 356,636 |
U.S. Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 49,286 | 47,431 |
Asia Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 76,928 | 91,137 |
Mexico Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 118,459 | 118,250 |
EMEA Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 112,366 | 88,957 |
India Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 47,641 | 10,861 |
Wind Blades [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 379,179 | 336,337 |
Wind Blades [Member] | U.S. Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 39,627 | 35,933 |
Wind Blades [Member] | Asia Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 72,503 | 85,876 |
Wind Blades [Member] | Mexico Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 108,442 | 115,186 |
Wind Blades [Member] | EMEA Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 111,027 | 88,481 |
Wind Blades [Member] | India Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 47,580 | 10,861 |
Precision Molding and Assembly Systems [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 8,927 | 6,763 |
Precision Molding and Assembly Systems [Member] | Asia Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 3,964 | 5,061 |
Precision Molding and Assembly Systems [Member] | Mexico Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 4,963 | 1,702 |
Transportation [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 8,131 | 6,889 |
Transportation [Member] | U.S. Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 6,424 | 6,679 |
Transportation [Member] | Mexico Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 1,707 | 210 |
Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 8,443 | 6,647 |
Other [Member] | U.S. Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 3,235 | 4,819 |
Other [Member] | Asia Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 461 | 200 |
Other [Member] | Mexico Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 3,347 | 1,152 |
Other [Member] | EMEA Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | 1,339 | $ 476 |
Other [Member] | India Segment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales revenue | $ 61 |
Revenue From Contracts with C_4
Revenue From Contracts with Customers - Summary of Contract Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | ||
Gross contract assets | $ 221,938 | $ 223,428 |
Less: reclassification from contract liabilities | (5,903) | (6,500) |
Contract assets | 216,035 | $ 216,928 |
Gross contract assets, Change | (1,490) | |
Less: reclassification from contract liabilities, Change | 597 | |
Contract assets, Change | $ (893) |
Revenue From Contracts with C_5
Revenue From Contracts with Customers - Summary of Contract Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | ||
Gross contract liabilities | $ 8,035 | $ 7,114 |
Less: reclassification to contract assets | (5,903) | (6,500) |
Contract liabilities | 2,132 | $ 614 |
Gross contract liabilities, Change | 921 | |
Less: reclassification to contract assets, Change | 597 | |
Contract liabilities, Change | $ 1,518 |
Revenue From Contracts with C_6
Revenue From Contracts with Customers - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Revenue from Contracts with Customers [Line Items] | |
Decrease in contract assets | $ 893 |
Increase in contracts liabilities | 1,518 |
Transaction price allocated to remaining performance obligations to be satisfied in future periods | 3,450,299 |
Net revenue recognized from performance obligations satisfied in previous periods, decrease amount | 8,500 |
Precision Molding And Assembly Systems And Wind Blades [Member] | |
Revenue from Contracts with Customers [Line Items] | |
Contract liability revenue recognized | $ 100 |
Revenue From Contracts with C_7
Revenue From Contracts with Customers - Schedule of Estimate to Recognize Remaining Performance Obligations as Revenue (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 3,450,299 |
% of Total remaining performance obligations | 100.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 1,332,175 |
% of Total remaining performance obligations | 38.60% |
Remaining performance obligations, expected timing of satisfaction period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 1,426,379 |
% of Total remaining performance obligations | 41.30% |
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 | $ 613,392 |
% of Total remaining performance obligations | 17.80% |
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 | $ 78,353 |
% of Total remaining performance obligations | 2.30% |
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 | Mar. 31, 2021USD ($) |
Revenue From Contract With Customer [Abstract] | |
Total remaining performance obligations | $ 3,450,299 |
% of Total remaining performance obligations | 100.00% |
Significant Risks and Uncerta_2
Significant Risks and Uncertainties - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Cash in short-term deposits in interest bearing accounts | $ 336,000 | $ 339,000 |
Maximum percentage of change in variable rate would not have impact on future earnings | 10.00% | |
U.S. [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | $ 97,000,000 | 68,900,000 |
China [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 32,700,000 | 47,400,000 |
Cash in short-term deposits in interest bearing accounts | 300,000 | 300,000 |
Turkey [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 3,500,000 | 6,000,000 |
India [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 1,800,000 | 5,000,000 |
Mexico [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 800,000 | 2,100,000 |
Other Countries [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 400,000 | 500,000 |
Maximum [Member] | U.S. [Member] | ||
Concentration Risk [Line Items] | ||
Cash deposit insured amount | $ 250,000 | $ 250,000 |
Accrued Warranty - Schedule of
Accrued Warranty - Schedule of Warranty Accrual Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Product Warranties Disclosures [Abstract] | ||
Warranty accrual at beginning of period | $ 50,852 | $ 47,639 |
Accrual during the period | 4,847 | 3,865 |
Cost of warranty services provided during the period | (7,571) | (3,215) |
Changes in estimate for pre-existing warranties, including expirations during the period | (2,172) | 3,239 |
Warranty accrual at end of period | $ 45,956 | $ 51,528 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Total long-term debt | ||
Total long-term debt | $ 235,207 | $ 217,918 |
Less: Debt issuance costs | (937) | (1,051) |
Total debt, net of debt issuance costs | 234,270 | 216,867 |
Less: Current maturities of long-term debt | (53,294) | (32,551) |
Long-term debt, net of debt issuance costs and current maturities | 180,976 | 184,316 |
Senior Revolving Loan [Member] | U.S. [Member] | ||
Total long-term debt | ||
Total long-term debt | 171,154 | 171,154 |
Unsecured Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 50,211 | 30,040 |
Equipment Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 3,107 | 4,335 |
Equipment Finance Lease [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 3,458 | 4,119 |
Equipment Finance Lease [Member] | Mexico [Member] | ||
Total long-term debt | ||
Total long-term debt | 7,083 | 8,038 |
Other Equipment Finance Lease [Member] | ||
Total long-term debt | ||
Total long-term debt | $ 194 | $ 232 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021shares | |
Timed-Based Restricted Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share-based compensation plans, shares issued | 145,643 |
Performance-Based Restricted Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share-based compensation plans, shares issued | 58,396 |
Performance-Based Restricted Stock Units [Member] | Certain Stock Price Hurdles [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share-based compensation plans, shares issued | 79,784 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Schedule of Share-based Compensation Expense Recognized in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 2,399 | $ 2,942 |
Cost of Goods Sold [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total share-based compensation expense | 203 | 171 |
General and Administrative Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 2,196 | $ 2,771 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Schedule of Share-based Compensation Arrangements by Share-based Payment Award (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 2,399 | $ 2,942 |
Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total share-based compensation expense | 1,255 | 956 |
Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total share-based compensation expense | 618 | 1,653 |
Performance-based Restricted Stock Units (PSUs) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 526 | $ 333 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Lessee Lease Description [Line Items] | ||
Lessee, operating lease, option to extend | include options to extend the leases up to five years | |
Lessee, operating lease, existence of option to extend [true false] | true | |
Lessee, finance lease, option to extend | include options to extend the leases up to five years | |
Lessee, finance lease, existence of option to extend [true false] | true | |
Lessee, leases not yet commenced, description | As of March 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 | |
Assets Under Finance Lease [Member] | ||
Lessee Lease Description [Line Items] | ||
Cost of property plant and equipment leased under finance lease arrangements | 27,500,000 | $ 28,500,000 |
Accumulated depreciation of property plant and equipment under finance lease arrangements | $ 12,800,000 | $ 12,500,000 |
Minimum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating and Finance leases, remaining lease terms | 1 year | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating and Finance leases, remaining lease terms | 15 years | |
Lessee, lease options to extend lease term | 5 years |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Total operating lease cost | $ 9,716 | $ 8,571 |
Finance lease cost | ||
Amortization of assets under finance leases | 900 | 1,547 |
Interest on finance leases | 189 | 279 |
Total finance lease cost | $ 1,089 | $ 1,826 |
Leases - Schedule of Lease Liab
Leases - Schedule of Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Current operating lease liabilities | $ 26,496 | $ 26,099 |
Noncurrent operating lease liabilities | 150,289 | $ 155,925 |
Total lease liabilities | 176,785 | |
Current maturities of long-term debt | 5,989 | |
Long-term debt, net of debt issuance costs and current maturities | 4,746 | |
Total lease liabilities | $ 10,735 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Noncancelable Leases (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Leases Abstract | |
Remainder of 2021 | $ 26,297 |
2022 | 32,414 |
2023 | 30,585 |
2024 | 26,903 |
2025 | 26,721 |
Thereafter | 98,447 |
Total future minimum lease payments | 241,367 |
Less: interest | (64,582) |
Total lease liabilities | 176,785 |
Finance Leases Abstract | |
Remainder of 2021 | 4,565 |
2022 | 5,771 |
2023 | 871 |
2024 | 224 |
2025 | 7 |
Total future minimum lease payments | 11,438 |
Less: interest | (703) |
Total lease liabilities | $ 10,735 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 9,250 | $ 7,508 |
Operating cash flows from finance leases | 189 | 279 |
Financing cash flows from finance leases | $ 1,406 | $ 1,492 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) | Mar. 31, 2021 | Dec. 31, 2020 |
Weighted-Average Remaining Lease Term (In Years): | ||
Operating leases | 7 years 6 months | 7 years 8 months 12 days |
Finance leases | 2 years | 2 years 2 months 12 days |
Weighted-Average Discount Rate: | ||
Operating leases | 7.90% | 7.90% |
Finance leases | 6.40% | 6.40% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 3 Months Ended | |||
Mar. 31, 2021USD ($) | Mar. 31, 2021MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | |
Derivative [Line Items] | ||||
Derivative designated for hedge accounting terminated | $ 0 | |||
Foreign Exchange Forward Contract [Member] | Contracts to Hedge in Chinese Renminbi [Member] | Foreign Currency Loss [Member] | ||||
Derivative [Line Items] | ||||
Gain on hedge recorded to statement of operations | 100,000 | |||
Foreign Exchange Call Option [Member] | Contracts to Hedge in Mexican Pesos [Member] | Cost of Sales [Member] | ||||
Derivative [Line Items] | ||||
Premium amortization | 700,000 | |||
Cash Flow Hedging [Member] | Foreign Exchange Forward Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative notional amount | $ 14,000,000 | $ 300,000,000 | ||
Cash Flow Hedging [Member] | Foreign Exchange Call Option [Member] | ||||
Derivative [Line Items] | ||||
Derivative notional amount | $ 68,100,000 | $ 1,400,000,000 | $ 17,300,000 | $ 400,000,000 |
Financial Instruments - Fair Va
Financial Instruments - Fair Values and Location of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Foreign Exchange Forward Contract [Member] | Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative assets, fair value | $ 1,693 | $ 5,832 |
Foreign Exchange Forward Contract [Member] | Accounts Payable and Accrued Expenses [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 1,283 | 2,096 |
Interest Rate Swap | Other Noncurrent Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 3,818 | $ 4,414 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Pretax Amounts Reclassified From Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Cost of sales | $ 383,056 | $ 348,475 |
Foreign Exchange Forward Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Cost of sales | $ (2,002) | $ (222) |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share Calculation - Calculation Of Weighted-Average Number Of Common Shares Outstanding (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Basic weighted-average shares outstanding | 36,601 | 35,213 |
Effect of dilutive awards | 0 | 0 |
Diluted weighted-average shares outstanding | 36,601 | 35,213 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share Calculation - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive shares excluded from computation of diluted net income (loss) per share | 2,040,000 | 890,000 |
Share-Based Compensation Awards [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive shares excluded from computation of diluted net income (loss) per share | 66,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | $ 201,035 | $ 205,050 |
Net current period other comprehensive income (loss) | (8,326) | (16,893) |
Ending balance | 194,608 | 191,038 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | (30,111) | (22,012) |
Other comprehensive income (loss) before reclassifications | (5,291) | (9,223) |
Net current period other comprehensive income (loss) | (5,291) | (9,223) |
Ending balance | (35,402) | (31,235) |
Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | (3,443) | (2,145) |
Other comprehensive income (loss) before reclassifications | 597 | (2,550) |
Net tax effect | (139) | 535 |
Net current period other comprehensive income (loss) | 458 | (2,015) |
Ending balance | (2,985) | (4,160) |
Foreign Exchange Forward Contract [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | 564 | 545 |
Other comprehensive income (loss) before reclassifications | (2,281) | (6,936) |
Amounts reclassified from AOCL | (2,002) | (222) |
Net tax effect | 790 | 1,503 |
Net current period other comprehensive income (loss) | (3,493) | (5,655) |
Ending balance | (2,929) | (5,110) |
Accumulated Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | (32,990) | (23,612) |
Other comprehensive income (loss) before reclassifications | (6,975) | (18,709) |
Amounts reclassified from AOCL | (2,002) | (222) |
Net tax effect | 651 | 2,038 |
Net current period other comprehensive income (loss) | (8,326) | (16,893) |
Ending balance | $ (41,316) | $ (40,505) |
Concentration of Customers - Ad
Concentration of Customers - Additional Information (Detail) - Customer Concentration Risk [Member] - Minimum [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Sales Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Customer risk percentage | 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 Certain Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Concentration Risk [Line Items] | ||
Revenues | $ 404,680 | $ 356,636 |
Sales Revenues [Member] | Vestas [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 169,218 | $ 157,412 |
Percentage of Total | 41.80% | 44.10% |
Sales Revenues [Member] | GE [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 104,852 | $ 100,132 |
Percentage of Total | 25.90% | 28.10% |
Sales Revenues [Member] | Nordex [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 76,543 | $ 53,257 |
Percentage of Total | 18.90% | 14.90% |
Concentration of Customers - _2
Concentration of Customers - Schedule of Trade Accounts Receivable from Certain Customers (Detail) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Vestas [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 26.70% | 35.00% |
Nordex [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 44.30% | 40.80% |
Enercon [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 11.20% | 8.30% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 5 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 404,680 | $ 356,636 | |
Total loss from operations | (3,207) | (15,404) | |
Total property, plant and equipment, net | 212,129 | $ 209,001 | |
U.S. [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 49,286 | 47,431 | |
China [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 76,928 | 91,137 | |
Mexico [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 118,459 | 118,250 | |
Turkey [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 112,366 | 88,957 | |
India [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 47,641 | 10,861 | |
U.S. Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 49,286 | 47,431 | |
Total loss from operations | (11,620) | (15,586) | |
Total property, plant and equipment, net | 32,884 | 31,811 | |
Asia Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 76,928 | 91,137 | |
Total loss from operations | 2,709 | 5,072 | |
Total property, plant and equipment, net | 43,771 | 46,075 | |
Mexico Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 118,459 | 118,250 | |
Total loss from operations | (4,024) | (1,768) | |
Total property, plant and equipment, net | 81,857 | 78,813 | |
EMEA Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 112,366 | 88,957 | |
Total loss from operations | 9,788 | 2,664 | |
Total property, plant and equipment, net | 23,890 | 28,312 | |
India Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 47,641 | 10,861 | |
Total loss from operations | (60) | $ (5,786) | |
Total property, plant and equipment, net | $ 29,727 | $ 23,990 |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of Segment Information (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
General and administrative costs | $ 8,922 | $ 9,496 |
U.S. Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
General and administrative costs | $ 8,900 | $ 9,500 |