DEI_Document
DEI Document | 9 Months Ended | ||
Sep. 30, 2014 | Nov. 03, 2014 | Nov. 03, 2014 | |
Common Shares [Member] | Class B Common Shares [Member] | ||
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'INVACARE CORPORATION | ' | ' |
Entity Central Index Key | '0000742112 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 31,028,959 | 1,084,747 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net sales | $320,520 | $336,578 | $951,964 | $1,003,659 | ||||
Cost of products sold | 235,873 | 242,371 | 692,946 | 727,516 | ||||
Gross Profit | 84,647 | 94,207 | 259,018 | 276,143 | ||||
Selling, general and administrative expenses | 98,181 | 97,579 | 295,328 | 302,757 | ||||
Charges related to restructuring activities | 4,077 | 1,884 | 8,407 | 6,998 | ||||
Asset write-downs related to intangible assets | 8,253 | 167 | 8,253 | 167 | ||||
Interest expense | 549 | 639 | 2,284 | 2,355 | ||||
Interest income | -38 | -58 | -429 | -239 | ||||
Loss from Continuing Operations Before Income Taxes | -26,375 | -6,004 | -54,825 | -35,895 | ||||
Income tax provision | 2,350 | 270 | 7,250 | 2,430 | ||||
Net loss from Continuing Operations | -28,725 | -6,274 | -62,075 | -38,325 | ||||
Net Earnings from Discontinued Operations (net of tax of $585; $657; $985 and $1,707) | 50 | 1,198 | 1,811 | 6,066 | ||||
Gain on Sale of Discontinued Operations (net of tax of $3,490; $1,583; $3,490 and $11,083) | 13,579 | 21,178 | 13,579 | 71,080 | ||||
Total Net Earnings from Discontinued Operations | 13,629 | 22,376 | 15,390 | 77,146 | ||||
Net Earnings (Loss) | -15,096 | 16,102 | -46,685 | 38,821 | ||||
Dividends Declared per Common Share | $0.01 | $0.01 | $0.04 | $0.04 | ||||
Net Earnings (Loss) per SharebBasic | ' | ' | ' | ' | ||||
Net Loss from Continuing Operations (in dollars per share) | ($0.90) | ($0.20) | ($1.94) | ($1.20) | ||||
Net Earnings from Discontinued Operations (in dollars per share) | $0.43 | $0.70 | $0.48 | $2.42 | ||||
Net Earnings (Loss) per SharebBasic | ($0.47) | $0.50 | ($1.46) | $1.22 | ||||
Weighted Average Shares OutstandingbBasic | 32,006 | 31,902 | 32,005 | 31,902 | ||||
Net Earnings (Loss) per SharebAssuming Dilution | ' | ' | ' | ' | ||||
Net Loss from Continuing Operations (in dollars per share) | ($0.90) | [1] | ($0.20) | [1] | ($1.94) | [1] | ($1.20) | [1] |
Net Earnings from Discontinued Operations (in dollars per share) | $0.42 | $0.70 | $0.48 | $2.41 | ||||
Net Earnings (Loss) per SharebAssuming Dilution | ($0.47) | [1] | $0.50 | [1] | ($1.46) | [1] | $1.21 | [1] |
Weighted Average Shares OutstandingbAssuming Dilution | 32,194 | 32,066 | 32,216 | 32,009 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Foreign currency translation adjustments | -22,836 | 9,790 | -21,124 | 554 | ||||
Defined Benefit Plans: | ' | ' | ' | ' | ||||
Amortization of prior service costs and unrecognized gains | 30 | 359 | 753 | 895 | ||||
Amounts arising during the year, primarily due to the addition of new participants | 0 | -154 | 0 | -320 | ||||
Deferred tax adjustment resulting from defined benefit plan activity | -8 | -71 | -195 | -199 | ||||
Valuation reserve associated with defined benefit plan activity | 6 | 69 | 29 | 193 | ||||
Current period unrealized gain (loss) on cash flow hedges | 809 | -104 | 708 | 779 | ||||
Deferred tax loss related to unrealized gain (loss) on cash flow hedges | -347 | -15 | -104 | -57 | ||||
Other Comprehensive Income (Loss) | -22,346 | 9,874 | -19,933 | 1,845 | ||||
Comprehensive Income (Loss) | ($37,442) | $25,976 | ($66,618) | $40,666 | ||||
[1] | Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (Loss) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Earnings from Discontinued Operations tax amts | $585 | $657 | $985 | $1,707 |
Gain on Sale of Discontinued Operations tax amts | $3,490 | $1,583 | $3,490 | $11,083 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $29,066 | $29,785 |
Trade receivables, net | 172,252 | 188,622 |
Installment receivables, net | 1,324 | 1,562 |
Inventories, net | 162,733 | 155,637 |
Deferred income taxes | 2,389 | 2,761 |
Other current assets | 37,261 | 41,172 |
Total Current Assets | 405,025 | 419,539 |
Other Assets | 32,001 | 45,936 |
Other Intangibles | 45,819 | 62,584 |
Property and Equipment, net | 93,481 | 106,149 |
Goodwill | 448,105 | 462,226 |
Total Assets | 1,024,431 | 1,096,434 |
Current Liabilities | ' | ' |
Accounts payable | 121,203 | 116,704 |
Accrued expenses | 150,045 | 133,100 |
Current Taxes, payable and deferred | 17,828 | 12,259 |
Short-term debt and current maturities of long-term obligations | 781 | 14,102 |
Total Current Liabilities | 289,857 | 276,165 |
Long-Term Debt | 23,907 | 31,184 |
Other Long-Term Obligations | 103,140 | 118,276 |
Shareholdersb Equity | ' | ' |
Preferred Shares (Authorized 300 shares; none outstanding) | 0 | 0 |
Additional paid-in-capital | 239,190 | 234,620 |
Retained earnings | 348,143 | 396,016 |
Accumulated other comprehensive earnings | 105,223 | 125,156 |
Treasury shares (3,164 and 3,158 shares in 2014 and 2013, respectively) | -93,885 | -93,794 |
Total Shareholdersb Equity | 607,527 | 670,809 |
Total Liabilities and Shareholdersb Equity | 1,024,431 | 1,096,434 |
Common Shares [Member] | ' | ' |
Shareholdersb Equity | ' | ' |
Common Shares | 8,584 | 8,539 |
Class B Common Shares [Member] | ' | ' |
Shareholdersb Equity | ' | ' |
Common Shares | $272 | $272 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Preferred Stock, Shares Authorized | 300 | 300 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Shares | 3,164 | 3,158 |
Common Shares [Member] | ' | ' |
Common Stock, Shares Authorized | 100,000 | 100,000 |
Common Stock, Shares, Issued | 34,193 | 34,084 |
Common Stock, Par or Stated Value Per Share | 0 | 0 |
Class B Common Shares [Member] | ' | ' |
Common Stock, Shares Authorized | 12,000 | 12,000 |
Common Stock, Shares, Issued | 1,086 | 1,086 |
Common Stock, Par or Stated Value Per Share | 0 | 0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities | ' | ' |
Net earnings (loss) | ($46,685) | $38,821 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Gain on sale of businesses (pre-tax) | -17,069 | -82,163 |
Depreciation and amortization | 26,409 | 28,236 |
Provision for losses on trade and installment receivables | 1,690 | 3,160 |
Provision for deferred income taxes | 452 | 2,698 |
Provision for other deferred liabilities | -339 | 140 |
Provision for stock-based compensation | 4,404 | 4,721 |
Loss on disposals of property and equipment | 178 | 565 |
Asset write-downs related to intangible assets | 8,253 | 167 |
Asset write-downs related to restructuring activities | 1,163 | 0 |
Amortization of convertible debt discount | 525 | 468 |
Changes in operating assets and liabilities: | ' | ' |
Trade receivables | 10,201 | 3,049 |
Installment sales contracts, net | -311 | -633 |
Inventories | -12,059 | 10,599 |
Other current assets | 3,269 | 7,539 |
Accounts payable | 6,674 | -16,848 |
Accrued expenses | 26,973 | -390 |
Other long-term liabilities | -13,590 | -1,374 |
Net Cash Provided (Used) by Operating Activities | 138 | -1,245 |
Investing Activities | ' | ' |
Purchases of property and equipment | -9,295 | -11,086 |
Proceeds from sale of property and equipment | 9 | 856 |
Proceeds from sale of business | 21,870 | 187,552 |
Change in other long-term assets | 12,083 | 949 |
Other | 177 | -147 |
Net Cash Provided by Investing Activities | 24,844 | 178,124 |
Financing Activities | ' | ' |
Proceeds from revolving lines of credit and long-term borrowings | 201,766 | 250,124 |
Payments on revolving lines of credit and long-term borrowings | -226,432 | -432,185 |
Proceeds from exercise of stock options | 162 | 0 |
Payment of dividends | -1,188 | -1,187 |
Net Cash Used by Financing Activities | -25,692 | -183,248 |
Effect of exchange rate changes on cash | -9 | 203 |
Decrease in cash and cash equivalents | -719 | -6,166 |
Cash and cash equivalents at beginning of year | 29,785 | 38,791 |
Cash and cash equivalents at end of period | $29,066 | $32,625 |
Accounting_Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Accounting Policies | ' |
Accounting Policies | |
Nature of Operations: Invacare Corporation is a leading manufacturer and distributor of medical equipment used in the home or institutional setting based upon the Company’s distribution channels, breadth of product line and net sales. The Company designs, manufactures and distributes an extensive line of health care products for the non-acute care environment, including the home health care, retail and extended care markets. | |
Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and include all adjustments, which were of a normal recurring nature, necessary to present fairly the financial position of the Company as of September 30, 2014, the results of its operations for the nine months ended September 30, 2014 and changes in its cash flow for the nine months ended September 30, 2014 and 2013, respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using an August 31 quarter end in order to meet filing deadlines. No material subsequent events have occurred related to the European segment, which would require disclosure or adjustment to the Company's financial statements. All significant intercompany transactions are eliminated. The results of operations for the nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for the full year. | |
Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. | |
Recent Accounting Pronouncements: In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-04, Liabilities (Topic 405), Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. This update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, as the sum of a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The Company adopted ASU No. 2013-04 in the first quarter of 2014 with no impact on the Company’s Condensed Consolidated Statement of Comprehensive Income (Loss), Balance Sheets or Statement of Cash Flows. | |
In July 2013, the FASB issued ASU No. 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." ASU 2013-11 requires an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, with limited exceptions. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. ASU 2013-11 was adopted by the Company on January 1, 2014 and did not have a significant impact on the Company's financial statements. | |
In April 2014, the FASB issued ASU 2014-08 changing the presentation of discontinued operations on the statements of income and other requirements for reporting discontinued operations. Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component meets the criteria to be classified as held for sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. This standard must be prospectively applied to all reporting periods presented in financial reports issued after the effective date. Early adoption is permitted for disposals that have not been reported in financial statements previously issued or available for issuance. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2014. If applicable, this standard will change the presentation of the Company's financial statements but will not affect the calculation of net income, comprehensive income or earnings per share. The Company plans to adopt ASU 2014-08 effective January 1, 2015. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 requires a company to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. The guidance requires five steps to be applied: 1) identify the contract(s) with customers, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocated the transaction price to the performance obligation in the contract and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also requires both quantitative and qualitative disclosures, which are more comprehensive than existing revenue standards. The disclosures are intended to enable financial statement users to understand the nature, timing and uncertainty of revenue and the related cash flow. An entity can apply the new revenue standard retrospectively to each prior reporting period presented or retrospective with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. The new accounting guidance is effective for annual periods beginning after December 15, 2016 and early adoption is not permitted. The Company is currently reviewing the impact of the adoption of ASU 2014-09 on the Company's financial statements. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Discontinuted Operations | ' | ||||||||
Discontinued Operations | |||||||||
On December 21, 2012, in order to focus on its core product lines, the Company entered into an agreement to sell Invacare Supply Group (ISG) and accordingly, the Company determined on that date that the "held for sale" criteria of ASC 360-10-45-9 were met. On January 18, 2013, the Company completed the sale of the ISG medical supplies business to AssuraMed, Inc. for a purchase price of $150,800,000 in cash. ISG had been operated on a stand-alone basis and reported as a reportable segment of the Company. The Company recorded a gain of $59,402,000 pre-tax in the first quarter of 2013 which represented the excess of the net sales price over the book value of the assets and liabilities of ISG, excluding cash. The sale of this business was dilutive to the Company's results. The Company utilized the proceeds from the sale to reduce debt outstanding under its revolving credit facility in the first quarter of 2013. The Company recorded expenses related to the sale of $5,350,000, of which $5,230,000 were paid as of September 30, 2014. The net sales and earnings before income taxes of the ISG discontinued operation were $18,498,000 and $402,000, retrospectively, for the nine months ended September 30, 2013. | |||||||||
On August 6, 2013, the Company sold Champion Manufacturing, Inc. (Champion), its domestic medical recliner business for dialysis clinics, to Champion Equity Holdings, LLC for $45,000,000 in cash, which was subject to final post-closing adjustments. Champion had been operated on a stand-alone basis and reported as part of the IPG segment of the Company. The Company recorded a gain of $22,761,000 pre-tax in the third quarter of 2013, which represented the excess of the net sales price over the book value of the assets and liabilities of Champion. The sale of this business was dilutive to the Company's results. The Company utilized the proceeds from the sale to reduce debt outstanding under its revolving credit facility in the third quarter of 2013. The Company recorded expenses related to the sale of $2,130,000, of which $1,537,000 were paid as of September 30, 2014. The gain recorded by the Company reflects the Company's estimated final purchase adjustments. The net sales of the Champion discontinued operations were $2,643,000 and $15,857,000, respectively, for the three and nine months ended September 30, 2013 and earnings before income taxes were $484,000 and $3,156,000, respectively, for the same periods. Results for Champion include an interest expense allocation from continuing operations to discontinued operations of $78,000 and $449,000 for the three and nine months ended September 30, 2013 as proceeds from the sale were required to be utilized to pay down debt. The interest allocation was based on the net proceeds assumed to pay down debt applying the Company's average interest rates for the periods presented. | |||||||||
On August 29, 2014, the Company sold Altimate Medical, Inc. (Altimate), its manufacturer of stationary standing assistive devices for use in patient rehabilitation, to REP Acquisition Corporation for $23,000,000 in cash, which is subject to final post-closing adjustments. Altimate had been operated on a stand-alone basis and reported as part of the North America/HME segment of the Company. The Company recorded a gain of $17,069,000 pre-tax in the third quarter of 2014, which represented the excess of the net sales price over the book value of the assets and liabilities of Altimate. The sale of this business was dilutive to the Company's results. The Company utilized the proceeds from the sale to reduce debt outstanding under its revolving credit facility in the third quarter of 2014. The Company recorded expenses related to the sale of $1,300,000, of which $844,000 were paid as of September 30, 2014. The gain recorded by the Company reflects the Company's estimated final purchase adjustments. | |||||||||
The assets and liabilities of Altimate were the following as of the date of the sale, August 29, 2014, and as of December 31, 2013 (in thousands): | |||||||||
August 29, | December 31, | ||||||||
2014 | 2013 | ||||||||
Trade receivables, net | $ | 2,019 | $ | 2,055 | |||||
Inventories, net | 1,954 | 1,703 | |||||||
Other current assets | 246 | 10 | |||||||
Property and Equipment, net | 176 | 181 | |||||||
Other Intangibles | 1,047 | 1,530 | |||||||
Assets sold | $ | 5,442 | $ | 5,479 | |||||
Accounts payable | $ | 425 | $ | 544 | |||||
Accrued expenses | 316 | 220 | |||||||
Liabilities sold | $ | 741 | $ | 764 | |||||
The net sales of the Altimate discontinued operations were $2,841,000 and $11,778,000, respectively, for the three and nine months ended September 30, 2014 and earnings before income taxes were $634,000 and $2,796,000, respectively for the same periods. For the for the three and nine months ended September 30, 2013, net sales were $4,597,000 and $13,714,000, respectively, while earnings before income taxes were $1,371,000 and $4,215,000, respectively. Results for Altimate include an interest expense allocation from continuing operations to discontinued operations of $52,000 and $202,000 for the three and nine months ended September 30, 2014 compared to $83,000 and $245,000 for the three and nine months ended September 30, 2013 as proceeds from the sale were required to be utilized to pay down debt. The interest allocation was based on the net proceeds assumed to pay down debt applying the Company's average interest rates for the periods presented. | |||||||||
The Company recorded an incremental intra-period tax allocation expense to discontinued operations for the nine months ended September 30, 2014 and for the nine months ended September 30, 2013 representing the cumulative intra-period allocation expense to discontinued operations based on the Company's September 30, 2014 and September 30, 2013 estimates of the projected domestic taxable loss related to continuing operations for 2014 and 2013. | |||||||||
The Company has classified ISG, Champion and Altimate as discontinued operations for all periods presented. |
Receivables
Receivables | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||
Receivables | ' | |||||||||||||||||||||||
Receivables | ||||||||||||||||||||||||
Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. Substantially all of the Company’s receivables are due from health care, medical equipment providers and long term care facilities located throughout the United States, Australia, Canada, New Zealand, China and Europe. A significant portion of products sold to providers, both foreign and domestic, is ultimately funded through government reimbursement programs such as Medicare and Medicaid in the U.S. As a consequence, changes in these programs can have an adverse impact on dealer liquidity and profitability. The estimated allowance for uncollectible amounts ($14,090,000 at September 30, 2014 and $17,715,000 at December 31, 2013) is based primarily on management’s evaluation of the financial condition of specific customers. In addition, as a result of the financing arrangement with De Lage Landen, Inc. ("DLL"), a third party financing company which the Company has worked with since 2000, management monitors the collection status of these contracts in accordance with the Company’s limited recourse obligations and provides amounts necessary for estimated losses in the allowance for doubtful accounts and establishing reserves for specific customers as needed. The Company charges off uncollectible trade accounts receivable after such receivables are moved to collection status and legal remedies are exhausted. See Concentration of Credit Risk in the Notes to the Consolidated Financial Statements for a description of the financing arrangement. Long-term installment receivables are included in “Other Assets” on the consolidated balance sheet. | ||||||||||||||||||||||||
The Company’s U.S. customers electing to finance their purchases can do so using DLL. In addition, the Company often provides financing directly for its Canadian customers for which DLL is not an option, as DLL typically provides financing to Canadian customers only on a limited basis. The installment receivables recorded on the books of the Company represent a single portfolio segment of finance receivables to the independent provider channel and long-term care customers. The portfolio segment is comprised of two classes of receivables distinguished by geography and credit quality. The U.S. installment receivables are the first class and represent installment receivables re-purchased from DLL because the customers were in default. Default with DLL is defined as a customer being delinquent by three payments. The Canadian installment receivables represent the second class of installment receivables which were originally financed by the Company because third party financing was not available to the HME providers. The Canadian installment receivables are typically financed for twelve months and historically have had a very low risk of default. | ||||||||||||||||||||||||
The estimated allowance for uncollectible amounts and evaluation for impairment for both classes of installment receivables is based on the Company’s quarterly review of the financial condition of each individual customer with the allowance for doubtful accounts adjusted accordingly. Installments are individually and not collectively reviewed for impairment. The Company assesses the bad debt reserve levels based upon the status of the customer’s adherence to a legally negotiated payment schedule and the Company’s ability to enforce judgments, liens, etc. | ||||||||||||||||||||||||
For purposes of granting or extending credit, the Company utilizes a scoring model to generate a composite score that considers each customer’s consumer credit score and/or D&B credit rating, payment history, security collateral and time in business. Additional analysis is performed for customers desiring credit greater than $250,000, which generally includes a detailed review of the customer’s financials as well as consideration of other factors such as exposure to changing reimbursement laws. | ||||||||||||||||||||||||
Interest income is recognized on installment receivables based on the terms of the installment agreements. Installment accounts are monitored and if a customer defaults on payments and is moved to collection, interest income is no longer recognized. Subsequent payments received once an account is put on non-accrual status are generally first applied to the principal balance and then to the interest. Accruing of interest on collection accounts would only be restarted if the account became current again. All installment accounts are accounted for using the same methodology regardless of the duration of the installment agreements. When an account is placed in collection status, the Company initiates a legal process for pursuing collection of outstanding amounts, the length of which typically approximates eighteen months. Any write-offs are made after the legal process has been completed. The Company has not made any changes to either its accounting policies or methodology to estimation allowances for doubtful accounts in the last twelve months. | ||||||||||||||||||||||||
Installment receivables consist of the following (in thousands): | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Current | Long- | Total | Current | Long- | Total | |||||||||||||||||||
Term | Term | |||||||||||||||||||||||
Installment receivables | $ | 2,940 | $ | 5,854 | $ | 8,794 | $ | 3,242 | $ | 5,677 | $ | 8,919 | ||||||||||||
Less: Unearned interest | (49 | ) | — | (49 | ) | (61 | ) | — | (61 | ) | ||||||||||||||
2,891 | 5,854 | 8,745 | 3,181 | 5,677 | 8,858 | |||||||||||||||||||
Allowance for doubtful accounts | (1,567 | ) | (4,650 | ) | (6,217 | ) | (1,619 | ) | (4,420 | ) | (6,039 | ) | ||||||||||||
$ | 1,324 | $ | 1,204 | $ | 2,528 | $ | 1,562 | $ | 1,257 | $ | 2,819 | |||||||||||||
Installment receivables purchased from DLL during the nine months ended September 30, 2014 increased the gross installment receivables balance by $1,918,000. No sales of installment receivables were made by the Company during the quarter. | ||||||||||||||||||||||||
The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands): | ||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||
Balance as of beginning of period | $ | 6,039 | $ | 3,823 | ||||||||||||||||||||
Current period provision | 543 | 3,457 | ||||||||||||||||||||||
Direct write-offs charged against the allowance | (365 | ) | (1,241 | ) | ||||||||||||||||||||
Balance as of end of period | $ | 6,217 | $ | 6,039 | ||||||||||||||||||||
Installment receivables by class as of September 30, 2014 consist of the following (in thousands): | ||||||||||||||||||||||||
Total | Unpaid | Related | Interest | |||||||||||||||||||||
Installment | Principal | Allowance | Income | |||||||||||||||||||||
Receivables | Balance | for | Recognized | |||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||
Accounts | ||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | $ | 7,580 | $ | 7,580 | $ | 6,136 | $ | — | ||||||||||||||||
Canada | ||||||||||||||||||||||||
Non-Impaired Installment receivables with no related allowance recorded | 1,133 | 1,084 | — | 64 | ||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | 81 | 81 | 81 | — | ||||||||||||||||||||
Total Canadian Installment Receivables | $ | 1,214 | $ | 1,165 | $ | 81 | $ | 64 | ||||||||||||||||
Total | ||||||||||||||||||||||||
Non-Impaired Installment receivables with no related allowance recorded | 1,133 | 1,084 | — | 64 | ||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | 7,661 | 7,661 | 6,217 | — | ||||||||||||||||||||
Total Installment Receivables | $ | 8,794 | $ | 8,745 | $ | 6,217 | $ | 64 | ||||||||||||||||
Installment receivables by class as of December 31, 2013 consist of the following (in thousands): | ||||||||||||||||||||||||
Total | Unpaid | Related | Interest | |||||||||||||||||||||
Installment | Principal | Allowance | Income | |||||||||||||||||||||
Receivables | Balance | for | Recognized | |||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||
Accounts | ||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | $ | 7,464 | $ | 7,464 | $ | 5,951 | $ | — | ||||||||||||||||
Canada | ||||||||||||||||||||||||
Non-Impaired Installment receivables with no related allowance recorded | 1,367 | 1,306 | — | 101 | ||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | 88 | 88 | 88 | — | ||||||||||||||||||||
Total Canadian Installment Receivables | $ | 1,455 | $ | 1,394 | $ | 88 | $ | 101 | ||||||||||||||||
Total | ||||||||||||||||||||||||
Non-Impaired Installment receivables with no related allowance recorded | 1,367 | 1,306 | — | 101 | ||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | 7,552 | 7,552 | 6,039 | — | ||||||||||||||||||||
Total Installment Receivables | $ | 8,919 | $ | 8,858 | $ | 6,039 | $ | 101 | ||||||||||||||||
Installment receivables with a related allowance recorded as noted in the table above represent those installment receivables on a non-accrual basis in accordance with ASU 2010-20. As of September 30, 2014, the Company had no U.S. installment receivables past due of 90 days or more for which the Company is still accruing interest. Individually, all U.S. installment receivables are assigned a specific allowance for doubtful accounts based on management’s review when the Company does not expect to receive both the contractual principal and interest payments as specified in the loan agreement. | ||||||||||||||||||||||||
In Canada, the Company had an immaterial amount of Canadian installment receivables which were past due of 90 days or more as of September 30, 2014 and December 31, 2013 for which the Company is still accruing interest. | ||||||||||||||||||||||||
The aging of the Company’s installment receivables was as follows (in thousands): | ||||||||||||||||||||||||
September 30, 2014 | 31-Dec-13 | |||||||||||||||||||||||
Total | U.S. | Canada | Total | U.S. | Canada | |||||||||||||||||||
Current | $ | 1,104 | $ | — | $ | 1,104 | $ | 1,338 | $ | — | $ | 1,338 | ||||||||||||
0-30 Days Past Due | 8 | — | 8 | 7 | — | 7 | ||||||||||||||||||
31-60 Days Past Due | 1 | — | 1 | — | — | — | ||||||||||||||||||
61-90 Days Past Due | — | — | — | — | — | — | ||||||||||||||||||
90+ Days Past Due | 7,681 | 7,580 | 101 | 7,574 | 7,464 | 110 | ||||||||||||||||||
$ | 8,794 | $ | 7,580 | $ | 1,214 | $ | 8,919 | $ | 7,464 | $ | 1,455 | |||||||||||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consist of the following (in thousands): | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Finished goods | $ | 86,690 | $ | 77,909 | ||||
Raw materials | 61,534 | 63,123 | ||||||
Work in process | 14,509 | 14,605 | ||||||
$ | 162,733 | $ | 155,637 | |||||
Other_Current_Assets
Other Current Assets | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Current Assets | ' | |||||||
Other Current Assets | ||||||||
Other current assets consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Value added tax receivables | $ | 18,438 | $ | 20,445 | ||||
Recoverable income taxes | 2,359 | 2,465 | ||||||
Derivatives (foreign currency forward contracts) | 1,140 | 789 | ||||||
Prepaid insurance | 214 | 4,556 | ||||||
Prepaid and other current assets | 15,110 | 12,917 | ||||||
$ | 37,261 | $ | 41,172 | |||||
Other_LongTerm_Assets
Other Long-Term Assets | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Long-Term Assets | ' | |||||||
Other Long-Term Assets | ||||||||
Other long-term assets consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Cash surrender value of life insurance policies | $ | 24,700 | $ | 36,522 | ||||
Deferred Financing Fees | 333 | 1,096 | ||||||
Investments | 642 | 998 | ||||||
Installment receivables | 1,204 | 1,257 | ||||||
Deferred taxes | 3,894 | 4,741 | ||||||
Other | 1,228 | 1,322 | ||||||
$ | 32,001 | $ | 45,936 | |||||
During 2014, the Company sold $12,250,000 of life insurance policies to fund payments, including future payments, as the result of the retirement of two executives in 2014. |
Property_And_Equipment
Property And Equipment | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property And Equipment | ' | |||||||
Property and Equipment | ||||||||
Property and equipment consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Machinery and equipment | $ | 353,389 | $ | 358,061 | ||||
Land, buildings and improvements | 89,467 | 91,389 | ||||||
Furniture and fixtures | 12,448 | 12,774 | ||||||
Leasehold improvements | 14,937 | 14,931 | ||||||
470,241 | 477,155 | |||||||
Less allowance for depreciation | (376,760 | ) | (371,006 | ) | ||||
$ | 93,481 | $ | 106,149 | |||||
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill | ' |
Goodwill | |
The goodwill change reflected on the balance sheet from December 31, 2013 to September 30, 2014 was due to foreign currency translation. |
Other_Intangibles
Other Intangibles | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Other Intangibles | ' | |||||||||||||||
Other Intangibles | ||||||||||||||||
All of the Company’s other intangible assets have been assigned definite lives and continue to be amortized over their useful lives, except for $30,681,000 related to trademarks, which have indefinite lives. The changes in intangible balances reflected on the balance sheet from December 31, 2013 to September 30, 2014 were the result of foreign currency translation and amortization except for intangible impairment write-downs, noted below, which totaled $8,253,000. | ||||||||||||||||
The Company evaluates the carrying value of definite-lived assets whenever events or circumstances indicate possible impairment. Definite-lived assets are determined to be impaired if the future un-discounted cash flows expected to be generated by the asset are less than the carrying value. Actual impairment amounts for definite-lived assets are then calculated using a discounted cash flow calculation. The Company reviews indefinite-lived assets for impairment annually in the fourth quarter of each year and whenever events or circumstances indicate possible impairment. Any impairment amounts for indefinite-lived assets are calculated as the difference between the future discounted cash flows expected to be generated by the asset less than the carrying value for the asset. | ||||||||||||||||
For the quarter ended September 30, 2014, the Company recognized intangible impairment write-down charges of $8,103,000 for a customer list and $150,000 for a non-compete agreement in the IPG segment as the actual and remaining cash flows associated with the intangibles were less than the cash flow originally used to value the intangibles, primarily driven by reduced net sales. The after-tax and pre-tax impairment amounts were the same for each of the above impairments. | ||||||||||||||||
The Company's intangibles consist of the following (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Historical | Accumulated | Historical | Accumulated | |||||||||||||
Cost | Amortization | Cost | Amortization | |||||||||||||
Customer Lists | $ | 83,681 | $ | 70,451 | $ | 92,637 | $ | 65,158 | ||||||||
Trademarks | 30,681 | — | 31,649 | — | ||||||||||||
License Agreements | 1,322 | 1,322 | 1,393 | 1,393 | ||||||||||||
Developed Technology | 8,663 | 6,522 | 9,916 | 7,191 | ||||||||||||
Patents | 6,226 | 5,821 | 6,107 | 5,568 | ||||||||||||
Other | 6,619 | 7,257 | 7,702 | 7,510 | ||||||||||||
$ | 137,192 | $ | 91,373 | $ | 149,404 | $ | 86,820 | |||||||||
Amortization expense related to other intangibles was $14,630,000 in the first nine months of 2014 and is estimated to be $16,226,000 in 2014, $5,536,000 in 2015, $4,402,000 in 2016, $1,191,000 in 2017, $1,168,000 in 2018 and $1,166,000 in 2019. Amortized intangibles are being amortized on a straight-line basis over remaining lives of 1 to 10 years with the majority of the intangibles being amortized over an average remaining life of approximately 6 years. |
Current_Liabilities
Current Liabilities | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Current Liabilities | ' | |||||||
Current Liabilities | ||||||||
Accrued expenses consist of accruals for the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Salaries and wages | $ | 38,506 | $ | 39,861 | ||||
Taxes other than income taxes, primarily Value Added Taxes | 26,554 | 24,525 | ||||||
Warranty cost | 32,464 | 27,393 | ||||||
Supplemental Executive Retirement Program | 8,671 | 391 | ||||||
Freight | 6,255 | 7,636 | ||||||
Professional | 7,019 | 6,516 | ||||||
Product liability, current portion | 3,487 | 3,183 | ||||||
Rebates | 2,137 | 1,681 | ||||||
Insurance | 2,432 | 2,549 | ||||||
Interest | 1,167 | 1,041 | ||||||
Derivative liabilities | 3,609 | 1,212 | ||||||
Severance | 4,734 | 3,986 | ||||||
Other items, principally trade accruals | 13,010 | 13,126 | ||||||
$ | 150,045 | $ | 133,100 | |||||
Accrued rebates relate to several volume incentive programs the Company offers its customers. The Company accounts for these rebates as a reduction of revenue when the products are sold in accordance with the guidance in ASC 605-50, Customer Payments and Incentives. |
Warrany_Costs
Warrany Costs | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Product Warranties Disclosures [Abstract] | ' | |||
Current Liabilities | ' | |||
Generally, the Company's products are covered by warranties against defects in material and workmanship for various periods depending on the product from the date of sales to the customer. Certain components carry a lifetime warranty. A provision for estimated warranty cost is recorded at the time of sale based upon actual experience. The Company continuously assesses the adequacy of its product warranty accrual and makes adjustments as needed. Historical analysis is primarily used to determine the Company's warranty reserves. Claims history is reviewed and provisions are adjusted as needed. However, the Company does consider other events, such as a product field action and recalls, which could warrant additional warranty reserve provision. The increase in the liability for pre-existing warranties in 2014 is primarily the result of the Company's joystick product recall. | ||||
The Company's warranty expense for the nine months ended September 30, 2014 includes $11,493,000 for three specific product issues. First, an expense of $6,559,000 for a field action that is under review related to a component in a stationary oxygen concentrator that was manufactured in the Company’s facility in Suzhou, China, and sold globally. The component is no longer used in production. The Company is aware of five reported incidents in Europe. There have been no reported injuries, and no incidents reported elsewhere. This expense was recorded in the European segment ($3,395,000) and North America/HME segment ($3,164,000). Second, an expense of $2,057,000 for the recall of a sieve bed component used within stationary oxygen concentrators manufactured during August 2014, which was recorded in the North America/HME segment. Third, an incremental expense of $2,877,000 related to the Company's joystick recall as a result of higher than previously anticipated response rates from larger customers in the U.S. and Canada and a shift in the product mix toward higher cost joysticks, which was recorded in the North America/HME segment ($1,612,000) and the Asia/Pacific segment ($1,265,000). These warranty reserves are subject to adjustment in future periods as new developments change the Company's estimate of the total cost of these matters. | ||||
The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands): | ||||
Balance as of January 1, 2014 | $ | 27,393 | ||
Warranties provided during the period | 17,763 | |||
Settlements made during the period | (17,051 | ) | ||
Changes in liability for pre-existing warranties during the period, including expirations | 4,359 | |||
Balance as of September 30, 2014 | $ | 32,464 | ||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Debt consists of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Senior secured revolving credit facility, due in October 2015 | $ | 8,000 | $ | 28,109 | ||||
Convertible senior subordinated debentures at 4.125%, due in February 2027 | 11,166 | 10,641 | ||||||
Other notes and lease obligations | 5,522 | 6,536 | ||||||
24,688 | 45,286 | |||||||
Less current maturities of long-term debt | (781 | ) | (14,102 | ) | ||||
$ | 23,907 | $ | 31,184 | |||||
On January 31, 2014, the Company entered into an Amended and Restated Credit Agreement (the "Amended and Restated Credit Agreement") by and among the Company, the other Borrowers party thereto, the Guarantors party thereto, the Lenders party thereto and PNC Bank, National Association, as administrative agent, which amended and restated the Credit Agreement, dated as of October 28, 2010, by and among the Company and the other parties named therein, as amended (the “Prior Credit Agreement”). On September 30, 2014, the Company entered into a First Amendment to the Amended and Restated Credit Agreement (the "Amendment") which provided the Company with additional flexibility on its financial covenants through the duration of the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement, as amended by the Amendment, among other things, provided for the following: | ||||||||
• | An increase in the maximum leverage ratio for the first three quarters of 2014, with quarterly ratios as described in the following table: | |||||||
Fiscal Quarter Ending | Maximum Leverage Ratio | |||||||
31-Mar-14 | 4.75 | to | 1 | |||||
30-Jun-14 | 4.5 | to | 1 | |||||
30-Sep-14 | 4 | to | 1 | |||||
December 31, 2014 and thereafter | 3.5 | to | 1 | |||||
The quarterly minimum interest coverage ratio remained 3.50 to 1.00 in the Amended and Restated Credit Agreement. | ||||||||
• | In calculating the Company’s EBITDA for purposes of determining the leverage and interest coverage ratios, the Amended and Restated Credit Agreement allows the Company to add back to EBITDA up to $20,000,000 for one-time cash restructuring charges incurred after May 30, 2013, which is an incremental increase of $5,000,000 from the terms of the Prior Credit Agreement. The Amendment on September 30, 2014 allows for an additional add back to EBITDA for warranty expense accrued up to $10,000,000 and subtracts related cash payments when made in future periods. | |||||||
• | A decrease in the aggregate principal amount of the revolving credit facility to $100,000,000 from $250,000,000 through the maturity date of the facility in October 2015, as well as reductions in the facility’s swing line loan, optional currency and foreign borrower sublimits. | |||||||
• | Reductions in the allowances under the facility for capital expenditures (down to $25,000,000 annually), dividends, other indebtedness and liens. | |||||||
• | Further restrictions on acquisitions, share repurchases, certain investments and repurchases of convertible debt until after the Company confirms compliance with the Amended and Restated Credit Agreement following the quarter ending December 31, 2014. | |||||||
• | An increase of 25 basis points in the margin applicable to determining the interest rate on borrowings under the revolving credit facility. | |||||||
As a result of the Amended and Restated Credit Agreement, the Company incurred $351,000 in fees in the first quarter of 2014 which were capitalized and are being amortized through October, 2015. In addition, as a result of reducing the capacity of the facility from $250,000,000 to $100,000,000, the Company wrote-off $1,070,000 in previously capitalized fees in the first quarter of 2014, which is reflected in the expense of the North America / HME segment. | ||||||||
In 2007, the Company issued $135,000,000 principal amount of Convertible Senior Subordinated Debentures due 2027. The debentures are unsecured senior subordinated obligations of the Company guaranteed by substantially all of the Company’s domestic subsidiaries, pay interest at 4.125% per annum on each February 1 and August 1, and are convertible upon satisfaction of certain conditions into cash, common shares of the Company, or a combination of cash and common shares of the Company, subject to certain conditions. The debentures allow the Company to satisfy the conversion using any combination of cash or stock, and at the Company’s discretion. The Company intends to satisfy the accreted value of the debentures using cash. Assuming adequate cash on hand at the time of conversion, the Company also intends to satisfy the conversion spread using cash, as opposed to stock. | ||||||||
The Company may from time to time seek to retire or purchase its 4.125% Convertible Senior Subordinated Debentures due 2027, in privately negotiated transactions or otherwise. Such purchases or exchanges, if any, will depend on prevailing market conditions, the Company's liquidity requirements, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material. | ||||||||
The liability components of the Company’s convertible debt consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Principal amount of liability component | $ | 13,350 | $ | 13,350 | ||||
Unamortized discount | (2,184 | ) | (2,709 | ) | ||||
Net carrying amount of liability component | $ | 11,166 | $ | 10,641 | ||||
As of September 30, 2014, the weighted average floating interest rate on revolving credit borrowings was 2.66% compared to 2.39% as of December 31, 2013. |
Other_LongTerm_Obligations
Other Long-Term Obligations | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Long-Term Obligations | ' | |||||||
Other Long-Term Obligations | ||||||||
Other long-term obligations consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Supplemental Executive Retirement Plan (SERP) liability | $ | 18,673 | $ | 27,049 | ||||
Product liability | 17,555 | 17,185 | ||||||
Deferred income taxes | 33,834 | 36,328 | ||||||
Deferred compensation | 7,808 | 11,679 | ||||||
Uncertain tax obligation including interest | 15,897 | 15,524 | ||||||
Other | 9,373 | 10,511 | ||||||
Total long-term obligations | $ | 103,140 | $ | 118,276 | ||||
As a result of the retirement of two executives of the Company during 2014, deferred compensation payments of $2,545,000 were made during the nine months ended September 30, 2014. Furthermore, based on the retirement agreements for the same executives, the Company estimates SERP payments of $8,280,000 will be made in the first quarter of 2015 as well as deferred compensation payments of $847,000 during the next twelve months. Accordingly, the Company has reclassified $9,127,000 from Other Long-Term Obligations to Current Liabilities as of September 30, 2014. |
Shareholders_Equity_Transactio
Shareholders' Equity Transactions | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Shareholders' Equity Transactions | ' | |||||||||||||||
Equity Compensation | ||||||||||||||||
On May 16, 2013, the shareholders of the Company approved the Invacare Corporation 2013 Equity Compensation Plan (the “2013 Plan”), which was adopted on March 27, 2013 by the Company's Board of Directors (the “Board”). The Board adopted the 2013 Plan to replace the Company's prior equity plan, the Invacare Corporation Amended and Restated 2003 Performance Plan (the “2003 Plan”), which expired on May 21, 2013. Due to its expiration, no new awards may be granted under the 2003 Plan; however, awards granted prior to its expiration will remain in effect under their original terms. | ||||||||||||||||
The 2013 Plan uses a fungible share-counting method, under which each common share underlying an award of stock options or stock appreciation rights (“SAR”) will count against the number of total shares available under the 2013 Plan as one share; and each common share underlying any award other than a stock option or a SAR will count against the number of total shares available under the 2013 Plan as two shares. Any common shares that are added back to the 2013 Plan as the result of the cancellation or forfeiture of an award granted under the 2013 Plan will be added back in the same manner such shares were originally counted against the total number of shares available under the 2013 Plan. Each common share that is added back to the 2013 Plan due to a cancellation or forfeiture of an award granted under the 2003 Plan will be added back as one common share. | ||||||||||||||||
The Compensation and Management Development Committee of the Board (the “Compensation Committee”), in its discretion, may grant an award under the 2013 Plan to any director or employee of the Company or an affiliate. The 2013 Plan initially allows the Compensation Committee to grant up to 4,460,337 common shares in connection with the following types of awards with respect to shares of the Company's common shares: incentive stock options, nonqualified stock options, SARs, restricted stock, restricted stock units, unrestricted stock and performance shares. The Compensation Committee also may grant performance units that are payable in cash. The Committee has the authority to determine which participants will receive awards, the amount of the awards and the other terms and conditions of the awards. | ||||||||||||||||
As of September 30, 2014, there was $11,093,000 of total unrecognized compensation cost from stock-based compensation arrangements granted under the Company's 2013 Plan and previous plans, which is related to non-vested options and shares, and includes $5,491,000 related to restricted stock awards, $3,546,000 related to non-qualified stock options and $2,056,000 related to performance share awards. Total unrecognized compensation cost will be adjusted for future changes in actual and estimated forfeitures and for updated vesting assumptions for the performance share awards (see "Performance Shares and Performance Share Units" below). No tax benefit for share-based compensation was realized during 2014 or 2013 as a result of a valuation allowance against deferred tax assets. | ||||||||||||||||
The amount of stock-based compensation expense recognized under the provisions of Compensation-Stock Compensation, ASC 718 was as follows (in thousands): | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock-based compensation expense recognized as part of selling, general and administrative expense | $ | 1,934 | $ | 2,148 | 4,404 | 4,721 | ||||||||||
Stock Options | ||||||||||||||||
During the nine months ended September 30, 2014, the Compensation Committee granted 8,977 non-qualified stock options. Generally, non-qualified stock option awards typically have a term of ten years and are granted at the fair market value of the Company’s Common Shares on the date of grant. Compensation expense of $2,724,000 was recognized during the nine months ended September 30, 2014 related to stock options previously awarded. The Company expects the compensation expense to be recognized over a weighted-average period of approximately 2 years. | ||||||||||||||||
The following table summarizes information about stock option activity for the nine months ended September 30, 2014: | ||||||||||||||||
September 30, 2014 | Weighted | |||||||||||||||
Average | ||||||||||||||||
Exercise | ||||||||||||||||
Price | ||||||||||||||||
Options outstanding at January 1, 2014 | 4,533,782 | $ | 23.86 | |||||||||||||
Granted | 8,977 | 16.71 | ||||||||||||||
Exercised | (9,885 | ) | 14.76 | |||||||||||||
Canceled | (638,206 | ) | 28.54 | |||||||||||||
Options outstanding at September 30, 2014 | 3,894,668 | $ | 23.1 | |||||||||||||
Options exercise price range at September 30, 2014 | $ 12.42 to | |||||||||||||||
$ | 47.8 | |||||||||||||||
Options exercisable at September 30, 2014 | 3,152,241 | |||||||||||||||
Shares available for grant at September 30, 2014* | 3,646,676 | |||||||||||||||
________________________ | ||||||||||||||||
* | Shares available for grant as of September 30, 2014 reduced by net restricted stock and restricted stock unit award and performance share and performance share unit award activity of 462,352 shares and 341,332 shares, respectively during the quarter. | |||||||||||||||
The following table summarizes information about stock options outstanding at September 30, 2014: | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Exercise Prices | Number | Weighted Average | Weighted Average | Number | Weighted Average | |||||||||||
Outstanding | Remaining | Exercise Price | Exercisable | Exercise Price | ||||||||||||
At 9/30/14 | Contractual Life (Years) | At 9/30/14 | ||||||||||||||
$ 12.42 – $15.00 | 1,057,821 | 8 | $ | 13.92 | 437,501 | $ | 13.79 | |||||||||
$ 15.01 – $25.00 | 1,523,112 | 4.6 | 22.45 | 1,403,441 | 22.36 | |||||||||||
$ 25.01 – $35.00 | 884,470 | 4.7 | 25.73 | 882,034 | 25.71 | |||||||||||
$ 35.01 – $47.80 | 429,265 | 0.7 | 42.61 | 429,265 | 42.61 | |||||||||||
Total | 3,894,668 | 5.1 | $ | 23.1 | 3,152,241 | $ | 24.86 | |||||||||
When stock options have been awarded, they generally become exercisable over a four -year vesting period whereby options vest in equal installments each year. Options granted with graded vesting are accounted for as single options. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with assumptions for expected dividend yield, expected stock price volatility, risk-free interest rate and expected life. The assumed expected life is based on the Company's historical analysis of option history. The expected stock price volatility is also based on actual historical volatility, and expected dividend yield is based on historical dividends as the Company has no current intention of changing its dividend policy. | ||||||||||||||||
The 2013 Plan provides that shares granted come from the Company's authorized but unissued common shares or treasury shares. In addition, the Company's stock-based compensation plans allow employee participants to exchange shares for minimum withholding taxes, which results in the Company acquiring treasury shares. | ||||||||||||||||
Restricted Stock and Restricted Stock Units | ||||||||||||||||
During the nine months ended September 30, 2014, an aggregate of 231,176 restricted shares and restricted share units (for non-U.S. recipients) were granted without cost to the recipients, 89,616 restricted shares were forfeited, and 27,925 restricted shares vested. The awards granted during the first quarter are subject to three year cliff vesting and thus vest in their entirety on May 15, 2017. The awards of restricted shares/units are classified as equity awards as they are issued as common shares, or will be settled in common shares upon vesting. The fair value of the awards is based on the stock price on the date of grant discounted for the estimated value of dividends foregone as the awards are not eligible for dividends except to the extent vested. The fair value of the awards granted during the nine months ended September 30, 2014 was $19.14 per share. Compensation expense is recognized ratably over the service period and $1,257,000 was recognized during the nine months ended September 30, 2014 related to restricted shares/units and there were shares/units outstanding totaling 502,157 shares that were not vested. The Company expects the compensation expense to be recognized over a weighted-average period of approximately 1.5 years. | ||||||||||||||||
Performance Shares and Performance Share Units | ||||||||||||||||
During the nine months ended September 30, 2014, an aggregate of 152,800 performance shares and performance share units (for non-U.S. recipients) were granted as performance awards with a 3 year performance period with payouts based on achievement of certain performance goals. There was no vesting of performance awards during the period and 29,156 awards were cancelled. The awards are classified as equity awards as they will be settled in common shares upon vesting. The number of shares earned will be determined at the end of the performance period based on achievement of performance criteria for January 1, 2016 through December 31, 2016 established by the Compensation Committee at the time of grant. Recipients will be entitled to receive a number of common shares equal to the number of performance shares that vest based upon the levels of achievement which may range between 0% and 150% of the target number of shares with the target being 100% of the initial grant. | ||||||||||||||||
The fair value of the performance awards is based on the stock price on the date of grant discounted for the estimated value of dividends foregone as the awards are not eligible for dividends except to the extent vested. The fair value of the awards granted during the nine months ended September 30, 2014 was $20.05 per share. The Company assesses the probability that the performance targets will be met with expense recognized whenever it is probable that at least the minimum performance criteria will be achieved. Depending upon the Company's assessment of the probability of achievement of the goals, the Company may not recognize any expense associated with performance awards in a given period, may reverse prior expense recorded or record additional expense to make up for expense not recorded in a prior period. Compensation expense of $423,000 was recognized during the nine months ended September 30, 2014 related to performance awards. The Company expects the compensation expense to be recognized over 3.0 years. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) by Component | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component | |||||||||||||||||||||
Changes in accumulated other comprehensive income ("OCI") for the three and nine months ended September 30, 2014 and September 30, 2013, respectively, were as follows (in thousands): | |||||||||||||||||||||
Foreign Currency | Long-Term Notes | Defined Benefit Plans | Derivatives | Total | |||||||||||||||||
30-Jun-14 | $ | 137,352 | $ | (4,361 | ) | $ | (4,855 | ) | $ | (567 | ) | $ | 127,569 | ||||||||
OCI before reclassifications | (24,470 | ) | 1,634 | (56 | ) | 451 | (22,441 | ) | |||||||||||||
Amount reclassified from accumulated OCI | — | — | 84 | 11 | 95 | ||||||||||||||||
Net current-period OCI | (24,470 | ) | 1,634 | 28 | 462 | (22,346 | ) | ||||||||||||||
30-Sep-14 | $ | 112,882 | $ | (2,727 | ) | $ | (4,827 | ) | $ | (105 | ) | $ | 105,223 | ||||||||
31-Dec-13 | $ | 143,845 | $ | (12,566 | ) | $ | (5,414 | ) | $ | (709 | ) | $ | 125,156 | ||||||||
OCI before reclassifications | (30,963 | ) | 9,839 | 380 | 127 | (20,617 | ) | ||||||||||||||
Amount reclassified from accumulated OCI | — | — | 207 | 477 | 684 | ||||||||||||||||
Net current-period OCI | (30,963 | ) | 9,839 | 587 | 604 | (19,933 | ) | ||||||||||||||
30-Sep-14 | $ | 112,882 | $ | (2,727 | ) | $ | (4,827 | ) | $ | (105 | ) | $ | 105,223 | ||||||||
Foreign Currency | Long-Term Notes | Defined Benefit Plans | Derivatives | Total | |||||||||||||||||
30-Jun-13 | $ | 117,817 | $ | (6,743 | ) | $ | (6,419 | ) | $ | 59 | $ | 104,714 | |||||||||
OCI before reclassifications | 17,852 | (8,062 | ) | 265 | (197 | ) | 9,858 | ||||||||||||||
Amount reclassified from accumulated OCI | — | — | (62 | ) | 78 | 16 | |||||||||||||||
Net current-period OCI | 17,852 | (8,062 | ) | 203 | (119 | ) | 9,874 | ||||||||||||||
30-Sep-13 | $ | 135,669 | $ | (14,805 | ) | $ | (6,216 | ) | $ | (60 | ) | $ | 114,588 | ||||||||
December 31, 2012 | $ | 117,465 | $ | 2,845 | $ | (6,785 | ) | $ | (782 | ) | $ | 112,743 | |||||||||
OCI before reclassifications | 18,204 | (17,650 | ) | 750 | 650 | 1,954 | |||||||||||||||
Amount reclassified from accumulated OCI | — | — | (181 | ) | 72 | (109 | ) | ||||||||||||||
Net current-period OCI | 18,204 | (17,650 | ) | 569 | 722 | 1,845 | |||||||||||||||
September 30, 2013 | $ | 135,669 | $ | (14,805 | ) | $ | (6,216 | ) | $ | (60 | ) | $ | 114,588 | ||||||||
Reclassifications out of accumulated OCI for the nine months ended September 30, 2014 and September 30, 2013 were as follows (in thousands): | |||||||||||||||||||||
Amount reclassified from OCI | Affected line item in the Statement of Comprehensive (Income) Loss | ||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Defined Benefit Plans | |||||||||||||||||||||
Service and interest costs | 84 | (64 | ) | $ | 207 | $ | (187 | ) | Selling, General and Administrative | ||||||||||||
Tax | — | 2 | — | 6 | Income Taxes | ||||||||||||||||
Total after tax | $ | 84 | $ | (62 | ) | $ | 207 | $ | (181 | ) | |||||||||||
Derivatives | |||||||||||||||||||||
Foreign currency forward contracts hedging sales | $ | 369 | $ | (54 | ) | $ | 517 | $ | (496 | ) | Net Sales | ||||||||||
Foreign currency forward contracts hedging purchases | (316 | ) | 128 | 68 | 453 | Cost of Products Sold | |||||||||||||||
Interest rate swaps | — | 13 | 12 | 139 | Interest Expense | ||||||||||||||||
Total before tax | 53 | 87 | 597 | 96 | |||||||||||||||||
Tax | (42 | ) | (9 | ) | (120 | ) | (24 | ) | Income Taxes | ||||||||||||
Total after tax | $ | 11 | $ | 78 | $ | 477 | $ | 72 | |||||||||||||
Charges_Related_To_Restructuri
Charges Related To Restructuring Activities | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Charges Related To Restructuring Activities | ' | |||||||||||||||||||
Charges Related to Restructuring Activities | ||||||||||||||||||||
The Company's restructuring charges recorded since 2011 were necessitated primarily by continued declines in Medicare and Medicaid reimbursement by the U.S. government, as well as similar healthcare reimbursement pressures abroad, which negatively affect the Company's customers (e.g. home health care providers) and continued pricing pressures faced by the Company as a result of outsourcing by competitors to lower cost locations. In addition, restructuring decisions were also the result of reduced profitability in the North America/HME segment impacted by the FDA consent decree. While the Company's restructuring efforts have been executed on a timely basis resulting in operating cost savings, the savings have been more than offset by continued margin decline, principally as a result of product mix, reduced volumes and regulatory and compliance costs related to quality system improvements which are unrelated to the restructuring actions. The Company expects any near-term cost savings from restructuring will be offset by the continued investment in regulatory and compliance costs related to quality system improvements at least until the Company has completed its quality systems remediation efforts, and reduced net sales in the North America/HME segment at least until the Company has successfully completed the previously described third-party expert certification audit and FDA inspection and has received written notification from the FDA that the Company may resume full operations. | ||||||||||||||||||||
The Company's restructuring commenced in the second quarter of 2011 with the Company's decision to close the Hong, Denmark assembly facility as part of the Company's ongoing globalization initiative to reduce complexity in the Company's supply chain, which is intended to reduce expenses to help offset pricing pressures. In the third quarter of 2011, the Company continued to execute on the closure of the Hong, Denmark assembly facility and initiated the closure of a smaller facility in the U.S. Charges for the quarter ended December 31, 2011 were primarily incurred at the Company's corporate headquarters for severance, with additional costs incurred as a result of the closure of the Hong, Denmark facility. The facility closures were completed in 2012 in addition to the elimination of various positions principally in the North America/Home Medical Equipment (HME) and Asia/Pacific segments. | ||||||||||||||||||||
Charges for the year ended December 31, 2011 totaled $10,534,000 including charges for severance ($8,352,000), contract exit costs primarily related to the closure of the Hong, Denmark assembly facility ($1,788,000) and inventory write-offs ($277,000) recorded in cost of products sold and other miscellaneous costs ($117,000). The majority of the 2011 North America/HME charges were incurred for severance, primarily at the corporate headquarters as the result of the elimination of various positions principally in sales and administration in Elyria, Ohio. These eliminations were permanent reductions in workforce which primarily resulted in reduced selling, general and administrative expenses. In Europe, the charges were the result of the closure of the Company's Hong, Denmark facility. The assembly activities were transferred to other Company facilities or outsourced to third parties. This closure enabled the Company to reduce fixed operating costs related to the facility and reduce headcount with the transfer of a portion of the production to other Company facilities. The 2011 charges have been fully paid/utilized and were funded with operating cash flows. | ||||||||||||||||||||
Charges for the year ended December 31, 2012 totaled $11,395,000 including charges for severance ($6,775,000), lease termination costs ($1,725,000), building and asset write-downs, primarily related to the closure of the Hong, Denmark assembly facility, and other miscellaneous charges in Europe and Asia/Pacific ($2,404,000) and inventory write-offs ($491,000) in Asia/Pacific recorded in cost of products sold. Severance charges were primarily incurred in the North America/HME segment ($4,242,000), Asia/Pacific segment ($1,681,000) and Europe segment ($817,000). The charges were incurred as a result of the elimination of various positions as part of the Company's globalization initiatives. In addition, a portion of the North America/HME segment severance was related to positions eliminated, principally in sales and marketing as well as manufacturing, at the Company's Taylor Street facility as a result of the FDA consent decree. The savings from these charges have been reflected primarily in reduced selling, general and administrative expenses and manufacturing expenses for the Company. In Europe, positions were eliminated as a result of finalizing the exit from the manufacturing facility in Denmark and an elimination of a senior management position in Switzerland. In Asia/Pacific, at the end of October 2012, the Company's management approved a plan to restructure the Company's operations in this segment. In Australia, the Company consolidated offices / warehouses, decreased staffing and exited various activities while returning to a focus on distribution. At the Company's subsidiary, which produces microprocessor controllers, the Company decided to cease the contract manufacturing business for companies outside of the healthcare industry. Restructuring payments/utilization for the year ended December 31, 2012 were $9,381,000 and the cash payments were funded with operating cash flows. The 2012 charges have now been fully paid and were funded with operating cash flows. | ||||||||||||||||||||
Charges for the year ended December 31, 2013 totaled $9,336,000 including charges for severance ($8,282,000), lease termination costs ($698,000) and other miscellaneous charges principally in North America/HME ($356,000). Severance charges were primarily incurred in the North America/HME segment ($5,405,000), Europe segment ($1,640,000) and Asia/Pacific segment ($970,000). The charges were incurred as a result of the elimination of various positions as part of the Company's globalization initiatives. North America/HME segment severance was principally related to positions eliminated due to lost sales volumes resulting from the impact of the FDA consent decree. The savings from these charges have been reflected primarily in reduced selling, general and administrative expenses and manufacturing expenses for the Company. In Europe, severance was incurred for the elimination of certain sales and supply chain positions. In Asia/Pacific, severance was principally incurred at the Company's microprocessor controller production subsidiary as a result of the Company's decision in 2012 to cease the contract manufacturing business for companies outside of the healthcare industry. The lease termination costs were principally related to Australia as a result of the restructuring announced in 2012. Restructuring payments/utilization for the year ended December 31, 2013 were $11,844,000 and the cash payments were funded with operating cash flows and cash on hand. The majority of the 2013 charges are expected to be paid during 2014. | ||||||||||||||||||||
Restructuring continued during 2014, including the work force reduction announced during the third quarter of 2014, resulting in restructuring charges of $8,407,000 in the first nine months of 2014 related to severance costs ($6,733,000) and other costs ($1,674,000), which principally included building write-downs in the Europe and IPG segments. The severance costs were incurred primarily in the NA/HME segment, and to a lesser extent the Europe and IPG segments. The building write-down in the IPG segment was associated with the previously announced closure of the London, Canada facility. The building write-down in the European segment was associated with a facility in Sweden, which the Company exited in 2011. Restructuring payments/utilization for the nine months ended September 30, 2014 were $7,809,000 and the cash payments were funded with the Company's credit facility. The majority of the outstanding charge accruals at September 30, 2014 are expected to be paid during the next twelve months. | ||||||||||||||||||||
There have been no material changes in accrued balances related to the charges, either as a result of revisions in the plan or changes in estimates. In addition, the savings anticipated as a result of the Company's restructuring plans have been or are expected to be achieved, primarily resulting in reduced salary and benefit costs principally impacting Selling, General and Administrative expenses, and to a lesser extent, Costs of Products Sold. However, the Company expects any near-term cost savings from restructuring will be offset by the continued investment in regulatory and compliance costs related to quality system improvements at least until the Company has completed its quality systems remediation efforts. | ||||||||||||||||||||
A progression by reporting segment of the accruals recorded as a result of the restructuring is as follows (in thousands): | ||||||||||||||||||||
Severance | Product Line | Contract | Other | Total | ||||||||||||||||
Discontinuance | Terminations | |||||||||||||||||||
December 31, 2010 Balance | ||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Charges | ||||||||||||||||||||
NA/HME | 4,755 | — | — | 4 | 4,759 | |||||||||||||||
IPG | 123 | — | — | — | 123 | |||||||||||||||
Europe | 3,288 | 277 | 1,788 | 113 | 5,466 | |||||||||||||||
Asia/Pacific | 186 | — | — | — | 186 | |||||||||||||||
Total | 8,352 | 277 | 1,788 | 117 | 10,534 | |||||||||||||||
Payments | ||||||||||||||||||||
NA/HME | (1,663 | ) | — | — | (4 | ) | (1,667 | ) | ||||||||||||
IPG | (52 | ) | — | — | — | (52 | ) | |||||||||||||
Europe | (1,546 | ) | (277 | ) | (1,714 | ) | (113 | ) | (3,650 | ) | ||||||||||
Asia/Pacific | (186 | ) | — | — | — | (186 | ) | |||||||||||||
Total | (3,447 | ) | (277 | ) | (1,714 | ) | (117 | ) | (5,555 | ) | ||||||||||
December 31, 2011 Balance | ||||||||||||||||||||
NA/HME | 3,092 | — | — | — | 3,092 | |||||||||||||||
IPG | 71 | — | — | — | 71 | |||||||||||||||
Europe | 1,742 | — | 74 | — | 1,816 | |||||||||||||||
Asia/Pacific | — | — | — | — | — | |||||||||||||||
Total | $ | 4,905 | $ | — | $ | 74 | $ | — | $ | 4,979 | ||||||||||
Severance | Product Line | Contract | Other | Total | ||||||||||||||||
Discontinuance | Terminations | |||||||||||||||||||
Charges | ||||||||||||||||||||
NA/HME | $ | 4,242 | $ | — | $ | 5 | $ | — | $ | 4,247 | ||||||||||
IPG | 35 | — | — | — | 35 | |||||||||||||||
Europe | 817 | — | 53 | 1,223 | 2,093 | |||||||||||||||
Asia/Pacific | 1,681 | 491 | 1,667 | 1,181 | 5,020 | |||||||||||||||
Total | 6,775 | 491 | 1,725 | 2,404 | 11,395 | |||||||||||||||
Payments | ||||||||||||||||||||
NA/HME | (3,587 | ) | — | (5 | ) | — | (3,592 | ) | ||||||||||||
IPG | (106 | ) | — | — | — | (106 | ) | |||||||||||||
Europe | (1,964 | ) | — | (127 | ) | (1,223 | ) | (3,314 | ) | |||||||||||
Asia/Pacific | (812 | ) | (340 | ) | (42 | ) | (1,175 | ) | (2,369 | ) | ||||||||||
Total | (6,469 | ) | (340 | ) | (174 | ) | (2,398 | ) | (9,381 | ) | ||||||||||
December 31, 2012 Balance | ||||||||||||||||||||
NA/HME | 3,747 | — | — | — | 3,747 | |||||||||||||||
IPG | — | — | — | — | — | |||||||||||||||
Europe | 595 | — | — | — | 595 | |||||||||||||||
Asia/Pacific | 869 | 151 | 1,625 | 6 | 2,651 | |||||||||||||||
Total | 5,211 | 151 | 1,625 | 6 | 6,993 | |||||||||||||||
Charges | ||||||||||||||||||||
NA/HME | 5,405 | — | 164 | 353 | 5,922 | |||||||||||||||
IPG | 267 | — | — | — | 267 | |||||||||||||||
Europe | 1,640 | — | — | — | 1,640 | |||||||||||||||
Asia/Pacific | 970 | — | 534 | 3 | 1,507 | |||||||||||||||
Total | 8,282 | — | 698 | 356 | 9,336 | |||||||||||||||
Payments | ||||||||||||||||||||
NA/HME | (6,347 | ) | — | (164 | ) | (353 | ) | (6,864 | ) | |||||||||||
IPG | (175 | ) | — | — | — | (175 | ) | |||||||||||||
Europe | (1,146 | ) | — | — | — | (1,146 | ) | |||||||||||||
Asia/Pacific | (1,839 | ) | (151 | ) | (1,660 | ) | (9 | ) | (3,659 | ) | ||||||||||
Total | (9,507 | ) | (151 | ) | (1,824 | ) | (362 | ) | (11,844 | ) | ||||||||||
December 31, 2013 Balance | ||||||||||||||||||||
NA/HME | 2,805 | — | — | — | 2,805 | |||||||||||||||
IPG | 92 | — | — | — | 92 | |||||||||||||||
Europe | 1,089 | — | — | — | 1,089 | |||||||||||||||
Asia/Pacific | — | — | 499 | — | 499 | |||||||||||||||
3,986 | — | 499 | — | 4,485 | ||||||||||||||||
Charges | ||||||||||||||||||||
NA/HME | 803 | — | — | — | 803 | |||||||||||||||
IPG | 340 | — | — | 719 | 1,059 | |||||||||||||||
Europe | 378 | — | — | — | 378 | |||||||||||||||
Asia/Pacific | — | — | — | — | — | |||||||||||||||
Total | $ | 1,521 | $ | — | $ | — | $ | 719 | $ | 2,240 | ||||||||||
Severance | Product Line | Contract | Other | Total | ||||||||||||||||
Discontinuance | Terminations | |||||||||||||||||||
Payments | ||||||||||||||||||||
NA/HME | $ | (1,120 | ) | $ | — | $ | — | $ | — | $ | (1,120 | ) | ||||||||
IPG | (35 | ) | — | — | (719 | ) | (754 | ) | ||||||||||||
Europe | (597 | ) | — | — | — | (597 | ) | |||||||||||||
Asia/Pacific | — | — | (154 | ) | — | (154 | ) | |||||||||||||
Total | (1,752 | ) | — | (154 | ) | (719 | ) | (2,625 | ) | |||||||||||
March 31, 2014 Balance | ||||||||||||||||||||
NA/HME | 2,488 | — | — | — | 2,488 | |||||||||||||||
IPG | 397 | — | — | — | 397 | |||||||||||||||
Europe | 870 | — | — | — | 870 | |||||||||||||||
Asia/Pacific | — | — | 345 | — | 345 | |||||||||||||||
3,755 | — | 345 | — | 4,100 | ||||||||||||||||
Charges | ||||||||||||||||||||
NA/HME | 845 | — | — | — | 845 | |||||||||||||||
IPG | 394 | — | — | 264 | 658 | |||||||||||||||
Europe | 58 | — | — | 525 | 583 | |||||||||||||||
Asia/Pacific | — | — | 4 | — | 4 | |||||||||||||||
Total | 1,297 | — | 4 | 789 | 2,090 | |||||||||||||||
Payments | ||||||||||||||||||||
NA/HME | (1,303 | ) | — | — | — | (1,303 | ) | |||||||||||||
IPG | (32 | ) | — | — | (264 | ) | (296 | ) | ||||||||||||
Europe | (226 | ) | — | — | (525 | ) | (751 | ) | ||||||||||||
Asia/Pacific | — | — | — | — | — | |||||||||||||||
Total | (1,561 | ) | — | — | (789 | ) | (2,350 | ) | ||||||||||||
June 30, 2014 Balance | ||||||||||||||||||||
NA/HME | 2,030 | — | — | — | 2,030 | |||||||||||||||
IPG | 759 | — | — | — | 759 | |||||||||||||||
Europe | 702 | — | — | — | 702 | |||||||||||||||
Asia/Pacific | — | — | 349 | — | 349 | |||||||||||||||
3,491 | — | 349 | — | 3,840 | ||||||||||||||||
Charges | ||||||||||||||||||||
NA/HME | 3,041 | — | — | — | 3,041 | |||||||||||||||
IPG | 429 | — | — | 162 | 591 | |||||||||||||||
Europe | 69 | — | — | — | 69 | |||||||||||||||
Asia/Pacific | 376 | — | — | — | 376 | |||||||||||||||
Total | 3,915 | — | — | 162 | 4,077 | |||||||||||||||
Payments | ||||||||||||||||||||
NA/HME | (1,466 | ) | — | — | — | (1,466 | ) | |||||||||||||
IPG | (618 | ) | — | — | (162 | ) | (780 | ) | ||||||||||||
Europe | (240 | ) | — | — | — | (240 | ) | |||||||||||||
Asia/Pacific | (348 | ) | — | — | — | (348 | ) | |||||||||||||
Total | $ | (2,672 | ) | $ | — | $ | — | $ | (162 | ) | $ | (2,834 | ) | |||||||
Severance | Product Line | Contract | Other | Total | ||||||||||||||||
Discontinuance | Terminations | |||||||||||||||||||
September 30, 2014 Balance | ||||||||||||||||||||
NA/HME | $ | 3,605 | $ | — | $ | — | $ | — | $ | 3,605 | ||||||||||
IPG | 570 | — | — | — | 570 | |||||||||||||||
Europe | 531 | — | — | — | 531 | |||||||||||||||
Asia/Pacific | 28 | — | 349 | — | 377 | |||||||||||||||
$ | 4,734 | $ | — | $ | 349 | $ | — | $ | 5,083 | |||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company had an effective tax rate provision of 8.9% and 13.2% on losses before tax from continuing operations for the three and nine months ended September 30, 2014, respectively, compared to an expected benefit at the U.S. statutory rate of 35%. The Company's effective tax rate for the three and nine months ended September 30, 2014 was higher than the beneficial U.S. federal statutory rate, principally due to the negative impact of the Company not being able to record tax benefits related to the significant losses in countries which had tax valuation allowances except for a benefit in the United States on a small portion of the United States loss due to the intraperiod allocation with discontinued operations. The rate benefitted by taxes recognized outside the United States, excluding countries with tax valuation allowances, at an effective rate lower than the U.S. statutory rate. | |
The Company had an effective tax rate provision of 4.5% and 6.8% on losses before tax from continuing operations for the three and nine months ended September 30, 2013, respectively, compared to the expected benefit at the U.S. statutory rate of 35%. The Company's effective tax rate for the three and nine months ended September 30, 2013 was higher than the beneficial U.S. federal statutory rate, principally due to losses overseas without tax benefit due to valuation allowances, foreign dividends which reduced the domestic intra-period allocation benefit in continuing operations, and the recording of a discreet adjustment of $3,143,000 related to a federal domestic valuation allowance adjustment. The rate was benefited by taxes outside the United States, excluding countries with valuation allowances that were in losses in 2013, recorded at a lower effective rate than the U.S. statutory rate. |
Net_Earnings_Loss_Per_Common_S
Net Earnings (Loss) Per Common Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Earnings (Loss) Per Common Share | ' | |||||||||||||||
Net Earnings (Loss) Per Common Share | ||||||||||||||||
The following table sets forth the computation of basic and diluted net earnings (loss) per common share for the periods indicated. | ||||||||||||||||
(In thousands except per share data) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic | ||||||||||||||||
Average common shares outstanding | 32,006 | 31,902 | 32,005 | 31,902 | ||||||||||||
Net loss from continuing operations | (28,725 | ) | (6,274 | ) | (62,075 | ) | (38,325 | ) | ||||||||
Net earnings from discontinued operations | 13,629 | 22,376 | 15,390 | 77,146 | ||||||||||||
Net earnings (loss) | (15,096 | ) | 16,102 | (46,685 | ) | 38,821 | ||||||||||
Net loss per common share from continuing operations | $ | (0.90 | ) | $ | (0.20 | ) | $ | (1.94 | ) | $ | (1.20 | ) | ||||
Net earnings per common share from discontinued operations | $ | 0.43 | $ | 0.7 | $ | 0.48 | $ | 2.42 | ||||||||
Net earnings (loss) per common share | $ | (0.47 | ) | $ | 0.5 | $ | (1.46 | ) | $ | 1.22 | ||||||
Diluted | ||||||||||||||||
Average common shares outstanding | 32,006 | 31,902 | 32,005 | 31,902 | ||||||||||||
Stock options and awards | 188 | 164 | 211 | 107 | ||||||||||||
Average common shares assuming dilution | 32,194 | 32,066 | 32,216 | 32,009 | ||||||||||||
Net loss from continuing operations | $ | (28,725 | ) | $ | (6,274 | ) | $ | (62,075 | ) | $ | (38,325 | ) | ||||
Net earnings from discontinued operations | $ | 13,629 | $ | 22,376 | $ | 15,390 | $ | 77,146 | ||||||||
Net earnings (loss) | $ | (15,096 | ) | $ | 16,102 | $ | (46,685 | ) | $ | 38,821 | ||||||
Net loss per common share from continuing operations * | $ | (0.90 | ) | $ | (0.20 | ) | $ | (1.94 | ) | $ | (1.20 | ) | ||||
Net earnings per common share from discontinued operations | $ | 0.42 | $ | 0.7 | $ | 0.48 | $ | 2.41 | ||||||||
Net earnings (loss) per common share * | $ | (0.47 | ) | $ | 0.5 | $ | (1.46 | ) | $ | 1.21 | ||||||
* Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. | ||||||||||||||||
At September 30, 2014, 3,607,069 and 3,104,623 shares associated with stock options were excluded from the average common shares assuming dilution for the three and nine months ended September 30, 2014 as they were anti-dilutive. At September 30, 2014, the majority of the anti-dilutive shares were granted at an exercise price of $41.87, which was higher than the average fair market value prices of $15.24 and $17.55, respectively, for the three and nine months ended September 30, 2014. At September 30, 2013, 4,375,829 and 4,406,045 shares associated with stock options were excluded from the average common shares assuming dilution for the three and nine months ended September 30, 2013 as they were anti-dilutive. At September 30, 2013, the majority of the anti-dilutive shares were granted at an exercise price of $41.87, which was higher than the average fair market value prices of $15.88 and $15.04, respectively, for the three and nine months ended September 30, 2013. For the nine months ended September 30, 2014 and September 30, 2013, there were no shares necessary to settle a conversion spread on the convertible notes to be included in the common shares assuming dilution as the average market price of the Company stock for these periods did not exceed the conversion price. |
Concentration_Of_Credit_Risk
Concentration Of Credit Risk | 9 Months Ended |
Sep. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Of Credit Risk | ' |
Concentration of Credit Risk | |
The Company manufactures and distributes durable medical equipment to the home health care, retail and extended care markets. The Company performs credit evaluations of its customers’ financial condition. The Company utilizes De Lage Landen, Inc. (“DLL”), a third party financing company, to provide the majority of future lease financing to the Company’s North America customers. The DLL agreement provides for direct leasing between DLL and the Invacare customer. The Company retains a recourse obligation of $4,831,000 at September 30, 2014 to DLL for events of default under the contracts, which total $36,218,000 at September 30, 2014. The Company's recourse is re-evaluated by DLL biannually, considers activity between the biannual dates and excludes any receivables repurchased by the Company from DLL. The Company monitors the collections status of these contracts and has provided amounts for estimated losses in its allowances for doubtful accounts in accordance with Receivables, ASC 310-10-05-4. Credit losses are provided for in the financial statements. | |
Substantially all of the Company’s receivables are due from health care, medical equipment providers and long term care facilities located throughout the United States, Australia, Canada, New Zealand and Europe. A significant portion of products sold to dealers, both foreign and domestic, is ultimately funded through government reimbursement programs such as Medicare and Medicaid. The Company has also seen a significant shift in reimbursement to customers from managed care entities. As a consequence, changes in these programs can have an adverse impact on dealer liquidity and profitability. In addition, reimbursement guidelines in the home health care industry have a substantial impact on the nature and type of equipment an end user can obtain as well as the timing of reimbursement and, thus, affect the product mix, pricing and payment patterns of the Company’s customers. |
Derivatives
Derivatives | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivatives | ' | |||||||||||||||
Derivatives | ||||||||||||||||
ASC 815 requires companies to recognize all derivative instruments in the consolidated balance sheet as either assets or liabilities at fair value. The accounting for changes in fair value of a derivative is dependent upon whether or not the derivative has been designated and qualifies for hedge accounting treatment and the type of hedging relationship. For derivatives designated and qualifying as hedging instruments, the Company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. | ||||||||||||||||
Cash Flow Hedging Strategy | ||||||||||||||||
The Company uses derivative instruments in an attempt to manage its exposure to foreign currency exchange risk and interest rate risk. Foreign forward exchange contracts are used to manage the price risk associated with forecasted sales denominated in foreign currencies and the price risk associated with forecasted purchases of inventory over the next twelve months. Interest rate swaps are, at times, utilized to manage interest rate risk associated with the Company’s fixed and floating-rate borrowings. | ||||||||||||||||
The Company recognizes its derivative instruments as assets or liabilities in the consolidated balance sheet measured at fair value. A majority of the Company’s derivative instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the fair value of the hedged item, if any, is recognized in current earnings during the period of change. | ||||||||||||||||
During a portion of 2014 and all of 2013, the Company was a party to interest rate swap agreements that qualified as cash flow hedges and effectively converted floating-rate debt to fixed-rate debt, so the Company could avoid the risk of changes in market interest rates. The gains or losses on interest rate swaps are reflected in interest expense on the consolidated statement of comprehensive income (loss). | ||||||||||||||||
To protect against increases/decreases in forecasted foreign currency cash flows resulting from inventory purchases/sales over the next year, the Company utilizes foreign currency forward contracts to hedge portions of its forecasted purchases/sales denominated in foreign currencies. The gains and losses are included in cost of products sold and selling, general and administrative expenses on the consolidated statement of comprehensive income (loss). If it is later determined that a hedged forecasted transaction is unlikely to occur, any prospective gains or losses on the forward contracts would be recognized in earnings. The Company does not expect any material amount of hedge ineffectiveness related to forward contract cash flow hedges during the next twelve months. | ||||||||||||||||
The Company has historically not recognized any material amount of ineffectiveness related to forward contract cash flow hedges because the Company generally limits its hedges to between 60% and 90% of total forecasted transactions for a given entity’s exposure to currency rate changes and the transactions hedged are recurring in nature. Furthermore, the majority of the hedged transactions are related to intercompany sales and purchases for which settlement occurs on a specific day each month. Forward contracts with a total notional amount in USD of $42,890,000 and $118,017,000 matured for the three and nine months ended September 30, 2014 compared to forward contracts with a total notional amount in USD of $51,250,000 and $131,923,000 that matured for the three and nine months ended September 30, 2013. | ||||||||||||||||
Outstanding foreign currency forward exchange contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Notional | Unrealized | Notional | Unrealized | |||||||||||||
Amount | Net Gain | Amount | Net Gain | |||||||||||||
(Loss) | (Loss) | |||||||||||||||
USD / AUD | $ | 582 | $ | 10 | $ | — | $ | — | ||||||||
USD / CNY | 3,242 | (24 | ) | 11,730 | (66 | ) | ||||||||||
USD / CHF | 97 | 2 | 486 | 4 | ||||||||||||
USD / EUR | 14,563 | 533 | 51,106 | (168 | ) | |||||||||||
USD / GBP | 604 | (19 | ) | 2,686 | (45 | ) | ||||||||||
USD / NZD | 1,012 | (19 | ) | — | — | |||||||||||
USD / SEK | 479 | 37 | 2,485 | 58 | ||||||||||||
USD / MXP | 2,754 | 6 | 5,960 | 102 | ||||||||||||
EUR / AUD | 163 | (11 | ) | — | — | |||||||||||
EUR / CAD | 380 | (7 | ) | 1,710 | (1 | ) | ||||||||||
EUR / CHF | 718 | 13 | 2,654 | 1 | ||||||||||||
EUR / DKK | 306 | (1 | ) | 1,382 | (5 | ) | ||||||||||
EUR / GBP | 7,603 | (529 | ) | 29,614 | (501 | ) | ||||||||||
EUR / SEK | 808 | 48 | 3,432 | 75 | ||||||||||||
EUR / NOK | 962 | (10 | ) | 3,135 | 66 | |||||||||||
EUR / NZD | 1,747 | 61 | 6,959 | (111 | ) | |||||||||||
AUD / CAD | 354 | 8 | — | — | ||||||||||||
AUD / NZD | 255 | (13 | ) | — | — | |||||||||||
GBP / CHF | 218 | (14 | ) | 837 | (26 | ) | ||||||||||
GBP / SEK | 519 | (67 | ) | 2,078 | (101 | ) | ||||||||||
DKK / SEK | 1,193 | (50 | ) | 5,337 | (94 | ) | ||||||||||
NOK / SEK | 818 | (39 | ) | 3,418 | 31 | |||||||||||
$ | 39,377 | $ | (85 | ) | $ | 135,009 | $ | (781 | ) | |||||||
Derivatives Not Qualifying or Designated for Hedge Accounting Treatment | ||||||||||||||||
The Company also utilizes foreign currency forward contracts that are not designated as hedges in accordance with ASC 815. These contracts are entered into to eliminate the risk associated with the settlement of short-term intercompany trading receivables and payables between Invacare Corporation and its foreign subsidiaries. The currency forward contracts are entered into at the same time as the intercompany receivables or payables are created so that upon settlement, the gain/loss on the settlement is offset by the gain/loss on the foreign currency forward contract. No material net gain or loss was realized by the Company in 2014 or 2013 related to these contracts and the associated short-term intercompany trading receivables and payables. | ||||||||||||||||
Foreign currency forward exchange contracts not qualifying or designated for hedge accounting treatment entered into in 2014 and 2013, respectively, and outstanding were as follows (in thousands USD): | ||||||||||||||||
September 30, 2014 | 31-Dec-13 | |||||||||||||||
Notional | Gain | Notional | Gain | |||||||||||||
Amount | (Loss) | Amount | (Loss) | |||||||||||||
AUD / USD | $ | 4,200 | $ | 110 | $ | 225 | $ | (1 | ) | |||||||
CAD / USD | 4,565 | (103 | ) | — | $ | — | ||||||||||
CNY / USD | 3,247 | (29 | ) | — | — | |||||||||||
EUR / USD | 98,628 | (1,617 | ) | 14,867 | 250 | |||||||||||
CHF / USD | 328 | (14 | ) | 1,645 | 35 | |||||||||||
DKK / USD | 11,344 | (580 | ) | — | — | |||||||||||
GBP / USD | 8,653 | (49 | ) | — | — | |||||||||||
NOK / USD | 3,774 | (52 | ) | — | — | |||||||||||
NZD / USD | 4,500 | 68 | 3,824 | (1 | ) | |||||||||||
SEK / USD | 719 | (32 | ) | — | — | |||||||||||
EUR / AUD | 2,142 | (85 | ) | 2,039 | 80 | |||||||||||
EUR / CAD | 19 | (1 | ) | — | — | |||||||||||
EUR / DKK | 33 | — | 5,470 | (3 | ) | |||||||||||
AUD / CAD | — | — | 5,989 | 10 | ||||||||||||
EUR / NOK | 4 | — | — | — | ||||||||||||
$ | 142,156 | $ | (2,384 | ) | $ | 34,059 | $ | 370 | ||||||||
The fair values of the Company’s derivative instruments were as follows (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 740 | $ | 825 | $ | 414 | $ | 1,195 | ||||||||
Interest rate swap contracts | — | — | — | 12 | ||||||||||||
Derivatives not designated as hedging instruments under ASC 815 | ||||||||||||||||
Foreign currency forward exchange contracts | 400 | 2,784 | 375 | 5 | ||||||||||||
Total derivatives | $ | 1,140 | $ | 3,609 | $ | 789 | $ | 1,212 | ||||||||
The fair values of the Company’s foreign currency forward exchange contract assets and liabilities are included in Other Current Assets and Accrued Expenses, respectively in the Consolidated Balance Sheets. | ||||||||||||||||
The effect of derivative instruments on Accumulated Other Comprehensive Income (OCI) and the Statement of Comprehensive Income (Loss) and was as follows (in thousands): | ||||||||||||||||
Derivatives in ASC 815 cash flow hedge | Amount of Gain | Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||
relationships | (Loss) Recognized in Accumulated OCI on Derivatives | Reclassified from | Recognized in Income on | |||||||||||||
(Effective Portion) | Accumulated OCI into | Derivatives (Ineffective Portion | ||||||||||||||
Income (Effective | and Amount Excluded from | |||||||||||||||
Portion) | Effectiveness Testing) | |||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 451 | $ | (11 | ) | $ | — | |||||||||
Nine months ended September 30, 2014 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 127 | $ | (465 | ) | $ | (22 | ) | ||||||||
Interest rate swap contracts | — | (12 | ) | — | ||||||||||||
$ | 127 | $ | (477 | ) | $ | (22 | ) | |||||||||
Three months ended September, 2013 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 48 | $ | (65 | ) | $ | 2 | |||||||||
Interest rate swap contracts | (245 | ) | (13 | ) | — | |||||||||||
$ | (197 | ) | $ | (78 | ) | $ | 2 | |||||||||
Nine months ended September 30, 2013 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 495 | $ | 67 | $ | 37 | ||||||||||
Interest rate swap contracts | 155 | (139 | ) | — | ||||||||||||
$ | 650 | $ | (72 | ) | $ | 37 | ||||||||||
Derivatives not designated as hedging | Amount of Gain (Loss) | |||||||||||||||
instruments under ASC 815 | Recognized in Income on Derivatives | |||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | (2,240 | ) | |||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | (2,384 | ) | |||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 361 | ||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 617 | ||||||||||||||
The gains or losses recognized as the result of the settlement of cash flow hedge foreign currency forward contracts are recognized in net sales for hedges of inventory sales and in cost of product sold for hedges of inventory purchases. For the three and nine months ended September 30, 2014, net sales were decreased by $369,000 and $517,000 while cost of product sold was decreased by $316,000 and increased by $68,000 for net pre-tax realized losses of $53,000 and $585,000, respectively. For the three and nine months ended September 30, 2013, net sales were increased by $54,000 and $496,000 while cost of product sold was increased by $128,000 and $453,000 for a net realized pre-tax loss of $74,000 and a gain of $43,000, respectively. | ||||||||||||||||
The Company recognized pre-tax expense of $12,000 for the nine months ended September 30, 2014 compared to pre-tax expense of $13,000 and $139,000 for the three and nine months ended September 30, 2013, respectively, related to interest rate swap agreements, which is reflected in interest expense on the consolidated statement of comprehensive income (loss). | ||||||||||||||||
A loss of $2,240,000 and a loss of $2,384,000 were recognized in selling, general and administrative (SG&A) expenses for the three and nine months ended September 30, 2014, respectively, compared to gains of $361,000 and $617,000 for the three and nine months ended September 30, 2013, respectively, on ineffective forward contracts and forward contracts not designated as hedging instruments that were entered into to offset gains/losses that were also recorded in SG&A expenses on intercompany trade receivables or payables. Any gains/losses on the non-designated hedging instruments were substantially offset by gains/losses also recorded in SG&A expenses on intercompany trade payables. | ||||||||||||||||
The Company has entered into foreign currency forward exchange contracts and, at times, interest rate swap contracts (the “agreements”) with various bank counterparties, each of which are subject to provisions which are similar to a master netting agreement. The agreements provide for a net settlement payment in a single currency upon a default by the Company. Furthermore, the agreements provide the counterparty with a right of set off in the event of a default that would enable the counterparty to offset any net payment due by the counterparty to the Company under the applicable agreement by any amount due by the Company to the counterparty under any other agreement. For example, the terms of the agreement would permit a counterparty to a derivative contract that is also a lender under the Company's Amended and Restated Credit Agreement to reduce any derivative settlement amounts owed to the Company under the derivative contract by any amounts owed to the counterparty by the Company under the Amended and Restated Credit Agreement. In addition, the agreements contain cross-default provisions that could trigger a default by the Company under the agreement in the event of a default by the Company under another agreement with the same counterparty. The Company does not present any derivatives on a net basis in its financial statements and all derivative balances presented are subject to provisions that are similar to master netting agreements. |
Fair_Values
Fair Values | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
Fair Values | ||||||||||||||||
Pursuant to ASC 820, the inputs used to derive the fair value of assets and liabilities are analyzed and assigned a level I, II or III priority, with level I being the highest and level III being the lowest in the hierarchy. Level I inputs are quoted prices in active markets for identical assets or liabilities. Level II inputs are quoted prices for similar assets or liabilities in active markets: quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level III inputs are based on valuations derived from valuation techniques in which one or more significant inputs are unobservable. | ||||||||||||||||
The following table provides a summary of the Company’s assets and liabilities that are measured on a recurring basis (in thousands): | ||||||||||||||||
Basis for Fair Value Measurements at Reporting Date | ||||||||||||||||
Quoted Prices in Active | Significant | Significant | ||||||||||||||
Markets for Identical | Other | Other | ||||||||||||||
Assets / (Liabilities) | Observable | Unobservable | ||||||||||||||
Inputs | Inputs | |||||||||||||||
Total | Level I | Level II | Level III | |||||||||||||
30-Sep-14 | ||||||||||||||||
Forward Exchange Contracts—net | $ | (2,469 | ) | — | $ | (2,469 | ) | — | ||||||||
31-Dec-13 | ||||||||||||||||
Forward Exchange Contracts—net | $ | (411 | ) | — | $ | (411 | ) | — | ||||||||
Interest Rate Swap Agreements—net | (12 | ) | — | (12 | ) | — | ||||||||||
Forward Contracts: The Company operates internationally and as a result is exposed to foreign currency fluctuations. Specifically, the exposure includes intercompany loans and third party sales or payments. In an attempt to reduce this exposure, foreign currency forward contracts are utilized and accounted for as hedging instruments. The forward contracts are used to hedge the following currencies: AUD, CAD, CHF, CNY, DKK, EUR, GBP, MXP, NOK, NZD, SEK and USD. The Company does not use derivative financial instruments for speculative purposes. Fair values for the Company’s foreign exchange forward contracts are based on quoted market prices for contracts with similar maturities. | ||||||||||||||||
The carrying values and fair values of the Company’s financial instruments are as follows (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Value | Value | |||||||||||||||
Cash and cash equivalents | $ | 29,066 | $ | 29,066 | $ | 29,785 | $ | 29,785 | ||||||||
Other investments | 642 | 642 | 998 | 998 | ||||||||||||
Installment receivables, net of reserves | 2,528 | 2,528 | 2,819 | 2,819 | ||||||||||||
Long-term debt (including current maturities of long-term debt) | (24,688 | ) | (23,794 | ) | (45,286 | ) | (46,124 | ) | ||||||||
Forward contracts in Other Current Assets | 1,140 | 1,140 | 789 | 789 | ||||||||||||
Forward contracts in Accrued Expenses | (3,609 | ) | (3,609 | ) | (1,200 | ) | (1,200 | ) | ||||||||
Interest rate swap agreements in Accrued Expenses | — | — | (12 | ) | (12 | ) | ||||||||||
The Company, in estimating its fair value disclosures for financial instruments, used the following methods and assumptions: | ||||||||||||||||
Cash, cash equivalents: The carrying value reported in the balance sheet for cash, cash equivalents equals its fair value. | ||||||||||||||||
Other investments: The Company has made other investments in limited partnerships and non-marketable equity securities, which are accounted for using the cost method, adjusted for any estimated declines in value. These investments were acquired in private placements and there are no quoted market prices or stated rates of return. The Company does not have the ability to easily sell these investments. | ||||||||||||||||
Installment receivables: The carrying value reported in the balance sheet for installment receivables approximates its fair value. The interest rates associated with these receivables have not varied significantly since inception. Management believes that after consideration of the credit risk, the net book value of the installment receivables approximates market value. | ||||||||||||||||
Long-term debt: Fair values for the Company’s convertible debt is based on quoted market-based estimates as of the end of the period, while the revolving credit facility fair values are based upon the Company’s estimate of the market for similar borrowing arrangements. The fair values are deemed to be categorized as Level 2 in the fair value hierarchy. | ||||||||||||||||
Forward contracts and interest rate swaps: Fair values for the Company’s foreign exchange forward contracts are based on quoted market prices for contracts with similar maturities, while the fair values of the interest rate swaps are based on model-derived calculations using inputs that are observable in active markets. |
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segments | ' | |||||||||||||||
Business Segments | ||||||||||||||||
The Company operates in four primary business segments: North America/Home Medical Equipment (North America/HME), Institutional Products Group (IPG), Europe and Asia/Pacific. | ||||||||||||||||
The North America/HME segment sells each of three primary product lines, which includes: lifestyle, mobility and seating and respiratory therapy products. IPG sells or rents long-term care medical equipment, health care furnishings and accessory products. Europe and Asia/Pacific sell product lines similar to North America/HME and IPG. | ||||||||||||||||
The Company evaluates performance and allocates resources based on profit or loss from operations before income taxes for each reportable segment. The accounting policies of each segment are the same as those described in the summary of significant accounting policies for the Company’s consolidated financial statements. Intersegment sales and transfers are based on the costs to manufacture plus a reasonable profit element. Therefore, intercompany profit or loss on intersegment sales and transfers is not considered in evaluating segment performance except for Asia/Pacific due to its significant intercompany sales volume relative to the segment. | ||||||||||||||||
The information by segment is as follows (in thousands): | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues from external customers | ||||||||||||||||
North America/HME | $ | 124,258 | $ | 146,454 | $ | 383,109 | $ | 448,547 | ||||||||
Institutional Products Group | 25,151 | 28,083 | 76,072 | 87,135 | ||||||||||||
Europe | 158,505 | 150,265 | 455,263 | 429,650 | ||||||||||||
Asia/Pacific | 12,606 | 11,776 | 37,520 | 38,327 | ||||||||||||
Consolidated | $ | 320,520 | $ | 336,578 | $ | 951,964 | $ | 1,003,659 | ||||||||
Intersegment revenues | ||||||||||||||||
North America/HME | $ | 20,730 | $ | 20,427 | $ | 60,084 | $ | 59,443 | ||||||||
Institutional Products Group | 1,414 | 1,254 | 5,840 | 4,243 | ||||||||||||
Europe | 2,681 | 1,890 | 6,494 | 6,156 | ||||||||||||
Asia/Pacific | 7,694 | 6,411 | 20,044 | 19,417 | ||||||||||||
Consolidated | $ | 32,519 | $ | 29,982 | $ | 92,462 | $ | 89,259 | ||||||||
Restructuring charges before income taxes | ||||||||||||||||
North America/HME | $ | 3,041 | $ | 1,210 | $ | 4,689 | $ | 4,837 | ||||||||
Institutional Products Group | 591 | 36 | 2,308 | 237 | ||||||||||||
Europe | 69 | 542 | 1,030 | 722 | ||||||||||||
Asia/Pacific | 376 | 96 | 380 | 1,202 | ||||||||||||
Consolidated | $ | 4,077 | $ | 1,884 | $ | 8,407 | $ | 6,998 | ||||||||
Earnings (loss) before income taxes | ||||||||||||||||
North America/HME | $ | (22,568 | ) | $ | (11,563 | ) | $ | (54,821 | ) | $ | (37,808 | ) | ||||
Institutional Products Group | (7,275 | ) | 1,010 | (7,636 | ) | 1,955 | ||||||||||
Europe | 12,181 | 13,136 | 33,190 | 27,344 | ||||||||||||
Asia/Pacific | (1,736 | ) | (2,233 | ) | (6,835 | ) | (9,871 | ) | ||||||||
All Other (1) | (6,977 | ) | (6,354 | ) | (18,723 | ) | (17,515 | ) | ||||||||
Consolidated | $ | (26,375 | ) | $ | (6,004 | ) | $ | (54,825 | ) | $ | (35,895 | ) | ||||
________________________ | ||||||||||||||||
-1 | Consists of un-allocated corporate SG&A costs and intercompany profits, which do not meet the quantitative criteria for determining reportable segments. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
General | |
In the ordinary course of its business, the Company is a defendant in a number of lawsuits, primarily product liability actions in which various plaintiffs seek damages for injuries allegedly caused by defective products. All of the product liability lawsuits that the Company faces in the United States have been referred to the Company's captive insurance company and/or excess insurance carriers while all non-U.S. lawsuits have been referred to the Company's commercial insurance carriers. All such lawsuits are generally contested vigorously. The coverage territory of the Company's insurance is worldwide with the exception of those countries with respect to which, at the time the product is sold for use or at the time a claim is made, the U.S. government has suspended or prohibited diplomatic or trade relations. The amount recorded for identified contingent liabilities is based on estimates. Amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating certain exposures. | |
As a medical device manufacturer, the Company is subject to extensive government regulation, including numerous laws directed at preventing fraud and abuse and laws regulating reimbursement under various government programs. The marketing, invoicing, documenting and other practices of health care suppliers and manufacturers are all subject to government scrutiny. Most of the Company's facilities are subject to periodic inspection by the FDA or similar medical device regulatory agencies in other jurisdictions. Violations of law or regulations can result in administrative, civil and criminal penalties and sanctions, which could have a material adverse effect on the Company's business. | |
On November 15, 2013, an amended complaint, in a lawsuit originally instituted on May 24, 2013, was filed against Invacare Corporation, Gerald B. Blouch and A. Malachi Mixon III in the U.S. District Court for the Northern District of Ohio, alleging that the defendants violated federal securities laws by failing to properly disclose the issues that the Company has faced with the FDA. The lawsuit seeks class certification and unspecified damages and attorneys' fees for purchasers of the Company's common shares between July 22, 2010 and December 7, 2011. This lawsuit has been referred to the Company's insurance carriers. The Company intends to vigorously defend this lawsuit. | |
On September 12, 2014, a second amended complaint, in a lawsuit originally instituted on August 26, 2013, was filed against Invacare Corporation, Gerald B. Blouch, A. Malachi Mixon III and Patricia Stumpp, as well as outside directors Dale C. LaPorte, Michael F. Delaney and Charles S. Robb, in the U.S. District Court for the Northern District of Ohio, alleging that the defendants breached their fiduciary duties and violated the Employment Retirement Security Act (ERISA) in the administration and maintenance of the Company stock fund in the Company’s Retirement Savings Plan (401(k) Plan). The lawsuit seeks class certification and unspecified damages and attorneys' fees for participants in the Company's stock fund of the 401(k) Plan between July 22, 2010 and the present. This lawsuit has been referred to the Company's insurance carriers. The Company intends to vigorously defend this lawsuit. | |
Medical Device Regulatory Matters | |
The FDA in the United States regulates virtually all aspects of the development, testing, manufacturing, labeling, promotion, distribution and marketing of a medical device. The Company and its products are subject to the laws and regulations of the FDA and other regulatory bodies in the various jurisdictions where the Company's products are manufactured or sold. The Company's failure to comply with the regulatory requirements of the FDA and other applicable medical device regulatory requirements can subject the Company to administrative or judicially imposed sanctions or enforcement actions. These sanctions include injunctions, consent decrees, warning letters, civil penalties, criminal penalties, product seizure or detention, product recalls and total or partial suspension of production. | |
In December 2012, the Company reached agreement with the FDA on the terms of the consent decree of injunction with respect to the Company's Corporate facility and its Taylor Street wheelchair manufacturing facility in Elyria, Ohio. A complaint and consent decree were filed in the U.S. District Court for the Northern District of Ohio, and on December 21, 2012, the Court approved the consent decree and it became effective. The consent decree limits the Company's manufacture and distribution of power and manual wheelchairs, wheelchair components and wheelchair sub-assemblies at or from its Taylor Street manufacturing facility. The decree also temporarily limited design activities related to wheelchairs and power beds that take place at the impacted Elyria, Ohio facilities. The Company is entitled to continue to produce from the Taylor Street manufacturing facility certain medically necessary wheelchairs provided that documentation and record-keeping requirements are followed, as well as ongoing replacement, service and repair of products already in use, under terms delineated in the consent decree. Under the terms of the consent decree, in order to resume full operations at the impacted facilities, the Company must successfully complete a third-party expert certification audit at the impacted Elyria facilities, which is comprised of three distinct reports that must be submitted to, and accepted by, the FDA. After the final certification report is submitted to the FDA, as well as the Company’s own report as to its compliance status together with its responses to any observations in the certification report, the FDA is expected to inspect the Company's Corporate and Taylor Street facilities to determine whether they are in compliance with the Quality System Regulation (QSR) governing the manufacture of medical devices and the terms of the consent decree. If the FDA is satisfied with the Company's compliance, the FDA will provide written notification that the Company is permitted to resume full operations at the impacted facilities. | |
During 2013, the Company completed the first two of the expert certification audits, and the FDA found the results of both to be acceptable. In these reports, the third-party expert certified that the Company's equipment and process validation procedures and its design control systems are compliant with the FDA's QSR. As a result of the FDA's acceptance of the first certification report on May 13, 2013, the Taylor Street facility was able to resume supplying parts and components for the further manufacturing of medical devices at other Company facilities. The Company's receipt of the FDA's acceptance of the second certification report on July 15, 2013, resulted in the Company being able to resume design activities at the impacted facilities related to power wheelchairs and power beds. | |
The third, expert certification audit is an overall review of the Company's compliance with the FDA's QSR at the impacted Elyria facilities. This audit process is the most comprehensive and challenging of the three expert certification audits, and it encompasses all areas of the Company's Corporate and Taylor Street quality system. As part of this process, the Company has determined that it needs to better demonstrate that its quality system is sustainably compliant and that each subsystem is properly integrated. Accordingly, the Company has engaged additional consultants to help improve the functionality and capabilities of certain of its quality subsystems, most notably complaint handling and corrective and preventative actions (CAPA). The Company respects the comprehensive nature of the audit process and is working diligently to be in a position to ultimately demonstrate compliance to the third-party expert auditor and subsequently, the FDA. | |
The Company cannot predict the timing or the outcome of the final expert certification audit. According to the consent decree, once the expert's third certification audit is completed and the certification report is submitted to the FDA, as well as the Company’s own report related to its compliance status, together with its responses to any observations in the certification report, the FDA will inspect the Company's Corporate and Taylor Street facilities to determine whether they are in compliance with the FDA's QSR. If the FDA is satisfied with the Company's compliance, the FDA will provide written notification that the Company is permitted to resume full operations at the impacted facilities. | |
After resumption of full operations, the Company must undergo five years of audits by a third-party expert auditor to determine whether the facilities are in continuous compliance with FDA's QSR and the consent decree. The auditor will inspect the Corporate and Taylor Street facilities’ activities every six months during the first year following the resumption of full operations and then every 12 months for the next four years thereafter. | |
As described above, because the limitations on production are expected to be temporary in nature, and partial production is allowed, the Company does not anticipate any major repair, replacement or scrapping of its fixed assets at the Taylor Street manufacturing facility. Based on the Company's expectations at the time of filing of this Quarterly Report on Form 10-Q with respect to the utilization of such raw material and with respect to expected future cash flows from production at the Taylor Street manufacturing facility, the Company concluded that there is no impairment in the value of the fixed assets related to the Taylor Street manufacturing facility at September 30, 2014. | |
The majority of the production from the Taylor Street facility is "made to order" custom wheelchairs for customers and, as a result, there was not a significant amount of finished goods inventory on hand at September 30, 2014, and the inventory is expected to be fully utilized. Accordingly, the Company concluded that there was not an impairment of the work in process and finished goods at the Taylor Street facility at September 30, 2014. Further, based on its analysis of the raw material inventory at the Taylor Street facility and the Company's expectations at the time of filing of this Quarterly Report on Form 10-Q with respect to the time frame for completion of the third-party expert certification audits and FDA inspection, the Company concluded that the value of the inventory was not excessive or impaired at September 30, 2014. However, if the Company's expectations regarding the impacts of the limitations in the consent decree or the time frame for completion of the third-party expert certification audits and FDA inspection were to change, the Company may, in future periods, conclude that an impairment exists with respect to its fixed assets or inventory at the Taylor Street facility. | |
Although the North America/HME segment is the segment primarily impacted by the limitations in the FDA consent decree, the Asia/Pacific segment also is negatively affected as a result of the consent decree due to the lower sales volume of microprocessor controllers. During 2012, before the effective date of the consent decree, the Company started to experience decreases in net sales in the North America/HME and Asia/Pacific segments. The Company believes that those decreases were driven in large part by the consent decree which has led to delays in new product introductions and to uncertainty regarding the timing of exiting the consent decree, which limited the Company's ability to renegotiate and bid on certain customer contracts and otherwise led to a decline in customer orders. Separately, net sales in the North America/HME segment were likely impacted by uncertainty on the part of the Company's customers as they coped with prepayment reviews and post-payment audits by the Centers for Medicare and Medicaid Services ("CMS") and contemplated their participation in the next round of National Competitive Bidding ("NCB"). The negative effect of the consent decree on customer orders and net sales in these segments has been considerable, and the Company expects to continue to experience low levels of net sales in the North America/HME and Asia/Pacific segments at least until it has successfully completed the previously-described third-party expert certification audit and FDA inspection and has received written notification from the FDA that the Company may resume full operations at the Corporate and Taylor Street facilities. Even after the Company is permitted to resume full operations at the affected facilities, it is uncertain as to whether, or how quickly, the Company will be able to rebuild net sales to more typical historical levels, irrespective of market conditions. Accordingly, when compared to the Company's 2010 results, the limitations in the consent decree had, and likely will continue to have, a material adverse effect on the Company's business, financial condition and results of operations. | |
For additional information regarding the consent decree, please see the following sections of the Company's Annual Report on Form 10-K for the year ending December 31, 2013: Item 1. Business - Government Regulation and Item 1A. Risk Factors and the following sections of this Quarterly Report on Form 10-Q: Item 1. Legal Proceedings; and Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Outlook and - Liquidity and Capital Resources. | |
The Company' recorded additional warranty expense for the nine months ended September 30, 2014 totaling $11,493,000 for three specific product issues. First, an expense of $6,559,000 for a field action that is under review related to a component in a stationary oxygen concentrator that was manufactured in the Company’s facility in Suzhou, China, and sold globally. The component is no longer used in production. The Company is aware of five reported incidents in Europe. There have been no reported injuries, and no incidents reported elsewhere. This expense was recorded in the European segment ($3,395,000) and North America/HME segment ($3,164,000). Second, an expense of $2,057,000 for the recall of a sieve bed component used within stationary oxygen concentrators manufactured during August 2014, which was recorded in the North America/HME segment. Third, an incremental expense of $2,877,000 related to the Company's joystick recall as a result of higher than previously anticipated response rates from large customers in the U.S. and Canada and a product mix toward higher cost joysticks, which was recorded in the North America/HME segment ($1,612,000) and the Asia/Pacific segment ($1,265,000). These warranty reserves are subject to adjustment in future periods as new developments change the Company's estimate of the total cost of these matters. | |
In December 2010, the Company received a warning letter from the FDA related to quality system processes and procedures at the Company's Sanford, Florida facility. In October 2014, the FDA conducted an inspection at the Sanford facility and, at the conclusion, issued its Form 483 inspectional observations to the Company, reflecting areas where the FDA does not believe the Company is in compliance with QSR requirements. The FDA had four inspectional observations, three of which related to complaint handling and CAPA and a fourth related to production process controls. The results of regulatory claims, proceedings, investigations, or litigation are difficult to predict. An unfavorable resolution or outcome of the FDA warning letter or other FDA enforcement related to the Sanford facility could materially and adversely affect the Company's business, financial condition, and results of operations. | |
Any of the above contingencies could have an adverse impact on the Company's financial condition or results of operations. |
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | |||||||||||||||||||
Supplemental Guarantor Information | ' | |||||||||||||||||||
Supplemental Guarantor Information | ||||||||||||||||||||
Effective February 12, 2007, substantially all of the domestic subsidiaries (the “Guarantor Subsidiaries”) of the Company became guarantors of the indebtedness of Invacare Corporation under its 4.125% Convertible Senior Subordinated Debentures due 2027 (the “Debentures”) with an original aggregate principal amount of $135,000,000. The majority of the Company’s subsidiaries are not guaranteeing the indebtedness of the Debentures (the “Non-Guarantor Subsidiaries”). Each of the Guarantor Subsidiaries has fully and unconditionally guaranteed, on a joint and several basis, to pay principal, premium, and interest related to the Debentures and each of the Guarantor Subsidiaries are directly or indirectly 100%-owned subsidiaries of the Company. Specifically, the Debentures are guaranteed on an unsecured senior subordinated basis by all of the Company's existing domestic subsidiaries (other than the Company's captive insurance subsidiary and any receivables subsidiaries) and certain future direct and indirect 100% owned domestic subsidiaries. All of the guarantors are released and relieved of any liability under such guarantees upon the satisfaction and discharge of the indenture governing the debentures and the payment in full of the debentures. Additionally, in the event any subsidiary guarantor no longer guarantees any of the Company's existing or future senior debt incurred in a public or private U.S. capital markets transaction, such guarantor shall be released and relieved of any liability which it has under the indenture governing the debentures. | ||||||||||||||||||||
Presented below are the consolidating condensed financial statements of Invacare Corporation (Parent), its combined Guarantor Subsidiaries and combined Non-Guarantor Subsidiaries with their investments in subsidiaries accounted for using the equity method. The Company does not believe that separate financial statements of the Guarantor Subsidiaries are material to investors and accordingly, separate financial statements and other disclosures related to the Guarantor Subsidiaries are not presented. | ||||||||||||||||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
The | Combined | Combined | Eliminations | Total | ||||||||||||||||
Company | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | ||||||||||||||||||
Three month period ended September 30, 2014 | (in thousands) | |||||||||||||||||||
Net sales | $ | 55,333 | $ | 96,947 | $ | 192,482 | $ | (24,242 | ) | $ | 320,520 | |||||||||
Cost of products sold | 49,799 | 76,819 | 133,533 | (24,278 | ) | 235,873 | ||||||||||||||
Gross Profit | 5,534 | 20,128 | 58,949 | 36 | 84,647 | |||||||||||||||
Selling, general and administrative expenses | 32,124 | 19,765 | 46,375 | (83 | ) | 98,181 | ||||||||||||||
Charge related to restructuring activities | 3,149 | — | 928 | — | 4,077 | |||||||||||||||
Asset write-downs to intangibles | — | 8,253 | — | — | 8,253 | |||||||||||||||
Income (loss) from equity investee | 13,251 | 8,476 | (63 | ) | (21,664 | ) | — | |||||||||||||
Interest expense | 57 | 406 | 48 | — | 511 | |||||||||||||||
Earnings (Loss) from Continuing Operations before Income Taxes | (16,545 | ) | 180 | 11,535 | (21,545 | ) | (26,375 | ) | ||||||||||||
Income taxes (benefit) | (1,449 | ) | 400 | 3,399 | — | 2,350 | ||||||||||||||
Net Earnings (Loss) from Continuing Operations | (15,096 | ) | (220 | ) | 8,136 | (21,545 | ) | (28,725 | ) | |||||||||||
Net Earnings from Discontinued Operations | — | 13,629 | — | — | 13,629 | |||||||||||||||
Net Earnings (loss) | $ | (15,096 | ) | $ | 13,409 | $ | 8,136 | $ | (21,545 | ) | $ | (15,096 | ) | |||||||
Other Comprehensive Income (Loss), Net of Tax | (22,346 | ) | (5,327 | ) | (9,521 | ) | 14,848 | (22,346 | ) | |||||||||||
Comprehensive Income (Loss) | $ | (37,442 | ) | $ | 8,082 | $ | (1,385 | ) | $ | (6,697 | ) | $ | (37,442 | ) | ||||||
Three month period ended September 30, 2013 | ||||||||||||||||||||
Net sales | $ | 60,641 | $ | 114,950 | $ | 184,299 | $ | (23,312 | ) | $ | 336,578 | |||||||||
Cost of products sold | 52,454 | 84,997 | 128,232 | (23,312 | ) | 242,371 | ||||||||||||||
Gross Profit | 8,187 | 29,953 | 56,067 | — | 94,207 | |||||||||||||||
Selling, general and administrative expenses | 29,046 | 24,223 | 44,310 | — | 97,579 | |||||||||||||||
Charge related to restructuring activities | 1,597 | 36 | 251 | — | 1,884 | |||||||||||||||
Asset write-downs to intangibles | — | 167 | — | — | 167 | |||||||||||||||
Income (loss) from equity investee | 32,513 | 8,935 | 22 | (41,470 | ) | — | ||||||||||||||
Interest expense (income)—net | (603 | ) | 1,107 | 77 | — | 581 | ||||||||||||||
Earnings (Loss) from Continuing Operations before Income Taxes | 10,660 | 13,355 | 11,451 | (41,470 | ) | (6,004 | ) | |||||||||||||
Income taxes (benefit) | (5,442 | ) | (480 | ) | 6,192 | — | 270 | |||||||||||||
Net Earnings (Loss) from Continuing Operations | 16,102 | 13,835 | 5,259 | (41,470 | ) | (6,274 | ) | |||||||||||||
Net Earnings from Discontinued Operations | — | 22,376 | — | — | 22,376 | |||||||||||||||
Net Earnings (loss) | $ | 16,102 | $ | 36,211 | $ | 5,259 | $ | (41,470 | ) | $ | 16,102 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 9,874 | 220 | 10,135 | (10,355 | ) | 9,874 | ||||||||||||||
Comprehensive Income (Loss) | $ | 25,976 | $ | 36,431 | $ | 15,394 | $ | (51,825 | ) | $ | 25,976 | |||||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
The | Combined | Combined | Eliminations | Total | ||||||||||||||||
Company | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | ||||||||||||||||||
Nine month period ended September 30, 2014 | (in thousands) | |||||||||||||||||||
Net sales | $ | 160,054 | $ | 307,801 | $ | 554,060 | $ | (69,951 | ) | $ | 951,964 | |||||||||
Cost of products sold | 144,620 | 234,288 | 384,025 | (69,987 | ) | 692,946 | ||||||||||||||
Gross Profit | 15,434 | 73,513 | 170,035 | 36 | 259,018 | |||||||||||||||
Selling, general and administrative expenses | 95,990 | 62,633 | 136,788 | (83 | ) | 295,328 | ||||||||||||||
Charge related to restructuring activities | 5,203 | (95 | ) | 3,299 | — | 8,407 | ||||||||||||||
Asset write-downs to intangibles | — | 8,253 | — | — | 8,253 | |||||||||||||||
Income (loss) from equity investee | 37,596 | 23,103 | (127 | ) | (60,572 | ) | — | |||||||||||||
Interest expense (income)—net | (227 | ) | 1,668 | 414 | — | 1,855 | ||||||||||||||
Earnings (Loss) from Continuing Operations before Income Taxes | (47,936 | ) | 24,157 | 29,407 | (60,453 | ) | (54,825 | ) | ||||||||||||
Income taxes (benefit) | (1,251 | ) | — | 8,501 | — | 7,250 | ||||||||||||||
Net Earnings (Loss) from Continuing Operations | (46,685 | ) | 24,157 | 20,906 | (60,453 | ) | (62,075 | ) | ||||||||||||
Net Earnings from Discontinued Operations | — | 15,390 | — | — | 15,390 | |||||||||||||||
Net Earnings (loss) | $ | (46,685 | ) | $ | 39,547 | $ | 20,906 | $ | (60,453 | ) | $ | (46,685 | ) | |||||||
Other Comprehensive Income (Loss), Net of Tax | (19,933 | ) | (3,038 | ) | (18,476 | ) | 21,514 | (19,933 | ) | |||||||||||
Comprehensive Income (Loss) | $ | (66,618 | ) | $ | 36,509 | $ | 2,430 | $ | (38,939 | ) | $ | (66,618 | ) | |||||||
Nine month period ended September 30, 2013 | ||||||||||||||||||||
Net sales | $ | 186,453 | $ | 350,291 | $ | 535,805 | $ | (68,890 | ) | $ | 1,003,659 | |||||||||
Cost of products sold | 159,884 | 258,609 | 378,287 | (69,264 | ) | 727,516 | ||||||||||||||
Gross Profit | 26,569 | 91,682 | 157,518 | 374 | 276,143 | |||||||||||||||
Selling, general and administrative expenses | 99,338 | 69,085 | 131,640 | 2,694 | 302,757 | |||||||||||||||
Charge related to restructuring activities | 5,078 | 49 | 1,871 | — | 6,998 | |||||||||||||||
Asset write-downs to intangibles | — | 167 | — | — | 167 | |||||||||||||||
Income (loss) from equity investee | 105,501 | 21,472 | (93 | ) | (126,880 | ) | — | |||||||||||||
Interest expense (income)—net | (1,418 | ) | 2,819 | 715 | — | 2,116 | ||||||||||||||
Earnings (Loss) from Continuing Operations before Income Taxes | 29,072 | 41,034 | 23,199 | (129,200 | ) | (35,895 | ) | |||||||||||||
Income taxes (benefit) | (9,749 | ) | (1,470 | ) | 13,649 | — | 2,430 | |||||||||||||
Net Earnings (Loss) from Continuing Operations | 38,821 | 42,504 | 9,550 | (129,200 | ) | (38,325 | ) | |||||||||||||
Net Earnings from Discontinued Operations | — | 77,146 | — | — | 77,146 | |||||||||||||||
Net Earnings (loss) | $ | 38,821 | $ | 119,650 | $ | 9,550 | $ | (129,200 | ) | $ | 38,821 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,845 | (415 | ) | 2,228 | (1,813 | ) | 1,845 | |||||||||||||
Comprehensive Income (Loss) | $ | 40,666 | $ | 119,235 | $ | 11,778 | $ | (131,013 | ) | $ | 40,666 | |||||||||
CONSOLIDATING CONDENSED BALANCE SHEETS | ||||||||||||||||||||
The | Combined | Combined | Eliminations | Total | ||||||||||||||||
Company | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | ||||||||||||||||||
September 30, 2014 | (in thousands) | |||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,752 | $ | 471 | $ | 26,843 | $ | — | $ | 29,066 | ||||||||||
Trade receivables, net | 51,229 | 27,551 | 93,472 | — | 172,252 | |||||||||||||||
Installment receivables, net | — | 413 | 911 | — | 1,324 | |||||||||||||||
Inventories, net | 24,361 | 27,902 | 113,045 | (2,575 | ) | 162,733 | ||||||||||||||
Deferred income taxes | — | — | 2,389 | — | 2,389 | |||||||||||||||
Intercompany advances, net | 8,919 | 1,861 | 68,139 | (78,919 | ) | — | ||||||||||||||
Other current assets | 6,138 | 467 | 36,836 | (6,180 | ) | 37,261 | ||||||||||||||
Total Current Assets | 92,399 | 58,665 | 341,635 | (87,674 | ) | 405,025 | ||||||||||||||
Investment in subsidiaries | 1,430,467 | 477,900 | — | (1,908,367 | ) | — | ||||||||||||||
Intercompany advances, net | 1,022,820 | 1,656,292 | 183,397 | (2,862,509 | ) | — | ||||||||||||||
Other Assets | 28,990 | 1,031 | 1,980 | — | 32,001 | |||||||||||||||
Other Intangibles | 366 | 5,456 | 39,997 | — | 45,819 | |||||||||||||||
Property and Equipment, net | 31,056 | 14,407 | 48,018 | — | 93,481 | |||||||||||||||
Goodwill | — | 16,661 | 431,444 | — | 448,105 | |||||||||||||||
Total Assets | $ | 2,606,098 | $ | 2,230,412 | $ | 1,046,471 | $ | (4,858,550 | ) | $ | 1,024,431 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts payable | $ | 52,179 | $ | 7,408 | $ | 61,616 | $ | — | $ | 121,203 | ||||||||||
Accrued expenses | 41,846 | 21,541 | 92,838 | (6,180 | ) | 150,045 | ||||||||||||||
Current Taxes, payable and deferred | 6,791 | — | 11,037 | — | 17,828 | |||||||||||||||
Intercompany advances, net | 63,749 | 2,050 | 13,120 | (78,919 | ) | — | ||||||||||||||
Short-term debt and current maturities of long-term obligations | — | 8 | 773 | — | 781 | |||||||||||||||
Total Current Liabilities | 164,565 | 31,007 | 179,384 | (85,099 | ) | 289,857 | ||||||||||||||
Long-Term Debt | 19,166 | 8 | 4,733 | — | 23,907 | |||||||||||||||
Other Long-Term Obligations | 40,169 | — | 62,971 | — | 103,140 | |||||||||||||||
Intercompany advances, net | 1,774,671 | 1,026,223 | 61,615 | (2,862,509 | ) | — | ||||||||||||||
Total Shareholders’ Equity | 607,527 | 1,173,174 | 737,768 | (1,910,942 | ) | 607,527 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 2,606,098 | $ | 2,230,412 | $ | 1,046,471 | $ | (4,858,550 | ) | $ | 1,024,431 | |||||||||
CONSOLIDATING CONDENSED BALANCE SHEETS | ||||||||||||||||||||
The | Combined | Combined | Eliminations | Total | ||||||||||||||||
Company | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | ||||||||||||||||||
December 31, 2013 | (in thousands) | |||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,401 | $ | 313 | $ | 28,071 | $ | — | $ | 29,785 | ||||||||||
Trade receivables, net | 72,272 | 28,317 | 88,033 | — | 188,622 | |||||||||||||||
Installment receivables, net | — | 452 | 1,110 | — | 1,562 | |||||||||||||||
Inventories, net | 30,806 | 27,472 | 100,444 | (3,085 | ) | 155,637 | ||||||||||||||
Deferred income taxes | — | — | 2,761 | — | 2,761 | |||||||||||||||
Intercompany advances, net | 4,179 | 380 | 44,292 | (48,851 | ) | — | ||||||||||||||
Other current assets | 9,970 | 568 | 35,461 | (4,827 | ) | 41,172 | ||||||||||||||
Total Current Assets | 118,628 | 57,502 | 300,172 | (56,763 | ) | 419,539 | ||||||||||||||
Investment in subsidiaries | 1,475,156 | 450,021 | — | (1,925,177 | ) | — | ||||||||||||||
Intercompany advances, net | 959,071 | 1,620,683 | 179,451 | (2,759,205 | ) | — | ||||||||||||||
Other Assets | 42,831 | 1,061 | 2,044 | — | 45,936 | |||||||||||||||
Other Intangibles | 466 | 17,109 | 45,009 | — | 62,584 | |||||||||||||||
Property and Equipment, net | 35,169 | 17,774 | 53,206 | — | 106,149 | |||||||||||||||
Goodwill | — | 16,660 | 445,566 | — | 462,226 | |||||||||||||||
Total Assets | $ | 2,631,321 | $ | 2,180,810 | $ | 1,025,448 | $ | (4,741,145 | ) | $ | 1,096,434 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts payable | $ | 42,521 | $ | 7,237 | $ | 66,946 | $ | — | $ | 116,704 | ||||||||||
Accrued expenses | 30,314 | 17,228 | 90,385 | (4,827 | ) | 133,100 | ||||||||||||||
Current Taxes, payable and deferred | 5,375 | — | 6,884 | — | 12,259 | |||||||||||||||
Intercompany advances, net | 42,314 | 2,124 | 4,413 | (48,851 | ) | — | ||||||||||||||
Short-term debt and current maturities of long-term obligations | 13,118 | 8 | 976 | — | 14,102 | |||||||||||||||
Total Current Liabilities | 133,642 | 26,597 | 169,604 | (53,678 | ) | 276,165 | ||||||||||||||
Long-Term Debt | 25,642 | 61 | 5,481 | — | 31,184 | |||||||||||||||
Other Long-Term Obligations | 53,470 | — | 64,806 | — | 118,276 | |||||||||||||||
Intercompany advances, net | 1,747,758 | 959,172 | 52,275 | (2,759,205 | ) | — | ||||||||||||||
Total Shareholders’ Equity | 670,809 | 1,194,980 | 733,282 | (1,928,262 | ) | 670,809 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 2,631,321 | $ | 2,180,810 | $ | 1,025,448 | $ | (4,741,145 | ) | $ | 1,096,434 | |||||||||
CONSOLIDATING CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
The | Combined | Combined | Eliminations | Total | ||||||||||||||||
Company | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | ||||||||||||||||||
Nine month period ended September 30, 2014 | (in thousands) | |||||||||||||||||||
Net Cash Provided (Used) by Operating Activities | $ | (30,886 | ) | $ | (498 | ) | $ | 8,089 | $ | 23,433 | $ | 138 | ||||||||
Investing Activities | ||||||||||||||||||||
Purchases of property and equipment | (1,901 | ) | (1,030 | ) | (6,364 | ) | — | (9,295 | ) | |||||||||||
Proceeds from sale of property and equipment | — | — | 9 | — | 9 | |||||||||||||||
Proceeds from sale of business | — | 21,870 | — | — | 21,870 | |||||||||||||||
Other long-term assets | 12,060 | — | 23 | — | 12,083 | |||||||||||||||
Other | 40,728 | (17,093 | ) | (25 | ) | (23,433 | ) | 177 | ||||||||||||
Net Cash Provided (Used) for Investing Activities | 50,887 | 3,747 | (6,357 | ) | (23,433 | ) | 24,844 | |||||||||||||
Financing Activities | ||||||||||||||||||||
Proceeds from revolving lines of credit and long-term borrowings | 201,766 | — | — | — | 201,766 | |||||||||||||||
Payments on revolving lines of credit and long-term borrowings | (220,390 | ) | (3,091 | ) | (2,951 | ) | — | (226,432 | ) | |||||||||||
Proceeds from exercise of stock options | 162 | — | — | — | 162 | |||||||||||||||
Payment of dividends | (1,188 | ) | — | — | — | (1,188 | ) | |||||||||||||
Net Cash Used by Financing Activities | (19,650 | ) | (3,091 | ) | (2,951 | ) | — | (25,692 | ) | |||||||||||
Effect of exchange rate changes on cash | — | — | (9 | ) | — | (9 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | 351 | 158 | (1,228 | ) | — | (719 | ) | |||||||||||||
Cash and cash equivalents at beginning of year | 1,401 | 313 | 28,071 | — | 29,785 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 1,752 | $ | 471 | $ | 26,843 | $ | — | $ | 29,066 | ||||||||||
CONSOLIDATING CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
The | Combined | Combined | Eliminations | Total | ||||||||||||||||
Company | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | ||||||||||||||||||
Nine month period ended September 30, 2013 | (in thousands) | |||||||||||||||||||
Net Cash Provided (Used) by Operating Activities | $ | 35,179 | $ | (81,077 | ) | $ | (20,736 | ) | $ | 65,389 | $ | (1,245 | ) | |||||||
Investing Activities | ||||||||||||||||||||
Purchases of property and equipment | (3,234 | ) | (3,611 | ) | (4,241 | ) | — | (11,086 | ) | |||||||||||
Proceeds from sale of property and equipment | — | 11 | 845 | — | 856 | |||||||||||||||
Proceeds from sale of business | — | 187,552 | — | — | 187,552 | |||||||||||||||
Other long-term assets | 783 | — | 166 | — | 949 | |||||||||||||||
Other | 171,353 | (103,417 | ) | — | (68,083 | ) | (147 | ) | ||||||||||||
Net Cash Provided (Used) for Investing Activities | 168,902 | 80,535 | (3,230 | ) | (68,083 | ) | 178,124 | |||||||||||||
Financing Activities | ||||||||||||||||||||
Proceeds from revolving lines of credit and long-term borrowings | 226,189 | — | 23,935 | — | 250,124 | |||||||||||||||
Payments on revolving lines of credit and long-term borrowings | (431,709 | ) | (476 | ) | — | — | (432,185 | ) | ||||||||||||
Payment of dividends | (1,187 | ) | — | (2,694 | ) | 2,694 | (1,187 | ) | ||||||||||||
Net Cash Provided (Used) by Financing Activities | (206,707 | ) | (476 | ) | 21,241 | 2,694 | (183,248 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | 203 | — | 203 | |||||||||||||||
Decrease in cash and cash equivalents | (2,626 | ) | (1,018 | ) | (2,522 | ) | — | (6,166 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 5,774 | 1,018 | 31,999 | — | 38,791 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 3,148 | $ | — | $ | 29,477 | $ | — | $ | 32,625 | ||||||||||
Accounting_Policies_Policies
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and include all adjustments, which were of a normal recurring nature, necessary to present fairly the financial position of the Company as of September 30, 2014, the results of its operations for the nine months ended September 30, 2014 and changes in its cash flow for the nine months ended September 30, 2014 and 2013, respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using an August 31 quarter end in order to meet filing deadlines. No material subsequent events have occurred related to the European segment, which would require disclosure or adjustment to the Company's financial statements. All significant intercompany transactions are eliminated. The results of operations for the nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for the full year. | |
Use of Estimates | ' |
Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements: In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-04, Liabilities (Topic 405), Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. This update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, as the sum of a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The Company adopted ASU No. 2013-04 in the first quarter of 2014 with no impact on the Company’s Condensed Consolidated Statement of Comprehensive Income (Loss), Balance Sheets or Statement of Cash Flows. | |
In July 2013, the FASB issued ASU No. 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." ASU 2013-11 requires an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, with limited exceptions. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. ASU 2013-11 was adopted by the Company on January 1, 2014 and did not have a significant impact on the Company's financial statements. | |
In April 2014, the FASB issued ASU 2014-08 changing the presentation of discontinued operations on the statements of income and other requirements for reporting discontinued operations. Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component meets the criteria to be classified as held for sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. This standard must be prospectively applied to all reporting periods presented in financial reports issued after the effective date. Early adoption is permitted for disposals that have not been reported in financial statements previously issued or available for issuance. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2014. If applicable, this standard will change the presentation of the Company's financial statements but will not affect the calculation of net income, comprehensive income or earnings per share. The Company plans to adopt ASU 2014-08 effective January 1, 2015. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 requires a company to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. The guidance requires five steps to be applied: 1) identify the contract(s) with customers, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocated the transaction price to the performance obligation in the contract and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also requires both quantitative and qualitative disclosures, which are more comprehensive than existing revenue standards. The disclosures are intended to enable financial statement users to understand the nature, timing and uncertainty of revenue and the related cash flow. An entity can apply the new revenue standard retrospectively to each prior reporting period presented or retrospective with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. The new accounting guidance is effective for annual periods beginning after December 15, 2016 and early adoption is not permitted. The Company is currently reviewing the impact of the adoption of ASU 2014-09 on the Company's financial statements. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||
The assets and liabilities of Altimate were the following as of the date of the sale, August 29, 2014, and as of December 31, 2013 (in thousands): | |||||||||
August 29, | December 31, | ||||||||
2014 | 2013 | ||||||||
Trade receivables, net | $ | 2,019 | $ | 2,055 | |||||
Inventories, net | 1,954 | 1,703 | |||||||
Other current assets | 246 | 10 | |||||||
Property and Equipment, net | 176 | 181 | |||||||
Other Intangibles | 1,047 | 1,530 | |||||||
Assets sold | $ | 5,442 | $ | 5,479 | |||||
Accounts payable | $ | 425 | $ | 544 | |||||
Accrued expenses | 316 | 220 | |||||||
Liabilities sold | $ | 741 | $ | 764 | |||||
Receivables_Tables
Receivables (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||
Schedule of Installment Receivables | ' | |||||||||||||||||||||||
Installment receivables consist of the following (in thousands): | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Current | Long- | Total | Current | Long- | Total | |||||||||||||||||||
Term | Term | |||||||||||||||||||||||
Installment receivables | $ | 2,940 | $ | 5,854 | $ | 8,794 | $ | 3,242 | $ | 5,677 | $ | 8,919 | ||||||||||||
Less: Unearned interest | (49 | ) | — | (49 | ) | (61 | ) | — | (61 | ) | ||||||||||||||
2,891 | 5,854 | 8,745 | 3,181 | 5,677 | 8,858 | |||||||||||||||||||
Allowance for doubtful accounts | (1,567 | ) | (4,650 | ) | (6,217 | ) | (1,619 | ) | (4,420 | ) | (6,039 | ) | ||||||||||||
$ | 1,324 | $ | 1,204 | $ | 2,528 | $ | 1,562 | $ | 1,257 | $ | 2,819 | |||||||||||||
Schedule of Installment Receivables Allowance for Doubtful Accounts | ' | |||||||||||||||||||||||
The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands): | ||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||
Balance as of beginning of period | $ | 6,039 | $ | 3,823 | ||||||||||||||||||||
Current period provision | 543 | 3,457 | ||||||||||||||||||||||
Direct write-offs charged against the allowance | (365 | ) | (1,241 | ) | ||||||||||||||||||||
Balance as of end of period | $ | 6,217 | $ | 6,039 | ||||||||||||||||||||
Schedule of Installment Receivables by Class | ' | |||||||||||||||||||||||
Installment receivables by class as of September 30, 2014 consist of the following (in thousands): | ||||||||||||||||||||||||
Total | Unpaid | Related | Interest | |||||||||||||||||||||
Installment | Principal | Allowance | Income | |||||||||||||||||||||
Receivables | Balance | for | Recognized | |||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||
Accounts | ||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | $ | 7,580 | $ | 7,580 | $ | 6,136 | $ | — | ||||||||||||||||
Canada | ||||||||||||||||||||||||
Non-Impaired Installment receivables with no related allowance recorded | 1,133 | 1,084 | — | 64 | ||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | 81 | 81 | 81 | — | ||||||||||||||||||||
Total Canadian Installment Receivables | $ | 1,214 | $ | 1,165 | $ | 81 | $ | 64 | ||||||||||||||||
Total | ||||||||||||||||||||||||
Non-Impaired Installment receivables with no related allowance recorded | 1,133 | 1,084 | — | 64 | ||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | 7,661 | 7,661 | 6,217 | — | ||||||||||||||||||||
Total Installment Receivables | $ | 8,794 | $ | 8,745 | $ | 6,217 | $ | 64 | ||||||||||||||||
Installment receivables by class as of December 31, 2013 consist of the following (in thousands): | ||||||||||||||||||||||||
Total | Unpaid | Related | Interest | |||||||||||||||||||||
Installment | Principal | Allowance | Income | |||||||||||||||||||||
Receivables | Balance | for | Recognized | |||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||
Accounts | ||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | $ | 7,464 | $ | 7,464 | $ | 5,951 | $ | — | ||||||||||||||||
Canada | ||||||||||||||||||||||||
Non-Impaired Installment receivables with no related allowance recorded | 1,367 | 1,306 | — | 101 | ||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | 88 | 88 | 88 | — | ||||||||||||||||||||
Total Canadian Installment Receivables | $ | 1,455 | $ | 1,394 | $ | 88 | $ | 101 | ||||||||||||||||
Total | ||||||||||||||||||||||||
Non-Impaired Installment receivables with no related allowance recorded | 1,367 | 1,306 | — | 101 | ||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | 7,552 | 7,552 | 6,039 | — | ||||||||||||||||||||
Total Installment Receivables | $ | 8,919 | $ | 8,858 | $ | 6,039 | $ | 101 | ||||||||||||||||
Schedule of Financing Receivables | ' | |||||||||||||||||||||||
Installment receivables by class as of September 30, 2014 consist of the following (in thousands): | ||||||||||||||||||||||||
Total | Unpaid | Related | Interest | |||||||||||||||||||||
Installment | Principal | Allowance | Income | |||||||||||||||||||||
Receivables | Balance | for | Recognized | |||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||
Accounts | ||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | $ | 7,580 | $ | 7,580 | $ | 6,136 | $ | — | ||||||||||||||||
Canada | ||||||||||||||||||||||||
Non-Impaired Installment receivables with no related allowance recorded | 1,133 | 1,084 | — | 64 | ||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | 81 | 81 | 81 | — | ||||||||||||||||||||
Total Canadian Installment Receivables | $ | 1,214 | $ | 1,165 | $ | 81 | $ | 64 | ||||||||||||||||
Total | ||||||||||||||||||||||||
Non-Impaired Installment receivables with no related allowance recorded | 1,133 | 1,084 | — | 64 | ||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | 7,661 | 7,661 | 6,217 | — | ||||||||||||||||||||
Total Installment Receivables | $ | 8,794 | $ | 8,745 | $ | 6,217 | $ | 64 | ||||||||||||||||
Installment receivables by class as of December 31, 2013 consist of the following (in thousands): | ||||||||||||||||||||||||
Total | Unpaid | Related | Interest | |||||||||||||||||||||
Installment | Principal | Allowance | Income | |||||||||||||||||||||
Receivables | Balance | for | Recognized | |||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||
Accounts | ||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | $ | 7,464 | $ | 7,464 | $ | 5,951 | $ | — | ||||||||||||||||
Canada | ||||||||||||||||||||||||
Non-Impaired Installment receivables with no related allowance recorded | 1,367 | 1,306 | — | 101 | ||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | 88 | 88 | 88 | — | ||||||||||||||||||||
Total Canadian Installment Receivables | $ | 1,455 | $ | 1,394 | $ | 88 | $ | 101 | ||||||||||||||||
Total | ||||||||||||||||||||||||
Non-Impaired Installment receivables with no related allowance recorded | 1,367 | 1,306 | — | 101 | ||||||||||||||||||||
Impaired Installment receivables with a related allowance recorded | 7,552 | 7,552 | 6,039 | — | ||||||||||||||||||||
Total Installment Receivables | $ | 8,919 | $ | 8,858 | $ | 6,039 | $ | 101 | ||||||||||||||||
Schedule of Aging of Installment Receivables | ' | |||||||||||||||||||||||
The aging of the Company’s installment receivables was as follows (in thousands): | ||||||||||||||||||||||||
September 30, 2014 | 31-Dec-13 | |||||||||||||||||||||||
Total | U.S. | Canada | Total | U.S. | Canada | |||||||||||||||||||
Current | $ | 1,104 | $ | — | $ | 1,104 | $ | 1,338 | $ | — | $ | 1,338 | ||||||||||||
0-30 Days Past Due | 8 | — | 8 | 7 | — | 7 | ||||||||||||||||||
31-60 Days Past Due | 1 | — | 1 | — | — | — | ||||||||||||||||||
61-90 Days Past Due | — | — | — | — | — | — | ||||||||||||||||||
90+ Days Past Due | 7,681 | 7,580 | 101 | 7,574 | 7,464 | 110 | ||||||||||||||||||
$ | 8,794 | $ | 7,580 | $ | 1,214 | $ | 8,919 | $ | 7,464 | $ | 1,455 | |||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
Inventories consist of the following (in thousands): | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Finished goods | $ | 86,690 | $ | 77,909 | ||||
Raw materials | 61,534 | 63,123 | ||||||
Work in process | 14,509 | 14,605 | ||||||
$ | 162,733 | $ | 155,637 | |||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Schedule of Other Current Assets | ' | |||||||
Other current assets consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Value added tax receivables | $ | 18,438 | $ | 20,445 | ||||
Recoverable income taxes | 2,359 | 2,465 | ||||||
Derivatives (foreign currency forward contracts) | 1,140 | 789 | ||||||
Prepaid insurance | 214 | 4,556 | ||||||
Prepaid and other current assets | 15,110 | 12,917 | ||||||
$ | 37,261 | $ | 41,172 | |||||
Other_LongTerm_Assets_Tables
Other Long-Term Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Schedule of Other Assets, Noncurrent | ' | |||||||
Other long-term assets consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Cash surrender value of life insurance policies | $ | 24,700 | $ | 36,522 | ||||
Deferred Financing Fees | 333 | 1,096 | ||||||
Investments | 642 | 998 | ||||||
Installment receivables | 1,204 | 1,257 | ||||||
Deferred taxes | 3,894 | 4,741 | ||||||
Other | 1,228 | 1,322 | ||||||
$ | 32,001 | $ | 45,936 | |||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property and equipment consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Machinery and equipment | $ | 353,389 | $ | 358,061 | ||||
Land, buildings and improvements | 89,467 | 91,389 | ||||||
Furniture and fixtures | 12,448 | 12,774 | ||||||
Leasehold improvements | 14,937 | 14,931 | ||||||
470,241 | 477,155 | |||||||
Less allowance for depreciation | (376,760 | ) | (371,006 | ) | ||||
$ | 93,481 | $ | 106,149 | |||||
Other_Intangibles_Tables
Other Intangibles (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Indefinite-Lived Intangible Assets | ' | |||||||||||||||
The Company's intangibles consist of the following (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Historical | Accumulated | Historical | Accumulated | |||||||||||||
Cost | Amortization | Cost | Amortization | |||||||||||||
Customer Lists | $ | 83,681 | $ | 70,451 | $ | 92,637 | $ | 65,158 | ||||||||
Trademarks | 30,681 | — | 31,649 | — | ||||||||||||
License Agreements | 1,322 | 1,322 | 1,393 | 1,393 | ||||||||||||
Developed Technology | 8,663 | 6,522 | 9,916 | 7,191 | ||||||||||||
Patents | 6,226 | 5,821 | 6,107 | 5,568 | ||||||||||||
Other | 6,619 | 7,257 | 7,702 | 7,510 | ||||||||||||
$ | 137,192 | $ | 91,373 | $ | 149,404 | $ | 86,820 | |||||||||
Schedule of Finite-Lived Intangible Assets | ' | |||||||||||||||
The Company's intangibles consist of the following (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Historical | Accumulated | Historical | Accumulated | |||||||||||||
Cost | Amortization | Cost | Amortization | |||||||||||||
Customer Lists | $ | 83,681 | $ | 70,451 | $ | 92,637 | $ | 65,158 | ||||||||
Trademarks | 30,681 | — | 31,649 | — | ||||||||||||
License Agreements | 1,322 | 1,322 | 1,393 | 1,393 | ||||||||||||
Developed Technology | 8,663 | 6,522 | 9,916 | 7,191 | ||||||||||||
Patents | 6,226 | 5,821 | 6,107 | 5,568 | ||||||||||||
Other | 6,619 | 7,257 | 7,702 | 7,510 | ||||||||||||
$ | 137,192 | $ | 91,373 | $ | 149,404 | $ | 86,820 | |||||||||
Current_Liabilities_Tables
Current Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accrued Expenses | ' | |||||||
Accrued expenses consist of accruals for the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Salaries and wages | $ | 38,506 | $ | 39,861 | ||||
Taxes other than income taxes, primarily Value Added Taxes | 26,554 | 24,525 | ||||||
Warranty cost | 32,464 | 27,393 | ||||||
Supplemental Executive Retirement Program | 8,671 | 391 | ||||||
Freight | 6,255 | 7,636 | ||||||
Professional | 7,019 | 6,516 | ||||||
Product liability, current portion | 3,487 | 3,183 | ||||||
Rebates | 2,137 | 1,681 | ||||||
Insurance | 2,432 | 2,549 | ||||||
Interest | 1,167 | 1,041 | ||||||
Derivative liabilities | 3,609 | 1,212 | ||||||
Severance | 4,734 | 3,986 | ||||||
Other items, principally trade accruals | 13,010 | 13,126 | ||||||
$ | 150,045 | $ | 133,100 | |||||
Warrany_Costs_Tables
Warrany Costs (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Product Warranties Disclosures [Abstract] | ' | |||
Accrued Warranty Costs | ' | |||
The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands): | ||||
Balance as of January 1, 2014 | $ | 27,393 | ||
Warranties provided during the period | 17,763 | |||
Settlements made during the period | (17,051 | ) | ||
Changes in liability for pre-existing warranties during the period, including expirations | 4,359 | |||
Balance as of September 30, 2014 | $ | 32,464 | ||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments | ' | |||||||
Debt consists of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Senior secured revolving credit facility, due in October 2015 | $ | 8,000 | $ | 28,109 | ||||
Convertible senior subordinated debentures at 4.125%, due in February 2027 | 11,166 | 10,641 | ||||||
Other notes and lease obligations | 5,522 | 6,536 | ||||||
24,688 | 45,286 | |||||||
Less current maturities of long-term debt | (781 | ) | (14,102 | ) | ||||
$ | 23,907 | $ | 31,184 | |||||
Schedule of Line of Credit Facilities | ' | |||||||
An increase in the maximum leverage ratio for the first three quarters of 2014, with quarterly ratios as described in the following table: | ||||||||
Fiscal Quarter Ending | Maximum Leverage Ratio | |||||||
31-Mar-14 | 4.75 | to | 1 | |||||
30-Jun-14 | 4.5 | to | 1 | |||||
30-Sep-14 | 4 | to | 1 | |||||
December 31, 2014 and thereafter | 3.5 | to | 1 | |||||
Schedule of Convertible Debt | ' | |||||||
The liability components of the Company’s convertible debt consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Principal amount of liability component | $ | 13,350 | $ | 13,350 | ||||
Unamortized discount | (2,184 | ) | (2,709 | ) | ||||
Net carrying amount of liability component | $ | 11,166 | $ | 10,641 | ||||
Other_LongTerm_Obligations_Tab
Other Long-Term Obligations (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Noncurrent Liabilities | ' | |||||||
Other long-term obligations consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Supplemental Executive Retirement Plan (SERP) liability | $ | 18,673 | $ | 27,049 | ||||
Product liability | 17,555 | 17,185 | ||||||
Deferred income taxes | 33,834 | 36,328 | ||||||
Deferred compensation | 7,808 | 11,679 | ||||||
Uncertain tax obligation including interest | 15,897 | 15,524 | ||||||
Other | 9,373 | 10,511 | ||||||
Total long-term obligations | $ | 103,140 | $ | 118,276 | ||||
Shareholders_Equity_Transactio1
Shareholders' Equity Transactions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | |||||||||||||||
The amount of stock-based compensation expense recognized under the provisions of Compensation-Stock Compensation, ASC 718 was as follows (in thousands): | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock-based compensation expense recognized as part of selling, general and administrative expense | $ | 1,934 | $ | 2,148 | 4,404 | 4,721 | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||
The following table summarizes information about stock option activity for the nine months ended September 30, 2014: | ||||||||||||||||
September 30, 2014 | Weighted | |||||||||||||||
Average | ||||||||||||||||
Exercise | ||||||||||||||||
Price | ||||||||||||||||
Options outstanding at January 1, 2014 | 4,533,782 | $ | 23.86 | |||||||||||||
Granted | 8,977 | 16.71 | ||||||||||||||
Exercised | (9,885 | ) | 14.76 | |||||||||||||
Canceled | (638,206 | ) | 28.54 | |||||||||||||
Options outstanding at September 30, 2014 | 3,894,668 | $ | 23.1 | |||||||||||||
Options exercise price range at September 30, 2014 | $ 12.42 to | |||||||||||||||
$ | 47.8 | |||||||||||||||
Options exercisable at September 30, 2014 | 3,152,241 | |||||||||||||||
Shares available for grant at September 30, 2014* | 3,646,676 | |||||||||||||||
________________________ | ||||||||||||||||
* | Shares available for grant as of September 30, 2014 reduced by net restricted stock and restricted stock unit award and performance share and performance share unit award activity of 462,352 shares and 341,332 shares, respectively during the quarter. | |||||||||||||||
Schedule of Share-based Compensation, Stock Options Outstanding | ' | |||||||||||||||
The following table summarizes information about stock options outstanding at September 30, 2014: | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Exercise Prices | Number | Weighted Average | Weighted Average | Number | Weighted Average | |||||||||||
Outstanding | Remaining | Exercise Price | Exercisable | Exercise Price | ||||||||||||
At 9/30/14 | Contractual Life (Years) | At 9/30/14 | ||||||||||||||
$ 12.42 – $15.00 | 1,057,821 | 8 | $ | 13.92 | 437,501 | $ | 13.79 | |||||||||
$ 15.01 – $25.00 | 1,523,112 | 4.6 | 22.45 | 1,403,441 | 22.36 | |||||||||||
$ 25.01 – $35.00 | 884,470 | 4.7 | 25.73 | 882,034 | 25.71 | |||||||||||
$ 35.01 – $47.80 | 429,265 | 0.7 | 42.61 | 429,265 | 42.61 | |||||||||||
Total | 3,894,668 | 5.1 | $ | 23.1 | 3,152,241 | $ | 24.86 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Changes in accumulated other comprehensive income ("OCI") for the three and nine months ended September 30, 2014 and September 30, 2013, respectively, were as follows (in thousands): | |||||||||||||||||||||
Foreign Currency | Long-Term Notes | Defined Benefit Plans | Derivatives | Total | |||||||||||||||||
30-Jun-14 | $ | 137,352 | $ | (4,361 | ) | $ | (4,855 | ) | $ | (567 | ) | $ | 127,569 | ||||||||
OCI before reclassifications | (24,470 | ) | 1,634 | (56 | ) | 451 | (22,441 | ) | |||||||||||||
Amount reclassified from accumulated OCI | — | — | 84 | 11 | 95 | ||||||||||||||||
Net current-period OCI | (24,470 | ) | 1,634 | 28 | 462 | (22,346 | ) | ||||||||||||||
30-Sep-14 | $ | 112,882 | $ | (2,727 | ) | $ | (4,827 | ) | $ | (105 | ) | $ | 105,223 | ||||||||
31-Dec-13 | $ | 143,845 | $ | (12,566 | ) | $ | (5,414 | ) | $ | (709 | ) | $ | 125,156 | ||||||||
OCI before reclassifications | (30,963 | ) | 9,839 | 380 | 127 | (20,617 | ) | ||||||||||||||
Amount reclassified from accumulated OCI | — | — | 207 | 477 | 684 | ||||||||||||||||
Net current-period OCI | (30,963 | ) | 9,839 | 587 | 604 | (19,933 | ) | ||||||||||||||
30-Sep-14 | $ | 112,882 | $ | (2,727 | ) | $ | (4,827 | ) | $ | (105 | ) | $ | 105,223 | ||||||||
Foreign Currency | Long-Term Notes | Defined Benefit Plans | Derivatives | Total | |||||||||||||||||
30-Jun-13 | $ | 117,817 | $ | (6,743 | ) | $ | (6,419 | ) | $ | 59 | $ | 104,714 | |||||||||
OCI before reclassifications | 17,852 | (8,062 | ) | 265 | (197 | ) | 9,858 | ||||||||||||||
Amount reclassified from accumulated OCI | — | — | (62 | ) | 78 | 16 | |||||||||||||||
Net current-period OCI | 17,852 | (8,062 | ) | 203 | (119 | ) | 9,874 | ||||||||||||||
30-Sep-13 | $ | 135,669 | $ | (14,805 | ) | $ | (6,216 | ) | $ | (60 | ) | $ | 114,588 | ||||||||
December 31, 2012 | $ | 117,465 | $ | 2,845 | $ | (6,785 | ) | $ | (782 | ) | $ | 112,743 | |||||||||
OCI before reclassifications | 18,204 | (17,650 | ) | 750 | 650 | 1,954 | |||||||||||||||
Amount reclassified from accumulated OCI | — | — | (181 | ) | 72 | (109 | ) | ||||||||||||||
Net current-period OCI | 18,204 | (17,650 | ) | 569 | 722 | 1,845 | |||||||||||||||
September 30, 2013 | $ | 135,669 | $ | (14,805 | ) | $ | (6,216 | ) | $ | (60 | ) | $ | 114,588 | ||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Reclassifications out of accumulated OCI for the nine months ended September 30, 2014 and September 30, 2013 were as follows (in thousands): | |||||||||||||||||||||
Amount reclassified from OCI | Affected line item in the Statement of Comprehensive (Income) Loss | ||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Defined Benefit Plans | |||||||||||||||||||||
Service and interest costs | 84 | (64 | ) | $ | 207 | $ | (187 | ) | Selling, General and Administrative | ||||||||||||
Tax | — | 2 | — | 6 | Income Taxes | ||||||||||||||||
Total after tax | $ | 84 | $ | (62 | ) | $ | 207 | $ | (181 | ) | |||||||||||
Derivatives | |||||||||||||||||||||
Foreign currency forward contracts hedging sales | $ | 369 | $ | (54 | ) | $ | 517 | $ | (496 | ) | Net Sales | ||||||||||
Foreign currency forward contracts hedging purchases | (316 | ) | 128 | 68 | 453 | Cost of Products Sold | |||||||||||||||
Interest rate swaps | — | 13 | 12 | 139 | Interest Expense | ||||||||||||||||
Total before tax | 53 | 87 | 597 | 96 | |||||||||||||||||
Tax | (42 | ) | (9 | ) | (120 | ) | (24 | ) | Income Taxes | ||||||||||||
Total after tax | $ | 11 | $ | 78 | $ | 477 | $ | 72 | |||||||||||||
Charges_Related_To_Restructuri1
Charges Related To Restructuring Activities (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Schedule of Restructuring and Related Costs | ' | |||||||||||||||||||
A progression by reporting segment of the accruals recorded as a result of the restructuring is as follows (in thousands): | ||||||||||||||||||||
Severance | Product Line | Contract | Other | Total | ||||||||||||||||
Discontinuance | Terminations | |||||||||||||||||||
December 31, 2010 Balance | ||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Charges | ||||||||||||||||||||
NA/HME | 4,755 | — | — | 4 | 4,759 | |||||||||||||||
IPG | 123 | — | — | — | 123 | |||||||||||||||
Europe | 3,288 | 277 | 1,788 | 113 | 5,466 | |||||||||||||||
Asia/Pacific | 186 | — | — | — | 186 | |||||||||||||||
Total | 8,352 | 277 | 1,788 | 117 | 10,534 | |||||||||||||||
Payments | ||||||||||||||||||||
NA/HME | (1,663 | ) | — | — | (4 | ) | (1,667 | ) | ||||||||||||
IPG | (52 | ) | — | — | — | (52 | ) | |||||||||||||
Europe | (1,546 | ) | (277 | ) | (1,714 | ) | (113 | ) | (3,650 | ) | ||||||||||
Asia/Pacific | (186 | ) | — | — | — | (186 | ) | |||||||||||||
Total | (3,447 | ) | (277 | ) | (1,714 | ) | (117 | ) | (5,555 | ) | ||||||||||
December 31, 2011 Balance | ||||||||||||||||||||
NA/HME | 3,092 | — | — | — | 3,092 | |||||||||||||||
IPG | 71 | — | — | — | 71 | |||||||||||||||
Europe | 1,742 | — | 74 | — | 1,816 | |||||||||||||||
Asia/Pacific | — | — | — | — | — | |||||||||||||||
Total | $ | 4,905 | $ | — | $ | 74 | $ | — | $ | 4,979 | ||||||||||
Severance | Product Line | Contract | Other | Total | ||||||||||||||||
Discontinuance | Terminations | |||||||||||||||||||
Charges | ||||||||||||||||||||
NA/HME | $ | 4,242 | $ | — | $ | 5 | $ | — | $ | 4,247 | ||||||||||
IPG | 35 | — | — | — | 35 | |||||||||||||||
Europe | 817 | — | 53 | 1,223 | 2,093 | |||||||||||||||
Asia/Pacific | 1,681 | 491 | 1,667 | 1,181 | 5,020 | |||||||||||||||
Total | 6,775 | 491 | 1,725 | 2,404 | 11,395 | |||||||||||||||
Payments | ||||||||||||||||||||
NA/HME | (3,587 | ) | — | (5 | ) | — | (3,592 | ) | ||||||||||||
IPG | (106 | ) | — | — | — | (106 | ) | |||||||||||||
Europe | (1,964 | ) | — | (127 | ) | (1,223 | ) | (3,314 | ) | |||||||||||
Asia/Pacific | (812 | ) | (340 | ) | (42 | ) | (1,175 | ) | (2,369 | ) | ||||||||||
Total | (6,469 | ) | (340 | ) | (174 | ) | (2,398 | ) | (9,381 | ) | ||||||||||
December 31, 2012 Balance | ||||||||||||||||||||
NA/HME | 3,747 | — | — | — | 3,747 | |||||||||||||||
IPG | — | — | — | — | — | |||||||||||||||
Europe | 595 | — | — | — | 595 | |||||||||||||||
Asia/Pacific | 869 | 151 | 1,625 | 6 | 2,651 | |||||||||||||||
Total | 5,211 | 151 | 1,625 | 6 | 6,993 | |||||||||||||||
Charges | ||||||||||||||||||||
NA/HME | 5,405 | — | 164 | 353 | 5,922 | |||||||||||||||
IPG | 267 | — | — | — | 267 | |||||||||||||||
Europe | 1,640 | — | — | — | 1,640 | |||||||||||||||
Asia/Pacific | 970 | — | 534 | 3 | 1,507 | |||||||||||||||
Total | 8,282 | — | 698 | 356 | 9,336 | |||||||||||||||
Payments | ||||||||||||||||||||
NA/HME | (6,347 | ) | — | (164 | ) | (353 | ) | (6,864 | ) | |||||||||||
IPG | (175 | ) | — | — | — | (175 | ) | |||||||||||||
Europe | (1,146 | ) | — | — | — | (1,146 | ) | |||||||||||||
Asia/Pacific | (1,839 | ) | (151 | ) | (1,660 | ) | (9 | ) | (3,659 | ) | ||||||||||
Total | (9,507 | ) | (151 | ) | (1,824 | ) | (362 | ) | (11,844 | ) | ||||||||||
December 31, 2013 Balance | ||||||||||||||||||||
NA/HME | 2,805 | — | — | — | 2,805 | |||||||||||||||
IPG | 92 | — | — | — | 92 | |||||||||||||||
Europe | 1,089 | — | — | — | 1,089 | |||||||||||||||
Asia/Pacific | — | — | 499 | — | 499 | |||||||||||||||
3,986 | — | 499 | — | 4,485 | ||||||||||||||||
Charges | ||||||||||||||||||||
NA/HME | 803 | — | — | — | 803 | |||||||||||||||
IPG | 340 | — | — | 719 | 1,059 | |||||||||||||||
Europe | 378 | — | — | — | 378 | |||||||||||||||
Asia/Pacific | — | — | — | — | — | |||||||||||||||
Total | $ | 1,521 | $ | — | $ | — | $ | 719 | $ | 2,240 | ||||||||||
Severance | Product Line | Contract | Other | Total | ||||||||||||||||
Discontinuance | Terminations | |||||||||||||||||||
Payments | ||||||||||||||||||||
NA/HME | $ | (1,120 | ) | $ | — | $ | — | $ | — | $ | (1,120 | ) | ||||||||
IPG | (35 | ) | — | — | (719 | ) | (754 | ) | ||||||||||||
Europe | (597 | ) | — | — | — | (597 | ) | |||||||||||||
Asia/Pacific | — | — | (154 | ) | — | (154 | ) | |||||||||||||
Total | (1,752 | ) | — | (154 | ) | (719 | ) | (2,625 | ) | |||||||||||
March 31, 2014 Balance | ||||||||||||||||||||
NA/HME | 2,488 | — | — | — | 2,488 | |||||||||||||||
IPG | 397 | — | — | — | 397 | |||||||||||||||
Europe | 870 | — | — | — | 870 | |||||||||||||||
Asia/Pacific | — | — | 345 | — | 345 | |||||||||||||||
3,755 | — | 345 | — | 4,100 | ||||||||||||||||
Charges | ||||||||||||||||||||
NA/HME | 845 | — | — | — | 845 | |||||||||||||||
IPG | 394 | — | — | 264 | 658 | |||||||||||||||
Europe | 58 | — | — | 525 | 583 | |||||||||||||||
Asia/Pacific | — | — | 4 | — | 4 | |||||||||||||||
Total | 1,297 | — | 4 | 789 | 2,090 | |||||||||||||||
Payments | ||||||||||||||||||||
NA/HME | (1,303 | ) | — | — | — | (1,303 | ) | |||||||||||||
IPG | (32 | ) | — | — | (264 | ) | (296 | ) | ||||||||||||
Europe | (226 | ) | — | — | (525 | ) | (751 | ) | ||||||||||||
Asia/Pacific | — | — | — | — | — | |||||||||||||||
Total | (1,561 | ) | — | — | (789 | ) | (2,350 | ) | ||||||||||||
June 30, 2014 Balance | ||||||||||||||||||||
NA/HME | 2,030 | — | — | — | 2,030 | |||||||||||||||
IPG | 759 | — | — | — | 759 | |||||||||||||||
Europe | 702 | — | — | — | 702 | |||||||||||||||
Asia/Pacific | — | — | 349 | — | 349 | |||||||||||||||
3,491 | — | 349 | — | 3,840 | ||||||||||||||||
Charges | ||||||||||||||||||||
NA/HME | 3,041 | — | — | — | 3,041 | |||||||||||||||
IPG | 429 | — | — | 162 | 591 | |||||||||||||||
Europe | 69 | — | — | — | 69 | |||||||||||||||
Asia/Pacific | 376 | — | — | — | 376 | |||||||||||||||
Total | 3,915 | — | — | 162 | 4,077 | |||||||||||||||
Payments | ||||||||||||||||||||
NA/HME | (1,466 | ) | — | — | — | (1,466 | ) | |||||||||||||
IPG | (618 | ) | — | — | (162 | ) | (780 | ) | ||||||||||||
Europe | (240 | ) | — | — | — | (240 | ) | |||||||||||||
Asia/Pacific | (348 | ) | — | — | — | (348 | ) | |||||||||||||
Total | $ | (2,672 | ) | $ | — | $ | — | $ | (162 | ) | $ | (2,834 | ) | |||||||
Severance | Product Line | Contract | Other | Total | ||||||||||||||||
Discontinuance | Terminations | |||||||||||||||||||
September 30, 2014 Balance | ||||||||||||||||||||
NA/HME | $ | 3,605 | $ | — | $ | — | $ | — | $ | 3,605 | ||||||||||
IPG | 570 | — | — | — | 570 | |||||||||||||||
Europe | 531 | — | — | — | 531 | |||||||||||||||
Asia/Pacific | 28 | — | 349 | — | 377 | |||||||||||||||
$ | 4,734 | $ | — | $ | 349 | $ | — | $ | 5,083 | |||||||||||
Net_Earnings_Loss_Per_Common_S1
Net Earnings (Loss) Per Common Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted net earnings (loss) per common share for the periods indicated. | ||||||||||||||||
(In thousands except per share data) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic | ||||||||||||||||
Average common shares outstanding | 32,006 | 31,902 | 32,005 | 31,902 | ||||||||||||
Net loss from continuing operations | (28,725 | ) | (6,274 | ) | (62,075 | ) | (38,325 | ) | ||||||||
Net earnings from discontinued operations | 13,629 | 22,376 | 15,390 | 77,146 | ||||||||||||
Net earnings (loss) | (15,096 | ) | 16,102 | (46,685 | ) | 38,821 | ||||||||||
Net loss per common share from continuing operations | $ | (0.90 | ) | $ | (0.20 | ) | $ | (1.94 | ) | $ | (1.20 | ) | ||||
Net earnings per common share from discontinued operations | $ | 0.43 | $ | 0.7 | $ | 0.48 | $ | 2.42 | ||||||||
Net earnings (loss) per common share | $ | (0.47 | ) | $ | 0.5 | $ | (1.46 | ) | $ | 1.22 | ||||||
Diluted | ||||||||||||||||
Average common shares outstanding | 32,006 | 31,902 | 32,005 | 31,902 | ||||||||||||
Stock options and awards | 188 | 164 | 211 | 107 | ||||||||||||
Average common shares assuming dilution | 32,194 | 32,066 | 32,216 | 32,009 | ||||||||||||
Net loss from continuing operations | $ | (28,725 | ) | $ | (6,274 | ) | $ | (62,075 | ) | $ | (38,325 | ) | ||||
Net earnings from discontinued operations | $ | 13,629 | $ | 22,376 | $ | 15,390 | $ | 77,146 | ||||||||
Net earnings (loss) | $ | (15,096 | ) | $ | 16,102 | $ | (46,685 | ) | $ | 38,821 | ||||||
Net loss per common share from continuing operations * | $ | (0.90 | ) | $ | (0.20 | ) | $ | (1.94 | ) | $ | (1.20 | ) | ||||
Net earnings per common share from discontinued operations | $ | 0.42 | $ | 0.7 | $ | 0.48 | $ | 2.41 | ||||||||
Net earnings (loss) per common share * | $ | (0.47 | ) | $ | 0.5 | $ | (1.46 | ) | $ | 1.21 | ||||||
* Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. |
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | |||||||||||||||
Outstanding foreign currency forward exchange contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Notional | Unrealized | Notional | Unrealized | |||||||||||||
Amount | Net Gain | Amount | Net Gain | |||||||||||||
(Loss) | (Loss) | |||||||||||||||
USD / AUD | $ | 582 | $ | 10 | $ | — | $ | — | ||||||||
USD / CNY | 3,242 | (24 | ) | 11,730 | (66 | ) | ||||||||||
USD / CHF | 97 | 2 | 486 | 4 | ||||||||||||
USD / EUR | 14,563 | 533 | 51,106 | (168 | ) | |||||||||||
USD / GBP | 604 | (19 | ) | 2,686 | (45 | ) | ||||||||||
USD / NZD | 1,012 | (19 | ) | — | — | |||||||||||
USD / SEK | 479 | 37 | 2,485 | 58 | ||||||||||||
USD / MXP | 2,754 | 6 | 5,960 | 102 | ||||||||||||
EUR / AUD | 163 | (11 | ) | — | — | |||||||||||
EUR / CAD | 380 | (7 | ) | 1,710 | (1 | ) | ||||||||||
EUR / CHF | 718 | 13 | 2,654 | 1 | ||||||||||||
EUR / DKK | 306 | (1 | ) | 1,382 | (5 | ) | ||||||||||
EUR / GBP | 7,603 | (529 | ) | 29,614 | (501 | ) | ||||||||||
EUR / SEK | 808 | 48 | 3,432 | 75 | ||||||||||||
EUR / NOK | 962 | (10 | ) | 3,135 | 66 | |||||||||||
EUR / NZD | 1,747 | 61 | 6,959 | (111 | ) | |||||||||||
AUD / CAD | 354 | 8 | — | — | ||||||||||||
AUD / NZD | 255 | (13 | ) | — | — | |||||||||||
GBP / CHF | 218 | (14 | ) | 837 | (26 | ) | ||||||||||
GBP / SEK | 519 | (67 | ) | 2,078 | (101 | ) | ||||||||||
DKK / SEK | 1,193 | (50 | ) | 5,337 | (94 | ) | ||||||||||
NOK / SEK | 818 | (39 | ) | 3,418 | 31 | |||||||||||
$ | 39,377 | $ | (85 | ) | $ | 135,009 | $ | (781 | ) | |||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | |||||||||||||||
Foreign currency forward exchange contracts not qualifying or designated for hedge accounting treatment entered into in 2014 and 2013, respectively, and outstanding were as follows (in thousands USD): | ||||||||||||||||
September 30, 2014 | 31-Dec-13 | |||||||||||||||
Notional | Gain | Notional | Gain | |||||||||||||
Amount | (Loss) | Amount | (Loss) | |||||||||||||
AUD / USD | $ | 4,200 | $ | 110 | $ | 225 | $ | (1 | ) | |||||||
CAD / USD | 4,565 | (103 | ) | — | $ | — | ||||||||||
CNY / USD | 3,247 | (29 | ) | — | — | |||||||||||
EUR / USD | 98,628 | (1,617 | ) | 14,867 | 250 | |||||||||||
CHF / USD | 328 | (14 | ) | 1,645 | 35 | |||||||||||
DKK / USD | 11,344 | (580 | ) | — | — | |||||||||||
GBP / USD | 8,653 | (49 | ) | — | — | |||||||||||
NOK / USD | 3,774 | (52 | ) | — | — | |||||||||||
NZD / USD | 4,500 | 68 | 3,824 | (1 | ) | |||||||||||
SEK / USD | 719 | (32 | ) | — | — | |||||||||||
EUR / AUD | 2,142 | (85 | ) | 2,039 | 80 | |||||||||||
EUR / CAD | 19 | (1 | ) | — | — | |||||||||||
EUR / DKK | 33 | — | 5,470 | (3 | ) | |||||||||||
AUD / CAD | — | — | 5,989 | 10 | ||||||||||||
EUR / NOK | 4 | — | — | — | ||||||||||||
$ | 142,156 | $ | (2,384 | ) | $ | 34,059 | $ | 370 | ||||||||
Schedule of Derivatives Instruments Statements of Financial Position, Fair Value | ' | |||||||||||||||
The fair values of the Company’s derivative instruments were as follows (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 740 | $ | 825 | $ | 414 | $ | 1,195 | ||||||||
Interest rate swap contracts | — | — | — | 12 | ||||||||||||
Derivatives not designated as hedging instruments under ASC 815 | ||||||||||||||||
Foreign currency forward exchange contracts | 400 | 2,784 | 375 | 5 | ||||||||||||
Total derivatives | $ | 1,140 | $ | 3,609 | $ | 789 | $ | 1,212 | ||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ' | |||||||||||||||
The effect of derivative instruments on Accumulated Other Comprehensive Income (OCI) and the Statement of Comprehensive Income (Loss) and was as follows (in thousands): | ||||||||||||||||
Derivatives in ASC 815 cash flow hedge | Amount of Gain | Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||
relationships | (Loss) Recognized in Accumulated OCI on Derivatives | Reclassified from | Recognized in Income on | |||||||||||||
(Effective Portion) | Accumulated OCI into | Derivatives (Ineffective Portion | ||||||||||||||
Income (Effective | and Amount Excluded from | |||||||||||||||
Portion) | Effectiveness Testing) | |||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 451 | $ | (11 | ) | $ | — | |||||||||
Nine months ended September 30, 2014 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 127 | $ | (465 | ) | $ | (22 | ) | ||||||||
Interest rate swap contracts | — | (12 | ) | — | ||||||||||||
$ | 127 | $ | (477 | ) | $ | (22 | ) | |||||||||
Three months ended September, 2013 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 48 | $ | (65 | ) | $ | 2 | |||||||||
Interest rate swap contracts | (245 | ) | (13 | ) | — | |||||||||||
$ | (197 | ) | $ | (78 | ) | $ | 2 | |||||||||
Nine months ended September 30, 2013 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 495 | $ | 67 | $ | 37 | ||||||||||
Interest rate swap contracts | 155 | (139 | ) | — | ||||||||||||
$ | 650 | $ | (72 | ) | $ | 37 | ||||||||||
Derivatives not designated as hedging | Amount of Gain (Loss) | |||||||||||||||
instruments under ASC 815 | Recognized in Income on Derivatives | |||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | (2,240 | ) | |||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | (2,384 | ) | |||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 361 | ||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 617 | ||||||||||||||
Fair_Values_Tables
Fair Values (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
The following table provides a summary of the Company’s assets and liabilities that are measured on a recurring basis (in thousands): | ||||||||||||||||
Basis for Fair Value Measurements at Reporting Date | ||||||||||||||||
Quoted Prices in Active | Significant | Significant | ||||||||||||||
Markets for Identical | Other | Other | ||||||||||||||
Assets / (Liabilities) | Observable | Unobservable | ||||||||||||||
Inputs | Inputs | |||||||||||||||
Total | Level I | Level II | Level III | |||||||||||||
30-Sep-14 | ||||||||||||||||
Forward Exchange Contracts—net | $ | (2,469 | ) | — | $ | (2,469 | ) | — | ||||||||
31-Dec-13 | ||||||||||||||||
Forward Exchange Contracts—net | $ | (411 | ) | — | $ | (411 | ) | — | ||||||||
Interest Rate Swap Agreements—net | (12 | ) | — | (12 | ) | — | ||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||
The carrying values and fair values of the Company’s financial instruments are as follows (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Value | Value | |||||||||||||||
Cash and cash equivalents | $ | 29,066 | $ | 29,066 | $ | 29,785 | $ | 29,785 | ||||||||
Other investments | 642 | 642 | 998 | 998 | ||||||||||||
Installment receivables, net of reserves | 2,528 | 2,528 | 2,819 | 2,819 | ||||||||||||
Long-term debt (including current maturities of long-term debt) | (24,688 | ) | (23,794 | ) | (45,286 | ) | (46,124 | ) | ||||||||
Forward contracts in Other Current Assets | 1,140 | 1,140 | 789 | 789 | ||||||||||||
Forward contracts in Accrued Expenses | (3,609 | ) | (3,609 | ) | (1,200 | ) | (1,200 | ) | ||||||||
Interest rate swap agreements in Accrued Expenses | — | — | (12 | ) | (12 | ) | ||||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
The information by segment is as follows (in thousands): | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues from external customers | ||||||||||||||||
North America/HME | $ | 124,258 | $ | 146,454 | $ | 383,109 | $ | 448,547 | ||||||||
Institutional Products Group | 25,151 | 28,083 | 76,072 | 87,135 | ||||||||||||
Europe | 158,505 | 150,265 | 455,263 | 429,650 | ||||||||||||
Asia/Pacific | 12,606 | 11,776 | 37,520 | 38,327 | ||||||||||||
Consolidated | $ | 320,520 | $ | 336,578 | $ | 951,964 | $ | 1,003,659 | ||||||||
Intersegment revenues | ||||||||||||||||
North America/HME | $ | 20,730 | $ | 20,427 | $ | 60,084 | $ | 59,443 | ||||||||
Institutional Products Group | 1,414 | 1,254 | 5,840 | 4,243 | ||||||||||||
Europe | 2,681 | 1,890 | 6,494 | 6,156 | ||||||||||||
Asia/Pacific | 7,694 | 6,411 | 20,044 | 19,417 | ||||||||||||
Consolidated | $ | 32,519 | $ | 29,982 | $ | 92,462 | $ | 89,259 | ||||||||
Restructuring charges before income taxes | ||||||||||||||||
North America/HME | $ | 3,041 | $ | 1,210 | $ | 4,689 | $ | 4,837 | ||||||||
Institutional Products Group | 591 | 36 | 2,308 | 237 | ||||||||||||
Europe | 69 | 542 | 1,030 | 722 | ||||||||||||
Asia/Pacific | 376 | 96 | 380 | 1,202 | ||||||||||||
Consolidated | $ | 4,077 | $ | 1,884 | $ | 8,407 | $ | 6,998 | ||||||||
Earnings (loss) before income taxes | ||||||||||||||||
North America/HME | $ | (22,568 | ) | $ | (11,563 | ) | $ | (54,821 | ) | $ | (37,808 | ) | ||||
Institutional Products Group | (7,275 | ) | 1,010 | (7,636 | ) | 1,955 | ||||||||||
Europe | 12,181 | 13,136 | 33,190 | 27,344 | ||||||||||||
Asia/Pacific | (1,736 | ) | (2,233 | ) | (6,835 | ) | (9,871 | ) | ||||||||
All Other (1) | (6,977 | ) | (6,354 | ) | (18,723 | ) | (17,515 | ) | ||||||||
Consolidated | $ | (26,375 | ) | $ | (6,004 | ) | $ | (54,825 | ) | $ | (35,895 | ) | ||||
________________________ | ||||||||||||||||
-1 | Consists of un-allocated corporate SG&A costs and intercompany profits, which do not meet the quantitative criteria for determining reportable segments. |
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | |||||||||||||||||||
Condensed Financial Statements | ' | |||||||||||||||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
The | Combined | Combined | Eliminations | Total | ||||||||||||||||
Company | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | ||||||||||||||||||
Three month period ended September 30, 2014 | (in thousands) | |||||||||||||||||||
Net sales | $ | 55,333 | $ | 96,947 | $ | 192,482 | $ | (24,242 | ) | $ | 320,520 | |||||||||
Cost of products sold | 49,799 | 76,819 | 133,533 | (24,278 | ) | 235,873 | ||||||||||||||
Gross Profit | 5,534 | 20,128 | 58,949 | 36 | 84,647 | |||||||||||||||
Selling, general and administrative expenses | 32,124 | 19,765 | 46,375 | (83 | ) | 98,181 | ||||||||||||||
Charge related to restructuring activities | 3,149 | — | 928 | — | 4,077 | |||||||||||||||
Asset write-downs to intangibles | — | 8,253 | — | — | 8,253 | |||||||||||||||
Income (loss) from equity investee | 13,251 | 8,476 | (63 | ) | (21,664 | ) | — | |||||||||||||
Interest expense | 57 | 406 | 48 | — | 511 | |||||||||||||||
Earnings (Loss) from Continuing Operations before Income Taxes | (16,545 | ) | 180 | 11,535 | (21,545 | ) | (26,375 | ) | ||||||||||||
Income taxes (benefit) | (1,449 | ) | 400 | 3,399 | — | 2,350 | ||||||||||||||
Net Earnings (Loss) from Continuing Operations | (15,096 | ) | (220 | ) | 8,136 | (21,545 | ) | (28,725 | ) | |||||||||||
Net Earnings from Discontinued Operations | — | 13,629 | — | — | 13,629 | |||||||||||||||
Net Earnings (loss) | $ | (15,096 | ) | $ | 13,409 | $ | 8,136 | $ | (21,545 | ) | $ | (15,096 | ) | |||||||
Other Comprehensive Income (Loss), Net of Tax | (22,346 | ) | (5,327 | ) | (9,521 | ) | 14,848 | (22,346 | ) | |||||||||||
Comprehensive Income (Loss) | $ | (37,442 | ) | $ | 8,082 | $ | (1,385 | ) | $ | (6,697 | ) | $ | (37,442 | ) | ||||||
Three month period ended September 30, 2013 | ||||||||||||||||||||
Net sales | $ | 60,641 | $ | 114,950 | $ | 184,299 | $ | (23,312 | ) | $ | 336,578 | |||||||||
Cost of products sold | 52,454 | 84,997 | 128,232 | (23,312 | ) | 242,371 | ||||||||||||||
Gross Profit | 8,187 | 29,953 | 56,067 | — | 94,207 | |||||||||||||||
Selling, general and administrative expenses | 29,046 | 24,223 | 44,310 | — | 97,579 | |||||||||||||||
Charge related to restructuring activities | 1,597 | 36 | 251 | — | 1,884 | |||||||||||||||
Asset write-downs to intangibles | — | 167 | — | — | 167 | |||||||||||||||
Income (loss) from equity investee | 32,513 | 8,935 | 22 | (41,470 | ) | — | ||||||||||||||
Interest expense (income)—net | (603 | ) | 1,107 | 77 | — | 581 | ||||||||||||||
Earnings (Loss) from Continuing Operations before Income Taxes | 10,660 | 13,355 | 11,451 | (41,470 | ) | (6,004 | ) | |||||||||||||
Income taxes (benefit) | (5,442 | ) | (480 | ) | 6,192 | — | 270 | |||||||||||||
Net Earnings (Loss) from Continuing Operations | 16,102 | 13,835 | 5,259 | (41,470 | ) | (6,274 | ) | |||||||||||||
Net Earnings from Discontinued Operations | — | 22,376 | — | — | 22,376 | |||||||||||||||
Net Earnings (loss) | $ | 16,102 | $ | 36,211 | $ | 5,259 | $ | (41,470 | ) | $ | 16,102 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 9,874 | 220 | 10,135 | (10,355 | ) | 9,874 | ||||||||||||||
Comprehensive Income (Loss) | $ | 25,976 | $ | 36,431 | $ | 15,394 | $ | (51,825 | ) | $ | 25,976 | |||||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
The | Combined | Combined | Eliminations | Total | ||||||||||||||||
Company | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | ||||||||||||||||||
Nine month period ended September 30, 2014 | (in thousands) | |||||||||||||||||||
Net sales | $ | 160,054 | $ | 307,801 | $ | 554,060 | $ | (69,951 | ) | $ | 951,964 | |||||||||
Cost of products sold | 144,620 | 234,288 | 384,025 | (69,987 | ) | 692,946 | ||||||||||||||
Gross Profit | 15,434 | 73,513 | 170,035 | 36 | 259,018 | |||||||||||||||
Selling, general and administrative expenses | 95,990 | 62,633 | 136,788 | (83 | ) | 295,328 | ||||||||||||||
Charge related to restructuring activities | 5,203 | (95 | ) | 3,299 | — | 8,407 | ||||||||||||||
Asset write-downs to intangibles | — | 8,253 | — | — | 8,253 | |||||||||||||||
Income (loss) from equity investee | 37,596 | 23,103 | (127 | ) | (60,572 | ) | — | |||||||||||||
Interest expense (income)—net | (227 | ) | 1,668 | 414 | — | 1,855 | ||||||||||||||
Earnings (Loss) from Continuing Operations before Income Taxes | (47,936 | ) | 24,157 | 29,407 | (60,453 | ) | (54,825 | ) | ||||||||||||
Income taxes (benefit) | (1,251 | ) | — | 8,501 | — | 7,250 | ||||||||||||||
Net Earnings (Loss) from Continuing Operations | (46,685 | ) | 24,157 | 20,906 | (60,453 | ) | (62,075 | ) | ||||||||||||
Net Earnings from Discontinued Operations | — | 15,390 | — | — | 15,390 | |||||||||||||||
Net Earnings (loss) | $ | (46,685 | ) | $ | 39,547 | $ | 20,906 | $ | (60,453 | ) | $ | (46,685 | ) | |||||||
Other Comprehensive Income (Loss), Net of Tax | (19,933 | ) | (3,038 | ) | (18,476 | ) | 21,514 | (19,933 | ) | |||||||||||
Comprehensive Income (Loss) | $ | (66,618 | ) | $ | 36,509 | $ | 2,430 | $ | (38,939 | ) | $ | (66,618 | ) | |||||||
Nine month period ended September 30, 2013 | ||||||||||||||||||||
Net sales | $ | 186,453 | $ | 350,291 | $ | 535,805 | $ | (68,890 | ) | $ | 1,003,659 | |||||||||
Cost of products sold | 159,884 | 258,609 | 378,287 | (69,264 | ) | 727,516 | ||||||||||||||
Gross Profit | 26,569 | 91,682 | 157,518 | 374 | 276,143 | |||||||||||||||
Selling, general and administrative expenses | 99,338 | 69,085 | 131,640 | 2,694 | 302,757 | |||||||||||||||
Charge related to restructuring activities | 5,078 | 49 | 1,871 | — | 6,998 | |||||||||||||||
Asset write-downs to intangibles | — | 167 | — | — | 167 | |||||||||||||||
Income (loss) from equity investee | 105,501 | 21,472 | (93 | ) | (126,880 | ) | — | |||||||||||||
Interest expense (income)—net | (1,418 | ) | 2,819 | 715 | — | 2,116 | ||||||||||||||
Earnings (Loss) from Continuing Operations before Income Taxes | 29,072 | 41,034 | 23,199 | (129,200 | ) | (35,895 | ) | |||||||||||||
Income taxes (benefit) | (9,749 | ) | (1,470 | ) | 13,649 | — | 2,430 | |||||||||||||
Net Earnings (Loss) from Continuing Operations | 38,821 | 42,504 | 9,550 | (129,200 | ) | (38,325 | ) | |||||||||||||
Net Earnings from Discontinued Operations | — | 77,146 | — | — | 77,146 | |||||||||||||||
Net Earnings (loss) | $ | 38,821 | $ | 119,650 | $ | 9,550 | $ | (129,200 | ) | $ | 38,821 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,845 | (415 | ) | 2,228 | (1,813 | ) | 1,845 | |||||||||||||
Comprehensive Income (Loss) | $ | 40,666 | $ | 119,235 | $ | 11,778 | $ | (131,013 | ) | $ | 40,666 | |||||||||
CONSOLIDATING CONDENSED BALANCE SHEETS | ||||||||||||||||||||
The | Combined | Combined | Eliminations | Total | ||||||||||||||||
Company | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | ||||||||||||||||||
September 30, 2014 | (in thousands) | |||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,752 | $ | 471 | $ | 26,843 | $ | — | $ | 29,066 | ||||||||||
Trade receivables, net | 51,229 | 27,551 | 93,472 | — | 172,252 | |||||||||||||||
Installment receivables, net | — | 413 | 911 | — | 1,324 | |||||||||||||||
Inventories, net | 24,361 | 27,902 | 113,045 | (2,575 | ) | 162,733 | ||||||||||||||
Deferred income taxes | — | — | 2,389 | — | 2,389 | |||||||||||||||
Intercompany advances, net | 8,919 | 1,861 | 68,139 | (78,919 | ) | — | ||||||||||||||
Other current assets | 6,138 | 467 | 36,836 | (6,180 | ) | 37,261 | ||||||||||||||
Total Current Assets | 92,399 | 58,665 | 341,635 | (87,674 | ) | 405,025 | ||||||||||||||
Investment in subsidiaries | 1,430,467 | 477,900 | — | (1,908,367 | ) | — | ||||||||||||||
Intercompany advances, net | 1,022,820 | 1,656,292 | 183,397 | (2,862,509 | ) | — | ||||||||||||||
Other Assets | 28,990 | 1,031 | 1,980 | — | 32,001 | |||||||||||||||
Other Intangibles | 366 | 5,456 | 39,997 | — | 45,819 | |||||||||||||||
Property and Equipment, net | 31,056 | 14,407 | 48,018 | — | 93,481 | |||||||||||||||
Goodwill | — | 16,661 | 431,444 | — | 448,105 | |||||||||||||||
Total Assets | $ | 2,606,098 | $ | 2,230,412 | $ | 1,046,471 | $ | (4,858,550 | ) | $ | 1,024,431 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts payable | $ | 52,179 | $ | 7,408 | $ | 61,616 | $ | — | $ | 121,203 | ||||||||||
Accrued expenses | 41,846 | 21,541 | 92,838 | (6,180 | ) | 150,045 | ||||||||||||||
Current Taxes, payable and deferred | 6,791 | — | 11,037 | — | 17,828 | |||||||||||||||
Intercompany advances, net | 63,749 | 2,050 | 13,120 | (78,919 | ) | — | ||||||||||||||
Short-term debt and current maturities of long-term obligations | — | 8 | 773 | — | 781 | |||||||||||||||
Total Current Liabilities | 164,565 | 31,007 | 179,384 | (85,099 | ) | 289,857 | ||||||||||||||
Long-Term Debt | 19,166 | 8 | 4,733 | — | 23,907 | |||||||||||||||
Other Long-Term Obligations | 40,169 | — | 62,971 | — | 103,140 | |||||||||||||||
Intercompany advances, net | 1,774,671 | 1,026,223 | 61,615 | (2,862,509 | ) | — | ||||||||||||||
Total Shareholders’ Equity | 607,527 | 1,173,174 | 737,768 | (1,910,942 | ) | 607,527 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 2,606,098 | $ | 2,230,412 | $ | 1,046,471 | $ | (4,858,550 | ) | $ | 1,024,431 | |||||||||
CONSOLIDATING CONDENSED BALANCE SHEETS | ||||||||||||||||||||
The | Combined | Combined | Eliminations | Total | ||||||||||||||||
Company | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | ||||||||||||||||||
December 31, 2013 | (in thousands) | |||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,401 | $ | 313 | $ | 28,071 | $ | — | $ | 29,785 | ||||||||||
Trade receivables, net | 72,272 | 28,317 | 88,033 | — | 188,622 | |||||||||||||||
Installment receivables, net | — | 452 | 1,110 | — | 1,562 | |||||||||||||||
Inventories, net | 30,806 | 27,472 | 100,444 | (3,085 | ) | 155,637 | ||||||||||||||
Deferred income taxes | — | — | 2,761 | — | 2,761 | |||||||||||||||
Intercompany advances, net | 4,179 | 380 | 44,292 | (48,851 | ) | — | ||||||||||||||
Other current assets | 9,970 | 568 | 35,461 | (4,827 | ) | 41,172 | ||||||||||||||
Total Current Assets | 118,628 | 57,502 | 300,172 | (56,763 | ) | 419,539 | ||||||||||||||
Investment in subsidiaries | 1,475,156 | 450,021 | — | (1,925,177 | ) | — | ||||||||||||||
Intercompany advances, net | 959,071 | 1,620,683 | 179,451 | (2,759,205 | ) | — | ||||||||||||||
Other Assets | 42,831 | 1,061 | 2,044 | — | 45,936 | |||||||||||||||
Other Intangibles | 466 | 17,109 | 45,009 | — | 62,584 | |||||||||||||||
Property and Equipment, net | 35,169 | 17,774 | 53,206 | — | 106,149 | |||||||||||||||
Goodwill | — | 16,660 | 445,566 | — | 462,226 | |||||||||||||||
Total Assets | $ | 2,631,321 | $ | 2,180,810 | $ | 1,025,448 | $ | (4,741,145 | ) | $ | 1,096,434 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts payable | $ | 42,521 | $ | 7,237 | $ | 66,946 | $ | — | $ | 116,704 | ||||||||||
Accrued expenses | 30,314 | 17,228 | 90,385 | (4,827 | ) | 133,100 | ||||||||||||||
Current Taxes, payable and deferred | 5,375 | — | 6,884 | — | 12,259 | |||||||||||||||
Intercompany advances, net | 42,314 | 2,124 | 4,413 | (48,851 | ) | — | ||||||||||||||
Short-term debt and current maturities of long-term obligations | 13,118 | 8 | 976 | — | 14,102 | |||||||||||||||
Total Current Liabilities | 133,642 | 26,597 | 169,604 | (53,678 | ) | 276,165 | ||||||||||||||
Long-Term Debt | 25,642 | 61 | 5,481 | — | 31,184 | |||||||||||||||
Other Long-Term Obligations | 53,470 | — | 64,806 | — | 118,276 | |||||||||||||||
Intercompany advances, net | 1,747,758 | 959,172 | 52,275 | (2,759,205 | ) | — | ||||||||||||||
Total Shareholders’ Equity | 670,809 | 1,194,980 | 733,282 | (1,928,262 | ) | 670,809 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 2,631,321 | $ | 2,180,810 | $ | 1,025,448 | $ | (4,741,145 | ) | $ | 1,096,434 | |||||||||
CONSOLIDATING CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
The | Combined | Combined | Eliminations | Total | ||||||||||||||||
Company | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | ||||||||||||||||||
Nine month period ended September 30, 2014 | (in thousands) | |||||||||||||||||||
Net Cash Provided (Used) by Operating Activities | $ | (30,886 | ) | $ | (498 | ) | $ | 8,089 | $ | 23,433 | $ | 138 | ||||||||
Investing Activities | ||||||||||||||||||||
Purchases of property and equipment | (1,901 | ) | (1,030 | ) | (6,364 | ) | — | (9,295 | ) | |||||||||||
Proceeds from sale of property and equipment | — | — | 9 | — | 9 | |||||||||||||||
Proceeds from sale of business | — | 21,870 | — | — | 21,870 | |||||||||||||||
Other long-term assets | 12,060 | — | 23 | — | 12,083 | |||||||||||||||
Other | 40,728 | (17,093 | ) | (25 | ) | (23,433 | ) | 177 | ||||||||||||
Net Cash Provided (Used) for Investing Activities | 50,887 | 3,747 | (6,357 | ) | (23,433 | ) | 24,844 | |||||||||||||
Financing Activities | ||||||||||||||||||||
Proceeds from revolving lines of credit and long-term borrowings | 201,766 | — | — | — | 201,766 | |||||||||||||||
Payments on revolving lines of credit and long-term borrowings | (220,390 | ) | (3,091 | ) | (2,951 | ) | — | (226,432 | ) | |||||||||||
Proceeds from exercise of stock options | 162 | — | — | — | 162 | |||||||||||||||
Payment of dividends | (1,188 | ) | — | — | — | (1,188 | ) | |||||||||||||
Net Cash Used by Financing Activities | (19,650 | ) | (3,091 | ) | (2,951 | ) | — | (25,692 | ) | |||||||||||
Effect of exchange rate changes on cash | — | — | (9 | ) | — | (9 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | 351 | 158 | (1,228 | ) | — | (719 | ) | |||||||||||||
Cash and cash equivalents at beginning of year | 1,401 | 313 | 28,071 | — | 29,785 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 1,752 | $ | 471 | $ | 26,843 | $ | — | $ | 29,066 | ||||||||||
CONSOLIDATING CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
The | Combined | Combined | Eliminations | Total | ||||||||||||||||
Company | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | ||||||||||||||||||
Nine month period ended September 30, 2013 | (in thousands) | |||||||||||||||||||
Net Cash Provided (Used) by Operating Activities | $ | 35,179 | $ | (81,077 | ) | $ | (20,736 | ) | $ | 65,389 | $ | (1,245 | ) | |||||||
Investing Activities | ||||||||||||||||||||
Purchases of property and equipment | (3,234 | ) | (3,611 | ) | (4,241 | ) | — | (11,086 | ) | |||||||||||
Proceeds from sale of property and equipment | — | 11 | 845 | — | 856 | |||||||||||||||
Proceeds from sale of business | — | 187,552 | — | — | 187,552 | |||||||||||||||
Other long-term assets | 783 | — | 166 | — | 949 | |||||||||||||||
Other | 171,353 | (103,417 | ) | — | (68,083 | ) | (147 | ) | ||||||||||||
Net Cash Provided (Used) for Investing Activities | 168,902 | 80,535 | (3,230 | ) | (68,083 | ) | 178,124 | |||||||||||||
Financing Activities | ||||||||||||||||||||
Proceeds from revolving lines of credit and long-term borrowings | 226,189 | — | 23,935 | — | 250,124 | |||||||||||||||
Payments on revolving lines of credit and long-term borrowings | (431,709 | ) | (476 | ) | — | — | (432,185 | ) | ||||||||||||
Payment of dividends | (1,187 | ) | — | (2,694 | ) | 2,694 | (1,187 | ) | ||||||||||||
Net Cash Provided (Used) by Financing Activities | (206,707 | ) | (476 | ) | 21,241 | 2,694 | (183,248 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | 203 | — | 203 | |||||||||||||||
Decrease in cash and cash equivalents | (2,626 | ) | (1,018 | ) | (2,522 | ) | — | (6,166 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 5,774 | 1,018 | 31,999 | — | 38,791 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 3,148 | $ | — | $ | 29,477 | $ | — | $ | 32,625 | ||||||||||
Discontinued_Operations_Narrat
Discontinued Operations Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 18, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 06, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
ISG [Member] | ISG [Member] | ISG [Member] | ISG [Member] | Champion [Member] | Champion [Member] | Champion [Member] | Champion [Member] | Champion [Member] | Altimate Medical, Inc. [Member] | Altimate Medical, Inc. [Member] | Altimate Medical, Inc. [Member] | Altimate Medical, Inc. [Member] | Altimate Medical, Inc. [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of business | ' | ' | ' | ' | $150,800,000 | ' | ' | ' | $45,000,000 | ' | ' | ' | ' | $23,000,000 | ' | ' | ' | ' |
Gain on sale of businesses (pre-tax) | ' | ' | ' | ' | ' | -59,402,000 | ' | ' | ' | ' | 22,761,000 | ' | ' | ' | 17,069,000 | ' | ' | ' |
Expenses related to sale | ' | ' | ' | ' | ' | ' | 5,350,000 | ' | ' | ' | ' | 2,130,000 | ' | ' | 1,300,000 | ' | ' | ' |
Expenses related to sale of business paid | ' | ' | ' | ' | ' | ' | 5,230,000 | ' | ' | ' | ' | 1,537,000 | ' | ' | 844,000 | ' | ' | ' |
Net sales of discontinued operations | ' | ' | ' | ' | ' | ' | ' | 18,498,000 | ' | ' | 2,643,000 | ' | 15,857,000 | ' | 2,841,000 | 4,597,000 | 11,778,000 | 13,714,000 |
Net earnings from discontinued operations before tax | 50,000 | 1,198,000 | 1,811,000 | 6,066,000 | ' | ' | ' | 402,000 | ' | ' | 484,000 | ' | 3,156,000 | ' | 634,000 | 1,371,000 | 2,796,000 | 4,215,000 |
Interest expense allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | $78,000 | ' | $449,000 | ' | ' | $52,000 | $83,000 | $202,000 | $245,000 |
Discontinued_Operations_Assets
Discontinued Operations Assets and Liabilities of Discontinued Operations (Details) (Altimate Medical, Inc. [Member], USD $) | Aug. 29, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Altimate Medical, Inc. [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Trade receivables, net | $2,019 | $2,055 |
Inventories, net | 1,954 | 1,703 |
Other current assets | 246 | 10 |
Property and Equipment, net | 176 | 181 |
Other Intangibles | 1,047 | 1,530 |
Assets sold | 5,442 | 5,479 |
Accounts payable | 425 | 544 |
Accrued expenses | 316 | 220 |
Liabilities sold | $741 | $764 |
Receivables_Narrative_Details
Receivables (Narrative) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
payment | ||
Receivables [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $14,090,000 | $17,715,000 |
Number of missed payments before delinquent | 3 | ' |
Typical financing period | '12 months | ' |
Credit amount requiring additional analysis | 250,000 | ' |
Average period of adjudication | '18 months | ' |
Installment receivable purchased from DLL | $1,918,000 | ' |
Receivables_Installment_Receva
Receivables (Installment Recevables) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Receivables [Abstract] | ' | ' | ' |
Installment Receivables, Current | $2,940 | $3,242 | ' |
Installment Receivables, Long-Term | 5,854 | 5,677 | ' |
Total Installment Receivables | 8,794 | 8,919 | ' |
Unearned Interest, Current | -49 | -61 | ' |
Unearned Interest, Noncurrent | 0 | 0 | ' |
Total Unearned Interest | -49 | -61 | ' |
Installment Receivables Net of Unearned Interest Current | 2,891 | 3,181 | ' |
Installment Receivables Net of Unearned Interest Noncurrent | 5,854 | 5,677 | ' |
Installment Receivables, Net of Unearned Interest | 8,745 | 8,858 | ' |
Allowance for doubtful accounts, current | -1,567 | -1,619 | ' |
Allowance for doubtful accounts, long-term | -4,650 | -4,420 | ' |
Allowance for doubtful accounts | -6,217 | -6,039 | -3,823 |
Installment receivables, net | 1,324 | 1,562 | ' |
Installment receivables, net, long-term | 1,204 | 1,257 | ' |
Installment receivables, net | $2,528 | $2,819 | ' |
Receivables_Rollforward_of_All
Receivables (Rollforward of Allowance for Doubtful Accounts) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Allowance for Doubtful Accounts [Roll Forward] | ' | ' |
Balance as of beginning of period | $6,039 | $3,823 |
Current period provision | 543 | 3,457 |
Direct write-offs charged against the allowance | -365 | -1,241 |
Balance as of end of period | $6,217 | $6,039 |
Receivables_Installment_Receiv
Receivables (Installment Receivables by Class) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Total Installment Receivables | ' | ' |
Non-Impaired Installment receivables with no related allowance recorded | $1,133 | $1,367 |
Impaired Installment receivables with a related allowance recorded | 7,661 | 7,552 |
Total Installment Receivables | 8,794 | 8,919 |
Unpaid Principal Balance | ' | ' |
Non-Impaired Installment receivables with no related allowance recorded | 1,084 | 1,306 |
Impaired Installment receivables with a related allowance recorded | 7,661 | 7,552 |
Total Installment Receivables | 8,745 | 8,858 |
Related Allowance for Doubtful Accounts | ' | ' |
Impaired Installment receivables with a related allowance recorded | 6,217 | 6,039 |
Interest Income Recognized | ' | ' |
Non-Impaired Installment receivables with no related allowance recorded | 64 | 101 |
Impaired Installment receivables with a related allowance recorded | 0 | 0 |
Total Installment Receivables | 64 | 101 |
U.S. | ' | ' |
Total Installment Receivables | ' | ' |
Impaired Installment receivables with a related allowance recorded | 7,580 | 7,464 |
Unpaid Principal Balance | ' | ' |
Impaired Installment receivables with a related allowance recorded | 7,580 | 7,464 |
Related Allowance for Doubtful Accounts | ' | ' |
Impaired Installment receivables with a related allowance recorded | 6,136 | 5,951 |
Interest Income Recognized | ' | ' |
Impaired Installment receivables with a related allowance recorded | 0 | 0 |
CANADA | ' | ' |
Total Installment Receivables | ' | ' |
Non-Impaired Installment receivables with no related allowance recorded | 1,133 | 1,367 |
Impaired Installment receivables with a related allowance recorded | 81 | 88 |
Total Installment Receivables | 1,214 | 1,455 |
Unpaid Principal Balance | ' | ' |
Non-Impaired Installment receivables with no related allowance recorded | 1,084 | 1,306 |
Impaired Installment receivables with a related allowance recorded | 81 | 88 |
Total Installment Receivables | 1,165 | 1,394 |
Related Allowance for Doubtful Accounts | ' | ' |
Impaired Installment receivables with a related allowance recorded | 81 | 88 |
Interest Income Recognized | ' | ' |
Non-Impaired Installment receivables with no related allowance recorded | 64 | 101 |
Impaired Installment receivables with a related allowance recorded | 0 | 0 |
Total Installment Receivables | $64 | $101 |
Receivables_Aging_of_Installme
Receivables (Aging of Installment Receivables) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | $1,104 | $1,338 |
0-30 Days Past Due | 8 | 7 |
31-60 Days Past Due | 1 | 0 |
61-90 Days Past Due | 0 | 0 |
90 Days Past Due | 7,681 | 7,574 |
Total Installment Receivables Past Due | 8,794 | 8,919 |
U.S. | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 0 | 0 |
0-30 Days Past Due | 0 | 0 |
31-60 Days Past Due | 0 | 0 |
61-90 Days Past Due | 0 | 0 |
90 Days Past Due | 7,580 | 7,464 |
Total Installment Receivables Past Due | 7,580 | 7,464 |
CANADA | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 1,104 | 1,338 |
0-30 Days Past Due | 8 | 7 |
31-60 Days Past Due | 1 | 0 |
61-90 Days Past Due | 0 | 0 |
90 Days Past Due | 101 | 110 |
Total Installment Receivables Past Due | $1,214 | $1,455 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $86,690 | $77,909 |
Raw materials | 61,534 | 63,123 |
Work in process | 14,509 | 14,605 |
Inventory, net | $162,733 | $155,637 |
Other_Current_Assets_Component
Other Current Assets Components of Other Current Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Value added tax receivables | $18,438 | $20,445 |
Recoverable income taxes | 2,359 | 2,465 |
Derivatives (foreign currency forward contracts) | 1,140 | 789 |
Prepaid insurance | 214 | 4,556 |
Prepaid and other current assets | 15,110 | 12,917 |
Other current assets | $37,261 | $41,172 |
Other_LongTerm_Assets_Componen
Other Long-Term Assets Components of Other Long-Term Assets(Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Cash surrender value of life insurance policies | $24,700 | $36,522 |
Deferred Financing Fees | 333 | 1,096 |
Investments | 642 | 998 |
Installment receivables | 1,204 | 1,257 |
Deferred taxes | 3,894 | 4,741 |
Other | 1,228 | 1,322 |
Other Assets | $32,001 | $45,936 |
Other_LongTerm_Assets_Narrativ
Other Long-Term Assets Narrative (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' |
Proceeds from sale of life insurance policies | $12,250 |
Property_And_Equipment_Details
Property And Equipment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $470,241 | $477,155 |
Less allowance for depreciation | -376,760 | -371,006 |
Property and equipment, net | 93,481 | 106,149 |
Machinery and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 353,389 | 358,061 |
Land, buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 89,467 | 91,389 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 12,448 | 12,774 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $14,937 | $14,931 |
Other_Intangibles_Narrative_De
Other Intangibles (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Minimum | Maximum | Weighted Average | Customer Lists | Non-compete Agreements | ||
IPG | IPG | |||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Write-down of intangible assets | $8,253 | ' | ' | ' | $8,103 | $150 |
Amortization expense | $14,630 | ' | ' | ' | ' | ' |
Finite-Lived intangible assets, useful life | ' | '1 year | '10 years | '6 years | ' | ' |
Other_Intangibles_Intangible_T
Other Intangibles (Intangible Table) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Historical Cost | $137,192 | $149,404 |
Accumulated Amortization | 91,373 | 86,820 |
Customer Lists | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Historical Cost | 83,681 | 92,637 |
Accumulated Amortization | 70,451 | 65,158 |
License Agreements | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Historical Cost | 1,322 | 1,393 |
Accumulated Amortization | 1,322 | 1,393 |
Developed Technology | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Historical Cost | 8,663 | 9,916 |
Accumulated Amortization | 6,522 | 7,191 |
Patents | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Historical Cost | 6,226 | 6,107 |
Accumulated Amortization | 5,821 | 5,568 |
Other | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Historical Cost | 6,619 | 7,702 |
Accumulated Amortization | 7,257 | 7,510 |
Trademarks | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Historical Cost | $30,681 | $31,649 |
Other_Intangibles_FiniteLived_
Other Intangibles (Finite-Lived Intangible Asset Future Amortization Expense) (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Future amortization expense, remainder of fiscal year | $16,226 |
Future amortization expense, 2015 | 5,536 |
Future amortization expense, 2016 | 4,402 |
Future amortization expense, 2017 | 1,191 |
Future amortization expense, 2018 | 1,168 |
Future amortization expense, 2019 | $1,166 |
Current_Liabilities_Components
Current Liabilities Components of Current Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Salaries and wages | $38,506 | $39,861 |
Taxes other than income taxes, primarily Value Added Taxes | 26,554 | 24,525 |
Warranty cost | 32,464 | 27,393 |
Supplemental Executive Retirement Program | 8,671 | 391 |
Freight | 6,255 | 7,636 |
Professional | 7,019 | 6,516 |
Product liability, current portion | 3,487 | 3,183 |
Rebates | 2,137 | 1,681 |
Insurance | 2,432 | 2,549 |
Interest | 1,167 | 1,041 |
Derivative liabilities | 3,609 | 1,212 |
Severance | 4,734 | 3,986 |
Other items, principally trade accruals | 13,010 | 13,126 |
Accrued expenses | $150,045 | $133,100 |
Warrany_Costs_Details
Warrany Costs (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Product Liability Contingency [Line Items] | ' |
Additional warranty expense accrued related to recall | $11,493 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' |
Balance as of January 1, 2014 | 27,393 |
Warranties provided during the period | 17,763 |
Settlements made during the period | -17,051 |
Changes in liability for pre-existing warranties during the period, including expirations | 4,359 |
Balance as of September 30, 2014 | 32,464 |
Europe | ' |
Product Liability Contingency [Line Items] | ' |
Additional warranty expense accrued related to recall | 3,395 |
North America/HME | ' |
Product Liability Contingency [Line Items] | ' |
Additional warranty expense accrued related to recall | 3,164 |
Field action under review | ' |
Product Liability Contingency [Line Items] | ' |
Additional warranty expense accrued related to recall | 6,559 |
Number of reported incidents | 5 |
Warranty related sieve bed recall | ' |
Product Liability Contingency [Line Items] | ' |
Additional warranty expense accrued related to recall | 2,057 |
Warranty related recall | ' |
Product Liability Contingency [Line Items] | ' |
Additional warranty expense accrued related to recall | 2,877 |
Warranty related recall | North America/HME | ' |
Product Liability Contingency [Line Items] | ' |
Additional warranty expense accrued related to recall | 1,612 |
Warranty related recall | Asia/Pacific | ' |
Product Liability Contingency [Line Items] | ' |
Additional warranty expense accrued related to recall | $1,265 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $24,688 | $45,286 |
Less current maturities of long-term debt | -781 | -14,102 |
Long-term debt net of current maturities | 23,907 | 31,184 |
Convertible Subordinated Debt | Convertible Senior Subordinated Debentures at 4.125% February 2027 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 11,166 | 10,641 |
Notes Payable, Other Payables [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 5,522 | 6,536 |
Senior secured revolving credit facility, due in October 2015 [Member] | Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $8,000 | $28,109 |
LongTerm_Debt_Leverage_Ratios_
Long-Term Debt Leverage Ratios (Details) (Revolving Credit Facility [Member], Line of Credit [Member], Credit Agreement [Member]) | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 |
December 31, 2014 and thereafter | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Maximum levarage ratio | 4 | 4.5 | 4.75 | 3.5 |
LongTerm_Debt_Components_of_Co
Long-Term Debt Components of Convertible Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $24,688 | $45,286 |
Convertible Subordinated Debt | Convertible Senior Subordinated Debentures at 4.125% February 2027 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal amount of liability component | 13,350 | 13,350 |
Unamortized discount | -2,184 | -2,709 |
Long-term debt | $11,166 | $10,641 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt Narrative (Details) (USD $) | Sep. 30, 2014 | Feb. 17, 2007 | Mar. 31, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 |
Convertible Subordinated Debt | Convertible Subordinated Debt | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | North America/HME | |
Convertible Senior Subordinated Debentures at 4.125% February 2027 | Convertible Senior Subordinated Debentures at 4.125% February 2027 | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
Credit Agreement [Member] | Line of Credit [Member] | Line of Credit [Member] | |||||||
Credit Agreement [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum interest coverage ratio | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' |
Future one-time cash restructuring charges added back to EBITDA | ' | ' | ' | ' | ' | ' | $20,000,000 | ' | ' |
Incremental increase to future one-time cash restructuring charges added back to EBITDA | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' |
Maximum warranty expense accrued added back to EBITDA | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | 100,000,000 | 250,000,000 | ' | ' | ' | ' |
Reductions in capital expenditures | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' |
Basis spread on variable rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' |
Debt issuance costs | ' | ' | 351,000 | ' | ' | ' | ' | ' | ' |
Write off of capitalized fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,070,000 |
Principal Amount | ' | $135,000,000 | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | 4.13% | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate (as a percent) | ' | ' | ' | 2.66% | ' | 2.39% | ' | ' | ' |
Other_LongTerm_Obligations_Det
Other Long-Term Obligations (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Supplemental Executive Retirement Plan (SERP) liability | $18,673 | $27,049 |
Product liability | 17,555 | 17,185 |
Deferred income taxes | 33,834 | 36,328 |
Deferred compensation | 7,808 | 11,679 |
Uncertain tax obligation including interest | 15,897 | 15,524 |
Other | 9,373 | 10,511 |
Total long-term obligations | $103,140 | $118,276 |
Other_LongTerm_Obligations_Nar
Other Long-Term Obligations Narrative (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Other Liabilities Disclosure [Abstract] | ' |
Payments for deferred compensation arrangement | $2,545 |
Expected payment to retired executives | 8,280 |
Expected payment within next 12 months | 847 |
Current liabilities reclassified from Other long-term obligations | $9,127 |
Shareholders_Equity_Transactio2
Shareholders' Equity Transactions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | 16-May-13 | Sep. 30, 2014 | Sep. 30, 2014 |
Restricted Stock | Stock Options | Performance Shares | 2013 Plan | Weighted Average | Weighted Average | |||||
Restricted Stock | Performance Shares | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | ' | ' | 4,460,337 | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | $11,093 | ' | ' | ' | ' |
Unrecognized compensation cost for stock options | ' | ' | ' | ' | ' | 3,546 | ' | ' | ' | ' |
Unrecognized compensation cost for awards other than options | ' | ' | ' | ' | 5,491 | ' | 2,056 | ' | ' | ' |
Granted (in shares) | ' | ' | 8,977 | ' | ' | ' | ' | ' | ' | ' |
Expiration period | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Stock-based compensation expense recognized as part of selling, general and administrative expense | $1,934 | $2,148 | $4,404 | $4,721 | $1,257 | $2,724 | $423 | ' | ' | ' |
Period for recognition of unrecognized compensation costs | ' | ' | '2 years | ' | ' | ' | ' | ' | '1 year 6 months | '3 years 0 months |
Net award activity (in shares) | ' | ' | ' | ' | 462,352 | ' | 341,332 | ' | ' | ' |
Awards forfeited in period (in shares) | ' | ' | ' | ' | 89,616 | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | '3 years | '4 years | ' | ' | ' | ' |
Outstanding shares not vested (in shares) | ' | ' | ' | ' | 502,157 | ' | ' | ' | ' | ' |
Grants in period (in shares) | ' | ' | ' | ' | 231,176 | ' | 152,800 | ' | ' | ' |
Vested in period (in shares) | ' | ' | ' | ' | 27,925 | ' | ' | ' | ' | ' |
Weighted average grant date fair value (in dollars per share) | ' | ' | ' | ' | $19.14 | ' | $20.05 | ' | ' | ' |
Award requisite service period | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' |
Awards cancelled (in shares) | ' | ' | ' | ' | ' | ' | 29,156 | ' | ' | ' |
Performance achievement level, lower range | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' |
Performance achievement level, upper range | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' |
Performance achievement level, target range | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Shareholders_Equity_Transactio3
Shareholders' Equity Transactions (Options Activity) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | |
Options outstanding at beginning of period (in shares) | 4,533,782 | |
Granted (in shares) | 8,977 | |
Excercised (in shares) | -9,885 | |
Canceled (in shares) | -638,206 | |
Options outstanding at end of period (in shares) | 3,894,668 | |
Weighted Average Exercise Price | ' | |
Options outstanding at beginning of period - Weighted Average Exercise Price (in dollars per share) | $23.86 | |
Granted - Weighted Average Exercise Price (in dollars per share) | $16.71 | |
Excercised - Weighted Average Exercise Price (in dollars per share) | $14.76 | |
Canceled - Weighted Average Exercise Price (in dollars per share) | $28.54 | |
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | $23.10 | |
Options exercisable at end of period (in shares) | 3,152,241 | |
Stock Options | ' | |
Weighted Average Exercise Price | ' | |
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | $23.10 | |
Options available for grant at end of period (in shares) | 3,646,676 | [1] |
[1] | *Shares available for grant as of SeptemberB 30, 2014 reduced by net restricted stock and restricted stock unit award and performance share and performance share unit award activity of 462,352 shares and 341,332 shares, respectively during the quarter. |
Shareholders_Equity_Transactio4
Shareholders' Equity Transactions (Stock Options Outstanding by Exercise Price) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
$ 12.42 b $15.00 | $ 15.01 b $25.00 | $ 25.01 b $35.00 | $ 35.01 b $47.80 | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | |||
$ 12.42 b $15.00 | $ 15.01 b $25.00 | $ 25.01 b $35.00 | $ 35.01 b $47.80 | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price range, lower limit (in dollars per share) | ' | ' | $12.42 | $15.01 | $25.01 | $35.01 | ' | ' | ' | ' | ' |
Exercise price range, upper limit (in dollars per share) | ' | ' | $15 | $25 | $35 | $47.80 | ' | ' | ' | ' | ' |
Options Outstanding - Number Outstanding at end of period (in shares) | ' | ' | ' | ' | ' | ' | 3,894,668 | 1,057,821 | 1,523,112 | 884,470 | 429,265 |
Options Outstanding - Weighted Average Remaining Contractual Life | ' | ' | ' | ' | ' | ' | '5 years 1 month 13 days | '8 years 0 months 13 days | '4 years 7 months 13 days | '4 years 8 months 13 days | '0 years 8 months 13 days |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $23.10 | $23.86 | ' | ' | ' | ' | $23.10 | $13.92 | $22.45 | $25.73 | $42.61 |
Options Exercisable - Number Exercisable At end of period (in shares) | ' | ' | ' | ' | ' | ' | 3,152,241 | 437,501 | 1,403,441 | 882,034 | 429,265 |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | ' | ' | ' | ' | ' | ' | $24.86 | $13.79 | $22.36 | $25.71 | $42.61 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) by Component (Changes in Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | $127,569 | $104,714 | $125,156 | $112,743 |
OCI before reclassifications | -22,441 | 9,858 | -20,617 | 1,954 |
Amount reclassified from accumulated OCI | 95 | 16 | 684 | -109 |
Other Comprehensive Income (Loss) | -22,346 | 9,874 | -19,933 | 1,845 |
Ending Balance | 105,223 | 114,588 | 105,223 | 114,588 |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | 137,352 | 117,817 | 143,845 | 117,465 |
OCI before reclassifications | -24,470 | 17,852 | -30,963 | 18,204 |
Amount reclassified from accumulated OCI | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss) | -24,470 | 17,852 | -30,963 | 18,204 |
Ending Balance | 112,882 | 135,669 | 112,882 | 135,669 |
Accumulated Long-Term Notes Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | -4,361 | -6,743 | -12,566 | 2,845 |
OCI before reclassifications | 1,634 | -8,062 | 9,839 | -17,650 |
Amount reclassified from accumulated OCI | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss) | 1,634 | -8,062 | 9,839 | -17,650 |
Ending Balance | -2,727 | -14,805 | -2,727 | -14,805 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | -4,855 | -6,419 | -5,414 | -6,785 |
OCI before reclassifications | -56 | 265 | 380 | 750 |
Amount reclassified from accumulated OCI | 84 | -62 | 207 | -181 |
Other Comprehensive Income (Loss) | 28 | 203 | 587 | 569 |
Ending Balance | -4,827 | -6,216 | -4,827 | -6,216 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | -567 | 59 | -709 | -782 |
OCI before reclassifications | 451 | -197 | 127 | 650 |
Amount reclassified from accumulated OCI | 11 | 78 | 477 | 72 |
Other Comprehensive Income (Loss) | 462 | -119 | 604 | 722 |
Ending Balance | ($105) | ($60) | ($105) | ($60) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) by Component (Reclassified Out of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net Sales | $320,520 | $336,578 | $951,964 | $1,003,659 |
Cost of Products Sold | 235,873 | 242,371 | 692,946 | 727,516 |
Amortization of prior service costs and unrecognized gains | 98,181 | 97,579 | 295,328 | 302,757 |
Total before tax | -26,375 | -6,004 | -54,825 | -35,895 |
Income tax provision | -2,350 | -270 | -7,250 | -2,430 |
Net loss from Continuing Operations | -28,725 | -6,274 | -62,075 | -38,325 |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Amortization of prior service costs and unrecognized gains | 84 | -64 | 207 | -187 |
Income tax provision | 0 | 2 | 0 | 6 |
Net loss from Continuing Operations | 84 | -62 | 207 | -181 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Total before tax | 53 | 87 | 597 | 96 |
Income tax provision | -42 | -9 | -120 | -24 |
Net loss from Continuing Operations | 11 | 78 | 477 | 72 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income | Foreign currency forward contracts | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net Sales | 369 | -54 | 517 | -496 |
Cost of Products Sold | -316 | 128 | 68 | 453 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income | Interest rate swaps | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest Expense | $0 | $13 | $12 | $139 |
Charges_Related_To_Restructuri2
Charges Related To Restructuring Activities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | $3,840 | $4,100 | $4,485 | ' | $4,485 | $6,993 | $6,993 | $4,979 | $0 |
Charges | 4,077 | 2,090 | 2,240 | 1,884 | 8,407 | 6,998 | 9,336 | 11,395 | 10,534 |
Payments | -2,834 | -2,350 | -2,625 | ' | -7,809 | ' | -11,844 | -9,381 | -5,555 |
Ending Balance | 5,083 | 3,840 | 4,100 | ' | 5,083 | ' | 4,485 | 6,993 | 4,979 |
Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 3,491 | 3,755 | 3,986 | ' | 3,986 | 5,211 | 5,211 | 4,905 | 0 |
Charges | 3,915 | 1,297 | 1,521 | ' | 6,733 | ' | 8,282 | 6,775 | 8,352 |
Payments | -2,672 | -1,561 | -1,752 | ' | ' | ' | -9,507 | -6,469 | -3,447 |
Ending Balance | 4,734 | 3,491 | 3,755 | ' | 4,734 | ' | 3,986 | 5,211 | 4,905 |
Product Line Discontinuance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 151 | 151 | 0 | 0 |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 491 | 277 |
Payments | 0 | 0 | 0 | ' | ' | ' | -151 | -340 | -277 |
Ending Balance | 0 | 0 | 0 | ' | 0 | ' | 0 | 151 | 0 |
Contract Termination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 349 | 345 | 499 | ' | 499 | 1,625 | 1,625 | 74 | 0 |
Charges | 0 | 4 | 0 | ' | ' | ' | 698 | 1,725 | 1,788 |
Payments | 0 | 0 | -154 | ' | ' | ' | -1,824 | -174 | -1,714 |
Ending Balance | 349 | 349 | 345 | ' | 349 | ' | 499 | 1,625 | 74 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 6 | 6 | 0 | 0 |
Charges | 162 | 789 | 719 | ' | ' | ' | 356 | 2,404 | 117 |
Payments | -162 | -789 | -719 | ' | ' | ' | -362 | -2,398 | -117 |
Ending Balance | 0 | 0 | 0 | ' | 0 | ' | 0 | 6 | 0 |
NA/HME | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 2,030 | 2,488 | 2,805 | ' | 2,805 | 3,747 | 3,747 | 3,092 | ' |
Charges | 3,041 | 845 | 803 | 1,210 | 4,689 | 4,837 | 5,922 | 4,247 | 4,759 |
Payments | -1,466 | -1,303 | -1,120 | ' | ' | ' | -6,864 | -3,592 | -1,667 |
Ending Balance | 3,605 | 2,030 | 2,488 | ' | 3,605 | ' | 2,805 | 3,747 | 3,092 |
NA/HME | Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 2,030 | 2,488 | 2,805 | ' | 2,805 | 3,747 | 3,747 | 3,092 | ' |
Charges | 3,041 | 845 | 803 | ' | ' | ' | 5,405 | 4,242 | 4,755 |
Payments | -1,466 | -1,303 | -1,120 | ' | ' | ' | -6,347 | -3,587 | -1,663 |
Ending Balance | 3,605 | 2,030 | 2,488 | ' | 3,605 | ' | 2,805 | 3,747 | 3,092 |
NA/HME | Product Line Discontinuance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 |
Payments | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 0 |
NA/HME | Contract Termination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 164 | 5 | 0 |
Payments | 0 | 0 | 0 | ' | ' | ' | -164 | -5 | 0 |
Ending Balance | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 0 |
NA/HME | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 353 | 0 | 4 |
Payments | 0 | 0 | 0 | ' | ' | ' | -353 | 0 | -4 |
Ending Balance | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 0 |
IPG | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 759 | 397 | 92 | ' | 92 | 0 | 0 | 71 | ' |
Charges | 591 | 658 | 1,059 | 36 | 2,308 | 237 | 267 | 35 | 123 |
Payments | -780 | -296 | -754 | ' | ' | ' | -175 | -106 | -52 |
Ending Balance | 570 | 759 | 397 | ' | 570 | ' | 92 | 0 | 71 |
IPG | Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 759 | 397 | 92 | ' | 92 | 0 | 0 | 71 | ' |
Charges | 429 | 394 | 340 | ' | ' | ' | 267 | 35 | 123 |
Payments | -618 | -32 | -35 | ' | ' | ' | -175 | -106 | -52 |
Ending Balance | 570 | 759 | 397 | ' | 570 | ' | 92 | 0 | 71 |
IPG | Product Line Discontinuance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 |
Payments | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 0 |
IPG | Contract Termination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 |
Payments | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 0 |
IPG | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | ' |
Charges | 162 | 264 | 719 | ' | 1,674 | ' | 0 | 0 | 0 |
Payments | -162 | -264 | -719 | ' | ' | ' | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 0 |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 702 | 870 | 1,089 | ' | 1,089 | 595 | 595 | 1,816 | ' |
Charges | 69 | 583 | 378 | ' | ' | ' | 1,640 | 2,093 | 5,466 |
Payments | -240 | -751 | -597 | ' | ' | ' | -1,146 | -3,314 | -3,650 |
Ending Balance | 531 | 702 | 870 | ' | 531 | ' | 1,089 | 595 | 1,816 |
Europe | Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 702 | 870 | 1,089 | ' | 1,089 | 595 | 595 | 1,742 | ' |
Charges | 69 | 58 | 378 | ' | ' | ' | 1,640 | 817 | 3,288 |
Payments | -240 | -226 | -597 | ' | ' | ' | -1,146 | -1,964 | -1,546 |
Ending Balance | 531 | 702 | 870 | ' | 531 | ' | 1,089 | 595 | 1,742 |
Europe | Product Line Discontinuance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 277 |
Payments | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | -277 |
Ending Balance | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 0 |
Europe | Contract Termination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 0 | 0 | 74 | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 53 | 1,788 |
Payments | 0 | 0 | 0 | ' | ' | ' | 0 | -127 | -1,714 |
Ending Balance | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 74 |
Europe | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | ' |
Charges | 0 | 525 | 0 | ' | ' | ' | 0 | 1,223 | 113 |
Payments | 0 | -525 | 0 | ' | ' | ' | 0 | -1,223 | -113 |
Ending Balance | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 0 |
Asia/Pacific | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 349 | 345 | 499 | ' | 499 | 2,651 | 2,651 | 0 | ' |
Charges | 376 | 4 | 0 | ' | ' | ' | 1,507 | 5,020 | 186 |
Payments | -348 | 0 | -154 | ' | ' | ' | -3,659 | -2,369 | -186 |
Ending Balance | 377 | 349 | 345 | ' | 377 | ' | 499 | 2,651 | 0 |
Asia/Pacific | Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 869 | 869 | 0 | ' |
Charges | 376 | 0 | 0 | ' | ' | ' | 970 | 1,681 | 186 |
Payments | -348 | 0 | 0 | ' | ' | ' | -1,839 | -812 | -186 |
Ending Balance | 28 | 0 | 0 | ' | 28 | ' | 0 | 869 | 0 |
Asia/Pacific | Product Line Discontinuance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 151 | 151 | 0 | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 491 | 0 |
Payments | 0 | 0 | 0 | ' | ' | ' | -151 | -340 | 0 |
Ending Balance | 0 | 0 | 0 | ' | 0 | ' | 0 | 151 | 0 |
Asia/Pacific | Contract Termination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 349 | 345 | 499 | ' | 499 | 1,625 | 1,625 | 0 | ' |
Charges | 0 | 4 | 0 | ' | ' | ' | 534 | 1,667 | 0 |
Payments | 0 | 0 | -154 | ' | ' | ' | -1,660 | -42 | 0 |
Ending Balance | 349 | 349 | 345 | ' | 349 | ' | 499 | 1,625 | 0 |
Asia/Pacific | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 0 | 0 | 0 | ' | 0 | 6 | 6 | 0 | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 3 | 1,181 | 0 |
Payments | 0 | 0 | 0 | ' | ' | ' | -9 | -1,175 | 0 |
Ending Balance | $0 | $0 | $0 | ' | $0 | ' | $0 | $6 | $0 |
Charges_Related_To_Restructuri3
Charges Related To Restructuring Activities Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | $4,077 | $2,090 | $2,240 | $1,884 | $8,407 | $6,998 | $9,336 | $11,395 | $10,534 |
Payments | 2,834 | 2,350 | 2,625 | ' | 7,809 | ' | 11,844 | 9,381 | 5,555 |
Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 3,915 | 1,297 | 1,521 | ' | 6,733 | ' | 8,282 | 6,775 | 8,352 |
Payments | 2,672 | 1,561 | 1,752 | ' | ' | ' | 9,507 | 6,469 | 3,447 |
Contract Termination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 0 | 4 | 0 | ' | ' | ' | 698 | 1,725 | 1,788 |
Payments | 0 | 0 | 154 | ' | ' | ' | 1,824 | 174 | 1,714 |
Product Line Discontinuance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 491 | 277 |
Payments | 0 | 0 | 0 | ' | ' | ' | 151 | 340 | 277 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 162 | 789 | 719 | ' | ' | ' | 356 | 2,404 | 117 |
Payments | 162 | 789 | 719 | ' | ' | ' | 362 | 2,398 | 117 |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 69 | 583 | 378 | ' | ' | ' | 1,640 | 2,093 | 5,466 |
Payments | 240 | 751 | 597 | ' | ' | ' | 1,146 | 3,314 | 3,650 |
Europe | Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 69 | 58 | 378 | ' | ' | ' | 1,640 | 817 | 3,288 |
Payments | 240 | 226 | 597 | ' | ' | ' | 1,146 | 1,964 | 1,546 |
Europe | Contract Termination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 53 | 1,788 |
Payments | 0 | 0 | 0 | ' | ' | ' | 0 | 127 | 1,714 |
Europe | Product Line Discontinuance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 277 |
Payments | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 277 |
Europe | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 0 | 525 | 0 | ' | ' | ' | 0 | 1,223 | 113 |
Payments | 0 | 525 | 0 | ' | ' | ' | 0 | 1,223 | 113 |
Asia/Pacific | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 376 | 4 | 0 | ' | ' | ' | 1,507 | 5,020 | 186 |
Payments | 348 | 0 | 154 | ' | ' | ' | 3,659 | 2,369 | 186 |
Asia/Pacific | Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 376 | 0 | 0 | ' | ' | ' | 970 | 1,681 | 186 |
Payments | 348 | 0 | 0 | ' | ' | ' | 1,839 | 812 | 186 |
Asia/Pacific | Contract Termination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 0 | 4 | 0 | ' | ' | ' | 534 | 1,667 | 0 |
Payments | 0 | 0 | 154 | ' | ' | ' | 1,660 | 42 | 0 |
Asia/Pacific | Product Line Discontinuance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 491 | 0 |
Payments | 0 | 0 | 0 | ' | ' | ' | 151 | 340 | 0 |
Asia/Pacific | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 3 | 1,181 | 0 |
Payments | 0 | 0 | 0 | ' | ' | ' | 9 | 1,175 | 0 |
NA/HME | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 3,041 | 845 | 803 | 1,210 | 4,689 | 4,837 | 5,922 | 4,247 | 4,759 |
Payments | 1,466 | 1,303 | 1,120 | ' | ' | ' | 6,864 | 3,592 | 1,667 |
NA/HME | Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 3,041 | 845 | 803 | ' | ' | ' | 5,405 | 4,242 | 4,755 |
Payments | 1,466 | 1,303 | 1,120 | ' | ' | ' | 6,347 | 3,587 | 1,663 |
NA/HME | Contract Termination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 164 | 5 | 0 |
Payments | 0 | 0 | 0 | ' | ' | ' | 164 | 5 | 0 |
NA/HME | Product Line Discontinuance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 |
Payments | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 |
NA/HME | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 353 | 0 | 4 |
Payments | 0 | 0 | 0 | ' | ' | ' | 353 | 0 | 4 |
IPG | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 591 | 658 | 1,059 | 36 | 2,308 | 237 | 267 | 35 | 123 |
Payments | 780 | 296 | 754 | ' | ' | ' | 175 | 106 | 52 |
IPG | Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 429 | 394 | 340 | ' | ' | ' | 267 | 35 | 123 |
Payments | 618 | 32 | 35 | ' | ' | ' | 175 | 106 | 52 |
IPG | Contract Termination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 |
Payments | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 |
IPG | Product Line Discontinuance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 |
Payments | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 |
IPG | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 162 | 264 | 719 | ' | 1,674 | ' | 0 | 0 | 0 |
Payments | $162 | $264 | $719 | ' | ' | ' | $0 | $0 | $0 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate, continuing operations | -8.90% | -4.50% | -13.20% | -6.80% |
U.S. statutory income tax rate | ' | ' | 35.00% | 35.00% |
Domestic intraperiod tax allocation, discrete tax expense | ' | ' | ' | $3,143 |
Net_Earnings_Loss_Per_Common_S2
Net Earnings (Loss) Per Common Share Computation of Basic and Diluted Net Earnings (Loss) Per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Net Earnings (Loss) per SharebBasic | ' | ' | ' | ' | ||||
Average common shares outstanding | 32,006 | 31,902 | 32,005 | 31,902 | ||||
Net loss from continuing operations | ($28,725) | ($6,274) | ($62,075) | ($38,325) | ||||
Net earnings from discontinued operations | 13,629 | 22,376 | 15,390 | 77,146 | ||||
Net Earnings (Loss) | -15,096 | 16,102 | -46,685 | 38,821 | ||||
Net loss per common share from continuing operations (in dollars per share) | ($0.90) | ($0.20) | ($1.94) | ($1.20) | ||||
Net earnings per common share from discontinued operations (in dollars per share) | $0.43 | $0.70 | $0.48 | $2.42 | ||||
Net earnings (loss) per common share | ($0.47) | $0.50 | ($1.46) | $1.22 | ||||
Net Earnings (Loss) per SharebAssuming Dilution | ' | ' | ' | ' | ||||
Average common shares outstanding | 32,006 | 31,902 | 32,005 | 31,902 | ||||
Stock options and awards | 188 | 164 | 211 | 107 | ||||
Average common shares assuming dilution | 32,194 | 32,066 | 32,216 | 32,009 | ||||
Net loss from continuing operations | -28,725 | -6,274 | -62,075 | -38,325 | ||||
Net earnings from discontinued operations | 13,629 | 22,376 | 15,390 | 77,146 | ||||
Net Earnings (Loss) | ($15,096) | $16,102 | ($46,685) | $38,821 | ||||
Net loss per common share from continuing operations (in dollars per share) | ($0.90) | [1] | ($0.20) | [1] | ($1.94) | [1] | ($1.20) | [1] |
Net earnings per common share from discontinued operations (in dollars per share) | $0.42 | $0.70 | $0.48 | $2.41 | ||||
Net earnings (loss) per per common sharebassuming dilution (in dollars per share) | ($0.47) | [1] | $0.50 | [1] | ($1.46) | [1] | $1.21 | [1] |
[1] | Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. |
Net_Earnings_Loss_Per_Common_S3
Net Earnings (Loss) Per Common Share Textuals (Details) (Stock Options, USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | |
Stock Options | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 3,607,069 | 4,375,829 | 3,104,623 | 4,406,045 | ' |
Antidilutive share granted, average exercise price | $41.87 | ' | $41.87 | ' | $41.87 |
Fair value stock price | $15.24 | $15.88 | $17.55 | $15.04 | ' |
Concentration_Of_Credit_Risk_D
Concentration Of Credit Risk (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Risks and Uncertainties [Abstract] | ' |
Retained Recourse Obligation For Events Of Default Under Contracts | $4,831 |
Events of Default Under Contract by Third Party | $36,218 |
Derivatives_Notional_Amounts_D
Derivatives Notional Amounts - Designated as Hedges (Details) (Designated as Hedging Instrument [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Notional Amount | $39,377 | $135,009 |
Unrealized Gain (Loss) | -85 | -781 |
USD / AUD [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 582 | 0 |
Unrealized Gain (Loss) | 10 | 0 |
USD / CNY [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 3,242 | 11,730 |
Unrealized Gain (Loss) | -24 | -66 |
USD / CHF [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 97 | 486 |
Unrealized Gain (Loss) | 2 | 4 |
USD / EUR [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 14,563 | 51,106 |
Unrealized Gain (Loss) | 533 | -168 |
USD / GBP [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 604 | 2,686 |
Unrealized Gain (Loss) | -19 | -45 |
USD / NZD [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 1,012 | 0 |
Unrealized Gain (Loss) | -19 | 0 |
USD / SEK [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 479 | 2,485 |
Unrealized Gain (Loss) | 37 | 58 |
USD / MXP [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 2,754 | 5,960 |
Unrealized Gain (Loss) | 6 | 102 |
EUR / AUD [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 163 | 0 |
Unrealized Gain (Loss) | -11 | 0 |
EUR / CAD [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 380 | 1,710 |
Unrealized Gain (Loss) | -7 | -1 |
EUR / CHF [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 718 | 2,654 |
Unrealized Gain (Loss) | 13 | 1 |
EUR / DKK [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 306 | 1,382 |
Unrealized Gain (Loss) | -1 | -5 |
EUR / GBP [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 7,603 | 29,614 |
Unrealized Gain (Loss) | -529 | -501 |
EUR / SEK [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 808 | 3,432 |
Unrealized Gain (Loss) | 48 | 75 |
EUR / NOK [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 962 | 3,135 |
Unrealized Gain (Loss) | -10 | 66 |
EUR / NZD [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 1,747 | 6,959 |
Unrealized Gain (Loss) | 61 | -111 |
AUD / CAD [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 354 | 0 |
Unrealized Gain (Loss) | 8 | 0 |
AUD / NZD [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 255 | 0 |
Unrealized Gain (Loss) | -13 | 0 |
GBP / CHF [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 218 | 837 |
Unrealized Gain (Loss) | -14 | -26 |
GBP / SEK [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 519 | 2,078 |
Unrealized Gain (Loss) | -67 | -101 |
DKK / SEK [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 1,193 | 5,337 |
Unrealized Gain (Loss) | -50 | -94 |
NOK / SEK [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 818 | 3,418 |
Unrealized Gain (Loss) | ($39) | $31 |
Derivatives_Notional_Amounts_N
Derivatives Notional Amounts - Not Designated as Hedges (Details) (Not Designated as Hedging Instrument [Member], USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Forward Exchange Contractsbnet | Forward Exchange Contractsbnet | Forward Exchange Contractsbnet | Forward Exchange Contractsbnet | EUR / AUD [Member] | EUR / AUD [Member] | EUR / CAD [Member] | EUR / CAD [Member] | EUR / DKK [Member] | EUR / DKK [Member] | AUD / CAD [Member] | AUD / CAD [Member] | EUR / NOK [Member] | EUR / NOK [Member] | |||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | $142,156 | $34,059 | ' | ' | ' | ' | $4,200 | $225 | $4,565 | $0 | $3,247 | $0 | $98,628 | $14,867 | $328 | $1,645 | $11,344 | $0 | $8,653 | $0 | $3,774 | $0 | $4,500 | $3,824 | $719 | $0 | $2,142 | $2,039 | $19 | $0 | $33 | $5,470 | $0 | $5,989 | $4 | $0 |
Gain (Loss) | ($2,384) | $370 | ($2,240) | $361 | ($2,384) | $617 | $110 | ($1) | ($103) | $0 | ($29) | $0 | ($1,617) | $250 | ($14) | $35 | ($580) | $0 | ($49) | $0 | ($52) | $0 | $68 | ($1) | ($32) | $0 | ($85) | $80 | ($1) | $0 | $0 | ($3) | $0 | $10 | $0 | $0 |
Derivatives_Balance_Sheet_Loca
Derivatives Balance Sheet Location (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | $1,140 | $789 |
Other Current Assets | Foreign currency forward contracts | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 740 | 414 |
Other Current Assets | Foreign currency forward contracts | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 400 | 375 |
Other Current Assets | Interest rate swaps | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Accrued Expenses | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilities | 3,609 | 1,212 |
Accrued Expenses | Foreign currency forward contracts | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilities | 825 | 1,195 |
Accrued Expenses | Foreign currency forward contracts | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilities | 2,784 | 5 |
Accrued Expenses | Interest rate swaps | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilities | $0 | $12 |
Derivatives_Gain_Loss_in_State
Derivatives Gain (Loss) in Statement of Finacial Position (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Interest rate swaps | Interest rate swaps | Interest rate swaps | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |
Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ' | ($197) | $127 | $650 | $451 | $48 | $127 | $495 | ($245) | $0 | $155 | ' | ' | ' | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ' | -78 | -477 | -72 | -11 | -65 | -465 | 67 | -13 | -12 | -139 | ' | ' | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ' | 2 | -22 | 37 | 0 | 2 | -22 | 37 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | ($53) | ($74) | ($585) | $43 | ' | ' | ' | ' | ' | ' | ' | ($2,384) | $370 | ($2,240) | $361 | ($2,384) | $617 |
Derivatives_Narrative_Details
Derivatives Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Foreign currency forward contracts | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Notional amount of derivatives, matured during period | $42,890 | $51,250 | $118,017 | $131,923 |
Interest Expense [Member] | Interest rate swaps | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Loss on derivative | ' | -13 | -12 | -139 |
Selling General and Administrative Expense [Member] | Foreign currency forward contracts | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain recognized in income | ' | 361 | ' | 617 |
Loss on derivative | -2,240 | ' | -2,384 | ' |
Minimum | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, percentage of forcasted transactions with currency rate exposure | ' | ' | 60.00% | ' |
Maximum | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, percentage of forcasted transactions with currency rate exposure | ' | ' | 90.00% | ' |
Cash Flow Hedging [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (Loss) | -53 | -74 | -585 | 43 |
Cash Flow Hedging [Member] | Sales [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain recognized in income | ' | 54 | ' | 496 |
Loss on derivative | -369 | ' | -517 | ' |
Cash Flow Hedging [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain recognized in income | 316 | ' | ' | ' |
Loss on derivative | ' | ($128) | ($68) | ($453) |
Fair_Values_Assets_and_Liabili
Fair Values (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (Fair Value, Measurements, Recurring, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Forward Exchange Contractsbnet | Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value, net | ($2,469) | ($411) |
Forward Exchange Contractsbnet | Quoted Prices in Active Markets for Identical Assets / (Liabilities) - Level I | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Forward Exchange Contractsbnet | Significant Other Observable Inputs - Level II | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value, net | -2,469 | -411 |
Forward Exchange Contractsbnet | Significant Other Unobservable Inputs - Level III | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Interest Rate Swap Agreementsbnet | Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value, net | ' | -12 |
Interest Rate Swap Agreementsbnet | Quoted Prices in Active Markets for Identical Assets / (Liabilities) - Level I | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value, net | ' | 0 |
Interest Rate Swap Agreementsbnet | Significant Other Observable Inputs - Level II | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value, net | ' | -12 |
Interest Rate Swap Agreementsbnet | Significant Other Unobservable Inputs - Level III | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value, net | ' | $0 |
Fair_Values_Details_of_Book_Va
Fair Values (Details of Book Value and Fair Value of Financial Instruments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | $29,066 | $29,785 |
Other investments | 642 | 998 |
Installment receivables, net of reserves | 2,528 | 2,819 |
Long-term debt (including current maturities of long-term debt) | -24,688 | -45,286 |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 29,066 | 29,785 |
Other investments | 642 | 998 |
Installment receivables, net of reserves | 2,528 | 2,819 |
Long-term debt (including current maturities of long-term debt) | -23,794 | -46,124 |
Other Current Assets | Foreign currency forward contracts | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 1,140 | 789 |
Other Current Assets | Foreign currency forward contracts | Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 1,140 | 789 |
Accrued Expenses | Foreign currency forward contracts | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative liabilities | -3,609 | -1,200 |
Accrued Expenses | Foreign currency forward contracts | Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative liabilities | -3,609 | -1,200 |
Accrued Expenses | Interest rate swaps | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative liabilities | 0 | -12 |
Accrued Expenses | Interest rate swaps | Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative liabilities | $0 | ($12) |
Business_Segments_Information_
Business Segments (Information by Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | $320,520 | ' | ' | $336,578 | $951,964 | $1,003,659 | ' | ' | ' | ||||
Charges | 4,077 | 2,090 | 2,240 | 1,884 | 8,407 | 6,998 | 9,336 | 11,395 | 10,534 | ||||
Earnings (loss) before income taxes | -26,375 | ' | ' | -6,004 | -54,825 | -35,895 | ' | ' | ' | ||||
North America/HME | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | 124,258 | ' | ' | 146,454 | 383,109 | 448,547 | ' | ' | ' | ||||
Charges | 3,041 | 845 | 803 | 1,210 | 4,689 | 4,837 | 5,922 | 4,247 | 4,759 | ||||
Earnings (loss) before income taxes | -22,568 | ' | ' | -11,563 | -54,821 | -37,808 | ' | ' | ' | ||||
Institutional Products Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | 25,151 | ' | ' | 28,083 | 76,072 | 87,135 | ' | ' | ' | ||||
Charges | 591 | 658 | 1,059 | 36 | 2,308 | 237 | 267 | 35 | 123 | ||||
Earnings (loss) before income taxes | -7,275 | ' | ' | 1,010 | -7,636 | 1,955 | ' | ' | ' | ||||
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | 158,505 | ' | ' | 150,265 | 455,263 | 429,650 | ' | ' | ' | ||||
Charges | 69 | ' | ' | 542 | 1,030 | 722 | ' | ' | ' | ||||
Earnings (loss) before income taxes | 12,181 | ' | ' | 13,136 | 33,190 | 27,344 | ' | ' | ' | ||||
Asia/Pacific | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | 12,606 | ' | ' | 11,776 | 37,520 | 38,327 | ' | ' | ' | ||||
Charges | 376 | ' | ' | 96 | 380 | 1,202 | ' | ' | ' | ||||
Earnings (loss) before income taxes | -1,736 | ' | ' | -2,233 | -6,835 | -9,871 | ' | ' | ' | ||||
All Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Earnings (loss) before income taxes | -6,977 | [1] | ' | ' | -6,354 | [1] | -18,723 | [1] | -17,515 | [1] | ' | ' | ' |
Intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | 32,519 | ' | ' | 29,982 | 92,462 | 89,259 | ' | ' | ' | ||||
Intersegment revenues | North America/HME | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | 20,730 | ' | ' | 20,427 | 60,084 | 59,443 | ' | ' | ' | ||||
Intersegment revenues | Institutional Products Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | 1,414 | ' | ' | 1,254 | 5,840 | 4,243 | ' | ' | ' | ||||
Intersegment revenues | Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | 2,681 | ' | ' | 1,890 | 6,494 | 6,156 | ' | ' | ' | ||||
Intersegment revenues | Asia/Pacific | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | $7,694 | ' | ' | $6,411 | $20,044 | $19,417 | ' | ' | ' | ||||
[1] | Consists of un-allocated corporate SG&A costs and intercompany profits, which do not meet the quantitative criteria for determining reportable segments. |
Contingencies_Contingencies_De
Contingencies Contingencies (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Loss Contingencies [Line Items] | ' |
Additional warranty expense accrued related to recall | $11,493 |
Field action under review | ' |
Loss Contingencies [Line Items] | ' |
Additional warranty expense accrued related to recall | 6,559 |
Number of reported incidents | 5 |
Warranty related sieve bed recall | ' |
Loss Contingencies [Line Items] | ' |
Additional warranty expense accrued related to recall | 2,057 |
Warranty related recall | ' |
Loss Contingencies [Line Items] | ' |
Additional warranty expense accrued related to recall | 2,877 |
Europe | ' |
Loss Contingencies [Line Items] | ' |
Additional warranty expense accrued related to recall | 3,395 |
North America/HME | ' |
Loss Contingencies [Line Items] | ' |
Additional warranty expense accrued related to recall | 3,164 |
North America/HME | Warranty related recall | ' |
Loss Contingencies [Line Items] | ' |
Additional warranty expense accrued related to recall | 1,612 |
Asia/Pacific | Warranty related recall | ' |
Loss Contingencies [Line Items] | ' |
Additional warranty expense accrued related to recall | $1,265 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information Consolidating Condensed Statements of Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Feb. 17, 2007 | |
The Company (Parent) [Member] | The Company (Parent) [Member] | The Company (Parent) [Member] | The Company (Parent) [Member] | Combined Guarantor Subsidiaries [Member] | Combined Guarantor Subsidiaries [Member] | Combined Guarantor Subsidiaries [Member] | Combined Guarantor Subsidiaries [Member] | Combined Non-Guarantor Subsidiaries [Member] | Combined Non-Guarantor Subsidiaries [Member] | Combined Non-Guarantor Subsidiaries [Member] | Combined Non-Guarantor Subsidiaries [Member] | Eliminations [Member] | Eliminations [Member] | Eliminations [Member] | Eliminations [Member] | Convertible Senior Subordinated Debentures at 4.125% February 2027 | Convertible Senior Subordinated Debentures at 4.125% February 2027 | ||||||||||
Convertible Subordinated Debt | Convertible Subordinated Debt | ||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.13% | ' |
Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $135,000,000 |
Net sales | 320,520,000 | ' | ' | 336,578,000 | 951,964,000 | 1,003,659,000 | ' | ' | ' | 55,333,000 | 60,641,000 | 160,054,000 | 186,453,000 | 96,947,000 | 114,950,000 | 307,801,000 | 350,291,000 | 192,482,000 | 184,299,000 | 554,060,000 | 535,805,000 | -24,242,000 | -23,312,000 | -69,951,000 | -68,890,000 | ' | ' |
Cost of Goods Sold | 235,873,000 | ' | ' | 242,371,000 | 692,946,000 | 727,516,000 | ' | ' | ' | 49,799,000 | 52,454,000 | 144,620,000 | 159,884,000 | 76,819,000 | 84,997,000 | 234,288,000 | 258,609,000 | 133,533,000 | 128,232,000 | 384,025,000 | 378,287,000 | -24,278,000 | -23,312,000 | -69,987,000 | -69,264,000 | ' | ' |
Gross Profit | 84,647,000 | ' | ' | 94,207,000 | 259,018,000 | 276,143,000 | ' | ' | ' | 5,534,000 | 8,187,000 | 15,434,000 | 26,569,000 | 20,128,000 | 29,953,000 | 73,513,000 | 91,682,000 | 58,949,000 | 56,067,000 | 170,035,000 | 157,518,000 | 36,000 | 0 | 36,000 | 374,000 | ' | ' |
Selling, general and administrative expenses | 98,181,000 | ' | ' | 97,579,000 | 295,328,000 | 302,757,000 | ' | ' | ' | 32,124,000 | 29,046,000 | 95,990,000 | 99,338,000 | 19,765,000 | 24,223,000 | 62,633,000 | 69,085,000 | 46,375,000 | 44,310,000 | 136,788,000 | 131,640,000 | -83,000 | 0 | -83,000 | 2,694,000 | ' | ' |
Charges | 4,077,000 | 2,090,000 | 2,240,000 | 1,884,000 | 8,407,000 | 6,998,000 | 9,336,000 | 11,395,000 | 10,534,000 | 3,149,000 | 1,597,000 | 5,203,000 | 5,078,000 | 0 | 36,000 | -95,000 | 49,000 | 928,000 | 251,000 | 3,299,000 | 1,871,000 | 0 | 0 | 0 | 0 | ' | ' |
Asset write-downs related to intangible assets | 8,253,000 | ' | ' | 167,000 | 8,253,000 | 167,000 | ' | ' | ' | 0 | 0 | 0 | 0 | 8,253,000 | 167,000 | 8,253,000 | 167,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Income (Loss) from Equity Method Investments | 0 | ' | ' | 0 | 0 | 0 | ' | ' | ' | 13,251,000 | 32,513,000 | 37,596,000 | 105,501,000 | 8,476,000 | 8,935,000 | 23,103,000 | 21,472,000 | -63,000 | 22,000 | -127,000 | -93,000 | -21,664,000 | -41,470,000 | -60,572,000 | -126,880,000 | ' | ' |
Interest Income (Expense), Net | 511,000 | ' | ' | 581,000 | 1,855,000 | 2,116,000 | ' | ' | ' | 57,000 | -603,000 | -227,000 | -1,418,000 | 406,000 | 1,107,000 | 1,668,000 | 2,819,000 | 48,000 | 77,000 | 414,000 | 715,000 | 0 | 0 | 0 | 0 | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes | -26,375,000 | ' | ' | -6,004,000 | -54,825,000 | -35,895,000 | ' | ' | ' | -16,545,000 | 10,660,000 | -47,936,000 | 29,072,000 | 180,000 | 13,355,000 | 24,157,000 | 41,034,000 | 11,535,000 | 11,451,000 | 29,407,000 | 23,199,000 | -21,545,000 | -41,470,000 | -60,453,000 | -129,200,000 | ' | ' |
Income tax provision | 2,350,000 | ' | ' | 270,000 | 7,250,000 | 2,430,000 | ' | ' | ' | -1,449,000 | -5,442,000 | -1,251,000 | -9,749,000 | 400,000 | -480,000 | 0 | -1,470,000 | 3,399,000 | 6,192,000 | 8,501,000 | 13,649,000 | 0 | 0 | 0 | 0 | ' | ' |
Net loss from Continuing Operations | -28,725,000 | ' | ' | -6,274,000 | -62,075,000 | -38,325,000 | ' | ' | ' | -15,096,000 | 16,102,000 | -46,685,000 | 38,821,000 | -220,000 | 13,835,000 | 24,157,000 | 42,504,000 | 8,136,000 | 5,259,000 | 20,906,000 | 9,550,000 | -21,545,000 | -41,470,000 | -60,453,000 | -129,200,000 | ' | ' |
Total Net Earnings from Discontinued Operations | 13,629,000 | ' | ' | 22,376,000 | 15,390,000 | 77,146,000 | ' | ' | ' | 0 | 0 | 0 | 0 | 13,629,000 | 22,376,000 | 15,390,000 | 77,146,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Net Earnings (Loss) | -15,096,000 | ' | ' | 16,102,000 | -46,685,000 | 38,821,000 | ' | ' | ' | -15,096,000 | 16,102,000 | -46,685,000 | 38,821,000 | 13,409,000 | 36,211,000 | 39,547,000 | 119,650,000 | 8,136,000 | 5,259,000 | 20,906,000 | 9,550,000 | -21,545,000 | -41,470,000 | -60,453,000 | -129,200,000 | ' | ' |
Other Comprehensive Income (Loss) | -22,346,000 | ' | ' | 9,874,000 | -19,933,000 | 1,845,000 | ' | ' | ' | -22,346,000 | 9,874,000 | -19,933,000 | 1,845,000 | -5,327,000 | 220,000 | -3,038,000 | -415,000 | -9,521,000 | 10,135,000 | -18,476,000 | 2,228,000 | 14,848,000 | -10,355,000 | 21,514,000 | -1,813,000 | ' | ' |
Comprehensive Income (Loss) | ($37,442,000) | ' | ' | $25,976,000 | ($66,618,000) | $40,666,000 | ' | ' | ' | ($37,442,000) | $25,976,000 | ($66,618,000) | $40,666,000 | $8,082,000 | $36,431,000 | $36,509,000 | $119,235,000 | ($1,385,000) | $15,394,000 | $2,430,000 | $11,778,000 | ($6,697,000) | ($51,825,000) | ($38,939,000) | ($131,013,000) | ' | ' |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information Consolidating Condensed Balance Sheets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||||
Current Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents | $29,066 | $29,785 | $32,625 | $32,625 | $38,791 |
Trade receivables, net | 172,252 | 188,622 | ' | ' | ' |
Installment receivables, net | 1,324 | 1,562 | ' | ' | ' |
Inventories, net | 162,733 | 155,637 | ' | ' | ' |
Deferred income taxes | 2,389 | 2,761 | ' | ' | ' |
Due from Affiliate, Current | 0 | 0 | ' | ' | ' |
Other current assets | 37,261 | 41,172 | ' | ' | ' |
Total Current Assets | 405,025 | 419,539 | ' | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' | ' |
Intercompany advances, net | 0 | 0 | ' | ' | ' |
Other Assets | 32,001 | 45,936 | ' | ' | ' |
Other Intangibles | 45,819 | 62,584 | ' | ' | ' |
Property and Equipment, net | 93,481 | 106,149 | ' | ' | ' |
Goodwill | 448,105 | 462,226 | ' | ' | ' |
Total Assets | 1,024,431 | 1,096,434 | ' | ' | ' |
Current Liabilities | ' | ' | ' | ' | ' |
Accounts payable | 121,203 | 116,704 | ' | ' | ' |
Accrued expenses | 150,045 | 133,100 | ' | ' | ' |
Accrued income taxes | 17,828 | 12,259 | ' | ' | ' |
Due to Affiliate, Current | 0 | 0 | ' | ' | ' |
Short-term debt and current maturities of long-term obligations | 781 | 14,102 | ' | ' | ' |
Total Current Liabilities | 289,857 | 276,165 | ' | ' | ' |
Long-Term Debt | 23,907 | 31,184 | ' | ' | ' |
Other Long-Term Obligations | 103,140 | 118,276 | ' | ' | ' |
Inercompany advances, net | 0 | 0 | ' | ' | ' |
Total Shareholdersb Equity | 607,527 | 670,809 | ' | ' | ' |
Total Liabilities and Shareholdersb Equity | 1,024,431 | 1,096,434 | ' | ' | ' |
The Company (Parent) [Member] | ' | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 1,752 | 1,401 | ' | 3,148 | 5,774 |
Trade receivables, net | 51,229 | 72,272 | ' | ' | ' |
Installment receivables, net | 0 | 0 | ' | ' | ' |
Inventories, net | 24,361 | 30,806 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Due from Affiliate, Current | 8,919 | 4,179 | ' | ' | ' |
Other current assets | 6,138 | 9,970 | ' | ' | ' |
Total Current Assets | 92,399 | 118,628 | ' | ' | ' |
Investment in subsidiaries | 1,430,467 | 1,475,156 | ' | ' | ' |
Intercompany advances, net | 1,022,820 | 959,071 | ' | ' | ' |
Other Assets | 28,990 | 42,831 | ' | ' | ' |
Other Intangibles | 366 | 466 | ' | ' | ' |
Property and Equipment, net | 31,056 | 35,169 | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' | ' |
Total Assets | 2,606,098 | 2,631,321 | ' | ' | ' |
Current Liabilities | ' | ' | ' | ' | ' |
Accounts payable | 52,179 | 42,521 | ' | ' | ' |
Accrued expenses | 41,846 | 30,314 | ' | ' | ' |
Accrued income taxes | 6,791 | 5,375 | ' | ' | ' |
Due to Affiliate, Current | 63,749 | 42,314 | ' | ' | ' |
Short-term debt and current maturities of long-term obligations | 0 | 13,118 | ' | ' | ' |
Total Current Liabilities | 164,565 | 133,642 | ' | ' | ' |
Long-Term Debt | 19,166 | 25,642 | ' | ' | ' |
Other Long-Term Obligations | 40,169 | 53,470 | ' | ' | ' |
Inercompany advances, net | 1,774,671 | 1,747,758 | ' | ' | ' |
Total Shareholdersb Equity | 607,527 | 670,809 | ' | ' | ' |
Total Liabilities and Shareholdersb Equity | 2,606,098 | 2,631,321 | ' | ' | ' |
Combined Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 471 | 313 | ' | 0 | 1,018 |
Trade receivables, net | 27,551 | 28,317 | ' | ' | ' |
Installment receivables, net | 413 | 452 | ' | ' | ' |
Inventories, net | 27,902 | 27,472 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Due from Affiliate, Current | 1,861 | 380 | ' | ' | ' |
Other current assets | 467 | 568 | ' | ' | ' |
Total Current Assets | 58,665 | 57,502 | ' | ' | ' |
Investment in subsidiaries | 477,900 | 450,021 | ' | ' | ' |
Intercompany advances, net | 1,656,292 | 1,620,683 | ' | ' | ' |
Other Assets | 1,031 | 1,061 | ' | ' | ' |
Other Intangibles | 5,456 | 17,109 | ' | ' | ' |
Property and Equipment, net | 14,407 | 17,774 | ' | ' | ' |
Goodwill | 16,661 | 16,660 | ' | ' | ' |
Total Assets | 2,230,412 | 2,180,810 | ' | ' | ' |
Current Liabilities | ' | ' | ' | ' | ' |
Accounts payable | 7,408 | 7,237 | ' | ' | ' |
Accrued expenses | 21,541 | 17,228 | ' | ' | ' |
Accrued income taxes | 0 | 0 | ' | ' | ' |
Due to Affiliate, Current | 2,050 | 2,124 | ' | ' | ' |
Short-term debt and current maturities of long-term obligations | 8 | 8 | ' | ' | ' |
Total Current Liabilities | 31,007 | 26,597 | ' | ' | ' |
Long-Term Debt | 8 | 61 | ' | ' | ' |
Other Long-Term Obligations | 0 | 0 | ' | ' | ' |
Inercompany advances, net | 1,026,223 | 959,172 | ' | ' | ' |
Total Shareholdersb Equity | 1,173,174 | 1,194,980 | ' | ' | ' |
Total Liabilities and Shareholdersb Equity | 2,230,412 | 2,180,810 | ' | ' | ' |
Combined Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 26,843 | 28,071 | ' | 29,477 | 31,999 |
Trade receivables, net | 93,472 | 88,033 | ' | ' | ' |
Installment receivables, net | 911 | 1,110 | ' | ' | ' |
Inventories, net | 113,045 | 100,444 | ' | ' | ' |
Deferred income taxes | 2,389 | 2,761 | ' | ' | ' |
Due from Affiliate, Current | 68,139 | 44,292 | ' | ' | ' |
Other current assets | 36,836 | 35,461 | ' | ' | ' |
Total Current Assets | 341,635 | 300,172 | ' | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' | ' |
Intercompany advances, net | 183,397 | 179,451 | ' | ' | ' |
Other Assets | 1,980 | 2,044 | ' | ' | ' |
Other Intangibles | 39,997 | 45,009 | ' | ' | ' |
Property and Equipment, net | 48,018 | 53,206 | ' | ' | ' |
Goodwill | 431,444 | 445,566 | ' | ' | ' |
Total Assets | 1,046,471 | 1,025,448 | ' | ' | ' |
Current Liabilities | ' | ' | ' | ' | ' |
Accounts payable | 61,616 | 66,946 | ' | ' | ' |
Accrued expenses | 92,838 | 90,385 | ' | ' | ' |
Accrued income taxes | 11,037 | 6,884 | ' | ' | ' |
Due to Affiliate, Current | 13,120 | 4,413 | ' | ' | ' |
Short-term debt and current maturities of long-term obligations | 773 | 976 | ' | ' | ' |
Total Current Liabilities | 179,384 | 169,604 | ' | ' | ' |
Long-Term Debt | 4,733 | 5,481 | ' | ' | ' |
Other Long-Term Obligations | 62,971 | 64,806 | ' | ' | ' |
Inercompany advances, net | 61,615 | 52,275 | ' | ' | ' |
Total Shareholdersb Equity | 737,768 | 733,282 | ' | ' | ' |
Total Liabilities and Shareholdersb Equity | 1,046,471 | 1,025,448 | ' | ' | ' |
Eliminations [Member] | ' | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | 0 | 0 |
Trade receivables, net | 0 | 0 | ' | ' | ' |
Installment receivables, net | 0 | 0 | ' | ' | ' |
Inventories, net | -2,575 | -3,085 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Due from Affiliate, Current | -78,919 | -48,851 | ' | ' | ' |
Other current assets | -6,180 | -4,827 | ' | ' | ' |
Total Current Assets | -87,674 | -56,763 | ' | ' | ' |
Investment in subsidiaries | -1,908,367 | -1,925,177 | ' | ' | ' |
Intercompany advances, net | -2,862,509 | -2,759,205 | ' | ' | ' |
Other Assets | 0 | 0 | ' | ' | ' |
Other Intangibles | 0 | 0 | ' | ' | ' |
Property and Equipment, net | 0 | 0 | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' | ' |
Total Assets | -4,858,550 | -4,741,145 | ' | ' | ' |
Current Liabilities | ' | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' | ' |
Accrued expenses | -6,180 | -4,827 | ' | ' | ' |
Accrued income taxes | 0 | 0 | ' | ' | ' |
Due to Affiliate, Current | -78,919 | -48,851 | ' | ' | ' |
Short-term debt and current maturities of long-term obligations | 0 | 0 | ' | ' | ' |
Total Current Liabilities | -85,099 | -53,678 | ' | ' | ' |
Long-Term Debt | 0 | 0 | ' | ' | ' |
Other Long-Term Obligations | 0 | 0 | ' | ' | ' |
Inercompany advances, net | -2,862,509 | -2,759,205 | ' | ' | ' |
Total Shareholdersb Equity | -1,910,942 | -1,928,262 | ' | ' | ' |
Total Liabilities and Shareholdersb Equity | ($4,858,550) | ($4,741,145) | ' | ' | ' |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information Consolidating Condensed Statement of Cash Flows (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Cash Provided (Used) by Operating Activities | $138 | ($1,245) |
Investing Activities | ' | ' |
Purchases of property and equipment | -9,295 | -11,086 |
Proceeds from sale of property and equipment | 9 | 856 |
Proceeds from Divestiture of Business, net | 21,870 | 187,552 |
Other long-term assets | 12,083 | 949 |
Other | 177 | -147 |
Net Cash Provided by Investing Activities | 24,844 | 178,124 |
Financing Activities | ' | ' |
Proceeds from revolving lines of credit and long-term borrowings | 201,766 | 250,124 |
Payments on revolving lines of credit and long-term borrowings | -226,432 | -432,185 |
Proceeds from exercise of stock options | 162 | 0 |
Payment of dividends | -1,188 | -1,187 |
Net Cash Used by Financing Activities | -25,692 | -183,248 |
Effect of exchange rate changes on cash | -9 | 203 |
Decrease in cash and cash equivalents | -719 | -6,166 |
Cash and cash equivalents at beginning of year | 29,785 | 38,791 |
Cash and cash equivalents at end of period | 29,066 | 32,625 |
The Company (Parent) [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Cash Provided (Used) by Operating Activities | -30,886 | 35,179 |
Investing Activities | ' | ' |
Purchases of property and equipment | -1,901 | -3,234 |
Proceeds from sale of property and equipment | 0 | 0 |
Proceeds from Divestiture of Business, net | 0 | 0 |
Other long-term assets | 12,060 | 783 |
Other | 40,728 | 171,353 |
Net Cash Provided by Investing Activities | 50,887 | 168,902 |
Financing Activities | ' | ' |
Proceeds from revolving lines of credit and long-term borrowings | 201,766 | 226,189 |
Payments on revolving lines of credit and long-term borrowings | -220,390 | -431,709 |
Proceeds from exercise of stock options | 162 | ' |
Payment of dividends | -1,188 | -1,187 |
Net Cash Used by Financing Activities | -19,650 | -206,707 |
Effect of exchange rate changes on cash | 0 | 0 |
Decrease in cash and cash equivalents | 351 | -2,626 |
Cash and cash equivalents at beginning of year | 1,401 | 5,774 |
Cash and cash equivalents at end of period | 1,752 | ' |
Combined Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Cash Provided (Used) by Operating Activities | -498 | -81,077 |
Investing Activities | ' | ' |
Purchases of property and equipment | -1,030 | -3,611 |
Proceeds from sale of property and equipment | 0 | 11 |
Proceeds from Divestiture of Business, net | 21,870 | 187,552 |
Other long-term assets | 0 | 0 |
Other | -17,093 | -103,417 |
Net Cash Provided by Investing Activities | 3,747 | 80,535 |
Financing Activities | ' | ' |
Proceeds from revolving lines of credit and long-term borrowings | 0 | 0 |
Payments on revolving lines of credit and long-term borrowings | -3,091 | -476 |
Proceeds from exercise of stock options | 0 | ' |
Payment of dividends | 0 | 0 |
Net Cash Used by Financing Activities | -3,091 | -476 |
Effect of exchange rate changes on cash | 0 | 0 |
Decrease in cash and cash equivalents | 158 | -1,018 |
Cash and cash equivalents at beginning of year | 313 | 1,018 |
Cash and cash equivalents at end of period | 471 | ' |
Combined Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Cash Provided (Used) by Operating Activities | 8,089 | -20,736 |
Investing Activities | ' | ' |
Purchases of property and equipment | -6,364 | -4,241 |
Proceeds from sale of property and equipment | 9 | 845 |
Proceeds from Divestiture of Business, net | 0 | 0 |
Other long-term assets | 23 | 166 |
Other | -25 | 0 |
Net Cash Provided by Investing Activities | -6,357 | -3,230 |
Financing Activities | ' | ' |
Proceeds from revolving lines of credit and long-term borrowings | 0 | 23,935 |
Payments on revolving lines of credit and long-term borrowings | -2,951 | 0 |
Proceeds from exercise of stock options | 0 | ' |
Payment of dividends | 0 | -2,694 |
Net Cash Used by Financing Activities | -2,951 | 21,241 |
Effect of exchange rate changes on cash | -9 | 203 |
Decrease in cash and cash equivalents | -1,228 | -2,522 |
Cash and cash equivalents at beginning of year | 28,071 | 31,999 |
Cash and cash equivalents at end of period | 26,843 | ' |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Cash Provided (Used) by Operating Activities | 23,433 | 65,389 |
Investing Activities | ' | ' |
Purchases of property and equipment | 0 | 0 |
Proceeds from sale of property and equipment | 0 | 0 |
Proceeds from Divestiture of Business, net | 0 | 0 |
Other long-term assets | 0 | 0 |
Other | -23,433 | -68,083 |
Net Cash Provided by Investing Activities | -23,433 | -68,083 |
Financing Activities | ' | ' |
Proceeds from revolving lines of credit and long-term borrowings | 0 | 0 |
Payments on revolving lines of credit and long-term borrowings | 0 | 0 |
Proceeds from exercise of stock options | 0 | ' |
Payment of dividends | 0 | 2,694 |
Net Cash Used by Financing Activities | 0 | 2,694 |
Effect of exchange rate changes on cash | 0 | 0 |
Decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 |
Cash and cash equivalents at end of period | $0 | ' |