Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 07, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | INVACARE CORPORATION | ||
Entity Central Index Key | 742,112 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 380,985,202 | ||
Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 31,679,927 | ||
Class B Common Shares | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 729,309 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income (Loss) - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 1,047,474,000 | $ 1,142,338,000 | $ 1,270,163,000 |
Cost of products sold | 763,847,000 | 829,514,000 | 922,775,000 |
Gross Profit | 283,627,000 | 312,824,000 | 347,388,000 |
Selling, general and administrative expenses | 303,781,000 | 318,646,000 | 382,065,000 |
Gain on sale of business (pre-tax) | (7,386,000) | (24,000) | 0 |
Charges related to restructuring activities | 2,447,000 | 1,971,000 | 11,112,000 |
Asset write-downs to intangible assets | 0 | 0 | 13,041,000 |
Operating Income (Loss) | (15,215,000) | (7,769,000) | (58,830,000) |
Loss (gain) on Convertible Debt Derivatives | (1,268,000) | 0 | 0 |
Interest expense | 15,875,000 | 4,136,000 | 4,887,000 |
Interest income | (265,000) | (165,000) | (507,000) |
Loss from Continuing Operations Before Income Taxes | (29,557,000) | (11,740,000) | (63,210,000) |
Income taxes | 13,299,000 | 14,710,000 | 5,550,000 |
Loss from Continuing Operations | (42,856,000) | (26,450,000) | (68,760,000) |
Net earnings from discontinued operations (net of tax of $1,200) | 0 | 0 | 1,596,000 |
Gain on sale (net of tax of $0; $140 and $5,975) | 0 | 260,000 | 11,094,000 |
Total Net Earnings from Discontinued Operations | 0 | 260,000 | 12,690,000 |
Net Loss | $ (42,856,000) | $ (26,190,000) | $ (56,070,000) |
Net Earnings (Loss) per Share—Basic: | |||
Net loss from continuing operations - Basic (in dollars per share) | $ (1.32) | $ (0.82) | $ (2.15) |
Net earnings (loss) from discontinued operations - Basic (in dollars per share | 0 | 0.01 | 0.40 |
Net Earnings (loss) per Share - Basic (in dollars per share) | $ (1.32) | $ (0.81) | $ (1.75) |
Weighted Average Shares Outstanding - Basic (in shares) | 32,471 | 32,171 | 32,009 |
Net Earnings (Loss) per Share—Assuming Dilution: | |||
Net loss from continuing operations assuming dilution (in dollars per share) | $ (1.32) | $ (0.82) | $ (2.15) |
Net earnings (loss) from discontinued operations assuming dilution (in dollars per share) | 0 | 0.01 | 0.39 |
Net Earnings (loss) per Share - Assuming Dilution (in dollars per share) | $ (1.32) | $ (0.81) | $ (1.75) |
Weighted Average Shares Outstanding - Assuming Dilution (in shares) | 32,590 | 32,683 | 32,197 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | $ (7,194,000) | $ (81,404,000) | $ (51,508,000) |
Defined benefit plans: | |||
Amortization of prior service costs and unrecognized losses | (1,580,000) | (1,375,000) | (2,178,000) |
Amounts arising during the year, primarily addition of new participants | 0 | 784,000 | 0 |
Deferred tax adjustment resulting from defined benefit plan activity | (134,000) | (44,000) | 213,000 |
Valuation reserve (reversal) associated with defined benefit plan activity | 223,000 | 47,000 | (222,000) |
Current period gain (loss) on cash flow hedges | (1,407,000) | 2,731,000 | 244,000 |
Deferred tax benefit (loss) related to gain (loss) on cash flow hedges | 144,000 | (177,000) | (86,000) |
Other Comprehensive Loss | (9,948,000) | (81,006,000) | (53,537,000) |
Comprehensive Loss | $ (52,804,000) | $ (107,196,000) | $ (109,607,000) |
Consolidated Statement of Comp3
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Income Tax Expense (Benefit), Discontinued Operations | $ 0 | $ 0 | $ 1,200 |
Income Tax Expense (Benefit) on Gain (Loss), Discontinued Operations | $ 0 | $ 140 | $ 5,975 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 124,234 | $ 60,055 |
Trade receivables, net | 116,307 | 128,615 |
Installment receivables, net | 1,368 | 1,145 |
Inventories, net | 135,644 | 126,403 |
Other current assets | 31,519 | 34,432 |
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 11,649 |
Total Current Assets | 409,072 | 362,299 |
Other Assets | 29,687 | 4,659 |
Intangibles | 29,023 | 31,000 |
Property and Equipment, net | 75,359 | 78,505 |
Goodwill | 360,602 | 361,680 |
Total Assets | 903,743 | 838,143 |
Current Liabilities | ||
Accounts payable | 88,236 | 103,571 |
Accrued expenses | 110,095 | 118,956 |
Current taxes payable | 7,269 | 17,154 |
Short-term debt and current maturities of long-term obligations | 15,261 | 2,028 |
Liabilities sold | 0 | 5,935 |
Total Current Liabilities | 220,861 | 247,644 |
Long-Term Debt | 146,088 | 45,092 |
Other Long-Term Obligations | 114,407 | 82,589 |
Shareholders’ Equity | ||
Preferred Shares (Authorized 300 shares; none outstanding) | 0 | 0 |
Additional paid-in-capital | 266,151 | 247,022 |
Retained earnings | 266,144 | 310,583 |
Accumulated other comprehensive earnings | (19,335) | (9,387) |
Treasury shares (3,616 and 3,194 shares in 2016 and 2015, respectively) | (99,730) | (94,399) |
Total Shareholders’ Equity | 422,387 | 462,818 |
Total Liabilities and Shareholders’ Equity | 903,743 | 838,143 |
Common Shares (Authorized 100,000 shares; 35,318 and 35,024 issued and outstanding in 2016 and 2015, respectively)—no par | ||
Shareholders’ Equity | ||
Common shares | 8,974 | 8,815 |
Class B Common Shares (Authorized 12,000 shares; 729 and 734 issued and outstanding in 2016 and 2015)—no par | ||
Shareholders’ Equity | ||
Common shares | 183 | 184 |
Total Shareholders’ Equity | $ 183 | $ 184 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred Stock, Shares Authorized | 300 | 300 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Shares | 3,616 | 3,194 |
Common Stock | ||
Common Stock, Shares Authorized | 100,000 | 100,000 |
Common Stock, Shares, Issued | 35,318 | 35,024 |
Class B Common Shares | ||
Common Stock, Shares Authorized | 12,000 | 12,000 |
Common Stock, Shares, Issued | 729 | 734 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | |||
Net loss | $ (42,856,000) | $ (26,190,000) | $ (56,070,000) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Gain on sale of business (pre-tax) | (7,386,000) | (24,000) | 0 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | (400,000) | (17,069,000) |
Depreciation and amortization | 14,635,000 | 18,204,000 | 30,941,000 |
Provision for losses on trade and installment receivables | 1,059,000 | 754,000 | 1,775,000 |
Provision (benefit) for deferred income taxes | 901,000 | 3,588,000 | (2,387,000) |
Provision for other deferred liabilities | 996,000 | 266,000 | 1,393,000 |
Provision for stock-based compensation | 6,894,000 | 4,013,000 | 5,626,000 |
Loss on disposals of property and equipment | 51,000 | 5,135,000 | 1,074,000 |
Loss on debt extinguishment including debt finance charges and associated fees | 0 | (668,000) | (1,070,000) |
Asset write-downs to intangible assets | 0 | 0 | 13,041,000 |
Asset write-downs related to restructuring activities | 0 | 0 | 1,163,000 |
Amortization of convertible debt discount | 5,454,000 | 796,000 | 710,000 |
Amortization of Debt Issuance Costs | 1,991,000 | 558,000 | 778,000 |
Loss (gain) on Convertible Debt Derivatives | (1,268,000) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Trade receivables | 10,210,000 | 9,164,000 | 17,211,000 |
Installment sales contracts, net | (1,236,000) | 283,000 | 15,000 |
Inventories | (9,944,000) | 11,610,000 | (9,527,000) |
Other current assets | 84,000 | 5,283,000 | 1,950,000 |
Accounts payable | (13,648,000) | (7,240,000) | 8,329,000 |
Accrued expenses | (18,491,000) | (22,003,000) | 34,113,000 |
Other long-term liabilities | (4,059,000) | (9,843,000) | (25,244,000) |
Net Cash (Used) Provided by Operating Activities | (56,613,000) | (5,378,000) | 8,892,000 |
Investing Activities | |||
Purchases of property and equipment | (10,151,000) | (7,522,000) | (12,327,000) |
Proceeds from sale of property and equipment | 42,000 | 23,117,000 | 2,521,000 |
Proceeds from sale of businesses | 13,829,000 | 13,700,000 | 21,870,000 |
Decrease in other long-term assets | (167,000) | 15,003,000 | 20,949,000 |
Other | 96,000 | 78,000 | 569,000 |
Net Cash Provided for Investing Activities | 3,649,000 | 44,376,000 | 33,582,000 |
Financing Activities | |||
Proceeds from revolving lines of credit and long-term borrowings | 122,025,000 | 219,603,000 | 255,658,000 |
Payments on revolving lines of credit and long-term borrowings | (2,830,000) | (232,808,000) | (286,712,000) |
Proceeds from exercise of equity awards | 17,000 | 2,402,000 | 480,000 |
Payment of financing costs | (6,125,000) | (1,954,000) | 0 |
Payment of dividends | (1,583,000) | (1,589,000) | (1,584,000) |
Proceeds from Issuance of Warrants | 12,376,000 | 0 | 0 |
Payments for Repurchase of Common Stock | (5,331,000) | 0 | 0 |
Net Cash Provided (Used) by Financing Activities | 118,549,000 | (14,346,000) | (32,158,000) |
Effect of exchange rate changes on cash | (1,406,000) | (3,528,000) | (1,170,000) |
Increase in cash and cash equivalents | 64,179,000 | 21,124,000 | 9,146,000 |
Cash and cash equivalents at beginning of year | 60,055,000 | 38,931,000 | 29,785,000 |
Cash and cash equivalents at end of year | $ 124,234,000 | $ 60,055,000 | $ 38,931,000 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) shares in Thousands | Total | Common Stock | Additional Paid-in- Capital | Retained Earnings | Accumulated Other Comprehensive Earnings | Treasury Stock | Class B Common Shares |
Stock Issued During Period, Deferred Equity Compensation | $ 69,000 | $ 69,000 | |||||
Beginning Balance at Dec. 31, 2013 | 670,809,000 | $ 8,539,000 | 234,620,000 | $ 396,016,000 | $ 125,156,000 | $ (93,794,000) | $ 272,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options | 480,000 | 8,000 | 472,000 | ||||
Non-qualified stock option expense | 3,356,000 | 3,356,000 | |||||
Restricted stock awards | 1,799,000 | 44,000 | 2,226,000 | (471,000) | |||
Net loss | (56,070,000) | (56,070,000) | |||||
Foreign currency translation adjustments | (51,508,000) | (51,508,000) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (51,508,000) | ||||||
Unrealized gain on cash flow hedges | 158,000 | 158,000 | |||||
Defined benefit plans: | |||||||
Amortization of prior service costs and unrecognized losses and credits | (2,187,000) | (2,187,000) | |||||
Comprehensive Loss | (109,607,000) | ||||||
Dividends | (1,584,000) | (1,584,000) | |||||
Ending Balance at Dec. 31, 2014 | 565,322,000 | 8,591,000 | 240,743,000 | 338,362,000 | 71,619,000 | (94,265,000) | 272,000 |
Defined benefit plans: | |||||||
Proceeds from Issuance of Warrants | 0 | ||||||
Payments of Ordinary Dividends, Common Stock | 1,584,000 | ||||||
Exercise of stock options | 2,402,000 | 43,000 | 2,359,000 | ||||
Non-qualified stock option expense | 1,228,000 | 1,228,000 | |||||
Restricted stock awards | 2,651,000 | 93,000 | 2,692,000 | (134,000) | |||
Conversion from Class B to Common Stock | 0 | (88,000) | (88,000) | ||||
Net loss | (26,190,000) | (26,190,000) | |||||
Foreign currency translation adjustments | (81,404,000) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (81,404,000) | ||||||
Unrealized gain on cash flow hedges | 2,554,000 | 2,554,000 | |||||
Amortization of prior service costs and unrecognized losses and credits | (1,372,000) | (1,372,000) | |||||
Amounts arising during the year, primarily due to the addition of new participants | (784,000) | (784,000) | |||||
Comprehensive Loss | (107,196,000) | ||||||
Dividends | (1,589,000) | ||||||
Ending Balance at Dec. 31, 2015 | 462,818,000 | 8,815,000 | 247,022,000 | 310,583,000 | (9,387,000) | (94,399,000) | 184,000 |
Defined benefit plans: | |||||||
Proceeds from Issuance of Warrants | 0 | ||||||
Payments of Ordinary Dividends, Common Stock | 1,589,000 | ||||||
Stock Issued During Period, Deferred Equity Compensation | 0 | 69,000 | (69,000) | ||||
Exercise of stock options | 17,000 | 17,000 | |||||
Stock-based compensation expense | 1,110,000 | 1,110,000 | |||||
Non-qualified stock option expense | 745,000 | 745,000 | |||||
Restricted stock awards | 4,708,000 | 89,000 | 4,950,000 | (331,000) | |||
Conversion from Class B to Common Stock | 0 | (1,000) | (1,000) | ||||
Net loss | (42,856,000) | (42,856,000) | |||||
Foreign currency translation adjustments | (7,194,000) | (7,194,000) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (7,194,000) | ||||||
Unrealized gain on cash flow hedges | (1,263,000) | (1,263,000) | |||||
Amortization of prior service costs and unrecognized losses and credits | (1,491,000) | (1,491,000) | |||||
Comprehensive Loss | (52,804,000) | ||||||
Dividends | (1,583,000) | ||||||
Ending Balance at Dec. 31, 2016 | 422,387,000 | $ 8,974,000 | 266,151,000 | $ 266,144,000 | $ (19,335,000) | $ (99,730,000) | $ 183,000 |
Defined benefit plans: | |||||||
Proceeds from Issuance of Warrants | 12,376,000 | ||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 12,376,000 | $ 12,376,000 | |||||
Payments of Ordinary Dividends, Common Stock | $ 1,583,000 | ||||||
Treasury Stock, Shares, Acquired | (5,000) | (5,000) | 0 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 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 continuing 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 December 31, 2016 and the results of its operations and changes in its cash flow for the years ended December 31, 2016 , 2015 and 2014 , respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using a November 30 fiscal year 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. 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. Cash and Cash Equivalents : The company's policy is to treat investments that are readily convertible to cash and with maturities so near that there is little risk of changes in value due to changes in interest rates as cash and cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. Accounts Receivable: The company records accounts receivable when product ships or services are provided to its unaffiliated customers, risk of loss is passed and title is transferred. The estimated allowance for uncollectible amounts is based primarily on management's evaluation of the financial condition of specific customers. The company records accounts receivable reserves for amounts that may become uncollectible in the future. The company writes off accounts receivable when it becomes apparent, based upon customer circumstances, that such amounts will not be collected and legal remedies are exhausted. Inventories: Inventories are stated at the lower of cost or market with cost determined by the first-in, first-out method. Market values are based on the lower of replacement cost or estimated net realizable value. Finished goods and work in process inventories include material, labor and manufacturing overhead costs. Inventories have been reduced by an allowance for excess and obsolete inventories. The estimated allowance is based on management’s review of inventories on hand compared to estimated future usage and sales. Property and Equipment: Property and equipment are stated on the basis of cost. The company principally uses the straight-line method of depreciation for financial reporting purposes based on annual rates sufficient to amortize the cost of the assets over their estimated useful lives. Machinery and equipment as well as furniture and fixtures are generally depreciated using lives of 3 to 10 years, while buildings and improvements are depreciated using lives of 5 to 40 years. Accelerated methods of depreciation are used for federal income tax purposes. Expenditures for maintenance and repairs are charged to expense as incurred. Amortization of assets under capital leases is included in depreciation expense. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An asset would be considered impaired when the future net undiscounted cash flows generated by the asset are less than its carrying value. An impairment loss would be recognized based on the amount by which the carrying value of the asset exceeds its fair value. Goodwill and Other Intangibles: In accordance with Intangibles—Goodwill and Other , ASC 350, goodwill and indefinite lived intangibles are subject to annual impairment testing. For purposes of the goodwill impairment test, the fair value of each reporting unit is estimated by forecasting cash flows and discounting those cash flows using appropriate discount rates. The fair values are then compared to the carrying value of the net assets of each reporting unit. Intangibles assets are also reviewed for impairment by estimating forecasted cash flows and discounting those cash flows as needed to calculate impairment amounts. During 2014, the company recognized intangible write-down charges of $13,041,000 comprised of a customer list impairment of $12,826,000 and a non-compete agreement impairment of $215,000 each recorded in the IPG segment. Accrued Warranty Cost: 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 sale 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 recall, which could warrant additional warranty reserve provision. See Accrued Expenses in the Notes to the Consolidated Financial Statements for a reconciliation of the changes in the warranty accrual. Product Liability Cost: The company is self-insured in North America for product liability exposures through its captive insurance company, Invatection Insurance Company, which currently has a policy year that runs from September 1 to August 31 and insures annual policy losses up to $10,000,000 per occurrence and $13,000,000 in the aggregate. The company also has additional layers of external insurance coverage, related to all lines of insurance coverage, insuring up to $75,000,000 in aggregate losses per policy year arising from individual claims anywhere in the world that exceed the captive insurance company policy limits or the limits of the company’s per country foreign liability limits, as applicable. There can be no assurance that Invacare’s current insurance levels will continue to be adequate or available at affordable rates. Product liability reserves are recorded for individual claims based upon historical experience, industry expertise and other indicators. Additional reserves, in excess of the specific individual case reserves, are provided for incurred but not reported claims based upon actuarial valuations at the time such valuations are conducted. Historical claims experience and other assumptions are taken into consideration by the company in estimating the ultimate reserves. For example, the actuarial analysis assumes that historical loss experience is an indicator of future experience, that the distribution of exposures by geographic area and nature of operations for ongoing operations is expected to be very similar to historical operations with no dramatic changes and that the government indices used to trend losses and exposures are appropriate. Estimates made are adjusted on a regular basis and can be impacted by actual loss awards and settlements on claims. While actuarial analysis is used to help determine adequate reserves, the company is responsible for the determination and recording of adequate reserves in accordance with accepted loss reserving standards and practices. Revenue Recognition: Invacare’s revenues are recognized when products are shipped or service provided to unaffiliated customers, risk of loss is passed and title is transferred. Revenue Recognition , ASC 605, provides guidance on the application of generally accepted accounting principles to selected revenue recognition issues. Shipping and handling costs are included in cost of goods sold. Sales are made only to customers with whom the company believes collection is reasonably assured based upon a credit analysis, which may include obtaining a credit application, a signed security agreement, personal guarantee and/or a cross corporate guarantee depending on the credit history of the customer. Credit lines are established for new customers after an evaluation of their credit report and/or other relevant financial information. Existing credit lines are regularly reviewed and adjusted with consideration given to any outstanding past due amounts. The company offers discounts and rebates, which are accounted for as reductions to revenue in the period in which the sale is recognized. Discounts offered include: cash discounts for prompt payment, base and trade discounts based on contract level for specific classes of customers. Volume discounts and rebates are given based on large purchases and the achievement of certain sales volumes. Product returns are accounted for as a reduction to reported sales with estimates recorded for anticipated returns at the time of sale. The company does not sell any goods on consignment. Distributed products sold by the company are accounted for in accordance with the revenue recognition guidance in ASC 605-45-05 . The company records distributed product sales gross as a principal since the company takes title to the products and has the risks of loss for collections, delivery and returns. Product sales that give rise to installment receivables are recorded at the time of sale when the risks and rewards of ownership are transferred. As such, interest income is recognized based on the terms of the installment agreements. Installment accounts are monitored and if a customer defaults on payments, interest income is no longer recognized. All installment accounts are accounted for using the same methodology, regardless of duration of the installment agreements. The company has entered into an agreement with De Lage Landen, Inc. (“DLL”), a third-party financing company, to provide the majority of future lease financing to Invacare customers. Research and Development: Research and development costs are expensed as incurred and included in cost of products sold. The company’s annual expenditures for product development and engineering were approximately $17,123,000 , $18,677,000 and $23,149,000 for 2016 , 2015 and 2014 , respectively. Advertising: Advertising costs are expensed as incurred and included in selling, general and administrative expenses. Advertising expenses amounted to $13,593,000 , $9,203,000 and $13,463,000 for 2016 , 2015 and 2014 , respectively, the majority of which is incurred for advertising in the United States and Europe. Income Taxes: The company uses the liability method in measuring the provision for income taxes and recognizing deferred tax assets and liabilities on the balance sheet. The liability method requires that deferred income taxes reflect the tax consequences of currently enacted rates for differences between the tax and financial reporting bases of assets and liabilities. With the exception of two subsidiaries, foreign subsidiaries with undistributed earnings are considered to have such earnings indefinitely reinvested and, accordingly with the exception of the two subsidiaries, no deferred tax liability has been provided for future repatriation of $32,700,000 of unremitted earnings of these foreign subsidiaries. The amount of the unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries that are permanently reinvested is not practically determinable. The company has recorded the deferred tax impact of the unremitted earnings of the two subsidiaries for which the earnings are not permanently reinvested. Value Added Taxes: The company operates internationally and is required to comply with value added tax (VAT) or goods and service tax (GST) regulations, particularly in Europe and Asia/Pacific. VAT and GST are taxes on consumption in which the company pays tax on its purchases of goods and services and charges customers on the sale of product. The difference between billings to customers and payments on purchases is then remitted or received from the government as filings are due. The company records tax assets and liabilities related to these taxes and the balances in these accounts can vary significantly from period to period based on the timing of the underlying transactions. Derivative Instruments: Derivatives and Hedging, 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. 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. In the first quarter of 2016, the company issued $150,000,000 aggregate principal amount of 5.00% Convertible Senior Notes due 2021 (the “notes”). In connection with the offering of the notes, the company entered into privately negotiated convertible note hedge transactions with two financial institutions (the “option counterparties”). The convertible debt conversion liability and the convertible note hedges are accounted for as derivatives that are fair valued quarterly. The fair value of the convertible debt conversion liability and the convertible note hedge asset are estimated using a lattice model incorporating the terms and conditions of the notes and considering, for example, changes in the prices of the company's common stock, company stock price volatility, risk-free rates and changes in market rates. The valuations are, among other things, subject to changes in both the company's credit worthiness and the counter-parties to the instruments as well as change in general market conditions. The change in the fair value of the convertible note hedges are recognized in net income (loss) for the respective period. While the change in fair value of the convertible debt conversion liability and the convertible note hedge asset are generally expected to move in opposite directions, the net change in any given period may be material. Foreign Currency Translation: The functional currency of the company’s subsidiaries outside the United States is the applicable local currency. The assets and liabilities of the company’s foreign subsidiaries are translated into U.S. dollars at year-end exchange rates. Revenues and expenses are translated at monthly average exchange rates. Gains and losses resulting from translation of balance sheet items are included in accumulated other comprehensive earnings. Net Earnings Per Share: Basic earnings per share are computed based on the weighted-average number of Common Shares and Class B Common Shares outstanding during the year. Diluted earnings per share are computed based on the weighted-average number of Common Shares and Class B Common Shares outstanding plus the effects of dilutive stock options and awards outstanding during the year. For periods in which there was a net loss, loss per share assuming dilution utilized weighted average shares-basic. Defined Benefit Plans: The company’s benefit plans are accounted for in accordance with Compensation-Retirement Benefits , ASC 715 which requires plan sponsors to recognize the funded status of their defined benefit postretirement benefit plans in the consolidated balance sheet, measure the fair value of plan assets and benefit obligations as of the balance sheet date and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. Reclassifications: In September of 2016, the company's board of directors authorized the sale of the company's subsidiary Garden City Medical Inc. ("GCM"), dba PMI and Pinnacle Medsource. Accordingly, GCM was treated as held for sale. The company's December 31, 2015 Balance Sheet was restated to reflect this treatment. See Operations Held for Sale in the Notes to the Consolidated Financial Statements for a description of the impact on the consolidated balance sheet. In 2016, the company redefined the measure by which it evaluates segment profit or loss to be segment operating profit (loss). The previous performance measure was earnings before income taxes. All prior periods presented were restated to reflect the new measure. See Business Segments in the Notes to the Consolidated Financial Statements for a description of the change. The company has historically classified the amortization of debt issuance costs, including any accelerated amortization in the form of debt fee write-offs, as a component of Selling, General and Administrative (SG&A) Expenses. During 2016, the company determined that it was more appropriate to classify this amortization as a component of interest expense. Therefore, interest expense for 2015 and 2014 has been increased by $1,225,000 and $1,848,000 , respectively, with a corresponding decrease to SG&A expenses. Recent Accounting Pronouncements (Already Adopted): 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 was required to be prospectively applied to all reporting periods presented in financial reports issued after the effective date. This standard impacts the presentation of the company's financial statements but does not affect the calculation of net income, comprehensive income or earnings per share. The company adopted ASU 2014-08 effective January 1, 2015 which impacted the company’s Condensed Consolidated Statement of Comprehensive Income (Loss), Balance Sheets and Statement of Cash Flows. Specifically, the disposals of the United States Rentals businesses, in the third quarter of 2015, and Garden City Medical, in September 2016, were not deemed to be discontinued operations. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires debt issuance costs to be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, which is similar presentation of debt discounts or premiums. ASU 2015-03 does not change the recognition and measurement guidance for debt issuance costs and requires retrospective application to all periods presented upon adoption. Amortization of the debt fees are reflected as interest expense on the Condensed Consolidated Statement of Income (Loss). The company adopted ASU 2015-03 effective January 1, 2016 which did not have a material impact on the company's financial statements. See "Reclassifications" disclosure above for the amounts reclassified from Selling, General and Administrative expenses to Interest Expense for amortization of debt fees. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires deferred tax assets and liabilities to be classified as noncurrent amounts on the balance sheet. The new accounting guidance is effective for fiscal periods beginning after December 15, 2016 and early adoption was permitted. The company adopted ASU 2015-17, on a prospective basis, effective October 1, 2015 and thus the company's deferred tax assets and liabilities have been classified as long-term in its Balance Sheet for all periods presented. In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern,” which requires management to assess the company's ability to continue as a going concern and, in certain circumstances, provide footnote disclosure. The company adopted ASU 2014-15 effective December 31, 2016, which did not have a material impact on the company's financial statements. Recent Accounting Pronouncements (Not Yet Adopted): In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” to simplify the subsequent measurement of inventory. After effectiveness of this update, entities will be required to subsequently measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. This update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual periods, and early adoption is permitted. The company will adopt ASU 2015-11, effective January 1, 2017, and does not currently believe it will have a material impact on the company's financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation – Stock Compensation: Topic 718: Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This pronouncement is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The company will adopt ASU 2016-09, effective January 1, 2017, and does not believe it will have a material impact on the company's financial statements. 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) allocate 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, 2017, due to an approved one-year deferral, and early adoption is permitted. During 2016, the company completed a preliminary assessment of its contracts. Based on this review, the company does not expect this standard will have a material impact on the company's results of operations or cash flows in the periods after adoption. Pursuant to ASU 2014-09, revenues are recognized as control transfers to the customers, which is consistent with the current revenue recognition model and the current accounting for the majority of the company's contracts. The company will continue to evaluate the impact of ASU 2014-09, as well as any subsequent updates and clarifications, the possible impact of the standard on any new contracts entered into by the company through the date of adoption and determine the transition method of retrospective or cumulative effect transition method. In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 requires lessees to put most leases on their balance sheet while recognizing expense in a manner similar to existing accounting. The new accounting guidance is effective for fiscal periods beginning after December 15, 2018 and early adoption is permitted. The company is currently reviewing the impact of the adoption of ASU 2016-02 on the company's financial statements. In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Statements." ASU 2016-13 requires a new credit loss standard for most financial assets and certain other instruments. For example, entities will be required to use an "expected loss" model that will generally require earlier recognition of allowances for losses for trade receivables. The standard also requires additional disclosures, including disclosures regarding how an entity tracks credit quality. The amendments in the pronouncement are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities may early adopt the amendments as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The company is currently reviewing the impact of the adoption of ASU 2016-09 on the company's financial statements. |
Operations Held for Sale (Notes
Operations Held for Sale (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations | Operations Held for Sale On July 2, 2015 , Invacare Continuing Care, Inc., a Missouri Corporation and wholly-owned subsidiary of the company ("ICC") completed the sale (the "Transaction") of all the issued and outstanding membership interests in Dynamic Medical Systems, LLC, a Nevada limited liability company, and Invacare Outcomes Management, LLC, a Delaware limited liability company, each a wholly-owned subsidiary of ICC (“collectively the rentals businesses”), pursuant to a Membership Interest Purchase Agreement (the “Purchase Agreement”) among the company, ICC and Joerns Healthcare Parent, LLC, a Delaware limited liability company. The rentals businesses had been operated on a stand-alone basis and reported as part of the Institutional Products Group segment of the company. The price paid to ICC for the rentals businesses was approximately $15,500,000 in cash, which was subject to certain post-closing adjustments required by the Purchase Agreement. Net proceeds from the Transaction were approximately $13,700,000 , net of taxes and expenses. The company recorded a pre-tax gain of approximately $24,000 in the third quarter of 2015, which represented the excess of the net sales price over the book value of the assets and liabilities of the rentals businesses, as of the date of completion of the disposition. The company recorded expenses related to the sale of the rentals businesses totaling $1,792,000 , of which $1,265,000 have been paid as of December 31, 2016 . The sale of the rentals businesses was not dilutive to the company's results. The company utilized the net proceeds from the sale to reduce debt outstanding under its credit agreement. The company determined that the sale of the rentals businesses did not meet the criteria for classification as a discontinued operation in accordance with ASU 2014-08 but the "held for sale" criteria of ASC 360-10-45-9 were met and thus the rentals businesses were treated as held for sale as of June 30, 2015 until sold on July 2, 2015 . On September 30, 2016, the company, completed the sale of its subsidiary, Garden City Medical Inc, a Delaware corporation and wholly-owned subsidiary (“GCM”), dba PMI and Pinnacle Medsource, to Compass Health Brands Corp., a Delaware corporation (the “Purchaser”), pursuant to a Share Purchase Agreement. GCM sourced and distributed primarily lifestyle products under the brand ProBasics ™ by PMI. GCM was part of the North America / HME segment of the company. The price paid to the company for GCM was $13,829,000 in cash and net proceeds from the transaction were $12,729,000 , net of expenses. The company recorded a pre-tax gain of $7,386,000 in the third quarter of 2016, which represented the excess of the net sales price over the book value of the assets and liabilities of GCM. The company recorded expenses related to the sale of GCM totaling $1,100,000 , of which $230,000 have been paid out as of December 31, 2016 . The sale of GCM was dilutive to the company's results. The company utilized the net proceeds to fund operations. The company determined that the sale of GCM did not meet the criteria for classification as a discontinued operation in accordance with ASU 2014-08 but the "held for sale" criteria of ASC 360-10-45-9 were met and thus GCM was treated as held for sale for purposes of the Condensed Consolidated Balance Sheets as of December 31, 2015. The assets and liabilities of GCM that were sold on September 30, 2016 and shown as held for sale as of December 31, 2015 in the company's Consolidated Balance Sheets were comprised of the following (in thousands): September 30, 2016 December 31, 2015 Trade receivables, net $ 4,526 $ 5,040 Inventories, net 5,335 6,404 Other current assets 74 27 Property and equipment, net 149 178 Assets sold 10,084 11,649 Accounts payable 2,990 2,037 Accrued expenses and other short-term obligations 1,751 3,464 Current taxes payable — 434 Liabilities sold $ 4,741 $ 5,935 With the sale of GCM, the company entered into an agreement with the Purchaser for the Purchaser to buy, at cost, all ProBasics ™ inventory capitalized on the balance sheets of certain Invacare subsidiaries which was not sold as part of the GCM sale on September 30, 2016. The value of the inventory sold was approximately $2,400,000 which was transferred to the Purchaser in the fourth quarter of 2016. Under the agreement, depending on certain conditions, the Purchaser may have until September 30, 2017 to pay for the inventory. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations 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 was 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 gain recorded by the company reflects the company's estimated final purchase adjustments. In 2014, the net sales of the Altimate discontinued operations were $11,778,000 and earnings before income taxes were $2,796,000 . Results for Altimate include an interest expense allocation from continuing operations to discontinued operations of $202,000 for 2014 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 total expenses related to all its discontinued operations since 2012 of $8,801,000 , of which $8,405,000 were paid as of December 31, 2016 . The company recorded an incremental intra-period tax allocation expense to discontinued operations for 2015 and 2014 representing the cumulative intra-period allocation expense to discontinued operations based on the company's domestic taxable loss related to continuing operations for 2015 and 2014. The company has classified Altimate as a discontinued operation for all periods presented. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2016 | |
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, are 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 ( $6,916,000 in 2016 and $9,726,000 in 2015 ) is based primarily on management’s evaluation of the financial condition of specific customers. In addition, as a result of the company's financing arrangement with 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 establishes reserves for specific customers as needed. The company writes 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 3 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 most 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 goes through 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 estimate allowances for doubtful accounts in the last twelve months. Installment receivables as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Current Long- Term Total Current Long- Term Total Installment receivables $ 2,027 $ 2,685 $ 4,712 $ 2,309 $ 2,318 $ 4,627 Less: Unearned interest (40 ) — (40 ) (42 ) — (42 ) 1,987 2,685 4,672 2,267 2,318 4,585 Allowance for doubtful accounts (619 ) (2,219 ) (2,838 ) (1,122 ) (1,670 ) (2,792 ) $ 1,368 $ 466 $ 1,834 $ 1,145 $ 648 $ 1,793 Installment receivables purchased from DLL during the twelve months ended December 31, 2016 increased the gross installment receivables balance by $1,901,000 during the year compared to $936,000 in 2015 . No sales of installment receivables were made by the company during the year. The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands): 2016 2015 Balance as of January 1 $ 2,792 $ 5,852 Current period provision (benefit) 1,220 (332 ) Direct write-offs charged against the allowance (1,174 ) (2,728 ) Balance as of December 31 $ 2,838 $ 2,792 Installment receivables by class as of December 31, 2016 consist of the following (in thousands): Total Installment Receivables Unpaid Principal Balance Related Allowance for Doubtful Accounts Interest Income Recognized U.S. Impaired installment receivables with a related allowance recorded $ 3,762 $ 3,762 $ 2,706 $ — Canada Non-impaired installment receivables with no related allowance recorded 818 778 — 65 Impaired installment receivables with a related allowance recorded 132 132 132 — Total Canadian installment receivables $ 950 $ 910 $ 132 $ 65 Total Non-impaired installment receivables with no related allowance recorded 818 778 — 65 Impaired installment receivables with a related allowance recorded 3,894 3,894 2,838 — Total installment receivables $ 4,712 $ 4,672 $ 2,838 $ 65 Installment receivables by class as of December 31, 2015 consist of the following (in thousands): Total Installment Receivables Unpaid Principal Balance Related Allowance for Doubtful Accounts Interest Income Recognized U.S. Impaired installment receivables with a related allowance recorded $ 3,618 $ 3,618 $ 2,729 $ — Canada Non-impaired installment receivables with no related allowance recorded 946 904 — 52 Impaired installment receivables with a related allowance recorded 63 63 63 — Total Canadian installment receivables $ 1,009 $ 967 $ 63 $ 52 Total Non-impaired installment receivables with no related allowance recorded 946 904 — 52 Impaired installment receivables with a related allowance recorded 3,681 3,681 2,792 — Total installment receivables $ 4,627 $ 4,585 $ 2,792 $ 52 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 December 31, 2016 , 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 installment receivables which were past due of 90 days or more as of December 31, 2016 and December 31, 2015 for which the company is still accruing interest. The aging of the company’s installment receivables was as follows as of December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Total U.S. Canada Total U.S. Canada Current $ 832 $ — $ 832 $ 908 $ — $ 908 0-30 days past due 18 — 18 16 — 16 31-60 days past due 12 — 12 12 — 12 61-90 days past due 2 — 2 1 — 1 90+ days past due 3,848 3,762 86 3,690 3,618 72 $ 4,712 $ 3,762 $ 950 $ 4,627 $ 3,618 $ 1,009 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories, net of reserves, as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Finished goods $ 68,701 $ 60,803 Raw materials 56,270 54,005 Work in process 10,673 11,595 $ 135,644 $ 126,403 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Other Current Assets Other current assets as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Value added tax receivables $ 14,336 $ 18,031 Service contracts 2,902 2,013 Prepaid insurance 2,761 2,538 Derivatives (foreign currency forward contracts) 2,754 4,143 Prepaid inventory 790 158 Recoverable income taxes 503 367 Prepaid debt fees 489 869 Prepaid and other current assets 6,984 6,313 $ 31,519 $ 34,432 |
Other Long-Term Assets
Other Long-Term Assets | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Long-Term Assets | Other Long-Term Assets Other long-term assets as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Convertible note hedge asset $ 25,471 $ — Cash surrender value of life insurance policies 1,824 1,674 Deferred financing fees 793 1,088 Investments 108 160 Long-term installment receivables 466 648 Long-term deferred taxes 837 908 Other 188 181 $ 29,687 $ 4,659 During the quarter ended March 31, 2016, the company issued $150,000,000 principal amount of Convertible Senior Notes due 2021. As part of the transaction, the company entered into related convertible note hedge derivatives which are included in Other Long-Term Assets, the value of which will be adjusted quarterly to reflect fair value. See "Long-Term Debt" in the notes to the Consolidated Financial Statements included elsewhere in this report for more detail. The company sold life insurance policies of $11,902,000 and $21,338,000 in 2015 and 2014, respectively, to fund payments as the result of the retirement of certain executive officers of the company. |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | Property and Equipment Property and equipment as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Machinery and equipment $ 301,367 $ 299,205 Land, buildings and improvements 73,709 73,830 Furniture and fixtures 10,100 10,023 Leasehold improvements 12,054 11,947 397,230 395,005 Less allowance for depreciation (321,871 ) (316,500 ) $ 75,359 $ 78,505 In the fourth quarter of 2015, the company wrote off $4,031,000 of costs previously capitalized associated with a canceled legacy software program based on a change in the North America/HME IT strategy. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The carrying amount of goodwill by operating segment is as follows (in thousands): Institutional Products Group Europe Consolidated Balance at January 1, 2015 $ 29,919 $ 391,100 $ 421,019 Foreign currency translation adjustments (2,763 ) (56,576 ) (59,339 ) Balance at December 31, 2015 27,156 334,524 361,680 Foreign currency translation adjustments 450 (1,528 ) (1,078 ) Balance at December 31, 2016 $ 27,606 $ 332,996 $ 360,602 In accordance with Intangibles—Goodwill and Other , ASC 350, goodwill is reviewed for impairment. The company first estimates the fair value of each reporting unit and compares the calculated fair value to the carrying value of each reporting unit. A reporting unit is defined as an operating segment or one level below. The company has determined that its reporting units are the same as its operating segments. The company completes its annual impairment tests in the fourth quarter of each year or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. To estimate the fair values of the reporting units, the company utilizes a discounted cash flow method model in which the company forecasts income statement and balance sheet amounts based on assumptions regarding future sales growth, profitability, inventory turns, days' sales outstanding, etc. to forecast future cash flows. The cash flows are discounted using a weighted average cost of capital discount rate where the cost of debt is based on quoted rates for 20 -year debt of companies of similar credit risk and the cost of equity is based upon the 20 -year treasury rate for the risk-free rate, a market risk premium, the industry average beta and a small cap stock adjustment. The discount rates used have a significant impact upon the discounted cash flow methodology utilized in the company's annual impairment testing as higher discount rates decrease the fair value estimates. The assumptions used are based on a market participant's point of view and yielded a discount rate of 8.67% in 2016 for the company's initial impairment analysis compared to 9.41% in 2015 and 9.89% in 2014 . The company also utilizes an Enterprise Value (EV) to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Method to compute the fair value of its reporting units which considers potential acquirers and their EV to EBITDA multiples adjusted by an estimated premium. While more weight is given to the discounted cash flow method, the EV to EBITDA Method does provide corroborative evidence of the reasonableness of the discounted cash flow method results. While there was no indication of impairment in 2016 related to goodwill for the Europe or IPG segments, a future potential impairment is possible for these segments should actual results differ materially from forecasted results used in the valuation analysis. Furthermore, the company's annual valuation of goodwill can differ materially if the market inputs used to determine the discount rate change significantly. For instance, higher interest rates or greater stock price volatility would increase the discount rate and thus increase the chance of impairment. In consideration of this potential, the company reviewed the results if the discount rate used were 100 basis points higher for the 2016 impairment analysis and determined that there still would not be an indicator of potential impairment for the Europe or IPG segments. As part of the company's review of goodwill for impairment, the company also considers the potential for impairment of any other assets. In 2016 , 2015 and 2014 , the company performed a review for potential impairments of any other assets, including the company's Taylor Street facility which is subject to the FDA consent decree that limits the company's manufacture and distribution of custom power and manual wheelchairs, wheelchair components and wheelchair subassemblies at the Taylor Street facility. The company determined there was no impairment of the property, plant and equipment of the Taylor Street facility based on a comparison of the forecasted undiscounted cash flows to the carrying value of the net assets in accordance with ASC 360. In addition, the company determined there was no impairment of net inventory associated with the facility. |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | 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 trademarks shown below, which have indefinite lives. The changes in intangible balances reflected on the balance sheet from December 31, 2015 to December 31, 2016 were the result of foreign currency translation and amortization. The company’s intangibles consist of the following (in thousands): December 31, 2016 December 31, 2015 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Customer lists $ 49,362 $ 45,797 $ 49,858 $ 45,019 Trademarks 24,091 — 24,524 — License agreements 1,126 1,126 1,098 1,098 Developed technology 7,287 5,969 7,405 5,921 Patents 5,512 5,487 5,959 5,843 Other 1,162 1,138 1,161 1,124 $ 88,540 $ 59,517 $ 90,005 $ 59,005 Amortization expense related to other intangibles was $1,629,000 , $1,907,000 and $20,358,000 for 2016 , 2015 and 2014 , respectively. Estimated amortization expense for each of the next five years is expected to be $1,528,000 for 2017 , $1,510,000 in 2018 , $1,080,000 in 2019 , $174,000 in 2020 and $174,000 in 2021 . Amortized intangibles are being amortized on a straight-line basis over remaining lives from 1 to 10 years with the majority of the intangibles being amortized over an average remaining life of approximately 4 years. In accordance with ASC 350, Intangibles—Goodwill and Other , the company reviews intangibles for impairment. The company's intangible assets consist of intangible assets with defined lives as well as intangible assets with indefinite lives. Defined-lived intangible assets consist principally of customer lists and developed technology. The company's indefinite lived intangible assets consist entirely of trademarks. 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. During 2014, the company recognized intangible write-down charges in the IPG segment of $13,041,000 comprised of a customer list impairment of $12,826,000 and a non-compete agreement of $215,000 as the actual and remaining cash flows associated with the intangibles were less than the cash flows 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 fair value of the customer list was calculated using an excess earnings method, using a discounted cash flow model. Estimated cash flow returns to the customer relationship were reduced by the cash flows required to satisfy the return requirements of each of the assets employed with the residual cash flow then discounted to value the customer relationship. The write-down charges were the result of decisions to exit certain businesses as well as lower than anticipated sales. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Expenses Accrued expenses as of December 31, 2016 and 2015 consisted of accruals for the following (in thousands): 2016 2015 Salaries and wages $ 32,959 $ 41,216 Warranty cost 23,302 22,820 Taxes other than income taxes, primarily Value Added Taxes 19,194 21,424 Freight 5,211 5,978 Professional 4,728 5,774 Product liability, current portion 3,996 3,127 Interest 3,747 872 Severance 2,049 2,477 Derivatives (foreign currency forward exchange contracts) 1,783 2,014 Deferred revenue 1,446 400 Insurance 742 695 Rent 672 402 Supplemental Executive Retirement Plan (SERP) 391 1,279 Rebates 356 1,791 Other items, principally trade accruals 9,519 8,687 $ 110,095 $ 118,956 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, C ustomer Payments and Incentives . 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. Changes in accrued warranty costs were as follows (in thousands): 2016 2015 Balance as of January 1 $ 22,820 $ 30,738 Warranties provided during the period 12,019 11,561 Settlements made during the period (15,461 ) (17,817 ) Changes in liability for pre-existing warranties during the period, including expirations 3,924 (1,662 ) Balance as of December 31 $ 23,302 $ 22,820 The company's warranty expense for 2016 includes $2,856,000 principally driven by two specific issues. First, an expense of $1,366,000 for a product recall which was related to a component on a lifestyles product, recorded in the North America/HME segment. Second, an additional warranty expense of $1,490,000 for a component of a lifestyles product which was recorded in the European segment. The company's warranty expense for 2015 includes reversals of $2,325,000 principally driven by a $2,000,000 reversal as a result of changes in the company's estimate of costs related to a recall for a component in a stationary oxygen concentrator that was manufactured in the company’s facility in Suzhou, China, and sold globally, which is no longer used in production. The company's warranty expense for 2014 includes $11,493,000 for three specific product issues. First, an expense of $6,559,000 for a recall related to a component in a stationary oxygen concentrator that was manufactured in the company’s facility in Suzhou, China, and sold globally, which is no longer used in production. 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 ). Warranty reserves are subject to adjustment in future periods as new developments change the company's estimate of the total cost. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Debt as of December 31, 2016 and 2015 consisted of the following (in thousands): 2016 2015 Senior secured revolving credit facility, due in January 2021 $ — $ — Convertible senior notes at 5.00%, due in February 2021 115,159 — Convertible senior subordinated debentures at 4.125%, due in February 2027 13,039 12,147 Other notes and lease obligations 33,151 34,973 161,349 47,120 Less current maturities of long-term debt (15,261 ) (2,028 ) $ 146,088 $ 45,092 The company had outstanding letters of credit of $2,853,000 and $3,230,000 as of December 31, 2016 and 2015 , respectively. There were no borrowings denominated in foreign currencies as of December 31, 2016 or December 31, 2015 . For 2016 and 2015 , the weighted average interest rate on all borrowings, excluding capital leases, was 4.85% and 3.83% , respectively. On September 30, 2015 , the company entered into an Amended and Restated Revolving Credit and Security Agreement, which was subsequently amended on February 16, 2016 and November 30, 2016 (the “Credit Agreement”) and which matures on January 16, 2021 . The Credit Agreement was entered into by and among the company, certain of the company’s direct and indirect U.S. and Canadian subsidiaries and certain of the company’s European subsidiaries (together with the company, the “Borrowers”), certain other of the company’s direct and indirect U.S., Canadian and European subsidiaries (the “Guarantors”), and PNC Bank, National Association (“PNC”), JPMorgan Chase Bank, N.A., J.P. Morgan Europe Limited, KeyBank National Association, and Citizens Bank, National Association (the “Lenders”). PNC is the administrative agent (the “Administrative Agent”) and J.P. Morgan Europe Limited is the European agent (the “European Agent”) under the Credit Agreement. In connection with entering into the company's Credit Agreement, the company incurred fees which were capitalized and are being amortized as interest expense. As of December 31, 2016 , debt fees yet to be amortized through January 2021 totaled $1,282,000 . In addition, as a result of terminating the previous credit agreement, which was scheduled to mature in October 2015, the company wrote-off $668,000 in previously capitalized fees in the first quarter of 2015, which is reflected in the expense of the North America / HME segment. In comparison, the company wrote-off $1,070,000 in fees previously capitalized in the first quarter of 2014 as a result of a reduction in the borrowing capacity under the company's previous credit agreement, which was scheduled to mature in October 2015. This was also reflected in the North America/HME segment. U.S. and Canadian Borrowers Credit Facility For the company's U.S. and Canadian Borrowers, the Credit Agreement provides for an asset-based-lending senior secured revolving credit facility which is secured by substantially all of the company’s U.S. and Canadian assets, other than real estate. The Credit Agreement provides the company and the other Borrowers with a credit facility in an aggregate principal amount of $100,000,000 , subject to availability based on a borrowing base formula, under a senior secured revolving credit, letter of credit and swing line loan facility (the “U.S. and Canadian Credit Facility”). Up to $25,000,000 of the U.S. and Canadian Credit Facility will be available for issuance of letters of credit. The aggregate principal amount of the U.S. and Canadian Credit Facility may be increased by up to $25,000,000 to the extent requested by the company and agreed to by any Lender or new financial institution approved by the Administrative Agent. The aggregate borrowing availability under the U.S. and Canadian Credit Facility is determined based on a borrowing base formula set forth in the Credit Agreement and summarized below. Under the Credit Agreement, the aggregate usage under the U.S. and Canadian Credit Facility may not exceed an amount equal to the sum of (a) 85% of eligible U.S. accounts receivable plus (b) the lesser of (i) 70% of eligible U.S. inventory and eligible foreign in-transit inventory and (ii) 85% of the net orderly liquidation value of eligible U.S. inventory and eligible foreign in-transit inventory (not to exceed $4,000,000 ), plus (c) the lesser of (i) 85% of the net orderly liquidation value of U.S. eligible machinery and equipment and (ii) $2,484,500 (subject to reduction as provided in the Credit Agreement), plus (d) 85% of eligible Canadian accounts receivable, plus (e) the lesser of (i) 70% of eligible Canadian inventory and (ii) 85% of the net orderly liquidation value of eligible Canadian inventory, less (f) swing loans outstanding under the U.S. and Canadian Credit Facility, less (g) letters of credit issued and undrawn under the U.S. and Canadian Credit Facility, less (h) a $5,000,000 minimum availability reserve, less (i) other reserves required by the Administrative Agent, and in each case subject to the definitions and limitations in the Credit Agreement. As of December 31, 2016 , the company was in compliance with all covenant requirements and had borrowing capacity on the U.S. and Canadian Credit Facility under the Credit Agreement of $32,031,000 , taking into account the minimum availability reserve, then-outstanding letters of credit, other reserves and the $11,250,000 dominion trigger amount described below. Interest will accrue on outstanding indebtedness under the Credit Agreement at the LIBOR rate, plus a margin ranging from 2.25% to 2.75% , or at the alternate base rate, plus a margin ranging from 1.25% to 1.75% , as selected by the company. Borrowings under the U.S. and Canadian Credit Facility are subject to commitment fees of 0.25% or 0.375% per year, depending on utilization. The Credit Agreement contains customary representations, warranties and covenants. Exceptions to the operating covenants in the Credit Agreement provide the company with flexibility to, among other things, enter into or undertake certain sale and leaseback transactions, dispositions of assets, additional credit facilities, sales of receivables, additional indebtedness and intercompany indebtedness, all subject to limitations set forth in the Credit Agreement, as amended. The Credit Agreement also contains a covenant requiring the company to maintain minimum availability under the U.S. and Canadian Credit Facility of not less than the greater of (i) 11.25% of the maximum amount that may be drawn under the U.S. and Canadian Credit Facility for five ( 5 ) consecutive business days, or (ii) $5,000,000 on any business day. The company also is subject to dominion triggers under the U.S. and Canadian Credit Facility requiring the company to maintain borrowing capacity of not less than $11,250,000 on any business day or $12,500,000 for five consecutive days in order to avoid triggering full control by an agent for the lenders of the company's cash receipts for application to the company’s obligations under the agreement. The Credit Agreement contains customary default provisions, with certain grace periods and exceptions, which provide that events of default that include, among other things, failure to pay amounts due, breach of covenants, representations or warranties, bankruptcy, the occurrence of a material adverse effect, exclusion from any medical reimbursement program, and an interruption of any material manufacturing facilities for more than 10 consecutive days. The initial borrowings under the U.S. and Canadian Credit Facility were used to repay and terminate the company’s previous credit agreement, which was scheduled to mature in October 2015. European Credit Facility The Credit Agreement also provides for a revolving credit, letter of credit and swing line loan facility which gives the European Borrowers the ability to borrow up to an aggregate principal amount of $30,000,000 , with a $5,000,000 sublimit for letters of credit and a $2,000,000 sublimit for swing line loans (the “European Credit Facility”). Up to $15,000,000 of the European Credit Facility will be available to each of Invacare Limited (the “UK Borrower”) and Invacare Poirier SAS (the “French Borrower” and, together with the UK Borrower, the “European Borrowers”). The European Credit Facility matures in January 2018, together with the U.S. and Canadian Credit Facility. The aggregate borrowing availability for each European Borrower under the European Credit Facility is determined based on a borrowing base formula set forth in the Credit Agreement and summarized below. Under the Credit Agreement, the aggregate borrowings of each of the European Borrowers under the European Credit Facility may not exceed an amount equal to (a) 85% of the European Borrower’s eligible accounts receivable, less (b) the European Borrower’s borrowings and swing line loans outstanding under the European Credit Facility, less (c) the European Borrower’s letters of credit issued and undrawn under the European Credit Facility, less (d) a $3,000,000 minimum availability reserve, less (e) other reserves required by the European Agent, and in each case subject to the definitions and limitations in the Credit Agreement. As of December 31, 2016 , the aggregate borrowing availability to the European Borrowers under the European Credit Facility was approximately $12,229,000 , considering the $3,000,000 minimum availability reserve and a $3,375,000 dominion trigger amount described below. The aggregate principal amount of the European Credit Facility may be increased by up to $10,000,000 to the extent requested by the company and agreed to by any Lender or Lenders that wish to increase their lending participation or, if not agreed to by any Lender, a new financial institution that agrees to join the European Credit Facility and that is approved by the Administrative Agent and the European Agent. Interest will accrue on outstanding indebtedness under the European Credit Facility at an adjusted LIBOR rate, plus a margin ranging from 2.50% to 3.00% , or for swing line loans, at the overnight LIBOR rate, plus a margin ranging from 2.50% to 3.00% . The margin will be adjusted quarterly based on utilization. Borrowings under the European Credit Facility are subject to commitment fees of between 0.25% and 0.375% per year, depending on utilization. The European Credit Facility is secured by substantially all of the personal property assets of the UK Borrower and its in-country subsidiaries, and all of the receivables of the French Borrower and its in-country subsidiaries. The UK and French facilities (which comprise the European Credit Facility) are cross collateralized, and the U.S. personal property assets previously pledged under the U.S. and Canadian Credit Facility also serve as collateral for the European Credit Facility. The European Credit Facility is subject to customary representations, warranties and covenants generally consistent with those applicable to the U.S. and Canadian Credit Facility. Exceptions to the operating covenants in the Credit Agreement provide the company with flexibility to, among other things, enter into or undertake certain sale/leaseback transactions, dispositions of assets, additional credit facilities, sales of receivables, additional indebtedness and intercompany indebtedness, all subject to limitations set forth in the Credit Agreement. The Credit Agreement also contains a covenant requiring the European Borrowers to maintain undrawn availability under the European Credit Facility of not less than the greater of (i) 11.25% of the maximum amount that may be drawn under the European Credit Facility for five ( 5 ) consecutive business days, or (ii) $3,000,000 on any business day. The European Borrowers also are subject to cash dominion triggers under the European Credit Facility requiring the European Borrower to maintain borrowing capacity of not less than $3,375,000 on any business day or 12.50% of the maximum amount that may be drawn under the European Credit Facility for five ( 5 ) consecutive business days in order to avoid triggering full control by an agent for the Lenders of the European Borrower’s cash receipts for application to its obligations under the European Credit Facility. The European Credit Facility is subject to customary default provisions, with certain grace periods and exceptions, consistent with those applicable to the U.S. and Canadian Credit Facility, which provide that events of default include, among other things, failure to pay amounts due, breach of covenants, representations or warranties, cross-default, bankruptcy, the occurrence of a material adverse effect, exclusion from any medical reimbursement program, and an interruption in the operations of any material manufacturing facility for more than 10 consecutive days. The proceeds of the European Credit Facility will be used to finance the working capital and other business needs of the company. Convertible senior subordinated debentures due in 2027 In 2007 , the company issued $135,000,000 principal amount of 4.125% Convertible Senior Subordinated Debentures due 2027 (the "debentures"), of which $13,350,000 principal amount remained outstanding at December 31, 2016. The debentures were unsecured senior subordinated obligations of the company, pay interest at 4.125% per annum on each February 1 and August 1 , and were 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. As of December 31, 2016 , the principal amount of the company’s Convertible Notes exceeded the if-converted value of those notes by $6,693,000 . The holders of the debentures exercised their right to require the company to repurchase all of the debentures on February 1, 2017 at a price equal to 100% of the principal amount. Accordingly, the company classified the debentures as short-term as of December 31, 2016 . The company satisfied the accreted value of the debentures using cash on February 2, 2017 , and no debentures remained outstanding following that date. The company included the dilutive effect of shares necessary to settle the conversion spread in the Net Earnings per Share- Assuming Dilution calculation unless such amounts are anti-dilutive as was the case in 2016, 2015 and 2014. The initial conversion rate was 40.3323 shares per $1,000 principal amount of debentures, which represented an initial conversion price of approximately $24.79 per share. Holders of the debentures had the right to convert the debt to common stock if the company’s common stock price was at a level in excess of $32.23 , a 30% premium to the initial conversion price, for at least 20 trading days during a period of thirty consecutive trading days preceding the date on which the notice of conversion is given. At a conversion price of $32.23 ( 30% premium over $24.79 ), the full conversion of the convertible debt equated to 539,000 shares. The debentures were redeemable at the company’s option, subject to specified conditions, on or after February 6, 2012 through February 1, 2017 . The company evaluated the terms of the call, redemption and conversion features under the applicable accounting literature, including Derivatives and Hedging, ASC 815, and determined that the features did not require separate accounting as derivatives. The debentures and common shares issuable upon conversion of the debentures were registered under the Securities Act. The components of the company’s convertible debt as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Carrying amount of equity component $ 25,381 $ 25,381 Principal amount of liability component $ 13,350 $ 13,350 Unamortized discount (311 ) (1,203 ) Net carrying amount of liability component $ 13,039 $ 12,147 In the first quarter of 2016, the company executed a release, acknowledged by Wells Fargo Bank, N.A., as trustee, effecting the release as guarantors of all of the company’s subsidiaries that were guarantors of the debentures, issued pursuant to the terms of the indenture, dated as of February 12, 2007, between the company and the trustee. The unamortized discount of $311,000 is to be amortized through February 2017 . The effective interest rate on the liability component was 11.5% for 2007 through 2014 . Non-cash interest expense of $892,000 , $796,000 and $710,000 was recognized in 2016 , 2015 and 2014 , respectively, in comparison to actual interest expense paid of $551,000 , $551,000 and $551,000 based on the stated coupon rate of 4.125% , for each of the same periods. The debentures were not convertible as of December 31, 2016 nor was the conversion price threshold of $32.23 met during 2016 . Convertible senior notes due 2021 In the first quarter of 2016, the company issued $150,000,000 aggregate principal amount of 5.00% Convertible Senior Notes due 2021 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The notes bear interest at a rate of 5.00% per year payable semi-annually in arrears on February 15 and August 15 of each year, beginning August 15, 2016 . The notes will mature on February 15, 2021 , unless repurchased or converted in accordance with their terms prior to such date. Prior to August 15, 2020 , the notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Unless and until the company obtains shareholder approval under applicable New York Stock Exchange rules, the notes will be convertible, subject to certain conditions, into cash. If the company obtains such shareholder approval, the notes may be settled in cash, the company’s common shares or a combination of cash and the company’s common shares, at the company’s election. Holders of the notes will have the right to require the company to repurchase all or some of their notes at 100% of their principal, plus any accrued and unpaid interest, upon the occurrence of certain fundamental changes. The initial conversion rate is 60.0492 common shares per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $16.65 per common share). The company evaluated the terms of the conversion features under the applicable accounting literature, including Derivatives and Hedging , ASC 815, and determined that the features did require separate accounting as a derivative. This derivative was capitalized on the balance sheet as a long-term liability and will be adjusted to reflect fair value each quarter. The fair value of the convertible debt conversion liability related to the notes at issuance was $34,480,000 . The fair value of the convertible debt conversion liability at December 31, 2016 was $30,708,000 . The company recognized a gain of $3,772,000 in 2016 related to the convertible debt conversion liability. In connection with the offering of the notes, the company entered into privately negotiated convertible note hedge transactions with two financial institutions (the “option counterparties”). These transactions cover, subject to customary anti-dilution adjustments, the number of the company’s common shares that will initially underlie the notes, and are expected generally to reduce the potential equity dilution, and/or offset any cash payments in excess of the principal amount due, as the case may be, upon conversion of the notes. The company evaluated the note hedges under the applicable accounting literature, including Derivatives and Hedging , ASC 815, and determined that the note hedges should be accounted for as derivatives. These derivatives were capitalized on the balance sheet as long-term assets and will be adjusted to reflect fair value each quarter. The fair value of the convertible note hedge assets at issuance was $27,975,000 . The fair value of the convertible note hedge asset at December 31, 2016 was $25,471,000 . The company recognized a loss of $2,504,000 in 2016 related to the convertible note hedge asset. The company entered into separate, privately negotiated warrant transactions with the option counterparties at a higher strike price relating to the same number of the company’s common shares, subject to customary anti-dilution adjustments, pursuant to which the company sold warrants to the option counterparties. The warrants could have a dilutive effect on the company’s outstanding common shares and the company’s earnings per share to the extent that the price of the company’s common shares exceeds the strike price of those warrants. The initial strike price of the warrants is $22.4175 per share and is subject to certain adjustments under the terms of the warrant transactions. The company evaluated the warrants under the applicable accounting literature, including Derivatives and Hedging , ASC 815, and determined that the warrants meet the definition of a derivative, are indexed to the company's own stock and should be classified in shareholder's equity. The amount paid for the warrants and capitalized in shareholder's equity was $12,376,000 . The net proceeds from the offering of the notes were approximately $144,034,000 , after deducting fees and offering expenses of $5,966,000 . These debt issuance costs were capitalized and are being amortized as interest expense through February 2021. As of December 31, 2016 , all $5,966,000 of these costs were paid. In accordance with ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , these debt issuance costs are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. Approximately $5,000,000 of the net proceeds from the offering were used to repurchase the company’s common shares from purchasers of notes in the offering in privately negotiated transactions. A portion of the net proceeds from the offering were used to pay the cost of the convertible note hedge transactions (after such cost is partially offset by the proceeds to the company from the warrant transactions), which net cost was $15,600,000 . The liability components of the notes consist of the following (in thousands): December 31, 2016 Principal amount of liability component $ 150,000 Unamortized discount (29,919 ) Debt fees (4,922 ) Net carrying amount of liability component $ 115,159 The unamortized discount of $29,919,000 is to be amortized through February 2021. The effective interest rate on the liability component was 11.1% . Non-cash interest expense of $4,562,000 was recognized in 2016 , in comparison to actual interest expense accrued in 2016 of $6,378,000 , based on the stated coupon rate of 5.0% . The notes were not convertible as of December 31, 2016 nor was the applicable conversion threshold met. The aggregate minimum maturities of long-term debt for each of the next five years are as follows: $15,572,000 in 2017 , $1,879,000 in 2018 , $1,688,000 in 2019 , $1,704,000 in 2020 , and $151,660,000 in 2021 . Interest paid on all borrowings was $5,955,000 , $2,753,000 and $3,302,000 in 2016 , 2015 and 2014 , respectively. |
Other Long-Term Obligations
Other Long-Term Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure | Other Long-Term Obligations Other long-term obligations as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Deferred income taxes $ 31,079 $ 32,115 Convertible debt conversion liability 30,708 — Product liability 16,615 14,582 Pension 13,258 9,868 Deferred gain on sale leaseback 6,703 6,978 Supplemental Executive Retirement Plan liability 5,612 4,930 Deferred compensation 3,593 4,167 Uncertain tax obligation including interest 3,150 4,467 Other 3,689 5,482 Total long-term obligations $ 114,407 $ 82,589 During the quarter ended March 31, 2016 , the company issued $150,000,000 principal amount of 5.00% convertible senior notes due 2021. As a result of the issuance, a long-term liability representing the convertible debt conversion liability was recorded which will be adjusted to reflect fair value quarterly. The amounted included in the above table represents the fair value of the conversion liability as of December 31, 2016 . See "Long-Term Debt" in the Notes to the Consolidated Financial Statements included elsewhere in this report for more detail. On April 23, 2015, the company entered into a real estate sales leaseback transaction which resulted in the recording of an initial deferred gain of $7,414,000 , the majority of which is included in Other Long-Term Obligations and will be recognized over the 20-year life of the leases. The gain realized was $265,000 and $171,000 as of December 31, 2016 and 2015 , respectively. The decrease in the uncertain tax obligation was driven primarily by a reclassification from long term obligations to current taxes payable based on the amount expected be paid in the next twelve months. |
Leases and Commitments
Leases and Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases and Commitments | Leases and Commitments The company leases a portion of its facilities, transportation equipment, data processing equipment and certain other equipment. These leases have terms from 1 to 20 years and provide for renewal options. Generally, the company was required to pay taxes and normal expenses of operating the facilities and equipment. As of December 31, 2016 , the company is committed under non-cancelable operating leases, which have initial or remaining terms in excess of one year and expire on various dates through 2035 . Lease expenses were approximately $18,805,000 in 2016 , $20,360,000 in 2015 and $23,568,000 in 2014 . On April 23, 2015 , the company sold and leased back, under four separate lease agreements, four properties located in Ohio and one property in Florida for net proceeds of $23,000,000 , which were used to reduce debt under the U.S. and Canadian Credit Facility . The initial total annual rent for the properties was $2,275,000 and can increase annually over the 20 -year term of the leases based on the applicable geographical consumer price index (CPI). Each of the four lease agreements contains three 10-year renewals with the rent for each option term based on the greater of the then-current fair market rent for each property or the then- current rate and increasing annually by the applicable CPI. Under the terms of the lease agreements, the company is responsible for all taxes, insurance and utilities. The company is permitted to sublet the properties; however, the properties are currently being utilized exclusively by the company and there is no current subletting. The company is required to adequately maintain each of the properties and any leasehold improvements will be amortized over the lesser of the lives of the improvements or the remaining lease lives. In connection with the transaction, the requirements for sale lease-back accounting were met. Accordingly, the company recorded the sale of the properties, removed the related property and equipment from the company's balance sheet, recognized an initial deferred gain of $7,414,000 and an immediate loss of $257,000 related to one property and recorded new lease liabilities. Specifically, the company recorded four capital leases totaling $32,339,000 and one operating lease related to leased land, which was not a material component of the transaction. The gains on the sales of the properties were required to be deferred and recognized over the life of the leases as the property sold is being leased back. The deferred gain is classified under Other Long-Term Obligations on the Condensed Consolidated Balance Sheet. The amount of buildings and equipment capitalized in connection with capital leases was $42,946,000 and $42,640,000 at December 31, 2016 and 2015 , respectively. At December 31, 2016 and 2015 , accumulated amortization was $9,795,000 and $7,667,000 , respectively, which is included in depreciation expense. Future minimum operating and capital lease commitments, as of December 31, 2016 , are as follows (in thousands): Capital Leases Operating Leases 2017 $ 3,477 $ 15,360 2018 2,945 9,062 2019 2,728 4,959 2020 2,672 2,109 2021 2,672 756 Thereafter 30,201 441 Total future minimum lease payments 44,695 $ 32,687 Amounts representing interest (11,544 ) Present value of minimum lease payments $ 33,151 |
Retirement and Benefit Plans
Retirement and Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement and Benefit Plans | Retirement and Benefit Plans Substantially all full-time salaried and hourly domestic employees are included in the Invacare Retirement Savings Plan sponsored by the company. The company makes matching cash contributions up to 66.7% of employees’ contributions up to 3% of compensation. The company also makes quarterly contributions to this Plan equal to a percentage of qualified wages. In 2016 , quarterly contributions were made at 1% of qualified wages. The company may make discretionary contributions to the domestic plans based on an annual resolution of the Board of Directors. Contribution expense for the Invacare Retirement Savings Plan in 2016 , 2015 and 2014 was $2,335,000 , $2,573,000 and $2,698,000 , respectively. The company sponsors a Deferred Compensation Plus Plan covering certain employees, which provides for elective deferrals and the company retirement deferrals so that the total retirement deferrals equal amounts that would have contributed to the company’s principal retirement plans if it were not for limitations imposed by income tax regulations. The company sponsors a non-qualified defined benefit Supplemental Executive Retirement Plan (SERP) for certain key executives. Effective December 31, 2008 , the SERP was amended, in part to comply with IRS Section 409A. As a result of the amendment, the plan became a defined benefit cash balance plan for the non-retired participants and thus, future payments by the company will be made based upon a cash balance formula with interest credited at a rate determined annually by the Compensation and Management Development Committee of the Board of Directors. In 2016 interest was credited at 0% for active participants in the SERP. The plan continues to be unfunded with individual hypothetical accounts maintained for each participant. The SERP projected benefit obligation related to this unfunded plan was $6,003,000 and $6,209,000 at December 31, 2016 and 2015 , respectively, and the accumulated benefit obligation was $6,003,000 and $6,209,000 at December 31, 2016 and 2015 , respectively. The projected benefit obligations were calculated using an assumed future salary increase of 3.25% and 4.0% at December 31, 2016 and 2015 , respectively. The assumed discount rate, relevant for three participants unaffected by the plan conversion was 4.14% and 4.34% for 2016 and 2015 , respectively, based upon the discount rate on high-quality fixed-income investments without adjustment. The retirement age was 67 for 2016 and 67 for 2015 . In addition, the mortality assumption was updated to the RP-2014 While Collar Fully Generational Mortality Table. Expense for the plan in 2016 was $1,073,000 compared to expense of $142,000 and in 2015 and 2014 , respectively. The expense was comprised of interest expense of $908,000 in 2016 , interest income of $42,000 in 2015 and interest expense of $377,000 in 2014 with the remaining portion related to service costs, prior service costs and other gains/losses. Benefit payments in 2016 , 2015 and 2014 were $1,279,000 , $21,517,000 and $394,000 , respectively. The company also sponsors a Death Benefit Only Plan (DBO) for certain key executives that provides a benefit equal to three times the participant’s final target earnings should the participant’s death occur while an employee and a benefit equal to one times the participant’s final earnings upon the participant’s death after normal retirement or if a participant dies after his or her employment with the company is terminated following a change in control of the company. Income for the plan in 2016 was $121,000 compared to expense of $103,000 and $808,000 in 2015 and 2014 , respectively. The expense was comprised of service and accrual adjustment income of $216,000 in 2016 compared to expense of $28,000 and $692,000 in 2015 and 2014 , respectively, with the remaining portion related to interest costs in each year, respectively. In 2016, there were benefit payments of $761,000 and no benefit payments in 2015 or 2014 . In conjunction with the company's DBO, the company has invested in life insurance policies related to certain employees to help satisfy the DBO obligations. In Europe, the company maintains two defined benefit plans in Switzerland. The statutory pension plans are maintained with a private insurance company and, in accordance with Swiss law, the plans function as defined contribution plans whereby employee and employer contributions are defined as a percentage of individual salary depending on the age of the employee and a guaranteed interest rate, which is annually defined by the Swiss Pension Fund. Under U.S. GAAP, the plans are treated as defined benefit plans. During 2014, the company terminated its defined benefit plan in the Netherlands which contained benefits and provisions for an Old Age Pension benefit that started at age 65 and were payable until death and a Survivors Pension that started immediately after the death of the insured and is payable until the death of the surviving spouse. Expense for the European plans was $1,004,000 in 2016 compared to income of $19,000 and $220,000 in 2015 and 2014 , respectively. |
Equity Compensation
Equity Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation | Equity Compensation The company’s Common Shares have a $.25 stated value. The Common Shares and the Class B Common Shares generally have identical rights, terms and conditions and vote together as a single class on most issues, except that the Class B Common Shares have ten votes per share, carry a 10% lower cash dividend rate and, in general, can only be transferred to family members or for estate planning purposes. Holders of Class B Common Shares are entitled to convert their shares into Common Shares at any time on a share-for-share basis. On May 16, 2013 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 outstanding until they are exercised, vest, terminate or expire in accordance with their 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. Shares underlying awards made under the 2003 Plan that are canceled or forfeited may be added back to the 2013 Plan for use in future awards. 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. As of December 31, 2016, 6,785,702 common shares were available for issuance under the 2013 Plan 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 Compensation 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. 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. Under these provisions, the company acquired approximately 32,000 treasury shares for $331,000 in 2016 , 7,000 shares for $134,000 in 2015 and 29,000 shares for $471,000 in 2014 . The amounts of equity-based compensation expense recognized as part of selling, general and administrative expenses in All Other in business segment reporting was as follows (in thousands): 2016 2015 2014 Non-qualified stock options $ 745 $ 1,228 $ 3,356 Restricted stock and restricted stock units 5,039 2,785 2,270 Performance shares and performance share units 1,110 — — Total stock-based compensation expense $ 6,894 $ 4,013 $ 5,626 As of December 31, 2016 , unrecognized compensation expense related to equity-based compensation arrangements granted under the company's 2013 Plan and previous plans, which is related to non-vested options and shares, was as follows (in thousands): 2016 2015 2014 Non-qualified stock options $ 175 $ 1,059 $ 2,600 Restricted stock and restricted stock units 8,740 9,476 4,461 Performance shares and performance share units 3,134 — — Total stock-based compensation expense $ 12,049 $ 10,535 $ 7,061 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 2016 , 2015 and 2014 as a result of a valuation allowance against deferred tax assets. In accordance with ASC 718, any tax benefits resulting from tax deductions in excess of the compensation expense recognized is classified as a component of financing cash flows. Stock Options Generally, non-qualified stock option awards typically have a term of ten years and were granted with an exercise price per share equal to the fair market value of the company’s Common Shares on the date of grant. 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 three years ended 2016 , 2015 and 2014 : 2016 Weighted Average Exercise Price 2015 Weighted Average Exercise Price 2014 Weighted Average Exercise Price Options outstanding at January 1 2,942,783 $ 21.22 3,600,132 $ 22.74 4,533,782 $ 23.86 Granted — — — — 8,977 16.71 Exercised (1,250 ) 13.82 (172,218 ) 13.95 (33,810 ) 14.16 Canceled (398,801 ) 21.47 (485,131 ) 34.98 (908,817 ) 28.57 Options outstanding at December 31 2,542,732 $ 21.19 2,942,783 $ 21.22 3,600,132 $ 22.74 Options exercise price range at December 31 $ 13.37 to $ 13.37 to $ 13.37 to $ 33.36 $ 33.36 $ 47.80 Options exercisable at December 31 2,513,614 2,656,983 2,954,082 Shares available for grant at December 31* 3,891,121 2,659,562 3,654,426 ________________________ * Shares available for grant as of December 31, 2016 reduced by net restricted stock and restricted stock unit and performance share and performance share unit award activity of 1,767,756 shares and 1,117,848 shares, respectively. The following table summarizes information about stock options outstanding at December 31, 2016 : Options Outstanding Options Exercisable Exercise Prices Number Outstanding At 12/31/16 Weighted Average Remaining Contractual Life Years Weighted Average Exercise Price Number Exercisable At 12/31/16 Weighted Average Exercise Price $ 13.37 – $20.00 686,671 5.7 $ 14.13 657,553 $ 14.07 $ 20.01 – $25.00 1,099,977 2.8 22.57 1,099,977 22.57 $ 25.01 – $30.00 751,588 2.6 25.55 751,588 25.55 $ 30.01 – $33.36 4,496 4.4 33.36 4,496 33.36 Total 2,542,732 3.5 $ 21.19 2,513,614 $ 21.39 Pursuant to the Plans, the Committee has established that grants may not be exercised within one year from the date granted and options must be exercised within ten years from the date granted. The company has not issued stock options since 2014. However, for the stock options issued in 2014 and prior, 25% of such options vested one year following the issuance and provided a four -year vesting period whereby options vest equally in 25% installments in each year. Options granted with graded vesting were accounted for as single options. The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions for awards granted in 2014 as no options were granted in 2016 or 2015: 2014 Expected dividend yield 0.3 % Expected stock price volatility 36.8 % Risk-free interest rate 1.76 % Expected life in years 6.1 Forfeiture percentage 13.0 % Expected dividend yields was based on historical dividends. Expected stock price volatility percentage was calculated at each date of grant based on historical stock prices for a period of time commensurate with the expected life of the option. The assumed expected life and forfeiture percentage were based on the company's historical analysis of option history. The weighted-average fair value of options granted during 2014 was $6.23 . The weighted-average remaining contractual life of options outstanding at December 31, 2016 , 2015 and 2014 was 3.5 , 4.3 and 5.0 years, respectively. The weighted-average contractual life of options exercisable at December 31, 2016 was 3.5 years. The total intrinsic value of stock awards exercised in 2016 , 2015 and 2014 was $2,000 , $1,107,000 and $101,000 , respectively. As of December 31, 2016 , the intrinsic value of all options outstanding and of all options exercisable was $0 and $0 , respectively. The exercise of stock awards in 2016 , 2015 and 2014 resulted in cash received by the company totaling $17,000 , $2,402,000 and $480,000 for each period, respectively with no tax benefits for any period. The total fair value of awards vested during 2016 , 2015 and 2014 was $953,000 , $1,867,000 and $3,436,000 , respectively. Restricted Stock and Restricted Stock Units The following table summarizes information about restricted shares and restricted share units (primarily for non-U.S. recipients): 2016 Weighted Average Fair Value 2015 Weighted Average Fair Value 2014 Weighted Average Fair Value Stock / Units unvested at January 1 641,505 $ 18.89 312,423 $ 17.91 264,878 $ 16.69 Granted 486,711 12.62 480,839 19.09 218,276 19.36 Vested (139,298 ) 17.86 (56,976 ) 16.47 (93,140 ) 17.62 Canceled (110,562 ) 16.60 (94,781 ) 18.11 (77,591 ) 17.58 Stock / Units unvested at December 31 878,356 $ 15.87 641,505 $ 18.89 312,423 $ 17.91 The restricted stock awards generally vest ratably over the three years after the award date, except for those awards granted in 2014, which vest after a three -year period. Unearned restricted stock compensation, determined as the market value of the shares at the date of grant, is being amortized on a straight-line basis over the vesting period. Performance Shares and Performance Share Units The following table summarizes information about performance shares and performance share units (for non-U.S. recipients): 2016 Weighted Average Fair Value 2015 Weighted Average Fair Value 2014 Weighted Average Fair Value Shares / Units unvested at January 1 198,401 $ 19.50 121,644 $ 20.05 — $ — Granted 234,402 12.82 114,257 18.95 152,800 20.05 Vested — — — — — — Canceled (123,335 ) 19.14 (37,500 ) 19.62 (31,156 ) 20.05 Shares / Units unvested at December 31 309,468 $ 14.58 198,401 $ 19.50 121,644 $ 20.05 During 2016, 2015 and 2014, the 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. 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 the periods 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 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. Performance award compensation expense is generally expected to be recognized over 3 years. No performance award expense has been recognized for the 2015 awards as achievement of the performance goals for those awards is not deemed probable. In addition, no expense was recognized for the 2014 awards as the performance goals for the 2014 performance awards were not met and thus those awards were forfeited without any shares earned on December 31, 2016 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) by Component | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) by Component | Accumulated Other Comprehensive Income (Loss) by Component Changes in accumulated other comprehensive income ("OCI") during the year ended December 31, 2016 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2015 $ (5,744 ) $ 4,111 $ (9,757 ) $ 2,003 $ (9,387 ) OCI before reclassifications (20,455 ) 13,261 (2,284 ) 989 (8,489 ) Amount reclassified from accumulated OCI — — 793 (2,252 ) (1,459 ) Net current-period OCI (20,455 ) 13,261 (1,491 ) (1,263 ) (9,948 ) December 31, 2016 $ (26,199 ) $ 17,372 $ (11,248 ) $ 740 $ (19,335 ) Changes in OCI during the year ended December 31, 2015 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2014 $ 86,236 $ (6,465 ) $ (7,601 ) $ (551 ) $ 71,619 OCI before reclassifications (91,980 ) 10,576 (2,292 ) 3,545 (80,151 ) Amount reclassified from accumulated OCI — — 136 (991 ) (855 ) Net current-period OCI (91,980 ) 10,576 (2,156 ) 2,554 (81,006 ) December 31, 2015 $ (5,744 ) $ 4,111 $ (9,757 ) $ 2,003 $ (9,387 ) OCI activity related to Long-Term Notes represents currency translation on notes that are long-term in nature and not intended to be settled. Reclassifications out of accumulated OCI for the year ended December 31, 2016 and December 31, 2015 were as follows (in thousands): Amount reclassified from OCI Affected Statement of Comprehensive (Income) Loss line 2016 2015 Defined Benefit Plans: Service and interest costs $ 882 $ 133 Selling, General and Administrative Tax (89 ) 3 Income Taxes Total after tax $ 793 $ 136 Derivatives: Foreign currency forward contracts hedging sales $ (4,453 ) $ 2,778 Net Sales Foreign currency forward contracts hedging purchases 1,880 (3,890 ) Cost of Products Sold Total before tax (2,573 ) (1,112 ) Tax 321 121 Income Taxes Total after tax $ (2,252 ) $ (991 ) |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Capital stock activity for 2016 , 2015 and 2014 consisted of the following (in thousands of shares): Common Stock Shares Class B Shares Treasury Shares January 1, 2014 Balance 34,084 1,085 (3,158 ) Exercise of stock options 34 — — Restricted stock awards 101 — (29 ) December 31, 2014 Balance 34,219 1,085 (3,187 ) Conversion of Class B to Common 351 (351 ) — Exercise of stock options 172 — — Restricted stock awards 282 — (7 ) December 31, 2015 Balance 35,024 734 (3,194 ) Conversion of Class B to Common 5 (5 ) — Exercise of stock options 1 — — Restricted stock awards 288 — (32 ) Purchase of treasury shares — — (390 ) December 31, 2016 Balance 35,318 729 (3,616 ) Stock awards for 110,562 , 94,781 and 77,591 shares were canceled in 2016 , 2015 and 2014 , respectively. In 2016 , 2015 and 2014 , dividends of $0.05 per Common Share and $0.045 per Class B Common Share were declared and paid, respectively. |
Charges Related To Restructurin
Charges Related To Restructuring Activities | 12 Months Ended |
Dec. 31, 2016 | |
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. Restructuring decisions were also the result of reduced profitability in the North America/HME and Asia/Pacific segments. In addition, as a result of the company's transformation strategy, additional restructuring charges were incurred during 2016 and are expected to continue into 2017. The company expects any near-term cost savings from restructuring will be offset by other costs as a result of pressures on the business. 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/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 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 paid out. 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 ). 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 were 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. Payments for the year ended December 31, 2012 were $9,381,000 and were funded with operating cash flows. The 2012 charges have been paid out. 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 were 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 subsidiary, which produces microprocessor controllers, 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. Payments for the year ended December 31, 2013 were $11,844,000 and were funded with operating cash flows and cash on hand. The 2013 charges have been paid out. Charges for the year ended December 31, 2014 totaled $11,112,000 including charges for severance ( $9,841,000 ), other charges in IPG and Europe ( $1,286,000 ) principally related to building write-downs and lease termination cost reversals ( $15,000 ). Severance charges were incurred in the North America/HME segment ( $4,404,000 ), Other ( $2,978,000 ), IPG segment ( $1,163,000 ), Asia/Pacific segment ( $769,000 ) and Europe segment ( $527,000 ). The North America/HME segment severance was principally related to additional positions eliminated due to lost sales volumes resulting from the continued impact of the FDA consent decree. The Other severance related to the elimination of two senior corporate executive positions. IPG segment severance related principally to the closure of the London, Canada facility. Europe and Asia/Pacific severance related to the elimination of certain positions as a result of general restructuring efforts. Payments for the year ended December 31, 2014 were $11,131,000 and were funded with operating cash flows and cash on hand. The majority of the 2014 charges have been paid out other than certain executive charge payments which will be paid out over the next few years. Charges for the year ended December 31, 2015 totaled $1,971,000 including charges for severance ( $1,678,000 ) and charges primarily in the North America/HME segment ( $293,000 ) principally related to a building lease termination. Severance charges were incurred in the North America/HME segment ( $1,069,000 ), Europe segment ( $510,000 ), IPG segment ( $73,000 ) and Asia/Pacific segment ( $26,000 ) related to the elimination of certain positions as a result of general restructuring efforts. Payments for the year ended December 31, 2015 were $3,723,000 and were funded with operating cash flows and cash on hand. The 2015 charges have been paid out. Charges for the year ended December 31, 2016 totaled $2,447,000 which were related to North America/HME segment ( $2,347,000 ) and the Asia/Pacific segment ( $100,000 ). In North America/HME, costs were incurred related to severance ( $1,862,000 ) and lease termination costs ( $485,000 ). The Asia/Pacific charges were for severance costs. Payments for the year ended December 31, 2016 were $2,992,000 and the cash payments were funded with company's cash on hand. The majority of the 2016 charges are expected to be paid out within twelve months. There have been no material changes in accrued balances related to the charges, either as a result of revisions in the plans 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, in general, these savings have been more than offset by the general business decline, higher regulatory and compliance costs related to quality system improvements, and more recently, investments as a result of the company's transformation strategy and higher interest expense. To date, the company's liquidity has not been materially impacted. A progression by reporting segment of the accruals recorded as a result of the restructuring is as follows (in thousands): Severance Inventory Lease Terminations Other Total December 31, 2010 Balance $ — $ — $ — $ — $ — Charges North America/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 North America/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 North America/HME 3,092 — — — 3,092 IPG 71 — — — 71 Europe 1,742 — 74 — 1,816 Asia/Pacific — — — — — Total 4,905 — 74 — 4,979 Charges North America/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 North America/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 North America/HME 3,747 — — — 3,747 Europe 595 — — — 595 Asia/Pacific 869 151 1,625 6 2,651 Total 5,211 151 1,625 6 6,993 Charges North America/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 Severance Inventory Lease Terminations Other Total Payments North America/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 North America/HME 2,805 — — — 2,805 IPG 92 — — — 92 Europe 1,089 — — — 1,089 Asia/Pacific — — 499 — 499 Total 3,986 — 499 — 4,485 Charges North America/HME 4,404 — — — 4,404 IPG 1,163 — — 761 1,924 Europe 527 — — 525 1,052 Asia/Pacific 769 — (15 ) — 754 Other 2,978 — — — 2,978 Total 9,841 — (15 ) 1,286 11,112 Payments North America/HME (6,547 ) — — — (6,547 ) IPG (1,107 ) — — (761 ) (1,868 ) Europe (1,195 ) — — (525 ) (1,720 ) Asia/Pacific (769 ) — (227 ) — (996 ) Total (9,618 ) — (227 ) (1,286 ) (11,131 ) December 31, 2014 Balance North America/HME 662 — — — 662 IPG 148 — — — 148 Europe 421 — — — 421 Asia/Pacific — — 257 — 257 Other 2,978 — — — 2,978 Total 4,209 — 257 — 4,466 Charges North America/HME 1,069 — 292 — 1,361 IPG 73 — — — 73 Europe 510 — — — 510 Asia/Pacific 26 — 1 — 27 Total 1,678 — 293 — 1,971 Payments North America/HME (1,069 ) — (55 ) — (1,124 ) IPG (221 ) — — — (221 ) Europe (619 ) — — — (619 ) Asia/Pacific (26 ) — (258 ) — (284 ) Other (1,475 ) — — — (1,475 ) Total $ (3,410 ) $ — $ (313 ) $ — $ (3,723 ) Severance Inventory Lease Terminations Other Total December 31, 2015 Balance North America/HME $ 662 $ — $ 237 $ — $ 899 Europe 312 — — — 312 Other 1,503 — — — 1,503 Total 2,477 — 237 — 2,714 Charges North America/HME 1,862 — 485 — 2,347 Asia/Pacific 100 — — — 100 Total 1,962 — 485 — 2,447 Payments North America/HME (1,741 ) — (602 ) — (2,343 ) Europe (312 ) — — — (312 ) Asia/Pacific (100 ) — — — (100 ) Other (237 ) — — — (237 ) Total (2,390 ) — (602 ) — (2,992 ) December 31, 2016 Balance North America/HME 783 — 120 — 903 Other 1,266 — — — 1,266 Total $ 2,049 $ — $ 120 $ — $ 2,169 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Earnings (loss) from continuing operations before income taxes consist of the following (in thousands): 2016 2015 2014 Domestic $ (68,949 ) $ (54,812 ) $ (104,776 ) Foreign 39,392 43,072 41,566 $ (29,557 ) $ (11,740 ) $ (63,210 ) The company has provided for income taxes (benefits) from continuing operations as follows (in thousands): 2016 2015 2014 Current: Federal $ (360 ) $ (167 ) $ (7,105 ) State (115 ) (150 ) (63 ) Foreign 12,873 11,439 15,105 12,398 11,122 7,937 Deferred: Federal — 3,222 100 State — 318 — Foreign 901 48 (2,487 ) 901 3,588 (2,387 ) Income Taxes $ 13,299 $ 14,710 $ 5,550 Included in the 2015 and 2014 Federal current tax benefit is a benefit of $140,000 and $7,175,000 , respectively, related to an intra-period allocation to continuing operations. A charge in an equal amount is in discontinued operations. A reconciliation to the effective income tax rate from the federal statutory rate is as follows: 2016 2015 2014 Statutory federal income tax rate (35.0 )% (35.0 )% (35.0 )% State and local income taxes, net of federal income tax benefit (0.3 ) 0.9 (0.1 ) Tax credits (1.7 ) (61.8 ) (5.1 ) Foreign taxes at less than the federal statutory rate (including tax holidays) (7.1 ) (46.1 ) (10.7 ) Federal and foreign valuation allowance 83.0 168.0 52.5 Withholding taxes 1.1 3.0 0.6 Unremitted earnings 5.8 (3.7 ) 0.7 Dividends 3.0 100.1 12.3 Life insurance (0.2 ) (2.7 ) 4.1 Foreign branch activity (3.1 ) (8.1 ) (1.8 ) Uncertain tax positions (2.0 ) 6.7 1.2 Other, net 1.5 4.0 (9.9 ) Effective federal income tax rate 45.0 % 125.3 % 8.8 % Effective October 1, 2015, the company adopted ASU 2015-17, "Balance Sheet Classification of Deferred Taxes", on a prospective basis, and thus the company's deferred tax assets and liabilities have been classified as long-term in its Balance Sheet as of December 31, 2015. No prior periods were retrospectively adjusted. At December 31, 2016 , total deferred tax assets were $174,251,000 , total deferred tax liabilities were $30,512,000 and the tax valuation allowance total was $173,981,000 for a net deferred income tax liability of $30,242,000 compared to total deferred tax assets of $154,401,000 , total deferred tax liabilities of $33,636,000 and a tax valuation allowance total of $151,972,000 for a net deferred income tax liability of $31,207,000 at December 31, 2015 . Significant components of long-term deferred income tax assets and liabilities at December 31, 2016 and 2015 are as follows (in thousands): 2016 2015 Bad Debt $ 2,952 $ 3,670 Warranty 4,861 5,357 Other accrued expenses and reserves 1,263 4,355 Inventory 3,605 2,395 Goodwill and intangibles (24,694 ) (25,008 ) Convertible debt (319 ) (421 ) Fixed assets (5,499 ) (8,207 ) Compensation and benefits 8,491 7,136 Loss and credit carryforwards 124,901 102,194 Product liability 4,044 4,107 State and local taxes 21,692 19,932 Valuation allowance (173,981 ) (151,972 ) Other, net 2,442 5,255 Net Deferred Income Taxes $ (30,242 ) $ (31,207 ) The company recorded a valuation allowance for its U.S. and certain foreign country net deferred tax assets where it is, or is projected to be in a three-year cumulative loss. The company made net payments for income taxes of $26,663,000 , $7,966,000 , and $6,384,000 during the years ended December 31, 2016 , 2015 and 2014 , respectively. 2016 net tax payments included a foreign tax payment for an item currently being contested in the courts. At December 31, 2016 , the company had foreign tax loss carryforwards of approximately $68,845,000 of which $4,800,000 expire by 2034 and the remaining are non-expiring. Additionally, $67,562,000 of the foreign tax loss carryforwards are offset by valuation allowances. At December 31, 2016 , the company also had $598,000,000 of domestic state and local tax loss carryforwards, of which $217,900,000 expire between 2017 and 2020 , $189,700,000 expire between 2021 and 2030 and $190,400,000 expire after 2029 . The company has a federal domestic net operating loss carryforward of $205,284,000 which expires between 2034 and 2036 and federal tax credit carryforwards of $35,606,000 of which $20,658,000 expire between 2017 and 2019 and $13,220,000 expire between 2020 and 2026 , $1,604,000 expire between 2031 and 2036 , and $124,000 are indefinite. As of December 31, 2016 and 2015 , the company had a liability for uncertain tax positions, excluding interest and penalties of $2,337,000 and $8,366,000 , respectively. The total liabilities associated with unrecognized tax benefits that, if recognized, would impact the effective tax rates were $2,337,000 and $8,366,000 at December 31, 2016 and 2015 , respectively. A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands): 2016 2015 Balance at beginning of year $ 9,553 $ 11,019 Additions to: Positions taken during the current year 54 227 Positions taken during a prior year 280 270 Exchange rate impact 57 — Deductions due to: Exchange rate impact (11 ) (1,197 ) Positions taken during a prior year (42 ) (527 ) Settlements with taxing authorities (6,245 ) — Lapse of statute of limitations (178 ) (239 ) Balance at end of year $ 3,468 $ 9,553 The company recognizes interest and penalties associated with uncertain tax positions in income tax expense. During 2016 , 2015 and 2014 the expense for interest and penalties was $288,000 , $315,000 and $500,000 , respectively. The company had approximately $813,000 and $5,440,000 of accrued interest and penalties as of December 31, 2016 and 2015 , respectively. The company and its subsidiaries file income tax returns in the U.S. and certain foreign jurisdictions. The company is subject to U.S. federal income tax examinations for calendar years 2013 to 2016 with limited exceptions, and is subject to various U.S. state income tax examinations for 2012 to 2016 . With regards to foreign income tax jurisdictions, the company is generally subject to examinations for the periods 2010 to 2016 . |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
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. 2016 2015 2014 (In thousands except per share data) Basic Average common shares outstanding 32,471 32,171 32,009 Net loss from continuing operations $ (42,856 ) $ (26,450 ) $ (68,760 ) Net earnings from discontinued operations $ — $ 260 $ 12,690 Net loss $ (42,856 ) $ (26,190 ) $ (56,070 ) Net loss per common share from continuing operations $ (1.32 ) $ (0.82 ) $ (2.15 ) Net earnings per common share from discontinued operations $ — $ 0.01 $ 0.40 Net loss per common share $ (1.32 ) $ (0.81 ) $ (1.75 ) Diluted Average common shares outstanding 32,471 32,171 32,009 Stock options and awards 119 512 188 Average common shares assuming dilution 32,590 32,683 32,197 Net loss from continuing operations $ (42,856 ) $ (26,450 ) $ (68,760 ) Net earnings from discontinued operations $ — $ 260 $ 12,690 Net loss $ (42,856 ) $ (26,190 ) $ (56,070 ) Net loss per common share from continuing operations * $ (1.32 ) $ (0.82 ) $ (2.15 ) Net earnings per common share from discontinued operations $ — $ 0.01 $ 0.39 Net loss per common share * $ (1.32 ) $ (0.81 ) $ (1.75 ) * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in which there is a net loss. At December 31, 2016 , 2015 and 2014 , shares associated with stock options of 1,730,707 , 1,479,912 and 2,857,590 , respectively, were excluded from the average common shares assuming dilution, as they were anti-dilutive. At December 31, 2016 , the majority of the anti-dilutive shares were granted at an exercise price of $25.24 , which was higher than the average fair market value price of $12.36 for 2016 . In 2015 , the majority of the anti-dilutive shares were granted at an exercise price of $25.24 , which was higher than the average fair market value price of $18.51 for 2015 . In 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 price of $16.95 for 2014 . For the 2016 , 2015 and 2014 net loss per share from continuing operations calculation, all of the shares associated with stock options were anti-dilutive because of the company's loss. Shares necessary to settle a conversion spread on the convertible debentures issued in 2007 were not included in the common shares assuming dilution as the average market price of the company stock in 2016 , 2015 and 2014 did not exceed the conversion price. In addition, no shares were included in the common shares assuming dilution related to the company's issued warrants as the average market price of the company stock for these periods did not exceed the strike price of the warrants. |
Concentration Of Credit Risk
Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
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 lease financing to Invacare’s U.S. customers. The DLL agreement provides for direct leasing between DLL and the Invacare customer. The company retains a recourse obligation of $5,863,000 at December 31, 2016 to DLL for events of default under the contracts, which total $30,215,000 at December 31, 2016 . Guarantees, ASC 460, requires the company to record a guarantee liability as it relates to the limited recourse obligation. As such, the company has recorded a liability of $113,000 for this guarantee obligation within accrued expenses. The company's recourse is re-evaluated by DLL biannually, considers activity between the biannual dates and excludes any receivables purchased 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. The company’s top 10 customers accounted for approximately 15.2% of 2016 net sales. The loss of business of one or more of these customers may have a significant impact on the company, although no single customer accounted for more than 3.4% of the company’s 2016 net sales. Providers who are part of a buying group generally make individual purchasing decisions and are invoiced directly by the company. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2016 | |
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 transactional 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. 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. 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 50% 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 $228,640,000 and $136,818,000 matured during the twelve months ended December 31, 2016 and 2015 , respectively. Foreign exchange forward contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): December 31, 2016 December 31, 2015 Notional Amount Unrealized Net Gain (Loss) Notional Amount Unrealized Net Gain (Loss) USD / AUD $ 5,841 $ 316 $ 2,910 $ (83 ) USD / CAD 2,604 (18 ) 3,893 181 USD / CHF 370 15 — — USD / CNY 11,252 (301 ) 16,786 (282 ) USD / EUR 60,387 1,826 72,758 2,681 USD / GBP 3,253 (75 ) 3,862 22 USD / NZD 9,650 (64 ) 4,893 37 USD / SEK 4,923 146 5,128 39 USD / MXP 6,148 (417 ) 8,494 (284 ) EUR / AUD 506 6 669 (10 ) EUR / CAD — — 1,283 (17 ) EUR / CHF — — 1,944 (17 ) EUR / GBP 14,511 (686 ) 36,567 (424 ) EUR / NOK 2,503 (25 ) 3,375 (55 ) EUR / SEK — — 2,464 (42 ) EUR / NZD 3,777 16 3,609 476 GBP / AUD 503 34 830 (46 ) GBP / CHF 215 (10 ) 463 (7 ) GBP / SEK 1,389 (42 ) 2,067 (1 ) AUD / NZD — — 352 8 CHF / DKK 595 (2 ) — — DKK / SEK 31,978 49 37,293 46 NOK / CHF 1,335 (13 ) — — NOK / SEK 2,618 21 3,524 (39 ) $ 164,358 $ 776 $ 213,164 $ 2,183 Derivatives Not Qualifying or Designated for Hedge Accounting Treatment The company 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 2016 or 2015 related to these contracts and the associated short-term intercompany trading receivables and payables. Foreign exchange forward contracts not qualifying or designated for hedge accounting treatment entered into in 2016 and 2015 , respectively, and outstanding were as follows (in thousands USD): December 31, 2016 December 31, 2015 Notional Amount Gain (Loss) Notional Amount Gain (Loss) AUD / USD $ 5,800 $ 204 $ 8,051 $ 337 CAD / USD — — 5,762 $ (4 ) CNY / USD 5,556 (24 ) 9,943 (441 ) EUR / USD — — 2,118 53 DKK / USD — — 7,927 125 GBP / USD — — 4,526 (106 ) NZD / AUD 3,264 15 — — NOK / USD — — 1,838 (18 ) $ 14,620 $ 195 $ 40,165 $ (54 ) The fair values of the company’s derivative instruments were as follows (in thousands): December 31, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts $ 2,535 $ 1,759 $ 3,626 $ 1,443 Derivatives not designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts 219 24 517 571 $ 2,754 $ 1,783 $ 4,143 $ 2,014 The fair values of the company’s foreign currency forward assets and liabilities are included in Other Current Assets and Accrued Expenses, respectively in the Consolidated Balance Sheets. The effect of derivative instruments on the Statement of Operations and Other Comprehensive Income (OCI) was as follows, net of tax (in thousands): Derivatives (foreign currency forward exchange contracts) in ASC 815 cash flow hedge relationships Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year ended December 31, 2016 $ 989 $ 2,252 $ 40 Year ended December 31, 2015 $ 3,545 $ 991 $ (11 ) Derivatives (foreign currency forward exchange contracts) not designated as hedging instruments under ASC 815 Amount of Gain (Loss) Recognized in Income on Derivatives Year ended December 31, 2016 $ 195 Year ended December 31, 2015 $ (54 ) 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 or cost of product sold for hedges of inventory purchases. In 2016 , net sales were increased by $4,453,000 and cost of product sold was increased by $1,880,000 for a net realized gain of $2,573,000 . In 2015 , net sales were decreased by $2,778,000 and cost of product sold was decreased by $3,890,000 for a net realized gain of $1,112,000 compared to a net gain of $338,000 in 2014 . A gain of $195,000 in 2016 and losses of $54,000 and $1,458,000 in 2015 and 2014, respectively, were recognized in selling, general and administrative (SG&A) expenses on foreign currency forward contracts not designated as hedging instruments that are entered into to offset gains/losses on intercompany trade receivables or payables. The gains/losses on the non-designated hedging instruments were substantially offset by gains/losses also recorded in SG&A expenses on intercompany trade receivables or payables. The company's derivative agreements provide the counterparties 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 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 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, other than the conversion and bond hedge derivatives which are presented net on the Condensed Consolidated Statement of Comprehensive Income (Loss), and all derivative balances presented are subject to provisions that are similar to master netting agreements. During the first quarter of 2016, the company entered into privately negotiated convertible note hedges and related warrants in connection with its sale of $150,000,000 in aggregate principal amount of the company’s 5.00% Convertible Senior Notes due 2021. The warrants, which increased paid in capital by $12,376,000 , are clearly and closely related to the convertible notes and thus classified as equity. The convertible note hedge asset and convertible debt conversion liability were recorded, based on initial fair values, as an asset of $27,975,000 and a liability of $34,480,000 , respectively, and these fair values are updated quarterly with the offset to the income statement. See "Long-Term Debt" in the notes to the Consolidated Financial Statements included elsewhere in this report for more detail. The fair values of the outstanding convertible note derivatives as of December 31, 2016 and their effect on the Statement of Comprehensive Income (Loss) were as follows (in thousands): Fair Value Gain (Loss) Convertible debt conversion long-term liability $ (30,708 ) $ 3,772 Convertible note hedge long-term asset 25,471 (2,504 ) $ (5,237 ) $ 1,268 The convertible debt conversion liability and the note hedge asset amounts are included in Other Long-Term Obligations and Other Long-Term Assets, respectively, in the company's Consolidated Balance Sheets. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Values of Financial Instruments 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 Markets for Identical Assets / (Liabilities) Significant Other Observable Inputs Significant Other Unobservable Inputs Total Level I Level II Level III December 31, 2016 : Forward Exchange Contracts—net $ 971 — $ 971 — Convertible debt conversion liability (30,708 ) — (30,708 ) — Convertible note hedge asset 25,471 — 25,471 — December 31, 2015 : Forward Exchange Contracts—net $ 2,129 — $ 2,129 — The carrying and fair values of the company’s financial instruments at December 31, 2016 and 2015 are as follows (in thousands): 2016 2015 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 124,234 $ 124,234 $ 60,055 $ 60,055 Other investments 108 108 160 160 Installment receivables, net of reserves 1,834 1,834 1,793 1,793 Long-term debt (including current maturities of long-term debt) * (161,349 ) (164,900 ) (47,120 ) (47,369 ) Convertible debt conversion liability in Other Long-Term Obligations (30,708 ) (30,708 ) — — Convertible note hedge in Other Long-Term Assets 25,471 25,471 — — Forward contracts in other current assets 2,754 2,754 4,143 4,143 Forward contracts in accrued expenses (1,783 ) (1,783 ) (2,014 ) (2,014 ) ________ * The company's long-term debt is shown net of discount and fees associated with the Convertible Senior Notes due 2021 on the company's condensed consolidated balance sheet. Accordingly, the fair value of the Convertible Senior Notes due 2021 included in the long-term debt presented in this table is also shown net of the discount and fees. The company, in estimating its fair value disclosures for financial instruments, used the following methods and assumptions: Cash, cash equivalents: The carrying amount reported in the balance sheet for cash, cash equivalents equals its fair value. Other investments: The company has an investment in a limited partnership, which is accounted for using the cost method, adjusted for any estimated declines in value. The investment was acquired in a private placement and there is no quoted market price or stated rate of return. The company does not have the ability to easily sell the investment. The company completes an evaluation of the residual value related to such investments in the fourth quarter of each year. No impairment was recognized in 2016 , 2015 or 2014 . Installment receivables: The carrying amount 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 value for the company’s convertible debt is based on quoted market-based estimates as of the end of the year, while the revolving credit facility fair value is based upon an estimate of the market for similar borrowing arrangements. The fair values are deemed to be categorized as Level 2 in the fair value hierarchy. Convertible debt derivatives: The fair values for the convertible debt conversion liability and note hedge asset derivatives are based on valuation models in which all the significant inputs are observable in active markets. 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 company’s forward contracts are included in Other Current Assets or Accrued Expenses in the Consolidated Balance Sheets. The gains and losses that result from the majority of the forward contracts are deferred and recognized when the offsetting gains and losses for the identified transactions are recognized. The company recognized net gain s of $2,573,000 in 2016 , $1,112,000 in 2015 and $338,000 in 2014 related to ASC 815 designated derivatives. Gains or losses recognized as the result of the settlement of forward contracts are recognized in cost of products sold for hedges of inventory transactions, sales for hedges of forecasted sales or selling, general and administrative expenses for other hedged transactions. Intangibles and Goodwill: Under Intangibles—Goodwill and Other , ASC 350, goodwill and intangible assets deemed to have indefinite lives are subject to annual impairment tests. Furthermore, goodwill and other long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. To review goodwill for impairment in accordance with ASC 350, the company first estimates the fair value of each reporting unit and compares the calculated fair value to the carrying value of each reporting unit. A reporting unit is defined as an operating segment or one level below. The company has determined that its reporting units are the same as its operating segments. The company completes its annual impairment tests in the fourth quarter of each year. To estimate the fair values of the reporting units, the company utilizes a discounted cash flow method model in which the company forecasts income statement and balance sheet amounts based on assumptions regarding future sales growth, profitability, inventory turns, days' sales outstanding, etc. to forecast future cash flows. The cash flows are discounted using a weighted average cost of capital discount rate where the cost of debt is based on quoted rates for 20 -year debt of companies of similar credit risk and the cost of equity is based upon the 20 -year treasury rate for the risk-free rate, a market risk premium, the industry average beta and a small cap stock adjustment. The discount rates used have a significant impact upon the discounted cash flow methodology utilized in the company's annual impairment testing as higher discount rates decrease the fair value estimates. The assumptions used are based on a market participant view and yielded a discount rate of 8.67% in 2016 for the company's impairment analysis compared to 9.41% in 2015 and 9.89% in 2014 . The company also utilizes an Enterprise Value (EV) to EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) Method to compute the fair value of its reporting units which considers potential acquirers and their EV to EBITDA multiples adjusted by an estimated premium. While more weight is given to the discounted cash flow method, the EV to EBITDA Method does provide corroborative evidence of the reasonableness of the discounted cash flow method results. While there was no indication of impairment in 2016 related to goodwill for the Europe or IPG segments, a future potential impairment is possible for any of the company's segments should actual results differ materially from forecasted results used in the valuation analysis. Furthermore, the company's annual valuation of goodwill can differ materially if the market inputs used to determine the discount rate change significantly. For instance, higher interest rates or greater stock price volatility would increase the discount rate and thus increase the chance of impairment. In consideration of this potential, the company reviewed the results if the discount rate used were 100 basis points higher for the 2016 impairment analysis and determined that there still would not be any indicator of potential impairment for the segments with goodwill, which are Europe and IPG. During 2014, the company recognized intangible write-down charges in the IPG segment of $13,041,000 comprised of a customer list impairment of $12,826,000 and a non-compete agreement of $215,000 all recorded 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 fair value of the customer list was calculated using an excess earnings method, using a discounted cash flow model. Estimated cash flow returns to the customer relationship were reduced by the cash flows required to satisfy the return requirements of each of the assets employed with the residual cash flow then discounted to value the customer relationship. The write-down charges were the result of decisions to exit certain businesses as well as lower than anticipated sales. The fair values of the company's intangible assets were calculated using inputs that are not observable in the market and included management’s own estimates regarding the assumptions that market participants would use and thus these inputs are deemed Level III inputs in regards to the fair value hierarchy. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
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 the three primary product lines, which includes: lifestyle, mobility and seating, and respiratory therapy products. IPG sells, and rented prior to the disposition of the rentals businesses, 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 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. As of the third quarter of 2016, the company redefined the measure by which it evaluates segment profit or loss. Segment performance is measured and resources are allocated based on a number of factors, with the primary profit or loss measure being segment operating profit (loss). Segment operating profit (loss) represents net sales less cost of products sold less selling general and administrative expenses. Segment operating profit (loss) excludes unallocated corporate general and administrative expenses not allocated to the segments and intersegment sales and profit eliminations, which are included in All Other. In addition, segment operating profit (loss) further excludes charges related to restructuring activities, asset write-downs and gain or loss on sales of businesses (as applicable). The previous performance measure was earnings before income taxes. With the issuance of convertible debt during 2016, this performance measure has not been utilized by the Chief Operating Decision Maker (CODM) as the interest expense incurred by the company is related to the company’s financing decision to issue convertible debt as compared to the operating decisions resulting from allocation of resources and segment operating income performance. In addition, earlier in 2016, the company included an operating income line on the consolidated statement of comprehensive income (loss) to emphasize the CODM’s emphasis on operating income (loss). As noted, this performance measure, segment operating income (loss), is used by the CODM for purposes of making decisions about allocating resources to a segment and assessing its performance. In addition, this metric is reviewed by the company’s Board of Directors regarding segment performance and is a key metric in the performance management assessment of the company's employees. The information by segment is as follows (in thousands): 2016 2015 2014 Revenues from external customers North America/HME $ 397,702 $ 474,196 $ 507,867 Institutional Products Group 64,413 87,137 102,796 Europe 540,013 536,463 610,555 Asia/Pacific 45,346 44,542 48,945 Consolidated $ 1,047,474 $ 1,142,338 $ 1,270,163 Intersegment revenues North America/HME $ 100,793 $ 111,321 $ 84,247 Institutional Products Group 2,885 997 6,711 Europe 10,139 9,958 8,938 Asia/Pacific 19,366 20,661 26,173 Consolidated $ 133,183 $ 142,937 $ 126,069 Depreciation and amortization North America/HME (1) $ 5,932 $ 7,549 $ 9,077 Institutional Products Group 254 1,980 7,656 Europe 7,062 7,183 11,111 Asia/Pacific 1,349 1,463 2,406 All Other (2) 38 29 173 Discontinued Operations — — 518 Consolidated (1) $ 14,635 $ 18,204 $ 30,941 2016 2015 2014 Net interest expense (income) North America/HME (1) $ 15,119 $ 3,305 $ 2,196 Institutional Products Group 191 1,028 2,244 Europe 197 (444 ) (209 ) Asia/Pacific 103 82 149 Consolidated (1) $ 15,610 $ 3,971 $ 4,380 Operating income (loss) North America/HME $ (37,748 ) $ (29,245 ) $ (59,124 ) Institutional Products Group 5,693 7,834 6,248 Europe 33,994 39,794 50,169 Asia/Pacific (1,436 ) (3,493 ) (7,463 ) All Other (2) (20,657 ) (20,712 ) (24,507 ) Charge related to restructuring activities (2,447 ) (1,971 ) (11,112 ) Gains on sales of businesses 7,386 24 — Asset write-off (3) — — (13,041 ) Consolidated operating loss (15,215 ) (7,769 ) (58,830 ) Net gain on convertible derivatives 1,268 — — Net Interest expense (15,610 ) (3,971 ) (4,380 ) Loss from continuing operations before income taxes $ (29,557 ) $ (11,740 ) $ (63,210 ) Assets North America/HME (4) $ 261,538 $ 203,851 $ 209,122 Institutional Products Group (5) 38,657 38,730 42,692 Europe 575,981 557,740 638,896 Asia/Pacific 25,703 24,421 30,231 All Other (2) 1,864 1,752 15,647 Assets Held for Sale (4) (5) — 11,649 27,143 Consolidated $ 903,743 $ 838,143 $ 963,731 Long-lived assets North America/HME (4) $ 70,553 $ 49,141 $ 44,727 Institutional Products Group (3) 30,603 30,278 33,487 Europe 388,724 391,533 459,957 Asia/Pacific 2,927 3,140 4,046 All Other (2) 1,864 1,752 15,527 Consolidated $ 494,671 $ 475,844 $ 557,744 Expenditures for assets North America/HME $ 3,398 $ 1,232 $ 2,960 Institutional Products Group 58 212 1,232 Europe 5,580 5,058 6,708 Asia/Pacific 1,115 969 1,417 All Other (2) — 51 — Discontinued Operations — — 10 Consolidated $ 10,151 $ 7,522 $ 12,327 ________________________ (1) Restated 2015 and 2014 for reclass of debt fees from depreciation and amortization to net interest expense with adoption of ASU 2015-03. (2) Consists of un-allocated corporate SG&A costs and intercompany profits, which do not meet the quantitative criteria for determining reportable segments, and gain or loss on convertible debt derivatives. (3) Intangible asset impairment related to the rentals businesses which were included in the Institutional Products Group segment. (4) Restated 2015 and 2014 for GCM sale on September 30, 2016 and classified as assets held for sale. (5) Restated 2014 for rentals businesses sold in July 2015 and classified as assets held for sale. Net sales by product, are as follows (in thousands): 2016 2015 2014 North America/HME Lifestyle Products $ 173,301 $ 222,944 $ 239,625 Mobility and Seating 116,722 117,232 115,776 Respiratory Therapy 104,631 130,349 149,063 Other(1) 3,048 3,671 3,403 $ 397,702 $ 474,196 $ 507,867 Institutional Products Group Continuing Care $ 64,413 $ 87,137 $ 102,796 Europe Lifestyle Products $ 274,684 $ 275,932 $ 322,370 Mobility and Seating 214,713 208,730 228,163 Respiratory Therapy 35,030 36,373 40,661 Other(1) 15,586 15,428 19,361 $ 540,013 $ 536,463 $ 610,555 Asia/Pacific Mobility and Seating $ 25,254 $ 25,655 $ 28,174 Lifestyle Products 10,161 10,277 11,772 Continuing Care 3,521 3,115 3,956 Respiratory Therapy 1,244 807 1,286 Other(1) 5,166 4,688 3,757 $ 45,346 $ 44,542 $ 48,945 Total Consolidated $ 1,047,474 $ 1,142,338 $ 1,270,163 ________________________ (1) Includes various services, including repair services, equipment rentals and external contracting. No single customer accounted for more than 3.4% of the company’s sales. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
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, developing, testing, manufacturing, labeling, promoting, distributing and other practices of health care suppliers and medical device manufacturers are all subject to government scrutiny. Most of the company's facilities are subject to inspection at any time by 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. Medical Device Regulatory Matters The FDA in the United States and comparable medical device regulatory authorities in other jurisdictions regulate virtually all aspects of the marketing, invoicing, documenting, development, testing, manufacturing, labeling, promotion, distribution and other practices regarding medical devices. The company and its products are subject to the laws and regulations of 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 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 FDA on the terms of a 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 initially 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 audits at the impacted Elyria facilities, which is comprised of three distinct reports that must be submitted to, and accepted by, FDA. During 2013, the company completed the first two of the third-party expert certification audits, and 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. In February, 2016, the independent expert auditor issued its certification report for the third phase of the consent decree indicating substantial compliance to the FDA's QSR, and the report has been submitted to FDA. Similar to the first and second certification processes, FDA has responded to this report with clarifying questions to which the company and the independent expert have responded. In December 2015, FDA issued Form 483 observations following a 2015 inspection of approximately 5 months at the Corporate and Taylor Street facilities in Elyria, Ohio which included a review of the company’s compliance with the terms of the consent decree and the matters covered by the first and second expert certification reports previously accepted in 2013 (the “December 2015 Form 483”). The company has filed its responses to this Form 483 and continues to work on addressing the FDA’s observations. On June 7, 2016, the company received a letter from FDA in follow up to the December 2015 Form 483 and the company’s subsequent responses. To satisfy FDA’s design control requirements, the FDA letter outlined additional steps the company must take. In particular, FDA clarified its requirement for the company to complete the remediation of certain design history files (DHFs) referenced in the December 2015 Form 483 and in the consent decree. Before the company can design any new Taylor Street wheelchair devices, the specified DHFs must be completed, then recertified by the company’s third-party expert, whose updated report must be accepted by FDA. The FDA also clarified that its acceptance of the expert’s updated report on these DHFs is a prerequisite to proceeding further with the third certification process. The FDA has clarified that the DHFs associated with certain power wheelchair and power bed products which the company has discontinued at the end of 2016 would not need to be remediated. Under the terms of the consent decree, the company must submit its own written report to FDA regarding its compliance status together with its written responses to any observations in the independent expert's certification report. Both the independent expert's third certification report, submitted in February 2016, as well as the company's own report must be accepted by FDA before the agency reinspects the impacted Elyria facilities. If FDA is satisfied with the company's compliance, FDA will provide written notification that the company is permitted to resume full operations at the impacted facilities. The company cannot predict the acceptance of these reports by FDA, the timing of the inspection, nor any remaining work that may be needed to meet the FDA's requirements to resume full operations at the impacted facilities. FDA has the authority to inspect any FDA registered facility at any time. 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 not expected to be permanent 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 Annual Report on Form 10-K 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 December 31, 2016 . 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 December 31, 2016 , 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 December 31, 2016 . 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 Annual Report on Form 10-K with respect to the time frame for FDA's acceptance of the third-party expert certification audit and FDA inspection, the company concluded that the value of the inventory was not excessive nor impaired at December 31, 2016 . However, if the company's expectations regarding the impacts of the limitations in the consent decree or the time frame for acceptance of the third-party expert certification audit 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, which continued beyond 2012, were driven in large part by the consent decree which 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. 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 FDA re-inspection and has received written notification from 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. Separately, net sales in the North America/HME segment have likely been 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 National Competitive Bidding ("NCB") process. In addition, net sales in the North America/HME segment have and may continue to decline as a result of the company's strategic focus away from lower margin, less differentiated products as the company becomes more focused on its clinically complex products. For additional information regarding the consent decree, please see the following sections of this Annual Report on Form 10-K: Item 1. Business - Government Regulation and Item 1A. Risk Factors; Item 3. Legal Proceedings; and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Outlook and - Liquidity and Capital Resources. The company's 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 2016, the company recorded incremental warranty expense of $2,856,000 related to components of lifestyle products of which $1,490,000 was recorded in the Europe segment and $1,366,000 was recorded in the North America / HME segment. In 2015, the company's warranty expense includes reversals of $2,325,000 comprised of $2,000,000 related the company's stationary oxygen concentrator recall, $250,000 related to the recall of a sieve bed component and $75,000 related to the company's joystick recall, all of which impacted the North America/HME segment. The company' recorded incremental warranty expense in 2014 totaling $11,493,000 for three specific product recalls. First, an expense of $6,559,000 for a recall related to a component in a stationary oxygen concentrator that was manufactured in the company’s facility in Suzhou, China, and sold globally. 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 in the company's Sanford, Florida facility 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 ). See Accrued Expenses in the Notes to the Consolidated Financial Statements for the total provision amounts and a reconciliation of the changes in the warranty accrual. In December 2010, the company received a warning letter from FDA related to quality system processes and procedures at the company's Sanford, Florida facility. In January 2014, FDA conducted inspections at the company’s manufacturing facility in Suzhou, China and at the company’s electronic components subsidiary in Christchurch, New Zealand, covering quality systems and current Good Manufacturing Practice regulations. In August 2014, FDA inspected Alber GmbH in Albstadt, Germany. The FDA issued its inspectional observations on Forms 483 to the company after these inspections, and the company submitted its responses to the agency in a timely manner. In October 2014, FDA conducted an inspection at the Sanford facility and, at the conclusion, issued its Form 483 observations. In December 2015, FDA issued Form 483 observations following a 2015 inspection of approximately 5 months at the Corporate and Taylor Street facilities in Elyria, Ohio. In July 2016, FDA inspected Motion Concepts L.P. in Concord, Ontario, Canada and issued its inspectional observations on Form 483. The company has timely filed its responses to these Forms 483 with FDA and continues to work on addressing the FDA's observations. 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 or other company facilities 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. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On January 31, 2017 , the company implemented a reduction in its workforce of approximately 100 associates. The company expects to incur pre-tax cash restructuring charges, primarily relating to severance and transition assistance, of approximately $2,200,000 , that will be expensed in the first quarter of 2017. The company expects cash payments to be made from January 2017 through September 2017. Once this reduction in workforce is completed, the company expects that it will generate approximately $6,600,000 in annualized pre-tax savings. The restructuring is part of the company's three-phase business transformation from a generalist durable medical equipment company to one that focuses its strong technical capabilities on solving complex clinical needs for post-acute care. On February 2, 2017 , the company repurchased all of the outstanding $13,350,000 principal amount of 4.125% Convertible Senior Subordinated Debentures due 2027 (the "debentures") as the holders exercised their February 1, 2017 right to require the company to repurchase their debentures, which were repurchased at 100% of the principal amount. As a result of the repurchase, no debentures remain outstanding, and the company wrote-off unamortized debt fees of $207,000 and recognized amortization expense of $311,000 in the first quarter of 2017. |
Interim Financial Information
Interim Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Information | Interim Financial Information (unaudited) QUARTER ENDED (In thousands, except per share data) March 31, June 30, September 30, December 31, 2016 Net sales $ 257,552 $ 275,037 $ 268,145 $ 246,740 Gross profit 67,860 73,595 73,442 68,730 Loss from continuing operations before income taxes (6,791 ) (9,630 ) (595 ) (12,541 ) Net loss from continuing operations (8,616 ) (11,580 ) (5,020 ) (17,640 ) Net loss (8,616 ) (11,580 ) (5,020 ) (17,640 ) Net loss per share from continuing operations—basic (0.27 ) (0.36 ) (0.15 ) (0.54 ) Net loss per share—basic (0.27 ) (0.36 ) (0.15 ) (0.54 ) Loss per share from continuing operations—assuming dilution * (0.27 ) (0.36 ) (0.15 ) (0.54 ) Net loss per share—assuming dilution * (0.27 ) (0.36 ) (0.15 ) (0.54 ) March 31, June 30, September 30, December 31, 2015 Net sales $ 289,024 $ 286,273 $ 283,776 $ 283,265 Gross profit 77,095 77,287 77,639 80,803 Gain (loss) from continuing operations before income taxes (5,039 ) (6,492 ) (790 ) 581 Net loss from continuing operations (7,514 ) (8,217 ) (7,790 ) (2,929 ) Net earnings from discontinued operations 260 — — — Net loss (7,254 ) (8,217 ) (7,790 ) (2,929 ) Net loss per share from continuing operations—basic (0.23 ) (0.26 ) (0.24 ) (0.09 ) Net earnings per share from discontinued operations—basic 0.01 — — — Net loss per share—basic (0.23 ) (0.26 ) (0.24 ) (0.09 ) Net loss per share from continuing operations—assuming dilution * (0.23 ) (0.26 ) (0.24 ) (0.09 ) Net earnings per share from discontinued operations—assuming dilution 0.01 — — — Net loss per share—assuming dilution * (0.23 ) (0.26 ) (0.24 ) (0.09 ) * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in which there is a net loss. The description of significant items affecting continuing operations for each quarter presented are detailed below. Loss and loss per share for the quarter ended March 31, 2016 reflects recall warranty expense of $1,220,000 ( $1,220,000 after tax or $0.04 per share assuming dilution), restructuring charges of $102,000 ( $102,000 after tax or $0.00 per share assuming dilution) and net gain on convertible debt derivatives of $604,000 ( $604,000 after tax or $0.02 per share assuming dilution). Loss and loss per share for the quarter ended June 30, 2016 reflects recall warranty expense of $1,670,000 ( $1,670,000 after tax or $0.05 per share assuming dilution), restructuring charges of $689,000 ( $689,000 after tax or $0.02 per share assuming dilution) and net gain on convertible debt derivatives of $486,000 ( $486,000 after tax or $0.02 per share assuming dilution). Loss and loss per share for the quarter ended September 30, 2016 reflects a gain on the sale of Garden City Medical, Inc. of $7,386,000 ( $7,386,000 after tax or $0.23 per share assuming dilution), restructuring charges of $508,000 ( $508,000 after tax or $0.02 per share assuming dilution) and net gain on convertible debt derivatives of $1,192,000 ( $1,192,000 after tax or $0.04 per share assuming dilution). Loss and loss per share for the quarter ended December 31, 2016 reflects restructuring charges of $1,148,000 pre-tax ( $1,148,000 after tax or $0.04 per share assuming dilution) and net loss on convertible debt derivatives of $1,014,000 ( $1,014,000 after tax or $0.03 per share assuming dilution). Loss and loss per share for the quarter ended March 31, 2015 reflects restructuring charges of $240,000 ( $240,000 after tax or $0.01 per share assuming dilution) and increased amortization expense related to the write-off of debt fees related to a debt amendment of $668,000 ( $668,000 after tax or $0.02 per share assuming dilution). Loss and loss per share for the quarter ended June 30, 2015 reflects restructuring charges of $689,000 ( $635,000 after tax or $0.02 per share assuming dilution). Loss and loss per share for the quarter ended September 30, 2015 reflects a tax expense impact as a result of goodwill deducted for tax purposes from the sale of the rentals business of $3,400,000 ( $0.11 per share assuming dilution). Loss and loss per share for the quarter ended December 31, 2015 reflects recall warranty expense reversal of $2,325,000 ( $2,325,000 after tax or $0.07 per share assuming dilution) and restructuring charges of $1,031,000 ( $957,000 after tax or $0.03 per share assuming dilution). |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | COL A. COL B. COL C. COL D. Balance At Beginning of Period Charged To Cost And Expenses Additions (Deductions) Describe Balance At End of Period (In thousands) Year Ended December 31, 2016 Deducted from asset accounts— Allowance for doubtful accounts $ 12,518 $ 1,059 $ (3,823 ) (A) $ 9,754 Inventory obsolescence reserve 16,664 4,631 (3,500 ) (B) 17,795 Tax valuation allowances 151,972 23,478 (1,469 ) (D) 173,981 Accrued warranty cost 22,820 15,943 (15,461 ) (B) 23,302 Accrued product liability 17,709 9,169 (6,267 ) (C) 20,611 Year Ended December 31, 2015 Deducted from asset accounts— Allowance for doubtful accounts $ 16,873 $ 754 $ (5,109 ) (A) $ 12,518 Inventory obsolescence reserve 17,575 5,054 (5,965 ) (B) 16,664 Tax valuation allowances 133,912 19,717 (1,657 ) (D) 151,972 Accrued warranty cost 30,738 9,899 (17,817 ) (B) 22,820 Accrued product liability 23,194 3,738 (9,223 ) (C) 17,709 Year Ended December 31, 2014 Deducted from asset accounts— Allowance for doubtful accounts $ 22,294 $ 1,775 $ (7,196 ) (A) $ 16,873 Inventory obsolescence reserve 15,086 5,993 (3,504 ) (B) 17,575 Tax valuation allowances 117,790 33,195 (17,073 ) (D) 133,912 Accrued warranty cost 27,362 26,097 (22,721 ) (B) 30,738 Accrued product liability 20,368 7,999 (5,173 ) (C) 23,194 ________________________ Note (A)—Uncollectible accounts written off, net of recoveries. Note (B)—Amounts written off or payments incurred. Note (C)—Loss and loss adjustment. Note (D)—Other activity not affecting federal or foreign tax expense. |
Accounting Policies Accounting
Accounting Policies Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations: Invacare Corporation is a leading manufacturer and distributor of medical equipment used in the home 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 continuing care markets. |
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 December 31, 2016 and the results of its operations and changes in its cash flow for the years ended December 31, 2016 , 2015 and 2014 , respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using a November 30 fiscal year 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. |
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. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents : The company's policy is to treat investments that are readily convertible to cash and with maturities so near that there is little risk of changes in value due to changes in interest rates as cash and cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. |
Accounts Receivables | Accounts Receivable: The company records accounts receivable when product ships or services are provided to its unaffiliated customers, risk of loss is passed and title is transferred. The estimated allowance for uncollectible amounts is based primarily on management's evaluation of the financial condition of specific customers. The company records accounts receivable reserves for amounts that may become uncollectible in the future. The company writes off accounts receivable when it becomes apparent, based upon customer circumstances, that such amounts will not be collected and legal remedies are exhausted. |
Inventories | Inventories: Inventories are stated at the lower of cost or market with cost determined by the first-in, first-out method. Market values are based on the lower of replacement cost or estimated net realizable value. Finished goods and work in process inventories include material, labor and manufacturing overhead costs. Inventories have been reduced by an allowance for excess and obsolete inventories. The estimated allowance is based on management’s review of inventories on hand compared to estimated future usage and sales. |
Property and Equipment | Property and Equipment: Property and equipment are stated on the basis of cost. The company principally uses the straight-line method of depreciation for financial reporting purposes based on annual rates sufficient to amortize the cost of the assets over their estimated useful lives. Machinery and equipment as well as furniture and fixtures are generally depreciated using lives of 3 to 10 years, while buildings and improvements are depreciated using lives of 5 to 40 years. Accelerated methods of depreciation are used for federal income tax purposes. Expenditures for maintenance and repairs are charged to expense as incurred. Amortization of assets under capital leases is included in depreciation expense. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An asset would be considered impaired when the future net undiscounted cash flows generated by the asset are less than its carrying value. An impairment loss would be recognized based on the amount by which the carrying value of the asset exceeds its fair value. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles: In accordance with Intangibles—Goodwill and Other , ASC 350, goodwill and indefinite lived intangibles are subject to annual impairment testing. For purposes of the goodwill impairment test, the fair value of each reporting unit is estimated by forecasting cash flows and discounting those cash flows using appropriate discount rates. The fair values are then compared to the carrying value of the net assets of each reporting unit. Intangibles assets are also reviewed for impairment by estimating forecasted cash flows and discounting those cash flows as needed to calculate impairment amounts. During 2014, the company recognized intangible write-down charges of $13,041,000 comprised of a customer list impairment of $12,826,000 and a non-compete agreement impairment of $215,000 each recorded in the IPG segment. |
Accrued Warranty Cost | Accrued Warranty Cost: 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 sale 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 recall, which could warrant additional warranty reserve provision. See Accrued Expenses in the Notes to the Consolidated Financial Statements for a reconciliation of the changes in the warranty accrual. |
Product Liability Cost | Product Liability Cost: The company is self-insured in North America for product liability exposures through its captive insurance company, Invatection Insurance Company, which currently has a policy year that runs from September 1 to August 31 and insures annual policy losses up to $10,000,000 per occurrence and $13,000,000 in the aggregate. The company also has additional layers of external insurance coverage, related to all lines of insurance coverage, insuring up to $75,000,000 in aggregate losses per policy year arising from individual claims anywhere in the world that exceed the captive insurance company policy limits or the limits of the company’s per country foreign liability limits, as applicable. There can be no assurance that Invacare’s current insurance levels will continue to be adequate or available at affordable rates. Product liability reserves are recorded for individual claims based upon historical experience, industry expertise and other indicators. Additional reserves, in excess of the specific individual case reserves, are provided for incurred but not reported claims based upon actuarial valuations at the time such valuations are conducted. Historical claims experience and other assumptions are taken into consideration by the company in estimating the ultimate reserves. For example, the actuarial analysis assumes that historical loss experience is an indicator of future experience, that the distribution of exposures by geographic area and nature of operations for ongoing operations is expected to be very similar to historical operations with no dramatic changes and that the government indices used to trend losses and exposures are appropriate. Estimates made are adjusted on a regular basis and can be impacted by actual loss awards and settlements on claims. While actuarial analysis is used to help determine adequate reserves, the company is responsible for the determination and recording of adequate reserves in accordance with accepted loss reserving standards and practices. |
Revenue Recognition | Revenue Recognition: Invacare’s revenues are recognized when products are shipped or service provided to unaffiliated customers, risk of loss is passed and title is transferred. Revenue Recognition , ASC 605, provides guidance on the application of generally accepted accounting principles to selected revenue recognition issues. Shipping and handling costs are included in cost of goods sold. Sales are made only to customers with whom the company believes collection is reasonably assured based upon a credit analysis, which may include obtaining a credit application, a signed security agreement, personal guarantee and/or a cross corporate guarantee depending on the credit history of the customer. Credit lines are established for new customers after an evaluation of their credit report and/or other relevant financial information. Existing credit lines are regularly reviewed and adjusted with consideration given to any outstanding past due amounts. The company offers discounts and rebates, which are accounted for as reductions to revenue in the period in which the sale is recognized. Discounts offered include: cash discounts for prompt payment, base and trade discounts based on contract level for specific classes of customers. Volume discounts and rebates are given based on large purchases and the achievement of certain sales volumes. Product returns are accounted for as a reduction to reported sales with estimates recorded for anticipated returns at the time of sale. The company does not sell any goods on consignment. Distributed products sold by the company are accounted for in accordance with the revenue recognition guidance in ASC 605-45-05 . The company records distributed product sales gross as a principal since the company takes title to the products and has the risks of loss for collections, delivery and returns. Product sales that give rise to installment receivables are recorded at the time of sale when the risks and rewards of ownership are transferred. As such, interest income is recognized based on the terms of the installment agreements. Installment accounts are monitored and if a customer defaults on payments, interest income is no longer recognized. All installment accounts are accounted for using the same methodology, regardless of duration of the installment agreements. The company has entered into an agreement with De Lage Landen, Inc. (“DLL”), a third-party financing company, to provide the majority of future lease financing to Invacare customers. |
Research and Development | Research and Development: Research and development costs are expensed as incurred and included in cost of products sold. The company’s annual expenditures for product development and engineering were approximately $17,123,000 , $18,677,000 and $23,149,000 for 2016 , 2015 and 2014 , respectively. |
Advertising | Advertising: Advertising costs are expensed as incurred and included in selling, general and administrative expenses. Advertising expenses amounted to $13,593,000 , $9,203,000 and $13,463,000 for 2016 , 2015 and 2014 , respectively, the majority of which is incurred for advertising in the United States and Europe. |
Income Taxes | Income Taxes: The company uses the liability method in measuring the provision for income taxes and recognizing deferred tax assets and liabilities on the balance sheet. The liability method requires that deferred income taxes reflect the tax consequences of currently enacted rates for differences between the tax and financial reporting bases of assets and liabilities. With the exception of two subsidiaries, foreign subsidiaries with undistributed earnings are considered to have such earnings indefinitely reinvested and, accordingly with the exception of the two subsidiaries, no deferred tax liability has been provided for future repatriation of $32,700,000 of unremitted earnings of these foreign subsidiaries. The amount of the unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries that are permanently reinvested is not practically determinable. The company has recorded the deferred tax impact of the unremitted earnings of the two subsidiaries for which the earnings are not permanently reinvested. |
Value Added Taxes, Policy [Policy Text Block] | Value Added Taxes: The company operates internationally and is required to comply with value added tax (VAT) or goods and service tax (GST) regulations, particularly in Europe and Asia/Pacific. VAT and GST are taxes on consumption in which the company pays tax on its purchases of goods and services and charges customers on the sale of product. The difference between billings to customers and payments on purchases is then remitted or received from the government as filings are due. The company records tax assets and liabilities related to these taxes and the balances in these accounts can vary significantly from period to period based on the timing of the underlying transactions. |
Derivative Instruments | Derivative Instruments: Derivatives and Hedging, 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. 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. In the first quarter of 2016, the company issued $150,000,000 aggregate principal amount of 5.00% Convertible Senior Notes due 2021 (the “notes”). In connection with the offering of the notes, the company entered into privately negotiated convertible note hedge transactions with two financial institutions (the “option counterparties”). The convertible debt conversion liability and the convertible note hedges are accounted for as derivatives that are fair valued quarterly. The fair value of the convertible debt conversion liability and the convertible note hedge asset are estimated using a lattice model incorporating the terms and conditions of the notes and considering, for example, changes in the prices of the company's common stock, company stock price volatility, risk-free rates and changes in market rates. The valuations are, among other things, subject to changes in both the company's credit worthiness and the counter-parties to the instruments as well as change in general market conditions. The change in the fair value of the convertible note hedges are recognized in net income (loss) for the respective period. While the change in fair value of the convertible debt conversion liability and the convertible note hedge asset are generally expected to move in opposite directions, the net change in any given period may be material. |
Foreign Currency Translation | Foreign Currency Translation: The functional currency of the company’s subsidiaries outside the United States is the applicable local currency. The assets and liabilities of the company’s foreign subsidiaries are translated into U.S. dollars at year-end exchange rates. Revenues and expenses are translated at monthly average exchange rates. Gains and losses resulting from translation of balance sheet items are included in accumulated other comprehensive earnings. |
Net Earnings Per Share | Net Earnings Per Share: Basic earnings per share are computed based on the weighted-average number of Common Shares and Class B Common Shares outstanding during the year. Diluted earnings per share are computed based on the weighted-average number of Common Shares and Class B Common Shares outstanding plus the effects of dilutive stock options and awards outstanding during the year. For periods in which there was a net loss, loss per share assuming dilution utilized weighted average shares-basic. |
Defined Benefit Plans | Defined Benefit Plans: The company’s benefit plans are accounted for in accordance with Compensation-Retirement Benefits , ASC 715 which requires plan sponsors to recognize the funded status of their defined benefit postretirement benefit plans in the consolidated balance sheet, measure the fair value of plan assets and benefit obligations as of the balance sheet date and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. |
Reclassifications | Reclassifications: In September of 2016, the company's board of directors authorized the sale of the company's subsidiary Garden City Medical Inc. ("GCM"), dba PMI and Pinnacle Medsource. Accordingly, GCM was treated as held for sale. The company's December 31, 2015 Balance Sheet was restated to reflect this treatment. See Operations Held for Sale in the Notes to the Consolidated Financial Statements for a description of the impact on the consolidated balance sheet. In 2016, the company redefined the measure by which it evaluates segment profit or loss to be segment operating profit (loss). The previous performance measure was earnings before income taxes. All prior periods presented were restated to reflect the new measure. See Business Segments in the Notes to the Consolidated Financial Statements for a description of the change. The company has historically classified the amortization of debt issuance costs, including any accelerated amortization in the form of debt fee write-offs, as a component of Selling, General and Administrative (SG&A) Expenses. During 2016, the company determined that it was more appropriate to classify this amortization as a component of interest expense. Therefore, interest expense for 2015 and 2014 has been increased by $1,225,000 and $1,848,000 , respectively, with a corresponding decrease to SG&A expenses. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements (Not Yet Adopted): In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” to simplify the subsequent measurement of inventory. After effectiveness of this update, entities will be required to subsequently measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. This update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual periods, and early adoption is permitted. The company will adopt ASU 2015-11, effective January 1, 2017, and does not currently believe it will have a material impact on the company's financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation – Stock Compensation: Topic 718: Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This pronouncement is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The company will adopt ASU 2016-09, effective January 1, 2017, and does not believe it will have a material impact on the company's financial statements. 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) allocate 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, 2017, due to an approved one-year deferral, and early adoption is permitted. During 2016, the company completed a preliminary assessment of its contracts. Based on this review, the company does not expect this standard will have a material impact on the company's results of operations or cash flows in the periods after adoption. Pursuant to ASU 2014-09, revenues are recognized as control transfers to the customers, which is consistent with the current revenue recognition model and the current accounting for the majority of the company's contracts. The company will continue to evaluate the impact of ASU 2014-09, as well as any subsequent updates and clarifications, the possible impact of the standard on any new contracts entered into by the company through the date of adoption and determine the transition method of retrospective or cumulative effect transition method. In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 requires lessees to put most leases on their balance sheet while recognizing expense in a manner similar to existing accounting. The new accounting guidance is effective for fiscal periods beginning after December 15, 2018 and early adoption is permitted. The company is currently reviewing the impact of the adoption of ASU 2016-02 on the company's financial statements. In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Statements." ASU 2016-13 requires a new credit loss standard for most financial assets and certain other instruments. For example, entities will be required to use an "expected loss" model that will generally require earlier recognition of allowances for losses for trade receivables. The standard also requires additional disclosures, including disclosures regarding how an entity tracks credit quality. The amendments in the pronouncement are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities may early adopt the amendments as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The company is currently reviewing the impact of the adoption of ASU 2016-09 on the company's financial statements. |
Operations Held for Sale (Table
Operations Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Garden City Medical Inc [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The assets and liabilities of GCM that were sold on September 30, 2016 and shown as held for sale as of December 31, 2015 in the company's Consolidated Balance Sheets were comprised of the following (in thousands): September 30, 2016 December 31, 2015 Trade receivables, net $ 4,526 $ 5,040 Inventories, net 5,335 6,404 Other current assets 74 27 Property and equipment, net 149 178 Assets sold 10,084 11,649 Accounts payable 2,990 2,037 Accrued expenses and other short-term obligations 1,751 3,464 Current taxes payable — 434 Liabilities sold $ 4,741 $ 5,935 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Installment Receivables | Installment receivables as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Current Long- Term Total Current Long- Term Total Installment receivables $ 2,027 $ 2,685 $ 4,712 $ 2,309 $ 2,318 $ 4,627 Less: Unearned interest (40 ) — (40 ) (42 ) — (42 ) 1,987 2,685 4,672 2,267 2,318 4,585 Allowance for doubtful accounts (619 ) (2,219 ) (2,838 ) (1,122 ) (1,670 ) (2,792 ) $ 1,368 $ 466 $ 1,834 $ 1,145 $ 648 $ 1,793 |
Schedule of Installment Receivables Allowance for Doubtful Accounts | The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands): 2016 2015 Balance as of January 1 $ 2,792 $ 5,852 Current period provision (benefit) 1,220 (332 ) Direct write-offs charged against the allowance (1,174 ) (2,728 ) Balance as of December 31 $ 2,838 $ 2,792 |
Schedule of Installment Receivables by Class | Installment receivables by class as of December 31, 2016 consist of the following (in thousands): Total Installment Receivables Unpaid Principal Balance Related Allowance for Doubtful Accounts Interest Income Recognized U.S. Impaired installment receivables with a related allowance recorded $ 3,762 $ 3,762 $ 2,706 $ — Canada Non-impaired installment receivables with no related allowance recorded 818 778 — 65 Impaired installment receivables with a related allowance recorded 132 132 132 — Total Canadian installment receivables $ 950 $ 910 $ 132 $ 65 Total Non-impaired installment receivables with no related allowance recorded 818 778 — 65 Impaired installment receivables with a related allowance recorded 3,894 3,894 2,838 — Total installment receivables $ 4,712 $ 4,672 $ 2,838 $ 65 Installment receivables by class as of December 31, 2015 consist of the following (in thousands): Total Installment Receivables Unpaid Principal Balance Related Allowance for Doubtful Accounts Interest Income Recognized U.S. Impaired installment receivables with a related allowance recorded $ 3,618 $ 3,618 $ 2,729 $ — Canada Non-impaired installment receivables with no related allowance recorded 946 904 — 52 Impaired installment receivables with a related allowance recorded 63 63 63 — Total Canadian installment receivables $ 1,009 $ 967 $ 63 $ 52 Total Non-impaired installment receivables with no related allowance recorded 946 904 — 52 Impaired installment receivables with a related allowance recorded 3,681 3,681 2,792 — Total installment receivables $ 4,627 $ 4,585 $ 2,792 $ 52 |
Schedule of Financing Receivables | Installment receivables by class as of December 31, 2016 consist of the following (in thousands): Total Installment Receivables Unpaid Principal Balance Related Allowance for Doubtful Accounts Interest Income Recognized U.S. Impaired installment receivables with a related allowance recorded $ 3,762 $ 3,762 $ 2,706 $ — Canada Non-impaired installment receivables with no related allowance recorded 818 778 — 65 Impaired installment receivables with a related allowance recorded 132 132 132 — Total Canadian installment receivables $ 950 $ 910 $ 132 $ 65 Total Non-impaired installment receivables with no related allowance recorded 818 778 — 65 Impaired installment receivables with a related allowance recorded 3,894 3,894 2,838 — Total installment receivables $ 4,712 $ 4,672 $ 2,838 $ 65 Installment receivables by class as of December 31, 2015 consist of the following (in thousands): Total Installment Receivables Unpaid Principal Balance Related Allowance for Doubtful Accounts Interest Income Recognized U.S. Impaired installment receivables with a related allowance recorded $ 3,618 $ 3,618 $ 2,729 $ — Canada Non-impaired installment receivables with no related allowance recorded 946 904 — 52 Impaired installment receivables with a related allowance recorded 63 63 63 — Total Canadian installment receivables $ 1,009 $ 967 $ 63 $ 52 Total Non-impaired installment receivables with no related allowance recorded 946 904 — 52 Impaired installment receivables with a related allowance recorded 3,681 3,681 2,792 — Total installment receivables $ 4,627 $ 4,585 $ 2,792 $ 52 |
Schedule of Aging of Installment Receivables | The aging of the company’s installment receivables was as follows as of December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Total U.S. Canada Total U.S. Canada Current $ 832 $ — $ 832 $ 908 $ — $ 908 0-30 days past due 18 — 18 16 — 16 31-60 days past due 12 — 12 12 — 12 61-90 days past due 2 — 2 1 — 1 90+ days past due 3,848 3,762 86 3,690 3,618 72 $ 4,712 $ 3,762 $ 950 $ 4,627 $ 3,618 $ 1,009 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories, net of reserves, as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Finished goods $ 68,701 $ 60,803 Raw materials 56,270 54,005 Work in process 10,673 11,595 $ 135,644 $ 126,403 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Value added tax receivables $ 14,336 $ 18,031 Service contracts 2,902 2,013 Prepaid insurance 2,761 2,538 Derivatives (foreign currency forward contracts) 2,754 4,143 Prepaid inventory 790 158 Recoverable income taxes 503 367 Prepaid debt fees 489 869 Prepaid and other current assets 6,984 6,313 $ 31,519 $ 34,432 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent | Other long-term assets as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Convertible note hedge asset $ 25,471 $ — Cash surrender value of life insurance policies 1,824 1,674 Deferred financing fees 793 1,088 Investments 108 160 Long-term installment receivables 466 648 Long-term deferred taxes 837 908 Other 188 181 $ 29,687 $ 4,659 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Machinery and equipment $ 301,367 $ 299,205 Land, buildings and improvements 73,709 73,830 Furniture and fixtures 10,100 10,023 Leasehold improvements 12,054 11,947 397,230 395,005 Less allowance for depreciation (321,871 ) (316,500 ) $ 75,359 $ 78,505 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill by operating segment is as follows (in thousands): Institutional Products Group Europe Consolidated Balance at January 1, 2015 $ 29,919 $ 391,100 $ 421,019 Foreign currency translation adjustments (2,763 ) (56,576 ) (59,339 ) Balance at December 31, 2015 27,156 334,524 361,680 Foreign currency translation adjustments 450 (1,528 ) (1,078 ) Balance at December 31, 2016 $ 27,606 $ 332,996 $ 360,602 |
Intangibles Intangibles
Intangibles Intangibles | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The company’s intangibles consist of the following (in thousands): December 31, 2016 December 31, 2015 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Customer lists $ 49,362 $ 45,797 $ 49,858 $ 45,019 Trademarks 24,091 — 24,524 — License agreements 1,126 1,126 1,098 1,098 Developed technology 7,287 5,969 7,405 5,921 Patents 5,512 5,487 5,959 5,843 Other 1,162 1,138 1,161 1,124 $ 88,540 $ 59,517 $ 90,005 $ 59,005 |
Schedule of Finite Lived Intangible Assets | The company’s intangibles consist of the following (in thousands): December 31, 2016 December 31, 2015 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Customer lists $ 49,362 $ 45,797 $ 49,858 $ 45,019 Trademarks 24,091 — 24,524 — License agreements 1,126 1,126 1,098 1,098 Developed technology 7,287 5,969 7,405 5,921 Patents 5,512 5,487 5,959 5,843 Other 1,162 1,138 1,161 1,124 $ 88,540 $ 59,517 $ 90,005 $ 59,005 |
Accrued Expenses Accrued Expens
Accrued Expenses Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses as of December 31, 2016 and 2015 consisted of accruals for the following (in thousands): 2016 2015 Salaries and wages $ 32,959 $ 41,216 Warranty cost 23,302 22,820 Taxes other than income taxes, primarily Value Added Taxes 19,194 21,424 Freight 5,211 5,978 Professional 4,728 5,774 Product liability, current portion 3,996 3,127 Interest 3,747 872 Severance 2,049 2,477 Derivatives (foreign currency forward exchange contracts) 1,783 2,014 Deferred revenue 1,446 400 Insurance 742 695 Rent 672 402 Supplemental Executive Retirement Plan (SERP) 391 1,279 Rebates 356 1,791 Other items, principally trade accruals 9,519 8,687 $ 110,095 $ 118,956 |
Accrued Warranty Costs | Changes in accrued warranty costs were as follows (in thousands): 2016 2015 Balance as of January 1 $ 22,820 $ 30,738 Warranties provided during the period 12,019 11,561 Settlements made during the period (15,461 ) (17,817 ) Changes in liability for pre-existing warranties during the period, including expirations 3,924 (1,662 ) Balance as of December 31 $ 23,302 $ 22,820 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt as of December 31, 2016 and 2015 consisted of the following (in thousands): 2016 2015 Senior secured revolving credit facility, due in January 2021 $ — $ — Convertible senior notes at 5.00%, due in February 2021 115,159 — Convertible senior subordinated debentures at 4.125%, due in February 2027 13,039 12,147 Other notes and lease obligations 33,151 34,973 161,349 47,120 Less current maturities of long-term debt (15,261 ) (2,028 ) $ 146,088 $ 45,092 |
Schedule of Debt | The components of the company’s convertible debt as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Carrying amount of equity component $ 25,381 $ 25,381 Principal amount of liability component $ 13,350 $ 13,350 Unamortized discount (311 ) (1,203 ) Net carrying amount of liability component $ 13,039 $ 12,147 |
Liability Components of Convertible Note [Table Text Block] | The liability components of the notes consist of the following (in thousands): December 31, 2016 Principal amount of liability component $ 150,000 Unamortized discount (29,919 ) Debt fees (4,922 ) Net carrying amount of liability component $ 115,159 |
Other Long-Term Obligations (Ta
Other Long-Term Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities, Noncurrent | Other long-term obligations as of December 31, 2016 and 2015 consist of the following (in thousands): 2016 2015 Deferred income taxes $ 31,079 $ 32,115 Convertible debt conversion liability 30,708 — Product liability 16,615 14,582 Pension 13,258 9,868 Deferred gain on sale leaseback 6,703 6,978 Supplemental Executive Retirement Plan liability 5,612 4,930 Deferred compensation 3,593 4,167 Uncertain tax obligation including interest 3,150 4,467 Other 3,689 5,482 Total long-term obligations $ 114,407 $ 82,589 |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum operating and capital lease commitments, as of December 31, 2016 , are as follows (in thousands): Capital Leases Operating Leases 2017 $ 3,477 $ 15,360 2018 2,945 9,062 2019 2,728 4,959 2020 2,672 2,109 2021 2,672 756 Thereafter 30,201 441 Total future minimum lease payments 44,695 $ 32,687 Amounts representing interest (11,544 ) Present value of minimum lease payments $ 33,151 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum operating and capital lease commitments, as of December 31, 2016 , are as follows (in thousands): Capital Leases Operating Leases 2017 $ 3,477 $ 15,360 2018 2,945 9,062 2019 2,728 4,959 2020 2,672 2,109 2021 2,672 756 Thereafter 30,201 441 Total future minimum lease payments 44,695 $ 32,687 Amounts representing interest (11,544 ) Present value of minimum lease payments $ 33,151 |
Equity Compensation (Tables)
Equity Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The amounts of equity-based compensation expense recognized as part of selling, general and administrative expenses in All Other in business segment reporting was as follows (in thousands): 2016 2015 2014 Non-qualified stock options $ 745 $ 1,228 $ 3,356 Restricted stock and restricted stock units 5,039 2,785 2,270 Performance shares and performance share units 1,110 — — Total stock-based compensation expense $ 6,894 $ 4,013 $ 5,626 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | As of December 31, 2016 , unrecognized compensation expense related to equity-based compensation arrangements granted under the company's 2013 Plan and previous plans, which is related to non-vested options and shares, was as follows (in thousands): 2016 2015 2014 Non-qualified stock options $ 175 $ 1,059 $ 2,600 Restricted stock and restricted stock units 8,740 9,476 4,461 Performance shares and performance share units 3,134 — — Total stock-based compensation expense $ 12,049 $ 10,535 $ 7,061 |
Schedule of Share-based Compensation, Stock Options, Activity | Generally, non-qualified stock option awards typically have a term of ten years and were granted with an exercise price per share equal to the fair market value of the company’s Common Shares on the date of grant. 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 three years ended 2016 , 2015 and 2014 : 2016 Weighted Average Exercise Price 2015 Weighted Average Exercise Price 2014 Weighted Average Exercise Price Options outstanding at January 1 2,942,783 $ 21.22 3,600,132 $ 22.74 4,533,782 $ 23.86 Granted — — — — 8,977 16.71 Exercised (1,250 ) 13.82 (172,218 ) 13.95 (33,810 ) 14.16 Canceled (398,801 ) 21.47 (485,131 ) 34.98 (908,817 ) 28.57 Options outstanding at December 31 2,542,732 $ 21.19 2,942,783 $ 21.22 3,600,132 $ 22.74 Options exercise price range at December 31 $ 13.37 to $ 13.37 to $ 13.37 to $ 33.36 $ 33.36 $ 47.80 Options exercisable at December 31 2,513,614 2,656,983 2,954,082 Shares available for grant at December 31* 3,891,121 2,659,562 3,654,426 |
Schedule of Share-based Compensation, Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2016 : Options Outstanding Options Exercisable Exercise Prices Number Outstanding At 12/31/16 Weighted Average Remaining Contractual Life Years Weighted Average Exercise Price Number Exercisable At 12/31/16 Weighted Average Exercise Price $ 13.37 – $20.00 686,671 5.7 $ 14.13 657,553 $ 14.07 $ 20.01 – $25.00 1,099,977 2.8 22.57 1,099,977 22.57 $ 25.01 – $30.00 751,588 2.6 25.55 751,588 25.55 $ 30.01 – $33.36 4,496 4.4 33.36 4,496 33.36 Total 2,542,732 3.5 $ 21.19 2,513,614 $ 21.39 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions for awards granted in 2014 as no options were granted in 2016 or 2015: 2014 Expected dividend yield 0.3 % Expected stock price volatility 36.8 % Risk-free interest rate 1.76 % Expected life in years 6.1 Forfeiture percentage 13.0 % |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes information about restricted shares and restricted share units (primarily for non-U.S. recipients): 2016 Weighted Average Fair Value 2015 Weighted Average Fair Value 2014 Weighted Average Fair Value Stock / Units unvested at January 1 641,505 $ 18.89 312,423 $ 17.91 264,878 $ 16.69 Granted 486,711 12.62 480,839 19.09 218,276 19.36 Vested (139,298 ) 17.86 (56,976 ) 16.47 (93,140 ) 17.62 Canceled (110,562 ) 16.60 (94,781 ) 18.11 (77,591 ) 17.58 Stock / Units unvested at December 31 878,356 $ 15.87 641,505 $ 18.89 312,423 $ 17.91 |
Share-based Compensation, Performance Shares Award Unvested Activity | The following table summarizes information about performance shares and performance share units (for non-U.S. recipients): 2016 Weighted Average Fair Value 2015 Weighted Average Fair Value 2014 Weighted Average Fair Value Shares / Units unvested at January 1 198,401 $ 19.50 121,644 $ 20.05 — $ — Granted 234,402 12.82 114,257 18.95 152,800 20.05 Vested — — — — — — Canceled (123,335 ) 19.14 (37,500 ) 19.62 (31,156 ) 20.05 Shares / Units unvested at December 31 309,468 $ 14.58 198,401 $ 19.50 121,644 $ 20.05 |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income ("OCI") during the year ended December 31, 2016 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2015 $ (5,744 ) $ 4,111 $ (9,757 ) $ 2,003 $ (9,387 ) OCI before reclassifications (20,455 ) 13,261 (2,284 ) 989 (8,489 ) Amount reclassified from accumulated OCI — — 793 (2,252 ) (1,459 ) Net current-period OCI (20,455 ) 13,261 (1,491 ) (1,263 ) (9,948 ) December 31, 2016 $ (26,199 ) $ 17,372 $ (11,248 ) $ 740 $ (19,335 ) Changes in OCI during the year ended December 31, 2015 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2014 $ 86,236 $ (6,465 ) $ (7,601 ) $ (551 ) $ 71,619 OCI before reclassifications (91,980 ) 10,576 (2,292 ) 3,545 (80,151 ) Amount reclassified from accumulated OCI — — 136 (991 ) (855 ) Net current-period OCI (91,980 ) 10,576 (2,156 ) 2,554 (81,006 ) December 31, 2015 $ (5,744 ) $ 4,111 $ (9,757 ) $ 2,003 $ (9,387 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Reclassifications out of accumulated OCI for the year ended December 31, 2016 and December 31, 2015 were as follows (in thousands): Amount reclassified from OCI Affected Statement of Comprehensive (Income) Loss line 2016 2015 Defined Benefit Plans: Service and interest costs $ 882 $ 133 Selling, General and Administrative Tax (89 ) 3 Income Taxes Total after tax $ 793 $ 136 Derivatives: Foreign currency forward contracts hedging sales $ (4,453 ) $ 2,778 Net Sales Foreign currency forward contracts hedging purchases 1,880 (3,890 ) Cost of Products Sold Total before tax (2,573 ) (1,112 ) Tax 321 121 Income Taxes Total after tax $ (2,252 ) $ (991 ) |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Capital Stock | Capital stock activity for 2016 , 2015 and 2014 consisted of the following (in thousands of shares): Common Stock Shares Class B Shares Treasury Shares January 1, 2014 Balance 34,084 1,085 (3,158 ) Exercise of stock options 34 — — Restricted stock awards 101 — (29 ) December 31, 2014 Balance 34,219 1,085 (3,187 ) Conversion of Class B to Common 351 (351 ) — Exercise of stock options 172 — — Restricted stock awards 282 — (7 ) December 31, 2015 Balance 35,024 734 (3,194 ) Conversion of Class B to Common 5 (5 ) — Exercise of stock options 1 — — Restricted stock awards 288 — (32 ) Purchase of treasury shares — — (390 ) December 31, 2016 Balance 35,318 729 (3,616 ) |
Charges Related To Restructur53
Charges Related To Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Inventory Lease Terminations Other Total December 31, 2010 Balance $ — $ — $ — $ — $ — Charges North America/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 North America/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 North America/HME 3,092 — — — 3,092 IPG 71 — — — 71 Europe 1,742 — 74 — 1,816 Asia/Pacific — — — — — Total 4,905 — 74 — 4,979 Charges North America/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 North America/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 North America/HME 3,747 — — — 3,747 Europe 595 — — — 595 Asia/Pacific 869 151 1,625 6 2,651 Total 5,211 151 1,625 6 6,993 Charges North America/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 Severance Inventory Lease Terminations Other Total Payments North America/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 North America/HME 2,805 — — — 2,805 IPG 92 — — — 92 Europe 1,089 — — — 1,089 Asia/Pacific — — 499 — 499 Total 3,986 — 499 — 4,485 Charges North America/HME 4,404 — — — 4,404 IPG 1,163 — — 761 1,924 Europe 527 — — 525 1,052 Asia/Pacific 769 — (15 ) — 754 Other 2,978 — — — 2,978 Total 9,841 — (15 ) 1,286 11,112 Payments North America/HME (6,547 ) — — — (6,547 ) IPG (1,107 ) — — (761 ) (1,868 ) Europe (1,195 ) — — (525 ) (1,720 ) Asia/Pacific (769 ) — (227 ) — (996 ) Total (9,618 ) — (227 ) (1,286 ) (11,131 ) December 31, 2014 Balance North America/HME 662 — — — 662 IPG 148 — — — 148 Europe 421 — — — 421 Asia/Pacific — — 257 — 257 Other 2,978 — — — 2,978 Total 4,209 — 257 — 4,466 Charges North America/HME 1,069 — 292 — 1,361 IPG 73 — — — 73 Europe 510 — — — 510 Asia/Pacific 26 — 1 — 27 Total 1,678 — 293 — 1,971 Payments North America/HME (1,069 ) — (55 ) — (1,124 ) IPG (221 ) — — — (221 ) Europe (619 ) — — — (619 ) Asia/Pacific (26 ) — (258 ) — (284 ) Other (1,475 ) — — — (1,475 ) Total $ (3,410 ) $ — $ (313 ) $ — $ (3,723 ) Severance Inventory Lease Terminations Other Total December 31, 2015 Balance North America/HME $ 662 $ — $ 237 $ — $ 899 Europe 312 — — — 312 Other 1,503 — — — 1,503 Total 2,477 — 237 — 2,714 Charges North America/HME 1,862 — 485 — 2,347 Asia/Pacific 100 — — — 100 Total 1,962 — 485 — 2,447 Payments North America/HME (1,741 ) — (602 ) — (2,343 ) Europe (312 ) — — — (312 ) Asia/Pacific (100 ) — — — (100 ) Other (237 ) — — — (237 ) Total (2,390 ) — (602 ) — (2,992 ) December 31, 2016 Balance North America/HME 783 — 120 — 903 Other 1,266 — — — 1,266 Total $ 2,049 $ — $ 120 $ — $ 2,169 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Earnings (loss) from continuing operations before income taxes consist of the following (in thousands): 2016 2015 2014 Domestic $ (68,949 ) $ (54,812 ) $ (104,776 ) Foreign 39,392 43,072 41,566 $ (29,557 ) $ (11,740 ) $ (63,210 ) |
Schedule of Components of Income Tax Expense (Benefit) | The company has provided for income taxes (benefits) from continuing operations as follows (in thousands): 2016 2015 2014 Current: Federal $ (360 ) $ (167 ) $ (7,105 ) State (115 ) (150 ) (63 ) Foreign 12,873 11,439 15,105 12,398 11,122 7,937 Deferred: Federal — 3,222 100 State — 318 — Foreign 901 48 (2,487 ) 901 3,588 (2,387 ) Income Taxes $ 13,299 $ 14,710 $ 5,550 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation to the effective income tax rate from the federal statutory rate is as follows: 2016 2015 2014 Statutory federal income tax rate (35.0 )% (35.0 )% (35.0 )% State and local income taxes, net of federal income tax benefit (0.3 ) 0.9 (0.1 ) Tax credits (1.7 ) (61.8 ) (5.1 ) Foreign taxes at less than the federal statutory rate (including tax holidays) (7.1 ) (46.1 ) (10.7 ) Federal and foreign valuation allowance 83.0 168.0 52.5 Withholding taxes 1.1 3.0 0.6 Unremitted earnings 5.8 (3.7 ) 0.7 Dividends 3.0 100.1 12.3 Life insurance (0.2 ) (2.7 ) 4.1 Foreign branch activity (3.1 ) (8.1 ) (1.8 ) Uncertain tax positions (2.0 ) 6.7 1.2 Other, net 1.5 4.0 (9.9 ) Effective federal income tax rate 45.0 % 125.3 % 8.8 % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of long-term deferred income tax assets and liabilities at December 31, 2016 and 2015 are as follows (in thousands): 2016 2015 Bad Debt $ 2,952 $ 3,670 Warranty 4,861 5,357 Other accrued expenses and reserves 1,263 4,355 Inventory 3,605 2,395 Goodwill and intangibles (24,694 ) (25,008 ) Convertible debt (319 ) (421 ) Fixed assets (5,499 ) (8,207 ) Compensation and benefits 8,491 7,136 Loss and credit carryforwards 124,901 102,194 Product liability 4,044 4,107 State and local taxes 21,692 19,932 Valuation allowance (173,981 ) (151,972 ) Other, net 2,442 5,255 Net Deferred Income Taxes $ (30,242 ) $ (31,207 ) |
Summary of Deferred Tax Liability Not Recognized | A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands): 2016 2015 Balance at beginning of year $ 9,553 $ 11,019 Additions to: Positions taken during the current year 54 227 Positions taken during a prior year 280 270 Exchange rate impact 57 — Deductions due to: Exchange rate impact (11 ) (1,197 ) Positions taken during a prior year (42 ) (527 ) Settlements with taxing authorities (6,245 ) — Lapse of statute of limitations (178 ) (239 ) Balance at end of year $ 3,468 $ 9,553 |
Net Earnings Per Common Share (
Net Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net earnings (loss) per common share. 2016 2015 2014 (In thousands except per share data) Basic Average common shares outstanding 32,471 32,171 32,009 Net loss from continuing operations $ (42,856 ) $ (26,450 ) $ (68,760 ) Net earnings from discontinued operations $ — $ 260 $ 12,690 Net loss $ (42,856 ) $ (26,190 ) $ (56,070 ) Net loss per common share from continuing operations $ (1.32 ) $ (0.82 ) $ (2.15 ) Net earnings per common share from discontinued operations $ — $ 0.01 $ 0.40 Net loss per common share $ (1.32 ) $ (0.81 ) $ (1.75 ) Diluted Average common shares outstanding 32,471 32,171 32,009 Stock options and awards 119 512 188 Average common shares assuming dilution 32,590 32,683 32,197 Net loss from continuing operations $ (42,856 ) $ (26,450 ) $ (68,760 ) Net earnings from discontinued operations $ — $ 260 $ 12,690 Net loss $ (42,856 ) $ (26,190 ) $ (56,070 ) Net loss per common share from continuing operations * $ (1.32 ) $ (0.82 ) $ (2.15 ) Net earnings per common share from discontinued operations $ — $ 0.01 $ 0.39 Net loss per common share * $ (1.32 ) $ (0.81 ) $ (1.75 ) * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in which there is a net loss. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | Foreign exchange forward contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): December 31, 2016 December 31, 2015 Notional Amount Unrealized Net Gain (Loss) Notional Amount Unrealized Net Gain (Loss) USD / AUD $ 5,841 $ 316 $ 2,910 $ (83 ) USD / CAD 2,604 (18 ) 3,893 181 USD / CHF 370 15 — — USD / CNY 11,252 (301 ) 16,786 (282 ) USD / EUR 60,387 1,826 72,758 2,681 USD / GBP 3,253 (75 ) 3,862 22 USD / NZD 9,650 (64 ) 4,893 37 USD / SEK 4,923 146 5,128 39 USD / MXP 6,148 (417 ) 8,494 (284 ) EUR / AUD 506 6 669 (10 ) EUR / CAD — — 1,283 (17 ) EUR / CHF — — 1,944 (17 ) EUR / GBP 14,511 (686 ) 36,567 (424 ) EUR / NOK 2,503 (25 ) 3,375 (55 ) EUR / SEK — — 2,464 (42 ) EUR / NZD 3,777 16 3,609 476 GBP / AUD 503 34 830 (46 ) GBP / CHF 215 (10 ) 463 (7 ) GBP / SEK 1,389 (42 ) 2,067 (1 ) AUD / NZD — — 352 8 CHF / DKK 595 (2 ) — — DKK / SEK 31,978 49 37,293 46 NOK / CHF 1,335 (13 ) — — NOK / SEK 2,618 21 3,524 (39 ) $ 164,358 $ 776 $ 213,164 $ 2,183 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Foreign exchange forward contracts not qualifying or designated for hedge accounting treatment entered into in 2016 and 2015 , respectively, and outstanding were as follows (in thousands USD): December 31, 2016 December 31, 2015 Notional Amount Gain (Loss) Notional Amount Gain (Loss) AUD / USD $ 5,800 $ 204 $ 8,051 $ 337 CAD / USD — — 5,762 $ (4 ) CNY / USD 5,556 (24 ) 9,943 (441 ) EUR / USD — — 2,118 53 DKK / USD — — 7,927 125 GBP / USD — — 4,526 (106 ) NZD / AUD 3,264 15 — — NOK / USD — — 1,838 (18 ) $ 14,620 $ 195 $ 40,165 $ (54 ) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The fair values of the company’s derivative instruments were as follows (in thousands): December 31, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts $ 2,535 $ 1,759 $ 3,626 $ 1,443 Derivatives not designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts 219 24 517 571 $ 2,754 $ 1,783 $ 4,143 $ 2,014 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effect of derivative instruments on the Statement of Operations and Other Comprehensive Income (OCI) was as follows, net of tax (in thousands): Derivatives (foreign currency forward exchange contracts) in ASC 815 cash flow hedge relationships Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year ended December 31, 2016 $ 989 $ 2,252 $ 40 Year ended December 31, 2015 $ 3,545 $ 991 $ (11 ) Derivatives (foreign currency forward exchange contracts) not designated as hedging instruments under ASC 815 Amount of Gain (Loss) Recognized in Income on Derivatives Year ended December 31, 2016 $ 195 Year ended December 31, 2015 $ (54 ) |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The fair values of the outstanding convertible note derivatives as of December 31, 2016 and their effect on the Statement of Comprehensive Income (Loss) were as follows (in thousands): Fair Value Gain (Loss) Convertible debt conversion long-term liability $ (30,708 ) $ 3,772 Convertible note hedge long-term asset 25,471 (2,504 ) $ (5,237 ) $ 1,268 |
Fair Values of Financial Instru
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Markets for Identical Assets / (Liabilities) Significant Other Observable Inputs Significant Other Unobservable Inputs Total Level I Level II Level III December 31, 2016 : Forward Exchange Contracts—net $ 971 — $ 971 — Convertible debt conversion liability (30,708 ) — (30,708 ) — Convertible note hedge asset 25,471 — 25,471 — December 31, 2015 : Forward Exchange Contracts—net $ 2,129 — $ 2,129 — |
Fair Value, by Balance Sheet Grouping | The carrying and fair values of the company’s financial instruments at December 31, 2016 and 2015 are as follows (in thousands): 2016 2015 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 124,234 $ 124,234 $ 60,055 $ 60,055 Other investments 108 108 160 160 Installment receivables, net of reserves 1,834 1,834 1,793 1,793 Long-term debt (including current maturities of long-term debt) * (161,349 ) (164,900 ) (47,120 ) (47,369 ) Convertible debt conversion liability in Other Long-Term Obligations (30,708 ) (30,708 ) — — Convertible note hedge in Other Long-Term Assets 25,471 25,471 — — Forward contracts in other current assets 2,754 2,754 4,143 4,143 Forward contracts in accrued expenses (1,783 ) (1,783 ) (2,014 ) (2,014 ) |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The information by segment is as follows (in thousands): 2016 2015 2014 Revenues from external customers North America/HME $ 397,702 $ 474,196 $ 507,867 Institutional Products Group 64,413 87,137 102,796 Europe 540,013 536,463 610,555 Asia/Pacific 45,346 44,542 48,945 Consolidated $ 1,047,474 $ 1,142,338 $ 1,270,163 Intersegment revenues North America/HME $ 100,793 $ 111,321 $ 84,247 Institutional Products Group 2,885 997 6,711 Europe 10,139 9,958 8,938 Asia/Pacific 19,366 20,661 26,173 Consolidated $ 133,183 $ 142,937 $ 126,069 Depreciation and amortization North America/HME (1) $ 5,932 $ 7,549 $ 9,077 Institutional Products Group 254 1,980 7,656 Europe 7,062 7,183 11,111 Asia/Pacific 1,349 1,463 2,406 All Other (2) 38 29 173 Discontinued Operations — — 518 Consolidated (1) $ 14,635 $ 18,204 $ 30,941 2016 2015 2014 Net interest expense (income) North America/HME (1) $ 15,119 $ 3,305 $ 2,196 Institutional Products Group 191 1,028 2,244 Europe 197 (444 ) (209 ) Asia/Pacific 103 82 149 Consolidated (1) $ 15,610 $ 3,971 $ 4,380 Operating income (loss) North America/HME $ (37,748 ) $ (29,245 ) $ (59,124 ) Institutional Products Group 5,693 7,834 6,248 Europe 33,994 39,794 50,169 Asia/Pacific (1,436 ) (3,493 ) (7,463 ) All Other (2) (20,657 ) (20,712 ) (24,507 ) Charge related to restructuring activities (2,447 ) (1,971 ) (11,112 ) Gains on sales of businesses 7,386 24 — Asset write-off (3) — — (13,041 ) Consolidated operating loss (15,215 ) (7,769 ) (58,830 ) Net gain on convertible derivatives 1,268 — — Net Interest expense (15,610 ) (3,971 ) (4,380 ) Loss from continuing operations before income taxes $ (29,557 ) $ (11,740 ) $ (63,210 ) Assets North America/HME (4) $ 261,538 $ 203,851 $ 209,122 Institutional Products Group (5) 38,657 38,730 42,692 Europe 575,981 557,740 638,896 Asia/Pacific 25,703 24,421 30,231 All Other (2) 1,864 1,752 15,647 Assets Held for Sale (4) (5) — 11,649 27,143 Consolidated $ 903,743 $ 838,143 $ 963,731 Long-lived assets North America/HME (4) $ 70,553 $ 49,141 $ 44,727 Institutional Products Group (3) 30,603 30,278 33,487 Europe 388,724 391,533 459,957 Asia/Pacific 2,927 3,140 4,046 All Other (2) 1,864 1,752 15,527 Consolidated $ 494,671 $ 475,844 $ 557,744 Expenditures for assets North America/HME $ 3,398 $ 1,232 $ 2,960 Institutional Products Group 58 212 1,232 Europe 5,580 5,058 6,708 Asia/Pacific 1,115 969 1,417 All Other (2) — 51 — Discontinued Operations — — 10 Consolidated $ 10,151 $ 7,522 $ 12,327 ________________________ (1) Restated 2015 and 2014 for reclass of debt fees from depreciation and amortization to net interest expense with adoption of ASU 2015-03. (2) Consists of un-allocated corporate SG&A costs and intercompany profits, which do not meet the quantitative criteria for determining reportable segments, and gain or loss on convertible debt derivatives. (3) Intangible asset impairment related to the rentals businesses which were included in the Institutional Products Group segment. (4) Restated 2015 and 2014 for GCM sale on September 30, 2016 and classified as assets held for sale. (5) Restated 2014 for rentals businesses sold in July 2015 and classified as assets held for sale. |
Revenue from External Customers by Products and Services | Net sales by product, are as follows (in thousands): 2016 2015 2014 North America/HME Lifestyle Products $ 173,301 $ 222,944 $ 239,625 Mobility and Seating 116,722 117,232 115,776 Respiratory Therapy 104,631 130,349 149,063 Other(1) 3,048 3,671 3,403 $ 397,702 $ 474,196 $ 507,867 Institutional Products Group Continuing Care $ 64,413 $ 87,137 $ 102,796 Europe Lifestyle Products $ 274,684 $ 275,932 $ 322,370 Mobility and Seating 214,713 208,730 228,163 Respiratory Therapy 35,030 36,373 40,661 Other(1) 15,586 15,428 19,361 $ 540,013 $ 536,463 $ 610,555 Asia/Pacific Mobility and Seating $ 25,254 $ 25,655 $ 28,174 Lifestyle Products 10,161 10,277 11,772 Continuing Care 3,521 3,115 3,956 Respiratory Therapy 1,244 807 1,286 Other(1) 5,166 4,688 3,757 $ 45,346 $ 44,542 $ 48,945 Total Consolidated $ 1,047,474 $ 1,142,338 $ 1,270,163 ________________________ (1) Includes various services, including repair services, equipment rentals and external contracting. |
Interim Financial Information (
Interim Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Interim Financial Information (unaudited) QUARTER ENDED (In thousands, except per share data) March 31, June 30, September 30, December 31, 2016 Net sales $ 257,552 $ 275,037 $ 268,145 $ 246,740 Gross profit 67,860 73,595 73,442 68,730 Loss from continuing operations before income taxes (6,791 ) (9,630 ) (595 ) (12,541 ) Net loss from continuing operations (8,616 ) (11,580 ) (5,020 ) (17,640 ) Net loss (8,616 ) (11,580 ) (5,020 ) (17,640 ) Net loss per share from continuing operations—basic (0.27 ) (0.36 ) (0.15 ) (0.54 ) Net loss per share—basic (0.27 ) (0.36 ) (0.15 ) (0.54 ) Loss per share from continuing operations—assuming dilution * (0.27 ) (0.36 ) (0.15 ) (0.54 ) Net loss per share—assuming dilution * (0.27 ) (0.36 ) (0.15 ) (0.54 ) March 31, June 30, September 30, December 31, 2015 Net sales $ 289,024 $ 286,273 $ 283,776 $ 283,265 Gross profit 77,095 77,287 77,639 80,803 Gain (loss) from continuing operations before income taxes (5,039 ) (6,492 ) (790 ) 581 Net loss from continuing operations (7,514 ) (8,217 ) (7,790 ) (2,929 ) Net earnings from discontinued operations 260 — — — Net loss (7,254 ) (8,217 ) (7,790 ) (2,929 ) Net loss per share from continuing operations—basic (0.23 ) (0.26 ) (0.24 ) (0.09 ) Net earnings per share from discontinued operations—basic 0.01 — — — Net loss per share—basic (0.23 ) (0.26 ) (0.24 ) (0.09 ) Net loss per share from continuing operations—assuming dilution * (0.23 ) (0.26 ) (0.24 ) (0.09 ) Net earnings per share from discontinued operations—assuming dilution 0.01 — — — Net loss per share—assuming dilution * (0.23 ) (0.26 ) (0.24 ) (0.09 ) * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in which there is a net loss. |
Accounting Policies - Property
Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Building and building improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Building and building improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Accounting Policies - Goodwill
Accounting Policies - Goodwill and Other Intangibles (Details) - Institutional Products Group | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment of finite-lived intangible assets | $ 13,041,000 |
Customer lists | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment of finite-lived intangible assets | 12,826,000 |
Noncompete Agreements | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment of finite-lived intangible assets | $ 215,000 |
Accounting Policies - Product
Accounting Policies - Product Liability Cost (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Accounting Policies [Abstract] | |
Annual policy losses insured per occurence | $ 10,000,000 |
Annual policy losses, in aggregate | 13,000,000 |
Annual policy losses, external insurance coverage, in aggregate | $ 75,000,000 |
Accounting Policies - Addition
Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Facilities | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Accounting Policies [Abstract] | |||
Research and development expense | $ 17,123,000 | $ 18,677,000 | $ 23,149,000 |
Advertising expense | $ 13,593,000 | $ 9,203,000 | $ 13,463,000 |
Number of subsidiaries | Facilities | 2 | ||
Unremitted earnings of foreign subsidiaries | $ 32,700,000 |
Accounting Policies - Reclassif
Accounting Policies - Reclassifications (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassifications [Abstract] | ||
Interest Expense, Reclass from SG&A | $ 1,225,000 | $ 1,848,000 |
Accounting Policies - Derivativ
Accounting Policies - Derivative Instruments (Details) - Convertible Subordinated Debt - Convertible Senior Notes at 5.00% February 2021 [Member] | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 150,000,000 |
Interest rate (as a percent) | 5.00% |
Operations Held for Sale (Detai
Operations Held for Sale (Details) - USD ($) | Sep. 30, 2016 | Jul. 02, 2015 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Liabilities sold | $ 0 | $ 5,935,000 | |||
Garden City Medical Inc [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of business | $ 13,829,000 | ||||
Proceeds from sale of Business, net | 12,729,000 | ||||
Operations Held For Sale, Costs Incurred During the Period | $ (1,100,000) | ||||
Operations Held for Sale, Payment of Sale Costs | 230,000 | ||||
Trade receivables, net | 4,526,000 | 4,526,000 | 5,040,000 | ||
Inventories, net | 5,335,000 | 5,335,000 | 6,404,000 | ||
Other current assets | 74,000 | 74,000 | 27,000 | ||
Property and equipment, net | 149,000 | 149,000 | 178,000 | ||
Assets sold | 10,084,000 | 10,084,000 | 11,649,000 | ||
Accounts payable | 2,990,000 | 2,990,000 | 2,037,000 | ||
Accrued expenses | 1,751,000 | 1,751,000 | 3,464,000 | ||
Current taxes payable | 0 | 0 | 434,000 | ||
Liabilities sold | 4,741,000 | 4,741,000 | $ 5,935,000 | ||
Value of current inventory sold | $ 2,400,000 | 2,400,000 | |||
Rentals Businesses [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of business | $ 15,500,000 | ||||
Proceeds from sale of Business, net | $ 13,700,000 | ||||
Gain on sale of businesses (pre-tax) | $ 24,000 | ||||
Operations Held For Sale, Costs Incurred During the Period | (1,792,000) | ||||
Operations Held for Sale, Payment of Sale Costs | $ 1,265,000 |
Discontinued Operations - Narr
Discontinued Operations - Narrative (Details) - USD ($) | Aug. 29, 2014 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Liabilities sold | $ 0 | $ 5,935,000 | |||
Net earnings from discontinued operations | 0 | 0 | $ 1,596,000 | ||
Total expenses related to discontinued operations | 8,801,000 | ||||
Payments for expenses related to discontinued operations | $ 8,405,000 | ||||
Altimate Medical, Inc. | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from divestiture of businesses | $ 23,000,000 | ||||
Gain on sale of businesses (pre-tax) | $ 17,069,000 | ||||
Net sales of discontinued operations | 11,778,000 | ||||
Net earnings from discontinued operations | 2,796,000 | ||||
Interest expense allocated to discontinued operations | $ 202,000 |
Discontinued Operations - Asse
Discontinued Operations - Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Liabilities sold | $ 0 | $ 5,935 |
Receivables - Narrative (Detai
Receivables - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)payment | Dec. 31, 2015USD ($) | |
Receivables [Abstract] | ||
Allowance for doubtful accounts receivable | $ 6,916,000 | $ 9,726,000 |
Number of missed payments before delinquent | payment | 3 | |
Typical financing period | 12 months | |
Credit amount requiring additional analysis | $ 250,000 | |
Average period of adjudication | 18 months | |
Installment receivable purchased from DLL | $ 1,901,000 | $ 936,000 |
Receivables - Installment Rece
Receivables - Installment Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | |||
Installment receivables, current | $ 2,027 | $ 2,309 | |
Installment receivables, long-term | 2,685 | 2,318 | |
Total Installment Receivables | 4,712 | 4,627 | |
Unearned Interest | 40 | 42 | |
Unearned interest, long-term | 0 | 0 | |
Total Unearned Interest | 40 | 42 | |
Installment receivables net of unearned interest, current | 1,987 | 2,267 | |
Installment receivables net of unearned interest, long-term | 2,685 | 2,318 | |
Total installment receivables net of unearned interest | 4,672 | 4,585 | |
Allowance for doubtful accounts, current | (619) | (1,122) | |
Allowance for doubtful accounts, long-term | (2,219) | (1,670) | |
Allowance for doubtful accounts | (2,838) | (2,792) | $ (5,852) |
Installment receivables, net | 1,368 | 1,145 | |
Installment receivables, long-term | 466 | 648 | |
Total installment receivables, net | $ 1,834 | $ 1,793 |
Receivables - Rollforward of A
Receivables - Rollforward of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts [Roll Forward] | ||
Balance as of January 1 | $ 2,792 | $ 5,852 |
Current period provision (benefit) | 1,220 | (332) |
Direct write-offs charged against the allowance | (1,174) | (2,728) |
Balance as of December 31 | $ 2,838 | $ 2,792 |
Receivables - Installment Re72
Receivables - Installment Receivables by Class (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Total Installment Receivables | ||
Non-impaired installment receivables with no related allowance recorded | $ 818 | $ 946 |
Impaired installment receivables with a related allowance recorded | 3,894 | 3,681 |
Total installment receivables | 4,712 | 4,627 |
Unpaid Principal Balance | ||
Non-impaired installment receivables with no related allowance recorded | 778 | 904 |
Impaired installment receivables with a related allowance recorded | 3,894 | 3,681 |
Total installment receivables | 4,672 | 4,585 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 2,838 | 2,792 |
Interest Income Recognized | ||
Non-impaired installment receivables with no related allowance recorded | 65 | 52 |
Impaired installment receivables with a related allowance recorded | 0 | 0 |
Total installment receivables | 65 | 52 |
U.S. | ||
Total Installment Receivables | ||
Impaired installment receivables with a related allowance recorded | 3,762 | 3,618 |
Unpaid Principal Balance | ||
Impaired installment receivables with a related allowance recorded | 3,762 | 3,618 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 2,706 | 2,729 |
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 | 818 | 946 |
Impaired installment receivables with a related allowance recorded | 132 | 63 |
Total installment receivables | 950 | 1,009 |
Unpaid Principal Balance | ||
Non-impaired installment receivables with no related allowance recorded | 778 | 904 |
Impaired installment receivables with a related allowance recorded | 132 | 63 |
Total installment receivables | 910 | 967 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 132 | 63 |
Interest Income Recognized | ||
Non-impaired installment receivables with no related allowance recorded | 65 | 52 |
Impaired installment receivables with a related allowance recorded | 0 | 0 |
Total installment receivables | $ 65 | $ 52 |
Receivables - Aging of Install
Receivables - Aging of Installment Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 832 | $ 908 |
Installment Receivable, 1 to 29 Days Past Due | 18 | 16 |
Installment Receivable, 30 to 59 Days Past Due | 12 | 12 |
Installment Sales, 60 to 89 Days Past Due | 2 | 1 |
Installment Receivable, Greater than 90 Days Past Due | 3,848 | 3,690 |
Total | 4,712 | 4,627 |
U.S. | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 0 | 0 |
Installment Receivable, 1 to 29 Days Past Due | 0 | 0 |
Installment Receivable, 30 to 59 Days Past Due | 0 | 0 |
Installment Sales, 60 to 89 Days Past Due | 0 | 0 |
Installment Receivable, Greater than 90 Days Past Due | 3,762 | 3,618 |
Total | 3,762 | 3,618 |
CANADA | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 832 | 908 |
Installment Receivable, 1 to 29 Days Past Due | 18 | 16 |
Installment Receivable, 30 to 59 Days Past Due | 12 | 12 |
Installment Sales, 60 to 89 Days Past Due | 2 | 1 |
Installment Receivable, Greater than 90 Days Past Due | 86 | 72 |
Total | $ 950 | $ 1,009 |
Inventories - (Details)
Inventories - (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 68,701 | $ 60,803 |
Raw materials | 56,270 | 54,005 |
Work in process | 10,673 | 11,595 |
Inventory, Net | $ 135,644 | $ 126,403 |
Other Current Assets - Compone
Other Current Assets - Components of Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Value added tax receivables | $ 14,336 | $ 18,031 |
Service contracts | 2,902 | 2,013 |
Prepaid insurance | 2,761 | 2,538 |
Derivatives (foreign currency forward contracts) | 2,754 | 4,143 |
Prepaid inventory | 790 | 158 |
Recoverable income taxes | 503 | 367 |
Prepaid debt fees | 489 | 869 |
Prepaid and other current assets | 6,984 | 6,313 |
Other current assets | $ 31,519 | $ 34,432 |
Other Long-Term Assets - (Deta
Other Long-Term Assets - (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Convertible note hedge asset | $ 25,471,000 | $ 0 |
Cash surrender value of life insurance policies | 1,824,000 | 1,674,000 |
Deferred financing fees | 793,000 | 1,088,000 |
Investments | 108,000 | 160,000 |
Long-term installment receivables | 466,000 | 648,000 |
Long-term deferred taxes | 837,000 | 908,000 |
Other | 188,000 | 181,000 |
Other Assets | $ 29,687,000 | $ 4,659,000 |
Other Long-Term Assets - Narra
Other Long-Term Assets - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Proceeds from sale of life insurance policies | $ 11,902,000 | $ 21,338,000 | |
Convertible Senior Notes at 5.00% February 2021 [Member] | Convertible Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 150,000,000 |
Property And Equipment - (Deta
Property And Equipment - (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Asset Disposals, Pretax | $ 4,031,000 | |
Property and equipment, gross | $ 397,230,000 | 395,005,000 |
Less allowance for depreciation | (321,871,000) | (316,500,000) |
Property and equipment, net | 75,359,000 | 78,505,000 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 301,367,000 | 299,205,000 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 73,709,000 | 73,830,000 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 10,100,000 | 10,023,000 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 12,054,000 | $ 11,947,000 |
Goodwill - (Details)
Goodwill - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | |||
Beginning Balance | $ 361,680 | $ 421,019 | |
Foreign currency translation adjustments | (1,078) | (59,339) | |
Ending Balance | $ 360,602 | $ 361,680 | $ 421,019 |
Maturity of corporate debt with similar credit risk | 20 years | ||
US treasury bond maturity | 20 years | ||
Discounted cash flow, discount rate | 8.67% | 9.41% | 9.89% |
Institutional Products Group | |||
Goodwill [Roll Forward] | |||
Beginning Balance | $ 27,156 | $ 29,919 | |
Foreign currency translation adjustments | 450 | (2,763) | |
Ending Balance | $ 27,606 | 27,156 | $ 29,919 |
Discounted cash flow sensitivity analysis discount rate rncrease | 1.00% | ||
Europe | |||
Goodwill [Roll Forward] | |||
Beginning Balance | $ 334,524 | 391,100 | |
Foreign currency translation adjustments | (1,528) | (56,576) | |
Ending Balance | $ 332,996 | $ 334,524 | $ 391,100 |
Discounted cash flow sensitivity analysis discount rate rncrease | 1.00% |
Intangibles - Narrative (Detai
Intangibles - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 1,629,000 | $ 1,907,000 | $ 20,358,000 |
Institutional Products Group | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of finite-lived intangible assets | 13,041,000 | ||
Institutional Products Group | Customer lists | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of finite-lived intangible assets | 12,826,000 | ||
Institutional Products Group | Noncompete Agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of finite-lived intangible assets | $ 215,000 | ||
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Historical Cost | $ 24,091,000 | $ 24,524,000 | |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of intangible assets | 1 year | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of intangible assets | 10 years | ||
Weighted Average | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of intangible assets | 4 years |
Intangibles - Finite and Indef
Intangibles - Finite and Indefinite Lived Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 88,540 | $ 90,005 |
Accumulated Amortization | 59,517 | 59,005 |
Customer lists | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 49,362 | 49,858 |
Accumulated Amortization | 45,797 | 45,019 |
License agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 1,126 | 1,098 |
Accumulated Amortization | 1,126 | 1,098 |
Developed technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 7,287 | 7,405 |
Accumulated Amortization | 5,969 | 5,921 |
Patents | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 5,512 | 5,959 |
Accumulated Amortization | 5,487 | 5,843 |
Other | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 1,162 | 1,161 |
Accumulated Amortization | 1,138 | 1,124 |
Trademarks | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 24,091 | $ 24,524 |
Intangibles - Finite-Lived Int
Intangibles - Finite-Lived Intangible Asset Future Amortization Expense (Details) | Dec. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Future amortization expense, 2016 | $ 1,528,000 |
Future amortization expense, 2017 | 1,510,000 |
Future amortization expense, 2018 | 1,080,000 |
Future amortization expense, 2019 | 174,000 |
Future amortization expense, 2020 | $ 174,000 |
Accrued Expenses - Components
Accrued Expenses - Components of Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | |||
Salaries and wages | $ 32,959 | $ 41,216 | |
Warranty cost | 23,302 | 22,820 | $ 30,738 |
Taxes other than income taxes, primarily Value Added Taxes | 19,194 | 21,424 | |
Freight | 5,211 | 5,978 | |
Professional | 4,728 | 5,774 | |
Product liability, current portion | 3,996 | 3,127 | |
Interest | 3,747 | 872 | |
Severance | 2,049 | 2,477 | |
Derivatives (foreign currency forward exchange contracts) | 1,783 | 2,014 | |
Deferred revenue | 1,446 | 400 | |
Insurance | 742 | 695 | |
Rent | 672 | 402 | |
Supplemental Executive Retirement Plan (SERP) | 391 | 1,279 | |
Rebates | 356 | 1,791 | |
Other items, principally trade accruals | 9,519 | 8,687 | |
Accrued expenses | $ 110,095 | $ 118,956 |
Accrued Expenses - Warranty Sc
Accrued Expenses - Warranty Schedule (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Product Liability Contingency [Line Items] | |||
Loss Contingency Accrual, Period Increase (Decrease) | $ 2,856,000 | $ (2,325,000) | $ 11,493,000 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Balance as of January 1 | 22,820,000 | 30,738,000 | |
Warranties provided during the period | 12,019,000 | 11,561,000 | |
Settlements made during the period | (15,461,000) | (17,817,000) | |
Changes in liability for pre-existing warranties during the period, including expirations | 3,924,000 | (1,662,000) | |
Balance as of December 31 | 23,302,000 | 22,820,000 | 30,738,000 |
Europe | |||
Product Liability Contingency [Line Items] | |||
Additional warranty expense related to recall | 3,395,000 | ||
North America/HME | |||
Product Liability Contingency [Line Items] | |||
Additional warranty expense related to recall | 3,164,000 | ||
Field Action Under Review | |||
Product Liability Contingency [Line Items] | |||
Additional warranty expense related to recall | (2,000,000) | 6,559,000 | |
Field Action Under Review | North America/HME | |||
Product Liability Contingency [Line Items] | |||
Additional warranty expense related to recall | 1,366,000 | ||
Field Action Under Review | Europe | |||
Product Liability Contingency [Line Items] | |||
Additional warranty expense related to recall | $ 1,490,000 | ||
Warranty Related Sieve Bed Recall | |||
Product Liability Contingency [Line Items] | |||
Additional warranty expense related to recall | (250,000) | 2,057,000 | |
Warranty Related Recall | |||
Product Liability Contingency [Line Items] | |||
Additional warranty expense related to recall | 2,877,000 | ||
Warranty Related Recall | North America/HME | |||
Product Liability Contingency [Line Items] | |||
Additional warranty expense related to recall | $ (75,000) | 1,612,000 | |
Warranty Related Recall | North America [Member] | |||
Product Liability Contingency [Line Items] | |||
Additional warranty expense related to recall | $ 1,265,000 |
Long-Term Debt - Debt (Details
Long-Term Debt - Debt (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 17, 2007 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 161,349,000 | $ 47,120,000 | |
Less current maturities of long-term debt | (15,261,000) | (2,028,000) | |
Long-term debt of current maturities | 146,088,000 | 45,092,000 | |
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 150,000,000 | ||
Long-term debt | 115,159,000 | 0 | |
Debt Instrument, Unamortized Discount | 29,919,000 | ||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (4,922,000) | ||
Debt Instrument, Net Carrying Amount | 115,159,000 | ||
Convertible Subordinated Debt | Convertible senior subordinated debentures at 4.125%, due in February 2027 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 135,000,000 | ||
Long-term debt | 13,039,000 | 12,147,000 | |
Debt Instrument, Unamortized Discount | 311,000 | 1,203,000 | |
Other notes and lease obligations | |||
Debt Instrument [Line Items] | |||
Long-term debt | 33,151,000 | 34,973,000 | |
Revolving Credit Facility due 2018 [Member] | Line of Credit | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | $ 0 |
Long-Term Debt - Convertible D
Long-Term Debt - Convertible Debt (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 161,349,000 | $ 47,120,000 |
Convertible senior subordinated debentures at 4.125%, due in February 2027 | Convertible Subordinated Debt | ||
Debt Disclosure [Abstract] | ||
Initial conversion price | $ 24.79 | |
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.125% | |
Carrying amount of equity component | $ 25,381,000 | 25,381,000 |
Principal amount of liability component | 13,350,000 | 13,350,000 |
Unamortized discount | (311,000) | (1,203,000) |
Long-term debt | $ 13,039,000 | $ 12,147,000 |
Long-Term Debt - Narrative (De
Long-Term Debt - Narrative (Details) | Jan. 16, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)sharesd$ / shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 17, 2007USD ($) |
Debt Instrument [Line Items] | ||||||
Write off of deferred debt issuance cost | $ 668,000 | |||||
Weighted average interest rate | 4.85% | 3.83% | ||||
Interest Paid | $ 5,955,000 | $ 2,753,000 | $ 3,302,000 | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Year One | 15,572,000 | |||||
Year Two | 1,879,000 | |||||
Year Three | 1,688,000 | |||||
Year Four | 1,704,000 | |||||
Year Five | 151,660,000 | |||||
Proceeds from Issuance of Warrants | 12,376,000 | 0 | 0 | |||
Convertible debt conversion liability | 30,708,000 | 0 | ||||
Convertible Debt Conversion Feature Gain (Loss) | 3,772,000 | |||||
Convertible note hedge asset | 25,471,000 | 0 | ||||
Convertible Debt Note Hedge Gain (Loss) | (2,504,000) | |||||
Payments for Repurchase of Common Stock | 5,331,000 | 0 | 0 | |||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount | $ 29,919,000 | |||||
Interest rate (as a percent) | 5.00% | |||||
Debt Instrument, Face Amount | $ 150,000,000 | |||||
Initial conversion price | $ / shares | $ 16.65 | |||||
Effective Interest Rate | 11.10% | |||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 60.0492 | |||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | |||||
Convertible Debt Conversion Feature, Fair Value at Issuance | 34,480,000 | |||||
Convertible due 2021 - Bond Hedge, Fair Value at Issuance | $ 27,975,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 22.4175 | |||||
Debt Instrument, Net Proceeds | $ 144,034,000 | |||||
Debt Instrument, Fee Amount | 5,966,000 | |||||
Debt Instrument, Fee Amount Paid to Date | 5,966,000 | |||||
Payments for Repurchase of Common Stock | 5,000,000 | |||||
Derivative, Amount of Hedged Item | 15,600,000 | |||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | 4,562,000 | |||||
Debt Instrument, Increase, Accrued Interest | 6,378,000 | |||||
Convertible Subordinated Debt | Convertible Senior Subordinated Debentures at 5.00% February 2021 [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Amortization of Debt Issuance Costs | 1,282,000 | |||||
Convertible Subordinated Debt | Convertible senior subordinated debentures at 4.125%, due in February 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount | 311,000 | 1,203,000 | ||||
Write off of deferred debt issuance cost | $ 668,000 | 1,070,000 | ||||
Interest rate (as a percent) | 4.125% | |||||
Principal amount of liability component | $ 13,350,000 | 13,350,000 | ||||
Debt Instrument, Face Amount | $ 135,000,000 | |||||
Principal in excess of if-converted value | 6,693,000 | |||||
Conversion par amount | $ 1,000 | |||||
Initial conversion price | $ / shares | $ 24.79 | |||||
Conversion price premium | 30.00% | |||||
Convertible debt, stock price trigger | $ / shares | $ 32.23 | |||||
Conversion ratio | 40.3323 | |||||
Trading days common stock above conversion price | d | 20 | |||||
Period of consecutive trading days preceding the date on which the notice of conversion is given | 30 days | |||||
Number of equity instruments upon conversion of convertible debt | shares | 539,000 | |||||
Effective Interest Rate | 11.50% | |||||
Interest Expense | $ 892,000 | 796,000 | 710,000 | |||
Interest Paid | 551,000 | 551,000 | $ 551,000 | |||
Letters of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | 2,853,000 | $ 3,230,000 | ||||
Letters of Credit | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | 5,000,000 | |||||
Letters of Credit | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | $ 25,000,000 | |||||
Swing Line Loans [Domain] | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | 2,000,000 | |||||
Amount Available to Invacare Limited and Invacare Poirier SAS [Domain] | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | 15,000,000 | |||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | $ 30,000,000 | |||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Trade Receivables, Europe, Percent | 85.00% | |||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Availability Reserve, Minimum | $ 3,000,000 | |||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | $ 3,375,000 | |||||
Line of Credit Facility, Covenant Feature, Dominion Trigger Maximum Percentage | 12.50% | |||||
Line of Credit, Covenant Compliance, Consecutive Business Days for Undrawn Balance | 5 years | 5 days | ||||
Line of Credit, Covenant Compliance, Interruption of Manufacturing Facilities Period | 10 days | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 12,229,000 | |||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Minimum, Percent | 11.25% | |||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Amount | $ 3,000,000 | |||||
Remaining borrowing capacity | 10,000,000 | |||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Additional Long-Lived Asset Amount | $ 2,484,500 | |||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Trade Receivables, Foreign, Percent | 85.00% | |||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Foreign, Percent | 70.00% | |||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Foreign, Liquidation Value, Percent | 85.00% | |||||
Borrowing capacity | $ 100,000,000 | |||||
Line of Credit Facility, Additional Borrowing Capacity | $ 25,000,000 | |||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Trade Receivables, Domestic, Percent | 85.00% | |||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Domestic, Percent | 70.00% | |||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Liquidation Value, Percent | 85.00% | |||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Liquidation Value, Amount | $ 4,000,000 | |||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Property, Plant and Equipment, Liquidation Value, Percent | 85.00% | |||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Availability Reserve, Minimum | $ 5,000,000 | |||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | 11,250,000 | |||||
Line of Credit Facility, Covenant Feature, Dominion Trigger for Five Consecutive Days | 12,500,000 | |||||
Line of Credit, Covenant Compliance, Interruption of Manufacturing Facilities Period | 10 days | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 32,031,000 | |||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Minimum, Percent | 11.25% | |||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Amount | $ 5,000,000 | |||||
Base Rate | Revolving Credit Facility | Line of Credit | Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.25% | |||||
Maximum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |||||
Maximum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |||||
Maximum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 3.00% | |||||
Maximum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.75% | |||||
Maximum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 3.00% | |||||
Maximum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
Minimum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||
Minimum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||
Minimum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.50% | |||||
Minimum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
Minimum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.50% | |||||
Minimum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.25% |
Other Long-Term Obligations -
Other Long-Term Obligations - (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 23, 2015 |
Other Liabilities Disclosure [Abstract] | |||
Deferred income taxes | $ 31,079,000 | $ 32,115,000 | |
Convertible debt conversion liability | 30,708,000 | 0 | |
Product liability | 16,615,000 | 14,582,000 | |
Pension | 13,258,000 | 9,868,000 | |
Deferred gain on sale leaseback | 6,703,000 | 6,978,000 | $ 7,414,000 |
Supplemental Executive Retirement Plan liability | 5,612,000 | 4,930,000 | |
Deferred compensation | 3,593,000 | 4,167,000 | |
Uncertain tax obligation including interest | 3,150,000 | 4,467,000 | |
Other | 3,689,000 | 5,482,000 | |
Total long-term obligations | $ 114,407,000 | $ 82,589,000 |
Other Long-Term Obligations 89
Other Long-Term Obligations - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Apr. 23, 2015 | |
Income Tax Examination [Line Items] | |||
Deferred gain on sale leaseback | $ 6,703,000 | $ 6,978,000 | $ 7,414,000 |
Sale Leaseback Transaction, Current Period Gain Recognized | 265,000 | $ 171,000 | |
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | |||
Income Tax Examination [Line Items] | |||
Debt Instrument, Face Amount | $ 150,000,000 | ||
Interest rate (as a percent) | 5.00% |
Leases and Commitments - Narra
Leases and Commitments - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leased Assets [Line Items] | |||
Lease expense | $ 18,805,000 | $ 20,360,000 | $ 23,568,000 |
Buildings and equipment capitalized under capital leases | 42,946,000 | 42,640,000 | |
Accumulated amortization in connection with capital leases | $ 9,795,000 | $ 7,667,000 | |
Minimum | |||
Operating Leased Assets [Line Items] | |||
Lease term | 1 year | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Lease term | 20 years |
Leases and Commitments - Futur
Leases and Commitments - Future Minimum Lease Commitments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Capital Leases | |
Capital Leases - 2017 | $ 3,477 |
Capital Leases - 2018 | 2,945 |
Capital Leases - 2019 | 2,728 |
Capital Leases - 2020 | 2,672 |
Capital Leases - 2021 | 2,672 |
Capital Leases - Thereafter | 30,201 |
Total future minimum lease payments | 44,695 |
Amounts representing interest | (11,544) |
Present value of minimum lease payments | 33,151 |
Operating Leases | |
Operating Leases - 2017 | 15,360 |
Operating Leases - 2018 | 9,062 |
Operating Leases - 2019 | 4,959 |
Operating Leases - 2020 | 2,109 |
Operating Leases - 2021 | 756 |
Operating Leases - Thereafter | 441 |
Total future minimum lease payments | $ 32,687 |
Leases and Commitments - Sale
Leases and Commitments - Sale Leaseback Transactions (Details) - USD ($) | Apr. 23, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 23,000,000 | ||
Sale Leaseback Transaction, Annual Rental Payments | $ 2,275,000 | ||
Sale Leaseback Transaction, Lease Term | 20 years | ||
Sale Leaseback Transaction, Lease Terms | Each of the four lease agreements contains three 10-year renewals with the rent for each option term based on the greater of the then-current fair market rent for each property or the then- current rate and increasing annually by the applicable CPI. Under the terms of the lease agreements, the company is responsible for all taxes, insurance and utilities. The company is permitted to sublet the properties; however, the properties are currently being utilized exclusively by the company and there is no current subletting. The company is required to adequately maintain each of the properties and any leasehold improvements will be amortized over the lesser of the lives of the improvements or the remaining lease lives. | ||
Deferred gain on sale leaseback | $ 7,414,000 | $ 6,703,000 | $ 6,978,000 |
Sale Leaseback Transaction, Immediate Loss Recognized | 257,000 | ||
Capital Lease Obligations | $ 32,339,000 | ||
Buildings and equipment capitalized under capital leases | $ 42,946,000 | $ 42,640,000 |
Retirement and Benefit Plans -
Retirement and Benefit Plans - (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)planParticipantsTimesyr | Dec. 31, 2015USD ($)yr | Dec. 31, 2014USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |||
Company matching employee contributions | 66.70% | ||
Maximum percentage of matching contribution for total compensation | 3.00% | ||
Discretionary contributions, percentage of qualified wages | 1.00% | ||
Contribution expense | $ 2,335,000 | $ 2,573,000 | $ 2,698,000 |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of participants unaffected by plan conversion | Participants | 3 | ||
Death benefit only plan, benefit payment as multiplier of final earnings | Times | 1 | ||
Death benefit only plan, benefit payment as multiplier of final earnings, current employee | Times | 3 | ||
Supplemental Executive Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest credited for active participants (as a percent) | 0.00% | ||
Accumulated benefit obligation | $ 6,003,000 | $ 6,209,000 | |
Assumption, future salary increase rate | 3.25% | ||
Assumed discount rate | 4.14% | 4.34% | |
Retirement age | yr | 67 | 67 | |
Projected benefit obligation | $ 6,003,000 | $ 6,209,000 | |
Interest (benefit) cost | (908,000) | (42,000) | (377,000) |
Net periodic benefit (income) costs | 1,073,000 | 142,000 | |
Benefit payments | 1,279,000 | 21,517,000 | 394,000 |
Death Benefit Only Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income) costs | (121,000) | 103,000 | 808,000 |
Benefit payments | 761,000 | ||
Service cost and accrual adjustments | $ (216,000) | (28,000) | (692,000) |
Switzerland | Foreign Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of plans | plan | 2 | ||
Netherlands | Foreign Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Retirement age | yr | 65 | ||
Europe | Foreign Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts recognized in other comprehensive income (loss) | $ 1,004,000 | $ 19,000 | $ 220,000 |
Equity Compensation - Narrativ
Equity Compensation - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)votes$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)$ / sharesshares | May 16, 2013shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock par value (in dollars per share) | $ / shares | $ 0.25 | |||
Stock option related treasury stock, shares acquired | shares | 32,000 | 7,000 | 29,000 | |
Payments for Repurchase of Common Stock | $ 5,331,000 | $ 0 | $ 0 | |
Number of securities called by each warrant or right | $ / shares | $ 0.001 | |||
Number of days following a public announcement of beneficial ownership acquisition | 10 days | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payments for Repurchase of Common Stock | $ 331,000 | $ 134,000 | $ 471,000 | |
Expiration period | 10 years | |||
Unrecognized compensation expense, period for recognition | 2 years | |||
Award vesting percentage | 25.00% | |||
Weighted-average fair value of options granted | $ / shares | $ 6.23 | |||
Weighted average remaining contractual term of options outstanding | 3 years 6 months | 4 years 3 months | 5 years | |
Weighted-average remaining contractual term of options exercisable | 3 years 6 months | |||
Intrinsic value of exercises in period | $ 2,000 | $ 1,107,000 | $ 101,000 | |
Intrinsic value of options outstanding | 0 | |||
Intrinsic value of options exercisable | 0 | |||
Cash received from exercise of stock options | 17,000 | 2,402,000 | 480,000 | |
Fair value of awards vested in period | $ 953,000 | $ 1,867,000 | $ 3,436,000 | |
Award vesting period | 4 years | |||
Restricted stock and restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Decrease of shares available for grant due to award activity | shares | 1,767,756 | |||
Award vesting period | 3 years | |||
Performance shares and performance share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |||
Decrease of shares available for grant due to award activity | shares | 1,117,848 | |||
Performance achievement level, lower range | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Performance Award Target Acheivement, Upper Range, Percentage | 150.00% | |||
Performance achievement level, target range | 100.00% | |||
2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | shares | 6,785,702 | |||
Weighted Average | Performance shares and performance share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense, period for recognition | 3 years | |||
Class B Common Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Ratio of votes per share of Class B common stock to common stock | votes | 10 | |||
Class B common shares dividend rate lower than common shares | 10.00% | |||
Cliff Vesting | Restricted stock and restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years |
Equity Compensation - Share-ba
Equity Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 1,110 | ||
Selling, general and administrative expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 6,894 | $ 4,013 | $ 5,626 |
Selling, general and administrative expense | Non-qualified stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 745 | 1,228 | 3,356 |
Selling, general and administrative expense | Restricted stock and restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 5,039 | 2,785 | 2,270 |
Selling, general and administrative expense | Performance shares and performance share units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 1,110 | $ 0 | $ 0 |
Equity Compensation - Unrecogn
Equity Compensation - Unrecognized Compensation Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 12,049 | $ 10,535 | $ 7,061 |
Non-qualified stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | 175 | 1,059 | 2,600 |
Restricted stock and restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | 8,740 | 9,476 | 4,461 |
Performance shares and performance share units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 3,134 | $ 0 | $ 0 |
Equity Compensation - Options
Equity Compensation - Options Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options outstanding at beginning of period (in shares) | 2,942,783 | 3,600,132 | 4,533,782 |
Granted (in shares) | 0 | 0 | 8,977 |
Excercised (in shares) | (1,250) | (172,218) | (33,810) |
Canceled (in shares) | (398,801) | (485,131) | (908,817) |
Options outstanding at end of period (in shares) | 2,542,732 | 2,942,783 | 3,600,132 |
Weighted Average Exercise Price | |||
Options outstanding at beginning of period - Weighted Average Exercise Price (in dollars per share) | $ 21.22 | $ 22.74 | $ 23.86 |
Granted - Weighted Average Exercise Price (in dollars per share) | 0 | 0 | 16.71 |
Excercised - Weighted Average Exercise Price (in dollars per share) | 13.82 | 13.95 | 14.16 |
Canceled - Weighted Average Exercise Price (in dollars per share) | 21.47 | 34.98 | 28.57 |
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | $ 21.19 | $ 21.22 | $ 22.74 |
Options exercisable at end of period (in shares) | 2,513,614 | 2,656,983 | 2,954,082 |
Stock Options | |||
Weighted Average Exercise Price | |||
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | $ 21.19 | ||
Exercise price range, lower limit (in dollars per shares) | 13.37 | $ 13.37 | $ 13.35 |
Exercise price range, upper limit (in dollars per shares) | $ 33.36 | $ 47.80 | $ 47.80 |
Options available for grant at end of period (in shares) | 3,891,121 | 2,659,562 | 3,654,426 |
Equity Compensation - Stock Op
Equity Compensation - Stock Options Outstanding by Exercise Price (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 21.19 | $ 21.22 | $ 22.74 | $ 23.86 |
Stock Options | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower limit (in dollars per shares) | 13.37 | 13.37 | 13.35 | |
Exercise price range, upper limit (in dollars per shares) | $ 33.36 | $ 47.80 | $ 47.80 | |
Options Outstanding - Number Outstanding at end of period (in shares) | 2,542,732 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 3 years 6 months | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 21.19 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 2,513,614 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 21.39 | |||
Stock Options | $ 13.37 – $20.00 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower limit (in dollars per shares) | 13.37 | |||
Exercise price range, upper limit (in dollars per shares) | $ 20 | |||
Options Outstanding - Number Outstanding at end of period (in shares) | 686,671 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 5 years 8 months | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 14.13 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 657,553 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 14.07 | |||
Stock Options | $ 20.01 – $25.00 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower limit (in dollars per shares) | 20.01 | |||
Exercise price range, upper limit (in dollars per shares) | $ 25 | |||
Options Outstanding - Number Outstanding at end of period (in shares) | 1,099,977 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 2 years 9 months | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 22.57 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 1,099,977 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 22.57 | |||
Stock Options | $ 25.01 – $30.00 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower limit (in dollars per shares) | 25.01 | |||
Exercise price range, upper limit (in dollars per shares) | $ 30 | |||
Options Outstanding - Number Outstanding at end of period (in shares) | 751,588 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 2 years 7 months | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 25.55 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 751,588 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 25.55 | |||
Stock Options | $ 30.01 – $33.36 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower limit (in dollars per shares) | 30.01 | |||
Exercise price range, upper limit (in dollars per shares) | $ 33.36 | |||
Options Outstanding - Number Outstanding at end of period (in shares) | 4,496 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 4 years 5 months | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 33.36 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 4,496 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 33.36 |
Equity Compensation - Assumpti
Equity Compensation - Assumptions (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Expected dividend yield | 0.30% |
Expected stock price volatility | 36.80% |
Risk free interest rate | 1.76% |
Expected life in years | 6 years 1 month 6 days |
Forfeiture percentage | 13.00% |
Equity Compensation - Restrict
Equity Compensation - Restricted Stock Activity (Details) - Restricted stock and restricted stock units - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Stock / Units unvested at beginning of period (in shares) | 641,505 | 312,423 | 264,878 |
Granted (in shares) | 486,711 | 480,839 | 218,276 |
Vested (in shares) | (139,298) | (56,976) | (93,140) |
Canceled (in shares) | (110,562) | (94,781) | (77,591) |
Stock / Units unvested at end of period (in shares) | 878,356 | 641,505 | 312,423 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Stock / Units unvested at beginning of period - Weighted Average Fair Value (in dollars per share) | $ 18.89 | $ 17.91 | $ 16.69 |
Granted - Weighted Average Fair Value (in dollars per share) | 12.62 | 19.09 | 19.36 |
Vested - Weighted Average Fair Value (in dollars per share) | 17.86 | 16.47 | 17.62 |
Canceled - Weighted Average Fair Value (in dollars per share) | 16.60 | 18.11 | 17.58 |
Stock / Units unvested at end of period - Weighted Average Fair Value (in dollars per share) | $ 15.87 | $ 18.89 | $ 17.91 |
Equity Compensation - Performa
Equity Compensation - Performance Share Activity (Details) - Performance shares and performance share units - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Stock / Units unvested at beginning of period (in shares) | 198,401 | 121,644 | 0 |
Granted (in shares) | 234,402 | 114,257 | 152,800 |
Vested (in shares) | 0 | 0 | 0 |
Canceled (in shares) | (123,335) | (37,500) | (31,156) |
Stock / Units unvested at end of period (in shares) | 309,468 | 198,401 | 121,644 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Stock / Units unvested at beginning of period - Weighted Average Fair Value (in dollars per share) | $ 19.50 | $ 20.05 | $ 0 |
Granted - Weighted Average Fair Value (in dollars per share) | 12.82 | 18.95 | 20.05 |
Vested - Weighted Average Fair Value (in dollars per share) | 0 | 0 | 0 |
Canceled - Weighted Average Fair Value (in dollars per share) | 19.14 | 19.62 | 20.05 |
Stock / Units unvested at end of period - Weighted Average Fair Value (in dollars per share) | $ 14.58 | $ 19.50 | $ 20.05 |
Accumulated Other Comprehens102
Accumulated Other Comprehensive Income (Loss) by Component - Changes in Accumulated Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ (9,387) | $ 71,619 | |
OCI before reclassifications | (8,489) | (80,151) | |
Amount reclassified from accumulated OCI | (1,459) | (855) | |
Other Comprehensive Loss | (9,948) | (81,006) | $ (53,537) |
Ending balance | (19,335) | (9,387) | 71,619 |
Foreign Currency | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (5,744) | 86,236 | |
OCI before reclassifications | (20,455) | (91,980) | |
Amount reclassified from accumulated OCI | 0 | 0 | |
Other Comprehensive Loss | (20,455) | (91,980) | |
Ending balance | (26,199) | (5,744) | 86,236 |
Long-Term Notes | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 4,111 | (6,465) | |
OCI before reclassifications | 13,261 | 10,576 | |
Amount reclassified from accumulated OCI | 0 | 0 | |
Other Comprehensive Loss | 13,261 | 10,576 | |
Ending balance | 17,372 | 4,111 | (6,465) |
Defined Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (9,757) | (7,601) | |
OCI before reclassifications | (2,284) | (2,292) | |
Amount reclassified from accumulated OCI | 793 | 136 | |
Other Comprehensive Loss | (1,491) | (2,156) | |
Ending balance | (11,248) | (9,757) | (7,601) |
Derivatives | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 2,003 | (551) | |
OCI before reclassifications | 989 | 3,545 | |
Amount reclassified from accumulated OCI | (2,252) | (991) | |
Other Comprehensive Loss | (1,263) | 2,554 | |
Ending balance | $ 740 | $ 2,003 | $ (551) |
Accumulated Other Comprehens103
Accumulated Other Comprehensive Income (Loss) by Component - Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Net sales | $ 246,740 | $ 268,145 | $ 275,037 | $ 257,552 | $ 283,265 | $ 283,776 | $ 286,273 | $ 289,024 | $ 1,047,474 | $ 1,142,338 | $ 1,270,163 |
Cost of products sold | (763,847) | (829,514) | (922,775) | ||||||||
Selling, general and administrative expenses | (303,781) | (318,646) | (382,065) | ||||||||
Earnings (loss) before income taxes | (12,541) | (595) | (9,630) | (6,791) | 581 | (790) | (6,492) | (5,039) | (29,557) | (11,740) | (63,210) |
Income taxes | (13,299) | (14,710) | (5,550) | ||||||||
Loss from Continuing Operations | $ (17,640) | $ (5,020) | $ (11,580) | $ (8,616) | $ (2,929) | $ (7,790) | $ (8,217) | $ (7,514) | (42,856) | (26,450) | $ (68,760) |
Defined Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Selling, general and administrative expenses | 882 | 133 | |||||||||
Income taxes | (89) | 3 | |||||||||
Loss from Continuing Operations | 793 | 136 | |||||||||
Derivatives | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Earnings (loss) before income taxes | (2,573) | (1,112) | |||||||||
Income taxes | 321 | 121 | |||||||||
Loss from Continuing Operations | (2,252) | (991) | |||||||||
Derivatives | Reclassification out of Accumulated Other Comprehensive Income | Foreign exchange forward | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Net sales | (4,453) | 2,778 | |||||||||
Cost of products sold | $ 1,880 | $ (3,890) |
Capital Stock - (Details)
Capital Stock - (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Stock [Roll Forward] | |||
Treasury Shares, Beginning Balance | (3,194,000) | (3,187,000) | (3,158,000) |
Exercise of stock options | 1,250 | 172,218 | 33,810 |
Treasury Shares, Ending Balance | (3,616,000) | (3,194,000) | (3,187,000) |
Number of stock awards canceled | 110,562 | 94,781 | 77,591 |
Treasury Stock, Shares, Acquired | (5,000,000) | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (5,000) | (351,000) | |
Capital Stock [Roll Forward] | |||
Common Stock, Beginning Balance | 35,024,000 | 34,219,000 | 34,084,000 |
Exercise of stock options | 1,000 | 172,000 | 34,000 |
Restricted stock awards | 288,000 | 282,000 | 101,000 |
Common Stock, Ending Balance | 35,318,000 | 35,024,000 | 34,219,000 |
Dividends declared (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 |
Dividends paid (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 |
Treasury Stock, Shares, Acquired | 0 | ||
Dividends | $ 0.05 | ||
Class B Common Shares | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (5,000) | (351,000) | |
Capital Stock [Roll Forward] | |||
Common Stock, Beginning Balance | 734,000 | 1,085,000 | 1,085,000 |
Exercise of stock options | 0 | 0 | 0 |
Restricted stock awards | 0 | 0 | 0 |
Common Stock, Ending Balance | 729,000 | 734,000 | 1,085,000 |
Dividends declared (in dollars per share) | $ 0.045 | $ 0.045 | $ 0.045 |
Dividends paid (in dollars per share) | $ 0.045 | $ 0.045 | $ 0.045 |
Treasury Stock, Shares, Acquired | 0 | ||
Dividends | $ 0.045 | ||
Treasury Shares | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | |
Capital Stock [Roll Forward] | |||
Exercise of stock options | 0 | 0 | 0 |
Restricted stock awards | (32,000) | (7,000) | (29,000) |
Treasury Stock, Shares, Acquired | (390,000) |
Charges Related To Restructu105
Charges Related To Restructuring Activities - (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | $ 2,714,000 | $ 4,466,000 | $ 2,714,000 | $ 4,466,000 | $ 4,485,000 | $ 6,993,000 | $ 4,979,000 | $ 0 | |||||
Charges | $ (1,148,000) | $ (508,000) | $ (689,000) | (102,000) | $ (1,031,000) | $ (689,000) | (240,000) | (2,447,000) | (1,971,000) | (11,112,000) | (9,336,000) | (11,395,000) | (10,534,000) |
Payments | (2,992,000) | (3,723,000) | (11,131,000) | (11,844,000) | (9,381,000) | (5,555,000) | |||||||
Ending Balance | 2,169,000 | 2,714,000 | 2,169,000 | 2,714,000 | 4,466,000 | 4,485,000 | 6,993,000 | 4,979,000 | |||||
Severance | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 2,477,000 | 4,209,000 | 2,477,000 | 4,209,000 | 3,986,000 | 5,211,000 | 4,905,000 | 0 | |||||
Charges | (1,962,000) | (1,678,000) | (9,841,000) | (8,282,000) | (6,775,000) | (8,352,000) | |||||||
Payments | (2,390,000) | (3,410,000) | (9,618,000) | (9,507,000) | (6,469,000) | (3,447,000) | |||||||
Ending Balance | 2,049,000 | 2,477,000 | 2,049,000 | 2,477,000 | 4,209,000 | 3,986,000 | 5,211,000 | 4,905,000 | |||||
Inventory | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 151,000 | 0 | 0 | |||||
Charges | 0 | 0 | 0 | 0 | (491,000) | (277,000) | |||||||
Payments | 0 | 0 | 0 | (151,000) | (340,000) | (277,000) | |||||||
Ending Balance | 0 | 0 | 0 | 0 | 0 | 0 | 151,000 | 0 | |||||
Lease Terminations | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 237,000 | 257,000 | 237,000 | 257,000 | 499,000 | 1,625,000 | 74,000 | 0 | |||||
Charges | (485,000) | (293,000) | (15,000) | (698,000) | (1,725,000) | (1,788,000) | |||||||
Payments | (602,000) | (313,000) | (227,000) | (1,824,000) | (174,000) | (1,714,000) | |||||||
Ending Balance | 120,000 | 237,000 | 120,000 | 237,000 | 257,000 | 499,000 | 1,625,000 | 74,000 | |||||
Other | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 6,000 | 0 | 0 | |||||
Charges | 0 | 0 | (1,286,000) | (356,000) | (2,404,000) | (117,000) | |||||||
Payments | 0 | 0 | (1,286,000) | (362,000) | (2,398,000) | (117,000) | |||||||
Ending Balance | 0 | 0 | 0 | 0 | 0 | 0 | 6,000 | 0 | |||||
North America/HME | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 899,000 | 662,000 | 899,000 | 662,000 | 2,805,000 | 3,747,000 | 3,092,000 | ||||||
Charges | (2,347,000) | (1,361,000) | (4,404,000) | (5,922,000) | (4,247,000) | (4,759,000) | |||||||
Payments | (2,343,000) | (1,124,000) | (6,547,000) | (6,864,000) | (3,592,000) | (1,667,000) | |||||||
Ending Balance | 903,000 | 899,000 | 903,000 | 899,000 | 662,000 | 2,805,000 | 3,747,000 | 3,092,000 | |||||
North America/HME | Severance | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 662,000 | 662,000 | 662,000 | 662,000 | 2,805,000 | 3,747,000 | 3,092,000 | ||||||
Charges | (1,862,000) | (1,069,000) | (4,404,000) | (5,405,000) | (4,242,000) | (4,755,000) | |||||||
Payments | (1,741,000) | (1,069,000) | (6,547,000) | (6,347,000) | (3,587,000) | (1,663,000) | |||||||
Ending Balance | 783,000 | 662,000 | 783,000 | 662,000 | 662,000 | 2,805,000 | 3,747,000 | 3,092,000 | |||||
North America/HME | Inventory | |||||||||||||
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 | 0 | |||||
North America/HME | Lease Terminations | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 237,000 | 0 | 237,000 | 0 | 0 | 0 | 0 | ||||||
Charges | (485,000) | (292,000) | 0 | (164,000) | (5,000) | 0 | |||||||
Payments | (602,000) | (55,000) | 0 | (164,000) | (5,000) | 0 | |||||||
Ending Balance | 120,000 | 237,000 | 120,000 | 237,000 | 0 | 0 | 0 | 0 | |||||
North America/HME | Other | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Charges | 0 | 0 | 0 | (353,000) | 0 | (4,000) | |||||||
Payments | 0 | 0 | 0 | (353,000) | 0 | (4,000) | |||||||
Ending Balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
IPG | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 148,000 | 148,000 | 92,000 | 71,000 | |||||||||
Charges | (73,000) | (1,924,000) | (267,000) | (35,000) | (123,000) | ||||||||
Payments | (221,000) | (1,868,000) | (175,000) | (106,000) | (52,000) | ||||||||
Ending Balance | 148,000 | 92,000 | 71,000 | ||||||||||
IPG | Severance | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 148,000 | 148,000 | 92,000 | 71,000 | |||||||||
Charges | (73,000) | (1,163,000) | (267,000) | (35,000) | (123,000) | ||||||||
Payments | (221,000) | (1,107,000) | (175,000) | (106,000) | (52,000) | ||||||||
Ending Balance | 148,000 | 92,000 | 71,000 | ||||||||||
IPG | Inventory | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 0 | |||||||||
Charges | 0 | 0 | 0 | 0 | 0 | ||||||||
Payments | 0 | 0 | 0 | 0 | 0 | ||||||||
Ending Balance | 0 | 0 | 0 | ||||||||||
IPG | Lease Terminations | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 0 | |||||||||
Charges | 0 | 0 | 0 | 0 | 0 | ||||||||
Payments | 0 | 0 | 0 | 0 | 0 | ||||||||
Ending Balance | 0 | 0 | 0 | ||||||||||
IPG | Other | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 0 | |||||||||
Charges | 0 | (761,000) | 0 | 0 | 0 | ||||||||
Payments | 0 | (761,000) | 0 | 0 | 0 | ||||||||
Ending Balance | 0 | 0 | 0 | ||||||||||
Europe | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 312,000 | 421,000 | 312,000 | 421,000 | 1,089,000 | 595,000 | 1,816,000 | ||||||
Charges | (510,000) | (1,052,000) | (1,640,000) | (2,093,000) | (5,466,000) | ||||||||
Payments | (312,000) | (619,000) | (1,720,000) | (1,146,000) | (3,314,000) | (3,650,000) | |||||||
Ending Balance | 312,000 | 312,000 | 421,000 | 1,089,000 | 595,000 | 1,816,000 | |||||||
Europe | Severance | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 312,000 | 421,000 | 312,000 | 421,000 | 1,089,000 | 595,000 | 1,742,000 | ||||||
Charges | (510,000) | (527,000) | (1,640,000) | (817,000) | (3,288,000) | ||||||||
Payments | (312,000) | (619,000) | (1,195,000) | (1,146,000) | (1,964,000) | (1,546,000) | |||||||
Ending Balance | 312,000 | 312,000 | 421,000 | 1,089,000 | 595,000 | 1,742,000 | |||||||
Europe | Inventory | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Charges | 0 | 0 | 0 | 0 | (277,000) | ||||||||
Payments | 0 | 0 | 0 | 0 | 0 | (277,000) | |||||||
Ending Balance | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Europe | Lease Terminations | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 0 | 74,000 | ||||||
Charges | 0 | 0 | 0 | (53,000) | (1,788,000) | ||||||||
Payments | 0 | 0 | 0 | 0 | (127,000) | (1,714,000) | |||||||
Ending Balance | 0 | 0 | 0 | 0 | 0 | 74,000 | |||||||
Europe | Other | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Charges | 0 | (525,000) | 0 | (1,223,000) | (113,000) | ||||||||
Payments | 0 | 0 | (525,000) | 0 | (1,223,000) | (113,000) | |||||||
Ending Balance | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Asia/Pacific | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 257,000 | 257,000 | 499,000 | 2,651,000 | 0 | ||||||||
Charges | (100,000) | (27,000) | (754,000) | (1,507,000) | (5,020,000) | (186,000) | |||||||
Payments | (100,000) | (284,000) | (996,000) | (3,659,000) | (2,369,000) | (186,000) | |||||||
Ending Balance | 257,000 | 499,000 | 2,651,000 | 0 | |||||||||
Asia/Pacific | Severance | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 869,000 | 0 | ||||||||
Charges | (100,000) | (26,000) | (769,000) | (970,000) | (1,681,000) | (186,000) | |||||||
Payments | (100,000) | (26,000) | (769,000) | (1,839,000) | (812,000) | (186,000) | |||||||
Ending Balance | 0 | 0 | 869,000 | 0 | |||||||||
Asia/Pacific | Inventory | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 151,000 | 0 | ||||||||
Charges | 0 | 0 | 0 | 0 | (491,000) | 0 | |||||||
Payments | 0 | 0 | 0 | (151,000) | (340,000) | 0 | |||||||
Ending Balance | 0 | 0 | 151,000 | 0 | |||||||||
Asia/Pacific | Lease Terminations | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 257,000 | 257,000 | 499,000 | 1,625,000 | 0 | ||||||||
Charges | 0 | (1,000) | (15,000) | (534,000) | (1,667,000) | 0 | |||||||
Payments | 0 | (258,000) | (227,000) | (1,660,000) | (42,000) | 0 | |||||||
Ending Balance | 257,000 | 499,000 | 1,625,000 | 0 | |||||||||
Asia/Pacific | Other | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 6,000 | 0 | ||||||||
Charges | 0 | 0 | 0 | (3,000) | (1,181,000) | 0 | |||||||
Payments | 0 | 0 | 0 | (9,000) | (1,175,000) | 0 | |||||||
Ending Balance | 0 | $ 0 | $ 6,000 | $ 0 | |||||||||
Other | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 1,503,000 | 2,978,000 | 1,503,000 | 2,978,000 | |||||||||
Charges | (2,978,000) | ||||||||||||
Payments | (237,000) | (1,475,000) | |||||||||||
Ending Balance | 1,266,000 | 1,503,000 | 1,266,000 | 1,503,000 | 2,978,000 | ||||||||
Other | Severance | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 1,503,000 | 2,978,000 | 1,503,000 | 2,978,000 | |||||||||
Charges | (2,978,000) | ||||||||||||
Payments | (237,000) | (1,475,000) | |||||||||||
Ending Balance | 1,266,000 | 1,503,000 | 1,266,000 | 1,503,000 | 2,978,000 | ||||||||
Other | Inventory | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 0 | |||||||||
Charges | 0 | ||||||||||||
Payments | 0 | 0 | |||||||||||
Ending Balance | 0 | 0 | 0 | 0 | 0 | ||||||||
Other | Lease Terminations | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | 0 | 0 | 0 | 0 | |||||||||
Charges | 0 | ||||||||||||
Payments | 0 | 0 | |||||||||||
Ending Balance | 0 | 0 | 0 | 0 | 0 | ||||||||
Other | Other | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning Balance | $ 0 | $ 0 | 0 | 0 | |||||||||
Charges | 0 | ||||||||||||
Payments | 0 | 0 | |||||||||||
Ending Balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Charges Related To Restructu106
Charges Related To Restructuring Activities - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | $ (1,148,000) | $ (508,000) | $ (689,000) | $ (102,000) | $ (1,031,000) | $ (689,000) | $ (240,000) | $ (2,447,000) | $ (1,971,000) | $ (11,112,000) | $ (9,336,000) | $ (11,395,000) | $ (10,534,000) |
Payments | $ (2,992,000) | (3,723,000) | (11,131,000) | (11,844,000) | (9,381,000) | (5,555,000) | |||||||
Expected payout period | 12 months | ||||||||||||
Severance | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | $ (1,962,000) | (1,678,000) | (9,841,000) | (8,282,000) | (6,775,000) | (8,352,000) | |||||||
Payments | (2,390,000) | (3,410,000) | (9,618,000) | (9,507,000) | (6,469,000) | (3,447,000) | |||||||
Lease Terminations | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | (485,000) | (293,000) | (15,000) | (698,000) | (1,725,000) | (1,788,000) | |||||||
Payments | (602,000) | (313,000) | (227,000) | (1,824,000) | (174,000) | (1,714,000) | |||||||
Other | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | 0 | (1,286,000) | (356,000) | (2,404,000) | (117,000) | |||||||
Payments | 0 | 0 | (1,286,000) | (362,000) | (2,398,000) | (117,000) | |||||||
Inventory | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | 0 | 0 | 0 | (491,000) | (277,000) | |||||||
Payments | 0 | 0 | 0 | (151,000) | (340,000) | (277,000) | |||||||
Europe | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | (510,000) | (1,052,000) | (1,640,000) | (2,093,000) | (5,466,000) | ||||||||
Payments | (312,000) | (619,000) | (1,720,000) | (1,146,000) | (3,314,000) | (3,650,000) | |||||||
Europe | Severance | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | (510,000) | (527,000) | (1,640,000) | (817,000) | (3,288,000) | ||||||||
Payments | (312,000) | (619,000) | (1,195,000) | (1,146,000) | (1,964,000) | (1,546,000) | |||||||
Europe | Lease Terminations | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | 0 | 0 | (53,000) | (1,788,000) | ||||||||
Payments | 0 | 0 | 0 | 0 | (127,000) | (1,714,000) | |||||||
Europe | Other | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | (525,000) | 0 | (1,223,000) | (113,000) | ||||||||
Payments | 0 | 0 | (525,000) | 0 | (1,223,000) | (113,000) | |||||||
Europe | Inventory | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | 0 | 0 | 0 | (277,000) | ||||||||
Payments | 0 | 0 | 0 | 0 | 0 | (277,000) | |||||||
Asia/Pacific | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | (100,000) | (27,000) | (754,000) | (1,507,000) | (5,020,000) | (186,000) | |||||||
Payments | (100,000) | (284,000) | (996,000) | (3,659,000) | (2,369,000) | (186,000) | |||||||
Asia/Pacific | Severance | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | (100,000) | (26,000) | (769,000) | (970,000) | (1,681,000) | (186,000) | |||||||
Payments | (100,000) | (26,000) | (769,000) | (1,839,000) | (812,000) | (186,000) | |||||||
Asia/Pacific | Lease Terminations | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | (1,000) | (15,000) | (534,000) | (1,667,000) | 0 | |||||||
Payments | 0 | (258,000) | (227,000) | (1,660,000) | (42,000) | 0 | |||||||
Asia/Pacific | Other | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | 0 | 0 | (3,000) | (1,181,000) | 0 | |||||||
Payments | 0 | 0 | 0 | (9,000) | (1,175,000) | 0 | |||||||
Asia/Pacific | Inventory | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | 0 | 0 | 0 | (491,000) | 0 | |||||||
Payments | 0 | 0 | 0 | (151,000) | (340,000) | 0 | |||||||
North America/HME | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | (2,347,000) | (1,361,000) | (4,404,000) | (5,922,000) | (4,247,000) | (4,759,000) | |||||||
Payments | (2,343,000) | (1,124,000) | (6,547,000) | (6,864,000) | (3,592,000) | (1,667,000) | |||||||
North America/HME | Severance | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | (1,862,000) | (1,069,000) | (4,404,000) | (5,405,000) | (4,242,000) | (4,755,000) | |||||||
Payments | (1,741,000) | (1,069,000) | (6,547,000) | (6,347,000) | (3,587,000) | (1,663,000) | |||||||
North America/HME | Lease Terminations | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | (485,000) | (292,000) | 0 | (164,000) | (5,000) | 0 | |||||||
Payments | (602,000) | (55,000) | 0 | (164,000) | (5,000) | 0 | |||||||
North America/HME | Other | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | 0 | 0 | (353,000) | 0 | (4,000) | |||||||
Payments | 0 | 0 | 0 | (353,000) | 0 | (4,000) | |||||||
North America/HME | Inventory | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Payments | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Other | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | (2,978,000) | ||||||||||||
Payments | (237,000) | (1,475,000) | |||||||||||
Other | Severance | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | (2,978,000) | ||||||||||||
Payments | (237,000) | (1,475,000) | |||||||||||
Other | Lease Terminations | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | ||||||||||||
Payments | 0 | 0 | |||||||||||
Other | Other | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | ||||||||||||
Payments | 0 | 0 | |||||||||||
Other | Inventory | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | ||||||||||||
Payments | $ 0 | 0 | |||||||||||
Institutional Products Group | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | (73,000) | (1,924,000) | (267,000) | (35,000) | (123,000) | ||||||||
Payments | (221,000) | (1,868,000) | (175,000) | (106,000) | (52,000) | ||||||||
Institutional Products Group | Severance | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | (73,000) | (1,163,000) | (267,000) | (35,000) | (123,000) | ||||||||
Payments | (221,000) | (1,107,000) | (175,000) | (106,000) | (52,000) | ||||||||
Institutional Products Group | Lease Terminations | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | 0 | 0 | 0 | 0 | ||||||||
Payments | 0 | 0 | 0 | 0 | 0 | ||||||||
Institutional Products Group | Other | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | (761,000) | 0 | 0 | 0 | ||||||||
Payments | 0 | (761,000) | 0 | 0 | 0 | ||||||||
Institutional Products Group | Inventory | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Charges | 0 | 0 | 0 | 0 | 0 | ||||||||
Payments | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes - Income Before I
Income Taxes - Income Before Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ (68,949) | $ (54,812) | $ (104,776) | ||||||||
Foreign | 39,392 | 43,072 | 41,566 | ||||||||
Earnings (loss) before income taxes | $ (12,541) | $ (595) | $ (9,630) | $ (6,791) | $ 581 | $ (790) | $ (6,492) | $ (5,039) | $ (29,557) | $ (11,740) | $ (63,210) |
Income Taxes - Income Tax Expe
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ (360) | $ (167) | $ (7,105) |
State | (115) | (150) | (63) |
Foreign | 12,873 | 11,439 | 15,105 |
Current Income Tax Expense (Benefit) | 12,398 | 11,122 | 7,937 |
Deferred: | |||
Federal | 0 | 3,222 | 100 |
State | 0 | 318 | 0 |
Foreign | 901 | 48 | (2,487) |
Deferred Income Tax Expense (Benefit) | 901 | 3,588 | (2,387) |
Income Taxes | $ 13,299 | $ 14,710 | $ 5,550 |
Income Taxes - Rate Reconcilia
Income Taxes - Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory federal income tax rate | (35.00%) | (35.00%) | (35.00%) |
State and local income taxes, net of federal income tax benefit | (0.30%) | 0.90% | (0.10%) |
Tax credits | (1.70%) | 61.80% | 5.10% |
Foreign taxes at less than the federal statutory rate (including tax holidays) | (7.10%) | (46.10%) | (10.70%) |
Federal and foreign valuation allowance | 83.00% | 168.00% | 52.50% |
Withholding taxes | 1.10% | 3.00% | 0.60% |
Unremitted earnings | 5.80% | (3.70%) | 0.70% |
Dividends | 3.00% | 100.10% | 12.30% |
Life insurance | (0.20%) | (2.70%) | 4.10% |
Foreign branch activity | (3.10%) | (8.10%) | (1.80%) |
Uncertain tax positions | (2.00%) | 6.70% | 1.20% |
Other, net | 1.50% | (4.00%) | 9.90% |
Effective Income Tax Rate, Continuing Operations | 45.00% | 125.30% | 8.80% |
Income Taxes - Components of D
Income Taxes - Components of Deferred Income Tax (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term deferred income tax assets (liabilities), net: | ||
Bad debt | $ 2,952,000 | $ 3,670,000 |
Warranty | 4,861,000 | 5,357,000 |
Other accrued expenses and reserves | 1,263,000 | 4,355,000 |
Inventory | 3,605,000 | 2,395,000 |
Goodwill and intangibles | (24,694,000) | (25,008,000) |
Convertible debt | (319,000) | (421,000) |
Fixed assets | (5,499,000) | (8,207,000) |
Compensation and benefits | 8,491,000 | 7,136,000 |
Loss and credit carryforwards | 124,901,000 | 102,194,000 |
Product liability | 4,044,000 | 4,107,000 |
State and local taxes | 21,692,000 | 19,932,000 |
Valuation allowance | (173,981,000) | (151,972,000) |
Other, net | 2,442,000 | 5,255,000 |
Net Deferred Income Taxes | $ 30,242,000 | $ 31,207,000 |
Income Taxes - Unrecognized Ta
Income Taxes - Unrecognized Tax Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 9,553 | $ 11,019 |
Additions to: | ||
Positions taken during the current year | 54 | 227 |
Positions taken during a prior year | 280 | 270 |
Exchange rate impact | 57 | 0 |
Deductions due to: | ||
Exchange rate impact | (11) | (1,197) |
Positions taken during a prior year | (42) | (527) |
Settlements with taxing authorities | (6,245) | 0 |
Lapse of statute of limitations | (178) | (239) |
Balance at end of year | $ 3,468 | $ 9,553 |
Income Taxes - (Narrative) (De
Income Taxes - (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax Credit Carryforward [Line Items] | ||||
Tax benefit from intra-period allocation | $ (3,400,000) | $ 140,000 | $ 7,175,000 | |
Income taxes (benefit) | $ 13,299,000 | 14,710,000 | 5,550,000 | |
Deferred tax assets, gross | 174,251,000 | 154,401,000 | ||
Deferred tax liabilities | 30,512,000 | 33,636,000 | ||
Deferred tax assets, valuation allowance | 173,981,000 | 151,972,000 | ||
Income Taxes Paid, Net | 26,663,000 | 7,966,000 | 6,384,000 | |
Domestic state and local tax loss carryforwards | 598,000,000 | |||
Tax credit carryforwards | 35,606,000 | |||
Unrecognized tax benefits, excluding interest and penalties | 2,337,000 | 8,366,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 2,337,000 | 8,366,000 | ||
Income tax penalties and interest expense | (288,000) | (315,000) | $ (500,000) | |
Income tax penalties and interest accrued | 813,000 | $ 5,440,000 | ||
Foreign Tax Authority [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 68,845,000 | |||
Tax Year 2034 [Member] | State and Local Jurisdiction [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 4,800,000 | |||
Tax Year 2014 to 2017 | State and Local Jurisdiction [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 217,900,000 | |||
Tax year 2018 to 2027 | State and Local Jurisdiction [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 189,700,000 | |||
Tax Year 2014 to 2018 | Domestic tax authority | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards | 20,658,000 | |||
Tax Year 2019 to 2022 | Domestic tax authority | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards | 13,220,000 | |||
Tax Year 2028 and Thereafter | State and Local Jurisdiction [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 190,400,000 | |||
Tax Year 2034 to 2036 [Member] | Domestic tax authority | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal tax credit carryforwards | 205,284,000 | |||
Tax Year 2031 | Domestic tax authority | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards | 1,604,000 | |||
Indefinite | Domestic tax authority | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards | 124,000 | |||
Loss Carryforwards | Foreign Tax Authority [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Deferred tax assets, valuation allowance | $ 67,562,000 |
Net Earnings (Loss) Per Comm113
Net Earnings (Loss) Per Common Share - Computation of Basic and Diluted Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Earnings (Loss) per Share—Basic: | |||||||||||
Average common shares outstanding | 32,471 | 32,171 | 32,009 | ||||||||
Loss from Continuing Operations | $ (17,640) | $ (5,020) | $ (11,580) | $ (8,616) | $ (2,929) | $ (7,790) | $ (8,217) | $ (7,514) | $ (42,856) | $ (26,450) | $ (68,760) |
Total Net Earnings from Discontinued Operations | 0 | 0 | 0 | 260 | 0 | 260 | 12,690 | ||||
Net Loss | $ (17,640) | $ (5,020) | $ (11,580) | $ (8,616) | $ (2,929) | $ (7,790) | $ (8,217) | $ (7,254) | $ (42,856) | $ (26,190) | $ (56,070) |
Net loss from continuing operations - Basic (in dollars per share) | $ (0.54) | $ (0.15) | $ (0.36) | $ (0.27) | $ (0.09) | $ (0.24) | $ (0.26) | $ (0.23) | $ (1.32) | $ (0.82) | $ (2.15) |
Net earnings (loss) from discontinued operations - Basic (in dollars per share | 0 | 0 | 0 | 0.01 | 0 | 0.01 | 0.40 | ||||
Net earnings per common share | $ (0.54) | $ (0.15) | $ (0.36) | $ (0.27) | $ (0.09) | $ (0.24) | $ (0.26) | $ (0.23) | $ (1.32) | $ (0.81) | $ (1.75) |
Diluted | |||||||||||
Average common shares outstanding | 32,471 | 32,171 | 32,009 | ||||||||
Stock options and awards | 119 | 512 | 188 | ||||||||
Average common shares assuming dilution | 32,590 | 32,683 | 32,197 | ||||||||
Loss from Continuing Operations | $ (17,640) | $ (5,020) | $ (11,580) | $ (8,616) | $ (2,929) | $ (7,790) | $ (8,217) | $ (7,514) | $ (42,856) | $ (26,450) | $ (68,760) |
Total Net Earnings from Discontinued Operations | 0 | 0 | 0 | 260 | 0 | 260 | 12,690 | ||||
Net Loss | $ (17,640) | $ (5,020) | $ (11,580) | $ (8,616) | $ (2,929) | $ (7,790) | $ (8,217) | $ (7,254) | $ (42,856) | $ (26,190) | $ (56,070) |
Net loss from continuing operations assuming dilution (in dollars per share) | $ (0.54) | $ (0.15) | $ (0.36) | $ (0.27) | $ (0.09) | $ (0.24) | $ (0.26) | $ (0.23) | $ (1.32) | $ (0.82) | $ (2.15) |
Net earnings (loss) from discontinued operations assuming dilution (in dollars per share) | 0 | 0 | 0 | 0.01 | 0 | 0.01 | 0.39 | ||||
Net Earnings (loss) per Share - Assuming Dilution (in dollars per share) | $ (0.54) | $ (0.15) | $ (0.36) | $ (0.27) | $ (0.09) | $ (0.24) | $ (0.26) | $ (0.23) | $ (1.32) | $ (0.81) | $ (1.75) |
Net Earnings (Loss) Per Comm114
Net Earnings (Loss) Per Common Share - Narrative (Details) - Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 1,730,707 | 1,479,912 | 2,857,590 |
Average exercise price | $ 25.24 | $ 25.24 | $ 41.87 |
Fair value stock price | $ 12.36 | $ 18.51 | $ 16.95 |
Concentration Of Credit Risk -
Concentration Of Credit Risk - (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)Customer | |
Net Sales | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Number of Customers Used For Concentration Risk Disclosure | Customer | 10 |
Concentration risk, percentage | 15.20% |
Maximum percent of revenue from single customer | 3.40% |
Payment Guarantee | |
Concentration Risk [Line Items] | |
Retained recourse obligation | $ 5,863,000 |
Total contracts | 30,215,000 |
Other Long-Term Obligations | Payment Guarantee | |
Concentration Risk [Line Items] | |
Guarantee obligation at carrying value | $ 113,000 |
Derivatives - Notional Amounts
Derivatives - Notional Amounts - Designated as Hedges (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | $ 14,620,000 | $ 40,165,000 | |
Gain (Loss) | 195,000 | (54,000) | |
Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 164,358,000 | 213,164,000 | |
Unrealized Gain (Loss) | 776,000 | 2,183,000 | |
Foreign exchange forward | |||
Derivative [Line Items] | |||
Gain (Loss) | 2,573,000 | 1,112,000 | $ 338,000 |
Foreign exchange forward | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Gain (Loss) | 195,000 | (54,000) | |
USD / AUD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 5,841,000 | 2,910,000 | |
Unrealized Gain (Loss) | 316,000 | (83,000) | |
USD / CAD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 2,604,000 | 3,893,000 | |
Unrealized Gain (Loss) | (18,000) | 181,000 | |
USD / CHF | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 370,000 | 0 | |
Unrealized Gain (Loss) | 15,000 | 0 | |
USD / CNY | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 11,252,000 | 16,786,000 | |
Unrealized Gain (Loss) | (301,000) | (282,000) | |
USD / EUR | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 60,387,000 | 72,758,000 | |
Unrealized Gain (Loss) | 1,826,000 | 2,681,000 | |
USD / GBP | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 3,253,000 | 3,862,000 | |
Unrealized Gain (Loss) | (75,000) | 22,000 | |
USD / NZD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 9,650,000 | 4,893,000 | |
Unrealized Gain (Loss) | (64,000) | 37,000 | |
USD / SEK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 4,923,000 | 5,128,000 | |
Unrealized Gain (Loss) | 146,000 | 39,000 | |
USD / MXP | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 6,148,000 | 8,494,000 | |
Unrealized Gain (Loss) | (417,000) | (284,000) | |
EUR / AUD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 506,000 | 669,000 | |
Unrealized Gain (Loss) | 6,000 | (10,000) | |
EUR / CAD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 1,283,000 | |
Unrealized Gain (Loss) | 0 | (17,000) | |
EUR / CHF | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 1,944,000 | |
Unrealized Gain (Loss) | 0 | (17,000) | |
EUR / GBP | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 14,511,000 | 36,567,000 | |
Unrealized Gain (Loss) | (686,000) | (424,000) | |
EUR / NOK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 2,503,000 | 3,375,000 | |
Unrealized Gain (Loss) | (25,000) | (55,000) | |
EUR / SEK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 2,464,000 | |
Unrealized Gain (Loss) | 0 | (42,000) | |
EUR / NZD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 3,777,000 | 3,609,000 | |
Unrealized Gain (Loss) | 16,000 | 476,000 | |
GBP / AUD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 503,000 | 830,000 | |
Unrealized Gain (Loss) | 34,000 | (46,000) | |
GBP / CHF | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 215,000 | 463,000 | |
Unrealized Gain (Loss) | (10,000) | (7,000) | |
GBP / SEK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 1,389,000 | 2,067,000 | |
Unrealized Gain (Loss) | (42,000) | (1,000) | |
AUD / NZD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 352,000 | |
Unrealized Gain (Loss) | 0 | 8,000 | |
CHF / DKK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 595,000 | 0 | |
Unrealized Gain (Loss) | (2,000) | 0 | |
DKK / SEK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 31,978,000 | 37,293,000 | |
Unrealized Gain (Loss) | 49,000 | 46,000 | |
NOK / CHF | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 1,335,000 | 0 | |
Unrealized Gain (Loss) | (13,000) | 0 | |
NOK / SEK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 2,618,000 | 3,524,000 | |
Unrealized Gain (Loss) | $ 21,000 | $ (39,000) |
Derivatives - Notional Amou117
Derivatives - Notional Amounts - Not Designated as Hedges (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | $ 14,620,000 | $ 40,165,000 | |
Gain (Loss) | 195,000 | (54,000) | |
Foreign exchange forward | |||
Derivative [Line Items] | |||
Gain (Loss) | 2,573,000 | 1,112,000 | $ 338,000 |
Foreign exchange forward | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Gain (Loss) | 195,000 | (54,000) | |
AUD / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 5,800,000 | 8,051,000 | |
Gain (Loss) | 204,000 | 337,000 | |
CAD / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 5,762,000 | |
Gain (Loss) | 0 | (4,000) | |
CNY / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 5,556,000 | 9,943,000 | |
Gain (Loss) | (24,000) | (441,000) | |
EUR / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 2,118,000 | |
Gain (Loss) | 0 | 53,000 | |
DKK / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 7,927,000 | |
Gain (Loss) | 0 | 125,000 | |
GBP / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 4,526,000 | |
Gain (Loss) | 0 | (106,000) | |
NZD / AUD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 3,264,000 | 0 | |
Gain (Loss) | 15,000 | 0 | |
NOK / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 1,838,000 | |
Gain (Loss) | $ 0 | $ (18,000) |
Derivatives - Balance Sheet Lo
Derivatives - Balance Sheet Location (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | $ 2,754 | $ 4,143 |
Other Current Assets | Foreign exchange forward | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 2,535 | 3,626 |
Other Current Assets | Foreign exchange forward | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 219 | 517 |
Accrued Expenses | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 1,783 | 2,014 |
Accrued Expenses | Foreign exchange forward | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 1,759 | 1,443 |
Accrued Expenses | Foreign exchange forward | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | $ 24 | $ 571 |
Derivatives - Gain (Loss) in S
Derivatives - Gain (Loss) in Statement of Finacial Position (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 2,573,000 | $ 1,112,000 | $ 338,000 |
Foreign exchange forward | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | 2,573,000 | 1,112,000 | $ 338,000 |
Foreign exchange forward | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 989,000 | 3,545,000 | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 2,252,000 | 991,000 | |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 40,000 | (11,000) | |
Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | 195,000 | (54,000) | |
Not Designated as Hedging Instrument | Foreign exchange forward | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 195,000 | $ (54,000) |
Derivatives - Narrative (Detai
Derivatives - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Proceeds from Issuance of Warrants | $ 12,376,000 | $ 0 | $ 0 |
Convertible due 2021 - Bond Hedge, Initial Fair Value | 27,975,000 | ||
Convertible Debt Conversion Feature, Initial Fair Value | $ 34,480,000 | ||
Minimum | |||
Derivative [Line Items] | |||
Percentage of forcasted transactions with currency rate exposure | 50.00% | ||
Maximum | |||
Derivative [Line Items] | |||
Percentage of forcasted transactions with currency rate exposure | 90.00% | ||
Foreign exchange forward | |||
Derivative [Line Items] | |||
Notional amount of derivatives, matured during period | $ 228,640,000 | 136,818,000 | |
Gain (Loss) | 2,573,000 | 1,112,000 | 338,000 |
Selling, general and administrative expense | Foreign exchange forward | |||
Derivative [Line Items] | |||
Loss on derivative | (54,000) | (1,458,000) | |
Gain (Loss) | (195,000) | ||
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Gain (Loss) | 2,573,000 | 1,112,000 | $ 338,000 |
Cash Flow Hedging | Net sales | |||
Derivative [Line Items] | |||
Loss on derivative | (2,778,000) | ||
Gain (Loss) | (4,453,000) | ||
Cash Flow Hedging | Cost of products sold | |||
Derivative [Line Items] | |||
Gain on derivative | $ (3,890,000) | ||
Loss on derivative | (1,880,000) | ||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | |||
Derivative [Line Items] | |||
Debt Instrument, Face Amount | $ 150,000,000 | ||
Interest rate (as a percent) | 5.00% |
Derivatives Fair Value of Conve
Derivatives Fair Value of Convertible Debt Hedges (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Convertible Debt Conversion Feature, Fair Value | $ (30,708,000) | $ 0 |
Convertible note hedge asset | 25,471,000 | $ 0 |
Convertible Debt Conversion Feature Gain (Loss) | 3,772,000 | |
Fair Values Convertible Debt Hedges, Net | (5,237,000) | |
Convertible Debt Note Hedge Gain (Loss) | (2,504,000) | |
Fair Values Convertible Debt Hedges, Gain (Loss) | $ 1,268,000 |
Fair Values of Financial Ins122
Fair Values of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible note hedge asset | $ 25,471,000 | $ 0 |
Convertible Debt Conversion Feature, Fair Value | (30,708,000) | 0 |
Convertible Debt Bond Hedge [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible note hedge asset | 25,471,000 | |
Foreign exchange forward | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 971,000 | 2,129,000 |
Foreign exchange forward | Fair Value, Measurements, Recurring | 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 |
Foreign exchange forward | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 971,000 | 2,129,000 |
Foreign exchange forward | Fair Value, Measurements, Recurring | 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 |
Convertible Debt Conversion Feature [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible Debt Conversion Feature, Fair Value | (30,708,000) | |
Convertible Debt Bond Hedge [Member] | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 25,471,000 | |
Convertible Debt Bond Hedge [Member] | Fair Value, Measurements, Recurring | 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 | |
Convertible Debt Bond Hedge [Member] | Fair Value, Measurements, Recurring | 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 | |
Convertible Debt Conversion Feature [Member] | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | (30,708,000) | |
Convertible Debt Conversion Feature [Member] | Fair Value, Measurements, Recurring | 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 | |
Convertible Debt Conversion Feature [Member] | Fair Value, Measurements, Recurring | 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 of Financial Ins123
Fair Values of Financial Instruments - Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 124,234 | $ 60,055 |
Other investments | 108 | 160 |
Installment receivables, net of reserves | 1,834 | 1,793 |
Long-term debt (including current maturities of long-term debt) | (161,349) | (47,120) |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 124,234 | 60,055 |
Other investments | 108 | 160 |
Installment receivables, net of reserves | 1,834 | 1,793 |
Long-term debt (including current maturities of long-term debt) | (164,900) | (47,369) |
Foreign exchange forward | Other Long-Term Obligations | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (30,708) | 0 |
Foreign exchange forward | Other Long-Term Obligations | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (30,708) | 0 |
Foreign exchange forward | Other Long-Term Assets [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 25,471 | 0 |
Foreign exchange forward | Other Long-Term Assets [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 25,471 | 0 |
Foreign exchange forward | Other Current Assets | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 2,754 | 4,143 |
Foreign exchange forward | Other Current Assets | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 2,754 | 4,143 |
Foreign exchange forward | Accrued Expenses | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (1,783) | (2,014) |
Foreign exchange forward | Accrued Expenses | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | $ (1,783) | $ (2,014) |
Fair Values of Financial Ins124
Fair Values of Financial Instruments - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Maturity of corporate debt with similar credit risk | 20 years | ||
US treasury bond maturity | 20 years | ||
Discounted cash flow, discount rate | 8.67% | 9.41% | 9.89% |
Discounted cash flow, discount rate premium | 1.00% | ||
Institutional Products Group | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of finite-lived intangible assets | $ 13,041,000 | ||
Discounted cash flow sensitivity analysis discount rate rncrease | 1.00% | ||
Europe | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discounted cash flow sensitivity analysis discount rate rncrease | 1.00% | ||
Customer lists | Institutional Products Group | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of finite-lived intangible assets | 12,826,000 | ||
Noncompete Agreements | Institutional Products Group | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of finite-lived intangible assets | 215,000 | ||
Foreign exchange forward | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (Loss) | $ 2,573,000 | $ 1,112,000 | $ 338,000 |
Business Segments - (Narrative
Business Segments - (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | |
Institutional Products Group | ||
Segment Reporting Information [Line Items] | ||
Impairment of finite-lived intangible assets | $ 13,041,000 | |
Customer lists | Institutional Products Group | ||
Segment Reporting Information [Line Items] | ||
Impairment of finite-lived intangible assets | $ 12,826,000 | |
Customer Concentration Risk | Net Sales | ||
Segment Reporting Information [Line Items] | ||
Maximum percent of revenue from single customer | 3.40% |
Business Segments - (Informati
Business Segments - (Information by Segment) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 246,740,000 | $ 268,145,000 | $ 275,037,000 | $ 257,552,000 | $ 283,265,000 | $ 283,776,000 | $ 286,273,000 | $ 289,024,000 | $ 1,047,474,000 | $ 1,142,338,000 | $ 1,270,163,000 |
Depreciation and amortization | 14,635,000 | 18,204,000 | 30,941,000 | ||||||||
Net interest expense (income) | 15,610,000 | 3,971,000 | 4,380,000 | ||||||||
Operating Income (Loss) | (15,215,000) | (7,769,000) | (58,830,000) | ||||||||
Restructuring Charges, Net of Inventory Adjustments | (2,447,000) | (1,971,000) | (11,112,000) | ||||||||
Gain on sale of business (pre-tax) | (7,386,000) | 7,386,000 | 24,000 | 0 | |||||||
Asset write-downs to intangible assets | 0 | 0 | (13,041,000) | ||||||||
Loss (gain) on Convertible Debt Derivatives | (1,014,000) | $ (1,192,000) | $ (486,000) | $ (604,000) | 1,268,000 | 0 | 0 | ||||
Interest Revenue (Expense), Net | (15,610,000) | (3,971,000) | (4,380,000) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (29,557,000) | (11,740,000) | (63,210,000) | ||||||||
Assets | 903,743,000 | 838,143,000 | 903,743,000 | 838,143,000 | 963,731,000 | ||||||
Long-lived assets | 494,671,000 | 475,844,000 | 494,671,000 | 475,844,000 | 557,744,000 | ||||||
Expenditures for assets | 10,151,000 | 7,522,000 | 12,327,000 | ||||||||
North America/HME | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 5,932,000 | 7,549,000 | 9,077,000 | ||||||||
Net interest expense (income) | 15,119,000 | 3,305,000 | 2,196,000 | ||||||||
Operating Income (Loss) | (37,748,000) | (29,245,000) | (59,124,000) | ||||||||
Assets | 261,538,000 | 203,851,000 | 261,538,000 | 203,851,000 | 209,122,000 | ||||||
Long-lived assets | 70,553,000 | 49,141,000 | 70,553,000 | 49,141,000 | 44,727,000 | ||||||
Expenditures for assets | 3,398,000 | 1,232,000 | 2,960,000 | ||||||||
Institutional Products Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 254,000 | 1,980,000 | 7,656,000 | ||||||||
Net interest expense (income) | 191,000 | 1,028,000 | 2,244,000 | ||||||||
Operating Income (Loss) | 5,693,000 | 7,834,000 | 6,248,000 | ||||||||
Assets | 38,657,000 | 38,730,000 | 38,657,000 | 38,730,000 | 42,692,000 | ||||||
Long-lived assets | 30,603,000 | 30,278,000 | 30,603,000 | 30,278,000 | 33,487,000 | ||||||
Expenditures for assets | 58,000 | 212,000 | 1,232,000 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 7,062,000 | 7,183,000 | 11,111,000 | ||||||||
Net interest expense (income) | 197,000 | (444,000) | (209,000) | ||||||||
Operating Income (Loss) | 33,994,000 | 39,794,000 | 50,169,000 | ||||||||
Assets | 575,981,000 | 557,740,000 | 575,981,000 | 557,740,000 | 638,896,000 | ||||||
Long-lived assets | 388,724,000 | 391,533,000 | 388,724,000 | 391,533,000 | 459,957,000 | ||||||
Expenditures for assets | 5,580,000 | 5,058,000 | 6,708,000 | ||||||||
Asia/Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 1,349,000 | 1,463,000 | 2,406,000 | ||||||||
Net interest expense (income) | 103,000 | 82,000 | 149,000 | ||||||||
Operating Income (Loss) | (1,436,000) | (3,493,000) | (7,463,000) | ||||||||
Assets | 25,703,000 | 24,421,000 | 25,703,000 | 24,421,000 | 30,231,000 | ||||||
Long-lived assets | 2,927,000 | 3,140,000 | 2,927,000 | 3,140,000 | 4,046,000 | ||||||
Expenditures for assets | 1,115,000 | 969,000 | 1,417,000 | ||||||||
All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 38,000 | 29,000 | 173,000 | ||||||||
Operating Income (Loss) | (20,657,000) | (20,712,000) | (24,507,000) | ||||||||
Assets | 1,864,000 | 1,752,000 | 1,864,000 | 1,752,000 | 15,647,000 | ||||||
Long-lived assets | 1,864,000 | 1,752,000 | 1,864,000 | 1,752,000 | 15,527,000 | ||||||
Expenditures for assets | 0 | 51,000 | 0 | ||||||||
Discontinued Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 0 | 0 | 518,000 | ||||||||
Assets | $ 0 | $ 11,649,000 | 0 | 11,649,000 | 27,143,000 | ||||||
Expenditures for assets | 0 | 0 | 10,000 | ||||||||
Operating Segments | North America/HME | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 397,702,000 | 474,196,000 | 507,867,000 | ||||||||
Operating Segments | Institutional Products Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 64,413,000 | 87,137,000 | 102,796,000 | ||||||||
Operating Segments | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 540,013,000 | 536,463,000 | 610,555,000 | ||||||||
Operating Segments | Asia/Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 45,346,000 | 44,542,000 | 48,945,000 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 133,183,000 | 142,937,000 | 126,069,000 | ||||||||
Intersegment Eliminations | North America/HME | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 100,793,000 | 111,321,000 | 84,247,000 | ||||||||
Intersegment Eliminations | Institutional Products Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,885,000 | 997,000 | 6,711,000 | ||||||||
Intersegment Eliminations | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 10,139,000 | 9,958,000 | 8,938,000 | ||||||||
Intersegment Eliminations | Asia/Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 19,366,000 | $ 20,661,000 | $ 26,173,000 |
Business Segments - (Net Sales
Business Segments - (Net Sales by Product) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue from External Customer [Line Items] | |||
Net sales by product | $ 1,047,474 | $ 1,142,338 | $ 1,270,163 |
North America/HME | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 397,702 | 474,196 | 507,867 |
Institutional Products Group | Continuing Care | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 64,413 | 87,137 | 102,796 |
Europe | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 540,013 | 536,463 | 610,555 |
Asia/Pacific | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 45,346 | 44,542 | 48,945 |
Operating Segments | North America/HME | Lifestyle Products | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 173,301 | 222,944 | 239,625 |
Operating Segments | North America/HME | Mobility and Seating | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 116,722 | 117,232 | 115,776 |
Operating Segments | North America/HME | Respiratory Therapy | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 104,631 | 130,349 | 149,063 |
Operating Segments | North America/HME | Other Products and Services | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 3,048 | 3,671 | 3,403 |
Operating Segments | Europe | Lifestyle Products | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 274,684 | 275,932 | 322,370 |
Operating Segments | Europe | Mobility and Seating | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 214,713 | 208,730 | 228,163 |
Operating Segments | Europe | Respiratory Therapy | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 35,030 | 36,373 | 40,661 |
Operating Segments | Europe | Other Products and Services | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 15,586 | 15,428 | 19,361 |
Operating Segments | Asia/Pacific | Lifestyle Products | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 10,161 | 10,277 | 11,772 |
Operating Segments | Asia/Pacific | Mobility and Seating | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 25,254 | 25,655 | 28,174 |
Operating Segments | Asia/Pacific | Respiratory Therapy | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 1,244 | 807 | 1,286 |
Operating Segments | Asia/Pacific | Continuing Care | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | 3,521 | 3,115 | 3,956 |
Operating Segments | Asia/Pacific | Other Products and Services | |||
Revenue from External Customer [Line Items] | |||
Net sales by product | $ 5,166 | $ 4,688 | $ 3,757 |
Contingencies - (Details)
Contingencies - (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual, Period Increase (Decrease) | $ 2,856,000 | $ (2,325,000) | $ 11,493,000 |
Europe | |||
Loss Contingencies [Line Items] | |||
Additional warranty expense related to recall | 3,395,000 | ||
North America/HME | |||
Loss Contingencies [Line Items] | |||
Additional warranty expense related to recall | 3,164,000 | ||
Field Action Under Review | |||
Loss Contingencies [Line Items] | |||
Additional warranty expense related to recall | (2,000,000) | 6,559,000 | |
Field Action Under Review | Europe | |||
Loss Contingencies [Line Items] | |||
Additional warranty expense related to recall | 1,490,000 | ||
Field Action Under Review | North America/HME | |||
Loss Contingencies [Line Items] | |||
Additional warranty expense related to recall | $ 1,366,000 | ||
Warranty Related Sieve Bed Recall | |||
Loss Contingencies [Line Items] | |||
Additional warranty expense related to recall | (250,000) | 2,057,000 | |
Warranty Related Recall | |||
Loss Contingencies [Line Items] | |||
Additional warranty expense related to recall | 2,877,000 | ||
Warranty Related Recall | North America/HME | |||
Loss Contingencies [Line Items] | |||
Additional warranty expense related to recall | $ (75,000) | 1,612,000 | |
Warranty Related Recall | Asia/Pacific | |||
Loss Contingencies [Line Items] | |||
Additional warranty expense related to recall | $ 1,265,000 |
Subsequent Event Subsequent Eve
Subsequent Event Subsequent Event (Details) | Feb. 02, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Jan. 31, 2017USD ($) |
Subsequent Event [Line Items] | ||||||||||||||||
Charges | $ 1,148,000 | $ 508,000 | $ 689,000 | $ 102,000 | $ 1,031,000 | $ 689,000 | $ 240,000 | $ 2,447,000 | $ 1,971,000 | $ 11,112,000 | $ 9,336,000 | $ 11,395,000 | $ 10,534,000 | |||
Convertible Subordinated Debt | Convertible senior subordinated debentures at 4.125%, due in February 2027 | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt Instrument, Unamortized Discount | $ 311,000 | 1,203,000 | $ 311,000 | 1,203,000 | ||||||||||||
Interest rate (as a percent) | 4.125% | 4.125% | ||||||||||||||
Interest Expense | $ 892,000 | 796,000 | 710,000 | |||||||||||||
Principal amount of liability component | $ 13,350,000 | $ 13,350,000 | 13,350,000 | 13,350,000 | ||||||||||||
Convertible Subordinated Debt | Convertible senior subordinated debentures at 4.125%, due in February 2027 | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Interest rate (as a percent) | 4.125% | |||||||||||||||
Interest Expense | $ 207,000 | |||||||||||||||
Severance | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Charges | $ 1,962,000 | $ 1,678,000 | $ 9,841,000 | $ 8,282,000 | $ 6,775,000 | $ 8,352,000 | ||||||||||
Severance | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Associates Impacted, number | 100 | |||||||||||||||
Charges | $ 2,200,000 | |||||||||||||||
Restructuring Charges, annualized savings | $ 6,600,000 |
Interim Financial Information
Interim Financial Information - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 246,740 | $ 268,145 | $ 275,037 | $ 257,552 | $ 283,265 | $ 283,776 | $ 286,273 | $ 289,024 | $ 1,047,474 | $ 1,142,338 | $ 1,270,163 |
Gross profit | 68,730 | 73,442 | 73,595 | 67,860 | 80,803 | 77,639 | 77,287 | 77,095 | 283,627 | 312,824 | 347,388 |
Earnings (loss) before income taxes | (12,541) | (595) | (9,630) | (6,791) | 581 | (790) | (6,492) | (5,039) | (29,557) | (11,740) | (63,210) |
Loss from Continuing Operations | (17,640) | (5,020) | (11,580) | (8,616) | (2,929) | (7,790) | (8,217) | (7,514) | (42,856) | (26,450) | (68,760) |
Net Earnings from Discontinued Operations | 0 | 0 | 0 | 260 | 0 | 260 | 12,690 | ||||
Net loss | $ (17,640) | $ (5,020) | $ (11,580) | $ (8,616) | $ (2,929) | $ (7,790) | $ (8,217) | $ (7,254) | $ (42,856) | $ (26,190) | $ (56,070) |
Net loss from continuing operations - Basic (in dollars per share) | $ (0.54) | $ (0.15) | $ (0.36) | $ (0.27) | $ (0.09) | $ (0.24) | $ (0.26) | $ (0.23) | $ (1.32) | $ (0.82) | $ (2.15) |
Net earnings (loss) from discontinued operations - Basic (in dollars per share | 0 | 0 | 0 | 0.01 | 0 | 0.01 | 0.40 | ||||
Net earnings (loss) per share - basic | (0.54) | (0.15) | (0.36) | (0.27) | (0.09) | (0.24) | (0.26) | (0.23) | (1.32) | (0.81) | (1.75) |
Net loss from continuing operations assuming dilution (in dollars per share) | (0.54) | (0.15) | (0.36) | (0.27) | (0.09) | (0.24) | (0.26) | (0.23) | (1.32) | (0.82) | (2.15) |
Net earnings (loss) from discontinued operations assuming dilution (in dollars per share) | 0 | 0 | 0 | 0.01 | 0 | 0.01 | 0.39 | ||||
Net Earnings (loss) per Share - Assuming Dilution (in dollars per share) | $ (0.54) | $ (0.15) | $ (0.36) | $ (0.27) | $ (0.09) | $ (0.24) | $ (0.26) | $ (0.23) | $ (1.32) | $ (0.81) | $ (1.75) |
Interim Financial Informatio131
Interim Financial Information - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Loss (gain) on Convertible Debt Derivatives, Net of Tax | $ 1,014,000 | $ 1,192,000 | $ 486,000 | $ 604,000 | ||||||||||
Loss (gain) on Convertible Debt Derivatives, Per Diluted Share | $ 0.03 | $ 0.04 | $ 0.02 | $ 0.02 | ||||||||||
Gain (Loss) on Disposition of Business, Net of Tax | $ 7,386,000 | |||||||||||||
Gain (Loss) from Disposition of Business, Net of Tax, Per Diluted Share | $ 0.23 | |||||||||||||
Charges | $ 1,148,000 | $ 508,000 | $ 689,000 | $ 102,000 | $ 1,031,000 | $ 689,000 | $ 240,000 | $ 2,447,000 | $ 1,971,000 | $ 11,112,000 | $ 9,336,000 | $ 11,395,000 | $ 10,534,000 | |
Restructuring charges, net of tax | $ 1,148,000 | $ 508,000 | $ 689,000 | $ 102,000 | $ 957,000 | $ 635,000 | $ 240,000 | |||||||
Restructuring charges, net of tax, per diluted share | $ 0.04 | $ 0.02 | $ 0.02 | $ 0 | $ 0.03 | $ 0.02 | $ 0.01 | |||||||
Loss (gain) on Convertible Debt Derivatives | $ 1,014,000 | $ 1,192,000 | $ 486,000 | $ 604,000 | (1,268,000) | 0 | 0 | |||||||
Gain on sale of business (pre-tax) | $ (7,386,000) | 7,386,000 | 24,000 | 0 | ||||||||||
Product Warranty Expense | 1,670,000 | 1,220,000 | $ 2,325,000 | |||||||||||
Product Warranty Expense, Net of Tax | $ 1,670,000 | $ 1,220,000 | $ 2,325,000 | |||||||||||
Product warranty expense, net of tax, per diluted share | $ 0.05 | $ 0.04 | $ 0.07 | |||||||||||
Write off of debt fees | $ 668,000 | |||||||||||||
Write off of debt fees, net of tax | $ 668,000 | |||||||||||||
Write off of debt fees per diluted share | $ 0.02 | |||||||||||||
Tax benefit (expense) from intra-period allocation | $ 3,400,000 | (140,000) | (7,175,000) | |||||||||||
Tax benefit (expense) from intra-period allocation per diluted share | $ 0.11 | |||||||||||||
Loss Contingency Accrual, Period Increase (Decrease) | $ 2,856,000 | $ (2,325,000) | $ 11,493,000 |
Schedule II - Valuation and 132
Schedule II - Valuation and Qualifying Accounts - (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Product Warranty Expense | $ 1,670,000 | $ 1,220,000 | $ 2,325,000 | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Product Warranty Expense, Net of Tax | $ 1,670,000 | 1,220,000 | 2,325,000 | |||
Allowance for doubtful accounts [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance At Beginning of Period | 12,518,000 | $ 12,518,000 | $ 16,873,000 | $ 22,294,000 | ||
Charged To Cost And Expenses | 1,059,000 | 754,000 | 1,775,000 | |||
Additions (Deductions) Describe | (3,823,000) | (5,109,000) | (7,196,000) | |||
Balance At End of Period | 12,518,000 | 9,754,000 | 12,518,000 | 16,873,000 | ||
Inventory obsolescense reserve [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance At Beginning of Period | 16,664,000 | 16,664,000 | 17,575,000 | 15,086,000 | ||
Charged To Cost And Expenses | 4,631,000 | 5,054,000 | 5,993,000 | |||
Additions (Deductions) Describe | (3,500,000) | (5,965,000) | (3,504,000) | |||
Balance At End of Period | 16,664,000 | 17,795,000 | 16,664,000 | 17,575,000 | ||
Tax valuation allowances [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance At Beginning of Period | 151,972,000 | 151,972,000 | 133,912,000 | 117,790,000 | ||
Charged To Cost And Expenses | 23,478,000 | 19,717,000 | 33,195,000 | |||
Additions (Deductions) Describe | (1,469,000) | (1,657,000) | (17,073,000) | |||
Balance At End of Period | 151,972,000 | 173,981,000 | 151,972,000 | 133,912,000 | ||
Accrued warranty cost [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance At Beginning of Period | 22,820,000 | 22,820,000 | 30,738,000 | 27,362,000 | ||
Charged To Cost And Expenses | 15,943,000 | 9,899,000 | 26,097,000 | |||
Additions (Deductions) Describe | (15,461,000) | (17,817,000) | (22,721,000) | |||
Balance At End of Period | 22,820,000 | 23,302,000 | 22,820,000 | 30,738,000 | ||
Accrued product liability [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance At Beginning of Period | $ 17,709,000 | 17,709,000 | 23,194,000 | 20,368,000 | ||
Charged To Cost And Expenses | 9,169,000 | 3,738,000 | 7,999,000 | |||
Additions (Deductions) Describe | (6,267,000) | (9,223,000) | (5,173,000) | |||
Balance At End of Period | $ 17,709,000 | $ 20,611,000 | $ 17,709,000 | $ 23,194,000 |