DEI Document
DEI Document - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 03, 2017 | |
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-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Shares [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 32,852,207 | |
Class B Common Shares [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 18,357 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Comprehensive Income (Loss) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Net Sales | $ 233,517,000 | $ 275,037,000 | $ 465,240,000 | $ 532,589,000 | |
Cost of products sold | 168,495,000 | 201,442,000 | 335,073,000 | 391,134,000 | |
Gross Profit | 65,022,000 | 73,595,000 | 130,167,000 | 141,455,000 | |
Selling, general and administrative expenses | 75,721,000 | 78,722,000 | 148,234,000 | 151,556,000 | |
Charges related to restructuring activities | 4,987,000 | 689,000 | 8,270,000 | 791,000 | |
Operating Income (Loss) | (15,686,000) | (5,816,000) | (26,337,000) | (10,892,000) | |
Loss (gain) on Convertible Debt Derivatives | 1,051,000 | (486,000) | 150,000 | (1,090,000) | |
Interest expense | 4,645,000 | 4,374,000 | 9,163,000 | 6,747,000 | |
Interest income | (49,000) | (74,000) | (137,000) | (128,000) | |
Loss Before Income Taxes | (21,333,000) | (9,630,000) | (35,513,000) | (16,421,000) | |
Income tax provision | 2,175,000 | 1,950,000 | 4,775,000 | 3,775,000 | |
Net Loss | $ (23,508,000) | $ (11,580,000) | $ (40,288,000) | $ (20,196,000) | |
Dividends Declared per Common Share | $ 0.0125 | $ 0.0125 | $ 0.0250 | $ 0.0250 | |
Net Earnings (Loss) per Share—Basic | |||||
Net Loss per Share—Basic | $ (0.72) | $ (0.36) | $ (1.23) | $ (0.63) | |
Weighted Average Shares Outstanding—Basic | 32,833 | 32,176 | 32,654 | 32,274 | |
Net Earnings (Loss) per Share—Assuming Dilution | |||||
Net Loss per Share—Assuming Dilution | [1] | $ (0.72) | $ (0.36) | $ (1.23) | $ (0.63) |
Weighted Average Shares Outstanding—Assuming Dilution | 33,193 | 32,530 | 32,947 | 32,572 | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | $ 26,311,000 | $ 10,307,000 | $ 27,260,000 | $ 21,076,000 | |
Defined Benefit Plans: | |||||
Amortization of prior service costs and unrecognized gains | (426,000) | (6,000) | (721,000) | (196,000) | |
Deferred tax adjustment resulting from defined benefit plan activity | 15,000 | (11,000) | 12,000 | (27,000) | |
Valuation reserve associated with defined benefit plan activity | (15,000) | 11,000 | (12,000) | 27,000 | |
Current period unrealized loss on cash flow hedges | (1,907,000) | (2,559,000) | (1,276,000) | (1,394,000) | |
Deferred tax loss related to unrealized loss on cash flow hedges | 271,000 | 292,000 | 105,000 | 89,000 | |
Other Comprehensive Income | 24,249,000 | 8,034,000 | 25,368,000 | 19,575,000 | |
Comprehensive Income (Loss) | $ 741,000 | $ (3,546,000) | $ (14,920,000) | $ (621,000) | |
[1] | Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 160,082 | $ 124,234 |
Trade receivables, net | 124,632 | 116,307 |
Installment receivables, net | 1,573 | 1,368 |
Inventories, net | 153,418 | 135,644 |
Other current assets | 31,310 | 31,519 |
Total Current Assets | 471,015 | 409,072 |
Other Assets | 60,279 | 29,687 |
Intangibles | 29,771 | 29,023 |
Property and Equipment, net | 76,607 | 75,359 |
Goodwill | 380,560 | 360,602 |
Total Assets | 1,018,232 | 903,743 |
Current Liabilities | ||
Accrued expenses | 88,227 | 88,236 |
Accrued expenses | 110,509 | 110,095 |
Current taxes payable | 6,686 | 7,269 |
Short-term debt and current maturities of long-term obligations | 2,159 | 15,261 |
Total Current Liabilities | 207,581 | 220,861 |
Long-Term Debt | 235,742 | 146,088 |
Other Long-Term Obligations | 149,288 | 114,407 |
Shareholders’ Equity | ||
Preferred Shares (Authorized 300 shares; none outstanding) | 0 | 0 |
Additional paid-in-capital | 286,201 | 266,151 |
Retained earnings | 225,063 | 266,144 |
Accumulated other comprehensive income (loss) | 6,033 | (19,335) |
Treasury shares (3,698 and 3,616 shares in 2017 and 2016, respectively) | (100,951) | (99,730) |
Total Shareholders’ Equity | 425,621 | 422,387 |
Total Liabilities and Shareholders’ Equity | 1,018,232 | 903,743 |
Common Shares [Member] | ||
Shareholders’ Equity | ||
Common Shares | 9,270 | 8,974 |
Class B Common Shares [Member] | ||
Shareholders’ Equity | ||
Common Shares | $ 5 | $ 183 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Common Stock, Par or Stated Value Per Share | $ 0.25 | |
Preferred Stock, Shares Authorized | 300,000 | 300,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Shares | 3,698,000 | 3,616,000 |
Common Shares [Member] | ||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 36,546,000 | 35,318,000 |
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Class B Common Shares [Member] | ||
Common Stock, Shares Authorized | 12,000,000 | 12,000,000 |
Common Stock, Shares, Issued | 18,000 | 729,000 |
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement Of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Activities | ||
Net loss | $ (40,288,000) | $ (20,196,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 7,312,000 | 7,269,000 |
Provision for losses on trade and installment receivables | 500,000 | 167,000 |
Benefit for deferred income taxes | (759,000) | (165,000) |
Provision for other deferred liabilities | 400,000 | 232,000 |
Provision for stock-based compensation | 4,646,000 | 4,025,000 |
Loss (gain) on disposals of property and equipment | (91,000) | 48,000 |
Amortization of convertible debt discount | 3,451,000 | 2,221,000 |
Amortization of debt fees | 985,000 | 909,000 |
Loss (gain) on convertible debt derivatives | (150,000) | 1,090,000 |
Changes in operating assets and liabilities: | ||
Trade receivables | (5,396,000) | (11,473,000) |
Installment sales contracts, net | (186,000) | (1,011,000) |
Inventories | (13,095,000) | (11,788,000) |
Other current assets | 1,262,000 | (1,244,000) |
Accounts payable | (2,376,000) | (3,426,000) |
Accrued expenses | (5,851,000) | (14,132,000) |
Other long-term liabilities | (1,132,000) | (4,177,000) |
Net Cash Used by Operating Activities | (50,468,000) | (53,831,000) |
Investing Activities | ||
Purchases of property and equipment | (5,504,000) | (3,803,000) |
Proceeds from sale of property and equipment | 190,000 | 20,000 |
Change in other long-term assets | (218,000) | (115,000) |
Other | (87,000) | 11,000 |
Net Cash Used by Investing Activities | (5,619,000) | (3,887,000) |
Financing Activities | ||
Proceeds from revolving lines of credit and long-term borrowings | 95,220,000 | 121,976,000 |
Payments on revolving lines of credit and long-term borrowings | (14,881,000) | (1,655,000) |
Proceeds from exercise of stock options | 1,429,000 | 17,000 |
Payment of financing costs | (4,144,000) | (5,531,000) |
Payment of dividends | (793,000) | (790,000) |
Issuance of warrants | 14,100,000 | 12,376,000 |
Purchase of treasury stock | (1,221,000) | (5,298,000) |
Net Cash Provided by Financing Activities | 89,710,000 | 121,095,000 |
Effect of exchange rate changes on cash | 2,225,000 | 1,873,000 |
Increase in cash and cash equivalents | 35,848,000 | 65,250,000 |
Cash and cash equivalents at beginning of year | 124,234,000 | 60,055,000 |
Cash and cash equivalents at end of period | $ 160,082,000 | $ 125,305,000 |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies 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 June 30, 2017 and the results of its operations and changes in its cash flow for the six months ended June 30, 2017 and 2016 , respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using a May 31 quarter end to meet filing deadlines. No material subsequent events have occurred related to the European segment, which would require disclosure or adjustment to the company's financial statements. All significant intercompany transactions are eliminated. The results of operations for the three and six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year. Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. Recent Accounting Pronouncements (Already Adopted): 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. The company adopted ASU 2016-09, effective January 1, 2017, which did not have a material impact on the company's financial statements. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” to simplify the subsequent measurement of inventory. With effectiveness of this update, entities are required to subsequently measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. The company adopted ASU 2015-11, effective January 1, 2017, which did not have a material impact on the company's financial statements. Recent Accounting Pronouncements (Not Yet Adopted): 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 and is currently continuing its review of contracts and related accounting. 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 most of the company's contracts. The company expects to adopt the provisions of ASU 2014-09 on a modified retrospective basis through a cumulative effect adjustment to equity. 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. 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. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The guidance in ASU 2017-04 eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the new ASU, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for annual or interim goodwill impairment testing performed after January 1, 2017. The company is currently reviewing the impact of the adoption of ASU 2017-04 but does not expect the adoption to impact the company's financial statements. Reclassifications: 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 changed to reflect the new measure. During the first quarter of 2017, a subsidiary, formerly included in the Europe segment, transferred to the NA/HME segment as it is managed by the NA/HME segment manager effective January 1, 2017. The results for 2016 have been changed accordingly and for the three and six months ended June 30, 2016, the change increased revenues from external customers by $1,137,000 and $2,438,000 , respectively, and operating loss by $43,000 and $150,000 , respectively, for NA/HME with an offsetting impact for Europe. The company has historically classified the amortization of debt issuance costs as a component of Selling, General and Administrative (SG&A) Expenses. During the second quarter of 2016, the company determined that it is more appropriate to classify this amortization as a component of Interest Expense. Therefore, interest expense for the three and six months ended June 30, 2016 was increased by $530,000 and $909,000 , respectively, with a corresponding decrease to SG&A expenses. There was no change to Loss Before Income Taxes for any period presented. |
Operations Held For Sale
Operations Held For Sale | 6 Months Ended |
Jun. 30, 2017 | |
Operations Held For Sale [Abstract] | |
Discontinued Operations Held For Sale Disclosure | Operations Held for Sale 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 NA/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 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. 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. Prior to 2017, the company had recorded expenses related to the sale of all operations held for sale, including GCM , totaling $2,892,000 , of which $1,643,000 has been paid out as of June 30, 2017 . |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations From 2012 through 2014, the company sold three businesses which were classified as discontinued operations. Prior to 2017, the company had recorded cumulative expenses related to the sale of discontinued operations totaling $8,801,000 , of which $8,405,000 have been paid as of June 30, 2017 . |
Receivables
Receivables | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Receivables | Receivables Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. Substantially all the company’s receivables are due from health care, medical equipment providers and long term care facilities located throughout the United States, Australia, Canada, New Zealand, China and Europe. A significant portion of products sold to providers, both foreign and domestic, are ultimately funded through government reimbursement programs such as Medicare and Medicaid in the U.S. Therefore, changes in these programs can have an adverse impact on dealer liquidity and profitability. The estimated allowance for uncollectible amounts ($ 7,181,000 at June 30, 2017 and $6,916,000 at December 31, 2016 ) is based primarily on management’s evaluation of the financial condition of specific customers. In addition, due to the company's financing arrangement with De Lage Landen, Inc. ("DLL"), a third-party financing company with which the company has worked 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 three payments. The Canadian installment receivables represent the second class of installment receivables which were originally financed by the company because third party financing was not available to the HME providers. The Canadian installment receivables are typically financed for twelve months and historically have had a very low risk of default. The estimated allowance for uncollectible amounts and evaluation for impairment for both classes of installment receivables is based on the company’s quarterly review of the financial condition of each individual customer with the allowance for doubtful accounts adjusted accordingly. Installments are individually and not collectively reviewed for impairment. The company assesses the bad debt reserve levels based upon the status of the customer’s adherence to 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 financial statements 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 consist of the following (in thousands): June 30, 2017 December 31, 2016 Current Long- Term Total Current Long- Term Total Installment receivables $ 2,115 $ 2,772 $ 4,887 $ 2,027 $ 2,685 $ 4,712 Less: Unearned interest (33 ) — (33 ) (40 ) — (40 ) 2,082 2,772 4,854 1,987 2,685 4,672 Allowance for doubtful accounts (509 ) (1,959 ) (2,468 ) (619 ) (2,219 ) (2,838 ) Installment receivables, net $ 1,573 $ 813 $ 2,386 $ 1,368 $ 466 $ 1,834 Installment receivables purchased from DLL during the six months ended June 30, 2017 increased the gross installment receivables balance by $696,000 . No sales of installment receivables were made by the company during the quarter. The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands): Six Months Ended June 30, 2017 Year Ended December 31, 2016 Balance as of beginning of period $ 2,838 $ 2,792 Current period provision (benefit) (341 ) 1,220 Direct write-offs charged against the allowance (29 ) (1,174 ) Balance as of end of period $ 2,468 $ 2,838 Installment receivables by class as of June 30, 2017 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 $ 4,103 $ 4,103 $ 2,358 $ — Canada Non-Impaired installment receivables with no related allowance recorded 674 641 — 39 Impaired installment receivables with a related allowance recorded 110 110 110 — Total Canadian installment receivables 784 751 110 39 Total Non-Impaired installment receivables with no related allowance recorded 674 641 — 39 Impaired installment receivables with a related allowance recorded 4,213 4,213 2,468 — Total installment receivables $ 4,887 $ 4,854 $ 2,468 $ 39 Installment receivables by class as of December 31, 2016 consist of the following (in thousands): Total Installment Receivables Unpaid Principal Balance Related 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 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 June 30, 2017 , the company had no U.S. installment receivables past due of 90 days or more for which the company is still accruing interest. Individually, all U.S. installment receivables are assigned a specific allowance for doubtful accounts based on management’s review when the company does not expect to receive both the contractual principal and interest payments as specified in the loan agreement. In Canada, the company had an immaterial amount of Canadian installment receivables which were past due of 90 days or more as of June 30, 2017 and December 31, 2016 for which the company is still accruing interest. The aging of the company’s installment receivables was as follows (in thousands): June 30, 2017 December 31, 2016 Total U.S. Canada Total U.S. Canada Current $ 670 $ — $ 670 $ 832 $ — $ 832 0-30 Days Past Due 7 — 7 18 — 18 31-60 Days Past Due 7 — 7 12 — 12 61-90 Days Past Due 7 — 7 2 — 2 90+ Days Past Due 4,196 4,103 93 3,848 3,762 86 $ 4,887 $ 4,103 $ 784 $ 4,712 $ 3,762 $ 950 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following (in thousands): June 30, 2017 December 31, 2016 Finished goods $ 77,236 $ 68,701 Raw materials 65,722 56,270 Work in process 10,460 10,673 Inventories, net $ 153,418 $ 135,644 |
Other Current Assets
Other Current Assets | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Other Current Assets Other current assets consist of the following (in thousands): June 30, 2017 December 31, 2016 Value added tax receivables $ 15,457 $ 14,336 Service contracts 2,091 2,902 Derivatives (foreign currency forward exchange contracts) 1,113 2,754 Prepaid insurance 1,490 2,761 Prepaid inventory 664 790 Recoverable income taxes 451 503 Prepaid debt fees 377 489 Prepaid and other current assets 9,667 6,984 Other Current Assets $ 31,310 $ 31,519 |
Other Long-Term Assets
Other Long-Term Assets | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Long-Term Assets | Other Long-Term Assets Other long-term assets consist of the following (in thousands): June 30, 2017 December 31, 2016 Convertible 2021 note hedge asset $ 27,430 $ 25,471 Convertible 2022 note hedge asset 28,582 — Cash surrender value of life insurance policies 1,871 1,824 Deferred financing fees 958 793 Installment receivables 813 466 Deferred taxes 416 837 Investments 103 108 Other 106 188 Other Long-Term Assets $ 60,279 $ 29,687 During the quarter ended March 31, 2016 , the company issued $150,000,000 principal amount of Convertible Senior Notes due 2021. During the quarter ended June 30, 2017 , the company issued $120,000,000 principal amount of Convertible Senior Notes due 2022. As part of the 2016 and 2017 transactions, the company entered into the related 2021 and 2022 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. |
Property And Equipment
Property And Equipment | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | Property and Equipment Property and equipment consist of the following (in thousands): June 30, 2017 December 31, 2016 Machinery and equipment $ 297,298 $ 301,367 Land, buildings and improvements 76,260 73,709 Leasehold improvements 12,391 12,054 Furniture and fixtures 10,074 10,100 Property and Equipment, gross 396,023 397,230 Less allowance for depreciation (319,416 ) (321,871 ) Property and Equipment, net $ 76,607 $ 75,359 |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The change in goodwill from December 31, 2016 to June 30, 2017 was due to foreign currency translation. |
Intangibles
Intangibles | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangibles | Intangibles The company's intangibles consist of the following (in thousands): June 30, 2017 December 31, 2016 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Customer lists $ 51,844 $ 48,747 $ 49,362 $ 45,797 Trademarks 25,339 — 24,091 — Developed technology 7,594 6,287 7,287 5,969 Patents 5,546 5,536 5,512 5,487 License agreements 1,174 1,174 1,126 1,126 Other 1,162 1,144 1,162 1,138 Intangibles $ 92,659 $ 62,888 $ 88,540 $ 59,517 All the company’s intangible assets have been assigned definite lives and continue to be amortized over their useful lives, except for trademarks shown above, which have indefinite lives. The changes in intangible balances reflected on the balance sheet from December 31, 2016 to June 30, 2017 were the result of foreign currency translation and amortization. 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. Amortization expense related to intangibles was $755,000 in the first six months of 2017 and is estimated to be $1,504,000 in 2017 , $1,494,000 in 2018 , $1,310,000 in 2019 , $178,000 in 2020 , $178,000 in 2021 and $178,000 in 2022 . Amortized intangibles are being amortized on a straight-line basis over remaining lives of 1 to 10 years with most of the intangibles being amortized over an average remaining life of approximately 4 years. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of accruals for the following (in thousands): June 30, 2017 December 31, 2016 Salaries and wages $ 29,662 $ 32,959 Warranty cost 22,947 23,302 Taxes other than income taxes, primarily value added taxes 20,655 19,194 Professional 5,416 4,728 Severance 5,156 2,049 Freight 4,506 5,211 Interest 3,759 3,747 Product liability, current portion 3,459 3,996 Deferred revenue 1,539 1,446 Derivative liabilities (foreign currency forward exchange contracts) 1,496 1,783 Rent 683 672 Insurance 670 742 Rebates 484 356 Supplemental Executive Retirement Program liability 391 391 Other items, principally trade accruals 9,686 9,519 Accrued Expenses $ 110,509 $ 110,095 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 records 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 product field actions and recalls, which could warrant additional warranty reserve provision. The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands): Balance as of January 1, 2017 $ 23,302 Warranties provided during the period 4,927 Settlements made during the period (5,571 ) Changes in liability for pre-existing warranties during the period, including expirations 289 Balance as of June 30, 2017 $ 22,947 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Capital Leases Disclosures | Long-Term Debt Debt consists of the following (in thousands): June 30, 2017 December 31, 2016 Convertible senior notes at 5.00%, due in February 2021 $ 118,666 $ 115,159 Convertible senior notes at 4.50%, due in June 2022 86,680 — Convertible senior subordinated debentures at 4.125%, due in February 2027 — 13,039 Other notes and lease obligations 32,555 33,151 237,901 161,349 Less current maturities of long-term debt (2,159 ) (15,261 ) Long-Term Debt $ 235,742 $ 146,088 The company had outstanding letters of credit of $2,891,000 and $2,853,000 as of June 30, 2017 and December 31, 2016 , respectively. There were no borrowings denominated in foreign currencies, excluding a portion of the company's capital leases, as of June 30, 2017 and December 31, 2016 . As of June 30, 2017 , the weighted average floating interest rate on all borrowings, excluding capital leases, was 4.95% compared to 4.85% as of December 31, 2016 . On September 30, 2015 , the company entered into an Amended and Restated Revolving Credit and Security Agreement, which was subsequently amended (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. 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 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. 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) $1,608,200 as of June 30, 2017 (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 June 30, 2017 , 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 $28,791,000 , considering the minimum availability reserve, then-outstanding letters of credit, other reserves and the $11,250,000 dominion trigger amount described below. Borrowings under the U.S. and Canadian Credit Facility are secured by substantially all of the company’s U.S. and Canadian assets, other than real estate. 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 company and 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 2021, 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. 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 June 30, 2017 , the aggregate borrowing availability to the European Borrowers under the European Credit Facility was approximately $15,797,000 , considering the $3,000,000 minimum availability reserve and the $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 the 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% , as selected by the company. The margin that will be adjusted quarterly based on utilization. Borrowings under the European Credit Facility are subject to commitment fees of 0.25% or 0.375% per year, depending on utilization. The European Credit Facility is secured by substantially all the personal property assets of the UK Borrower and its in-country subsidiaries, and all 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 US 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 2027 In 2007 , the company issued $135,000,000 principal amount of 4.125% Convertible Senior Subordinated Debentures due 2027 (the "debentures"), of which $0 principal amount remains outstanding as of June 30, 2017 . The holders of the debentures exercised their right to require the company to repurchase all the debentures on February 1, 2017 at a price equal to 100% of the principal amount. The company satisfied the accreted value of the debentures using cash on February 2, 2017 , and no debentures remained outstanding following that date. The liability components of the debentures consisted of the following (in thousands): December 31, 2016 Principal amount of liability component $ 13,350 Unamortized discount (311 ) Net carrying amount of liability component $ 13,039 The unamortized discount as of December 31, 2016 was fully amortized in the first quarter 2017 due to the repurchase of all the debentures on February 1, 2017 . 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 “2021 notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2021 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 2021 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 2021 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 2021 notes will be convertible, subject to certain conditions, into cash. If the company obtains such shareholder approval, the 2021 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 2021 notes will have the right to require the company to repurchase all or some of their 2021 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 2021 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 at issuance was $34,480,000 . The fair value of the convertible debt conversion liability at June 30, 2017 was $32,227,000 compared to $30,708,000 as of December 31, 2016 . The company recognized loss es of $8,250,000 and $1,519,000 for the three and six months ended June 30, 2017 , respectively, compared to gain s of $6,565,000 and $5,847,000 for the three and six months ended June 30, 2016 , respectively, related to the convertible debt conversion liability. In connection with the offering of the 2021 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 2021 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 2021 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 assets at June 30, 2017 was $27,430,000 compared to $25,471,000 as of December 31, 2016 . The company recognized gain s of $7,789,000 and $1,959,000 for the three and six months ended June 30, 2017 compared to loss es of $6,079,000 and $4,757,000 for the three and six months ended June 30, 2016 , respectively, 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 2021 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 June 30, 2017 , 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 2021 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 2021 notes consist of the following (in thousands): June 30, 2017 December 31, 2016 Principal amount of liability component $ 150,000 $150,000 Unamortized discount (26,991 ) (29,919 ) Debt fees (4,343 ) (4,922 ) Net carrying amount of liability component $ 118,666 $ 115,159 The unamortized discount of $26,991,000 is to be amortized through February 2021. The effective interest rate on the liability component was 11.1% . Non-cash interest expense of $1,490,000 and $2,928,000 was recognized for the three and six months ended June 30, 2017 , respectively, compared to $1,338,000 and $1,788,000 for the three and six months ended June 30, 2016 , respectively, in comparison to actual interest expense accrued of $1,875,000 and $3,750,000 for the three and six months ended June 30, 2017 , respectively, compared to $1,875,000 and $2,628,000 for the three and six months ended June 30, 2016 , respectively, based on the stated coupon rate of 5.0% . The 2021 notes were not convertible as of June 30, 2017 nor was the applicable conversion threshold met. Convertible senior notes due 2022 In the second quarter of 2017, the company issued $120,000,000 aggregate principal amount of 4.50% Convertible Senior Notes due 2022 (the “2022 notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2022 notes bear interest at a rate of 4.50% per year payable semi-annually in arrears on June 1 and December 1 of each year, beginning December 1, 2017 . The 2022 notes will mature on June 1, 2022 , unless repurchased or converted in accordance with their terms prior to such date. Prior to December 1, 2021 , the 2022 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 of the issuance of the company's common shares upon conversion of the 2022 notes and the 2021 notes under applicable New York Stock Exchange rules, the 2022 notes will be convertible, subject to certain conditions, into cash. If the company obtains such shareholder approval, the 2022 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 2022 notes will have the right to require the company to repurchase all or some of their 2022 notes at 100% of their principal, plus any accrued and unpaid interest, upon the occurrence of certain fundamental changes. The initial conversion rate is 61.6095 common shares per $1,000 principal amount of 2022 notes (equivalent to an initial conversion price of approximately $16.23 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 at issuance was $28,859,000 . The fair value of the convertible debt conversion liability at June 30, 2017 was $33,251,000 . The company recognized a loss of $4,392,000 for both the three and six months ended June 30, 2017 related to the convertible debt conversion liability. In connection with the offering of the 2022 notes, the company entered into privately negotiated convertible note hedge transactions with one financial institution (the “option counterparty”). These transactions cover, subject to customary anti-dilution adjustments, the number of the company’s common shares that will initially underlie the 2022 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 2022 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 $24,780,000 . The fair value of the convertible note hedge assets at June 30, 2017 was $28,582,000 . The company recognized a gain of $3,802,000 for both the three and six months ended June 30, 2017 related to the convertible note hedge asset. The company entered into separate, privately negotiated warrant transactions with the option counterparty 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 $21.4375 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 $14,100,000 . The net proceeds from the offering of the 2022 notes were approximately $114,962,000 , after deducting fees and offering expenses of $5,038,000 . These debt issuance costs were capitalized and are being amortized as interest expense through June 2022. As of June 30, 2017 , $4,144,000 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. 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 $10,680,000 . The liability components of the 2022 notes consist of the following (in thousands): June 30, 2017 Principal amount of liability component $ 120,000 Unamortized discount (28,647 ) Debt fees (4,673 ) Net carrying amount of liability component $ 86,680 The unamortized discount of $28,647,000 is to be amortized through June 2022. The effective interest rate on the liability component was 10.9% . Non-cash interest expense of $212,000 was recognized for both the three and six months ended June 30, 2017 in comparison to actual interest expense accrued of $255,000 for the same periods respectively, based on the stated coupon rate of 4.5% . The 2022 notes were not convertible as of June 30, 2017 nor was the applicable conversion threshold met. |
Other Long-Term Obligations
Other Long-Term Obligations | 6 Months Ended |
Jun. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Obligations | Other Long-Term Obligations Other long-term obligations consist of the following (in thousands): June 30, 2017 December 31, 2016 Deferred income taxes $ 31,795 $ 31,079 Convertible 2021 debt conversion liability 32,227 30,708 Convertible 2022 debt conversion liability 33,251 — Product liability 15,009 16,615 Pension 13,969 13,258 Deferred gain on sale leaseback 6,562 6,703 Supplemental Executive Retirement Plan liability 5,541 5,612 Deferred compensation 3,858 3,593 Uncertain tax obligation including interest 2,905 3,150 Other 4,171 3,689 Other Long-Term Obligations $ 149,288 $ 114,407 During the quarter ended March 31, 2016 , the company issued $150,000,000 principal amount of 5.00% Convertible Senior Notes due 2021. During the quarter ended June 30, 2017, the company issued $120,000,000 principal amount of Convertible Senior Notes due 2022. Due to the 2016 and 2017 issuances, long-term liabilities representing the convertible debt conversion liabilities were recorded which are adjusted to reflect fair values quarterly. The amounts included in the above table represent the fair values of the conversion liabilities as of June 30, 2017 and 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 sale leaseback transaction which resulted in the company recording 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 $68,000 and $136,000 for the three and six months ended June 30, 2017 , respectively, compared to $65,000 and $131,000 for the three and six months ended June 30, 2016 , respectively. |
Equity Compensation
Equity Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shareholders' Equity Transactions | 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 31, 2017 , the company received notice that holders of 703,912 Class B Common Shares had elected to convert all of their Class B Common Shares into Common Shares. After the conversion, 18,357 Class B Common Shares remained outstanding. The conversion substantially diminished the significance of the Company’s dual class voting structure, as after completion, the holders of the Common Shares represented approximately 99.5% of the Company’s total outstanding voting power. Equity Compensation Plan On May 16, 2013 , the shareholders of the company approved the Invacare Corporation 2013 Equity Compensation Plan (the “2013 Plan”), which was adopted on March 27, 2013 by the company's Board of Directors (the “Board”). The Board adopted the 2013 Plan to replace the company's prior equity plan, the Invacare Corporation Amended and Restated 2003 Performance Plan (the “2003 Plan”), which expired on May 21, 2013 . Due to its expiration, no new awards may be granted under the 2003 Plan; however, awards granted prior to its expiration will remain 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. At June 30, 2017 , an aggregate of 2,373,030 Common Shares underlie awards outstanding under the 2003 Plan, which shares may become available under the 2013 Plan to the extent such awards are forfeited or expire unexercised. 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 June 30, 2017 , 1,372,287 common shares were available for future 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. The amounts of equity-based compensation expense recognized as part of selling, general and administrative expenses were as follows (in thousands): For the Six Months Ended June 30, 2017 2016 Restricted stock / units $ 3,262 $ 3,081 Performance shares / units 905 466 Non-qualified and performance stock options 479 478 Total stock-based compensation expense $ 4,646 $ 4,025 As of June 30, 2017 , 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): June 30, 2017 Restricted stock and restricted stock units $ 9,896 Performance shares and performance share units 8,229 Non-qualified and performance stock options 3,725 Total unrecognized stock-based compensation expense $ 21,850 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 "Stock Options" and "Performance Shares and Performance Share Units" below). No tax benefit for share-based compensation was realized for the three and six months ended June 30, 2017 and 2016 due to a valuation allowance against deferred tax assets. Stock Options Generally, non-qualified stock option awards have a term of ten years and were granted with an exercise price per share equal to the fair market value of one of the company’s Common Shares on the date of grant. Stock option awards granted in 2017 were performance-based awards which will only become exercisable if the performance goals established by the Compensation Committee are achieved over a 3-year period ending in 2019 and subject to the Compensation Committee's exercise of negative discretion to reduce the number of options vested based on the progress towards the company's transformation. The company expects the compensation expense to be recognized over a weighted-average period of approximately two years . The following table summarizes information about stock option activity for the six months ended June 30, 2017 : June 30, 2017 Weighted Average Exercise Price Options outstanding at January 1, 2017 2,542,732 $ 21.19 Granted 756,420 12.15 Exercised (103,775 ) 13.77 Canceled (56,950 ) 20.37 Options outstanding at June 30, 2017 3,138,427 $ 19.27 Options exercise price range at June 30, 2017 $ 12.15 to $ 33.36 Options exercisable at June 30, 2017 2,379,987 Shares available for grant at June 30, 2017* 1,372,287 ________ * Shares available for grant as of June 30, 2017 reduced by net restricted stock and restricted stock unit award and performance share and performance share unit award activity of 2,523,796 shares and 2,124,222 shares, respectively. The following table summarizes information about stock options outstanding at June 30, 2017 : Options Outstanding Options Exercisable Exercise Prices Number Outstanding at June 30, 2017 Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable at June 30, 2017 Weighted Average Exercise Price $ 12.15 – $20.00 1,318,466 7.2 $ 13.02 580,876 $ 14.19 $ 20.01 – $25.00 1,079,227 1.9 22.56 1,062,827 22.55 $ 25.01 – $30.00 736,238 1.7 25.55 731,788 25.55 $ 30.01 – $33.36 4,496 3.4 33.36 4,496 33.36 Total 3,138,427 4.6 $ 19.27 2,379,987 $ 21.54 Pursuant to the plans, the Compensation 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. All stock options issued in 2017 were performance-based and may vest after the conclusion of the performance period ending December 31, 2019 based on achievement of performance goals established by the Compensation Committee and subject to the Compensation Committee's exercise of negative discretion to reduce the number of options vested based on the progress towards the company's transformation. All other outstanding stock options were issued in 2014 and prior and were not performance-based. 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 in 25% installments in each year. Options granted with graded vesting were accounted for as single options. The fair value of options granted is estimated on the date of grant using a Black-Scholes option-pricing model. The calculated fair value of the 2017 performance option awards was $5.38 based on the following assumptions: 2017 Expected dividend yield 0.4 % Expected stock price volatility 39.1 % Risk-free interest rate 2.31 % Expected life in years 7.8 Forfeiture percentage 5.0 % Expected dividend yield was based on historical dividends. Expected stock price volatility percentage was calculated at the date of grant based on historical stock prices for a period commensurate with the expected life of the option. The assumed expected life and forfeiture percentages were based on the company's historical analysis of option history. Restricted Stock and Restricted Stock Units The following table summarizes information about restricted shares and restricted share units (primarily for non-U.S. recipients): June 30, 2017 Weighted Average Fair Value Stock / Units unvested at January 1, 2017 878,356 $ 15.87 Granted 480,742 12.09 Vested (364,367 ) 16.66 Canceled (99,011 ) 14.22 Stock / Units unvested at June 30, 2017 895,720 $ 13.70 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): June 30, 2017 Weighted Average Fair Value Shares / Units unvested at January 1, 2017 309,468 $ 14.58 Granted 336,694 12.02 Vested — — Canceled (3,711 ) 12.82 Shares / Units unvested at June 30, 2017 642,451 $ 13.25 During the six months ended June 30, 2017 , performance shares and performance share units (for non-U.S. recipients) were granted as performance awards with a three -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 January 1, 2017 through December 31, 2019 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 three years. No performance award expense has been recognized for the 2015 awards as it is not considered probable that the performance goals for those awards will be met. Expense is being recognized for the 2016 and 2017 awards. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) by Component | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) by Component | Accumulated Other Comprehensive Income (Loss) by Component Changes in accumulated other comprehensive income ("OCI") for the three and six months ended June 30, 2017 and June 30, 2016 , respectively, were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total March 31, 2017 $ (28,352 ) $ 20,474 $ (11,543 ) $ 1,205 $ (18,216 ) OCI before reclassifications 37,163 (10,852 ) (480 ) (1,335 ) 24,496 Amount reclassified from accumulated OCI — — 54 (301 ) (247 ) Net current-period OCI 37,163 (10,852 ) (426 ) (1,636 ) 24,249 June 30, 2017 $ 8,811 $ 9,622 $ (11,969 ) $ (431 ) $ 6,033 December 31, 2016 $ (26,199 ) $ 17,372 $ (11,248 ) $ 740 $ (19,335 ) OCI before reclassifications 35,010 (7,750 ) (985 ) (571 ) 25,704 Amount reclassified from accumulated OCI — — 264 (600 ) (336 ) Net current-period OCI 35,010 (7,750 ) (721 ) (1,171 ) 25,368 June 30, 2017 $ 8,811 $ 9,622 $ (11,969 ) $ (431 ) $ 6,033 March 31, 2016 $ 6,474 $ 2,662 $ (9,947 ) $ 2,965 $ 2,154 OCI before reclassifications 9,982 325 (77 ) (2,059 ) 8,171 Amount reclassified from accumulated OCI — — 71 (208 ) (137 ) Net current-period OCI 9,982 325 (6 ) (2,267 ) 8,034 June 30, 2016 $ 16,456 $ 2,987 $ (9,953 ) $ 698 $ 10,188 December 31, 2015 $ (5,744 ) $ 4,111 $ (9,757 ) $ 2,003 $ (9,387 ) OCI before reclassifications 22,200 (1,124 ) (272 ) (931 ) 19,873 Amount reclassified from accumulated OCI — — 76 (374 ) (298 ) Net current-period OCI 22,200 (1,124 ) (196 ) (1,305 ) 19,575 June 30, 2016 $ 16,456 $ 2,987 $ (9,953 ) $ 698 $ 10,188 Reclassifications out of accumulated OCI for the three and six months ended June 30, 2017 and June 30, 2016 were as follows (in thousands): Amount reclassified from OCI Affected line item in the Statement of Comprehensive (Income) Loss For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Defined Benefit Plans Service and interest costs $ 54 $ 71 $ 264 $ 76 Selling, General and Administrative Tax — — — — Income Taxes Total after tax $ 54 $ 71 $ 264 $ 76 Derivatives Foreign currency forward contracts hedging sales $ 166 $ (982 ) $ 234 $ (1,409 ) Net Sales Foreign currency forward contracts hedging purchases (481 ) 719 (872 ) 957 Cost of Products Sold Total before tax (315 ) (263 ) (638 ) (452 ) Tax 14 55 38 78 Income Taxes Total after tax $ (301 ) $ (208 ) $ (600 ) $ (374 ) |
Charges Related To Restructurin
Charges Related To Restructuring Activities | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Charges Related To Restructuring Activities | Charges Related to Restructuring Activities The company's restructuring charges were originally 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 due to the outsourcing by competitors to lower cost locations. Restructuring decisions were also the result of reduced profitability in the NA/HME and Asia/Pacific segments. In addition, as a result of the company's transformation strategy, additional restructuring actions were incurred in 2016 and continued in 2017. The company expects any near-term cost savings from restructuring will be offset by other costs because of pressures on the business. For the six months ended June 30, 2017 , charges totaled $8,270,000 which were related to severance in NA/HME ( $5,522,000 ), Europe ( $1,204,000 ) and Asia/Pacific ( $896,000 ) as well as building lease termination costs in the NA/HME segment ( $648,000 ). The NA/HME charges include the impact of the company's closure of its Suzhou, China, manufacturing facility, which is expected to generate approximately $4,000,000 in annualized pre-tax savings for the NA/HME segment. Payments for the six months ended June 30, 2017 were $4,800,000 and the cash payments were funded with company's cash on hand. Most of the 2017 charges are expected to be paid out within twelve months. For the six months ended June 30, 2016 , charges totaled $791,000 which were related to severance in NA/HME ( $332,000 ) and Asia/Pacific ( $68,000 ) as well as building lease termination costs in the NA/HME segment ( $391,000 ). Payments for the six months ended June 30, 2016 were $1,614,000 and the cash payments were funded with company's cash on hand. Most of the 2016 charges have been paid out. There have been no material changes in accrued balances related to the charges, either as a result of revisions to 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, higher interest expense. To date, the company's liquidity has not been materially impacted. Please refer to Charges Related to Restructuring Activities of company's Annual Report on Form 10-K for the period ending December 31, 2016 for disclosure of restructuring activity prior to 2017. A progression by reporting segment of the accruals recorded as a result of the restructuring for 2017 is as follows (in thousands): Severance Contract Terminations Total December 31, 2016 Balance NA/HME $ 783 $ 120 $ 903 Other 1,266 — 1,266 Total 2,049 120 2,169 Charges NA/HME 2,095 147 2,242 Europe 690 — 690 Asia/Pacific 351 — 351 Total 3,136 147 3,283 Payments NA/HME (1,488 ) (96 ) (1,584 ) Europe (190 ) — (190 ) Asia/Pacific (228 ) — (228 ) Other (249 ) — (249 ) Total (2,155 ) (96 ) (2,251 ) March 31, 2017 Balance NA/HME 1,390 171 1,561 Europe 500 — 500 Asia/Pacific 123 — 123 Other 1,017 — 1,017 Total 3,030 171 3,201 Charges NA/HME 3,427 501 3,928 Europe 514 — 514 Asia/Pacific 545 — 545 Total 4,486 501 4,987 Payments NA/HME (1,362 ) (189 ) (1,551 ) Europe (340 ) — (340 ) Asia/Pacific (658 ) — (658 ) Total (2,360 ) (189 ) (2,549 ) June 30, 2017 Balance NA/HME 3,455 483 3,938 Europe 674 — 674 Asia/Pacific 10 — 10 Other 1,017 — 1,017 Total $ 5,156 $ 483 $ 5,639 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The company had an effective tax rate of 10.2% and 13.4% on losses before income tax for the three and six months ended June 30, 2017 , respectively, and an effective tax rate of 20.2% and 23.0% for the three and six months ended June 30, 2016 , respectively, compared to an expected benefit at the U.S. statutory rate of 35% on the pre-tax losses for each period. The company's effective tax rate for the three and six months ended June 30, 2017 and June 30, 2016 was unfavorable as compared to the U.S. federal statutory rate expected benefit, principally due to the negative impact of the company's inability to record tax benefits related to the significant losses in countries which had tax valuation allowances. The effective tax rate was reduced by certain taxes outside the United States, excluding countries with tax valuation allowances, that were at an effective rate lower than the U.S. statutory rate. During 2016, installment payments were made in the first quarter related to a previously disclosed liability for uncertain tax positions, and subsequent to the end of the first quarter, the company accelerated and paid the balance of the installment obligation, in order to reduce interest costs. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Common Share | Net Loss Per Common Share The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated. (In thousands except per share data) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Basic Average common shares outstanding 32,833 32,176 32,654 32,274 Net loss $ (23,508 ) $ (11,580 ) $ (40,288 ) $ (20,196 ) Net loss per common share $ (0.72 ) $ (0.36 ) $ (1.23 ) $ (0.63 ) Diluted Average common shares outstanding 32,833 32,176 32,654 32,274 Stock options and awards 360 354 293 298 Average common shares assuming dilution 33,193 32,530 32,947 32,572 Net loss $ (23,508 ) $ (11,580 ) $ (40,288 ) $ (20,196 ) Net loss per common share * $ (0.72 ) $ (0.36 ) $ (1.23 ) $ (0.63 ) ________ * Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. At June 30, 2017 , 1,353,144 and 1,629,336 shares associated with stock options were excluded from the average common shares assuming dilution for the three and six months ended June 30, 2017 as they were anti-dilutive. At June 30, 2017 , the majority of the anti-dilutive shares were granted at an exercise price of $25.79 , which was higher than the average fair market value prices of $13.14 and $12.57 for the three and six months ended June 30, 2017 . At June 30, 2016 , 2,810,386 and 2,787,067 shares associated with stock options were excluded from the average common shares assuming dilution for the three and six months ended June 30, 2016 as they were anti-dilutive. At June 30, 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 prices of $11.79 and $12.96 for the three and six months ended June 30, 2016 . For both the three months ended June 30, 2017 and June 30, 2016 , respectively, 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 $3,664,000 at June 30, 2017 to DLL for events of default under the contracts, which total $24,608,000 at June 30, 2017 . Guarantees, ASC 460, requires the company to record a guarantee liability as it relates to the limited recourse obligation. The company's recourse is re-evaluated by DLL biannually, and DLL 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 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. Therefore, changes in these programs can have an adverse impact on dealer liquidity and profitability. In addition, reimbursement guidelines in the home health care industry have a substantial impact on the nature and type of equipment an end user can obtain as well as the timing of reimbursement and, thus, affect the product mix, pricing and payment patterns of the company’s customers. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2017 | |
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, most 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 $43,692,000 and $81,035,000 matured for the three and six months ended June 30, 2017 compared to $58,898,000 and $112,226,000 matured for the three and six months ended June 30, 2016 , respectively. Outstanding foreign currency forward exchange contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): June 30, 2017 December 31, 2016 Notional Amount Unrealized Net Gain (Loss) Notional Amount Unrealized Net Gain (Loss) USD / AUD $ 2,871 $ (34 ) $ 5,841 $ 316 USD / CAD 1,002 26 2,604 (18 ) USD / CNY 1,940 (12 ) 11,252 (301 ) USD / CHF 180 1 370 15 USD / EUR 38,793 (933 ) 60,387 1,826 USD / GBP 2,114 (91 ) 3,253 (75 ) USD / NZD 6,140 179 9,650 (64 ) USD / SEK 1,889 (36 ) 4,923 146 USD / MXP 3,047 260 6,148 (417 ) EUR / AUD 271 4 506 6 EUR / GBP 15,986 (14 ) 14,511 (686 ) EUR / NOK 1,558 50 2,503 (25 ) EUR / NZD 1,914 (16 ) 3,777 16 GBP / AUD 269 13 503 34 GBP / CHF 264 (2 ) 215 (10 ) GBP / SEK 1,726 (5 ) 1,389 (42 ) CHF / DKK 327 3 595 (2 ) DKK / SEK 2,318 25 31,978 49 NOK / CHF 716 13 1,335 (13 ) NOK / SEK 1,418 69 2,618 21 $ 84,743 $ (500 ) $ 164,358 $ 776 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 2017 or 2016 related to these contracts and the associated short-term intercompany trading receivables and payables. Foreign currency forward exchange contracts not qualifying or designated for hedge accounting treatment, as well as ineffective hedges, entered into in 2017 and 2016 , respectively, and outstanding were as follows (in thousands USD): June 30, 2017 December 31, 2016 Notional Amount Gain (Loss) Notional Amount Gain (Loss) AUD / USD $ 10,100 $ (206 ) $ 5,800 $ 204 CNY / USD 8,822 334 5,556 (24 ) AUD / NZD 5,000 (11 ) 3,264 15 $ 23,922 $ 117 $ 14,620 $ 195 The fair values of the company’s derivative instruments were as follows (in thousands): June 30, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts $ 770 $ 1,270 $ 2,535 $ 1,759 Derivatives not designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts 343 226 219 24 Total derivatives $ 1,113 $ 1,496 $ 2,754 $ 1,783 The fair values of the company’s foreign currency forward exchange contract assets and liabilities are included in Other Current Assets and Accrued Expenses, respectively in the Consolidated Balance Sheets. The effect of derivative instruments on Accumulated Other Comprehensive Income (OCI) and the Statement of Comprehensive Income (Loss) and was as follows (in thousands): Derivatives in ASC 815 cash flow hedge relationships Amount of Gain (Loss) Recognized in Accumulated 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) Three months ended June 30, 2017 Foreign currency forward exchange contracts $ (1,335 ) $ 301 $ 7 Six months ended June 30, 2017 Foreign currency forward exchange contracts $ (571 ) $ 600 $ 7 Three months ended June 30 2016 Foreign currency forward exchange contracts $ (2,059 ) $ 208 $ 42 Six months ended June 30, 2016 Foreign currency forward exchange contracts $ (931 ) $ 374 $ 42 Derivatives not designated as hedging instruments under ASC 815 Amount of Gain (Loss) Recognized in Income on Derivatives Three months ended June 30, 2017 Foreign currency forward exchange contracts $ 52 Six months ended June 30, 2017 Foreign currency forward exchange contracts $ 117 Three months ended June 30, 2016 Foreign currency forward exchange contracts $ (94 ) Six months ended June 30, 2016 Foreign currency forward exchange contracts $ (377 ) The gains or losses recognized as the result of the settlement of cash flow hedge foreign currency forward contracts are recognized in net sales for hedges of inventory sales and in cost of product sold for hedges of inventory purchases. For the three and six months ended June 30, 2017 , net sales were decreased by $166,000 and $234,000 while cost of product sold was decreased by $481,000 and $872,000 for net pre-tax realized gain s of $315,000 and $638,000 , respectively. For the three and six months ended June 30, 2016 , net sales were increased by $982,000 and $1,409,000 while cost of product sold was increased by $719,000 and $957,000 for net realized pre-tax gain s of $263,000 and $452,000 , respectively. Gain s of $52,000 and $117,000 were recognized in selling, general and administrative (SG&A) expenses for the three and six months ended June 30, 2017 , respectively, compared to loss es of $94,000 and $377,000 for the three and six months ended June 30, 2016 , respectively, related to forward contracts not designated as hedging instruments that were entered into to offset gains/losses that were also recorded in SG&A expenses on intercompany trade receivables or payables. The gains/losses on the non-designated hedging instruments were substantially offset by gains/losses on intercompany trade 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 2021 note hedges and 2021 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 2021 warrants, which increased paid in capital by $12,376,000 , are clearly and closely related to the convertible 2021 notes and thus classified as equity. The 2021 note hedge asset and 2021 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. During the second quarter of 2017, the company entered into privately negotiated convertible 2022 note hedges and warrants in connection with its sale of $120,000,000 in aggregate principal amount of the company’s 4.50% Convertible Senior Notes due 2022. The 2022 warrants, which increased paid in capital by $14,100,000 , are clearly and closely related to the convertible 2022 notes and thus classified as equity. The 2022 note hedge assets and 2022 convertible debt conversion liability were recorded, based on initial fair values, as an asset of $24,780,000 and a liability of $28,859,000 , 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 June 30, 2017 and their effect on the Statement of Comprehensive Income (Loss) were as follows (in thousands): Gain (Loss) Gain (Loss) Fair Value Three Months Ended Six Months Ended June 30, 2017 June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Convertible 2021 debt conversion long-term liability $ (32,227 ) $ (8,250 ) $ 6,565 $ (1,519 ) $ 5,847 Convertible 2022 debt conversion long-term liability (33,251 ) (4,392 ) — (4,392 ) — Convertible 2021 note hedge long-term asset 27,430 7,789 (6,079 ) 1,959 (4,757 ) Convertible 2022 note hedge long-term asset 28,582 3,802 — 3,802 — Net gain (loss) on convertible debt derivatives $ (9,466 ) $ (1,051 ) $ 486 $ (150 ) $ 1,090 The 2021 and 2022 convertible debt conversion liability amounts and the 2021 and 2022 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 Values
Fair Values | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Values Pursuant to ASC 820, the inputs used to derive the fair value of assets and liabilities are analyzed and assigned a level I, II or III priority, with level I being the highest and level III being the lowest in the hierarchy. Level I inputs are quoted prices in active markets for identical assets or liabilities. Level II inputs are quoted prices for similar assets or liabilities in active markets: quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level III inputs are based on valuations derived from valuation techniques in which one or more significant inputs are unobservable. The following table provides a summary of the company’s assets and liabilities that are measured on a recurring basis (in thousands): Basis for Fair Value Measurements at Reporting Date Quoted Prices in Active Markets for Identical Assets / (Liabilities) Significant Other Observable Inputs Significant Other Unobservable Inputs Level I Level II Level III June 30, 2017 Forward exchange contracts—net — $ (383 ) — Convertible 2021 debt conversion liability — (32,227 ) — Convertible 2021 note hedge asset — 27,430 — Convertible 2022 debt conversion liability — (33,251 ) — Convertible 2022 note hedge asset — 28,582 — December 31, 2016 Forward exchange contracts—net — $ 971 — Convertible 2021 debt conversion liability — (30,708 ) — Convertible 2021 note hedge asset — 25,471 — The carrying values and fair values of the company’s financial instruments are as follows (in thousands): June 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 160,082 $ 160,082 $ 124,234 $ 124,234 Other investments 103 103 108 108 Installment receivables, net of reserves 2,386 2,386 1,834 1,834 Long-term debt (including current maturities of long-term debt) * (237,901 ) (250,960 ) (161,349 ) (164,900 ) Convertible 2021 debt conversion liability in Other Long-Term Obligations (32,227 ) (32,227 ) (30,708 ) (30,708 ) Convertible 2021 note hedge in Other Long-Term Assets 27,430 27,430 25,471 25,471 Convertible 2022 debt conversion liability in Other Long-Term Obligations (33,251 ) (33,251 ) — — Convertible 2022 note hedge in Other Long-Term Assets 28,582 28,582 — — Forward contracts in Other Current Assets 1,113 1,113 2,754 2,754 Forward contracts in Accrued Expenses (1,496 ) (1,496 ) (1,783 ) (1,783 ) ________ * The company's long-term debt is shown net of discount and fees associated with the Convertible Senior Notes due 2021 and 2022 on the company's condensed consolidated balance sheet. Accordingly, the fair values of the Convertible Senior Notes due 2021 and 2022 are 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 value reported in the balance sheet for cash, cash equivalents equals its fair value. Other investments: The company has made other investments in a limited partnership, which is accounted for using the cost method, adjusted for any estimated declines in value. These investments were acquired in private placements 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 each year. Installment receivables: The carrying value reported in the balance sheet for installment receivables approximates its fair value. The interest rates associated with these receivables have not varied significantly since inception. Management believes that after consideration of the credit risk, the net book value of the installment receivables approximates market value. Long-term debt: Fair value for the company’s convertible debt is based on quoted market-based estimates as of the end of the period, while the revolving credit facility fair 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 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. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The company operates in four primary business segments: North America/Home Medical Equipment (NA/HME), Institutional Products Group (IPG), Europe and Asia/Pacific. The NA/HME segment sells each of three primary product lines, which includes: lifestyle, mobility and seating and respiratory therapy products. IPG sells long-term care medical equipment, health care furnishings and accessory products. Europe and Asia/Pacific sell product lines similar to NA/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, 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): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Revenues from external customers Europe (1) $ 128,485 $ 135,735 $ 247,993 $ 257,766 NA /HME (1) 77,689 110,700 161,951 218,372 IPG 15,320 16,115 31,693 34,359 Asia/Pacific 12,023 12,487 23,603 22,092 Consolidated $ 233,517 $ 275,037 $ 465,240 $ 532,589 Intersegment revenues Europe $ 3,738 $ 4,460 $ 7,413 $ 7,052 NA /HME 21,050 25,294 43,145 52,909 IPG 975 787 1,743 1,203 Asia/Pacific 3,896 4,918 7,756 10,139 Consolidated $ 29,659 $ 35,459 $ 60,057 $ 71,303 Restructuring charges before income taxes Europe $ 514 $ — $ 1,204 $ — NA /HME 3,928 662 6,170 723 Asia/Pacific 545 27 896 68 Consolidated $ 4,987 $ 689 $ 8,270 $ 791 Operating profit (loss) Europe (1) $ 7,077 $ 6,949 $ 12,177 $ 12,912 NA /HME (1) (12,395 ) (6,649 ) (21,821 ) (13,058 ) IPG 1,472 1,532 3,370 2,956 Asia/Pacific (118 ) (337 ) (548 ) (1,040 ) All Other (2) (6,735 ) (6,622 ) (11,245 ) (11,871 ) Charge expense related to restructuring activities (4,987 ) (689 ) (8,270 ) (791 ) Consolidated operating loss (15,686 ) (5,816 ) (26,337 ) (10,892 ) Net gain (loss) on convertible derivatives (1,051 ) 486 (150 ) 1,090 Net Interest expense (4,596 ) (4,300 ) (9,026 ) (6,619 ) Loss before income taxes $ (21,333 ) $ (9,630 ) $ (35,513 ) $ (16,421 ) ________ (1) During the first quarter of 2017, a subsidiary, formerly included in the Europe segment, transferred to the NA/HME segment as it is managed by the NA/HME segment manager effective January 1, 2017 . The results for 2016 have been changed accordingly and for the three and six months ended June 30, 2016 , the change increased revenues from external customers by $1,137,000 and $2,438,000 , respectively, and operating loss by $43,000 and $150,000 , respectively, for NA/HME with an offsetting impact for Europe. (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. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
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 the FDA or similar medical device regulatory agencies in other jurisdictions. Violations of law or regulations can result in administrative, civil and criminal penalties and sanctions, which could have a material adverse effect on the company's business. 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 the FDA and other regulatory bodies in the various jurisdictions where the company's products are manufactured or sold. The company's failure to comply with the regulatory requirements of the FDA and other applicable medical device regulatory requirements can subject the company to administrative or judicially imposed sanctions or enforcement actions. These sanctions include injunctions, consent decrees, warning letters, civil penalties, criminal penalties, product seizure or detention, product recalls and total or partial suspension of production. In December 2012, the company reached agreement with the FDA on the terms of a consent decree of injunction with respect to the company's Corporate facility and its Taylor Street 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 initially limited the company's (i) manufacture and distribution of power and manual wheelchairs, wheelchair components and wheelchair sub-assemblies at or from its Taylor Street manufacturing facility, (ii) design activities related to wheelchairs and power beds that take place at the impacted Elyria, Ohio facilities and (iii) replacement, service and repair of products already in use from the Taylor Street manufacturing facility. Under the terms of the consent decree, in order to resume full operations at the impacted facilities, the company had to successfully complete independent, third-party expert certification audits at the impacted Elyria facilities, comprised of three distinct certification reports separately submitted to, and subject to acceptance by, the FDA. On May 13, 2013 , the FDA accepted the company's first certification report as a result of which the Taylor Street facility was able to resume supplying parts and components for the further manufacturing of medical devices at other company facilities. On July 15, 2013 , the FDA accepted the company's second certification report, as a result of which, the company was 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 with the FDA's Quality System Regulation ("QSR") and the report was submitted to the FDA. In December 2015, the FDA issued Form 483 observations following an inspection at the Corporate and Taylor Street facilities in Elyria, Ohio (the “December 2015 Form 483”). In June 2016, the company received a letter from the 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 to be taken by the company, including the 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 could design any new Taylor Street wheelchair devices, the specified DHFs were required to be completed, then recertified by the company’s third-party expert, whose updated certification report had to be accepted by the FDA. In April 2017, FDA reinstated the second certification relating to design controls and accepted the third-party expert's certification report. The company then submitted its next required report ("the 5H report") to FDA which detailed the company's actions to improve its quality systems and overall compliance status together with its written responses to any observations in the third-party expert's certification report and prior FDA inspectional observations. FDA initiated reinspection of the company's Corporate and Taylor Street facilities on May 30, 2017. In June 2017, following its inspection of the Corporate and Taylor Street facilities in Elyria, Ohio, the FDA issued a Form 483 with a one item list of inspectional observations and the company timely filed its response to this observation. On July 24, 2017, FDA notified the company that it is in substantial compliance with the QSR and that the company is permitted to resume full operations at the Corporate and Taylor Street facilities. Following resumption of full operations on July 25, 2017, the company must undergo five years of audits by a third-party expert auditor selected by the company to determine whether the facilities are in continuous compliance with FDA's QSR and the consent decree. The third-party expert will audit 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. The FDA has the authority to inspect any FDA registered facility at any time. As described above, because the previous limitations on production were not permanent in nature, and partial production was allowed, the company does not anticipate any major repair, replacement or scrapping of its fixed assets at the Taylor Street manufacturing facility. Based on the company's expectations at the time of filing of this Quarterly Report on Form 10-Q with respect to the utilization of raw material and with respect to expected future cash flows from production at the Taylor Street manufacturing facility, the company concluded that there was no impairment in the value of the fixed assets related to the Taylor Street manufacturing facility at June 30, 2017 . 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 June 30, 2017 , 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 June 30, 2017 . Further, based on its analysis of the raw material inventory at the Taylor Street facility and the company's receipt of FDA's notification that the company can resume full operations at the affected facilities, the company concluded that the value of the inventory was not excessive nor impaired at June 30, 2017 . Although the NA/HME segment has been the segment primarily impacted by the previous limitations in the FDA consent decree, the Asia/Pacific segment also has been 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 NA/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 NA/HME and Asia/Pacific segments at least until it has begun to rebuild net sales following the July 24, 2017 written notification from the FDA that the company may resume full operations at the Corporate and Taylor Street facilities. Even though 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 previous limitations in the consent decree had, and likely may continue to have, a material adverse effect on the company's business, financial condition and results of operations. Separately, net sales in the NA/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 the impact of the National Competitive Bidding ("NCB") process. In addition, net sales in the NA/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 company's Annual Report on Form 10-K for the year ended December 31, 2016 : 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 based on historical analysis of warranty claims and as new developments occur that may change the company's estimates related to specific product recalls. See Current Liabilities 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 the FDA related to quality system processes and procedures at the company's Sanford, Florida facility. In January 2014, the 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, the 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, the FDA conducted an inspection at the Sanford facility and, at the conclusion, issued its Form 483 observations. In December 2015, the FDA issued Form 483 observations following a 2015 inspection at the Corporate and Taylor Street facilities in Elyria, Ohio. In July 2016, the FDA inspected Motion Concepts L.P. in Concord, Ontario, Canada and issued its inspectional observations on Form 483. In May 2017, the FDA inspected Alber GmbH in Albstadt, Germany and, at the conclusion, issued its inspectional observations on Form 483. The company has timely filed its responses to these Forms 483 with the 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. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of the company and its wholly owned subsidiaries and include all adjustments, which were of a normal recurring nature, necessary to present fairly the financial position of the company as of June 30, 2017 and the results of its operations and changes in its cash flow for the six months ended June 30, 2017 and 2016 , respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using a May 31 quarter end to meet filing deadlines. No material subsequent events have occurred related to the European segment, which would require disclosure or adjustment to the company's financial statements. All significant intercompany transactions are eliminated. The results of operations for the three and six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year. |
Use of Estimates | Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements (Not Yet Adopted): 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 and is currently continuing its review of contracts and related accounting. 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 most of the company's contracts. The company expects to adopt the provisions of ASU 2014-09 on a modified retrospective basis through a cumulative effect adjustment to equity. 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. 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. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The guidance in ASU 2017-04 eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the new ASU, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for annual or interim goodwill impairment testing performed after January 1, 2017. The company is currently reviewing the impact of the adoption of ASU 2017-04 but does not expect the adoption to impact the company's financial statements. |
Reclassification, Policy | Reclassifications: 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 changed to reflect the new measure. During the first quarter of 2017, a subsidiary, formerly included in the Europe segment, transferred to the NA/HME segment as it is managed by the NA/HME segment manager effective January 1, 2017. The results for 2016 have been changed accordingly and for the three and six months ended June 30, 2016, the change increased revenues from external customers by $1,137,000 and $2,438,000 , respectively, and operating loss by $43,000 and $150,000 , respectively, for NA/HME with an offsetting impact for Europe. The company has historically classified the amortization of debt issuance costs as a component of Selling, General and Administrative (SG&A) Expenses. During the second quarter of 2016, the company determined that it is more appropriate to classify this amortization as a component of Interest Expense. Therefore, interest expense for the three and six months ended June 30, 2016 was increased by $530,000 and $909,000 , respectively, with a corresponding decrease to SG&A expenses. There was no change to Loss Before Income Taxes for any period presented. |
Receivables (Tables)
Receivables (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Installment Receivables | Installment receivables consist of the following (in thousands): June 30, 2017 December 31, 2016 Current Long- Term Total Current Long- Term Total Installment receivables $ 2,115 $ 2,772 $ 4,887 $ 2,027 $ 2,685 $ 4,712 Less: Unearned interest (33 ) — (33 ) (40 ) — (40 ) 2,082 2,772 4,854 1,987 2,685 4,672 Allowance for doubtful accounts (509 ) (1,959 ) (2,468 ) (619 ) (2,219 ) (2,838 ) Installment receivables, net $ 1,573 $ 813 $ 2,386 $ 1,368 $ 466 $ 1,834 |
Schedule of Installment Receivables Allowance for Doubtful Accounts | The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands): Six Months Ended June 30, 2017 Year Ended December 31, 2016 Balance as of beginning of period $ 2,838 $ 2,792 Current period provision (benefit) (341 ) 1,220 Direct write-offs charged against the allowance (29 ) (1,174 ) Balance as of end of period $ 2,468 $ 2,838 |
Schedule of Installment Receivables by Class | Installment receivables by class as of June 30, 2017 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 $ 4,103 $ 4,103 $ 2,358 $ — Canada Non-Impaired installment receivables with no related allowance recorded 674 641 — 39 Impaired installment receivables with a related allowance recorded 110 110 110 — Total Canadian installment receivables 784 751 110 39 Total Non-Impaired installment receivables with no related allowance recorded 674 641 — 39 Impaired installment receivables with a related allowance recorded 4,213 4,213 2,468 — Total installment receivables $ 4,887 $ 4,854 $ 2,468 $ 39 Installment receivables by class as of December 31, 2016 consist of the following (in thousands): Total Installment Receivables Unpaid Principal Balance Related 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 |
Schedule of Financing Receivables | Installment receivables by class as of June 30, 2017 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 $ 4,103 $ 4,103 $ 2,358 $ — Canada Non-Impaired installment receivables with no related allowance recorded 674 641 — 39 Impaired installment receivables with a related allowance recorded 110 110 110 — Total Canadian installment receivables 784 751 110 39 Total Non-Impaired installment receivables with no related allowance recorded 674 641 — 39 Impaired installment receivables with a related allowance recorded 4,213 4,213 2,468 — Total installment receivables $ 4,887 $ 4,854 $ 2,468 $ 39 Installment receivables by class as of December 31, 2016 consist of the following (in thousands): Total Installment Receivables Unpaid Principal Balance Related 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 |
Schedule of Aging of Installment Receivables | The aging of the company’s installment receivables was as follows (in thousands): June 30, 2017 December 31, 2016 Total U.S. Canada Total U.S. Canada Current $ 670 $ — $ 670 $ 832 $ — $ 832 0-30 Days Past Due 7 — 7 18 — 18 31-60 Days Past Due 7 — 7 12 — 12 61-90 Days Past Due 7 — 7 2 — 2 90+ Days Past Due 4,196 4,103 93 3,848 3,762 86 $ 4,887 $ 4,103 $ 784 $ 4,712 $ 3,762 $ 950 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consist of the following (in thousands): June 30, 2017 December 31, 2016 Finished goods $ 77,236 $ 68,701 Raw materials 65,722 56,270 Work in process 10,460 10,673 Inventories, net $ 153,418 $ 135,644 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consist of the following (in thousands): June 30, 2017 December 31, 2016 Value added tax receivables $ 15,457 $ 14,336 Service contracts 2,091 2,902 Derivatives (foreign currency forward exchange contracts) 1,113 2,754 Prepaid insurance 1,490 2,761 Prepaid inventory 664 790 Recoverable income taxes 451 503 Prepaid debt fees 377 489 Prepaid and other current assets 9,667 6,984 Other Current Assets $ 31,310 $ 31,519 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent | Other long-term assets consist of the following (in thousands): June 30, 2017 December 31, 2016 Convertible 2021 note hedge asset $ 27,430 $ 25,471 Convertible 2022 note hedge asset 28,582 — Cash surrender value of life insurance policies 1,871 1,824 Deferred financing fees 958 793 Installment receivables 813 466 Deferred taxes 416 837 Investments 103 108 Other 106 188 Other Long-Term Assets $ 60,279 $ 29,687 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment consist of the following (in thousands): June 30, 2017 December 31, 2016 Machinery and equipment $ 297,298 $ 301,367 Land, buildings and improvements 76,260 73,709 Leasehold improvements 12,391 12,054 Furniture and fixtures 10,074 10,100 Property and Equipment, gross 396,023 397,230 Less allowance for depreciation (319,416 ) (321,871 ) Property and Equipment, net $ 76,607 $ 75,359 |
Intangibles (Tables)
Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The company's intangibles consist of the following (in thousands): June 30, 2017 December 31, 2016 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Customer lists $ 51,844 $ 48,747 $ 49,362 $ 45,797 Trademarks 25,339 — 24,091 — Developed technology 7,594 6,287 7,287 5,969 Patents 5,546 5,536 5,512 5,487 License agreements 1,174 1,174 1,126 1,126 Other 1,162 1,144 1,162 1,138 Intangibles $ 92,659 $ 62,888 $ 88,540 $ 59,517 |
Schedule of Finite-Lived Intangible Assets | The company's intangibles consist of the following (in thousands): June 30, 2017 December 31, 2016 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Customer lists $ 51,844 $ 48,747 $ 49,362 $ 45,797 Trademarks 25,339 — 24,091 — Developed technology 7,594 6,287 7,287 5,969 Patents 5,546 5,536 5,512 5,487 License agreements 1,174 1,174 1,126 1,126 Other 1,162 1,144 1,162 1,138 Intangibles $ 92,659 $ 62,888 $ 88,540 $ 59,517 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of accruals for the following (in thousands): June 30, 2017 December 31, 2016 Salaries and wages $ 29,662 $ 32,959 Warranty cost 22,947 23,302 Taxes other than income taxes, primarily value added taxes 20,655 19,194 Professional 5,416 4,728 Severance 5,156 2,049 Freight 4,506 5,211 Interest 3,759 3,747 Product liability, current portion 3,459 3,996 Deferred revenue 1,539 1,446 Derivative liabilities (foreign currency forward exchange contracts) 1,496 1,783 Rent 683 672 Insurance 670 742 Rebates 484 356 Supplemental Executive Retirement Program liability 391 391 Other items, principally trade accruals 9,686 9,519 Accrued Expenses $ 110,509 $ 110,095 |
Schedule of Product Warranty Liability [Table Text Block] | The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands): Balance as of January 1, 2017 $ 23,302 Warranties provided during the period 4,927 Settlements made during the period (5,571 ) Changes in liability for pre-existing warranties during the period, including expirations 289 Balance as of June 30, 2017 $ 22,947 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Liability Components of Convertible 2022 Note [Table Text Block] | The liability components of the 2022 notes consist of the following (in thousands): June 30, 2017 Principal amount of liability component $ 120,000 Unamortized discount (28,647 ) Debt fees (4,673 ) Net carrying amount of liability component $ 86,680 |
Schedule of Long-term Debt Instruments | Debt consists of the following (in thousands): June 30, 2017 December 31, 2016 Convertible senior notes at 5.00%, due in February 2021 $ 118,666 $ 115,159 Convertible senior notes at 4.50%, due in June 2022 86,680 — Convertible senior subordinated debentures at 4.125%, due in February 2027 — 13,039 Other notes and lease obligations 32,555 33,151 237,901 161,349 Less current maturities of long-term debt (2,159 ) (15,261 ) Long-Term Debt $ 235,742 $ 146,088 |
Schedule of Convertible Debt | The liability components of the debentures consisted of the following (in thousands): December 31, 2016 Principal amount of liability component $ 13,350 Unamortized discount (311 ) Net carrying amount of liability component $ 13,039 |
Liability Components of Convertible Note | The liability components of the 2021 notes consist of the following (in thousands): June 30, 2017 December 31, 2016 Principal amount of liability component $ 150,000 $150,000 Unamortized discount (26,991 ) (29,919 ) Debt fees (4,343 ) (4,922 ) Net carrying amount of liability component $ 118,666 $ 115,159 |
Other Long-Term Obligations (Ta
Other Long-Term Obligations (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | Other long-term obligations consist of the following (in thousands): June 30, 2017 December 31, 2016 Deferred income taxes $ 31,795 $ 31,079 Convertible 2021 debt conversion liability 32,227 30,708 Convertible 2022 debt conversion liability 33,251 — Product liability 15,009 16,615 Pension 13,969 13,258 Deferred gain on sale leaseback 6,562 6,703 Supplemental Executive Retirement Plan liability 5,541 5,612 Deferred compensation 3,858 3,593 Uncertain tax obligation including interest 2,905 3,150 Other 4,171 3,689 Other Long-Term Obligations $ 149,288 $ 114,407 |
Equity Compensation (Tables)
Equity Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 [Table Text Block] | The amounts of equity-based compensation expense recognized as part of selling, general and administrative expenses were as follows (in thousands): For the Six Months Ended June 30, 2017 2016 Restricted stock / units $ 3,262 $ 3,081 Performance shares / units 905 466 Non-qualified and performance stock options 479 478 Total stock-based compensation expense $ 4,646 $ 4,025 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | As of June 30, 2017 , 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): June 30, 2017 Restricted stock and restricted stock units $ 9,896 Performance shares and performance share units 8,229 Non-qualified and performance stock options 3,725 Total unrecognized stock-based compensation expense $ 21,850 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about stock option activity for the six months ended June 30, 2017 : June 30, 2017 Weighted Average Exercise Price Options outstanding at January 1, 2017 2,542,732 $ 21.19 Granted 756,420 12.15 Exercised (103,775 ) 13.77 Canceled (56,950 ) 20.37 Options outstanding at June 30, 2017 3,138,427 $ 19.27 Options exercise price range at June 30, 2017 $ 12.15 to $ 33.36 Options exercisable at June 30, 2017 2,379,987 Shares available for grant at June 30, 2017* 1,372,287 ________ * Shares available for grant as of June 30, 2017 reduced by net restricted stock and restricted stock unit award and performance share and performance share unit award activity of 2,523,796 shares and 2,124,222 shares, respectively. |
Schedule of Share-based Compensation, Stock Options Outstanding | The following table summarizes information about stock options outstanding at June 30, 2017 : Options Outstanding Options Exercisable Exercise Prices Number Outstanding at June 30, 2017 Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable at June 30, 2017 Weighted Average Exercise Price $ 12.15 – $20.00 1,318,466 7.2 $ 13.02 580,876 $ 14.19 $ 20.01 – $25.00 1,079,227 1.9 22.56 1,062,827 22.55 $ 25.01 – $30.00 736,238 1.7 25.55 731,788 25.55 $ 30.01 – $33.36 4,496 3.4 33.36 4,496 33.36 Total 3,138,427 4.6 $ 19.27 2,379,987 $ 21.54 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of options granted is estimated on the date of grant using a Black-Scholes option-pricing model. The calculated fair value of the 2017 performance option awards was $5.38 based on the following assumptions: 2017 Expected dividend yield 0.4 % Expected stock price volatility 39.1 % Risk-free interest rate 2.31 % Expected life in years 7.8 Forfeiture percentage 5.0 % |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes information about restricted shares and restricted share units (primarily for non-U.S. recipients): June 30, 2017 Weighted Average Fair Value Stock / Units unvested at January 1, 2017 878,356 $ 15.87 Granted 480,742 12.09 Vested (364,367 ) 16.66 Canceled (99,011 ) 14.22 Stock / Units unvested at June 30, 2017 895,720 $ 13.70 |
Share-based Compensation, Performance Shares Award Unvested Activity [Table Text Block] | The following table summarizes information about performance shares and performance share units (for non-U.S. recipients): June 30, 2017 Weighted Average Fair Value Shares / Units unvested at January 1, 2017 309,468 $ 14.58 Granted 336,694 12.02 Vested — — Canceled (3,711 ) 12.82 Shares / Units unvested at June 30, 2017 642,451 $ 13.25 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income ("OCI") for the three and six months ended June 30, 2017 and June 30, 2016 , respectively, were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total March 31, 2017 $ (28,352 ) $ 20,474 $ (11,543 ) $ 1,205 $ (18,216 ) OCI before reclassifications 37,163 (10,852 ) (480 ) (1,335 ) 24,496 Amount reclassified from accumulated OCI — — 54 (301 ) (247 ) Net current-period OCI 37,163 (10,852 ) (426 ) (1,636 ) 24,249 June 30, 2017 $ 8,811 $ 9,622 $ (11,969 ) $ (431 ) $ 6,033 December 31, 2016 $ (26,199 ) $ 17,372 $ (11,248 ) $ 740 $ (19,335 ) OCI before reclassifications 35,010 (7,750 ) (985 ) (571 ) 25,704 Amount reclassified from accumulated OCI — — 264 (600 ) (336 ) Net current-period OCI 35,010 (7,750 ) (721 ) (1,171 ) 25,368 June 30, 2017 $ 8,811 $ 9,622 $ (11,969 ) $ (431 ) $ 6,033 March 31, 2016 $ 6,474 $ 2,662 $ (9,947 ) $ 2,965 $ 2,154 OCI before reclassifications 9,982 325 (77 ) (2,059 ) 8,171 Amount reclassified from accumulated OCI — — 71 (208 ) (137 ) Net current-period OCI 9,982 325 (6 ) (2,267 ) 8,034 June 30, 2016 $ 16,456 $ 2,987 $ (9,953 ) $ 698 $ 10,188 December 31, 2015 $ (5,744 ) $ 4,111 $ (9,757 ) $ 2,003 $ (9,387 ) OCI before reclassifications 22,200 (1,124 ) (272 ) (931 ) 19,873 Amount reclassified from accumulated OCI — — 76 (374 ) (298 ) Net current-period OCI 22,200 (1,124 ) (196 ) (1,305 ) 19,575 June 30, 2016 $ 16,456 $ 2,987 $ (9,953 ) $ 698 $ 10,188 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Reclassifications out of accumulated OCI for the three and six months ended June 30, 2017 and June 30, 2016 were as follows (in thousands): Amount reclassified from OCI Affected line item in the Statement of Comprehensive (Income) Loss For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Defined Benefit Plans Service and interest costs $ 54 $ 71 $ 264 $ 76 Selling, General and Administrative Tax — — — — Income Taxes Total after tax $ 54 $ 71 $ 264 $ 76 Derivatives Foreign currency forward contracts hedging sales $ 166 $ (982 ) $ 234 $ (1,409 ) Net Sales Foreign currency forward contracts hedging purchases (481 ) 719 (872 ) 957 Cost of Products Sold Total before tax (315 ) (263 ) (638 ) (452 ) Tax 14 55 38 78 Income Taxes Total after tax $ (301 ) $ (208 ) $ (600 ) $ (374 ) |
Charges Related To Restructur41
Charges Related To Restructuring Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 for 2017 is as follows (in thousands): Severance Contract Terminations Total December 31, 2016 Balance NA/HME $ 783 $ 120 $ 903 Other 1,266 — 1,266 Total 2,049 120 2,169 Charges NA/HME 2,095 147 2,242 Europe 690 — 690 Asia/Pacific 351 — 351 Total 3,136 147 3,283 Payments NA/HME (1,488 ) (96 ) (1,584 ) Europe (190 ) — (190 ) Asia/Pacific (228 ) — (228 ) Other (249 ) — (249 ) Total (2,155 ) (96 ) (2,251 ) March 31, 2017 Balance NA/HME 1,390 171 1,561 Europe 500 — 500 Asia/Pacific 123 — 123 Other 1,017 — 1,017 Total 3,030 171 3,201 Charges NA/HME 3,427 501 3,928 Europe 514 — 514 Asia/Pacific 545 — 545 Total 4,486 501 4,987 Payments NA/HME (1,362 ) (189 ) (1,551 ) Europe (340 ) — (340 ) Asia/Pacific (658 ) — (658 ) Total (2,360 ) (189 ) (2,549 ) June 30, 2017 Balance NA/HME 3,455 483 3,938 Europe 674 — 674 Asia/Pacific 10 — 10 Other 1,017 — 1,017 Total $ 5,156 $ 483 $ 5,639 |
Net Earnings (Loss) Per Commo42
Net Earnings (Loss) Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated. (In thousands except per share data) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Basic Average common shares outstanding 32,833 32,176 32,654 32,274 Net loss $ (23,508 ) $ (11,580 ) $ (40,288 ) $ (20,196 ) Net loss per common share $ (0.72 ) $ (0.36 ) $ (1.23 ) $ (0.63 ) Diluted Average common shares outstanding 32,833 32,176 32,654 32,274 Stock options and awards 360 354 293 298 Average common shares assuming dilution 33,193 32,530 32,947 32,572 Net loss $ (23,508 ) $ (11,580 ) $ (40,288 ) $ (20,196 ) Net loss per common share * $ (0.72 ) $ (0.36 ) $ (1.23 ) $ (0.63 ) ________ * Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | Outstanding foreign currency forward exchange contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): June 30, 2017 December 31, 2016 Notional Amount Unrealized Net Gain (Loss) Notional Amount Unrealized Net Gain (Loss) USD / AUD $ 2,871 $ (34 ) $ 5,841 $ 316 USD / CAD 1,002 26 2,604 (18 ) USD / CNY 1,940 (12 ) 11,252 (301 ) USD / CHF 180 1 370 15 USD / EUR 38,793 (933 ) 60,387 1,826 USD / GBP 2,114 (91 ) 3,253 (75 ) USD / NZD 6,140 179 9,650 (64 ) USD / SEK 1,889 (36 ) 4,923 146 USD / MXP 3,047 260 6,148 (417 ) EUR / AUD 271 4 506 6 EUR / GBP 15,986 (14 ) 14,511 (686 ) EUR / NOK 1,558 50 2,503 (25 ) EUR / NZD 1,914 (16 ) 3,777 16 GBP / AUD 269 13 503 34 GBP / CHF 264 (2 ) 215 (10 ) GBP / SEK 1,726 (5 ) 1,389 (42 ) CHF / DKK 327 3 595 (2 ) DKK / SEK 2,318 25 31,978 49 NOK / CHF 716 13 1,335 (13 ) NOK / SEK 1,418 69 2,618 21 $ 84,743 $ (500 ) $ 164,358 $ 776 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Foreign currency forward exchange contracts not qualifying or designated for hedge accounting treatment, as well as ineffective hedges, entered into in 2017 and 2016 , respectively, and outstanding were as follows (in thousands USD): June 30, 2017 December 31, 2016 Notional Amount Gain (Loss) Notional Amount Gain (Loss) AUD / USD $ 10,100 $ (206 ) $ 5,800 $ 204 CNY / USD 8,822 334 5,556 (24 ) AUD / NZD 5,000 (11 ) 3,264 15 $ 23,922 $ 117 $ 14,620 $ 195 |
Schedule of Derivatives Instruments Statements of Financial Position, Fair Value | The fair values of the company’s derivative instruments were as follows (in thousands): June 30, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts $ 770 $ 1,270 $ 2,535 $ 1,759 Derivatives not designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts 343 226 219 24 Total derivatives $ 1,113 $ 1,496 $ 2,754 $ 1,783 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effect of derivative instruments on Accumulated Other Comprehensive Income (OCI) and the Statement of Comprehensive Income (Loss) and was as follows (in thousands): Derivatives in ASC 815 cash flow hedge relationships Amount of Gain (Loss) Recognized in Accumulated 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) Three months ended June 30, 2017 Foreign currency forward exchange contracts $ (1,335 ) $ 301 $ 7 Six months ended June 30, 2017 Foreign currency forward exchange contracts $ (571 ) $ 600 $ 7 Three months ended June 30 2016 Foreign currency forward exchange contracts $ (2,059 ) $ 208 $ 42 Six months ended June 30, 2016 Foreign currency forward exchange contracts $ (931 ) $ 374 $ 42 Derivatives not designated as hedging instruments under ASC 815 Amount of Gain (Loss) Recognized in Income on Derivatives Three months ended June 30, 2017 Foreign currency forward exchange contracts $ 52 Six months ended June 30, 2017 Foreign currency forward exchange contracts $ 117 Three months ended June 30, 2016 Foreign currency forward exchange contracts $ (94 ) Six months ended June 30, 2016 Foreign currency forward exchange contracts $ (377 ) |
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 June 30, 2017 and their effect on the Statement of Comprehensive Income (Loss) were as follows (in thousands): Gain (Loss) Gain (Loss) Fair Value Three Months Ended Six Months Ended June 30, 2017 June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Convertible 2021 debt conversion long-term liability $ (32,227 ) $ (8,250 ) $ 6,565 $ (1,519 ) $ 5,847 Convertible 2022 debt conversion long-term liability (33,251 ) (4,392 ) — (4,392 ) — Convertible 2021 note hedge long-term asset 27,430 7,789 (6,079 ) 1,959 (4,757 ) Convertible 2022 note hedge long-term asset 28,582 3,802 — 3,802 — Net gain (loss) on convertible debt derivatives $ (9,466 ) $ (1,051 ) $ 486 $ (150 ) $ 1,090 |
Fair Values (Tables)
Fair Values (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Level I Level II Level III June 30, 2017 Forward exchange contracts—net — $ (383 ) — Convertible 2021 debt conversion liability — (32,227 ) — Convertible 2021 note hedge asset — 27,430 — Convertible 2022 debt conversion liability — (33,251 ) — Convertible 2022 note hedge asset — 28,582 — December 31, 2016 Forward exchange contracts—net — $ 971 — Convertible 2021 debt conversion liability — (30,708 ) — Convertible 2021 note hedge asset — 25,471 — |
Fair Value, by Balance Sheet Grouping | The carrying values and fair values of the company’s financial instruments are as follows (in thousands): June 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 160,082 $ 160,082 $ 124,234 $ 124,234 Other investments 103 103 108 108 Installment receivables, net of reserves 2,386 2,386 1,834 1,834 Long-term debt (including current maturities of long-term debt) * (237,901 ) (250,960 ) (161,349 ) (164,900 ) Convertible 2021 debt conversion liability in Other Long-Term Obligations (32,227 ) (32,227 ) (30,708 ) (30,708 ) Convertible 2021 note hedge in Other Long-Term Assets 27,430 27,430 25,471 25,471 Convertible 2022 debt conversion liability in Other Long-Term Obligations (33,251 ) (33,251 ) — — Convertible 2022 note hedge in Other Long-Term Assets 28,582 28,582 — — Forward contracts in Other Current Assets 1,113 1,113 2,754 2,754 Forward contracts in Accrued Expenses (1,496 ) (1,496 ) (1,783 ) (1,783 ) |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The information by segment is as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Revenues from external customers Europe (1) $ 128,485 $ 135,735 $ 247,993 $ 257,766 NA /HME (1) 77,689 110,700 161,951 218,372 IPG 15,320 16,115 31,693 34,359 Asia/Pacific 12,023 12,487 23,603 22,092 Consolidated $ 233,517 $ 275,037 $ 465,240 $ 532,589 Intersegment revenues Europe $ 3,738 $ 4,460 $ 7,413 $ 7,052 NA /HME 21,050 25,294 43,145 52,909 IPG 975 787 1,743 1,203 Asia/Pacific 3,896 4,918 7,756 10,139 Consolidated $ 29,659 $ 35,459 $ 60,057 $ 71,303 Restructuring charges before income taxes Europe $ 514 $ — $ 1,204 $ — NA /HME 3,928 662 6,170 723 Asia/Pacific 545 27 896 68 Consolidated $ 4,987 $ 689 $ 8,270 $ 791 Operating profit (loss) Europe (1) $ 7,077 $ 6,949 $ 12,177 $ 12,912 NA /HME (1) (12,395 ) (6,649 ) (21,821 ) (13,058 ) IPG 1,472 1,532 3,370 2,956 Asia/Pacific (118 ) (337 ) (548 ) (1,040 ) All Other (2) (6,735 ) (6,622 ) (11,245 ) (11,871 ) Charge expense related to restructuring activities (4,987 ) (689 ) (8,270 ) (791 ) Consolidated operating loss (15,686 ) (5,816 ) (26,337 ) (10,892 ) Net gain (loss) on convertible derivatives (1,051 ) 486 (150 ) 1,090 Net Interest expense (4,596 ) (4,300 ) (9,026 ) (6,619 ) Loss before income taxes $ (21,333 ) $ (9,630 ) $ (35,513 ) $ (16,421 ) ________ (1) During the first quarter of 2017, a subsidiary, formerly included in the Europe segment, transferred to the NA/HME segment as it is managed by the NA/HME segment manager effective January 1, 2017 . The results for 2016 have been changed accordingly and for the three and six months ended June 30, 2016 , the change increased revenues from external customers by $1,137,000 and $2,438,000 , respectively, and operating loss by $43,000 and $150,000 , respectively, for NA/HME with an offsetting impact for Europe. (2) Consists of un-allocated corporate SG&A costs and intercompany profits, which do not meet the quantitative criteria for determining reportable segments, and gain or loss on convertible debt derivatives. |
Accounting Policies Reclassific
Accounting Policies Reclassifications (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Interest Expense [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Prior Period Reclassification Adjustment | $ 530,000 | $ 909,000 |
NA/HME (1) | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue, Net Amount Restated Among Business Segments | 1,137,000 | 2,438,000 |
Operating Income (Loss), Amount Restated Among Segments | $ 43,000 | $ 150,000 |
Operations Held For Sale Assets
Operations Held For Sale Assets and Liabilities of Operations Held For Sale (Details) - USD ($) | Sep. 30, 2016 | Sep. 30, 2016 | Jun. 30, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Costs Incurred During the Period | $ 2,892,000 | ||
Payments for Sale Costs | $ 1,643,000 | ||
Garden City Medical Inc | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Inventory, Current | $ 2,400,000 | $ 2,400,000 | |
Proceeds from sale of business | 13,829,000 | ||
Proceeds from sale of Business, net | $ 12,729,000 | ||
Gain on sale of businesses (pre-tax) | $ 7,386,000 |
Discontinued Operations Narrati
Discontinued Operations Narrative (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expenses related to sale | $ 8,801,000 |
Expenses related to sale of business paid | $ 8,405,000 |
Receivables (Narrative) (Detail
Receivables (Narrative) (Details) | 6 Months Ended | |
Jun. 30, 2017USD ($)payment | Dec. 31, 2016USD ($) | |
Receivables [Abstract] | ||
Allowance for doubtful accounts receivable | $ 7,181,000 | $ 6,916,000 |
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 | $ 696,000 |
Receivables (Installment Receva
Receivables (Installment Recevables) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | |||
Non-Impaired Financing Receivable, Related Allowance | $ 0 | $ 0 | |
Installment Receivables, Current | 2,115 | 2,027 | |
Installment Receivables, Long-Term | 2,772 | 2,685 | |
Total Installment Receivables | 4,887 | 4,712 | |
Unearned Interest | 33 | 40 | |
Unearned Interest, Noncurrent | 0 | 0 | |
Total Unearned Interest | (33) | (40) | |
Installment Receivables Net of Unearned Interest Current | 2,082 | 1,987 | |
Installment Receivables Net of Unearned Interest Noncurrent | 2,772 | 2,685 | |
Installment Receivables, Net of Unearned Interest | 4,854 | 4,672 | |
Allowance for doubtful accounts, current | (509) | (619) | |
Allowance for doubtful accounts, long-term | (1,959) | (2,219) | |
Allowance for doubtful accounts | (2,468) | (2,838) | $ (2,792) |
Installment receivables, net | 1,573 | 1,368 | |
Installment receivables, net, long-term | 813 | 466 | |
Installment receivables, net | $ 2,386 | $ 1,834 |
Receivables (Rollforward of All
Receivables (Rollforward of Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts [Roll Forward] | ||
Balance as of beginning of period | $ 2,838 | $ 2,792 |
Allowance for Loan and Lease Losses, Adjustments, Other | (341) | 1,220 |
Direct write-offs charged against the allowance | (29) | (1,174) |
Balance as of end of period | $ 2,468 | $ 2,838 |
Receivables (Installment Receiv
Receivables (Installment Receivables by Class) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Total Installment Receivables | ||
Non-Impaired installment receivables with no related allowance recorded | $ 674 | $ 818 |
Impaired installment receivables with a related allowance recorded | 4,213 | 3,894 |
Total installment receivables | 4,887 | 4,712 |
Unpaid Principal Balance | ||
Non-Impaired installment receivables with no related allowance recorded | 641 | 778 |
Impaired installment receivables with a related allowance recorded | 4,213 | 3,894 |
Total installment receivables | 4,854 | 4,672 |
Non-Impaired Financing Receivable, Related Allowance | 0 | 0 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 2,468 | 2,838 |
Interest Income Recognized | ||
Non-Impaired installment receivables with no related allowance recorded | 39 | 65 |
Impaired installment receivables with a related allowance recorded | 0 | 0 |
Total installment receivables | 39 | 65 |
U.S. | ||
Total Installment Receivables | ||
Impaired installment receivables with a related allowance recorded | 4,103 | 3,762 |
Unpaid Principal Balance | ||
Impaired installment receivables with a related allowance recorded | 4,103 | 3,762 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 2,358 | 2,706 |
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 | 674 | 818 |
Impaired installment receivables with a related allowance recorded | 110 | 132 |
Total installment receivables | 784 | 950 |
Unpaid Principal Balance | ||
Non-Impaired installment receivables with no related allowance recorded | 641 | 778 |
Impaired installment receivables with a related allowance recorded | 110 | 132 |
Total installment receivables | 751 | 910 |
Non-Impaired Financing Receivable, Related Allowance | 0 | 0 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 110 | 132 |
Interest Income Recognized | ||
Non-Impaired installment receivables with no related allowance recorded | 39 | 65 |
Impaired installment receivables with a related allowance recorded | 0 | 0 |
Total installment receivables | $ 39 | $ 65 |
Receivables (Aging of Installme
Receivables (Aging of Installment Receivables) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 670 | $ 832 |
0-30 Days Past Due | 7 | 18 |
31-60 Days Past Due | 7 | 12 |
61-90 Days Past Due | 7 | 2 |
90 Days Past Due | 4,196 | 3,848 |
Total Installment Receivables Past Due | 4,887 | 4,712 |
U.S. | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 0 | 0 |
0-30 Days Past Due | 0 | 0 |
31-60 Days Past Due | 0 | 0 |
61-90 Days Past Due | 0 | 0 |
90 Days Past Due | 4,103 | 3,762 |
Total Installment Receivables Past Due | 4,103 | 3,762 |
CANADA | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 670 | 832 |
0-30 Days Past Due | 7 | 18 |
31-60 Days Past Due | 7 | 12 |
61-90 Days Past Due | 7 | 2 |
90 Days Past Due | 93 | 86 |
Total Installment Receivables Past Due | $ 784 | $ 950 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 77,236 | $ 68,701 |
Raw materials | 65,722 | 56,270 |
Work in process | 10,460 | 10,673 |
Inventory, net | $ 153,418 | $ 135,644 |
Other Current Assets Components
Other Current Assets Components of Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Value added tax receivables | $ 15,457 | $ 14,336 |
Service contracts | 2,091 | 2,902 |
Derivatives (foreign currency forward exchange contracts) | 1,113 | 2,754 |
Prepaid insurance | 1,490 | 2,761 |
Prepaid inventory | 664 | 790 |
Recoverable income taxes | 451 | 503 |
Prepaid debt fees | 377 | 489 |
Prepaid and other current assets | 9,667 | 6,984 |
Other current assets | $ 31,310 | $ 31,519 |
Other Long-Term Assets Componen
Other Long-Term Assets Components of Other Long-Term Assets(Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Convertible 2021 note hedge asset | $ 27,430,000 | $ 25,471,000 |
Convertible 2022 note hedge asset | 28,582,000 | 0 |
Cash surrender value of life insurance policies | 1,871,000 | 1,824,000 |
Deferred financing fees | 958,000 | 793,000 |
Installment receivables | 813,000 | 466,000 |
Deferred taxes | 416,000 | 837,000 |
Investments | 103,000 | 108,000 |
Other | 106,000 | 188,000 |
Other Assets | $ 60,279,000 | $ 29,687,000 |
Other Long-Term Assets Narrativ
Other Long-Term Assets Narrative (Details) - Convertible Subordinated Debt - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Convertible Senior Notes at 5.00% February 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 150,000,000 | $ 150,000,000 |
Convertible Senior Notes at 4.50% February 2022 [Domain] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 120,000,000 |
Property And Equipment (Details
Property And Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 396,023 | $ 397,230 |
Less allowance for depreciation | (319,416) | (321,871) |
Property and equipment, net | 76,607 | 75,359 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 297,298 | 301,367 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 76,260 | 73,709 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 12,391 | 12,054 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 10,074 | $ 10,100 |
Intangibles (Narrative) (Detail
Intangibles (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization expense | $ 755,000 |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, useful life | 1 year |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, useful life | 10 years |
Weighted Average | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, useful life | 4 years |
Intangibles (Intangible Table)
Intangibles (Intangible Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 92,659 | $ 88,540 |
Accumulated Amortization | 62,888 | 59,517 |
Customer lists | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 51,844 | 49,362 |
Accumulated Amortization | 48,747 | 45,797 |
Developed technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 7,594 | 7,287 |
Accumulated Amortization | 6,287 | 5,969 |
Patents | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 5,546 | 5,512 |
Accumulated Amortization | 5,536 | 5,487 |
License agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 1,174 | 1,126 |
Accumulated Amortization | 1,174 | 1,126 |
Other | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 1,162 | 1,162 |
Accumulated Amortization | 1,144 | 1,138 |
Trademarks | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 25,339 | $ 24,091 |
Intangibles (Finite-Lived Intan
Intangibles (Finite-Lived Intangible Asset Future Amortization Expense) (Details) | Jun. 30, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Future amortization expense, remainder of fiscal year | $ 1,504,000 |
Future amortization expense, 2017 | 1,494,000 |
Future amortization expense, 2018 | 1,310,000 |
Future amortization expense, 2019 | 178,000 |
Future amortization expense, 2020 | 178,000 |
Future amortization expense, 2021 | $ 178,000 |
Accrued Expenses Components of
Accrued Expenses Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Salaries and wages | $ 29,662 | $ 32,959 |
Warranty cost | 22,947 | 23,302 |
Taxes other than income taxes, primarily value added taxes | 20,655 | 19,194 |
Professional | 5,416 | 4,728 |
Severance | 5,156 | 2,049 |
Freight | 4,506 | 5,211 |
Interest | 3,759 | 3,747 |
Product liability, current portion | 3,459 | 3,996 |
Deferred revenue | 1,539 | 1,446 |
Derivative liabilities (foreign currency forward exchange contracts) | 1,496 | 1,783 |
Rent | 683 | 672 |
Insurance | 670 | 742 |
Rebates | 484 | 356 |
Supplemental Executive Retirement Program liability | 391 | 391 |
Other items, principally trade accruals | 9,686 | 9,519 |
Accrued expenses | $ 110,509 | $ 110,095 |
Accrued Expenses Warranty Sched
Accrued Expenses Warranty Schedule (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Product Liability Contingency | |
Balance as of January 1, 2017 | $ 23,302 |
Warranties provided during the period | 4,927 |
Settlements made during the period | (5,571) |
Changes in liability for pre-existing warranties during the period, including expirations | 289 |
Balance as of June 30, 2017 | $ 22,947 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Feb. 17, 2007 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 237,901,000 | $ 161,349,000 | |
Less current maturities of long-term debt | (2,159,000) | (15,261,000) | |
Long-term debt net of current maturities | 235,742,000 | 146,088,000 | |
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 150,000,000 | 150,000,000 | |
Long-term debt | 118,666,000 | 115,159,000 | |
Debt Instrument, Unamortized Discount | (26,991,000) | (29,919,000) | |
Debt Instrument, Fee Amount | (4,343,000) | (4,922,000) | |
Debt Instrument, Net Carrying Amount | 118,666,000 | 115,159,000 | |
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 [Domain] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 120,000,000 | ||
Long-term debt | 86,680,000 | 0 | |
Debt Instrument, Unamortized Discount | (28,647,000) | ||
Debt Instrument, Fee Amount | (4,673,000) | ||
Debt Instrument, Net Carrying Amount | 86,680,000 | ||
Convertible Subordinated Debt | Convertible Senior Subordinated Debentures at 4.125% February 2027 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 135,000,000 | ||
Long-term debt | 0 | 13,039,000 | |
Debt Instrument, Unamortized Discount | (311,000) | ||
Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 32,555,000 | $ 33,151,000 |
Long-Term Debt Components of Co
Long-Term Debt Components of Convertible Debt (Details) - USD ($) | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Feb. 17, 2007 | |
Debt Instrument [Line Items] | |||||
Issuance of warrants | $ 14,100,000 | $ 12,376,000 | |||
Convertible 2021 note hedge asset | 27,430,000 | $ 25,471,000 | |||
Long-term debt | 237,901,000 | 161,349,000 | |||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 120,000,000 | ||||
Issuance of warrants | 14,100,000 | $ 14,100,000 | |||
Convertible Debt Conversion Feature | $ 33,251,000 | $ 0 | |||
Interest rate (as a percent) | 4.50% | ||||
Unamortized discount | $ (28,647,000) | ||||
Long-term debt | 86,680,000 | 0 | |||
Debt Instrument, Fee Amount | (4,673,000) | ||||
Debt Instrument, Net Carrying Amount | $ 86,680,000 | ||||
Convertible Subordinated Debt | Convertible Senior Subordinated Debentures at 4.125% February 2027 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 135,000,000 | ||||
Interest rate (as a percent) | 4.125% | ||||
Principal amount of liability component | $ 0 | 13,350,000 | |||
Unamortized discount | (311,000) | ||||
Long-term debt | 0 | 13,039,000 | |||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 150,000,000 | 150,000,000 | |||
Convertible Debt Conversion Feature | $ 32,227,000 | $ 30,708,000 | |||
Interest rate (as a percent) | 5.00% | ||||
Unamortized discount | $ (26,991,000) | (29,919,000) | |||
Long-term debt | 118,666,000 | 115,159,000 | |||
Debt Instrument, Fee Amount | (4,343,000) | (4,922,000) | |||
Debt Instrument, Net Carrying Amount | $ 118,666,000 | $ 115,159,000 |
Long-Term Debt Narrative (Detai
Long-Term Debt Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | Feb. 01, 2017 | Dec. 31, 2016 | Feb. 17, 2007 | |
Debt Instrument [Line Items] | ||||||||
Convertible 2022 note hedge asset | $ 28,582,000 | $ 28,582,000 | $ 0 | |||||
Convertible 2021 note hedge asset | 27,430,000 | 27,430,000 | 25,471,000 | |||||
Issuance of warrants | 14,100,000 | $ 12,376,000 | ||||||
Payments for Repurchase of Common Stock | 1,221,000 | 5,298,000 | ||||||
Convertible Subordinated Debt | Convertible Senior Subordinated Debentures at 4.125% February 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 135,000,000 | |||||||
Principal amount of liability component | $ 0 | $ 0 | 13,350,000 | |||||
Interest rate (as a percent) | 4.125% | 4.125% | ||||||
Debt Instrument, Unamortized Discount | (311,000) | |||||||
Repurchase Price of Debentures, Percent of Principal Amount | 100.00% | |||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fee Amount | $ 5,966,000 | $ 5,966,000 | ||||||
Debt Instrument, Face Amount | $ 150,000,000 | $ 150,000,000 | 150,000,000 | |||||
Interest rate (as a percent) | 5.00% | 5.00% | ||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | 100.00% | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 60.0492 | 60.0492 | ||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | $ 1,000 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 16.65 | $ 16.65 | ||||||
Convertible Debt Conversion Feature, Fair Value at Issuance | $ 34,480,000 | $ 34,480,000 | ||||||
Convertible Debt Conversion Feature | 32,227,000 | 32,227,000 | $ 30,708,000 | |||||
Convertible Debt Conversion Feature Gain (Loss) | 8,250,000 | $ (6,565,000) | 1,519,000 | (5,847,000) | ||||
Convertible due 2021 - Bond Hedge, Fair Value at Issuance | 27,975,000 | 27,975,000 | ||||||
Convertible Debt Note Hedge Gain (Loss) | $ 7,789,000 | (6,079,000) | $ 1,959,000 | (4,757,000) | ||||
Derivative, Price Risk Option Strike Price | $ 22.4175 | $ 22.4175 | ||||||
Debt Instrument, Net Proceeds | $ 144,034,000 | $ 144,034,000 | ||||||
Debt Instrument, Net Carrying Amount | 118,666,000 | 118,666,000 | 115,159,000 | |||||
Debt Instrument, Fee Amount | (4,343,000) | (4,343,000) | (4,922,000) | |||||
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) | (15,600,000) | ||||||
Debt Instrument, Unamortized Discount | $ (26,991,000) | $ (26,991,000) | $ (29,919,000) | |||||
Debt Instrument, Interest Rate, Effective Percentage | 11.10% | 11.10% | ||||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | $ 1,490,000 | 1,338,000 | $ 2,928,000 | 1,788,000 | ||||
Debt Instrument, Increase, Accrued Interest | 1,875,000 | 1,875,000 | 3,750,000 | 2,628,000 | ||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 [Domain] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fee Amount | 5,038,000 | 5,038,000 | ||||||
Debt Instrument, Face Amount | $ 120,000,000 | $ 120,000,000 | ||||||
Interest rate (as a percent) | 4.50% | 4.50% | ||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | 100.00% | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 61.6095 | 61.6095 | ||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | $ 1,000 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 16.23 | $ 16.23 | ||||||
Convertible Debt Conversion Feature, Fair Value at Issuance | $ 28,859,000 | $ 28,859,000 | ||||||
Convertible Debt Conversion Feature | 33,251,000 | 33,251,000 | $ 0 | |||||
Convertible Debt Conversion Feature Gain (Loss) | 4,392,000 | 0 | 4,392,000 | 0 | ||||
Convertible due 2022 - Bond Hedge, Fair Value at Issuance | 24,780,000 | 24,780,000 | ||||||
Convertible Debt Note Hedge Gain (Loss) | $ 3,802,000 | $ 0 | $ 3,802,000 | 0 | ||||
Derivative, Price Risk Option Strike Price | $ 21.4375 | $ 21.4375 | ||||||
Issuance of warrants | $ 14,100,000 | $ 14,100,000 | ||||||
Debt Instrument, Net Proceeds | $ 114,962,000 | 114,962,000 | ||||||
Debt Instrument, Net Carrying Amount | 86,680,000 | 86,680,000 | ||||||
Debt Instrument, Fee Amount | (4,673,000) | (4,673,000) | ||||||
Debt Instrument, Fee Amount Paid to Date | 4,144,000 | |||||||
Derivative, Amount of Hedged Item | (10,680,000) | (10,680,000) | ||||||
Debt Instrument, Unamortized Discount | $ (28,647,000) | $ (28,647,000) | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 10.90% | 10.90% | ||||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | $ 212,000 | |||||||
Debt Instrument, Increase, Accrued Interest | $ 255,000 | |||||||
Revolving Credit Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate (as a percent) | 4.95% | 4.95% | 4.85% | |||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing capacity | $ 30,000,000 | $ 30,000,000 | ||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Trade Receivables, Europe, Percent | 85.00% | |||||||
Minimum availability reserve | 3,000,000 | $ 3,000,000 | ||||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | $ 3,375,000 | $ 3,375,000 | ||||||
Line of Credit Facility, Covenant Feature, Dominion Trigger Maximum Percentage | 12.50% | 12.50% | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 15,797,000 | $ 15,797,000 | ||||||
Remaining borrowing capacity | $ 10,000,000 | $ 10,000,000 | ||||||
Minimum required undrawn balance (as a percent) | 11.25% | 11.25% | ||||||
Consecutive business days for minimum undrawn balance | 5 days | |||||||
Required undrawn balance, minimum | $ 3,000,000 | $ 3,000,000 | ||||||
Interruption of material manufacturing facilities, period | 10 days | |||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing capacity | 100,000,000 | $ 100,000,000 | ||||||
Additional increase in borrowing capacity available | 25,000,000 | $ 25,000,000 | ||||||
Percentage of domestic accounts receivable | 85.00% | |||||||
Percentage of eligible domestic inventory and in-transit inventory | 70.00% | |||||||
Percentage of net orderly liquidation value of domestic inventory | 85.00% | |||||||
Maximum value of net orderly liquidation value domestic inventory and in-transit inventory | 4,000,000 | $ 4,000,000 | ||||||
Net orderly liquidation value of domestic eligible machinery and equipment | 85.00% | |||||||
Additional amount of machinery and equipment | 1,608,200 | $ 1,608,200 | ||||||
Percentage of eligible Canadian accounts receivable | 85.00% | |||||||
Percentage of eligible Canadian inventory | 70.00% | |||||||
Percentage of net orderly liquidation value of eligible Canadian inventory | 85.00% | |||||||
Minimum availability reserve | 5,000,000 | $ 5,000,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | 28,791,000 | 28,791,000 | ||||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | 11,250,000 | 11,250,000 | ||||||
LIne of Credit Facility, Covenant Feature Dominion Trigger for Five Consecutive Days | $ 12,500,000 | $ 12,500,000 | ||||||
Minimum required undrawn balance (as a percent) | 11.25% | 11.25% | ||||||
Line of Credit, Covenant Compliance, Consecutive Business Days for Undrawn_Balance | 5 days | |||||||
Required undrawn balance, minimum | $ 5,000,000 | $ 5,000,000 | ||||||
Interruption of material manufacturing facilities, period | 10 days | |||||||
Letter of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 2,891,000 | $ 2,891,000 | $ 2,853,000 | |||||
Letter of Credit | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing capacity | 5,000,000 | 5,000,000 | ||||||
Letter of Credit | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing capacity | 25,000,000 | 25,000,000 | ||||||
Swing Line Loans | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing capacity | 2,000,000 | 2,000,000 | ||||||
Amount Available to Invacare Limited and Invacare Poirier SAS | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing capacity | $ 15,000,000 | $ 15,000,000 | ||||||
Base Rate | Revolving Credit Facility | Line of Credit | Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.25% | |||||||
Minimum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage | 0.25% | |||||||
Minimum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage | 0.25% | |||||||
Minimum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.50% | |||||||
Minimum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||
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) | ||||||||
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) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.25% | |||||||
Maximum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage | 0.375% | |||||||
Maximum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage | 0.375% | |||||||
Maximum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 3.00% | |||||||
Maximum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||
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) | ||||||||
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) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.75% |
Long-Term Debt Sale Leaseback T
Long-Term Debt Sale Leaseback Transactions (Details) | Jun. 30, 2017USD ($) |
Sale Leaseback Transaction [Line Items] | |
Sale Leaseback Transaction, Deferred Gain, Gross | $ 7,414,000 |
Other Long-Term Obligations (De
Other Long-Term Obligations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Other Noncurrent Liabilities [Line Items] | |||||
Deferred income taxes | $ 31,795,000 | $ 31,795,000 | $ 31,079,000 | ||
Product liability | 15,009,000 | 15,009,000 | 16,615,000 | ||
Pension | 13,969,000 | 13,969,000 | 13,258,000 | ||
Deferred gain on sale leaseback | 6,562,000 | 6,562,000 | 6,703,000 | ||
Supplemental Executive Retirement Plan liability | 5,541,000 | 5,541,000 | 5,612,000 | ||
Deferred compensation | 3,858,000 | 3,858,000 | 3,593,000 | ||
Uncertain tax obligation including interest | 2,905,000 | 2,905,000 | 3,150,000 | ||
Other | 4,171,000 | 4,171,000 | 3,689,000 | ||
Other Long-Term Obligations | 149,288,000 | 149,288,000 | $ 114,407,000 | ||
Sale Leaseback Transaction, Deferred Gain, Gross | 7,414,000 | 7,414,000 | |||
Sale Leaseback Transaction, Current Period Gain Recognized | $ 68,000 | $ 65,000 | $ 136,000 | $ 131,000 |
Other Long-Term Obligations Con
Other Long-Term Obligations Convertible Senior Notes (Details) - Convertible Subordinated Debt - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Convertible Senior Notes at 5.00% February 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 150,000,000 | $ 150,000,000 |
Interest rate (as a percent) | 5.00% | |
Convertible Senior Notes at 4.50% February 2022 [Domain] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 120,000,000 | |
Interest rate (as a percent) | 4.50% |
Equity Compensation (Narrative)
Equity Compensation (Narrative) (Details) | 6 Months Ended | |||
Jun. 30, 2017votes$ / sharesshares | May 31, 2017shares | Dec. 31, 2016$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.25 | |||
Granted (in shares) | 756,420 | |||
Period for recognition of unrecognized compensation costs | 2 years | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Net award activity (in shares) | 2,523,796 | |||
Award vesting period | 3 years | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Net award activity (in shares) | 2,124,222 | |||
Award requisite service period | 3 years | |||
Performance achievement level, lower range | 0.00% | |||
Performance achievement level, upper range | 150.00% | |||
Performance achievement level, target range | 100.00% | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 5.38 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Expiration period | 10 years | |||
Award vesting period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | [1] | 1,372,287 | ||
2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 2,373,030 | |||
Weighted Average | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period for recognition of unrecognized compensation costs | 3 years | |||
Class B Common Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0 | $ 0 | ||
Common Stock, Number of Votes | votes | 10 | |||
Common Stock, Difference in Dividend Rate | 10.00% | |||
Common Stock, Elected to Convert | 703,912 | |||
Common Stock, Shares, Issued | 18,000 | 18,357 | 729,000 | |
Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0 | $ 0 | ||
Common Stock, Shares, Issued | 36,546,000 | 35,318,000 | ||
Common Stock, Holders Percentage of Total Outstanding | 99.50% | |||
[1] | *Shares available for grant as of June 30, 2017 reduced by net restricted stock and restricted stock unit award and performance share and performance share unit award activity of 2,523,796 shares and 2,124,222 shares, respectively. |
Equity Compensation Share-based
Equity Compensation Share-based Compensation Expense (Details) - Selling, General and Administrative Expenses - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | $ 4,646 | $ 4,025 |
Restricted Stock and Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | 3,262 | 3,081 |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | 905 | 466 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | $ 479 | $ 478 |
Equity Compensation Unrecognize
Equity Compensation Unrecognized Compensation Expense (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 21,850 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 3,725 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 8,229 |
Restricted Stock and Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 9,896 |
Equity Compensation (Options Ac
Equity Compensation (Options Activity) (Details) | 6 Months Ended | |
Jun. 30, 2017$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options outstanding at beginning of period (in shares) | shares | 2,542,732 | |
Granted (in shares) | shares | 756,420 | |
Excercised (in shares) | shares | (103,775) | |
Canceled (in shares) | shares | (56,950) | |
Options outstanding at end of period (in shares) | shares | 3,138,427 | |
Weighted Average Exercise Price | ||
Options outstanding at beginning of period - Weighted Average Exercise Price (in dollars per share) | $ 21.19 | |
Granted - Weighted Average Exercise Price (in dollars per share) | 0 | |
Excercised - Weighted Average Exercise Price (in dollars per share) | 0 | |
Canceled - Weighted Average Exercise Price (in dollars per share) | 20.37 | |
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | $ 19.27 | |
Options exercisable at end of period (in shares) | shares | 2,379,987 | |
Stock Options | ||
Weighted Average Exercise Price | ||
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | $ 19.27 | |
Options available for grant at end of period (in shares) | shares | 1,372,287 | [1] |
$ 12.15 – $20.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price range, lower limit (in dollars per share) | $ 12.15 | |
Exercise price range, upper limit (in dollars per share) | 20 | |
$ 12.15 – $20.00 | Stock Options | ||
Weighted Average Exercise Price | ||
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | 13.02 | |
$ 30.01 – $33.36 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price range, lower limit (in dollars per share) | 30.01 | |
Exercise price range, upper limit (in dollars per share) | 33.36 | |
$ 30.01 – $33.36 | Stock Options | ||
Weighted Average Exercise Price | ||
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | $ 33.36 | |
[1] | *Shares available for grant as of June 30, 2017 reduced by net restricted stock and restricted stock unit award and performance share and performance share unit award activity of 2,523,796 shares and 2,124,222 shares, respectively. |
Equity Compensation (Stock Opti
Equity Compensation (Stock Options Outstanding by Exercise Price) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 19.27 | $ 21.19 |
$ 12.15 – $20.00 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, lower limit (in dollars per share) | 12.15 | |
Exercise price range, upper limit (in dollars per share) | 20 | |
$ 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 share) | 20.01 | |
Exercise price range, upper limit (in dollars per share) | 25 | |
$ 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 share) | 25.01 | |
Exercise price range, upper limit (in dollars per share) | 30 | |
$ 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 share) | 30.01 | |
Exercise price range, upper limit (in dollars per share) | $ 33.36 | |
Stock Options | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding - Number Outstanding at end of period (in shares) | 3,138,427 | |
Options Outstanding - Weighted Average Remaining Contractual Life | 4 years 7 months | |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 19.27 | |
Options Exercisable - Number Exercisable At end of period (in shares) | 2,379,987 | |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 21.54 | |
Stock Options | $ 12.15 – $20.00 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding - Number Outstanding at end of period (in shares) | 1,318,466 | |
Options Outstanding - Weighted Average Remaining Contractual Life | 7 years 2 months | |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 13.02 | |
Options Exercisable - Number Exercisable At end of period (in shares) | 580,876 | |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 14.19 | |
Stock Options | $ 20.01 – $25.00 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding - Number Outstanding at end of period (in shares) | 1,079,227 | |
Options Outstanding - Weighted Average Remaining Contractual Life | 1 year 11 months | |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 22.56 | |
Options Exercisable - Number Exercisable At end of period (in shares) | 1,062,827 | |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 22.55 | |
Stock Options | $ 25.01 – $30.00 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding - Number Outstanding at end of period (in shares) | 736,238 | |
Options Outstanding - Weighted Average Remaining Contractual Life | 1 year 8 months | |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 25.55 | |
Options Exercisable - Number Exercisable At end of period (in shares) | 731,788 | |
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] | ||
Options Outstanding - Number Outstanding at end of period (in shares) | 4,496 | |
Options Outstanding - Weighted Average Remaining Contractual Life | 3 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 Restricted
Equity Compensation Restricted Stock Activity (Details) - Restricted Stock and Restricted Stock Units (RSUs) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 895,720 | 878,356 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 13.70 | $ 15.87 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 480,742 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.09 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (364,367) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 16.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (99,011) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 14.22 |
Equity Compensation Performance
Equity Compensation Performance Share Activity (Details) - Performance Shares - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 642,451 | 309,468 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 13.25 | $ 14.58 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 336,694 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.02 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (3,711) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 12.82 |
Equity Compensation Assumptions
Equity Compensation Assumptions (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 39.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.31% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years 9 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Forfeiture Percentage | 5.00% |
Accumulated Other Comprehensi78
Accumulated Other Comprehensive Income (Loss) by Component (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | $ (18,216) | $ 2,154 | $ (19,335) | $ (9,387) |
OCI before reclassifications | 24,496 | 8,171 | 25,704 | 19,873 |
Amount reclassified from accumulated OCI | (247) | (137) | (336) | (298) |
Other Comprehensive Income | 24,249 | 8,034 | 25,368 | 19,575 |
Ending Balance | 6,033 | 10,188 | 6,033 | 10,188 |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (28,352) | 6,474 | (26,199) | (5,744) |
OCI before reclassifications | 37,163 | 9,982 | 35,010 | 22,200 |
Amount reclassified from accumulated OCI | 0 | 0 | 0 | 0 |
Other Comprehensive Income | 37,163 | 9,982 | 35,010 | 22,200 |
Ending Balance | 8,811 | 16,456 | 8,811 | 16,456 |
Accumulated Long-Term Notes Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 20,474 | 2,662 | 17,372 | 4,111 |
OCI before reclassifications | (10,852) | 325 | (7,750) | (1,124) |
Amount reclassified from accumulated OCI | 0 | 0 | 0 | 0 |
Other Comprehensive Income | (10,852) | 325 | (7,750) | (1,124) |
Ending Balance | 9,622 | 2,987 | 9,622 | 2,987 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (11,543) | (9,947) | (11,248) | (9,757) |
OCI before reclassifications | (480) | (77) | (985) | (272) |
Amount reclassified from accumulated OCI | 54 | 71 | 264 | 76 |
Other Comprehensive Income | (426) | (6) | (721) | (196) |
Ending Balance | (11,969) | (9,953) | (11,969) | (9,953) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 1,205 | 2,965 | 740 | 2,003 |
OCI before reclassifications | (1,335) | (2,059) | (571) | (931) |
Amount reclassified from accumulated OCI | (301) | (208) | (600) | (374) |
Other Comprehensive Income | (1,636) | (2,267) | (1,171) | (1,305) |
Ending Balance | $ (431) | $ 698 | $ (431) | $ 698 |
Accumulated Other Comprehensi79
Accumulated Other Comprehensive Income (Loss) by Component (Reclassified Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net Sales | $ 233,517 | $ 275,037 | $ 465,240 | $ 532,589 |
Cost of Products Sold | (168,495) | (201,442) | (335,073) | (391,134) |
Amortization of prior service costs and unrecognized gains | (75,721) | (78,722) | (148,234) | (151,556) |
Income tax provision | (2,175) | (1,950) | (4,775) | (3,775) |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of prior service costs and unrecognized gains | 54 | 71 | 264 | 76 |
Income tax provision | 0 | 0 | 0 | 0 |
Net loss from Continuing Operations | 54 | 71 | 264 | 76 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes | (315) | (263) | (638) | (452) |
Income tax provision | 14 | 55 | 38 | 78 |
Net loss from Continuing Operations | (301) | (208) | (600) | (374) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income | Foreign currency forward contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net Sales | (166) | 982 | (234) | 1,409 |
Cost of Products Sold | $ (481) | $ 719 | $ (872) | $ 957 |
Charges Related To Restructur80
Charges Related To Restructuring Activities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | $ 3,201,000 | $ 2,169,000 | $ 2,169,000 | ||
Charges | 4,987,000 | 3,283,000 | $ 689,000 | 8,270,000 | $ 791,000 |
Payments | (2,549,000) | (2,251,000) | (1,614,000) | (4,800,000) | |
Ending Balance | 5,639,000 | 3,201,000 | 5,639,000 | ||
Severance | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 3,030,000 | 2,049,000 | 2,049,000 | ||
Charges | 4,486,000 | 3,136,000 | |||
Payments | (2,360,000) | (2,155,000) | |||
Ending Balance | 5,156,000 | 3,030,000 | 5,156,000 | ||
Contract Termination | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 171,000 | 120,000 | 120,000 | ||
Charges | 501,000 | 147,000 | |||
Payments | (189,000) | (96,000) | |||
Ending Balance | 483,000 | 171,000 | 483,000 | ||
NA/HME | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 1,561,000 | 903,000 | 903,000 | ||
Charges | 3,928,000 | 2,242,000 | $ 662,000 | 6,170,000 | 723,000 |
Payments | (1,551,000) | (1,584,000) | |||
Ending Balance | 3,938,000 | 1,561,000 | 3,938,000 | ||
NA/HME | Severance | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 1,390,000 | 783,000 | 783,000 | ||
Charges | 3,427,000 | 2,095,000 | 5,522,000 | 332,000 | |
Payments | (1,362,000) | (1,488,000) | |||
Ending Balance | 3,455,000 | 1,390,000 | 3,455,000 | ||
NA/HME | Contract Termination | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 171,000 | 120,000 | 120,000 | ||
Charges | 501,000 | 147,000 | 648,000 | $ 391,000 | |
Payments | (189,000) | (96,000) | |||
Ending Balance | 483,000 | 171,000 | 483,000 | ||
Europe | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 500,000 | ||||
Payments | (340,000) | (190,000) | |||
Ending Balance | 500,000 | ||||
Europe | Severance | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 500,000 | ||||
Charges | 514,000 | 690,000 | |||
Payments | (340,000) | (190,000) | |||
Ending Balance | 500,000 | ||||
Europe | Contract Termination | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 0 | ||||
Charges | 0 | 0 | |||
Payments | 0 | 0 | |||
Ending Balance | 0 | ||||
Asia/Pacific | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 123,000 | ||||
Charges | 545,000 | ||||
Payments | (658,000) | (228,000) | |||
Ending Balance | 10,000 | 123,000 | 10,000 | ||
Asia/Pacific | Severance | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 123,000 | ||||
Charges | 545,000 | 351,000 | |||
Payments | (658,000) | (228,000) | |||
Ending Balance | 10,000 | 123,000 | 10,000 | ||
Asia/Pacific | Contract Termination | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 0 | ||||
Charges | 0 | 0 | |||
Payments | 0 | 0 | |||
Ending Balance | 0 | 0 | 0 | ||
All Other | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 1,017,000 | 1,266,000 | 1,266,000 | ||
Payments | (249,000) | ||||
Ending Balance | 1,017,000 | 1,017,000 | 1,017,000 | ||
All Other | Severance | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 1,017,000 | 1,266,000 | 1,266,000 | ||
Payments | (249,000) | ||||
Ending Balance | 1,017,000 | 1,017,000 | 1,017,000 | ||
All Other | Contract Termination | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 0 | 0 | 0 | ||
Payments | 0 | ||||
Ending Balance | $ 0 | $ 0 | $ 0 |
Charges Related To Restructur81
Charges Related To Restructuring Activities Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||||
Charges | $ 4,987,000 | $ 3,283,000 | $ 689,000 | $ 8,270,000 | $ 791,000 |
Restructuring and Related Activities, Expected Payout Period | 12 months | ||||
Payments | (2,549,000) | (2,251,000) | (1,614,000) | $ (4,800,000) | |
Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charges | 4,486,000 | 3,136,000 | |||
Payments | (2,360,000) | (2,155,000) | |||
Contract Termination | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charges | 501,000 | 147,000 | |||
Payments | (189,000) | (96,000) | |||
Europe | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments | (340,000) | (190,000) | |||
Europe | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charges | 514,000 | 690,000 | |||
Payments | (340,000) | (190,000) | |||
Europe | Contract Termination | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charges | 0 | 0 | |||
Payments | 0 | 0 | |||
Asia/Pacific | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charges | 545,000 | ||||
Payments | (658,000) | (228,000) | |||
Asia/Pacific | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charges | 545,000 | 351,000 | |||
Payments | (658,000) | (228,000) | |||
Asia/Pacific | Contract Termination | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charges | 0 | 0 | |||
Payments | 0 | 0 | |||
NA/HME | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charges | 3,928,000 | 2,242,000 | 662,000 | 6,170,000 | 723,000 |
Payments | (1,551,000) | (1,584,000) | |||
NA/HME | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charges | 3,427,000 | 2,095,000 | 5,522,000 | 332,000 | |
Payments | (1,362,000) | (1,488,000) | |||
NA/HME | Contract Termination | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charges | 501,000 | 147,000 | 648,000 | 391,000 | |
Payments | (189,000) | (96,000) | |||
NA/HME | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Effect on Future Earnings, Amount | 4,000,000 | ||||
Europe [Member] | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charges | 514,000 | 690,000 | 1,204,000 | ||
All Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments | (249,000) | ||||
All Other | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments | (249,000) | ||||
All Other | Contract Termination | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments | 0 | ||||
Asia/Pacific | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charges | $ 545,000 | $ 27,000 | 896,000 | 68,000 | |
Asia/Pacific | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charges | $ 351,000 | $ 896,000 | $ 68,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Valuation Allowance [Line Items] | ||||
Effective income tax rate, continuing operations | (10.20%) | (20.20%) | (13.40%) | (23.00%) |
U.S. statutory income tax rate | 35.00% |
Net Earnings (Loss) Per Commo83
Net Earnings (Loss) Per Common Share Computation of Basic and Diluted Net Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Net Earnings (Loss) per Share—Basic | |||||
Average common shares outstanding | 32,833 | 32,176 | 32,654 | 32,274 | |
Net Loss | $ (23,508) | $ (11,580) | $ (40,288) | $ (20,196) | |
Net earnings (loss) per common share | $ (0.72) | $ (0.36) | $ (1.23) | $ (0.63) | |
Net Earnings (Loss) per Share—Assuming Dilution | |||||
Average common shares outstanding | 32,833 | 32,176 | 32,654 | 32,274 | |
Stock options and awards | 360 | 354 | 293 | 298 | |
Average common shares assuming dilution | 33,193 | 32,530 | 32,947 | 32,572 | |
Net Loss | $ (23,508) | $ (11,580) | $ (40,288) | $ (20,196) | |
Net earnings (loss) per per common share—assuming dilution (in dollars per share) | [1] | $ (0.72) | $ (0.36) | $ (1.23) | $ (0.63) |
[1] | Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. |
Net Earnings (Loss) Per Commo84
Net Earnings (Loss) Per Common Share Textuals (Details) - Stock Options - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 1,353,144 | 2,810,386 | 1,629,336 | 2,787,067 |
Antidilutive share granted, average exercise price | $ 25.79 | $ 25.24 | $ 25.79 | $ 25.24 |
Fair value stock price | $ 13.14 | $ 11.79 | $ 12.57 | $ 12.96 |
Concentration Of Credit Risk (D
Concentration Of Credit Risk (Details) | Jun. 30, 2017USD ($) |
Risks and Uncertainties [Abstract] | |
Retained Recourse Obligation For Events Of Default Under Contracts | $ 3,664,000 |
Events of Default Under Contract by Third Party | $ 24,608,000 |
Derivatives Notional Amounts -
Derivatives Notional Amounts - Designated as Hedges (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Notional Amount | $ 84,743 | $ 164,358 |
Unrealized Gain (Loss) | (500) | 776 |
USD / AUD | ||
Derivative [Line Items] | ||
Notional Amount | 2,871 | 5,841 |
Unrealized Gain (Loss) | (34) | 316 |
USD / CAD | ||
Derivative [Line Items] | ||
Notional Amount | 1,002 | 2,604 |
Unrealized Gain (Loss) | 26 | (18) |
USD / CNY | ||
Derivative [Line Items] | ||
Notional Amount | 1,940 | 11,252 |
Unrealized Gain (Loss) | (12) | (301) |
USD / CHF | ||
Derivative [Line Items] | ||
Notional Amount | 180 | 370 |
Unrealized Gain (Loss) | 1 | 15 |
USD / EUR | ||
Derivative [Line Items] | ||
Notional Amount | 38,793 | 60,387 |
Unrealized Gain (Loss) | (933) | 1,826 |
USD / GBP | ||
Derivative [Line Items] | ||
Notional Amount | 2,114 | 3,253 |
Unrealized Gain (Loss) | (91) | (75) |
USD / NZD | ||
Derivative [Line Items] | ||
Notional Amount | 6,140 | 9,650 |
Unrealized Gain (Loss) | 179 | (64) |
USD / SEK | ||
Derivative [Line Items] | ||
Notional Amount | 1,889 | 4,923 |
Unrealized Gain (Loss) | (36) | 146 |
USD / MXP | ||
Derivative [Line Items] | ||
Notional Amount | 3,047 | 6,148 |
Unrealized Gain (Loss) | 260 | (417) |
EUR / AUD | ||
Derivative [Line Items] | ||
Notional Amount | 271 | 506 |
Unrealized Gain (Loss) | 4 | 6 |
EUR / GBP | ||
Derivative [Line Items] | ||
Notional Amount | 15,986 | 14,511 |
Unrealized Gain (Loss) | (14) | (686) |
EUR / NOK | ||
Derivative [Line Items] | ||
Notional Amount | 1,558 | 2,503 |
Unrealized Gain (Loss) | 50 | (25) |
EUR / NZD | ||
Derivative [Line Items] | ||
Notional Amount | 1,914 | 3,777 |
Unrealized Gain (Loss) | (16) | 16 |
GBP / AUD | ||
Derivative [Line Items] | ||
Notional Amount | 269 | 503 |
Unrealized Gain (Loss) | 13 | 34 |
GBP / CHF | ||
Derivative [Line Items] | ||
Notional Amount | 264 | 215 |
Unrealized Gain (Loss) | (2) | (10) |
GBP / SEK | ||
Derivative [Line Items] | ||
Notional Amount | 1,726 | 1,389 |
Unrealized Gain (Loss) | (5) | (42) |
CHF / DKK | ||
Derivative [Line Items] | ||
Notional Amount | 327 | 595 |
Unrealized Gain (Loss) | 3 | (2) |
DKK / SEK | ||
Derivative [Line Items] | ||
Notional Amount | 2,318 | 31,978 |
Unrealized Gain (Loss) | 25 | 49 |
NOK / CHF | ||
Derivative [Line Items] | ||
Notional Amount | 716 | 1,335 |
Unrealized Gain (Loss) | 13 | (13) |
NOK / SEK | ||
Derivative [Line Items] | ||
Notional Amount | 1,418 | 2,618 |
Unrealized Gain (Loss) | $ 69 | $ 21 |
Derivatives Notional Amounts 87
Derivatives Notional Amounts - Not Designated as Hedges (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||
Notional Amount | $ 23,922 | $ 23,922 | $ 14,620 | ||
Gain (Loss) | 117 | 195 | |||
Forward exchange contracts—net | |||||
Derivative [Line Items] | |||||
Gain (Loss) | 52 | $ (94) | 117 | $ (377) | |
AUD / USD | |||||
Derivative [Line Items] | |||||
Notional Amount | 10,100 | 10,100 | 5,800 | ||
Gain (Loss) | (206) | 204 | |||
CNY / USD | |||||
Derivative [Line Items] | |||||
Notional Amount | 8,822 | 8,822 | 5,556 | ||
Gain (Loss) | 334 | (24) | |||
AUD / NZD | |||||
Derivative [Line Items] | |||||
Notional Amount | $ 5,000 | 5,000 | 3,264 | ||
Gain (Loss) | $ (11) | $ 15 |
Derivatives Balance Sheet Locat
Derivatives Balance Sheet Location (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 1,113 | $ 2,754 |
Other Current Assets | Foreign currency forward contracts | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 770 | 2,535 |
Other Current Assets | Foreign currency forward contracts | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 343 | 219 |
Accrued Expenses | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1,496 | 1,783 |
Accrued Expenses | Foreign currency forward contracts | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1,270 | 1,759 |
Accrued Expenses | Foreign currency forward contracts | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 226 | $ 24 |
Derivatives Gain (Loss) in Stat
Derivatives Gain (Loss) in Statement of Finacial Position (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) | $ (315,000) | $ (263,000) | $ (638,000) | $ (452,000) | |
Foreign currency forward contracts | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | (1,335,000) | (2,059,000) | (571,000) | (931,000) | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 301,000 | 208,000 | 600,000 | 374,000 | |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 7,000 | 42,000 | 7,000 | 42,000 | |
Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) | 117,000 | $ 195,000 | |||
Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) | $ 52,000 | $ (94,000) | $ 117,000 | $ (377,000) |
Derivatives Narrative (Details)
Derivatives Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||
Convertible Debt 2022 Conversion Feature, Initial Fair Value | $ 28,859,000 | $ 28,859,000 | |||
Proceeds from Issuance of Warrants | 14,100,000 | $ 12,376,000 | |||
Foreign currency forward contracts | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives, matured during period | 43,692,000 | $ 58,898,000 | 81,035,000 | 112,226,000 | |
Selling, General and Administrative Expenses | Foreign currency forward contracts | |||||
Derivative [Line Items] | |||||
Gain recognized in income | 52,000 | $ 117,000 | |||
Loss on derivative | (94,000) | (377,000) | |||
Minimum | |||||
Derivative [Line Items] | |||||
Derivative, percentage of forcasted transactions with currency rate exposure | 50.00% | ||||
Maximum | |||||
Derivative [Line Items] | |||||
Derivative, percentage of forcasted transactions with currency rate exposure | 90.00% | ||||
Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Gain (Loss) | 315,000 | 263,000 | $ 638,000 | 452,000 | |
Cash Flow Hedging [Member] | Sales [Member] | |||||
Derivative [Line Items] | |||||
Gain recognized in income | 982,000 | 1,409,000 | |||
Loss on derivative | (166,000) | (234,000) | |||
Cash Flow Hedging [Member] | Cost of Sales [Member] | |||||
Derivative [Line Items] | |||||
Gain recognized in income | 481,000 | 872,000 | |||
Loss on derivative | $ (719,000) | (957,000) | |||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | |||||
Derivative [Line Items] | |||||
Convertible due 2021 - Bond Hedge, Initial Fair Value | 27,975,000 | 27,975,000 | |||
Convertible Debt Conversion Feature, Initial Fair Value | (34,480,000) | (34,480,000) | |||
Debt Instrument, Face Amount | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | ||
Interest rate (as a percent) | 5.00% | 5.00% | |||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 [Domain] | |||||
Derivative [Line Items] | |||||
Proceeds from Issuance of Warrants | $ 14,100,000 | $ 14,100,000 | |||
Convertible due 2022 - Bond Hedge, Fair Value at Issuance | $ 24,780,000 | 24,780,000 | |||
Debt Instrument, Face Amount | $ 120,000,000 | $ 120,000,000 | |||
Interest rate (as a percent) | 4.50% | 4.50% |
Derivatives Fair Value of Conve
Derivatives Fair Value of Convertible Debt Hedges (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Convertible 2021 note hedge asset | $ 27,430,000 | $ 27,430,000 | $ 25,471,000 | |||
Convertible 2022 note hedge asset | 28,582,000 | 28,582,000 | 0 | |||
Fair Values Convertible Debt Hedges, Net | (9,466,000) | (9,466,000) | ||||
Fair Values Convertible Debt Hedges, Gain (Loss) | (1,051,000) | $ 486,000 | (150,000) | $ 1,090,000 | ||
Fair Value, Inputs, Level 2 | Convertible Debt Conversion Feature [Member] | Fair Value, Measurements, Recurring | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Convertible Debt Conversion Feature | (32,227,000) | (32,227,000) | (30,708,000) | |||
Fair Value, Inputs, Level 2 | Convertible Debt 2022 Conversion Feature [Domain] | Fair Value, Measurements, Recurring | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Convertible Debt Conversion Feature | (33,251,000) | (33,251,000) | ||||
Fair Value, Inputs, Level 2 | Convertible Debt Bond Hedge [Member] | Fair Value, Measurements, Recurring | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Convertible 2021 note hedge asset | 27,430,000 | 27,430,000 | $ 25,471,000 | |||
Convertible 2022 note hedge asset | 28,582,000 | 28,582,000 | ||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 [Domain] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Convertible Debt Conversion Feature | (33,251,000) | (33,251,000) | $ 0 | |||
Convertible Debt Conversion Feature Gain (Loss) | (4,392,000) | 0 | (4,392,000) | 0 | ||
Convertible Debt Note Hedge Gain (Loss) | 3,802,000 | 0 | 3,802,000 | 0 | ||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Convertible Debt Conversion Feature | (32,227,000) | (32,227,000) | $ (30,708,000) | |||
Convertible Debt Conversion Feature Gain (Loss) | (8,250,000) | 6,565,000 | (1,519,000) | 5,847,000 | ||
Convertible Debt Note Hedge Gain (Loss) | $ 7,789,000 | $ (6,079,000) | $ 1,959,000 | $ (4,757,000) |
Fair Values (Assets and Liabili
Fair Values (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible 2021 note hedge asset | $ 27,430,000 | $ 25,471,000 |
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 2021 note hedge asset | 27,430,000 | 25,471,000 |
Forward exchange contracts—net | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Forward exchange contracts—net | 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 | (383,000) | 971,000 |
Forward exchange contracts—net | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
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 | 32,227,000 | 30,708,000 |
Convertible Debt Conversion Feature [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
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 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Convertible Debt Bond Hedge [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Convertible Debt Bond Hedge [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | $ 0 | $ 0 |
Fair Values (Details of Book Va
Fair Values (Details of Book Value and Fair Value of Financial Instruments) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Convertible due 2021 - Bond Hedge | $ 27,430,000 | $ 25,471,000 | ||
Cash and cash equivalents | 160,082,000 | 124,234,000 | $ 125,305,000 | $ 60,055,000 |
Convertible 2022 note hedge asset | 28,582,000 | 0 | ||
Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 160,082,000 | 124,234,000 | ||
Other investments | 103,000 | 108,000 | ||
Installment receivables, net of reserves | 2,386,000 | 1,834,000 | ||
Long-term debt (including current maturities of long-term debt) | (237,901,000) | (161,349,000) | ||
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 160,082,000 | 124,234,000 | ||
Other investments | 103,000 | 108,000 | ||
Installment receivables, net of reserves | 2,386,000 | 1,834,000 | ||
Long-term debt (including current maturities of long-term debt) | (250,960,000) | (164,900,000) | ||
Convertible Debt 2022 Note Hedge [Domain] | Other Long-Term Assets [Member] | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | 28,582,000 | 0 | ||
Convertible Debt 2022 Note Hedge [Domain] | Other Long-Term Assets [Member] | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | 28,582,000 | 0 | ||
Convertible Debt 2021 Note Hedge [Domain] | Other Long-Term Assets [Member] | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | 27,430,000 | 25,471,000 | ||
Convertible Debt 2021 Note Hedge [Domain] | Other Long-Term Assets [Member] | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | 27,430,000 | 25,471,000 | ||
Convertible Debt 2022 Conversion Feature [Domain] | Other Debt Obligations [Member] | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative liabilities | (33,251,000) | 0 | ||
Convertible Debt 2022 Conversion Feature [Domain] | Other Debt Obligations [Member] | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative liabilities | (33,251,000) | 0 | ||
Foreign currency forward contracts | Other Current Assets | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | 1,113,000 | 2,754,000 | ||
Foreign currency forward contracts | Other Current Assets | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | 1,113,000 | 2,754,000 | ||
Foreign currency forward contracts | Accrued Expenses | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative liabilities | (1,496,000) | (1,783,000) | ||
Foreign currency forward contracts | Accrued Expenses | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative liabilities | (1,496,000) | (1,783,000) | ||
Convertible Debt Conversion Feature [Member] | Other Debt Obligations [Member] | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative liabilities | (32,227,000) | 30,708,000 | ||
Convertible Debt Conversion Feature [Member] | Other Debt Obligations [Member] | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative liabilities | (32,227,000) | 30,708,000 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | Foreign currency forward contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets (liabilities), at fair value, net | 0 | 0 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | Convertible Debt 2022 Conversion Feature [Domain] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets (liabilities), at fair value, net | 0 | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | Convertible Debt Bond Hedge [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets (liabilities), at fair value, net | 0 | 0 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Convertible Debt 2022 Conversion Feature [Domain] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Convertible Debt Conversion Feature | (33,251,000) | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Foreign currency forward contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets (liabilities), at fair value, net | (383,000) | 971,000 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Convertible Debt Conversion Feature [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Convertible Debt Conversion Feature | (32,227,000) | (30,708,000) | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Convertible Debt Bond Hedge [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Convertible due 2021 - Bond Hedge | 27,430,000 | 25,471,000 | ||
Convertible 2022 note hedge asset | 28,582,000 | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Foreign currency forward contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets (liabilities), at fair value, net | 0 | 0 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Convertible Debt 2022 Conversion Feature [Domain] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets (liabilities), at fair value, net | 0 | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Convertible Debt Bond Hedge [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets (liabilities), at fair value, net | $ 0 | $ 0 |
Business Segments (Information
Business Segments (Information by Segment) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | $ 5,639,000 | $ 3,201,000 | $ 5,639,000 | $ 2,169,000 | ||
Net Sales | 233,517,000 | $ 275,037,000 | 465,240,000 | $ 532,589,000 | ||
Charges | (4,987,000) | (3,283,000) | (689,000) | (8,270,000) | (791,000) | |
Operating Income (Loss) | (15,686,000) | (5,816,000) | (26,337,000) | (10,892,000) | ||
Loss (gain) on Convertible Debt Derivatives | (1,051,000) | 486,000 | (150,000) | 1,090,000 | ||
Interest Revenue (Expense), Net | (4,596,000) | (4,300,000) | (9,026,000) | (6,619,000) | ||
Earnings (loss) before income taxes | (21,333,000) | (9,630,000) | (35,513,000) | (16,421,000) | ||
Europe (1) | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 128,485,000 | 135,735,000 | 247,993,000 | 257,766,000 | ||
Charges | (514,000) | 0 | (1,204,000) | 0 | ||
Operating Income (Loss) | 7,077,000 | 6,949,000 | 12,177,000 | 12,912,000 | ||
NA/HME (1) | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 3,938,000 | 1,561,000 | 3,938,000 | 903,000 | ||
Net Sales | 77,689,000 | 110,700,000 | 161,951,000 | 218,372,000 | ||
Net sales | 1,137,000 | 2,438,000 | ||||
Charges | (3,928,000) | (2,242,000) | (662,000) | (6,170,000) | (723,000) | |
Operating Income (Loss) | (12,395,000) | (6,649,000) | (21,821,000) | (13,058,000) | ||
Operating Income (Loss) | 43,000 | 150,000 | ||||
IPG | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 15,320,000 | 16,115,000 | 31,693,000 | 34,359,000 | ||
Operating Income (Loss) | 1,472,000 | 1,532,000 | 3,370,000 | 2,956,000 | ||
Asia/Pacific | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 12,023,000 | 12,487,000 | 23,603,000 | 22,092,000 | ||
Charges | (545,000) | (27,000) | (896,000) | (68,000) | ||
Operating Income (Loss) | (118,000) | (337,000) | (548,000) | (1,040,000) | ||
All Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 1,017,000 | 1,017,000 | 1,017,000 | 1,266,000 | ||
Operating Income (Loss) | (6,735,000) | (6,622,000) | (11,245,000) | (11,871,000) | ||
Europe | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 500,000 | |||||
Europe [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 674,000 | 674,000 | ||||
Asia/Pacific | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 10,000 | 123,000 | 10,000 | |||
Charges | (545,000) | |||||
Intersegment revenues | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 29,659,000 | 35,459,000 | 60,057,000 | 71,303,000 | ||
Intersegment revenues | Europe (1) | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 3,738,000 | 4,460,000 | 7,413,000 | 7,052,000 | ||
Intersegment revenues | NA/HME (1) | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 21,050,000 | 25,294,000 | 43,145,000 | 52,909,000 | ||
Intersegment revenues | IPG | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 975,000 | 787,000 | 1,743,000 | 1,203,000 | ||
Intersegment revenues | Asia/Pacific | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 3,896,000 | $ 4,918,000 | 7,756,000 | 10,139,000 | ||
Severance | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 5,156,000 | 3,030,000 | 5,156,000 | 2,049,000 | ||
Charges | (4,486,000) | (3,136,000) | ||||
Severance | NA/HME (1) | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 3,455,000 | 1,390,000 | 3,455,000 | 783,000 | ||
Charges | (3,427,000) | (2,095,000) | (5,522,000) | (332,000) | ||
Severance | Asia/Pacific | ||||||
Segment Reporting Information [Line Items] | ||||||
Charges | (351,000) | (896,000) | (68,000) | |||
Severance | All Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 1,017,000 | 1,017,000 | 1,017,000 | 1,266,000 | ||
Severance | Europe | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 500,000 | |||||
Charges | (514,000) | (690,000) | ||||
Severance | Europe [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 674,000 | 674,000 | ||||
Charges | (514,000) | (690,000) | (1,204,000) | |||
Severance | Asia/Pacific | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 10,000 | 123,000 | 10,000 | |||
Charges | (545,000) | (351,000) | ||||
Contract Termination | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 483,000 | 171,000 | 483,000 | 120,000 | ||
Charges | (501,000) | (147,000) | ||||
Contract Termination | NA/HME (1) | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 483,000 | 171,000 | 483,000 | 120,000 | ||
Charges | (501,000) | (147,000) | (648,000) | $ (391,000) | ||
Contract Termination | All Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 0 | 0 | 0 | $ 0 | ||
Contract Termination | Europe | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 0 | |||||
Charges | 0 | 0 | ||||
Contract Termination | Europe [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 0 | 0 | ||||
Contract Termination | Asia/Pacific | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Reserve | 0 | 0 | $ 0 | |||
Charges | $ 0 | $ 0 |