Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 04, 2019 | Jun. 30, 2018 | |
Entity Information [Line Items] | |||
Entity Registrant Name | INVACARE CORPORATION | ||
Entity Central Index Key | 742,112 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 600,562,529 | ||
Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 33,247,675 | ||
Class B Common Shares | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 6,357 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income (Loss) - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Revenues | $ 972,347,000 | $ 966,497,000 | $ 1,047,474,000 |
Cost of products sold | 704,671,000 | 697,246,000 | 763,847,000 |
Gross Profit | 267,676,000 | 269,251,000 | 283,627,000 |
Selling, general and administrative expenses | 281,906,000 | 296,816,000 | 303,781,000 |
Gains on sale of businesses (pre-tax) | 0 | 0 | (7,386,000) |
Charges related to restructuring activities | 3,481,000 | 12,274,000 | 2,447,000 |
Impairment of an intangible asset | 583,000 | 320,000 | 0 |
Operating Income (Loss) | (18,294,000) | (40,159,000) | (15,215,000) |
Loss (gain) on Convertible Debt Derivatives | (11,994,000) | 3,657,000 | (1,268,000) |
Interest expense | 28,336,000 | 22,907,000 | 15,875,000 |
Interest income | (534,000) | (473,000) | (265,000) |
Loss Before Income Taxes | (34,102,000) | (66,250,000) | (29,557,000) |
Income taxes | 9,820,000 | 10,291,000 | 13,299,000 |
Net Loss | $ (43,922,000) | $ (76,541,000) | $ (42,856,000) |
Net Earnings (Loss) per Share—Basic: | |||
Net Earnings (loss) per Share - Basic (in dollars per share) | $ (1.33) | $ (2.34) | $ (1.32) |
Weighted Average Shares Outstanding - Basic (in shares) | 33,124 | 32,752 | 32,471 |
Net Earnings (Loss) per Share—Assuming Dilution: | |||
Net Earnings (loss) per Share - Assuming Dilution (in dollars per share) | $ (1.33) | $ (2.34) | $ (1.32) |
Weighted Average Shares Outstanding - Assuming Dilution (in shares) | 33,543 | 33,216 | 32,590 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | $ (30,858,000) | $ 54,591,000 | $ (7,194,000) |
Defined benefit plans: | |||
Amortization of prior service costs and unrecognized losses | 4,949,000 | 3,596,000 | (1,580,000) |
Deferred tax adjustment resulting from defined benefit plan activity | (51,000) | (67,000) | (134,000) |
Valuation reserve associated with defined benefit plan activity | 51,000 | 67,000 | 223,000 |
Current period gain (loss) on cash flow hedges | 1,894,000 | (2,088,000) | (1,407,000) |
Deferred tax benefit (loss) related to gain (loss) on cash flow hedges | (62,000) | 106,000 | 144,000 |
Other Comprehensive Income (Loss) | (24,077,000) | 56,205,000 | (9,948,000) |
Comprehensive Loss | $ (67,999,000) | $ (20,336,000) | $ (52,804,000) |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Income Tax Expense (Benefit), Discontinued Operations | $ 0 | $ 0 | $ 0 |
Income Tax Expense (Benefit) on Gain (Loss), Discontinued Operations | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 116,907 | $ 176,528 |
Trade receivables, net | 119,743 | 125,615 |
Installment receivables, net | 1,574 | 1,334 |
Inventories, net | 128,123 | 121,933 |
Other current assets | 31,063 | 31,504 |
Total Current Assets | 397,410 | 456,914 |
Other Assets | 6,360 | 97,576 |
Intangibles | 26,506 | 30,244 |
Property and Equipment, net | 74,306 | 80,016 |
Goodwill | 381,273 | 401,283 |
Total Assets | 885,855 | 1,066,033 |
Current Liabilities | ||
Accounts payable | 92,469 | 90,566 |
Accrued expenses | 99,867 | 118,697 |
Current taxes payable | 3,762 | 6,761 |
Short-term debt and current maturities of long-term obligations | 2,110 | 2,040 |
Total Current Liabilities | 198,208 | 218,064 |
Long-Term Debt | 253,535 | 241,405 |
Other Long-Term Obligations | 74,965 | 183,270 |
Shareholders' Equity | ||
Preferred Shares (Authorized 300 shares; none outstanding) | 0 | 0 |
Additional paid-in-capital | 297,919 | 290,125 |
Retained earnings | 142,447 | 187,999 |
Accumulated other comprehensive income | 12,793 | 36,870 |
Treasury shares (3,841 and 3,701 shares in 2018 and 2017, respectively) | (103,433) | (101,006) |
Total Shareholders' Equity | 359,147 | 423,294 |
Total Liabilities and Shareholders' Equity | 885,855 | 1,066,033 |
Common Shares (Authorized 100,000 shares; 37,010 and 36,532 issued and outstanding in 2018 and 2017, respectively)—no par | ||
Shareholders' Equity | ||
Common shares | 9,419 | 9,304 |
Class B Common Shares (Authorized 12,000 shares; 6 issued and outstanding in 2018 and 2017)—no par | ||
Shareholders' Equity | ||
Common shares | 2 | 2 |
Total Shareholders' Equity | $ 2 | $ 2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred Stock, Shares Authorized | 300 | 300 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Shares | 3,841 | 3,701 |
Common Stock | ||
Common Stock, Shares Authorized | 100,000 | 100,000 |
Common Stock, Shares, Issued | 37,010 | 36,532 |
Class B Common Shares | ||
Common Stock, Shares Authorized | 12,000 | 12,000 |
Common Stock, Shares, Issued | 6 | 6 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | |||
Net loss | $ (43,922,000) | $ (76,541,000) | $ (42,856,000) |
Adjustments to reconcile net earnings to net cash used by operating activities: | |||
Gains on sale of businesses (pre-tax) | 0 | 0 | (7,386,000) |
Depreciation and amortization | 15,556,000 | 14,631,000 | 14,635,000 |
Provision for losses on trade and installment receivables | 2,029,000 | 2,042,000 | 1,059,000 |
Provision (benefit) for deferred income taxes | (2,800,000) | (4,370,000) | 901,000 |
Provision (benefit) for other deferred liabilities | 121,000 | 589,000 | 996,000 |
Provision for stock-based compensation | 5,283,000 | 7,347,000 | 6,894,000 |
Loss (gain) on disposals of property and equipment | 928,000 | (87,000) | 51,000 |
Impairment of an intangible asset | 583,000 | 320,000 | 0 |
Amortization of convertible debt discount | 11,608,000 | 8,811,000 | 5,454,000 |
Amortization of Debt Issuance Costs | 2,489,000 | 2,220,000 | 1,991,000 |
Loss (gain) on Convertible Debt Derivatives | (11,994,000) | 3,657,000 | (1,268,000) |
Changes in operating assets and liabilities: | |||
Trade receivables | (666,000) | 2,395,000 | 10,210,000 |
Installment sales contracts, net | (603,000) | (930,000) | (1,236,000) |
Inventories | (11,497,000) | 22,263,000 | (9,944,000) |
Other current assets | (873,000) | 1,925,000 | 84,000 |
Accounts payable | 4,505,000 | (2,168,000) | (13,648,000) |
Accrued expenses | (17,158,000) | (5,711,000) | (18,491,000) |
Other long-term liabilities | 230,000 | (2,167,000) | (4,059,000) |
Net Cash Used by Operating Activities | (46,423,000) | (25,774,000) | (56,613,000) |
Investing Activities | |||
Purchases of property and equipment | (9,823,000) | (14,569,000) | (10,151,000) |
Proceeds from sale of property and equipment | 40,000 | 369,000 | 42,000 |
Advance Payment from Sale of Property | 3,524,000 | 0 | 0 |
Proceeds from sale of businesses | 0 | 0 | 13,829,000 |
Decrease in other long-term assets | (116,000) | (361,000) | (167,000) |
Other | 12,000 | (87,000) | 96,000 |
Net Cash Provided (Used) by Investing Activities | (6,363,000) | (14,648,000) | 3,649,000 |
Financing Activities | |||
Proceeds from revolving lines of credit and long-term borrowings | 0 | 95,220,000 | 122,025,000 |
Payments on revolving lines of credit and long-term borrowings | (1,493,000) | (16,308,000) | (2,830,000) |
Proceeds from exercise of equity awards | 2,626,000 | 2,676,000 | 17,000 |
Payment of financing costs | 0 | (4,711,000) | (6,125,000) |
Payment of dividends | (1,630,000) | (1,604,000) | (1,583,000) |
Proceeds from Issuance of Warrants | 0 | 14,100,000 | 12,376,000 |
Payments for Repurchase of Common Stock | (2,427,000) | (1,276,000) | (5,331,000) |
Net Cash Provided (Used) by Financing Activities | (2,924,000) | 88,097,000 | 118,549,000 |
Effect of exchange rate changes on cash | (3,911,000) | 4,619,000 | (1,406,000) |
Increase in cash and cash equivalents | (59,621,000) | 52,294,000 | 64,179,000 |
Cash and cash equivalents at beginning of year | 176,528,000 | 124,234,000 | 60,055,000 |
Cash and cash equivalents at end of year | $ 116,907,000 | $ 176,528,000 | $ 124,234,000 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) | Total | Common Stock | Additional Paid-in- Capital | Retained Earnings | Accumulated Other Comprehensive Earnings | Treasury Stock | Class B Common Shares |
Beginning Balance at Dec. 31, 2016 | $ 422,387,000 | $ 8,974,000 | $ 266,151,000 | $ 266,144,000 | $ (19,335,000) | $ (99,730,000) | $ 183,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options | (2,611,000) | (48,000) | (2,628,000) | (65,000) | |||
Stock-based compensation expense | 1,834,000 | 1,834,000 | |||||
Non-qualified stock option expense | 865,000 | 865,000 | |||||
Restricted stock awards | 3,437,000 | 101,000 | 4,547,000 | (1,211,000) | |||
Conversion from Class B to Common Stock | 0 | (181,000) | (181,000) | ||||
Net loss | (76,541,000) | (76,541,000) | |||||
Foreign currency translation adjustments | 54,591,000 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 54,591,000 | ||||||
Unrealized gain on cash flow hedges | (1,982,000) | (1,982,000) | |||||
Defined benefit plans: | |||||||
Amortization of prior service costs and unrecognized losses and credits | 3,596,000 | 3,596,000 | |||||
Comprehensive Loss | (20,336,000) | ||||||
Dividends | (1,604,000) | ||||||
Ending Balance at Dec. 31, 2017 | 423,294,000 | 9,304,000 | 290,125,000 | 187,999,000 | 36,870,000 | (101,006,000) | 2,000 |
Defined benefit plans: | |||||||
Proceeds from Issuance of Warrants | 14,100,000 | ||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 14,100,000 | 14,100,000 | |||||
Payments of Ordinary Dividends, Common Stock | 1,604,000 | ||||||
Exercise of stock options | (1,707,000) | (46,000) | (2,580,000) | (919,000) | |||
Stock-based compensation expense | 777,000 | 777,000 | |||||
Non-qualified stock option expense | 201,000 | 201,000 | |||||
Restricted stock awards | 2,797,000 | 69,000 | 4,236,000 | (1,508,000) | |||
Net loss | (43,922,000) | (43,922,000) | |||||
Foreign currency translation adjustments | (30,858,000) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (30,858,000) | ||||||
Unrealized gain on cash flow hedges | 1,832,000 | 1,832,000 | |||||
Amortization of prior service costs and unrecognized losses and credits | 4,949,000 | 4,949,000 | |||||
Comprehensive Loss | (67,999,000) | ||||||
Dividends | (1,630,000) | ||||||
Ending Balance at Dec. 31, 2018 | 359,147,000 | $ 9,419,000 | $ 297,919,000 | $ 142,447,000 | $ 12,793,000 | $ (103,433,000) | $ 2,000 |
Defined benefit plans: | |||||||
Proceeds from Issuance of Warrants | 0 | ||||||
Payments of Ordinary Dividends, Common Stock | $ 1,630,000 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies Nature of Operations: Invacare Corporation is a leading manufacturer and distributor of medical equipment used in the home based upon the company's distribution channels, breadth of product line and net sales. The company designs, manufactures and distributes an extensive line of health care products for the non-acute care environment, including the home health care, retail and continuing care markets. Principles of Consolidation: The consolidated financial statements include the accounts of the company and its wholly owned subsidiaries and include all adjustments, which were of a normal recurring nature, necessary to present fairly the financial position of the company as of December 31, 2018 and the results of its operations and changes in its cash flow for the years ended December 31, 2018 , 2017 and 2016 , respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using a November 30 fiscal year 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. Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. Cash and Cash Equivalents : The company's policy is to treat investments that are readily convertible to cash and with maturities so near that there is little risk of changes in value due to changes in interest rates as cash and cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. Accounts Receivable: The company records accounts receivable when control of the product or service transfers to its unaffiliated customers, risk of loss is passed and title is transferred. The estimated allowance for uncollectible amounts is based primarily on management's evaluation of the financial condition of specific customers. The company records accounts receivable reserves for amounts that may become uncollectible in the future. The company writes off accounts receivable when it becomes apparent, based upon customer circumstances, that such amounts will not be collected and legal remedies are exhausted. Reserves for customer bonus and cash discounts are recorded as a reduction in revenue and netted against gross accounts receivable. Customer rebates in excess of a given customer's accounts receivable balance are classified in Accrued Expenses. Customer rebates and cash discounts are estimated based on the most likely amount principal as well as historical experience and anticipated performance. In addition, customers have the right to return product within the company's normal terms policy, and as such the company estimates the expected returns based on an analysis of historical experience and adjusts revenue accordingly. Inventories: Inventories are stated at the lower of cost or net realizable value with cost determined by the first-in, first-out method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Finished goods and work in process inventories include material, labor and manufacturing overhead costs. Inventories have been reduced by an allowance for excess and obsolete inventories. The estimated allowance is based on management's review of inventories on hand compared to estimated future usage and sales. Property and Equipment: Property and equipment are stated based on cost. The company principally uses the straight-line method of depreciation for financial reporting purposes based on annual rates sufficient to amortize the cost of the assets over their estimated useful lives. Machinery and equipment as well as furniture and fixtures are generally depreciated using lives of 3 to 10 years, while buildings and improvements are depreciated using lives of 5 to 40 years. Accelerated methods of depreciation are used for federal income tax purposes. Expenditures for maintenance and repairs are charged to expense as incurred. Amortization of assets under capital leases is included in depreciation expense. In 2017, the company determined that certain demonstration equipment should be recorded as fixed assets and depreciated to their estimated recoverable values over their estimated useful lives. This determination was based on the company deciding to place the equipment in provider locations for longer periods of time versus selling the units. Accordingly, approximately $5,250,000 in demonstration equipment was reclassed from inventory to property and equipment as of December 31, 2017. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An asset would be considered impaired when the future net undiscounted cash flows generated by the asset are less than its carrying value. An impairment loss would be recognized based on the amount by which the carrying value of the asset exceeds its fair value. Goodwill and Other Intangibles: In accordance with Intangibles—Goodwill and Other , ASC 350, goodwill and indefinite lived intangibles are subject to annual impairment testing. For purposes of the goodwill impairment test, the fair value of each reporting unit is estimated using an income approach by forecasting cash flows and discounting those cash flows using appropriate discount rates as well as considering market and cost approaches as appropriate. The fair values are then compared to the carrying value of the net assets of each reporting unit. Intangibles assets are also reviewed for impairment by estimating forecasted cash flows and discounting those cash flows as needed to calculate impairment amounts. During 2018 and 2017, the company recognized an intangible impairment charge of $583,000 and $320,000 respectively, related to an indefinite-lived trademark recorded in the IPG segment. Accrued Warranty Cost: Generally, the company's products are covered by assurance-type warranties against defects in material and workmanship for various periods depending on the product from the date of sale to the customer. Certain components carry a lifetime warranty. In addition, the company has sold extended warranties that, while immaterial, require the company to defer the revenue associated with those warranties until earned. A provision for estimated warranty cost is recorded at the time of sale based upon actual experience. The company continuously assesses the adequacy of its product warranty accrual and makes adjustments as needed. Historical analysis is primarily used to determine the company's warranty reserves. Claims history is reviewed and provisions are adjusted as needed. However, the company does consider other events, such as a product recall, which could necessitate additional warranty reserve provisions. See Accrued Expenses in the Notes to the Consolidated Financial Statements for a reconciliation of the changes in the warranty accrual. Product Liability Cost: The company is self-insured in North America for product liability exposures through its captive insurance company, Invatection Insurance Company, which currently has a policy year that runs from September 1 to August 31 and insures annual policy losses up to $10,000,000 per occurrence and $13,000,000 in the aggregate. The company also has additional layers of external insurance coverage, related to all lines of insurance coverage, insuring up to $75,000,000 in aggregate losses per policy year arising from individual claims anywhere in the world that exceed the captive insurance company policy limits or the limits of the company's per country foreign liability limits, as applicable. There can be no assurance that Invacare's current insurance levels will continue to be adequate or available at affordable rates. Product liability reserves are recorded for individual claims based upon historical experience, industry expertise and other indicators. Additional reserves, in excess of the specific individual case reserves, are provided for incurred but not reported claims based upon actuarial valuations at the time such valuations are conducted. Historical claims experience and other assumptions are taken into consideration by the company in estimating the ultimate reserves. For example, the actuarial analysis assumes that historical loss experience is an indicator of future experience, that the distribution of exposures by geographic area and nature of operations for ongoing operations is expected to be very similar to historical operations with no dramatic changes and that the government indices used to trend losses and exposures are appropriate. Estimates made are adjusted on a regular basis and can be impacted by actual loss awards and settlements on claims. While actuarial analysis is used to help determine adequate reserves, the company is responsible for the determination and recording of adequate reserves in accordance with accepted loss reserving standards and practices. Revenue Recognition: The company recognizes revenues when control of the product or service is transferred to unaffiliated customers. Revenues from Contracts with Customers , ASC 606, provides guidance on the application of generally accepted accounting principles to revenue recognition issues. The company has concluded that its revenue recognition policy is appropriate and in accordance with GAAP under ASC 606. All of the company's product-related contracts, and a portion related to services, have a single performance obligation, which is the promise to transfer an individual good or service, with revenue recognized at a point in time. Certain service-related contracts contain multiple performance obligations that require the company to allocate the transaction price to each performance obligation. For such contracts, the company allocates revenue to each performance obligation based on its relative standalone selling price at inception of the contract. The company determined the standalone selling price based on the expected cost-plus margin methodology. Revenue related to the service contracts with multiple performance obligations is recognized over time. To the extent performance obligations are satisfied over time, the company defers revenue recognition until the performance obligations are satisfied. The determination of when and how much revenue to recognize can require the use of significant judgment. Revenue is recognized when obligations under the terms of a contract with the customer are satisfied; generally, this occurs with the transfer of control of the company's products and services to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the product or providing services. The amount of consideration received and recognized as revenue by the company can vary as a result of variable consideration terms included in the contracts such as customer rebates, cash discounts and return policies. Customer rebates and cash discounts are estimated based on the most likely amount principle and these estimates are based on historical experience and anticipated performance. Customers have the right to return product within the company's normal terms policy, and as such, the company estimates the expected returns based on an analysis of historical experience. The company adjusts its estimate of revenue at the earlier of when the most likely amount of consideration the company expects to receive changes or when the consideration becomes fixed. The company generally does not expect that there will be significant changes to its estimates of variable consideration (see Receivables in the Notes to the Consolidated Financial Statements include elsewhere in this report). Depending on the terms of the contract, the company may defer recognizing a portion of the revenue at the end of a given period as the result of title transfer terms that are based upon delivery and or acceptance which align with transfer of control of the company's products to its customers. Sales are made only to customers with whom the company believes collection is reasonably assured based upon a credit analysis, which may include obtaining a credit application, a signed security agreement, personal guarantee and/or a cross corporate guarantee depending on the credit history of the customer. Credit lines are established for new customers after an evaluation of their credit report and/or other relevant financial information. Existing credit lines are regularly reviewed and adjusted with consideration given to any outstanding past due amounts. The company records distributed product sales gross as a principal since the company takes title to the products and has the risks of loss for collections, delivery and returns. The company's payment terms are for relatively short periods and thus do not contain any element of financing. Additionally, no contract costs are incurred that would require capitalization and amortization. Sales, value-added, and other taxes the company collects concurrent with revenue producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. Shipping and handling costs are included in cost of products sold. The majority of the company's warranties are considered assurance-type warranties and continue to be recognized as expense when the products are sold (see Current Liabilities in the Notes to the Consolidated Financial Statements include elsewhere in this report). These warranties cover against defects in material and workmanship for various periods depending on the product from the date of sale to the customer. Certain components carry a lifetime warranty. In addition, the company has sold extended warranties that, while immaterial, require the company to defer the revenue associated with those warranties until earned. 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 accruals and makes adjustments as needed. Historical analysis is primarily used to determine the company's warranty reserves. Claims history is reviewed and provisions are adjusted as needed. However, the company does consider other events, such as a product recall, which could require additional warranty reserve provisions. See Accrued Expenses in the Notes to the Consolidated Financial Statements for a reconciliation of the changes in the warranty accrual. In addition, the company has sold extended warranties that, while immaterial, require the company to defer the revenue associated with those warranties until earned. The company has established procedures to appropriately defer such revenue. Research and Development: Research and development costs are expensed as incurred and included in cost of products sold. The company's annual expenditures for product development and engineering were approximately $17,377,000 , $17,796,000 and $17,123,000 for 2018 , 2017 and 2016 , respectively. Advertising: Advertising costs are expensed as incurred and included in selling, general and administrative expenses. Advertising expenses amounted to $10,109,000 , $10,463,000 and $13,593,000 for 2018 , 2017 and 2016 , respectively, the majority of which is incurred for advertising in the United States and Europe. Income Taxes: The company uses the liability method in measuring the provision for income taxes and recognizing deferred tax assets and liabilities on the balance sheet. The liability method requires that deferred income taxes reflect the tax consequences of currently enacted rates for differences between the tax and financial reporting bases of assets and liabilities. Value Added Taxes: The company operates internationally and is required to comply with value added tax (VAT) or goods and service tax (GST) regulations, particularly in Europe and Asia/Pacific. VAT and GST are taxes on consumption in which the company pays tax on its purchases of goods and services and charges customers on the sale of product. The difference between billings to customers and payments on purchases is then remitted or received from the government as filings are due. The company records tax assets and liabilities related to these taxes and the balances in these accounts can vary significantly from period to period based on the timing of the underlying transactions. Derivative Instruments: Derivatives and Hedging, ASC 815, requires companies to recognize all derivative instruments in the consolidated balance sheet as either assets or liabilities at fair value. The accounting for changes in fair value of a derivative is dependent upon whether or not the derivative has been designated and qualifies for hedge accounting treatment and the type of hedging relationship. For derivatives designated and qualifying as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. A majority of the company's derivative instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the fair value of the hedged item, if any, is recognized in current earnings during the period of change. In 2016, the company issued $150,000,000 aggregate principal amount of 5.00% Convertible Senior Notes due 2021 and, in the second quarter of 2017, issued $120,000,000 aggregate principal amount of 4.50% Convertible Senior Notes due 2022 (the “notes”). In connection with the offering of the notes, the company entered into privately negotiated convertible note hedge transactions with certain financial institutions (the “option counterparties”). The convertible debt conversion liabilities and the convertible note hedges are accounted for as derivatives that are fair valued quarterly. The fair value of the convertible debt conversion liabilities and the convertible note hedge assets are estimated using a lattice model incorporating the terms and conditions of the notes and considering, for example, changes in the prices of the company's common stock, company stock price volatility, risk-free rates and changes in market rates. The valuations are, among other things, subject to changes in both the company's credit worthiness and the counter-parties to the instruments as well as change in general market conditions. The change in the fair value of the convertible note hedges and convertible debt conversion liabilities are recognized in net income (loss) for the respective period. While the change in fair value of the convertible debt conversion liabilities and the convertible note hedge assets are generally expected to move in opposite directions, the net change in any given period may be material. Foreign Currency Translation: The functional currency of the company's subsidiaries outside the United States is the applicable local currency. The assets and liabilities of the company's foreign subsidiaries are translated into U.S. dollars at year-end exchange rates. Revenues and expenses are translated at monthly average exchange rates. Gains and losses resulting from translation of balance sheet items are included in accumulated other comprehensive earnings. Net Earnings Per Share: Basic earnings per share are computed based on the weighted-average number of Common Shares and Class B Common Shares outstanding during the year. Diluted earnings per share are computed based on the weighted-average number of Common Shares and Class B Common Shares outstanding plus the effects of dilutive stock options and awards outstanding during the year. For periods in which there was a net loss, loss per share assuming dilution utilized weighted average shares-basic. Defined Benefit Plans: The company's benefit plans are accounted for in accordance with Compensation-Retirement Benefits , ASC 715 which requires plan sponsors to recognize the funded status of their defined benefit postretirement benefit plans in the consolidated balance sheet, measure the fair value of plan assets and benefit obligations as of the balance sheet date and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. Reclassifications: During the first quarter of 2017, a subsidiary, formerly included in the Europe segment, was transferred to the NA/HME segment as the subsidiary is managed by the NA/HME segment manager effective January 1, 2017. Segment results for 2016 have been changed accordingly. 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 periods presented reflect the new measure. See Business Segments in the Notes to the Consolidated Financial Statements for a description of the change. Certain other minor reclassifications also made in the Notes to the Consolidated Financial Statements to conform to current year presentation. 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 has historically withheld shares for tax-withholding purposes and reflected the taxes paid as a financing activity, which is consistent with ASU 2016-09. 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. 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. Effective January 1, 2018, the company adopted the new accounting standard, and all the related amendments, on a modified retrospective basis, with no cumulative effect adjustment to equity needed. Upon adoption, the standard did not have a material impact on the company's results of operations or cash flows nor does the company expect it to have a material impact on future periods. Pursuant to ASU 2014-09, revenues are recognized as control transfers to the customers, which is consistent with the prior revenue recognition model and the prior accounting for the vast majority of the company's contracts. While the company does have a minor amount of service business for which revenue is recognized over time as compared to a point in time, the company's process to estimate the amount of revenue to be recognized did not change as a result of the implementation of the new standard. Recent Accounting Pronouncements (Not Yet Adopted): 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 was effective for fiscal periods beginning after December 15, 2018 and early adoption was permitted. The company adopted ASU 2016-02, effective on January 1, 2019, using the optional transitional method in which periods prior to 2019 will not be restated. The company elected to apply the package of practical expedients in which lease identification, classification and treatment of initial direct costs is retained, and will recognize right of use lease assets and liabilities for all leases regardless of lease term. The company has completed an assessment of its systems, data and processes related to implementing this standard and has substantially completed its information system design and solution development as well as the development of related internal controls. As a result of adoption of this standard, the company expects to record between $23 million and $27 million in operating lease right of use assets offset by an equivalent amount of lease liabilities on the company's consolidated balance sheets. The standard did not have a material impact on the company's results of operations or cash flows. 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 2016-13 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. |
Operations Held for Sale (Notes
Operations Held for Sale (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations | Operations Held for Sale Prior to 2018, the company had recorded expenses related to the sale of operations held for sale of $2,892,000 of which $2,366,000 has been paid out as of December 31, 2018 . |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
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 2018, the company had recorded cumulative expenses related to the sale of discontinued operations totaling $8,801,000 , of which $8,405,000 were paid as of December 31, 2018 . |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Accounts receivable, gross $ 146,482 $ 154,966 Customer rebate reserve (15,452 ) (18,747 ) Allowance for doubtful accounts (5,268 ) (5,113 ) Cash discount reserves (4,777 ) (4,252 ) Other, principally returns and allowances reserves (1,242 ) (1,239 ) Accounts receivable, net $ 119,743 $ 125,615 Reserves for customer bonus rebates and cash discounts are recorded as a reduction in revenue and netted against gross accounts receivable. Customer rebates in excess of a given customer's accounts receivable balance are classified in Accrued Expenses. Customer rebates and cash discounts are estimated based on the most likely amount principal as well as historical experience and anticipated performance. In addition, customers have the right to return product within the company's normal terms policy, and as such the company estimates the expected returns based on an analysis of historical experience and adjusts revenue accordingly. 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. As a consequence, changes in these programs can have an adverse impact on dealer liquidity and profitability. The estimated allowance for uncollectible amounts is based primarily on management's evaluation of the financial condition of specific customers. In addition, as a result of the company's financing arrangement with DLL, a third-party financing company which the company has worked with since 2000, management monitors the collection status of these contracts in accordance with the company's limited recourse obligations and provides amounts necessary for estimated losses in the allowance for doubtful accounts and establishes reserves for specific customers as needed. The company writes off uncollectible trade accounts receivable after such receivables are moved to collection status and legal remedies are exhausted. See Concentration of Credit Risk in the Notes to the Consolidated Financial Statements for a description of the financing arrangement. Long-term installment receivables are included in “Other Assets” on the consolidated balance sheet. The company's U.S. customers electing to finance their purchases can do so using DLL. In addition, the company often provides financing directly for its Canadian customers for which DLL is not an option, as DLL typically provides financing to Canadian customers only on a limited basis. The installment receivables recorded on the books of the company represent a single portfolio segment of finance receivables to the independent provider channel and long-term care customers. The portfolio segment is comprised of two classes of receivables distinguished by geography and credit quality. The U.S. installment receivables are the first class and represent installment receivables re-purchased from DLL because the customers were in default. Default with DLL is defined as a customer being delinquent by three payments. The Canadian installment receivables represent the second class of installment receivables which were originally financed by the company because third party financing was not available to the HME providers. The Canadian installment receivables are typically financed for twelve months and historically have had a very low risk of default. The estimated allowance for uncollectible amounts and evaluation for impairment for both classes of installment receivables is based on the company's quarterly review of the financial condition of each individual customer with the allowance for doubtful accounts adjusted accordingly. Installments are individually and not collectively reviewed for impairment. The company assesses the bad debt reserve levels based upon the status of the customer's adherence to a legally negotiated payment schedule and the company's ability to enforce judgments, liens, etc. For purposes of granting or extending credit, the company utilizes a scoring model to generate a composite score that considers each customer's consumer credit score and/or D&B credit rating, payment history, security collateral and time in business. Additional analysis is performed for most customers desiring credit greater than $250,000 , which generally includes a detailed review of the customer's financials as well as consideration of other factors such as exposure to changing reimbursement laws. Interest income is recognized on installment receivables based on the terms of the installment agreements. Installment accounts are monitored and if a customer defaults on payments and is moved to collection, interest income is no longer recognized. Subsequent payments received once an account is put on non-accrual status are generally first applied to the principal balance and then to the interest. Accruing of interest on collection accounts would only be restarted if the account became current again. All installment accounts are accounted for using the same methodology regardless of the duration of the installment agreements. When an account is placed in collection status, the company goes through a legal process for pursuing collection of outstanding amounts, the length of which typically approximates eighteen months . Any write-offs are made after the legal process has been completed. The company has not made any changes to either its accounting policies or methodology to estimate allowances for doubtful accounts in the last twelve months. Installment receivables as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Current Long- Term Total Current Long- Term Total Installment receivables $ 1,986 $ 1,374 $ 3,360 $ 2,415 $ 2,076 $ 4,491 Less: Unearned interest (22 ) — (22 ) (38 ) — (38 ) 1,964 1,374 3,338 2,377 2,076 4,453 Allowance for doubtful accounts (390 ) (1,152 ) (1,542 ) (1,043 ) (1,601 ) (2,644 ) $ 1,574 $ 222 $ 1,796 $ 1,334 $ 475 $ 1,809 Installment receivables purchased from DLL during the twelve months ended December 31, 2018 increased the gross installment receivables balance by $1,295,000 during the year compared to $2,362,000 in 2017 . No sales of installment receivables were made by the company during the year. The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands): 2018 2017 Balance as of January 1 $ 2,644 $ 2,838 Current period provision 550 1,001 Direct write-offs charged against the allowance (1,652 ) (1,195 ) Balance as of December 31 $ 1,542 $ 2,644 Installment receivables by class as of December 31, 2018 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 $ 2,669 $ 2,669 $ 1,540 $ — Canada Non-impaired installment receivables with no related allowance recorded 689 667 — 127 Impaired installment receivables with a related allowance recorded 2 2 2 — Total Canadian installment receivables 691 669 2 127 Total Non-impaired installment receivables with no related allowance recorded 689 667 — 127 Impaired installment receivables with a related allowance recorded 2,671 2,671 1,542 — Total installment receivables $ 3,360 $ 3,338 $ 1,542 $ 127 Installment receivables by class as of December 31, 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 $ 3,566 $ 3,566 $ 2,642 $ — Canada Non-impaired installment receivables with no related allowance recorded 923 885 — 74 Impaired installment receivables with a related allowance recorded 2 2 2 — Total Canadian installment receivables 925 887 2 74 Total Non-impaired installment receivables with no related allowance recorded 923 885 — 74 Impaired installment receivables with a related allowance recorded 3,568 3,568 2,644 — Total installment receivables $ 4,491 $ 4,453 $ 2,644 $ 74 Installment receivables with a related allowance recorded as noted in the table above represent those installment receivables on a non-accrual basis in accordance with ASU 2010-20. As of December 31, 2018 , the company had no U.S. installment receivables past due of 90 days or more for which the company is still accruing interest. Individually, all U.S. installment receivables are assigned a specific allowance for doubtful accounts based on management's review when the company does not expect to receive both the contractual principal and interest payments as specified in the loan agreement. In Canada, the company had an immaterial amount of installment receivables which were past due of 90 days or more as of December 31, 2018 and December 31, 2017 for which the company is still accruing interest. The aging of the company's installment receivables was as follows as of December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Total U.S. Canada Total U.S. Canada Current $ 663 $ — $ 663 $ 916 $ — $ 916 0-30 days past due 11 — 11 6 — 6 31-60 days past due 10 — 10 — — — 61-90 days past due 6 — 6 — — — 90+ days past due 2,670 2,669 1 3,569 3,566 3 $ 3,360 $ 2,669 $ 691 $ 4,491 $ 3,566 $ 925 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories, net of reserves, as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Finished goods $ 62,766 $ 52,773 Raw materials 55,120 59,497 Work in process 10,237 9,663 $ 128,123 $ 121,933 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Other current assets as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Value added tax receivables $ 16,372 $ 16,174 Prepaid insurance 2,626 2,647 Service contracts 2,201 2,812 Derivatives (foreign currency forward contracts) 1,020 730 Recoverable income taxes 787 341 Prepaid inventory 521 711 Prepaid debt fees 395 397 Prepaid and other current assets 7,141 7,692 $ 31,063 $ 31,504 |
Other Long-Term Assets
Other Long-Term Assets | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Long-Term Assets | Other Long-Term Assets Other long-term assets as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Convertible 2021 note hedge asset $ 1,028 $ 46,915 Convertible 2022 note hedge asset 2,062 46,680 Cash surrender value of life insurance policies 1,948 1,991 Deferred financing fees 402 787 Investments 90 103 Long-term installment receivables 222 475 Long-term deferred taxes 352 518 Other 256 107 $ 6,360 $ 97,576 As part of issuing debt, the company entered into related convertible note hedge derivatives which are included in Other Long-Term Assets, the value of which will be adjusted quarterly to reflect fair value. See "Long-Term Debt" in the notes to the Consolidated Financial Statements included elsewhere in this report for more detail regarding the company's issuance of convertible debt and the related convertible note hedge derivatives. |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | Property and Equipment Property and equipment as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Machinery and equipment $ 301,040 $ 307,244 Land, buildings and improvements 76,899 78,522 Furniture and fixtures 9,898 10,264 Leasehold improvements 8,847 9,947 396,684 405,977 Less allowance for depreciation (322,378 ) (325,961 ) $ 74,306 $ 80,016 Machinery and equipment includes demonstration units placed in provider locations which are depreciated to their estimated recoverable values over their estimated useful lives. In the third quarter of 2018, the company agreed to sell its Isny, Germany location with a net book value at the signing of the agreement of approximately $2,900,000 , which is included in Land, buildings and improvements in the table above. In accordance with the agreement, control will not transfer to the buyer until April 2020 ; however, the company received an advance payment of $3,524,000 representing a majority of the proceeds to be received, which is reflected in the investing section of the Consolidated Statement of Cash Flows and classified in Other Long-Term Obligation in the Consolidated Balance Sheets. The company will continue to depreciate the building and expects to record a gain on the transaction when completed in 2020. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The carrying amount of goodwill by operating segment is as follows (in thousands): Institutional Products Group Europe Consolidated Balance at December 1, 2017 $ 27,606 $ 332,996 $ 360,602 Foreign currency translation adjustments 1,124 39,557 40,681 Balance at December 31, 2017 28,730 372,553 401,283 Foreign currency translation adjustments (1,353 ) (18,657 ) (20,010 ) Balance at December 31, 2018 $ 27,377 $ 353,896 $ 381,273 In accordance with Intangibles—Goodwill and Other , ASC 350, goodwill is reviewed for impairment. The company first estimates the fair value of each reporting unit and compares the calculated fair value to the carrying value of each reporting unit. A reporting unit is defined as an operating segment or one level below. The company has determined that its reporting units are the same as its operating segments. The company completes its annual impairment tests in the fourth quarter of each year or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. To estimate the fair values of the reporting units, the company utilizes a discounted cash flow method model in which the company forecasts income statement and balance sheet amounts based on assumptions regarding future sales growth, profitability, inventory turns, days' sales outstanding, etc. to forecast future cash flows. The cash flows are discounted using a weighted average cost of capital discount rate where the cost of debt is based on quoted rates for 20 -year debt of potential acquirer companies of similar credit risk and the cost of equity is based upon the 20 -year treasury rate for the risk-free rate, a market risk premium, the industry average beta and a small cap stock adjustment. The discount rates used have a significant impact upon the discounted cash flow methodology utilized in the company's annual impairment testing as higher discount rates decrease the fair value estimates. The assumptions used are based on a market participant's point of view and yielded a discount rate of 12.41% in 2018 for the company's annual impairment analysis for the reporting units with goodwill compared to 9.07% in 2017 and 8.67% in 2016 . The company also utilizes an Enterprise Value (EV) to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Method to compute the fair value of its reporting units which considers potential acquirers and their EV to EBITDA multiples adjusted by an estimated premium. While more weight is given to the discounted cash flow method, the EV to EBITDA Method does provide corroborative evidence of the reasonableness of the discounted cash flow method results. While there was no indication of impairment in 2018 related to goodwill for the Europe or IPG segments, a future potential impairment is possible for these segments should actual results differ materially from forecasted results used in the valuation analysis. Furthermore, the company's annual valuation of goodwill can differ materially if the market inputs used to determine the discount rate change significantly. For instance, higher interest rates or greater stock price volatility would increase the discount rate and thus increase the chance of impairment. In consideration of this potential, the company reviewed the results if the discount rate used were 100 basis points higher for the 2018 impairment analysis and determined that there still would not be an indicator of potential impairment for the Europe or IPG reporting units. As part of the company's review of goodwill for impairment, the company also considers the potential for impairment of any other assets. See Intangibles in the Notes to the Consolidated Financial Statements for a description of any intangible impairments. |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles All the company's other intangible assets have been assigned definite lives and continue to be amortized over their useful lives, except for trademarks shown below, which have indefinite lives. The changes in intangible balances reflected on the balance sheet from December 31, 2017 to December 31, 2018 were the result of foreign currency translation and amortization except for an intangible impairment noted below. The company's intangibles consist of the following (in thousands): December 31, 2018 December 31, 2017 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Customer lists $ 51,828 $ 50,768 $ 54,516 $ 51,957 Trademarks 24,385 — 26,372 — License agreements 733 733 1,187 1,187 Developed technology 7,608 6,563 7,925 6,636 Patents 5,500 5,497 5,566 5,559 Other 1,162 1,149 1,162 1,145 $ 91,216 $ 64,710 $ 96,728 $ 66,484 Amortization expense related to other intangibles was $2,218,000 , $1,881,000 and $1,629,000 for 2018 , 2017 and 2016 , respectively. Estimated amortization expense for each of the next five years is expected to be $1,247,000 for 2019 , $186,000 in 2020 , $186,000 in 2021 , $186,000 in 2022 and $186,000 in 2023 . Amortized intangibles are being amortized on a straight-line basis over remaining lives from 1 to 10 years with the majority of the intangibles being amortized over an average remaining life of approximately 3 years. In accordance with ASC 350, Intangibles—Goodwill and Other , the company reviews intangibles for impairment. The company's intangible assets consist of intangible assets with defined lives as well as intangible assets with indefinite lives. Defined-lived intangible assets consist principally of customer lists and developed technology. The company's indefinite lived intangible assets consist entirely of trademarks. The company evaluates the carrying value of definite-lived assets whenever events or circumstances indicate possible impairment. Definite-lived assets are determined to be impaired if the future un-discounted cash flows expected to be generated by the asset are less than the carrying value of the asset group. Actual impairment amounts for definite-lived assets are then calculated using a discounted cash flow calculation. The company reviews indefinite-lived assets for impairment annually in the fourth quarter of each year and whenever events or circumstances indicate possible impairment. Any impairment amounts for indefinite-lived assets are calculated as the difference between the future discounted cash flows expected to be generated by the asset less than the carrying value for the asset. During 2018 and 2017, the company recognized an intangible impairment charge in the IPG segment of $583,000 ( $431,000 after-tax) and $320,000 ( $237,000 after-tax) respectively, related to a trademark with an indefinite life. The fair value of the trademark was calculated using a relief from royalty payment methodology which requires applying an estimated market royalty rate to forecasted net sales and discounting the resulting cash flows to determine fair value. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Current Liabilities Accrued Expenses Accrued expenses as of December 31, 2018 and 2017 consisted of accruals for the following (in thousands): 2018 2017 Salaries and wages $ 23,289 $ 33,390 Taxes other than income taxes, primarily Value Added Taxes 23,197 22,627 Warranty cost 16,353 22,468 Rebates 7,966 5,831 Professional 5,888 5,203 Interest 3,992 3,919 Freight 3,363 4,002 Product liability, current portion 2,728 2,905 Deferred revenue 2,416 2,770 Severance 1,657 3,704 Insurance 738 645 Rent 483 808 Supplemental Executive Retirement Plan (SERP) 391 391 Derivatives (foreign currency forward exchange contracts) 219 2,120 Other items, principally trade accruals 7,187 7,914 $ 99,867 $ 118,697 Depending on the terms of the contract, the company may defer the recognition of a portion of the revenue at the end of a reporting period to align with the transfer of control of the company's products to the customer. In addition, to the extent performance obligations are satisfied over time, the company defers revenue recognition until the performance obligations are satisfied. 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 . Rebates are netted against gross accounts receivables unless in excess of such receivables and then classified as accrued expenses. 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. In addition, the company has sold extended warranties that, while immaterial, require the company to defer the revenue associated with those warranties until earned. The company has established procedures to appropriate defer such revenue. The company continuously assesses the adequacy of its product warranty accrual and makes adjustments as needed. Historical analysis is primarily used to determine the company's warranty reserves. Claims history is reviewed and provisions are adjusted as needed. However, the company does consider other events, such as a product field action and recalls, which could warrant additional warranty reserve provision. Changes in accrued warranty costs were as follows (in thousands): 2018 2017 Balance as of January 1 $ 22,468 $ 23,302 Warranties provided during the period 7,106 10,176 Settlements made during the period (13,731 ) (11,917 ) Changes in liability for pre-existing warranties during the period, including expirations 510 907 Balance as of December 31 $ 16,353 $ 22,468 The company's warranty expense for 2016 includes $2,856,000 principally driven by two specific issues. First, an expense of $1,366,000 for a product recall which was related to a component on a lifestyle product, recorded in the NA/HME segment. Secondly, an additional warranty expense of $1,490,000 for a component of a lifestyles product which was recorded in the European segment. Warranty reserves are subject to adjustment in future periods as new developments change the company's estimate of the total cost. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Debt as of December 31, 2018 and 2017 consisted of the following (in thousands): 2018 2017 Convertible senior notes at 5.00%, due in February 2021 $ 130,260 $ 122,355 Convertible senior notes at 4.50%, due in June 2022 95,473 89,675 Other notes and lease obligations 29,912 31,415 255,645 243,445 Less current maturities of long-term debt (2,110 ) (2,040 ) $ 253,535 $ 241,405 The company had outstanding letters of credit of $3,123,000 and $2,945,000 as of December 31, 2018 and 2017 , respectively. There were no borrowings denominated in foreign currencies, excluding a portion of the company's capital leases, as of December 31, 2018 or December 31, 2017 . For 2018 and 2017 , the weighted average interest rate on all borrowings, excluding capital leases, was 4.78% and 4.84% , respectively. 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. In connection with entering into the company's Credit Agreement, the company incurred fees which were capitalized and are being amortized as interest expense. As of December 31, 2018 , debt fees yet to be amortized through January 2021 totaled $797,000 . 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) $731,000 as of December 31, 2018 (subject to reduction as provided in the Credit Agreement), plus (d) 85% of eligible Canadian accounts receivable, plus (e) the lesser of (i) 70% of eligible Canadian inventory and (ii) 85% of the net orderly liquidation value of eligible Canadian inventory, less (f) swing loans outstanding under the U.S. and Canadian Credit Facility, less (g) letters of credit issued and undrawn under the U.S. and Canadian Credit Facility, less (h) a $5,000,000 minimum availability reserve, less (i) other reserves required by the Administrative Agent, and in each case subject to the definitions and limitations in the Credit Agreement. As of December 31, 2018 , 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 $21,274,000 , 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 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. There were no borrowings under the U.S. and Canadian Credit Facility at December 31, 2018 . 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 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 December 31, 2018 , the aggregate borrowing availability to the European Borrowers under the European Credit Facility was approximately $12,088,000 , considering the $3,000,000 minimum availability reserve and a $3,375,000 dominion trigger amount described below. The aggregate principal amount of the European Credit Facility may be increased by up to $10,000,000 to the extent requested by the company and agreed to by any Lender or Lenders that wish to increase their lending participation or, if not agreed to by any Lender, a new financial institution that agrees to join the European Credit Facility and that is approved by the Administrative Agent and the European Agent. Interest will accrue on outstanding indebtedness under the European Credit Facility at an adjusted LIBOR rate, plus a margin ranging from 2.50% to 3.00% , or for swing line loans, at the overnight LIBOR rate, plus a margin ranging from 2.50% to 3.00% , as selected by the company. The margin will be adjusted quarterly based on utilization. Borrowings under the European Credit Facility are subject to commitment fees of between 0.25% and 0.375% per year, depending on utilization. The European Credit Facility is secured by substantially all 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 U.S. personal property assets previously pledged under the U.S. and Canadian Credit Facility also serve as collateral for the European Credit Facility. The European Credit Facility is subject to customary representations, warranties and covenants generally consistent with those applicable to the U.S. and Canadian Credit Facility. Exceptions to the operating covenants in the Credit Agreement provide the company with flexibility to, among other things, enter into or undertake certain sale/leaseback transactions, dispositions of assets, additional credit facilities, sales of receivables, additional indebtedness and intercompany indebtedness, all subject to limitations set forth in the Credit Agreement. The Credit Agreement also contains a covenant requiring the European Borrowers to maintain undrawn availability under the European Credit Facility of not less than the greater of (i) 11.25% of the maximum amount that may be drawn under the European Credit Facility for five ( 5 ) consecutive business days, or (ii) $3,000,000 on any business day. The European Borrowers also are subject to cash dominion triggers under the European Credit Facility requiring the European Borrower to maintain borrowing capacity of not less than $3,375,000 on any business day or 12.50% of the maximum amount that may be drawn under the European Credit Facility for five ( 5 ) consecutive business days in order to avoid triggering full control by an agent for the Lenders of the European Borrower's cash receipts for application to its obligations under the European Credit Facility. The European Credit Facility is subject to customary default provisions, with certain grace periods and exceptions, consistent with those applicable to the U.S. and Canadian Credit Facility, which provide that events of default include, among other things, failure to pay amounts due, breach of covenants, representations or warranties, cross-default, bankruptcy, the occurrence of a material adverse effect, exclusion from any medical reimbursement program, and an interruption in the operations of any material manufacturing facility for more than 10 consecutive days. The proceeds of the European Credit Facility will be used to finance the working capital and other business needs of the company. There were no borrowings outstanding under the European Credit Facility at December 31, 2018 . Convertible senior subordinated debentures due in 2027 In 2007 , the company issued $135,000,000 principal amount of 4.125% Convertible Senior Subordinated Debentures due 2027 (the "debentures"), of which $0 principal amount remained outstanding at December 31, 2018 as the holders of the debentures exercised their right to require the company to repurchase all of the debentures on February 1, 2017 at a price equal to 100% of the principal amount. As a result of the repurchase, the company wrote-off unamortized debt fees of $207,000 and recognized amortization expense of $311,000 in the first quarter of 2017. 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 . The effective interest rate on the liability component was 11.5% . Non-cash interest expense of $311,000 and $892,000 was recognized in 2017 and 2016, respectively, in comparison to actual interest expense paid of $275,000 and $551,000 based on the stated coupon rate of 4.125% , for each of the same periods. 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 notes bear interest at a rate of 5.00% per year payable semi-annually in arrears on February 15 and August 15 of each year, beginning August 15, 2016 . The notes will mature on February 15, 2021 , unless repurchased or converted in accordance with their terms prior to such date. Prior to August 15, 2020 , the 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 related to the notes at issuance was $34,480,000 . The fair value of the convertible debt conversion liability at December 31, 2018 was $1,458,000 compared to $53,154,000 as of December 31, 2017 . The company recognized a gain of $51,696,000 in 2018 compared to a loss of $22,446,000 in 2017 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 asset at December 31, 2018 was $1,028,000 compared to $46,915,000 as of December 31, 2017 . The company recognized a loss of $45,887,000 in 2018 compared to a gain of $21,444,000 in 2017 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 $14,100,000 . The net proceeds from the offering of the notes were approximately $144,034,000 , after deducting fees and offering expenses of $5,966,000 , which were paid in 2016. These debt issuance costs were capitalized and are being amortized as interest expense through February 2021. 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): December 31, 2018 December 31, 2017 Principal amount of liability component $ 150,000 $ 150,000 Unamortized discount (17,193 ) (23,900 ) Debt fees (2,547 ) (3,745 ) Net carrying amount of liability component $ 130,260 $ 122,355 The unamortized discount of $17,193,000 is to be amortized through February 2021. The effective interest rate on the liability component was 11.1% . Non-cash interest expense of $6,706,000 and $6,019,000 was recognized in 2018 and 2017 , respectively, in comparison to actual interest expense accrued of $7,500,000 and $7,500,000 in 2018 and 2017 , respectively, based on the stated coupon rate of 5.0% . The 2021 notes were not convertible as of December 31, 2018 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 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 December 31, 2018 was $2,611,000 compared to $53,414,000 at December 31, 2017 . The company recognized a gain of $50,803,000 in 2018 compared to a loss of $24,555,000 in 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 December 31, 2018 was $2,062,000 compared to $46,680,000 at December 31, 2017 . The company recognized a loss of $44,618,000 in 2018 compared to a gain of $21,900,000 in 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 $115,289,000 , after deducting fees and offering expenses of $4,711,000 , which were paid in 2017. These debt issuance costs were capitalized and are being amortized as interest expense through June 2022. As of December 31, 2018 , all the debt issuance 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): December 31, 2018 December 31, 2017 Principal amount of liability component $ 120,000 $ 120,000 Unamortized discount (21,476 ) (26,378 ) Debt fees (3,051 ) (3,947 ) Net carrying amount of liability component $ 95,473 $ 89,675 The unamortized discount of $21,476,000 is to be amortized through June 2022. The effective interest rate on the liability component was 10.9% . Non-cash interest expense of $4,902,000 and $2,481,000 was recognized in 2018 and 2017 , respectively, in comparison to actual interest expense accrued of $5,400,000 and $2,955,000 for the same periods, based on the stated coupon rate of 4.5% . The 2022 notes were not convertible as of December 31, 2018 nor was the applicable conversion threshold met. The aggregate minimum maturities of long-term debt for each of the next five years are as follows: $2,192,000 in 2019 , $4,363,000 in 2020 , $155,139,000 in 2021 , $124,466,000 in 2022 , and $4,314,000 in 2023 . Interest paid on all borrowings was $14,526,000 , $11,995,000 and $5,955,000 in 2018 , 2017 and 2016 , respectively. |
Other Long-Term Obligations
Other Long-Term Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure | Other long-term obligations as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Deferred income taxes $ 24,681 $ 28,890 Product liability 13,865 13,575 Pension 6,670 10,340 Deferred gain on sale leaseback 6,124 6,419 Deferred compensation 5,577 5,592 Supplemental Executive Retirement Plan liability 5,250 5,636 Advance payment on sale of land & buildings 3,524 — Convertible 2022 debt conversion liability 2,611 53,414 Uncertain tax obligation including interest 2,140 2,738 Convertible 2021 debt conversion liability 1,458 53,154 Other 3,065 3,512 Total long-term obligations $ 74,965 $ 183,270 The convertible debt conversion liability amounts included in the above table represent the fair values of the conversion liabilities as of December 31, 2018 and 2017. The year-to-date changes in the fair values were significantly impacted by the change in the company's stock price. See "Long-Term Debt" in the Notes to the Consolidated Financial Statements included elsewhere in this report for more detail. On April 23, 2015 , the company entered into a real estate sales leaseback transaction which resulted in the recording of an initial deferred gain of $7,414,000 , the majority of which is included in Other Long-Term Obligations and will be recognized over the 20-year life of the leases. The gain realized was $284,000 and $275,000 as of December 31, 2018 and 2017 , respectively. In the third quarter of 2018, the company agreed to sell its Isny, Germany location with a net book value at the signing of the agreement of approximately $2,900,000 . In accordance with the agreement, control will not transfer to the buyer until April 2020; however, the company received an advance payment for a portion of the proceeds, as disclosed above. The advance payment is reflected in the investing section of the Consolidated Statement of Cash Flows. The company will continue to depreciate the building and expects to record a gain on the transaction when completed in 2020. |
Leases and Commitments
Leases and Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases and Commitments | Leases and Commitments The company leases a portion of its facilities, transportation equipment, data processing equipment and certain other equipment. These leases have terms from 1 to 20 years and provide for renewal options. Generally, the company was required to pay taxes and normal expenses of operating the facilities and equipment. As of December 31, 2018 , the company is committed under non-cancelable operating leases, which have initial or remaining terms in excess of one year and expire on various dates through 2035 . Lease expenses were approximately $13,527,000 in 2018 , $18,102,000 in 2017 and $18,805,000 in 2016 . On April 23, 2015 , the company sold and leased back, under four separate lease agreements, four properties located in Ohio and one property in Florida for net proceeds of $23,000,000 , which were used to reduce debt under the U.S. and Canadian Credit Facility . The initial total annual rent for the properties was $2,275,000 and can increase annually over the 20 -year term of the leases based on the applicable geographical consumer price index (CPI). Each of the four lease agreements contains three 10-year renewals with the rent for each option term based on the greater of the then-current fair market rent for each property or the then- current rate and increasing annually by the applicable CPI. Under the terms of the lease agreements, the company is responsible for all taxes, insurance and utilities. The company is permitted to sublet the properties; however, the properties are currently being utilized exclusively by the company and there is no current subletting. The company is required to adequately maintain each of the properties and any leasehold improvements will be amortized over the lesser of the lives of the improvements or the remaining lease lives, consistent with any other company leases. In connection with the transaction, the requirements for sale lease-back accounting were met. Accordingly, the company recorded the sale of the properties, removed the related property and equipment from the company's balance sheet, recognized an initial deferred gain of $7,414,000 and an immediate loss of $257,000 related to one property and recorded new lease liabilities. Specifically, the company recorded four capital leases totaling $32,339,000 and one operating lease related to leased land, which was not a material component of the transaction. The gains on the sales of the properties were required to be deferred and recognized over the life of the leases as the property sold is being leased back. The deferred gain is classified under Other Long-Term Obligations on the Consolidated Balance Sheet. The amount of buildings and equipment capitalized in connection with capital leases was $39,293,000 and $44,629,000 at December 31, 2018 and 2017 , respectively. At December 31, 2018 and 2017 , accumulated amortization was $10,971,000 and $13,215,000 , respectively, which is included in depreciation expense. Future minimum operating and capital lease commitments, as of December 31, 2018 , are as follows (in thousands): Capital Leases Operating Leases 2019 $ 3,407 $ 10,346 2020 3,187 6,635 2021 2,920 5,053 2022 2,399 3,239 2023 2,399 1,193 Thereafter 26,995 2,071 Total future minimum lease payments 41,307 $ 28,537 Amounts representing interest (11,395 ) Present value of minimum lease payments $ 29,912 In December 2018, the company entered into a 20-year lease agreement in Germany. The lease is not expected to commence until April 2020. See "Contractual Obligations" for estimated future payments. |
Retirement and Benefit Plans
Retirement and Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Retirement and Benefit Plans | Retirement and Benefit Plans Substantially all full-time salaried and hourly domestic employees are included in the Invacare Retirement Savings Plan sponsored by the company. The company makes matching cash contributions up to 66.7% of employees' contributions up to 3% of compensation. The company also makes quarterly contributions to this Plan equal to a percentage of qualified wages. In 2018 , quarterly contributions were made at 1% of qualified wages. The company may make discretionary contributions to the domestic plans based on an annual resolution of the Board of Directors. Contribution expense for the Invacare Retirement Savings Plan in 2018 , 2017 and 2016 was $1,786,000 , $2,131,000 and $2,335,000 , respectively. The company sponsors a Deferred Compensation Plus Plan covering certain employees, which provides for elective deferrals and the company retirement deferrals so that the total retirement deferrals equal amounts that would have contributed to the company's principal retirement plans if it were not for limitations imposed by income tax regulations. The company sponsors a non-qualified defined benefit Supplemental Executive Retirement Plan (SERP) for certain key executives. Effective December 31, 2008 , the SERP was amended, in part to comply with IRS Section 409A. As a result of the amendment, the plan became a defined benefit cash balance plan for the non-retired participants and thus, payments by the company since December 31, 2008 have been based upon a cash balance formula with interest credited at a rate determined annually by the Compensation and Management Development Committee of the Board of Directors. In 2018 , 2017 and 2016 , respectively, interest was credited at 0% for active participants in the SERP. The plan continues to be unfunded with individual hypothetical accounts maintained for each participant. The SERP projected benefit obligation related to this unfunded plan was $5,641,000 and $6,027,000 at December 31, 2018 and December 31, 2017 , respectively, and the accumulated benefit obligation was $5,641,000 and $6,027,000 at December 31, 2018 and December 31, 2017 , respectively. The projected benefit obligations were calculated using an assumed future salary increase of 3.25% at December 31, 2018 and 2017 , respectively. The assumed discount rate, relevant for three participants unaffected by the plan conversion was 4.22% and 3.6% for 2018 and 2017 , respectively, based upon the discount rate on high-quality fixed-income investments without adjustment. The retirement age was 67 for 2018 and 2017 , respectively. The mortality assumptions used for 2018 and 2017 were based upon the RP-2014 White Collar Fully Generational Mortality Table using Scale MP-2018 and MP-2017, respectively. Expense for the SERP in 2018 was $5,000 compared to expense of $414,000 and $1,073,000 in 2017 and 2016 , respectively. The expense was comprised of interest income of $193,000 in 2018 and interest expense of $246,000 and $908,000 in 2017 and 2016 , respectively, with the remaining non-interest expense related to service costs, prior service costs and other gains/losses. Benefit payments in 2018 , 2017 and 2016 were $391,000 , $391,000 and $1,279,000 , respectively. The company also sponsors a Death Benefit Only Plan (DBO) for certain key executives that provides a benefit equal to three times the participant's final target earnings should the participant's death occur while an employee and a benefit equal to one time the participant's final earnings upon the participant's death after normal retirement or if a participant dies after his or her employment with the company is terminated following a change in control of the company. Income for the plan in 2018 was $151,000 compared to expense of $150,000 in 2017 and income of $121,000 in 2016 . The 2018 and 2016 amounts contained service and accrual adjustment income of $253,000 and $216,000 , respectively, compared to expense of $69,000 in 2017 , with the remaining activity in each year related to interest costs. There were no benefit payments in 2018 or 2017 compared to benefit payments of $761,000 in 2016. In conjunction with the company's DBO, the company has invested in life insurance policies related to certain employees to help satisfy the DBO obligations. In Europe, the company maintains two defined benefit plans in Switzerland. The statutory pension plans are maintained with a private insurance company and, in accordance with Swiss law, the plans function as defined contribution plans whereby employee and employer contributions are defined as a percentage of individual salary depending on the age of the employee and a guaranteed interest rate, which is annually defined by the Swiss Pension Fund. Under U.S. GAAP, the plans are treated as defined benefit plans. Expense for the European plans was $1,079,000 , $436,000 and $1,004,000 in 2018 , 2017 and 2016 , respectively. |
Revenues (Notes)
Revenues (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Disclosure | Revenue The company has two revenue streams: product and services. Services include repair, refurbishment, preventive maintenance and rental of product. Services for the NA/HME and IPG segments include maintenance and repair of product. Services for the Europe segment include repair, refurbishment and preventive maintenance services. Services for the Asia Pacific segment include rental and repair of product. The following tables disaggregate the company's revenues by major source and by reportable segment for the year ended December 31, 2018 and December 31, 2017 (in thousands): 2018 Product Service Total Europe $ 544,517 $ 14,001 $ 558,518 NA/HME 305,912 703 306,615 IPG 56,519 1,456 57,975 Asia/Pacific 44,393 4,846 49,239 Total $ 951,341 $ 21,006 $ 972,347 % Split 98% 2% 100% 2017 Product Service Total Europe $ 522,121 $ 13,205 $ 535,326 NA/HME 319,225 1,593 320,818 IPG 58,710 762 59,472 Asia/Pacific 46,047 4,834 50,881 Total $ 946,103 $ 20,394 $ 966,497 % Split 98% 2% 100% The company's revenues are principally related to the sale of products, approximately 98% , with the remaining 2% related to services including repair, refurbishment, preventive maintenance and rental of product. While the company has a significant amount of contract types, the sales split by contract type is estimated as follows: general terms and conditions ( 33% ), large national customers ( 27% ), governments, principally pursuant to tender contracts ( 19% ) and other customers including buying groups and independent customers ( 21% ). All product and substantially all service revenues are recognized at a point in time. The remaining service revenue, recognized over time, are reflected in the Europe segment and include multiple performance obligations. For such contracts, the company allocates revenue to each performance obligation based on its relative standalone selling price. The company generally determines the standalone selling price based on the expected cost-plus margin methodology. Revenue is recognized when obligations under the terms of a contract with the customer are satisfied; generally, this occurs with the transfer of control of the company's products and services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring product or providing services. The amount of consideration received and revenue recognized by the company can vary as a result of variable consideration terms included in the contracts related to customer rebates, cash discounts and return policies. Customer rebates and cash discounts are estimated based on the most likely amount principle and these estimates are based on historical experience and anticipated performance. In addition, customers have the right to return product within the company's normal terms policy, and as such the company estimates the expected returns based on an analysis of historical experience. The company adjusts its estimate of revenue at the earlier of when the most likely amount of consideration it expects to receive changes or when the consideration becomes fixed. The company generally does not expect that there will be significant changes to its estimates of variable consideration (see “Receivables” and "Accrued Expenses" in the Notes to the Consolidated Financial Statements include elsewhere in this report for more detail). Depending on the terms of the contract, the company may defer the recognition of a portion of the revenue at the end of a reporting period to align with transfer of control of the company's products to the customer. In addition, to the extent performance obligations are satisfied over time, the company defers revenue recognition until the performance obligations are satisfied. As of December 31, 2018 and December 31, 2017 , the company had deferred revenue of $2,416,000 and $2,770,000 , respectively, related to outstanding performance obligations. |
Equity Compensation
Equity Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation | Equity Compensation The company's Common Shares have a $.25 stated value. The Common Shares and the Class B Common Shares generally have identical rights, terms and conditions and vote together as a single class on most issues, except that the Class B Common Shares have ten votes per share, carry a 10% lower cash dividend rate and, in general, can only be transferred to family members or for estate planning purposes. Holders of Class B Common Shares are entitled to convert their shares into Common Shares at any time on a share-for-share basis. When Class B Common Shares are transferred out of a familial relationship, they automatically convert to Common Shares. The Board of Directors suspended further dividends on the Class B Common Shares. As of December 31, 2018 , 6,357 Class B Common Shares remained outstanding. Conversion of Class B Common Shares have substantially diminished the significance of the company's dual class voting structure. As of December 31, 2018 , the holders of the Common Shares represent approximately 99.9% of the Company's total outstanding voting power. Equity Compensation Plan On May 17, 2018 , the shareholders of the company approved the Invacare Corporation 2018 Equity Compensation Plan (the “2018 Plan”), which was adopted on March 27, 2018 by the company's Board of Directors (the “Board”). The company's Board adopted the 2018 Plan in order to authorize additional Common Shares for grant as equity compensation, and to reflect changes to Section 162(m) of the Internal Revenue Code (the “Code”) resulting from the U.S. Tax Cuts and Jobs Act of 2017. Following shareholder approval of the 2018 Plan, all of the Common Shares then-remaining available for issuance under the Invacare Corporation 2013 Equity Compensation Plan (the “2013 Plan”) and all of the Common Shares that were forfeited or remained unpurchased or undistributed upon termination or expiration of awards under the 2013 Plan and under the Invacare Corporation 2003 Performance Plan (the “2003 Plan”), become available for issuance under the 2018 Plan. Awards granted previously under the 2013 Plan and 2003 Plan will remain in effect under their original terms. The 2018 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 2018 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 2018 Plan as two shares. Shares underlying awards made under the 2003 Plan or 2013 Plan that are forfeited or remain unpurchased or undistributed upon termination or expiration of the awards will become available under the 2018 Plan for use in future awards. Any Common Shares that are added back to the 2018 Plan as the result of forfeiture, termination or expiration of an award granted under the 2018 Plan or 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 2018 Plan or 2013 Plan, as applicable. Each Common Share that is added back to the 2018 Plan due to a forfeiture, termination or expiration of an award granted under the 2003 Plan will be added back as one Common Share. The Compensation and Management Development Committee of the Board (the “Compensation Committee”), in its discretion, may grant an award under the 2018 Plan to any director or employee of the company or an affiliate. As of December 31, 2018 , 3,994,255 Common Shares were available for future issuance under the 2018 Plan in connection with the following types of awards with respect to 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. At December 31, 2018 , an aggregate of 410,408 Common Shares underlie awards which forfeited or expired unexercised under the 2003 and 2013 Plans and thus are available to be transferred under the 2018 Plan. The 2018 Plan provides that shares granted come from the company's authorized but unissued Common Shares or treasury shares. In addition, the company's stock-based compensation plans allow employee participants to exchange shares for minimum withholding taxes, which results in the company acquiring treasury shares. Under these provisions, the company acquired approximately 140,000 treasury shares for $2,427,000 in 2018 , 85,000 shares for $1,276,000 in 2017 and 32,000 shares for $331,000 in 2016 . The amounts of equity-based compensation expense recognized as part of selling, general and administrative expenses in All Other in business segment reporting were as follows (in thousands): 2018 2017 2016 Non-qualified stock options $ 201 $ 865 $ 745 Restricted stock and restricted stock units 4,305 4,648 5,039 Performance shares and performance share units 777 1,834 1,110 Total stock-based compensation expense $ 5,283 $ 7,347 $ 6,894 As of December 31, 2018 , 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): 2018 2017 2016 Non-qualified stock options $ 1,939 $ 2,502 $ 175 Restricted stock and restricted stock units 7,469 7,005 8,740 Performance shares and performance share units 7,441 5,523 3,134 Total stock-based compensation expense $ 16,849 $ 15,030 $ 12,049 Total unrecognized compensation cost will be adjusted for future changes in actual and estimated forfeitures and for updated vesting assumptions for the performance share awards (see "Performance Options" and "Performance Shares and Performance Share Units" below). No tax benefit for share-based compensation was realized during 2018 , 2017 and 2016 due to a valuation allowance against deferred tax assets. In accordance with ASC 718, any tax benefits resulting from tax deductions in excess of the compensation expense recognized is classified as a component of financing cash flows. Stock Options Generally, non-qualified stock option awards have a term of ten years and were granted with an exercise price per share equal to the fair market value of the company's Common Shares on the date of grant. 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 three years ended 2018 , 2017 and 2016 : 2018 Weighted Average Exercise Price 2017 Weighted Average Exercise Price 2016 Weighted Average Exercise Price Options outstanding at January 1 2,631,569 $ 19.44 2,542,732 $ 21.19 2,942,783 $ 21.22 Granted — — 756,420 12.15 — — Exercised (184,549 ) 14.28 (193,263 ) 13.51 (1,250 ) 13.82 Canceled (561,658 ) 23.34 (474,320 ) 19.45 (398,801 ) 21.47 Options outstanding at December 31 1,885,362 $ 18.78 2,631,569 $ 19.44 2,542,732 $ 21.19 Options exercise price range at December 31 $ 12.15 to $ 12.15 to $ 13.37 to $ 33.36 $ 33.36 $ 33.36 Options exercisable at December 31 1,354,202 2,029,773 2,513,614 Shares available for grant at December 31* 3,994,255 2,131,355 3,891,121 ________________________ * Shares available for grant as of December 31, 2018 reduced by net restricted stock and restricted stock unit and performance share and performance share unit award activity of 2,358,070 shares and 1,823,432 shares, respectively. The following table summarizes information about stock options outstanding at December 31, 2018 : Options Outstanding Options Exercisable Exercise Prices Number Outstanding At 12/31/18 Weighted Average Remaining Contractual Life Years Weighted Average Exercise Price Number Exercisable At 12/31/18 Weighted Average Exercise Price $ 12.15 – $20.00 809,592 6.7 $ 12.84 278,432 $ 14.14 $ 20.01 – $25.00 726,751 1.5 22.20 726,751 22.20 $ 25.01 – $30.00 344,523 1.6 25.33 344,523 25.33 $ 30.01 – $33.36 4,496 2.4 33.36 4,496 33.36 Total 1,885,362 3.8 $ 18.78 1,354,202 $ 21.38 The 2018 Plan provides for a one-year minimum vesting period for stock options and, generally, options must be exercised within ten years from the date granted. No stock options were issued in 2018 and those issued in 2017 were performance-based and may vest after the conclusion of the three-year 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 or prior years 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 equally 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 the Black-Scholes option-pricing model. The calculated fair value of the 2017 performance option awards was $5.38 based on the following assumptions: 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 yields was based on historical dividends. Expected stock price volatility percentage was calculated at each date of grant based on historical stock prices for a period of time commensurate with the expected life of the option. The assumed expected life and forfeiture percentage were based on the company's historical analysis of option history. The weighted-average fair value of options granted in 2017 was $5.38 . The weighted-average remaining contractual life of options outstanding at December 31, 2018 , 2017 and 2016 was 3.8 , 3.9 and 3.5 years, respectively. The weighted-average contractual life of options exercisable at December 31, 2018 was 2.0 years. The total intrinsic value of stock awards exercised in 2018 , 2017 and 2016 was $755,000 , $350,000 and $0 , respectively. As of December 31, 2018 , the intrinsic value of all options outstanding and of all options exercisable was $0 and $0 , respectively. The exercise of stock awards in 2018 , 2017 and 2016 resulted in cash received by the company totaling $2,626,000 , $2,676,000 and $17,000 for each period, respectively with no tax benefits for any period. The total fair value of awards vested during 2018 , 2017 and 2016 was $1,000 , $363,000 and $953,000 , respectively. Restricted Stock and Restricted Stock Units The following table summarizes information about restricted shares and restricted share units (primarily for non-U.S. recipients): 2018 Weighted Average Fair Value 2017 Weighted Average Fair Value 2016 Weighted Average Fair Value Stock / Units unvested at January 1 776,520 $ 13.75 878,356 $ 15.87 641,505 $ 18.89 Granted 377,299 17.48 523,412 12.37 486,711 12.62 Vested (386,275 ) 15.05 (369,128 ) 16.63 (139,298 ) 17.86 Canceled (129,881 ) 14.43 (256,120 ) 14.02 (110,562 ) 16.60 Stock / Units unvested at December 31 637,663 $ 15.04 776,520 $ 13.75 878,356 $ 15.87 The restricted stock awards generally vest ratably over the three years after the award date. 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 (primarily for non-U.S. recipients): 2018 Weighted Average Fair Value 2017 Weighted Average Fair Value 2016 Weighted Average Fair Value Shares / Units unvested at January 1 457,879 $ 12.33 309,468 $ 14.58 198,401 $ 19.50 Granted 205,164 17.48 336,694 12.02 234,402 12.82 Vested (155,766 ) 12.82 — — — — Canceled (58,983 ) 13.43 (188,283 ) 15.48 (123,335 ) 19.14 Shares / Units unvested at December 31 448,294 $ 14.37 457,879 $ 12.33 309,468 $ 14.58 During 2018 , 2017 and 2016 , the performance shares and performance share units (for non-U.S. recipients) were granted as performance awards with a 3 -year performance period with payouts based on achievement of certain performance goals. The awards are classified as equity awards as they will be settled in common shares upon vesting. The number of shares earned will be determined at the end of the performance period based on achievement of performance criteria for the periods established by the Compensation Committee at the time of grant. Recipients will be entitled to receive a number of common shares equal to the number of performance shares that vest based upon the levels of achievement which may range between 0% and 150% of the target number of shares with the target being 100% of the initial grant. The fair value of the performance awards is based on the stock price on the date of grant discounted for the estimated value of dividends foregone as the awards are not eligible for dividends except to the extent vested. The company assesses the probability that the performance targets will be met with expense recognized whenever it is probable that at least the minimum performance criteria will be achieved. Depending upon the company's assessment of the probability of achievement of the goals, the company may not recognize any expense associated with performance awards in a given period, may reverse prior expense recorded or record additional expense to make up for expense not recorded in a prior period. Performance award compensation expense is generally expected to be recognized over three years. No performance award expense was recognized for the 2015 awards as the performance goals for these performance awards were not met and thus those awards were forfeited without any shares earned in 2017 and 2018 , respectively. Expense was recognized at 75% of target for the 2016 awards. The company continues to recognize expense related to the awards as it is considered probable that the performance goals for those awards will be met. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) by Component | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) by Component | Accumulated Other Comprehensive Income (Loss) by Component Changes in accumulated other comprehensive income ("OCI") during the year ended December 31, 2018 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2017 $ 50,376 $ (4,612 ) $ (7,652 ) $ (1,242 ) $ 36,870 OCI before reclassifications (38,132 ) 7,274 5,100 2,098 (23,660 ) Amount reclassified from accumulated OCI — — (151 ) (266 ) (417 ) Net current-period OCI (38,132 ) 7,274 4,949 1,832 (24,077 ) December 31, 2018 $ 12,244 $ 2,662 $ (2,703 ) $ 590 $ 12,793 Changes in OCI during the year ended December 31, 2017 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2016 $ (26,199 ) $ 17,372 $ (11,248 ) $ 740 $ (19,335 ) OCI before reclassifications 76,575 (21,984 ) 3,446 (2,737 ) 55,300 Amount reclassified from accumulated OCI — — 150 755 905 Net current-period OCI 76,575 (21,984 ) 3,596 (1,982 ) 56,205 December 31, 2017 $ 50,376 $ (4,612 ) $ (7,652 ) $ (1,242 ) $ 36,870 OCI activity related to Long-Term Notes represents currency translation on notes that are long-term in nature and not intended to be settled. Reclassifications out of accumulated OCI for the year ended December 31, 2018 and December 31, 2017 were as follows (in thousands): Amount reclassified from OCI Affected Statement of Comprehensive (Income) Loss line 2018 2017 Defined Benefit Plans: Service and interest costs $ (151 ) $ 150 Selling, General and Administrative Tax — — Income Taxes Total after tax $ (151 ) $ 150 Derivatives: Foreign currency forward contracts hedging sales $ 1,352 $ (517 ) Net Sales Foreign currency forward contracts hedging purchases (1,591 ) 1,357 Cost of Products Sold Total before tax (239 ) 840 Tax (27 ) (85 ) Income Taxes Total after tax $ (266 ) $ 755 |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Capital stock activity for 2018 , 2017 and 2016 consisted of the following (in thousands of shares): Common Stock Shares Class B Shares Treasury Shares January 1, 2016 Balance 35,024 734 (3,194 ) Conversion of Class B to Common 5 (5 ) — Exercise of stock options 1 — — Restricted stock awards 288 — (32 ) Purchase of treasury shares — — (390 ) December 31, 2016 Balance 35,318 729 (3,616 ) Conversion of Class B to Common 723 (723 ) — Exercise of stock options 193 — (4 ) Restricted stock awards 298 — (81 ) December 31, 2017 Balance 36,532 6 (3,701 ) Exercise of stock options 185 — (50 ) Restricted stock awards 293 — (90 ) December 31, 2018 37,010 6 (3,841 ) Stock awards for 129,881 , 256,120 and 110,562 shares were canceled in 2018 , 2017 and 2016 , respectively. In 2018 , 2017 and 2016 , dividends of $0.05 per Common Share were declared and paid. In 2018 , dividends of $0.023 and $0.034 were declared and paid, respectively, per Class B Common Share as the Board of Directors suspended further dividends on the Class B Common Shares. In 2017 and 2016 dividend of $0.045 per Class B Common Share were declared and paid, respectively. |
Charges Related To Restructurin
Charges Related To Restructuring Activities | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Charges Related To Restructuring Activities | Charges Related to Restructuring Activities The company's restructuring charges were primarily originally necessitated 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 began in 2016 and continued through 2018. Charges for the year ended December 31, 2016 totaled $2,447,000 which were related to NA/HME segment ( $2,347,000 ) and the Asia/Pacific segment ( $100,000 ). In NA/HME, costs were incurred related to severance ( $1,862,000 ) and lease termination costs ( $485,000 ). The Asia/Pacific charges were for severance costs. Payments for the year ended December 31, 2016 were $2,992,000 and the cash payments were funded with company's cash on hand. The 2016 charges have been paid out. Charges for the year ended December 31, 2017 totaled $12,274,000 which were related to NA/HME segment ( $8,889,000 ), Europe ( $1,975,000 ) and the Asia/Pacific segment ( $1,410,000 ). In NA/HME, costs were incurred related to severance ( $8,162,000 ) and lease termination costs ( $727,000 ). The European charges were incurred related to severance ( $1,753,000 ) and lease termination costs ( $222,000 ). The Asia/Pacific charges were for severance costs. Payments for the year ended December 31, 2017 were $10,438,000 and the cash payments were funded with company's cash on hand. The 2017 charges have been paid out. Charges for the year ended December 31, 2018 totaled $3,481,000 which were related to NA/HME segment ( $1,359,000 ), Europe ( $1,773,000 ) and the Asia/Pacific segment ( $349,000 ). In NA/HME, costs were incurred related to severance ( $1,471,000 ) and lease termination reversals were recognized ( $112,000 ). The European and Asia/Pacific charges were incurred related to severance costs. The majority of the 2018 charges are expected to be paid out within twelve months. There have been no material changes in accrued balances related to the charges, either as a result of revisions in the plans or changes in estimates. In addition, the savings anticipated as a result of the company's restructuring plans have been or are expected to be achieved, primarily resulting in reduced salary and benefit costs principally impacting Selling, General and Administrative expenses, and to a lesser extent, Costs of Products Sold. To date, the company's liquidity has not been materially impacted. A progression by reporting segment of the accruals recorded as a result of the restructuring is as follows (in thousands): Severance Lease Terminations Total December 31, 2015 Balance NA/HME $ 662 $ 237 $ 899 Europe 312 — 312 Other 1,503 — 1,503 Total 2,477 237 2,714 Charges NA/HME 1,862 485 2,347 Asia/Pacific 100 — 100 Total 1,962 485 2,447 Payments NA/HME (1,741 ) (602 ) (2,343 ) Europe (312 ) — (312 ) Asia/Pacific (100 ) — (100 ) Other (237 ) — (237 ) Total $ (2,390 ) $ (602 ) $ (2,992 ) Severance Lease 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 8,162 727 8,889 Europe 1,753 222 1,975 Asia/Pacific 1,410 — 1,410 Total 11,325 949 12,274 Payments NA/HME (6,506 ) (680 ) (7,186 ) Europe (1,504 ) (88 ) (1,592 ) Asia/Pacific (1,410 ) — (1,410 ) Other (250 ) — (250 ) Total (9,670 ) (768 ) (10,438 ) December 31, 2017 Balance NA/HME 2,439 167 2,606 Europe 249 134 383 Other 1,016 — 1,016 Total 3,704 301 4,005 Charges NA/HME 1,471 (112 ) 1,359 Europe 1,773 — 1,773 Asia/Pacific 349 — 349 Total 3,593 (112 ) 3,481 Payments NA/HME (3,254 ) (30 ) (3,284 ) Europe (1,841 ) (134 ) (1,975 ) Asia/Pacific (285 ) — (285 ) Other (260 ) — (260 ) Total (5,640 ) (164 ) (5,804 ) December 31, 2018 Balance NA/HME 656 25 681 Europe 181 — 181 Asia/Pacific 64 — 64 Other 756 — 756 Total $ 1,657 $ 25 $ 1,682 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Earnings (loss) from continuing operations before income taxes consist of the following (in thousands): 2018 2017 2016 Domestic $ (72,703 ) $ (96,343 ) $ (68,949 ) Foreign 38,601 30,093 39,392 $ (34,102 ) $ (66,250 ) $ (29,557 ) The company has provided for income taxes (benefits) from continuing operations as follows (in thousands): 2018 2017 2016 Current: Federal $ (202 ) $ (125 ) $ (360 ) State 147 (437 ) (115 ) Foreign 12,675 15,223 12,873 12,620 14,661 12,398 Deferred: Federal (2,073 ) (2,164 ) — State — — — Foreign (727 ) (2,206 ) 901 (2,800 ) (4,370 ) 901 Income Taxes $ 9,820 $ 10,291 $ 13,299 Included in the 2018 Federal deferred taxes is a benefit of $680,000 related to an intra-period allocation to continuing operations. A charge in an equal amount is in other comprehensive income. In addition, included in deferred federal taxes is a benefit of $2,023,000 which resulted from the effective of indefinite intangibles and a related 2018 indefinite loss carryforward created, due to the U.S. tax reform legislation, resulting in a deferred tax benefit. The US Tax Cuts and Jobs Act of 2017 ("Tax Act") was enacted on December 22, 2017. The Tax Act subjects a US shareholder to current tax on global intangible low-taxed income (GILTI) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income , states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. The company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. The SEC staff issued SAB 118, which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects off the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. Reduction of U.S. federal corporate tax rate: The US Tax Cuts and Jobs Act of 2017 reduces the corporate rate to 21% , effective January 1, 2018 . Consequently, the company has provisionally recorded a decrease related to deferred tax assets and liabilities of $64,440,000 and $20,034,000 , respectively, and has recorded a decrease to the valuation allowance of $45,986,000 with a corresponding net adjustment to deferred tax benefit of $1,580,000 for the year-ended December 31, 2017. Deemed Repatriation Transition Tax: The Deemed Repatriation Transition tax (Transition Tax) is a tax on previously untaxed accumulated and current earnings and profit (E&P) of certain of our foreign subsidiaries. To determine the amount of Transition Tax, a company must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries as well as the amount of non-U.S. income taxes paid on such earnings. The company believed it has an overall foreign E&P deficit and accordingly did not record any provisional Transition Tax obligation as of December 31, 2017. During 2018, the Company concluded it did not have a transitional tax liability. We determined at December 31, 2017 the provisional calculations would be finalized after the underlying timing differences and foreign earnings and profits were finalized with our 2017 federal tax return filing. The provision calculations were finalized in 2018 with our federal tax return. We have historically considered the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested, and, accordingly, no taxes have been provided on such earnings (other than earnings of our Chinese subsidiary). We continue to evaluate our plans for reinvestment or repatriation of unremitted foreign earnings and have not changed our previous indefinite reinvestment determination following the enactment of the Tax Act. As a result of U.S. tax reform legislation, distributions of profits from non-U.S. subsidiaries are not expected to cause a significant incremental U.S. tax impact in the future. However, these distributions may be subject to non-U.S. withholding taxes if profits are distributed from certain jurisdictions. Undistributed profits of non-U.S. subsidiaries of approximately $26.3 million are considered indefinitely reinvested. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested profits is not practicable. We regularly review our cash positions and our determination of permanent reinvestment of foreign earnings. If we determine all or a portion of such foreign earnings are no longer indefinitely reinvested, we may be subject to additional foreign withholding taxes and U.S. state income taxes. A reconciliation to the effective income tax rate from the federal statutory rate is as follows: 2018 2017 2016 Statutory federal income tax rate (benefit) (21.0 )% (35.0 )% (35.0 )% State and local income taxes, net of federal income tax benefit 0.3 (0.4 ) (0.3 ) Tax credits — (0.2 ) (1.7 ) Foreign taxes at other than the federal statutory rate (including tax holidays) 12.9 (1.3 ) (7.1 ) Federal and foreign valuation allowance 39.6 48.3 83.0 Withholding taxes 0.2 0.1 1.1 Unremitted earnings — (1.1 ) 5.8 Dividends — 5.7 3.0 Life insurance (0.1 ) (0.1 ) (0.2 ) Foreign branch activity 0.1 (1.2 ) (3.1 ) Uncertain tax positions (1.9 ) 0.1 (2.0 ) Effects of US Tax Reform — (2.4 ) — Intraperiod allocations to OCI (2.0 ) — — Other, net 0.7 3.0 1.5 Effective federal income tax rate 28.8 % 15.5 % 45.0 % At December 31, 2018 , total deferred tax assets were $178,301,000 , total deferred tax liabilities were $27,971,000 and the tax valuation allowance total was $174,659,000 for a net deferred income tax liability of $24,329,000 compared to total deferred tax assets of $168,706,000 , total deferred tax liabilities of $29,875,000 and a tax valuation allowance total of $167,203,000 for a net deferred income tax liability of $28,372,000 at December 31, 2017 . The company recorded a valuation allowance for its U.S. and certain foreign country net deferred tax assets where it is or is projected to be in a three-year cumulative loss. Significant components of long-term deferred income tax assets and liabilities at December 31, 2018 and 2017 are as follows (in thousands): 2018 2017 Bad Debt $ 954 $ 1,237 Warranty 2,134 2,949 Other accrued expenses and reserves 511 1,419 Inventory 2,878 3,096 Goodwill and intangibles (23,589 ) (24,939 ) Convertible debt (1,225 ) 916 Fixed assets (3,107 ) (4,158 ) Compensation and benefits 6,268 9,206 Loss and credit carryforwards 131,896 118,374 Product liability 2,315 2,375 State and local taxes 31,345 29,134 Valuation allowance (174,659 ) (167,203 ) Other, net (50 ) (778 ) Net Deferred Income Taxes $ (24,329 ) $ (28,372 ) The company made net payments for income taxes of $15,820,000 , $15,377,000 , and $26,663,000 during the years ended December 31, 2018 , 2017 and 2016 , respectively. 2016 net tax payments included a foreign tax payment for a settled item. At December 31, 2018 , the company had foreign tax loss carryforwards of approximately $74,602,000 of which $7,357,000 expire by 2024 and the remaining are non-expiring all of which are offset by valuation allowances. At December 31, 2018 , the company also had $706,551,000 of domestic state and local tax loss carryforwards, of which $210,123,000 expire between 2019 and 2022 , $235,409,000 expire between 2023 and 2032 and $247,130,000 expire after 2032 and $13,889,000 have an unlimited carryover. The company has a federal domestic net operating loss carryforward of $353,671,000 of which $287,386,000 expires between 2034 and 2037 and the remaining are non-expiring; federal tax credit carryforwards of $33,263,000 of which $22,362,000 expire between 2019 and 2021 and $9,292,000 expire between 2022 and 2027 , $1,609,000 expire between 2031 and 2037 and domestic interest carryforward of $22,477,000 which is non-expiring. As of December 31, 2018 and 2017 , the company had a liability for uncertain tax positions, excluding interest and penalties of $1,623,000 and $1,896,000 , respectively. The total liabilities associated with unrecognized tax benefits that, if recognized, would impact the effective tax rates were $1,623,000 and $1,896,000 at December 31, 2018 and 2017 , respectively. A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands): 2018 2017 Balance at beginning of year $ 2,865 $ 3,468 Additions to: Positions taken during the current year 58 40 Positions taken during a prior year 163 49 Exchange rate impact — 19 Deductions due to: Exchange rate impact (22 ) — Positions taken during a prior year (546 ) (176 ) Lapse of statute of limitations (163 ) (535 ) Balance at end of year $ 2,355 $ 2,865 The company recognizes interest and penalties associated with uncertain tax positions in income tax expense. During 2018 , 2017 and 2016 the expense for interest and penalties was $322,000 , $30,000 and $288,000 , respectively. The company had approximately $517,000 and $842,000 of accrued interest and penalties as of December 31, 2018 and 2017 , respectively. The company and its subsidiaries file income tax returns in the U.S. and certain foreign jurisdictions. The company is subject to U.S. federal income tax examinations for calendar years 2015 to 2018 with limited exceptions, and is subject to various U.S. state income tax examinations for 2014 to 2018 . With regards to foreign income tax jurisdictions, the company is generally subject to examinations for the periods 2012 to 2018 . |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
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 earnings (loss) per common share. 2018 2017 2016 (In thousands, except per share data) Basic Average common shares outstanding 33,124 32,752 32,471 Net loss $ (43,922 ) $ (76,541 ) $ (42,856 ) Net loss per common share $ (1.33 ) $ (2.34 ) $ (1.32 ) Diluted Average common shares outstanding 33,124 32,752 32,471 Stock options and awards 419 464 119 Average common shares assuming dilution 33,543 33,216 32,590 Net loss $ (43,922 ) $ (76,541 ) $ (42,856 ) Net loss per common share * $ (1.33 ) $ (2.34 ) $ (1.32 ) * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in which there is a net loss. At December 31, 2018 , 2017 and 2016 , shares associated with stock options of 333,899 , 801,992 and 1,730,707 , respectively, were excluded from the average common shares assuming dilution, as they were anti-dilutive. At December 31, 2018 , the majority of the anti-dilutive shares were granted at an exercise price of $25.24 , which was higher than the average fair market value price of $15.27 for 2018 . In 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 price of $13.93 for 2017 . In 2016 , the majority of the anti-dilutive shares were granted at an exercise price of $25.24 , which was higher than the average fair market value price of $12.36 for 2016 . For the 2018 , 2017 and 2016 net loss per share from continuing operations calculation, all the shares associated with stock options were anti-dilutive because of the company's loss. For 2018 , 2017 and 2016, no shares were included in the common shares assuming dilution related to the company's issued warrants as the average market price of the company stock for these periods did not exceed the strike price of the warrants. |
Concentration Of Credit Risk
Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2018 | |
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 $1,399,000 at December 31, 2018 to DLL for events of default under the contracts, which total $12,625,000 at December 31, 2018 . Guarantees, ASC 460, requires the company to record a guarantee liability as it relates to the limited recourse obligation. As such, the company has recorded a liability of $26,000 for this guarantee obligation within accrued expenses. The company's recourse is re-evaluated by DLL biannually, considers activity between the biannual dates and excludes any receivables purchased by the company from DLL. The company monitors the collections status of these contracts and has provided amounts for estimated losses in its allowances for doubtful accounts in accordance with Receivables, ASC 310-10-05-4 . Credit losses are provided for in the financial statements. Substantially all the company's receivables are due from health care, medical equipment providers and long-term care facilities located throughout the United States, Australia, Canada, New Zealand and Europe. A significant portion of products sold to dealers, both foreign and domestic, is ultimately funded through government reimbursement programs such as Medicare and Medicaid. The company has also seen a significant shift in reimbursement to customers from managed care entities. As a consequence, changes in these programs can have an adverse impact on dealer liquidity and profitability. In addition, reimbursement guidelines in the home health care industry have a substantial impact on the nature and type of equipment an end user can obtain as well as the timing of reimbursement and, thus, affect the product mix, pricing and payment patterns of the company's customers. The company's top 10 customers accounted for approximately 18.8% of 2018 net sales. The loss of business of one or more of these customers may have a significant impact on the company, although no single customer accounted for more than 4.6% of the company's 2018 net sales. Providers who are part of a buying group generally make individual purchasing decisions and are invoiced directly by the company. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives ASC 815 requires companies to recognize all derivative instruments in the consolidated balance sheet as either assets or liabilities at fair value. The accounting for changes in fair value of a derivative is dependent upon whether or not the derivative has been designated and qualifies for hedge accounting treatment and the type of hedging relationship. For derivatives designated and qualifying as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. Cash Flow Hedging Strategy The company uses derivative instruments in an attempt to manage its exposure to transactional foreign currency exchange risk and interest rate risk. Foreign forward exchange contracts are used to manage the price risk associated with forecasted sales denominated in foreign currencies and the price risk associated with forecasted purchases of inventory over the next twelve months. The company recognizes its derivative instruments as assets or liabilities in the consolidated balance sheet measured at fair value. A majority of the company's derivative instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the fair value of the hedged item, if any, is recognized in current earnings during the period of change. To protect against increases/decreases in forecasted foreign currency cash flows resulting from inventory purchases/sales over the next year, the company utilizes foreign currency forward contracts to hedge portions of its forecasted purchases/sales denominated in foreign currencies. The gains and losses are included in cost of products sold and selling, general and administrative expenses on the consolidated statement of comprehensive income loss. If it is later determined that a hedged forecasted transaction is unlikely to occur, any prospective gains or losses on the forward contracts would be recognized in earnings. The company does not expect any material amount of hedge ineffectiveness related to forward contract cash flow hedges during the next twelve months. The company has historically not recognized any material amount of ineffectiveness related to forward contract cash flow hedges because the company generally limits its hedges to between 50% and 90% of total forecasted transactions for a given entity's exposure to currency rate changes and the transactions hedged are recurring in nature. Furthermore, the majority of the hedged transactions are related to intercompany sales and purchases for which settlement occurs on a specific day each month. Forward contracts with a total notional amount in USD of $165,200,000 and $171,770,000 matured during the twelve months ended December 31, 2018 and 2017 , respectively. Foreign exchange forward contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): December 31, 2018 December 31, 2017 Notional Amount Unrealized Net Gain (Loss) Notional Amount Unrealized Net Gain (Loss) USD / AUD $ 6,390 $ 146 $ 3,960 $ 44 USD / CAD 12,221 (101 ) 33,344 115 USD / CNY 4,460 32 4,027 61 USD / EUR 70,748 173 72,259 (558 ) USD / GBP 1,233 — 4,640 (124 ) USD / NZD 10,359 149 9,300 11 USD / SEK 603 — — — USD / MXP 7,801 37 6,461 (158 ) EUR / GBP 41,087 174 32,248 (682 ) EUR / NOK 977 — 4,521 68 EUR / SEK 15,106 (92 ) 7,732 39 EUR / NZD 2,042 64 2,855 (8 ) DKK / SEK 1,561 — 6,453 (120 ) $ 174,588 $ 582 $ 187,800 $ (1,312 ) 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 2018 or 2017 related to these contracts and the associated short-term intercompany trading receivables and payables. Foreign exchange forward contracts not qualifying or designated for hedge accounting treatment entered into in 2018 and 2017 , respectively, and outstanding were as follows (in thousands USD): December 31, 2018 December 31, 2017 Notional Amount Gain (Loss) Notional Amount Gain (Loss) AUD / USD $ 11,500 $ 167 $ 2,750 $ (77 ) NZD / USD 3,000 30 3,300 (53 ) EUR / AUD — — 4,000 43 NOK / EUR 18 — — — NZD / AUD 10,800 22 3,600 9 $ 25,318 $ 219 $ 13,650 $ (78 ) The fair values of the company's derivative instruments were as follows (in thousands): December 31, 2018 December 31, 2017 Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts $ 792 $ 210 $ 678 $ 1,990 Derivatives not designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts 228 9 52 130 $ 1,020 $ 219 $ 730 $ 2,120 The fair values of the company's foreign currency forward assets and liabilities are included in Other Current Assets and Accrued Expenses, respectively in the Consolidated Balance Sheets. The effect of derivative instruments on the Statement of Operations and Other Comprehensive Income (OCI) was as follows, net of tax (in thousands): Derivatives (foreign currency forward exchange contracts) in ASC 815 cash flow hedge relationships Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year ended December 31, 2018 $ 2,098 $ 266 $ — Year ended December 31, 2017 $ (2,737 ) $ (755 ) $ (94 ) Derivatives (foreign currency forward exchange contracts) not designated as hedging instruments under ASC 815 Amount of Gain (Loss) Recognized in Income on Derivatives Year ended December 31, 2018 $ 219 Year ended December 31, 2017 $ (78 ) The gains or losses recognized as the result of the settlement of cash flow hedge foreign currency forward contracts are recognized in net sales for hedges of inventory sales or cost of product sold for hedges of inventory purchases. In 2018 , net sales were decreased by $1,352,000 and cost of product sold was decreased by $1,591,000 for a net realized gain of $239,000 . In 2017 , net sales were increased by $517,000 and cost of product sold was increased by $1,357,000 for a net realized loss of $840,000 . In 2016 , net sales were increased by $4,453,000 and cost of product sold was increased by $1,880,000 for a net realized gain of $2,573,000 . A gain of $150,000 in 2018 , a loss of $78,000 in 2017 and a gain of $195,000 in 2016 were recognized in selling, general and administrative (SG&A) expenses 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 Consolidated Statement of Comprehensive Loss, and all derivative balances presented are subject to provisions that are similar to master netting agreements. During the first quarter of 2016, the company entered into privately negotiated convertible note hedges and related warrants in connection with its sale of $150,000,000 in aggregate principal amount of the company's 5.00% Convertible Senior Notes due 2021. The 2021 warrants, which increased paid in capital by $12,376,000 , are clearly and closely related to the convertible notes and thus classified as equity. The convertible note hedge asset and convertible debt conversion liability were recorded, based on initial fair values, as an asset of $27,975,000 and a liability of $34,480,000 , respectively, and these fair values are updated quarterly with the offset to the income statement. See "Long-Term Debt" in the notes to the Consolidated Financial Statements included elsewhere in this report for more detail. 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 December 31, 2018 and their effect on the Statement of Comprehensive Income (Loss) were as follows (in thousands): Gain (Loss) Fair Value Twelve Months Ended December 31, 2018 December 31, 2018 December 31, 2017 Convertible 2021 debt conversion long-term liability $ (1,458 ) $ 51,696 $ (22,446 ) Convertible 2022 debt conversion long-term liability (2,611 ) 50,803 (24,555 ) Convertible 2021 note hedge long-term asset 1,028 (45,887 ) 21,444 Convertible 2022 note hedge long-term asset 2,062 (44,618 ) 21,900 Net fair value and net gains (losses) on convertible debt derivatives $ (979 ) $ 11,994 $ (3,657 ) 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 Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 Forward Exchange Contracts—net — $ 801 — Convertible 2021 debt conversion liability — (1,458 ) — Convertible 2021 note hedge asset — 1,028 — Convertible 2022 debt conversion liability — (2,611 ) — Convertible 2022 note hedge asset — 2,062 — December 31, 2017 Forward Exchange Contracts—net — $ (1,390 ) — Convertible 2021 debt conversion liability — (53,154 ) — Convertible 2021 note hedge asset — 46,915 — Convertible 2022 debt conversion liability — (53,414 ) — Convertible 2022 note hedge asset — 46,680 — The carrying and fair values of the company's financial instruments at December 31, 2018 and 2017 are as follows (in thousands): 2018 2017 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 116,907 $ 116,907 $ 176,528 $ 176,528 Other investments 90 90 103 103 Installment receivables, net of reserves 1,796 1,796 1,809 1,809 Long-term debt (including current maturities of long-term debt) * (255,645 ) (181,928 ) (243,445 ) (294,173 ) Convertible 2021 debt conversion liability in Other Long-Term Obligations (1,458 ) (1,458 ) (53,154 ) (53,154 ) Convertible 2021 note hedge in Other Long-Term Assets 1,028 1,028 46,915 46,915 Convertible 2022 debt conversion liability in Other Long-Term Obligations (2,611 ) (2,611 ) (53,414 ) (53,414 ) Convertible 2022 note hedge in Other Long-Term Assets 2,062 2,062 46,681 46,681 Forward contracts in other current assets 1,020 1,020 730 730 Forward contracts in accrued expenses (219 ) (219 ) (2,120 ) (2,120 ) ________ * 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 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 amount reported in the balance sheet for cash, cash equivalents equals its fair value. Other investments: The company has an investment in a limited partnership, which is accounted for using the cost method, adjusted for any estimated declines in value. The investment was acquired in a private placement and there is no quoted market price or stated rate of return. The company does not have the ability to easily sell the investment. The company completes an evaluation of the residual value related to such investments in the fourth quarter of each year. No impairment was recognized in 2018 , 2017 or 2016 . Installment receivables: The carrying amount reported in the balance sheet for installment receivables approximates its fair value. The interest rates associated with these receivables have not varied significantly since inception. Management believes that after consideration of the credit risk, the net book value of the installment receivables approximates market value. Long-term debt: Fair value for the company's convertible debt is based on quoted market-based estimates as of the end of the year, while the revolving credit facility fair value is based upon an estimate of the market for similar borrowing arrangements. The fair values are deemed to be categorized as Level 2 in the fair value hierarchy. Convertible debt derivatives: The fair values for the convertible debt conversion liability and note hedge asset derivatives are based on valuation models in which all the significant inputs are observable in active markets. Forward Contracts: The company operates internationally, and as a result, is exposed to foreign currency fluctuations. Specifically, the exposure includes intercompany loans and third-party sales or payments. In an attempt to reduce this exposure, foreign currency forward contracts are utilized and accounted for as hedging instruments. The forward contracts are used to hedge the following currencies: AUD, CAD, CHF, CNY, DKK, EUR, GBP, MXP, NOK, NZD, SEK and USD. The company does not use derivative financial instruments for speculative purposes. Fair values for the company's foreign exchange forward contracts are based on quoted market prices for contracts with similar maturities. The company's forward contracts are included in Other Current Assets or Accrued Expenses in the Consolidated Balance Sheets. The gains and losses that result from the majority of the forward contracts are deferred and recognized when the offsetting gains and losses for the identified transactions are recognized. The company recognized a net gain of $239,000 in 2018 compared to a loss of $840,000 and a gain of $2,573,000 in 2017 and 2016 , respectively, related to ASC 815 designated derivatives. Gains or losses recognized as the result of the settlement of forward contracts are recognized in cost of products sold for hedges of inventory transactions, sales for hedges of forecasted sales or selling, general and administrative expenses for other hedged transactions. Intangibles and Goodwill: Under Intangibles—Goodwill and Other , ASC 350, goodwill and intangible assets deemed to have indefinite lives are subject to annual impairment tests. Furthermore, goodwill and other long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. To review goodwill for impairment in accordance with ASC 350, the company first estimates the fair value of each reporting unit and compares the calculated fair value to the carrying value of each reporting unit. A reporting unit is defined as an operating segment or one level below. The company has determined that its reporting units are the same as its operating segments. The company completes its annual impairment tests in the fourth quarter of each year. To estimate the fair values of the reporting units, the company utilizes a discounted cash flow method model in which the company forecasts income statement and balance sheet amounts based on assumptions regarding future sales growth, profitability, inventory turns, days' sales outstanding, etc. to forecast future cash flows. The cash flows are discounted using a weighted average cost of capital discount rate where the cost of debt is based on quoted rates for 20 -year debt of companies of similar credit risk and the cost of equity is based upon the 20 -year treasury rate for the risk-free rate, a market risk premium, the industry average beta, a small cap stock adjustment and reporting unit specific risk premiums as deemed appropriate. The discount rates used have a significant impact upon the discounted cash flow methodology utilized in the company's annual impairment testing as higher discount rates decrease the fair value estimates. The assumptions used are based on a market participant view and yielded a discount rate of 12.41% in 2018 for the company's annual impairment analysis for the reporting units with goodwill compared to 9.07% in 2017 and 8.67% in 2016 . The company also utilizes an Enterprise Value (EV) to EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) Method to compute the fair value of its reporting units which considers potential acquirers and their EV to EBITDA multiples adjusted by an estimated premium. While more weight is given to the discounted cash flow method, the EV to EBITDA Method does provide corroborative evidence of the reasonableness of the discounted cash flow method results. While there was no indication of impairment in 2018 related to goodwill for the Europe or IPG segments, a future potential impairment is possible for any of the company's segments should actual results differ materially from forecasted results used in the valuation analysis. Furthermore, the company's annual valuation of goodwill can differ materially if the market inputs used to determine the discount rate change significantly. For instance, higher interest rates or greater stock price volatility would increase the discount rate and thus increase the chance of impairment. In consideration of this potential, the company reviewed the results if the discount rate used were 100 basis points higher for the 2018 impairment analysis and determined that there still would not be any indicator of potential impairment for the reporting units with goodwill, which are Europe and IPG. The company recognized an intangible impairment charge in the IPG segment of $583,000 ( $431,000 after-tax) in 2018 and $320,000 ( $237,000 after-tax) in 2017 related to a trademark with an indefinite life. The fair value of the trademark was calculated using a relief from royalty payment methodology which requires applying an estimated market royalty rate to forecasted net sales and discounting the resulting cash flows to determine fair value. The fair values of the company's intangible assets were calculated using inputs that are not observable in the market and included management's own estimates regarding the assumptions that market participants would use and thus these inputs are deemed Level III inputs in regard to the fair value hierarchy. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
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 the three primary product lines, which includes: lifestyle, mobility and seating, and respiratory therapy products. IPG sells, and rented prior to the disposition of the rental businesses, 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. 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 impairments and gain on sale of business (as applicable). This performance measure, segment operating income (loss), is used by the Chief Operating Decision Maker 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): 2018 2017 2016 Revenues from external customers Europe (1) $ 558,518 $ 535,326 $ 534,801 NA/HME (1) 306,615 320,818 402,914 Institutional Products Group 57,975 59,472 64,413 Asia/Pacific 49,239 50,881 45,346 Consolidated $ 972,347 $ 966,497 $ 1,047,474 Intersegment revenues Europe $ 15,784 $ 13,815 $ 14,182 NA/HME 90,440 82,716 96,750 Institutional Products Group 504 2,083 2,885 Asia/Pacific 17,737 15,312 19,366 Consolidated $ 124,465 $ 113,926 $ 133,183 Depreciation and amortization Europe $ 8,125 $ 7,446 $ 7,038 NA/HME (2) 6,136 5,452 5,956 Institutional Products Group 92 293 254 Asia/Pacific 1,189 1,420 1,349 All Other (3) 14 20 38 Consolidated (2) $ 15,556 $ 14,631 $ 14,635 Net interest expense (income) Europe $ 225 $ 229 $ 197 NA/HME 27,068 21,729 15,119 Institutional Products Group 287 277 191 Asia/Pacific 222 199 103 Consolidated $ 27,802 $ 22,434 $ 15,610 2018 2017 2016 Operating income (loss) Europe (1) $ 32,673 $ 33,160 $ 34,122 NA/HME (1) (38,788 ) (42,831 ) (37,876 ) Institutional Products Group 6,282 5,839 5,693 Asia/Pacific 4,051 (27 ) (1,436 ) All Other (2) (18,448 ) (23,706 ) (20,657 ) Charge related to restructuring activities (3,481 ) (12,274 ) (2,447 ) Gains on sale of businesses — — 7,386 Asset write-off (583 ) (320 ) — Consolidated operating loss (18,294 ) (40,159 ) (15,215 ) Net gain (loss) on convertible derivatives 11,994 (3,657 ) 1,268 Net Interest expense (27,802 ) (22,434 ) (15,610 ) Loss from continuing operations before income taxes $ (34,102 ) $ (66,250 ) $ (29,557 ) Assets Europe $ 611,230 $ 646,085 $ 572,427 NA/HME (3) 204,941 349,137 265,092 Institutional Products Group 37,400 38,884 38,657 Asia/Pacific 30,336 29,922 25,703 All Other 1,948 2,005 1,864 Consolidated $ 885,855 $ 1,066,033 $ 903,743 Long-lived assets Europe $ 407,021 $ 430,998 $ 388,692 NA/HME (3) 47,880 142,238 70,585 Institutional Products Group 29,129 31,340 30,603 Asia/Pacific 2,467 2,538 2,927 All Other 1,948 2,005 1,864 Consolidated $ 488,445 $ 609,119 $ 494,671 Expenditures for assets Europe $ 5,348 $ 5,819 $ 5,552 NA/HME 3,648 7,702 3,426 Institutional Products Group — 53 58 Asia/Pacific 827 995 1,115 Consolidated $ 9,823 $ 14,569 $ 10,151 ________________________ (1) During the first quarter of 2017, a subsidiary, formerly included in the Europe segment, was transferred to the NA/HME segment as the subsidiary is managed by the NA/HME segment manager effective January 1, 2017 . This revision increased revenues from external customers by $5,212,000 and $1,091,000 and increased operating loss by $128,000 and $75,000 for the twelve months ended December 31, 2017 and December 31, 2016 , respectively, for NA/HME with an offsetting impact on Europe. Other items were also revised by immaterial amounts in 2017 for 2016 to conform with current presentation. (2) Consists of un-allocated corporate SG&A costs and intercompany profits, which do not meet the quantitative criteria for determining reportable segments. (3) Total assets and long-lived assets materially impacted by change in the fair value of the company's convertible note hedge assets. Net sales by product, are as follows (in thousands): 2018 2017 2016 Europe Lifestyle $ 263,340 $ 266,290 $ 274,684 Mobility and Seating 252,997 225,909 209,501 Respiratory Therapy 23,736 26,261 35,030 Other(1) 18,445 16,866 15,586 $ 558,518 $ 535,326 $ 534,801 NA/HME Lifestyle $ 122,080 $ 126,717 $ 173,301 Mobility and Seating 122,013 112,448 121,934 Respiratory Therapy 61,579 79,896 104,631 Other(1) 943 1,757 3,048 $ 306,615 $ 320,818 $ 402,914 Institutional Products Group Continuing Care $ 57,975 $ 59,472 $ 64,413 Asia/Pacific Mobility and Seating $ 31,286 $ 29,096 $ 25,254 Lifestyle 9,762 10,402 10,161 Continuing Care 1,068 3,601 3,521 Respiratory Therapy 1,330 1,640 1,244 Other(1) 5,793 6,142 5,166 $ 49,239 $ 50,881 $ 45,346 Total Consolidated $ 972,347 $ 966,497 $ 1,047,474 ________________________ (1) Includes various services, including repair services, equipment rentals and external contracting. No single customer accounted for more than 4.6% of the company's sales. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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 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. In August 2018, the company received a Civil Investigative Demand (“CID”) from the U.S. Department of Justice (“DOJ”) related to DOJ's investigation into the rentals pricing practices of one of the company's former rentals businesses, which the company divested in July 2015. The former rentals business and its acquirer also received similar CID's from the DOJ, and in September 2018, the acquirer made a request for indemnification from the company under the divestiture agreement. The CID seeks documents and other information from the company, and the company is cooperating fully with the DOJ investigation. An unfavorable outcome could include the company being required to pay monetary damages, and incur attorneys' fees, penalties and other adverse actions. The company is unable to predict the outcome and is unable to make a meaningful estimate of the amount or range of loss, if any, that could result from any unfavorable outcome. 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 became subject to a consent decree of injunction filed by FDA with respect to the company's Corporate facility and its Taylor Street manufacturing facility in Elyria, Ohio. 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, except in verified cases of medical necessity, (ii) design activities related to wheelchairs and power beds that take place at the impacted Elyria 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, 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, FDA; submit its own report to the FDA; and successfully complete a reinspection by FDA of the company's Corporate and Taylor Street facilities. On July 24, 2017 , following its June 2017 reinspection of the Corporate and Taylor Street facilities, FDA notified the company that it is in substantial compliance with the FDA Act, FDA regulations and the terms of the consent decree and, that the company was permitted to resume full operations at those facilities including the resumption of unrestricted sales of products made in those facilities. The consent decree will continue in effect for at least five years from July 24, 2017, during which time the company's Corporate and Taylor Street facilities must complete to two semi-annual audits in the first year and then four annual audits in the next four years performed by a company-retained expert firm. The expert audit firm will determine whether the facilities remain in continuous compliance with the FDA Act, FDA regulations and the terms of the consent decree. The FDA has the authority to inspect these facilities and any other FDA registered facility, at any time. The FDA has continued to actively inspect the company's facilities, other than through the processes established under the consent decree. The company expects that the FDA will, from time to time, inspect substantially all the company's domestic and foreign FDA-registered facilities. The results of regulatory claims, proceedings, investigations, or litigation are difficult to predict. An unfavorable resolution or outcome of any FDA warning letters or inspectional observations, or other FDA enforcement related to company facilities, could materially and adversely affect the company's business, financial condition, and results of operations. The limitations previously imposed by the FDA consent decree negatively affected net sales in the NA/HME segment and, to a certain extent, the Asia/Pacific segment beginning in 2012. The limitations led to delays in new product introductions. Further, uncertainty regarding how long the limitations would be in effect limited the company's ability to renegotiate and bid on certain customer contracts and otherwise led to a decline in customer orders. Although the company has been permitted to resume full operations at the Corporate and Taylor Street facilities, the negative effect of the consent decree on customer orders and net sales in the NA/HME and Asia/Pacific segments has been considerable, and 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. Warranty Matters 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. Any of the above contingencies could have an adverse impact on the company's financial condition or results of operations. |
Interim Financial Information
Interim Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Information | Interim Financial Information (In thousands, except per share data - unaudited) QUARTER ENDED 2018 March 31, June 30, September 30, December 31, Net sales $ 237,060 $ 246,152 $ 244,559 $ 244,576 Gross profit 66,517 67,346 65,589 68,224 Loss before income taxes (11,758 ) (13,568 ) (8,226 ) (550 ) Net loss (14,108 ) (16,543 ) (12,026 ) (1,245 ) Net loss per share—basic (0.43 ) (0.5 ) (0.36 ) (0.04 ) Net loss per share—assuming dilution * (0.43 ) (0.5 ) (0.36 ) (0.04 ) 2017 March 31, June 30, September 30, December 31, Net sales $ 231,723 $ 233,517 $ 250,906 $ 250,351 Gross profit 65,145 65,022 70,740 68,344 Loss from before income taxes (14,180 ) (21,333 ) (15,141 ) (15,596 ) Net loss (16,780 ) (23,508 ) (18,591 ) (17,662 ) Net loss per share—basic (0.52 ) (0.72 ) (0.57 ) (0.54 ) Net loss per share—assuming dilution * (0.52 ) (0.72 ) (0.57 ) (0.54 ) ________________________ * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in which there is a net loss. The description of significant items affecting continuing operations for each quarter presented are detailed below. Loss and loss per share for the quarter ended March 31, 2018 reflects restructuring charges of $401,000 ( $340,000 after tax or $0.01 per share assuming dilution) and net gain on convertible debt derivatives of $103,000 ( $103,000 after tax or $0.00 per share assuming dilution). Loss and loss per share for the quarter ended June 30, 2018 reflects restructuring charges of $344,000 ( $330,000 after tax or $0.01 per share assuming dilution) and net gain on convertible debt derivatives of $21,000 ( $21,000 after tax or $0.00 per share assuming dilution). Loss and loss per share for the quarter ended September 30, 2018 reflects restructuring charges of $920,000 ( $885,000 after tax or $0.03 per share assuming dilution) and net gain on convertible debt derivatives of $4,080,000 ( $4,080,000 after tax or $0.12 per share assuming dilution). Loss and loss per share for the quarter ended December 31, 2018 reflects restructuring charges of $1,816,000 pre-tax ( $1,694,000 after tax or $0.05 per share assuming dilution), net gain on convertible debt derivatives of $7,790,000 ( $7,790,000 after tax or $0.23 per share assuming dilution), an intangible asset impairment of $583,000 ( $431,000 after-tax expense or $0.01 per share assuming dilution) and a non-cash tax benefit of $2,023,000 ( $0.06 per share assuming dilution) related to U.S. tax reform legislation. Loss and loss per share for the quarter ended March 31, 2017 reflects restructuring charges of $3,283,000 ( $3,166,000 after tax or $0.10 per share assuming dilution) and net gain on convertible debt derivatives of $901,000 ( $901,000 after tax or $0.03 per share assuming dilution). Loss and loss per share for the quarter ended June 30, 2017 reflects restructuring charges of $4,987,000 ( $4,939,000 after tax or $0.15 per share assuming dilution) and net loss on convertible debt derivatives of $1,051,000 ( $1,051,000 after tax or $0.03 per share assuming dilution). Loss and loss per share for the quarter ended September 30, 2017 reflects restructuring charges of $703,000 ( $604,000 after tax or $0.02 per share assuming dilution) and net loss on convertible debt derivatives of $2,550,000 ( $2,550,000 after tax or $0.08 per share assuming dilution). Loss and loss per share for the quarter ended December 31, 2017 reflects restructuring charges of $3,301,000 pre-tax ( $3,163,000 after tax or $0.10 per share assuming dilution), net loss on convertible debt derivatives of $957,000 ( $957,000 after tax or $0.03 per share assuming dilution), an intangible asset impairment of 320,000 ( $237,000 after-tax expense or $0.01 per share assuming dilution) and a non-cash tax benefit of $1,580,000 ( $0.05 per share assuming dilution) related to the revaluation of net deferred tax liabilities as a result of the new U.S. tax reform legislation. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS COL A. COL B. COL C. COL D. Balance At Beginning of Period Charged To Cost And Expenses Additions (Deductions) Describe Balance At End of Period (In thousands) Year Ended December 31, 2018 Deducted from asset accounts— Allowance for doubtful accounts $ 7,757 $ 2,029 $ (2,976 ) (A) $ 6,810 Inventory obsolescence reserve 19,003 3,673 (4,334 ) (B) 18,342 Tax valuation allowances 167,203 13,517 (6,061 ) (C) 174,659 Accrued warranty cost 22,468 7,616 (13,731 ) (B) 16,353 Accrued product liability 16,480 5,586 (5,473 ) (D) 16,593 Year Ended December 31, 2017 Deducted from asset accounts— Allowance for doubtful accounts $ 9,754 $ 2,042 $ (4,039 ) (A) $ 7,757 Inventory obsolescence reserve 17,795 4,922 (3,714 ) (B) 19,003 Tax valuation allowances 173,981 (9,203 ) 2,425 (C) 167,203 Accrued warranty cost 23,302 11,083 (11,917 ) (B) 22,468 Accrued product liability 20,611 5,062 (9,193 ) (D) 16,480 Year Ended December 31, 2016 Deducted from asset accounts— Allowance for doubtful accounts $ 12,518 $ 1,059 $ (3,823 ) (A) $ 9,754 Inventory obsolescence reserve 16,664 4,631 (3,500 ) (B) 17,795 Tax valuation allowances 151,972 23,478 (1,469 ) (C) 173,981 Accrued warranty cost 22,820 15,943 (15,461 ) (B) 23,302 Accrued product liability 17,709 9,169 (6,267 ) (D) 20,611 ________________________ Note (A)—Uncollectible accounts written off, net of recoveries. Note (B)—Amounts written off or payments incurred. Note (C)—Other activity not affecting federal or foreign tax expense. Note (D)—Loss and loss adjustment. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations: Invacare Corporation is a leading manufacturer and distributor of medical equipment used in the home based upon the company's distribution channels, breadth of product line and net sales. The company designs, manufactures and distributes an extensive line of health care products for the non-acute care environment, including the home health care, retail and continuing care markets. |
Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of the company and its wholly owned subsidiaries and include all adjustments, which were of a normal recurring nature, necessary to present fairly the financial position of the company as of December 31, 2018 and the results of its operations and changes in its cash flow for the years ended December 31, 2018 , 2017 and 2016 , respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using a November 30 fiscal year 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. |
Use of Estimates | Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents : The company's policy is to treat investments that are readily convertible to cash and with maturities so near that there is little risk of changes in value due to changes in interest rates as cash and cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. |
Accounts Receivables | Accounts Receivable: The company records accounts receivable when control of the product or service transfers to its unaffiliated customers, risk of loss is passed and title is transferred. The estimated allowance for uncollectible amounts is based primarily on management's evaluation of the financial condition of specific customers. The company records accounts receivable reserves for amounts that may become uncollectible in the future. The company writes off accounts receivable when it becomes apparent, based upon customer circumstances, that such amounts will not be collected and legal remedies are exhausted. Reserves for customer bonus and cash discounts are recorded as a reduction in revenue and netted against gross accounts receivable. Customer rebates in excess of a given customer's accounts receivable balance are classified in Accrued Expenses. Customer rebates and cash discounts are estimated based on the most likely amount principal as well as historical experience and anticipated performance. In addition, customers have the right to return product within the company's normal terms policy, and as such the company estimates the expected returns based on an analysis of historical experience and adjusts revenue accordingly. |
Inventories | Inventories: Inventories are stated at the lower of cost or net realizable value with cost determined by the first-in, first-out method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Finished goods and work in process inventories include material, labor and manufacturing overhead costs. Inventories have been reduced by an allowance for excess and obsolete inventories. The estimated allowance is based on management's review of inventories on hand compared to estimated future usage and sales. |
Property and Equipment | Property and Equipment: Property and equipment are stated based on cost. The company principally uses the straight-line method of depreciation for financial reporting purposes based on annual rates sufficient to amortize the cost of the assets over their estimated useful lives. Machinery and equipment as well as furniture and fixtures are generally depreciated using lives of 3 to 10 years, while buildings and improvements are depreciated using lives of 5 to 40 years. Accelerated methods of depreciation are used for federal income tax purposes. Expenditures for maintenance and repairs are charged to expense as incurred. Amortization of assets under capital leases is included in depreciation expense. In 2017, the company determined that certain demonstration equipment should be recorded as fixed assets and depreciated to their estimated recoverable values over their estimated useful lives. This determination was based on the company deciding to place the equipment in provider locations for longer periods of time versus selling the units. Accordingly, approximately $5,250,000 in demonstration equipment was reclassed from inventory to property and equipment as of December 31, 2017. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An asset would be considered impaired when the future net undiscounted cash flows generated by the asset are less than its carrying value. An impairment loss would be recognized based on the amount by which the carrying value of the asset exceeds its fair value. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles: In accordance with Intangibles—Goodwill and Other , ASC 350, goodwill and indefinite lived intangibles are subject to annual impairment testing. For purposes of the goodwill impairment test, the fair value of each reporting unit is estimated using an income approach by forecasting cash flows and discounting those cash flows using appropriate discount rates as well as considering market and cost approaches as appropriate. The fair values are then compared to the carrying value of the net assets of each reporting unit. Intangibles assets are also reviewed for impairment by estimating forecasted cash flows and discounting those cash flows as needed to calculate impairment amounts. During 2018 and 2017, the company recognized an intangible impairment charge of $583,000 and $320,000 respectively, related to an indefinite-lived trademark recorded in the IPG segment. |
Accrued Warranty Cost | Accrued Warranty Cost: Generally, the company's products are covered by assurance-type warranties against defects in material and workmanship for various periods depending on the product from the date of sale to the customer. Certain components carry a lifetime warranty. In addition, the company has sold extended warranties that, while immaterial, require the company to defer the revenue associated with those warranties until earned. A provision for estimated warranty cost is recorded at the time of sale based upon actual experience. The company continuously assesses the adequacy of its product warranty accrual and makes adjustments as needed. Historical analysis is primarily used to determine the company's warranty reserves. Claims history is reviewed and provisions are adjusted as needed. However, the company does consider other events, such as a product recall, which could necessitate additional warranty reserve provisions. See Accrued Expenses in the Notes to the Consolidated Financial Statements for a reconciliation of the changes in the warranty accrual. |
Product Liability Cost | Product Liability Cost: The company is self-insured in North America for product liability exposures through its captive insurance company, Invatection Insurance Company, which currently has a policy year that runs from September 1 to August 31 and insures annual policy losses up to $10,000,000 per occurrence and $13,000,000 in the aggregate. The company also has additional layers of external insurance coverage, related to all lines of insurance coverage, insuring up to $75,000,000 in aggregate losses per policy year arising from individual claims anywhere in the world that exceed the captive insurance company policy limits or the limits of the company's per country foreign liability limits, as applicable. There can be no assurance that Invacare's current insurance levels will continue to be adequate or available at affordable rates. Product liability reserves are recorded for individual claims based upon historical experience, industry expertise and other indicators. Additional reserves, in excess of the specific individual case reserves, are provided for incurred but not reported claims based upon actuarial valuations at the time such valuations are conducted. Historical claims experience and other assumptions are taken into consideration by the company in estimating the ultimate reserves. For example, the actuarial analysis assumes that historical loss experience is an indicator of future experience, that the distribution of exposures by geographic area and nature of operations for ongoing operations is expected to be very similar to historical operations with no dramatic changes and that the government indices used to trend losses and exposures are appropriate. Estimates made are adjusted on a regular basis and can be impacted by actual loss awards and settlements on claims. While actuarial analysis is used to help determine adequate reserves, the company is responsible for the determination and recording of adequate reserves in accordance with accepted loss reserving standards and practices. |
Revenue Recognition | Revenue Recognition: The company recognizes revenues when control of the product or service is transferred to unaffiliated customers. Revenues from Contracts with Customers , ASC 606, provides guidance on the application of generally accepted accounting principles to revenue recognition issues. The company has concluded that its revenue recognition policy is appropriate and in accordance with GAAP under ASC 606. All of the company's product-related contracts, and a portion related to services, have a single performance obligation, which is the promise to transfer an individual good or service, with revenue recognized at a point in time. Certain service-related contracts contain multiple performance obligations that require the company to allocate the transaction price to each performance obligation. For such contracts, the company allocates revenue to each performance obligation based on its relative standalone selling price at inception of the contract. The company determined the standalone selling price based on the expected cost-plus margin methodology. Revenue related to the service contracts with multiple performance obligations is recognized over time. To the extent performance obligations are satisfied over time, the company defers revenue recognition until the performance obligations are satisfied. The determination of when and how much revenue to recognize can require the use of significant judgment. Revenue is recognized when obligations under the terms of a contract with the customer are satisfied; generally, this occurs with the transfer of control of the company's products and services to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the product or providing services. The amount of consideration received and recognized as revenue by the company can vary as a result of variable consideration terms included in the contracts such as customer rebates, cash discounts and return policies. Customer rebates and cash discounts are estimated based on the most likely amount principle and these estimates are based on historical experience and anticipated performance. Customers have the right to return product within the company's normal terms policy, and as such, the company estimates the expected returns based on an analysis of historical experience. The company adjusts its estimate of revenue at the earlier of when the most likely amount of consideration the company expects to receive changes or when the consideration becomes fixed. The company generally does not expect that there will be significant changes to its estimates of variable consideration (see Receivables in the Notes to the Consolidated Financial Statements include elsewhere in this report). Depending on the terms of the contract, the company may defer recognizing a portion of the revenue at the end of a given period as the result of title transfer terms that are based upon delivery and or acceptance which align with transfer of control of the company's products to its customers. Sales are made only to customers with whom the company believes collection is reasonably assured based upon a credit analysis, which may include obtaining a credit application, a signed security agreement, personal guarantee and/or a cross corporate guarantee depending on the credit history of the customer. Credit lines are established for new customers after an evaluation of their credit report and/or other relevant financial information. Existing credit lines are regularly reviewed and adjusted with consideration given to any outstanding past due amounts. The company records distributed product sales gross as a principal since the company takes title to the products and has the risks of loss for collections, delivery and returns. The company's payment terms are for relatively short periods and thus do not contain any element of financing. Additionally, no contract costs are incurred that would require capitalization and amortization. Sales, value-added, and other taxes the company collects concurrent with revenue producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. Shipping and handling costs are included in cost of products sold. The majority of the company's warranties are considered assurance-type warranties and continue to be recognized as expense when the products are sold (see Current Liabilities in the Notes to the Consolidated Financial Statements include elsewhere in this report). These warranties cover against defects in material and workmanship for various periods depending on the product from the date of sale to the customer. Certain components carry a lifetime warranty. In addition, the company has sold extended warranties that, while immaterial, require the company to defer the revenue associated with those warranties until earned. 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 accruals and makes adjustments as needed. Historical analysis is primarily used to determine the company's warranty reserves. Claims history is reviewed and provisions are adjusted as needed. However, the company does consider other events, such as a product recall, which could require additional warranty reserve provisions. See Accrued Expenses in the Notes to the Consolidated Financial Statements for a reconciliation of the changes in the warranty accrual. In addition, the company has sold extended warranties that, while immaterial, require the company to defer the revenue associated with those warranties until earned. The company has established procedures to appropriately defer such revenue. |
Research and Development | Research and Development: Research and development costs are expensed as incurred and included in cost of products sold. The company's annual expenditures for product development and engineering were approximately $17,377,000 , $17,796,000 and $17,123,000 for 2018 , 2017 and 2016 , respectively. |
Advertising | Advertising: Advertising costs are expensed as incurred and included in selling, general and administrative expenses. Advertising expenses amounted to $10,109,000 , $10,463,000 and $13,593,000 for 2018 , 2017 and 2016 , respectively, the majority of which is incurred for advertising in the United States and Europe. |
Income Taxes | Income Taxes: The company uses the liability method in measuring the provision for income taxes and recognizing deferred tax assets and liabilities on the balance sheet. The liability method requires that deferred income taxes reflect the tax consequences of currently enacted rates for differences between the tax and financial reporting bases of assets and liabilities. |
Value Added Taxes, Policy | Value Added Taxes: The company operates internationally and is required to comply with value added tax (VAT) or goods and service tax (GST) regulations, particularly in Europe and Asia/Pacific. VAT and GST are taxes on consumption in which the company pays tax on its purchases of goods and services and charges customers on the sale of product. The difference between billings to customers and payments on purchases is then remitted or received from the government as filings are due. The company records tax assets and liabilities related to these taxes and the balances in these accounts can vary significantly from period to period based on the timing of the underlying transactions. |
Derivative Instruments | Derivative Instruments: Derivatives and Hedging, ASC 815, requires companies to recognize all derivative instruments in the consolidated balance sheet as either assets or liabilities at fair value. The accounting for changes in fair value of a derivative is dependent upon whether or not the derivative has been designated and qualifies for hedge accounting treatment and the type of hedging relationship. For derivatives designated and qualifying as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. A majority of the company's derivative instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the fair value of the hedged item, if any, is recognized in current earnings during the period of change. In 2016, the company issued $150,000,000 aggregate principal amount of 5.00% Convertible Senior Notes due 2021 and, in the second quarter of 2017, issued $120,000,000 aggregate principal amount of 4.50% Convertible Senior Notes due 2022 (the “notes”). In connection with the offering of the notes, the company entered into privately negotiated convertible note hedge transactions with certain financial institutions (the “option counterparties”). The convertible debt conversion liabilities and the convertible note hedges are accounted for as derivatives that are fair valued quarterly. The fair value of the convertible debt conversion liabilities and the convertible note hedge assets are estimated using a lattice model incorporating the terms and conditions of the notes and considering, for example, changes in the prices of the company's common stock, company stock price volatility, risk-free rates and changes in market rates. The valuations are, among other things, subject to changes in both the company's credit worthiness and the counter-parties to the instruments as well as change in general market conditions. The change in the fair value of the convertible note hedges and convertible debt conversion liabilities are recognized in net income (loss) for the respective period. While the change in fair value of the convertible debt conversion liabilities and the convertible note hedge assets are generally expected to move in opposite directions, the net change in any given period may be material. |
Foreign Currency Translation | Foreign Currency Translation: The functional currency of the company's subsidiaries outside the United States is the applicable local currency. The assets and liabilities of the company's foreign subsidiaries are translated into U.S. dollars at year-end exchange rates. Revenues and expenses are translated at monthly average exchange rates. Gains and losses resulting from translation of balance sheet items are included in accumulated other comprehensive earnings. |
Net Earnings Per Share | Net Earnings Per Share: Basic earnings per share are computed based on the weighted-average number of Common Shares and Class B Common Shares outstanding during the year. Diluted earnings per share are computed based on the weighted-average number of Common Shares and Class B Common Shares outstanding plus the effects of dilutive stock options and awards outstanding during the year. For periods in which there was a net loss, loss per share assuming dilution utilized weighted average shares-basic. |
Defined Benefit Plans | Defined Benefit Plans: The company's benefit plans are accounted for in accordance with Compensation-Retirement Benefits , ASC 715 which requires plan sponsors to recognize the funded status of their defined benefit postretirement benefit plans in the consolidated balance sheet, measure the fair value of plan assets and benefit obligations as of the balance sheet date and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. |
Reclassifications | Reclassifications: During the first quarter of 2017, a subsidiary, formerly included in the Europe segment, was transferred to the NA/HME segment as the subsidiary is managed by the NA/HME segment manager effective January 1, 2017. Segment results for 2016 have been changed accordingly. 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 periods presented reflect the new measure. See Business Segments in the Notes to the Consolidated Financial Statements for a description of the change. Certain other minor reclassifications also made in the Notes to the Consolidated Financial Statements to conform to current year presentation. |
Recent Accounting Pronouncements | 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 has historically withheld shares for tax-withholding purposes and reflected the taxes paid as a financing activity, which is consistent with ASU 2016-09. 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. 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. Effective January 1, 2018, the company adopted the new accounting standard, and all the related amendments, on a modified retrospective basis, with no cumulative effect adjustment to equity needed. Upon adoption, the standard did not have a material impact on the company's results of operations or cash flows nor does the company expect it to have a material impact on future periods. Pursuant to ASU 2014-09, revenues are recognized as control transfers to the customers, which is consistent with the prior revenue recognition model and the prior accounting for the vast majority of the company's contracts. While the company does have a minor amount of service business for which revenue is recognized over time as compared to a point in time, the company's process to estimate the amount of revenue to be recognized did not change as a result of the implementation of the new standard. Recent Accounting Pronouncements (Not Yet Adopted): 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 was effective for fiscal periods beginning after December 15, 2018 and early adoption was permitted. The company adopted ASU 2016-02, effective on January 1, 2019, using the optional transitional method in which periods prior to 2019 will not be restated. The company elected to apply the package of practical expedients in which lease identification, classification and treatment of initial direct costs is retained, and will recognize right of use lease assets and liabilities for all leases regardless of lease term. The company has completed an assessment of its systems, data and processes related to implementing this standard and has substantially completed its information system design and solution development as well as the development of related internal controls. As a result of adoption of this standard, the company expects to record between $23 million and $27 million in operating lease right of use assets offset by an equivalent amount of lease liabilities on the company's consolidated balance sheets. The standard did not have a material impact on the company's results of operations or cash flows. 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 2016-13 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. |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Receivables as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Accounts receivable, gross $ 146,482 $ 154,966 Customer rebate reserve (15,452 ) (18,747 ) Allowance for doubtful accounts (5,268 ) (5,113 ) Cash discount reserves (4,777 ) (4,252 ) Other, principally returns and allowances reserves (1,242 ) (1,239 ) Accounts receivable, net $ 119,743 $ 125,615 |
Schedule of Installment Receivables | Installment receivables as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Current Long- Term Total Current Long- Term Total Installment receivables $ 1,986 $ 1,374 $ 3,360 $ 2,415 $ 2,076 $ 4,491 Less: Unearned interest (22 ) — (22 ) (38 ) — (38 ) 1,964 1,374 3,338 2,377 2,076 4,453 Allowance for doubtful accounts (390 ) (1,152 ) (1,542 ) (1,043 ) (1,601 ) (2,644 ) $ 1,574 $ 222 $ 1,796 $ 1,334 $ 475 $ 1,809 |
Schedule of Installment Receivables Allowance for Doubtful Accounts | The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands): 2018 2017 Balance as of January 1 $ 2,644 $ 2,838 Current period provision 550 1,001 Direct write-offs charged against the allowance (1,652 ) (1,195 ) Balance as of December 31 $ 1,542 $ 2,644 |
Schedule of Installment Receivables by Class | Installment receivables by class as of December 31, 2018 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 $ 2,669 $ 2,669 $ 1,540 $ — Canada Non-impaired installment receivables with no related allowance recorded 689 667 — 127 Impaired installment receivables with a related allowance recorded 2 2 2 — Total Canadian installment receivables 691 669 2 127 Total Non-impaired installment receivables with no related allowance recorded 689 667 — 127 Impaired installment receivables with a related allowance recorded 2,671 2,671 1,542 — Total installment receivables $ 3,360 $ 3,338 $ 1,542 $ 127 Installment receivables by class as of December 31, 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 $ 3,566 $ 3,566 $ 2,642 $ — Canada Non-impaired installment receivables with no related allowance recorded 923 885 — 74 Impaired installment receivables with a related allowance recorded 2 2 2 — Total Canadian installment receivables 925 887 2 74 Total Non-impaired installment receivables with no related allowance recorded 923 885 — 74 Impaired installment receivables with a related allowance recorded 3,568 3,568 2,644 — Total installment receivables $ 4,491 $ 4,453 $ 2,644 $ 74 |
Schedule of Financing Receivables | Installment receivables by class as of December 31, 2018 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 $ 2,669 $ 2,669 $ 1,540 $ — Canada Non-impaired installment receivables with no related allowance recorded 689 667 — 127 Impaired installment receivables with a related allowance recorded 2 2 2 — Total Canadian installment receivables 691 669 2 127 Total Non-impaired installment receivables with no related allowance recorded 689 667 — 127 Impaired installment receivables with a related allowance recorded 2,671 2,671 1,542 — Total installment receivables $ 3,360 $ 3,338 $ 1,542 $ 127 Installment receivables by class as of December 31, 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 $ 3,566 $ 3,566 $ 2,642 $ — Canada Non-impaired installment receivables with no related allowance recorded 923 885 — 74 Impaired installment receivables with a related allowance recorded 2 2 2 — Total Canadian installment receivables 925 887 2 74 Total Non-impaired installment receivables with no related allowance recorded 923 885 — 74 Impaired installment receivables with a related allowance recorded 3,568 3,568 2,644 — Total installment receivables $ 4,491 $ 4,453 $ 2,644 $ 74 |
Schedule of Aging of Installment Receivables | The aging of the company's installment receivables was as follows as of December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Total U.S. Canada Total U.S. Canada Current $ 663 $ — $ 663 $ 916 $ — $ 916 0-30 days past due 11 — 11 6 — 6 31-60 days past due 10 — 10 — — — 61-90 days past due 6 — 6 — — — 90+ days past due 2,670 2,669 1 3,569 3,566 3 $ 3,360 $ 2,669 $ 691 $ 4,491 $ 3,566 $ 925 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories, net of reserves, as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Finished goods $ 62,766 $ 52,773 Raw materials 55,120 59,497 Work in process 10,237 9,663 $ 128,123 $ 121,933 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other Current Assets Other current assets as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Value added tax receivables $ 16,372 $ 16,174 Prepaid insurance 2,626 2,647 Service contracts 2,201 2,812 Derivatives (foreign currency forward contracts) 1,020 730 Recoverable income taxes 787 341 Prepaid inventory 521 711 Prepaid debt fees 395 397 Prepaid and other current assets 7,141 7,692 $ 31,063 $ 31,504 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent | Other long-term assets as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Convertible 2021 note hedge asset $ 1,028 $ 46,915 Convertible 2022 note hedge asset 2,062 46,680 Cash surrender value of life insurance policies 1,948 1,991 Deferred financing fees 402 787 Investments 90 103 Long-term installment receivables 222 475 Long-term deferred taxes 352 518 Other 256 107 $ 6,360 $ 97,576 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Machinery and equipment $ 301,040 $ 307,244 Land, buildings and improvements 76,899 78,522 Furniture and fixtures 9,898 10,264 Leasehold improvements 8,847 9,947 396,684 405,977 Less allowance for depreciation (322,378 ) (325,961 ) $ 74,306 $ 80,016 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill by operating segment is as follows (in thousands): Institutional Products Group Europe Consolidated Balance at December 1, 2017 $ 27,606 $ 332,996 $ 360,602 Foreign currency translation adjustments 1,124 39,557 40,681 Balance at December 31, 2017 28,730 372,553 401,283 Foreign currency translation adjustments (1,353 ) (18,657 ) (20,010 ) Balance at December 31, 2018 $ 27,377 $ 353,896 $ 381,273 |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The company's intangibles consist of the following (in thousands): December 31, 2018 December 31, 2017 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Customer lists $ 51,828 $ 50,768 $ 54,516 $ 51,957 Trademarks 24,385 — 26,372 — License agreements 733 733 1,187 1,187 Developed technology 7,608 6,563 7,925 6,636 Patents 5,500 5,497 5,566 5,559 Other 1,162 1,149 1,162 1,145 $ 91,216 $ 64,710 $ 96,728 $ 66,484 |
Schedule of Finite Lived Intangible Assets | The company's intangibles consist of the following (in thousands): December 31, 2018 December 31, 2017 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Customer lists $ 51,828 $ 50,768 $ 54,516 $ 51,957 Trademarks 24,385 — 26,372 — License agreements 733 733 1,187 1,187 Developed technology 7,608 6,563 7,925 6,636 Patents 5,500 5,497 5,566 5,559 Other 1,162 1,149 1,162 1,145 $ 91,216 $ 64,710 $ 96,728 $ 66,484 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses as of December 31, 2018 and 2017 consisted of accruals for the following (in thousands): 2018 2017 Salaries and wages $ 23,289 $ 33,390 Taxes other than income taxes, primarily Value Added Taxes 23,197 22,627 Warranty cost 16,353 22,468 Rebates 7,966 5,831 Professional 5,888 5,203 Interest 3,992 3,919 Freight 3,363 4,002 Product liability, current portion 2,728 2,905 Deferred revenue 2,416 2,770 Severance 1,657 3,704 Insurance 738 645 Rent 483 808 Supplemental Executive Retirement Plan (SERP) 391 391 Derivatives (foreign currency forward exchange contracts) 219 2,120 Other items, principally trade accruals 7,187 7,914 $ 99,867 $ 118,697 |
Accrued Warranty Costs | Changes in accrued warranty costs were as follows (in thousands): 2018 2017 Balance as of January 1 $ 22,468 $ 23,302 Warranties provided during the period 7,106 10,176 Settlements made during the period (13,731 ) (11,917 ) Changes in liability for pre-existing warranties during the period, including expirations 510 907 Balance as of December 31 $ 16,353 $ 22,468 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt as of December 31, 2018 and 2017 consisted of the following (in thousands): 2018 2017 Convertible senior notes at 5.00%, due in February 2021 $ 130,260 $ 122,355 Convertible senior notes at 4.50%, due in June 2022 95,473 89,675 Other notes and lease obligations 29,912 31,415 255,645 243,445 Less current maturities of long-term debt (2,110 ) (2,040 ) $ 253,535 $ 241,405 |
Liability Components of Convertible 2021 Note | The liability components of the 2021 notes consist of the following (in thousands): December 31, 2018 December 31, 2017 Principal amount of liability component $ 150,000 $ 150,000 Unamortized discount (17,193 ) (23,900 ) Debt fees (2,547 ) (3,745 ) Net carrying amount of liability component $ 130,260 $ 122,355 |
Liability Components of Convertible 2022 Note | The liability components of the 2022 notes consist of the following (in thousands): December 31, 2018 December 31, 2017 Principal amount of liability component $ 120,000 $ 120,000 Unamortized discount (21,476 ) (26,378 ) Debt fees (3,051 ) (3,947 ) Net carrying amount of liability component $ 95,473 $ 89,675 |
Other Long-Term Obligations (Ta
Other Long-Term Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities, Noncurrent | Other long-term obligations as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Deferred income taxes $ 24,681 $ 28,890 Product liability 13,865 13,575 Pension 6,670 10,340 Deferred gain on sale leaseback 6,124 6,419 Deferred compensation 5,577 5,592 Supplemental Executive Retirement Plan liability 5,250 5,636 Advance payment on sale of land & buildings 3,524 — Convertible 2022 debt conversion liability 2,611 53,414 Uncertain tax obligation including interest 2,140 2,738 Convertible 2021 debt conversion liability 1,458 53,154 Other 3,065 3,512 Total long-term obligations $ 74,965 $ 183,270 |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum operating and capital lease commitments, as of December 31, 2018 , are as follows (in thousands): Capital Leases Operating Leases 2019 $ 3,407 $ 10,346 2020 3,187 6,635 2021 2,920 5,053 2022 2,399 3,239 2023 2,399 1,193 Thereafter 26,995 2,071 Total future minimum lease payments 41,307 $ 28,537 Amounts representing interest (11,395 ) Present value of minimum lease payments $ 29,912 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum operating and capital lease commitments, as of December 31, 2018 , are as follows (in thousands): Capital Leases Operating Leases 2019 $ 3,407 $ 10,346 2020 3,187 6,635 2021 2,920 5,053 2022 2,399 3,239 2023 2,399 1,193 Thereafter 26,995 2,071 Total future minimum lease payments 41,307 $ 28,537 Amounts representing interest (11,395 ) Present value of minimum lease payments $ 29,912 In December 2018, the company entered into a 20-year lease agreement in Germany. The lease is not expected to commence until April 2020. See "Contractual Obligations" for estimated future payments. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Revenue Recognition, Multiple-deliverable Arrangements [Table Text Block] | The following tables disaggregate the company's revenues by major source and by reportable segment for the year ended December 31, 2018 and December 31, 2017 (in thousands): 2018 Product Service Total Europe $ 544,517 $ 14,001 $ 558,518 NA/HME 305,912 703 306,615 IPG 56,519 1,456 57,975 Asia/Pacific 44,393 4,846 49,239 Total $ 951,341 $ 21,006 $ 972,347 % Split 98% 2% 100% 2017 Product Service Total Europe $ 522,121 $ 13,205 $ 535,326 NA/HME 319,225 1,593 320,818 IPG 58,710 762 59,472 Asia/Pacific 46,047 4,834 50,881 Total $ 946,103 $ 20,394 $ 966,497 % Split 98% 2% 100% |
Equity Compensation (Tables)
Equity Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The amounts of equity-based compensation expense recognized as part of selling, general and administrative expenses in All Other in business segment reporting were as follows (in thousands): 2018 2017 2016 Non-qualified stock options $ 201 $ 865 $ 745 Restricted stock and restricted stock units 4,305 4,648 5,039 Performance shares and performance share units 777 1,834 1,110 Total stock-based compensation expense $ 5,283 $ 7,347 $ 6,894 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | As of December 31, 2018 , 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): 2018 2017 2016 Non-qualified stock options $ 1,939 $ 2,502 $ 175 Restricted stock and restricted stock units 7,469 7,005 8,740 Performance shares and performance share units 7,441 5,523 3,134 Total stock-based compensation expense $ 16,849 $ 15,030 $ 12,049 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about stock option activity for the three years ended 2018 , 2017 and 2016 : 2018 Weighted Average Exercise Price 2017 Weighted Average Exercise Price 2016 Weighted Average Exercise Price Options outstanding at January 1 2,631,569 $ 19.44 2,542,732 $ 21.19 2,942,783 $ 21.22 Granted — — 756,420 12.15 — — Exercised (184,549 ) 14.28 (193,263 ) 13.51 (1,250 ) 13.82 Canceled (561,658 ) 23.34 (474,320 ) 19.45 (398,801 ) 21.47 Options outstanding at December 31 1,885,362 $ 18.78 2,631,569 $ 19.44 2,542,732 $ 21.19 Options exercise price range at December 31 $ 12.15 to $ 12.15 to $ 13.37 to $ 33.36 $ 33.36 $ 33.36 Options exercisable at December 31 1,354,202 2,029,773 2,513,614 Shares available for grant at December 31* 3,994,255 2,131,355 3,891,121 ________________________ * Shares available for grant as of December 31, 2018 reduced by net restricted stock and restricted stock unit and performance share and performance share unit award activity of 2,358,070 shares and 1,823,432 shares, respectively. |
Schedule of Share-based Compensation, Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2018 : Options Outstanding Options Exercisable Exercise Prices Number Outstanding At 12/31/18 Weighted Average Remaining Contractual Life Years Weighted Average Exercise Price Number Exercisable At 12/31/18 Weighted Average Exercise Price $ 12.15 – $20.00 809,592 6.7 $ 12.84 278,432 $ 14.14 $ 20.01 – $25.00 726,751 1.5 22.20 726,751 22.20 $ 25.01 – $30.00 344,523 1.6 25.33 344,523 25.33 $ 30.01 – $33.36 4,496 2.4 33.36 4,496 33.36 Total 1,885,362 3.8 $ 18.78 1,354,202 $ 21.38 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The calculated fair value of the 2017 performance option awards was $5.38 based on the following assumptions: 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 | The following table summarizes information about restricted shares and restricted share units (primarily for non-U.S. recipients): 2018 Weighted Average Fair Value 2017 Weighted Average Fair Value 2016 Weighted Average Fair Value Stock / Units unvested at January 1 776,520 $ 13.75 878,356 $ 15.87 641,505 $ 18.89 Granted 377,299 17.48 523,412 12.37 486,711 12.62 Vested (386,275 ) 15.05 (369,128 ) 16.63 (139,298 ) 17.86 Canceled (129,881 ) 14.43 (256,120 ) 14.02 (110,562 ) 16.60 Stock / Units unvested at December 31 637,663 $ 15.04 776,520 $ 13.75 878,356 $ 15.87 |
Share-based Compensation, Performance Shares Award Unvested Activity | The following table summarizes information about performance shares and performance share units (primarily for non-U.S. recipients): 2018 Weighted Average Fair Value 2017 Weighted Average Fair Value 2016 Weighted Average Fair Value Shares / Units unvested at January 1 457,879 $ 12.33 309,468 $ 14.58 198,401 $ 19.50 Granted 205,164 17.48 336,694 12.02 234,402 12.82 Vested (155,766 ) 12.82 — — — — Canceled (58,983 ) 13.43 (188,283 ) 15.48 (123,335 ) 19.14 Shares / Units unvested at December 31 448,294 $ 14.37 457,879 $ 12.33 309,468 $ 14.58 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income ("OCI") during the year ended December 31, 2018 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2017 $ 50,376 $ (4,612 ) $ (7,652 ) $ (1,242 ) $ 36,870 OCI before reclassifications (38,132 ) 7,274 5,100 2,098 (23,660 ) Amount reclassified from accumulated OCI — — (151 ) (266 ) (417 ) Net current-period OCI (38,132 ) 7,274 4,949 1,832 (24,077 ) December 31, 2018 $ 12,244 $ 2,662 $ (2,703 ) $ 590 $ 12,793 Changes in OCI during the year ended December 31, 2017 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2016 $ (26,199 ) $ 17,372 $ (11,248 ) $ 740 $ (19,335 ) OCI before reclassifications 76,575 (21,984 ) 3,446 (2,737 ) 55,300 Amount reclassified from accumulated OCI — — 150 755 905 Net current-period OCI 76,575 (21,984 ) 3,596 (1,982 ) 56,205 December 31, 2017 $ 50,376 $ (4,612 ) $ (7,652 ) $ (1,242 ) $ 36,870 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Reclassifications out of accumulated OCI for the year ended December 31, 2018 and December 31, 2017 were as follows (in thousands): Amount reclassified from OCI Affected Statement of Comprehensive (Income) Loss line 2018 2017 Defined Benefit Plans: Service and interest costs $ (151 ) $ 150 Selling, General and Administrative Tax — — Income Taxes Total after tax $ (151 ) $ 150 Derivatives: Foreign currency forward contracts hedging sales $ 1,352 $ (517 ) Net Sales Foreign currency forward contracts hedging purchases (1,591 ) 1,357 Cost of Products Sold Total before tax (239 ) 840 Tax (27 ) (85 ) Income Taxes Total after tax $ (266 ) $ 755 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Capital Stock | Capital stock activity for 2018 , 2017 and 2016 consisted of the following (in thousands of shares): Common Stock Shares Class B Shares Treasury Shares January 1, 2016 Balance 35,024 734 (3,194 ) Conversion of Class B to Common 5 (5 ) — Exercise of stock options 1 — — Restricted stock awards 288 — (32 ) Purchase of treasury shares — — (390 ) December 31, 2016 Balance 35,318 729 (3,616 ) Conversion of Class B to Common 723 (723 ) — Exercise of stock options 193 — (4 ) Restricted stock awards 298 — (81 ) December 31, 2017 Balance 36,532 6 (3,701 ) Exercise of stock options 185 — (50 ) Restricted stock awards 293 — (90 ) December 31, 2018 37,010 6 (3,841 ) |
Charges Related To Restructur_2
Charges Related To Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | A progression by reporting segment of the accruals recorded as a result of the restructuring is as follows (in thousands): Severance Lease Terminations Total December 31, 2015 Balance NA/HME $ 662 $ 237 $ 899 Europe 312 — 312 Other 1,503 — 1,503 Total 2,477 237 2,714 Charges NA/HME 1,862 485 2,347 Asia/Pacific 100 — 100 Total 1,962 485 2,447 Payments NA/HME (1,741 ) (602 ) (2,343 ) Europe (312 ) — (312 ) Asia/Pacific (100 ) — (100 ) Other (237 ) — (237 ) Total $ (2,390 ) $ (602 ) $ (2,992 ) Severance Lease 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 8,162 727 8,889 Europe 1,753 222 1,975 Asia/Pacific 1,410 — 1,410 Total 11,325 949 12,274 Payments NA/HME (6,506 ) (680 ) (7,186 ) Europe (1,504 ) (88 ) (1,592 ) Asia/Pacific (1,410 ) — (1,410 ) Other (250 ) — (250 ) Total (9,670 ) (768 ) (10,438 ) December 31, 2017 Balance NA/HME 2,439 167 2,606 Europe 249 134 383 Other 1,016 — 1,016 Total 3,704 301 4,005 Charges NA/HME 1,471 (112 ) 1,359 Europe 1,773 — 1,773 Asia/Pacific 349 — 349 Total 3,593 (112 ) 3,481 Payments NA/HME (3,254 ) (30 ) (3,284 ) Europe (1,841 ) (134 ) (1,975 ) Asia/Pacific (285 ) — (285 ) Other (260 ) — (260 ) Total (5,640 ) (164 ) (5,804 ) December 31, 2018 Balance NA/HME 656 25 681 Europe 181 — 181 Asia/Pacific 64 — 64 Other 756 — 756 Total $ 1,657 $ 25 $ 1,682 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Earnings (loss) from continuing operations before income taxes consist of the following (in thousands): 2018 2017 2016 Domestic $ (72,703 ) $ (96,343 ) $ (68,949 ) Foreign 38,601 30,093 39,392 $ (34,102 ) $ (66,250 ) $ (29,557 ) |
Schedule of Components of Income Tax Expense (Benefit) | The company has provided for income taxes (benefits) from continuing operations as follows (in thousands): 2018 2017 2016 Current: Federal $ (202 ) $ (125 ) $ (360 ) State 147 (437 ) (115 ) Foreign 12,675 15,223 12,873 12,620 14,661 12,398 Deferred: Federal (2,073 ) (2,164 ) — State — — — Foreign (727 ) (2,206 ) 901 (2,800 ) (4,370 ) 901 Income Taxes $ 9,820 $ 10,291 $ 13,299 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation to the effective income tax rate from the federal statutory rate is as follows: 2018 2017 2016 Statutory federal income tax rate (benefit) (21.0 )% (35.0 )% (35.0 )% State and local income taxes, net of federal income tax benefit 0.3 (0.4 ) (0.3 ) Tax credits — (0.2 ) (1.7 ) Foreign taxes at other than the federal statutory rate (including tax holidays) 12.9 (1.3 ) (7.1 ) Federal and foreign valuation allowance 39.6 48.3 83.0 Withholding taxes 0.2 0.1 1.1 Unremitted earnings — (1.1 ) 5.8 Dividends — 5.7 3.0 Life insurance (0.1 ) (0.1 ) (0.2 ) Foreign branch activity 0.1 (1.2 ) (3.1 ) Uncertain tax positions (1.9 ) 0.1 (2.0 ) Effects of US Tax Reform — (2.4 ) — Intraperiod allocations to OCI (2.0 ) — — Other, net 0.7 3.0 1.5 Effective federal income tax rate 28.8 % 15.5 % 45.0 % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of long-term deferred income tax assets and liabilities at December 31, 2018 and 2017 are as follows (in thousands): 2018 2017 Bad Debt $ 954 $ 1,237 Warranty 2,134 2,949 Other accrued expenses and reserves 511 1,419 Inventory 2,878 3,096 Goodwill and intangibles (23,589 ) (24,939 ) Convertible debt (1,225 ) 916 Fixed assets (3,107 ) (4,158 ) Compensation and benefits 6,268 9,206 Loss and credit carryforwards 131,896 118,374 Product liability 2,315 2,375 State and local taxes 31,345 29,134 Valuation allowance (174,659 ) (167,203 ) Other, net (50 ) (778 ) Net Deferred Income Taxes $ (24,329 ) $ (28,372 ) |
Summary of Deferred Tax Liability Not Recognized | A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands): 2018 2017 Balance at beginning of year $ 2,865 $ 3,468 Additions to: Positions taken during the current year 58 40 Positions taken during a prior year 163 49 Exchange rate impact — 19 Deductions due to: Exchange rate impact (22 ) — Positions taken during a prior year (546 ) (176 ) Lapse of statute of limitations (163 ) (535 ) Balance at end of year $ 2,355 $ 2,865 |
Net Earnings Per Common Share (
Net Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net earnings (loss) per common share. 2018 2017 2016 (In thousands, except per share data) Basic Average common shares outstanding 33,124 32,752 32,471 Net loss $ (43,922 ) $ (76,541 ) $ (42,856 ) Net loss per common share $ (1.33 ) $ (2.34 ) $ (1.32 ) Diluted Average common shares outstanding 33,124 32,752 32,471 Stock options and awards 419 464 119 Average common shares assuming dilution 33,543 33,216 32,590 Net loss $ (43,922 ) $ (76,541 ) $ (42,856 ) Net loss per common share * $ (1.33 ) $ (2.34 ) $ (1.32 ) * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in which there is a net loss. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | Foreign exchange forward contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): December 31, 2018 December 31, 2017 Notional Amount Unrealized Net Gain (Loss) Notional Amount Unrealized Net Gain (Loss) USD / AUD $ 6,390 $ 146 $ 3,960 $ 44 USD / CAD 12,221 (101 ) 33,344 115 USD / CNY 4,460 32 4,027 61 USD / EUR 70,748 173 72,259 (558 ) USD / GBP 1,233 — 4,640 (124 ) USD / NZD 10,359 149 9,300 11 USD / SEK 603 — — — USD / MXP 7,801 37 6,461 (158 ) EUR / GBP 41,087 174 32,248 (682 ) EUR / NOK 977 — 4,521 68 EUR / SEK 15,106 (92 ) 7,732 39 EUR / NZD 2,042 64 2,855 (8 ) DKK / SEK 1,561 — 6,453 (120 ) $ 174,588 $ 582 $ 187,800 $ (1,312 ) |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Foreign exchange forward contracts not qualifying or designated for hedge accounting treatment entered into in 2018 and 2017 , respectively, and outstanding were as follows (in thousands USD): December 31, 2018 December 31, 2017 Notional Amount Gain (Loss) Notional Amount Gain (Loss) AUD / USD $ 11,500 $ 167 $ 2,750 $ (77 ) NZD / USD 3,000 30 3,300 (53 ) EUR / AUD — — 4,000 43 NOK / EUR 18 — — — NZD / AUD 10,800 22 3,600 9 $ 25,318 $ 219 $ 13,650 $ (78 ) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The fair values of the company's derivative instruments were as follows (in thousands): December 31, 2018 December 31, 2017 Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts $ 792 $ 210 $ 678 $ 1,990 Derivatives not designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts 228 9 52 130 $ 1,020 $ 219 $ 730 $ 2,120 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effect of derivative instruments on the Statement of Operations and Other Comprehensive Income (OCI) was as follows, net of tax (in thousands): Derivatives (foreign currency forward exchange contracts) in ASC 815 cash flow hedge relationships Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year ended December 31, 2018 $ 2,098 $ 266 $ — Year ended December 31, 2017 $ (2,737 ) $ (755 ) $ (94 ) Derivatives (foreign currency forward exchange contracts) not designated as hedging instruments under ASC 815 Amount of Gain (Loss) Recognized in Income on Derivatives Year ended December 31, 2018 $ 219 Year ended December 31, 2017 $ (78 ) |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The fair values of the outstanding convertible note derivatives as of December 31, 2018 and their effect on the Statement of Comprehensive Income (Loss) were as follows (in thousands): Gain (Loss) Fair Value Twelve Months Ended December 31, 2018 December 31, 2018 December 31, 2017 Convertible 2021 debt conversion long-term liability $ (1,458 ) $ 51,696 $ (22,446 ) Convertible 2022 debt conversion long-term liability (2,611 ) 50,803 (24,555 ) Convertible 2021 note hedge long-term asset 1,028 (45,887 ) 21,444 Convertible 2022 note hedge long-term asset 2,062 (44,618 ) 21,900 Net fair value and net gains (losses) on convertible debt derivatives $ (979 ) $ 11,994 $ (3,657 ) |
Fair Values of Financial Instru
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 Forward Exchange Contracts—net — $ 801 — Convertible 2021 debt conversion liability — (1,458 ) — Convertible 2021 note hedge asset — 1,028 — Convertible 2022 debt conversion liability — (2,611 ) — Convertible 2022 note hedge asset — 2,062 — December 31, 2017 Forward Exchange Contracts—net — $ (1,390 ) — Convertible 2021 debt conversion liability — (53,154 ) — Convertible 2021 note hedge asset — 46,915 — Convertible 2022 debt conversion liability — (53,414 ) — Convertible 2022 note hedge asset — 46,680 — |
Fair Value, by Balance Sheet Grouping | The carrying and fair values of the company's financial instruments at December 31, 2018 and 2017 are as follows (in thousands): 2018 2017 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 116,907 $ 116,907 $ 176,528 $ 176,528 Other investments 90 90 103 103 Installment receivables, net of reserves 1,796 1,796 1,809 1,809 Long-term debt (including current maturities of long-term debt) * (255,645 ) (181,928 ) (243,445 ) (294,173 ) Convertible 2021 debt conversion liability in Other Long-Term Obligations (1,458 ) (1,458 ) (53,154 ) (53,154 ) Convertible 2021 note hedge in Other Long-Term Assets 1,028 1,028 46,915 46,915 Convertible 2022 debt conversion liability in Other Long-Term Obligations (2,611 ) (2,611 ) (53,414 ) (53,414 ) Convertible 2022 note hedge in Other Long-Term Assets 2,062 2,062 46,681 46,681 Forward contracts in other current assets 1,020 1,020 730 730 Forward contracts in accrued expenses (219 ) (219 ) (2,120 ) (2,120 ) ________ * 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 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. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The information by segment is as follows (in thousands): 2018 2017 2016 Revenues from external customers Europe (1) $ 558,518 $ 535,326 $ 534,801 NA/HME (1) 306,615 320,818 402,914 Institutional Products Group 57,975 59,472 64,413 Asia/Pacific 49,239 50,881 45,346 Consolidated $ 972,347 $ 966,497 $ 1,047,474 Intersegment revenues Europe $ 15,784 $ 13,815 $ 14,182 NA/HME 90,440 82,716 96,750 Institutional Products Group 504 2,083 2,885 Asia/Pacific 17,737 15,312 19,366 Consolidated $ 124,465 $ 113,926 $ 133,183 Depreciation and amortization Europe $ 8,125 $ 7,446 $ 7,038 NA/HME (2) 6,136 5,452 5,956 Institutional Products Group 92 293 254 Asia/Pacific 1,189 1,420 1,349 All Other (3) 14 20 38 Consolidated (2) $ 15,556 $ 14,631 $ 14,635 Net interest expense (income) Europe $ 225 $ 229 $ 197 NA/HME 27,068 21,729 15,119 Institutional Products Group 287 277 191 Asia/Pacific 222 199 103 Consolidated $ 27,802 $ 22,434 $ 15,610 2018 2017 2016 Operating income (loss) Europe (1) $ 32,673 $ 33,160 $ 34,122 NA/HME (1) (38,788 ) (42,831 ) (37,876 ) Institutional Products Group 6,282 5,839 5,693 Asia/Pacific 4,051 (27 ) (1,436 ) All Other (2) (18,448 ) (23,706 ) (20,657 ) Charge related to restructuring activities (3,481 ) (12,274 ) (2,447 ) Gains on sale of businesses — — 7,386 Asset write-off (583 ) (320 ) — Consolidated operating loss (18,294 ) (40,159 ) (15,215 ) Net gain (loss) on convertible derivatives 11,994 (3,657 ) 1,268 Net Interest expense (27,802 ) (22,434 ) (15,610 ) Loss from continuing operations before income taxes $ (34,102 ) $ (66,250 ) $ (29,557 ) Assets Europe $ 611,230 $ 646,085 $ 572,427 NA/HME (3) 204,941 349,137 265,092 Institutional Products Group 37,400 38,884 38,657 Asia/Pacific 30,336 29,922 25,703 All Other 1,948 2,005 1,864 Consolidated $ 885,855 $ 1,066,033 $ 903,743 Long-lived assets Europe $ 407,021 $ 430,998 $ 388,692 NA/HME (3) 47,880 142,238 70,585 Institutional Products Group 29,129 31,340 30,603 Asia/Pacific 2,467 2,538 2,927 All Other 1,948 2,005 1,864 Consolidated $ 488,445 $ 609,119 $ 494,671 Expenditures for assets Europe $ 5,348 $ 5,819 $ 5,552 NA/HME 3,648 7,702 3,426 Institutional Products Group — 53 58 Asia/Pacific 827 995 1,115 Consolidated $ 9,823 $ 14,569 $ 10,151 ________________________ (1) During the first quarter of 2017, a subsidiary, formerly included in the Europe segment, was transferred to the NA/HME segment as the subsidiary is managed by the NA/HME segment manager effective January 1, 2017 . This revision increased revenues from external customers by $5,212,000 and $1,091,000 and increased operating loss by $128,000 and $75,000 for the twelve months ended December 31, 2017 and December 31, 2016 , respectively, for NA/HME with an offsetting impact on Europe. Other items were also revised by immaterial amounts in 2017 for 2016 to conform with current presentation. (2) Consists of un-allocated corporate SG&A costs and intercompany profits, which do not meet the quantitative criteria for determining reportable segments. (3) Total assets and long-lived assets materially impacted by change in the fair value of the company's convertible note hedge assets. |
Revenue from External Customers by Products and Services | Net sales by product, are as follows (in thousands): 2018 2017 2016 Europe Lifestyle $ 263,340 $ 266,290 $ 274,684 Mobility and Seating 252,997 225,909 209,501 Respiratory Therapy 23,736 26,261 35,030 Other(1) 18,445 16,866 15,586 $ 558,518 $ 535,326 $ 534,801 NA/HME Lifestyle $ 122,080 $ 126,717 $ 173,301 Mobility and Seating 122,013 112,448 121,934 Respiratory Therapy 61,579 79,896 104,631 Other(1) 943 1,757 3,048 $ 306,615 $ 320,818 $ 402,914 Institutional Products Group Continuing Care $ 57,975 $ 59,472 $ 64,413 Asia/Pacific Mobility and Seating $ 31,286 $ 29,096 $ 25,254 Lifestyle 9,762 10,402 10,161 Continuing Care 1,068 3,601 3,521 Respiratory Therapy 1,330 1,640 1,244 Other(1) 5,793 6,142 5,166 $ 49,239 $ 50,881 $ 45,346 Total Consolidated $ 972,347 $ 966,497 $ 1,047,474 ________________________ (1) Includes various services, including repair services, equipment rentals and external contracting. |
Interim Financial Information (
Interim Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | (In thousands, except per share data - unaudited) QUARTER ENDED 2018 March 31, June 30, September 30, December 31, Net sales $ 237,060 $ 246,152 $ 244,559 $ 244,576 Gross profit 66,517 67,346 65,589 68,224 Loss before income taxes (11,758 ) (13,568 ) (8,226 ) (550 ) Net loss (14,108 ) (16,543 ) (12,026 ) (1,245 ) Net loss per share—basic (0.43 ) (0.5 ) (0.36 ) (0.04 ) Net loss per share—assuming dilution * (0.43 ) (0.5 ) (0.36 ) (0.04 ) 2017 March 31, June 30, September 30, December 31, Net sales $ 231,723 $ 233,517 $ 250,906 $ 250,351 Gross profit 65,145 65,022 70,740 68,344 Loss from before income taxes (14,180 ) (21,333 ) (15,141 ) (15,596 ) Net loss (16,780 ) (23,508 ) (18,591 ) (17,662 ) Net loss per share—basic (0.52 ) (0.72 ) (0.57 ) (0.54 ) Net loss per share—assuming dilution * (0.52 ) (0.72 ) (0.57 ) (0.54 ) ________________________ * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in which there is a net loss. |
Accounting Policies - Property
Accounting Policies - Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Demo Inventory Classified as Fixed Assets | $ 5,250,000 | |
Furniture and fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Furniture and fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Building and building improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Building and building improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 40 years |
Accounting Policies - Product
Accounting Policies - Product Liability Cost (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Accounting Policies [Abstract] | |
Annual policy losses insured per occurence | $ 10,000,000 |
Annual policy losses, in aggregate | 13,000,000 |
Annual policy losses, external insurance coverage, in aggregate | $ 75,000,000 |
Accounting Policies - Addition
Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Research and development expense | $ 17,377,000 | $ 17,796,000 | $ 17,123,000 |
Advertising expense | $ 10,109,000 | $ 10,463,000 | $ 13,593,000 |
Accounting Policies - Derivativ
Accounting Policies - Derivative Instruments (Details) - Convertible Subordinated Debt - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
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 | $ 120,000,000 |
Interest rate (as a percent) | 4.50% |
Operations Held for Sale (Detai
Operations Held for Sale (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Operations Held For Sale, Costs Incurred | $ (2,892,000) |
Operations Held for Sale, Payment of Sale Costs | $ 2,366,000 |
Discontinued Operations - Narr
Discontinued Operations - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Total expenses related to discontinued operations | $ 8,801,000 |
Payments for expenses related to discontinued operations | $ 8,405,000 |
Receivables - Narrative (Detai
Receivables - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)payment | Dec. 31, 2017USD ($) | |
Receivables [Abstract] | ||
Number of missed payments before delinquent | payment | 3 | |
Typical financing period | 12 months | |
Credit amount requiring additional analysis | $ 250,000 | |
Average period of adjudication | 18 months | |
Installment receivable purchased from DLL | $ 1,295,000 | $ 2,362,000 |
Receivables - Accounts Receiva
Receivables - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Receivable [Abstract] | ||
Accounts Receivable, Gross | $ 146,482 | $ 154,966 |
Customer Rebate Reserve | (15,452) | (18,747) |
Cash Discount Reserves | (4,777) | (4,252) |
Allowance for Doubtful Accounts Receivable | (5,268) | (5,113) |
Returns and Allowances Reserve | (1,242) | (1,239) |
Accounts Receivable, Net | $ 119,743 | $ 125,615 |
Receivables - Installment Rece
Receivables - Installment Receivables (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | |||
Installment receivables, current | $ 1,986,000 | $ 2,415,000 | |
Installment receivables, long-term | 1,374,000 | 2,076,000 | |
Total Installment Receivables | 3,360,000 | 4,491,000 | |
Unearned Interest - Current | 22,000 | 38,000 | |
Unearned interest, long-term | 0 | 0 | |
Total Unearned Interest | 2,416,000 | 2,770,000 | |
Unearned Interest | 22,000 | 38,000 | |
Installment receivables net of unearned interest, current | 1,964,000 | 2,377,000 | |
Installment receivables net of unearned interest, long-term | 1,374,000 | 2,076,000 | |
Total installment receivables net of unearned interest | 3,338,000 | 4,453,000 | |
Allowance for doubtful accounts, current | (390,000) | (1,043,000) | |
Allowance for doubtful accounts, long-term | (1,152,000) | (1,601,000) | |
Allowance for doubtful accounts | (1,542,000) | (2,644,000) | $ (2,838,000) |
Installment receivables, net | 1,574,000 | 1,334,000 | |
Installment receivables, long-term | 222,000 | 475,000 | |
Total installment receivables, net | $ 1,796,000 | $ 1,809,000 |
Receivables - Rollforward of A
Receivables - Rollforward of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Doubtful Accounts [Roll Forward] | ||
Balance as of January 1 | $ 2,644 | $ 2,838 |
Current period provision | 550 | 1,001 |
Direct write-offs charged against the allowance | (1,652) | (1,195) |
Balance as of December 31 | $ 1,542 | $ 2,644 |
Receivables - Installment Re_2
Receivables - Installment Receivables by Class (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Total Installment Receivables | ||
Non-impaired installment receivables with no related allowance recorded | $ 689 | $ 923 |
Impaired installment receivables with a related allowance recorded | 2,671 | 3,568 |
Total installment receivables | 3,360 | 4,491 |
Unpaid Principal Balance | ||
Non-impaired installment receivables with no related allowance recorded | 667 | 885 |
Impaired installment receivables with a related allowance recorded | 2,671 | 3,568 |
Total installment receivables | 3,338 | 4,453 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 1,542 | 2,644 |
Interest Income Recognized | ||
Non-impaired installment receivables with no related allowance recorded | 127 | 74 |
Impaired installment receivables with a related allowance recorded | 0 | 0 |
Total installment receivables | 127 | 74 |
U.S. | ||
Total Installment Receivables | ||
Impaired installment receivables with a related allowance recorded | 2,669 | 3,566 |
Unpaid Principal Balance | ||
Impaired installment receivables with a related allowance recorded | 2,669 | 3,566 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 1,540 | 2,642 |
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 | 689 | 923 |
Impaired installment receivables with a related allowance recorded | 2 | 2 |
Total installment receivables | 691 | 925 |
Unpaid Principal Balance | ||
Non-impaired installment receivables with no related allowance recorded | 667 | 885 |
Impaired installment receivables with a related allowance recorded | 2 | 2 |
Total installment receivables | 669 | 887 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 2 | 2 |
Interest Income Recognized | ||
Non-impaired installment receivables with no related allowance recorded | 127 | 74 |
Impaired installment receivables with a related allowance recorded | 0 | 0 |
Total installment receivables | $ 127 | $ 74 |
Receivables - Aging of Install
Receivables - Aging of Installment Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 663 | $ 916 |
Installment Receivable, 1 to 29 Days Past Due | 11 | 6 |
Installment Receivable, 30 to 59 Days Past Due | 10 | 0 |
Installment Sales, 60 to 89 Days Past Due | 6 | 0 |
Installment Receivable, Greater than 90 Days Past Due | 2,670 | 3,569 |
Total | 3,360 | 4,491 |
U.S. | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 0 | 0 |
Installment Receivable, 1 to 29 Days Past Due | 0 | 0 |
Installment Receivable, 30 to 59 Days Past Due | 0 | 0 |
Installment Sales, 60 to 89 Days Past Due | 0 | 0 |
Installment Receivable, Greater than 90 Days Past Due | 2,669 | 3,566 |
Total | 2,669 | 3,566 |
CANADA | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 663 | 916 |
Installment Receivable, 1 to 29 Days Past Due | 11 | 6 |
Installment Receivable, 30 to 59 Days Past Due | 10 | 0 |
Installment Sales, 60 to 89 Days Past Due | 6 | 0 |
Installment Receivable, Greater than 90 Days Past Due | 1 | 3 |
Total | $ 691 | $ 925 |
Inventories - (Details)
Inventories - (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 62,766 | $ 52,773 |
Raw materials | 55,120 | 59,497 |
Work in process | 10,237 | 9,663 |
Inventory, Net | $ 128,123 | $ 121,933 |
Other Current Assets - Compone
Other Current Assets - Components of Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Value added tax receivables | $ 16,372 | $ 16,174 |
Prepaid insurance | 2,626 | 2,647 |
Service contracts | 2,201 | 2,812 |
Derivatives (foreign currency forward contracts) | 1,020 | 730 |
Recoverable income taxes | 787 | 341 |
Prepaid inventory | 521 | 711 |
Prepaid debt fees | 395 | 397 |
Prepaid and other current assets | 7,141 | 7,692 |
Other current assets | $ 31,063 | $ 31,504 |
Other Long-Term Assets - (Deta
Other Long-Term Assets - (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Convertible 2021 note hedge asset | $ 1,028,000 | $ 46,915,000 |
Convertible due 2022 - Bond Hedge, Fair Value | 2,062,000 | 46,680,000 |
Cash surrender value of life insurance policies | 1,948,000 | 1,991,000 |
Deferred financing fees | 402,000 | 787,000 |
Investments | 90,000 | 103,000 |
Long-term installment receivables | 222,000 | 475,000 |
Long-term deferred taxes | 352,000 | 518,000 |
Other | 256,000 | 107,000 |
Other Assets | $ 6,360,000 | $ 97,576,000 |
Other Long-Term Assets - Narra
Other Long-Term Assets - Narrative (Details) - Convertible Subordinated Debt - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Convertible Senior Notes at 4.50% February 2022 [Domain] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 120,000,000 | $ 120,000,000 |
Convertible Senior Notes at 5.00% February 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 150,000,000 | $ 150,000,000 |
Property And Equipment - (Deta
Property And Equipment - (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Net Book Value of Assets Sold | $ 2,900,000 | ||
Property and equipment, gross | 396,684,000 | $ 405,977,000 | |
Less allowance for depreciation | (322,378,000) | (325,961,000) | |
Property and equipment, net | 74,306,000 | 80,016,000 | |
Advance Payment from Sale of Property | 3,524,000 | 0 | $ 0 |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 301,040,000 | 307,244,000 | |
Land, buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 76,899,000 | 78,522,000 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 9,898,000 | 10,264,000 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 8,847,000 | $ 9,947,000 |
Goodwill - (Details)
Goodwill - (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | |||||
Beginning Balance | $ 401,283,000 | $ 360,602,000 | |||
Foreign currency translation adjustments | (20,010,000) | 40,681,000 | |||
Ending Balance | $ 381,273,000 | $ 401,283,000 | $ 381,273,000 | $ 401,283,000 | $ 360,602,000 |
Maturity of corporate debt with similar credit risk | 20 years | ||||
US treasury bond maturity | 20 years | ||||
Discounted cash flow, discount rate | 12.41% | 9.07% | 8.67% | ||
Institutional Products Group | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | $ 28,730,000 | $ 27,606,000 | |||
Foreign currency translation adjustments | (1,353,000) | 1,124,000 | |||
Ending Balance | 27,377,000 | 28,730,000 | $ 27,377,000 | 28,730,000 | $ 27,606,000 |
Discounted cash flow sensitivity analysis discount rate rncrease | 1.00% | ||||
Europe | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | $ 372,553,000 | 332,996,000 | |||
Foreign currency translation adjustments | (18,657,000) | 39,557,000 | |||
Ending Balance | 353,896,000 | 372,553,000 | $ 353,896,000 | $ 372,553,000 | $ 332,996,000 |
Discounted cash flow sensitivity analysis discount rate rncrease | 1.00% | ||||
Trademarks | Institutional Products Group | |||||
Goodwill [Roll Forward] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 583,000 | 320,000 | |||
Indefinite Lived Intangible Assets, Impairment Losses After Tax | $ 431,000 | $ 237,000 |
Intangibles - Narrative (Detai
Intangibles - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | $ 2,218,000 | $ 1,881,000 | $ 1,629,000 | ||
Institutional Products Group | Trademarks | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 583,000 | $ 320,000 | |||
Indefinite Lived Intangible Assets, Impairment Losses After Tax | 431,000 | 237,000 | |||
Trademarks | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Historical Cost | $ 24,385,000 | $ 26,372,000 | $ 24,385,000 | $ 26,372,000 | |
Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life of intangible assets | 1 year | ||||
Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life of intangible assets | 10 years | ||||
Weighted Average | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life of intangible assets | 3 years |
Intangibles - Finite and Indef
Intangibles - Finite and Indefinite Lived Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 91,216 | $ 96,728 |
Accumulated Amortization | 64,710 | 66,484 |
Customer lists | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 51,828 | 54,516 |
Accumulated Amortization | 50,768 | 51,957 |
License agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 733 | 1,187 |
Accumulated Amortization | 733 | 1,187 |
Developed technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 7,608 | 7,925 |
Accumulated Amortization | 6,563 | 6,636 |
Patents | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 5,500 | 5,566 |
Accumulated Amortization | 5,497 | 5,559 |
Other | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 1,162 | 1,162 |
Accumulated Amortization | 1,149 | 1,145 |
Trademarks | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 24,385 | $ 26,372 |
Intangibles - Finite-Lived Int
Intangibles - Finite-Lived Intangible Asset Future Amortization Expense (Details) | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Future amortization expense, 2019 | $ 1,247,000 |
Future amortization expense, 2020 | 186,000 |
Future amortization expense, 2021 | 186,000 |
Future amortization expense, 2022 | 186,000 |
Future amortization expense, 2023 | $ 186,000 |
Intangibles - Schedule of Inde
Intangibles - Schedule of Indefinite-Lived Assets (Details) - Trademarks - Institutional Products Group - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 583,000 | $ 320,000 |
Indefinite Lived Intangible Assets, Impairment Losses After Tax | $ 431,000 | $ 237,000 |
Accrued Expenses - Components
Accrued Expenses - Components of Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | |||
Salaries and wages | $ 23,289 | $ 33,390 | |
Taxes other than income taxes, primarily Value Added Taxes | 23,197 | 22,627 | |
Warranty cost | 16,353 | 22,468 | $ 23,302 |
Rebates | 7,966 | 5,831 | |
Professional | 5,888 | 5,203 | |
Interest | 3,992 | 3,919 | |
Freight | 3,363 | 4,002 | |
Product liability, current portion | 2,728 | 2,905 | |
Deferred revenue | 2,416 | 2,770 | |
Severance | 1,657 | 3,704 | |
Insurance | 738 | 645 | |
Rent | 483 | 808 | |
Supplemental Executive Retirement Plan (SERP) | 391 | 391 | |
Derivatives (foreign currency forward exchange contracts) | 219 | 2,120 | |
Other items, principally trade accruals | 7,187 | 7,914 | |
Accrued expenses | $ 99,867 | $ 118,697 |
Accrued Expenses - Warranty Sc
Accrued Expenses - Warranty Schedule (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Product Warranty Liability [Line Items] | |||
Balance as of January 1 | $ 22,468,000 | $ 23,302,000 | |
Warranties provided during the period | 7,106,000 | 10,176,000 | |
Settlements made during the period | (13,731,000) | (11,917,000) | |
Changes in liability for pre-existing warranties during the period, including expirations | 510,000 | 907,000 | |
Balance as of December 31 | $ 16,353,000 | $ 22,468,000 | |
Field Action Under Review | Europe | |||
Product Warranty Liability [Line Items] | |||
Additional warranty expense related to recall | $ 1,490,000 |
Long-Term Debt - Debt (Details
Long-Term Debt - Debt (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Feb. 17, 2007 |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 255,645,000 | $ 243,445,000 | ||
Less current maturities of long-term debt | (2,110,000) | (2,040,000) | ||
Long-term debt of current maturities | 253,535,000 | 241,405,000 | ||
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 | 130,260,000 | 122,355,000 | ||
Debt Instrument, Unamortized Discount | (17,193,000) | (23,900,000) | ||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (2,547,000) | (3,745,000) | ||
Debt Instrument, Net Carrying Amount | 130,260,000 | 122,355,000 | ||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 [Domain] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 120,000,000 | 120,000,000 | ||
Long-term debt | 95,473,000 | 89,675,000 | ||
Debt Instrument, Unamortized Discount | (21,476,000) | (26,378,000) | ||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (3,051,000) | (3,947,000) | ||
Debt Instrument, Net Carrying Amount | 95,473,000 | 89,675,000 | ||
Convertible Subordinated Debt | Convertible senior subordinated debentures at 4.125%, due in February 2027 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 135,000,000 | |||
Debt Instrument, Unamortized Discount | $ (311,000) | |||
Other notes and lease obligations | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 29,912,000 | $ 31,415,000 |
Long-Term Debt - Convertible D
Long-Term Debt - Convertible Debt (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Feb. 01, 2017 | Feb. 17, 2007 | |
Debt Instrument [Line Items] | ||||||
Proceeds from Issuance of Warrants | $ 0 | $ 14,100,000 | $ 12,376,000 | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 14,526,000 | 11,995,000 | 5,955,000 | |||
Convertible due 2022 - Bond Hedge, Fair Value | 2,062,000 | 46,680,000 | ||||
Long-term debt | 255,645,000 | 243,445,000 | ||||
Convertible 2022 debt conversion liability | 2,611,000 | 53,414,000 | ||||
Convertible 2021 debt conversion liability | 1,458,000 | 53,154,000 | ||||
Convertible 2021 note hedge asset | $ 1,028,000 | 46,915,000 | ||||
Convertible senior subordinated debentures at 4.125%, due in February 2027 | Convertible Subordinated Debt | ||||||
Debt Instrument [Line Items] | ||||||
Interest Expense | 311,000 | 892,000 | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 275,000 | $ 551,000 | ||||
Interest rate (as a percent) | 4.125% | |||||
Debt Instrument, Face Amount | $ 135,000,000 | |||||
Effective Interest Rate | 11.50% | |||||
Principal amount of liability component | $ 0 | |||||
Unamortized discount | $ (311,000) | |||||
Repurchase Price of Debentures, Percent of Principal Amount | 100.00% | |||||
Convertible Senior Notes at 5.00% February 2021 [Member] | Convertible Subordinated Debt | ||||||
Debt Disclosure [Abstract] | ||||||
Initial conversion price | $ 16.65 | |||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 5.00% | |||||
Debt Instrument, Face Amount | $ 150,000,000 | 150,000,000 | ||||
Convertible Debt Conversion Feature, Fair Value at Issuance | $ 34,480,000 | |||||
Effective Interest Rate | 11.10% | |||||
Unamortized discount | $ (17,193,000) | (23,900,000) | ||||
Long-term debt | 130,260,000 | 122,355,000 | ||||
Convertible Debt Conversion Feature Gain (Loss) | 51,696,000 | (22,446,000) | ||||
Convertible due 2021 - Bond Hedge, Fair Value at Issuance | 27,975,000 | |||||
Convertible Debt Note Hedge Gain (Loss) | (45,887,000) | 21,444,000 | ||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | 6,706,000 | 6,019,000 | ||||
Debt Instrument, Increase, Accrued Interest | $ 7,500,000 | $ 7,500,000 |
Long-Term Debt - Narrative (De
Long-Term Debt - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 17, 2007 | |
Debt Instrument [Line Items] | |||||
Write off of deferred debt issuance cost | $ 901,000 | ||||
Weighted average interest rate | 4.78% | 4.84% | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 14,526,000 | $ 11,995,000 | $ 5,955,000 | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||
Year One | 2,192,000 | ||||
Year Two | 4,363,000 | ||||
Year Three | 155,139,000 | ||||
Year Four | 124,466,000 | ||||
Year Five | 4,314,000 | ||||
Proceeds from Issuance of Warrants | 0 | 14,100,000 | 12,376,000 | ||
Convertible 2022 debt conversion liability | 2,611,000 | 53,414,000 | |||
Convertible 2021 note hedge asset | 1,028,000 | 46,915,000 | |||
Payments for Repurchase of Common Stock | 2,427,000 | 1,276,000 | 5,331,000 | ||
Convertible due 2022 - Bond Hedge, Fair Value | 2,062,000 | 46,680,000 | |||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Unamortized Discount | $ 17,193,000 | 23,900,000 | |||
Interest rate (as a percent) | 5.00% | ||||
Debt Instrument, Face Amount | $ 150,000,000 | 150,000,000 | |||
Initial conversion price | $ 16.65 | ||||
Effective Interest Rate | 11.10% | ||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | 60.0492 | ||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | ||||
Convertible Debt Conversion Feature, Fair Value at Issuance | 34,480,000 | ||||
Convertible Debt Conversion Feature Gain (Loss) | 51,696,000 | (22,446,000) | |||
Convertible due 2021 - Bond Hedge, Fair Value at Issuance | 27,975,000 | ||||
Convertible Debt Note Hedge Gain (Loss) | $ (45,887,000) | 21,444,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 22.4175 | ||||
Debt Instrument, Net Proceeds | 144,034,000 | ||||
Debt Instrument, Fee Amount | 5,966,000 | ||||
Payments for Repurchase of Common Stock | 5,000,000 | ||||
Derivative, Amount of Hedged Item | 15,600,000 | ||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | $ 6,706,000 | 6,019,000 | |||
Debt Instrument, Increase, Accrued Interest | 7,500,000 | 7,500,000 | |||
Convertible Subordinated Debt | Convertible Senior Subordinated Debentures at 5.00% February 2021 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Amortization of Debt Issuance Costs | $ 797,000 | ||||
Convertible Subordinated Debt | Convertible senior subordinated debentures at 4.125%, due in February 2027 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Unamortized Discount | $ 311,000 | ||||
Write off of deferred debt issuance cost | 207,000 | ||||
Interest rate (as a percent) | 4.125% | ||||
Principal amount of liability component | $ 0 | ||||
Debt Instrument, Face Amount | $ 135,000,000 | ||||
Effective Interest Rate | 11.50% | ||||
Interest Expense | 311,000 | 892,000 | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 275,000 | $ 551,000 | |||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Unamortized Discount | $ 21,476,000 | 26,378,000 | |||
Interest rate (as a percent) | 4.50% | ||||
Debt Instrument, Face Amount | $ 120,000,000 | 120,000,000 | |||
Initial conversion price | $ 16.23 | ||||
Convertible Debt 2022 Conversion Feature, Initial Fair Value | $ 28,859,000 | ||||
Effective Interest Rate | 10.90% | ||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||
Proceeds from Issuance of Warrants | $ 14,100,000 | ||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | 61.6095 | ||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | ||||
Convertible Debt Conversion Feature Gain (Loss) | 50,803,000 | (24,555,000) | |||
Convertible Debt Note Hedge Gain (Loss) | $ (44,618,000) | 21,900,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 21.4375 | ||||
Debt Instrument, Net Proceeds | $ 115,289,000 | ||||
Debt Instrument, Fee Amount | 4,711,000 | ||||
Derivative, Amount of Hedged Item | (10,680,000) | ||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | 4,902,000 | 2,481,000 | |||
Debt Instrument, Increase, Accrued Interest | 5,400,000 | 2,955,000 | |||
Convertible due 2022 - Bond Hedge, Fair Value at Issuance | 24,780,000 | ||||
Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Letters of credit outstanding | 3,123,000 | $ 2,945,000 | |||
Letters of Credit | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Borrowing capacity | 5,000,000 | ||||
Letters of Credit | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowing capacity | 25,000,000 | ||||
Swing Line Loans [Domain] | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Borrowing capacity | 2,000,000 | ||||
Amount Available to Invacare Limited and Invacare Poirier SAS [Domain] | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Borrowing capacity | 15,000,000 | ||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Borrowing capacity | $ 30,000,000 | ||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Trade Receivables, Europe, Percent | 85.00% | ||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Availability Reserve, Minimum | $ 3,000,000 | ||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | $ 3,375,000 | ||||
Line of Credit Facility, Covenant Feature, Dominion Trigger Maximum Percentage | 12.50% | ||||
Line of Credit, Covenant Compliance, Consecutive Business Days for Undrawn Balance | 5 days | ||||
Line of Credit, Covenant Compliance, Interruption of Manufacturing Facilities Period | 10 days | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 12,088,000 | ||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Minimum, Percent | 11.25% | ||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Amount | $ 3,000,000 | ||||
Remaining borrowing capacity | 10,000,000 | ||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Additional Long-Lived Asset Amount | $ 731,000 | ||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Trade Receivables, Foreign, Percent | 85.00% | ||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Foreign, Percent | 70.00% | ||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Foreign, Liquidation Value, Percent | 85.00% | ||||
Borrowing capacity | $ 100,000,000 | ||||
Line of Credit Facility, Additional Borrowing Capacity | $ 25,000,000 | ||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Trade Receivables, Domestic, Percent | 85.00% | ||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Domestic, Percent | 70.00% | ||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Liquidation Value, Percent | 85.00% | ||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Liquidation Value, Amount | $ 4,000,000 | ||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Property, Plant and Equipment, Liquidation Value, Percent | 85.00% | ||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Availability Reserve, Minimum | $ 5,000,000 | ||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | 11,250,000 | ||||
Line of Credit Facility, Covenant Feature, Dominion Trigger for Five Consecutive Days | $ 12,500,000 | ||||
Line of Credit, Covenant Compliance, Interruption of Manufacturing Facilities Period | 10 days | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 21,274,000 | ||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Minimum, Percent | 11.25% | ||||
Line of Credit, Covenant Compliance, Consecutive Business Days for Undrawn_Balance | 5 days | ||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Amount | $ 5,000,000 | ||||
Base Rate | Revolving Credit Facility | Line of Credit | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.25% | ||||
Maximum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||||
Maximum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||||
Maximum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.00% | ||||
Maximum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.75% | ||||
Maximum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.00% | ||||
Maximum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.75% | ||||
Minimum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||
Minimum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||
Minimum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.50% | ||||
Minimum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.25% | ||||
Minimum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.50% | ||||
Minimum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% |
Other Long-Term Obligations -
Other Long-Term Obligations - (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 23, 2015 |
Other Liabilities Disclosure [Abstract] | |||
Deferred income taxes | $ 24,681,000 | $ 28,890,000 | |
Product liability | 13,865,000 | 13,575,000 | |
Pension | 6,670,000 | 10,340,000 | |
Deferred gain on sale leaseback | 6,124,000 | 6,419,000 | $ 7,414,000 |
Deferred compensation | 5,577,000 | 5,592,000 | |
Supplemental Executive Retirement Plan liability | 5,250,000 | 5,636,000 | |
Advance payment on sale of land & buildings | 3,524,000 | 0 | |
Convertible 2022 debt conversion liability | 2,611,000 | 53,414,000 | |
Uncertain tax obligation including interest | 2,140,000 | 2,738,000 | |
Convertible 2021 debt conversion liability | 1,458,000 | 53,154,000 | |
Other | 3,065,000 | 3,512,000 | |
Total long-term obligations | $ 74,965,000 | $ 183,270,000 |
Other Long-Term Obligations _2
Other Long-Term Obligations - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Apr. 23, 2015 | |
Income Tax Examination [Line Items] | |||
Net Book Value of Assets Sold | $ 2,900,000 | ||
Deferred gain on sale leaseback | 6,124,000 | $ 6,419,000 | $ 7,414,000 |
Sale Leaseback Transaction, Current Period Gain Recognized | 284,000 | 275,000 | |
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | |||
Income Tax Examination [Line Items] | |||
Debt Instrument, Face Amount | $ 150,000,000 | $ 150,000,000 | |
Interest rate (as a percent) | 5.00% |
Other Long-Term Obligations Lon
Other Long-Term Obligations Long Term Debt (Details) - Convertible Subordinated Debt - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
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 | $ 120,000,000 |
Interest rate (as a percent) | 4.50% |
Leases and Commitments - Narra
Leases and Commitments - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Lease expense | $ 13,527,000 | $ 18,102,000 | $ 18,805,000 |
Buildings and equipment capitalized under capital leases | 39,293,000 | 44,629,000 | |
Accumulated amortization in connection with capital leases | $ 10,971,000 | $ 13,215,000 | |
Minimum | |||
Operating Leased Assets [Line Items] | |||
Lease term | 1 year | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Lease term | 20 years |
Leases and Commitments - Futur
Leases and Commitments - Future Minimum Lease Commitments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Capital Leases | |
Capital Leases - 2019 | $ 3,407 |
Capital Leases - 2020 | 3,187 |
Capital Leases - 2021 | 2,920 |
Capital Leases - 2022 | 2,399 |
Capital Leases - 2023 | 2,399 |
Capital Leases - Thereafter | 26,995 |
Total future minimum lease payments | 41,307 |
Amounts representing interest | (11,395) |
Present value of minimum lease payments | 29,912 |
Operating Leases | |
Operating Leases - 2019 | 10,346 |
Operating Leases - 2020 | 6,635 |
Operating Leases - 2021 | 5,053 |
Operating Leases - 2022 | 3,239 |
Operating Leases - 2023 | 1,193 |
Operating Leases - Thereafter | 2,071 |
Total future minimum lease payments | $ 28,537 |
Leases and Commitments - Sale
Leases and Commitments - Sale Leaseback Transactions (Details) - USD ($) | Apr. 23, 2015 | Dec. 31, 2018 | Dec. 31, 2017 |
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 23,000,000 | ||
Sale Leaseback Transaction, Annual Rental Payments | $ 2,275,000 | ||
Sale Leaseback Transaction, Lease Term | 20 years | ||
Sale Leaseback Transaction, Lease Terms | Each of the four lease agreements contains three 10-year renewals with the rent for each option term based on the greater of the then-current fair market rent for each property or the then- current rate and increasing annually by the applicable CPI. Under the terms of the lease agreements, the company is responsible for all taxes, insurance and utilities. The company is permitted to sublet the properties; however, the properties are currently being utilized exclusively by the company and there is no current subletting. The company is required to adequately maintain each of the properties and any leasehold improvements will be amortized over the lesser of the lives of the improvements or the remaining lease lives, consistent with any other company leases. | ||
Deferred gain on sale leaseback | $ 7,414,000 | $ 6,124,000 | $ 6,419,000 |
Sale Leaseback Transaction, Immediate Loss Recognized | 257,000 | ||
Capital Lease Obligations | $ 32,339,000 | ||
Buildings and equipment capitalized under capital leases | $ 39,293,000 | $ 44,629,000 |
Retirement and Benefit Plans -
Retirement and Benefit Plans - (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)planTimesParticipantsyr | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Retirement Benefits [Abstract] | |||
Company matching employee contributions | 66.70% | ||
Maximum percentage of matching contribution for total compensation | 3.00% | ||
Discretionary contributions, percentage of qualified wages | 1.00% | ||
Contribution expense | $ 1,786,000 | $ 2,131,000 | $ 2,335,000 |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of participants unaffected by plan conversion | Participants | 3 | ||
Death benefit only plan, benefit payment as multiplier of final earnings | Times | 1 | ||
Death benefit only plan, benefit payment as multiplier of final earnings, current employee | Times | 3 | ||
Defined Benefit Plan Payments | 761,000 | ||
Supplemental Executive Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest credited for active participants (as a percent) | 0.00% | ||
Accumulated benefit obligation | $ 5,641,000 | $ 6,027,000 | |
Assumption, future salary increase rate | 3.25% | ||
Assumed discount rate | 4.22% | 3.60% | |
Retirement age | yr | 67 | ||
Projected benefit obligation | $ 5,641,000 | $ 6,027,000 | |
Interest (benefit) cost | 193,000 | 246,000 | 908,000 |
Net periodic benefit (income) costs | 5,000 | 414,000 | 1,073,000 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 391,000 | 391,000 | 1,279,000 |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income) costs | (151,000) | 150,000 | (121,000) |
Service cost and accrual adjustments | $ (253,000) | 69,000 | 216,000 |
Switzerland | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of plans | plan | 2 | ||
Europe | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts recognized in other comprehensive income (loss) | $ 1,079,000 | $ 436,000 | $ 1,004,000 |
Revenues (Details)
Revenues (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 244,576,000 | $ 244,559,000 | $ 246,152,000 | $ 237,060,000 | $ 250,351,000 | $ 250,906,000 | $ 233,517,000 | $ 231,723,000 | $ 972,347,000 | $ 966,497,000 | $ 1,047,474,000 |
Net Revenue | 100.00% | 100.00% | |||||||||
Deferred Revenue | $ 2,416,000 | $ 2,770,000 | $ 2,416,000 | $ 2,770,000 | |||||||
Europe | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 558,518,000 | 535,326,000 | 534,801,000 | ||||||||
North America/HME | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 306,615,000 | 320,818,000 | 402,914,000 | ||||||||
Institutional Products Group | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 57,975,000 | 59,472,000 | |||||||||
Asia Pacific | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 49,239,000 | 50,881,000 | $ 45,346,000 | ||||||||
Product [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 951,341,000 | $ 946,103,000 | |||||||||
Net Revenue | 98.00% | 98.00% | |||||||||
Product [Member] | Europe | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 544,517,000 | $ 522,121,000 | |||||||||
Product [Member] | North America/HME | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 305,912,000 | 319,225,000 | |||||||||
Product [Member] | Institutional Products Group | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 56,519,000 | 58,710,000 | |||||||||
Product [Member] | Asia Pacific | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 44,393,000 | 46,047,000 | |||||||||
Service [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 21,006,000 | $ 20,394,000 | |||||||||
Net Revenue | 2.00% | 2.00% | |||||||||
Service [Member] | Europe | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 14,001,000 | $ 13,205,000 | |||||||||
Service [Member] | North America/HME | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 703,000 | 1,593,000 | |||||||||
Service [Member] | Institutional Products Group | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 1,456,000 | 762,000 | |||||||||
Service [Member] | Asia Pacific | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 4,846,000 | $ 4,834,000 | |||||||||
General Terms and Conditions [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Contract Type Sales Split | 33.00% | ||||||||||
Large National Customers [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Contract Type Sales Split | 27.00% | ||||||||||
Government Tenders [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Contract Type Sales Split | 19.00% | ||||||||||
Other Customers [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Contract Type Sales Split | 21.00% |
Equity Compensation - Narrativ
Equity Compensation - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)votes$ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock par value (in dollars per share) | $ / shares | $ 0.25 | ||
Stock option related treasury stock, shares acquired | shares | 140,000 | 85,000 | 32,000 |
Payments for Repurchase of Common Stock | $ 2,427,000 | $ 1,276,000 | $ 5,331,000 |
Proceeds from exercise of equity awards | $ 2,626,000 | 2,676,000 | 17,000 |
Number of securities called by each warrant or right | $ / shares | $ 0.001 | ||
Number of days following a public announcement of beneficial ownership acquisition | 10 days | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payments for Repurchase of Common Stock | $ 2,427,000 | $ 1,276,000 | $ 331,000 |
Expiration period | 10 years | ||
Unrecognized compensation expense, period for recognition | 2 years | ||
Award vesting percentage | 25.00% | ||
Weighted-average fair value of options granted | $ / shares | $ 5.38 | ||
Weighted average remaining contractual term of options outstanding | 3 years 9 months | 3 years 11 months | 3 years 6 months |
Weighted-average remaining contractual term of options exercisable | 2 years | ||
Intrinsic value of exercises in period | $ 755,000 | $ 350,000 | $ 0 |
Intrinsic value of options outstanding | 0 | ||
Intrinsic value of options exercisable | 0 | ||
Proceeds from exercise of equity awards | 2,626,000 | 2,676,000 | 17,000 |
Fair value of awards vested in period | $ 1,000 | $ 363,000 | $ 953,000 |
Award vesting period | 4 years | ||
Restricted stock and restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Decrease of shares available for grant due to award activity | shares | 2,358,070 | ||
Award vesting period | 3 years | ||
Performance shares and performance share units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||
Decrease of shares available for grant due to award activity | shares | 1,823,432 | ||
Performance achievement level, lower range | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Performance Award Target Acheivement, Upper Range, Percentage | 150.00% | ||
Performance achievement level, target range | 100.00% | ||
2018 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | shares | 3,994,255 | ||
2013 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | shares | 2,131,355 | 3,891,121 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Share Awards Underlying from 2003 Plan | shares | 410,408 | ||
Weighted Average | Performance shares and performance share units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense, period for recognition | 3 years | ||
Class B Common Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Ratio of votes per share of Class B common stock to common stock | votes | 10 | ||
Class B common shares dividend rate lower than common shares | 10.00% | ||
Common Stock, Shares, Outstanding | shares | 6,357 | ||
Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Holders Percentage of Total Outstanding | 99.90% |
Equity Compensation - Share-ba
Equity Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 777 | $ 1,834 | $ 1,110 |
Selling, general and administrative expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 5,283 | 7,347 | 6,894 |
Selling, general and administrative expense | Non-qualified stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 201 | 865 | 745 |
Selling, general and administrative expense | Restricted stock and restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 4,305 | 4,648 | 5,039 |
Selling, general and administrative expense | Performance shares and performance share units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 777 | $ 1,834 | $ 1,110 |
Equity Compensation - Unrecogn
Equity Compensation - Unrecognized Compensation Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 16,849 | $ 15,030 | $ 12,049 |
Non-qualified stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | 1,939 | 2,502 | 175 |
Restricted stock and restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | 7,469 | 7,005 | 8,740 |
Performance shares and performance share units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 7,441 | $ 5,523 | $ 3,134 |
Equity Compensation - Options
Equity Compensation - Options Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options outstanding at beginning of period (in shares) | 2,631,569 | 2,542,732 | 2,942,783 |
Granted (in shares) | 0 | 756,420 | 0 |
Exercise of stock options | (184,549) | (193,263) | (1,250) |
Canceled (in shares) | (561,658) | (474,320) | (398,801) |
Options outstanding at end of period (in shares) | 1,885,362 | 2,631,569 | 2,542,732 |
Weighted Average Exercise Price | |||
Options outstanding at beginning of period - Weighted Average Exercise Price (in dollars per share) | $ 19.44 | $ 21.19 | $ 21.22 |
Granted - Weighted Average Exercise Price (in dollars per share) | 0 | 12.15 | 0 |
Excercised - Weighted Average Exercise Price (in dollars per share) | 14.28 | 13.51 | 13.82 |
Canceled - Weighted Average Exercise Price (in dollars per share) | 23.34 | 19.45 | 21.47 |
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | $ 18.78 | $ 19.44 | $ 21.19 |
Options exercisable at end of period (in shares) | 1,354,202 | 2,029,773 | 2,513,614 |
2018 Plan | |||
Weighted Average Exercise Price | |||
Number of shares authorized | 3,994,255 | ||
2013 Plan | |||
Weighted Average Exercise Price | |||
Number of shares authorized | 2,131,355 | 3,891,121 |
Equity Compensation - Stock Op
Equity Compensation - Stock Options Outstanding by Exercise Price (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 18.78 | $ 19.44 | $ 21.19 | $ 21.22 |
Stock Options | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower limit (in dollars per shares) | 12.15 | 12.15 | 13.37 | |
Exercise price range, upper limit (in dollars per shares) | $ 33.36 | $ 33.36 | $ 33.36 | |
Options Outstanding - Number Outstanding at end of period (in shares) | 1,885,362 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 3 years 9 months | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 18.78 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 1,354,202 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 21.38 | |||
Stock Options | $ 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 shares) | 12.15 | |||
Exercise price range, upper limit (in dollars per shares) | $ 20 | |||
Options Outstanding - Number Outstanding at end of period (in shares) | 809,592 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 6 years 8 months | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 12.84 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 278,432 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 14.14 | |||
Stock Options | $ 20.01 – $25.00 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower limit (in dollars per shares) | 20.01 | |||
Exercise price range, upper limit (in dollars per shares) | $ 25 | |||
Options Outstanding - Number Outstanding at end of period (in shares) | 726,751 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 1 year 6 months | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 22.20 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 726,751 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 22.20 | |||
Stock Options | $ 25.01 – $30.00 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower limit (in dollars per shares) | 25.01 | |||
Exercise price range, upper limit (in dollars per shares) | $ 30 | |||
Options Outstanding - Number Outstanding at end of period (in shares) | 344,523 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 1 year 7 months | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 25.33 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 344,523 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 25.33 | |||
Stock Options | $ 30.01 – $33.36 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower limit (in dollars per shares) | 30.01 | |||
Exercise price range, upper limit (in dollars per shares) | $ 33.36 | |||
Options Outstanding - Number Outstanding at end of period (in shares) | 4,496 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 2 years 5 months | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 33.36 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 4,496 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 33.36 |
Equity Compensation - Assumpti
Equity Compensation - Assumptions (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Expected dividend yield | 0.40% |
Expected stock price volatility | 39.10% |
Risk free interest rate | 2.31% |
Expected life in years | 7 years 9 months |
Forfeiture percentage | 5.00% |
Equity Compensation - Restrict
Equity Compensation - Restricted Stock Activity (Details) - Restricted stock and restricted stock units - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Stock / Units unvested at beginning of period (in shares) | 776,520 | 878,356 | 641,505 |
Granted (in shares) | 377,299 | 523,412 | 486,711 |
Vested (in shares) | (386,275) | (369,128) | (139,298) |
Canceled (in shares) | (129,881) | (256,120) | (110,562) |
Stock / Units unvested at end of period (in shares) | 637,663 | 776,520 | 878,356 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Stock / Units unvested at beginning of period - Weighted Average Fair Value (in dollars per share) | $ 13.75 | $ 15.87 | $ 18.89 |
Granted - Weighted Average Fair Value (in dollars per share) | 17.48 | 12.37 | 12.62 |
Vested - Weighted Average Fair Value (in dollars per share) | 15.05 | 16.63 | 17.86 |
Canceled - Weighted Average Fair Value (in dollars per share) | 14.43 | 14.02 | 16.60 |
Stock / Units unvested at end of period - Weighted Average Fair Value (in dollars per share) | $ 15.04 | $ 13.75 | $ 15.87 |
Equity Compensation - Performa
Equity Compensation - Performance Share Activity (Details) - Performance shares and performance share units - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Stock / Units unvested at beginning of period (in shares) | 457,879 | 309,468 | 198,401 |
Granted (in shares) | 205,164 | 336,694 | 234,402 |
Vested (in shares) | (155,766) | 0 | 0 |
Canceled (in shares) | (58,983) | (188,283) | (123,335) |
Stock / Units unvested at end of period (in shares) | 448,294 | 457,879 | 309,468 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Stock / Units unvested at beginning of period - Weighted Average Fair Value (in dollars per share) | $ 12.33 | $ 14.58 | $ 19.50 |
Granted - Weighted Average Fair Value (in dollars per share) | 17.48 | 12.02 | 12.82 |
Vested - Weighted Average Fair Value (in dollars per share) | 0 | 0 | 0 |
Canceled - Weighted Average Fair Value (in dollars per share) | 13.43 | 15.48 | 19.14 |
Stock / Units unvested at end of period - Weighted Average Fair Value (in dollars per share) | $ 14.37 | $ 12.33 | $ 14.58 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) by Component - Changes in Accumulated Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 36,870 | $ (19,335) | |
OCI before reclassifications | (23,660) | 55,300 | |
Amount reclassified from accumulated OCI | (417) | 905 | |
Other Comprehensive Income (Loss) | (24,077) | 56,205 | $ (9,948) |
Ending balance | 12,793 | 36,870 | (19,335) |
Foreign Currency | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 50,376 | (26,199) | |
OCI before reclassifications | (38,132) | 76,575 | |
Amount reclassified from accumulated OCI | 0 | 0 | |
Other Comprehensive Income (Loss) | (38,132) | 76,575 | |
Ending balance | 12,244 | 50,376 | (26,199) |
Long-Term Notes | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (4,612) | 17,372 | |
OCI before reclassifications | 7,274 | (21,984) | |
Amount reclassified from accumulated OCI | 0 | 0 | |
Other Comprehensive Income (Loss) | 7,274 | (21,984) | |
Ending balance | 2,662 | (4,612) | 17,372 |
Defined Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (7,652) | (11,248) | |
OCI before reclassifications | 5,100 | 3,446 | |
Amount reclassified from accumulated OCI | (151) | 150 | |
Other Comprehensive Income (Loss) | 4,949 | 3,596 | |
Ending balance | (2,703) | (7,652) | (11,248) |
Derivatives | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (1,242) | 740 | |
OCI before reclassifications | 2,098 | (2,737) | |
Amount reclassified from accumulated OCI | (266) | 755 | |
Other Comprehensive Income (Loss) | 1,832 | (1,982) | |
Ending balance | $ 590 | $ (1,242) | $ 740 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) by Component - Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Cost of products sold | $ (704,671) | $ (697,246) | $ (763,847) | ||||||||
Selling, general and administrative expenses | (281,906) | (296,816) | (303,781) | ||||||||
Earnings (loss) before income taxes | $ (550) | $ (8,226) | $ (13,568) | $ (11,758) | $ (15,596) | $ (15,141) | $ (21,333) | $ (14,180) | (34,102) | (66,250) | (29,557) |
Income taxes | (9,820) | (10,291) | (13,299) | ||||||||
Revenues | $ 244,576 | $ 244,559 | $ 246,152 | $ 237,060 | $ 250,351 | $ 250,906 | $ 233,517 | $ 231,723 | 972,347 | 966,497 | $ 1,047,474 |
Defined Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Selling, general and administrative expenses | (151) | 150 | |||||||||
Income taxes | 0 | 0 | |||||||||
Loss from Continuing Operations | (151) | 150 | |||||||||
Derivatives | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Earnings (loss) before income taxes | (239) | 840 | |||||||||
Income taxes | (27) | (85) | |||||||||
Loss from Continuing Operations | (266) | 755 | |||||||||
Derivatives | Reclassification out of Accumulated Other Comprehensive Income | Foreign exchange forward | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Cost of products sold | (1,591) | 1,357 | |||||||||
Revenues | $ 1,352 | $ (517) |
Capital Stock - (Details)
Capital Stock - (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Capital Stock [Roll Forward] | |||||
Treasury Shares, Beginning Balance | (3,701,000) | (3,701,000) | (3,616,000) | (3,194,000) | |
Exercise of stock options | (184,549) | (193,263) | (1,250) | ||
Treasury Shares, Ending Balance | (3,841,000) | (3,701,000) | (3,616,000) | ||
Number of stock awards canceled | 129,881 | 256,120 | 110,562 | ||
Treasury Stock, Shares, Acquired | (5,000,000) | ||||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (723,000) | (5,000) | |||
Capital Stock [Roll Forward] | |||||
Common Stock, Beginning Balance | 36,532,000 | 36,532,000 | 35,318,000 | 35,024,000 | |
Exercise of stock options | (185,000) | (193,000) | (1,000) | ||
Restricted stock awards | 293,000 | 298,000 | 288,000 | ||
Common Stock, Ending Balance | 37,010,000 | 36,532,000 | 35,318,000 | ||
Dividends declared (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | ||
Dividends paid (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | ||
Treasury Stock, Shares, Acquired | 0 | ||||
Dividends | $ 0.05 | ||||
Class B Common Shares | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (723,000) | (5,000) | |||
Capital Stock [Roll Forward] | |||||
Common Stock, Beginning Balance | 6,000 | 6,000 | 729,000 | 734,000 | |
Exercise of stock options | 0 | 0 | 0 | ||
Restricted stock awards | 0 | 0 | 0 | ||
Common Stock, Ending Balance | 6,000 | 6,000 | 729,000 | ||
Dividends declared (in dollars per share) | $ 0.045 | $ 0.045 | |||
Dividends paid (in dollars per share) | $ 0.045 | $ 0.045 | |||
Treasury Stock, Shares, Acquired | 0 | ||||
Dividends | $ 0.034 | $ 0.023 | $ 0.045 | ||
Treasury Shares | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | |||
Capital Stock [Roll Forward] | |||||
Exercise of stock options | (50,000) | (4,000) | 0 | ||
Restricted stock awards | (90,000) | (81,000) | (32,000) | ||
Treasury Stock, Shares, Acquired | (390,000) |
Charges Related To Restructur_3
Charges Related To Restructuring Activities - (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | $ 4,005,000 | $ 2,169,000 | $ 4,005,000 | $ 2,169,000 | $ 2,714,000 | ||||||
Charges | $ (1,816,000) | $ (920,000) | $ (344,000) | (401,000) | $ (3,301,000) | $ (703,000) | $ (4,987,000) | (3,283,000) | (3,481,000) | (12,274,000) | (2,447,000) |
Payments | (5,804,000) | (10,438,000) | (2,992,000) | ||||||||
Ending Balance | 1,682,000 | 4,005,000 | 1,682,000 | 4,005,000 | 2,169,000 | ||||||
Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 3,704,000 | 2,049,000 | 3,704,000 | 2,049,000 | 2,477,000 | ||||||
Charges | (3,593,000) | (11,325,000) | (1,962,000) | ||||||||
Payments | (5,640,000) | (9,670,000) | (2,390,000) | ||||||||
Ending Balance | 1,657,000 | 3,704,000 | 1,657,000 | 3,704,000 | 2,049,000 | ||||||
Lease Terminations | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 301,000 | 120,000 | 301,000 | 120,000 | 237,000 | ||||||
Charges | 112,000 | (949,000) | (485,000) | ||||||||
Payments | (164,000) | (768,000) | (602,000) | ||||||||
Ending Balance | 25,000 | 301,000 | 25,000 | 301,000 | 120,000 | ||||||
North America/HME | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 2,606,000 | 903,000 | 2,606,000 | 903,000 | 899,000 | ||||||
Charges | (1,359,000) | (8,889,000) | (2,347,000) | ||||||||
Payments | (3,284,000) | (7,186,000) | (2,343,000) | ||||||||
Ending Balance | 681,000 | 2,606,000 | 681,000 | 2,606,000 | 903,000 | ||||||
North America/HME | Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 2,439,000 | 783,000 | 2,439,000 | 783,000 | 662,000 | ||||||
Charges | (1,471,000) | (8,162,000) | (1,862,000) | ||||||||
Payments | (3,254,000) | (6,506,000) | (1,741,000) | ||||||||
Ending Balance | 656,000 | 2,439,000 | 656,000 | 2,439,000 | 783,000 | ||||||
North America/HME | Lease Terminations | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 167,000 | 120,000 | 167,000 | 120,000 | 237,000 | ||||||
Charges | 112,000 | (727,000) | (485,000) | ||||||||
Payments | (30,000) | (680,000) | (602,000) | ||||||||
Ending Balance | 25,000 | 167,000 | 25,000 | 167,000 | 120,000 | ||||||
Asia Pacific | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Charges | (349,000) | (1,410,000) | (100,000) | ||||||||
Payments | (285,000) | (1,410,000) | (100,000) | ||||||||
Ending Balance | 64,000 | 64,000 | |||||||||
Asia Pacific | Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Charges | (349,000) | (1,410,000) | (100,000) | ||||||||
Payments | (285,000) | (1,410,000) | (100,000) | ||||||||
Ending Balance | 64,000 | 64,000 | |||||||||
Asia Pacific | Lease Terminations | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Charges | 0 | 0 | 0 | ||||||||
Payments | 0 | 0 | 0 | ||||||||
Ending Balance | 0 | 0 | |||||||||
Europe | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 383,000 | 383,000 | 312,000 | ||||||||
Charges | (1,773,000) | (1,975,000) | |||||||||
Payments | (1,975,000) | (1,592,000) | (312,000) | ||||||||
Ending Balance | 181,000 | 383,000 | 181,000 | 383,000 | |||||||
Europe | Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 249,000 | 249,000 | 312,000 | ||||||||
Charges | (1,773,000) | (1,753,000) | |||||||||
Payments | (1,841,000) | (1,504,000) | (312,000) | ||||||||
Ending Balance | 181,000 | 249,000 | 181,000 | 249,000 | |||||||
Europe | Lease Terminations | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 134,000 | 134,000 | 0 | ||||||||
Charges | 0 | (222,000) | |||||||||
Payments | (134,000) | (88,000) | 0 | ||||||||
Ending Balance | 0 | 134,000 | 0 | 134,000 | |||||||
Other | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 1,016,000 | 1,266,000 | 1,016,000 | 1,266,000 | 1,503,000 | ||||||
Payments | (260,000) | (250,000) | (237,000) | ||||||||
Ending Balance | 756,000 | 1,016,000 | 756,000 | 1,016,000 | 1,266,000 | ||||||
Other | Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 1,016,000 | 1,266,000 | 1,016,000 | 1,266,000 | 1,503,000 | ||||||
Payments | (260,000) | (250,000) | (237,000) | ||||||||
Ending Balance | 756,000 | 1,016,000 | 756,000 | 1,016,000 | 1,266,000 | ||||||
Other | Lease Terminations | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Payments | 0 | 0 | 0 | ||||||||
Ending Balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Charges Related To Restructur_4
Charges Related To Restructuring Activities - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | $ (1,816,000) | $ (920,000) | $ (344,000) | $ (401,000) | $ (3,301,000) | $ (703,000) | $ (4,987,000) | $ (3,283,000) | $ (3,481,000) | $ (12,274,000) | $ (2,447,000) |
Payments | $ (5,804,000) | (10,438,000) | (2,992,000) | ||||||||
Expected payout period | 12 months | ||||||||||
Severance | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | $ (3,593,000) | (11,325,000) | (1,962,000) | ||||||||
Payments | (5,640,000) | (9,670,000) | (2,390,000) | ||||||||
Lease Terminations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | 112,000 | (949,000) | (485,000) | ||||||||
Payments | (164,000) | (768,000) | (602,000) | ||||||||
Europe | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (1,773,000) | (1,975,000) | |||||||||
Payments | (1,975,000) | (1,592,000) | (312,000) | ||||||||
Europe | Severance | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (1,773,000) | (1,753,000) | |||||||||
Payments | (1,841,000) | (1,504,000) | (312,000) | ||||||||
Europe | Lease Terminations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | 0 | (222,000) | |||||||||
Payments | (134,000) | (88,000) | 0 | ||||||||
Asia Pacific | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (349,000) | (1,410,000) | (100,000) | ||||||||
Payments | (285,000) | (1,410,000) | (100,000) | ||||||||
Asia Pacific | Severance | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (349,000) | (1,410,000) | (100,000) | ||||||||
Payments | (285,000) | (1,410,000) | (100,000) | ||||||||
Asia Pacific | Lease Terminations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | 0 | 0 | 0 | ||||||||
Payments | 0 | 0 | 0 | ||||||||
North America/HME | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (1,359,000) | (8,889,000) | (2,347,000) | ||||||||
Payments | (3,284,000) | (7,186,000) | (2,343,000) | ||||||||
North America/HME | Severance | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (1,471,000) | (8,162,000) | (1,862,000) | ||||||||
Payments | (3,254,000) | (6,506,000) | (1,741,000) | ||||||||
North America/HME | Lease Terminations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | 112,000 | (727,000) | (485,000) | ||||||||
Payments | (30,000) | (680,000) | (602,000) | ||||||||
Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Payments | (260,000) | (250,000) | (237,000) | ||||||||
Other | Severance | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Payments | (260,000) | (250,000) | (237,000) | ||||||||
Other | Lease Terminations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Payments | $ 0 | $ 0 | $ 0 |
Income Taxes - Income Before I
Income Taxes - Income Before Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ (72,703) | $ (96,343) | $ (68,949) | ||||||||
Foreign | 38,601 | 30,093 | 39,392 | ||||||||
Earnings (loss) before income taxes | $ (550) | $ (8,226) | $ (13,568) | $ (11,758) | $ (15,596) | $ (15,141) | $ (21,333) | $ (14,180) | $ (34,102) | $ (66,250) | $ (29,557) |
Income Taxes - Income Tax Expe
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ (202) | $ (125) | $ (360) |
State | 147 | (437) | (115) |
Foreign | 12,675 | 15,223 | 12,873 |
Current Income Tax Expense (Benefit) | 12,620 | 14,661 | 12,398 |
Deferred: | |||
Federal | (2,073) | (2,164) | 0 |
State | 0 | 0 | 0 |
Foreign | (727) | (2,206) | 901 |
Deferred Income Tax Expense (Benefit) | (2,800) | (4,370) | 901 |
Income Taxes | $ 9,820 | $ 10,291 | $ 13,299 |
Income Taxes - Rate Reconcilia
Income Taxes - Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Effects of US Tax Reform | 0.00% | (2.40%) | 0.00% |
Income Tax Expense (Benefit), Intraperiod Tax Allocation | (2.00%) | 0.00% | 0.00% |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory federal income tax rate (benefit) | (21.00%) | (35.00%) | (35.00%) |
State and local income taxes, net of federal income tax benefit | 0.30% | (0.40%) | (0.30%) |
Tax credits | 0.00% | 0.20% | 1.70% |
Foreign taxes at other than the federal statutory rate (including tax holidays) | 12.90% | (1.30%) | (7.10%) |
Federal and foreign valuation allowance | 39.60% | 48.30% | 83.00% |
Withholding taxes | 0.20% | 0.10% | 1.10% |
Unremitted earnings | 0.00% | (1.10%) | 5.80% |
Dividends | 0.00% | 5.70% | 3.00% |
Life insurance | (0.10%) | (0.10%) | (0.20%) |
Foreign branch activity | 0.10% | (1.20%) | (3.10%) |
Uncertain tax positions | (1.90%) | 0.10% | (2.00%) |
Other, net | 0.70% | (3.00%) | (1.50%) |
Effective Income Tax Rate, Continuing Operations | 28.80% | 15.50% | 45.00% |
Income Taxes - Components of D
Income Taxes - Components of Deferred Income Tax (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term deferred income tax assets (liabilities), net: | ||
Bad debt | $ 954,000 | $ 1,237,000 |
Warranty | 2,134,000 | 2,949,000 |
Other accrued expenses and reserves | 511,000 | 1,419,000 |
Inventory | 2,878,000 | 3,096,000 |
Goodwill and intangibles | (23,589,000) | (24,939,000) |
Convertible debt | (1,225,000) | (916,000) |
Fixed assets | (3,107,000) | (4,158,000) |
Compensation and benefits | 6,268,000 | 9,206,000 |
Loss and credit carryforwards | 131,896,000 | 118,374,000 |
Product liability | 2,315,000 | 2,375,000 |
State and local taxes | 31,345,000 | 29,134,000 |
Valuation allowance | (174,659,000) | (167,203,000) |
Other, net | (50,000) | (778,000) |
Net Deferred Income Taxes | $ 24,329,000 | $ 28,372,000 |
Income Taxes - Unrecognized Ta
Income Taxes - Unrecognized Tax Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 2,865 | $ 3,468 |
Additions to: | ||
Positions taken during the current year | 58 | 40 |
Positions taken during a prior year | 163 | 49 |
Exchange rate impact | 0 | 19 |
Deductions due to: | ||
Exchange rate impact | (22) | 0 |
Positions taken during a prior year | (546) | (176) |
Lapse of statute of limitations | (163) | (535) |
Balance at end of year | $ 2,355 | $ 2,865 |
Income Taxes - (Narrative) (De
Income Taxes - (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tax Credit Carryforward [Line Items] | |||
Tax benefit from intra-period allocation | $ 680,000 | ||
Income taxes (benefit) | 9,820,000 | $ 10,291,000 | $ 13,299,000 |
Deferred tax assets, gross | 178,301,000 | 168,706,000 | |
Deferred tax liabilities | 27,971,000 | 29,875,000 | |
Deferred tax assets, valuation allowance | 174,659,000 | 167,203,000 | |
Income Taxes Paid, Net | 15,820,000 | 15,377,000 | 26,663,000 |
Domestic state and local tax loss carryforwards | 706,551,000 | ||
Tax credit carryforwards | 33,263,000 | ||
Unrecognized tax benefits, excluding interest and penalties | 1,623,000 | 1,896,000 | |
Unrecognized tax benefits that would impact effective tax rate | 1,623,000 | 1,896,000 | |
Income tax penalties and interest expense | 322,000 | 30,000 | $ 288,000 |
Income tax penalties and interest accrued | 517,000 | $ 842,000 | |
Deferred Federal Tax Benefit, Revaluation | 2,023,000 | ||
Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Federal tax credit carryforwards | 353,671,000 | ||
Foreign Tax Authority [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 74,602,000 | ||
Tax Year 2034 [Member] | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 7,357,000 | ||
Tax Year 2014 to 2017 | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 210,123,000 | ||
Tax year 2018 to 2027 | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 235,409,000 | ||
Tax Year 2014 to 2018 | Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | 22,362,000 | ||
Tax Year 2019 to 2022 | Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | 9,292,000 | ||
Tax Year 2028 and Thereafter | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 247,130,000 | ||
Unlimited Carryover [Member] | Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | 22,477,000 | ||
Unlimited Carryover [Member] | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 13,889,000 | ||
Tax Year 2034 to 2036 [Member] | Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Federal tax credit carryforwards | 287,386,000 | ||
Tax Year 2031 | Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | $ 1,609,000 |
Income Taxes - US Tax Act of 2
Income Taxes - US Tax Act of 2017 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
US Tax Act of 2017 [Abstract] | ||||
New Corporate Tax Rate | 21.00% | |||
Decrease in Deferred Tax Assets | $ 64,440,000 | |||
Decrease in Deferred Tax Liabilities | 20,034,000 | |||
Decrease in Valuation Allowance | 45,986,000 | |||
Deferred Tax Benefit Adjustment, net | $ 2,023,000 | $ 1,580,000 | $ 1,580,000 |
Net Earnings (Loss) Per Commo_2
Net Earnings (Loss) Per Common Share - Computation of Basic and Diluted Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Earnings (Loss) per Share—Basic: | |||||||||||
Average common shares outstanding | 33,124 | 32,752 | 32,471 | ||||||||
Net Loss | $ (1,245) | $ (12,026) | $ (16,543) | $ (14,108) | $ (17,662) | $ (18,591) | $ (23,508) | $ (16,780) | $ (43,922) | $ (76,541) | $ (42,856) |
Net earnings per common share | $ (0.04) | $ (0.36) | $ (0.5) | $ (0.43) | $ (0.54) | $ (0.57) | $ (0.72) | $ (0.52) | $ (1.33) | $ (2.34) | $ (1.32) |
Diluted | |||||||||||
Average common shares outstanding | 33,124 | 32,752 | 32,471 | ||||||||
Stock options and awards | 419 | 464 | 119 | ||||||||
Average common shares assuming dilution | 33,543 | 33,216 | 32,590 | ||||||||
Net Loss | $ (1,245) | $ (12,026) | $ (16,543) | $ (14,108) | $ (17,662) | $ (18,591) | $ (23,508) | $ (16,780) | $ (43,922) | $ (76,541) | $ (42,856) |
Net Earnings (loss) per Share - Assuming Dilution (in dollars per share) | $ (0.04) | $ (0.36) | $ (0.5) | $ (0.43) | $ (0.54) | $ (0.57) | $ (0.72) | $ (0.52) | $ (1.33) | $ (2.34) | $ (1.32) |
Net Earnings (Loss) Per Commo_3
Net Earnings (Loss) Per Common Share - Narrative (Details) - Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 333,899 | 801,992 | 1,730,707 |
Average exercise price | $ 25.24 | $ 25.79 | $ 25.24 |
Fair value stock price | $ 15.27 | $ 13.93 | $ 12.36 |
Concentration Of Credit Risk -
Concentration Of Credit Risk - (Details) | 12 Months Ended |
Dec. 31, 2018USD ($)Customer | |
Net Sales | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Number of Customers Used For Concentration Risk Disclosure | Customer | 10 |
Concentration risk, percentage | 18.80% |
Maximum percent of revenue from single customer | 4.60% |
Payment Guarantee | |
Concentration Risk [Line Items] | |
Retained recourse obligation | $ 1,399,000 |
Total contracts | 12,625,000 |
Other Long-Term Obligations | Payment Guarantee | |
Concentration Risk [Line Items] | |
Guarantee obligation at carrying value | $ 26,000 |
Derivatives - Notional Amounts
Derivatives - Notional Amounts - Designated as Hedges (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | $ 25,318,000 | $ 13,650,000 | |
Gain (Loss) | 219,000 | (78,000) | |
Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 174,588,000 | 187,800,000 | |
Unrealized Gain (Loss) | 582,000 | (1,312,000) | |
Foreign exchange forward | |||
Derivative [Line Items] | |||
Gain (Loss) | 239,000 | (840,000) | $ 2,573,000 |
Foreign exchange forward | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Gain (Loss) | 219,000 | (78,000) | |
USD / AUD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 6,390,000 | 3,960,000 | |
Unrealized Gain (Loss) | 146,000 | 44,000 | |
USD / CAD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 12,221,000 | 33,344,000 | |
Unrealized Gain (Loss) | (101,000) | 115,000 | |
USD / CNY | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 4,460,000 | 4,027,000 | |
Unrealized Gain (Loss) | 32,000 | 61,000 | |
USD / EUR | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 70,748,000 | 72,259,000 | |
Unrealized Gain (Loss) | 173,000 | (558,000) | |
USD / GBP | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 1,233,000 | 4,640,000 | |
Unrealized Gain (Loss) | 0 | (124,000) | |
USD / NZD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 10,359,000 | 9,300,000 | |
Unrealized Gain (Loss) | 149,000 | 11,000 | |
USD / SEK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 603,000 | 0 | |
Unrealized Gain (Loss) | 0 | 0 | |
USD / MXP | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 7,801,000 | 6,461,000 | |
Unrealized Gain (Loss) | 37,000 | (158,000) | |
EUR / GBP | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 41,087,000 | 32,248,000 | |
Unrealized Gain (Loss) | 174,000 | (682,000) | |
EUR / NOK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 977,000 | 4,521,000 | |
Unrealized Gain (Loss) | 0 | 68,000 | |
EUR / SEK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 15,106,000 | 7,732,000 | |
Unrealized Gain (Loss) | (92,000) | 39,000 | |
EUR / NZD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 2,042,000 | 2,855,000 | |
Unrealized Gain (Loss) | 64,000 | (8,000) | |
DKK / SEK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 1,561,000 | 6,453,000 | |
Unrealized Gain (Loss) | $ 0 | $ (120,000) |
Derivatives - Notional Amoun_2
Derivatives - Notional Amounts - Not Designated as Hedges (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | $ 25,318,000 | $ 13,650,000 | |
Gain (Loss) | 219,000 | (78,000) | |
Foreign exchange forward | |||
Derivative [Line Items] | |||
Gain (Loss) | 239,000 | (840,000) | $ 2,573,000 |
Foreign exchange forward | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Gain (Loss) | 219,000 | (78,000) | |
AUD / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 11,500,000 | 2,750,000 | |
Gain (Loss) | 167,000 | (77,000) | |
NZD / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 3,000,000 | 3,300,000 | |
Gain (Loss) | 30,000 | (53,000) | |
EUR / AUD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 4,000,000 | |
Gain (Loss) | 0 | 43,000 | |
NOK / EUR | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 18,000 | 0 | |
Gain (Loss) | 0 | 0 | |
NZD / AUD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount | 10,800,000 | 3,600,000 | |
Gain (Loss) | $ 22,000 | $ 9,000 |
Derivatives - Balance Sheet Lo
Derivatives - Balance Sheet Location (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | $ 1,020 | $ 730 |
Other Current Assets | Foreign exchange forward | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 792 | 678 |
Other Current Assets | Foreign exchange forward | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 228 | 52 |
Accrued Expenses | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 219 | 2,120 |
Accrued Expenses | Foreign exchange forward | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 210 | 1,990 |
Accrued Expenses | Foreign exchange forward | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | $ 9 | $ 130 |
Derivatives - Gain (Loss) in S
Derivatives - Gain (Loss) in Statement of Finacial Position (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | $ 1,894,000 | $ (2,088,000) | $ (1,407,000) |
Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | 239,000 | (840,000) | 2,573,000 |
Foreign exchange forward | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | 239,000 | (840,000) | $ 2,573,000 |
Foreign exchange forward | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 2,098,000 | (2,737,000) | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 266,000 | (755,000) | |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | (94,000) | |
Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | 219,000 | (78,000) | |
Not Designated as Hedging Instrument | Foreign exchange forward | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 219,000 | $ (78,000) |
Derivatives - Narrative (Detai
Derivatives - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Proceeds from Issuance of Warrants | $ 0 | $ 14,100,000 | $ 12,376,000 |
Minimum | |||
Derivative [Line Items] | |||
Percentage of forcasted transactions with currency rate exposure | 50.00% | ||
Maximum | |||
Derivative [Line Items] | |||
Percentage of forcasted transactions with currency rate exposure | 90.00% | ||
Foreign exchange forward | |||
Derivative [Line Items] | |||
Notional amount of derivatives, matured during period | $ 165,200,000 | 171,770,000 | |
Gain (Loss) | 239,000 | (840,000) | 2,573,000 |
Selling, general and administrative expense | Foreign exchange forward | |||
Derivative [Line Items] | |||
Gain (Loss) | 150,000 | (78,000) | 195,000 |
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Gain (Loss) | 239,000 | (840,000) | 2,573,000 |
Cash Flow Hedging | Net sales | |||
Derivative [Line Items] | |||
Gain (Loss) | (1,352,000) | 517,000 | |
Derivative, Gain on Derivative | 4,453,000 | ||
Cash Flow Hedging | Cost of products sold | |||
Derivative [Line Items] | |||
Loss on derivative | (1,357,000) | $ (1,880,000) | |
Derivative, Gain on Derivative | 1,591,000 | ||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | |||
Derivative [Line Items] | |||
Debt Instrument, Face Amount | $ 150,000,000 | 150,000,000 | |
Interest rate (as a percent) | 5.00% | ||
Convertible due 2021 - Bond Hedge, Initial Fair Value | $ 27,975,000 | ||
Convertible Debt 2021 Conversion Feature, Initial Fair Value | 34,480,000 | ||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 [Domain] | |||
Derivative [Line Items] | |||
Debt Instrument, Face Amount | $ 120,000,000 | $ 120,000,000 | |
Interest rate (as a percent) | 4.50% | ||
Proceeds from Issuance of Warrants | $ 14,100,000 | ||
Convertible due 2022 - Bond Hedge, Fair Value at Issuance | 24,780,000 | ||
Convertible Debt 2022 Conversion Feature, Initial Fair Value | $ 28,859,000 |
Derivatives - Fair Value of Co
Derivatives - Fair Value of Convertible Debt Hedges (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Convertible Debt 2021 Conversion Feature, Fair Value | $ (1,458,000) | $ (53,154,000) |
Convertible Debt 2022 Conversion Feature, Fair Value | (2,611,000) | (53,414,000) |
Convertible 2021 note hedge asset | 1,028,000 | 46,915,000 |
Fair Values Convertible Debt Hedges, Net | (979,000) | |
Convertible due 2022 - Bond Hedge, Fair Value | 2,062,000 | 46,680,000 |
Fair Values Convertible Debt Hedges, Gain (Loss) | 11,994,000 | (3,657,000) |
Convertible Senior Notes at 5.00% February 2021 [Member] | Convertible Subordinated Debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Convertible Debt Conversion Feature Gain (Loss) | 51,696,000 | (22,446,000) |
Convertible Debt Note Hedge Gain (Loss) | (45,887,000) | 21,444,000 |
Convertible Senior Notes at 4.50% February 2022 [Domain] | Convertible Subordinated Debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Convertible Debt Conversion Feature Gain (Loss) | 50,803,000 | (24,555,000) |
Convertible Debt Note Hedge Gain (Loss) | (44,618,000) | 21,900,000 |
Fair Value, Measurements, Recurring | Convertible Debt 2021 Conversion Feature [Member] | Fair Value, Inputs, Level 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Convertible Debt 2021 Conversion Feature, Fair Value | (1,458,000) | |
Fair Value, Measurements, Recurring | Convertible Debt 2022 Conversion Feature [Domain] | Fair Value, Inputs, Level 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Convertible Debt 2022 Conversion Feature, Fair Value | $ (2,611,000) | $ (53,414,000) |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible Debt 2021 Conversion Feature, Fair Value | $ (1,458,000) | $ (53,154,000) |
Convertible 2021 note hedge asset | 1,028,000 | 46,915,000 |
Convertible Debt 2022 Conversion Feature, Fair Value | (2,611,000) | (53,414,000) |
Convertible due 2022 - Bond Hedge, Fair Value | 2,062,000 | 46,680,000 |
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 | 1,028,000 | 46,915,000 |
Convertible due 2022 - Bond Hedge, Fair Value | 2,062,000 | 46,680,000 |
Foreign exchange forward | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets / (Liabilities) - Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Foreign exchange forward | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 801,000 | (1,390,000) |
Foreign exchange forward | Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs - Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Convertible Debt 2021 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 2021 Conversion Feature, Fair Value | (1,458,000) | |
Convertible Debt 2022 Conversion Feature [Domain] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible Debt 2022 Conversion Feature, Fair Value | (2,611,000) | (53,414,000) |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets / (Liabilities) - Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | |
Interest Rate Swap [Member] | 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 | (53,154,000) | |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs - Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | |
Convertible Debt Bond Hedge [Member] | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets / (Liabilities) - Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Convertible Debt Bond Hedge [Member] | Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs - Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Convertible Debt 2021 Conversion Feature [Member] | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets / (Liabilities) - Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | |
Convertible Debt 2021 Conversion Feature [Member] | Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs - Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | |
Convertible Debt 2022 Conversion Feature [Domain] | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets / (Liabilities) - Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Convertible Debt 2022 Conversion Feature [Domain] | Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs - Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | $ 0 | $ 0 |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments - Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 116,907 | $ 176,528 |
Other investments | 90 | 103 |
Installment receivables, net of reserves | 1,796 | 1,809 |
Long-term debt (including current maturities of long-term debt) | (255,645) | (243,445) |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 116,907 | 176,528 |
Other investments | 90 | 103 |
Installment receivables, net of reserves | 1,796 | 1,809 |
Long-term debt (including current maturities of long-term debt) | (181,928) | (294,173) |
Convertible Debt 2021 Note Hedge [Domain] | Other Long-Term Obligations | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (1,458) | 53,154 |
Convertible Debt 2021 Note Hedge [Domain] | Other Long-Term Obligations | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (1,458) | 53,154 |
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 | 1,028 | 46,915 |
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 | 1,028 | 46,915 |
Foreign exchange forward | Other Current Assets | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1,020 | 730 |
Foreign exchange forward | Other Current Assets | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1,020 | 730 |
Foreign exchange forward | Accrued Expenses | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (219) | (2,120) |
Foreign exchange forward | Accrued Expenses | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (219) | (2,120) |
Convertible Debt 2022 Conversion Feature [Domain] | Other Long-Term Obligations | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (2,611) | 53,414 |
Convertible Debt 2022 Conversion Feature [Domain] | Other Long-Term Obligations | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (2,611) | 53,414 |
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 | 2,062 | 46,681 |
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 | $ 2,062 | $ 46,681 |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Maturity of corporate debt with similar credit risk | 20 years | ||||
US treasury bond maturity | 20 years | ||||
Discounted cash flow, discount rate | 12.41% | 9.07% | 8.67% | ||
Discounted cash flow, discount rate premium | 1.00% | ||||
Institutional Products Group | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discounted cash flow sensitivity analysis discount rate rncrease | 1.00% | ||||
Europe | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discounted cash flow sensitivity analysis discount rate rncrease | 1.00% | ||||
Trademarks | Institutional Products Group | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 583,000 | $ 320,000 | |||
Indefinite Lived Intangible Assets, Impairment Losses After Tax | $ 431,000 | $ 237,000 | |||
Foreign exchange forward | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Gain (Loss) | $ 239,000 | $ (840,000) | $ 2,573,000 |
Business Segments - (Narrative
Business Segments - (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
North America/HME | |||
Segment Reporting Information [Line Items] | |||
Revenue, Net Amount Restated Among Business Segments | $ 5,212,000 | $ 1,091,000 | |
Operating Income (Loss), Amount Restated Among Segments | $ 128,000 | $ 75,000 | |
Customer Concentration Risk | Net Sales | |||
Segment Reporting Information [Line Items] | |||
Maximum percent of revenue from single customer | 4.60% |
Business Segments - (Informati
Business Segments - (Information by Segment) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 244,576,000 | $ 244,559,000 | $ 246,152,000 | $ 237,060,000 | $ 250,351,000 | $ 250,906,000 | $ 233,517,000 | $ 231,723,000 | $ 972,347,000 | $ 966,497,000 | $ 1,047,474,000 |
Depreciation and amortization | 15,556,000 | 14,631,000 | 14,635,000 | ||||||||
Net interest expense (income) | 27,802,000 | 22,434,000 | 15,610,000 | ||||||||
Operating Income (Loss) | (18,294,000) | (40,159,000) | (15,215,000) | ||||||||
Restructuring Charges, Net of Inventory Adjustments | (3,481,000) | (12,274,000) | (2,447,000) | ||||||||
Gain on sale of business (pre-tax) | 0 | 0 | 7,386,000 | ||||||||
Asset write-downs to intangible assets | (583,000) | (320,000) | 0 | ||||||||
Loss (gain) on Convertible Debt Derivatives | (7,790,000) | $ (4,080,000) | $ (21,000) | $ (103,000) | (957,000) | $ (2,550,000) | $ (1,051,000) | 11,994,000 | (3,657,000) | 1,268,000 | |
Interest Revenue (Expense), Net | (27,802,000) | (22,434,000) | (15,610,000) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (34,102,000) | (66,250,000) | (29,557,000) | ||||||||
Assets | 885,855,000 | 1,066,033,000 | 885,855,000 | 1,066,033,000 | 903,743,000 | ||||||
Long-lived assets | 488,445,000 | 609,119,000 | 488,445,000 | 609,119,000 | 494,671,000 | ||||||
Expenditures for assets | 9,823,000 | 14,569,000 | 10,151,000 | ||||||||
North America/HME | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 306,615,000 | 320,818,000 | 402,914,000 | ||||||||
Depreciation and amortization | 6,136,000 | 5,452,000 | 5,956,000 | ||||||||
Net interest expense (income) | 27,068,000 | 21,729,000 | 15,119,000 | ||||||||
Operating Income (Loss) | (38,788,000) | (42,831,000) | (37,876,000) | ||||||||
Assets | 204,941,000 | 349,137,000 | 204,941,000 | 349,137,000 | 265,092,000 | ||||||
Long-lived assets | 47,880,000 | 142,238,000 | 47,880,000 | 142,238,000 | 70,585,000 | ||||||
Expenditures for assets | 3,648,000 | 7,702,000 | 3,426,000 | ||||||||
Institutional Products Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 57,975,000 | 59,472,000 | |||||||||
Depreciation and amortization | 92,000 | 293,000 | 254,000 | ||||||||
Net interest expense (income) | 287,000 | 277,000 | 191,000 | ||||||||
Operating Income (Loss) | 6,282,000 | 5,839,000 | 5,693,000 | ||||||||
Assets | 37,400,000 | 38,884,000 | 37,400,000 | 38,884,000 | 38,657,000 | ||||||
Long-lived assets | 29,129,000 | 31,340,000 | 29,129,000 | 31,340,000 | 30,603,000 | ||||||
Expenditures for assets | 0 | 53,000 | 58,000 | ||||||||
Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 49,239,000 | 50,881,000 | 45,346,000 | ||||||||
Depreciation and amortization | 1,189,000 | 1,420,000 | 1,349,000 | ||||||||
Net interest expense (income) | 222,000 | 199,000 | 103,000 | ||||||||
Operating Income (Loss) | 4,051,000 | (27,000) | (1,436,000) | ||||||||
Assets | 30,336,000 | 29,922,000 | 30,336,000 | 29,922,000 | 25,703,000 | ||||||
Long-lived assets | 2,467,000 | 2,538,000 | 2,467,000 | 2,538,000 | 2,927,000 | ||||||
Expenditures for assets | 827,000 | 995,000 | 1,115,000 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 558,518,000 | 535,326,000 | 534,801,000 | ||||||||
Depreciation and amortization | 8,125,000 | 7,446,000 | 7,038,000 | ||||||||
Net interest expense (income) | 225,000 | 229,000 | 197,000 | ||||||||
Operating Income (Loss) | 32,673,000 | 33,160,000 | 34,122,000 | ||||||||
Assets | 611,230,000 | 646,085,000 | 611,230,000 | 646,085,000 | 572,427,000 | ||||||
Long-lived assets | 407,021,000 | 430,998,000 | 407,021,000 | 430,998,000 | 388,692,000 | ||||||
Expenditures for assets | 5,348,000 | 5,819,000 | 5,552,000 | ||||||||
All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 14,000 | 20,000 | 38,000 | ||||||||
Operating Income (Loss) | (18,448,000) | (23,706,000) | (20,657,000) | ||||||||
Assets | 1,948,000 | 2,005,000 | 1,948,000 | 2,005,000 | 1,864,000 | ||||||
Long-lived assets | $ 1,948,000 | $ 2,005,000 | 1,948,000 | 2,005,000 | 1,864,000 | ||||||
Operating Segments | North America/HME | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 306,615,000 | 320,818,000 | 402,914,000 | ||||||||
Operating Segments | Institutional Products Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 57,975,000 | 59,472,000 | 64,413,000 | ||||||||
Operating Segments | Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 49,239,000 | 50,881,000 | 45,346,000 | ||||||||
Operating Segments | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 558,518,000 | 535,326,000 | 534,801,000 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 124,465,000 | 113,926,000 | 133,183,000 | ||||||||
Intersegment Eliminations | North America/HME | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 90,440,000 | 82,716,000 | 96,750,000 | ||||||||
Intersegment Eliminations | Institutional Products Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 504,000 | 2,083,000 | 2,885,000 | ||||||||
Intersegment Eliminations | Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 17,737,000 | 15,312,000 | 19,366,000 | ||||||||
Intersegment Eliminations | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 15,784,000 | $ 13,815,000 | $ 14,182,000 |
Business Segments - (Net Sales
Business Segments - (Net Sales by Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 244,576 | $ 244,559 | $ 246,152 | $ 237,060 | $ 250,351 | $ 250,906 | $ 233,517 | $ 231,723 | $ 972,347 | $ 966,497 | $ 1,047,474 |
North America/HME | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 306,615 | 320,818 | 402,914 | ||||||||
Institutional Products Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 57,975 | 59,472 | |||||||||
Institutional Products Group | Continuing Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 57,975 | 59,472 | 64,413 | ||||||||
Europe | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 558,518 | 535,326 | 534,801 | ||||||||
Asia/Pacific | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 49,239 | 50,881 | 45,346 | ||||||||
Operating Segments | North America/HME | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 306,615 | 320,818 | 402,914 | ||||||||
Operating Segments | North America/HME | Lifestyle Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 122,080 | 126,717 | 173,301 | ||||||||
Operating Segments | North America/HME | Mobility and Seating | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 122,013 | 112,448 | 121,934 | ||||||||
Operating Segments | North America/HME | Respiratory Therapy | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 61,579 | 79,896 | 104,631 | ||||||||
Operating Segments | North America/HME | Other Products and Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 943 | 1,757 | 3,048 | ||||||||
Operating Segments | Institutional Products Group | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 57,975 | 59,472 | 64,413 | ||||||||
Operating Segments | Europe | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 558,518 | 535,326 | 534,801 | ||||||||
Operating Segments | Europe | Lifestyle Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 263,340 | 266,290 | 274,684 | ||||||||
Operating Segments | Europe | Mobility and Seating | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 252,997 | 225,909 | 209,501 | ||||||||
Operating Segments | Europe | Respiratory Therapy | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 23,736 | 26,261 | 35,030 | ||||||||
Operating Segments | Europe | Other Products and Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 18,445 | 16,866 | 15,586 | ||||||||
Operating Segments | Asia/Pacific | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 49,239 | 50,881 | 45,346 | ||||||||
Operating Segments | Asia/Pacific | Lifestyle Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 9,762 | 10,402 | 10,161 | ||||||||
Operating Segments | Asia/Pacific | Mobility and Seating | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 31,286 | 29,096 | 25,254 | ||||||||
Operating Segments | Asia/Pacific | Respiratory Therapy | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,330 | 1,640 | 1,244 | ||||||||
Operating Segments | Asia/Pacific | Continuing Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,068 | 3,601 | 3,521 | ||||||||
Operating Segments | Asia/Pacific | Other Products and Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 5,793 | $ 6,142 | $ 5,166 |
Contingencies - (Details)
Contingencies - (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual, Period Increase (Decrease) | $ 2,856,000 |
Field Action Under Review | Europe | |
Loss Contingencies [Line Items] | |
Additional warranty expense related to recall | 1,490,000 |
Field Action Under Review | North America/HME | |
Loss Contingencies [Line Items] | |
Additional warranty expense related to recall | $ 1,366,000 |
Interim Financial Information
Interim Financial Information - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 244,576 | $ 244,559 | $ 246,152 | $ 237,060 | $ 250,351 | $ 250,906 | $ 233,517 | $ 231,723 | $ 972,347 | $ 966,497 | $ 1,047,474 |
Gross profit | 68,224 | 65,589 | 67,346 | 66,517 | 68,344 | 70,740 | 65,022 | 65,145 | 267,676 | 269,251 | 283,627 |
Earnings (loss) before income taxes | (550) | (8,226) | (13,568) | (11,758) | (15,596) | (15,141) | (21,333) | (14,180) | (34,102) | (66,250) | (29,557) |
Net loss | $ (1,245) | $ (12,026) | $ (16,543) | $ (14,108) | $ (17,662) | $ (18,591) | $ (23,508) | $ (16,780) | $ (43,922) | $ (76,541) | $ (42,856) |
Net earnings (loss) per share - basic | $ (0.04) | $ (0.36) | $ (0.5) | $ (0.43) | $ (0.54) | $ (0.57) | $ (0.72) | $ (0.52) | $ (1.33) | $ (2.34) | $ (1.32) |
Net Earnings (loss) per Share - Assuming Dilution (in dollars per share) | $ (0.04) | $ (0.36) | $ (0.5) | $ (0.43) | $ (0.54) | $ (0.57) | $ (0.72) | $ (0.52) | $ (1.33) | $ (2.34) | $ (1.32) |
Interim Financial Information_2
Interim Financial Information - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Impairment of an intangible asset | $ 583,000 | $ 320,000 | $ 0 | ||||||||
Non-cash Tax Benefit, Per Diluted Share | $ 0.06 | $ 0.05 | |||||||||
Impairment of Intangible Assets (Excluding Goodwill), Net of Tax Per Diluted Share | $ 0.01 | $ 0.01 | |||||||||
Deferred Tax Benefit Adjustment, net | $ 2,023,000 | $ 1,580,000 | 1,580,000 | ||||||||
Loss (gain) on Convertible Debt Derivatives, Net of Tax | $ 7,790,000 | $ 4,080,000 | $ 21,000 | $ 103,000 | $ 957,000 | $ 2,550,000 | $ 1,051,000 | ||||
Loss (gain) on Convertible Debt Derivatives, Per Diluted Share | $ (0.23) | $ (0.12) | $ 0 | $ 0 | $ (0.03) | $ (0.08) | $ (0.03) | ||||
Charges | $ 1,816,000 | $ 920,000 | $ 344,000 | $ 401,000 | $ 3,301,000 | $ 703,000 | $ 4,987,000 | $ 3,283,000 | 3,481,000 | 12,274,000 | 2,447,000 |
Restructuring charges, net of tax | $ 1,694,000 | $ 885,000 | $ 330,000 | $ 340,000 | $ 3,163,000 | $ 604,000 | $ 4,939,000 | $ 3,166,000 | |||
Restructuring charges, net of tax, per diluted share | $ 0.05 | $ 0.03 | $ 0.01 | $ 0.01 | $ 0.10 | $ 0.02 | $ 0.15 | $ 0.10 | |||
Loss (gain) on Convertible Debt Derivatives | $ 7,790,000 | $ 4,080,000 | $ 21,000 | $ 103,000 | $ 957,000 | $ 2,550,000 | $ 1,051,000 | (11,994,000) | 3,657,000 | (1,268,000) | |
Gain on sale of business (pre-tax) | 0 | $ 0 | 7,386,000 | ||||||||
Write off of debt fees | $ 901,000 | ||||||||||
Write off of debt fees, net of tax | $ 901,000 | ||||||||||
Write off of debt fees per diluted share | $ 0.03 | ||||||||||
Tax benefit (expense) from intra-period allocation | $ (680,000) | ||||||||||
Loss Contingency Accrual, Period Increase (Decrease) | $ 2,856,000 | ||||||||||
Trademarks | Institutional Products Group | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Indefinite Lived Intangible Assets, Impairment Losses After Tax | 431,000 | 237,000 | |||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 583,000 | $ 320,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for doubtful accounts [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | $ 7,757 | $ 9,754 | $ 12,518 |
Charged To Cost And Expenses | 2,029 | 2,042 | 1,059 |
Additions (Deductions) Describe | (2,976) | (4,039) | (3,823) |
Balance At End of Period | 6,810 | 7,757 | 9,754 |
Inventory obsolescense reserve [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | 19,003 | 17,795 | 16,664 |
Charged To Cost And Expenses | 3,673 | 4,922 | 4,631 |
Additions (Deductions) Describe | (4,334) | (3,714) | (3,500) |
Balance At End of Period | 18,342 | 19,003 | 17,795 |
Tax valuation allowances [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 9,203 | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | 167,203 | 173,981 | 151,972 |
Charged To Cost And Expenses | 13,517 | 23,478 | |
Additions (Deductions) Describe | (6,061) | 2,425 | (1,469) |
Balance At End of Period | 174,659 | 167,203 | 173,981 |
Accrued warranty cost [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | 22,468 | 23,302 | 22,820 |
Charged To Cost And Expenses | 7,616 | 11,083 | 15,943 |
Additions (Deductions) Describe | (13,731) | (11,917) | (15,461) |
Balance At End of Period | 16,353 | 22,468 | 23,302 |
Accrued product liability [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | 16,480 | 20,611 | 17,709 |
Charged To Cost And Expenses | 5,586 | 5,062 | 9,169 |
Additions (Deductions) Describe | (5,473) | (9,193) | (6,267) |
Balance At End of Period | $ 16,593 | $ 16,480 | $ 20,611 |
Uncategorized Items - ivc-20181
Label | Element | Value |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax | $ (1,491,000) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax | (7,194,000) |
Stock Issued During Period, Value, Conversion of Convertible Securities | us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities | 0 |
Adjustments to Additional Paid in Capital, Warrant Issued | us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued | 12,376,000 |
Stock Issued During Period, Deferred Equity Compensation | ivc_StockIssuedDuringPeriodDeferredEquityCompensation | 0 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | 4,708,000 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 17,000 |
Dividends, Common Stock, Cash | us-gaap_DividendsCommonStockCash | 1,583,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition | 745,000 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax | (1,263,000) |
AOCI Attributable to Parent [Member] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax | (1,491,000) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax | (1,263,000) |
Additional Paid-in Capital [Member] | ||
Allocated Share-based Compensation Expense | us-gaap_AllocatedShareBasedCompensationExpense | 1,110,000 |
Adjustments to Additional Paid in Capital, Warrant Issued | us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued | 12,376,000 |
Stock Issued During Period, Deferred Equity Compensation | ivc_StockIssuedDuringPeriodDeferredEquityCompensation | (69,000) |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | 4,950,000 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 17,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition | 745,000 |
Common Stock [Member] | ||
Stock Issued During Period, Value, Conversion of Convertible Securities | us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities | 1,000 |
Stock Issued During Period, Deferred Equity Compensation | ivc_StockIssuedDuringPeriodDeferredEquityCompensation | 69,000 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | 89,000 |
Retained Earnings [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | (42,856,000) |
Treasury Stock [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | $ (331,000) |
Treasury Stock, Shares, Acquired | us-gaap_TreasuryStockSharesAcquired | 5,000,000 |
Common Class B [Member] | ||
Stock Issued During Period, Value, Conversion of Convertible Securities | us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities | $ 1,000 |