Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 07, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-15103 | ||
Entity Registrant Name | INVACARE CORPORATION | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Tax Identification Number | 95-2680965 | ||
Entity Address, Address Line One | One Invacare Way | ||
Entity Address, City or Town | Elyria | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 44035 | ||
City Area Code | 440 | ||
Local Phone Number | 329-6000 | ||
Title of 12(b) Security | Common Shares, without par value | ||
Trading Symbol | IVC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Portions of the Registrant's definitive Proxy Statement to be filed in connection with its 2022 Annual Meeting of Shareholders are incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) of this report. Except as otherwise stated, the information contained in this Annual Report on Form 10-K is as of December 31, 2021. | ||
Entity Central Index Key | 0000742112 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Public Float | $ 264,402,898 | ||
Document Information [Line Items] | |||
Entity Public Float | 264,402,898 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Cleveland, Ohio | ||
Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 35,052,180 | ||
Entity Public Float | 264,373,305 | ||
Document Information [Line Items] | |||
Entity Public Float | 264,373,305 | ||
Entity Common Stock, Shares Outstanding | 35,052,180 | ||
Class B Common Shares | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,667 | ||
Entity Public Float | 29,593 | ||
Document Information [Line Items] | |||
Entity Public Float | $ 29,593 | ||
Entity Common Stock, Shares Outstanding | 3,667 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income (Loss) - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenues | $ 872,457,000 | $ 850,689,000 | $ 927,964,000 |
Cost of products sold | 633,351,000 | 605,437,000 | 665,897,000 |
Gross Profit | 239,106,000 | 245,252,000 | 262,067,000 |
Selling, general and administrative expenses | 232,242,000 | 236,357,000 | 260,061,000 |
Gain on sale of business | 0 | (9,790,000) | 0 |
Charges related to restructuring activities | 2,534,000 | 7,358,000 | 11,829,000 |
Impairment of goodwill | 28,564,000 | ||
Impairment of an intangible asset | 587,000 | ||
Operating Income (Loss) | (24,234,000) | 11,327,000 | (10,410,000) |
Net gain on convertible debt derivatives | 0 | 0 | (1,197,000) |
Gain (Loss) on Extinguishment of Debt | (9,422,000) | 7,360,000 | 6,165,000 |
Interest expense | 24,307,000 | 28,499,000 | 29,076,000 |
Interest income | (1,000) | (93,000) | (429,000) |
Loss Before Income Taxes | (39,118,000) | (24,439,000) | (44,025,000) |
Income tax provision | 6,445,000 | 3,841,000 | 9,302,000 |
Net Loss | $ (45,563,000) | $ (28,280,000) | $ (53,327,000) |
Net Earnings (Loss) per Share—Basic: | |||
Net Earnings (loss) per Share - Basic (in dollars per share) | $ (1.31) | $ (0.83) | $ (1.59) |
Weighted Average Shares Outstanding - Basic (in shares) | 34,875 | 34,266 | 33,594 |
Net Earnings (Loss) per Share—Assuming Dilution: | |||
Net Earnings (loss) per Share - Assuming Dilution (in dollars per share) | $ (1.31) | $ (0.83) | $ (1.59) |
Weighted Average Shares Outstanding - Assuming Dilution (in shares) | 35,274 | 34,375 | 33,642 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | $ (28,724,000) | $ 43,405,000 | $ (8,499,000) |
Defined benefit plans: | |||
Amortization of prior service costs and unrecognized losses | (427,000) | (375,000) | (596,000) |
Deferred tax adjustment resulting from defined benefit plan activity | (39,000) | 55,000 | 48,000 |
Valuation reserve associated with defined benefit plan activity | 39,000 | (55,000) | (48,000) |
Current period gain (loss) on cash flow hedges | 815,000 | (825,000) | (571,000) |
Deferred tax benefit (expense) related to gain (loss) on cash flow hedges | (112,000) | 103,000 | 1,000 |
Other Comprehensive Income (Loss) | (28,448,000) | 42,308,000 | (9,665,000) |
Comprehensive Income (Loss) | $ (74,011,000) | $ 14,028,000 | $ (62,992,000) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 83,745 | $ 105,298 |
Trade receivables, net | 117,115 | 108,588 |
Installment receivables, net | 218 | 379 |
Inventories, net | 144,274 | 115,484 |
Other current assets | 40,036 | 44,717 |
Total Current Assets | 385,388 | 374,466 |
Other Assets | 5,362 | 5,925 |
Intangibles | 26,356 | 27,763 |
Property and Equipment, net | 60,921 | 56,243 |
Finance Lease Assets, net | 63,029 | 64,031 |
Operating Lease Assets, net | 12,600 | 15,092 |
Goodwill | 355,875 | 402,461 |
Total Assets | 909,531 | 945,981 |
Current Liabilities | ||
Accounts payable | 130,036 | 85,424 |
Accrued expenses | 102,971 | 126,273 |
Current taxes payable | 3,914 | 3,359 |
Current portion of long-term debt | 3,107 | 5,612 |
Current portion of finance lease obligations | 3,009 | 3,405 |
Current portion of operating lease obligations | 4,217 | 6,313 |
Total Current Liabilities | 247,254 | 230,386 |
Long-Term Debt | 305,022 | 239,441 |
Long-Term Obligations - Finance Leases | 63,736 | 63,137 |
Long-Term Obligations - Operating Leases | 8,234 | 8,697 |
Other Long-Term Obligations | $ 66,796 | $ 70,474 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Shares Authorized | 300 | 300 |
Shareholders' Equity | ||
Preferred Shares (Authorized 300 shares; none outstanding) | $ 0 | $ 0 |
Additional paid-in-capital | 276,665 | 326,088 |
Retained earnings | 22,645 | 58,538 |
Accumulated other comprehensive income | 16,988 | 45,436 |
Treasury Shares (4,397 and 4,184 shares at December 31, 2021 and December 31, 2020, respectively) | (107,788) | (106,034) |
Total Shareholders' Equity | 218,489 | 333,846 |
Total Liabilities and Shareholders' Equity | 909,531 | 945,981 |
Common Shares (Authorized 150,000 shares; 39,416 and 38,613 issued and outstanding at December 31, 2021 and December 31, 2020, respectively)—no par | ||
Shareholders' Equity | ||
Common shares | 9,977 | 9,816 |
Class B Common Shares (Authorized 12,000 shares; 4 and 4 issued and outstanding at December 31, 2021 and December 31, 2020, respectively)—no par | ||
Shareholders' Equity | ||
Common shares | $ 2 | $ 2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) shares in Thousands | Dec. 31, 2021shares |
Preferred Stock, Shares Authorized | 300 |
Preferred Stock, Shares Outstanding | 0 |
Treasury Stock, Shares | 4,397 |
Common Stock | |
Common Stock, Shares Authorized | 150,000 |
Common Stock, Shares, Issued | 39,416 |
Class B Common Shares | |
Common Stock, Shares Authorized | 12,000 |
Common Stock, Shares, Issued | 4 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Purchases of capped calls | $ (18,787,000) | $ 0 | $ 0 |
Operating Activities | |||
Net loss | (45,563,000) | (28,280,000) | (53,327,000) |
Adjustments to reconcile net earnings to net cash used by operating activities: | |||
Gain on sale of business | 0 | (9,790,000) | 0 |
Depreciation and amortization | 16,821,000 | 14,317,000 | 15,563,000 |
Amortization operating lease right of use assets | 6,273,000 | 6,951,000 | 8,927,000 |
Provision for losses on trade and installment receivables | (16,000) | 427,000 | 955,000 |
Benefit for deferred income taxes | (224,000) | (2,192,000) | (830,000) |
Provision for other deferred liabilities | 160,000 | 971,000 | 1,144,000 |
Provision for equity compensation | 4,323,000 | 8,645,000 | 11,110,000 |
Loss (gain) on disposals of property and equipment | (278,000) | (1,046,000) | 182,000 |
Loss (gain) on debt extinguishment including debt finance charges and associated fees | 9,422,000 | (7,360,000) | (6,165,000) |
Impairment of an intangible asset | 587,000 | ||
Impairment of goodwill | 28,564,000 | ||
Amortization of convertible debt discount and accretion of convertible debt | 3,534,000 | 11,487,000 | 12,325,000 |
Amortization of debt fees | 2,236,000 | 1,690,000 | 2,384,000 |
Net gain on convertible debt derivatives | 0 | 0 | (1,197,000) |
Changes in operating assets and liabilities: | |||
Trade receivables | (11,028,000) | 7,692,000 | 1,474,000 |
Installment sales contracts, net | 388,000 | (481,000) | 434,000 |
Inventories, net | (33,129,000) | 8,955,000 | 6,466,000 |
Other current assets | 2,755,000 | (5,313,000) | (7,314,000) |
Accounts payable | 47,101,000 | (2,359,000) | (3,603,000) |
Accrued expenses | (26,868,000) | 1,713,000 | 2,276,000 |
Other long-term liabilities | 64,000 | 1,170,000 | (978,000) |
Net Cash Provided by (Used in) Operating Activities | (14,309,000) | 21,917,000 | 2,743,000 |
Investing Activities | |||
Purchases of property and equipment | (17,698,000) | (22,304,000) | (10,874,000) |
Proceeds from sale of property and equipment | 33,000 | 396,000 | 73,000 |
Proceeds from sale of business | 0 | 14,563,000 | 0 |
Change in other long-term assets | (252,000) | (27,000) | (781,000) |
Other | 115,000 | (2,175,000) | (32,000) |
Net Cash Used by Investing Activities | (17,802,000) | (9,547,000) | (11,614,000) |
Financing Activities | |||
Proceeds from revolving lines of credit and long-term borrowings | 155,033,000 | 86,081,000 | 0 |
Repurchases of convertible debt, payments on revolving lines of credit and finance leases | (116,250,000) | (70,603,000) | (17,196,000) |
Payment of financing costs | (5,369,000) | (1,505,000) | (1,278,000) |
Payment of dividends | 0 | (414,000) | (1,645,000) |
Purchases of capped calls | (18,787,000) | 0 | 0 |
Payments to debt holders | 0 | (5,593,000) | (6,928,000) |
Purchases of treasury shares | (1,754,000) | (1,707,000) | (894,000) |
Net Cash Provided (Used) by Financing Activities | 12,873,000 | 6,259,000 | (27,941,000) |
Effect of exchange rate changes on cash | (2,315,000) | 6,606,000 | (32,000) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (21,553,000) | 25,235,000 | (36,844,000) |
Cash and cash equivalents at beginning of year | 105,298,000 | 80,063,000 | 116,907,000 |
Cash and cash equivalents at end of year | $ 83,745,000 | $ 105,298,000 | $ 80,063,000 |
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 SharesCommon Stock |
Beginning 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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation expense | 4,051,000 | 29,000 | 4,370,000 | (348,000) | |||
Non-qualified stock option expense | 1,939,000 | 1,939,000 | |||||
Restricted stock awards | 4,226,000 | 140,000 | 4,632,000 | (546,000) | |||
Net loss | (53,327,000) | (53,327,000) | |||||
Foreign currency translation adjustments | (8,499,000) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (8,499,000) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (570,000) | (570,000) | |||||
Defined benefit plans: | |||||||
Amortization of prior service costs and unrecognized losses and credits | (596,000) | (596,000) | |||||
Comprehensive Income (Loss) | (62,992,000) | ||||||
Dividends | (1,645,000) | ||||||
Purchases of capped calls | 0 | ||||||
Ending Balance at Dec. 31, 2019 | 308,516,000 | 9,588,000 | 312,650,000 | 87,475,000 | 3,128,000 | (104,327,000) | 2,000 |
Defined benefit plans: | |||||||
Convertible Debt Derivative Adjustments | (220,000) | (220,000) | |||||
Exchange of Convertible Notes | 4,010,000 | 4,010,000 | |||||
Payments of Ordinary Dividends, Common Stock | 1,645,000 | ||||||
Stock-based compensation expense | 2,190,000 | 91,000 | 3,222,000 | (1,123,000) | |||
Restricted stock awards | 4,748,000 | 137,000 | 5,195,000 | (584,000) | |||
Net loss | (28,280,000) | (28,280,000) | |||||
Foreign currency translation adjustments | 43,405,000 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 43,405,000 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (722,000) | (722,000) | |||||
Amortization of prior service costs and unrecognized losses and credits | (375,000) | (375,000) | |||||
Comprehensive Income (Loss) | 14,028,000 | ||||||
Dividends | (414,000) | ||||||
Purchases of capped calls | 0 | ||||||
Adoption of Credit Loss Standard | (243,000) | ||||||
Ending Balance at Dec. 31, 2020 | 333,846,000 | 9,816,000 | 326,088,000 | 58,538,000 | 45,436,000 | (106,034,000) | 2,000 |
Defined benefit plans: | |||||||
Exchange of Convertible Notes | 5,021,000 | 5,021,000 | |||||
Payments of Ordinary Dividends, Common Stock | 414,000 | ||||||
Stock-based compensation expense | (1,795,000) | 52,000 | (1,179,000) | (668,000) | |||
Restricted stock awards | 4,364,000 | 109,000 | 5,341,000 | (1,086,000) | |||
Net loss | (45,563,000) | (45,563,000) | |||||
Foreign currency translation adjustments | (28,724,000) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (28,724,000) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 703,000 | 703,000 | |||||
Amortization of prior service costs and unrecognized losses and credits | (427,000) | (427,000) | |||||
Comprehensive Income (Loss) | (74,011,000) | ||||||
Adoption of ASU 2020-06 | (25,128,000) | (34,798,000) | 9,670,000 | ||||
Purchases of capped calls | (18,787,000) | (18,787,000) | |||||
Ending Balance at Dec. 31, 2021 | 218,489,000 | $ 9,977,000 | $ 276,665,000 | $ 22,645,000 | $ 16,988,000 | $ (107,788,000) | $ 2,000 |
Defined benefit plans: | |||||||
Payments of Ordinary Dividends, Common Stock | $ 0 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and the results of its operations and changes in its cash flow for the years ended December 31, 2021, 2020 and 2019, 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, internal use software 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 finance leases is included in depreciation expense. Long-lived assets are assessed 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 or asset group 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 impairment. The company completes its annual impairment assessment in the fourth quarter of each year or whenever events or changes in circumstances indicate the carrying value could be below a reporting unit's fair value. For purposes of the goodwill impairment assessment, the fair value of each reporting unit is estimated using an income approach by forecasting cash flows and discounting those cash flows using an appropriate weighted average cost of capital (WACC) 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. During 2021, the company's reporting units of North America / HME and Institutional Products Group merged into one reporting unit of North America, consistent with the operating segment. The merger of the reporting units was tied most closely to the actions of the company to implement a new ERP system which changed both the level of discrete financial information readily available and the go-forward manner in which the company assesses performance and allocates resources to the North America operating segment. The reporting unit change triggered an interim goodwill impairment test which resulted in the recording of impairment of goodwill of $28,564,000 in the North America reporting unit. Intangible assets are also assessed for impairment by estimating forecasted cash flows and discounting those cash flows as needed to calculate impairment amounts. During 2019, the company recognized an intangible asset impairment charge of $587,000 related to an indefinite-lived trademark recorded in the then Institutional Products Group reporting unit which is part of the North America operating 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. Refer to 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 (refer to 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 probable 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 (refer to 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. Refer to 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 $8,656,000, $12,275,000 and $15,836,000 for 2021 , 2020 and 2019, respectively. Advertising: Advertising costs are expensed as incurred and included in selling, general an d administrative expenses. Advertising expenses amounted to $5,062,000, $5,107,000 and $7,871,000 for 2021, 2020 and 2019, respectively, the majority of which is in curred 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 in 2021 and, in the second quarter of 2017, issued $120,000,000 aggregate principal amount of 4.50% convertible senior notes due 2022 (the “2021 Notes and 2022 Notes”). In connection with the offering of the 2021 Notes and 2022 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 were accounted for as derivatives that were fair valued quarterly until the company obtained shareholder approval on May 16, 2019 to settle its convertible debt using cash or shares, which resulted in no longer accounting for the conversion liabilities and note hedges as derivatives. The fair value of the convertible debt conversion liabilities and the convertible note hedge assets were estimated using a lattice model incorporating the terms and conditions of the 2021 Notes and 2022 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 were, 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 were recognized in net income (loss) for the respective period. 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. Recent Accounting Pronouncements (Already Adopted): 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 are 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 company adopted ASU 2016-13, effective on January 1, 2020, which resulted in an increase for credit losses of $243,000 with the offsetting impact recorded to retained earnings. 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 company adopted ASU 2017-04 as of January 1, 2020 with no impact to the company's financial statements upon adoption. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes," which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 removes the following exceptions: 1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income), 2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign subsidiary becomes a subsidiary and 4) the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The ASU also simplifies other areas of Topic 740 by clarifying and amending existing guidance. The amendments in the ASU will be applied using different approaches depending on what the specific amendments relate to. The company early adopted ASU 2019-12 on a prospective basis as of January 1, 2020 with no impact to the company's financial statements upon adoption. In August 2020, the FASB issued ASU 2020-06 "Debt with Conversion and Other Options" (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity's Own Equity (Subtopic 815-40)", which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a cash conversion feature (CCF) and (2) convertible instrument with a beneficial conversion feature (BCF). As a result, after adopting the ASU’s guidance, entities will not separately present in equity an embedded conversion feature in such debt. Instead, they will account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account), unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC 815 or (2) a convertible debt instrument was issued at a substantial premium. The guidance may be early adopted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The company adopted ASU 2020-06 effective January 1, 2021, using the modified retrospective method, which resulted in the removal of convertible debt discounts of $25,218,000, adjustment of $34,798,000 to additional paid-in-capital and $9,670,000 adjustment to retained earnings. Convertible debt discounts prior to adoption of ASU 2020-06 were amortized over the convertible debt term through interest expense. Subsequent to adoption, convertible debt discounts are not applicable when accounting for debt as a single unit of account. Interest expense for 2020 and 2019 related to debt discount amortization (which was not recognized in 2021 due to adoption) were $9,673,000 or $0.28 per basic and diluted share and $12,325,000 or $0.37 per basic and diluted share, respectively. There was no impact of adoption on performance metrics used for short-term or long-term incentive compensation. Accretion specific to the Series II 2024 Notes was unaffected by adoption. Due to the valuation allowance, there was no net impact to income taxes for the adoption. Subsequent to adoption weighted average shares when calculating diluted earnings per share requires the application of the if-converted method for all convertible instruments. Recent Accounting Pronouncements (Not Yet Adopted): |
Operations Held for Sale (Notes
Operations Held for Sale (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Mergers, Acquisitions and Dispositions Disclosures | On March 7, 2020, the company completed the sale (the “Transaction”) of its subsidiary, Dynamic Controls, a New Zealand incorporated unlimited company (“Dynamic Controls”), to Allied Motion Christchurch Limited, a New Zealand limited company (the “Purchaser”), pursuant to a Securities Purchase Agreement among the company, Invacare Holdings New Zealand, a New Zealand incorporated unlimited company, and the Purchaser, dated March 6, 2020 (the “Purchase Agreement”). Dynamic Controls was a producer of electronic control systems for powered medical mobility devices, including systems incorporating the LiNX™ technology platform. Dynamic Controls was a component of the All Other Segment. Dynamic Controls was a supplier of power mobility products and respiratory components to the company as well as supplying power mobility products to external customers. Sales in 2020 through the date of disposition were $5,331,000, including intercompany sales of $2,532,000, compared to sales for the full year of 2019 of $30,261,000, including intercompany sales of $13,087,000. Income before income taxes was approximately $445,000 in 2020, through the date of disposition, compared to $853,000 in 2019, inclusive of intercompany profits on sales to the company. The transaction was the result of considering options for the products sold by Dynamic Controls which resulted in selling the business to a third-party which can provide access to further technological innovations to further differentiate the company’s power mobility products. The gross proceeds from the Transaction were $14,563,000, net of taxes and expenses. The company realized a pre-tax gain of $9,790,000. The Purchase Agreement contains customary indemnification obligations of each party with respect to breaches of their respective representations, warranties and covenants, and certain other specified matters, which are subject to certain exceptions, terms and limitations described further in the Purchase Agreement. At the closing of the Transaction, the parties entered into a supply agreement pursuant to which Dynamic Controls will supply certain electronic components as required by the company for the five-year period following the Transaction, including ongoing supply and support of the LiNX™ electronic control system with informatics technology, continued contract manufacturing of certain electronic components for the company’s respiratory products and continued infrastructure and applications support for the informatics solution for the company’s respiratory products. The estimated continued inflows and outflows following the disposal with the Purchaser are not expected to be material to the company. The assets and liabilities of Dynamic Controls as of March 7, 2020 consisted of the following (in thousands): March 7, 2020 Trade receivables, net $ 4,129 Inventories, net 3,082 Other assets 855 Property and equipment, net 600 Operating lease assets, net 2,127 Total assets $ 10,793 Accounts payable $ 4,692 Accrued expenses 2,473 Current taxes payable 41 Current portion of operating lease obligations 366 Long-term obligations 1,019 Total liabilities $ 8,591 Trade receivables as of March 7, 2020 includes receivables previously classified as intercompany related to product sold by Dynamic Controls to other Invacare entities. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
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 2021, 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, 2021. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables as of December 31, 2021 and 2020 consist of the following (in thousands): 2021 2020 Accounts receivable, gross $ 142,401 $ 131,055 Customer rebate reserve (12,267) (10,730) Allowance for doubtful accounts (3,642) (4,031) Cash discount reserves (9,179) (7,320) Other, principally returns and allowances reserves (603) (386) Accounts receivable, net $ 117,115 $ 108,588 Reserves for customer 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 principle 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. During the third quarter of 2021, the company entered into an agreement with a bank to sell certain trade receivables with governmental entity customers in the Nordic region without recourse. Under ASC 860, the sale of the receivables qualify as a true sale and not a secured borrowing. No gain or loss was recorded on the sale of the receivables. Bank charges, which are recorded as interest expense, attributable to the program were immaterial for the year ended December 31, 2021. 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 predominantly located throughout the United States, Australia, Canada, New Zealand 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 company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Statements" on January 1, 2020. Accordingly, the company is now applying an "expected loss" model that will generally require earlier recognition of allowances for losses for trade receivables. In addition, the company expects more variability in its allowance for doubtful accounts as it previously provided for bad debts based on a specific reserve methodology while the new expected loss methodology requires companies to provide for estimated losses beginning at the time of sale. The adoption of the new standard resulted in an increase in credit losses and adjustment to retained earnings of $243,000 which is reflected in the Consolidated Statement of Shareholders' Equity. The company's approach is to separate its receivables into good-standing and collection receivables. Good-standing receivables are assigned to risk pools of high, medium and low. The risk pools are driven by the specifics associated with the geography of origination. Expected loss percentages are calculated and assigned to each risk pool, driven primarily by historical experience. The historical loss percentages are calculated for each risk pool and then judgmentally revised to consider current risk factors as well as consideration of the impact of forecasted events, as applicable. The expected loss percentages are then applied to receivables balances each period to determine the allowance for doubtful accounts. In North America, excluding Canada, good-standing receivables are assigned to the low risk pool and assigned an expected loss percentage of 1.0% as these receivables are deemed to share the same risk profile and collections efforts are the same. Installment receivables in North America are characterized as collection receivables and thus reserves based on specific analysis of each customer. In Canada, good-standing receivables and installment receivables are deemed low risk and assigned a loss percentage of 0.1%. In Europe, expected losses are determined by each location in each region. Most locations have a majority of their receivables assigned to the low risk pool, which has an average expected loss percentage of 0.6%. About half of the locations have a portion of their receivables assigned as medium risk with an average expected loss percentage of 1.1%. Only a few locations have any receivables characterized as high risk and the average credit loss percentage for those locations is 2.7%. Collection risk is generally low as payment terms in certain key markets, such as Germany, are immediate and in many locations the ultimate customer is the government. In the Asia Pacific region, receivables are characterized as low risk, which have an average expected loss percentage of 0.3%. Historical losses are low in this region where the use of credit insurance is often customary. The movement in the trade receivables allowance for doubtful accounts was as follows (in thousands): 2021 Balance as of beginning of period $ 4,031 Current period provision 59 Direct write-offs charged against the allowance (448) Balance as of end of period $ 3,642 The company did not make any material changes to the assignment of receivables to the different risk pools or to the expected loss reserves in the year. The company is monitoring the impacts of the COVID-19 pandemic and the possibility for an impact on collections, but to date this has not materially impacted 2021. For collections receivables, the estimated allowance for uncollectible amounts is based primarily on management’s evaluation of the financial condition of each customer. 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. Refer to 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 has recorded a contingent liability in the amount of $312,000 related to the contingent aspect of the company's guarantee associated with its arrangement with DLL. The contingent liability is recorded applying the same expected loss model used for the trade and installment receivables recorded on the company's books. Specifically, historical loss history is used to determine the expected loss percentage, which is then adjusted judgmentally to consider other factors, as needed. The company’s U.S. customers electing to finance their purchases can do so using DLL. Repurchased DLL receivables recorded on the books of the company represent a single portfolio segment of receivables to the independent provider channel and long-term care customers. The portfolio segment of these receivables are distinguished by geography and credit quality. These receivables were repurchased from DLL because the customers were in default. Default with DLL is defined as a customer being delinquent by three payments. The estimated allowance for uncollectible amounts and evaluation 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. 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 financial statements as well as consideration of other factors such as exposure to changing reimbursement laws. Interest income is recognized on installment receivables based on the terms of the installment agreements. Installment accounts are monitored and if a customer defaults on payments and is moved to collection, interest income is no longer recognized. Subsequent payments received once an account is put on non-accrual status are generally first applied to the principal balance and then to the interest. Accruing of interest on collection accounts would only be restarted if the account became current again. All installment accounts are accounted for using the same methodology regardless of the duration of the installment agreements. When an account is placed in collection status, the company goes through a legal process for pursuing collection of outstanding amounts, the length of which typically approximates eighteen months. Any write-offs are made after the legal process has been completed. Installment receivables as of December 31, 2021 and 2020 consist of the following (in thousands): 2021 2020 Current Long- Total Current Long- Total Installment receivables $ 218 $ 734 $ 952 $ 704 $ 1,105 $ 1,809 Less: Unearned interest — — — — — — 218 734 952 704 1,105 1,809 Allowance for doubtful accounts — — — (325) (162) (487) Installment receivables, net $ 218 $ 734 $ 952 $ 379 $ 943 $ 1,322 Installment receivables purchased from DLL during the twelve months ended December 31, 2021 were $140,000 compared to $346,000 in 2020. 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): 2021 2020 Balance as of beginning of period $ 487 $ 1,514 Current period provision (benefit) (75) 66 Direct write-offs charged against the allowance (412) (1,093) Balance as of end of period $ — $ 487 Installment receivables by class as of December 31, 2021 consist of the following (in thousands): Total Unpaid Related Interest Asia Pacific Non-impaired installment receivables with no related allowance recorded 952 952 — — Total Non-impaired installment receivables with no related allowance recorded 952 952 — — Impaired installment receivables with a related allowance recorded — — — — Total installment receivables $ 952 $ 952 $ — $ — Installment receivables by class as of December 31, 2020 consist of the following (in thousands): Total Unpaid Related Interest U.S. Impaired installment receivables with a related allowance recorded $ 615 $ 615 $ 487 $ — Asia Pacific Non-impaired installment receivables with no related allowance recorded 1,194 1,194 — — Canada Non-impaired installment receivables with no related allowance recorded — — — 29 Total Canadian installment receivables — — — 29 Total Non-impaired installment receivables with no related allowance recorded 1,194 1,194 — 29 Impaired installment receivables with a related allowance recorded 615 615 487 — Total installment receivables $ 1,809 $ 1,809 $ 487 $ 29 Installment receivables with a related allowance recorded as noted in the table above represent those installment receivables on a non-accrual basis. As of December 31, 2021, 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. The aging of the company's installment receivables was as follows as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Total U.S. Asia Pacific Total U.S. Canada Current $ 952 $ — $ 952 $ 1,194 $ — $ 1,194 0-30 days past due — — — — — — 31-60 days past due — — — — — — 61-90 days past due — — — — — — 90+ days past due — — — 615 615 — $ 952 $ — $ 952 $ 1,809 $ 615 $ 1,194 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories, Net Inventories, net as of December 31, 2021 and 2020 consist of the following (in thousands): 2021 2020 Finished goods $ 62,124 $ 55,264 Raw materials 69,371 51,174 Work in process 12,779 9,046 Inventories, net $ 144,274 $ 115,484 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Other Current Assets Other current assets as of December 31, 2021 and 2020 consist of the following (in thousands): 2021 2020 Tax receivables principally value added taxes $ 21,943 $ 22,500 Prepaid insurance 4,462 3,963 Prepaid inventory and freight 2,394 2,700 Recoverable income taxes 2,301 2,182 Receivable due from information technology provider 612 2,995 Derivatives (foreign currency forward contracts) 386 1,321 Prepaid debt fees 379 208 Service contracts 304 633 Prepaid and other current assets 7,255 8,215 Other Current Assets $ 40,036 $ 44,717 |
Other Long-Term Assets
Other Long-Term Assets | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 consist of the following (in thousands): 2021 2020 Cash surrender value of life insurance policies 2,481 2,327 Deferred income taxes 1,540 2,048 Installment receivables 734 943 Deferred financing fees 409 411 Investments 86 85 Other 112 111 Other Long-Term Assets $ 5,362 $ 5,925 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | Property and Equipment Property and equipment as of December 31, 2021 and 2020 consist of the following (in thousands): 2021 2020 Machinery and equipment $ 278,347 $ 294,045 Land, buildings and improvements 27,299 28,509 Furniture and fixtures 8,943 10,001 Leasehold improvements 6,782 8,194 Capitalized software 30,448 17,527 Property and Equipment, gross 351,819 358,276 Accumulated depreciation (290,898) (302,033) Property and Equipment, net $ 60,921 $ 56,243 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 fourth quarter of 2019, the company initiated the first stage of an Enterprise Resource Planning ("ERP") software implementation. Related to the ERP project, the company capitalized certain costs in accordance with ASC 350 as shown in capitalized software above . The net book value of capitalized software was $28,715,000 and $17,527,000 at December 31, 2021 and 2020, respectively. Depreciation expense related to capitalized software started in 2021, subsequent to the first stage implementation of the ERP and was $1,733,000 for the year ended December 31, 2021. Unpaid purchases of property and equipment at December 31, 2021 and 2020 were $1,090,000 and $1,704,000, respectively and are excluded from purchases of property and equipment on the consolidated statements of cash flows for those periods ending and are included in subsequent periods when paid. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The carrying amount of goodwill by reporting unit is as follows (in thousands): North America Europe Consolidated Balance at December 31, 2019 28,162 345,241 373,403 Foreign currency translation adjustments 323 28,735 29,058 Balance at December 31, 2020 28,485 373,976 402,461 Foreign currency translation adjustments 79 (18,101) (18,022) Impairment of goodwill (28,564) — (28,564) Balance at December 31, 2021 — 355,875 355,875 In accordance with Intangibles—Goodwill and Other , ASC 350, goodwill is assessed 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 had historically determined that its reporting units were North America / HME, Europe, Institutional Products Group and Asia Pacific. During the third quarter of 2021, the company's reporting units of North America / HME and Institutional Products Group merged into one reporting unit of North America, consistent with the operating segment. Developments in 2021 and the conclusion of the reporting units merger were tied mostly to actions of the company to implement components of a new ERP system which changes both the level of discrete financial information readily available and the go-forward manner in which the company assesses performance and allocates resources to the North America operating segment. The reporting unit change within the North America operating segment in the third quarter of 2021 was a triggering event and required the company to perform an interim goodwill impairment assessment. Based on the interim goodwill impairment assessment, the company concluded that the carrying value of the North America reporting unit was above its fair value. That conclusion resulted in the recording of impairment of goodwill in the third quarter of 2021 of $28,564,000. The company completed the interim test in the third quarter of 2021 consistent with the process of its annual impairment assessment in the fourth quarter of each year. There is no goodwill in the Asia Pacific reporting unit and the results of the Europe reporting unit assessment quantified its fair value to be substantially in excess of carrying value in the goodwill assessments completed in 2021. The company completes its annual impairment assessment in the fourth quarter of each year or whenever events or changes in circumstances indicate the carrying value could be below a reporting unit's fair value. The fair values of the company's reporting units 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. To calculate 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 projected sales growth, operating income, inventory turns, days' sales outstanding, etc. to forecast future cash flows. The projected operating income used has a significant impact upon the discounted cash flow methodology utilized in the company's annual impairment assessment as lower projected operating income would result in lower fair value estimates. 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 assumptions used are based on a market participant's point of view and yielded a discount rate of 11.19% in 2021 for the company's impairment analyses for the reporting units with goodwill compared to 11.27% in 2020 and 11.88% in 2019. The WACC used has a significant impact on the discounted cash flow methodology utilized in the company's impairment assessment as a higher WACC would decrease the fair value estimates. 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 impairment in 2021 related to goodwill for the Europe reporting unit, a future potential impairment is possible for Europe should actual results differ materially from forecasted results used in the valuation analysis. Furthermore, the company's valuation of goodwill can differ materially if financial projections or the market inputs used to determine the WACC change significantly. For instance, higher interest rates or greater stock price volatility would increase the WACC and thus increase the chance of impairment. In consideration of this potential, the company assessed the results if the discount rate used were 100 basis points higher for the 2021 impairment analysis and determined that there still would not be impairment of goodwill for the Europe reporting unit. In addition, business changes impacting the company's assessment of reporting units could also have a material impact on impairment assessment results. As part of the company's assessment of goodwill for impairment, the company also considers the potential for impairment of any intangible assets and other long-lived assets. Refer to Other Long-Term Assets, Property and Equipment and Intangibles in the Notes to the Consolidated Financial Statements. |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles The company's intangibles consist of the following (in thousands): December 31, 2021 December 31, 2020 Historical Accumulated Historical Accumulated Customer lists $ 52,447 $ 52,447 $ 54,502 $ 54,502 Trademarks 24,137 — 25,112 — Developed technology 7,652 7,149 7,924 7,204 Patents 5,543 5,543 5,556 5,556 License agreements 2,905 1,196 2,899 979 Other 1,147 1,140 1,162 1,151 Intangibles $ 93,831 $ 67,475 $ 97,155 $ 69,392 All of the company's intangible assets have been assigned definite lives and continue to be amortized over their useful lives, except for trademarks shown above, which have indefinite lives. The changes in intangible asset balances reflected on the balance sheet from December 31, 2020 to December 31, 2021 were the result of foreign currency translation on historical cost and accumulated amortization. The company evaluates the carrying value of definite-lived assets annually in the fourth quarter and whenever events or circumstances indicate possible impairment. For the fourth quarter of 2021, the company concluded there was no impairment to be recorded. Definite-lived assets are determined to be impaired if the future undiscounted cash flows expected to be generated by the asset are less than the carrying value. Actual impairment amounts for definite-lived assets are then calculated using a discounted cash flow calculation. Any impairment for indefinite-lived intangible assets is 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. The company evaluated indefinite-lived intangible assets in the fourth quarter of 2021 and concluded there was no impairment to be recorded. In 2019, the company recognized an intangible asset impairment charge in the Institutional Products Group reporting unit, which is part of the North America segment, of $587,000 ($435,000 after-tax) 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. Amortization expense related to intangible assets was $404,000, $377,000 and $1,827,000 for 2021, 2020 and 2019, respectively. Amortization expense for 2019 includes impairments. Estimated amortization expense for each of the next five years is expected to be $398,000 for 2022, $398,000 in 2023, $348,000 in 2024, $213,000 in 2025 and $211,000 in 2026. Amortized intangible assets are being amortized on a straight-line basis over remaining lives of 3 to 8 years with a weighted average remaining life of approximately 6.8 years. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Expenses Accrued expenses as of December 31, 2021 and 2020 consisted of accruals for the following (in thousands): 2021 2020 Taxes other than income taxes, primarily value added taxes $ 24,012 $ 32,710 Salaries and wages 23,217 34,029 Warranty 11,198 10,991 Professional 8,697 7,375 Rebates 6,569 8,644 Freight 5,460 3,190 Deferred revenue 4,156 3,516 IT service contracts 4,013 3,799 Interest 3,297 2,076 Product liability, current portion 2,362 2,453 Derivatives (foreign currency forward exchange contracts) 1,938 1,432 Insurance 625 878 Severance 400 6,249 Supplemental Executive Retirement Program liability Plan (SERP) 391 391 Rent 196 585 Other items, principally trade accruals 6,440 7,955 Accrued Expenses $ 102,971 $ 126,273 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 appropriately 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 require additional warranty reserve provision. 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. Rebates are netted against gross accounts receivables. If rebates are in excess of such receivables, they are then classified as accrued expenses. The reduction in accrued salaries and wages from December 31, 2020 to December 31, 2021 is primarily attributable to a reduction in performance bonus accrual. The reduction in taxes other than income taxes from December 31, 2020 to December 31, 2021 is primarily attributable to payments deferred in 2020 from global pandemic relief programs. The reduction in accrued severance from December 31, 2020 to December 31, 2021 primarily relates to payments of restructuring costs with respect to the German manufacturing facility consolidation. The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands): 2021 2020 Balance as of January 1 $ 10,991 $ 11,626 Warranties provided during the period 6,361 6,144 Settlements made during the period (6,718) (8,043) Changes in liability for pre-existing warranties during the period, including expirations 564 1,264 Balance as of December 31 $ 11,198 $ 10,991 Warranty reserves are subject to adjustment in future periods as new developments change the company's estimate of the total cost. In 2020, warranty expense includes a provision of $768,000 for a product recall which was related to a component on a respiratory product, recorded in the North America segment. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Debt as of December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Convertible senior notes at 5.00%, due in February 2021 $ — $ 1,242 Convertible senior notes at 4.50%, due in June 2022 2,642 73,869 Convertible senior notes Series I at 5.00%, due in November 2024 72,140 62,984 Convertible senior notes Series II at 5.00%, due in November 2024 78,251 64,919 Convertible senior notes at 4.25%, due in March 2026 119,036 — Other obligations 36,060 42,039 308,129 245,053 Less current maturities of long-term debt (3,107) (5,612) Long-Term Debt $ 305,022 $ 239,441 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, 2024. 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, 2021, debt fees yet to be amortized through January 2024 totaled $788,000. The company had outstanding letters of credit of $3,450,000 and $7,752,000 as of December 31, 2021 and 2020, respectively. Outstanding letters of credit and other reserves impacting borrowing capacity were $2,585,000 and $7,616,000 as of December 31, 2021 and 2020, respectively. The company had outstanding borrowings of $22,150,000 and $20,000,000 under its North America Credit Facility as of December 31, 2021 and 2020, respectively. The company had outstanding borrowings of $7,366,000 (€6,500,000) under its French Credit Facility and $5,986,000 (£4,500,000) under its UK Credit Facility as of December 31, 2021, together referred to as the European Credit Facility. The company had outstanding borrowings of $7,636,000 (€6,400,000) under its French Credit Facility and $3,866,000 (£2,900,000) under its UK Credit Facility as of December 31, 2020. For 2021 and 2020, the weighted average interest rate on all borrowings, excluding finance leases, was 4.5% and 4.6%, respectively. North America Borrowers Credit Facility For the company's North America 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 $60,000,000, subject to availability based on a borrowing base formula, under a senior secured revolving credit, letter of credit and swing line loan facility (the “North America Credit Facility”). Up to $20,000,000 of the North America Credit Facility will be available for issuance of letters of credit. The aggregate principal amount of the North America 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 North America Credit Facility is determined based on a borrowing base formula. The aggregate usage under the North America 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) 80% of the net orderly liquidation value of U.S. eligible machinery and equipment and (ii) $0 as of December 31, 2021 (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 North America Credit Facility, less (g) letters of credit issued and undrawn under the North America Credit Facility, less (h) a $3,000,000 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, 2021, the company was in compliance with all covenant requirements. As of December 31, 2021, the company had gross borrowing base of $38,979,000 and net borrowing availability of $26,644,000 under the North America Credit Facility under the Credit Agreement, considering the minimum availability reserve, then-outstanding letters of credit, other reserves and the $6,750,000 dominion trigger amount described below. Interest will accrue on outstanding indebtedness under the Credit Agreement at the LIBOR rate, plus a margin ranging from 2.25% to 2.75%, or at the alternate base rate, plus a margin ranging from 1.25% to 1.75%, as selected by the company. Borrowings under the U.S. and Canadian Credit Facility are subject to commitment fees of 0.25% or 0.375% per year, depending on utilization. The Credit Agreement contains customary representations, warranties and covenants. Exceptions to the operating covenants in the Credit Agreement provide the company with flexibility to, among other things, enter into or undertake certain sale and leaseback transactions, dispositions of assets, additional credit facilities, sales of receivables, additional indebtedness and intercompany indebtedness, all subject to limitations set forth in the Credit Agreement, as amended. The Credit Agreement also contains a covenant requiring the company to maintain minimum availability under the North America Credit Facility of not less than (i) 12.5% of the maximum amount that may be drawn under the North America Credit Facility for five (5) consecutive business days, or (ii) 11.25% of the maximum amount that may be drawn under the North America Credit Facility on any business day. The company also is subject to dominion triggers under the North America Credit Facility requiring the company to maintain borrowing capacity of not less than $6,750,000 on any business day or any 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 for events of default that include, among other things, failure to pay amounts due, breach of covenants, representations or warranties, bankruptcy, the occurrence of a material adverse effect, exclusion from any medical reimbursement program, and an interruption of any material manufacturing facilities for more than 10 consecutive days. The proceeds of the North America Credit Facility will be used to finance the working capital and other business needs of the company. There was $22,150,000 outstanding under the North America Credit Facility at December 31, 2021. European Credit Facility The Credit Agreement also provides for a revolving credit, letter of credit and swing line loan facility which gives the company and the European Borrowers the ability to borrow up to an aggregate principal amount of $30,000,000, with a $5,000,000 sublimit for letters of credit and a $2,000,000 sublimit for swing line loans (the “European Credit Facility”). Up to $15,000,000 of the European Credit Facility will be available to each of Invacare Limited (the “UK Borrower”) and Invacare Poirier SAS (the “French Borrower” and, together with the UK Borrower, the “European Borrowers”). The European Credit Facility matures in January 2024, together with the North America 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, 2021, the gross borrowing base to the European Borrowers under the European Credit Facility was $21,576,000 and net borrowing availability was $15,201,000, considering the $3,000,000 minimum availability reserve and a $3,375,000 dominion trigger amount described below. Borrowing availability is based on a prior month base in USD. Actual borrowings in GBP and EUR fluctuate in USD between date of borrowing and when translated for consolidated reporting. The aggregate principal amount of the European Credit Facility may be increased by up to $10,000,000 to the extent requested by the company and agreed to by any Lender or Lenders that wish to increase their lending participation or, if not agreed to by any Lender, a new financial institution that agrees to join the European Credit Facility and that is approved by the Administrative Agent and the European Agent. Interest will accrue on outstanding indebtedness under the European Credit Facility at the LIBOR rate, plus a margin ranging from 2.50% to 3.00%, or for swing line loans, at the overnight LIBOR rate, plus a margin ranging from 2.50% to 3.00%, as selected by the company. The margin that will be adjusted quarterly based on utilization. Borrowings under the European Credit Facility are subject to commitment fees of 0.25% or 0.375% per year, depending on utilization. The European Credit Facility is secured by substantially all the personal property assets of the UK Borrower and its in-country subsidiaries, and all the receivables of the French Borrower and its in-country subsidiaries. The UK and French facilities (which comprise the European Credit Facility) are cross collateralized, and the US personal property assets previously pledged under the North America 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 North America 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 (i) 12.5% of the maximum amount that may be drawn under the European Credit Facility for five (5) consecutive business days, or (ii) 11.25% of the maximum amount that may be drawn under the European Credit Facility 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 $3,750,000 on any business day or $3,375,000 for five 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 North America 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. As of December 31, 2021, the company had borrowings of $7,366,000 (€6,500,000) under its French Credit Facility and $5,986,000 (£4,500,000) under its UK Credit Facility as of December 31, 2020, together referred to as the European Credit Facility. The company had outstanding borrowings of $7,636,000 (€6,400,000) under its French Credit Facility and $3,866,000 (£2,900,000) under its UK Credit Facility as of December 31, 2020. In January 2021, the Credit Agreement was amended to provide for, among other things, the addition of the company's Netherlands subsidiary as a guarantor under the European revolving credit facility, amendments to the restrictive covenants in the Credit Agreement to (1) increase the maximum amount of permitted miscellaneous indebtedness to $30,000,000 from $10,000,000 and (2) permit up to $9,000,000 of financing based on certain European public and government receivables, and terms that, upon the occurrence of certain events related to a transition from the use of LIBOR, permit the agent for the lenders to amend the Credit Agreement to replace the LIBOR rate and/or the Euro rate with a benchmark replacement rate. In March 2021, the Credit Agreement was further amended to permit the issuance of the 2026 Notes and the capped call transactions entered into by the company in connection with the issuance of the 2026 Notes, as further discussed in the sections below. On December 29, 2021, the Credit Agreement was further amended with the primary provisions to replace the references to the LIBOR rate or Euro rate to a term secured overnight finance rate (SOFR). Convertible senior notes due 2021 In the first quarter of 2016, the company issued $150,000,000 aggregate principal amount of 5.00% Convertible Senior Notes due 2021 (the “2021 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2021 Notes bear interest at a rate of 5.00% per year payable semi-annually in arrears on February 15 and August 15 of each year, beginning August 15, 2016. The 2021 Notes matured on February 15, 2021. At maturity, $1,250,000 principal amount of 2021 Notes were outstanding, which the company repaid in cash. 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"). 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 adjusted to reflect fair value each quarter. The fair value of the convertible note hedge assets at issuance was $27,975,000. 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 met the definition of a derivative, are indexed to the company's own stock and should be classified in shareholder's equity. The amount paid for the warrants and capitalized in shareholder's equity was $12,376,000. The net proceeds from the offering of the 2021 Notes were approximately $144,034,000, after deducting fees and offering expenses of $5,966,000, which were paid in 2016. These debt issuance costs were capitalized and were amortized as interest expense through February 2021. Debt issuance costs are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. During the third quarter of 2019, the company used an aggregate of $14,708,000 in cash to repurchase a total amount of $16,000,000 in principal amount of 2021 Notes. After recognizing expenses on unamortized fees and discounts associated with the repurchased 2021 Notes, the repurchases resulted in a net reduction of debt of $14,367,000 and a net loss on the repurchases of $280,000. During the fourth quarter of 2019, the company entered into separate privately negotiated agreements with certain holders of its 2021 Notes to exchange $72,909,000 in aggregate principal amount of 2021 Notes for aggregate consideration of $72,909,000 in aggregate principal amount of new 5.00% Convertible Senior Exchange Notes due 2024 (the “Series I 2024 Notes”) of the company and $6,928,000 in cash. Refer to "Convertible senior notes Series I due 2024" below for more information. As a result of the exchange transaction in the fourth quarter of 2019 and the repurchase of $16,000,000 in principal amount of 2021 Notes in the third quarter of 2019, a partial unwind of the note hedge options and warrants entered into with the issuance of the 2021 Notes also occurred during the fourth quarter of 2019. Note hedge options outstanding related to the 2021 Notes were reduced from the original number of 300,000 to 138,182 and warrants relating to the 2021 Notes were reduced from the initial number of 9,007,380 to 3,860,624. The partial unwind of the note hedge options and warrants resulted in no net impact to cash or paid in capital. During the second quarter of 2020, the company entered into separate, privately negotiated agreements with certain holders of its 2021 Notes and certain holders of its 2022 Notes to exchange $35,375,000 in aggregate principal amount of 2021 Notes and $38,500,000 in aggregate principal amount of 2022 Notes, for aggregate consideration of $73,875,000 in aggregate principal amount of new 5.00% Series II Convertible Senior Exchange Notes due 2024 (the “Series II 2024 Notes”) of the company and $5,593,000 in cash. During the third quarter of 2020, the company repurchased $24,466,000 aggregate principal amount of 2021 Notes, resulting in a $761,000 loss on debt extinguishment. As a result of the repurchase of 2021 Notes in the third quarter of 2020 and the exchange of 2021 Notes for new notes in the second quarter of 2020, a partial unwind of the note hedge options and warrants entered into with the issuance of the 2021 Notes also occurred. The partial unwind of the note hedge options and warrants resulted in no net impact to cash or paid-in-capital. Note hedge options outstanding relating to the 2021 Notes were reduced to 62,341 and subsequently expired on February 15, 2021. The warrants began to expire on May 15, 2021 and then partially expire on each trading day over the 220 trading day period following May 15, 2021. Warrants outstanding on December 31, 2021 were 856,920. If exercised, one Common Share is issuable upon exercise of each warrant, but may be adjusted to include additional Common Shares for each warrant under certain circumstances if the relevant share price exceeds the warrant strike price for the relevant measurement period at the time of exercise. Common Shares are reserved for issuance upon exercise of the remaining warrants relating to the 2021 Notes at two Common Shares per warrant. The liability components of the 2021 Notes consist of the following (in thousands): December 31, 2021 December 31, 2020 Principal amount of liability component $ — $ 1,250 Unamortized discount — (7) Debt fees — (1) Net carrying amount of liability component $ — $ 1,242 The unamortized discount was reduced to $0 upon adoption of ASU 2020-06, effective January 1, 2021. The effective interest rate on the liability component was 11.1% upon original issuance including consideration of the discount. Non-cash interest expense of $0 and $1,782,000 was recognized in 2021 and 2020, respectively. Interest expense of $8,000 and $1,632,000 was accrued for in 2021 and 2020, respectively, based on the stated coupon rate of 5.0%. 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. Prior to May 16, 2019, the 2022 Notes were convertible, subject to certain conditions, into cash only. On May 16, 2019, the company obtained shareholder approval under applicable New York Stock Exchange rules such that conversion of 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. At December 31, 2021, $2,650,000 aggregate principal amount of the 2022 Notes remained outstanding, following the exchange transactions completed in the second quarter of 2020 and the repurchase of debt completed in the first quarter of 2021, as further discussed below. Holders of the 2022 Notes may convert their 2022 Notes at their option at any time prior to the close of business on the business day immediately preceding December 1, 2021 only under the following circumstances: (1) during any fiscal quarter commencing after September 30, 2017 (and only during such fiscal quarter), if the last reported sale price of the company’s common shares for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price for the 2022 Notes on each applicable trading day; (2) during the five thousand U.S. dollar principal amount of 2022 Notes for each trading day of such measurement period was less than 98% of the product of the last reported sale price of the company’s Common Shares and the applicable conversion rate for the 2022 Notes on each such trading day; or (3) upon the occurrence of specified corporate events described in the Indenture. On or after December 1, 2021 until the close of business on the second scheduled trading day immediately preceding the maturity of the 2022 Notes, holders may convert their 2022 Notes, at the option of the holder, regardless of the foregoing circumstances. 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). Until the company received shareholder approval on May 16, 2019 authorizing it to elect to settle future conversions of the 2022 Notes in common shares, the company separately accounted for the conversion features as a derivative. The derivative was capitalized on the balance sheet as a long-term liability with adjustment to reflect fair value each quarter until the change to the conversion features as a result of the shareholder approval received on May 16, 2019 resulted in the termination of the derivative. The fair value of the convertible debt conversion liability at issuance was $28,859,000. The company recognized a loss of $6,193,000 in 2019 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 were adjusted to reflect fair value each quarter. The fair value of the convertible note hedge assets at issuance was $24,780,000. 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 shares and should be classified in shareholder's equity. The amount paid for the warrants and capitalized in shareholder's equity was $14,100,000. There were 120,000 note hedge options relating to the 2022 Notes outstanding at December 31, 2021, but only 2,650 remained available for exercise. Note hedge options related to the 2022 Notes will expire June 1, 2022. Warrants relating to the 2022 Notes outstanding on December 31, 2021 were 7,393,141. If exercised, one common share is issued upon exercise of each warrant, but may be adjusted under certain circumstances if the relevant share price exceeds the warrant strike price for the relevant measurement period at the time of exercise. Common shares are reserved for issuance upon exercise of the remaining warrants relating to the 2022 Notes at two common shares per warrant. The warrants will begin to expire on September 1, 2022 and then partially expire on each trading day over the 220 trading day period following September 1, 2022. 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. 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. During the second quarter of 2020, the company entered into separate, privately negotiated agreements with certain holders of its 2021 Notes and certain holders of its 2022 Notes to exchange $35,375,000 in aggregate principal amount of 2021 Notes and $38,500,000 in aggregate principal amount of 2022 Notes, for aggregate consideration of $73,875,000 in aggregate principal amount of new Series II 2024 Notes and $5,593,000 in cash. During the first quarter of 2021, the company repurchased $78,850,000 in principal amount of 2022 Notes, resulting in a loss on debt extinguishment of $709,000. The liability components of the 2022 Notes consist of the following (in thousands): December 31, 2021 December 31, 2020 Principal amount of liability component $ 2,650 $ 81,500 Unamortized discount — (6,772) Debt fees (8) (859) Net carrying amount of liability component $ 2,642 $ 73,869 The unamortized discount was reduced to $0 upon adoption of ASU 2020-06, effective January 1, 2021. The effective interest rate on the liability component was 10.9% upon original issuance including consideration of the discount. Total interest expense subsequent to adoption of ASU 2020-06 includes coupon interest and amortization of debt fees. Non-cash interest expense of $0 and $4,894,000 was recognized in 2021 and 2020, respectively. Interest expense of $859,000 and $4,404,000 was accrued for the same periods, based on the stated coupon rate of 4.5%. The effective interest rate of the 2022 Notes as of December 31, 2021 was 5.4%. Convertible senior notes Series I due 2024 During the fourth quarter of 2019, the company entered into separate privately negotiated agreements with certain holders of its 2021 Notes to exchange $72,909,000 in aggregate principal amount of 2021 Notes for aggregate consideration of $72,909,000 in aggregate principal amount of new 5.00% Convertible Senior Exchange Notes due 2024 (the “Series I 2024 Notes”) of the company and $6,928,000 in cash. The notes bear interest at a rate of 5.00% per year payable semi-annually in arrears on May 15 and November 15 of each year, beginning May 15, 2020. The notes will mature on November 15, 2024, unless repurchased, redeemed or converted in accordance with their terms prior to such date. Prior to May 15, 2024, the Series I 2024 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. The Series I 2024 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. Prior to the maturity of the Series I 2024 Notes, the company may, at its election, redeem for cash all or part of the Series I 2024 Notes if the last reported sale price of the company’s common shares equals or exceeds 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the company provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Series I 2024 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date (subject to certain limited exceptions). No sinking fund is provided for the Series I 2024 Notes, which means the company is not required to redeem or retire the Series I 2024 Notes periodically. Holders of the Series I 2024 Notes may convert their Series I 2024 Notes at their option at any time prior to the close of business on the business day immediately prece |
Other Long-Term Obligations
Other Long-Term Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure | Other Long-Term Obligations Other long-term obligations as of December 31, 2021 and 2020 consist of the following (in thousands): 2021 2020 Deferred income taxes $ 21,664 $ 23,234 Product liability 11,342 12,304 Pension 7,814 9,088 Deferred compensation 6,174 5,318 Deferred gain on sale leaseback 5,174 5,502 Supplemental Executive Retirement Plan liability 5,106 5,368 Death benefit obligation plan 4,568 4,723 Uncertain tax obligation including interest 3,171 3,114 Other 1,783 1,823 Other Long-Term Obligations $ 66,796 $ 70,474 |
Leases and Commitments
Leases and Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases | Leases and Commitments The company reviews new contracts to determine if the contracts include a lease. To the extent a lease agreement includes an extension option that is reasonably certain to be exercised, the company has recognized those amounts as part of the right-of-use assets and lease liabilities. The company does not combine lease and certain non-lease components, such as common area maintenance, in the calculation of the lease assets and related liabilities. As most lease agreements do not provide an implicit rate, the company uses an incremental borrowing rate (IBR) based on information available at commencement date in determining the present value of lease payments and to help classify the lease as operating or financing. The company calculates its IBR based on the secured rates of the company's recent debt issuances, the credit rating of the company, changes in currencies, lease repayment timing as well as other publicly available data. 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 is required to pay taxes and normal expenses associated with operating the facilities and equipment. As of December 31, 2021, the company is committed under non-cancelable leases, which have initial or remaining terms in excess of one year and expire on various dates through 2040. 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 North America 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 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 finance 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 gains realized were $317,000 and $305,000 in 2021 and 2020, respectively. Lease expenses for the year ended December 31, 2021 and December 31, 2020, respectively, were as follows (in thousands): 2021 2020 Operating leases $ 7,394 $ 8,138 Variable and short-term leases 3,541 3,968 Total operating leases $ 10,935 $ 12,106 Finance lease interest cost $ 4,601 $ 2,544 Finance lease depreciation 4,996 3,479 Total finance leases $ 9,597 $ 6,023 Future minimum operating and finance lease commitments, as of December 31, 2021, are as follows (in thousands): Finance Operating Leases 2022 $ 7,030 $ 4,848 2023 6,943 2,887 2024 6,880 2,217 2025 6,765 1,798 2026 6,675 1,150 Thereafter 72,641 1,763 Total future minimum lease payments 106,934 14,663 Amounts representing interest (40,189) (2,212) Present value of minimum lease payments 66,745 12,451 Less: current maturities of lease obligations (3,009) (4,217) Long-term lease obligations $ 63,736 $ 8,234 Supplemental cash flow amounts for the year ended December 31, 2021 and December 31, 2020, respectively, were as follows (in thousands): Cash Activity: Cash paid in measurement of amounts for lease liabilities December 31, 2021 December 31, 2020 Operating leases $ 11,089 $ 12,527 Finance leases 8,166 5,316 Total $ 19,255 $ 17,843 Non-Cash Activity: Right-of-use assets obtained in exchange for lease obligations December 31, 2021 December 31, 2020 Operating leases $ 7,491 $ 6,155 Finance leases 6,572 40,078 Total $ 14,063 $ 46,233 Weighted-average remaining lease terms and discount rates for finance and operating leases are as follows as of December 31, 2021 and December 31, 2020, respectively,: December 31, 2021 December 31, 2020 Weighted-average remaining lease term - finance leases 15.8 years 17.0 years Weighted-average remaining lease term - operating leases 5.0 years 4.6 years Weighted-average discount rate - finance leases 6.43% 6.41% Weighted-average discount rate - operating leases 7.1% 7.82% |
Lessee, Finance Leases | Leases and Commitments The company reviews new contracts to determine if the contracts include a lease. To the extent a lease agreement includes an extension option that is reasonably certain to be exercised, the company has recognized those amounts as part of the right-of-use assets and lease liabilities. The company does not combine lease and certain non-lease components, such as common area maintenance, in the calculation of the lease assets and related liabilities. As most lease agreements do not provide an implicit rate, the company uses an incremental borrowing rate (IBR) based on information available at commencement date in determining the present value of lease payments and to help classify the lease as operating or financing. The company calculates its IBR based on the secured rates of the company's recent debt issuances, the credit rating of the company, changes in currencies, lease repayment timing as well as other publicly available data. 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 is required to pay taxes and normal expenses associated with operating the facilities and equipment. As of December 31, 2021, the company is committed under non-cancelable leases, which have initial or remaining terms in excess of one year and expire on various dates through 2040. 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 North America 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 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 finance 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 gains realized were $317,000 and $305,000 in 2021 and 2020, respectively. Lease expenses for the year ended December 31, 2021 and December 31, 2020, respectively, were as follows (in thousands): 2021 2020 Operating leases $ 7,394 $ 8,138 Variable and short-term leases 3,541 3,968 Total operating leases $ 10,935 $ 12,106 Finance lease interest cost $ 4,601 $ 2,544 Finance lease depreciation 4,996 3,479 Total finance leases $ 9,597 $ 6,023 Future minimum operating and finance lease commitments, as of December 31, 2021, are as follows (in thousands): Finance Operating Leases 2022 $ 7,030 $ 4,848 2023 6,943 2,887 2024 6,880 2,217 2025 6,765 1,798 2026 6,675 1,150 Thereafter 72,641 1,763 Total future minimum lease payments 106,934 14,663 Amounts representing interest (40,189) (2,212) Present value of minimum lease payments 66,745 12,451 Less: current maturities of lease obligations (3,009) (4,217) Long-term lease obligations $ 63,736 $ 8,234 Supplemental cash flow amounts for the year ended December 31, 2021 and December 31, 2020, respectively, were as follows (in thousands): Cash Activity: Cash paid in measurement of amounts for lease liabilities December 31, 2021 December 31, 2020 Operating leases $ 11,089 $ 12,527 Finance leases 8,166 5,316 Total $ 19,255 $ 17,843 Non-Cash Activity: Right-of-use assets obtained in exchange for lease obligations December 31, 2021 December 31, 2020 Operating leases $ 7,491 $ 6,155 Finance leases 6,572 40,078 Total $ 14,063 $ 46,233 Weighted-average remaining lease terms and discount rates for finance and operating leases are as follows as of December 31, 2021 and December 31, 2020, respectively,: December 31, 2021 December 31, 2020 Weighted-average remaining lease term - finance leases 15.8 years 17.0 years Weighted-average remaining lease term - operating leases 5.0 years 4.6 years Weighted-average discount rate - finance leases 6.43% 6.41% Weighted-average discount rate - operating leases 7.1% 7.82% |
Retirement and Benefit Plans
Retirement and Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
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 may make quarterly contributions to this Plan equal to a percentage 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 2021, 2020 and 2019 was $1,022,000, $1,214,000 and $1,765,000, 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 2021, 2020 and 2019, 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 $5,497,000 and $5,759,000 at December 31, 2021 and December 31, 2020, respectively, and the accumulated benefit obligation was $5,497,000 and $5,759,000 at December 31, 2021 and December 31, 2020, respectively. The projected benefit obligations for the SERP as well as the Death Benefit Only Plan discussed below were calculated using an assumed future salary increase of 3.25% at December 31, 2021 and 2020, respectively. The assumed discount rate, relevant for three participants unaffected by the plan conversion was 2.83% and 2.52% for 2021 and 2020, respectively, based upon the discount rate on high-quality fixed-income investments without adjustment. The retirement age was 67 for 2021 and 2020, respectively. The mortality assumptions used for 2021 and 2020 were based upon the Pri.A-2012 White Collar Fully Generational Mortality Table using Scale MP-2021 and the Pri.A-2012 White Collar Fully Generational Mortality Table using Scale MP-2020, respectively. Expense for the SERP in 2021, 2020 and 2019 was $129,000, $326,000 and $574,000, respectively. The expense was composed of interest expense in 2021, 2020 and 2019 of $4,000, $213,000 and $392,000, respectively, with the remaining non-interest expense related to service costs, prior service costs and other gains/losses. Benefit payments in 2021, 2020 and 2019 were $391,000, $391,000 and $391,000, 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. Expense for the plan in 2021, 2020 and 2019 was $30,000, $640,000, and $561,000, respectively. The 2021 amount included service and accrual adjustment income of $68,000 compared to 2020 and 2019 amounts which included service and accrual adjustment expense of $569,000, and $488,000, respectively, with the remaining activity in each year related to interest costs. There were no benefit payments in 2021, 2020 and 2019. 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 a defined benefit plan in Switzerland. The statutory pension plan is maintained with a private insurance company and, in accordance with Swiss law, the plan functions as a defined contribution plan 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 plan is treated as defined benefit plan. Income for 2021 for the European plan was $823,000 compared to 2020 and 2019 expense of $1,678,000 and $34,000, respectively. |
Revenues (Notes)
Revenues (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Disclosure | Revenue The company has two revenue streams: products and services. Services include repair, refurbishment, preventive maintenance and rental of products. Services for the North America (N.A.) segment include maintenance and repair of products. Services for the Europe segment include repair, refurbishment and preventive maintenance services. Services in All Other, are in the Asia Pacific region, and include rental and repair of products. The following tables disaggregate the company's revenues by major source and by reportable segment for the year ended December 31, 2021 and December 31, 2020 (in thousands): 2021 Products Service Total Europe $ 486,190 $ 12,928 $ 499,118 N.A. 340,269 711 340,980 All Other 27,221 5,138 32,359 Total $ 853,680 $ 18,777 $ 872,457 % Split 98% 2% 100% 2020 Products Service Total Europe $ 455,638 $ 12,403 $ 468,041 N.A. 347,476 831 348,307 All Other 29,755 4,586 34,341 Total $ 832,869 $ 17,820 $ 850,689 % 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 products. While the company has a significant amount of contract types, the sales split by contract type is estimated as follows: general terms and conditions (30%), large national customers (23%), governments, principally pursuant to tender contracts (22%) and other customers including buying groups and independent customers (25%). All product revenues 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. 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. Revenue is measured as the amount of consideration probable of not having a significant reversal of cumulative revenue recognized when related uncertainties are resolved. 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 products 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 (refer to “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, 2021 and December 31, 2020, the company had deferred revenue of $4,156,000 and $3,516,000, respectively, related to outstanding performance obligations. |
Equity Compensation
Equity Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Compensation | Equity Compensation The company's Common Shares have a $0.25 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 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. As of December 31, 2021, 3,667 Class B Common Shares remained outstanding. Prior conversions of Class B Common Shares have virtually eliminated the company's dual class voting structure. As of December 31, 2021, the holders of the Common Shares represented 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, 2021, 3,475,496 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. The Common Shares available for further issuance under the 2018 Plan as of December 31, 2021 includes an additional 2,500,000 Common Shares that were added pursuant to an amendment approved by shareholders at the company’s 2021 annual shareholders meeting on May 20, 2021. 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 213,000 treasury shares for $1,754,000 in 2021, 231,000 shares for $1,707,000 in 2020 and 112,000 shares for $894,000 in 2019. The amounts of equity-based compensation expense recognized as part of SG&A expenses in All Other in business segment reporting were as follows (in thousands): 2021 2020 2019 Non-qualified and performance stock options $ — $ — $ 1,939 Restricted stock / units 5,450 5,332 4,772 Performance shares / units (1,127) 3,313 4,399 Total stock-based compensation expense $ 4,323 $ 8,645 $ 11,110 As of December 31, 2021, unrecognized compensation expense related to equity-based compensation arrangements granted under the company's 2018 Plan and previous plans, which is related to non-vested options and shares, was as follows (in thousands): 2021 2020 2019 Restricted stock and restricted stock units 6,866 7,489 8,453 Performance shares and performance share units 1,746 7,260 8,269 Total unrecognized stock-based compensation expense $ 8,612 $ 14,749 $ 16,722 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 (refer to "Stock Options" and "Performance Shares and Performance Share Units" below). No tax benefits for stock compensation were realized during 2021, 2020 and 2019 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 became exercisable based upon achievement of the performance goals established by the Compensation Committee as achieved over a 3-year period ending in 2019 which were subject to the Compensation Committee's exercise of negative discretion to reduce the number of options vested based on the progress towards other initiatives. The following table summarizes information about stock option activity for the three years ended 2021, 2020 and 2019: 2021 Weighted 2020 Weighted 2019 Weighted Options outstanding at January 1 1,081,804 $ 16.07 1,441,202 $ 18.26 1,885,262 $ 18.78 Forfeited (331,645) 23.71 (359,398) 24.84 (444,060) 20.49 Options outstanding at December 31 750,159 $ 12.69 1,081,804 $ 16.07 1,441,202 $ 18.26 Options exercise price range at December 31 $ 12.15 $ 12.15 $ 12.15 to to to $ 17.47 $ 33.36 $ 33.36 Options exercisable at December 31 750,159 1,081,804 910,267 Shares available for grant at December 31* 3,475,496 3,540,534 3,851,945 ________________________ * Shares available for grant under the 2018 Plan as of December 31, 2021 reduced by net restricted stock and restricted stock unit and performance share and performance share unit award activity of 1,816,618 shares and 2,671,108 shares, respectively. At December 31, 2021, an aggregate of 802,637 Common Shares underlie awards which were forfeited or expired unexercised under the 2003 and 2013 Plans and thus are available for future issuance under the 2018 Plan. The following table summarizes information about stock options outstanding at December 31, 2021: Options Outstanding Options Exercisable Exercise Prices Number Weighted Average Weighted Average Number Weighted Average $12.15 – $20.00 750,159 4.0 $ 12.69 750,159 $ 12.69 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 2021, 2020 or 2019. Restricted Stock and Restricted Stock Units The following table summarizes information about restricted stock and restricted stock units (primarily for non-U.S. recipients): 2021 Weighted Average Fair Value 2020 Weighted Average Fair Value 2019 Weighted Average Fair Value Stock / Units unvested at January 1 1,145,058 $ 8.62 965,085 $ 11.32 637,663 $ 15.04 Granted 652,743 8.42 764,012 7.11 828,484 9.86 Vested (558,424) 9.33 (475,113) 11.39 (309,150) 14.26 Forfeited (78,530) 8.44 (108,926) 9.90 (191,912) 12.60 Stock / Units unvested at December 31 1,160,847 $ 8.17 1,145,058 $ 8.62 965,085 $ 11.32 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): 2021 Weighted Average Fair Value 2020 Weighted Average Fair Value 2019 Weighted Average Fair Value Shares / Units unvested at January 1 1,026,785 $ 8.55 753,272 $ 11.82 448,294 $ 14.39 Granted 471,819 8.49 523,329 7.82 576,737 9.93 Vested — — (183,840) 17.48 (255,259) 12.02 Forfeited (526,316) 9.25 (65,976) 9.48 (16,500) 11.99 Shares / Units unvested at December 31 972,288 $ 7.76 1,026,785 $ 8.55 753,272 $ 11.82 During 2021, 2020 and 2019, the performance shares and performance share units (for non-U.S. recipients) were granted as performance awards with a three based on achievement of performance criteria for January 1, 2019 through December 31 2021, January 1, 2020 through December 31 2022 and January 1, 2021 through December 31, 2023 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 grant fair value is further updated each reporting period while variable accounting applies. 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 recognize the cumulative estimated achievement level of proportionate term of the award. Performance award compensation expense is generally expected to be recognized over three years. The company continues to recognize expense (benefit) related to the awards granted in 2019, 2020 and 2021 based on probability of performance goals for those awards being met. In the fourth quarter of 2020 the Compensation Committee considered the adverse impacts of the pandemic and approved the modification of the performance shares and performance share unit awards for the 2019-2021 performance period (the "modification"). Due to the adverse impacts of the pandemic, the previous performance targets which were established prior to the pandemic were deemed to be no longer reasonable or achievable, and accordingly, the vesting of the performance awards were no longer probable. The modification aligned updated performance targets such that vesting of at least a portion of the awards became probable. The modification of the performance awards for the 2019-2021 performance period impacted seven grantees. Incremental stock compensation expense resulting from the modification was $605,000 in the fourth quarter of 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) by Component | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) by Component | Accumulated Other Comprehensive Income (Loss) by Component Changes in accumulated other comprehensive income (loss) ("OCI") during the year ended December 31, 2021 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2020 $ 50,329 $ (517) $ (3,674) $ (702) $ 45,436 OCI before reclassifications (31,368) 2,644 (457) (557) (29,738) Amount reclassified from accumulated OCI — — 30 1,260 1,290 Net current-period OCI (31,368) 2,644 (427) 703 (28,448) December 31, 2021 $ 18,961 $ 2,127 $ (4,101) $ 1 $ 16,988 Changes in OCI during the year ended December 31, 2020 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2019 $ 8,898 $ (2,491) $ (3,299) $ 20 $ 3,128 OCI before reclassifications 41,431 1,974 (1,015) (2,129) 40,261 Amount reclassified from accumulated OCI — — 640 1,407 2,047 Net current-period OCI 41,431 1,974 (375) (722) 42,308 December 31, 2020 $ 50,329 $ (517) $ (3,674) $ (702) $ 45,436 Reclassifications out of accumulated OCI for the year ended December 31, 2021 and December 31, 2020 were as follows (in thousands): Amount reclassified from OCI Affected line item in the Statement of Comprehensive (Income) Loss 2021 2020 Defined Benefit Plans: Service and interest costs $ 30 $ 640 Selling, general and administrative Tax — — Income taxes Total after tax $ 30 $ 640 Derivatives: Foreign currency forward contracts hedging sales $ 1,058 $ (1,359) Net sales Foreign currency forward contracts hedging purchases 428 2,826 Cost of products sold Total loss (income) before tax 1,486 1,467 Tax (226) (60) Income taxes Total after tax $ 1,260 $ 1,407 |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Capital stock activity for 2021, 2020 and 2019 consisted of the following (in thousands of shares): Common Stock Class B Treasury January 1, 2019 Balance 37,010 6 (3,841) Restricted stock awards 599 — (112) December 31, 2019 Balance 37,609 6 (3,953) Conversion of Class B to Common 2 (2) — Restricted and performance stock awards 1,002 — (231) December 31, 2020 Balance 38,613 4 (4,184) Restricted and performance stock awards 803 — (213) December 31, 2021 Balance 39,416 4 (4,397) Stock awards for 78,530, 108,926 and 191,912 shares were forfeited in 2021, 2020 and 2019, respectively. In 2020, dividends of $0.0125 per Common Share were declared and paid as the Board of Directors suspended the quarterly dividend May 2020. The Board of Directors suspended further dividends on the Class B Common Shares in 2018. |
Charges Related To Restructurin
Charges Related To Restructuring Activities | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Charges Related To Restructuring Activities | Charges Related to Restructuring Activities The company's restructuring charges were originally necessitated primarily by continued declines in Medicare and Medicaid reimbursement by the U.S. government, as well as similar healthcare reimbursement pressures abroad, which negatively affected 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 each of the segments. Restructuring actions have continued into 2021. Charges for the year ended December 31, 2021 totaled $2,534,000 which were related to North America ($964,000) and Europe ($1,560,000) and All Other ($10,000). The North America and All Other costs were for severance costs. The European charges were incurred related to severance ($886,000) and contract terminations of ($674,000) related to the closure of a German manufacturing facility. The 2021 ending balances are expected to be paid out within 24 months. Charges for the year ended December 31, 2020 totaled $7,358,000 which were related to North America ($1,306,000), Europe ($5,934,000) and All Other ($118,000). The North America and All Other costs were for severance costs. The European charges were incurred related to severance ($5,588,000) and contract terminations of ($346,000) related to the closure of a German manufacturing facility. Charges for the year ended December 31, 2019 totaled $11,829,000 which were related to North America ($1,617,000), Europe ($9,579,000) and All Other ($633,000). In North America, costs were incurred related to severance ($1,573,000) and lease termination costs ($44,000). The European charges were incurred related to severance ($9,356,000) and lease termination costs ($223,000) primarily related to the closure of a German Manufacturing facility. All Other charges were related to severance. There have been no material changes in accrued balances related to the charges, either as a result of revisions to the plans or changes in estimates. In addition, the savings anticipated as a result of the company's restructuring plans have been or are expected to be achieved, primarily resulting in reduced salary and benefit costs principally impacting selling, general and administrative expenses, and to a lesser extent, costs of products sold. To date, the company's liquidity has been sufficient to absorb these charges and payments. A progression by reporting segment of the accruals recorded as a result of the restructuring is as follows (in thousands): Severance Contract Terminations Total January 1, 2019 Balance North America $ 656 $ 25 $ 681 Europe 181 — 181 All Other 820 — 820 Total 1,657 25 1,682 Charges North America 1,573 44 1,617 Europe 9,356 223 9,579 All Other 633 — 633 Total 11,562 267 11,829 Payments North America (2,018) (69) (2,087) Europe (3,131) (219) (3,350) All Other (1,047) — (1,047) Total (6,196) (288) (6,484) Severance Contract Terminations Total December 31, 2019 Balance North America 211 — 211 Europe 6,406 4 6,410 All Other 406 — 406 Total 7,023 4 7,027 Charges North America 1,306 0 1,306 Europe 5,588 346 5,934 All Other 118 0 118 Total 7,012 346 7,358 Payments North America (1,338) — (1,338) Europe (6,090) (346) (6,436) All Other (358) — (358) Total (7,786) (346) (8,132) December 31, 2020 Balance North America 179 — 179 Europe 5,904 4 5,908 All Other 166 — 166 Total 6,249 4 6,253 Charges North America 964 — 964 Europe 886 674 1,560 All Other 10 — 10 Total 1,860 674 2,534 Payments North America (661) — (661) Europe (6,790) (678) (7,468) All Other (176) — (176) Total (7,627) (678) (8,305) December 31, 2021 Balance North America 482 — 482 Europe — — — All Other — — — Total $ 482 $ — $ 482 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Earnings (loss) before income taxes consist of the following (in thousands): 2021 2020 2019 Domestic $ (53,916) $ (42,213) $ (66,135) Foreign 14,798 17,774 22,110 $ (39,118) $ (24,439) $ (44,025) The company has provided for income taxes (benefits) as follows (in thousands): 2021 2020 2019 Current: Federal $ 85 $ 45 $ 152 State (12) (180) (90) Foreign 6,596 6,168 10,070 6,669 6,033 10,132 Deferred: Federal (662) (26) (148) State — — — Foreign 438 (2,166) (682) (224) (2,192) (830) Income Taxes $ 6,445 $ 3,841 $ 9,302 Included in the 2019 federal deferred taxes is a benefit of $148,000 which resulted from the effect 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 2021 deferred federal benefit results from the goodwill impairment the company recorded, a reversal of deferred taxes related to the tax-deductible goodwill previously deducted by the company, resulting in the company recognizing a tax benefit of $662,000. The company has historically considered the undistributed earnings of the company's foreign subsidiaries to be indefinitely reinvested, and, accordingly, no taxes have been provided on such earnings (other than earnings from the company's Chinese subsidiary which was sold in March 2020 as part of the sale of the Dynamic business). The company reversed withholding taxes in the amount of $988,000 which were previously provided as a result of the company position that the earnings from the Chinese subsidiary were not permanently reinvested. The sale of the business occurred without dividends paid from this subsidiary. The company continues to evaluate its plans for reinvestment or repatriation of unremitted foreign. 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 $28,683,000 are considered indefinitely reinvested. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested profits is not practicable. The company regularly reviews its cash positions and its determination of permanent reinvestment of foreign earnings. If the company determines all or a portion of such foreign earnings are no longer indefinitely reinvested, the company 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: 2021 2020 2019 Statutory federal income tax rate (benefit) (21.0) % (21.0) % (21.0) % State and local income taxes, net of federal income tax benefit — (0.6) (0.2) Non-taxable disposition of subsidiaries — (11.2) — Expiring foreign tax credits 1.7 16.5 40.2 Foreign taxes at other than the federal statutory rate 3.9 8.8 5.1 Federal and foreign valuation allowances 20.4 (4.3) (20.4) Withholding taxes 0.1 0.1 0.1 Unremitted earnings — (4.0) 0.1 Debt repurchase — 3.2 1.7 Foreign branch activity 4.0 19.3 12.4 Uncertain tax positions 0.6 2.9 1.4 Nontaxable loan forgiveness (5.4) — — Foreign goodwill write-off 9.0 — — Other, net 3.2 6.0 1.7 Effective federal income tax rate 16.5 % 15.7 % 21.1 % At December 31, 2021, total deferred tax assets were $200,042,000, total deferred tax liabilities were $43,936,000 and the tax valuation allowances total was $176,230,000 for a net deferred income tax liability of $20,124,000 compared to total deferred tax assets of $179,985,000, total deferred tax liabilities of $37,873,000 and a tax valuation allowances total of $163,298,000 for a net deferred income tax liability of $21,186,000 at December 31, 2020. 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, 2021 and 2020 are as follows (in thousands): 2021 2020 Bad debt $ 387 $ 417 Warranty 1,426 1,280 Other accrued expenses and reserves 484 1,709 Inventory 3,624 3,797 Goodwill and intangibles (19,910) (24,291) Convertible debt 5,193 2,623 Fixed assets (24,026) (13,582) Compensation and benefits 4,271 6,349 Loss and credit carryforwards 127,397 118,290 Product liability 1,596 1,797 State and local taxes 34,794 32,835 Valuation allowances (176,230) (163,298) Lease liability 19,649 9,258 Other, net 1,221 1,630 Net Deferred Income Taxes $ (20,124) $ (21,186) The company made net payments for income taxes of $6,877,000, $4,377,000, and $12,463,000 during the years ended December 31, 2021, 2020 and 2019, respectively. The company has a federal domestic net operating loss carryforward of $406,252,000 of which $276,625,000 expires between 2034 and 2037 and the remaining are non-expiring; domestic interest carryforward of $94,845,000 which is non-expiring and federal tax credit carryforwards of $11,302,000 of which $222,000 expires in 2022 and $9,070,000 expire between 2023 and 2027, $2,010,000 expire beginning 2031. At December 31, 2021, the company also had $660,471,000 of domestic state and local tax loss carryforwards, of which $128,493,000 expire between 2022 and 2025, $330,343,000 expire between 2026 and 2035 and $166,667,000 expire after 2036 and $34,968,000 have an unlimited carryforward. At December 31, 2021, the company had foreign tax loss carryforwards of approximately $51,996,000 of which $22,839,000 expire between 2023 and 2028 the remaining are non-expiring all of which are offset by valuation allowances. As of December 31, 2021 and 2020, the company had a liability for uncertain tax positions, excluding interest and penalties of $2,646,000 and $2,604,000, respectively. The total liabilities associated with unrecognized tax benefits that, if recognized, would impact the effective tax rates were $2,646,000 and $2,604,000 at December 31, 2021 and 2020, respectively. A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands): 2021 2020 Balance at beginning of year $ 3,262 $ 2,872 Additions to: Positions taken during the current year 238 782 Positions taken during a prior year 3 3 Exchange rate impact — 52 Deductions due to: Exchange rate impact (66) — Positions taken during a prior year (76) (167) Lapse of statute of limitations (212) (280) Balance at end of year $ 3,149 $ 3,262 The company recognizes interest and penalties associated with uncertain tax positions in income tax expense. During 2021, 2020 and 2019 the expense (benefit) for interest and penalties was $15,000, $(20,000) and $13,000, respectively. The company had approximately $525,000 and $510,000 of accrued interest and penalties as of December 31, 2021 and 2020, 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 2018 to 2021 with limited exceptions, and is subject to various U.S. state income tax examinations for 2017 to 2021. With regards to foreign income tax jurisdictions, the company is generally subject to examinations for the periods 2015 to 2021. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
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 for the periods indicated. 2021 2020 2019 (In thousands, except per share data) Basic Average common shares outstanding 34,875 34,266 33,594 Net loss $ (45,563) $ (28,280) $ (53,327) Net loss per common share $ (1.31) $ (0.83) $ (1.59) Diluted Average common shares outstanding 34,875 34,266 33,594 Stock options and awards 399 109 48 Average common shares assuming dilution 35,274 34,375 33,642 Net loss $ (45,563) $ (28,280) $ (53,327) Net loss per common share * $ (1.31) $ (0.83) $ (1.59) * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic for the periods in which there was a net loss. At December 31, 2021, 2020 and 2019, incremental shares associated with equity compensation plans of 1,414,155, 2,275,832 and 3,626,828, respectively, were excluded from the average common shares assuming dilution, as they were anti-dilutive. At December 31, 2021, the majority of the anti-dilutive shares were granted at an exercise price of $12.15, which was higher than the average fair market value price of $7.13 for 2021. In 2020, the majority of the anti-dilutive shares were granted at an exercise price of $12.15, which was higher than the average fair market value price of $7.42 for 2020. In 2019, 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 $6.93 for 2019. For 2021, 2020 and 2019 the diluted net loss per share calculation, all the shares associated with stock options were anti-dilutive because of the company's loss. |
Concentration Of Credit Risk
Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2021 | |
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 $1,121,000 at December 31, 2021 to DLL for events of default under the contracts, which total $6,826,000 at December 31, 2021. 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 an immaterial liability for this guarantee obligation within other long-term obligations. The company's recourse is reevaluated 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 or also direct from governmental entities in certain countries. A significant portion of products sold to dealers, both foreign and domestic, is ultimately funded through government reimbursement programs such as Medicare and Medicaid. Changes in these programs can have 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 19.7% of 2021 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 5.7% of the company's 2021 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, 2021 | |
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. 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. All of the company's derivative instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the fair value of the hedged item, if any, is recognized in current earnings during the period of change. To protect against increases/decreases in forecasted foreign currency cash flows resulting from inventory purchases/sales over the next year, the company utilizes foreign currency forward contracts to hedge portions of its forecasted purchases/sales denominated in foreign currencies. The gains and losses are included in cost of products sold and selling, general and administrative expenses on the consolidated statement of comprehensive income (loss). If it is later determined that a hedged forecasted transaction is unlikely to occur, any prospective gains or losses on the forward contracts would be recognized in earnings. The company does not expect any material amount of hedge ineffectiveness related to forward contract cash flow hedges during the next twelve months. The company has historically not recognized any material amount of ineffectiveness related to forward contract cash flow hedges because the company generally limits its hedges to between 50% and 90% of total forecasted transactions for a given entity's exposure to currency rate changes and the transactions hedged are recurring in nature. Furthermore, most of the hedged transactions are related to intercompany sales and purchases for which settlement occurs on a specific day each month. Forward contracts with a total notional amount in USD of $122,624,000 and $210,029,000 matured during the twelve months ended December 31, 2021 and 2020, respectively. Outstanding foreign currency forward exchange contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): December 31, 2021 December 31, 2020 Notional Unrealized Notional Unrealized USD / CHF — — 1,675 (11) USD / EUR — — 56,187 (636) USD / GBP — — 2,467 (19) USD / SEK — — 2,658 (41) USD / MXN 23 1 2,230 334 EUR / CHF — — 5,037 10 EUR / GBP — — 19,060 44 EUR / NOK — — 4,167 (64) EUR / SEK — — 10,162 (73) AUD / NZD — — 781 (13) DKK / SEK — — 3,329 9 NOK / SEK — — 3,431 (50) AUD / THB — — 4,963 (221) NZD / THB — — 1,755 (55) USD / THB — — 4,152 (56) EUR / THB — — 1,332 18 GBP / THB — — 842 10 $ 23 $ 1 $ 124,228 $ (814) 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 2021 or 2020 related to these contracts and the associated short-term intercompany trading receivables and payables. Foreign currency forward exchange contracts not qualifying or designated for hedge accounting treatment, as well as ineffective hedges, entered into in 2021 and 2020, respectively, and outstanding were as follows (in thousands USD): December 31, 2021 December 31, 2020 Notional Gain Notional Gain USD / AUD $ 3,792 $ (57) $ 6,046 $ (159) USD / CAD 14,556 (24) 8,320 $ 88 USD / EUR 70,454 (1,104) — — USD / DKK 10,850 (257) 8,690 207 USD / GBP 4,028 32 16,062 338 AUD / NZD 7,366 (17) 6,579 (35) USD / NOK 2,352 (81) 9,053 264 USD / SEK 2,344 (131) — — USD / THB 4,500 86 — — $ 120,242 $ (1,553) $ 54,750 $ 703 The fair values of the company's derivative instruments were as follows (in thousands): December 31, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts $ 1 $ — $ 424 $ 1,238 Derivatives not designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts 385 1,938 897 194 Total derivatives $ 386 $ 1,938 $ 1,321 $ 1,432 The fair values of the company's foreign currency forward exchange contract assets and liabilities are included in Other Current Assets and Accrued Expenses, respectively in the Consolidated Balance Sheets. The effect of derivative instruments on Accumulated Other Comprehensive Income (OCI) and the Consolidated Statements of Comprehensive Income (Loss) was as follows (in thousands): Derivatives (foreign currency forward exchange contracts) in ASC 815 cash flow hedge relationships Amount of Gain Amount of Gain (Loss) Amount of Gain (Loss) Year ended December 31, 2021 $ (557) $ (1,260) $ — Year ended December 31, 2020 $ (2,129) $ (1,407) $ — Derivatives (foreign currency forward exchange contracts) not designated as hedging instruments under ASC 815 Amount of Gain (Loss) Year ended December 31, 2021 $ (1,553) Year ended December 31, 2020 $ 703 The gains or losses recognized as the result of the settlement of cash flow hedge foreign currency forward contracts are recognized in net sales for hedges of inventory sales and in cost of products sold for hedges of inventory purchases. In 2021, net sales were decreased by $1,058,000 and cost of products sold was increased by $428,000 for a net pre-tax realized loss of $1,486,000. In 2020, net sales were increased by $1,359,000 and cost of products sold was increased by $2,826,000 for a net pre-tax realized loss of $1,467,000. In 2019, net sales were increased by $52,000 and cost of products sold was decreased by $2,673,000 for a net realized pre-tax gain of $2,725,000. A loss of $1,553,000 in 2021, a gain of $703,000 in 2020 and a loss of $78,000 in 2019 were recognized in selling, general and administrative (SG&A) expenses related to forward contracts not designated as hedging instruments. The forward contracts 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. The right of set off 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
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 Significant Significant Level I Level II Level III December 31, 2021 Forward exchange contracts—net — $ (1,552) — December 31, 2020 Forward exchange contracts—net — $ (111) — The carrying and fair values of the company's financial instruments at December 31, 2021 and 2020 are as follows (in thousands): 2021 2020 Carrying Fair Value Carrying Fair Value Cash and cash equivalents $ 83,745 $ 83,745 $ 105,298 $ 105,298 Forward contracts in Other Current Assets 386 386 1,321 1,321 Forward contracts in Accrued Expenses (1,938) (1,938) (1,432) (1,432) Total debt (including current maturities of long-term debt) * (308,129) (259,472) (245,053) (237,948) 2021 Notes — — (1,242) (1,264) 2022 Notes (2,642) (2,632) (73,869) (70,633) Series I 2024 Notes (72,140) (64,897) (62,984) (60,035) Series II 2024 Notes (78,251) (74,165) (64,919) (64,090) 2026 Notes (119,036) (81,718) — — Other (36,060) (36,060) (42,039) (41,926) ________ * The company's total debt is shown net of discount and fees associated with the convertible senior notes due 2021, 2022, 2024 and 2026 on the company's consolidated balance sheet. Accordingly, the fair values of the convertible senior notes due 2021, 2022, 2024 and 2026 are included in the long-term debt presented in this table are also shown net of the discount and fees. Discount balances applicable to the company's convertible senior notes were eliminated upon adoption of ASU 2020-06 on January 1, 2021, but are included in the balances above for the period prior to adoption. Total debt amounts exclude operating and finance lease obligations. The company, in estimating its fair value disclosures for financial instruments, used the following methods and assumptions: Cash, cash equivalents: The carrying value reported in the balance sheet for cash, cash equivalents equals its fair value. The fair values are deemed to be categorized as Level 1. 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, DKK, EUR, GBP, MXN, NOK, NZD, SEK, THB 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 fair values are deemed to be categorized as Level 2. The company's forward contracts are included in Other Current Assets or Accrued Expenses in the consolidated balance sheets. Total debt: Fair value for the company's convertible debt is based on quoted market-based estimates as of the end of the period, while the revolving credit facility fair value is based upon an estimate of the market for similar borrowing arrangements. The fair values are deemed to be categorized as Level 2 in the fair value hierarchy. Other total debt is primarily attributable to credit facilities borrowings where the carrying value reported in the balance approximates its fair value and the CARES Act Loan which utilizes the fair value factor of the 2022 notes to approximate fair value. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The company operates in two primary business segments: North America and Europe with each selling the company's primary product categories, which include: lifestyle, mobility and seating and respiratory therapy products. Sales in Asia Pacific are reported in All Other and include products similar to those sold in North America and Europe. 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 income or loss measure being segment operating income (loss). Segment operating income (loss) represents net sales less cost of products sold less selling general and administrative expenses. Segment operating income (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 income (loss) further excludes charges related to restructuring activities, asset impairment and gain on sale of business (as applicable). This performance measure, segment operating income (loss), is used by the Chief Operating Decision Maker (CODM) for purposes of making decisions about allocating resources to a segment and assessing its performance. In addition, this metric is reviewed by the company's Board of Directors regarding segment performance and is a key metric in the performance management assessment of the company's employees. The information by segment is as follows (in thousands): 2021 2020 2019 Revenues from external customers Europe (1) $ 499,118 $ 468,041 $ 533,048 North America (2) 340,980 348,307 348,201 All Other (Asia Pacific) 32,359 34,341 46,715 Consolidated $ 872,457 $ 850,689 $ 927,964 Intersegment revenues Europe $ 21,864 $ 17,384 $ 14,185 North America 56,681 80,748 80,727 All Other (Asia Pacific) — 2,528 13,033 Consolidated $ 78,545 $ 100,660 $ 107,945 Restructuring charges before income taxes Europe $ 1,560 $ 5,934 $ 9,579 North America 964 1,306 1,617 All Other 10 118 633 Consolidated $ 2,534 $ 7,358 $ 11,829 Depreciation and amortization Europe $ 8,557 $ 7,615 $ 7,851 North America 7,623 6,013 6,429 All Other (3) 641 689 1,283 Consolidated $ 16,821 $ 14,317 $ 15,563 Net interest expense Europe $ 2,790 $ 1,884 $ 368 North America 21,764 26,510 28,070 All Other (248) 12 209 Consolidated $ 24,306 $ 28,406 $ 28,647 Operating income (loss) Europe $ 33,769 $ 22,682 $ 36,174 2021 2020 2019 North America (1,928) 9,449 (7,592) All Other (3) (24,977) (23,236) (26,576) Charges related to restructuring activities (2,534) (7,358) (11,829) Gain on sale of business — 9,790 — Impairment of goodwill (28,564) — — Asset write-off — — (587) Consolidated operating income (loss) (24,234) 11,327 (10,410) Net gain on convertible derivatives — — 1,197 Loss on debt extinguishment including debt finance charges and fees 9,422 (7,360) (6,165) Net interest expense (24,306) (28,406) (28,647) Loss before income taxes $ (39,118) $ (24,439) $ (44,025) Assets Europe $ 675,051 $ 705,314 $ 602,471 North America 205,998 207,347 212,733 All Other 28,482 33,320 36,922 Consolidated $ 909,531 $ 945,981 $ 852,126 Long-lived assets Europe (4) $ 450,026 $ 472,599 $ 408,847 North America (5) 68,240 92,195 79,369 All Other 5,877 6,721 8,033 Consolidated $ 524,143 $ 571,515 $ 496,249 Expenditures for assets Europe $ 2,419 $ 5,221 $ 6,041 North America (6) 14,055 16,473 3,679 All Other 1,224 610 1,154 Consolidated $ 17,698 $ 22,304 $ 10,874 ________________________ (1) Europe's commissionaire structure reflects the majority of revenues to external customers through Switzerland. (2) Revenues from external customers for the United States were $312,805,000, $316,687,000 and $314,512,000 for 2021, 2020 and 2019, respectively. (3) Consists of unallocated corporate SG&A costs and intercompany profits, which do not meet the quantitative criteria for determining reportable segments. (4) Property and Equipment net book value within France were $7,342,000, $8,452,000 and $8,798,000 and Germany were $4,119,000, $5,904,000 and $8,271,000 at the end of 2021, 2020 and 2019, respectively. (5) Property and Equipment net book value within the United States were $38,411,000, $27,882,000 and $15,327,000 at the end of 2021, 2020 and 2019, respectively. (6) 2021 and 2020 expenditures for assets primarily driven by the company's ERP project. Net sales by product, are as follows (in thousands): 2021 2020 2019 Europe Lifestyle $ 248,325 $ 222,668 $ 245,987 Mobility and Seating 214,398 200,687 249,144 Respiratory Therapy 19,348 24,786 19,258 Other (1) 17,047 19,900 18,659 $ 499,118 $ 468,041 $ 533,048 North America Lifestyle $ 148,369 $ 165,267 $ 173,039 Mobility and Seating 110,998 109,923 121,955 Respiratory Therapy 80,903 72,285 51,649 Other (1) 710 832 1,558 $ 340,980 $ 348,307 $ 348,201 All Other (Asia Pacific) Mobility and Seating $ 12,112 $ 14,150 $ 28,448 Lifestyle 11,438 13,503 10,831 Respiratory Therapy 3,101 1,383 1,283 Other (1) 5,708 5,305 6,153 $ 32,359 $ 34,341 $ 46,715 Total Consolidated $ 872,457 $ 850,689 $ 927,964 ________________________ (1) Includes various services, including repair services, equipment rentals and external contracting. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
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. 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 the 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 ("Taylor Street products") , 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, comprising three distinct certification reports separately submitted to, and subject to acceptance by, the FDA; submit its own report to the FDA; and successfully complete a reinspection by the 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, the FDA notified the company that it was 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 two semi-annual audits in the first year and then four annual audits in the next four years performed by an independent company-retained audit firm. The expert audit firm will determine whether the facilities remain in continuous compliance with the Federal Food, Drug and Cosmetic Act ("FDA Act"), FDA regulations and the terms of the consent decree and issue post audit reports contemporaneously to the FDA, and 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. In 2021, FDA conducted an inspection of the company’s Corporate and Taylor Street facilities from May 25 through June 24, 2021. At the close of the inspection, six FDA Form 483 observations were issued, and the company timely responded to FDA, has diligently taken actions to address FDA’s inspectional observations, and has provided FDA monthly updates on the corrective actions taken to address these observations. On November 18, 2021, the company received a warning letter from the FDA concerning certain of the inspectional observations in the June 2021 FDA Form 483 related to the complaint handling process, the corrective and preventive action (“CAPA”) process, and medical device reporting (“MDR”) associated with oxygen concentrators (the “Warning Letter”). On November 16, 2021, the company received a consent decree non-compliance letter from the FDA concerning the same complaint and CAPA handling matters as in the Warning Letter observations but associated with the Taylor Street products (this letter, together with the Warning Letter, the “FDA Letters”). The company timely responded to the FDA Letters, has diligently taken actions to address FDA’s concerns, and has provided FDA with periodic updates on the corrective actions taken to address the matters in the FDA Letters. The company remains committed to resolving the FDA’s concerns; however, it is not possible to predict the outcome or timing of a resolution at this time. There can be no assurance that the FDA will be satisfied with the company’s responses to the FDA Letters, nor any assurance as to the timeframe that may be required for the company to adequately address the FDA’s concerns or whether the matters in the FDA Letters will result in an extension in the duration of the consent decree. As of the date of filing of the company’s Annual Report on Form 10-K, there has been no impact on the Company’s ability to produce and market its products as a result of the FDA Letters. Under the consent decree, the FDA has the authority to order the company to take a wide variety of actions if the FDA finds that the company is not in compliance with the consent decree, FDA Act or FDA regulations, including requiring the company to cease all operations relating to Taylor Street products. The FDA also can order the company to undertake a partial cessation of operations or a recall, issue a safety alert, public health advisory, or press release, or to take any other corrective action the FDA deems necessary with respect to Taylor Street products. The FDA also has authority under the consent decree to assess liquidated damages of $15,000 per violation per day for any violations of the consent decree, FDA regulations or the FDA Act. The FDA also may assess liquidated damages for shipments of adulterated or misbranded devices in the amount of twice the sale price of any such adulterated or misbranded device. The liquidated damages, if assessed, are limited to a total of $7,000,000 for each calendar year. The authority to assess liquidated damages is in addition to any other remedies otherwise available to the FDA, including civil money penalties. The results of regulatory claims, proceedings, investigations, or litigation are difficult to predict. An unfavorable resolution or outcome of the FDA Letters, any other 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 North America segment and, to a certain extent, the Asia Pacific region 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 North America segment and Asia Pacific region 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 historic 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. 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. Refer to 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. |
Interim Financial Information
Interim Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Information | Interim Financial Information (In thousands, except per share data - unaudited) QUARTER ENDED 2021 March 31, June 30, September 30, December 31, 2021 Net sales $ 196,202 $ 225,864 $ 224,200 $ 226,191 Gross profit 54,638 60,818 60,310 63,340 Income (Loss) before income taxes (12,174) (9,578) (20,919) 3,553 Net income (loss) (14,044) (10,698) (22,759) 1,938 Net income (loss) per share—basic (0.41) (0.31) (0.65) 0.06 Net income (loss) per share—assuming dilution * (0.41) (0.31) (0.65) 0.05 2020 March 31, June 30, September 30, December 31, 2016 Net sales $ 218,440 $ 196,300 $ 211,906 $ 224,043 Gross profit 62,988 56,650 60,040 65,574 Income (Loss) from before income taxes 2,832 (15,869) (5,226) (6,176) Net income (loss) 732 (16,619) (7,276) (5,117) Net income (loss) per share—basic 0.02 (0.48) (0.21) (0.15) Net income (loss) per share—assuming dilution * 0.02 (0.48) (0.21) (0.15) ________________________ * 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 each quarter presented are detailed below. Loss and loss per share for the quarter ended March 31, 2021 reflects restructuring charges of $1,552,000 ($1,376,000 after tax or $0.04 per share assuming dilution) and l oss on debt extinguishment including debt finance charges and fees of $709,000 ($709,000 after tax or $0.02 per share assuming dilution). Loss and loss per share for the quarter ended June 30, 2021 reflects restructuring charges of $547,000 ($413,000 after tax or $0.01 per share assuming dilution). Loss and loss per share for the quarter ended September 30, 2021 reflects restructuring charges of $377,000 ($277,000 after tax or $0.01 per share assuming dilution), gain on debt extinguishment for forgiveness of the CARES Act debt along with its accrued interest of $10,131,000 ($10,131,000 after tax or $0.29 per share assuming dilution) and impairment of goodwill of $28,564,000 ($27,903,000 after tax or $0.80 per share assuming dilution). Income and income per share for the quarter ended December 31, 2021 reflects benefits of lower selling, general and administrative expenses, specifically performance bonus and stock compensation expense for performance awards. Net income and earnings per share for the quarter ended March 31, 2020 reflects restructuring charges of $1,392,000 ($1,181,000 after tax or $0.03 per share assuming dilution) and net gain on sale of business of $9,590,000 ($10,578,000 after tax or $0.31 per share assuming dilution). Loss and loss per share for the quarter ended June 30, 2020 reflects restructuring charges of $1,685,000 ($1,304,000 after tax or $0.04 per share assuming dilution) and l oss on debt extinguishment including debt finance charges and fees of $6,599,000 ($6,599,000 after tax or $0.19 per share assuming dilution). Loss and loss per share for the quarter ended September 30, 2020 reflects restructuring charges of $1,580,000 ($1,092,000 after tax or $0.03 per share assuming dilution) and l oss on debt extinguishment including debt finance charges and fees of $761,000 ($761,000 after tax or $0.02 per share assuming dilution). . Loss and loss per share for the quarter ended December 31, 2020 reflects restructuring charges of $2,701,000 pre-tax ($2,062,000 after tax or $0.06 per share assuming dilution). |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
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 Charged Additions Balance (In thousands) Year Ended December 31, 2021 Deducted from asset accounts— Allowance for doubtful accounts $ 4,518 $ (16) $ (860) (A) $ 3,642 Inventory obsolescence reserve 20,665 2,389 (3,853) (B) 19,201 Tax valuation allowances 163,298 10,311 2,621 (C) 176,230 Accrued warranty cost 10,991 6,925 (6,718) (B) 11,198 Accrued product liability 14,757 1,084 (2,137) (D) 13,704 Year Ended December 31, 2020 Deducted from asset accounts— Allowance for doubtful accounts $ 6,318 $ 427 $ (2,227) (A) $ 4,518 Inventory obsolescence reserve 18,178 3,304 (817) (B) 20,665 Tax valuation allowances 162,790 (701) 1,209 (C) 163,298 Accrued warranty cost 11,626 7,408 (8,043) (B) 10,991 Accrued product liability 16,150 1,139 (2,532) (D) 14,757 Year Ended December 31, 2019 Deducted from asset accounts— Allowance for doubtful accounts $ 6,810 $ 955 $ (1,447) (A) $ 6,318 Inventory obsolescence reserve 18,342 3,542 (3,706) (B) 18,178 Tax valuation allowances 174,659 (8,413) (3,456) (C) 162,790 Accrued warranty cost 16,353 6,155 (10,882) (B) 11,626 Accrued product liability 16,593 2,527 (2,970) (D) 16,150 ________________________ Note (A)—Uncollectible accounts written off, net of recoveries and net of foreign currency translation adjustment. Note (B)—Amounts written off or payments incurred, net of foreign currency translation adjustment. Note (C)—Other activity not affecting federal or foreign tax expense, net of foreign currency translation adjustment. Note (D)—Losses paid and loss adjustments, net of foreign currency translation adjustment. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and the results of its operations and changes in its cash flow for the years ended December 31, 2021, 2020 and 2019, 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 |
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, internal use software 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 finance leases is included in depreciation expense. Long-lived assets are assessed 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 or asset group 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 impairment. The company completes its annual impairment assessment in the fourth quarter of each year or whenever events or changes in circumstances indicate the carrying value could be below a reporting unit's fair value. For purposes of the goodwill impairment assessment, the fair value of each reporting unit is estimated using an income approach by forecasting cash flows and discounting those cash flows using an appropriate weighted average cost of capital (WACC) 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. During 2021, the company's reporting units of North America / HME and Institutional Products Group merged into one reporting unit of North America, consistent with the operating segment. The merger of the reporting units was tied most closely to the actions of the company to implement a new ERP system which changed both the level of discrete financial information readily available and the go-forward manner in which the company assesses performance and allocates resources to the North America operating segment. The reporting unit change triggered an interim goodwill impairment test which resulted in the recording of impairment of goodwill of $28,564,000 in the North America reporting unit. Intangible assets are also assessed for impairment by estimating forecasted cash flows and discounting those cash flows as needed to calculate impairment amounts. During 2019, the company recognized an intangible asset impairment charge of $587,000 related to an indefinite-lived trademark recorded in the then Institutional Products Group reporting unit which is part of the North America operating 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. Refer to 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 (refer to 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 probable 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 (refer to 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. Refer to 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 $8,656,000, $12,275,000 and $15,836,000 for 2021 , 2020 and 2019, |
Advertising | Advertising: Advertising costs are expensed as incurred and included in selling, general an d administrative expenses. Advertising expenses amounted to $5,062,000, $5,107,000 and $7,871,000 for 2021, 2020 and 2019, respectively, the majority of which is in curred 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 |
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 in 2021 and, in the second quarter of 2017, issued $120,000,000 aggregate principal amount of 4.50% convertible senior notes due 2022 (the “2021 Notes and 2022 Notes”). In connection with the offering of the 2021 Notes and 2022 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 were accounted for as derivatives that were fair valued quarterly until the company obtained shareholder approval on May 16, 2019 to settle its convertible debt using cash or shares, which resulted in no longer accounting for the conversion liabilities and note |
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 | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements (Already Adopted): 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 are 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 company adopted ASU 2016-13, effective on January 1, 2020, which resulted in an increase for credit losses of $243,000 with the offsetting impact recorded to retained earnings. 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 company adopted ASU 2017-04 as of January 1, 2020 with no impact to the company's financial statements upon adoption. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes," which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 removes the following exceptions: 1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income), 2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign subsidiary becomes a subsidiary and 4) the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The ASU also simplifies other areas of Topic 740 by clarifying and amending existing guidance. The amendments in the ASU will be applied using different approaches depending on what the specific amendments relate to. The company early adopted ASU 2019-12 on a prospective basis as of January 1, 2020 with no impact to the company's financial statements upon adoption. In August 2020, the FASB issued ASU 2020-06 "Debt with Conversion and Other Options" (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity's Own Equity (Subtopic 815-40)", which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a cash conversion feature (CCF) and (2) convertible instrument with a beneficial conversion feature (BCF). As a result, after adopting the ASU’s guidance, entities will not |
New Accounting Pronouncements Not yet Adopted | Recent Accounting Pronouncements (Not Yet Adopted): |
Operations Held for Sale (Table
Operations Held for Sale (Tables) | 2 Months Ended |
Mar. 07, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities of Divested Business | The assets and liabilities of Dynamic Controls as of March 7, 2020 consisted of the following (in thousands): March 7, 2020 Trade receivables, net $ 4,129 Inventories, net 3,082 Other assets 855 Property and equipment, net 600 Operating lease assets, net 2,127 Total assets $ 10,793 Accounts payable $ 4,692 Accrued expenses 2,473 Current taxes payable 41 Current portion of operating lease obligations 366 Long-term obligations 1,019 Total liabilities $ 8,591 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Receivables as of December 31, 2021 and 2020 consist of the following (in thousands): 2021 2020 Accounts receivable, gross $ 142,401 $ 131,055 Customer rebate reserve (12,267) (10,730) Allowance for doubtful accounts (3,642) (4,031) Cash discount reserves (9,179) (7,320) Other, principally returns and allowances reserves (603) (386) Accounts receivable, net $ 117,115 $ 108,588 |
Allowance for Credit Losses | The movement in the trade receivables allowance for doubtful accounts was as follows (in thousands): 2021 Balance as of beginning of period $ 4,031 Current period provision 59 Direct write-offs charged against the allowance (448) Balance as of end of period $ 3,642 |
Schedule of Installment Receivables | Installment receivables as of December 31, 2021 and 2020 consist of the following (in thousands): 2021 2020 Current Long- Total Current Long- Total Installment receivables $ 218 $ 734 $ 952 $ 704 $ 1,105 $ 1,809 Less: Unearned interest — — — — — — 218 734 952 704 1,105 1,809 Allowance for doubtful accounts — — — (325) (162) (487) Installment receivables, net $ 218 $ 734 $ 952 $ 379 $ 943 $ 1,322 |
Schedule of Installment Receivables Allowance for Doubtful Accounts | The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands): 2021 2020 Balance as of beginning of period $ 487 $ 1,514 Current period provision (benefit) (75) 66 Direct write-offs charged against the allowance (412) (1,093) Balance as of end of period $ — $ 487 |
Schedule of Installment Receivables by Class | Installment receivables by class as of December 31, 2021 consist of the following (in thousands): Total Unpaid Related Interest Asia Pacific Non-impaired installment receivables with no related allowance recorded 952 952 — — Total Non-impaired installment receivables with no related allowance recorded 952 952 — — Impaired installment receivables with a related allowance recorded — — — — Total installment receivables $ 952 $ 952 $ — $ — Installment receivables by class as of December 31, 2020 consist of the following (in thousands): Total Unpaid Related Interest U.S. Impaired installment receivables with a related allowance recorded $ 615 $ 615 $ 487 $ — Asia Pacific Non-impaired installment receivables with no related allowance recorded 1,194 1,194 — — Canada Non-impaired installment receivables with no related allowance recorded — — — 29 Total Canadian installment receivables — — — 29 Total Non-impaired installment receivables with no related allowance recorded 1,194 1,194 — 29 Impaired installment receivables with a related allowance recorded 615 615 487 — Total installment receivables $ 1,809 $ 1,809 $ 487 $ 29 |
Schedule of Financing Receivables | Installment receivables by class as of December 31, 2021 consist of the following (in thousands): Total Unpaid Related Interest Asia Pacific Non-impaired installment receivables with no related allowance recorded 952 952 — — Total Non-impaired installment receivables with no related allowance recorded 952 952 — — Impaired installment receivables with a related allowance recorded — — — — Total installment receivables $ 952 $ 952 $ — $ — Installment receivables by class as of December 31, 2020 consist of the following (in thousands): Total Unpaid Related Interest U.S. Impaired installment receivables with a related allowance recorded $ 615 $ 615 $ 487 $ — Asia Pacific Non-impaired installment receivables with no related allowance recorded 1,194 1,194 — — Canada Non-impaired installment receivables with no related allowance recorded — — — 29 Total Canadian installment receivables — — — 29 Total Non-impaired installment receivables with no related allowance recorded 1,194 1,194 — 29 Impaired installment receivables with a related allowance recorded 615 615 487 — Total installment receivables $ 1,809 $ 1,809 $ 487 $ 29 |
Schedule of Aging of Installment Receivables | The aging of the company's installment receivables was as follows as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Total U.S. Asia Pacific Total U.S. Canada Current $ 952 $ — $ 952 $ 1,194 $ — $ 1,194 0-30 days past due — — — — — — 31-60 days past due — — — — — — 61-90 days past due — — — — — — 90+ days past due — — — 615 615 — $ 952 $ — $ 952 $ 1,809 $ 615 $ 1,194 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories, net as of December 31, 2021 and 2020 consist of the following (in thousands): 2021 2020 Finished goods $ 62,124 $ 55,264 Raw materials 69,371 51,174 Work in process 12,779 9,046 Inventories, net $ 144,274 $ 115,484 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets as of December 31, 2021 and 2020 consist of the following (in thousands): 2021 2020 Tax receivables principally value added taxes $ 21,943 $ 22,500 Prepaid insurance 4,462 3,963 Prepaid inventory and freight 2,394 2,700 Recoverable income taxes 2,301 2,182 Receivable due from information technology provider 612 2,995 Derivatives (foreign currency forward contracts) 386 1,321 Prepaid debt fees 379 208 Service contracts 304 633 Prepaid and other current assets 7,255 8,215 Other Current Assets $ 40,036 $ 44,717 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent | Other long-term assets as of December 31, 2021 and 2020 consist of the following (in thousands): 2021 2020 Cash surrender value of life insurance policies 2,481 2,327 Deferred income taxes 1,540 2,048 Installment receivables 734 943 Deferred financing fees 409 411 Investments 86 85 Other 112 111 Other Long-Term Assets $ 5,362 $ 5,925 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment as of December 31, 2021 and 2020 consist of the following (in thousands): 2021 2020 Machinery and equipment $ 278,347 $ 294,045 Land, buildings and improvements 27,299 28,509 Furniture and fixtures 8,943 10,001 Leasehold improvements 6,782 8,194 Capitalized software 30,448 17,527 Property and Equipment, gross 351,819 358,276 Accumulated depreciation (290,898) (302,033) Property and Equipment, net $ 60,921 $ 56,243 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill by reporting unit is as follows (in thousands): North America Europe Consolidated Balance at December 31, 2019 28,162 345,241 373,403 Foreign currency translation adjustments 323 28,735 29,058 Balance at December 31, 2020 28,485 373,976 402,461 Foreign currency translation adjustments 79 (18,101) (18,022) Impairment of goodwill (28,564) — (28,564) Balance at December 31, 2021 — 355,875 355,875 |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The company's intangibles consist of the following (in thousands): December 31, 2021 December 31, 2020 Historical Accumulated Historical Accumulated Customer lists $ 52,447 $ 52,447 $ 54,502 $ 54,502 Trademarks 24,137 — 25,112 — Developed technology 7,652 7,149 7,924 7,204 Patents 5,543 5,543 5,556 5,556 License agreements 2,905 1,196 2,899 979 Other 1,147 1,140 1,162 1,151 Intangibles $ 93,831 $ 67,475 $ 97,155 $ 69,392 |
Schedule of Finite Lived Intangible Assets | The company's intangibles consist of the following (in thousands): December 31, 2021 December 31, 2020 Historical Accumulated Historical Accumulated Customer lists $ 52,447 $ 52,447 $ 54,502 $ 54,502 Trademarks 24,137 — 25,112 — Developed technology 7,652 7,149 7,924 7,204 Patents 5,543 5,543 5,556 5,556 License agreements 2,905 1,196 2,899 979 Other 1,147 1,140 1,162 1,151 Intangibles $ 93,831 $ 67,475 $ 97,155 $ 69,392 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses as of December 31, 2021 and 2020 consisted of accruals for the following (in thousands): 2021 2020 Taxes other than income taxes, primarily value added taxes $ 24,012 $ 32,710 Salaries and wages 23,217 34,029 Warranty 11,198 10,991 Professional 8,697 7,375 Rebates 6,569 8,644 Freight 5,460 3,190 Deferred revenue 4,156 3,516 IT service contracts 4,013 3,799 Interest 3,297 2,076 Product liability, current portion 2,362 2,453 Derivatives (foreign currency forward exchange contracts) 1,938 1,432 Insurance 625 878 Severance 400 6,249 Supplemental Executive Retirement Program liability Plan (SERP) 391 391 Rent 196 585 Other items, principally trade accruals 6,440 7,955 Accrued Expenses $ 102,971 $ 126,273 |
Accrued Warranty Costs | The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands): 2021 2020 Balance as of January 1 $ 10,991 $ 11,626 Warranties provided during the period 6,361 6,144 Settlements made during the period (6,718) (8,043) Changes in liability for pre-existing warranties during the period, including expirations 564 1,264 Balance as of December 31 $ 11,198 $ 10,991 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt as of December 31, 2021 and 2020 consisted of the following (in thousands): 2021 2020 Convertible senior notes at 5.00%, due in February 2021 $ — $ 1,242 Convertible senior notes at 4.50%, due in June 2022 2,642 73,869 Convertible senior notes Series I at 5.00%, due in November 2024 72,140 62,984 Convertible senior notes Series II at 5.00%, due in November 2024 78,251 64,919 Convertible senior notes at 4.25%, due in March 2026 119,036 — Other obligations 36,060 42,039 308,129 245,053 Less current maturities of long-term debt (3,107) (5,612) Long-Term Debt $ 305,022 $ 239,441 |
Liability Components of Convertible 2021 Note | The liability components of the 2021 Notes consist of the following (in thousands): December 31, 2021 December 31, 2020 Principal amount of liability component $ — $ 1,250 Unamortized discount — (7) Debt fees — (1) Net carrying amount of liability component $ — $ 1,242 |
Liability Components of Convertible 2022 Note | The liability components of the 2022 Notes consist of the following (in thousands): December 31, 2021 December 31, 2020 Principal amount of liability component $ 2,650 $ 81,500 Unamortized discount — (6,772) Debt fees (8) (859) Net carrying amount of liability component $ 2,642 $ 73,869 |
Liability Components of Convertible 2024 Note | The liability components of the Series I 2024 Notes consist of the following (in thousands): December 31, 2021 December 31, 2020 Principal amount of liability component $ 72,909 $ 72,909 Unamortized discount — (8,888) Debt fees (769) (1,037) Net carrying amount of liability component $ 72,140 $ 62,984 |
Liability Components of Convertible Series II 2024 Note | The liability components of the Series II 2024 Notes consist of the following (in thousands): December 31, 2021 December 31, 2020 Principal amount of liability component - including accretion $ 79,222 $ 75,688 Unamortized discount — (9,461) Debt fees (971) (1,308) Net carrying amount of liability component $ 78,251 $ 64,919 |
Liability Components of Convertible 2026 Notes | The liability components of the 2026 Notes consist of the following (in thousands): December 31, 2021 Principal amount of liability component $ 125,000 Debt fees (5,964) Net carrying amount of liability component $ 119,036 |
Other Long-Term Obligations (Ta
Other Long-Term Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities, Noncurrent | Other long-term obligations as of December 31, 2021 and 2020 consist of the following (in thousands): 2021 2020 Deferred income taxes $ 21,664 $ 23,234 Product liability 11,342 12,304 Pension 7,814 9,088 Deferred compensation 6,174 5,318 Deferred gain on sale leaseback 5,174 5,502 Supplemental Executive Retirement Plan liability 5,106 5,368 Death benefit obligation plan 4,568 4,723 Uncertain tax obligation including interest 3,171 3,114 Other 1,783 1,823 Other Long-Term Obligations $ 66,796 $ 70,474 |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease Expense | Lease expenses for the year ended December 31, 2021 and December 31, 2020, respectively, were as follows (in thousands): 2021 2020 Operating leases $ 7,394 $ 8,138 Variable and short-term leases 3,541 3,968 Total operating leases $ 10,935 $ 12,106 Finance lease interest cost $ 4,601 $ 2,544 Finance lease depreciation 4,996 3,479 Total finance leases $ 9,597 $ 6,023 |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow amounts for the year ended December 31, 2021 and December 31, 2020, respectively, were as follows (in thousands): Cash Activity: Cash paid in measurement of amounts for lease liabilities December 31, 2021 December 31, 2020 Operating leases $ 11,089 $ 12,527 Finance leases 8,166 5,316 Total $ 19,255 $ 17,843 Non-Cash Activity: Right-of-use assets obtained in exchange for lease obligations December 31, 2021 December 31, 2020 Operating leases $ 7,491 $ 6,155 Finance leases 6,572 40,078 Total $ 14,063 $ 46,233 |
Weighted-Average Remaining Lease Terms and Discount Rates | Weighted-average remaining lease terms and discount rates for finance and operating leases are as follows as of December 31, 2021 and December 31, 2020, respectively,: December 31, 2021 December 31, 2020 Weighted-average remaining lease term - finance leases 15.8 years 17.0 years Weighted-average remaining lease term - operating leases 5.0 years 4.6 years Weighted-average discount rate - finance leases 6.43% 6.41% Weighted-average discount rate - operating leases 7.1% 7.82% |
Lessee, Operating Lease, Liability, Maturity | Future minimum operating and finance lease commitments, as of December 31, 2021, are as follows (in thousands): Finance Operating Leases 2022 $ 7,030 $ 4,848 2023 6,943 2,887 2024 6,880 2,217 2025 6,765 1,798 2026 6,675 1,150 Thereafter 72,641 1,763 Total future minimum lease payments 106,934 14,663 Amounts representing interest (40,189) (2,212) Present value of minimum lease payments 66,745 12,451 Less: current maturities of lease obligations (3,009) (4,217) Long-term lease obligations $ 63,736 $ 8,234 |
Finance Lease, Liability, Fiscal Year Maturity | Future minimum operating and finance lease commitments, as of December 31, 2021, are as follows (in thousands): Finance Operating Leases 2022 $ 7,030 $ 4,848 2023 6,943 2,887 2024 6,880 2,217 2025 6,765 1,798 2026 6,675 1,150 Thereafter 72,641 1,763 Total future minimum lease payments 106,934 14,663 Amounts representing interest (40,189) (2,212) Present value of minimum lease payments 66,745 12,451 Less: current maturities of lease obligations (3,009) (4,217) Long-term lease obligations $ 63,736 $ 8,234 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and December 31, 2020 (in thousands): 2021 Products Service Total Europe $ 486,190 $ 12,928 $ 499,118 N.A. 340,269 711 340,980 All Other 27,221 5,138 32,359 Total $ 853,680 $ 18,777 $ 872,457 % Split 98% 2% 100% 2020 Products Service Total Europe $ 455,638 $ 12,403 $ 468,041 N.A. 347,476 831 348,307 All Other 29,755 4,586 34,341 Total $ 832,869 $ 17,820 $ 850,689 % Split 98% 2% 100% |
Equity Compensation (Tables)
Equity Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [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 SG&A expenses in All Other in business segment reporting were as follows (in thousands): 2021 2020 2019 Non-qualified and performance stock options $ — $ — $ 1,939 Restricted stock / units 5,450 5,332 4,772 Performance shares / units (1,127) 3,313 4,399 Total stock-based compensation expense $ 4,323 $ 8,645 $ 11,110 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | As of December 31, 2021, unrecognized compensation expense related to equity-based compensation arrangements granted under the company's 2018 Plan and previous plans, which is related to non-vested options and shares, was as follows (in thousands): 2021 2020 2019 Restricted stock and restricted stock units 6,866 7,489 8,453 Performance shares and performance share units 1,746 7,260 8,269 Total unrecognized stock-based compensation expense $ 8,612 $ 14,749 $ 16,722 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about stock option activity for the three years ended 2021, 2020 and 2019: 2021 Weighted 2020 Weighted 2019 Weighted Options outstanding at January 1 1,081,804 $ 16.07 1,441,202 $ 18.26 1,885,262 $ 18.78 Forfeited (331,645) 23.71 (359,398) 24.84 (444,060) 20.49 Options outstanding at December 31 750,159 $ 12.69 1,081,804 $ 16.07 1,441,202 $ 18.26 Options exercise price range at December 31 $ 12.15 $ 12.15 $ 12.15 to to to $ 17.47 $ 33.36 $ 33.36 Options exercisable at December 31 750,159 1,081,804 910,267 Shares available for grant at December 31* 3,475,496 3,540,534 3,851,945 ________________________ * Shares available for grant under the 2018 Plan as of December 31, 2021 reduced by net restricted stock and restricted stock unit and performance share and performance share unit award activity of 1,816,618 shares and 2,671,108 shares, respectively. At December 31, 2021, an aggregate of 802,637 Common Shares underlie awards which were forfeited or expired unexercised under the 2003 and 2013 Plans and thus are available for future issuance under the 2018 Plan. |
Schedule of Share-based Compensation, Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2021: Options Outstanding Options Exercisable Exercise Prices Number Weighted Average Weighted Average Number Weighted Average $12.15 – $20.00 750,159 4.0 $ 12.69 750,159 $ 12.69 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes information about restricted stock and restricted stock units (primarily for non-U.S. recipients): 2021 Weighted Average Fair Value 2020 Weighted Average Fair Value 2019 Weighted Average Fair Value Stock / Units unvested at January 1 1,145,058 $ 8.62 965,085 $ 11.32 637,663 $ 15.04 Granted 652,743 8.42 764,012 7.11 828,484 9.86 Vested (558,424) 9.33 (475,113) 11.39 (309,150) 14.26 Forfeited (78,530) 8.44 (108,926) 9.90 (191,912) 12.60 Stock / Units unvested at December 31 1,160,847 $ 8.17 1,145,058 $ 8.62 965,085 $ 11.32 |
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): 2021 Weighted Average Fair Value 2020 Weighted Average Fair Value 2019 Weighted Average Fair Value Shares / Units unvested at January 1 1,026,785 $ 8.55 753,272 $ 11.82 448,294 $ 14.39 Granted 471,819 8.49 523,329 7.82 576,737 9.93 Vested — — (183,840) 17.48 (255,259) 12.02 Forfeited (526,316) 9.25 (65,976) 9.48 (16,500) 11.99 Shares / Units unvested at December 31 972,288 $ 7.76 1,026,785 $ 8.55 753,272 $ 11.82 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) ("OCI") during the year ended December 31, 2021 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2020 $ 50,329 $ (517) $ (3,674) $ (702) $ 45,436 OCI before reclassifications (31,368) 2,644 (457) (557) (29,738) Amount reclassified from accumulated OCI — — 30 1,260 1,290 Net current-period OCI (31,368) 2,644 (427) 703 (28,448) December 31, 2021 $ 18,961 $ 2,127 $ (4,101) $ 1 $ 16,988 Changes in OCI during the year ended December 31, 2020 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2019 $ 8,898 $ (2,491) $ (3,299) $ 20 $ 3,128 OCI before reclassifications 41,431 1,974 (1,015) (2,129) 40,261 Amount reclassified from accumulated OCI — — 640 1,407 2,047 Net current-period OCI 41,431 1,974 (375) (722) 42,308 December 31, 2020 $ 50,329 $ (517) $ (3,674) $ (702) $ 45,436 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Reclassifications out of accumulated OCI for the year ended December 31, 2021 and December 31, 2020 were as follows (in thousands): Amount reclassified from OCI Affected line item in the Statement of Comprehensive (Income) Loss 2021 2020 Defined Benefit Plans: Service and interest costs $ 30 $ 640 Selling, general and administrative Tax — — Income taxes Total after tax $ 30 $ 640 Derivatives: Foreign currency forward contracts hedging sales $ 1,058 $ (1,359) Net sales Foreign currency forward contracts hedging purchases 428 2,826 Cost of products sold Total loss (income) before tax 1,486 1,467 Tax (226) (60) Income taxes Total after tax $ 1,260 $ 1,407 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Capital Stock | Capital stock activity for 2021, 2020 and 2019 consisted of the following (in thousands of shares): Common Stock Class B Treasury January 1, 2019 Balance 37,010 6 (3,841) Restricted stock awards 599 — (112) December 31, 2019 Balance 37,609 6 (3,953) Conversion of Class B to Common 2 (2) — Restricted and performance stock awards 1,002 — (231) December 31, 2020 Balance 38,613 4 (4,184) Restricted and performance stock awards 803 — (213) December 31, 2021 Balance 39,416 4 (4,397) |
Charges Related To Restructur_2
Charges Related To Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Contract Terminations Total January 1, 2019 Balance North America $ 656 $ 25 $ 681 Europe 181 — 181 All Other 820 — 820 Total 1,657 25 1,682 Charges North America 1,573 44 1,617 Europe 9,356 223 9,579 All Other 633 — 633 Total 11,562 267 11,829 Payments North America (2,018) (69) (2,087) Europe (3,131) (219) (3,350) All Other (1,047) — (1,047) Total (6,196) (288) (6,484) Severance Contract Terminations Total December 31, 2019 Balance North America 211 — 211 Europe 6,406 4 6,410 All Other 406 — 406 Total 7,023 4 7,027 Charges North America 1,306 0 1,306 Europe 5,588 346 5,934 All Other 118 0 118 Total 7,012 346 7,358 Payments North America (1,338) — (1,338) Europe (6,090) (346) (6,436) All Other (358) — (358) Total (7,786) (346) (8,132) December 31, 2020 Balance North America 179 — 179 Europe 5,904 4 5,908 All Other 166 — 166 Total 6,249 4 6,253 Charges North America 964 — 964 Europe 886 674 1,560 All Other 10 — 10 Total 1,860 674 2,534 Payments North America (661) — (661) Europe (6,790) (678) (7,468) All Other (176) — (176) Total (7,627) (678) (8,305) December 31, 2021 Balance North America 482 — 482 Europe — — — All Other — — — Total $ 482 $ — $ 482 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Earnings (loss) before income taxes consist of the following (in thousands): 2021 2020 2019 Domestic $ (53,916) $ (42,213) $ (66,135) Foreign 14,798 17,774 22,110 $ (39,118) $ (24,439) $ (44,025) |
Schedule of Components of Income Tax Expense (Benefit) | The company has provided for income taxes (benefits) as follows (in thousands): 2021 2020 2019 Current: Federal $ 85 $ 45 $ 152 State (12) (180) (90) Foreign 6,596 6,168 10,070 6,669 6,033 10,132 Deferred: Federal (662) (26) (148) State — — — Foreign 438 (2,166) (682) (224) (2,192) (830) Income Taxes $ 6,445 $ 3,841 $ 9,302 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation to the effective income tax rate from the federal statutory rate is as follows: 2021 2020 2019 Statutory federal income tax rate (benefit) (21.0) % (21.0) % (21.0) % State and local income taxes, net of federal income tax benefit — (0.6) (0.2) Non-taxable disposition of subsidiaries — (11.2) — Expiring foreign tax credits 1.7 16.5 40.2 Foreign taxes at other than the federal statutory rate 3.9 8.8 5.1 Federal and foreign valuation allowances 20.4 (4.3) (20.4) Withholding taxes 0.1 0.1 0.1 Unremitted earnings — (4.0) 0.1 Debt repurchase — 3.2 1.7 Foreign branch activity 4.0 19.3 12.4 Uncertain tax positions 0.6 2.9 1.4 Nontaxable loan forgiveness (5.4) — — Foreign goodwill write-off 9.0 — — Other, net 3.2 6.0 1.7 Effective federal income tax rate 16.5 % 15.7 % 21.1 % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of long-term deferred income tax assets and liabilities at December 31, 2021 and 2020 are as follows (in thousands): 2021 2020 Bad debt $ 387 $ 417 Warranty 1,426 1,280 Other accrued expenses and reserves 484 1,709 Inventory 3,624 3,797 Goodwill and intangibles (19,910) (24,291) Convertible debt 5,193 2,623 Fixed assets (24,026) (13,582) Compensation and benefits 4,271 6,349 Loss and credit carryforwards 127,397 118,290 Product liability 1,596 1,797 State and local taxes 34,794 32,835 Valuation allowances (176,230) (163,298) Lease liability 19,649 9,258 Other, net 1,221 1,630 Net Deferred Income Taxes $ (20,124) $ (21,186) |
Summary of Deferred Tax Liability Not Recognized | A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands): 2021 2020 Balance at beginning of year $ 3,262 $ 2,872 Additions to: Positions taken during the current year 238 782 Positions taken during a prior year 3 3 Exchange rate impact — 52 Deductions due to: Exchange rate impact (66) — Positions taken during a prior year (76) (167) Lapse of statute of limitations (212) (280) Balance at end of year $ 3,149 $ 3,262 |
Net Earnings Per Common Share (
Net Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 for the periods indicated. 2021 2020 2019 (In thousands, except per share data) Basic Average common shares outstanding 34,875 34,266 33,594 Net loss $ (45,563) $ (28,280) $ (53,327) Net loss per common share $ (1.31) $ (0.83) $ (1.59) Diluted Average common shares outstanding 34,875 34,266 33,594 Stock options and awards 399 109 48 Average common shares assuming dilution 35,274 34,375 33,642 Net loss $ (45,563) $ (28,280) $ (53,327) Net loss per common share * $ (1.31) $ (0.83) $ (1.59) * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic for the periods in which there was a net loss. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | Outstanding foreign currency forward exchange contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): December 31, 2021 December 31, 2020 Notional Unrealized Notional Unrealized USD / CHF — — 1,675 (11) USD / EUR — — 56,187 (636) USD / GBP — — 2,467 (19) USD / SEK — — 2,658 (41) USD / MXN 23 1 2,230 334 EUR / CHF — — 5,037 10 EUR / GBP — — 19,060 44 EUR / NOK — — 4,167 (64) EUR / SEK — — 10,162 (73) AUD / NZD — — 781 (13) DKK / SEK — — 3,329 9 NOK / SEK — — 3,431 (50) AUD / THB — — 4,963 (221) NZD / THB — — 1,755 (55) USD / THB — — 4,152 (56) EUR / THB — — 1,332 18 GBP / THB — — 842 10 $ 23 $ 1 $ 124,228 $ (814) |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Foreign currency forward exchange contracts not qualifying or designated for hedge accounting treatment, as well as ineffective hedges, entered into in 2021 and 2020, respectively, and outstanding were as follows (in thousands USD): December 31, 2021 December 31, 2020 Notional Gain Notional Gain USD / AUD $ 3,792 $ (57) $ 6,046 $ (159) USD / CAD 14,556 (24) 8,320 $ 88 USD / EUR 70,454 (1,104) — — USD / DKK 10,850 (257) 8,690 207 USD / GBP 4,028 32 16,062 338 AUD / NZD 7,366 (17) 6,579 (35) USD / NOK 2,352 (81) 9,053 264 USD / SEK 2,344 (131) — — USD / THB 4,500 86 — — $ 120,242 $ (1,553) $ 54,750 $ 703 |
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, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts $ 1 $ — $ 424 $ 1,238 Derivatives not designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts 385 1,938 897 194 Total derivatives $ 386 $ 1,938 $ 1,321 $ 1,432 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effect of derivative instruments on Accumulated Other Comprehensive Income (OCI) and the Consolidated Statements of Comprehensive Income (Loss) was as follows (in thousands): Derivatives (foreign currency forward exchange contracts) in ASC 815 cash flow hedge relationships Amount of Gain Amount of Gain (Loss) Amount of Gain (Loss) Year ended December 31, 2021 $ (557) $ (1,260) $ — Year ended December 31, 2020 $ (2,129) $ (1,407) $ — Derivatives (foreign currency forward exchange contracts) not designated as hedging instruments under ASC 815 Amount of Gain (Loss) Year ended December 31, 2021 $ (1,553) Year ended December 31, 2020 $ 703 |
Fair Values of Financial Instru
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Significant Significant Level I Level II Level III December 31, 2021 Forward exchange contracts—net — $ (1,552) — December 31, 2020 Forward exchange contracts—net — $ (111) — |
Fair Value, by Balance Sheet Grouping | The carrying and fair values of the company's financial instruments at December 31, 2021 and 2020 are as follows (in thousands): 2021 2020 Carrying Fair Value Carrying Fair Value Cash and cash equivalents $ 83,745 $ 83,745 $ 105,298 $ 105,298 Forward contracts in Other Current Assets 386 386 1,321 1,321 Forward contracts in Accrued Expenses (1,938) (1,938) (1,432) (1,432) Total debt (including current maturities of long-term debt) * (308,129) (259,472) (245,053) (237,948) 2021 Notes — — (1,242) (1,264) 2022 Notes (2,642) (2,632) (73,869) (70,633) Series I 2024 Notes (72,140) (64,897) (62,984) (60,035) Series II 2024 Notes (78,251) (74,165) (64,919) (64,090) 2026 Notes (119,036) (81,718) — — Other (36,060) (36,060) (42,039) (41,926) ________ * The company's total debt is shown net of discount and fees associated with the convertible senior notes due 2021, 2022, 2024 and 2026 on the company's consolidated balance sheet. Accordingly, the fair values of the convertible senior notes due 2021, 2022, 2024 and 2026 are included in the long-term debt presented in this table are also shown net of the discount and fees. Discount balances applicable to the company's convertible senior notes were eliminated upon adoption of ASU 2020-06 on January 1, 2021, but are included in the balances above for the period prior to adoption. Total debt amounts exclude operating and finance lease obligations. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The information by segment is as follows (in thousands): 2021 2020 2019 Revenues from external customers Europe (1) $ 499,118 $ 468,041 $ 533,048 North America (2) 340,980 348,307 348,201 All Other (Asia Pacific) 32,359 34,341 46,715 Consolidated $ 872,457 $ 850,689 $ 927,964 Intersegment revenues Europe $ 21,864 $ 17,384 $ 14,185 North America 56,681 80,748 80,727 All Other (Asia Pacific) — 2,528 13,033 Consolidated $ 78,545 $ 100,660 $ 107,945 Restructuring charges before income taxes Europe $ 1,560 $ 5,934 $ 9,579 North America 964 1,306 1,617 All Other 10 118 633 Consolidated $ 2,534 $ 7,358 $ 11,829 Depreciation and amortization Europe $ 8,557 $ 7,615 $ 7,851 North America 7,623 6,013 6,429 All Other (3) 641 689 1,283 Consolidated $ 16,821 $ 14,317 $ 15,563 Net interest expense Europe $ 2,790 $ 1,884 $ 368 North America 21,764 26,510 28,070 All Other (248) 12 209 Consolidated $ 24,306 $ 28,406 $ 28,647 Operating income (loss) Europe $ 33,769 $ 22,682 $ 36,174 2021 2020 2019 North America (1,928) 9,449 (7,592) All Other (3) (24,977) (23,236) (26,576) Charges related to restructuring activities (2,534) (7,358) (11,829) Gain on sale of business — 9,790 — Impairment of goodwill (28,564) — — Asset write-off — — (587) Consolidated operating income (loss) (24,234) 11,327 (10,410) Net gain on convertible derivatives — — 1,197 Loss on debt extinguishment including debt finance charges and fees 9,422 (7,360) (6,165) Net interest expense (24,306) (28,406) (28,647) Loss before income taxes $ (39,118) $ (24,439) $ (44,025) Assets Europe $ 675,051 $ 705,314 $ 602,471 North America 205,998 207,347 212,733 All Other 28,482 33,320 36,922 Consolidated $ 909,531 $ 945,981 $ 852,126 Long-lived assets Europe (4) $ 450,026 $ 472,599 $ 408,847 North America (5) 68,240 92,195 79,369 All Other 5,877 6,721 8,033 Consolidated $ 524,143 $ 571,515 $ 496,249 Expenditures for assets Europe $ 2,419 $ 5,221 $ 6,041 North America (6) 14,055 16,473 3,679 All Other 1,224 610 1,154 Consolidated $ 17,698 $ 22,304 $ 10,874 ________________________ (1) Europe's commissionaire structure reflects the majority of revenues to external customers through Switzerland. (2) Revenues from external customers for the United States were $312,805,000, $316,687,000 and $314,512,000 for 2021, 2020 and 2019, respectively. (3) Consists of unallocated corporate SG&A costs and intercompany profits, which do not meet the quantitative criteria for determining reportable segments. (4) Property and Equipment net book value within France were $7,342,000, $8,452,000 and $8,798,000 and Germany were $4,119,000, $5,904,000 and $8,271,000 at the end of 2021, 2020 and 2019, respectively. (5) Property and Equipment net book value within the United States were $38,411,000, $27,882,000 and $15,327,000 at the end of 2021, 2020 and 2019, respectively. (6) 2021 and 2020 expenditures for assets primarily driven by the company's ERP project. |
Revenue from External Customers by Products and Services | Net sales by product, are as follows (in thousands): 2021 2020 2019 Europe Lifestyle $ 248,325 $ 222,668 $ 245,987 Mobility and Seating 214,398 200,687 249,144 Respiratory Therapy 19,348 24,786 19,258 Other (1) 17,047 19,900 18,659 $ 499,118 $ 468,041 $ 533,048 North America Lifestyle $ 148,369 $ 165,267 $ 173,039 Mobility and Seating 110,998 109,923 121,955 Respiratory Therapy 80,903 72,285 51,649 Other (1) 710 832 1,558 $ 340,980 $ 348,307 $ 348,201 All Other (Asia Pacific) Mobility and Seating $ 12,112 $ 14,150 $ 28,448 Lifestyle 11,438 13,503 10,831 Respiratory Therapy 3,101 1,383 1,283 Other (1) 5,708 5,305 6,153 $ 32,359 $ 34,341 $ 46,715 Total Consolidated $ 872,457 $ 850,689 $ 927,964 ________________________ (1) Includes various services, including repair services, equipment rentals and external contracting. |
Interim Financial Information (
Interim Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | (In thousands, except per share data - unaudited) QUARTER ENDED 2021 March 31, June 30, September 30, December 31, 2021 Net sales $ 196,202 $ 225,864 $ 224,200 $ 226,191 Gross profit 54,638 60,818 60,310 63,340 Income (Loss) before income taxes (12,174) (9,578) (20,919) 3,553 Net income (loss) (14,044) (10,698) (22,759) 1,938 Net income (loss) per share—basic (0.41) (0.31) (0.65) 0.06 Net income (loss) per share—assuming dilution * (0.41) (0.31) (0.65) 0.05 2020 March 31, June 30, September 30, December 31, 2016 Net sales $ 218,440 $ 196,300 $ 211,906 $ 224,043 Gross profit 62,988 56,650 60,040 65,574 Income (Loss) from before income taxes 2,832 (15,869) (5,226) (6,176) Net income (loss) 732 (16,619) (7,276) (5,117) Net income (loss) per share—basic 0.02 (0.48) (0.21) (0.15) Net income (loss) per share—assuming dilution * 0.02 (0.48) (0.21) (0.15) ________________________ * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in which there is a net loss. |
Accounting Policies - Property
Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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 [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Building and Building Improvements [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Accounting Policies - Product L
Accounting Policies - Product Liability Cost (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
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 - Additiona
Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Research and development expense | $ 8,656,000 | $ 12,275,000 | $ 15,836,000 |
Advertising expense | 5,062,000 | 5,107,000 | 7,871,000 |
Recent Accounting Pronouncements Already Adopted [Line Items] | |||
Adoption of ASU 2020-06 | 25,128,000 | ||
Adoption of ASU 2020-06, Convertible Debt Discounts Removed | 25,218,000 | ||
Amortization of convertible debt discount and accretion of convertible debt | $ 9,673,000 | $ 12,325,000 | |
Debt Discount Amortization, per Basic and Diluted Share | $ 0.28 | $ 0.37 | |
Retained Earnings | |||
Recent Accounting Pronouncements Already Adopted [Line Items] | |||
Adoption of ASU 2020-06 | (9,670,000) | ||
Additional Paid-in- Capital | |||
Recent Accounting Pronouncements Already Adopted [Line Items] | |||
Adoption of ASU 2020-06 | $ 34,798,000 |
Accounting Policies - Derivativ
Accounting Policies - Derivative Instruments (Details) - Convertible Subordinated Debt - Convertible Senior Notes at 5.00% February 2021 - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2016 |
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,250,000 | $ 1,250,000 | $ 150,000,000 |
Interest rate (as a percent) | 5.00% |
Operations Held for Sale (Detai
Operations Held for Sale (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 07, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 2,377,000 | ||||
Disposal Group, Including Discontinued Operation, Revenue | $ 5,331,000 | $ 30,261,000 | |||
Disposal Group, Including Discontinued Operation, Inter-company Revenue | 2,532,000 | 13,087,000 | |||
Disposal Group, Including Discontinued Operation, Earnings Before Taxes | 445,000 | 853,000 | |||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 4,129,000 | ||||
Disposal Group, Including Discontinued Operation, Inventory | 3,082,000 | ||||
Disposal Group, Including Discontinued Operation, Other Assets | 855,000 | ||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 600,000 | ||||
Disposal Group, Including Discontinued Operation, Operating Lease Right-of-Use Asset | 2,127,000 | ||||
Disposal Group, Including Discontinued Operation, Assets | 10,793,000 | ||||
Disposal Group, Including Discontinued Operation, Accounts Payable | 4,692,000 | ||||
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 2,473,000 | ||||
Disposal Group, Including Discontinued Operation, Accrued Income Tax Payable | 41,000 | ||||
Disposal Group, Including Discontinued Operation, Operating Lease, Liability, Current | 366,000 | ||||
Disposal Group, Including Discontinued Operation, Operating Lease, Liability, NonCurrent | 1,019,000 | ||||
Disposal Group, Including Discontinued Operation, Liabilities | $ 8,591,000 | ||||
Proceeds from sale of business | 0 | 14,563,000 | $ 0 | ||
Gain on sale of business | $ 9,590,000 | $ 0 | $ 9,790,000 | $ 0 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
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 (Detail
Receivables - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)payment | Dec. 31, 2020USD ($) | |
Receivables [Abstract] | ||
Number of missed payments before delinquent | payment | 3 | |
Credit amount requiring additional analysis | $ 250,000 | |
Average period of adjudication | 18 months | |
Installment receivable purchased from DLL | $ 140,000 | $ 346,000 |
Contingent Liability, Guarantee | $ 312,000 | |
Risk Level, Low | ||
Receivables [Abstract] | ||
Receivables, Expected Loss Percentage, North America excluding Canada | 1.00% | |
Receivables, Expected Loss Percentage, Canada | 0.10% | |
Receivables, Expected Loss Percentage, Europe | 0.60% | |
Receivables, Expected Loss Percentage, AsiaPac | 0.30% | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, Expected Loss Percentage, Europe | 0.60% | |
Receivables, Expected Loss Percentage, Canada | 0.10% | |
Receivables, Expected Loss Percentage, AsiaPac | 0.30% | |
Receivables, Expected Loss Percentage, North America excluding Canada | 1.00% | |
Risk Level, Medium | ||
Receivables [Abstract] | ||
Receivables, Expected Loss Percentage, Canada | 1.10% | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, Expected Loss Percentage, Canada | 1.10% | |
Risk Level, High | ||
Receivables [Abstract] | ||
Receivables, Expected Loss Percentage, Canada | 2.70% | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, Expected Loss Percentage, Canada | 2.70% |
Receivables - Accounts Receivab
Receivables - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable [Abstract] | ||
Accounts Receivable, Gross | $ 142,401 | $ 131,055 |
Customer Rebate Reserve | (12,267) | (10,730) |
Cash Discount Reserves | (9,179) | (7,320) |
Allowance for Doubtful Accounts Receivable | (3,642) | (4,031) |
Returns and Allowances Reserve | (603) | (386) |
Accounts Receivable, Net | $ 117,115 | $ 108,588 |
Receivables - Installment Recei
Receivables - Installment Receivables (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | |||
Installment receivables, current | $ 218,000 | $ 704,000 | |
Installment receivables, long-term | 734,000 | 1,105,000 | |
Total Installment Receivables | 952,000 | 1,809,000 | |
Unearned Interest - Current | 0 | 0 | |
Unearned interest, long-term | 0 | 0 | |
Total Unearned Interest | 4,156,000 | 3,516,000 | |
Unearned Interest | 0 | 0 | |
Installment receivables net of unearned interest, current | 218,000 | 704,000 | |
Installment receivables net of unearned interest, long-term | 734,000 | 1,105,000 | |
Total installment receivables net of unearned interest | 952,000 | 1,809,000 | |
Allowance for doubtful accounts, current | 0 | (325,000) | |
Allowance for doubtful accounts, long-term | 0 | (162,000) | |
Allowance for doubtful accounts | 0 | (487,000) | $ (1,514,000) |
Installment receivables, net | 218,000 | 379,000 | |
Installment receivables, long-term | 734,000 | 943,000 | |
Total installment receivables, net | $ 952,000 | $ 1,322,000 |
Receivables - Rollforward of Al
Receivables - Rollforward of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Doubtful Accounts [Roll Forward] | ||
Balance as of beginning of period | $ 487 | $ 1,514 |
Current period provision (benefit) | (75) | 66 |
Direct write-offs charged against the allowance | (412) | (1,093) |
Balance as of end of period | $ 0 | $ 487 |
Receivables - Installment Rec_2
Receivables - Installment Receivables by Class (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total Installment Receivables | ||
Non-impaired installment receivables with no related allowance recorded | $ 952,000 | $ 1,194,000 |
Impaired installment receivables with a related allowance recorded | 0 | 615,000 |
Total installment receivables | 952,000 | 1,809,000 |
Unpaid Principal Balance | ||
Non-impaired installment receivables with no related allowance recorded | 952,000 | 1,194,000 |
Impaired installment receivables with a related allowance recorded | 0 | 615,000 |
Total installment receivables | 952,000 | 1,809,000 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 0 | 487,000 |
Interest Income Recognized | ||
Non-impaired installment receivables with no related allowance recorded | 0 | 29,000 |
Impaired installment receivables with a related allowance recorded | 0 | 0 |
Total installment receivables | 0 | 29,000 |
IVC Canada | ||
Total Installment Receivables | ||
Non-impaired installment receivables with no related allowance recorded | 0 | |
Total installment receivables | 0 | |
Unpaid Principal Balance | ||
Non-impaired installment receivables with no related allowance recorded | 0 | |
Total installment receivables | 0 | |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 0 | |
Interest Income Recognized | ||
Non-impaired installment receivables with no related allowance recorded | 29,000 | |
Total installment receivables | 29,000 | |
USA | ||
Total Installment Receivables | ||
Impaired installment receivables with a related allowance recorded | 615,000 | |
Unpaid Principal Balance | ||
Impaired installment receivables with a related allowance recorded | 615,000 | |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 487,000 | |
Interest Income Recognized | ||
Impaired installment receivables with a related allowance recorded | 0 | |
All Other | ||
Total Installment Receivables | ||
Non-impaired installment receivables with no related allowance recorded | 1,194,000 | |
Impaired installment receivables with a related allowance recorded | 952,000 | |
Unpaid Principal Balance | ||
Non-impaired installment receivables with no related allowance recorded | $ 1,194,000 | |
Impaired installment receivables with a related allowance recorded | 952,000 | |
Interest Income Recognized | ||
Impaired installment receivables with a related allowance recorded | $ 0 |
Receivables - Allowance for Cre
Receivables - Allowance for Credit losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for Credit Losses | $ 3,642 | $ 4,031 |
Allowance for Losses, Adjustments, Other | 59 | |
Allowance for Credit Losses, Write-downs | $ (448) |
Receivables - Aging of Installm
Receivables - Aging of Installment Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 952 | $ 1,194 |
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 | 0 | 615 |
Total | 952 | 1,809 |
USA | ||
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 | 0 | 615 |
Total | 0 | 615 |
IVC Canada | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,194 | |
Installment Receivable, 1 to 29 Days Past Due | 0 | |
Installment Receivable, 30 to 59 Days Past Due | 0 | |
Installment Sales, 60 to 89 Days Past Due | 0 | |
Installment Receivable, Greater than 90 Days Past Due | 0 | |
Total | $ 1,194 | |
All Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 952 | |
Installment Receivable, 1 to 29 Days Past Due | 0 | |
Installment Receivable, 30 to 59 Days Past Due | 0 | |
Installment Sales, 60 to 89 Days Past Due | 0 | |
Installment Receivable, Greater than 90 Days Past Due | 0 | |
Total | $ 952 |
Inventories - (Details)
Inventories - (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 62,124 | $ 55,264 |
Raw materials | 69,371 | 51,174 |
Work in process | 12,779 | 9,046 |
Inventory, Net | $ 144,274 | $ 115,484 |
Other Current Assets - Componen
Other Current Assets - Components of Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Tax receivables principally value added taxes | $ 21,943 | $ 22,500 |
Prepaid insurance | 4,462 | 3,963 |
Prepaid inventory and freight | 2,394 | 2,700 |
Recoverable income taxes | 2,301 | 2,182 |
Receivable due from information technology provider | 612 | 2,995 |
Derivatives (foreign currency forward contracts) | 386 | 1,321 |
Prepaid debt fees | 379 | 208 |
Service contracts | 304 | 633 |
Prepaid and other current assets | 7,255 | 8,215 |
Other current assets | $ 40,036 | $ 44,717 |
Other Long-Term Assets - (Detai
Other Long-Term Assets - (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Cash surrender value of life insurance policies | $ 2,481 | $ 2,327 |
Installment receivables | 734 | 943 |
Deferred financing fees | 409 | 411 |
Investments | 86 | 85 |
Other | 112 | 111 |
Other Assets | 5,362 | 5,925 |
Deferred Tax Assets, Tax Deferred Expense | $ 1,540 | $ 2,048 |
Other Long-Term Assets - Narrat
Other Long-Term Assets - Narrative (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2016 |
Convertible Senior Notes at 5.00% February 2021 | Convertible Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,250,000 | $ 1,250,000 | $ 150,000,000 |
Property And Equipment - (Detai
Property And Equipment - (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 351,819,000 | $ 358,276,000 |
Less allowance for depreciation | (290,898,000) | (302,033,000) |
Property and equipment, net | 60,921,000 | 56,243,000 |
Capitalized Computer Software, Net | 28,715,000 | 17,527,000 |
Unpaid Purchases of Property and Equipment | 1,090,000 | 1,704,000 |
Computer Software Depreciation Expense | 1,733,000 | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 278,347,000 | 294,045,000 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 27,299,000 | 28,509,000 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,943,000 | 10,001,000 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 6,782,000 | 8,194,000 |
Capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 30,448,000 | $ 17,527,000 |
Goodwill - (Details)
Goodwill - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | |||
Beginning Balance | $ 402,461 | $ 373,403 | |
Foreign currency translation adjustments | (18,022) | 29,058 | |
Goodwill and Intangible Asset Impairment | (28,564) | ||
Ending Balance | $ 355,875 | $ 402,461 | $ 373,403 |
Discounted cash flow, discount rate | 11.19% | 11.27% | 11.88% |
Institutional Products Group | |||
Goodwill [Roll Forward] | |||
Beginning Balance | $ 28,485 | $ 28,162 | |
Foreign currency translation adjustments | 79 | 323 | |
Goodwill and Intangible Asset Impairment | (28,564) | ||
Ending Balance | 0 | 28,485 | $ 28,162 |
Europe | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 373,976 | 345,241 | |
Foreign currency translation adjustments | (18,101) | 28,735 | |
Ending Balance | $ 355,875 | $ 373,976 | $ 345,241 |
Intangibles - Narrative (Detail
Intangibles - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 404,000 | $ 377,000 | $ 1,827,000 |
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Historical Cost | $ 24,137,000 | $ 25,112,000 | |
Trademarks | Institutional Products Group | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite Lived Intangible Assets, Impairment Losses After Tax | 435,000 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 587,000 | ||
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of intangible assets | 3 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of intangible assets | 8 years | ||
Weighted Average | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of intangible assets | 6 years 9 months 18 days |
Intangibles - Finite and Indefi
Intangibles - Finite and Indefinite Lived Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 93,831 | $ 97,155 |
Accumulated Amortization | 67,475 | 69,392 |
Customer lists | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 52,447 | 54,502 |
Accumulated Amortization | 52,447 | 54,502 |
License agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 2,905 | 2,899 |
Accumulated Amortization | 1,196 | 979 |
Developed technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 7,652 | 7,924 |
Accumulated Amortization | 7,149 | 7,204 |
Patents | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 5,543 | 5,556 |
Accumulated Amortization | 5,543 | 5,556 |
Other | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 1,147 | 1,162 |
Accumulated Amortization | 1,140 | 1,151 |
Trademarks | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 24,137 | $ 25,112 |
Intangibles - Finite-Lived Inta
Intangibles - Finite-Lived Intangible Asset Future Amortization Expense (Details) | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Future amortization expense, 2022 | $ 398,000 |
Future amortization expense, 2023 | 398,000 |
Future amortization expense, 2024 | 348,000 |
Future amortization expense, 2025 | 213,000 |
Future amortization expense, 2026 | $ 211,000 |
Accrued Expenses - Components o
Accrued Expenses - Components of Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | |||
Salaries and wages | $ 23,217 | $ 34,029 | |
Taxes other than income taxes, primarily value added taxes | 24,012 | 32,710 | |
Warranty | 11,198 | 10,991 | $ 11,626 |
Professional | 8,697 | 7,375 | |
Rebates | 6,569 | 8,644 | |
Freight | 5,460 | 3,190 | |
Deferred revenue | 4,156 | 3,516 | |
IT service contracts | 4,013 | 3,799 | |
Interest | 3,297 | 2,076 | |
Product liability, current portion | 2,362 | 2,453 | |
Derivatives (foreign currency forward exchange contracts) | 1,938 | 1,432 | |
Insurance | 625 | 878 | |
Severance | 400 | 6,249 | |
Supplemental Executive Retirement Program liability Plan (SERP) | 391 | 391 | |
Rent | 196 | 585 | |
Other items, principally trade accruals | 6,440 | 7,955 | |
Accrued expenses | $ 102,971 | $ 126,273 |
Accrued Expenses - Warranty Sch
Accrued Expenses - Warranty Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Product Warranty Liability [Line Items] | ||
Extended Product Warranty Accrual, Increase for Warranties Issued | $ 768 | |
Balance as of January 1 | $ 10,991 | 11,626 |
Warranties provided during the period | 6,361 | 6,144 |
Settlements made during the period | (6,718) | (8,043) |
Changes in liability for pre-existing warranties during the period, including expirations | 564 | 1,264 |
Balance as of December 31 | $ 11,198 | $ 10,991 |
Long-Term Debt - Debt (Details)
Long-Term Debt - Debt (Details) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2017USD ($)$ / shares | Mar. 31, 2016USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($)paymentshares$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 11, 2021USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt | $ 308,129,000 | $ 245,053,000 | |||||||||||||
Less current maturities of long-term debt | (3,107,000) | (5,612,000) | |||||||||||||
Long-term debt of current maturities | 305,022,000 | 239,441,000 | |||||||||||||
Proceeds from Issuance of Warrants | $ 12,376,000 | ||||||||||||||
Lifetime to date - Accretion Expense | 5,347,000 | 1,813,000 | |||||||||||||
Remaining Accretion | 11,275,000 | ||||||||||||||
Loss (gain) on debt extinguishment including debt finance charges and associated fees | $ 10,131,000 | $ 709,000 | $ 761,000 | $ 6,599,000 | $ 761,000 | 9,422,000 | (7,360,000) | $ (6,165,000) | |||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | 1,250,000 | 1,250,000 | ||||||||||||
Long-term debt | 0 | 1,242,000 | |||||||||||||
Debt Instrument, Unamortized Discount | 0 | (7,000) | |||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | 0 | (1,000) | |||||||||||||
Debt Instrument, Net Carrying Amount | 0 | 1,242,000 | |||||||||||||
Convertible due 2021 - Bond Hedge, Fair Value at Issuance | $ 27,975,000 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 22.4175 | ||||||||||||||
Debt Instrument, Hedge Options | 62,341 | 138,182 | 300,000 | 62,341 | 138,182 | ||||||||||
Debt Instrument, Warrants Issued and Outstanding | 3,860,624 | 9,007,380 | 856,920 | 3,860,624 | |||||||||||
Debt Instrument, Repurchase Amount | $ 24,466,000 | $ 24,466,000 | $ 16,000,000 | ||||||||||||
Effective Interest Rate | 11.10% | ||||||||||||||
Interest rate (as a percent) | 5.00% | ||||||||||||||
Debt Instrument, Fee Amount | $ 5,966,000 | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 8,000 | 1,632,000 | |||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Effective Interest Rate | 10.90% | ||||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2024 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 72,909,000 | 72,909,000 | |||||||||||||
Long-term debt | 72,140,000 | 62,984,000 | |||||||||||||
Debt Instrument, Unamortized Discount | 0 | (8,888,000) | |||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (769,000) | (1,037,000) | |||||||||||||
Debt Instrument, Net Carrying Amount | $ 72,140,000 | 62,984,000 | |||||||||||||
Debt Instrument, Loss on Exchange | $ 5,885,000 | ||||||||||||||
Effective Interest Rate | 8.77% | ||||||||||||||
Interest rate (as a percent) | 5.00% | ||||||||||||||
Percent of the Applicable Conversion Price | 130.00% | ||||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | ||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | ||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | ||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | ||||||||||||||
Business Day Period | 5 days | ||||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98.00% | ||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 67.6819 | ||||||||||||||
Initial conversion price | $ / shares | $ 14.78 | ||||||||||||||
Debt Instrument, Fee Amount | $ 1,394,000 | $ 1,394,000 | |||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 3,645,000 | 3,646,000 | |||||||||||||
Convertible Subordinated Debt | Series II Convertible Senior Notes at 5.00% November 2024 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 79,222,000 | 75,688,000 | |||||||||||||
Long-term debt | 78,251,000 | 64,919,000 | |||||||||||||
Debt Instrument, Unamortized Discount | 0 | (9,461,000) | |||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (971,000) | (1,308,000) | |||||||||||||
Debt Instrument, Net Carrying Amount | $ 78,251,000 | 64,919,000 | |||||||||||||
Debt Instrument, Loss on Exchange | $ 6,599,000 | ||||||||||||||
Effective Interest Rate | 10.40% | ||||||||||||||
Interest rate (as a percent) | 5.00% | ||||||||||||||
Percent of the Applicable Conversion Price | 130.00% | ||||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | ||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | ||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | ||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | ||||||||||||||
Business Day Period | 5 days | ||||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98.00% | ||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 67.6819 | ||||||||||||||
Initial conversion price | $ / shares | $ 14.78 | ||||||||||||||
Debt Instrument, Fee Amount | 1,505,000 | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 3,693,000 | 2,123,000 | |||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.25% March 2026 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 125,000,000 | ||||||||||||||
Long-term debt | 119,036,000 | 0 | |||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (5,964,000) | ||||||||||||||
Debt Instrument, Net Carrying Amount | $ 119,036,000 | ||||||||||||||
Effective Interest Rate | 5.40% | ||||||||||||||
Interest rate (as a percent) | 4.25% | ||||||||||||||
Percent of the Applicable Conversion Price | 130.00% | ||||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | ||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | payment | 30 | ||||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | ||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | ||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | payment | 10 | ||||||||||||||
Business Day Period | 5 days | ||||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98.00% | ||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 94.6096 | ||||||||||||||
Initial conversion price | $ / shares | $ 10.57 | ||||||||||||||
Debt Instrument, Fee Amount | $ 7,305,000 | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 4,220,000 | ||||||||||||||
Cap Price of Capped Call Transaction | $ / shares | $ 16.58 | ||||||||||||||
Capped Call Options, Outstanding | shares | 125,000 | ||||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 120,000,000 | $ 2,650,000 | 81,500,000 | ||||||||||||
Long-term debt | 2,642,000 | 73,869,000 | |||||||||||||
Debt Instrument, Unamortized Discount | 0 | (6,772,000) | |||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (8,000) | (859,000) | |||||||||||||
Debt Instrument, Net Carrying Amount | $ 2,642,000 | 73,869,000 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 21.4375 | ||||||||||||||
Proceeds from Issuance of Warrants | $ 14,100,000 | ||||||||||||||
Debt Instrument, Hedge Options | 120,000 | ||||||||||||||
Debt Instrument, Hedge Options available for exercise | 2,650 | ||||||||||||||
Class of Warrant or Right, Outstanding | shares | 7,393,141 | ||||||||||||||
Debt Instrument, Repurchase Amount | 78,850,000 | ||||||||||||||
Debt Instrument, Loss on Exchange | $ 709,000 | ||||||||||||||
Effective Interest Rate | 5.40% | ||||||||||||||
Interest rate (as a percent) | 4.50% | ||||||||||||||
Percent of the Applicable Conversion Price | 130.00% | ||||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | ||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | ||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | ||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | ||||||||||||||
Business Day Period | 5 days | ||||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98.00% | ||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 61.6095 | ||||||||||||||
Initial conversion price | $ / shares | $ 16.23 | ||||||||||||||
Debt Instrument, Fee Amount | $ 4,711,000 | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 859,000 | 4,404,000 | |||||||||||||
Other obligations | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt | 36,060,000 | 42,039,000 | |||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (France) | 7,366,000 | 7,636,000 | |||||||||||||
Letters of credit outstanding | $ 22,150,000 | 20,000,000 | |||||||||||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Minimum, Percent | 11.25% | ||||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | Euro Member Countries, Euro | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (France) | $ 6,500,000 | $ 6,400,000 | |||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (North America Credit Agreement) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Minimum, Percent | 12.50% | ||||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Minimum, Percent | 12.50% |
Long-Term Debt - Convertible De
Long-Term Debt - Convertible Debt (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Warrants | $ 12,376,000 | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 17,243,000 | $ 16,909,000 | $ 15,042,000 | |
Long-term debt | $ 308,129,000 | 245,053,000 | ||
Convertible Senior Notes at 5.00% February 2024 | Convertible Subordinated Debt | ||||
Debt Disclosure [Abstract] | ||||
Initial conversion price | $ 14.78 | |||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 5.00% | |||
Debt Instrument, Face Amount | $ 72,909,000 | 72,909,000 | ||
Effective Interest Rate | 8.77% | |||
Unamortized discount | $ 0 | (8,888,000) | ||
Long-term debt | 72,140,000 | 62,984,000 | ||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | 0 | 1,845,000 | ||
Debt Instrument, Increase, Accrued Interest | 3,645,000 | 3,646,000 | ||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (769,000) | (1,037,000) | ||
Debt Instrument, Net Carrying Amount | $ 72,140,000 | 62,984,000 | ||
Convertible Senior Notes at 5.00% February 2021 | Convertible Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 5.00% | |||
Debt Instrument, Face Amount | $ 150,000,000 | $ 1,250,000 | 1,250,000 | |
Effective Interest Rate | 11.10% | |||
Unamortized discount | $ 0 | (7,000) | ||
Long-term debt | 0 | 1,242,000 | ||
Convertible due 2021 - Bond Hedge, Fair Value at Issuance | 27,975,000 | |||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | 0 | 1,782,000 | ||
Debt Instrument, Increase, Accrued Interest | 8,000 | 1,632,000 | ||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | 0 | (1,000) | ||
Debt Instrument, Net Carrying Amount | $ 0 | $ 1,242,000 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2017USD ($)$ / shares | Mar. 31, 2016USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2021USD ($)payment$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 11, 2021USD ($) | May 15, 2020USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 17,243,000 | $ 16,909,000 | $ 15,042,000 | |||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||
Year One | 3,115,000 | |||||||||||||||
Year Two | 92,000 | |||||||||||||||
Year Three | 187,633,000 | |||||||||||||||
Year Four | 0 | |||||||||||||||
Year Five | 125,000,000 | |||||||||||||||
Proceeds from Issuance of Warrants | $ 12,376,000 | |||||||||||||||
Payments for Repurchase of Common Stock | 1,754,000 | 1,707,000 | 894,000 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (280,000) | |||||||||||||||
Loss (gain) on debt extinguishment including debt finance charges and associated fees | $ 10,131,000 | $ 709,000 | $ 761,000 | $ 6,599,000 | $ 761,000 | $ 9,422,000 | (7,360,000) | (6,165,000) | ||||||||
Accretion Rate | 4.70% | |||||||||||||||
Purchases of capped calls | $ (18,787,000) | 0 | 0 | |||||||||||||
CARES Act Loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (as a percent) | 1.00% | |||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||
Unsecured Debt | $ 10,000,000 | |||||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Unamortized Discount | $ 0 | 8,888,000 | ||||||||||||||
Interest rate (as a percent) | 5.00% | |||||||||||||||
Debt Instrument, Net Carrying Amount | $ 72,140,000 | 62,984,000 | ||||||||||||||
Debt Instrument, Face Amount | $ 72,909,000 | 72,909,000 | ||||||||||||||
Initial conversion price | $ / shares | $ 14.78 | |||||||||||||||
Debt Instrument, Loss on Exchange | $ 5,885,000 | |||||||||||||||
Effective Interest Rate | 8.77% | |||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | |||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 67.6819 | |||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | |||||||||||||||
Debt Instrument, Fee Amount | 1,394,000 | 1,394,000 | ||||||||||||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | 0 | 1,845,000 | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 3,645,000 | 3,646,000 | ||||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | |||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | |||||||||||||||
Percent of the Applicable Conversion Price | 130.00% | |||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | |||||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98.00% | |||||||||||||||
Debt Instrument Repurchase Amount, Cash Paid | 6,928,000 | 6,928,000 | ||||||||||||||
Business Day Period | 5 days | |||||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | $ (769,000) | (1,037,000) | ||||||||||||||
Convertible Subordinated Debt | Series II Convertible Senior Notes at 5.00% November 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Unamortized Discount | $ 0 | 9,461,000 | ||||||||||||||
Interest rate (as a percent) | 5.00% | |||||||||||||||
Debt Instrument, Net Carrying Amount | $ 78,251,000 | 64,919,000 | ||||||||||||||
Debt Instrument, Face Amount | $ 79,222,000 | 75,688,000 | ||||||||||||||
Initial conversion price | $ / shares | $ 14.78 | |||||||||||||||
Debt Instrument, Loss on Exchange | 6,599,000 | |||||||||||||||
Effective Interest Rate | 10.40% | |||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | |||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 67.6819 | |||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | |||||||||||||||
Debt Instrument, Fee Amount | 1,505,000 | |||||||||||||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | 3,534,000 | 2,966,000 | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 3,693,000 | 2,123,000 | ||||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | |||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | |||||||||||||||
Percent of the Applicable Conversion Price | 130.00% | |||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | |||||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98.00% | |||||||||||||||
Debt Instrument Repurchase Amount, Cash Paid | 5,593,000 | |||||||||||||||
Debt Instrument Exchange Amount | 73,875,000 | |||||||||||||||
Business Day Period | 5 days | |||||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | $ (971,000) | (1,308,000) | ||||||||||||||
Debt Instrument, Interest Rate on Liability Component, Effective Percentage | 8.99% | |||||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.25% March 2026 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (as a percent) | 4.25% | |||||||||||||||
Debt Instrument, Net Carrying Amount | $ 119,036,000 | |||||||||||||||
Debt Instrument, Face Amount | $ 125,000,000 | |||||||||||||||
Initial conversion price | $ / shares | $ 10.57 | |||||||||||||||
Effective Interest Rate | 5.40% | |||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | |||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 94.6096 | |||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | |||||||||||||||
Debt Instrument, Fee Amount | $ 7,305,000 | |||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 4,220,000 | |||||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | |||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | payment | 30 | |||||||||||||||
Percent of the Applicable Conversion Price | 130.00% | |||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | payment | 10 | |||||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98.00% | |||||||||||||||
Business Day Period | 5 days | |||||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | $ (5,964,000) | |||||||||||||||
Convertible Subordinated Debt | Convertible Senior Subordinated Debentures at 5.00% February 2021 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amortization of Debt Issuance Costs | 788,000 | |||||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Unamortized Discount | $ 0 | 6,772,000 | ||||||||||||||
Interest rate (as a percent) | 4.50% | |||||||||||||||
Debt Instrument, Net Carrying Amount | $ 2,642,000 | 73,869,000 | ||||||||||||||
Debt Instrument, Face Amount | $ 120,000,000 | $ 2,650,000 | 81,500,000 | |||||||||||||
Initial conversion price | $ / shares | $ 16.23 | |||||||||||||||
Debt Instrument, Loss on Exchange | 709,000 | |||||||||||||||
Convertible Debt 2022 Conversion Feature, Initial Fair Value | 28,859,000 | |||||||||||||||
Effective Interest Rate | 5.40% | |||||||||||||||
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 | shares | 61.6095 | |||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | |||||||||||||||
Convertible Debt Conversion Feature Gain (Loss) | $ (6,193,000) | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 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 | 0 | 4,894,000 | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 859,000 | 4,404,000 | ||||||||||||||
Convertible due 2022 - Bond Hedge, Fair Value at Issuance | $ 24,780,000 | |||||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | |||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | |||||||||||||||
Percent of the Applicable Conversion Price | 130.00% | |||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | |||||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98.00% | |||||||||||||||
Debt Instrument, Repurchase Amount | $ 78,850,000 | |||||||||||||||
Debt Instrument Exchange Amount | 38,500,000 | |||||||||||||||
Debt Instrument, Hedge Options | 120,000 | |||||||||||||||
Business Day Period | 5 days | |||||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | $ (8,000) | (859,000) | ||||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Unamortized Discount | $ 0 | 7,000 | ||||||||||||||
Interest rate (as a percent) | 5.00% | |||||||||||||||
Debt Instrument, Net Carrying Amount | $ 0 | 1,242,000 | ||||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | $ 1,250,000 | 1,250,000 | |||||||||||||
Effective Interest Rate | 11.10% | |||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||
Convertible due 2021 - Bond Hedge, Fair Value at Issuance | $ 27,975,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 22.4175 | |||||||||||||||
Debt Instrument, Net Proceeds | $ 144,034,000 | |||||||||||||||
Debt Instrument, Fee Amount | $ 5,966,000 | |||||||||||||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | $ 0 | 1,782,000 | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 8,000 | 1,632,000 | ||||||||||||||
Debt Instrument Repurchase Amount, Cash Paid | 14,708,000 | |||||||||||||||
Debt Instrument, Repurchase Amount | $ 24,466,000 | $ 24,466,000 | 16,000,000 | |||||||||||||
Debt Instrurment Repurchase Amount, Net Reduction of debt | $ 14,367,000 | |||||||||||||||
Debt Instrument Exchange Amount | $ 35,375,000 | $ 72,909,000 | ||||||||||||||
Debt Instrument, Hedge Options | 62,341 | 138,182 | 300,000 | 62,341 | 138,182 | |||||||||||
Debt Instrument, Warrants Issued and Outstanding | 3,860,624 | 9,007,380 | 856,920 | 3,860,624 | ||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | $ 0 | (1,000) | ||||||||||||||
Letters of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Letters of credit outstanding | 2,585,000 | 7,616,000 | ||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||
Letters of Credit Outstanding, Amount | 3,450,000 | $ 7,752,000 | ||||||||||||||
Letters of Credit | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Borrowing capacity | 20,000,000 | |||||||||||||||
Letters of Credit | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Borrowing capacity | $ 5,000,000 | |||||||||||||||
Revolving Credit Facility | Line of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Weighted average interest rate | 4.50% | 4.60% | ||||||||||||||
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 | $ 0 | |||||||||||||||
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% | |||||||||||||||
Letters of credit outstanding | $ 22,150,000 | $ 20,000,000 | ||||||||||||||
Borrowing capacity | 60,000,000 | |||||||||||||||
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 | 80.00% | |||||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Availability Reserve, Minimum | $ 3,000,000 | |||||||||||||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | $ 6,750,000 | |||||||||||||||
Line of Credit, Covenant Compliance, Interruption of Manufacturing Facilities Period | 10 days | |||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 26,644,000 | |||||||||||||||
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 | |||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (France) | $ 7,366,000 | 7,636,000 | ||||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (UK) | 5,986,000 | 3,866,000 | ||||||||||||||
Line Of Credit Facility Gross Borrowing Base | 38,979,000 | |||||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | Euro Member Countries, Euro | ||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (France) | 6,500,000 | 6,400,000 | ||||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | United Kingdom, Pounds | ||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (UK) | 4,500,000 | $ 2,900,000 | ||||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
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 | $ 3,750,000 | |||||||||||||||
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 | $ 15,201,000 | |||||||||||||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Minimum, Percent | 12.50% | |||||||||||||||
Remaining borrowing capacity | $ 30,000,000 | |||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||
Line of Credit Facility, Covenant Feature, Prior Increase Limit | 10,000,000 | |||||||||||||||
Line of Credit Facility, Covenant Feature, Increase Limit Based on receivables | 9,000,000 | |||||||||||||||
Line Of Credit Facility Gross Borrowing Base | 21,576,000 | |||||||||||||||
Line of Credit Facility, Covenant Feature, Dominion Trigger for Five Consecutive Days | 3,375,000 | |||||||||||||||
Swing Line Loans | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Borrowing capacity | 2,000,000 | |||||||||||||||
Amount Available to Invacare Limited and Invacare Poirier SAS | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Borrowing capacity | $ 15,000,000 | |||||||||||||||
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 | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
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 (New Credit Agreement) [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.75% | |||||||||||||||
Maximum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 3.00% | |||||||||||||||
Maximum | 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% | |||||||||||||||
Maximum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 3.00% | |||||||||||||||
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 | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
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 (New Credit Agreement) [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||||||
Minimum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.50% | |||||||||||||||
Minimum | 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% | |||||||||||||||
Minimum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.50% |
Other Long-Term Obligations - (
Other Long-Term Obligations - (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Deferred income taxes | $ 21,664 | $ 23,234 |
Product liability | 11,342 | 12,304 |
Pension | 7,814 | 9,088 |
Supplemental Executive Retirement Plan liability | 5,106 | 5,368 |
Deferred compensation | 6,174 | 5,318 |
Deferred gain on sale leaseback | 5,174 | 5,502 |
Life Insurance Liability, Noncurrent | 4,568 | 4,723 |
Uncertain tax obligation including interest | 3,171 | 3,114 |
Other | 1,783 | 1,823 |
Other Long-Term Obligations | $ 66,796 | $ 70,474 |
Other Long-Term Obligations - N
Other Long-Term Obligations - Narrative (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2016 | Apr. 23, 2015 |
Income Tax Examination [Line Items] | ||||
Deferred gain on sale leaseback | $ 7,414,000 | |||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 | ||||
Income Tax Examination [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,250,000 | $ 1,250,000 | $ 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 - Convertible Senior Notes at 5.00% February 2021 - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2016 |
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,250,000 | $ 1,250,000 | $ 150,000,000 |
Interest rate (as a percent) | 5.00% |
Leases and Commitments - Narrat
Leases and Commitments - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Leased Assets [Line Items] | ||
Sale and Leaseback Transaction, Gain (Loss), Net | $ 317,000 | $ 305,000 |
Sale Leaseback Transaction, Annual Payments. | $ 2,275,000 | |
Minimum | ||
Operating Leased Assets [Line Items] | ||
Lease term | 1 year | |
Maximum | ||
Operating Leased Assets [Line Items] | ||
Lease term | 20 years |
Leases and Commitments - Lease
Leases and Commitments - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease, Cost [Abstract] | ||
Operating Lease, Expense | $ 7,394 | $ 8,138 |
Short-term Lease, Cost | 3,541 | 3,968 |
Operating Lease, Cost | 10,935 | 12,106 |
Finance Lease, Interest Expense | 4,601 | 2,544 |
Finance Lease, Right-of-Use Asset, Amortization | 4,996 | 3,479 |
Financing Lease, Cost | $ 9,597 | $ 6,023 |
Leases and Commitments - Future
Leases and Commitments - Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finance Leases | ||
Capital Leases - 2021 | $ 7,030 | |
Capital Leases - 2022 | 6,943 | |
Capital Leases - 2023 | 6,880 | |
Capital Leases - 2024 | 6,765 | |
Capital Leases - 2025 | 6,675 | |
Capital Leases - Thereafter | 72,641 | |
Total future minimum lease payments | 106,934 | |
Amounts representing interest | (40,189) | |
Operating Leases, Future Minimum Payments, Interest Included in Payments | (2,212) | |
Present value of minimum lease payments | 66,745 | |
Operating Leases | ||
Operating Leases - 2021 | 4,848 | |
Operating Leases - 2022 | 2,887 | |
Operating Leases - 2023 | 2,217 | |
Operating Leases - 2024 | 1,798 | |
Operating Leases - 2025 | 1,150 | |
Operating Leases - Thereafter | 1,763 | |
Total future minimum lease payments | 14,663 | |
Operating Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 12,451 | |
Finance Lease, Liability, Current | (3,009) | $ (3,405) |
Operating Lease, Liability, Current | (4,217) | (6,313) |
Long-Term Obligations - Finance Leases | 63,736 | 63,137 |
Long-Term Obligations - Operating Leases | $ 8,234 | $ 8,697 |
Leases and Commitments - Sale L
Leases and Commitments - Sale Leaseback Transactions (Details) - USD ($) | Apr. 23, 2015 | Sep. 30, 2015 | Dec. 31, 2021 |
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 23,000,000 | ||
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 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 | ||
Sale Leaseback Transaction, Immediate Loss Recognized | 257,000 | ||
Capital Lease Obligations | $ 32,339,000 |
Leases and Commitments - Schedu
Leases and Commitments - Schedule of Cash Flows Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Cash Flows Supplemental Information [Abstract] | ||
Operating Leases, Cash Paid in Measurement of Amounts for Lease Liabilities | $ 11,089 | $ 12,527 |
Financing Leases, Cash Paid in Measurement of Amounts for Lease Liabilities | 8,166 | 5,316 |
Total Cash Paid in Measurement of Amounts for Lease Liabilities | 19,255 | 17,843 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 7,491 | 6,155 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 6,572 | 40,078 |
Right-of-Use Asset Obtained in Exchange for Total Lease Liability | $ 14,063 | $ 46,233 |
Leases and Commitments - Weight
Leases and Commitments - Weighted-Average Remaining Lease Terms and Discount Rates (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted-Average Remaining Lease Terms and Discount Rates [Abstract] | ||
Finance Lease, Weighted Average Remaining Lease Term | 15 years 9 months 18 days | 17 years |
Operating Lease, Weighted Average Remaining Lease Term | 5 years | 4 years 7 months 6 days |
Finance Lease, Weighted Average Discount Rate, Percent | 6.43% | 6.41% |
Operating Lease, Weighted Average Discount Rate, Percent | 7.10% | 7.82% |
Retirement and Benefit Plans -
Retirement and Benefit Plans - (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)yr | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Retirement Benefits [Abstract] | |||
Company matching employee contributions | 66.70% | ||
Maximum percentage of matching contribution for total compensation | 3.00% | ||
Contribution expense | $ 1,022,000 | $ 1,214,000 | $ 1,765,000 |
Supplemental Executive Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest credited for active participants (as a percent) | 0.00% | ||
Accumulated benefit obligation | $ 5,497,000 | $ 5,759,000 | |
Assumption, future salary increase rate | 3.25% | ||
Assumed discount rate | 2.83% | 2.52% | |
Retirement age | yr | 67 | ||
Projected benefit obligation | $ 5,497,000 | $ 5,759,000 | |
Interest (benefit) cost | 4,000 | 213,000 | 392,000 |
Net periodic benefit (income) costs | 129,000 | 326,000 | 574,000 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 391,000 | 391,000 | 391,000 |
Domestic Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income) costs | 30,000 | 640,000 | 561,000 |
Service cost and accrual adjustments | (68,000) | 569,000 | 488,000 |
Foreign Plan | Foreign Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts recognized in other comprehensive income (loss) | $ (823,000) | $ 1,678,000 | $ 34,000 |
Revenues (Details)
Revenues (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 226,191,000 | $ 224,200,000 | $ 225,864,000 | $ 196,202,000 | $ 224,043,000 | $ 211,906,000 | $ 196,300,000 | $ 218,440,000 | $ 872,457,000 | $ 850,689,000 | $ 927,964,000 |
Net Revenue | 100.00% | 100.00% | |||||||||
Deferred Revenue | $ 4,156,000 | $ 3,516,000 | $ 4,156,000 | $ 3,516,000 | |||||||
Europe | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 499,118,000 | 468,041,000 | 533,048,000 | ||||||||
North America | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 340,980,000 | 348,307,000 | 348,201,000 | ||||||||
All Other | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 32,359,000 | 34,341,000 | $ 46,715,000 | ||||||||
Product [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 853,680,000 | $ 832,869,000 | |||||||||
Net Revenue | 98.00% | 98.00% | |||||||||
Product [Member] | Europe | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 486,190,000 | $ 455,638,000 | |||||||||
Product [Member] | North America | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 340,269,000 | 347,476,000 | |||||||||
Product [Member] | All Other | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 27,221,000 | 29,755,000 | |||||||||
Service [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 18,777,000 | $ 17,820,000 | |||||||||
Net Revenue | 2.00% | 2.00% | |||||||||
Service [Member] | Europe | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 12,928,000 | $ 12,403,000 | |||||||||
Service [Member] | North America | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 711,000 | 831,000 | |||||||||
Service [Member] | All Other | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 5,138,000 | $ 4,586,000 | |||||||||
General Terms and Conditions [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Contract Type Sales Split | 30.00% | ||||||||||
Large National Customers [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Contract Type Sales Split | 23.00% | ||||||||||
Government Tenders [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Contract Type Sales Split | 22.00% | ||||||||||
Other Customers [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Contract Type Sales Split | 25.00% |
Equity Compensation - Narrative
Equity Compensation - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)votes$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)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 | 213,000 | 231,000 | 112,000 |
Payments for Repurchase of Common Stock | $ | $ 1,754,000 | $ 1,707,000 | $ 894,000 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payments for Repurchase of Common Stock | $ | $ 1,754,000 | 1,707,000 | $ 894,000 |
Expiration period | 10 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 | 1,816,618 | ||
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 | 2,671,108 | ||
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% | ||
hare-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Incremental Expense | $ | $ 605,000 | ||
Restricted Stock and Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
2018 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 3,475,496 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,500,000 | ||
2013 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 3,540,534 | 3,851,945 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Share Awards Underlying from 2003 Plan | 802,637 | ||
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 | ||
Common Stock, Shares, Outstanding | 3,667 | ||
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-bas
Equity Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ (1,795) | $ 2,190 | $ 4,051 |
Selling, general and administrative expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 4,323 | 8,645 | 11,110 |
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 | 0 | 0 | 1,939 |
Selling, general and administrative expense | Restricted stock and restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 5,450 | 5,332 | 4,772 |
Selling, general and administrative expense | Performance shares and performance share units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ (1,127) | $ 3,313 | $ 4,399 |
Equity Compensation - Unrecogni
Equity Compensation - Unrecognized Compensation Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 8,612 | $ 14,749 | $ 16,722 |
Restricted stock and restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | 6,866 | 7,489 | 8,453 |
Performance shares and performance share units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 1,746 | $ 7,260 | $ 8,269 |
Equity Compensation - Options A
Equity Compensation - Options Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 750,159 | 1,081,804 | 1,441,202 | 1,885,262 |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 12.69 | $ 16.07 | $ 18.26 | $ 18.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (331,645) | (359,398) | (444,060) | |
Canceled - Weighted Average Exercise Price (in dollars per share) | $ 23.71 | $ 24.84 | $ 20.49 | |
Options exercisable at end of period (in shares) | 750,159 | 1,081,804 | 910,267 | |
$12.15 – $20.00 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | $ 12.15 | $ 12.15 | $ 12.15 | |
$12.15 – $20.00 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | 20 | |||
$12.15 – $20.00 | Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | 12.69 | |||
$30.01 – $33.36 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | $ 17.47 | $ 33.36 | $ 33.36 | |
2018 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 3,475,496 | |||
2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 3,540,534 | 3,851,945 |
Equity Compensation - Stock Opt
Equity Compensation - Stock Options Outstanding by Exercise Price (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 12.69 | $ 16.07 | $ 18.26 | $ 18.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 750,159 | 1,081,804 | 1,441,202 | 1,885,262 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (331,645) | (359,398) | (444,060) | |
Canceled - Weighted Average Exercise Price (in dollars per share) | $ 23.71 | $ 24.84 | $ 20.49 | |
Options exercisable at end of period (in shares) | 750,159 | 1,081,804 | 910,267 | |
2018 Plan | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number of shares authorized | 3,475,496 | |||
2013 Plan | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number of shares authorized | 3,540,534 | 3,851,945 | ||
$12.15 – $20.00 | Minimum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | $ 12.15 | $ 12.15 | $ 12.15 | |
$12.15 – $20.00 | Maximum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | 20 | |||
$30.01 – $33.36 | Maximum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | $ 17.47 | $ 33.36 | $ 33.36 | |
Stock Options | $12.15 – $20.00 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding - Number Outstanding at end of period (in shares) | 750,159 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 4 years | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 12.69 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 750,159 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 12.69 |
Equity Compensation - Restricte
Equity Compensation - Restricted Stock Activity (Details) - Restricted stock and restricted stock units - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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) | 1,145,058 | 965,085 | 637,663 |
Granted (in shares) | 652,743 | 764,012 | 828,484 |
Vested (in shares) | (558,424) | (475,113) | (309,150) |
Canceled (in shares) | (78,530) | (108,926) | (191,912) |
Stock / Units unvested at end of period (in shares) | 1,160,847 | 1,145,058 | 965,085 |
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) | $ 8.62 | $ 11.32 | $ 15.04 |
Granted - Weighted Average Fair Value (in dollars per share) | 8.42 | 7.11 | 9.86 |
Vested - Weighted Average Fair Value (in dollars per share) | 9.33 | 11.39 | 14.26 |
Canceled - Weighted Average Fair Value (in dollars per share) | 8.44 | 9.90 | 12.60 |
Stock / Units unvested at end of period - Weighted Average Fair Value (in dollars per share) | $ 8.17 | $ 8.62 | $ 11.32 |
Equity Compensation - Performan
Equity Compensation - Performance Share Activity (Details) - Performance shares and performance share units - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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) | 1,026,785 | 753,272 | 448,294 |
Granted (in shares) | 471,819 | 523,329 | 576,737 |
Vested (in shares) | 0 | (183,840) | (255,259) |
Canceled (in shares) | (526,316) | (65,976) | (16,500) |
Stock / Units unvested at end of period (in shares) | 972,288 | 1,026,785 | 753,272 |
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) | $ 8.55 | $ 11.82 | $ 14.39 |
Granted - Weighted Average Fair Value (in dollars per share) | 8.49 | 7.82 | 9.93 |
Vested - Weighted Average Fair Value (in dollars per share) | 0 | 17.48 | 12.02 |
Canceled - Weighted Average Fair Value (in dollars per share) | 9.25 | 9.48 | 11.99 |
Stock / Units unvested at end of period - Weighted Average Fair Value (in dollars per share) | $ 7.76 | $ 8.55 | $ 11.82 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 45,436 | $ 3,128 | |
OCI before reclassifications | (29,738) | 40,261 | |
Amount reclassified from accumulated OCI | 1,290 | 2,047 | |
Other Comprehensive Income (Loss) | (28,448) | 42,308 | $ (9,665) |
Ending balance | 16,988 | 45,436 | 3,128 |
Foreign Currency | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 50,329 | 8,898 | |
OCI before reclassifications | (31,368) | 41,431 | |
Amount reclassified from accumulated OCI | 0 | 0 | |
Other Comprehensive Income (Loss) | (31,368) | 41,431 | |
Ending balance | 18,961 | 50,329 | 8,898 |
Long-Term Notes | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (517) | (2,491) | |
OCI before reclassifications | 2,644 | 1,974 | |
Amount reclassified from accumulated OCI | 0 | 0 | |
Other Comprehensive Income (Loss) | 2,644 | 1,974 | |
Ending balance | 2,127 | (517) | (2,491) |
Defined Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (3,674) | (3,299) | |
OCI before reclassifications | (457) | (1,015) | |
Amount reclassified from accumulated OCI | 30 | 640 | |
Other Comprehensive Income (Loss) | (427) | (375) | |
Ending balance | (4,101) | (3,674) | (3,299) |
Derivatives | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (702) | 20 | |
OCI before reclassifications | (557) | (2,129) | |
Amount reclassified from accumulated OCI | 1,260 | 1,407 | |
Other Comprehensive Income (Loss) | 703 | (722) | |
Ending balance | $ 1 | $ (702) | $ 20 |
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Cost of products sold | $ (633,351) | $ (605,437) | $ (665,897) | ||||||||
Selling, general and administrative expenses | (232,242) | (236,357) | (260,061) | ||||||||
Income taxes | (6,445) | (3,841) | (9,302) | ||||||||
Revenues | $ 226,191 | $ 224,200 | $ 225,864 | $ 196,202 | $ 224,043 | $ 211,906 | $ 196,300 | $ 218,440 | 872,457 | 850,689 | $ 927,964 |
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 | 30 | 640 | |||||||||
Income taxes | 0 | 0 | |||||||||
Loss from Continuing Operations | 30 | 640 | |||||||||
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 | 1,486 | 1,467 | |||||||||
Income taxes | (226) | (60) | |||||||||
Loss from Continuing Operations | 1,260 | 1,407 | |||||||||
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 | 428 | 2,826 | |||||||||
Revenues | $ 1,058 | $ 1,359 |
Capital Stock - (Details)
Capital Stock - (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Capital Stock [Roll Forward] | |||
Treasury Shares, Beginning Balance | (4,184,000) | (3,953,000) | (3,841,000) |
Treasury Shares, Ending Balance | (4,397,000) | (4,184,000) | (3,953,000) |
Number of stock awards canceled | 78,530 | 108,926 | 191,912 |
Common Stock | |||
Capital Stock [Roll Forward] | |||
Common Stock, Beginning Balance | 38,613,000 | 37,609,000 | 37,010,000 |
Restricted stock awards | 803,000 | 1,002,000 | 599,000 |
Common Stock, Ending Balance | 39,416,000 | 38,613,000 | 37,609,000 |
Conversion of Class B Shares to Common Shares | 2,000 | ||
Dividends | $ 0.0125 | $ 0.05 | |
Class B Common Shares | |||
Capital Stock [Roll Forward] | |||
Common Stock, Beginning Balance | 4,000 | 6,000 | 6,000 |
Restricted stock awards | 0 | 0 | 0 |
Common Stock, Ending Balance | 4,000 | 4,000 | 6,000 |
Conversion of Class B Shares to Common Shares | (2,000) | ||
Treasury Shares | |||
Capital Stock [Roll Forward] | |||
Restricted stock awards | (213,000) | (231,000) | (112,000) |
Charges Related To Restructur_3
Charges Related To Restructuring Activities - (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||||||||||
Beginning Balance | $ 6,253,000 | $ 7,027,000 | $ 6,253,000 | $ 7,027,000 | $ 1,682,000 | |||||
Charges | $ (377,000) | $ (547,000) | (1,552,000) | $ (2,701,000) | $ (1,580,000) | $ (1,685,000) | (1,392,000) | (2,534,000) | (7,358,000) | (11,829,000) |
Payments | (8,305,000) | (8,132,000) | (6,484,000) | |||||||
Ending Balance | 6,253,000 | 482,000 | 6,253,000 | 7,027,000 | ||||||
Severance | ||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Beginning Balance | 6,249,000 | 7,023,000 | 6,249,000 | 7,023,000 | 1,657,000 | |||||
Charges | (1,860,000) | (7,012,000) | (11,562,000) | |||||||
Payments | (7,627,000) | (7,786,000) | (6,196,000) | |||||||
Ending Balance | 6,249,000 | 482,000 | 6,249,000 | 7,023,000 | ||||||
Contract Terminations | ||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Beginning Balance | 4,000 | 4,000 | 4,000 | 4,000 | 25,000 | |||||
Charges | (674,000) | (346,000) | (267,000) | |||||||
Payments | (678,000) | (346,000) | (288,000) | |||||||
Ending Balance | 4,000 | 0 | 4,000 | 4,000 | ||||||
North America | ||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Beginning Balance | 179,000 | 211,000 | 179,000 | 211,000 | 681,000 | |||||
Charges | (964,000) | (1,306,000) | (1,617,000) | |||||||
Payments | (661,000) | (1,338,000) | (2,087,000) | |||||||
Ending Balance | 179,000 | 482,000 | 179,000 | 211,000 | ||||||
North America | Severance | ||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Beginning Balance | 179,000 | 211,000 | 179,000 | 211,000 | 656,000 | |||||
Charges | (964,000) | (1,306,000) | (1,573,000) | |||||||
Payments | (661,000) | (1,338,000) | (2,018,000) | |||||||
Ending Balance | 179,000 | 482,000 | 179,000 | 211,000 | ||||||
North America | Contract Terminations | ||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Beginning Balance | 0 | 0 | 0 | 0 | 25,000 | |||||
Charges | 0 | 0 | (44,000) | |||||||
Payments | 0 | 0 | (69,000) | |||||||
Ending Balance | 0 | 0 | 0 | 0 | ||||||
Europe | ||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Beginning Balance | 5,908,000 | 6,410,000 | 5,908,000 | 6,410,000 | 181,000 | |||||
Charges | (1,560,000) | (5,934,000) | (9,579,000) | |||||||
Payments | (7,468,000) | (6,436,000) | (3,350,000) | |||||||
Ending Balance | 5,908,000 | 0 | 5,908,000 | 6,410,000 | ||||||
Europe | Severance | ||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Beginning Balance | 5,904,000 | 6,406,000 | 5,904,000 | 6,406,000 | 181,000 | |||||
Charges | (886,000) | (5,588,000) | (9,356,000) | |||||||
Payments | (6,790,000) | (6,090,000) | (3,131,000) | |||||||
Ending Balance | 5,904,000 | 0 | 5,904,000 | 6,406,000 | ||||||
Europe | Contract Terminations | ||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Beginning Balance | 4,000 | 4,000 | 4,000 | 4,000 | 0 | |||||
Charges | (674,000) | (346,000) | (223,000) | |||||||
Payments | (678,000) | (346,000) | (219,000) | |||||||
Ending Balance | 4,000 | 0 | 4,000 | 4,000 | ||||||
All Other | ||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Beginning Balance | 166,000 | 406,000 | 166,000 | 406,000 | 820,000 | |||||
Charges | (10,000) | (118,000) | (633,000) | |||||||
Payments | (176,000) | (358,000) | (1,047,000) | |||||||
Ending Balance | 166,000 | 0 | 166,000 | 406,000 | ||||||
All Other | Severance | ||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Beginning Balance | 166,000 | 406,000 | 166,000 | 406,000 | 820,000 | |||||
Charges | (10,000) | (118,000) | (633,000) | |||||||
Payments | (176,000) | (358,000) | (1,047,000) | |||||||
Ending Balance | 166,000 | 0 | 166,000 | 406,000 | ||||||
All Other | Contract Terminations | ||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Beginning Balance | $ 0 | $ 0 | 0 | 0 | 0 | |||||
Charges | 0 | 0 | 0 | |||||||
Payments | 0 | 0 | 0 | |||||||
Ending Balance | $ 0 | $ 0 | $ 0 | $ 0 |
Charges Related To Restructur_4
Charges Related To Restructuring Activities - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||||||||
Charges | $ (377,000) | $ (547,000) | $ (1,552,000) | $ (2,701,000) | $ (1,580,000) | $ (1,685,000) | $ (1,392,000) | $ (2,534,000) | $ (7,358,000) | $ (11,829,000) |
Payments | (8,305,000) | (8,132,000) | (6,484,000) | |||||||
Severance | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Charges | (1,860,000) | (7,012,000) | (11,562,000) | |||||||
Payments | (7,627,000) | (7,786,000) | (6,196,000) | |||||||
Contract Terminations | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Charges | (674,000) | (346,000) | (267,000) | |||||||
Payments | (678,000) | (346,000) | (288,000) | |||||||
North America | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Charges | (964,000) | (1,306,000) | (1,617,000) | |||||||
Payments | (661,000) | (1,338,000) | (2,087,000) | |||||||
North America | Severance | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Charges | (964,000) | (1,306,000) | (1,573,000) | |||||||
Payments | (661,000) | (1,338,000) | (2,018,000) | |||||||
North America | Contract Terminations | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Charges | 0 | 0 | (44,000) | |||||||
Payments | 0 | 0 | (69,000) | |||||||
Europe | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Charges | (1,560,000) | (5,934,000) | (9,579,000) | |||||||
Payments | (7,468,000) | (6,436,000) | (3,350,000) | |||||||
Europe | Severance | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Charges | (886,000) | (5,588,000) | (9,356,000) | |||||||
Payments | (6,790,000) | (6,090,000) | (3,131,000) | |||||||
Europe | Contract Terminations | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Charges | (674,000) | (346,000) | (223,000) | |||||||
Payments | (678,000) | (346,000) | (219,000) | |||||||
All Other | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Charges | (10,000) | (118,000) | (633,000) | |||||||
Payments | (176,000) | (358,000) | (1,047,000) | |||||||
All Other | Severance | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Charges | (10,000) | (118,000) | (633,000) | |||||||
Payments | (176,000) | (358,000) | (1,047,000) | |||||||
All Other | Contract Terminations | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Charges | 0 | 0 | 0 | |||||||
Payments | $ 0 | $ 0 | $ 0 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ (53,916) | $ (42,213) | $ (66,135) | ||||||||
Foreign | 14,798 | 17,774 | 22,110 | ||||||||
Loss Before Income Taxes | $ 3,553 | $ (20,919) | $ (9,578) | $ (12,174) | $ (6,176) | $ (5,226) | $ (15,869) | $ 2,832 | $ (39,118) | $ (24,439) | $ (44,025) |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 85 | $ 45 | $ 152 |
State | (12) | (180) | (90) |
Foreign | 6,596 | 6,168 | 10,070 |
Current Income Tax Expense (Benefit) | 6,669 | 6,033 | 10,132 |
Deferred: | |||
Federal | (662) | (26) | (148) |
State | 0 | 0 | 0 |
Foreign | 438 | (2,166) | (682) |
Deferred Income Tax Expense (Benefit) | (224) | (2,192) | (830) |
Income Taxes | $ 6,445 | $ 3,841 | $ 9,302 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income Tax Expense (Benefit), Intraperiod Tax Allocation | (5.40%) | 0.00% | 0.00% |
Foreign goodwill write-off | 9.00% | ||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory federal income tax rate (benefit) | (21.00%) | (21.00%) | (21.00%) |
State and local income taxes, net of federal income tax benefit | 0.00% | (0.60%) | (0.20%) |
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent | 0.00% | (11.20%) | 0.00% |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent | 1.70% | (16.50%) | (40.20%) |
Foreign taxes at other than the federal statutory rate | 3.90% | 8.80% | 5.10% |
Federal and foreign valuation allowances | 20.40% | (4.30%) | (20.40%) |
Withholding taxes | 0.10% | 0.10% | 0.10% |
Unremitted earnings | 0.00% | (4.00%) | 0.10% |
Debt repurchase | 0.00% | 3.20% | 1.70% |
Foreign branch activity | 4.00% | 19.30% | 12.40% |
Uncertain tax positions | 0.60% | 2.90% | 1.40% |
Other, net | 3.20% | (6.00%) | (1.70%) |
Effective Income Tax Rate, Continuing Operations | 16.50% | 15.70% | 21.10% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term deferred income tax assets (liabilities), net: | ||
Bad debt | $ 387,000 | $ 417,000 |
Warranty | 1,426,000 | 1,280,000 |
Other accrued expenses and reserves | 484,000 | 1,709,000 |
Inventory | 3,624,000 | 3,797,000 |
Goodwill and intangibles | (19,910,000) | (24,291,000) |
Convertible debt | 5,193,000 | 2,623,000 |
Fixed assets | (24,026,000) | (13,582,000) |
Compensation and benefits | 4,271,000 | 6,349,000 |
Loss and credit carryforwards | 127,397,000 | 118,290,000 |
Product liability | 1,596,000 | 1,797,000 |
State and local taxes | 34,794,000 | 32,835,000 |
Valuation allowances | (176,230,000) | (163,298,000) |
Deferred Tax Liabilities, Leasing Arrangements | 19,649,000 | 9,258,000 |
Other, net | 1,221,000 | 1,630,000 |
Net Deferred Income Taxes | $ 20,124,000 | $ 21,186,000 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 3,262 | $ 2,872 |
Additions to: | ||
Positions taken during the current year | 238 | 782 |
Positions taken during a prior year | 3 | 3 |
Exchange rate impact | 0 | 52 |
Deductions due to: | ||
Positions taken during a prior year | (76) | (167) |
Lapse of statute of limitations | (212) | (280) |
Balance at end of year | 3,149 | 3,262 |
Tax Credit Carryforward [Line Items] | ||
Exchange rate impact | $ (66) | $ 0 |
Income Taxes - (Narrative) (Det
Income Taxes - (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax Credit Carryforward [Line Items] | |||
Income taxes (benefit) | $ 6,445,000 | $ 3,841,000 | $ 9,302,000 |
Deferred tax assets, gross | 200,042,000 | 179,985,000 | |
Deferred tax liabilities | 43,936,000 | 37,873,000 | |
Deferred tax assets, valuation allowance | 176,230,000 | 163,298,000 | |
Income Taxes Paid, Net | 6,877,000 | 4,377,000 | 12,463,000 |
Domestic state and local tax loss carryforwards | 660,471,000 | ||
Tax credit carryforwards | 11,302,000 | ||
Unrecognized tax benefits, excluding interest and penalties | 2,646,000 | 2,604,000 | |
Unrecognized tax benefits that would impact effective tax rate | 2,646,000 | 2,604,000 | |
Income tax penalties and interest expense | 15,000 | (20,000) | 13,000 |
Income tax penalties and interest accrued | 525,000 | 510,000 | |
Reversal of Withholding Taxes | $ 988,000 | ||
Undistributed Profits of Non-U.S. Subsidiaries, indefinitely reinvested | 28,683,000 | ||
Income Tax Expense (Benefit), Intraperiod Tax Allocation | $ 148,000 | ||
Goodwill Impairment Deferred Tax Benefit | 662,000 | ||
Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Federal tax credit carryforwards | 406,252,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Other | 94,845,000 | ||
Foreign Tax Authority [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 51,996,000 | ||
Tax Year 2034 [Member] | Foreign Tax Authority [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 22,839,000 | ||
Tax Year 2014 to 2017 | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 128,493,000 | ||
Tax year 2018 to 2027 | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 330,343,000 | ||
Tax Year 2014 to 2018 | Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | 222,000 | ||
Tax Year 2019 to 2022 | Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | 9,070,000 | ||
Tax Year 2028 and Thereafter | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 166,667,000 | ||
Unlimited Carryover [Member] | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 34,968,000 | ||
Tax Year 2034 to 2036 [Member] | Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Federal tax credit carryforwards | 276,625,000 | ||
Tax Year 2031 | Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | $ 2,010,000 |
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Earnings (Loss) per Share—Basic: | |||||||||||
Average common shares outstanding | 34,875 | 34,266 | 33,594 | ||||||||
Net Loss | $ 1,938 | $ (22,759) | $ (10,698) | $ (14,044) | $ (5,117) | $ (7,276) | $ (16,619) | $ 732 | $ (45,563) | $ (28,280) | $ (53,327) |
Net earnings per common share | $ 0.06 | $ (0.65) | $ (0.31) | $ (0.41) | $ (0.15) | $ (0.21) | $ (0.48) | $ 0.02 | $ (1.31) | $ (0.83) | $ (1.59) |
Diluted | |||||||||||
Average common shares outstanding | 34,875 | 34,266 | 33,594 | ||||||||
Stock options and awards | 399 | 109 | 48 | ||||||||
Average common shares assuming dilution | 35,274 | 34,375 | 33,642 | ||||||||
Net Loss | $ 1,938 | $ (22,759) | $ (10,698) | $ (14,044) | $ (5,117) | $ (7,276) | $ (16,619) | $ 732 | $ (45,563) | $ (28,280) | $ (53,327) |
Net Earnings (loss) per Share - Assuming Dilution (in dollars per share) | $ 0.05 | $ (0.65) | $ (0.31) | $ (0.41) | $ (0.15) | $ (0.21) | $ (0.48) | $ 0.02 | $ (1.31) | $ (0.83) | $ (1.59) |
Net Earnings (Loss) Per Commo_3
Net Earnings (Loss) Per Common Share - Narrative (Details) - Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 1,414,155 | 2,275,832 | 3,626,828 |
Average exercise price | $ 12.15 | $ 12.15 | $ 25.24 |
Fair value stock price | $ 7.13 | $ 7.42 | $ 6.93 |
Concentration Of Credit Risk -
Concentration Of Credit Risk - (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)Customer | |
Net Sales | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Number of Customers Used For Concentration Risk Disclosure | Customer | 10 |
Maximum percent of revenue from single customer | 5.70% |
Net Sales | Customer Concentration Risk | Credit Risk | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 19.70% |
Payment Guarantee | |
Concentration Risk [Line Items] | |
Retained recourse obligation | $ 1,121,000 |
Total contracts | $ 6,826,000 |
Derivatives - Notional Amounts
Derivatives - Notional Amounts - Designated as Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | $ 120,242 | $ 54,750 |
Gain (Loss) | (1,553) | 703 |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 23 | 124,228 |
Unrealized Gain (Loss) | 1 | (814) |
Foreign exchange forward | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Gain (Loss) | (1,553) | 703 |
USD / CHF | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 1,675 |
Unrealized Gain (Loss) | 0 | (11) |
USD / EUR | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 56,187 |
Unrealized Gain (Loss) | 0 | (636) |
USD / GBP | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 2,467 |
Unrealized Gain (Loss) | 0 | (19) |
USD / SEK | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 2,658 |
Unrealized Gain (Loss) | 0 | (41) |
USD / MXN | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 23 | 2,230 |
Unrealized Gain (Loss) | 1 | 334 |
EUR / CHF | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 5,037 |
Unrealized Gain (Loss) | 0 | 10 |
EUR / GBP | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 19,060 |
Unrealized Gain (Loss) | 0 | 44 |
EUR / NOK | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 4,167 |
Unrealized Gain (Loss) | 0 | (64) |
EUR / SEK | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 10,162 |
Unrealized Gain (Loss) | 0 | (73) |
AUD / NZD | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 781 |
Unrealized Gain (Loss) | 0 | (13) |
DKK / SEK | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 3,329 |
Unrealized Gain (Loss) | 0 | 9 |
NOK / SEK | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 3,431 |
Unrealized Gain (Loss) | 0 | (50) |
AUD / THB | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 4,963 |
Unrealized Gain (Loss) | 0 | (221) |
NZD / THB | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 1,755 |
Unrealized Gain (Loss) | 0 | (55) |
USD / THB | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 4,152 |
Unrealized Gain (Loss) | 0 | (56) |
EUR / THB | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 1,332 |
Unrealized Gain (Loss) | 0 | 18 |
GBP / THB | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 0 | 842 |
Unrealized Gain (Loss) | $ 0 | $ 10 |
Derivatives - Notional Amount_2
Derivatives - Notional Amounts - Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional Amount, Derivative | $ 120,242 | $ 54,750 |
Gain (Loss) | (1,553) | 703 |
Foreign exchange forward | ||
Derivative [Line Items] | ||
Gain (Loss) | (1,553) | 703 |
USD / AUD | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 3,792 | 6,046 |
Gain (Loss) | (57) | (159) |
USD / CAD | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 14,556 | 8,320 |
Gain (Loss) | (24) | 88 |
USD / EUR | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 70,454 | 0 |
Gain (Loss) | (1,104) | 0 |
USD / DKK | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 10,850 | 8,690 |
Gain (Loss) | (257) | 207 |
USD / GBP | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 4,028 | 16,062 |
Gain (Loss) | 32 | 338 |
AUD / NZD | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 7,366 | 6,579 |
Gain (Loss) | (17) | (35) |
USD / NOK | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 2,352 | 9,053 |
Gain (Loss) | (81) | $ 264 |
Foreign Exchange Forward SEK / USD | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 2,344 | |
Gain (Loss) | (131) | |
Foreign Exchange Forward THB / USD | ||
Derivative [Line Items] | ||
Notional Amount, Derivative | 4,500 | |
Gain (Loss) | $ 86 |
Derivatives - Balance Sheet Loc
Derivatives - Balance Sheet Location (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | $ 386 | $ 1,321 |
Other Current Assets | Foreign exchange forward | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 1 | 424 |
Other Current Assets | Foreign exchange forward | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 385 | 897 |
Accrued Expenses | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 1,938 | 1,432 |
Accrued Expenses | Foreign exchange forward | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 0 | 1,238 |
Accrued Expenses | Foreign exchange forward | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | $ 1,938 | $ 194 |
Derivatives - Gain (Loss) in St
Derivatives - Gain (Loss) in Statement of Finacial Position (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ (1,486,000) | $ (1,467,000) | $ 2,725,000 |
Foreign exchange forward | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | (557,000) | (2,129,000) | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (1,260,000) | (1,407,000) | |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | |
Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | (1,553,000) | 703,000 | |
Not Designated as Hedging Instrument | Foreign exchange forward | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ (1,553,000) | $ 703,000 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||||
Proceeds from Issuance of Warrants | $ 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 | $ 122,624,000 | $ 210,029,000 | ||
Selling, general and administrative expense | Foreign exchange forward | ||||
Derivative [Line Items] | ||||
Gain (Loss) | 1,553,000 | (703,000) | $ (78,000) | |
Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Gain (Loss) | 1,486,000 | 1,467,000 | (2,725,000) | |
Cash Flow Hedging | Net sales | ||||
Derivative [Line Items] | ||||
Loss on derivative | (1,058,000) | |||
Derivative, Gain on Derivative | 1,359,000 | 52,000 | ||
Cash Flow Hedging | Cost of products sold | ||||
Derivative [Line Items] | ||||
Loss on derivative | (428,000) | (2,826,000) | ||
Derivative, Gain on Derivative | $ 2,673,000 | |||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 | ||||
Derivative [Line Items] | ||||
Debt Instrument, Face Amount | $ 150,000,000 | $ 1,250,000 | $ 1,250,000 | |
Interest rate (as a percent) | 5.00% |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Foreign exchange forward - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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 |
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 | (1,552) | (111) |
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, 2021 | Dec. 31, 2020 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 83,745 | $ 105,298 |
Long-term debt (including current maturities of long-term debt) | (308,129) | (245,053) |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 83,745 | 105,298 |
Long-term debt (including current maturities of long-term debt) | (259,472) | (237,948) |
Foreign exchange forward | Other Current Assets | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 386 | 1,321 |
Foreign exchange forward | Other Current Assets | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 386 | 1,321 |
Foreign exchange forward | Accrued Expenses | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (1,938) | (1,432) |
Foreign exchange forward | Accrued Expenses | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (1,938) | (1,432) |
Other Financial Instruments | Other Long-Term Assets [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | (36,060) | (42,039) |
Other Financial Instruments | Other Long-Term Assets [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | (36,060) | (41,926) |
Convertible Debt 2021 Note Hedge | Other Long-Term Obligations | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 1,242 |
Convertible Debt 2021 Note Hedge | Other Long-Term Obligations | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 1,264 |
Convertible Debt 2022 Note Hedge | Other Long-Term Assets [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | (2,642) | (73,869) |
Convertible Debt 2022 Note Hedge | Other Long-Term Assets [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | (2,632) | (70,633) |
Convertible Debt 2024 Series I Conversion Feature | Other Long-Term Obligations | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (72,140) | (62,984) |
Convertible Debt 2024 Series I Conversion Feature | Other Long-Term Obligations | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (64,897) | (60,035) |
Convertible Debt 2024 Series II Conversion Feature | Other Long-Term Obligations | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (78,251) | (64,919) |
Convertible Debt 2024 Series II Conversion Feature | Other Long-Term Obligations | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (74,165) | $ (64,090) |
Convertible Debt 2026 Note Hedge | Other Long-Term Assets [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | (119,036) | |
Convertible Debt 2026 Note Hedge | Other Long-Term Assets [Member] | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | $ (81,718) |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 11.19% | 11.27% | 11.88% |
Discounted cash flow sensitivity analysis discount rate rncrease | 10000.00% |
Business Segments - (Narrative)
Business Segments - (Narrative) (Details) | Dec. 31, 2021 |
Customer Concentration Risk | Net Sales | |
Segment Reporting Information [Line Items] | |
Maximum percent of revenue from single customer | 5.70% |
Business Segments - (Informatio
Business Segments - (Information by Segment) (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 226,191,000 | $ 224,200,000 | $ 225,864,000 | $ 196,202,000 | $ 224,043,000 | $ 211,906,000 | $ 196,300,000 | $ 218,440,000 | $ 872,457,000 | $ 850,689,000 | $ 927,964,000 | |
Charges | 377,000 | 547,000 | 1,552,000 | 2,701,000 | 1,580,000 | 1,685,000 | 1,392,000 | 2,534,000 | 7,358,000 | 11,829,000 | ||
Depreciation and amortization | 16,821,000 | 14,317,000 | 15,563,000 | |||||||||
Net interest expense (income) | 24,306,000 | 28,406,000 | 28,647,000 | |||||||||
Operating Income (Loss) | (24,234,000) | 11,327,000 | (10,410,000) | |||||||||
Restructuring Charges, Net of Inventory Adjustments | (2,534,000) | (7,358,000) | (11,829,000) | |||||||||
Asset write-downs to intangible assets | (587,000) | |||||||||||
Loss (gain) on Convertible Debt Derivatives | 0 | 0 | 1,197,000 | |||||||||
Loss (gain) on debt extinguishment including debt finance charges and associated fees | 10,131,000 | 709,000 | 761,000 | 6,599,000 | $ 761,000 | 9,422,000 | (7,360,000) | (6,165,000) | ||||
Interest Revenue (Expense), Net | (24,306,000) | (28,406,000) | (28,647,000) | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 3,553,000 | (20,919,000) | $ (9,578,000) | $ (12,174,000) | (6,176,000) | $ (5,226,000) | $ (15,869,000) | 2,832,000 | (39,118,000) | (24,439,000) | (44,025,000) | |
Assets | 909,531,000 | 945,981,000 | 909,531,000 | 945,981,000 | 852,126,000 | |||||||
Long-lived assets | 524,143,000 | 571,515,000 | 524,143,000 | 571,515,000 | 496,249,000 | |||||||
Expenditures for assets | 17,698,000 | 22,304,000 | 10,874,000 | |||||||||
Gain on sale of business | $ 9,590,000 | 0 | 9,790,000 | 0 | ||||||||
Goodwill, Impairment Loss | $ (28,564,000) | (28,564,000) | ||||||||||
Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 499,118,000 | 468,041,000 | 533,048,000 | |||||||||
Charges | 1,560,000 | 5,934,000 | 9,579,000 | |||||||||
Depreciation and amortization | 8,557,000 | 7,615,000 | 7,851,000 | |||||||||
Net interest expense (income) | 2,790,000 | 1,884,000 | 368,000 | |||||||||
Operating Income (Loss) | 33,769,000 | 22,682,000 | 36,174,000 | |||||||||
Assets | 675,051,000 | 705,314,000 | 675,051,000 | 705,314,000 | 602,471,000 | |||||||
Long-lived assets | 450,026,000 | 472,599,000 | 450,026,000 | 472,599,000 | 408,847,000 | |||||||
Expenditures for assets | 2,419,000 | 5,221,000 | 6,041,000 | |||||||||
North America | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 340,980,000 | 348,307,000 | 348,201,000 | |||||||||
Charges | 964,000 | 1,306,000 | 1,617,000 | |||||||||
Depreciation and amortization | 7,623,000 | 6,013,000 | 6,429,000 | |||||||||
Net interest expense (income) | 21,764,000 | 26,510,000 | 28,070,000 | |||||||||
Operating Income (Loss) | (1,928,000) | 9,449,000 | (7,592,000) | |||||||||
Assets | 205,998,000 | 207,347,000 | 205,998,000 | 207,347,000 | 212,733,000 | |||||||
Long-lived assets | 68,240,000 | 92,195,000 | 68,240,000 | 92,195,000 | 79,369,000 | |||||||
Expenditures for assets | 14,055,000 | 16,473,000 | 3,679,000 | |||||||||
All Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 32,359,000 | 34,341,000 | 46,715,000 | |||||||||
Charges | 10,000 | 118,000 | 633,000 | |||||||||
Depreciation and amortization | 641,000 | 689,000 | 1,283,000 | |||||||||
Net interest expense (income) | (248,000) | 12,000 | 209,000 | |||||||||
Operating Income (Loss) | (24,977,000) | (23,236,000) | (26,576,000) | |||||||||
Assets | 28,482,000 | 33,320,000 | 28,482,000 | 33,320,000 | 36,922,000 | |||||||
Long-lived assets | $ 5,877,000 | $ 6,721,000 | 5,877,000 | 6,721,000 | 8,033,000 | |||||||
Expenditures for assets | 1,224,000 | 610,000 | 1,154,000 | |||||||||
Operating Segments | Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 499,118,000 | 468,041,000 | 533,048,000 | |||||||||
Operating Segments | North America | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 340,980,000 | 348,307,000 | 348,201,000 | |||||||||
Operating Segments | All Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 32,359,000 | 34,341,000 | 46,715,000 | |||||||||
Intersegment Eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 78,545,000 | 100,660,000 | 107,945,000 | |||||||||
Intersegment Eliminations | Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 21,864,000 | 17,384,000 | 14,185,000 | |||||||||
Intersegment Eliminations | North America | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 56,681,000 | 80,748,000 | 80,727,000 | |||||||||
Intersegment Eliminations | All Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 0 | $ 2,528,000 | $ 13,033,000 |
Business Segments - (Net Sales
Business Segments - (Net Sales by Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 226,191 | $ 224,200 | $ 225,864 | $ 196,202 | $ 224,043 | $ 211,906 | $ 196,300 | $ 218,440 | $ 872,457 | $ 850,689 | $ 927,964 |
Europe | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 499,118 | 468,041 | 533,048 | ||||||||
North America | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 340,980 | 348,307 | 348,201 | ||||||||
All Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 32,359 | 34,341 | 46,715 | ||||||||
Operating Segments | Europe | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 499,118 | 468,041 | 533,048 | ||||||||
Operating Segments | Europe | Lifestyle Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 248,325 | 222,668 | 245,987 | ||||||||
Operating Segments | Europe | Mobility and Seating | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 214,398 | 200,687 | 249,144 | ||||||||
Operating Segments | Europe | Respiratory Therapy | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 19,348 | 24,786 | 19,258 | ||||||||
Operating Segments | Europe | Other Products and Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 17,047 | 19,900 | 18,659 | ||||||||
Operating Segments | North America | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 340,980 | 348,307 | 348,201 | ||||||||
Operating Segments | North America | Lifestyle Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 148,369 | 165,267 | 173,039 | ||||||||
Operating Segments | North America | Mobility and Seating | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 110,998 | 109,923 | 121,955 | ||||||||
Operating Segments | North America | Respiratory Therapy | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 80,903 | 72,285 | 51,649 | ||||||||
Operating Segments | North America | Other Products and Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 710 | 832 | 1,558 | ||||||||
Operating Segments | All Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 32,359 | 34,341 | 46,715 | ||||||||
Operating Segments | All Other | Lifestyle Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 11,438 | 13,503 | 10,831 | ||||||||
Operating Segments | All Other | Mobility and Seating | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 12,112 | 14,150 | 28,448 | ||||||||
Operating Segments | All Other | Respiratory Therapy | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 3,101 | 1,383 | 1,283 | ||||||||
Operating Segments | All Other | Other Products and Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 5,708 | $ 5,305 | $ 6,153 |
Interim Financial Information -
Interim Financial Information - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 226,191 | $ 224,200 | $ 225,864 | $ 196,202 | $ 224,043 | $ 211,906 | $ 196,300 | $ 218,440 | $ 872,457 | $ 850,689 | $ 927,964 |
Gross profit | 63,340 | 60,310 | 60,818 | 54,638 | 65,574 | 60,040 | 56,650 | 62,988 | 239,106 | 245,252 | 262,067 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 3,553 | (20,919) | (9,578) | (12,174) | (6,176) | (5,226) | (15,869) | 2,832 | (39,118) | (24,439) | (44,025) |
Net loss | $ 1,938 | $ (22,759) | $ (10,698) | $ (14,044) | $ (5,117) | $ (7,276) | $ (16,619) | $ 732 | $ (45,563) | $ (28,280) | $ (53,327) |
Net earnings (loss) per share - basic | $ 0.06 | $ (0.65) | $ (0.31) | $ (0.41) | $ (0.15) | $ (0.21) | $ (0.48) | $ 0.02 | $ (1.31) | $ (0.83) | $ (1.59) |
Net Earnings (loss) per Share - Assuming Dilution (in dollars per share) | $ 0.05 | $ (0.65) | $ (0.31) | $ (0.41) | $ (0.15) | $ (0.21) | $ (0.48) | $ 0.02 | $ (1.31) | $ (0.83) | $ (1.59) |
Interim Financial Information_2
Interim Financial Information - Narrative (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gain (Loss) on Extinguishment of Debt, Net of Tax Per Diluted Share | $ 0.29 | $ 0.02 | $ 0.02 | $ 0.19 | |||||||
Gain on sale of business | $ 9,590,000 | $ 0 | $ 9,790,000 | $ 0 | |||||||
Gain (Loss) on Disposition of Business, Net of Tax | $ 10,578,000 | ||||||||||
Gain (Loss) on Sale of Business, Net of Tax, Per Diluted Share | $ 0.31 | ||||||||||
Loss (gain) on debt extinguishment including debt finance charges and associated fees | $ 10,131,000 | $ 709,000 | $ 761,000 | $ 6,599,000 | $ 761,000 | 9,422,000 | (7,360,000) | (6,165,000) | |||
Gain (Loss) on Extinguishment of Debt, Net of tax | 10,131,000 | 709,000 | 761,000 | 6,599,000 | |||||||
Goodwill, Impairment Loss, Net of Tax | $ 27,903,000 | ||||||||||
Goodwill, Impairment Loss, Net of Tax, Per Diluted Share | $ 0.80 | ||||||||||
Charges | $ 377,000 | $ 547,000 | 1,552,000 | $ 2,701,000 | 1,580,000 | 1,685,000 | $ 1,392,000 | 2,534,000 | 7,358,000 | 11,829,000 | |
Restructuring charges, net of tax | $ 277,000 | $ 413,000 | $ 1,376,000 | $ 2,062,000 | $ 1,092,000 | $ 1,304,000 | $ 1,181,000 | ||||
Restructuring charges, net of tax, per diluted share | $ 0.01 | $ 0.01 | $ 0.04 | $ 0.06 | $ 0.03 | $ 0.04 | $ 0.03 | ||||
Loss (gain) on debt extinguishment including debt finance charges and associated fees | $ 10,131,000 | $ 709,000 | $ 761,000 | $ 6,599,000 | $ 761,000 | 9,422,000 | (7,360,000) | (6,165,000) | |||
Net gain on convertible debt derivatives | $ 0 | $ 0 | $ (1,197,000) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for doubtful accounts [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | $ 4,518 | $ 6,318 | $ 6,810 |
Charged To Cost And Expenses | (16) | 427 | 955 |
Additions (Deductions) Describe | (860) | (2,227) | (1,447) |
Balance At End of Period | 3,642 | 4,518 | 6,318 |
Inventory obsolescense reserve [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | 20,665 | 18,178 | 18,342 |
Charged To Cost And Expenses | 2,389 | 3,304 | 3,542 |
Additions (Deductions) Describe | (3,853) | (817) | (3,706) |
Balance At End of Period | 19,201 | 20,665 | 18,178 |
Tax valuation allowances [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | 163,298 | 162,790 | 174,659 |
Charged To Cost And Expenses | 10,311 | (701) | (8,413) |
Additions (Deductions) Describe | 2,621 | 1,209 | (3,456) |
Balance At End of Period | 176,230 | 163,298 | 162,790 |
Accrued warranty cost [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | 10,991 | 11,626 | 16,353 |
Charged To Cost And Expenses | 6,925 | 7,408 | 6,155 |
Additions (Deductions) Describe | (6,718) | (8,043) | (10,882) |
Balance At End of Period | 11,198 | 10,991 | 11,626 |
Accrued product liability [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | 14,757 | 16,150 | 16,593 |
Charged To Cost And Expenses | 1,084 | 1,139 | 2,527 |
Additions (Deductions) Describe | (2,137) | (2,532) | (2,970) |
Balance At End of Period | $ 13,704 | $ 14,757 | $ 16,150 |