DEI Document
DEI Document - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-15103 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000742112 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Shares [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 37,754,335 | |
Class B Common Shares [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,667 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Comprehensive Income (Loss) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net Sales | $ 170,408,000 | $ 224,200,000 | $ 560,413,000 | $ 646,266,000 | |
Cost of products sold | 139,029,000 | 163,890,000 | 433,323,000 | 470,500,000 | |
Gross Profit | 31,379,000 | 60,310,000 | 127,090,000 | 175,766,000 | |
Selling, general and administrative expenses | 55,365,000 | 56,135,000 | 174,552,000 | 178,721,000 | |
Charges related to restructuring activities | 8,440,000 | 377,000 | 16,383,000 | 2,476,000 | |
Impairment of Intangible Assets (Excluding Goodwill) | 1,012,000 | 0 | 1,012,000 | 0 | |
Goodwill, Impairment Loss | 0 | 28,564,000 | 0 | 28,564,000 | |
Operating Loss | (33,438,000) | (24,766,000) | (64,857,000) | (33,995,000) | |
Net gain on convertible debt derivatives | (950,000) | 0 | (950,000) | 0 | |
Net gain on debt extinguishment | (6,398,000) | (10,131,000) | (6,398,000) | (9,422,000) | |
Interest expense | 7,354,000 | 6,284,000 | 19,836,000 | 18,099,000 | |
Interest Income, Other | 10,000 | 0 | 11,000 | 1,000 | |
Loss Before Income Taxes | (33,434,000) | (20,919,000) | (77,334,000) | (42,671,000) | |
Income tax provision | 920,000 | 1,840,000 | 3,160,000 | 4,830,000 | |
Net Loss | $ (34,354,000) | $ (22,759,000) | $ (80,494,000) | $ (47,501,000) | |
Net Loss per Share—Basic | |||||
Net Loss per Share—Basic | $ (0.92) | $ (0.65) | $ (2.23) | $ (1.36) | |
Weighted Average Shares Outstanding—Basic | 37,537 | 35,013 | 36,073 | 34,826 | |
Loss per Share—Assuming Dilution | |||||
Loss per Share—Assuming Dilution | [1] | $ (0.92) | $ (0.65) | $ (2.23) | $ (1.36) |
Weighted Average Shares Outstanding—Assuming Dilution | 37,680 | 35,488 | 36,241 | 35,371 | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | $ (34,051,000) | $ (19,202,000) | $ (66,938,000) | $ (6,487,000) | |
Defined Benefit Plans: | |||||
Amortization of prior service costs and unrecognized losses | 45,000 | (27,000) | 4,608,000 | (422,000) | |
Deferred tax adjustment resulting from defined benefit plan activity | (9,000) | 20,000 | (94,000) | (43,000) | |
Valuation reserve associated with defined benefit plan activity | 9,000 | (20,000) | 94,000 | 43,000 | |
Current period gain (loss) on cash flow hedges | (1,394,000) | 1,423,000 | 298,000 | 649,000 | |
Deferred tax benefit (provision) related to gain on cash flow hedges | 178,000 | (170,000) | (62,000) | (73,000) | |
Other Comprehensive Loss | (35,222,000) | (17,976,000) | (62,094,000) | (6,333,000) | |
Comprehensive Loss | $ (69,576,000) | $ (40,735,000) | $ (142,588,000) | $ (53,834,000) | |
[1]Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||||||
Cash and cash equivalents | $ 45,439 | $ 83,745 | ||||
Trade receivables, net | 80,105 | 117,115 | ||||
Installment receivables, net | 255 | 218 | ||||
Inventories, net | 120,687 | 144,274 | ||||
Other current assets | 48,338 | 40,036 | ||||
Total Current Assets | 294,824 | 385,388 | ||||
Other Assets | 5,330 | 5,362 | ||||
Intangibles, net | 23,390 | 26,356 | ||||
Property and Equipment, net | 53,244 | 60,921 | ||||
Finance Lease, Right-of-Use Asset | 56,083 | 63,029 | ||||
Operating Lease, Right-of-Use Asset | 9,980 | 12,600 | ||||
Goodwill | 314,755 | 355,875 | ||||
Total Assets | 757,606 | 909,531 | ||||
Current Liabilities | ||||||
Accounts payable | 95,973 | 130,036 | ||||
Accrued expenses | 116,330 | 102,971 | ||||
Current taxes payable | 2,136 | 3,914 | ||||
Current portion of long-term debt | 2,150 | 3,107 | ||||
Current portion of finance lease obligations | 3,031 | 3,009 | ||||
Current portion of operating lease obligations | 3,062 | 4,217 | ||||
Total Current Liabilities | 222,682 | 247,254 | ||||
Long-Term Debt | 333,129 | 305,022 | ||||
Finance Lease Long-Term Obligations | 57,511 | 63,736 | ||||
Operating Leases Long-Term Obligations | 6,865 | 8,234 | ||||
Other Long-Term Obligations | 56,374 | 66,796 | ||||
Shareholders’ Equity | ||||||
Preferred Shares (Authorized 300 shares; none outstanding) | 0 | 0 | ||||
Additional paid-in-capital | 281,130 | 276,665 | ||||
Retained earnings (accumulated deficit) | (57,849) | 22,645 | ||||
Accumulated other comprehensive income (loss) | (45,106) | $ (9,884) | 16,988 | $ 39,103 | $ 57,079 | $ 45,436 |
Treasury Shares (4,535 and 4,397 shares at September 30, 2022 and December 31, 2021, respectively) | (107,939) | (107,788) | ||||
Total Shareholders’ Equity | 81,045 | $ 147,604 | 218,489 | $ 239,714 | $ 280,890 | $ 333,846 |
Total Liabilities and Shareholders’ Equity | 757,606 | 909,531 | ||||
Common Shares [Member] | ||||||
Shareholders’ Equity | ||||||
Common Shares | 10,807 | 9,977 | ||||
Class B Common Shares [Member] | ||||||
Shareholders’ Equity | ||||||
Common Shares | $ 2 | $ 2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred Stock, Shares Authorized | 300 | 300 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Shares | 4,535 | 4,397 |
Cash and cash equivalents | $ 45,439 | $ 83,745 |
Operating Leases Long-Term Obligations | 6,865 | 8,234 |
Trade receivables, net | 80,105 | 117,115 |
Installment receivables, net | 255 | 218 |
Inventories, net | 120,687 | 144,274 |
Other current assets | 48,338 | 40,036 |
Assets, Current | 294,824 | 385,388 |
Other Assets | 5,330 | 5,362 |
Intangibles, net | 23,390 | 26,356 |
Property and Equipment, net | 53,244 | 60,921 |
Finance Lease, Right-of-Use Asset | 56,083 | 63,029 |
Operating Lease, Right-of-Use Asset | 9,980 | 12,600 |
Goodwill | 314,755 | 355,875 |
Assets | 757,606 | 909,531 |
Preferred Shares (Authorized 300 shares; none outstanding) | 0 | 0 |
Liabilities and Equity | 757,606 | 909,531 |
Accounts payable | 95,973 | 130,036 |
Accrued expenses | 116,330 | 102,971 |
Current taxes payable | 2,136 | 3,914 |
Current portion of long-term debt | 2,150 | 3,107 |
Current portion of finance lease obligations | 3,031 | 3,009 |
Current portion of operating lease obligations | 3,062 | 4,217 |
Liabilities, Current | 222,682 | 247,254 |
Long-Term Debt | 333,129 | 305,022 |
Finance Lease Long-Term Obligations | 57,511 | 63,736 |
Other Long-Term Obligations | 56,374 | 66,796 |
Treasury Stock, Value | 107,939 | 107,788 |
Accumulated other comprehensive income (loss) | (45,106) | 16,988 |
Retained earnings (accumulated deficit) | (57,849) | 22,645 |
Additional paid-in-capital | 281,130 | 276,665 |
Total Shareholders’ Equity | $ 81,045 | $ 218,489 |
Common Shares [Member] | ||
Common Stock, Shares Authorized | 150,000 | 150,000 |
Common Stock, Shares, Issued | 42,328 | 39,416 |
Common Shares | $ 10,807 | $ 9,977 |
Class B Common Shares [Member] | ||
Common Stock, Shares Authorized | 12,000 | 12,000 |
Common Stock, Shares, Issued | 4 | 4 |
Common Shares | $ 2 | $ 2 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement Of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Purchases of capped calls | $ 0 | $ (18,787,000) |
Convertible Debt Discount Amortization and Accretion | 2,864,000 | 2,637,000 |
Goodwill, Impairment Loss | 0 | 28,564,000 |
Inventory Write-down | 8,651,000 | 0 |
Cash and cash equivalents | 45,439,000 | 73,656,000 |
Effect of exchange rate changes on cash | (4,863,000) | (133,000) |
Impairment of Intangible Assets (Excluding Goodwill) | 1,012,000 | 0 |
Provision (benefit) for deferred income taxes | 33,000 | (148,000) |
Provision for Doubtful Accounts | 715,000 | 327,000 |
Net gain on convertible debt derivatives | 950,000 | 0 |
Operating Activities | ||
Net loss | (80,494,000) | (47,501,000) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depreciation and amortization | 11,796,000 | 12,511,000 |
Amortization of operating lease right of use assets | 3,749,000 | 4,757,000 |
Provision for losses on trade and installment receivables | 715,000 | 327,000 |
Provision (benefit) for deferred income taxes | 33,000 | (148,000) |
Provision (benefit) for other deferred liabilities | (738,000) | 165,000 |
Provision for equity compensation | 1,839,000 | 5,369,000 |
Loss (gain) on disposals of property and equipment | 216,000 | (232,000) |
Net gain on debt extinguishment | (6,398,000) | (9,422,000) |
Amortization of debt fees | 1,676,000 | 1,622,000 |
Changes in operating assets and liabilities: | ||
Trade receivables | 29,087,000 | (8,030,000) |
Installment sales contracts, net | 296,000 | 222,000 |
Inventories, net | 5,969,000 | (37,199,000) |
Other current assets | (7,784,000) | 8,215,000 |
Accounts payable | (26,160,000) | 24,769,000 |
Accrued expenses | 11,714,000 | (24,182,000) |
Other long-term liabilities | (3,967,000) | 731,000 |
Net Cash Provided by (Used in) Operating Activities | (46,874,000) | (36,825,000) |
Investing Activities | ||
Purchases of property and equipment | (3,302,000) | (14,397,000) |
Proceeds from sale of property and equipment | 5,000 | 23,000 |
Change in other long-term assets | (77,000) | (93,000) |
Other | 539,000 | 0 |
Net Cash Used by Investing Activities | (3,913,000) | (14,467,000) |
Financing Activities | ||
Proceeds from revolving lines of credit and long-term borrowings | 84,693,000 | 154,830,000 |
Repurchases of convertible debt, payments on revolving lines of credit and finance leases | (59,152,000) | (109,139,000) |
Payment of financing costs | (8,046,000) | (5,369,000) |
Purchases of capped calls | 0 | (18,787,000) |
Purchases of treasury shares | (151,000) | (1,752,000) |
Net Cash Provided by Financing Activities | 17,344,000 | 19,783,000 |
Effect of exchange rate changes on cash | (4,863,000) | (133,000) |
Cash, Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (38,306,000) | (31,642,000) |
Cash and cash equivalents at beginning of year | 83,745,000 | 105,298,000 |
Cash and cash equivalents at end of period | $ 45,439,000 | $ 73,656,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity Statement - USD ($) | Total | Common Stock [Member] | Common Stock [Member] Class B Common Shares [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] |
Total Shareholders’ Equity at Dec. 31, 2020 | $ 333,846,000 | $ 9,816,000 | $ 2,000 | $ 326,088,000 | $ 58,538,000 | $ 45,436,000 | $ (106,034,000) |
Purchases of capped calls | (18,787,000) | ||||||
Total Shareholders’ Equity at Jun. 30, 2021 | 280,890,000 | 9,977,000 | 2,000 | 278,152,000 | 43,466,000 | 57,079,000 | (107,786,000) |
Total Shareholders’ Equity at Dec. 31, 2020 | 333,846,000 | 9,816,000 | 2,000 | 326,088,000 | 58,538,000 | 45,436,000 | (106,034,000) |
Allocated Share-based Compensation Expense | 131,000 | 52,000 | 747,000 | (668,000) | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 3,486,000 | 109,000 | 4,461,000 | (1,084,000) | |||
Net Loss | (47,501,000) | (47,501,000) | |||||
Foreign currency translation adjustments | (6,487,000) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (6,487,000) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 576,000 | 576,000 | |||||
Amortization of prior service costs and unrecognized losses | (422,000) | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | (422,000) | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (53,834,000) | ||||||
Adoption of ASU 2020-06 | (25,128,000) | (34,798,000) | 9,670,000 | ||||
Purchases of capped calls | (18,787,000) | (18,787,000) | |||||
Total Shareholders’ Equity at Sep. 30, 2021 | 239,714,000 | 9,977,000 | 2,000 | 277,711,000 | 20,707,000 | 39,103,000 | (107,786,000) |
Total Shareholders’ Equity at Jun. 30, 2021 | 280,890,000 | 9,977,000 | 2,000 | 278,152,000 | 43,466,000 | 57,079,000 | (107,786,000) |
Allocated Share-based Compensation Expense | (1,250,000) | 0 | (1,250,000) | 0 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 809,000 | 0 | 809,000 | 0 | |||
Net Loss | (22,759,000) | (22,759,000) | |||||
Foreign currency translation adjustments | (19,202,000) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (19,202,000) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 1,253,000 | 1,253,000 | |||||
Amortization of prior service costs and unrecognized losses | (27,000) | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | (27,000) | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (40,735,000) | ||||||
Total Shareholders’ Equity at Sep. 30, 2021 | 239,714,000 | 9,977,000 | 2,000 | 277,711,000 | 20,707,000 | 39,103,000 | (107,786,000) |
Total Shareholders’ Equity at Dec. 31, 2021 | 218,489,000 | 9,977,000 | 2,000 | 276,665,000 | 22,645,000 | 16,988,000 | (107,788,000) |
Allocated Share-based Compensation Expense | (814,000) | 0 | (814,000) | 0 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 2,502,000 | 155,000 | 2,498,000 | (151,000) | |||
Net Loss | (80,494,000) | (80,494,000) | |||||
Foreign currency translation adjustments | (66,938,000) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (66,938,000) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 236,000 | 236,000 | |||||
Amortization of prior service costs and unrecognized losses | 4,608,000 | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | 4,608,000 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (142,588,000) | ||||||
Stock Issued During Period, Value, New Issues | 3,456,000 | 675,000 | 2,781,000 | ||||
Purchases of capped calls | 0 | ||||||
Total Shareholders’ Equity at Sep. 30, 2022 | 81,045,000 | 10,807,000 | 2,000 | 281,130,000 | (57,849,000) | (45,106,000) | (107,939,000) |
Total Shareholders’ Equity at Jun. 30, 2022 | 147,604,000 | 10,132,000 | 2,000 | 278,788,000 | (23,495,000) | (9,884,000) | (107,939,000) |
Allocated Share-based Compensation Expense | (495,000) | 0 | (495,000) | 0 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 56,000 | 0 | 56,000 | 0 | |||
Net Loss | (34,354,000) | (34,354,000) | |||||
Foreign currency translation adjustments | (34,051,000) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (34,051,000) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (1,216,000) | (1,216,000) | |||||
Amortization of prior service costs and unrecognized losses | 45,000 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (69,576,000) | ||||||
Stock Issued During Period, Value, New Issues | 3,456,000 | 675,000 | 2,781,000 | ||||
Total Shareholders’ Equity at Sep. 30, 2022 | $ 81,045,000 | $ 10,807,000 | $ 2,000 | $ 281,130,000 | $ (57,849,000) | $ (45,106,000) | $ (107,939,000) |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies Principles of Consolidation: The condensed consolidated financial statements include the accounts of the company and its wholly owned subsidiaries and include all adjustments, which were of a normal recurring nature, necessary to present fairly the financial position of the company as of September 30, 2022 and the results of its operations and changes in its cash flow for the nine months ended September 30, 2022 and 2021, respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using an August 31 quarter end to meet filing deadlines. No material subsequent events have occurred related to the European segment, which would require disclosure or adjustment to the company's financial statements. All significant intercompany transactions are eliminated. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year. Use of Estimates: The condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. Recent Accounting Pronouncements (Already Adopted): In March 2020, the FASB issued ASU 2020-04 "Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting," which is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates if certain criteria are met. The guidance may be adopted in any period prior to the guidance expiration on December 31, 2022. |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consist of the following (in thousands): September 30, 2022 December 31, 2021 Accounts receivable, gross $ 99,780 $ 142,806 Customer rebate reserve (8,722) (12,267) Cash discount reserves (7,174) (9,179) Allowance for doubtful accounts (3,214) (3,642) Other, principally returns and allowances reserves (565) (603) Accounts receivable, net $ 80,105 $ 117,115 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 nine months ended September 30, 2022. 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'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 are based on specific analysis of each customer. In Canada, good-standing 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 0.3%. About half of the locations have a portion of their receivables assigned as medium risk with an average expected loss percentage of 0.7%. Only a few locations have any receivables characterized as high risk and the average credit loss percentage for those locations is 2.8%. 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 1.0%. 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): Nine Months Ended Balance as of beginning of period $ 3,642 Current period provision 715 Recoveries (direct write-offs), net (1,143) Balance as of end of period $ 3,214 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 quarter. 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 2022. 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 condensed consolidated financial statements for a description of the financing arrangement. Long-term installment receivables are included in “Other Assets” on the condensed consolidated balance sheets. The company has recorded a contingent liability in the amount of $393,000 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 consist of the following (in thousands): September 30, 2022 December 31, 2021 Current Long-Term Total Current Long-Term Total Installment receivables $ 255 $ 274 $ 529 $ 218 $ 734 $ 952 Allowance for doubtful accounts — — — — — — Installment receivables, net $ 255 $ 274 $ 529 $ 218 $ 734 $ 952 No sales of installment receivables were recorded by the company in 2022. The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands): Nine Months Ended September 30, 2022 Year Ended December 31, 2021 Balance as of beginning of period $ — $ 487 Current period provision (benefit) — (75) Direct write-offs charged against the allowance — (412) Balance as of end of period $ — $ — Installment receivables by class as of September 30, 2022 consist of the following (in thousands): Total Unpaid Related Interest Asia Pacific Non-Impaired installment receivables with no related allowance recorded 529 529 — — Total Non-Impaired installment receivables with no related allowance recorded 529 529 — — Impaired installment receivables with a related allowance recorded — — — — Total installment receivables $ 529 $ 529 $ — $ — 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 installment receivables $ 952 $ 952 $ — $ — The aging of the company’s installment receivables was as follows (in thousands): September 30, 2022 December 31, 2021 Total Asia Pacific Total Asia Pacific Current $ 529 $ 529 $ 952 $ 952 0-30 days past due — — — — 31-60 days past due — — — — 61-90 days past due — — — — 90+ days past due — — — — $ 529 $ 529 $ 952 $ 952 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories, Net Inventories consist of the following (in thousands): September 30, 2022 December 31, 2021 Raw materials $ 60,082 $ 69,371 Finished goods 49,270 62,124 Work in process 11,335 12,779 Inventories, net $ 120,687 $ 144,274 |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Other Current Assets Other current assets consist of the following (in thousands): September 30, 2022 December 31, 2021 Tax receivables principally value added taxes $ 29,152 $ 21,943 Prepaid insurance 3,045 4,462 Prepaid inventory and freight 2,938 2,394 Derivatives (foreign currency forward exchange contracts) 2,626 386 Recoverable income taxes 2,440 2,301 Service contracts 682 304 Receivable due from information technology provider 612 612 Deferred financing fees 323 379 Prepaid and other current assets 6,520 7,255 Other Current Assets $ 48,338 $ 40,036 |
Other Long-Term Assets
Other Long-Term Assets | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Long-Term Assets | Other Long-Term Assets Other long-term assets consist of the following (in thousands): September 30, 2022 December 31, 2021 Cash surrender value of life insurance policies $ 2,551 $ 2,481 Deferred income taxes 1,615 1,540 Deferred financing fees 726 409 Installment receivables 274 734 Investments 85 86 Other 79 112 Other Long-Term Assets $ 5,330 $ 5,362 |
Property And Equipment
Property And Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | Property and Equipment Property and equipment consist of the following (in thousands): September 30, 2022 December 31, 2021 Machinery and equipment $ 267,218 $ 278,347 Capitalized software 30,904 30,448 Land, buildings and improvements 24,432 27,299 Furniture and fixtures 7,970 8,943 Leasehold improvements 4,730 6,782 Property and Equipment, gross 335,254 351,819 Accumulated depreciation (282,010) (290,898) Property and Equipment, net $ 53,244 $ 60,921 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 $26,833,000 and $28,715,000 at September 30, 2022 and December 31, 2021, respectively. Depreciation expense related to capitalized software started in 2021 and was $832,000 and $2,342,000 for the three and nine months ended September 30, 2022, respectively, compared to $419,000 and $1,084,000 for the three and nine months ended September 30, 2021, respectively. Unpaid purchases of property and equipment at September 30, 2022 and December 31, 2021 were $0 and $1,090,000, respectively and are excluded from purchases of property and equipment on the condensed consolidated statements of cash flows for the periods ending and are included in subsequent periods when paid. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The change in goodwill from December 31, 2021 to September 30, 2022 was due to foreign currency translation. In accordance with Intangibles—Goodwill and Other , ASC 350, goodwill is tested annually for impairment or whenever events or changes in circumstances indicate the carrying value of a reporting unit could be above its fair value. A reporting unit is defined as an operating segment or one level below. The company has determined that its reporting units are North America, Europe and Asia Pacific. During the three months ended September 30, 2022, a continued decline in the share price of the company's Common Shares sustained the company's market capitalization below the carrying value of shareholders' equity. Further, inputs used in estimating the weighted average cost of capital ("WACC") had moved unfavorably to increase the WACC used in a discounted cash flows model. The combination of these and other developments were identified as a triggering event and the company proceeded with a quantitative goodwill impairment assessment of its Europe reporting unit (the only reporting unit with goodwill). A quantitative goodwill impairment assessment was performed as of September 30, 2022, utilizing a discounted cash flows methodology. Key assumptions used in the discounted cash flow analysis included, but were not limited to, a WACC of approximately 14.51%, terminal growth rates and financial projections of performance and cash flows. Components of the WACC include quoted rates for 20-year debt of potential acquirer companies with similar credit risk and the cost of equity based on the 20-year treasury rate for the risk free rate, a market risk premium, an industry average beta and a small cap stock adjustment. The assumptions are based on a market participant's point of view and thus these inputs are deemed Level III inputs in regard to the fair value hierarchy. The WACC used in the 2021 annual assessment was 11.19%. The WACC used has a significant impact in the outcome of the discounted cash flow methodology utilized in the company's impairment assessment as a higher WACC would decrease fair value estimates. The company also utilized an Enterprise Value ("EV") to Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") method to compute the fair value of reporting units which considers potential acquirers and their EV to EBITDA multiples adjusted by an estimated premium. The EV method is used to corroborate fair values but more weight is placed on the discounted cash flow method results. The company concluded based on the results of the interim quantitative goodwill impairment assessment performed as of September 30, 2022 that goodwill was not impaired. The valuation of goodwill can differ materially if financial projections or 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. Assumptions used in the quantitative assessment require significant judgements and estimates which are inherently uncertain. If actual results are materially lower than estimates, it could result in a material impact on the consolidated financial statements in future periods. In addition, business changes impacting the company's assessment of reporting units could also have a material impact on impairment assessment results. 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 third quarter quantitative assessment and determined that there still would not be impairment of goodwill for the Europe reporting unit. The company completed an interim test of the North America reporting unit in the third quarter of 2021 which resulted in impairment of $28,564,000. Refer to Goodwill in the company's Annual Report on Form 10-K for the period ending December 31, 2021 for further disclosure regarding the company's annual impairment assessment methodology. |
Intangibles
Intangibles | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangibles | Intangibles The company's intangibles consist of the following (in thousands): September 30, 2022 December 31, 2021 Historical Accumulated Historical Accumulated Customer lists $ 47,041 $ 47,041 $ 52,447 $ 52,447 Trademarks 20,447 — 24,137 — Developed technology 6,973 6,648 7,652 7,149 Patents 5,471 5,471 5,543 5,543 License agreements 3,967 1,356 2,905 1,196 Other 1,148 1,141 1,147 1,140 Intangibles $ 85,047 $ 61,657 $ 93,831 $ 67,475 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 balances reflected on the balance sheet from December 31, 2021 to September 30, 2022 were primarily the result of foreign currency translation on historical cost and accumulated amortization as well as new license agreements. The company evaluates the carrying value of definite-lived assets annually in the fourth quarter and whenever events or circumstances indicate possible impairment. 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 and the carrying value of the asset. Amortization expense related to intangible assets was $358,000 in the first nine months of 2022 and is expected to be $510,000 in 2022, $612,000 in 2023, $547,000 in 2024, $439,000 in 2025, $437,000 in 2026 and $311,000 in 2027. Amortized intangible assets are being amortized on a straight-line basis over remaining lives of 2 to 7 years with a weighted average remaining life of approximately 5.8 years. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of accruals for the following (in thousands): September 30, 2022 December 31, 2021 Taxes other than income taxes, primarily value added taxes $ 32,221 $ 23,217 Salaries and wages 17,177 24,012 Professional 11,759 8,697 Warranty 8,576 11,198 Freight 5,918 5,460 Interest 5,197 3,297 Derivative liabilities (foreign currency forward exchange contracts) 4,890 1,938 Rebates 4,782 6,569 IT service contracts 4,000 4,013 Insurance 3,837 625 Severance 3,450 400 Product line exit obligations 3,264 — Product liability, current portion 2,620 2,362 Deferred revenue 1,903 4,156 Supplemental executive retirement program liability 391 391 Other items, principally trade accruals 6,345 6,636 Accrued Expenses $ 116,330 $ 102,971 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 rebates from December 31, 2021 to September 30, 2022 primarily relates to payments principally made in the first quarter each year, earned from the previous year. The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands): Balance as of January 1, 2022 $ 11,198 Warranties provided during the period 1,842 Settlements made during the period (4,596) Changes in liability for pre-existing warranties during the period, including expirations 132 Balance as of September 30, 2022 $ 8,576 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-Term Debt Debt consists of the following (in thousands): September 30, 2022 December 31, 2021 Convertible senior notes at 4.50%, due in June 2022 — 2,642 Convertible senior notes Series I at 5.00%, due in November 2024 72,341 72,140 Convertible senior notes Series II at 5.00%, due in November 2024 75,764 78,251 Convertible senior notes at 4.25%, due in March 2026 80,898 119,036 Secured convertible senior notes at 5.68%, due in July 2026 27,463 — Term loan, due in July 2026 59,724 — Other obligations 19,089 36,060 335,279 308,129 Less current maturities of long-term debt (2,150) (3,107) Long-Term Debt $ 333,129 $ 305,022 On September 30, 2015, the company entered into an Amended and Restated Revolving Credit and Security Agreement, which was subsequently amended (the “Prior Credit Agreement”) and which was to mature on January 16, 2024. The Prior 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, certain other of the company’s direct and indirect U.S., Canadian and European subsidiaries, and PNC Bank, National Association (“PNC”), JPMorgan Chase Bank, N.A., J.P. Morgan Europe Limited, KeyBank National Association, and Citizens Bank, National Association. PNC was the administrative agent (the “Prior Credit Agreement Administrative Agent”) and J.P. Morgan Europe Limited is the European agent (the “European Agent”) under the Prior Credit Agreement. As discussed further below, the Prior Credit Agreement was amended and restated ("the ABL Credit Agreement") on July 26, 2022. The company had outstanding letters of credit of $3,576,000 and $3,450,000 as of September 30, 2022 and December 31, 2021, respectively. Outstanding letters of credit and other reserves impacting borrowing capacity were $4,902,000 and $2,585,000 as of September 30, 2022 and December 31, 2021, respectively. The company had outstanding borrowings of $16,900,000 under its ABL Credit Agreement as of September 30, 2022. The company had outstanding borrowings of $22,150,000 under its North America Credit Facility under the Prior Credit Agreement as of December 31, 2021. 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 under its Prior Credit Agreement as of December 31, 2021, together referred to as the European Credit Facility. No borrowings were outstanding under the European Credit Facility as of September 30, 2022 as it was terminated July 26, 2022. North America Borrowers Credit Facility For the company's North America Borrowers, the Prior Credit Agreement provided for an asset-based-lending senior secured revolving credit facility which was secured by substantially all the company’s U.S. and Canadian assets, other than real estate. The Prior Credit Agreement provided 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 was available for issuance of letters of credit. The aggregate principal amount of the North America Credit Facility could have been 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 Prior Credit Agreement Administrative Agent. The aggregate borrowing availability under the North America Credit Facility was determined based on a borrowing base formula. The aggregate usage under the North America Credit Facility could 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 September 30, 2022 (subject to reduction as provided in the Prior 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 Prior Credit Agreement Administrative Agent, and in each case subject to the definitions and limitations in the Prior Credit Agreement. Interest accrued on outstanding indebtedness under the Prior Credit Agreement at the SOFR 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 North America Credit Facility are subject to commitment fees of 0.25% or 0.375% per year, depending on utilization. The Prior Credit Agreement contained customary representations, warranties and covenants. Exceptions to the operating covenants in the Prior 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 Prior Credit Agreement, as amended. The Prior Credit Agreement also contained 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 $7,500,000 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 Prior Credit Agreement contained 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 were used to finance the working capital and other business needs of the company. There was $16,900,000 of outstanding borrowings under the North America Credit Facility on September 30, 2022. European Credit Facility The Prior Credit Agreement also provided 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 was 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 was terminated on July 26, 2022. 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 Prior Credit Agreement. Interest was accrued on outstanding indebtedness under the European Credit Facility at the SOFR rate, plus a margin ranging from 2.50% to 3.00%, or for swing line loans, at the overnight SOFR rate, plus a margin ranging from 2.50% to 3.00%, as selected by the company. The margin was adjusted quarterly based on utilization. Borrowings under the European Credit Facility were subject to commitment fees of 0.25% or 0.375% per year, depending on utilization. The European Credit Facility was 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 comprised the European Credit Facility) were cross collateralized, and the US personal property assets previously pledged under the North America Credit Facility also served as collateral for the European Credit Facility. The European Credit Facility was 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 Prior Credit Agreement provided 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 Prior Credit Agreement. The Prior Credit Agreement also contained 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 were 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 $3,750,000 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 was 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 were used to finance the working capital and other business needs of the company. 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. In January 2021, the Prior Credit Agreement was amended to provide for, among other things, the addition of the company's Netherlands subsidiary as a guarantor under the European Credit Facility, amendments to the restrictive covenants in the Prior 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 Prior Credit Agreement to replace the LIBOR rate and/or the Euro rate with a benchmark replacement rate. In March 2021, the Prior 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 Prior 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"). ABL Credit Agreement On July 26, 2022, the company entered into a Second Amended and Restated Revolving Credit and Security Agreement (the “ABL Credit Agreement”), amending and restating the company’s existing Revolving Credit and Security Agreement, as amended (the “Prior Credit Agreement”). The ABL Credit Agreement was entered into by and among the company, certain of the company’s direct and indirect domestic and Canadian subsidiaries (together with the company, the “Borrowers”), certain other of the company’s direct and indirect domestic and Canadian subsidiaries (the “Guarantors”), and PNC Bank, National Association (“PNC”) and JPMorgan Chase Bank, N.A. (the “ABL Lenders”). PNC is the administrative agent (the “Administrative Agent”) under the ABL Credit Agreement. The ABL Credit Agreement retained the existing asset-based lending senior secured revolving credit facility provided for the company and the domestic and Canadian Borrowers under the Prior Credit Agreement but extended the maturity date to January 16, 2026, reduced the maximum aggregate principal amount the company and the domestic and Canadian Borrowers may borrow to $35,000,000, limits the borrowing base thereunder to eligible domestic and Canadian accounts receivable and includes a minimum availability reserve of $3,000,000. Borrowings under the ABL Credit Agreement also are subject to a springing maturity date of 191 days prior to the maturity dates of certain convertible notes due 2024 and 2026, and 100 days prior to the maturity date of the Secured Term Loan under the Highbridge Loan Agreement, if such notes or such term loan remain outstanding as of such respective dates. The ABL Credit Agreement also permits the loans made under the Highbridge Loan Agreement and terminated the European Credit Facility under the Prior Credit Agreement. In connection with the ABL Credit Agreement and the Highbridge Loan Agreement, the European Credit Facility under the Prior Credit Agreement was repaid in full and the liens securing the European Credit Facility under the Prior Credit Agreement were terminated and released. The aggregate borrowing availability under the ABL Credit Agreement is determined based on a borrowing base formula. As of September 30, 2022, the company had gross borrowing base of $33,133,000 and net borrowing availability of $17,336,000 under the ABL Credit Agreement, considering the minimum availability reserve, then-outstanding letters of credit, other reserves and the $4,375,000 dominion trigger amount. Interest accrues on outstanding indebtedness under the ABL Credit Agreement at an adjusted Term SOFR rate, plus a margin of 3.25%, or for swing line loans and prime rate revolving loans, at the overnight Prime rate, plus a margin of 2.25%. The ABL Credit Agreement contains customary terms and covenants and negative covenants, such as limitations on indebtedness, liens, fundamental changes, asset sales, investments and other matters customarily restricted in such agreements. Most of these restrictions are subject to certain minimum thresholds and exceptions. The ABL Credit Agreement also contains customary events of default, after which the revolving loan may be due and payable immediately, including, without limitation, payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy and insolvency proceedings, cross-defaults to certain other agreements, judgments against the company and its subsidiaries, change in control and lien priority. Proceeds from the Secured Term Loan under the Highbridge Loan Agreement were used to repay in full outstanding borrowings under the Prior Credit Agreement. Refer to the Term Loan due 2026 section below. In connection with entering into the company's Prior Credit Agreement and the ABL Credit Agreement, the company incurred fees which were capitalized and are being amortized as interest expense. As of September 30, 2022, debt fees yet to be amortized totaled $1,043,000. The company was in compliance with the ABL Credit Agreement covenants at September 30, 2022. 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 bore 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 matured on June 1, 2022. At maturity, $2,650,000 principal amount of the 2022 Notes were outstanding, which the company repaid in cash. 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”). 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. All note hedge options relating to the 2022 Notes expired on June 1, 2022. 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 shareholders' equity. The amount paid for the warrants and capitalized in shareholders' equity was $14,100,000. Warrants relating to the 2022 Notes outstanding on September 30, 2022 were 6,918,006. 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 began 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 were 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 the company's previously outstanding convertible notes due 2021 (the "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): September 30, 2022 December 31, 2021 Principal amount of liability component $ — $ 2,650 Debt fees — (8) Net carrying amount of liability component $ — $ 2,642 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. Interest expense of $0 and $50,000 was accrued for the three and nine months ended September 30, 2022 compared to $30,000 and $829,000 for the three and nine months ended September 30, 2021, based on the stated coupon rate of 4.5%. 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 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 preceding May 15, 2024 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending December 31, 2019 (and only during such calendar 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 the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the Series I 2024 Notes on each applicable trading day; (2) during the five Debt issuance costs of $1,394,000 were capitalized and are being amortized as interest expense through November 15, 2024. Debt issuance costs are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. The liability components of the Series I 2024 Notes consist of the following (in thousands): September 30, 2022 December 31, 2021 Principal amount of liability component $ 72,909 $ 72,909 Debt fees (568) (769) Net carrying amount of liability component $ 72,341 $ 72,140 The effective interest rate on the liability component was 8.8% 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. Interest expense of $911,000 and $2,734,000 was accrued for the three and nine months ended September 30, 2022 compared to $911,000 and $2,733,000 for the three and nine months ended September 30, 2021 based on the stated coupon rate of 5.0%. The effective interest rate of the Series I 2024 Notes as of September 30, 2022 was 5.4%. The Series I 2024 Notes were not convertible as of September 30, 2022 nor was the applicable conversion threshold met. Convertible senior notes Series II due 2024 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 Notes due 2024 (the “Series II 2024 Notes”) of the company and $5,593,000 in cash. The Series II 2024 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 November 15, 2020. The Series II 2024 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 II 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 II 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 II 2024 Notes, the company may, at its election, redeem for cash all or part of the Series II 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 accreted principal amount of the Series II 2024 Notes to be redeemed, plus any accrued and unpaid interest, if any, on the original principal amount of the Series II 2024 Notes redeemed to, but excluding, the redemption date (subject to certain limited exceptions). No sinking fund is provided for the Series II 2024 Notes, which means the company is not required to redeem or retire the Series II 2024 Notes periodically. Holders of the Series II 2024 Notes may convert their Series II 2024 Notes at their option at any time prior to the close of business on the business day immediately preceding May 15, 2024 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending June 30, 2020 (and only during such calendar 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 the last trading day of the immediately preceding calendar quarter is greater than 130% of the conversion price for the Series II 2024 Notes on each applicable trading day; (2) during the five at the option of the holder, regardless of the foregoing circumstances. The principal amount of the Series II 2024 Notes also will accrete at a rate of approximately 4.7% per year commencing June 4, 2020, compounding on a semi-annual basis. The accreted portion of the principal is payable in cash upon maturity but does not bear interest and is not convertible into the company’s Common Shares. The total amount accreted as of September 30, 2022 was $7,558,000, of which $383,000 and $2,211,000 was for the three and nine months ended September 30, 2022, respectively, compared to $890,000 and $2,637,000 for the three and nine months ended September 30, 2021, respectively. Remaining accretion until maturity (at current principal) was $9,064,000 at September 30, 2022. Debt issuance costs of $1,505,000 were capitalized and are being amortized as interest expense through November 2024. Debt issuance costs are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. In the third quarter of 2022, $5,000,000 aggregate principal amount of Series II 2024 Notes were retired as part of the Secured 2026 Notes and Secured Term Loan transactions discussed below. The liability components of the Series II 2024 Notes consist of the following (in thousands): September 30, 2022 December 31, 2021 Principal amount of liability component - including accretion $ 76,433 $ 79,222 Debt fees (669) (971) Net carrying amount of liability component $ 75,764 $ 78,251 The effective interest rate on the liability component was 9.0% upon original issuance including consideration of the discount. Total interest expense subsequent to adoption of ASU 2020-06 includes coupon interest, accretion and amortization of debt fees. Interest expense for accretion of $886,000 and $2,714,000 was recognized for the three and nine months ended September 30, 2022 compared to $890,000 and $2,637,000 for the three and nine months ended September 30, 2021. Interest expense of $879,000 and $2,726,000 were recognized for the three and nine months ended September 30, 2022 compared to $923,000 and $2,770,000 for the three and nine months ended September 30, 2021, based on the stated coupon rate of 5.0%. The effective interest rate of the Series II 2024 Notes as of September 30, 2022 including coupon interest, amortization of debt fees and accretion to maturity was 10.4%. The Series II 2024 Notes were not convertible as of September 30, 2022 nor was the applicable conversion threshold met. Convertible senior notes due 2026 In the first quarter of 2021, the company issued $125,000,000 aggregate principal amount of 4.25% Convertible Senior Notes due 2026 (the “2026 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The notes bear interest at a rate of 4.25% per year payable semi-annually in arrears on March 15 and September 15 of each year, beginning September 15, 2021. The notes will mature on March 15, 2026, unless repurchased, redeemed or converted in accordance with their terms prior to such date. Prior to September 15, 2025, the 2026 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 2026 Notes may be settled in cash |
Other Long-Term Obligations
Other Long-Term Obligations | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Obligations | Other Long-Term Obligations Other long-term obligations consist of the following (in thousands): September 30, 2022 December 31, 2021 Deferred income taxes $ 19,385 $ 21,664 Product liability 12,010 11,342 Deferred compensation 5,090 6,174 Deferred gain on sale leaseback 4,920 5,174 Supplemental executive retirement plan liability 4,697 5,106 Death benefit obligation plan 3,499 4,568 Uncertain tax obligation including interest 2,980 3,171 Pension 2,783 7,814 Secured Convertible 2026 debt conversion liability 473 — Other 537 1,783 Other Long-Term Obligations $ 56,374 $ 66,796 The Secured Convertible 2026 debt conversion liability amounts included in the above table represent the fair values of the conversion liabilities. On April 23, 2015, the company entered into a real estate sale leaseback transaction which resulted in the company recording an initial deferred gain of $7,414,000, the majority of which is included in Other Long-Term Obligations and will be recognized over the 20-year life of the leases. The gains realized were $82,000 and $245,000 for the three and nine months ended September 30, 2022 respectively, compared to $80,000 and $237,000 for the three and nine months ended September 30, 2021 respectively. |
Leases and Commitments (Notes)
Leases and Commitments (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
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 combines 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 September 30, 2022, 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 U.S. and Canadian Credit Facility . The initial total annual rent for the properties was $2,275,000 and can increase annually over the 20-year term of the leases based on the applicable geographical consumer price index (CPI). Each of the four lease agreements contains three 10-year renewals with the rent for each option term based on the greater of the then-current fair market rent for each property or the then- current rate and increasing annually by the applicable CPI. Under the terms of the lease agreements, the company is responsible for all taxes, insurance and utilities. The company is 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 condensed consolidated balance sheets. Lease expenses for the three and nine months ended September 30, 2022 and September 30, 2021, respectively, were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Operating leases $ 1,391 $ 1,811 $ 4,421 $ 5,592 Variable and short-term leases 616 764 1,961 2,825 Total operating leases $ 2,007 $ 2,575 $ 6,382 $ 8,417 Finance lease interest cost $ 1,062 $ 1,146 $ 3,224 $ 3,487 Finance lease depreciation 1,055 1,265 3,210 3,807 Total finance leases $ 2,117 $ 2,411 $ 6,434 $ 7,294 Future minimum operating and finance lease commitments, as of September 30, 2022, are as follows (in thousands): Finance Operating Leases 2022 $ 1,637 $ 1,100 2023 6,501 3,192 2024 6,443 2,452 2025 6,353 1,973 2026 6,248 1,209 Thereafter 65,253 1,615 Total future minimum lease payments 92,435 11,541 Amounts representing interest (31,893) (1,614) Present value of minimum lease payments 60,542 9,927 Less: current maturities of lease obligations (3,031) (3,062) Long-term lease obligations $ 57,511 $ 6,865 Supplemental cash flow amounts for the three and nine months ended September 30, 2022 and September 30, 2021 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Cash Activity: Cash paid in measurement of amounts for lease liabilities 2022 2021 2022 2021 Operating leases $ 1,967 $ 2,584 $ 6,266 $ 8,501 Finance leases 1,810 2,100 5,478 6,311 Total $ 3,777 $ 4,684 $ 11,744 $ 14,812 Non-Cash Activity: Right-of-use assets obtained in exchange for lease obligations 2022 2021 2022 2021 Operating leases $ 1,264 $ 989 $ 2,429 $ 5,418 Finance leases 54 189 969 6,345 Total $ 1,318 $ 1,178 $ 3,398 $ 11,763 Weighted-average remaining lease terms and discount rates for finance and operating leases are as follows as of September 30, 2022 and December 31, 2021, respectively: September 30, 2022 December 31, 2021 Weighted-average remaining lease term - finance leases 14.9 years 15.8 years Weighted-average remaining lease term - operating leases 4.8 years 5.0 years Weighted-average discount rate - finance leases 6.37% 6.43% Weighted-average discount rate - operating leases 8.07% 7.10% |
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 combines 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 September 30, 2022, 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 U.S. and Canadian Credit Facility . The initial total annual rent for the properties was $2,275,000 and can increase annually over the 20-year term of the leases based on the applicable geographical consumer price index (CPI). Each of the four lease agreements contains three 10-year renewals with the rent for each option term based on the greater of the then-current fair market rent for each property or the then- current rate and increasing annually by the applicable CPI. Under the terms of the lease agreements, the company is responsible for all taxes, insurance and utilities. The company is 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 condensed consolidated balance sheets. Lease expenses for the three and nine months ended September 30, 2022 and September 30, 2021, respectively, were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Operating leases $ 1,391 $ 1,811 $ 4,421 $ 5,592 Variable and short-term leases 616 764 1,961 2,825 Total operating leases $ 2,007 $ 2,575 $ 6,382 $ 8,417 Finance lease interest cost $ 1,062 $ 1,146 $ 3,224 $ 3,487 Finance lease depreciation 1,055 1,265 3,210 3,807 Total finance leases $ 2,117 $ 2,411 $ 6,434 $ 7,294 Future minimum operating and finance lease commitments, as of September 30, 2022, are as follows (in thousands): Finance Operating Leases 2022 $ 1,637 $ 1,100 2023 6,501 3,192 2024 6,443 2,452 2025 6,353 1,973 2026 6,248 1,209 Thereafter 65,253 1,615 Total future minimum lease payments 92,435 11,541 Amounts representing interest (31,893) (1,614) Present value of minimum lease payments 60,542 9,927 Less: current maturities of lease obligations (3,031) (3,062) Long-term lease obligations $ 57,511 $ 6,865 Supplemental cash flow amounts for the three and nine months ended September 30, 2022 and September 30, 2021 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Cash Activity: Cash paid in measurement of amounts for lease liabilities 2022 2021 2022 2021 Operating leases $ 1,967 $ 2,584 $ 6,266 $ 8,501 Finance leases 1,810 2,100 5,478 6,311 Total $ 3,777 $ 4,684 $ 11,744 $ 14,812 Non-Cash Activity: Right-of-use assets obtained in exchange for lease obligations 2022 2021 2022 2021 Operating leases $ 1,264 $ 989 $ 2,429 $ 5,418 Finance leases 54 189 969 6,345 Total $ 1,318 $ 1,178 $ 3,398 $ 11,763 Weighted-average remaining lease terms and discount rates for finance and operating leases are as follows as of September 30, 2022 and December 31, 2021, respectively: September 30, 2022 December 31, 2021 Weighted-average remaining lease term - finance leases 14.9 years 15.8 years Weighted-average remaining lease term - operating leases 4.8 years 5.0 years Weighted-average discount rate - finance leases 6.37% 6.43% Weighted-average discount rate - operating leases 8.07% 7.10% |
Revenue Revenue
Revenue Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Revenue [Abstract] | |
Revenue Recognition, Deferred Revenue [Policy Text Block] | 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 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 three and nine months ended September 30, 2022 and September 30, 2021 (in thousands): Three Months Ended September 30, 2022 Product Service Total Europe $ 94,723 $ 2,764 $ 97,487 North America 65,068 246 65,314 All Other 6,380 1,227 7,607 Total $ 166,171 $ 4,237 $ 170,408 % Split 98% 2% 100% Nine Months Ended September 30, 2022 Product Service Total Europe $ 319,467 $ 8,867 $ 328,334 North America 208,776 575 209,351 All Other 19,067 3,661 22,728 Total $ 547,310 $ 13,103 $ 560,413 % Split 98% 2% 100% Three Months Ended September 30, 2021 Product Service Total Europe $ 123,671 $ 3,355 $ 127,026 North America 87,936 118 88,054 All Other 7,788 1,332 9,120 Total $ 219,395 $ 4,805 $ 224,200 % Split 98% 2% 100% Nine Months Ended September 30, 2021 Product Service Total Europe $ 351,680 $ 9,417 $ 361,097 North America 259,623 652 260,275 All Other 21,010 3,884 24,894 Total $ 632,313 $ 13,953 $ 646,266 % 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 |
Equity Compensation
Equity Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Shareholders' Equity Transactions | 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 September 30, 2022, 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 September 30, 2022, 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 September 30, 2022, 5,507,144 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 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. 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): For the Nine Months Ended September 30, 2022 2021 Restricted stock and restricted stock units $ 2,653 $ 4,570 Performance shares and performance share units (814) 799 Total stock-based compensation expense $ 1,839 $ 5,369 As of September 30, 2022, unrecognized compensation expense related to equity-based compensation arrangements granted under the company's 2018 Plan, which is related to non-vested awards, was as follows (in thousands): September 30, 2022 Restricted stock and restricted stock units $ 2,826 Performance shares and performance share units 168 Total unrecognized stock-based compensation expense $ 2,994 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 "Performance Shares and Performance Share Units" below). No tax benefits for stock compensation were realized during the three and nine months ended September 30, 2022 and 2021, respectively, 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. The following table summarizes information about stock option activity for the nine months ended September 30, 2022: Weighted Average Options outstanding at January 1, 2022 750,159 $ 12.69 Expired (107,987) 13.48 Options outstanding at September 30, 2022 642,172 $ 12.55 Options exercise price range at September 30, 2022 $ 12.15 to $ 14.49 Options exercisable at September 30, 2022 642,172 Shares available for grant under the 2018 Plan at September 30, 2022* 5,507,144 ________ * Shares available for grant under the 2018 Plan as of September 30, 2022 are reduced by awards and increased by forfeitures or expirations. At September 30, 2022, an aggregate of 910,624 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 upon transfer. The following table summarizes information about stock options outstanding at September 30, 2022: Options Outstanding Options Exercisable Exercise Prices Number Weighted Average Weighted Average Number Exercisable at Weighted Average $12.15 – $14.49 642,172 0.8 $ 12.55 642,172 $ 12.55 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 2022 or 2021. Restricted Stock and Restricted Stock Units The following table summarizes information about restricted stock and restricted stock units (primarily for non-U.S. recipients): Weighted Average Fair Value Stock / Units unvested at January 1, 2022 1,160,847 $ 8.17 Granted 1,321,249 1.37 Vested (553,071) 8.43 Forfeited (741,679) 4.30 Stock / Units unvested at 1,187,346 $ 2.90 The restricted awards generally vest ratably over the three years after the award date. Unearned restricted awards 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 as adjusted for forfeiture estimates. Performance Shares and Performance Share Units The following table summarizes information about performance shares and performance share units (primarily for non-U.S. recipients): Weighted Average Fair Value Shares / Units unvested at January 1, 2022 972,288 $ 7.76 Granted 460,187 1.48 Forfeited (942,201) 5.79 Shares / Units unvested at 490,274 $ 5.67 During the nine months ended September 30, 2022, performance shares and performance share units (for non-U.S. recipients) were granted. Performance awards have a three year performance period with payouts based on achievement of certain performance goals. The awards are classified as equity awards as they will be settled in Common Shares upon vesting. The number of shares earned will be determined at the end of the three year performance period based on achievement of performance criteria for January 1, 2020 through December 31, 2022, January 1, 2021 through December 31, 2023 and January 1, 2022 through December 31, 2024, respectively 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 2020, 2021 and 2022 based on estimates that the performance goals for those awards will be or will not be met. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) by Component | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) by Component | Accumulated Other Comprehensive Income (Loss) by Component Changes in accumulated other comprehensive income (loss) ("OCI") (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total June 30, 2022 $ (13,347) $ 1,548 $ 462 $ 1,453 $ (9,884) OCI before reclassifications (31,883) (2,168) 155 59 (33,837) Amount reclassified from accumulated OCI — — (110) (1,275) (1,385) Net current-period OCI (31,883) (2,168) 45 (1,216) (35,222) September 30, 2022 $ (45,230) $ (620) $ 507 $ 237 $ (45,106) Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2021 $ 18,961 $ 2,127 $ (4,101) $ 1 $ 16,988 OCI before reclassifications (64,191) (2,747) 4,772 2,197 (59,969) Amount reclassified from accumulated OCI — — (164) (1,961) (2,125) Net current-period OCI (64,191) (2,747) 4,608 236 (62,094) September 30, 2022 $ (45,230) $ (620) $ 507 $ 237 $ (45,106) Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total June 30, 2021 $ 60,381 $ 2,146 $ (4,069) $ (1,379) $ 57,079 OCI before reclassifications (19,155) (47) (209) 944 (18,467) Amount reclassified from accumulated OCI — — 182 309 491 Net current-period OCI (19,155) (47) (27) 1,253 (17,976) September 30, 2021 $ 41,226 $ 2,099 $ (4,096) $ (126) $ 39,103 Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2020 $ 50,329 $ (517) $ (3,674) $ (702) $ 45,436 OCI before reclassifications (9,103) 2,616 (440) (643) (7,570) Amount reclassified from accumulated OCI — — 18 1,219 1,237 Net current-period OCI (9,103) 2,616 (422) 576 (6,333) September 30, 2021 $ 41,226 $ 2,099 $ (4,096) $ (126) $ 39,103 Reclassifications out of accumulated OCI were as follows (in thousands): Amount reclassified from OCI Amount reclassified from OCI Affected line item in the Statement of Comprehensive (Income) Loss For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Defined Benefit Plans Service and interest costs $ (110) $ 182 $ (164) $ 18 Selling, general and administrative expenses Tax — — — — Income taxes Total after tax $ (110) $ 182 $ (164) $ 18 Derivatives Foreign currency forward contracts hedging sales $ (68) $ 476 $ (125) $ 657 Net sales Foreign currency forward contracts hedging purchases (1,263) (92) (1,997) 746 Cost of products sold Total loss (income) before tax (1,331) 384 (2,122) 1,403 Tax 56 (75) 161 (184) Income taxes Total after tax $ (1,275) $ 309 $ (1,961) $ 1,219 |
Charges Related To Restructurin
Charges Related To Restructuring Activities | 9 Months Ended |
Sep. 30, 2022 | |
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 2022. For the nine months ended September 30, 2022, severance and other charges totaled $16,383,000 which were related to North America of $5,534,000, Europe of $9,766,000 and All Other of $1,083,000. Payments for the nine months ended September 30, 2022 were $10,789,000 and the cash payments were funded with the company's cash on hand. The 2022 charges are expected to be paid out within 12 months. For the nine months ended September 30, 2021, charges totaled $2,476,000 which were related to North America of $975,000 and Europe of $1,501,000. In North America costs were incurred related to severance. The European charges were for severance costs $895,000 and contract terminations $606,000, primarily related to the closure of a German manufacturing facility. Payments for the nine months ended September 30, 2021 were $7,367,000 and the cash payments were funded with company's cash on hand. 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 for the nine months ended September 30, 2022 is as follows (in thousands): Severance Other Total December 31, 2021 Balances North America $ 482 $ — $ 482 Total 482 — 482 Charges North America 1,124 538 1,662 Europe 2,119 — 2,119 All Other 9 — 9 Total 3,252 538 3,790 Payments North America (422) (538) (960) Europe (367) — (367) All Other (9) — (9) Total (798) (538) (1,336) March 31, 2022 Balances North America 1,184 — 1,184 Europe 1,752 — 1,752 Total $ 2,936 $ — $ 2,936 Charges North America $ 542 998 $ 1,540 Europe 1,288 1,325 2,613 Total 1,830 2,323 4,153 Payments North America (768) (442) (1,210) Europe (1,254) (624) (1,878) Total (2,022) (1,066) (3,088) June 30, 2022 Balances North America 958 556 1,514 Europe 1,786 701 2,487 Total $ 2,744 $ 1,257 $ 4,001 Charges North America 116 2,216 2,332 Europe 1,033 4,001 5,034 All Other 1,074 — 1,074 Total 2,223 6,217 8,440 Payments North America (438) (1,807) (2,245) Europe (1,067) (3,041) (4,108) All Other (12) — (12) Total (1,517) (4,848) (6,365) September 30, 2022 Balances North America 636 965 1,601 Europe 1,752 1,661 3,413 All Other 1,062 — 1,062 Total $ 3,450 $ 2,626 $ 6,076 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The company had an effective tax rate of 2.8% and 4.1% on losses before tax for the three and nine months ended September 30, 2022, respectively, compared to a statutory benefit of 21.0% on the pre-tax loss for each period. The company had an effective tax rate of 8.8% and 11.3% on losses before tax for the three and nine months ended September 30, 2021, respectively, compared to a statutory benefit of 21.0% on the pre-tax loss for each period. The company's effective tax rate for the three and nine months ended September 30, 2022 and September 30, 2021 were unfavorable as compared to the U.S. federal statutory rate, principally due to the negative impact of the company not being able to record tax benefits related to the significant losses in countries which had tax valuation allowances. The effective tax rate was increased for the three and nine months ended September 30, 2022 and September 30, 2021 by certain taxes outside the United States, excluding countries with tax valuation allowances, that were at an effective rate higher than the U.S. statutory rate. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Common Share | Net Loss Per Common Share The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated. (In thousands except per share data) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Basic Weighted average common shares outstanding 37,537 35,013 36,073 34,826 Net loss $ (34,354) $ (22,759) $ (80,494) $ (47,501) Net loss per common share $ (0.92) $ (0.65) $ (2.23) $ (1.36) Diluted Weighted average common shares outstanding 37,537 35,013 36,073 34,826 Share options and awards 143 475 168 545 Weighted average common shares assuming dilution 37,680 35,488 36,241 35,371 Net loss $ (34,354) $ (22,759) $ (80,494) $ (47,501) Net loss per common share * $ (0.92) $ (0.65) $ (2.23) $ (1.36) ________ * Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. For the three and nine months ended September 30, 2022, shares associated with equity compensation awards of 1,659,909 and 1,120,192, respectively, and for the three and nine months ended September 30, 2021, shares associated with equity compensation awards of 1,432,833 and 1,163,526, respectively, were excluded from the weighted average common shares assuming dilution as incremental shares were antidilutive. At September 30, 2022, the majority of the antidilutive incremental shares were awards granted at an exercise price above $12.14, which was higher than the average fair market value price of $1.05 and $1.50 for the three and nine months ended September 30, 2022. At September 30, 2021, the majority of the antidilutive incremental shares were awards granted at an exercise price above $14.49, which was higher than the average fair market value price of $7.30 and $8.30 for the three and nine months ended September 30, 2021. For the three and nine months ended September 30, 2022 and September 30, 2021, respectively, no shares were included in the common shares assuming dilution related to the company's issued warrants as the average market price of the company shares for these periods did not exceed the strike price of the warrants. |
Concentration Of Credit Risk
Concentration Of Credit Risk | 9 Months Ended |
Sep. 30, 2022 | |
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 $2,071,000 at September 30, 2022 to DLL for events of default under the contracts, which total $8,588,000 at September 30, 2022. 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. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives ASC 815 requires companies to recognize all derivative instruments in the condensed consolidated balance sheets 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 condensed consolidated balance sheets 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 condensed consolidated statements 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 $67,853,000 and $90,800,000 matured during the nine months ended September 30, 2022 and September 30, 2021, respectively, compared to $29,189,000 and $32,685,000 during the three month ended September 30, 2022 and September 30, 2021, respectively. Outstanding foreign currency forward exchange contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): September 30, 2022 December 31, 2021 Notional Unrealized Notional Unrealized USD / EUR 3,492 441 — — USD / CAD 4,523 (343) — — EUR / GBP 5,961 179 — — EUR / NOK 689 (5) — — NOK / SEK 1,089 (43) — — USD / MXN 1,089 70 23 1 $ 16,843 $ 299 $ 23 $ 1 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 2022 or 2021 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 2022 and 2021, respectively, and outstanding were as follows (in thousands USD): September 30, 2022 December 31, 2021 Notional Gain Notional Gain USD / AUD $ 1,194 $ 104 $ 3,792 $ (57) USD / CAD 19,765 (272) 14,556 (24) USD / EUR 73,507 (1,852) 70,454 (1,104) USD / DKK 5,099 (137) 10,850 (257) USD / GBP — — 4,028 32 USD / NOK 4,790 (467) 2,352 (81) USD / SEK 1,880 (72) 2,344 (131) EUR / GBP 1,200 36 — — EUR / NOK 1,099 (8) — — AUD / NZD 17,082 (163) 7,366 (17) USD / THB 4,310 278 4,500 86 EUR / SEK 2,353 (10) — — $ 132,279 $ (2,563) $ 120,242 $ (1,553) The fair values of the company’s derivative instruments were as follows (in thousands): September 30, 2022 December 31, 2021 Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts $ 690 $ 391 $ 1 $ — Derivatives not designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts 1,936 4,499 385 1,938 Total derivatives $ 2,626 $ 4,890 $ 386 $ 1,938 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 condensed consolidated balance sheets. The effect of derivative instruments on Accumulated Other Comprehensive Income (Loss) (OCI) and the condensed consolidated Statements of comprehensive income (loss) was as follows (in thousands): Derivatives (foreign currency forward exchange contracts) in ASC 815 cash flow hedge Amount of Gain Amount of Gain (Loss) Amount of Gain (Loss) Three months ended September 30, 2022 Foreign currency forward exchange contracts $ 59 $ 1,275 $ 1,002 Nine months ended September 30, 2022 Foreign currency forward exchange contracts $ 2,197 $ 1,961 $ 1,117 Three months ended September 30, 2021 Foreign currency forward exchange contracts $ 944 $ (309) $ 51 Nine months ended September 30, 2021 Foreign currency forward exchange contracts $ (643) $ (1,219) $ (37) Derivatives (foreign currency forward exchange contracts) not designated as hedging Amount of Gain (Loss) Three months ended September 30, 2022 Foreign currency forward exchange contracts $ 2,072 Nine months ended September 30, 2022 Foreign currency forward exchange contracts $ (2,563) Three months ended September 30, 2021 Foreign currency forward exchange contracts $ (592) Nine months ended September 30, 2021 Foreign currency forward exchange contracts $ (1,315) 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. For the three and nine months ended September 30, 2022, net sales were increased by $68,000 and $125,000, while cost of products sold was decreased by $1,263,000 and $1,997,000 for net pre-tax realized gains of $1,331,000 and $2,122,000, respectively. For the three and nine months ended September 30, 2021, net sales were decreased by $476,000 and $657,000 while cost of products sold was decreased by $92,000 and increased by $746,000 for net realized pre-tax losses of $384,000 and $1,403,000, respectively. A gain of $2,072,000 and $2,563,000 was recognized in selling, general and administrative (SG&A) expenses for the three and nine months ended September 30, 2022 compared to a loss of $592,000 and a loss of $1,315,000 for the three and nine months ended September 30, 2021 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 Prior Credit Agreement and ABL 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 Prior Credit Agreement and ABL 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. During the third quarter of 2022, the company entered into privately negotiated Secured Convertible 2026 Notes of $31,106,000 in aggregate principal amount. Convertible debt conversion liabilities of $1,423,000 were recorded based on initial fair values and these fair values are updated quarterly with the offset to the income statement. Refer to "Long-Term Debt" in the notes to the condensed consolidated financial statements for more detail. The fair values of the outstanding convertible note derivatives as of September 30, 2022 and their effect on the Statement of Comprehensive Income (Loss) were as follows (in thousands): Gain Fair Value Three and Nine Months Ended September 30, 2022 September 30, 2022 Secured Convertible 2026 Notes conversion long-term liability $ 473 $ 950 |
Fair Values
Fair Values | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Values Pursuant to ASC 820, the inputs used to derive the fair value of assets and liabilities are analyzed and assigned a level I, II or III priority, with level I being the highest and level III being the lowest in the hierarchy. Level I inputs are quoted prices in active markets for identical assets or liabilities. Level II inputs are quoted prices for similar assets or liabilities in active markets: quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level III inputs are based on valuations derived from valuation techniques in which one or more significant inputs are unobservable. The following table provides a summary of the company’s assets and liabilities that are measured on a recurring basis (in thousands): Basis for Fair Value Measurements at Reporting Date Quoted Prices in Active Significant Other Significant Other Level I Level II Level III September 30, 2022 Forward exchange contracts—net — $ (2,264) — Secured convertible 2026 debt conversion liability — (473) — December 31, 2021 Forward exchange contracts—net — $ (1,552) — The carrying values and fair values of the company’s financial instruments are as follows (in thousands): September 30, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 45,439 $ 45,439 $ 83,745 $ 83,745 Forward contracts in Other current assets 2,626 2,626 386 386 Forward contracts in Accrued expenses (4,890) (4,890) (1,938) (1,938) Total debt (including current maturities of long-term debt) * (335,279) (272,485) (308,129) (259,472) 2022 Notes — — (2,642) (2,632) Series I 2024 Notes (72,341) (62,887) (72,140) (64,897) Series II 2024 Notes (75,764) (63,963) (78,251) (74,165) 2026 Notes (80,898) (36,832) (119,036) (81,718) 2026 Secured Notes (27,463) (25,369) — — 2026 Term Loan (59,724) (64,345) — — Other (19,089) (19,089) (36,060) (36,060) Secured convertible 2026 debt conversion liability in Other Long-Term Obligations (473) (473) — — ________ * The company's total debt is shown net of discount and fees associated with the convertible senior notes and term loan due in 2022, 2024 and 2026 on the company's condensed consolidated balance sheets. Accordingly, the fair values due in 2022, 2024 and 2026 are included in the long-term debt presented in this table are also shown net of fees. 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, 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 condensed consolidated balance sheets. Total debt: Fair value for the company’s convertible debt other than the 2026 Secured Notes and Term Loan is based on quoted market-based estimates as of the end of the period, while the revolving credit facility fair value is based on 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. The 2026 Secured Notes and Term Loan fair values are based on valuation models in which significant inputs are observable in active markets. The fair values are deemed to be categorized as Level 2. Other total debt is primarily attributable to credit facilities borrowings where the carrying value reported in the balance approximates its fair value. Convertible debt derivative: The fair value for the convertible debt conversion liability is based on valuation models in which significant inputs are observable in active markets. The fair values are deemed to be categorized as Level 2. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2022 | |
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 condensed 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): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Revenues from external customers Europe $ 97,487 $ 127,026 $ 328,334 $ 361,097 North America 65,314 88,054 209,351 260,275 All Other (Asia Pacific) 7,607 9,120 22,728 24,894 Consolidated $ 170,408 $ 224,200 $ 560,413 $ 646,266 Intersegment revenues Europe $ 2,763 $ 6,221 $ 11,327 $ 17,758 North America 5,738 15,044 24,274 45,903 Consolidated $ 8,501 $ 21,265 $ 35,601 $ 63,661 Restructuring charges before income taxes Europe $ 5,034 $ 255 $ 9,766 $ 1,501 North America 2,332 122 5,534 975 All Other 1,074 — 1,083 — Consolidated $ 8,440 $ 377 $ 16,383 $ 2,476 Operating income (loss) Europe $ (2,588) $ 9,554 $ 4,126 $ 18,378 North America (15,007) (1,523) (29,607) (2,308) All Other (6,391) (3,856) (21,981) (19,025) Charges related to restructuring activities (8,440) (377) (16,383) (2,476) Impairment of an intangible asset (1,012) — (1,012) — Impairment of goodwill — (28,564) — (28,564) Consolidated operating loss (33,438) (24,766) (64,857) (33,995) Net gain on convertible debt derivatives 950 — 950 — Net gain on debt extinguishment 6,398 10,131 6,398 9,422 Net interest expense (7,344) (6,284) (19,825) (18,098) Loss before income taxes $ (33,434) $ (20,919) $ (77,334) $ (42,671) Net sales by product, are as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Europe Lifestyle $ 46,881 $ 61,683 $ 162,942 $ 181,628 Mobility and Seating 43,778 56,535 139,010 152,660 Respiratory Therapy 2,262 4,225 11,847 13,613 Other(1) 4,566 4,583 14,535 13,196 $ 97,487 $ 127,026 $ 328,334 $ 361,097 North America Lifestyle $ 34,379 $ 38,666 $ 102,516 $ 114,951 Mobility and Seating 23,453 28,414 74,876 82,243 Respiratory Therapy 7,236 20,856 31,384 62,429 Other(1) 246 118 575 652 $ 65,314 $ 88,054 $ 209,351 $ 260,275 All Other (Asia Pacific) Mobility and Seating $ 3,311 $ 3,171 $ 8,989 $ 9,239 Lifestyle 2,556 3,230 8,239 8,736 Respiratory Therapy 407 1,215 1,538 2,547 Other(1) 1,333 1,504 3,962 4,372 $ 7,607 $ 9,120 $ 22,728 $ 24,894 Total Consolidated $ 170,408 $ 224,200 $ 560,413 $ 646,266 ________________________ (1) Includes various services, including repair services, equipment rentals and external contracting. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
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 Quarterly Report on Form 10-Q, 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 condensed consolidated financial statements for the total provision amounts and a reconciliation of the changes in the warranty accrual. Any of the above contingencies could have an adverse impact on the company's financial condition or results of operations. For additional information regarding the consent decree, other regulatory matters, and risks and trends that may impact the company’s financial condition or results of operations, please see the following sections of the company's Annual Report on Form 10-K for the year ended December 31, 2021: Item 1. Business - Government Regulation and Item 1A. Risk Factors; Item 3. Legal Proceedings; and Item 7. Management's |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: The condensed consolidated financial statements include the accounts of the company and its wholly owned subsidiaries and include all adjustments, which were of a normal recurring nature, necessary to present fairly the financial position of the company as of September 30, 2022 and the results of its operations and changes in its cash flow for the nine months ended September 30, 2022 and 2021, respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using an August 31 quarter end to meet filing deadlines. No material subsequent events have occurred related to the European segment, which would require disclosure or adjustment to the company's financial statements. All significant intercompany transactions are eliminated. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year. |
Use of Estimates | Use of Estimates: The condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements (Already Adopted): |
New Accounting Pronouncements, Not yet Adopted | In March 2020, the FASB issued ASU 2020-04 "Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting," which is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates if certain criteria are met. The guidance may be adopted in any period prior to the guidance expiration on December 31, 2022. The company adopted ASU 2020-04 effective January 1, 2022 and the adoption did not have a material impact on the company's financial statements. Interest arrangements previously referring to LIBOR prior to adoption, now refer to a secured overnight finance rate (SOFR). |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Receivables consist of the following (in thousands): September 30, 2022 December 31, 2021 Accounts receivable, gross $ 99,780 $ 142,806 Customer rebate reserve (8,722) (12,267) Cash discount reserves (7,174) (9,179) Allowance for doubtful accounts (3,214) (3,642) Other, principally returns and allowances reserves (565) (603) Accounts receivable, net $ 80,105 $ 117,115 |
Schedule for Allowance for Credit Losses | The movement in the trade receivables allowance for doubtful accounts was as follows (in thousands): Nine Months Ended Balance as of beginning of period $ 3,642 Current period provision 715 Recoveries (direct write-offs), net (1,143) Balance as of end of period $ 3,214 |
Schedule of Installment Receivables | Installment receivables consist of the following (in thousands): September 30, 2022 December 31, 2021 Current Long-Term Total Current Long-Term Total Installment receivables $ 255 $ 274 $ 529 $ 218 $ 734 $ 952 Allowance for doubtful accounts — — — — — — Installment receivables, net $ 255 $ 274 $ 529 $ 218 $ 734 $ 952 |
Schedule of Installment Receivables Allowance for Doubtful Accounts | The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands): Nine Months Ended September 30, 2022 Year Ended December 31, 2021 Balance as of beginning of period $ — $ 487 Current period provision (benefit) — (75) Direct write-offs charged against the allowance — (412) Balance as of end of period $ — $ — |
Schedule of Installment Receivables by Class | Installment receivables by class as of September 30, 2022 consist of the following (in thousands): Total Unpaid Related Interest Asia Pacific Non-Impaired installment receivables with no related allowance recorded 529 529 — — Total Non-Impaired installment receivables with no related allowance recorded 529 529 — — Impaired installment receivables with a related allowance recorded — — — — Total installment receivables $ 529 $ 529 $ — $ — 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 installment receivables $ 952 $ 952 $ — $ — |
Schedule of Financing Receivables | Installment receivables by class as of September 30, 2022 consist of the following (in thousands): Total Unpaid Related Interest Asia Pacific Non-Impaired installment receivables with no related allowance recorded 529 529 — — Total Non-Impaired installment receivables with no related allowance recorded 529 529 — — Impaired installment receivables with a related allowance recorded — — — — Total installment receivables $ 529 $ 529 $ — $ — 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 installment receivables $ 952 $ 952 $ — $ — |
Schedule of Aging of Installment Receivables | The aging of the company’s installment receivables was as follows (in thousands): September 30, 2022 December 31, 2021 Total Asia Pacific Total Asia Pacific Current $ 529 $ 529 $ 952 $ 952 0-30 days past due — — — — 31-60 days past due — — — — 61-90 days past due — — — — 90+ days past due — — — — $ 529 $ 529 $ 952 $ 952 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consist of the following (in thousands): September 30, 2022 December 31, 2021 Raw materials $ 60,082 $ 69,371 Finished goods 49,270 62,124 Work in process 11,335 12,779 Inventories, net $ 120,687 $ 144,274 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consist of the following (in thousands): September 30, 2022 December 31, 2021 Tax receivables principally value added taxes $ 29,152 $ 21,943 Prepaid insurance 3,045 4,462 Prepaid inventory and freight 2,938 2,394 Derivatives (foreign currency forward exchange contracts) 2,626 386 Recoverable income taxes 2,440 2,301 Service contracts 682 304 Receivable due from information technology provider 612 612 Deferred financing fees 323 379 Prepaid and other current assets 6,520 7,255 Other Current Assets $ 48,338 $ 40,036 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent | Other long-term assets consist of the following (in thousands): September 30, 2022 December 31, 2021 Cash surrender value of life insurance policies $ 2,551 $ 2,481 Deferred income taxes 1,615 1,540 Deferred financing fees 726 409 Installment receivables 274 734 Investments 85 86 Other 79 112 Other Long-Term Assets $ 5,330 $ 5,362 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment consist of the following (in thousands): September 30, 2022 December 31, 2021 Machinery and equipment $ 267,218 $ 278,347 Capitalized software 30,904 30,448 Land, buildings and improvements 24,432 27,299 Furniture and fixtures 7,970 8,943 Leasehold improvements 4,730 6,782 Property and Equipment, gross 335,254 351,819 Accumulated depreciation (282,010) (290,898) Property and Equipment, net $ 53,244 $ 60,921 |
Intangibles (Tables)
Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The company's intangibles consist of the following (in thousands): September 30, 2022 December 31, 2021 Historical Accumulated Historical Accumulated Customer lists $ 47,041 $ 47,041 $ 52,447 $ 52,447 Trademarks 20,447 — 24,137 — Developed technology 6,973 6,648 7,652 7,149 Patents 5,471 5,471 5,543 5,543 License agreements 3,967 1,356 2,905 1,196 Other 1,148 1,141 1,147 1,140 Intangibles $ 85,047 $ 61,657 $ 93,831 $ 67,475 |
Schedule of Finite-Lived Intangible Assets | The company's intangibles consist of the following (in thousands): September 30, 2022 December 31, 2021 Historical Accumulated Historical Accumulated Customer lists $ 47,041 $ 47,041 $ 52,447 $ 52,447 Trademarks 20,447 — 24,137 — Developed technology 6,973 6,648 7,652 7,149 Patents 5,471 5,471 5,543 5,543 License agreements 3,967 1,356 2,905 1,196 Other 1,148 1,141 1,147 1,140 Intangibles $ 85,047 $ 61,657 $ 93,831 $ 67,475 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of accruals for the following (in thousands): September 30, 2022 December 31, 2021 Taxes other than income taxes, primarily value added taxes $ 32,221 $ 23,217 Salaries and wages 17,177 24,012 Professional 11,759 8,697 Warranty 8,576 11,198 Freight 5,918 5,460 Interest 5,197 3,297 Derivative liabilities (foreign currency forward exchange contracts) 4,890 1,938 Rebates 4,782 6,569 IT service contracts 4,000 4,013 Insurance 3,837 625 Severance 3,450 400 Product line exit obligations 3,264 — Product liability, current portion 2,620 2,362 Deferred revenue 1,903 4,156 Supplemental executive retirement program liability 391 391 Other items, principally trade accruals 6,345 6,636 Accrued Expenses $ 116,330 $ 102,971 |
Schedule of Product Warranty Liability | The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands): Balance as of January 1, 2022 $ 11,198 Warranties provided during the period 1,842 Settlements made during the period (4,596) Changes in liability for pre-existing warranties during the period, including expirations 132 Balance as of September 30, 2022 $ 8,576 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt consists of the following (in thousands): September 30, 2022 December 31, 2021 Convertible senior notes at 4.50%, due in June 2022 — 2,642 Convertible senior notes Series I at 5.00%, due in November 2024 72,341 72,140 Convertible senior notes Series II at 5.00%, due in November 2024 75,764 78,251 Convertible senior notes at 4.25%, due in March 2026 80,898 119,036 Secured convertible senior notes at 5.68%, due in July 2026 27,463 — Term loan, due in July 2026 59,724 — Other obligations 19,089 36,060 335,279 308,129 Less current maturities of long-term debt (2,150) (3,107) Long-Term Debt $ 333,129 $ 305,022 |
Liability Components of Convertible 2022 Note | The liability components of the 2022 Notes consist of the following (in thousands): September 30, 2022 December 31, 2021 Principal amount of liability component $ — $ 2,650 Debt fees — (8) Net carrying amount of liability component $ — $ 2,642 |
Liability Components of Convertible 2024 Note | The liability components of the Series I 2024 Notes consist of the following (in thousands): September 30, 2022 December 31, 2021 Principal amount of liability component $ 72,909 $ 72,909 Debt fees (568) (769) Net carrying amount of liability component $ 72,341 $ 72,140 |
Liability Components of Convertible Series II 2024 Note | The liability components of the Series II 2024 Notes consist of the following (in thousands): September 30, 2022 December 31, 2021 Principal amount of liability component - including accretion $ 76,433 $ 79,222 Debt fees (669) (971) Net carrying amount of liability component $ 75,764 $ 78,251 |
Liability Components of Convertible 2026 Note | The liability components of the 2026 Notes consist of the following (in thousands): September 30, 2022 December 31, 2021 Principal amount of liability component $ 83,525 $ 125,000 Debt fees (2,627) (5,964) Net carrying amount of liability component $ 80,898 $ 119,036 |
Liability Components of Secured 2026 Notes | The liability components of the Secured 2026 Notes consist of the following (in thousands): September 30, 2022 Principal amount of liability component $ 31,106 Unamortized discount (1,365) Debt fees (2,278) Net carrying amount of liability component $ 27,463 |
Liability Components of Secured Term Loan | The liability components of the Secured Term Loan consist of the following (in thousands): September 30, 2022 Principal amount of liability component $ 66,500 Unamortized original issuance discount (1,907) Debt fees (4,869) Net carrying amount of liability component $ 59,724 |
Other Long-Term Obligations (Ta
Other Long-Term Obligations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | Other long-term obligations consist of the following (in thousands): September 30, 2022 December 31, 2021 Deferred income taxes $ 19,385 $ 21,664 Product liability 12,010 11,342 Deferred compensation 5,090 6,174 Deferred gain on sale leaseback 4,920 5,174 Supplemental executive retirement plan liability 4,697 5,106 Death benefit obligation plan 3,499 4,568 Uncertain tax obligation including interest 2,980 3,171 Pension 2,783 7,814 Secured Convertible 2026 debt conversion liability 473 — Other 537 1,783 Other Long-Term Obligations $ 56,374 $ 66,796 |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Lease, Cost [Table] | Lease expenses for the three and nine months ended September 30, 2022 and September 30, 2021, respectively, were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Operating leases $ 1,391 $ 1,811 $ 4,421 $ 5,592 Variable and short-term leases 616 764 1,961 2,825 Total operating leases $ 2,007 $ 2,575 $ 6,382 $ 8,417 Finance lease interest cost $ 1,062 $ 1,146 $ 3,224 $ 3,487 Finance lease depreciation 1,055 1,265 3,210 3,807 Total finance leases $ 2,117 $ 2,411 $ 6,434 $ 7,294 |
Schedule of Cash Flow, Supplemental Disclosures [Table] | Supplemental cash flow amounts for the three and nine months ended September 30, 2022 and September 30, 2021 were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Cash Activity: Cash paid in measurement of amounts for lease liabilities 2022 2021 2022 2021 Operating leases $ 1,967 $ 2,584 $ 6,266 $ 8,501 Finance leases 1,810 2,100 5,478 6,311 Total $ 3,777 $ 4,684 $ 11,744 $ 14,812 Non-Cash Activity: Right-of-use assets obtained in exchange for lease obligations 2022 2021 2022 2021 Operating leases $ 1,264 $ 989 $ 2,429 $ 5,418 Finance leases 54 189 969 6,345 Total $ 1,318 $ 1,178 $ 3,398 $ 11,763 |
Weighted-Average Remaining Lease Terms and Discount Rates [Table] | Weighted-average remaining lease terms and discount rates for finance and operating leases are as follows as of September 30, 2022 and December 31, 2021, respectively: September 30, 2022 December 31, 2021 Weighted-average remaining lease term - finance leases 14.9 years 15.8 years Weighted-average remaining lease term - operating leases 4.8 years 5.0 years Weighted-average discount rate - finance leases 6.37% 6.43% Weighted-average discount rate - operating leases 8.07% 7.10% |
Lessee, Operating Lease, Liability, Maturity | Future minimum operating and finance lease commitments, as of September 30, 2022, are as follows (in thousands): Finance Operating Leases 2022 $ 1,637 $ 1,100 2023 6,501 3,192 2024 6,443 2,452 2025 6,353 1,973 2026 6,248 1,209 Thereafter 65,253 1,615 Total future minimum lease payments 92,435 11,541 Amounts representing interest (31,893) (1,614) Present value of minimum lease payments 60,542 9,927 Less: current maturities of lease obligations (3,031) (3,062) Long-term lease obligations $ 57,511 $ 6,865 |
Finance Lease, Liability, Fiscal Year Maturity | Future minimum operating and finance lease commitments, as of September 30, 2022, are as follows (in thousands): Finance Operating Leases 2022 $ 1,637 $ 1,100 2023 6,501 3,192 2024 6,443 2,452 2025 6,353 1,973 2026 6,248 1,209 Thereafter 65,253 1,615 Total future minimum lease payments 92,435 11,541 Amounts representing interest (31,893) (1,614) Present value of minimum lease payments 60,542 9,927 Less: current maturities of lease obligations (3,031) (3,062) Long-term lease obligations $ 57,511 $ 6,865 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Revenue Recognition, Multiple-deliverable Arrangements | The following tables disaggregate the company’s revenues by major source and by reportable segment for the three and nine months ended September 30, 2022 and September 30, 2021 (in thousands): Three Months Ended September 30, 2022 Product Service Total Europe $ 94,723 $ 2,764 $ 97,487 North America 65,068 246 65,314 All Other 6,380 1,227 7,607 Total $ 166,171 $ 4,237 $ 170,408 % Split 98% 2% 100% Nine Months Ended September 30, 2022 Product Service Total Europe $ 319,467 $ 8,867 $ 328,334 North America 208,776 575 209,351 All Other 19,067 3,661 22,728 Total $ 547,310 $ 13,103 $ 560,413 % Split 98% 2% 100% Three Months Ended September 30, 2021 Product Service Total Europe $ 123,671 $ 3,355 $ 127,026 North America 87,936 118 88,054 All Other 7,788 1,332 9,120 Total $ 219,395 $ 4,805 $ 224,200 % Split 98% 2% 100% Nine Months Ended September 30, 2021 Product Service Total Europe $ 351,680 $ 9,417 $ 361,097 North America 259,623 652 260,275 All Other 21,010 3,884 24,894 Total $ 632,313 $ 13,953 $ 646,266 % Split 98% 2% 100% |
Equity Compensation (Tables)
Equity Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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): For the Nine Months Ended September 30, 2022 2021 Restricted stock and restricted stock units $ 2,653 $ 4,570 Performance shares and performance share units (814) 799 Total stock-based compensation expense $ 1,839 $ 5,369 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | As of September 30, 2022, unrecognized compensation expense related to equity-based compensation arrangements granted under the company's 2018 Plan, which is related to non-vested awards, was as follows (in thousands): September 30, 2022 Restricted stock and restricted stock units $ 2,826 Performance shares and performance share units 168 Total unrecognized stock-based compensation expense $ 2,994 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about stock option activity for the nine months ended September 30, 2022: Weighted Average Options outstanding at January 1, 2022 750,159 $ 12.69 Expired (107,987) 13.48 Options outstanding at September 30, 2022 642,172 $ 12.55 Options exercise price range at September 30, 2022 $ 12.15 to $ 14.49 Options exercisable at September 30, 2022 642,172 Shares available for grant under the 2018 Plan at September 30, 2022* 5,507,144 ________ |
Schedule of Share-based Compensation, Stock Options Outstanding | The following table summarizes information about stock options outstanding at September 30, 2022: Options Outstanding Options Exercisable Exercise Prices Number Weighted Average Weighted Average Number Exercisable at Weighted Average $12.15 – $14.49 642,172 0.8 $ 12.55 642,172 $ 12.55 |
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): Weighted Average Fair Value Stock / Units unvested at January 1, 2022 1,160,847 $ 8.17 Granted 1,321,249 1.37 Vested (553,071) 8.43 Forfeited (741,679) 4.30 Stock / Units unvested at 1,187,346 $ 2.90 |
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): Weighted Average Fair Value Shares / Units unvested at January 1, 2022 972,288 $ 7.76 Granted 460,187 1.48 Forfeited (942,201) 5.79 Shares / Units unvested at 490,274 $ 5.67 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) ("OCI") (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total June 30, 2022 $ (13,347) $ 1,548 $ 462 $ 1,453 $ (9,884) OCI before reclassifications (31,883) (2,168) 155 59 (33,837) Amount reclassified from accumulated OCI — — (110) (1,275) (1,385) Net current-period OCI (31,883) (2,168) 45 (1,216) (35,222) September 30, 2022 $ (45,230) $ (620) $ 507 $ 237 $ (45,106) Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2021 $ 18,961 $ 2,127 $ (4,101) $ 1 $ 16,988 OCI before reclassifications (64,191) (2,747) 4,772 2,197 (59,969) Amount reclassified from accumulated OCI — — (164) (1,961) (2,125) Net current-period OCI (64,191) (2,747) 4,608 236 (62,094) September 30, 2022 $ (45,230) $ (620) $ 507 $ 237 $ (45,106) Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total June 30, 2021 $ 60,381 $ 2,146 $ (4,069) $ (1,379) $ 57,079 OCI before reclassifications (19,155) (47) (209) 944 (18,467) Amount reclassified from accumulated OCI — — 182 309 491 Net current-period OCI (19,155) (47) (27) 1,253 (17,976) September 30, 2021 $ 41,226 $ 2,099 $ (4,096) $ (126) $ 39,103 Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2020 $ 50,329 $ (517) $ (3,674) $ (702) $ 45,436 OCI before reclassifications (9,103) 2,616 (440) (643) (7,570) Amount reclassified from accumulated OCI — — 18 1,219 1,237 Net current-period OCI (9,103) 2,616 (422) 576 (6,333) September 30, 2021 $ 41,226 $ 2,099 $ (4,096) $ (126) $ 39,103 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Reclassifications out of accumulated OCI were as follows (in thousands): Amount reclassified from OCI Amount reclassified from OCI Affected line item in the Statement of Comprehensive (Income) Loss For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Defined Benefit Plans Service and interest costs $ (110) $ 182 $ (164) $ 18 Selling, general and administrative expenses Tax — — — — Income taxes Total after tax $ (110) $ 182 $ (164) $ 18 Derivatives Foreign currency forward contracts hedging sales $ (68) $ 476 $ (125) $ 657 Net sales Foreign currency forward contracts hedging purchases (1,263) (92) (1,997) 746 Cost of products sold Total loss (income) before tax (1,331) 384 (2,122) 1,403 Tax 56 (75) 161 (184) Income taxes Total after tax $ (1,275) $ 309 $ (1,961) $ 1,219 |
Charges Related To Restructur_2
Charges Related To Restructuring Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | A progression by reporting segment of the accruals recorded as a result of the restructuring for the nine months ended September 30, 2022 is as follows (in thousands): Severance Other Total December 31, 2021 Balances North America $ 482 $ — $ 482 Total 482 — 482 Charges North America 1,124 538 1,662 Europe 2,119 — 2,119 All Other 9 — 9 Total 3,252 538 3,790 Payments North America (422) (538) (960) Europe (367) — (367) All Other (9) — (9) Total (798) (538) (1,336) March 31, 2022 Balances North America 1,184 — 1,184 Europe 1,752 — 1,752 Total $ 2,936 $ — $ 2,936 Charges North America $ 542 998 $ 1,540 Europe 1,288 1,325 2,613 Total 1,830 2,323 4,153 Payments North America (768) (442) (1,210) Europe (1,254) (624) (1,878) Total (2,022) (1,066) (3,088) June 30, 2022 Balances North America 958 556 1,514 Europe 1,786 701 2,487 Total $ 2,744 $ 1,257 $ 4,001 Charges North America 116 2,216 2,332 Europe 1,033 4,001 5,034 All Other 1,074 — 1,074 Total 2,223 6,217 8,440 Payments North America (438) (1,807) (2,245) Europe (1,067) (3,041) (4,108) All Other (12) — (12) Total (1,517) (4,848) (6,365) September 30, 2022 Balances North America 636 965 1,601 Europe 1,752 1,661 3,413 All Other 1,062 — 1,062 Total $ 3,450 $ 2,626 $ 6,076 |
Net Earnings (Loss) Per Commo_2
Net Earnings (Loss) Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated. (In thousands except per share data) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Basic Weighted average common shares outstanding 37,537 35,013 36,073 34,826 Net loss $ (34,354) $ (22,759) $ (80,494) $ (47,501) Net loss per common share $ (0.92) $ (0.65) $ (2.23) $ (1.36) Diluted Weighted average common shares outstanding 37,537 35,013 36,073 34,826 Share options and awards 143 475 168 545 Weighted average common shares assuming dilution 37,680 35,488 36,241 35,371 Net loss $ (34,354) $ (22,759) $ (80,494) $ (47,501) Net loss per common share * $ (0.92) $ (0.65) $ (2.23) $ (1.36) ________ * Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | Outstanding foreign currency forward exchange contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): September 30, 2022 December 31, 2021 Notional Unrealized Notional Unrealized USD / EUR 3,492 441 — — USD / CAD 4,523 (343) — — EUR / GBP 5,961 179 — — EUR / NOK 689 (5) — — NOK / SEK 1,089 (43) — — USD / MXN 1,089 70 23 1 $ 16,843 $ 299 $ 23 $ 1 |
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 2022 and 2021, respectively, and outstanding were as follows (in thousands USD): September 30, 2022 December 31, 2021 Notional Gain Notional Gain USD / AUD $ 1,194 $ 104 $ 3,792 $ (57) USD / CAD 19,765 (272) 14,556 (24) USD / EUR 73,507 (1,852) 70,454 (1,104) USD / DKK 5,099 (137) 10,850 (257) USD / GBP — — 4,028 32 USD / NOK 4,790 (467) 2,352 (81) USD / SEK 1,880 (72) 2,344 (131) EUR / GBP 1,200 36 — — EUR / NOK 1,099 (8) — — AUD / NZD 17,082 (163) 7,366 (17) USD / THB 4,310 278 4,500 86 EUR / SEK 2,353 (10) — — $ 132,279 $ (2,563) $ 120,242 $ (1,553) |
Schedule of Derivatives Instruments Statements of Financial Position, Fair Value | The fair values of the company’s derivative instruments were as follows (in thousands): September 30, 2022 December 31, 2021 Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts $ 690 $ 391 $ 1 $ — Derivatives not designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts 1,936 4,499 385 1,938 Total derivatives $ 2,626 $ 4,890 $ 386 $ 1,938 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effect of derivative instruments on Accumulated Other Comprehensive Income (Loss) (OCI) and the condensed consolidated Statements of comprehensive income (loss) was as follows (in thousands): Derivatives (foreign currency forward exchange contracts) in ASC 815 cash flow hedge Amount of Gain Amount of Gain (Loss) Amount of Gain (Loss) Three months ended September 30, 2022 Foreign currency forward exchange contracts $ 59 $ 1,275 $ 1,002 Nine months ended September 30, 2022 Foreign currency forward exchange contracts $ 2,197 $ 1,961 $ 1,117 Three months ended September 30, 2021 Foreign currency forward exchange contracts $ 944 $ (309) $ 51 Nine months ended September 30, 2021 Foreign currency forward exchange contracts $ (643) $ (1,219) $ (37) Derivatives (foreign currency forward exchange contracts) not designated as hedging Amount of Gain (Loss) Three months ended September 30, 2022 Foreign currency forward exchange contracts $ 2,072 Nine months ended September 30, 2022 Foreign currency forward exchange contracts $ (2,563) Three months ended September 30, 2021 Foreign currency forward exchange contracts $ (592) Nine months ended September 30, 2021 Foreign currency forward exchange contracts $ (1,315) |
Fair Value of Convertible Note Derivative | The fair values of the outstanding convertible note derivatives as of September 30, 2022 and their effect on the Statement of Comprehensive Income (Loss) were as follows (in thousands): Gain Fair Value Three and Nine Months Ended September 30, 2022 September 30, 2022 Secured Convertible 2026 Notes conversion long-term liability $ 473 $ 950 |
Fair Values (Tables)
Fair Values (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table provides a summary of the company’s assets and liabilities that are measured on a recurring basis (in thousands): Basis for Fair Value Measurements at Reporting Date Quoted Prices in Active Significant Other Significant Other Level I Level II Level III September 30, 2022 Forward exchange contracts—net — $ (2,264) — Secured convertible 2026 debt conversion liability — (473) — December 31, 2021 Forward exchange contracts—net — $ (1,552) — |
Fair Value, by Balance Sheet Grouping | The carrying values and fair values of the company’s financial instruments are as follows (in thousands): September 30, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 45,439 $ 45,439 $ 83,745 $ 83,745 Forward contracts in Other current assets 2,626 2,626 386 386 Forward contracts in Accrued expenses (4,890) (4,890) (1,938) (1,938) Total debt (including current maturities of long-term debt) * (335,279) (272,485) (308,129) (259,472) 2022 Notes — — (2,642) (2,632) Series I 2024 Notes (72,341) (62,887) (72,140) (64,897) Series II 2024 Notes (75,764) (63,963) (78,251) (74,165) 2026 Notes (80,898) (36,832) (119,036) (81,718) 2026 Secured Notes (27,463) (25,369) — — 2026 Term Loan (59,724) (64,345) — — Other (19,089) (19,089) (36,060) (36,060) Secured convertible 2026 debt conversion liability in Other Long-Term Obligations (473) (473) — — ________ * The company's total debt is shown net of discount and fees associated with the convertible senior notes and term loan due in 2022, 2024 and 2026 on the company's condensed consolidated balance sheets. Accordingly, the fair values due in 2022, 2024 and 2026 are included in the long-term debt presented in this table are also shown net of fees. Total debt amounts exclude operating and finance lease obligations. |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The information by segment is as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Revenues from external customers Europe $ 97,487 $ 127,026 $ 328,334 $ 361,097 North America 65,314 88,054 209,351 260,275 All Other (Asia Pacific) 7,607 9,120 22,728 24,894 Consolidated $ 170,408 $ 224,200 $ 560,413 $ 646,266 Intersegment revenues Europe $ 2,763 $ 6,221 $ 11,327 $ 17,758 North America 5,738 15,044 24,274 45,903 Consolidated $ 8,501 $ 21,265 $ 35,601 $ 63,661 Restructuring charges before income taxes Europe $ 5,034 $ 255 $ 9,766 $ 1,501 North America 2,332 122 5,534 975 All Other 1,074 — 1,083 — Consolidated $ 8,440 $ 377 $ 16,383 $ 2,476 Operating income (loss) Europe $ (2,588) $ 9,554 $ 4,126 $ 18,378 North America (15,007) (1,523) (29,607) (2,308) All Other (6,391) (3,856) (21,981) (19,025) Charges related to restructuring activities (8,440) (377) (16,383) (2,476) Impairment of an intangible asset (1,012) — (1,012) — Impairment of goodwill — (28,564) — (28,564) Consolidated operating loss (33,438) (24,766) (64,857) (33,995) Net gain on convertible debt derivatives 950 — 950 — Net gain on debt extinguishment 6,398 10,131 6,398 9,422 Net interest expense (7,344) (6,284) (19,825) (18,098) Loss before income taxes $ (33,434) $ (20,919) $ (77,334) $ (42,671) |
Revenue from External Customer [Line Items] | |
Revenue from External Customers by Products and Services [Table Text Block] | Net sales by product, are as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Europe Lifestyle $ 46,881 $ 61,683 $ 162,942 $ 181,628 Mobility and Seating 43,778 56,535 139,010 152,660 Respiratory Therapy 2,262 4,225 11,847 13,613 Other(1) 4,566 4,583 14,535 13,196 $ 97,487 $ 127,026 $ 328,334 $ 361,097 North America Lifestyle $ 34,379 $ 38,666 $ 102,516 $ 114,951 Mobility and Seating 23,453 28,414 74,876 82,243 Respiratory Therapy 7,236 20,856 31,384 62,429 Other(1) 246 118 575 652 $ 65,314 $ 88,054 $ 209,351 $ 260,275 All Other (Asia Pacific) Mobility and Seating $ 3,311 $ 3,171 $ 8,989 $ 9,239 Lifestyle 2,556 3,230 8,239 8,736 Respiratory Therapy 407 1,215 1,538 2,547 Other(1) 1,333 1,504 3,962 4,372 $ 7,607 $ 9,120 $ 22,728 $ 24,894 Total Consolidated $ 170,408 $ 224,200 $ 560,413 $ 646,266 ________________________ (1) Includes various services, including repair services, equipment rentals and external contracting. |
Receivables (Narrative) (Detail
Receivables (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2022 USD ($) payment | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contingent Liability, Guarantee | $ 393,000 |
Number of missed payments before delinquent | payment | 3 |
Credit amount requiring additional analysis | $ 250,000 |
Average period of adjudication | 18 months |
Risk Level, Low | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Receivables, Expected Loss Percentage, North America excluding Canada | 1% |
Receivables, Expected Loss Percentage, Canada | 0.10% |
Receivables, Expected Loss Percentage, Europe | 0.30% |
Receivables, Expected Loss Percentage, AsiaPac | 1% |
Risk Level, Medium | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Receivables, Expected Loss Percentage, Canada | 0.70% |
Risk Level, High | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Receivables, Expected Loss Percentage, Canada | 2.80% |
Receivables (Schedule of Accoun
Receivables (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Accounts Receivable [Abstract] | ||
Accounts receivable, gross | $ 99,780 | $ 142,806 |
Customer rebate reserve | (8,722) | (12,267) |
Cash discount reserves | (7,174) | (9,179) |
Allowance for doubtful accounts | (3,214) | (3,642) |
Other, principally returns and allowances reserves | (565) | (603) |
Accounts Receivable, Net | $ 80,105 | $ 117,115 |
Receivables Schedule for Allowa
Receivables Schedule for Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Credit Losses | $ 3,214 | $ 3,642 |
Allowance for Loan and Lease Losses, Adjustments, Other | 715 | |
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 1,143 |
Receivables (Installment Receva
Receivables (Installment Recevables) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | |||
Non-Impaired Financing Receivable, Related Allowance | $ 0 | ||
Installment Receivables, Current | 255,000 | $ 218,000 | |
Installment Receivables, Long-Term | 274,000 | 734,000 | |
Total Installment Receivables | 529,000 | 952,000 | |
Total Unearned Interest | (1,903,000) | (4,156,000) | |
Allowance for doubtful accounts, current | 0 | 0 | |
Allowance for doubtful accounts, long-term | 0 | 0 | |
Allowance for doubtful accounts | 0 | 0 | $ (487,000) |
Installment receivables, net | 255,000 | 218,000 | |
Installment receivables, net, long-term | 274,000 | 734,000 | |
Installment receivables, net | $ 529,000 | $ 952,000 |
Receivables (Rollforward of All
Receivables (Rollforward of Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Allowance for Doubtful Accounts [Roll Forward] | ||
Balance as of beginning of period | $ 0 | $ 487 |
Current period provision (benefit) | 0 | (75) |
Direct write-offs charged against the allowance | 0 | (412) |
Balance as of end of period | $ 0 | $ 0 |
Receivables (Installment Receiv
Receivables (Installment Receivables by Class) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Total Installment Receivables | ||
Non-Impaired installment receivables with no related allowance recorded | $ 529 | |
Impaired installment receivables with a related allowance recorded | 0 | |
Total installment receivables | 529 | $ 952 |
Unpaid Principal Balance | ||
Impaired installment receivables with a related allowance recorded | 0 | |
Non-Impaired installment receivables with no related allowance recorded | 529 | |
Total installment receivables | 529 | 952 |
Non-Impaired Financing Receivable, Related Allowance | 0 | |
Related Allowance for Doubtful Accounts | ||
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Interest Income Recognized | ||
Non-Impaired installment receivables with no related allowance recorded | 0 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | |
Total installment receivables | 0 | 0 |
All Other | ||
Total Installment Receivables | ||
Non-Impaired installment receivables with no related allowance recorded | 529 | 952 |
Unpaid Principal Balance | ||
Non-Impaired installment receivables with no related allowance recorded | 529 | 952 |
Non-Impaired Financing Receivable, Related Allowance | 0 | 0 |
Interest Income Recognized | ||
Non-Impaired installment receivables with no related allowance recorded | $ 0 | $ 0 |
Receivables (Aging of Installme
Receivables (Aging of Installment Receivables) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
0-30 days past due | $ 0 | $ 0 |
31-60 days past due | 0 | 0 |
61-90 days past due | 0 | 0 |
90+ days past due | 0 | 0 |
Installment Receivable, Not Past Due | 529 | 952 |
Financing Receivable, Gross | 529 | 952 |
All Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
0-30 days past due | 0 | 0 |
31-60 days past due | 0 | 0 |
61-90 days past due | 0 | 0 |
90+ days past due | 0 | 0 |
Installment Receivable, Not Past Due | 529 | 952 |
Financing Receivable, Gross | $ 529 | $ 952 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 49,270 | $ 62,124 |
Raw materials | 60,082 | 69,371 |
Work in process | 11,335 | 12,779 |
Inventories, net | $ 120,687 | $ 144,274 |
Other Current Assets Components
Other Current Assets Components of Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Tax receivables principally value added taxes | $ 29,152 | $ 21,943 |
Prepaid inventory and freight | 2,938 | 2,394 |
Receivable due from information technology provider | 612 | 612 |
Prepaid insurance | 3,045 | 4,462 |
Derivatives (foreign currency forward exchange contracts) | 2,626 | 386 |
Recoverable income taxes | 2,440 | 2,301 |
Service contracts | 682 | 304 |
Deferred financing fees | 323 | 379 |
Prepaid and other current assets | 6,520 | 7,255 |
Other current assets | $ 48,338 | $ 40,036 |
Other Long-Term Assets Componen
Other Long-Term Assets Components of Other Long-Term Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Cash surrender value of life insurance policies | $ 2,551 | $ 2,481 |
Deferred income taxes | 1,615 | 1,540 |
Installment receivables | 274 | 734 |
Deferred financing fees | 726 | 409 |
Investments | 85 | 86 |
Other | 79 | 112 |
Other Long-Term Assets | $ 5,330 | $ 5,362 |
Property And Equipment (Details
Property And Equipment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $ 335,254,000 | $ 335,254,000 | $ 351,819,000 | ||
Less allowance for depreciation | (282,010,000) | (282,010,000) | (290,898,000) | ||
Property and equipment, net | 53,244,000 | 53,244,000 | 60,921,000 | ||
Capitalized Computer Software, Net | 26,833,000 | 26,833,000 | 28,715,000 | ||
Computer Software Depreciation Expense | 832,000 | $ 419,000 | 2,342,000 | $ 1,084,000 | |
Unpaid Purchases of Property and Equipment | 0 | 0 | 1,090,000 | ||
Machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 267,218,000 | 267,218,000 | 278,347,000 | ||
Land, buildings and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 24,432,000 | 24,432,000 | 27,299,000 | ||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 7,970,000 | 7,970,000 | 8,943,000 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 4,730,000 | 4,730,000 | 6,782,000 | ||
Capitalized Software [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $ 30,904,000 | $ 30,904,000 | $ 30,448,000 |
Goodwill Goodwill Details (Deta
Goodwill Goodwill Details (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||||
Goodwill, Impairment Test, Discounted Cash Flow, Discount Rate | 14.51% | 11.19% | |||
Impairment of Intangible Assets (Excluding Goodwill) | $ 1,012,000 | $ 0 | $ 1,012,000 | $ 0 |
Intangibles (Narrative) (Detail
Intangibles (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 358,000 | |||
Impairment of Intangible Assets (Excluding Goodwill) | $ 1,012,000 | $ 0 | $ 1,012,000 | $ 0 |
Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived intangible assets, useful life | 2 years | |||
Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived intangible assets, useful life | 7 years | |||
Weighted Average | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived intangible assets, useful life | 5 years 9 months 18 days |
Intangibles (Intangible Table)
Intangibles (Intangible Table) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 85,047 | $ 93,831 |
Accumulated Amortization | 61,657 | 67,475 |
Customer lists | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 47,041 | 52,447 |
Accumulated Amortization | 47,041 | 52,447 |
Developed technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 6,973 | 7,652 |
Accumulated Amortization | 6,648 | 7,149 |
Patents | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 5,471 | 5,543 |
Accumulated Amortization | 5,471 | 5,543 |
License agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 3,967 | 2,905 |
Accumulated Amortization | 1,356 | 1,196 |
Other | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 1,148 | 1,147 |
Accumulated Amortization | 1,141 | 1,140 |
Trademarks | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 20,447 | $ 24,137 |
Intangibles (Finite-Lived Intan
Intangibles (Finite-Lived Intangible Asset Future Amortization Expense) (Details) | Sep. 30, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Future amortization expense, remainder of fiscal year | $ 510,000 |
Future amortization expense, 2022 | 612,000 |
Future amortization expense, 2023 | 547,000 |
Future amortization expense, 2024 | 439,000 |
Future amortization expense, 2025 | 437,000 |
Future amortization expense, 2026 | $ 311,000 |
Accrued Expenses Components of
Accrued Expenses Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Taxes other than income taxes, primarily value added taxes | $ 32,221 | $ 23,217 |
Salaries and wages | 17,177 | 24,012 |
Warranty | 8,576 | 11,198 |
Professional | 11,759 | 8,697 |
Freight | 5,918 | 5,460 |
Interest | 5,197 | 3,297 |
IT service contracts | 4,000 | 4,013 |
Deferred revenue | 1,903 | 4,156 |
Severance | 3,450 | 400 |
Restructuring Reserve, Current | 3,264 | 0 |
Rebates | 4,782 | 6,569 |
Product liability, current portion | 2,620 | 2,362 |
Derivative liabilities (foreign currency forward exchange contracts) | 4,890 | 1,938 |
Insurance | 3,837 | 625 |
Supplemental executive retirement program liability | 391 | 391 |
Other items, principally trade accruals | 6,345 | 6,636 |
Accrued expenses | $ 116,330 | $ 102,971 |
Accrued Expenses Warranty Sched
Accrued Expenses Warranty Schedule (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Product Liability Contingency | |
Balance as of January 1, 2022 | $ 11,198 |
Warranties provided during the period | 1,842 |
Settlements made during the period | (4,596) |
Changes in liability for pre-existing warranties during the period, including expirations | 132 |
Balance as of September 30, 2022 | $ 8,576 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jul. 26, 2022 | Dec. 31, 2021 | Mar. 11, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | Jun. 30, 2017 | |
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | $ 335,279,000 | $ 335,279,000 | $ 308,129,000 | |||||||||||
Long-term Debt and Capital Lease Obligations, Current | (2,150,000) | (2,150,000) | (3,107,000) | |||||||||||
Long-term debt net of current maturities | 333,129,000 | 333,129,000 | 305,022,000 | |||||||||||
Accretion Expense | $ 886,000 | $ 890,000 | $ 2,714,000 | $ 2,637,000 | ||||||||||
Accretion Rate | 4.70% | 4.70% | ||||||||||||
Net gain on debt extinguishment | $ 6,398,000 | 10,131,000 | $ 6,398,000 | 9,422,000 | ||||||||||
Purchases of capped calls | $ 18,787,000 | $ 0 | 18,787,000 | |||||||||||
Cap Price of Capped Call Transaction | $ 16.58 | $ 16.58 | ||||||||||||
Lifetime to date - Accretion Expense | $ 7,558,000 | |||||||||||||
Remaining Accretion | $ 9,064,000 | 9,064,000 | ||||||||||||
Accretion Expense, net of extinguishment fees | 383,000 | 2,211,000 | ||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument Exchange Amount | $ 35,375,000 | $ 72,909,000 | ||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% November 2024 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | 72,909,000 | 72,909,000 | 72,909,000 | |||||||||||
Debt Instrument, Fee Amount | (568,000) | (568,000) | (769,000) | |||||||||||
Debt Instrument, Net Carrying Amount | $ 72,341,000 | $ 72,341,000 | 72,140,000 | |||||||||||
Interest rate (as a percent) | 5% | 5% | ||||||||||||
Debt Instrument Repurchase Amount, Cash Paid | 6,928,000 | |||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 911,000 | 911,000 | $ 2,734,000 | 2,733,000 | ||||||||||
Percent of the Applicable Conversion Price | 130% | 130% | ||||||||||||
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% | 100% | ||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | $ 1,000 | ||||||||||||
Business Day Period | 5 years | |||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98% | 98% | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 67.6819 | 67.6819 | ||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 14.78 | $ 14.78 | ||||||||||||
Debt Instrument, Fee Amount | $ 1,394,000 | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 540% | 540% | ||||||||||||
Debt Instrument, Interest Rate on Liability Component, Effective Percentage | 8.80% | 8.80% | ||||||||||||
Convertible Subordinated Debt | Series II Convertible Senior Notes at 5.00% November 2024 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 76,433,000 | $ 76,433,000 | 79,222,000 | |||||||||||
Debt Instrument, Fee Amount | (669,000) | (669,000) | (971,000) | |||||||||||
Debt Instrument, Net Carrying Amount | $ 75,764,000 | $ 75,764,000 | 78,251,000 | |||||||||||
Interest rate (as a percent) | 5% | 5% | ||||||||||||
Debt Instrument Repurchase Amount, Cash Paid | $ 5,593,000 | |||||||||||||
Debt Instrument Exchange Amount | $ 5,000,000 | 73,875,000 | ||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 879,000 | 923,000 | $ 2,726,000 | 2,770,000 | ||||||||||
Percent of the Applicable Conversion Price | 130% | 130% | ||||||||||||
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% | 100% | ||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | $ 1,000 | ||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | |||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98% | 98% | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 67.6819 | 67.6819 | ||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 14.78 | $ 14.78 | ||||||||||||
Debt Instrument, Loss on Exchange | $ 709,000 | |||||||||||||
Debt Instrument, Fee Amount | $ 1,505,000 | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 10.40% | 10.40% | ||||||||||||
Debt Instrument, Interest Rate on Liability Component, Effective Percentage | 9% | 9% | ||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.25% March 2026 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 83,525,000 | $ 83,525,000 | 125,000,000 | |||||||||||
Debt Instrument, Fee Amount | (2,627,000) | (2,627,000) | (5,964,000) | |||||||||||
Debt Instrument, Net Carrying Amount | $ 80,898,000 | $ 80,898,000 | 119,036,000 | |||||||||||
Interest rate (as a percent) | 4.25% | 4.25% | ||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 1,015,000 | 1,328,000 | $ 3,671,000 | 2,892,000 | ||||||||||
Percent of the Applicable Conversion Price | 130% | 130% | ||||||||||||
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% | 100% | ||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | $ 1,000 | ||||||||||||
Business Day Period | 5 days | |||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | |||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98% | 98% | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 94.6096 | 94.6096 | ||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 10.57 | $ 10.57 | ||||||||||||
Debt Instrument, Fee Amount | $ 5,697,000 | |||||||||||||
Capped Call Options, Outstanding | 125,000 | 125,000 | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.40% | 5.40% | ||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Repurchase Amount | $ 78,850,000 | |||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 [Domain] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 0 | $ 0 | 2,650,000 | $ 120,000,000 | ||||||||||
Long-term debt | 0 | 0 | 2,642,000 | |||||||||||
Debt Instrument, Fee Amount | 0 | 0 | (8,000) | |||||||||||
Debt Instrument, Net Carrying Amount | $ 0 | $ 0 | 2,642,000 | |||||||||||
Interest rate (as a percent) | 4.50% | 4.50% | ||||||||||||
Debt Instrument Repurchase Amount, Cash Paid | $ 2,650,000 | $ 2,650,000 | ||||||||||||
Debt Instrument Exchange Amount | $ 38,500,000 | |||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 0 | $ 30,000 | $ 50,000 | $ 829,000 | ||||||||||
Debt Instrument, Fee Amount | $ 4,711,000 | |||||||||||||
Class of Warrant or Right, Outstanding | 6,918,006 | 6,918,006 | ||||||||||||
Debt Instrument, Interest Rate on Liability Component, Effective Percentage | 10.90% | 10.90% | ||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% November 2024 [Domain] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | $ 72,341,000 | $ 72,341,000 | 72,140,000 | |||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | |||||||||||||
Convertible Subordinated Debt | Series II Convertible Senior Notes at 5.00% November 2024 [Domain] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | 75,764,000 | $ 75,764,000 | 78,251,000 | |||||||||||
Business Day Period | 5 years | |||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.25% March 2026 [Domain] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 125,000,000 | |||||||||||||
Long-term debt | $ 80,898,000 | $ 80,898,000 | 119,036,000 | |||||||||||
Interest rate (as a percent) | 4.25% | 4.25% | ||||||||||||
Convertible Subordinated Debt | Convertible Senior Secured Notes at 5.68% July 2026 - July 26, 2022 Issuance [Domain] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | $ 27,463,000 | $ 27,463,000 | 0 | |||||||||||
Debt Instrument, Increase, Accrued Interest | $ 324,000 | |||||||||||||
Debt Instrument, Fee Amount | $ 2,389,000 | |||||||||||||
Debt Instrument, Interest Rate on Liability Component, Effective Percentage | 8.70% | 8.70% | ||||||||||||
Other Notes and Capital Lease Obligations | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | $ 19,089,000 | $ 19,089,000 | 36,060,000 | |||||||||||
Secured Term Loan - issuance July 26th, 2022 [Domain] | Secured Term Loans due July 2026 [Domain] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | 0 | |||||||||||||
Secured Debt | Secured Term Loans due July 2026 [Domain] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | 66,500,000 | 66,500,000 | $ 104,500,000 | |||||||||||
Long-term debt | 59,724,000 | 59,724,000 | ||||||||||||
Debt Instrument, Unamortized Discount | (1,907,000) | (1,907,000) | ||||||||||||
Debt Instrument, Fee Amount | (4,869,000) | $ (4,869,000) | ||||||||||||
Interest rate (as a percent) | 5.68% | |||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 1,217,000 | |||||||||||||
Debt Instrument, Fee Amount | $ 5,107,000 | |||||||||||||
Debt Instrument, Interest Rate on Liability Component, Effective Percentage | 12.70% | 12.70% | ||||||||||||
Senior secured revolving credit facility, due in October 2015 | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 16,900,000 | $ 16,900,000 | 22,150,000 | |||||||||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | 7,500,000 | 7,500,000 | $ 4,375,000 | |||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (France) | 7,366,000 | |||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (UK) | 5,986,000 | |||||||||||||
Line Of Credit Facility Gross Borrowing Base | $ 33,133,000 | $ 33,133,000 | ||||||||||||
Minimum required undrawn balance (as a percent) | 11.25% | 11.25% | ||||||||||||
Senior secured revolving credit facility, due in October 2015 | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.75% | |||||||||||||
Senior secured revolving credit facility, due in October 2015 | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | Euro Member Countries, Euro | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (France) | 6,500,000 | |||||||||||||
Senior secured revolving credit facility, due in October 2015 | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | United Kingdom, Pounds | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (UK) | $ 4,500,000 | |||||||||||||
Senior secured revolving credit facility, due in October 2015 | Line of Credit | Revolving Credit and Security Agreement (North America Credit Agreement) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Minimum required undrawn balance (as a percent) | 12.50% | 12.50% | ||||||||||||
Senior secured revolving credit facility, due in October 2015 | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | $ 3,750,000 | $ 3,750,000 | ||||||||||||
Minimum required undrawn balance (as a percent) | 12.50% | 12.50% | ||||||||||||
Remaining borrowing capacity | $ 30,000,000 | $ 30,000,000 | ||||||||||||
Line of Credit Facility, Covenant Feature, Prior Limit | 10,000,000 | 10,000,000 | ||||||||||||
Line of Credit Facility, Covenant Feature, Increase Limit Based on receivables | 9,000,000 | 9,000,000 | ||||||||||||
Line of Credit Facility, Covenant Feature Dominion Trigger for Five Consecutive Days | $ 3,750,000 | $ 3,750,000 | ||||||||||||
Senior secured revolving credit facility, due in October 2015 | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 3% |
Long-Term Debt Components of Co
Long-Term Debt Components of Convertible Debt (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 335,279,000 | $ 335,279,000 | $ 308,129,000 | ||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% November 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Increase, Accrued Interest | 911,000 | $ 911,000 | 2,734,000 | $ 2,733,000 | |
Debt Instrument, Face Amount | $ 72,909,000 | $ 72,909,000 | 72,909,000 | ||
Interest rate (as a percent) | 5% | 5% | |||
Debt fees | $ (568,000) | $ (568,000) | (769,000) | ||
Debt Instrument, Net Carrying Amount | 72,341,000 | 72,341,000 | 72,140,000 | ||
Convertible Subordinated Debt | Convertible Senior Notes at 4.25% March 2026 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Increase, Accrued Interest | 1,015,000 | $ 1,328,000 | 3,671,000 | $ 2,892,000 | |
Debt Instrument, Face Amount | $ 83,525,000 | $ 83,525,000 | 125,000,000 | ||
Interest rate (as a percent) | 4.25% | 4.25% | |||
Debt fees | $ (2,627,000) | $ (2,627,000) | (5,964,000) | ||
Debt Instrument, Net Carrying Amount | 80,898,000 | 80,898,000 | 119,036,000 | ||
Convertible Subordinated Debt | Convertible Senior Secured Notes at 5.68% July 2026 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 31,106,000 | 31,106,000 | |||
Unamortized discount | (1,365,000) | (1,365,000) | |||
Debt fees | (2,278,000) | (2,278,000) | |||
Convertible Subordinated Debt | Convertible Senior Secured Notes at 5.68% July 2026 - July 26, 2022 Issuance [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Increase, Accrued Interest | 324,000 | ||||
Long-term debt | $ 27,463,000 | $ 27,463,000 | $ 0 |
Long-Term Debt Narrative (Detai
Long-Term Debt Narrative (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||||
Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) d $ / shares shares | Sep. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2020 USD ($) | Dec. 31, 2019 USD ($) | Jun. 30, 2017 USD ($) $ / shares | Jun. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Oct. 03, 2022 USD ($) | Jul. 26, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | Mar. 11, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2017 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||
Payments for Repurchase of Common Stock | $ 151,000 | $ 1,752,000 | ||||||||||||||
Amortization of debt fees | 1,676,000 | 1,622,000 | ||||||||||||||
Net gain on debt extinguishment | $ (6,398,000) | $ (10,131,000) | (6,398,000) | (9,422,000) | ||||||||||||
Cash surrender value of life insurance policies | 2,551,000 | 2,551,000 | $ 2,481,000 | |||||||||||||
Borrowing against Cash Surrender Value of Life Insurance | $ 2,000,000 | 2,000,000 | ||||||||||||||
Purchases of capped calls | $ 18,787,000 | $ 0 | 18,787,000 | |||||||||||||
Cap Price of Capped Call Transaction | $ / shares | $ 16.58 | $ 16.58 | ||||||||||||||
Accretion Expense | $ 886,000 | 890,000 | $ 2,714,000 | 2,637,000 | ||||||||||||
Accretion Rate | 4.70% | 4.70% | ||||||||||||||
Lifetime to date - Accretion Expense | $ 7,558,000 | |||||||||||||||
Remaining Accretion | $ 9,064,000 | 9,064,000 | ||||||||||||||
Long-term debt | 335,279,000 | 335,279,000 | 308,129,000 | |||||||||||||
Secured Term Loans due July 2026 [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 2,000,000 | |||||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% November 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Fee Amount | $ 1,394,000 | |||||||||||||||
Debt Instrument, Face Amount | $ 72,909,000 | $ 72,909,000 | 72,909,000 | |||||||||||||
Interest rate (as a percent) | 5% | 5% | ||||||||||||||
Debt Instrument Repurchase Amount, Cash Paid | 6,928,000 | |||||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | |||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | |||||||||||||||
Percent of the Applicable Conversion Price | 130% | 130% | ||||||||||||||
Business Day Period | 5 years | |||||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98% | 98% | ||||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100% | 100% | ||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 67.6819 | 67.6819 | ||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | $ 1,000 | ||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 14.78 | $ 14.78 | ||||||||||||||
Debt Instrument, Net Carrying Amount | $ 72,341,000 | $ 72,341,000 | 72,140,000 | |||||||||||||
Debt Instrument, Fee Amount | $ (568,000) | $ (568,000) | (769,000) | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 540% | 540% | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 911,000 | 911,000 | $ 2,734,000 | 2,733,000 | ||||||||||||
Debt Instrument, Interest Rate on Liability Component, Effective Percentage | 8.80% | 8.80% | ||||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument Exchange Amount | $ 35,375,000 | $ 72,909,000 | ||||||||||||||
Convertible Subordinated Debt | Series II Convertible Senior Notes at 5.00% November 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Fee Amount | $ 1,505,000 | |||||||||||||||
Debt Instrument, Face Amount | $ 76,433,000 | $ 76,433,000 | 79,222,000 | |||||||||||||
Interest rate (as a percent) | 5% | 5% | ||||||||||||||
Debt Instrument Exchange Amount | $ 5,000,000 | 73,875,000 | ||||||||||||||
Debt Instrument Repurchase Amount, Cash Paid | $ 5,593,000 | |||||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | |||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | |||||||||||||||
Percent of the Applicable Conversion Price | 130% | 130% | ||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | |||||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98% | 98% | ||||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100% | 100% | ||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 67.6819 | 67.6819 | ||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | $ 1,000 | ||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 14.78 | $ 14.78 | ||||||||||||||
Debt Instrument, Net Carrying Amount | $ 75,764,000 | $ 75,764,000 | 78,251,000 | |||||||||||||
Debt Instrument, Fee Amount | $ (669,000) | $ (669,000) | (971,000) | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 10.40% | 10.40% | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 879,000 | 923,000 | $ 2,726,000 | 2,770,000 | ||||||||||||
Debt Instrument, Loss on Exchange | $ 709,000 | |||||||||||||||
Debt Instrument, Interest Rate on Liability Component, Effective Percentage | 9% | 9% | ||||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.25% March 2026 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Fee Amount | $ 5,697,000 | |||||||||||||||
Debt Instrument, Face Amount | $ 83,525,000 | $ 83,525,000 | 125,000,000 | |||||||||||||
Interest rate (as a percent) | 4.25% | 4.25% | ||||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | |||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | |||||||||||||||
Percent of the Applicable Conversion Price | 130% | 130% | ||||||||||||||
Business Day Period | 5 days | |||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | |||||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98% | 98% | ||||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100% | 100% | ||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 94.6096 | 94.6096 | ||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | $ 1,000 | ||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 10.57 | $ 10.57 | ||||||||||||||
Debt Instrument, Net Carrying Amount | $ 80,898,000 | $ 80,898,000 | 119,036,000 | |||||||||||||
Debt Instrument, Fee Amount | $ (2,627,000) | $ (2,627,000) | (5,964,000) | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.40% | 5.40% | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 1,015,000 | 1,328,000 | $ 3,671,000 | 2,892,000 | ||||||||||||
Capped Call Options, Outstanding | 125,000 | 125,000 | ||||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.25% March 2026 | Round 1 funding (Initial closing) [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument Exchange Amount | $ 41,475,000 | |||||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.25% March 2026 | Subsequent Event | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument Exchange Amount | $ 69,700,000 | |||||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.25% March 2026 | Subsequent Event | Additional amount after closing (round 2) [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument Exchange Amount | $ 13,825,000 | |||||||||||||||
Convertible Subordinated Debt | Convertible Senior Secured Notes at 5.68% July 2026 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 31,106,000 | $ 31,106,000 | ||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | d | 30 | |||||||||||||||
Debt Instrument, Fee Amount | $ (2,278,000) | (2,278,000) | ||||||||||||||
Debt Instrument, Unamortized Discount | $ (1,365,000) | $ (1,365,000) | ||||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.25% March 2026 [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 125,000,000 | |||||||||||||||
Interest rate (as a percent) | 4.25% | 4.25% | ||||||||||||||
Long-term debt | $ 80,898,000 | $ 80,898,000 | 119,036,000 | |||||||||||||
Convertible Subordinated Debt | Series II Convertible Senior Notes at 5.00% November 2024 [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Business Day Period | 5 years | |||||||||||||||
Long-term debt | 75,764,000 | $ 75,764,000 | 78,251,000 | |||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Fee Amount | $ 4,711,000 | |||||||||||||||
Debt Instrument, Face Amount | $ 0 | $ 120,000,000 | $ 0 | 2,650,000 | ||||||||||||
Interest rate (as a percent) | 4.50% | 4.50% | ||||||||||||||
Debt Instrument Exchange Amount | $ 38,500,000 | |||||||||||||||
Debt Instrument Repurchase Amount, Cash Paid | $ 2,650,000 | $ 2,650,000 | ||||||||||||||
Convertible due 2022 - Bond Hedge, Fair Value at Issuance | $ 24,780,000 | |||||||||||||||
Derivative, Price Risk Option Strike Price | $ / shares | $ 21.4375 | |||||||||||||||
Issuance of warrants | $ 14,100,000 | |||||||||||||||
Debt Instrument, Net Proceeds | 115,289,000 | |||||||||||||||
Debt Instrument, Net Carrying Amount | 0 | 0 | 2,642,000 | |||||||||||||
Debt Instrument, Fee Amount | 0 | 0 | (8,000) | |||||||||||||
Derivative, Amount of Hedged Item | $ (10,680,000) | |||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 0 | $ 30,000 | $ 50,000 | $ 829,000 | ||||||||||||
Debt Instrument, Interest Rate on Liability Component, Effective Percentage | 10.90% | 10.90% | ||||||||||||||
Class of Warrant or Right, Outstanding | shares | 6,918,006 | 6,918,006 | ||||||||||||||
Long-term debt | $ 0 | $ 0 | 2,642,000 | |||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% November 2024 [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | |||||||||||||||
Long-term debt | 72,341,000 | $ 72,341,000 | 72,140,000 | |||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Repurchase Amount | $ 78,850,000 | |||||||||||||||
Convertible Subordinated Debt | Convertible Senior Subordinated Debentures at 5.00% February 2021 [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Unamortized Financing Costs | $ 1,043,000 | |||||||||||||||
Convertible Subordinated Debt | Convertible Senior Secured Notes at 5.68% July 2026 - Tranche I Notes [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (as a percent) | 5.68% | |||||||||||||||
Convertible Subordinated Debt | Convertible Senior Secured Notes at 5.68% July 2026 - Tranche I Notes [Domain] | Subsequent Event | Additional amount after closing (round 3) [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 5,186,000 | |||||||||||||||
Convertible Subordinated Debt | Convertible Senior Secured Notes at 5.68% July 2026 - Tranche II Notes [Domain] | Subsequent Event | Additional amount after closing (round 3) [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 5,183,000 | |||||||||||||||
Convertible Subordinated Debt | Convertible Senior Secured Notes at 5.68% July 2026 - July 26, 2022 Issuance [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Fee Amount | $ 2,389,000 | |||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 324,000 | |||||||||||||||
Debt Instrument, Interest Rate on Liability Component, Effective Percentage | 8.70% | 8.70% | ||||||||||||||
Long-term debt | $ 27,463,000 | $ 27,463,000 | 0 | |||||||||||||
Secured Debt | Convertible Senior Secured Notes at 5.68% July 2026 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (as a percent) | 5.68% | |||||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | |||||||||||||||
Percent of the Applicable Conversion Price | 150% | |||||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100% | |||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | |||||||||||||||
Debt Instrument, Common Shares Exchanged | shares | 2,700,000 | |||||||||||||||
Convertible Senior Notes, Holders Aggregate Principal Minimum requirement percentage, in the event of default | 25% | |||||||||||||||
Convertible Senior Notes, Additional Accrued interest in the Event of Failure to File Requirements under SEC Act of 1934 | 0.50% | |||||||||||||||
Convertible Senior Notes, Additional Accrued interest in the Event of restrictive legends not being removed as of the 380th day after date of original issuance | 0.50% | |||||||||||||||
Debt Instrument, Percent limit on issuing common shares upon Conversion of the New 2026 Notes | 19.99% | |||||||||||||||
Secured Debt | Convertible Senior Secured Notes at 5.68% July 2026 | First year of loan period | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Prepayment Premium, Percentage of aggregate principal amount | 100% | |||||||||||||||
Secured Debt | Convertible Senior Secured Notes at 5.68% July 2026 | Year 2 and on | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Prepayment Premium, Percentage of aggregate principal amount | 1% | |||||||||||||||
Secured Debt | Convertible Senior Secured Notes at 5.68% July 2026 | Year 2 and on | Subsequent Event | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Additional Prepayment Premium, Percentage of aggregate principal amount | 3% | |||||||||||||||
Secured Debt | Secured Term Loans due July 2026 [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Fee Amount | $ 5,107,000 | |||||||||||||||
Debt Instrument, Face Amount | $ 66,500,000 | 66,500,000 | $ 104,500,000 | |||||||||||||
Interest rate (as a percent) | 5.68% | |||||||||||||||
Debt Instrument, Fee Amount | (4,869,000) | (4,869,000) | ||||||||||||||
Debt Instrument, Unamortized Discount | (1,907,000) | $ (1,907,000) | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 1,217,000 | |||||||||||||||
Debt instrument, Springing Maturity Date | 91 days | |||||||||||||||
Debt Instrument, Debt Default, Amount | $ 20,000,000 | |||||||||||||||
Debt Instrument, Interest Rate on Liability Component, Effective Percentage | 12.70% | 12.70% | ||||||||||||||
Long-term debt | $ 59,724,000 | $ 59,724,000 | ||||||||||||||
Secured Debt | Secured Term Loans due July 2026 [Domain] | Initial amount at closing [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 66,500,000 | |||||||||||||||
Secured Debt | Secured Term Loans due July 2026 [Domain] | Additional amount after closing (round 2) [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 8,500,000 | |||||||||||||||
Secured Debt | Secured Term Loans due July 2026 [Domain] | Additional amount after closing (round 3) [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 10,000,000 | |||||||||||||||
Secured Debt | Secured Term Loans due July 2026 [Domain] | Additional amount after closing (round 4) [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 19,500,000 | |||||||||||||||
Secured Debt | Secured Term Loans due July 2026 [Domain] | Subsequent Event | Additional amount after closing (round 3) [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 18,500,000 | |||||||||||||||
Secured Debt | Secured Term Loans due July 2026 [Domain] | Subsequent Event | Additional amount after closing (round 4) [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 19,500,000 | |||||||||||||||
Secured Debt | Convertible Senior Secured Notes at 5.68% July 2026 - Tranche I Notes [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 20,739,000 | |||||||||||||||
Interest rate (as a percent) | 5.68% | |||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 333.3333 | |||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | |||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 3 | |||||||||||||||
Secured Debt | Convertible Senior Secured Notes at 5.68% July 2026 - Tranche I Notes [Domain] | Subsequent Event | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (as a percent) | 5.68% | |||||||||||||||
Secured Debt | Convertible Senior Secured Notes at 5.68% July 2026 - Tranche II Notes [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 20,736,000 | |||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 222.222 | |||||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | |||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 4.50 | |||||||||||||||
Secured Debt | Convertible Senior Secured Notes at 5.68% July 2026 - Tranche II Notes [Domain] | Subsequent Event | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (as a percent) | 568% | |||||||||||||||
Secured Term Loan - issuance July 26th, 2022 [Domain] | Secured Term Loans due July 2026 [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 0 | |||||||||||||||
Revolving Credit Facility | Line of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Weighted average interest rate (as a percent) | 5% | 5% | 4.50% | |||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 16,900,000 | $ 16,900,000 | $ 22,150,000 | |||||||||||||
Borrowing capacity | 60,000,000 | 60,000,000 | ||||||||||||||
Additional increase in borrowing capacity available | 25,000,000 | $ 25,000,000 | ||||||||||||||
Percentage of domestic accounts receivable | 85% | |||||||||||||||
Percentage of eligible domestic inventory and in-transit inventory | 70% | |||||||||||||||
Percentage of net orderly liquidation value of domestic inventory | 85% | |||||||||||||||
Maximum value of net orderly liquidation value domestic inventory and in-transit inventory | 4,000,000 | $ 4,000,000 | ||||||||||||||
Net orderly liquidation value of domestic eligible machinery and equipment | 80% | |||||||||||||||
Additional amount of machinery and equipment | 0 | $ 0 | ||||||||||||||
Percentage of eligible Canadian accounts receivable | 85% | |||||||||||||||
Percentage of eligible Canadian inventory | 70% | |||||||||||||||
Percentage of net orderly liquidation value of eligible Canadian inventory | 85% | |||||||||||||||
Minimum availability reserve | 3,000,000 | $ 3,000,000 | ||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 17,336,000 | 17,336,000 | ||||||||||||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | $ 7,500,000 | $ 7,500,000 | $ 4,375,000 | |||||||||||||
Minimum required undrawn balance (as a percent) | 11.25% | 11.25% | ||||||||||||||
Line of Credit, Covenant Compliance, Consecutive Business Days for Undrawn_Balance | 5 days | |||||||||||||||
Interruption of material manufacturing facilities, period | 10 days | |||||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (France) | 7,366,000 | |||||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (UK) | 5,986,000 | |||||||||||||||
Line Of Credit Facility Gross Borrowing Base | $ 33,133,000 | $ 33,133,000 | ||||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | Euro Member Countries, Euro | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (France) | 6,500,000 | |||||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | United Kingdom, Pounds | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (UK) | 4,500,000 | |||||||||||||||
Revolving Credit Facility | Line of Credit | Secured Revolving Credit and Security Agreement (ABL Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Borrowing capacity | 35,000,000 | |||||||||||||||
Minimum availability reserve | $ 3,000,000 | |||||||||||||||
Debt Instrument, Springing Maturity Date, days prior to maturity of Convertible Notes due 2024 | 191 days | |||||||||||||||
Debt Instrument, Springing Maturity, days prior to maturity of secured term loans due 2026 | 100 days | |||||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Borrowing capacity | $ 30,000,000 | $ 30,000,000 | ||||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Trade Receivables, Europe, Percent | 85% | |||||||||||||||
Minimum availability reserve | 3,000,000 | $ 3,000,000 | ||||||||||||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | 3,750,000 | 3,750,000 | ||||||||||||||
Remaining borrowing capacity | $ 30,000,000 | $ 30,000,000 | ||||||||||||||
Minimum required undrawn balance (as a percent) | 12.50% | 12.50% | ||||||||||||||
Consecutive business days for minimum undrawn balance | 5 days | |||||||||||||||
Interruption of material manufacturing facilities, period | 10 days | |||||||||||||||
Line of Credit Facility, Covenant Feature Dominion Trigger for Five Consecutive Days | $ 3,750,000 | $ 3,750,000 | ||||||||||||||
Line of Credit Facility, Covenant Feature, Prior Limit | 10,000,000 | 10,000,000 | ||||||||||||||
Line of Credit Facility, Covenant Feature, Increase Limit Based on receivables | $ 9,000,000 | $ 9,000,000 | ||||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (North America Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Minimum required undrawn balance (as a percent) | 12.50% | 12.50% | ||||||||||||||
Letter of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 4,902,000 | $ 4,902,000 | 2,585,000 | |||||||||||||
Letters of Credit Outstanding, Amount | 3,576,000 | 3,576,000 | $ 3,450,000 | |||||||||||||
Letter of Credit | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Borrowing capacity | 20,000,000 | 20,000,000 | ||||||||||||||
Letter of Credit | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Borrowing capacity | 5,000,000 | 5,000,000 | ||||||||||||||
Swing Line Loans | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Borrowing capacity | 2,000,000 | 2,000,000 | ||||||||||||||
Amount Available to Invacare Limited and Invacare Poirier SAS | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Borrowing capacity | $ 15,000,000 | $ 15,000,000 | ||||||||||||||
Base Rate | Secured Debt | Secured Term Loans due July 2026 [Domain] | First year of loan period | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 6% | |||||||||||||||
Base Rate | Secured Debt | Secured Term Loans due July 2026 [Domain] | Year 2 and on | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 7.75% | |||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Secured Debt | Secured Term Loans due July 2026 [Domain] | First year of loan period | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 7% | |||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Secured Debt | Secured Term Loans due July 2026 [Domain] | Year 2 and on | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 8.75% | |||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | Line of Credit | Secured Revolving Credit and Security Agreement (ABL Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 3.25% | |||||||||||||||
Prime Rate | Revolving Credit Facility | Line of Credit | Secured Revolving Credit and Security Agreement (ABL Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||||||
Minimum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Commitment fee percentage | 0.25% | |||||||||||||||
Minimum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Commitment fee percentage | 0.25% | |||||||||||||||
Minimum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 1.25% | |||||||||||||||
Minimum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.50% | |||||||||||||||
Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||||||
Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap 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% | |||||||||||||||
Maximum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Commitment fee percentage | 0.375% | |||||||||||||||
Maximum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Commitment fee percentage | 0.375% | |||||||||||||||
Maximum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 1.75% | |||||||||||||||
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% | |||||||||||||||
Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.75% | |||||||||||||||
Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap 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% |
Long-Term Debt Sale Leaseback T
Long-Term Debt Sale Leaseback Transactions (Details) | Apr. 23, 2015 USD ($) |
Sale Leaseback Transactions [Abstract] | |
Sale Leaseback Transaction, Deferred Gain, Gross | $ 7,414,000 |
Other Long-Term Obligations (De
Other Long-Term Obligations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Apr. 23, 2015 | |
Other Liabilities Disclosure [Abstract] | ||||||
Deferred income taxes | $ 19,385,000 | $ 19,385,000 | $ 21,664,000 | |||
Product liability | 12,010,000 | 12,010,000 | 11,342,000 | |||
Pension | 2,783,000 | 2,783,000 | 7,814,000 | |||
Deferred compensation | 5,090,000 | 5,090,000 | 6,174,000 | |||
Deferred gain on sale leaseback, Net | 4,920,000 | 4,920,000 | 5,174,000 | |||
Supplemental executive retirement plan liability | 4,697,000 | 4,697,000 | 5,106,000 | |||
Death benefit obligation plan | 3,499,000 | 3,499,000 | 4,568,000 | |||
Uncertain tax obligation including interest | 2,980,000 | 2,980,000 | 3,171,000 | |||
Other | 537,000 | 537,000 | 1,783,000 | |||
Other Long-Term Obligations | 56,374,000 | 56,374,000 | 66,796,000 | |||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 7,414,000 | |||||
Sale and Leaseback Transaction, Gain (Loss), Net | 82,000 | $ 80,000 | 245,000 | $ 237,000 | ||
Convertible Debt Derivative | $ 473,000 | $ 473,000 | $ 0 |
Leases and Commitments (Details
Leases and Commitments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Apr. 23, 2015 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2015 | Sep. 30, 2022 | Sep. 30, 2021 | |
Lessee, Lease, Description [Line Items] | ||||||
Sale Leaseback Transaction, Lease Term | 20 years | |||||
Sale and Leaseback Transaction, Gain (Loss), Net | $ 82,000 | $ 80,000 | $ 245,000 | $ 237,000 | ||
Sale Leaseback Transaction, Annual Payments | $ 2,275,000 | |||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 23,000,000 | |||||
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. | |||||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 7,414,000 | |||||
Sale Leaseback Transaction, Immediate Loss Recognized | 257,000 | |||||
Capital Lease Obligations | $ 32,339,000 | |||||
Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
General Lease Term | 1 year | |||||
Maximum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
General Lease Term | 20 years |
Leases and Commitments Lease Ex
Leases and Commitments Lease Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating Lease, Expense | $ 1,391 | $ 1,811 | $ 4,421 | $ 5,592 |
Short-term Lease, Cost | 616 | 764 | 1,961 | 2,825 |
Operating Lease, Cost | 2,007 | 2,575 | 6,382 | 8,417 |
Finance Lease, Interest Expense | 1,062 | 1,146 | 3,224 | 3,487 |
Finance Lease, Right-of-Use Asset, Amortization | 1,055 | 1,265 | 3,210 | 3,807 |
Financing Lease, Cost | $ 2,117 | $ 2,411 | $ 6,434 | $ 7,294 |
Leases and Commitments Future M
Leases and Commitments Future Minimum Operating and Financing Lease Commitments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 1,637 | |
2022 | 1,100 | |
Finance Lease, Liability, Payments, Due Year Two | 6,501 | |
2023 | 3,192 | |
Finance Lease, Liability, Payments, Due Year Three | 6,443 | |
Finance Lease, Liability, Payments, Due Year Four | 6,353 | |
Finance Lease, Liability, Payments, Due Year Five | 6,248 | |
2026 | 1,209 | |
Finance Lease, Liability, Payments, Due after Year Five | 65,253 | |
Thereafter | 1,615 | |
Finance Lease, Liability, Payments, Due | 92,435 | |
Total future minimum lease payments | 11,541 | |
Financing Leases, Future Minimum Payments, Interest Included in Payments | (31,893) | |
Operating Leases, Future Minimum Payments, Interest Included in Payments | (1,614) | |
Financing Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 60,542 | |
Operating Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 9,927 | |
Finance Lease, Liability, Current | (3,031) | $ (3,009) |
Operating Lease, Liability, Current | (3,062) | (4,217) |
Financing Lease Liability, non-current | 57,511 | |
Operating Leases Long-Term Obligations | 6,865 | $ 8,234 |
2024 | 2,452 | |
2025 | $ 1,973 |
Leases and Commitments Suppleme
Leases and Commitments Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating Leases, Cash Paid in Measurement of Amounts for Lease Liabilities | $ 1,967 | $ 2,584 | $ 6,266 | $ 8,501 |
Financing Leases, Cash Paid in Measurement of Amounts for Lease Liabilities | 1,810 | 2,100 | 5,478 | 6,311 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 1,264 | 989 | 2,429 | 5,418 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 54 | 189 | 969 | 6,345 |
Right-of-Use Asset Obtained in Exchange for Total Lease Liability | 1,318 | 1,178 | 3,398 | 11,763 |
Total Cash Paid in Measurement of Amounts for Lease Liabilities | $ 3,777 | $ 4,684 | $ 11,744 | $ 14,812 |
Leases and Commitments Weighted
Leases and Commitments Weighted-Average Remaining Lease Terms and Discount Rates (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Finance Lease, Weighted Average Remaining Lease Term | 14 years 10 months 24 days | 15 years 9 months 18 days |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days | 5 years |
Finance Lease, Weighted Average Discount Rate, Percent | 6.37% | 6.43% |
Operating Lease, Weighted Average Discount Rate, Percent | 8.07% | 7.10% |
Revenue (Details)
Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Net Sales | $ 170,408,000 | $ 224,200,000 | $ 560,413,000 | $ 646,266,000 | |
Net Revenue | 100% | 100% | 100% | 100% | |
Deferred Revenue | $ 1,903,000 | $ 1,903,000 | $ 4,156,000 | ||
Product | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Net Sales | $ 166,171,000 | $ 219,395,000 | $ 547,310,000 | $ 632,313,000 | |
Net Revenue | 98% | 98% | 98% | 98% | |
Service | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Net Sales | $ 4,237,000 | $ 4,805,000 | $ 13,103,000 | $ 13,953,000 | |
Net Revenue | 2% | 2% | 2% | 2% | |
Europe (EMEA) | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Net Sales | $ 97,487,000 | $ 127,026,000 | $ 328,334,000 | $ 361,097,000 | |
Europe (EMEA) | Product | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Net Sales | 94,723,000 | 123,671,000 | 319,467,000 | 351,680,000 | |
Europe (EMEA) | Service | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Net Sales | 2,764,000 | 3,355,000 | 8,867,000 | 9,417,000 | |
North America (NA) | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Net Sales | 65,314,000 | 88,054,000 | 209,351,000 | 260,275,000 | |
North America (NA) | Product | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Net Sales | 65,068,000 | 87,936,000 | 208,776,000 | 259,623,000 | |
North America (NA) | Service | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Net Sales | 246,000 | 118,000 | 575,000 | 652,000 | |
All Other | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Net Sales | 7,607,000 | 9,120,000 | 22,728,000 | 24,894,000 | |
All Other | Product | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Net Sales | 6,380,000 | 7,788,000 | 19,067,000 | 21,010,000 | |
All Other | Service | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Net Sales | $ 1,227,000 | $ 1,332,000 | $ 3,661,000 | $ 3,884,000 | |
General Terms and Conditions | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Contract Type Sales Split | 30% | ||||
Large National Customers | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Contract Type Sales Split | 23% | ||||
Government Tenders | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Contract Type Sales Split | 22% | ||||
Other Customers | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Contract Type Sales Split | 25% |
Equity Compensation (Narrative)
Equity Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) votes $ / shares shares | Sep. 30, 2021 USD ($) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.25 | $ 0.25 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Description | 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. | ||||
Allocated Share-based Compensation Expense | $ | $ (495) | $ (1,250) | $ (814) | $ 131 | |
Selling, General and Administrative Expenses | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ | $ 1,839 | 5,369 | |||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award requisite service period | 3 years | ||||
Performance achievement level, lower range | 0% | ||||
Performance achievement level, upper range | 150% | ||||
Performance achievement level, target range | 100% | ||||
Performance Shares | Selling, General and Administrative Expenses | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ | $ (814) | $ 799 | |||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | [1] | 5,507,144 | 5,507,144 | ||
2013 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Share Awards Underlying from 2003 Plan | shares | 910,624 | 910,624 | |||
Weighted Average | Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period for recognition of unrecognized compensation costs | 3 years | ||||
Class B Common Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Number of Votes | votes | 10 | ||||
Common Stock, Shares, Issued | shares | 3,667 | 3,667 | |||
Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Holders Percentage of Total Outstanding | 99.90% | ||||
[1] * Shares available for grant under the 2018 Plan as of September 30, 2022 are reduced by awards and increased by forfeitures or expirations. At September 30, 2022, an aggregate of 910,624 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 upon transfer. |
Equity Compensation Share-based
Equity Compensation Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated Share-based Compensation Expense | $ (495) | $ (1,250) | $ (814) | $ 131 |
Selling, General and Administrative Expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated Share-based Compensation Expense | 1,839 | 5,369 | ||
Restricted Stock and Restricted Stock Units (RSUs) | Selling, General and Administrative Expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated Share-based Compensation Expense | 2,653 | 4,570 | ||
Performance Shares | Selling, General and Administrative Expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated Share-based Compensation Expense | $ (814) | $ 799 |
Equity Compensation Unrecognize
Equity Compensation Unrecognized Compensation Expense (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,994 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 168 |
Restricted Stock and Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,826 |
Equity Compensation (Options Ac
Equity Compensation (Options Activity) (Details) | 9 Months Ended | |
Sep. 30, 2022 $ / shares shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options outstanding at beginning of period (in shares) | shares | 750,159 | |
Canceled (in shares) | shares | (107,987) | |
Options outstanding at end of period (in shares) | shares | 642,172 | |
Weighted Average Exercise Price | ||
Options outstanding at beginning of period - Weighted Average Exercise Price (in dollars per share) | $ 12.69 | |
Canceled - Weighted Average Exercise Price (in dollars per share) | 13.48 | |
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | $ 12.55 | |
Options exercisable at end of period (in shares) | shares | 642,172 | |
Stock Options | ||
Weighted Average Exercise Price | ||
Options available for grant at end of period (in shares) | shares | 5,507,144 | [1] |
$12.15 – $14.49 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price range, lower limit (in dollars per share) | $ 12.15 | |
$12.15 – $14.49 | Stock Options | ||
Weighted Average Exercise Price | ||
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | 12.55 | |
Range of Exercise Price Max [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price range, upper limit (in dollars per share) | $ 14.49 | |
[1] * Shares available for grant under the 2018 Plan as of September 30, 2022 are reduced by awards and increased by forfeitures or expirations. At September 30, 2022, an aggregate of 910,624 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 upon transfer. |
Equity Compensation (Stock Opti
Equity Compensation (Stock Options Outstanding by Exercise Price) (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 12.55 | $ 12.69 |
$12.15 – $14.49 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, lower limit (in dollars per share) | 12.15 | |
$12.15 – $14.49 | Minimum | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, upper limit (in dollars per share) | 12.15 | |
$12.15 – $14.49 | Maximum | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, upper limit (in dollars per share) | $ 14.49 | |
Stock Options | $12.15 – $14.49 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding - Number Outstanding at end of period (in shares) | 642,172 | |
Options Outstanding - Weighted Average Remaining Contractual Life | 9 months 18 days | |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 12.55 | |
Options Exercisable - Number Exercisable At end of period (in shares) | 642,172 | |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 12.55 |
Equity Compensation Restricted
Equity Compensation Restricted Stock Activity (Details) - Restricted Stock and Restricted Stock Units (RSUs) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | shares | 1,160,847 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 1,321,249 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | (741,679) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | shares | 1,187,346 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 8.17 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | 1.37 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | 4.30 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 2.90 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 553,071 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 8.43 |
Equity Compensation Performance
Equity Compensation Performance Share Activity (Details) - Performance Shares - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 490,274 | 972,288 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 5.67 | $ 7.76 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 460,187 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.48 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (942,201) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 5.79 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) by Component (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | $ (9,884) | $ 57,079 | $ 16,988 | $ 45,436 |
OCI before reclassifications | (33,837) | (18,467) | (59,969) | (7,570) |
Amount reclassified from accumulated OCI | (1,385) | 491 | (2,125) | 1,237 |
Other Comprehensive Loss | (35,222) | (17,976) | (62,094) | (6,333) |
Ending Balance | (45,106) | 39,103 | (45,106) | 39,103 |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (13,347) | 60,381 | 18,961 | 50,329 |
OCI before reclassifications | (31,883) | (19,155) | (64,191) | (9,103) |
Amount reclassified from accumulated OCI | 0 | 0 | 0 | 0 |
Other Comprehensive Loss | (31,883) | (19,155) | (64,191) | (9,103) |
Ending Balance | (45,230) | 41,226 | (45,230) | 41,226 |
Accumulated Long-Term Notes Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 1,548 | 2,146 | 2,127 | (517) |
OCI before reclassifications | (2,168) | (47) | (2,747) | 2,616 |
Amount reclassified from accumulated OCI | 0 | 0 | 0 | 0 |
Other Comprehensive Loss | (2,168) | (47) | (2,747) | 2,616 |
Ending Balance | (620) | 2,099 | (620) | 2,099 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 462 | (4,069) | (4,101) | (3,674) |
OCI before reclassifications | 155 | (209) | 4,772 | (440) |
Amount reclassified from accumulated OCI | (110) | 182 | (164) | 18 |
Other Comprehensive Loss | 45 | (27) | 4,608 | (422) |
Ending Balance | 507 | (4,096) | 507 | (4,096) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 1,453 | (1,379) | 1 | (702) |
OCI before reclassifications | 59 | 944 | 2,197 | (643) |
Amount reclassified from accumulated OCI | (1,275) | 309 | (1,961) | 1,219 |
Other Comprehensive Loss | (1,216) | 1,253 | 236 | 576 |
Ending Balance | $ 237 | $ (126) | $ 237 | $ (126) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) by Component (Reclassified Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of Products Sold | $ 139,029 | $ 163,890 | $ 433,323 | $ 470,500 |
Amortization of prior service costs and unrecognized gains | 55,365 | 56,135 | 174,552 | 178,721 |
Income tax provision | (920) | (1,840) | (3,160) | (4,830) |
Net Sales | (170,408) | (224,200) | (560,413) | (646,266) |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of prior service costs and unrecognized gains | 110 | 182 | 164 | (18) |
Income tax provision | 0 | 0 | 0 | 0 |
Net loss from Continuing Operations | (110) | 182 | (164) | 18 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes | (1,331) | 384 | (2,122) | 1,403 |
Income tax provision | 56 | (75) | 161 | (184) |
Net loss from Continuing Operations | (1,275) | 309 | (1,961) | 1,219 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income | Foreign currency forward contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of Products Sold | 1,263 | (92) | 1,997 | (746) |
Net Sales | $ (68) | $ (476) | $ (125) | $ (657) |
Charges Related To Restructur_3
Charges Related To Restructuring Activities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring Reserve [Roll Forward] | ||||||
Beginning Balance | $ 4,001,000 | $ 2,936,000 | $ 482,000 | $ 482,000 | ||
Charges | 8,440,000 | 4,153,000 | 3,790,000 | $ 377,000 | 16,383,000 | $ 2,476,000 |
Payments | (6,365,000) | (3,088,000) | (1,336,000) | (10,789,000) | (7,367,000) | |
Ending Balance | 6,076,000 | 4,001,000 | 2,936,000 | 6,076,000 | ||
Severance | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning Balance | 2,744,000 | 2,936,000 | 482,000 | 482,000 | ||
Charges | 2,223,000 | 1,830,000 | 3,252,000 | |||
Payments | (1,517,000) | (2,022,000) | (798,000) | |||
Ending Balance | 3,450,000 | 2,744,000 | 2,936,000 | 3,450,000 | ||
Other Restructuring | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning Balance | 1,257,000 | 0 | 0 | 0 | ||
Charges | 6,217,000 | 2,323,000 | 538,000 | |||
Payments | (4,848,000) | (1,066,000) | (538,000) | |||
Ending Balance | 2,626,000 | 1,257,000 | 0 | 2,626,000 | ||
North America (NA) | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning Balance | 1,514,000 | 1,184,000 | 482,000 | 482,000 | ||
Charges | 2,332,000 | 1,540,000 | 1,662,000 | 122,000 | 5,534,000 | 975,000 |
Restructuring Reserve, Accrual Adjustment | 2,332,000 | 5,534,000 | ||||
Payments | (2,245,000) | (1,210,000) | (960,000) | |||
Ending Balance | 1,601,000 | 1,514,000 | 1,184,000 | 1,601,000 | ||
North America (NA) | Severance | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning Balance | 958,000 | 1,184,000 | 482,000 | 482,000 | ||
Charges | 116,000 | 542,000 | 1,124,000 | 975,000 | ||
Payments | (438,000) | (768,000) | (422,000) | |||
Ending Balance | 636,000 | 958,000 | 1,184,000 | 636,000 | ||
North America (NA) | Other Restructuring | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning Balance | 556,000 | 0 | 0 | 0 | ||
Charges | 2,216,000 | 998,000 | 538,000 | |||
Payments | 1,807,000 | 442,000 | 538,000 | |||
Ending Balance | 965,000 | 556,000 | 0 | 965,000 | ||
Europe (EMEA) | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning Balance | 2,487,000 | 1,752,000 | ||||
Charges | 5,034,000 | 2,613,000 | 2,119,000 | 255,000 | 9,766,000 | 1,501,000 |
Payments | (4,108,000) | (1,878,000) | (367,000) | |||
Ending Balance | 3,413,000 | 2,487,000 | 1,752,000 | 3,413,000 | ||
Europe (EMEA) | Severance | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning Balance | 1,786,000 | 1,752,000 | ||||
Charges | 1,033,000 | 1,288,000 | 2,119,000 | 895,000 | ||
Payments | (1,067,000) | (1,254,000) | (367,000) | |||
Ending Balance | 1,752,000 | 1,786,000 | 1,752,000 | 1,752,000 | ||
Europe (EMEA) | Contract Termination | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Charges | 606,000 | |||||
Europe (EMEA) | Other Restructuring | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning Balance | 701,000 | 0 | ||||
Charges | 4,001,000 | 1,325,000 | 0 | |||
Payments | 3,041,000 | 624,000 | 0 | |||
Ending Balance | 1,661,000 | $ 701,000 | 0 | 1,661,000 | ||
All Other | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Charges | 1,074,000 | 9,000 | $ 0 | 1,083,000 | $ 0 | |
Payments | (12,000) | (9,000) | ||||
Ending Balance | 1,062,000 | 1,062,000 | ||||
All Other | Severance | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Charges | 1,074,000 | 9,000 | ||||
Payments | (12,000) | (9,000) | ||||
Ending Balance | 1,062,000 | 1,062,000 | ||||
All Other | Other Restructuring | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Charges | 0 | 0 | ||||
Payments | 0 | $ 0 | ||||
Ending Balance | $ 0 | $ 0 |
Charges Related To Restructur_4
Charges Related To Restructuring Activities Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Charges | $ 8,440,000 | $ 4,153,000 | $ 3,790,000 | $ 377,000 | $ 16,383,000 | $ 2,476,000 |
Restructuring and Related Activities, Expected Payout Period | 12 months | 12 months | ||||
Payments | $ (6,365,000) | (3,088,000) | (1,336,000) | $ (10,789,000) | (7,367,000) | |
Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges | 2,223,000 | 1,830,000 | 3,252,000 | |||
Payments | (1,517,000) | (2,022,000) | (798,000) | |||
North America (NA) | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges | 2,332,000 | 1,540,000 | 1,662,000 | 122,000 | 5,534,000 | 975,000 |
Restructuring Reserve, Accrual Adjustment | 2,332,000 | 5,534,000 | ||||
Payments | (2,245,000) | (1,210,000) | (960,000) | |||
North America (NA) | Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges | 116,000 | 542,000 | 1,124,000 | 975,000 | ||
Payments | (438,000) | (768,000) | (422,000) | |||
Europe (EMEA) | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges | 5,034,000 | 2,613,000 | 2,119,000 | 255,000 | 9,766,000 | 1,501,000 |
Payments | (4,108,000) | (1,878,000) | (367,000) | |||
Europe (EMEA) | Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges | 1,033,000 | 1,288,000 | 2,119,000 | 895,000 | ||
Payments | (1,067,000) | $ (1,254,000) | (367,000) | |||
Europe (EMEA) | Contract Termination | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges | 606,000 | |||||
All Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges | 1,074,000 | 9,000 | $ 0 | $ 1,083,000 | $ 0 | |
Payments | (12,000) | (9,000) | ||||
All Other | Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges | 1,074,000 | 9,000 | ||||
Payments | $ (12,000) | $ (9,000) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Valuation Allowance [Line Items] | ||||
Effective income tax rate, continuing operations | (2.80%) | (8.80%) | (4.10%) | (11.30%) |
U.S. statutory income tax rate | 21% | |||
Effective income tax rate, continuing operations | (2.80%) | (8.80%) | (4.10%) | (11.30%) |
U.S. statutory income tax rate | 21% |
Net Earnings (Loss) Per Commo_3
Net Earnings (Loss) Per Common Share Computation of Basic and Diluted Net Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net Loss per Share—Basic | |||||
Average common shares outstanding | 37,537 | 35,013 | 36,073 | 34,826 | |
Net Loss | $ (34,354) | $ (22,759) | $ (80,494) | $ (47,501) | |
Net earnings (loss) per common share | $ (0.92) | $ (0.65) | $ (2.23) | $ (1.36) | |
Loss per Share—Assuming Dilution | |||||
Average common shares outstanding | 37,537 | 35,013 | 36,073 | 34,826 | |
Stock options and awards | 143 | 475 | 168 | 545 | |
Average common shares assuming dilution | 37,680 | 35,488 | 36,241 | 35,371 | |
Net Loss | $ (34,354) | $ (22,759) | $ (80,494) | $ (47,501) | |
Net earnings (loss) per per common share—assuming dilution (in dollars per share) | [1] | $ (0.92) | $ (0.65) | $ (2.23) | $ (1.36) |
[1]Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. |
Net Earnings (Loss) Per Commo_4
Net Earnings (Loss) Per Common Share Textuals (Details) - Stock Options - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 1,659,909 | 1,432,833 | 1,120,192 | 1,163,526 |
Antidilutive share granted, average exercise price | $ 12.14 | $ 14.49 | $ 12.14 | $ 14.49 |
Fair value stock price | $ 1.05 | $ 7.30 | $ 1.50 | $ 8.30 |
Concentration Of Credit Risk (D
Concentration Of Credit Risk (Details) | Sep. 30, 2022 USD ($) |
Risks and Uncertainties [Abstract] | |
Retained Recourse Obligation For Events Of Default Under Contracts | $ 2,071,000 |
Events of Default Under Contract by Third Party | $ 8,588,000 |
Derivatives Notional Amounts -
Derivatives Notional Amounts - Designated as Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | $ 132,279 | $ 120,242 | |
Gain (Loss) | $ (1,553) | (2,563) | |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 16,843 | 23 | |
Unrealized Gain (Loss) | 1 | 299 | |
USD / CAD | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 4,523 | 0 | |
Unrealized Gain (Loss) | 0 | (343) | |
USD / EUR | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 3,492 | 0 | |
Unrealized Gain (Loss) | 0 | 441 | |
USD / MXN | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 1,089 | 23 | |
Unrealized Gain (Loss) | 1 | 70 | |
EUR / GBP | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 1,200 | 0 | |
Gain (Loss) | 0 | 36 | |
EUR / GBP | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 5,961 | 0 | |
Unrealized Gain (Loss) | 0 | 179 | |
EUR / SEK | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 2,353 | 0 | |
Gain (Loss) | 0 | (10) | |
EUR / NOK | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 1,099 | 0 | |
Gain (Loss) | 0 | (8) | |
EUR / NOK | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 689 | 0 | |
Unrealized Gain (Loss) | 0 | (5) | |
AUD / NZD | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 17,082 | 7,366 | |
Gain (Loss) | (17) | (163) | |
NOK / SEK | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 1,089 | 0 | |
Unrealized Gain (Loss) | 0 | (43) | |
USD / THB | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 4,310 | $ 4,500 | |
Gain (Loss) | $ 86 | $ 278 |
Derivatives Notional Amounts _2
Derivatives Notional Amounts - Not Designated as Hedges (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||||
Notional Amount | $ 132,279 | $ 120,242 | |||
Gain (Loss) | $ (1,553) | (2,563) | |||
Forward exchange contracts—net | |||||
Derivative [Line Items] | |||||
Gain (Loss) | $ (592) | $ (1,315) | |||
USD / AUD | |||||
Derivative [Line Items] | |||||
Notional Amount | 1,194 | 3,792 | |||
Gain (Loss) | (57) | 104 | |||
USD / CAD | |||||
Derivative [Line Items] | |||||
Notional Amount | 19,765 | 14,556 | |||
Gain (Loss) | (24) | (272) | |||
USD / DKK | |||||
Derivative [Line Items] | |||||
Notional Amount | 5,099 | 10,850 | |||
Gain (Loss) | (257) | (137) | |||
USD / GBP | |||||
Derivative [Line Items] | |||||
Notional Amount | 0 | 4,028 | |||
Gain (Loss) | 32 | 0 | |||
USD / NOK | |||||
Derivative [Line Items] | |||||
Notional Amount | 4,790 | 2,352 | |||
Gain (Loss) | (81) | (467) | |||
USD / SEK | |||||
Derivative [Line Items] | |||||
Notional Amount | 1,880 | 2,344 | |||
Gain (Loss) | (131) | (72) | |||
AUD / NZD | |||||
Derivative [Line Items] | |||||
Notional Amount | 17,082 | 7,366 | |||
Gain (Loss) | (17) | (163) | |||
USD / THB | |||||
Derivative [Line Items] | |||||
Notional Amount | 4,310 | 4,500 | |||
Gain (Loss) | 86 | 278 | |||
EUR / GBP | |||||
Derivative [Line Items] | |||||
Notional Amount | 1,200 | 0 | |||
Gain (Loss) | 0 | 36 | |||
EUR / NOK | |||||
Derivative [Line Items] | |||||
Notional Amount | 1,099 | 0 | |||
Gain (Loss) | 0 | (8) | |||
EUR / USD | |||||
Derivative [Line Items] | |||||
Notional Amount | 73,507 | $ 70,454 | |||
Gain (Loss) | $ (1,104) | $ (1,852) |
Derivatives Balance Sheet Locat
Derivatives Balance Sheet Location (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 2,626 | $ 386 |
Other Current Assets | Foreign currency forward contracts | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 690 | 1 |
Other Current Assets | Foreign currency forward contracts | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,936 | 385 |
Accrued Expenses | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 4,890 | 1,938 |
Accrued Expenses | Foreign currency forward contracts | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 391 | 0 |
Accrued Expenses | Foreign currency forward contracts | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 4,499 | $ 1,938 |
Derivatives Gain (Loss) in Stat
Derivatives Gain (Loss) in Statement of Finacial Position (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) | $ (1,331,000) | $ 384,000 | $ (2,122,000) | $ 1,403,000 | |
Foreign currency forward contracts | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | 59,000 | 944,000 | 2,197,000 | (643,000) | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 1,275,000 | (309,000) | 1,961,000 | (1,219,000) | |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $ 1,002,000 | 51,000 | 1,117,000 | (37,000) | |
Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) | $ (1,553,000) | $ (2,563,000) | |||
Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) | $ (592,000) | $ (1,315,000) |
Derivatives Narrative (Details)
Derivatives Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2017 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | ||||||
Convertible Debt Derivative | $ 473,000 | $ 473,000 | $ 0 | |||
Debt Instrument, Convertible, Beneficial Conversion Feature | 1,423,000 | |||||
Foreign currency forward contracts | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivatives, matured during period | 29,189,000 | $ 32,685,000 | 67,853,000 | $ 90,800,000 | ||
Selling, General and Administrative Expenses | Foreign currency forward contracts | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) | 2,072,000 | $ (2,563,000) | ||||
Minimum | ||||||
Derivative [Line Items] | ||||||
Derivative, percentage of forcasted transactions with currency rate exposure | 50% | |||||
Maximum | ||||||
Derivative [Line Items] | ||||||
Derivative, percentage of forcasted transactions with currency rate exposure | 90% | |||||
Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) | 1,331,000 | (384,000) | $ 2,122,000 | (1,403,000) | ||
Cash Flow Hedging [Member] | Sales [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) | 68,000 | 476,000 | 125,000 | 657,000 | ||
Cash Flow Hedging [Member] | Cost of Sales [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) | 1,263,000 | $ (92,000) | 1,997,000 | $ 746,000 | ||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 [Domain] | ||||||
Derivative [Line Items] | ||||||
Proceeds from Issuance of Warrants | $ 14,100,000 | |||||
Debt Instrument, Face Amount | $ 0 | $ 120,000,000 | $ 0 | $ 2,650,000 | ||
Interest rate (as a percent) | 4.50% | 4.50% | ||||
Convertible Subordinated Debt | Convertible Senior Secured Notes at 5.68% July 2026 | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Face Amount | $ 31,106,000 | $ 31,106,000 |
Fair Values (Assets and Liabili
Fair Values (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ (335,279) | $ (308,129) |
Convertible Subordinated Debt | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | (473) | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | Convertible Subordinated Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Convertible Subordinated Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | |
Forward exchange contracts—net | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Forward exchange contracts—net | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | (2,264) | (1,552) |
Forward exchange contracts—net | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | $ 0 |
Convertible Debt Derivative | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | $ (473) |
Fair Values (Details of Book Va
Fair Values (Details of Book Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 45,439 | $ 83,745 | $ 73,656 | $ 105,298 |
Cash and cash equivalents | 45,439 | 83,745 | ||
Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 45,439 | 83,745 | ||
Debt Instrument, Fair Value Disclosure | (272,485) | (259,472) | ||
Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 83,745 | |||
Debt Instrument, Fair Value Disclosure | (335,279) | (308,129) | ||
Convertible Senior Notes at 4.50% February 2022 | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 0 | (2,632) | ||
Convertible Senior Notes at 4.50% February 2022 | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 0 | (2,642) | ||
Convertible Senior Notes at 5.00% November 2024 | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (62,887) | (64,897) | ||
Convertible Senior Notes at 5.00% November 2024 | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (72,341) | (72,140) | ||
Series II Convertible Senior Notes at 5.00% November 2024 | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (63,963) | (74,165) | ||
Series II Convertible Senior Notes at 5.00% November 2024 | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (75,764) | (78,251) | ||
Other Notes and Capital Lease Obligations | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (19,089) | (36,060) | ||
Other Notes and Capital Lease Obligations | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (19,089) | (36,060) | ||
Convertible Senior Notes at 4.25% March 2026 | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (36,832) | (81,718) | ||
Convertible Senior Notes at 4.25% March 2026 | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (80,898) | (119,036) | ||
Convertible Senior Secured Notes at 5.68% July 2026 - July 26, 2022 Issuance [Domain] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (25,369) | 0 | ||
Convertible Senior Secured Notes at 5.68% July 2026 - July 26, 2022 Issuance [Domain] | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (27,463) | 0 | ||
Secured Term Loans due July 2026 [Domain] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (64,345) | 0 | ||
Secured Term Loans due July 2026 [Domain] | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (59,724) | 0 | ||
Convertible Subordinated Debt | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (473) | 0 | ||
Convertible Subordinated Debt | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | (473) | 0 | ||
Foreign currency forward contracts | Other Current Assets | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | 2,626 | 386 | ||
Foreign currency forward contracts | Other Current Assets | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | 2,626 | 386 | ||
Foreign currency forward contracts | Accrued Expenses | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative liabilities | (4,890) | (1,938) | ||
Foreign currency forward contracts | Accrued Expenses | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative liabilities | $ (4,890) | $ (1,938) |
Business Segments (Information
Business Segments (Information by Segment) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||
Net Sales | $ 170,408,000 | $ 224,200,000 | $ 560,413,000 | $ 646,266,000 | |||
Restructuring Reserve | 6,076,000 | $ 4,001,000 | $ 2,936,000 | 6,076,000 | $ 482,000 | ||
Charges | (8,440,000) | (4,153,000) | (3,790,000) | (377,000) | (16,383,000) | (2,476,000) | |
Goodwill, Impairment Loss | 0 | (28,564,000) | 0 | (28,564,000) | |||
Operating Loss | (33,438,000) | (24,766,000) | (64,857,000) | (33,995,000) | |||
Interest Revenue (Expense), Net | (7,344,000) | (6,284,000) | (19,825,000) | (18,098,000) | |||
Earnings (loss) before income taxes | (33,434,000) | (20,919,000) | (77,334,000) | (42,671,000) | |||
Net gain on debt extinguishment | 6,398,000 | 10,131,000 | 6,398,000 | 9,422,000 | |||
Net gain on convertible debt derivatives | 950,000 | 0 | 950,000 | 0 | |||
Impairment of Intangible Assets (Excluding Goodwill) | (1,012,000) | 0 | (1,012,000) | 0 | |||
Europe (EMEA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 97,487,000 | 127,026,000 | 328,334,000 | 361,097,000 | |||
Restructuring Reserve | 3,413,000 | 2,487,000 | 1,752,000 | 3,413,000 | |||
Charges | (5,034,000) | (2,613,000) | (2,119,000) | (255,000) | (9,766,000) | (1,501,000) | |
Operating Loss | (2,588,000) | 9,554,000 | 4,126,000 | 18,378,000 | |||
North America (NA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 65,314,000 | 88,054,000 | 209,351,000 | 260,275,000 | |||
Restructuring Reserve | 1,601,000 | 1,514,000 | 1,184,000 | 1,601,000 | 482,000 | ||
Restructuring Reserve, Accrual Adjustment | 2,332,000 | 5,534,000 | |||||
Charges | (2,332,000) | (1,540,000) | (1,662,000) | (122,000) | (5,534,000) | (975,000) | |
Operating Loss | (15,007,000) | (1,523,000) | (29,607,000) | (2,308,000) | |||
All Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 7,607,000 | 9,120,000 | 22,728,000 | 24,894,000 | |||
Restructuring Reserve | 1,062,000 | 1,062,000 | |||||
Charges | (1,074,000) | (9,000) | 0 | (1,083,000) | 0 | ||
Operating Loss | (6,391,000) | (3,856,000) | (21,981,000) | (19,025,000) | |||
Operating Segments [Member] | Europe (EMEA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 97,487,000 | 127,026,000 | 328,334,000 | 361,097,000 | |||
Operating Segments [Member] | North America (NA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 65,314,000 | 88,054,000 | 209,351,000 | 260,275,000 | |||
Operating Segments [Member] | All Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 7,607,000 | 9,120,000 | 22,728,000 | 24,894,000 | |||
Intersegment revenues | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 8,501,000 | 21,265,000 | 35,601,000 | 63,661,000 | |||
Intersegment revenues | Europe (EMEA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 2,763,000 | 6,221,000 | 11,327,000 | 17,758,000 | |||
Intersegment revenues | North America (NA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 5,738,000 | 15,044,000 | 24,274,000 | 45,903,000 | |||
Severance | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring Reserve | 3,450,000 | 2,744,000 | 2,936,000 | 3,450,000 | 482,000 | ||
Charges | (2,223,000) | (1,830,000) | (3,252,000) | ||||
Severance | Europe (EMEA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring Reserve | 1,752,000 | 1,786,000 | 1,752,000 | 1,752,000 | |||
Charges | (1,033,000) | (1,288,000) | (2,119,000) | (895,000) | |||
Severance | North America (NA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring Reserve | 636,000 | 958,000 | 1,184,000 | 636,000 | $ 482,000 | ||
Charges | (116,000) | $ (542,000) | (1,124,000) | (975,000) | |||
Severance | All Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring Reserve | 1,062,000 | 1,062,000 | |||||
Charges | (1,074,000) | $ (9,000) | |||||
Contract Termination | Europe (EMEA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Charges | (606,000) | ||||||
Lifestyle Products [Domain] | Operating Segments [Member] | Europe (EMEA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 46,881,000 | 61,683,000 | 162,942,000 | 181,628,000 | |||
Lifestyle Products [Domain] | Operating Segments [Member] | North America (NA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 34,379,000 | 38,666,000 | 102,516,000 | 114,951,000 | |||
Lifestyle Products [Domain] | Operating Segments [Member] | All Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 2,556,000 | 3,230,000 | 8,239,000 | 8,736,000 | |||
Mobility and Seating [Domain] | Operating Segments [Member] | Europe (EMEA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 43,778,000 | 56,535,000 | 139,010,000 | 152,660,000 | |||
Mobility and Seating [Domain] | Operating Segments [Member] | North America (NA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 23,453,000 | 28,414,000 | 74,876,000 | 82,243,000 | |||
Mobility and Seating [Domain] | Operating Segments [Member] | All Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 3,311,000 | 3,171,000 | 8,989,000 | 9,239,000 | |||
Respiratory Therapy [Domain] | Operating Segments [Member] | Europe (EMEA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 2,262,000 | 4,225,000 | 11,847,000 | 13,613,000 | |||
Respiratory Therapy [Domain] | Operating Segments [Member] | North America (NA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 7,236,000 | 20,856,000 | 31,384,000 | 62,429,000 | |||
Respiratory Therapy [Domain] | Operating Segments [Member] | All Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 407,000 | 1,215,000 | 1,538,000 | 2,547,000 | |||
Other [Domain] | Operating Segments [Member] | Europe (EMEA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 4,566,000 | 4,583,000 | 14,535,000 | 13,196,000 | |||
Other [Domain] | Operating Segments [Member] | North America (NA) | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 246,000 | 118,000 | 575,000 | 652,000 | |||
Other [Domain] | Operating Segments [Member] | All Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | $ 1,333,000 | $ 1,504,000 | $ 3,962,000 | $ 4,372,000 |
Contingencies Contingencies (De
Contingencies Contingencies (Details) | Sep. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Liquidated Damages amount per violation per day | $ 15,000 |
Liquidated Damages - Yearly Limit | $ 7,000,000 |