Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-23486 | |
Entity Registrant Name | NN, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 62-1096725 | |
Entity Address, Address Line One | 6210 Ardrey Kell Road, Suite 600 | |
Entity Address, City or Town | Charlotte | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28277 | |
City Area Code | 980 | |
Local Phone Number | 264-4300 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | NNBR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 43,890,305 | |
Entity Central Index Key | 0000918541 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net sales | $ 128,067 | $ 126,804 |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 104,578 | 99,688 |
Selling, general, and administrative expense | 13,454 | 14,575 |
Depreciation and amortization | 11,429 | 11,568 |
Other operating expense (income), net | 2,026 | (5) |
Income (loss) from operations | (3,420) | 978 |
Interest expense | 3,439 | 2,024 |
Loss on extinguishment of debt and write-off of debt issuance costs | 0 | 2,390 |
Derivative payments on interest rate swap | 0 | 1,717 |
Loss on interest rate swap | 0 | 2,033 |
Other income, net | (2,996) | (122) |
Loss before benefit (provision) for income taxes and share of net income from joint venture | (3,863) | (7,064) |
Benefit (provision) for income taxes | (1,531) | 756 |
Share of net income from joint venture | 2,092 | 1,395 |
Loss from continuing operations | (3,302) | (4,913) |
Net loss | (3,302) | (4,913) |
Other comprehensive income (loss): | ||
Foreign currency translation gain (loss) | 2,600 | (3,347) |
Change in fair value, net of tax | 1,187 | 0 |
Reclassification adjustment for losses included in net loss, net of tax | 34 | 2,851 |
Other comprehensive income (loss) | 3,821 | (496) |
Comprehensive income (loss) | $ 519 | $ (5,409) |
Basic net loss per common share: | ||
Net loss per common share (in dollars per shares) | $ (0.13) | $ (0.46) |
Weighted average common shares outstanding, basic (in shares) | 44,594 | 42,672 |
Diluted net loss per common share: | ||
Net loss per common share (in dollars per share) | $ (0.13) | $ (0.46) |
Weighted average common shares outstanding, diluted (in shares) | 44,594 | 42,672 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 20,627 | $ 28,656 |
Accounts receivable, net of allowances of $1,684 and $1,352 at March 31, 2022 and December 31, 2021, respectively | 89,397 | 71,419 |
Inventories | 81,239 | 75,027 |
Income tax receivable | 11,055 | 11,808 |
Other current assets | 14,989 | 9,372 |
Total current assets | 217,307 | 196,282 |
Property, plant and equipment, net of accumulated depreciation of $207,636 and $197,936 at March 31, 2022 and December 31, 2021, respectively | 208,286 | 209,105 |
Operating lease right-of-use assets | 46,771 | 46,443 |
Intangible assets, net | 85,131 | 88,718 |
Investment in joint venture | 32,177 | 34,045 |
Deferred tax assets | 313 | 314 |
Other non-current assets | 5,863 | 4,194 |
Total assets | 595,848 | 579,101 |
Current liabilities: | ||
Accounts payable | 48,906 | 36,710 |
Accrued salaries, wages and benefits | 20,695 | 17,739 |
Income tax payable | 676 | 2,072 |
Current maturities of long-term debt | 3,138 | 3,074 |
Current portion of operating lease liabilities | 4,962 | 5,704 |
Other current liabilities | 13,457 | 8,718 |
Total current liabilities | 91,834 | 74,017 |
Deferred tax liabilities | 7,920 | 7,456 |
Long-term debt, net of current portion | 150,400 | 151,052 |
Operating lease liabilities, net of current portion | 51,597 | 51,295 |
Other non-current liabilities | 14,724 | 17,289 |
Total liabilities | 316,475 | 301,109 |
Commitments and contingencies (Note 9) | ||
Common stock - $0.01 par value per share, 90,000 shares authorized, 43,890 and 43,027 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 439 | 430 |
Additional paid-in capital | 473,072 | 474,757 |
Accumulated deficit | (222,402) | (219,100) |
Accumulated other comprehensive loss | (28,081) | (31,902) |
Total stockholders’ equity | 223,028 | 224,185 |
Total liabilities, preferred stock, and stockholders’ equity | 595,848 | 579,101 |
Series D Preferred Stock | ||
Current liabilities: | ||
Series D perpetual preferred stock - $0.01 par value per share, 65 shares authorized, issued and outstanding at March 31, 2022 and December 31, 2021, respectively | $ 56,345 | $ 53,807 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 1,684 | $ 1,352 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, Accumulated Depreciation and Amortization | $ 207,636 | $ 197,936 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 90,000 | 90,000 |
Common stock, shares issued (in shares) | 43,890 | 43,027 |
Common stock, shares outstanding (in shares) | 43,890 | 43,027 |
Series D Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 65 | 65 |
Preferred stock, shares issued (in shares) | 65 | 65 |
Preferred stock, shares outstanding (in shares) | 65 | 65 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income (loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 42,686,000 | ||||
Beginning balance at Dec. 31, 2020 | $ 254,152 | $ 427 | $ 493,332 | $ (205,875) | $ (33,732) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Net loss | (4,913) | (4,913) | |||
Dividends accrued for preferred stock | (14,529) | (14,529) | |||
Share-based compensation expense (in shares) | 413,000 | ||||
Share-based compensation expense | 886 | $ 4 | 882 | ||
Restricted shares forgiven for taxes (in shares) | (50,000) | ||||
Restricted shares forgiven for taxes | (345) | (344) | |||
Change in fair value of interest rate swap, net of tax | 0 | ||||
Reclassification of interest rate swap settlement to net income (loss), net of tax | 2,851 | 2,851 | |||
Foreign currency translation gain (loss) | (3,347) | (3,347) | |||
Ending balance (in shares) at Mar. 31, 2021 | 43,049,000 | ||||
Ending balance at Mar. 31, 2021 | 234,755 | $ 430 | 479,341 | (210,788) | (34,228) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 224,185 | ||||
Beginning balance (in shares) at Dec. 31, 2021 | 43,027,000 | ||||
Beginning balance at Dec. 31, 2021 | 224,185 | $ 430 | 474,757 | (219,100) | (31,902) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Net loss | (3,302) | (3,302) | |||
Dividends accrued for preferred stock | (2,538) | (2,538) | |||
Share-based compensation expense (in shares) | 893,000 | ||||
Share-based compensation expense | 949 | $ 9 | 940 | ||
Restricted shares forgiven for taxes (in shares) | (30,000) | ||||
Restricted shares forgiven for taxes | (87) | $ 0 | (87) | ||
Change in fair value of interest rate swap, net of tax | 1,187 | 1,187 | |||
Reclassification of interest rate swap settlement to net income (loss), net of tax | 34 | 34 | |||
Foreign currency translation gain (loss) | 2,600 | 2,600 | |||
Ending balance (in shares) at Mar. 31, 2022 | 43,890,000 | ||||
Ending balance at Mar. 31, 2022 | 223,028 | $ 439 | $ 473,072 | $ (222,402) | $ (28,081) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 223,028 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Change in fair value of interest rate swap, tax | $ 316 | |
Reclassification of interest rate swap settlement, tax | $ 9 | $ 861 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net loss | $ (3,302) | $ (4,913) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 11,429 | 11,568 |
Amortization of debt issuance costs and discount | 332 | 405 |
Impairments of property, plant and equipment | 233 | 0 |
Loss on extinguishment of debt and write-off of debt issuance costs | 0 | 2,390 |
Total derivative loss (gain), net of cash settlements | (2,543) | 3,301 |
Share of net income from joint venture, net of cash dividends received | 1,934 | (1,395) |
Share-based compensation expense | 949 | 886 |
Deferred income taxes | (42) | (1,605) |
Other | (826) | (1,081) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (17,633) | (6,684) |
Inventories | (5,536) | (5,589) |
Accounts payable | 11,416 | 7,094 |
Income taxes receivable and payable, net | (631) | (344) |
Other | (1,003) | 3,851 |
Net cash provided by (used in) operating activities | (5,223) | 7,884 |
Cash flows from investing activities | ||
Acquisition of property, plant and equipment | (4,262) | (5,468) |
Proceeds from sale of property, plant, and equipment | 36 | 11 |
Cash settlements of interest rate swap | 0 | (15,420) |
Net cash used in investing activities | (4,226) | (20,877) |
Cash flows from financing activities | ||
Cash paid for debt issuance costs | 0 | (6,856) |
Proceeds from issuance of preferred stock | 0 | 61,918 |
Redemption of preferred stock | 0 | 122,434 |
Proceeds from long-term debt | 8,000 | 150,000 |
Repayments of long-term debt | (8,729) | (70,721) |
Repayments of short-term debt, net | 0 | (1,090) |
Other | (787) | (1,189) |
Net cash provided by (used in) financing activities | (1,516) | 9,628 |
Effect of exchange rate changes on cash flows | 2,936 | (1,740) |
Net change in cash and cash equivalents | (8,029) | (5,105) |
Cash and cash equivalents at beginning of period | 28,656 | 48,138 |
Cash cash equivalents at end of period | $ 20,627 | $ 43,033 |
Interim Financial Statements
Interim Financial Statements | 3 Months Ended |
Mar. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Statements | Interim Financial Statements Nature of Business NN, Inc. is a global diversified industrial company that combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies primarily for the automotive, general industrial, electrical, aerospace, defense, and medical markets. As used in this Quarterly Report on Form 10-Q (this “Quarterly Report”), the terms “NN,” the “Company,” “we,” “our,” or “us” refer to NN, Inc., and its subsidiaries. Basis of Presentation The accompanying condensed consolidated financial statements have not been audited. The Condensed Consolidated Balance Sheet as of December 31, 2021, was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”), which we filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 11, 2022. In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to fairly state our results of operations for the three months ended March 31, 2022 and 2021; financial position as of March 31, 2022 and December 31, 2021; and cash flows for the three months ended March 31, 2022 and 2021, on a basis consistent with our audited consolidated financial statements. These adjustments are of a normal recurring nature and are, in the opinion of management, necessary to state fairly the Company’s financial position and operating results for the interim periods. Certain prior period amounts have been reclassified to conform to the current year’s presentation. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted from the unaudited condensed consolidated financial statements presented in this Quarterly Report. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the 2021 Annual Report. The results for the three months ended March 31, 2022, are not necessarily indicative of results for the year ending December 31, 2022, or any other future periods. Except for per share data or as otherwise indicated, all U.S. dollar amounts and share counts presented in the tables in these Notes to Condensed Consolidated Financial Statements are in thousands. Accounting Standards Recently Adopted In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. In addition, ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. Further, for the diluted earnings-per-share calculation, the new guidance requires entities to use the if-converted method for all convertible instruments and generally requires entities to include the effect of share settlement for instruments that may be settled in cash or shares, among other things. The adoption of ASU 2020-06 effective January 1, 2022 did not have a material impact on our consolidated financial statements and related disclosures. In May 2021, the FASB issued ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (“ASU 2021-04”), which clarifies the accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. Specifically, ASU 2021-04 requires the issuer to treat a modification of an equity-classified warrant as an exchange of the original warrant. The difference between the fair value of the modified warrant and the fair value of the warrant immediately before modification is then recognized as an issuance cost or discount of the related transaction. Since we do not have any equity-classified written call options that would be subject to this guidance, the adoption of ASU 2021-04 did not have any impact on our consolidated financial statements and related disclosures during the three months ended March 31, 2022. Accounting Standards Not Yet Adopted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”), which requires business entities to provide certain annual disclosures when they have received government assistance and use a grant or contribution accounting model by analogy to other accounting guidance. Such disclosures include the nature of the transactions, significant terms and conditions, accounting policies, and affected financial statement line items. ASU 2021-10 may be applied either prospectively or retrospectively. We are in the process of assessing the impact ASU 2021-10 may have on our annual disclosures for the year ending December 31, 2022. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our business is aggregated into the following two reportable segments: • Mobile Solutions, which is focused on growth in the automotive and general industrial end markets; and • Power Solutions, which is focused on growth in the electrical, general industrial, automotive, aerospace, defense, and medical end markets. These divisions are considered our two operating segments as each engages in business activities for which it earns revenues and incurs expenses, discrete financial information is available for each, and this is the level at which the chief operating decision maker reviews discrete financial information for purposes of allocating resources and assessing performance. The following tables present results of operations by reportable segment. Mobile Power Corporate Total Three Months Ended March 31, 2022 Net sales $ 76,070 $ 52,011 $ (14) (a) $ 128,067 Income (loss) from operations 1,969 364 (5,753) (3,420) Interest expense (3,439) Other 2,996 Loss from operations before income taxes and share of net income from joint venture $ (3,863) Three Months Ended March 31, 2021 Net sales $ 77,776 $ 49,075 $ (47) (a) $ 126,804 Income (loss) from operations 6,090 2,432 (7,544) 978 Interest expense (2,024) Other (6,018) Loss from operations before income taxes and share of net income from joint venture $ (7,064) _______________________________ (a) Includes elimination of intersegment transactions occurring during the ordinary course of business. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are comprised of the following amounts: March 31, 2022 December 31, 2021 Raw materials $ 31,108 $ 27,221 Work in process 28,857 24,960 Finished goods 21,274 22,846 Total inventories $ 81,239 $ 75,027 |
Intangible Assets, Net
Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Intangible Assets, Net The following table shows changes in the carrying amount of intangible assets, net, by reportable segment. Mobile Power Total Balance as of December 31, 2021 $ 25,709 $ 63,009 $ 88,718 Amortization (838) (2,749) (3,587) Balance as of March 31, 2022 $ 24,871 $ 60,260 $ 85,131 |
Investment in Joint Venture
Investment in Joint Venture | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Joint Venture | Investment in Joint Venture We own a 49% investment in Wuxi Weifu Autocam Precision Machinery Company, Ltd. (the “JV”), a joint venture located in Wuxi, China. The JV is jointly controlled and managed, and we account for it under the equity method. The following table shows changes in our investment in the JV. Balance as of December 31, 2021 $ 34,045 Share of earnings 2,092 Dividends paid by joint venture (4,026) Foreign currency translation gain 66 Balance as of March 31, 2022 $ 32,177 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesOur effective tax rate was (39.6)% and 10.7% for the three months ended March 31, 2022 and 2021, respectively. The effective tax rate for the three months ended March 31, 2022, differs from the U.S. federal statutory tax rate of 21% primarily due to the accrual of tax on non-permanently reinvested unremitted earnings of foreign subsidiaries and by limitation on the amount of tax benefit recorded for loss carryforwards in certain jurisdictions where we believe it is more likely than not that a portion of the future tax benefit may not be realized. In addition, the effective tax rate was unfavorably impacted by U.S. tax on the earnings of foreign subsidiaries under the global intangible low-taxed income regime. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt On March 22, 2021, we entered into a new $150.0 million term loan facility (the “Term Loan Facility”) and a new $50.0 million asset backed credit facility (the “ABL Facility”). The following table presents debt balances as of March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 Term Loan Facility $ 148,500 $ 148,875 International lines of credit and other loans 10,302 10,930 Total principal 158,802 159,805 Less-current maturities of long-term debt 3,138 3,074 Principal, net of current portion 155,664 156,731 Less-unamortized debt issuance costs and discount (1) 5,264 5,679 Long-term debt, net of current portion $ 150,400 $ 151,052 _______________________________ (1) In addition to this amount, costs of $0.7 million and $0.7 million related to the ABL Facility were recorded in other non-current assets as of March 31, 2022 and December 31, 2021, respectively. Term Loan Facility Outstanding borrowings under the Term Loan Facility bear interest at either 1) one-month LIBOR (subject to a 1.000% floor) plus an applicable margin of 6.875% or 2) the greater of various benchmark rates plus an applicable margin of 5.875%. At March 31, 2022, the Term Loan Facility bore interest, based on one-month LIBOR, at 7.875%. We have an interest rate swap that changes the one-month LIBOR to a fixed rate of 1.291% on $60.0 million of the outstanding balance of the Term Loan Facility. The Term Loan Facility requires quarterly principal payments of $0.4 million with the remaining unpaid principal amount due on the final maturity date of September 22, 2026. The Term Loan Facility is collateralized by all of our assets. The Term Loan Facility has a first lien on all assets other than accounts receivable and inventory and has a second lien on accounts receivable and inventory. On March 3, 2022, we amended our Term Loan Facility, which increases the quarterly maximum consolidated net leverage ratio. We were in compliance with all requirements under the Term Loan Facility as of March 31, 2022. The Term Loan Facility was issued at a $3.8 million discount and we capitalized an additional $2.8 million in new debt issuance costs. These costs are recorded as a direct reduction to the carrying amount of the associated long-term debt and amortized over the term of the debt. ABL Facility The ABL Facility provides for a senior secured revolving credit facility in the amount of $50.0 million, of which $30.0 million is available in the form of letters of credit and $5.0 million is available for the issuance of short-term swingline loans. The availability of credit under the ABL Facility is limited by a borrowing base calculation derived from accounts receivable and inventory held in the United States. Outstanding borrowings under the ABL Facility bear interest on a variable rate structure plus an interest rate spread that is based on the average amount of aggregate revolving commitment available. The variable borrowing rate is either 1) LIBOR plus an applicable margin of 1.75% or 2.00%, depending on availability, or 2) the greater of the federal funds rate or prime, plus an applicable margin of 0.75% or 1.00%, depending on availability. We may elect whether to use one-month, three-month, or six-month LIBOR, subject to a 0.50% floor. Interest payments are due monthly on borrowings that utilize one-month LIBOR and quarterly on borrowings that utilize three-month or six-month LIBOR. At March 31, 2022, using one-month LIBOR plus a 1.75% spread, the weighted average interest rate on outstanding borrowings under the ABL Facility would have been 2.25% if there had been any balance outstanding. We pay a commitment fee of 0.375% for unused capacity under the ABL Facility and a 1.875% fee on the amount of letters of credit outstanding. The final maturity date of the ABL Facility is March 22, 2026. As of March 31, 2022, we had no outstanding borrowings under the ABL Facility, $11.1 million of outstanding letters of credit, and $37.8 million available for future borrowings under the ABL Facility. The ABL Facility has a first lien on accounts receivable and inventory. We were in compliance with all requirements under the ABL Facility as of March 31, 2022. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases The following table contains supplemental cash flow information related to leases. Three Months Ended 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in finance leases $ 80 $ 57 Operating cash flows used in operating leases 4,204 4,103 Financing cash flows used in finance leases 700 846 Right-of-use assets obtained in exchange for new finance lease liabilities 395 60 Right-of-use assets obtained in exchange for new operating lease liabilities (1) 1,305 — _______________________________ (1) Includes new leases, renewals, and modifications. |
Leases | Leases The following table contains supplemental cash flow information related to leases. Three Months Ended 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in finance leases $ 80 $ 57 Operating cash flows used in operating leases 4,204 4,103 Financing cash flows used in finance leases 700 846 Right-of-use assets obtained in exchange for new finance lease liabilities 395 60 Right-of-use assets obtained in exchange for new operating lease liabilities (1) 1,305 — _______________________________ (1) Includes new leases, renewals, and modifications. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Brazil ICMS Tax Matter Prior to the acquisition of Autocam Corporation (“Autocam”) in 2014, Autocam’s Brazilian subsidiary (“Autocam Brazil”) received notification from the Brazilian tax authority regarding ICMS (state value added tax) tax credits claimed on intermediary materials (e.g., tooling and perishable items) used in the manufacturing process. The Brazilian tax authority notification disallowed state ICMS tax credits claimed on intermediary materials based on the argument that these items are not intrinsically related to the manufacturing processes. Autocam Brazil filed an administrative defense with the Brazilian tax authority arguing, among other matters, that it should qualify for an ICMS tax credit, contending that the intermediary materials are directly related to the manufacturing process. We believe that we have substantial legal and factual defenses, and we plan to defend our interests in this matter vigorously. The matter encompasses several lawsuits filed with the Brazilian courts requesting declaratory actions that no tax is due or seeking a stay of execution on the collection of the tax. In 2018, we obtained a favorable decision in one of the declaratory actions for which the period for appeal has expired. We have filed actions in each court requesting dismissal of the matter based on the earlier court action. In May 2020, we received an unfavorable decision in one of the lawsuits, and as a result have recorded a liability to the Brazilian tax authorities and a receivable from the former shareholders of Autocam for the same amount. Although we anticipate a favorable resolution to the remaining matters, we can provide no assurances that we will be successful in achieving dismissal of all pending cases. The U.S. dollar amount that would be owed in the event of an unfavorable decision is subject to interest, penalties, and currency impacts and therefore is dependent on the timing of the decision. For the remaining open lawsuits, we currently believe the cumulative potential liability in the event of unfavorable decisions on all matters will be less than $5.0 million, inclusive of interest and penalties. We are entitled to indemnification from the former shareholders of Autocam, subject to the limitations and procedures set forth in the agreement and plan of merger relating to the Autocam acquisition. Management believes the indemnification would include amounts owed for the tax, interest, and penalties related to this matter. Accordingly, we do not expect to incur a loss related to this matter even in the event of an unfavorable decision and, therefore, have not accrued an amount for the remaining matters as of March 31, 2022. Securities Offering Matter On November 1, 2019, Erie County Employees’ Retirement System, on behalf of a purported class of plaintiffs, filed a complaint in the Supreme Court of the State of New York, County of New York, against us, certain of our current and former officers and directors, and each of the underwriters involved in our public offering and sale of 14.4 million shares of our common stock pursuant to a preliminary prospectus supplement, dated September 10, 2018, a final prospectus supplement, dated September 13, 2018, and a base prospectus, dated April 19, 2017, relating to our effective shelf registration statement on Form S-3 (File No. 333-216737) (the “Offering”), which complaint was amended on January 24, 2020. The complaint alleges violations of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 in connection with the Offering. The plaintiffs seek to represent a class of stockholders who purchased shares of our common stock in the Offering. The complaint seeks unspecified monetary damages and other relief. We believe the complaint and allegations to be without merit and intend to vigorously defend ourself against these actions. We are unable at this time to determine whether the outcome of the litigation would have a material impact on our financial position, results of operations, or cash flows. Other Legal Matters On April 25, 2022, we reached an agreement to settle breach of contract claims brought by a former customer regarding the sale of products by us in 2016. Under the agreement, we will pay $1.8 million to the customer in specified installments through July 2023. Since the $1.8 million settlement was related to claims made against us prior to March 31, 2022, it was recognized during the three months ended March 31, 2022 and is included in the Other operating expense (income), net line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). |
Preferred Stock and Stockholder
Preferred Stock and Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Preferred Stock and Stockholders' Equity | Preferred Stock and Stockholders' Equity Series D Perpetual Preferred Stock On March 22, 2021, we completed a private placement of 65 thousand shares of newly designated Series D Perpetual Preferred Stock, with a par value of $0.01 per share (the “Series D Preferred Stock”), at a price of $1,000 per share, together with detachable warrants (the “2021 Warrants”) to purchase up to 1.9 million shares of our common stock at an exercise price of $0.01 per share. The Series D Preferred Stock has an initial liquidation preference of $1,000 per share and is redeemable at our option in cash at a redemption price equal to the liquidation preference then in effect. Series D Preferred Stock shares earn cash dividends at a rate of 10.0% per year, payable quarterly in arrears, accruing whether or not earned or declared. If no cash dividend is paid, then the liquidation preference per share effective on the dividend date increases by 12.0% per year. On March 22, 2026, the cash dividend rate and in-kind dividend rate increase by 2.5% per year. Cash dividends are required beginning on September 30, 2027. The Series D Preferred Stock is classified as mezzanine equity, between liabilities and stockholders’ equity, because certain features of the Series D Preferred Stock could require redemption of the Series D Preferred Stock upon a change of control event that is considered not solely within our control. For initial recognition, the Series D Preferred Stock was recognized at a discounted value, net of issuance costs and allocation to warrants and a bifurcated embedded derivative. The aggregate discount is amortized as a deemed dividend through March 22, 2026, which is the date the dividend rate begins to increase by 2.5% per year. Deemed dividends adjust retained earnings (or in the absence of retained earnings, additional paid-in capital). In accordance with ASC 815-15, Derivatives and Hedging - Embedded Derivatives, certain features of the Series D Preferred Stock were bifurcated and accounted for as derivatives separately. Note 15 discusses the accounting for these features. As of March 31, 2022, the carrying value of the Series D Preferred Stock shares was $56.3 million, which included $9.7 million of accumulated unpaid and deemed dividends. The following table presents the change in the Series D Preferred Stock carrying value during the three months ended March 31, 2022. Three Months Ended Beginning balance $ 53,807 Accrual of in-kind dividends 2,142 Amortization 396 Ending balance $ 56,345 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Revenue is recognized when control of the good or service is transferred to the customer either at a point in time or, in limited circumstances, as our services are rendered over time. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or services. The following tables summarize revenue by customer geographical region. Three Months Ended March 31, 2022 Mobile Power Intersegment Total United States and Puerto Rico $ 37,810 $ 40,486 $ (14) $ 78,282 China 12,552 1,244 — 13,796 Brazil 10,720 345 — 11,065 Mexico 5,064 4,741 — 9,805 Germany 1,283 62 — 1,345 Poland 1,340 4 — 1,344 Other 7,301 5,129 — 12,430 Total net sales $ 76,070 $ 52,011 $ (14) $ 128,067 Three Months Ended March 31, 2021 Mobile Power Intersegment Total United States and Puerto Rico $ 37,438 $ 39,806 $ (47) $ 77,197 China 14,414 1,506 — 15,920 Brazil 9,668 192 — 9,860 Mexico 5,015 3,397 — 8,412 Germany 1,767 164 — 1,931 Poland 1,180 4 — 1,184 Other 8,294 4,006 — 12,300 Total net sales $ 77,776 $ 49,075 $ (47) $ 126,804 The following tables summarize revenue by customer industry. Our products in the automotive industry include high-precision components and assemblies for electric power steering systems, electric braking, electric motors, fuel systems, emissions control, transmissions, moldings, stampings, sensors, and electrical contacts. Our products in the general industrial industry include high-precision metal and plastic components for a variety of industrial applications including diesel industrial motors, heating and cooling systems, fluid power systems, power tools, and more. While many of the industries we serve include electrical components, our products in the residential/commercial electrical industry category in the following tables include components used in smart meters, charging stations, circuit breakers, transformers, electrical contact assemblies, precision stampings, welded contact assemblies, and specification plating and surface finishing. Three Months Ended March 31, 2022 Mobile Power Intersegment Total Automotive $ 50,596 $ 10,078 $ — $ 60,674 General Industrial 21,805 16,335 — 38,140 Residential/Commercial Electrical — 17,199 — 17,199 Other 3,669 8,399 (14) 12,054 Total net sales $ 76,070 $ 52,011 $ (14) $ 128,067 Three Months Ended March 31, 2021 Mobile Power Intersegment Total Automotive $ 50,144 $ 10,425 $ — $ 60,569 General Industrial 24,310 15,374 — 39,684 Residential/Commercial Electrical — 15,354 — 15,354 Other 3,322 7,922 (47) 11,197 Total net sales $ 77,776 $ 49,075 $ (47) $ 126,804 Deferred Revenue Deferred revenue relates to payments received in advance of performance under the contract and recognized as revenue as (or when) we perform under the contract. The balance of deferred revenue was $0.4 million and $0.5 million as of March 31, 2022 and December 31, 2021, respectively. Revenue recognized for performance obligations satisfied or partially satisfied during the three months ended March 31, 2022 included $0.3 million that was included in deferred revenue as of December 31, 2021. Transaction Price Allocated to Future Performance Obligations We are required to disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of March 31, 2022, unless our contracts meet one of the practical expedients. Our contracts met the practical expedient for a performance obligation that is part of a contract that has an original expected duration of one year or less. |
Shared-Based Compensation
Shared-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Shared-Based Compensation | Share-Based Compensation The following table lists the components of share-based compensation expense by type of award, which is recognized in the “Selling, general, and administrative expense” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Three Months Ended 2022 2021 Stock options $ 56 $ 89 Restricted stock 604 548 Performance share units 289 249 Share-based compensation expense $ 949 $ 886 Stock Options The following table presents stock option activity for the three months ended March 31, 2022. Number of Options Weighted- Weighted- Aggregate Outstanding at January 1, 2022 621 $ 12.24 Expired (71) 9.83 Outstanding at March 31, 2022 550 $ 12.55 4.0 years $ — (1) Exercisable at March 31, 2022 523 $ 12.71 3.8 years $ — (1) _______________________________ (1) The aggregate intrinsic value is the sum of intrinsic values for each exercisable individual option grant. The intrinsic value is the amount by which the closing market price of our stock at March 31, 2022, was greater than the exercise price of any individual option grant. Restricted Stock During the three months ended March 31, 2022, we granted 897,000 shares of restricted stock to non-executive directors, officers and certain other key employees. The shares of restricted stock granted during the three months ended March 31, 2022, vest pro-rata generally over three years for employees and over one year for non-executive directors. We determined the fair value of the shares awarded by using the closing price of our common stock as of the date of grant. The weighted average grant date fair value of restricted stock granted in the three months ended March 31, 2022, was $3.31 per share. Total grant date fair value of restricted stock that vested in the three months ended March 31, 2022, was $1.8 million. The following table presents the status of unvested restricted stock awards as of March 31, 2022 and changes during the three months then ended. Nonvested Weighted Unvested at January 1, 2022 469 $ 7.28 Granted 897 3.31 Vested (261) 7.01 Forfeited (4) 7.49 Unvested at March 31, 2022 1,101 $ 4.11 Performance Share Units Performance Share Units (“PSUs”) are a form of long-term incentive compensation awarded to executive officers and certain other key employees designed to directly align the interests of employees to the interests of our stockholders, and to create long-term stockholder value. Some PSUs are based on total shareholder return (“TSR Awards”), and other PSUs are based on return on invested capital (“ROIC Awards”). TSR Awards granted in 2022 were made pursuant to the NN, Inc. 2019 Omnibus Incentive Plan and a Performance Share Unit Agreement (the “2019 Omnibus Agreement”). No ROIC Awards were granted during the three months ended March 31, 2022. The TSR Awards vest, if at all, upon our achieving a specified relative total shareholder return, which will be measured against the total shareholder return of a specified index during specified performance periods as defined in the 2019 Omnibus Agreement. The ROIC Awards vest, if at all, upon our achieving a specified average return on invested capital during the performance periods. Each performance period generally begins on January 1 of the year of grant and ends 3 years later on December 31. We recognize compensation expense over the performance period in which the performance and market conditions are measured. If the PSUs do not vest at the end of the performance periods, then the PSUs will expire automatically. Upon vesting, the PSUs will be settled by the issuance of shares of our common stock, subject to the award recipient’s continued employment. The actual number of shares of common stock to be issued to each award recipient at the end of the performance periods will be interpolated between a threshold and maximum payout amount based on actual performance results. No dividends will be paid on outstanding PSUs during the performance period; however, dividend equivalents will be paid based on dividends declared and the number of shares of common stock that are ultimately earned at the end of the performance periods. The following table presents the goals with respect to TSR Awards granted in 2022. TSR Awards: Threshold Target Performance Maximum Performance 2022 grants 25th Percentile 55th Percentile 75th Percentile We estimate the grant date fair value of TSR Awards using the Monte Carlo simulation model, as the total shareholder return metric is considered a market condition under ASC Topic 718, Compensation – stock compensation . The following table presents the status of unvested PSUs as of March 31, 2022 and changes during the three months then ended. Nonvested TSR Awards Nonvested ROIC Awards Shares Weighted Shares Weighted Nonvested at January 1, 2022 194 $ 9.59 228 $ 8.14 Granted 382 2.53 — — Nonvested at March 31, 2022 576 $ 4.90 228 $ 8.14 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following tables present the components of accumulated other comprehensive income (loss) (“AOCI”). Foreign Currency Translation Interest rate swap Income taxes (1) Total Balance at December 31, 2021 $ (32,016) $ 151 $ (37) $ (31,902) Other comprehensive income (loss) before reclassifications 2,600 1,503 (316) 3,787 Amounts reclassified from AOCI to interest expense (2) — 44 (10) 34 Net other comprehensive income (loss) 2,600 1,547 (326) 3,821 Balance at March 31, 2022 $ (29,416) $ 1,698 $ (363) $ (28,081) Balance at December 31, 2020 $ (30,881) $ (3,712) $ 861 $ (33,732) Other comprehensive income (loss) before reclassifications (3,347) — — (3,347) Amounts reclassified from AOCI to loss on interest rate swap — 3,712 (861) 2,851 Net other comprehensive income (loss) (3,347) 3,712 (861) (496) Balance at March 31, 2021 $ (34,228) $ — $ — $ (34,228) ______________________ (1) Income tax effect of changes in interest rate swap. (2) Represents interest rate swap settlements of effective hedge. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share In accordance with ASC 260, Earnings Per Share, a company that has participating securities is required to utilize the two-class method for calculating earnings per share (“EPS”) unless the treasury stock method results in lower EPS. The two-class method is an allocation of earnings between the holders of common stock and a company’s participating securities. Basic EPS is calculated by dividing income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. To calculate diluted EPS, basic EPS is further adjusted to include the effect of potentially dilutive stock options, warrants, and convertible preferred stock. The following table summarizes the computation of basic and diluted net income (loss) per common share. Three Months Ended 2022 2021 Numerator: Net loss $ (3,302) $ (4,913) Less: Preferred stock cumulative dividends and deemed dividends (2,538) (14,529) Numerator for basic and diluted undistributed net loss per common share (1) $ (5,840) $ (19,442) Denominator: Weighted average common shares outstanding 43,308 42,836 Adjustment for unvested restricted common stock (608) (375) Adjustment for 2021 Warrants outstanding (2) 1,894 211 Shares used to calculate loss per share, basic and diluted 44,594 42,672 Basic and diluted loss per common share $ (0.13) $ (0.46) Cash dividends declared per common share $ — $ — _______________________________ (1) Preferred Stock does not participate in losses. (2) Weighted average 2021 Warrants outstanding are included in shares outstanding for calculation of basic earnings per share because they are exercisable at an exercise price of $0.01 per share, subject to certain adjustments (see Note 15). The following table presents securities that could be potentially dilutive in the future that were excluded from the calculation of diluted net loss per common share because they had an anti-dilutive effect. Three Months Ended 2022 2021 Options 600 847 2019 Warrants 1,500 1,500 2,100 2,347 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is an exit price representing the expected amount that an entity would receive to sell an asset or pay to transfer a liability in an orderly transaction with market participants at the measurement date. We followed consistent methods and assumptions to estimate fair values as more fully described in the 2021 Annual Report. Fair value principles prioritize valuation inputs across three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the assumptions used to measure assets and liabilities at fair value. An asset or liability’s classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement. Our financial instruments that are subject to fair value disclosure consist of cash and cash equivalents, accounts receivable, accounts payable, derivatives, and long-term debt. As of March 31, 2022, the carrying values of these financial instruments approximated fair value. Derivative Financial Instruments Certain features were bifurcated and accounted for separately from the Series B Preferred Stock, which was redeemed in March 2021. The following feature was recorded as a derivative. • Warrants. In conjunction with our placement of the Series B Preferred Stock in December 2019, we issued detachable warrants to purchase up to 1.5 million shares of our common stock (the “2019 Warrants”), which are exercisable, in full or in part, at any time prior to December 11, 2026, at an exercise price of $11.49 per share. Certain features were bifurcated and accounted for separately from the Series D Preferred Stock that was issued on March 22, 2021. The following features were recorded as derivatives. • Change-in-control put feature. The Series D Preferred Stock includes a put feature that allows the holder to redeem the Series D Preferred Stock upon a change in control at the greater of 1) the liquidation preference plus accrued dividends or 2) 140% of the liquidation preference. The put feature is considered a redemption right at a premium and is not clearly and closely related to the debt host. • Warrants. In conjunction with our placement of the Series D Preferred Stock, we issued detachable warrants to purchase up to 1.9 million shares of our common stock. The 2021 Warrants are exercisable, in full or in part, at any time prior to March 22, 2027, at an exercise price of $0.01 per share, subject to anti-dilution adjustments in the event of certain future equity issuances, stock splits, stock dividends, combinations or similar events. The following tables show the liabilities measured at fair value for the Preferred Stock derivatives as of March 31, 2022 and December 31, 2021. Fair Value Measurements as of March 31, 2022 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other non-current liabilities 5,453 — 228 Fair Value Measurements as of December 31, 2021 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other non-current liabilities 7,771 — 453 The following table presents the change in the Preferred Stock derivatives during the three months ended March 31, 2022. Three Months Ended March 31, 2022 Beginning balance $ 8,224 Change in fair value (1) (2,543) Ending balance $ 5,681 _______________________________ (1) Changes in the fair value are recognized in the “Other income, net” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The fair value of the change-in-control put feature utilizes unobservable inputs based on the Company’s assessment of the probability of a change-in-control event occurring in a future period. The probability of a change-in-control event ranged from 3% to 10% as of March 31, 2022. The fair value of the 2019 Warrants is determined using a valuation model that utilizes unobservable inputs to determine the probability that the 2019 Warrants will remain outstanding for future periods. The probabilities resulted in a weighted average term of 3.1 years as of March 31, 2022, and 3.6 years as of December 31, 2021. The fair value of the 2021 Warrants is determined using the observable market price of a share of our common stock, less the $0.01 per share exercise price. Interest Rate Swaps We manage our exposure to fluctuations in interest rates using a mix of fixed and variable rate debt. We utilize fixed-rate interest rate swap agreements to change the variable interest rate to a fixed rate on a portion of our variable rate debt. On July 22, 2021, we entered into a fixed-rate interest rate swap agreement to change the LIBOR-based component of the interest rate on a portion of our variable rate debt to a fixed rate of 1.291% (the “2021 Swap”). The 2021 Swap has a notional amount of $60.0 million and a maturity date of July 31, 2024. The objective of the 2021 Swap is to eliminate the variability of cash flows in interest payments on the first $60.0 million of variable rate debt attributable to changes in benchmark one-month LIBOR interest rates. The hedged risk is the interest rate risk exposure to changes in interest payments, attributable to changes in benchmark one-month LIBOR interest rates over the interest rate swap term. The changes in cash flows of the interest rate swap are expected to exactly offset changes in cash flows of the variable rate debt. We designated the 2021 Swap as a cash flow hedge at inception. Cash settlements of the 2021 Swap are recognized in interest expense. On February 8, 2019, we entered into a $700.0 million fixed-rate interest rate swap agreement that changed the LIBOR-based portion of the interest rate on a portion of our variable rate debt to a fixed rate of 2.4575% (the “2019 Swap”). On March 22, 2021, we terminated the 2019 Swap with a $13.7 million cash payment in connection with the extinguishment of our previously outstanding long-term variable-rate debt. The 2019 Swap was designated as a cash flow hedge at inception. However, in the fourth quarter of 2020, the 2019 Swap no longer qualified as an effective hedge, and subsequent changes in fair value of the 2019 Swap were recognized in earnings. Amounts recognized in earnings related to the 2019 Swap are recorded in the “Loss on interest rate swap” line on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) except that cash settlements prior to termination are recognized in “Derivative payments on interest rate swap.” Cash settlements during 2021 are presented in investing activities on the Condensed Consolidated Statements of Cash Flows. The following table presents the effect of the interest rate swaps on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Three Months Ended 2022 2021 Interest expense (1) $ 44 $ — Derivative payments on interest rate swap (2) — 1,717 Loss on interest rate swap (2) — 2,033 _______________________________ (1) Represents settlements on the interest rate swaps while the hedges are effective. (2) Represents settlements and changes in fair value on the 2019 Swap. The following tables present the assets and liabilities measured at fair value on a recurring basis for the interest rate swaps as of March 31, 2022 and December 31, 2021. Fair Value Measurements as of March 31, 2022 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative asset - other current assets $ — $ 364 $ — Derivative asset - other non-current assets — 1,337 — Total $ — $ 1,701 $ — Fair Value Measurements as of December 31, 2021 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative asset - other non-current assets $ — $ 284 $ — Derivative liability - other current liabilities — (129) — Total $ — $ 155 $ — The inputs for determining fair value of the interest rate swaps are classified as Level 2 inputs. Level 2 fair value is based on estimates using standard pricing models. These standard pricing models use inputs which are derived from or corroborated by observable market data such as interest rate yield curves, index forward curves, discount curves, and volatility surfaces. Counterparty to this derivative contract is a highly rated financial institution which we believe carries only a minimal risk of nonperformance. Fixed Rate Debt |
Interim Financial Statements (P
Interim Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have not been audited. The Condensed Consolidated Balance Sheet as of December 31, 2021, was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”), which we filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 11, 2022. In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to fairly state our results of operations for the three months ended March 31, 2022 and 2021; financial position as of March 31, 2022 and December 31, 2021; and cash flows for the three months ended March 31, 2022 and 2021, on a basis consistent with our audited consolidated financial statements. These adjustments are of a normal recurring nature and are, in the opinion of management, necessary to state fairly the Company’s financial position and operating results for the interim periods. Certain prior period amounts have been reclassified to conform to the current year’s presentation. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted from the unaudited condensed consolidated financial statements presented in this Quarterly Report. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the 2021 Annual Report. The results for the three months ended March 31, 2022, are not necessarily indicative of results for the year ending December 31, 2022, or any other future periods. Except for per share data or as otherwise indicated, all U.S. dollar amounts and share counts presented in the tables in these Notes to Condensed Consolidated Financial Statements are in thousands. |
Accounting Standards Recently Adopted and Not Yet Adopted | Accounting Standards Recently Adopted In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. In addition, ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. Further, for the diluted earnings-per-share calculation, the new guidance requires entities to use the if-converted method for all convertible instruments and generally requires entities to include the effect of share settlement for instruments that may be settled in cash or shares, among other things. The adoption of ASU 2020-06 effective January 1, 2022 did not have a material impact on our consolidated financial statements and related disclosures. In May 2021, the FASB issued ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (“ASU 2021-04”), which clarifies the accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. Specifically, ASU 2021-04 requires the issuer to treat a modification of an equity-classified warrant as an exchange of the original warrant. The difference between the fair value of the modified warrant and the fair value of the warrant immediately before modification is then recognized as an issuance cost or discount of the related transaction. Since we do not have any equity-classified written call options that would be subject to this guidance, the adoption of ASU 2021-04 did not have any impact on our consolidated financial statements and related disclosures during the three months ended March 31, 2022. Accounting Standards Not Yet Adopted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”), which requires business entities to provide certain annual disclosures when they have received government assistance and use a grant or contribution accounting model by analogy to other accounting guidance. Such disclosures include the nature of the transactions, significant terms and conditions, accounting policies, and affected financial statement line items. ASU 2021-10 may be applied either prospectively or retrospectively. We are in the process of assessing the impact ASU 2021-10 may have on our annual disclosures for the year ending December 31, 2022. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | The following tables present results of operations by reportable segment. Mobile Power Corporate Total Three Months Ended March 31, 2022 Net sales $ 76,070 $ 52,011 $ (14) (a) $ 128,067 Income (loss) from operations 1,969 364 (5,753) (3,420) Interest expense (3,439) Other 2,996 Loss from operations before income taxes and share of net income from joint venture $ (3,863) Three Months Ended March 31, 2021 Net sales $ 77,776 $ 49,075 $ (47) (a) $ 126,804 Income (loss) from operations 6,090 2,432 (7,544) 978 Interest expense (2,024) Other (6,018) Loss from operations before income taxes and share of net income from joint venture $ (7,064) _______________________________ (a) Includes elimination of intersegment transactions occurring during the ordinary course of business. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories are comprised of the following amounts: March 31, 2022 December 31, 2021 Raw materials $ 31,108 $ 27,221 Work in process 28,857 24,960 Finished goods 21,274 22,846 Total inventories $ 81,239 $ 75,027 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Carrying Amount of Intangible Assets Net | The following table shows changes in the carrying amount of intangible assets, net, by reportable segment. Mobile Power Total Balance as of December 31, 2021 $ 25,709 $ 63,009 $ 88,718 Amortization (838) (2,749) (3,587) Balance as of March 31, 2022 $ 24,871 $ 60,260 $ 85,131 |
Investment in Joint Venture (Ta
Investment in Joint Venture (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Activity Related to Investment in Joint Venture | The following table shows changes in our investment in the JV. Balance as of December 31, 2021 $ 34,045 Share of earnings 2,092 Dividends paid by joint venture (4,026) Foreign currency translation gain 66 Balance as of March 31, 2022 $ 32,177 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The following table presents debt balances as of March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 Term Loan Facility $ 148,500 $ 148,875 International lines of credit and other loans 10,302 10,930 Total principal 158,802 159,805 Less-current maturities of long-term debt 3,138 3,074 Principal, net of current portion 155,664 156,731 Less-unamortized debt issuance costs and discount (1) 5,264 5,679 Long-term debt, net of current portion $ 150,400 $ 151,052 _______________________________ |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost | The following table contains supplemental cash flow information related to leases. Three Months Ended 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in finance leases $ 80 $ 57 Operating cash flows used in operating leases 4,204 4,103 Financing cash flows used in finance leases 700 846 Right-of-use assets obtained in exchange for new finance lease liabilities 395 60 Right-of-use assets obtained in exchange for new operating lease liabilities (1) 1,305 — _______________________________ (1) Includes new leases, renewals, and modifications. |
Preferred Stock and Stockhold_2
Preferred Stock and Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Temporary Equity | The following table presents the change in the Series D Preferred Stock carrying value during the three months ended March 31, 2022. Three Months Ended Beginning balance $ 53,807 Accrual of in-kind dividends 2,142 Amortization 396 Ending balance $ 56,345 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue from Contracts with Customers | Three Months Ended March 31, 2022 Mobile Power Intersegment Total United States and Puerto Rico $ 37,810 $ 40,486 $ (14) $ 78,282 China 12,552 1,244 — 13,796 Brazil 10,720 345 — 11,065 Mexico 5,064 4,741 — 9,805 Germany 1,283 62 — 1,345 Poland 1,340 4 — 1,344 Other 7,301 5,129 — 12,430 Total net sales $ 76,070 $ 52,011 $ (14) $ 128,067 Three Months Ended March 31, 2021 Mobile Power Intersegment Total United States and Puerto Rico $ 37,438 $ 39,806 $ (47) $ 77,197 China 14,414 1,506 — 15,920 Brazil 9,668 192 — 9,860 Mexico 5,015 3,397 — 8,412 Germany 1,767 164 — 1,931 Poland 1,180 4 — 1,184 Other 8,294 4,006 — 12,300 Total net sales $ 77,776 $ 49,075 $ (47) $ 126,804 The following tables summarize revenue by customer industry. Our products in the automotive industry include high-precision components and assemblies for electric power steering systems, electric braking, electric motors, fuel systems, emissions control, transmissions, moldings, stampings, sensors, and electrical contacts. Our products in the general industrial industry include high-precision metal and plastic components for a variety of industrial applications including diesel industrial motors, heating and cooling systems, fluid power systems, power tools, and more. While many of the industries we serve include electrical components, our products in the residential/commercial electrical industry category in the following tables include components used in smart meters, charging stations, circuit breakers, transformers, electrical contact assemblies, precision stampings, welded contact assemblies, and specification plating and surface finishing. Three Months Ended March 31, 2022 Mobile Power Intersegment Total Automotive $ 50,596 $ 10,078 $ — $ 60,674 General Industrial 21,805 16,335 — 38,140 Residential/Commercial Electrical — 17,199 — 17,199 Other 3,669 8,399 (14) 12,054 Total net sales $ 76,070 $ 52,011 $ (14) $ 128,067 Three Months Ended March 31, 2021 Mobile Power Intersegment Total Automotive $ 50,144 $ 10,425 $ — $ 60,569 General Industrial 24,310 15,374 — 39,684 Residential/Commercial Electrical — 15,354 — 15,354 Other 3,322 7,922 (47) 11,197 Total net sales $ 77,776 $ 49,075 $ (47) $ 126,804 Deferred Revenue |
Shared-Based Compensation (Tabl
Shared-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Components of Share-Based Compensation Expense by Type of Award | The following table lists the components of share-based compensation expense by type of award, which is recognized in the “Selling, general, and administrative expense” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Three Months Ended 2022 2021 Stock options $ 56 $ 89 Restricted stock 604 548 Performance share units 289 249 Share-based compensation expense $ 949 $ 886 |
Reconciliation of Option Activity | The following table presents stock option activity for the three months ended March 31, 2022. Number of Options Weighted- Weighted- Aggregate Outstanding at January 1, 2022 621 $ 12.24 Expired (71) 9.83 Outstanding at March 31, 2022 550 $ 12.55 4.0 years $ — (1) Exercisable at March 31, 2022 523 $ 12.71 3.8 years $ — (1) _______________________________ (1) The aggregate intrinsic value is the sum of intrinsic values for each exercisable individual option grant. The intrinsic value is the amount by which the closing market price of our stock at March 31, 2022, was greater than the exercise price of any individual option grant. |
Reconciliation of Restricted Stock Option Activity | The following table presents the status of unvested restricted stock awards as of March 31, 2022 and changes during the three months then ended. Nonvested Weighted Unvested at January 1, 2022 469 $ 7.28 Granted 897 3.31 Vested (261) 7.01 Forfeited (4) 7.49 Unvested at March 31, 2022 1,101 $ 4.11 |
Schedule of Performance Based Awards Goals with Respect to TSR and ROIC | The following table presents the goals with respect to TSR Awards granted in 2022. TSR Awards: Threshold Target Performance Maximum Performance 2022 grants 25th Percentile 55th Percentile 75th Percentile |
Summary of Status of Unvested PSU Awards | The following table presents the status of unvested PSUs as of March 31, 2022 and changes during the three months then ended. Nonvested TSR Awards Nonvested ROIC Awards Shares Weighted Shares Weighted Nonvested at January 1, 2022 194 $ 9.59 228 $ 8.14 Granted 382 2.53 — — Nonvested at March 31, 2022 576 $ 4.90 228 $ 8.14 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following tables present the components of accumulated other comprehensive income (loss) (“AOCI”). Foreign Currency Translation Interest rate swap Income taxes (1) Total Balance at December 31, 2021 $ (32,016) $ 151 $ (37) $ (31,902) Other comprehensive income (loss) before reclassifications 2,600 1,503 (316) 3,787 Amounts reclassified from AOCI to interest expense (2) — 44 (10) 34 Net other comprehensive income (loss) 2,600 1,547 (326) 3,821 Balance at March 31, 2022 $ (29,416) $ 1,698 $ (363) $ (28,081) Balance at December 31, 2020 $ (30,881) $ (3,712) $ 861 $ (33,732) Other comprehensive income (loss) before reclassifications (3,347) — — (3,347) Amounts reclassified from AOCI to loss on interest rate swap — 3,712 (861) 2,851 Net other comprehensive income (loss) (3,347) 3,712 (861) (496) Balance at March 31, 2021 $ (34,228) $ — $ — $ (34,228) ______________________ (1) Income tax effect of changes in interest rate swap. (2) Represents interest rate swap settlements of effective hedge. |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method | The following table summarizes the computation of basic and diluted net income (loss) per common share. Three Months Ended 2022 2021 Numerator: Net loss $ (3,302) $ (4,913) Less: Preferred stock cumulative dividends and deemed dividends (2,538) (14,529) Numerator for basic and diluted undistributed net loss per common share (1) $ (5,840) $ (19,442) Denominator: Weighted average common shares outstanding 43,308 42,836 Adjustment for unvested restricted common stock (608) (375) Adjustment for 2021 Warrants outstanding (2) 1,894 211 Shares used to calculate loss per share, basic and diluted 44,594 42,672 Basic and diluted loss per common share $ (0.13) $ (0.46) Cash dividends declared per common share $ — $ — _______________________________ (1) Preferred Stock does not participate in losses. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents securities that could be potentially dilutive in the future that were excluded from the calculation of diluted net loss per common share because they had an anti-dilutive effect. Three Months Ended 2022 2021 Options 600 847 2019 Warrants 1,500 1,500 2,100 2,347 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Derivative Instruments | The following tables show the liabilities measured at fair value for the Preferred Stock derivatives as of March 31, 2022 and December 31, 2021. Fair Value Measurements as of March 31, 2022 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other non-current liabilities 5,453 — 228 Fair Value Measurements as of December 31, 2021 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other non-current liabilities 7,771 — 453 The following table presents the change in the Preferred Stock derivatives during the three months ended March 31, 2022. Three Months Ended March 31, 2022 Beginning balance $ 8,224 Change in fair value (1) (2,543) Ending balance $ 5,681 _______________________________ |
Schedule of Interest Rate Derivatives | The following table presents the effect of the interest rate swaps on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Three Months Ended 2022 2021 Interest expense (1) $ 44 $ — Derivative payments on interest rate swap (2) — 1,717 Loss on interest rate swap (2) — 2,033 _______________________________ (1) Represents settlements on the interest rate swaps while the hedges are effective. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present the assets and liabilities measured at fair value on a recurring basis for the interest rate swaps as of March 31, 2022 and December 31, 2021. Fair Value Measurements as of March 31, 2022 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative asset - other current assets $ — $ 364 $ — Derivative asset - other non-current assets — 1,337 — Total $ — $ 1,701 $ — Fair Value Measurements as of December 31, 2021 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative asset - other non-current assets $ — $ 284 $ — Derivative liability - other current liabilities — (129) — Total $ — $ 155 $ — |
Segment Information - Continuin
Segment Information - Continuing Operations by Reportable Segment (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)segment | Mar. 31, 2021USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 2 | |
Number of operating segments | segment | 2 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 128,067 | $ 126,804 |
Income (loss) from operations | (3,420) | 978 |
Interest expense | (3,439) | (2,024) |
Other | 2,996 | (6,018) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (3,863) | (7,064) |
United States and Puerto Rico | ||
Segment Reporting Information [Line Items] | ||
Net sales | 78,282 | 77,197 |
Operating Segments | Mobile Solutions | ||
Segment Reporting Information [Line Items] | ||
Net sales | 76,070 | 77,776 |
Income (loss) from operations | 1,969 | 6,090 |
Operating Segments | Mobile Solutions | United States and Puerto Rico | ||
Segment Reporting Information [Line Items] | ||
Net sales | 37,810 | 37,438 |
Operating Segments | Power Solutions | ||
Segment Reporting Information [Line Items] | ||
Net sales | 52,011 | 49,075 |
Income (loss) from operations | 364 | 2,432 |
Operating Segments | Power Solutions | United States and Puerto Rico | ||
Segment Reporting Information [Line Items] | ||
Net sales | 40,486 | 39,806 |
Corporate and Eliminations | ||
Segment Reporting Information [Line Items] | ||
Income (loss) from operations | (5,753) | (7,544) |
Intersegment Sales Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net sales | (14) | (47) |
Intersegment Sales Eliminations | United States and Puerto Rico | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ (14) | $ (47) |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 31,108 | $ 27,221 |
Work in process | 28,857 | 24,960 |
Finished goods | 21,274 | 22,846 |
Inventories | $ 81,239 | $ 75,027 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Carrying Amount of Intangible Assets by Segment (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | $ 88,718 |
Amortization | (3,587) |
Ending balance | 85,131 |
Mobile Solutions | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | 25,709 |
Amortization | (838) |
Ending balance | 24,871 |
Power Solutions | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | 63,009 |
Amortization | (2,749) |
Ending balance | $ 60,260 |
Investment in Joint Venture - A
Investment in Joint Venture - Additional Information (Detail) | Mar. 31, 2022 |
Wuxi Weifu Autocam Precision Machinery Company, Ltd. | |
Schedule of Equity Method Investments [Line Items] | |
Investment in joint venture | 49.00% |
Investment in Joint Venture - S
Investment in Joint Venture - Summarized Activity Related to Investment in Joint Venture (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity Method Investments [Roll Forward] | ||
Beginning Balance | $ 34,045 | |
Share of earnings | 2,092 | $ 1,395 |
Ending Balance | 32,177 | |
Joint Venture | ||
Equity Method Investments [Roll Forward] | ||
Beginning Balance | 34,045 | |
Share of earnings | 2,092 | |
Proceeds from Equity Method Investment, Distribution | (4,026) | |
Foreign currency translation gain | 66 | |
Ending Balance | $ 32,177 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate from continuing operations | (39.60%) | 10.70% |
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 21.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 22, 2021 | |
Debt Instrument [Line Items] | |||
Debt issuance costs, line of credit arrangements, net | $ 700 | $ 700 | |
Interest Rate Swap | July 22 2021 | |||
Debt Instrument [Line Items] | |||
Derivative, fixed interest rate | 1.291% | ||
Derivative, notional amount | $ 60,000 | ||
Interest Rate Swap | February 8, 2019 | |||
Debt Instrument [Line Items] | |||
Derivative, fixed interest rate | 2.4575% | ||
Derivative, notional amount | $ 700,000 | ||
Term Loan Facility Member | |||
Debt Instrument [Line Items] | |||
Borrowings | $ 150,000 | ||
Interest rate during period | 7.875% | ||
Principal payment amount | $ 400 | ||
Issuance discount | 3,800 | ||
Debt issuance costs | $ 2,800 | ||
Outstanding borrowings | $ 148,500 | $ 148,875 | |
Term Loan Facility Member | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Applicable margin | 6.875% | ||
Term Loan Facility Member | London Interbank Offered Rate (LIBOR) | Minimum | |||
Debt Instrument [Line Items] | |||
Applicable margin | 1.00% | ||
Term Loan Facility Member | Various Benchmark Rates Member | |||
Debt Instrument [Line Items] | |||
Applicable margin | 5.875% | ||
Asset Backed Credit Facility Member [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 50,000 | ||
Applicable margin | 1.75% | ||
Interest rate during period | 2.25% | ||
Debt instrument, LIBOR floor rate | 0.50% | ||
Unused capacity, commitment fee percentage | 0.375% | ||
Outstanding borrowings | $ 0 | ||
Available capacity | 37,800 | ||
Letters of Credit Outstanding, Amount | $ 11,100 | ||
Asset Backed Credit Facility Member [Member] | London Interbank Offered Rate (LIBOR) | Minimum | |||
Debt Instrument [Line Items] | |||
Applicable margin | 1.75% | ||
Asset Backed Credit Facility Member [Member] | London Interbank Offered Rate (LIBOR) | Maximum | |||
Debt Instrument [Line Items] | |||
Applicable margin | 2.00% | ||
Asset Backed Credit Facility Member [Member] | Federal Funds Or Prime Rate Member | Minimum | |||
Debt Instrument [Line Items] | |||
Applicable margin | 0.75% | ||
Asset Backed Credit Facility Member [Member] | Federal Funds Or Prime Rate Member | Maximum | |||
Debt Instrument [Line Items] | |||
Applicable margin | 1.00% | ||
Letters of credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 30,000 | ||
Unused capacity, commitment fee percentage | 1.875% | ||
Swingline loans | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 5,000 |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total principal | $ 158,802 | $ 159,805 |
Less-current maturities of long-term debt | 3,138 | 3,074 |
Principal, net of current portion | 155,664 | 156,731 |
Less-unamortized debt issuance costs | 5,264 | 5,679 |
Long-term debt, net of current portion | 150,400 | 151,052 |
Debt issuance costs, line of credit arrangements, net | 700 | 700 |
Term Loan Facility Member | ||
Debt Instrument [Line Items] | ||
Term loans | 148,500 | 148,875 |
Foreign Line of Credit | ||
Debt Instrument [Line Items] | ||
International lines of credit and other loans | $ 10,302 | $ 10,930 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows used in finance leases | $ 80 | $ 57 |
Operating cash flows used in operating leases | 4,204 | 4,103 |
Financing cash flows used in finance leases | 700 | 846 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 395 | 60 |
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | $ 1,305 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | Nov. 01, 2019 | Mar. 31, 2022 |
Loss Contingencies [Line Items] | ||
Stock issued during period, shares, new issues (in shares) | 14.4 | |
Litigation Settlement, Amount Awarded to Other Party | $ 1.8 | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Loss contingency, estimate of possible loss | $ 5 |
Preferred Stock and Stockhold_3
Preferred Stock and Stockholders' Equity - Additional Information (Details) - Series D Preferred Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Temporary Equity [Line Items] | |||
Sale of stock, number of shares issued in transaction (in shares) | 65 | ||
Temporary equity, par value (in dollars per share) | $ 0.01 | ||
Sale of stock, price per share (in dollars per share) | $ 1,000 | ||
Class of warrant or right, number of securities called by warrants or rights (in shares) | 1,900 | ||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 0.01 | ||
Temporary equity, liquidation preference per share (in dollars per share) | $ 1,000 | ||
Temporary equity, dividend rate, percentage | 10.00% | ||
Increase in dividend rate if no cash dividends paid | 12.00% | ||
Annual increase in dividend rate | 2.50% | ||
Carrying value | $ 56,345 | $ 53,807 | |
Accrual of in-kind dividends | 2,142 | ||
Temporary Equity Dividends Unpaid Deemed | 9,700 | ||
Temporary Equity, Aggregate Amount of Redemption Requirement | $ 56,300 |
Preferred Stock and Stockhold_4
Preferred Stock and Stockholders' Equity - Carrying Value Roll Forward (Details) - Series D Preferred Stock $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Temporary Equity, Carrying Amount, Attributable to Parent | $ 53,807 |
Accrual of in-kind dividends | 2,142 |
Temporary Equity, Other Changes | (396) |
Temporary Equity, Carrying Amount, Attributable to Parent | $ 56,345 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue, Major Customer [Line Items] | ||
Net sales | $ 128,067 | $ 126,804 |
Automotive | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 60,674 | 60,569 |
General Industrial | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 38,140 | 39,684 |
Residential/Commercial Electrical | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 17,199 | 15,354 |
Other End Market Member | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 12,054 | 11,197 |
United States and Puerto Rico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 78,282 | 77,197 |
China | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 13,796 | 15,920 |
Brazil | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 11,065 | 9,860 |
Mexico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 9,805 | 8,412 |
Germany | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 1,345 | 1,931 |
Poland | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 1,344 | 1,184 |
Other | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 12,430 | 12,300 |
Operating Segments | Mobile Solutions | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 76,070 | 77,776 |
Operating Segments | Mobile Solutions | Automotive | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 50,596 | 50,144 |
Operating Segments | Mobile Solutions | General Industrial | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 21,805 | 24,310 |
Operating Segments | Mobile Solutions | Residential/Commercial Electrical | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 0 | 0 |
Operating Segments | Mobile Solutions | Other End Market Member | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 3,669 | 3,322 |
Operating Segments | Mobile Solutions | United States and Puerto Rico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 37,810 | 37,438 |
Operating Segments | Mobile Solutions | China | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 12,552 | 14,414 |
Operating Segments | Mobile Solutions | Brazil | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 10,720 | 9,668 |
Operating Segments | Mobile Solutions | Mexico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 5,064 | 5,015 |
Operating Segments | Mobile Solutions | Germany | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 1,283 | 1,767 |
Operating Segments | Mobile Solutions | Poland | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 1,340 | 1,180 |
Operating Segments | Mobile Solutions | Other | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 7,301 | 8,294 |
Operating Segments | Power Solutions | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 52,011 | 49,075 |
Operating Segments | Power Solutions | Automotive | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 10,078 | 10,425 |
Operating Segments | Power Solutions | General Industrial | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 16,335 | 15,374 |
Operating Segments | Power Solutions | Residential/Commercial Electrical | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 17,199 | 15,354 |
Operating Segments | Power Solutions | Other End Market Member | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 8,399 | 7,922 |
Operating Segments | Power Solutions | United States and Puerto Rico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 40,486 | 39,806 |
Operating Segments | Power Solutions | China | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 1,244 | 1,506 |
Operating Segments | Power Solutions | Brazil | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 345 | 192 |
Operating Segments | Power Solutions | Mexico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 4,741 | 3,397 |
Operating Segments | Power Solutions | Germany | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 62 | 164 |
Operating Segments | Power Solutions | Poland | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 4 | 4 |
Operating Segments | Power Solutions | Other | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 5,129 | 4,006 |
Intersegment Sales Eliminations | ||
Revenue, Major Customer [Line Items] | ||
Net sales | (14) | (47) |
Intersegment Sales Eliminations | Other End Market Member | ||
Revenue, Major Customer [Line Items] | ||
Net sales | (14) | (47) |
Intersegment Sales Eliminations | United States and Puerto Rico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | $ (14) | $ (47) |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue, Major Customer [Line Items] | ||
Net sales | $ 128,067 | $ 126,804 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Contract with Customer, Liability [Abstract] | ||
Deferred revenue | $ 400 | $ 500 |
Amounts included in deferred revenue for performance obligations satisfied or partially satisfied | $ 300 |
Shared-Based Compensation - Add
Shared-Based Compensation - Additional Information (Detail) shares in Thousands, $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units issued (in shares) | 897 |
Total grant-date fair value of restricted stock, vested | $ | $ 1.8 |
Performance Shares TSR Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units issued (in shares) | 382 |
Award performance period | 3 years |
Performance Shares ROIC Award [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units issued (in shares) | 0 |
Employees | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock awards granted vesting period | 3 years |
Non-executive Directors | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock awards granted vesting period | 1 year |
Shared-Based Compensation - Com
Shared-Based Compensation - Components of Share-Based Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 949 | $ 886 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 56 | 89 |
Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 604 | 548 |
Performance share units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 289 | $ 249 |
Shared-Based Compensation - Rec
Shared-Based Compensation - Reconciliation of Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Number of Options (in thousands) | |
Beginning balance (in shares) | shares | 621 |
Expired | shares | (71) |
Ending balance (in shares) | shares | 550 |
Options exercisable (in shares) | shares | 523 |
Weighted- Average Exercise Price (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 12.24 |
Expired (in dollars per share) | $ / shares | 9.83 |
Ending balance (in dollars per share) | $ / shares | 12.55 |
Options exercisable (in dollars per share) | $ / shares | $ 12.71 |
Weighted- Average Remaining Contractual Term | |
Outstanding | 4 years |
Options exercisable | 3 years 9 months 18 days |
Aggregate Intrinsic Value | |
Outstanding | $ | $ 0 |
Options exercisable | $ | $ 0 |
Shared-Based Compensation - R_2
Shared-Based Compensation - Reconciliation of Restricted Stock Option Activity (Detail) shares in Thousands | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Restricted stock | |
Nonvested Shares (in thousands) | |
Nonvested restricted shares, beginning balance (in shares) | shares | 469 |
Nonvested restricted shares, granted (in shares) | shares | 897 |
Nonvested restricted shares, vested (in shares) | shares | (261) |
Nonvested restricted shares, forfeited (in shares) | shares | (4) |
Nonvested restricted shares, ending balance (in shares) | shares | 1,101 |
Weighted Average Grant-Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 7.28 |
Granted (in dollars per share) | $ / shares | 3.31 |
Vested (in dollars per share) | $ / shares | 7.01 |
Forfeited (in dollars per share) | $ / shares | 7.49 |
Ending balance (in dollars per share) | $ / shares | $ 4.11 |
Performance Shares TSR Awards [Member] | |
Nonvested Shares (in thousands) | |
Nonvested restricted shares, beginning balance (in shares) | shares | 194 |
Nonvested restricted shares, granted (in shares) | shares | 382 |
Nonvested restricted shares, ending balance (in shares) | shares | 576 |
Weighted Average Grant-Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 9.59 |
Granted (in dollars per share) | $ / shares | 2.53 |
Ending balance (in dollars per share) | $ / shares | $ 4.90 |
Performance Shares ROIC Award [Member] | |
Nonvested Shares (in thousands) | |
Nonvested restricted shares, beginning balance (in shares) | shares | 228 |
Nonvested restricted shares, granted (in shares) | shares | 0 |
Nonvested restricted shares, ending balance (in shares) | shares | 228 |
Weighted Average Grant-Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 8.14 |
Granted (in dollars per share) | $ / shares | 0 |
Ending balance (in dollars per share) | $ / shares | $ 8.14 |
Shared-Based Compensation - Sch
Shared-Based Compensation - Schedule of Performance Based Awards Goals with Respect to TSR and ROIC (Detail) - Performance Shares TSR Awards [Member] | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Threshold performance, percentage | 25.00% |
Target performance, percentage | 55.00% |
Maximum performance, percentage | 75.00% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 224,185 | $ 254,152 |
OCI before reclassifications, net of tax | 3,787 | (3,347) |
Net other comprehensive income (loss), net of tax | 3,821 | (496) |
Ending balance | 223,028 | 234,755 |
Loss on Interest Rate Swap | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, net of tax | 2,851 | |
Interest Expense | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, net of tax | 34 | |
Accumulated other comprehensive income (loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (31,902) | (33,732) |
Ending balance | (28,081) | (34,228) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (32,016) | (30,881) |
OCI before reclassifications and tax | 2,600 | (3,347) |
Net other comprehensive income (loss), before tax | 2,600 | (3,347) |
Ending balance | (29,416) | (34,228) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Loss on Interest Rate Swap | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, before tax | 0 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Interest Expense | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, before tax | 0 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 151 | (3,712) |
OCI before reclassifications and tax | 1,503 | 0 |
Net other comprehensive income (loss), before tax | 1,547 | 3,712 |
Ending balance | 1,698 | 0 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Loss on Interest Rate Swap | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, before tax | 3,712 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Expense | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, before tax | 44 | |
Income taxes | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (37) | 861 |
OCI before reclassifications, tax | (316) | 0 |
Net other comprehensive income (loss), tax | (326) | (861) |
Ending balance | (363) | 0 |
Income taxes | Loss on Interest Rate Swap | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, tax | $ (861) | |
Income taxes | Interest Expense | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, tax | $ (10) |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share - Summary of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Weighted Average Number of Shares Issued, Basic | 43,308 | 42,836 |
Loss from continuing operations | $ (3,302) | $ (4,913) |
Less: Preferred stock cumulative dividends and deemed dividends | (2,538) | (14,529) |
Numerator for basic undistributed net loss per common share | (5,840) | (19,442) |
Numerator for diluted undistributed net loss per common share | $ (5,840) | $ (19,442) |
Weighted Average Number of Shares, Restricted Stock | (608) | (375) |
Weighted average common shares outstanding, diluted (in shares) | 44,594 | 42,672 |
Basic net loss per share (in dollars per share) | $ (0.13) | $ (0.46) |
Diluted net loss per share (in dollars per share) | (0.13) | (0.46) |
Basic and diluted loss per common share | (0.13) | (0.46) |
Cash dividends declared per share (in dollars per share) | $ 0 | $ 0 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 1,894 | 211 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 44,594 | 42,672 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share - Antidilutive Securities Excluded from Computation (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 2,100 | 2,347 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 600 | 847 |
2019 Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 1,500 | 1,500 |
Net Income (Loss) Per Common _5
Net Income (Loss) Per Common Share - Additional Information (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, minimum price range (in dollars per share) | $ 7.93 | $ 7.93 |
Anti dilutive securities excluded from computation of earnings per share, maximum price range (in dollars per share) | $ 25.16 | $ 25.16 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 22, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Warrants term | 3 years 1 month 6 days | 3 years 7 months 6 days | ||
Cash settlements for interest rate swaps | $ 13,700 | $ 0 | $ 15,420 | |
Foreign Line of Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
International lines of credit and other loans | 10,302 | $ 10,930 | ||
Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt, fair value | $ 10,300 | $ 10,900 | ||
Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Change-in-control put feature | 3.00% | |||
Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Change-in-control put feature | 10.00% | |||
Series D Preferred Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 0.01 | |||
Liquidation preference | 140.00% | |||
Class of warrant or right, number of securities called by warrants or rights (in shares) | 1,900 | |||
Series B Convertible Preferred Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Adjusted exercise price of warrants or rights (in dollars per share) | $ 11.49 | |||
Class of warrant or right, number of securities called by warrants or rights (in shares) | 1,500 |
Fair Value Measurements - Liabi
Fair Value Measurements - Liabilities Measure at Fair Value Preferred Stock (Details) - Other Noncurrent Liabilities - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | $ 5,453 | $ 7,771 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | $ 228 | $ 453 |
Fair Value Measurements - Roll
Fair Value Measurements - Roll Forward of Preferred Stock Derivative (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 8,224 |
Change in fair value | (2,543) |
Ending balance | $ 5,681 |
Fair Value Measurements - Effec
Fair Value Measurements - Effect of Interest Rate Swap (Details) - USD ($) $ in Thousands | Mar. 22, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Derivative [Line Items] | |||
Interest expense | $ 3,439 | $ 2,024 | |
Derivative payments on interest rate swap | 0 | 1,717 | |
Loss on interest rate swap (2) | 0 | 2,033 | |
Cash settlements for interest rate swaps | $ 13,700 | 0 | 15,420 |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Interest expense | $ 44 | $ 0 |
Fair Value Measurements - Inter
Fair Value Measurements - Interest Rate Swap (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset - other current assets | $ 0 | |
Derivative asset - other non-current assets | 0 | $ 0 |
Derivative liability - other current liabilities | 0 | |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset - other current assets | 364 | |
Derivative asset - other non-current assets | 1,337 | 284 |
Derivative liability - other current liabilities | (129) | |
Total | 1,701 | 155 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset - other current assets | 0 | |
Derivative asset - other non-current assets | 0 | 0 |
Derivative liability - other current liabilities | 0 | |
Total | $ 0 | $ 0 |