Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 06, 2020 | Jun. 30, 2019 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | NN INC | ||
Entity Central Index Key | 0000918541 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 42,773,665 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 177 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 847,451 | $ 770,657 | $ 619,793 |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 641,639 | 589,181 | 460,414 |
Selling, general and administrative expense | 103,223 | 93,583 | 74,112 |
Acquisition related costs excluded from selling, general and administrative expense | 0 | 5,871 | 344 |
Depreciation and amortization | 91,846 | 71,128 | 52,406 |
Goodwill impairment | 0 | 182,542 | 0 |
Restructuring and integration expense, net | (12) | 2,127 | 386 |
Other operating (income) expense, net | 866 | 6,089 | 351 |
Income (loss) from operations | 9,889 | (179,864) | 31,780 |
Interest expense | 57,155 | 61,243 | 52,085 |
Loss on extinguishment of debt and write-off of debt issuance costs | 3,293 | 19,562 | 42,087 |
Derivative (gain) loss on change in interest rate swap fair value | 0 | 0 | (101) |
Other (income) expense, net | 1,140 | 1,341 | (2,084) |
Loss before benefit for income taxes and share of net income from joint venture | (51,699) | (262,010) | (60,207) |
Benefit for income taxes | 3,277 | 13,413 | 79,545 |
Share of net income (loss) from joint venture | 1,681 | (14,390) | 5,211 |
Income (loss) from continuing operations | (46,741) | (262,987) | 24,549 |
Income from discontinued operations, net of tax (Note 2) | 0 | 0 | 137,688 |
Net income (loss) | (46,741) | (262,987) | 162,237 |
Other comprehensive loss: | |||
Reclassification adjustment for discontinued operations | 0 | 0 | (9,243) |
Foreign currency translation gain (loss) | (3,845) | (13,609) | 22,134 |
Change in fair value of interest rate swap, net of tax | (10,479) | 0 | 0 |
Reclassification of interest rate swap settlement to income | 1,084 | 0 | |
Other comprehensive income (loss) | (13,240) | (13,609) | 12,891 |
Comprehensive income (loss) | $ (59,981) | $ (276,596) | $ 175,128 |
Basic net income (loss) per common share: | |||
Income (loss) from continuing operations per share (in usd per share) | $ (1.13) | $ (8.30) | $ 0.89 |
Income from discontinued operations per share (in shares) | 0 | 0 | 5.02 |
Net income (loss) per share (in shares) | $ (1.13) | $ (8.30) | $ 5.91 |
Weighted average shares outstanding (in shares) | 42,030 | 31,678 | 27,433 |
Diluted net income (loss) per common share: | |||
Income (loss) from continuing operations per share (in usd per share) | $ (1.13) | $ (8.30) | $ 0.89 |
Income from discontinued operations per share (in usd per share) | 0 | 0 | 4.96 |
Net income (loss) per share (in usd per share) | $ (1.13) | $ (8.30) | $ 5.85 |
Weighted average shares outstanding (in shares) | 42,030 | 31,678 | 27,755 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 31,703 | $ 17,988 |
Accounts receivable, net | 131,558 | 133,421 |
Inventories | 118,722 | 120,925 |
Income tax receivable | 5,973 | 2,277 |
Other current assets | 15,024 | 21,592 |
Total current assets | 302,980 | 296,203 |
Property, plant and equipment, net | 374,513 | 361,028 |
Operating lease, right-of-use asset | 65,496 | 0 |
Goodwill | 439,095 | 439,452 |
Intangible assets, net | 329,260 | 376,248 |
Investment in joint venture | 21,755 | 20,364 |
Other non-current assets | 8,885 | 7,607 |
Total assets | 1,541,984 | 1,500,902 |
Current liabilities: | ||
Accounts payable | 57,340 | 65,694 |
Accrued salaries, wages and benefits | 30,428 | 24,636 |
Income tax payable | 1,028 | 0 |
Current maturities of long-term debt | 19,160 | 31,280 |
Operating lease liabilities | 6,652 | 0 |
Other current liabilities | 24,873 | 23,420 |
Total current liabilities | 139,481 | 145,030 |
Deferred tax liabilities | 85,799 | 91,838 |
Non-current income tax payable | 1,272 | 3,875 |
Long-term debt, net of current portion | 757,440 | 811,471 |
Operating lease liabilities | 66,980 | 0 |
Other non-current liabilities | 44,723 | 29,417 |
Total liabilities | 1,095,695 | 1,081,631 |
Commitments and contingencies (Note 16) | ||
Series B convertible preferred stock - $0.01 par value per share, 100 shares authorized, 100 and 0 shares issued and outstanding in 2019 and 2018, respectively | 93,012 | 0 |
Stockholders’ equity: | ||
Common stock - $0.01 par value per share, authorized 90,000 shares, 42,313 and 42,104 shares issued and outstanding in 2019 and 2018, respectively | 423 | 421 |
Additional paid-in capital | 501,615 | 508,655 |
Warrants and Rights Outstanding | 1,076 | |
Accumulated deficit | (105,283) | (58,491) |
Accumulated other comprehensive loss | (44,554) | (31,314) |
Total stockholders’ equity | 353,277 | 419,271 |
Total liabilities, preferred stock, and stockholders’ equity | $ 1,541,984 | $ 1,500,902 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0 | |
Preferred Stock, Shares Authorized | 0 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 90,000,000 | 45,000,000 |
Common Stock, Shares, Outstanding | 42,313,000 | 42,104,000 |
Preferred Stock, Shares Outstanding | 100,000 | 0 |
Common Stock | ||
Shares, Issued | 42,313,000 | 42,104,000 |
Preferred Stock [Member] | ||
Shares, Issued | 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional paid-in capital | Warrant [Member] | Retained (deficit) earnings | Accumulated Other Comprehensive Income (loss) | Non- controlling interest |
Beginning Balance at Dec. 31, 2016 | $ 309,391 | $ 272 | $ 284,508 | $ 55,175 | $ (30,596) | $ 32 | |
Beginning Balance, (in shares) at Dec. 31, 2016 | 27,249 | ||||||
Net income (loss) | 162,237 | 162,237 | |||||
Dividends declared or accrued for common stock | (7,887) | (7,887) | |||||
Share-based compensation expense | 5,496 | $ 1 | 5,495 | ||||
Share-based compensation expense (in shares) | 85 | ||||||
Shares issued for option exercises | 3,110 | $ 2 | 3,108 | ||||
Shares issued for option exercises (in shares) | 263 | ||||||
Sale of discontinued operations | (9,275) | (9,243) | (32) | ||||
Restricted shares and performance shares forgiven for taxes and forfeited compensation expense | (617) | (617) | |||||
Restricted shares and performance shares forgiven for taxes and forfeited (in shares) | (25) | ||||||
Change in fair value of interest rate swap, net of tax | 0 | ||||||
Foreign currency translation gain | 22,134 | 22,134 | |||||
Adoption of new accounting standard | 740 | 740 | |||||
Ending Balance at Dec. 31, 2017 | 485,329 | $ 275 | 292,494 | 210,265 | (17,705) | 0 | |
Ending Balance, (in shares) at Dec. 31, 2017 | 27,572 | ||||||
Net income (loss) | (262,987) | (262,987) | |||||
Dividends declared or accrued for common stock | (8,803) | (2,968) | (5,835) | ||||
Share-based compensation expense | 4,384 | $ 2 | 4,382 | ||||
Share-based compensation expense (in shares) | 165 | ||||||
Shares issued for option exercises | 274 | $ 0 | 274 | ||||
Shares issued for option exercises (in shares) | 27 | ||||||
Restricted shares and performance shares forgiven for taxes and forfeited compensation expense | (805) | (805) | |||||
Restricted shares and performance shares forgiven for taxes and forfeited (in shares) | (35) | ||||||
Change in fair value of interest rate swap, net of tax | 0 | ||||||
Reclassification of interest rate swap settlement to income | 0 | ||||||
Foreign currency translation gain | (13,609) | (13,609) | |||||
Adoption of new accounting standard | 16 | 16 | |||||
Ending Balance at Dec. 31, 2018 | 419,271 | $ 421 | 508,655 | (58,491) | (31,314) | 0 | |
Ending Balance, (in shares) at Dec. 31, 2018 | 42,104 | ||||||
Net income (loss) | (46,741) | (46,741) | |||||
Dividends declared or accrued for common stock | (8,933) | (8,933) | 0 | ||||
Dividends, Preferred Stock | 642 | 642 | 0 | ||||
Share-based compensation expense | 3,933 | $ 2 | 3,931 | ||||
Share-based compensation expense (in shares) | 248 | ||||||
Shares issued for option exercises | $ 21 | $ 0 | 21 | ||||
Shares issued for option exercises (in shares) | 5 | 5 | |||||
Restricted shares and performance shares forgiven for taxes and forfeited compensation expense | $ (365) | (365) | |||||
Restricted shares and performance shares forgiven for taxes and forfeited (in shares) | (44) | ||||||
Change in estimate of share-based award vesting | (1,052) | (1,052) | 0 | ||||
Change in fair value of interest rate swap, net of tax | 10,479 | 10,479 | |||||
Reclassification of interest rate swap settlement to income | 1,084 | 1,084 | |||||
Foreign currency translation gain | (3,845) | (3,845) | |||||
Adoption of new accounting standard | (51) | (51) | |||||
Ending Balance at Dec. 31, 2019 | 353,277 | $ 423 | $ 501,615 | $ (105,283) | $ (44,554) | $ 0 | |
Ending Balance, (in shares) at Dec. 31, 2019 | 42,313 | ||||||
Warrants and Rights Outstanding | $ 1,076 | $ 1,076 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity Consolidated Statements of Changes in Stockholders' Equity - Parenthetical $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Current-period other comprehensive income (loss) activity, tax | $ 3,166 |
Reclassification of interest rate swap settlement to income, tax | $ 327 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income (loss) | $ (46,741,000) | $ (262,987,000) | $ 162,237,000 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization of continuing operations | 91,846,000 | 71,128,000 | 52,406,000 |
Depreciation and amortization of discontinued operations | 0 | 0 | 7,722,000 |
Amortization of debt issuance costs | 4,789,000 | 4,845,000 | 4,296,000 |
Goodwill impairment | 0 | 182,542,000 | 0 |
Other impairments | 643,000 | 21,825,000 | 0 |
Loss on extinguishment of debt and write-off of debt issuance costs | 3,293,000 | 19,562,000 | 42,087,000 |
Total derivative mark-to-market loss (gain), net of cash settlements | 0 | 0 | (1,483,000) |
Share of net income from joint venture, net of cash dividends received | (1,681,000) | 642,000 | (1,284,000) |
Gain on disposal of discontinued operations, net of tax and cost to sell | 0 | 0 | (133,665,000) |
Compensation expense from issuance of share-based awards | 2,822,000 | 2,416,000 | 4,730,000 |
Deferred income taxes | 3,142,000 | 22,402,000 | 23,195,000 |
Other | 3,169,000 | 1,290,000 | 100,000 |
Changes in operating assets and liabilities, excluding acquisitions: | |||
Accounts receivable | 1,265,000 | (3,543,000) | (11,374,000) |
Inventories | 1,426,000 | (16,208,000) | (8,944,000) |
Accounts payable | 7,900,000 | (2,693,000) | (4,118,000) |
Income taxes receivable and payable, net | 5,292,000 | (39,615,000) | 124,389,000 |
Other | 4,711,000 | (479,000) | (1,595,000) |
Net cash provided by (used in) operating activities | 49,208,000 | 40,939,000 | (28,233,000) |
Cash flows from investing activities | |||
Acquisition of property, plant and equipment, excluding assets acquired in business combinations | (54,003,000) | (64,036,000) | (43,722,000) |
Proceeds from liquidation of short-term investment | 8,000,000 | 0 | (8,000,000) |
Proceeds from sale of business, net of cash sold | 0 | 838,000 | 371,436,000 |
Cash paid to acquire businesses, net of cash received | 0 | (399,009,000) | (38,434,000) |
Proceeds from sale of property, plant, and equipment | 7,287,000 | 1,434,000 | 646,000 |
Other | (711,000) | (517,000) | 545,000 |
Net cash provided by (used in) investing activities | (39,427,000) | (461,290,000) | 282,471,000 |
Cash flows from financing activities | |||
Cash paid for debt issuance or prepayment costs | (11,336,000) | (20,726,000) | (40,235,000) |
Dividends paid | (8,879,000) | (8,826,000) | (7,695,000) |
Proceeds from issuance of common stock | 0 | 217,312,000 | 0 |
Proceeds from issuance of preferred stock | 95,741,000 | 0 | 0 |
Proceeds from long-term debt | 54,209,000 | 311,841,000 | 322,000,000 |
Repayment of long-term debt | (108,157,000) | (290,687,000) | (314,313,000) |
Proceeds from (repayments of) short-term debt, net | (12,564,000) | 10,305,000 | (4,211,000) |
Other | 3,715,000 | 4,126,000 | 1,382,000 |
Net cash provided by (used in) financing activities | 5,299,000 | 215,093,000 | (45,836,000) |
Effect of exchange rate changes on cash flows | (1,365,000) | (1,200,000) | 1,639,000 |
Net change in cash and cash equivalents | 13,715,000 | (206,458,000) | 210,041,000 |
Cash and cash equivalents at beginning of period | 17,988,000 | 224,446,000 | 14,405,000 |
Cash and cash equivalents at end of period | 31,703,000 | 17,988,000 | 224,446,000 |
Supplemental schedule of non-cash operating, investing and financing activities: | |||
Dividends accrued (reversed) for performance share units, net | (11,000) | (83,000) | 192,000 |
Non-cash additions to property, plant and equipment | 23,281,000 | 26,605,000 | 1,436,000 |
Restructuring charges in other current and non-current liabilities | (12,000) | 2,071,000 | 222,000 |
Supplemental disclosures: | |||
Cash paid for interest | 50,514,000 | 56,223,000 | 52,083,000 |
Cash paid (received) for income taxes | $ 6,428,000 | $ (32,582,000) | $ 72,294,000 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 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 for the medical, aerospace and defense, electrical, automotive, and general industrial markets. As used in this Annual Report on Form 10-K (this “Annual Report”), the terms “ NN ,” the “Company,” “we,” “our,” or “us” refer to NN, Inc. , and its subsidiaries. We have 50 facilities in North America, Europe, South America, and China. Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to the current year’s presentation. Except for per share data or as otherwise indicated, all U.S. dollar amounts presented in the tables in these Notes to Consolidated Financial Statements are in thousands. In November 2019, we initiated a strategic review to evaluate a broad range of operational, financial, and strategic options to reduce leverage and enhance shareholder value, and we retained external advisors to assist in this effort. The strategic options we are evaluating include further cost savings and cash generation initiatives, more efficient capital deployment, changes to our debt and equity structure to improve financial flexibility and liquidity, and the sale of part or all of NN, among others. As discussed in Note 13 and Note 17 , on December 11, 2019, we issued preferred stock for net proceeds of $95.7 million and used a portion of the proceeds to repay amounts due at that time on our Senior Secured Revolver. In December 2019 we amended our Credit Agreement which, in turn, extended the due date of our Senior Secured Revolver to July 20, 2022 , and reduced the total available borrowing amount to $75.0 million and extended our Incremental Term Loan to October 19, 2022 , matching the date of our longer-dated Senior Secured Term Loan. Additionally, as part of this amendment our debt covenants were amended to establish more restrictive leverage ratios that also become more restrictive over time. Our Consolidated Net Leverage Ratio covenant (the “financial leverage ratio covenant”) is required to be complied with on a quarterly basis at the end of each of our quarterly reporting periods. Our financial leverage ratio covenant is based upon our consolidated net indebtedness at each quarter end and our trailing twelve-month Adjusted EBITDA as defined in our Credit Agreement. In order to maintain compliance with the financial leverage ratio covenant, our operational and financial performance must continue to improve in line with our expectations. In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the Consolidated Financial Statements are issued. The Company relies on cash flow generated from operations and available borrowings under its Senior Secured Revolver to fund our working capital and other operating and investing needs. Our ability to borrow under our Senior Secured Revolver is based on our continued compliance with our financial leverage ratio covenant, as defined, which becomes more restrictive in the second quarter of 2020 and the first quarter of 2021. If our operational and financial performance does not improve in line with our expectations, and as a result we are unable to comply with our financial ratio covenant, then the revolving credit lenders, the Senior Secured Term Loan lenders, and the Incremental Term Loan lenders could take action to cause amounts due under our credit facilities to become due and payable unless we are able to amend such covenants or otherwise refinance our debt. Our ability to amend our covenants or refinance our debt is dependent upon several factors, and therefore there can be no assurance that we would be successful in these efforts. If we would be unable to access future borrowings or be required to pay amounts due under our credit facilities prior to their normal maturity dates, this would have a material impact to the Company’s financial position. We have developed a plan to mitigate the risk of noncompliance with our financial covenants, if necessary, which would include the implementation of a series of specific and identified cost reductions in both our corporate and business groups, including reducing our direct and indirect labor costs and benefits. In addition, our plans also include, as deemed necessary, repatriating cash from certain overseas businesses, managing our working capital more efficiently through usage of our customers’ available supply chain finance programs and other means, and the sale or sublease of certain underutilized properties. Principles of Consolidation Our consolidated financial statements include the accounts of NN, Inc. , and its wholly owned subsidiaries. We own a 49% interest in a joint venture which we account for using the equity method (see Note 11 ). All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in accordance with U.S. GAAP requires management to use estimates and assumptions that affect the reported amounts of certain assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. Accounting Standards Recently Adopted Leases. On January 1, 2019 , we adopted ASC 842, Leases , which superseded ASC 840, Leases . We adopted ASC 842 utilizing the modified retrospective transition approach; therefore, historical financial information and disclosures do not reflect the new standard and will continue to be presented under the previous lease accounting guidance. Under the modified retrospective transition method, the cumulative effect of the initial adoption adjustment of less than $0.1 million was recognized to the opening balance of accumulated deficit as of January 1, 2019 . As part of the adoption, we elected the package of practical expedients, the short-term lease exemption, and the practical expedient to not separate lease and non-lease components. We recorded lease-related assets and liabilities to our balance sheet for leases with terms greater than twelve months that were classified as operating leases and not previously recorded on our balance sheet. See Note 14 for the required disclosures related to ASC 842. Derivatives and Hedging . In August 2017 , the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , (“ASU 2017-12”). ASU 2017-12 provides new rules that expand the hedging strategies that qualify for hedge accounting. The new rules also allow additional time to complete hedge effectiveness testing and allow qualitative assessments subsequent to initial quantitative tests if there is a supportable expectation that the hedge will remain highly effective. We adopted the guidance on January 1, 2019 . We have applied the new rules to 2019 hedging activities as disclosed in Note 22 to these condensed consolidated financial statements. The new guidance has no effect on our historical financial statements. Effects of Tax Reform in Other Comprehensive Income. In February 2018 , the FASB issued guidance related to the impacts of the U.S. Tax Cuts and Jobs Act of 2017 (“Tax Act”). Under existing U.S. GAAP, the effects of changes in tax rates and laws on deferred tax balances are recorded as a component of income tax expense in the period in which the law was enacted. When deferred tax balances related to items originally recorded in accumulated other comprehensive income (“AOCI”) are adjusted, certain tax effects become stranded in AOCI. The FASB issued ASU 2018-2, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, that permits reclassification of certain income tax effects of the Tax Act from AOCI to retained earnings. The guidance also requires certain disclosures about stranded tax effects. The new guidance was effective for us on January 1, 2019 . We adopted the new guidance at the beginning of the period of adoption. The new guidance had no effect on our financial statements. Accounting Standards Not Yet Adopted Fair Value Disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) , that modifies fair value disclosure requirements. The new guidance could impact us by streamlining disclosures of Level 3 fair value measurements. The modified disclosures are effective for us beginning in the first quarter of 2020 , with early adoption allowed. ASU 2018-13 changes disclosures only and does not impact our financial condition, results of operations, or cash flows. We are in the process of evaluating the effects of this guidance on our fair value disclosures. Internal-Use Software. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) (“ASU 2018-15”) , that provides guidance on a customer’s accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor. Under the new guidance, customers will apply the same criteria for capitalizing implementation costs as they would for an arrangement that has a software license. ASU 2018-15 is effective for us on January 1, 2020 , using either a prospective or retrospective approach and with early adoption permitted. We are in the process of evaluating the effects of this guidance on our financial statements, but we do not expect the adoption to have a material impact. Financial Instruments - Credit Losses . In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which modifies the measurement of expected credit losses on certain financial instruments and the timing of when such losses are recorded. In November 2019, the SEC issued SAB No. 119, codified in ASC Topic 326, Financial Instruments-Credit Losses , which provides guidance on accounting of credit losses. ASU 2016-13 is effective for us on January 1, 2020 , using a modified retrospective approach, with early adoption permitted. We are in the process of evaluating the effects of this guidance on our financial statements, but we do not expect the adoption to have a material impact. Income Taxes. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, (“ASU 2019-12”) as part of its initiative to reduce complexity in accounting standards. ASU 2019-12 removes certain exceptions and provides simplification to specific tax items to improve consistent application. This standard is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. Adoption methods vary based on the specific items impacted. We are currently evaluating the impact on our financial statements and related disclosures. Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investments with original maturities of three months or less . Fair Value Measurements 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. Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at their net realizable value. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowances are based on the number of days an individual receivable is past the invoice due date and on regular credit evaluations of our customers. In evaluating the credit worthiness of our customers, we consider numerous inputs including but not limited to the customers’ financial position, past payment history, relevant industry trends, cash flows, management capability, historical loss experience, and economic conditions and prospects. Allowances are established when customer accounts are at risk of being uncollectible. Accounts receivable are written off at the time a customer receivable is deemed uncollectible. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using standard costs, which approximates the average cost method. Our policy is to expense abnormal amounts of idle facility expense, freight, handling cost, and waste included in cost of products sold. In addition, we allocate fixed production overheads based on the normal production capacity of our facilities. Inventory valuations were developed using normalized production capacities for each of our manufacturing locations. The costs from excess capacity or under-utilization of fixed production overheads were expensed in the period incurred and are not included as a component of inventory. Inventories also include tools, molds, and dies in progress that we are producing and will ultimately sell to our customers. These inventories are also carried at the lower of cost or net realizable value. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Assets to be disposed of are stated at the lower of depreciated cost or fair market value less estimated selling costs. Expenditures for maintenance and repairs are charged to expense as incurred. Major renewals and betterments are capitalized. When a property item is retired, its cost and related accumulated depreciation are removed from the property accounts and any gain or loss is recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss) . We review the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Property, plant and equipment also includes tools, molds, and dies used in manufacturing. Depreciation is calculated based on historical cost using the straight-line method over the estimated useful lives of the depreciable assets. Estimated useful lives for buildings generally range from 15 to 40 years. Estimated useful lives for machinery and equipment generally range from 3 to 12 years. Goodwill and Other Indefinite Lived Intangible Assets Goodwill is tested for impairment on an annual basis in the fourth quarter and between annual tests if a triggering event occurs. The impairment analysis is performed at the reporting unit level. An impairment charge is calculated based on a reporting unit’s carrying amount in excess of its fair value (i.e., step 1 of the two-step impairment test). If the carrying value of the reporting unit including goodwill is less than fair value of the reporting unit, the goodwill is not considered impaired. Impairment of Long-Lived Assets Long-lived tangible and intangible assets subject to depreciation or amortization are tested for recoverability when changes in circumstances indicate the carrying value of these assets may not be recoverable. A test for recoverability is also performed when management has committed to a plan to dispose of a reporting unit or asset group. Assets to be held and used are tested for recoverability when indications of impairment are evident. Recoverability of a long-lived tangible or intangible asset is evaluated by comparing its carrying value to the future estimated undiscounted cash flows expected to be generated by the asset or asset group. If the asset is not recoverable, then the asset is considered impaired and adjusted to fair value which is then depreciated or amortized over its remaining useful life. Assets to be disposed of are recorded at the lesser of carrying value or fair value less costs of disposal. Equity Method Investments The Company’s equity method investment is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the investment to its estimated fair market value. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Provision has been made for income taxes on unremitted earnings of certain foreign subsidiaries as these earnings are not deemed to be permanently reinvested. We recognize income tax positions that meet the more likely than not threshold and accrue interest and potential penalties related to unrecognized income tax positions which are recorded as a component of the provision (benefit) for income taxes. We treat global intangible low-taxed income (“GILTI”) as a periodic charge in the year in which it arises and therefore do not record deferred taxes for basis differences associated with GILTI. Revenue Recognition We recognize revenues 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. Share Based Compensation The cost of stock options, restricted stock, and performance share units are recognized as compensation expense over the vesting periods based on the grant date fair value, net of expected forfeitures. We determine grant date fair value using the Black Scholes financial pricing model for stock options and a Monte Carlo simulation for performance share units that include a market condition for vesting because these awards are not traded in open markets. We determine grant date fair value using the closing price of our common stock on the date of grant for restricted stock and performance share units that include performance conditions for vesting. We recognize excess tax benefits in income tax expense prospectively beginning in 2017 . Excess tax benefits are presented in cash flows from operating activities in the statement of cash flows prospectively beginning in 2017 . Tax payments in respect of shares withheld for taxes are classified in cash flows from financing activities in the statement of cash flows retrospectively for all periods presented. Common Stock and Preferred Stock Dividends Dividends are recorded as a reduction to retained earnings. When we have an accumulated deficit, dividends are recorded as a reduction of additional paid-in capital. Foreign Currency Translation Assets and liabilities of our foreign subsidiaries are translated at current exchange rates. Revenue, costs, and expenses are translated at average rates prevailing during each reporting period. Translation adjustments arising from the translation of foreign subsidiary financial statements are reported as a component of other comprehensive income and accumulated other comprehensive income within stockholders’ equity. Transactions denominated in foreign currencies, including intercompany transactions, are initially recorded at the current exchange rate at the date of the transaction. The balances are adjusted to the current exchange rate as of each balance sheet date and as of the date when the transaction is consummated. Transaction gains or losses, excluding intercompany loan transactions, are expensed as incurred in either cost of sales or selling, general and administrative expense in the Consolidated Statements of Operations and Comprehensive Income (Loss) and were immaterial to the years ended December 31, 2019 , 2018 and 2017 . Transaction gains or losses on intercompany loan transactions are recognized as incurred in the “ Other (income) expense, net ” line in the Consolidated Statements of Operations and Comprehensive Income (Loss) . Net Income (Loss) Per Common Share We are required to allocate earnings or losses for a reporting period to common stockholders and participating securities using the two-class method to compute earnings per share. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that otherwise would have been available to common stockholders. Participating securities may participate in undistributed earnings with common stock whether or not that participation is conditioned upon the occurrence of a specified event. Under the two-class method, our net income (loss) is reduced (or increased) by the amount that has been or will be distributed to our participating security holders. Preferred shares are participating securities that participate in earnings but do not participate in losses. Basic net income (loss) per common share is computed by dividing net income (loss) allocable to common shares by the weighted average number of common shares outstanding. Diluted net income (loss) per common share includes the effect of warrants, convertible preferred stock, stock options and the respective tax benefits unless inclusion would not be dilutive. Business Combinations We allocate the total purchase price of tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the business combination date, with the excess purchase price recorded as goodwill. The purchase price allocation process requires us to use significant estimates and assumptions, including fair value estimates, as of the business combination date. Although we believe the assumptions and estimates we have made are reasonable and appropriate, they are based in part on historical experience and information obtained from management of the acquired company. Our assumptions and estimates are also partially based on valuation models that incorporate projections of expected future cash flows and operating plans and are inherently uncertain. Valuations are performed by management or third-party valuation specialists under management’s supervision. In determining the fair value of assets acquired and liabilities assumed in business combinations, as appropriate, we may use one of the following recognized valuation methods: the income approach (including discounted cash flows, relief from royalty and excess earnings model), the market approach, or the replacement cost approach. Examples of significant estimates used to value certain intangible assets acquired include but are not limited to: • sales volume, pricing, and future cash flows of the business overall; • future expected cash flows from customer relationships, and other identifiable intangible assets, including future price levels, rates of increase in revenue, and appropriate attrition rate; • the acquired company’s brand and competitive position, royalty rate quantum, as well as assumptions about the period of time the acquired brand will continue to benefit the combined company’s product portfolio; and • cost of capital, risk-adjusted discount rates, and income tax rates. Different assumptions regarding projected performance and other factors associated with the acquired assets may affect the amount recorded under each type of asset and liability. The valuations of property, plant and equipment, intangible assets, goodwill and deferred income tax liabilities depend heavily on assumptions. Subsequent assessment could result in future impairment charges. We refine these estimates over a measurement period not to exceed one year to reflect new information obtained surrounding facts and circumstances existing at the acquisition date. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | In August 2017 , we sold our global precision bearing components business (the “PBC Business”) and received cash proceeds at closing of $387.6 million and recorded a $0.8 million receivable, which was received in 2018 . The PBC Business included all our facilities that were engaged in the production of precision steel balls, steel rollers, and metal retainers and automotive specialty products used primarily in the bearing industry. We recorded an after-tax gain on sale of $127.7 million , which is included in the “Income from discontinued operations, net of tax” line on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2017 . The gain includes the effects of reclassifying $9.3 million in cumulative foreign currency translation gain from accumulated comprehensive income and eliminating the non-controlling interest attributable to the PBC Business as of August 17, 2017 . The operating results of the PBC Business are classified as discontinued operations and presented, net of tax, as one line item on the Consolidated Statements of Operations and Comprehensive Income (Loss). The Consolidated Statements of Cash Flows for the year ended December 31, 2017, include cash flows of the PBC Business in each line item unless otherwise stated. We had no discontinued operations in the years ended December 31, 2019 and 2018 . The following table presents the results of operations of the discontinued operations. Year Ended December 31, 2017 (1) Net sales $ 168,287 Cost of products sold (exclusive of depreciation and amortization shown separately below) 130,555 Selling, general and administrative expense 11,818 Depreciation and amortization 7,722 Restructuring and integration expense 429 Income from operations 17,763 Interest expense (181 ) Other income (expense), net (84 ) Income from discontinued operations before gain on disposal and provision for income taxes 17,498 Provision for income taxes on discontinued operations (7,461 ) Income from discontinued operations before gain on disposal 10,037 Gain on disposal of discontinued operations 213,503 Provision for income taxes on gain on disposal (85,852 ) Income from discontinued operations, net of tax $ 137,688 _________________________________ (1) Includes the results of operations of the PBC Business from January 1, 2017 to the sale completion date of August 17, 2017 . The following table presents the significant noncash items and cash paid for capital expenditures of discontinued operations for each period presented. Year Ended December 31, 2017 Depreciation and amortization $ 7,722 Acquisition of property, plant and equipment $ 7,316 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Paragon Medical, Inc. On May 7, 2018 , we acquired 100% of the stock of PMG Intermediate Holding Corporation, the parent company of Paragon Medical, Inc. (“Paragon Medical”). For accounting purposes, Paragon Medical meets the definition of a business and has been accounted for as a business combination. Paragon Medical is a medical device manufacturer which focuses on the orthopaedic, case and tray, implant, and instrument markets. We finalized the purchase price allocation and recorded measurement period adjustments to the initial allocation as disclosed in our 2018 Annual Report. Operating results of Paragon Medical are included in the Company’s consolidated financial statements since the date of acquisition and are reported as part of our Life Sciences group. The unaudited pro forma financial results shown in the table below for the years ended December 31, 2018 and 2017 , combine the consolidated results of NN and Paragon Medical giving effect to the Paragon Medical acquisition as if it had been completed on January 1, 2017 . The unaudited pro forma financial results do not give effect to any of our other acquisitions that occurred after January 1, 2017 , and do not include any anticipated synergies or other assumed benefits of the Paragon Medical acquisition. This unaudited pro forma financial information is presented for informational purposes only and is not indicative of future operations or results had the Paragon Medical acquisition been completed as of January 1, 2017 . The unaudited pro forma financial results include certain adjustments for debt service costs and additional depreciation and amortization expense based upon the fair value step-up and estimated useful lives of Paragon Medical depreciable fixed assets and definite-life amortizable assets acquired. The provision for income taxes has also been adjusted for all periods, based upon the foregoing adjustments to historical results. Year Ended December 31, 2018 2017 Pro forma net sales $ 825,891 $ 760,772 Pro forma income (loss) from continuing operations $ (250,788 ) $ 2,412 Pro forma net income (loss) $ (250,788 ) $ 140,100 Basic income (loss) from continuing operations per share $ (7.92 ) $ 0.09 Diluted income (loss) from continuing operations per share $ (7.92 ) $ 0.09 Unaudited pro forma results for the year ended December 31, 2017 , include $15.0 million of inventory fair value adjustments, financing, integration, and transaction costs, net of tax, directly attributable to the acquisition which will not have an ongoing impact. Other Acquisitions We made other acquisitions during the year ended December 31, 2018 . Transaction costs were expensed as incurred and are included in the “ Acquisition related costs excluded from selling, general and administrative expense ” line item in the Consolidated Statements of Operations and Comprehensive Income (Loss) . Bridgemedica, LLC. On February 22, 2018 , we completed the acquisition of 100% of the assets of Bridgemedica, LLC (“Bridgemedica”) . For accounting purposes, Bridgemedica meets the definition of a business and has been accounted for as a business combination. Bridgemedica is a medical device company that provides concept to supply solutions through design, development engineering, and manufacturing. Operating results of Bridgemedica are reported in our Life Sciences group after the acquisition date. We finalized our valuation related to the assets acquired and liabilities assumed during 2019 with no material changes to the initial allocation. Southern California Technical Arts, Inc. On August 9, 2018 , we completed the acquisition of 100% of the capital stock of Southern California Technical Arts, Inc. (“Technical Arts”). For accounting purposes, Technical Arts meets the definition of a business and has been accounted for as a business combination. Technical Arts is an industrial machining company that manufactures tight tolerance metal components and assemblies. The acquisition of Technical Arts expands our presence in the aerospace and defense end market. Operating results of Technical Arts are reported in our Power Solutions group after the acquisition date. We finalized our valuation related to the assets acquired and liabilities assumed during 2019 with no material changes to the initial allocation. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Management has concluded that Life Sciences, Mobile Solutions, and Power Solutions constitute our operating segments. Life Sciences, Mobile Solutions, and Power Solutions are considered 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 (“CODM”) reviews discrete financial information for purposes of allocating resources and assessing performance. Life Sciences Life Sciences is focused on growth in the medical end market, primarily in the orthopaedics and medical/surgical end markets. Within this group we combine advanced engineering and production capabilities to design and manufacture a broad range of high-precision metal and plastic components, assemblies, and finished devices. We manufacture a variety of components, assemblies, and instruments, such as surgical knives, bioresorbable implants, surgical staples, cases and trays, orthopaedic implants and tools, laparoscopic devices, and drug delivery devices for the orthopaedics and medical/surgical end markets. Mobile Solutions Mobile Solutions is focused on growth in the general industrial and automotive end markets. We have developed an expertise in manufacturing highly complex, system critical components for fuel systems, engines and transmissions, power steering systems, and electromechanical motors on a high-volume basis. This expertise has been gained through investment in technical capabilities, processes and systems, and skilled program management and product launch capabilities. Power Solutions Power Solutions is focused on growth in the electrical and aerospace and defense end markets. Within this group we combine materials science expertise with advanced engineering and production capabilities to design and manufacture a broad range of high-precision metal and plastic components, assemblies, and finished devices used in applications ranging from power control to flight control and for military devices. We manufacture a variety of products including electrical contacts, connectors, contact assemblies, and precision stampings for the electrical end market and high precision products for the aerospace and defense end markets utilizing our extensive process technologies for optical grade plastics, thermally conductive plastics, titanium, Inconel, magnesium, and electroplating. Segment Results The following tables present certain operations information by reportable segment. Life Sciences Mobile Solutions Power Solutions Corporate and Consolidations Total Year Ended December 31, 2019 Net sales $ 359,732 $ 297,749 $ 192,100 $ (2,130 ) (a) $ 847,451 Depreciation and amortization 46,905 27,146 15,301 2,494 91,846 Income (loss) from operations 28,157 9,553 13,881 (41,702 ) $ 9,889 Interest expense (57,155 ) Other (4,433 ) Loss before provision for income taxes and share of net income from joint venture $ (51,699 ) Share of net income from joint venture $ — $ 1,681 $ — $ — $ 1,681 Expenditures for long-lived assets 21,445 24,969 4,457 3,132 54,003 Total assets 811,526 373,256 310,545 46,657 (b) 1,541,984 Life Sciences Mobile Solutions Power Solutions Corporate and Consolidations Total Year Ended December 31, 2018 Net sales $ 248,173 $ 335,037 $ 189,778 $ (2,331 ) (a) $ 770,657 Depreciation and amortization 28,091 26,217 14,753 2,067 71,128 Goodwill impairment — 73,442 109,100 — 182,542 Income (loss) from operations 19,136 (55,079 ) (95,115 ) (48,806 ) $ (179,864 ) Interest expense (61,243 ) Other (20,903 ) Loss before benefit for income taxes and share of net income from joint venture $ (262,010 ) Share of net income from joint venture $ — $ (14,390 ) $ — $ — $ (14,390 ) Expenditures for long-lived assets 14,645 36,660 6,459 6,272 64,036 Total assets 802,770 354,542 297,947 45,643 (b) 1,500,902 Life Sciences Mobile Solutions Power Solutions Corporate and Consolidations Total Year Ended December 31, 2017 Net sales $ 98,329 $ 336,852 $ 186,602 $ (1,990 ) (a) $ 619,793 Depreciation and amortization 12,088 24,491 14,657 1,170 52,406 Income (loss) from operations 13,271 33,071 23,440 (38,002 ) $ 31,780 Interest expense (52,085 ) Other (39,902 ) Loss before benefit for income taxes and share of net income from joint venture $ (60,207 ) Share of net income from joint venture $ — $ 5,211 $ — $ — $ 5,211 Expenditures for long-lived assets — 24,056 5,443 6,907 36,406 Total assets 353,208 427,027 385,558 307,916 1,473,709 _______________________________ (a) Includes eliminations of intersegment transactions which occur during the ordinary course of business. (b) Total assets in Mobile Solutions includes $21.8 million and $20.4 million as of December 31, 2019 and 2018 , respectively, related to the investment in our 49% owned joint venture ( Note 11 ). The following table summarizes the net sales and income (loss) from operations from acquisitions in the Life Sciences and Power Solutions groups for the years ended December 31, 2018 and 2017 . Year Ended December 31, 2018 2017 Net sales Paragon Medical $ 116,998 $ — Other 42,636 6,682 Income (loss) from operations Paragon Medical $ 8,086 $ — Other 1,816 (458 ) The following table summarizes long-lived tangible assets by geographical region. Property, Plant, and Equipment, Net As of December 31, 2019 2018 United States $ 250,163 $ 235,975 Europe 54,829 50,143 Asia 43,128 42,657 Mexico 1,388 7,647 S. America 25,005 24,606 All foreign countries $ 124,350 $ 125,053 Total $ 374,513 $ 361,028 |
Accounts Receivable and Sales C
Accounts Receivable and Sales Concentrations | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable and Sales Concentrations | Accounts receivable, net are comprised of the following amounts: As of December 31, 2019 2018 Trade $ 132,910 $ 135,260 Less—allowance for doubtful accounts 1,352 1,839 Accounts receivable, net $ 131,558 $ 133,421 The following table presents changes in allowance for doubtful accounts. Year Ended December 31, 2019 2018 2017 Balance at beginning of year $ 1,839 $ 1,719 $ 1,069 Additions 449 754 648 Write-offs (924 ) (584 ) (101 ) Currency impact (12 ) (50 ) 103 Balance at end of year $ 1,352 $ 1,839 $ 1,719 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories are comprised of the following amounts: As of December 31, 2019 2018 Raw materials $ 49,135 $ 52,930 Work in process 43,456 40,888 Finished goods 26,131 27,107 Total inventories $ 118,722 $ 120,925 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment are comprised of the following amounts: As of December 31, 2019 2018 Property, plant and equipment Land and buildings $ 80,647 $ 69,455 Machinery and equipment 433,016 401,729 Construction in progress 38,829 35,122 Total 552,492 506,306 Less: Accumulated depreciation 177,979 145,278 Property, plant and equipment, net $ 374,513 $ 361,028 We monitor property, plant and equipment for any indicators of potential impairment. We recognized an impairment charge of $0.6 million and $5.2 million for the years ended December 31, 2019 and 2018 , respectively, related to the early retirement of identified fixed assets. The impairment charge was recorded to the “ Other operating (income) expense, net ,” line item on the Consolidated Statements of Operations and Comprehensive Income (Loss) . The impairment charge was determined by writing the assets down to the estimated salvage value, less disposal costs. We recorded no impairment charge for the year ended December 31, 2017 . For the years ended December 31, 2019 , 2018 , and 2017 , we recorded depreciation expense of $44.8 million , $38.6 million , and $28.9 million , respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The following table presents changes in the carrying amount of goodwill for the years ended December 31, 2019 , and 2018 . Life Sciences Mobile Solutions Power Solutions Total Balance as of December 31, 2017 $ 177,784 $ 74,147 $ 202,681 $ 454,612 Currency impact and other (3,118 ) (705 ) (1,882 ) (5,705 ) Goodwill acquired in acquisitions 165,288 — 2,657 167,945 Impairments — (73,442 ) (109,100 ) (182,542 ) Measurement period adjustments 4,993 — 149 5,142 Balance as of December 31, 2018 344,947 — 94,505 439,452 Currency impact and other (631 ) — 274 (357 ) Balance as of December 31, 2019 $ 344,316 $ — $ 94,779 $ 439,095 The following table presents the gross carrying amount of goodwill and accumulated impairment charges as of December 31, 2019 , and 2018 . December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Impairment Charges Net Book Value Gross Carrying Amount Accumulated Impairment Charges Net Book Value Life Sciences $ 344,316 $ — $ 344,316 $ 344,947 $ — $ 344,947 Mobile Solutions 77,458 (77,458 ) — 77,650 (77,650 ) — Power Solutions 215,628 (120,849 ) 94,779 215,354 (120,849 ) 94,505 Total goodwill $ 637,402 $ (198,307 ) $ 439,095 $ 637,951 $ (198,499 ) $ 439,452 We review goodwill for impairment on a reporting unit basis annually during the fourth quarter of each year, using a measurement date of October 1 st , and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Reporting units for the purpose of goodwill impairment testing are the same as our operating segments (Life Sciences, Mobile Solutions and Power Solutions). Based on the results of the quantitative measurement performed, which indicated a fair value in excess of carrying amount for each of our designated reporting units, we concluded there was no impairment of goodwill for the year ended December 31, 2019 . The fair value of the Power Solutions reporting unit exceeds the carrying value by approximately 5% as of the date of our annual impairment test. If our assessment of the relevant facts and circumstances changes, or the actual performance falls short of the expected results, impairment charges may be required. During the fourth quarter of 2018 , our market capitalization declined to a level that was less than the net book value of our stockholders’ equity. We performed our annual goodwill impairment analysis as of October 1, 2018 , and elected to early adopt ASU 2017-4, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . As a result of our analysis, we recorded an impairment loss on goodwill in 2018 of $73.4 million and $109.1 million for Mobile Solutions and Power Solutions, respectively, to the “ Goodwill impairment ” line on the Consolidated Statements of Operations and Comprehensive Income (Loss) . In addition, goodwill in Power Solutions was reduced by $1.6 million related to adjusting deferred tax liabilities for tax deductible goodwill, which is reflected in “Currency impact and other” in the above table. No goodwill impairment loss was recorded at Life Sciences in 2018 . Goodwill acquired in 2018 is related to the acquisitions as described in Note 4 and is derived from the value of the businesses acquired. During 2018 , we recorded $161.8 million of goodwill related to the Paragon Medical acquisition, $8.0 million related to the Bridgemedica acquisition, and $2.8 million related to the Technical Arts acquisition. We finalized our valuations related to the 2018 acquisitions in 2019 with no material changes to the initial purchase price allocation. As noted above, it was determined under a quantitative assessment that there was no impairment of goodwill in 2019 . However, if we become aware of indicators of impairment in future periods, we may be required to perform an interim assessment for some or all of our reporting units before the next annual assessment. Examples of such indicators may include a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more likely than not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of. In the event of significant adverse changes of the nature described above, we may have to recognize a non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition and results of operations. Based on the closing sales price of a share of our common stock as of December 31, 2019 , our market capitalization exceeded the $353.3 million net book value of our stockholders’ equity. Subsequent to December 31, 2019 , our market capitalization declined to a level that is less than the net book value of our stockholders’ equity. A prolonged or significant decline in market capitalization could be an indicator of possible goodwill impairment. We will continue to monitor the market capitalization relative to net book value in subsequent periods. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | The following table presents changes in the carrying amount of intangible assets, net. Life Sciences Mobile Solutions Power Solutions Total Balance as of December 31, 2017 $ 93,226 $ 39,446 $ 105,030 $ 237,702 Amortization (18,074 ) (3,540 ) (10,939 ) (32,553 ) Currency impacts and other — (14 ) — (14 ) Intangible assets acquired in acquisitions 169,213 — 1,900 171,113 Balance as of December 31, 2018 244,365 35,892 95,991 376,248 Amortization (32,525 ) (3,479 ) (10,994 ) (46,998 ) Other 7 3 — 10 Balance as of December 31, 2019 $ 211,847 $ 32,416 $ 84,997 $ 329,260 The following table shows the cost and accumulated amortization of our intangible assets as of December 31, 2019 and 2018 . December 31, 2019 December 31, 2018 Estimated Useful Life in Years Gross Carrying Value as of Acquisition Date Accumulated Amortization Net Carrying Value Gross Carrying Value as of Acquisition Date Accumulated Amortization Net Carrying Value Customer relationships 12 - 20 $ 428,830 $ (118,976 ) $ 309,854 $ 428,830 $ (75,581 ) $ 353,249 Trademark and trade name 8 - 30 25,100 (5,695 ) 19,405 25,100 (4,085 ) 21,015 Other 2 13 (12 ) 1 10,641 (8,657 ) 1,984 Total identified intangible assets $ 453,943 $ (124,683 ) $ 329,260 $ 464,571 $ (88,323 ) $ 376,248 Intangible assets that are fully amortized are removed and no longer represented in the gross carrying value or accumulated amortization. The following table presents estimated future amortization expense for the next five years and thereafter. Year Ending December 31, 2020 $ 45,365 2021 41,415 2022 38,464 2023 36,625 2024 33,888 Thereafter 133,503 Total $ 329,260 Intangible assets are reviewed for impairment when changes in circumstances indicate the carrying value of those assets may not be recoverable. As of December 31, 2019 and 2018 , there were no indications of impairment. |
Investment in Joint Venture
Investment in Joint Venture | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
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 presents changes in our investment in the JV. Balance as of December 31, 2018 $ 20,364 Share of earnings 1,681 Foreign currency translation loss (290 ) Balance as of December 31, 2019 $ 21,755 During the fourth quarter of 2018 , as a result of changing market conditions, the fair value of the JV was assessed, and we recorded an impairment charge of $16.6 million against our investment in the JV. The fair value assessment was significantly affected by changes in our assessment of future growth rates. It is reasonably possible that material deviation of future performance from the estimates used in the 2018 valuation could result in additional impairment to our investment in the JV in subsequent periods. During the fourth quarter of 2019 , we assessed the JV for triggering events that would signify the need to perform an impairment test and concluded there were no triggering events during the period. For the year ended December 31, 2019 , no impairment charges were recorded against our investment in the JV. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The following table summarizes the loss from continuing operations before benefit for income taxes and share of net income from joint venture. Year Ended December 31, 2019 2018 2017 Loss before (provision) benefit for income taxes and share of net income from joint venture United States $ (69,866 ) $ (263,499 ) $ (71,603 ) Foreign 18,167 1,489 11,396 Total $ (51,699 ) $ (262,010 ) $ (60,207 ) The following table summarizes total income tax benefit recognized in each year. Year Ended December 31, 2019 2018 2017 Current taxes: U.S. Federal $ (6,805 ) $ 6,819 $ (47,916 ) State 871 1,103 (12,745 ) Foreign 5,770 3,086 4,310 Total current tax expense (benefit) (164 ) 11,008 (56,351 ) Deferred taxes: U.S. Federal $ (4,096 ) $ (17,773 ) $ (25,017 ) State (2,510 ) (780 ) 3,009 Deferred tax valuation allowance 4,612 (3,565 ) 710 Foreign (1,119 ) (2,303 ) (1,896 ) Total deferred tax expense (benefit) (3,113 ) (24,421 ) (23,194 ) Total income tax expense (benefit) $ (3,277 ) $ (13,413 ) $ (79,545 ) The following table presents a reconciliation of income taxes based on the U.S. federal statutory income tax rate. Year Ended December 31, 2019 2018 2017 U.S federal statutory income tax rate 21.0 % 21.0 % 35.0 % Change in valuation allowance, exclusive of state 1.2 % (0.9 )% (1.2 )% Foreign tax credits, exclusive of tax reform — % — % (13.5 )% State taxes, net of federal taxes, exclusive of tax reform (8.0 )% 0.4 % 8.9 % Non-U.S. earnings taxed at different rates 1.0 % 1.3 % 1.6 % Non-deductible mergers and acquisitions costs — % (0.2 )% — % GILTI (0.8 )% (0.5 )% — % Goodwill impairment — % (14.1 )% — % Nondeductible asset loss (1.3 )% (0.1 )% (0.8 )% Research and development tax credit 3.1 % 0.3 % 0.3 % Change in uncertain tax positions 2.6 % 0.1 % 0.5 % Impact of tax reform: Toll charge, net of foreign tax credit — % 0.6 % (11.3 )% Remeasurement of deferred taxes pursuant to tax reform — % (0.9 )% 64.1 % Tax reform impact on divestiture of business segment — % — % 33.2 % Impact of 2019 Treasury regulations (11.5 )% — % — % Section 199 domestic production deduction — % — % 0.7 % Divestiture of business segment, exclusive of tax reform — % (0.9 )% 13.3 % Return to provision 1.3 % (0.8 )% — % Other adjustments, net (2.3 )% (0.2 )% 1.3 % Effective tax rate 6.3 % 5.1 % 132.1 % The 2019 effective tax rate of 6.3% differs from the U.S. federal statutory income tax rate of 21.0% primarily due to the effects of final tax regulations published by the Department of the Treasury and Internal Revenue Service on February 5, 2019, as well as the minimum tax on GILTI. Based upon analysis of the final regulations, we recognized additional tax expense of $5.9 million for the year ended December 31, 2019 , which significantly impacted the effective tax rate. The 2018 effective tax rate of 5.1% differs from the U.S. federal statutory income tax rate of 21.0% primarily due to the impact of goodwill impairment which was nondeductible for tax purposes. In 2018, we recognized an adjustment to the estimated net tax benefit from tax reform, which resulted in additional tax expense of $0.8 million . This adjustment was primarily related to the one-time transition tax on deferred foreign income, the change in valuation of deferred tax assets associated with tax law changes, and the remeasurement of deferred taxes. The 2017 effective tax rate of 132.1% was heavily influenced by the Tax Act which reduced the U.S. federal corporate income tax rate from 35% to 21% , required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and created new taxes on certain foreign sourced earnings. As a result of the Tax Act, we recognized a $51.8 million net tax benefit in 2017 , which included the estimate of transition tax and the remeasurement of our domestic deferred taxes from 35% to 21% . The 2017 tax rate was also impacted by the divestiture of the PBC Business. The following table summarizes the principal components of the deferred tax assets and liabilities. As of December 31, 2019 2018 Deferred income tax liabilities: Tax in excess of book depreciation $ 44,834 $ 37,425 Intangible assets 73,405 80,623 Operating lease liabilities 17,527 — Other deferred tax liabilities 4,857 794 Total deferred income tax liabilities 140,623 118,842 Deferred income tax assets: Interest expense limitation 14,674 9,968 Goodwill 304 1,441 Inventories 3,466 2,745 Interest rate swap 2,839 — Pension/Personnel accruals 495 1,317 Operating lease right-of-use assets 19,313 — Net operating loss carry forwards 15,876 9,321 U.S. foreign tax credit carryforwards 3,360 5,345 R&D credit carryforwards 2,654 917 Non-U.S. credit carryforwards 3,313 4,130 Accruals and reserves 2,299 1,531 Other deferred tax assets 5,264 4,749 Deferred income tax assets before valuation allowance 73,857 41,464 Valuation allowance on deferred tax assets (19,033 ) (14,460 ) Total deferred income tax assets 54,824 27,004 Net deferred income tax liabilities $ 85,799 $ 91,838 As of December 31, 2019 , we had $1.5 million of U.S. federal net operating loss (“NOL”) carryover and $225.4 million of state NOL carryovers. The federal NOL has an indefinite life, but utilization within any tax year is limited to 80% of taxable income. The state NOLs begin to expire in 2030 . Management believes that certain of the state NOL carryovers will more likely than not expire prior to utilization. As such, a valuation allowance of $10.8 million has been established to reduce the state attribute balance to the amount expected to be utilized before expiration. We also have $14.1 million of foreign NOL carryovers at December 31, 2019 . The foreign NOLs have an indefinite life; however, management believes that benefit for certain of the foreign NOLs may not be realized. Therefore, the Company has established a valuation allowance of $1.0 million to reduce the carrying value of the asset related to foreign NOLs to the amount that has been determined to be more likely than not realized. We have credit carryforwards for U.S. federal income tax purposes of $5.8 million at December 31, 2019 . Of this amount, $3.4 million relates to foreign tax credit carryforwards which will begin to expire in 2026 , and $2.4 million relates to research and development tax credit carryforwards. Management believes that the U.S. foreign tax credits will more likely than not expire before utilization and therefore has established a full valuation allowance against the credits. We have $0.2 million of state credit carryforwards for which we believe realization is more likely than not. In addition, we have $3.3 million of tax credits in other foreign jurisdictions at December 31, 2019 . The tax credits in these other foreign jurisdictions begin to expire in 2026 . We have established a valuation allowance of $3.3 million to offset the full carrying value of the asset related to the foreign jurisdictions’ tax credits. We have a U.S. federal and state deferred tax asset related to currency losses on intercompany loans. Management believes it is more likely than not that the benefit for the asset will not be realized based on timing of expected repayment of the intercompany loans. We have established a valuation allowance of $0.5 million to eliminate the carrying value of this asset. Management believes all remaining tax assets will more likely than not be realized. However, the amount of the deferred tax considered realizable could be reduced based on changing conditions. During 2019 , the state valuation allowance increased by approximately $5.2 million , primarily due to a valuation allowance recorded to offset the current year generation of separate state loss carryforwards that management does not believe are realizable given anticipated changes in state nexus. In the current year, the U.S. federal valuation allowance decreased by $1.5 million primarily due to previously unanticipated utilization of foreign tax credits upon implementation of the final IRS regulations related to the 2017 transition tax. The foreign valuation allowance increased by $0.9 million in 2019 to offset current year loss generation in jurisdictions where realization of the asset is not more likely than not. During 2018 , the valuation allowance increased by approximately $6.9 million to $14.5 million , as a result of an increase in foreign and state NOLs and U.S. foreign tax credits. During 2017 , the valuation allowance increased by approximately $3.5 million to $7.6 million , as a result of a $2.3 million increase due to the uncertainty of realizing certain state NOL carryforwards, and a $1.2 million increase for foreign NOLs. As a result of the deemed mandatory repatriation provisions in the Tax Act, we included undistributed earnings in income subject to U.S. tax at reduced tax rates in 2017. Subsequently, we have recognized in income GILTI as part of the changes from the Tax Act. Therefore, we do not have material basis differences related to cumulative unremitted earnings for U.S. income tax purposes. However, we continue to evaluate quarterly the impact that repatriation of foreign earnings would have on withholding and other taxes. As of December 31, 2019 , we have recorded a liability of $2.3 million for the anticipated withholding taxes which would be due upon repatriation of the unremitted earnings of those subsidiaries for which management does not intend to permanently reinvest all earnings. We are subject to U.S. federal income tax as well as tax in several foreign jurisdictions. We are also subject to tax by various state authorities. The tax years subject to examination vary by jurisdiction. We are no longer subject to U.S. federal examination for periods before 2016. We are currently working with tax authorities in France to complete an audit for the 2016 tax year. We regularly assess the outcomes of both ongoing and future examinations for the current or prior years to ensure our provision for income taxes is sufficient. We recognize liabilities based on estimates of whether additional taxes will be due, and we believes our reserves are adequate in relation to any potential assessments. The outcome of any one examination, some of which may conclude during the next twelve months, is not expected to have a material impact on our financial position or results of operations. Interest and penalties related to federal, state, and foreign income tax matters are recorded as a component of the provision for income taxes in our Consolidated Statements of Operations and Comprehensive Income (Loss) . Accrued interest and penalties of $1.5 million , $1.3 million and $1.4 million are included in other non-current liabilities as of December 31, 2019 , 2018 , and 2017 , respectively. The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties. Year Ended December 31, 2019 2018 2017 Balance at beginning of year $ 4,609 $ 5,655 $ 4,741 Additions for tax positions of prior years — 304 1,404 Settlements for tax positions of prior years (275 ) — — Reductions for tax positions of prior years (1,745 ) (1,350 ) (490 ) Balance at end of year $ 2,589 $ 4,609 $ 5,655 In addition to settlements, the reduction to unrecognized tax benefits in 2019 is primarily related to expiring statutes of limitations in certain U.S. state jurisdictions. As of December 31, 2019 , the unrecognized tax benefits would, if recognized, impact our effective tax rate by $3.6 million , inclusive of the impact of interest and penalties. Management believes that it is reasonably possible that the amount of unrecognized income benefits, including interest and penalties, may decrease during the next twelve months by approximately $1.4 million , related to the expiration of the statutes of limitations. We operate under tax holidays in other countries, which are effective through December 31, 2026, and may be extended if certain additional requirements are satisfied. The tax holidays are conditional upon our meeting certain employment and investment thresholds. The impact of these tax holidays decreased foreign taxes by $0.8 million for 2017 . The benefit of the tax holidays on net income per share (diluted) was $0.03 for 2017 . The tax holidays had no impact on our 2019 and 2018 foreign taxes. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Collectively, our credit facility is comprised of a term loan with a face amount of $545.0 million , maturing on October 19, 2022 (the “Senior Secured Term Loan”); a term loan with a face amount of $300.0 million , maturing on October 19, 2022 (the “Incremental Term Loan”); and a revolving line of credit with a face amount of $75.0 million , maturing on July 20, 2022 (the “Senior Secured Revolver”). The credit facility is collateralized by all of our assets. The following table presents outstanding debt balances as of December 31, 2019 and 2018 . As of December 31, 2019 2018 Senior Secured Term Loan $ 526,313 $ 532,063 Incremental Term Loan 257,111 279,000 Senior Secured Revolver — 38,720 International lines of credit and other loans 9,823 9,810 Total principal 793,247 859,593 Less-current maturities of long-term debt 19,160 31,280 Principal, net of current portion 774,087 828,313 Less-unamortized debt issuance costs (1) 16,647 16,842 Long-term debt, net of current portion $ 757,440 $ 811,471 _______________________________ (1) In addition to this amount, costs of $3.0 million related to the Senior Secured Revolver are recorded in other non-current assets as of December 31, 2019 . We capitalized interest costs of $1.8 million , $1.2 million , and $1.1 million in the years ended December 31, 2019 , 2018 , and 2017 , respectively, related to construction in progress. Senior Secured Term Loan Outstanding borrowings under the Senior Secured Term Loan bear interest at the greater of 0.75% or one-month London Interbank Offered Rate (“LIBOR”) plus an applicable margin. In December 2019, we amended our existing credit facility (the “December 2019 amendment”) to increase the applicable margin from 3.75% to 5.25% . At December 31, 2019 , the Senior Secured Term Loan bore interest at 7.05% . Incremental Term Loan Outstanding borrowings under the Incremental Term Loan bear interest at one-month LIBOR plus an applicable margin. The December 2019 amendment increased the applicable margin from 3.25% to 5.25% and extended the maturity date of the Incremental Term Loan from April 3, 2021 , to October 19, 2022 . At December 31, 2019 , the Incremental Term Loan bore interest at 7.05% . Second Lien Credit Agreement In May 2018 , we entered into a $200.0 million Second Lien Credit Agreement to fund the Paragon Medical acquisition. In September 2018 , a significant portion of net proceeds from a registered public offering of shares of our common stock was used to voluntarily prepay in full the $200.0 million outstanding principal balance. There were no outstanding borrowings under the Second Lien Credit Agreement at December 31, 2019 and 2018 . Senior Secured Revolver Outstanding borrowings under the Senior Secured Revolver bear interest on a variable rate structure with borrowings bearing interest at either one-month LIBOR plus an applicable margin of 4.00% or the prime lending rate plus an applicable margin of 3.00% . We pay a commitment fee of 0.50% for unused capacity under the Senior Secured Revolver. In March 2019 , we amended our existing credit facility (the “March 2019 amendment”) to amend the defined terms within the credit facility. In June 2019, we amended our existing credit facility (the “June 2019 amendment”) to reduce the maximum capacity under the Senior Secured Revolver to $110.0 million , reduce the total available capacity to $100.0 million , and modify the consolidated net leverage ratio, as defined in the credit facility agreement, which is utilized for certain financial covenants. The December 2019 amendment extended the maturity date of the Senior Secured Revolver from October 19, 2020 , to July 20, 2022 , reduced the total available capacity to $75.0 million , and increased the applicable one-month LIBOR margin to a range of 3.00% to 4.00% dependent on the consolidated net leverage ratio. We had no outstanding borrowings under the Senior Secured Revolver at December 31, 2019 . Total available capacity under the Senior Secured Revolver was $75.0 million as of December 31, 2019 , with $63.9 million available for future borrowings after reductions for outstanding letters of credit and outstanding borrowings as of December 31, 2019 . Our credit facility is subject to certain financial covenants based on a consolidated net leverage ratio, becoming more restrictive over time. If our operational or financial performance does not improve in line with our expectations, we may be required to take actions to further reduce expenditures and decrease our net indebtedness to maintain compliance in future periods. We were in compliance with all covenants under our credit facility at December 31, 2019 . Unamortized Debt Issuance Costs We incurred a total of $10.8 million for debt issuance costs related to the March 2019 amendment, June 2019 amendment, and December 2019 amendment. Costs related to the Senior Secured Term Loan and the Incremental Term Loan are recorded as a direct reduction to the carrying amount of the associated long-term debt. Costs related to the Senior Secured Revolver are recorded in other non-current assets as of December 31, 2019 , as no borrowings were outstanding. Additionally, $3.3 million of unamortized debt issuance costs associated with the March 2019 amendment and the December 2019 amendment were written off in 2019. International Lines of Credit and Other Loans International lines of credit and other loans consist of loans with financial institutions in France, Brazil, China, and the United States with a weighted average interest rate of 3.43% as of December 31, 2019. These sources are used to fund working capital and equipment purchases for our manufacturing plants and have a weighted average remaining term of 9 years . As of December 31, 2019 , the international lines of credit and other loans had $9.8 million outstanding of which $1.4 million is classified as “ Current maturities of long-term debt ” on the Consolidated Balance Sheets . Derivative Instruments and Hedging Activities In February 2019 , we entered into a $700.0 million amortizing notional amount fixed-rate interest rate swap agreement to manage the interest rate risk associated with our long-term variable-rate debt until 2022. The fixed-rate interest rate swap agreement calls for us to receive interest monthly at a variable rate equal to one-month LIBOR and to pay interest monthly at a fixed rate of 2.4575% . Refer to Note 22 for further discussion of the interest rate swap agreement. Future Maturities The following table lists aggregate maturities of long-term debt for the next five years and thereafter. Year Ending December 31, Aggregate Maturities Principal Amounts 2020 $ 19,160 2021 18,777 2022 749,162 2023 1,274 2024 1,073 Thereafter 3,801 Total outstanding principal $ 793,247 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases We adopted ASC 842 on January 1, 2019 , and elected the modified retrospective approach in which the new standard is applied to all leases existing at the date of adoption through a cumulative-effect adjustment of less than $0.1 million to accumulated deficit. Consequently, financial information is not updated, and the disclosures required under the new standard are not provided for periods prior to January 1, 2019 . As part of the adoption, we elected the package of practical expedients, the short-term lease exemption, and the practical expedient to not separate lease and non-lease components. Accordingly, we accounted for our existing operating leases as operating leases under the new standard, without reassessing (a) whether the contracts contain a lease under ASC 842, (b) whether classification of the operating leases would be different in accordance with ASC 842, or (c) whether any unamortized initial direct costs would have met the definition of initial direct costs in ASC 842 at lease commencement. We determine whether an arrangement is a lease at inception. Right-of-use (“ROU”) lease assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. ROU lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When the implicit rate is not readily determinable, we use the estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Amortization of ROU lease assets is recognized in expense on a straight-line basis over the lease term. Short-term leases are leases having a term of twelve months or less. We recognize short-term leases on a straight-line basis and do not record a related lease asset or liability for such leases. Finance lease ROU assets consist primarily of equipment used in the manufacturing process with terms greater than twelve months to seven years . Operating lease ROU assets consist of the following: • Equipment used in the manufacturing process as well as office equipment with terms three years to seven years ; and • Manufacturing plants and office facilities with terms two years to 20 years . The following table presents components of lease expense for the year ended December 31, 2019 : Financial Statement Line Item Year Ended December 31, 2019 Lease cost: Finance lease cost Amortization of right-of-use assets Depreciation and amortization $ 1,416 Interest expense Interest expense 284 Operating lease cost Cost of sales and selling, general and administrative expense 13,684 Short-term lease cost (1) Cost of sales and selling, general and administrative expense 479 Variable lease cost (2) Cost of sales and selling, general and administrative expense 36 Total lease cost $ 15,899 _______________________________ (1) Excludes expenses related to leases with a lease term of one month or less. (2) Represents changes to index-based lease payments. The following table presents the lease-related assets and liabilities recorded on the balance sheet as of December 31, 2019 : Financial Statement Line Item December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 65,496 Finance lease assets Property, plant and equipment, net 18,415 Total lease assets $ 83,911 Liabilities Current liabilities Operating lease liabilities Current portion of operating lease liabilities $ 6,652 Finance lease liabilities Other current liabilities 3,669 Non-current liabilities Operating lease liabilities Operating lease liabilities, net of current portion 66,980 Finance lease liabilities Other non-current liabilities 12,037 Total lease liabilities $ 89,338 The following table contains supplemental information related to leases for the year ended December 31, 2019 : Supplemental Cash Flows Information Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 273 Operating cash flows from operating leases 21,726 Financing cash flows from finance leases 3,390 Right-of-use assets obtained in exchange for new finance lease liabilities $ 10,571 Right-of-use assets obtained in exchange for new operating lease liabilities $ 8,508 As of December 31, 2019 , the weighted average remaining lease term and weighted-average discount rate for finance and operating leases was as follows: Operating Leases Finance Leases Weighted-average remaining lease term (years) 10.6 4.3 Weighted-average discount rate 6.3 % 3.0 % The maturities of lease liabilities greater than twelve months as of December 31, 2019 , is as follows: Operating Leases Finance Leases 2020 $ 12,229 $ 4,099 2021 11,233 4,085 2022 10,941 3,867 2023 9,385 2,963 2024 9,150 1,477 Thereafter 56,274 272 Total future minimum lease payments 109,212 16,763 Less: imputed interest 35,580 1,057 Total lease liabilities $ 73,632 $ 15,706 As of December 31, 2019 , we have an additional operating lease commitment that would require us to pay a total of approximately $27.5 million base rent payments over the lease term of 15 years . We are expected to commence base rent payments during the third quarter of 2020 . The following table presents the future minimum lease payments under operating leases with initial or non-cancelable lease terms in excess of one year prior to adoption of ASC 842 as reported in the 2018 Annual Report. Year Ending December 31, 2019 $ 13,337 2020 11,515 2021 10,557 2022 10,293 2023 8,752 Thereafter 53,945 Total minimum payments $ 108,399 During the years ended December 31, 2018 and 2017 , we recognized rent expense of $12.4 million and $7.6 million , respectively. |
Leases | Leases We adopted ASC 842 on January 1, 2019 , and elected the modified retrospective approach in which the new standard is applied to all leases existing at the date of adoption through a cumulative-effect adjustment of less than $0.1 million to accumulated deficit. Consequently, financial information is not updated, and the disclosures required under the new standard are not provided for periods prior to January 1, 2019 . As part of the adoption, we elected the package of practical expedients, the short-term lease exemption, and the practical expedient to not separate lease and non-lease components. Accordingly, we accounted for our existing operating leases as operating leases under the new standard, without reassessing (a) whether the contracts contain a lease under ASC 842, (b) whether classification of the operating leases would be different in accordance with ASC 842, or (c) whether any unamortized initial direct costs would have met the definition of initial direct costs in ASC 842 at lease commencement. We determine whether an arrangement is a lease at inception. Right-of-use (“ROU”) lease assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. ROU lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When the implicit rate is not readily determinable, we use the estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Amortization of ROU lease assets is recognized in expense on a straight-line basis over the lease term. Short-term leases are leases having a term of twelve months or less. We recognize short-term leases on a straight-line basis and do not record a related lease asset or liability for such leases. Finance lease ROU assets consist primarily of equipment used in the manufacturing process with terms greater than twelve months to seven years . Operating lease ROU assets consist of the following: • Equipment used in the manufacturing process as well as office equipment with terms three years to seven years ; and • Manufacturing plants and office facilities with terms two years to 20 years . The following table presents components of lease expense for the year ended December 31, 2019 : Financial Statement Line Item Year Ended December 31, 2019 Lease cost: Finance lease cost Amortization of right-of-use assets Depreciation and amortization $ 1,416 Interest expense Interest expense 284 Operating lease cost Cost of sales and selling, general and administrative expense 13,684 Short-term lease cost (1) Cost of sales and selling, general and administrative expense 479 Variable lease cost (2) Cost of sales and selling, general and administrative expense 36 Total lease cost $ 15,899 _______________________________ (1) Excludes expenses related to leases with a lease term of one month or less. (2) Represents changes to index-based lease payments. The following table presents the lease-related assets and liabilities recorded on the balance sheet as of December 31, 2019 : Financial Statement Line Item December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 65,496 Finance lease assets Property, plant and equipment, net 18,415 Total lease assets $ 83,911 Liabilities Current liabilities Operating lease liabilities Current portion of operating lease liabilities $ 6,652 Finance lease liabilities Other current liabilities 3,669 Non-current liabilities Operating lease liabilities Operating lease liabilities, net of current portion 66,980 Finance lease liabilities Other non-current liabilities 12,037 Total lease liabilities $ 89,338 The following table contains supplemental information related to leases for the year ended December 31, 2019 : Supplemental Cash Flows Information Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 273 Operating cash flows from operating leases 21,726 Financing cash flows from finance leases 3,390 Right-of-use assets obtained in exchange for new finance lease liabilities $ 10,571 Right-of-use assets obtained in exchange for new operating lease liabilities $ 8,508 As of December 31, 2019 , the weighted average remaining lease term and weighted-average discount rate for finance and operating leases was as follows: Operating Leases Finance Leases Weighted-average remaining lease term (years) 10.6 4.3 Weighted-average discount rate 6.3 % 3.0 % The maturities of lease liabilities greater than twelve months as of December 31, 2019 , is as follows: Operating Leases Finance Leases 2020 $ 12,229 $ 4,099 2021 11,233 4,085 2022 10,941 3,867 2023 9,385 2,963 2024 9,150 1,477 Thereafter 56,274 272 Total future minimum lease payments 109,212 16,763 Less: imputed interest 35,580 1,057 Total lease liabilities $ 73,632 $ 15,706 As of December 31, 2019 , we have an additional operating lease commitment that would require us to pay a total of approximately $27.5 million base rent payments over the lease term of 15 years . We are expected to commence base rent payments during the third quarter of 2020 . The following table presents the future minimum lease payments under operating leases with initial or non-cancelable lease terms in excess of one year prior to adoption of ASC 842 as reported in the 2018 Annual Report. Year Ending December 31, 2019 $ 13,337 2020 11,515 2021 10,557 2022 10,293 2023 8,752 Thereafter 53,945 Total minimum payments $ 108,399 During the years ended December 31, 2018 and 2017 , we recognized rent expense of $12.4 million and $7.6 million , respectively. |
Restructuring and Integration
Restructuring and Integration | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Integration | The following table presents restructuring and integration charges for the years ended December 31, 2019 , 2018 , and 2017 . Life Sciences Mobile Solutions Corporate and Consolidations Total Year Ended December 31, 2019 Severance and other employee costs $ — $ — $ — $ — Site closure and other associated costs — (12 ) — (12 ) Total $ — $ (12 ) $ — $ (12 ) Year Ended December 31, 2018 Severance and other employee costs $ 1,336 $ — $ 728 $ 2,064 Site closure and other associated costs — 63 — 63 Total $ 1,336 $ 63 $ 728 $ 2,127 Year Ended December 31, 2017 Severance and other employee costs $ — $ 17 $ — $ 17 Site closure and other associated costs — 369 — 369 Total $ — $ 386 $ — $ 386 The following tables presents restructuring and integration reserve activity for the years ended December 31, 2019 , 2018 , and 2017 . Reserve Balance as of December 31, 2018 Charges Non-cash Adjustments Cash Reductions Reserve Balance as of December 31, 2019 Severance and other employee costs $ 1,122 $ — $ — $ (645 ) $ 477 Site closure and other associated costs 24 (12 ) — (12 ) — Total $ 1,146 $ (12 ) $ — $ (657 ) $ 477 Reserve Balance as of December 31, 2017 Charges Non-cash Adjustments Cash Reductions Reserve Balance as of December 31, 2018 Severance and other employee costs $ — $ 2,064 $ — $ (942 ) $ 1,122 Site closure and other associated costs 1,099 63 (56 ) (1,082 ) 24 Total $ 1,099 $ 2,127 $ (56 ) $ (2,024 ) $ 1,146 Reserve Balance as of December 31, 2016 Charges Non-cash Adjustments Cash Reductions Reserve Balance as of December 31, 2017 Severance and other employee costs $ 1,000 $ 17 $ (164 ) $ (853 ) $ — Site closure and other associated costs 1,625 369 — (895 ) 1,099 Total $ 2,625 $ 386 $ (164 ) $ (1,748 ) $ 1,099 In 2018 , we recognized severance and other employee costs of $0.7 million at corporate headquarters related to the restructuring of our former Precision Engineered Products Group to form the Life Sciences and Power Solutions groups, effective January 2, 2018 . We also recognized severance and other employee costs of $1.3 million in our Life Sciences group related to the post-acquisition integration of Paragon Medical into our existing business. In 2017 , we recognized restructuring and integration expense of $0.4 million in our Mobile Solutions group due primarily to the closure of a plant in Wheeling, Illinois, which was a part of our integration plan after the acquisition of Autocam Corporation (“Autocam”) in 2014. The amount accrued as of December 31, 2019 , for restructuring and integration costs represents our expected obligation over the next 1.4 years primarily related to severance and other employee costs. We expect to pay $0.3 million within the next twelve months. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Brazil ICMS Tax Matter Prior to the acquisition of Autocam in 2014, Autocam’s Brazilian subsidiary (“Autocam Brazil”) received notification from the Brazilian tax authority regarding ICMS (state value added tax or “VAT”) 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 process. 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 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. Although we anticipate a favorable resolution to all matters, we can provide no assurances that we will be successful in achieving dismissal of all pending cases. While we believe a loss is not probable, we estimate the range of possible losses related to this assessment is from $0 to $6.0 million . No amount was accrued at December 31, 2019 , for this matter. 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. 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 the Company, certain of the Company’s current and former officers and directors, and each of the underwriters involved in the Company’s public offering and sale of 14.4 million shares of its 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 the Company’s 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 the Company’s common stock in the Offering. The complaint seeks unspecified monetary damages and other relief. The Company believes the complaint and allegations to be without merit and intends to vigorously defend itself against these actions. The Company is unable at this time to determine whether the outcome of the litigation would have a material impact on the Company’s financial position, results of operations, or cash flows. All Other Legal Matters All other legal proceedings are of an ordinary and routine nature and are incidental to our operations. Management believes that such proceedings should not, individually or in the aggregate, have a material adverse effect on our business, financial condition, results of operations, or cash flows. In making that determination, we analyze the facts and circumstances of each case at least quarterly in consultation with our attorneys and determine a range of reasonably possible outcomes. |
Series B Convertible Preferred
Series B Convertible Preferred Stock and Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity Offering | Series B Convertible Preferred Stock On December 11, 2019, we issued to affiliates of existing common stockholders in a private placement 0.1 million shares of contingently redeemable Series B convertible preferred stock (“Preferred Stock”) , par value of $0.01 per share and at a price of $1,000 per share, together with detachable warrants (the “Warrants”) to purchase up to 1.5 million shares of our common stock at an exercise price of $12.00 per share. The Preferred Stock has a liquidation preference of $1,000 per share; is redeemable at our option in cash (or, under certain circumstances, in stock), subject to the applicable redemption premium; is convertible into a variable number of common shares on certain terms and conditions on or after March 31, 2023; and is subject to certain other rights and obligations. In connection with the issuance of Preferred Stock, we entered into a registration rights agreement with the purchasers to provide certain customary demand registration rights exercisable beginning on March 31, 2021, with respect to their shares of common stock, including those underlying the Preferred Stock and Warrants, shares of Preferred Stock, and the Warrants. Net cash proceeds of $95.7 million from the issuance of the Preferred Stock were used for debt repayment, fees associated with the amendment and extension of our credit facility, and for general corporate purposes. Preferred Stock shares have limited voting rights and earn cumulative dividends at a rate of 10.625% per year, payable quarterly in arrears if declared, and accrue whether or not earned or declared. If a Preferred Stock dividend is declared by the Board of Directors, then it will be paid in cash. Additionally, holders of Preferred Stock participate in any dividends paid on shares of NN’s common stock on an as-converted basis at a fixed conversion rate. If our common stockholders do not approve a proposal at our 2020 annual stockholder meeting to issue common stock in excess of thresholds established by certain Nasdaq stock market rules upon the exercise of Warrants or the conversion or redemption of Preferred Stock, then the annual dividend rate will immediately increase to 11.625% until such time approval is obtained. Preferred Stock is classified as mezzanine equity, between liabilities and stockholders’ equity because certain features of the Preferred Stock could require redemption of some or all Preferred Stock upon events that are considered not solely within our control, including a leverage ratio threshold and the passage of time. For initial recognition, the Preferred Stock is recognized at a discounted value, net of issuance costs, reflecting allocation to the Warrants on a relative fair value basis and allocation to bifurcated embedded derivatives on a fair value basis. The aggregate discount is amortized as a deemed dividend through December 31, 2023, which is the date the holders have a non-contingent conversion option into a variable number of common shares equal to the liquidation preference plus accrued and unpaid dividends. 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, (“ASC 815-15”) certain features of the Preferred Stock were bifurcated and accounted for separate from the Preferred Stock. The following features are recorded on a combined basis as a single derivative. • Leverage ratio put feature. The Preferred Stock includes a redemption option based on a leverage ratio threshold that provides the preferred holder the option to convert the Preferred Stock to a variable number of shares of common stock at a discount to the then fair value of our common stock. The conversion feature is considered a redemption right at a premium which is not clearly and closely related to the debt host. • Contingent dividends. The feature that allows for the dividend rate to increase to 11.625% in 2020 is not considered clearly and closely related to the debt host. • Dividends withholding. The Preferred Stock bears a feature that could require us to make an effective distribution to purchasers which is indexed to the tax rate of the purchasers. This distribution would be partially offset by an adjustment to the redemption price and/or conversion rate. The dividends withholding feature is not clearly and closely related to the debt host. As of December 31, 2019 , the carrying value of the Preferred Series B shares was $93.0 million which included $0.6 million of accumulated unpaid and deemed dividends. The following table presents the change in the Series B Preferred carrying value during the year ended December 31, 2019 . Year Ended December 31, 2019 Beginning balance $ — Gross proceeds from issuance of shares 100,000 Relative fair value of Warrants issued (1,076 ) Recognition of bifurcated embedded derivative (2,295 ) Allocation of issuance costs to Preferred Stock (4,259 ) Accrual of in-kind dividends 590 Amortization of discount (deemed dividends) 52 Ending balance $ 93,012 Common Stock In September 2018, we issued 14.4 million shares of our common stock in a public offering under our shelf registration statement at a price of $16.00 per share. Net proceeds of $217.3 million were used to repay the Second Lien Facility and a portion of the Senior Secured Revolver. Warrants The Warrants are exercisable, in full or in part, at any time prior to December 11, 2026, at an exercise price of $12.00 per share, subject to customary anti-dilution adjustments in the event of future below market issuances, stock splits, stock dividends, combinations or similar events. Unless and until common stockholders approve the issuance of additional common shares upon exercise of the Warrants, the Warrants may not be exercisable. In addition, certain other ownership limitations apply to any holder of a Warrant. The Warrant may be exercised for cash or on a cashless basis, based on an exercise price equal to the closing sale price on the immediately preceding trading day. Warrant holders are entitled to participate in any dividend or other distribution by the Company to holders of shares of its Common Stock, on an as-exercised basis if the Warrant is exercised. The Warrants are classified as equity and recognized in additional paid-in capital based on relative fair value allocation. The Warrants were valued at issuance using the Black-Scholes method. The valuation at issuance was agreed to by the Preferred Stock holders and the Company, and is specified in the Preferred Stock agreement. Key assumptions relevant to determining the fair value of the Warrants included an expected term of 1.25 years , a risk free interest rate of 1.62% , and expected volatility of 50% . |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract 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 present net sales to external customers by reportable segment. Year Ended December 31, 2019 Life Sciences Mobile Solutions Power Solutions Intersegment Sales Eliminations Total United States $ 295,690 $ 162,445 $ 156,945 $ (2,130 ) $ 612,950 China 7,330 38,793 6,722 — 52,845 Mexico 373 18,815 13,489 — 32,677 Brazil 3 36,058 300 — 36,361 Germany 29,239 6,372 65 — 35,676 Switzerland 14,016 4,340 57 — 18,413 Other 13,081 30,926 14,522 — 58,529 Total net sales $ 359,732 $ 297,749 $ 192,100 $ (2,130 ) $ 847,451 Year Ended December 31, 2018 Life Sciences Mobile Solutions Power Solutions Intersegment Sales Eliminations Total United States $ 206,776 $ 187,178 $ 157,357 $ (2,331 ) $ 548,980 China 6,130 43,610 5,537 — 55,277 Mexico 191 27,053 12,254 — 39,498 Brazil 29 35,314 215 — 35,558 Germany 19,870 5,652 26 — 25,548 Switzerland 6,446 5,006 54 — 11,506 Other 8,731 31,224 14,335 — 54,290 Total net sales $ 248,173 335,037 189,778 (2,331 ) $ 770,657 Year Ended December 31, 2017 Life Sciences Mobile Solutions Power Solutions Intersegment Sales Eliminations Total United States $ 96,062 $ 190,828 $ 152,938 $ (1,990 ) $ 437,838 China 267 45,503 6,481 — 52,251 Mexico 78 26,639 14,220 — 40,937 Brazil — 35,425 185 — 35,610 Germany 35 5,502 11 — 5,548 Switzerland — 5,450 — — 5,450 Other 1,887 27,505 12,767 — 42,159 Total net sales $ 98,329 $ 336,852 $ 186,602 $ (1,990 ) $ 619,793 Product Sales We generally transfer control and recognize a sale when we ship the product from our manufacturing facility to our customer, at a point in time, as this is when our customer obtains the ability to direct use of, and obtain substantially all of the remaining benefits from, the goods. We have elected to recognize the cost for freight and shipping when control over products has transferred to the customer as a component of cost of sales. We use an observable price to determine the stand-alone selling price for separate performance obligations or a cost-plus-margin approach when an observable price is not available. The expected duration of our contracts is one year or less, and we have elected to apply the practical expedient that allows entities to disregard the effects of financing when the contract length is less than one year. The amount of consideration we receive and the revenue we recognize varies with volume rebates and incentives we offer to our customers. We estimate the amount of variable consideration that should be included in the transaction price utilizing the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. We utilize the portfolio approach practical expedient to evaluate sales-related discounts on a portfolio basis to contracts with similar characteristics. The effect on our financial statements of applying the portfolio approach would not differ materially from applying the new standard to individual contracts. We give our customers the right to return only defective products in exchange for functioning products or rework of the product. These transactions are evaluated and accounted for under ASC Topic 460, Guarantees , and we estimate the impact to the transaction price based on an analysis of historical experience. Other Sources of Revenue We provide pre-production activities related to engineering efforts to develop molds, dies, and machines that are owned by our customers. We may receive advance payments from customers which are deferred until satisfying our performance obligations by compliance with customer-specified milestones, recognizing revenue at a point in time. These contracts generally have an original expected duration of less than one year. The following table provides information about contract liabilities from contracts with customers. Deferred Revenue Balance at January 1, 2019 $ 2,974 Balance at December 31, 2019 $ 4,172 The timing of revenue recognition, billings, and cash collections results in billed accounts receivable and customer advances and deposits (e.g. contract liability) on the Consolidated Balance Sheets. These contract liabilities are reported on the Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period as 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. Changes in the contract liability balances during the year ended December 31, 2019 , were not materially impacted by any other factors. Revenue recognized for the year ended December 31, 2019 , from amounts included in deferred revenue at the beginning of the period for performance obligations satisfied or partially satisfied during the period was $3.0 million . 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 December 31, 2019 , 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. Costs to Obtain and Fulfill a Contract We recognize commissions paid to internal sales personnel that are incremental to obtaining customer contracts as an expense when incurred since the amortization period is less than one year. The judgments made in determining the amount of costs incurred included whether the commissions are in fact incremental and would not have occurred absent the customer contract. Costs to obtain a contract are expensed as selling, general and administrative expense. Sales, VAT, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. Sales Concentration For the year ended December 31, 2019 , we recognized sales from a single customer of $93.1 million , or 11.0% of consolidated net sales. Revenues from this customer are in our Life Sciences and Power Solutions groups. No customers represented more than 10% of our net sales for the years ended December 31, 2018 and 2017 . No customers represented more than 10% of accounts receivable as of December 31, 2019 or 2018 . |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | We recognize compensation expense of all employee and non-employee director share-based compensation awards in the financial statements based upon the grant date fair value of the awards over the requisite service or vesting period, less any expense incurred for estimated forfeitures. As of December 31, 2019 , we have 3.6 million maximum shares that can be issued as options, stock appreciation rights, and other share-based awards. Shares of our common stock delivered upon exercise or vesting may consist of newly issued shares of our common stock or shares acquired in the open market. Share-based compensation expense is recognized in the “ Selling, general and administrative expense ” line in the Consolidated Statements of Operations and Comprehensive Income (Loss) except for $1.0 million attributable to discontinued operations for the year ended December 31, 2017 . The following table lists the components of share-based compensation expense by type of award. Year Ended December 31, 2019 2018 2017 Stock options $ 881 $ 678 $ 1,078 Restricted stock 1,897 1,630 1,968 Performance share units 1,155 2,076 2,450 Change in estimate of share-based award vesting (1) (1,111 ) (1,968 ) — Share-based compensation expense $ 2,822 $ 2,416 $ 5,496 _______________________ (1) Amounts reflect the decrease in share-based compensation expense based on the change in estimate of the probability of vesting of share-based awards. The total tax benefit for share-based compensation cost was $0.1 million , $0.7 million , and $1.6 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Unrecognized compensation cost related to unvested awards was $2.7 million as of December 31, 2019 . We expect that cost to be recognized over a weighted-average period of 2.1 years. Stock Options Option awards are typically granted to key employees on an annual basis. A single option grant is typically awarded to eligible employees each year by the Compensation Committee of the Board of Directors. The Compensation Committee occasionally awards additional individual grants to eligible employees. All employees are awarded options at an exercise price equal to the closing price of our stock on the date of grant. The term life of options is generally ten years with a vesting period of generally three years . During the years ended 2019 , 2018 , and 2017 , we granted options to purchase 210,400 , 57,800 , and 125,700 shares, respectively, to certain key employees. The weighted average grant date fair value of the options granted during 2019 , 2018 , and 2017 was $2.77 , $10.60 , and $11.84 per share, respectively. The fair value of our options cannot be determined by market value because they are not traded in an open market. Accordingly, we utilized the Black Scholes financial pricing model to estimate the fair value. The following table shows the weighted average assumptions relevant to determining the fair value of stock options granted in each year. 2019 2018 2017 Expected term 6 years 6 years 6 years Average risk-free interest rate 2.47 % 2.66 % 2.03 % Expected dividend yield 3.53 % 1.15 % 1.16 % Expected volatility 49.53 % 47.69 % 56.56 % Expected forfeiture rate 4.00 % 4.00 % 3.00 % The expected term is derived from using the simplified method of determining stock option terms as described under the SAB Topic 14, Share-based payment . The simplified method was used because sufficient historical stock option exercise experience was not available, primarily due to the transformation of the management structure over the past several years. The average risk-free interest rate is derived from United States Department of Treasury published interest rates of daily yield curves for the same time period as the expected term. The expected dividend yield is derived by a mathematical formula which uses the expected annual dividends over the expected term divided by the fair market value of our common stock at the grant date. The expected volatility is derived from our actual common stock historical volatility over the same time period as the expected term. The expected volatility rate is derived by mathematical formula utilizing daily closing price data. The expected forfeiture rate is determined from examining the historical pre-vesting forfeiture patterns of past option issuances to key employees. While the expected forfeiture rate is not an input of the Black Scholes financial pricing model for determining the fair value of the options, it is an important determinant of stock option compensation expense to be recorded. The following table summarizes stock option activity for the year ended December 31, 2019 . Number of Options (in thousands) Weighted- Average Exercise Price (per share) Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2019 771 $ 15.17 Granted 210 7.93 Exercised (5 ) 4.42 $ 7 Forfeited or expired (201 ) 11.96 Outstanding at December 31, 2019 775 $ 13.24 5.5 $ 291 (1) Exercisable at December 31, 2019 530 $ 14.23 4.0 $ 30 (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 December 31, 2019 , was greater than the exercise price of any individual option grant. Cash proceeds from the exercise of options in the years ended December 31, 2019 , 2018 , and 2017 totaled less than $0.1 million , $0.3 million , and $3.1 million , respectively. The tax benefit recognized from stock option exercises was less than $0.1 million , $0.1 million , and $0.2 million in the years ended December 31, 2019 , 2018 , and 2017 , respectively. For the years ended December 31, 2019 , 2018 , and 2017 , proceeds from stock options are presented exclusive of tax benefits in cash flows from financing activities in the Consolidated Statements of Cash Flows . The total intrinsic value of options exercised during the years ended December 31, 2019 , 2018 , and 2017 was $7 thousand , $0.5 million , and $3.8 million , respectively. Restricted Stock During the years ended December 31, 2019 , 2018 , and 2017 , we granted 339,498 , 86,516 , and 85,393 restricted stock awards to non-executive directors, officers, and certain other key employees. The shares of restricted stock granted during the years ended December 31, 2019 , 2018 , and 2017 , vest pro-rata generally over three years for officers and certain other key 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 years ended December 31, 2019 , 2018 , and 2017 , was $7.74 , $24.55 , and $24.29 per share, respectively. The total grant date fair value of restricted stock that vested in the years ended December 31, 2019 , 2018 , and 2017 , was $2.9 million , $1.8 million , and $2.1 million , respectively. The following table summarizes unvested restricted stock award activity for the year ended December 31, 2019 . Number of Unvested Restricted Shares (in thousands) Weighted Average Grant Date Fair Value Unvested at January 1, 2019 146 $ 22.07 Granted 339 7.74 Vested (172 ) 16.62 Forfeited (91 ) 9.98 Unvested at December 31, 2019 222 $ 9.33 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. PSUs granted in 2019 , 2018 and 2017 were made pursuant to the NN, Inc. 2016 Omnibus Incentive Plan and a Performance Share Unit Agreement (the “2016 Omnibus Agreement”). Some PSUs are based on total shareholder return (“TSR Awards”), and other PSUs are based on return on invested capital (“ROIC Awards”). 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 the S&P SmallCap 600 Index during specified performance periods as defined in the 2016 Omnibus Agreement. The ROIC Awards will 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 36 months 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 executive officer’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 the number of shares of common stock that are ultimately earned at the end of the performance periods. With respect to the TSR Awards, a participant will earn 50% of the target number of PSUs for “Threshold Performance,” 100% of the target number of PSUs for “Target Performance,” and 150% of the target number of PSUs for “Maximum Performance.” With respect to the ROIC Awards, a participant will earn 35% of the target number of PSUs for “Threshold Performance,” 100% of the target number of PSUs for “Target Performance,” and 150% of the target number of PSUs for “Maximum Performance.” For performance levels falling between the values shown below, the percentages will be determined by interpolation. The following table presents the goals with respect to TSR Awards and ROIC Awards granted in 2019 , 2018 , and 2017 . TSR Awards: Threshold Performance (50% of Shares) Target Performance (100% of Shares) Maximum Performance (150% of Shares) 2019 grants 35 50 75 2018 grants 35 50 75 2017 grants 35 50 75 ROIC Awards: Threshold Performance (35% of Shares) Target Performance (100% of Shares) Maximum Performance (150% of Shares) 2019 grants 4.7 % 5.8 % 7.0 % 2018 grants 15.5 % 18.0 % 19.5 % 2017 grants 15.0 % 17.5 % 20.0 % 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 grant date fair value of ROIC Awards is based on the closing price of a share of our common stock on the date of grant. The following table presents the number of awards granted and the grant date fair value of each award in the periods presented. TSR Awards ROIC Awards Award Year Number of Shares (in thousands) Grant Date Fair Value (per share) Number of Shares (in thousands) Grant Date Fair Value (per share) 2019 136 $ 9.28 174 $ 7.93 2018 55 $ 24.65 55 $ 24.55 2017 46 $ 29.84 53 $ 24.20 We recognize expense for ROIC Awards based on the probable outcome of the associated performance condition. We generally recognize an expense for ROIC Awards based on the Target Performance threshold of 100% because, at the date of grant, the Target Performance is the probable level of performance achievement. During 2019 , none of the ROIC Awards that were granted in 2017 vested because the actual performance achieved was below the “Threshold Performance” level of 15.0% , as defined by the grant agreement. All of the expense related to the 2017 ROIC Awards was reversed during the year ended December 31, 2018 , when we recognized a decrease in share-based compensation expense of $0.8 million in the “ Selling, general and administrative expense ” line in the Consolidated Statements of Operations and Comprehensive Income (Loss) . Also during the year ended December 31, 2018 , we determined that the probability of performance achievement for ROIC Awards that were granted in 2018 and 2016 diminished to below the “Threshold Performance” level of 15.5% , as defined by the grant agreement, and recognized a decrease in share-based compensation expense of $1.2 million to reflect the change in estimate of the probability of vesting for the 2018 and 2016 ROIC Awards in the “ Selling, general and administrative expense ” line in the Consolidated Statements of Operations and Comprehensive Income (Loss) . In 2019 , we recognized a decrease in share-based compensation expense of $1.1 million in the Selling, general and administrative expense line in the Consolidated Statements of Operations and Comprehensive Income (Loss) to reverse cumulative expense for awards to executives that were forfeited upon termination of employment. Related accrued dividend equivalents of $0.1 million were also reversed in 2019 for awards that are not expected to vest. The following table summarizes changes in unvested PSUs during the year ended December 31, 2019 , and changes during the year then ended. Nonvested TSR Awards Nonvested ROIC Awards Number of Shares (in thousands) Weighted Average Grant Date Fair Value Number of Shares (in thousands) Weighted Average Grant Date Fair Value Nonvested at January 1, 2019 94 $ 26.84 100 $ 24.39 Granted 136 9.28 174 7.93 Forfeited (151 ) 16.54 (179 ) 14.21 Expired (14 ) 29.84 (16 ) 24.20 Nonvested at December 31, 2019 65 $ 13.27 79 $ 11.50 No TSR Awards or ROIC Awards vested in 2019 or 2018 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The components of AOCI are as follows: Foreign Currency Translation Interest Rate Swap Taxes Accumulated Other Comprehensive Loss Balance at December 31, 2016 $ (30,596 ) $ — $ — $ (30,596 ) Amounts reclassified from AOCI (1) (9,243 ) — — (9,243 ) Current-period other comprehensive income (loss) activity 22,134 — — 22,134 Balance at December 31, 2017 (17,705 ) — — (17,705 ) Current-period other comprehensive income (loss) activity (13,609 ) — — (13,609 ) Balance at December 31, 2018 (31,314 ) — — (31,314 ) Amounts reclassified from AOCI (2) — 1,411 (327 ) 1,084 Current-period other comprehensive income (loss) activity (3,845 ) (13,645 ) 3,166 (14,324 ) Balance at December 31, 2019 $ (35,159 ) $ (12,234 ) $ 2,839 $ (44,554 ) _______________________ (1) Amount reflects $9.2 million of foreign currency translation that was reclassified out of AOCI to discontinued operations on the Consolidated Statements of Operations and Comprehensive Income (Loss) in connection with the sale of the PBC Business as discussed in Note 3 . (2) Amount reflects $1.1 million of settlements on the interest rate swap, net of tax, that are reclassified out of AOCI into net income on the Consolidated Statements of Operations and Comprehensive Income (Loss) . |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | In accordance with ASC 260, Earnings Per Share, a company that has participating securities (for example, our Preferred Stock) 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 Preferred Stock. The following table summarizes the computation of basic and diluted net income (loss) per common share. Year Ended December 31, 2019 2018 2017 Numerator: Income (loss) from continuing operations $ (46,741 ) $ (262,987 ) $ 24,549 Income from discontinued operations, net of tax — — 137,688 Net income (loss) (46,741 ) (262,987 ) 162,237 Less: Preferred Stock cumulative dividends and deemed dividends (642 ) — — Numerator for basic and diluted net income (loss) per common share (1) $ (47,383 ) $ (262,987 ) $ 162,237 Denominator: Weighted average common shares outstanding 42,030 31,678 27,433 Effect of dilutive stock options — — 322 Diluted shares outstanding 42,030 31,678 27,755 Basic income (loss) from continuing operations per common share $ (1.13 ) $ (8.30 ) $ 0.89 Basic income from discontinued operations per common share — — 5.02 Basic net income (loss) per common share $ (1.13 ) $ (8.30 ) $ 5.91 Diluted income (loss) from continuing operations per common share $ (1.13 ) $ (8.30 ) $ 0.89 Diluted income from discontinued operations per common share — — 4.96 Diluted net income (loss) per common share $ (1.13 ) $ (8.30 ) $ 5.85 Cash dividends declared per common share $ 0.21 $ 0.28 $ 0.28 _______________________________ (1) Preferred Stock does not participate in losses. The following table presents the number of potentially dilutive securities that were excluded from the calculation of diluted income (loss) from continuing operations per common share and diluted net income (loss) per common share because they had an anti-dilutive effect. Year Ended December 31, 2019 2018 2017 Options 577 428 400 Warrants 1,500 — — Preferred Stock, as-converted 12,976 — — 15,053 428 400 Given the loss from continuing operations in 2019 and 2018 , all options and warrants are considered anti-dilutive and were excluded from the calculation of diluted loss from continuing operations per share and diluted net income (loss) per share. Stock options excluded from the calculations of diluted income (loss) from continuing operations per share had a per share exercise price ranging from $8.54 to $25.16 for the year ended December 31, 2019 , and $4.42 to $25.16 for each of the years ended December 31, 2018 , and 2017 . Warrants excluded from the calculation of diluted income (loss) from continuing operations per share for the year ended December 31, 2019 , had a per share exercise price of $12.00 . Preferred Stock excluded from the calculation of diluted income (loss) from continuing operations per share for the year ended December 31, 2019 , was calculated on an as-converted basis. Holders of Preferred Stock will have the right to convert up to 25% of their Preferred Stock into common shares per quarter after December 31, 2023, at a conversion price that equals a 30 -day volume weighted average price per common share. Under certain conditions, holders of Preferred Stock may elect to convert their Preferred Stock into common shares at an earlier date after March 31, 2023, at a conversion price that equals 90% of the volume weighted average market price per common share. The potentially dilutive Preferred Stock in the preceding table presents the more dilutive result of these conversion prices as if the Preferred Stock were converted on December 31, 2019 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
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 Note 1 . 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 December 31, 2019 , the carrying values of these financial instruments approximated fair value. The fair value of floating-rate debt approximates the carrying amount because the interest rates paid are based on short-term maturities. Derivative Financial Instruments As described in Note 17 , in connection with the issuance of Preferred Stock in December 2019 and in accordance with ASC 815-15, certain features of the Preferred Stock were bifurcated and accounted for separate from the Preferred Stock. The following features are recorded on a combined basis as a single derivative. • Leverage ratio put feature. The Preferred Stock includes a redemption option based on a leverage ratio threshold that provides the preferred holder the option to convert the Preferred Stock to a variable number of shares of common stock at a discount to the then fair value of our common stock. The conversion feature is considered a redemption right at a premium which is not clearly and closely related to the debt host. • Contingent dividends. The feature that allows for the dividend rate to increase to 11.625% in 2020 is not considered clearly and closely related to the debt host. • Dividends withholding. The Preferred Stock bears a feature that could require us to make an effective distribution to purchasers which is indexed to the tax rate of the purchasers. This distribution would be partially offset by an adjustment to the redemption price and/or conversion rate. The dividends withholding feature is not clearly and closely related to the debt host. The following table shows the liabilities measured at fair value for the Preferred Stock derivative above as of December 31, 2019 . Fair Value Measurements as of December 31, 2019 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other current liabilities $ — $ — $ 60 Derivative liability - other non-current liabilities — — 2,235 Description $ — $ — $ 2,295 The inputs for determining fair value of the Preferred Stock derivative are classified as Level 3 inputs. Level 3 fair value is based on unobservable inputs based on the best information available. These inputs include probability assessments of how long the Preferred Stock will remain outstanding, whether the leverage ratio threshold will be exceeded, and whether approval is obtained from common stockholders for issuance of common stock upon exercise of the Warrants and conversion or redemption of the Preferred Stock. Inputs also include the percentage of Preferred Stock held by non-U.S. resident holders and the applicable tax withholding rates for those holders. The following table presents the change in the Preferred Stock derivative during the year ended December 31, 2019. Year Ended December 31, 2019 Beginning balance $ — Issuances 2,295 Ending balance $ 2,295 Changes in the fair value of the Preferred Stock derivative will be recognized in earnings. There was no change in the fair value from the date of issuance through December 31, 2019. Cash Flow Hedge We manage our exposure to fluctuations in interest rates using a mix of fixed and variable rate debt. 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 “interest rate swap”). The term of the interest rate swap is from the effective date of February 12, 2019 , through the termination date of October 19, 2022 (the “interest rate swap term”). The interest rate swap effectively mitigates our exposures to the risks and variability of changes in LIBOR. The notional amount of the interest rate swap will decrease over the interest rate swap term as follows: Notional Amount February 12, 2019 - December 30, 2020 $ 700,000 December 31, 2020 - December 30, 2021 466,667 December 31, 2021 - October 19, 2022 233,333 The objective of the interest rate swap is to eliminate the variability of cash flows in interest payments on the first $700.0 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. If one-month LIBOR is greater than the minimum percentage under the Senior Secured Term Loan, the changes in cash flows of the interest rate swap are expected to exactly offset changes in cash flows of the variable rate debt. The interest rate swap is designated as a cash flow hedge. As of December 31, 2019 , we reported a $9.4 million loss , net of tax, in accumulated other comprehensive income related to the interest rate swap. The following table shows the liabilities measured at fair value on a recurring basis for the interest rate swap as of December 31, 2019 . Fair Value Measurements as of December 31, 2019 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Derivative liability - other current liabilities $ — $ 5,943 $ — Derivative liability - other non-current liabilities — 6,290 — Total $ — $ 12,233 $ — The inputs for determining fair value of the interest rate swap 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. As of December 31, 2018 , we had no interest rate swap agreements or other derivative financial instruments outstanding. Fixed Rate Debt The fair value of our outstanding fixed-rate debt included in the “International lines of credit and other loans” line item within Note 13 to these Notes to Consolidated Financial Statements was $9.8 million as of December 31, 2019 . This fair value represents Level 2 under the three-tier hierarchy described above. The carrying value of this fixed-rate debt was $9.8 million as of December 31, 2019 . We had no significant fixed-rate debt outstanding as of December 31, 2018 . |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) The following tables present the quarterly results of operations for the years ended December 31, 2019 and 2018 . 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 213,256 $ 221,666 $ 213,897 $ 198,632 Cost of sales (exclusive of depreciation and amortization) 162,187 164,099 161,074 154,279 Net income (loss) (19,518 ) (7,283 ) (5,855 ) (14,085 ) Comprehensive income (loss) (22,053 ) (15,742 ) (17,976 ) (4,210 ) Basic net income (loss) per common share $ (0.47 ) $ (0.17 ) $ (0.14 ) $ (0.35 ) Diluted net income (loss) per common share $ (0.47 ) $ (0.17 ) $ (0.14 ) $ (0.35 ) 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 168,487 $ 197,010 $ 205,683 $ 199,477 Cost of sales (exclusive of depreciation and amortization) 126,160 149,588 156,510 156,923 Net income (loss) (6,360 ) (25,317 ) (13,886 ) (217,424 ) Comprehensive income (loss) (890 ) (40,833 ) (18,134 ) (216,739 ) Basic net income (loss) per common share $ (0.23 ) $ (0.91 ) $ (0.48 ) $ (5.18 ) Diluted net income (loss) per common share $ (0.23 ) $ (0.91 ) $ (0.48 ) $ (5.18 ) As further described in Note 2 , during 2019 we identified misstatements in our previously issued financial statements which we are correcting through the revision of our previously issued financial statements. The effect of the revision on the 2019 and 2018 previously issued unaudited quarterly financial results is presented in the tables below. The revision of our 2019 quarterly financial statements will be effected in connection with the prospective issuance of 2020 quarterly filings on Form 10-Q. As Originally Reported Adjustment As Revised Third Quarter 2019 Net sales $ 213,897 $ — $ 213,897 Cost of sales (exclusive of depreciation and amortization) 160,816 258 161,074 Net income (loss) (5,597 ) (258 ) (5,855 ) Comprehensive income (loss) (17,988 ) 12 (17,976 ) Basic net income (loss) per common share $ (0.13 ) $ (0.01 ) $ (0.14 ) Diluted net income (loss) per common share $ (0.13 ) $ (0.01 ) $ (0.14 ) Second Quarter 2019 Net sales $ 221,666 $ — $ 221,666 Cost of sales (exclusive of depreciation and amortization) 163,513 586 164,099 Net income (loss) (6,697 ) (586 ) (7,283 ) Comprehensive income (loss) (15,093 ) (649 ) (15,742 ) Basic net income (loss) per common share $ (0.16 ) $ (0.01 ) $ (0.17 ) Diluted net income (loss) per common share $ (0.16 ) $ (0.01 ) $ (0.17 ) First Quarter 2019 Net sales $ 213,256 $ — $ 213,256 Cost of sales (exclusive of depreciation and amortization) 161,269 918 162,187 Net income (loss) (18,600 ) (918 ) (19,518 ) Comprehensive income (loss) (21,194 ) (859 ) (22,053 ) Basic net income (loss) per common share $ (0.44 ) $ (0.03 ) $ (0.47 ) Diluted net income (loss) per common share $ (0.44 ) $ (0.03 ) $ (0.47 ) As Originally Reported Adjustment As Revised Fourth Quarter 2018 Net sales $ 199,477 $ — $ 199,477 Cost of sales (exclusive of depreciation and amortization) 156,713 210 156,923 Net income (loss) (220,189 ) 2,765 (217,424 ) Comprehensive income (loss) (219,560 ) 2,821 (216,739 ) Basic net income (loss) per common share $ (5.25 ) $ 0.07 $ (5.18 ) Diluted net income (loss) per common share $ (5.25 ) $ 0.07 $ (5.18 ) Third Quarter 2018 Net sales $ 205,683 $ — $ 205,683 Cost of sales (exclusive of depreciation and amortization) 156,408 102 156,510 Net income (loss) (13,784 ) (102 ) (13,886 ) Comprehensive income (loss) (17,977 ) (157 ) (18,134 ) Basic net income (loss) per common share $ (0.48 ) $ — $ (0.48 ) Diluted net income (loss) per common share $ (0.48 ) $ — $ (0.48 ) Second Quarter 2018 Net sales $ 196,349 $ 661 $ 197,010 Cost of sales (exclusive of depreciation and amortization) 148,640 948 149,588 Net income (loss) (24,511 ) (806 ) (25,317 ) Comprehensive income (loss) (40,292 ) (541 ) (40,833 ) Basic net income (loss) per common share $ (0.89 ) $ (0.02 ) $ (0.91 ) Diluted net income (loss) per common share $ (0.89 ) $ (0.02 ) $ (0.91 ) First Quarter 2018 Net sales $ 169,148 $ (661 ) $ 168,487 Cost of sales (exclusive of depreciation and amortization) 126,444 (284 ) 126,160 Net income (loss) (5,983 ) (377 ) (6,360 ) Comprehensive income (loss) (518 ) (372 ) (890 ) Basic net income (loss) per common share $ (0.22 ) $ (0.01 ) $ (0.23 ) Diluted net income (loss) per common share $ (0.22 ) $ (0.01 ) $ (0.23 ) |
Prior Periods' Financial Statem
Prior Periods' Financial Statement Revision Prior Periods' Financial Statement Revision | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Prior Periods' Financial Statement Revision | Prior Periods' Financial Statement Revisions As a result of misstatements identified by the Company during 2019, we are revising our previously issued financial statements as of and for the years ended December 31, 2018 and 2017, as well as the interim periods in 2018 and the first three quarters of 2019. During the fourth quarter of 2019, we identified intentional misstatements in the accounting for inventory at one of our smaller foreign subsidiaries. This inappropriate accounting resulted in the understatement of previously reported cost of sales by $0.7 million and $1.3 million in 2018 and 2017, respectively, and the overstatement of previously reported inventories by $1.7 million as of December 31, 2018 . In addition, and as previously reported in our Form 10-Q for the three and nine-months ended September 30, 2019, we identified certain prior period tax misstatements, primarily related to tax accounting associated with the 2018 impairment of our joint venture, as well as other immaterial tax accounting misstatements. These tax misstatements resulted in an understatement of previously reported benefit for income taxes of $2.5 million and $0.5 million in 2018 and 2017, respectively. We assessed the materiality of these inventory and tax misstatements on prior periods’ financial statements in accordance with Securities and Exchange Commission (the” SEC”) Staff Accounting Bulletin (“SAB”) Topic 1.M, Materiality , codified in Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections , (“ASC 250”) and concluded that the misstatements were not material to the prior annual or interim periods. However, the Company has determined it to be appropriate to revise its accompanying 2018 and 2017 consolidated financial statements to correct for these misstatements. In connection with such revision, the Company is also correcting for other immaterial misstatements, including the incorrect classification of certain dividend payments in the fourth quarter of 2018 within the Consolidated Statements of Changes in Stockholders’ Equity . The accompanying notes to the consolidated financial statements reflect the impact of this revision. We have also reflected the impact of the revision in the applicable unaudited quarterly financial results presented in Note 23 . The following tables present the effect of the correction of the misstatements and the resulting revision on the Consolidated Statements of Operations and Comprehensive Income (Loss). Year Ended December 31, 2017 As Originally Reported Adjustment As Revised Cost of sales (exclusive of depreciation and amortization) $ 459,080 $ 1,334 $ 460,414 Income (loss) from operations 33,114 (1,334 ) 31,780 Loss before (provision) benefit for income taxes and share of net income from joint venture (58,873 ) (1,334 ) (60,207 ) Income tax benefit (expense) 79,026 519 79,545 Income (loss) from continuing operations 25,364 (815 ) 24,549 Net income (loss) 163,052 (815 ) 162,237 Foreign currency translation gain (loss) 22,094 40 22,134 Comprehensive income (loss) 175,903 (775 ) 175,128 Basic net income (loss) per share $ 5.94 $ (0.03 ) $ 5.91 Diluted net income (loss) per share $ 5.87 $ (0.02 ) $ 5.85 Year Ended December 31, 2018 As Originally Reported Adjustment As Revised Cost of sales (exclusive of depreciation and amortization) $ 588,205 $ 976 $ 589,181 Income (loss) from operations (178,888 ) (976 ) (179,864 ) Loss before (provision) benefit for income taxes and share of net income from joint venture (261,034 ) (976 ) (262,010 ) Income tax benefit (expense) 10,957 2,456 13,413 Income (loss) from continuing operations (264,467 ) 1,480 (262,987 ) Net income (loss) (264,467 ) 1,480 (262,987 ) Foreign currency translation gain (loss) (13,880 ) 271 (13,609 ) Comprehensive income (loss) (278,347 ) 1,751 (276,596 ) Basic net income (loss) per share $ (8.35 ) $ 0.05 $ (8.30 ) Diluted net income (loss) per share $ (8.35 ) $ 0.05 $ (8.30 ) The following table presents the effect of the correction of the misstatements on the Consolidated Balance Sheet as of December 31, 2018. As of December 31, 2018 As Originally Reported Adjustment As Revised Inventories $ 122,615 $ (1,690 ) $ 120,925 Income tax receivable 946 1,331 2,277 Other current assets 21,901 (309 ) 21,592 Total current assets 296,871 (668 ) 296,203 Total assets 1,501,570 (668 ) 1,500,902 Deferred tax liabilities 93,482 (1,644 ) 91,838 Total liabilities 1,083,275 (1,644 ) 1,081,631 Additional paid-in capital 511,545 (2,890 ) 508,655 Accumulated deficit (62,046 ) 3,555 (58,491 ) Accumulated other comprehensive income (loss) (31,625 ) 311 (31,314 ) Total stockholders' equity 418,295 976 419,271 Total liabilities and stockholders' equity 1,501,570 (668 ) 1,500,902 The following table presents the effect of the correction of the misstatements on the Consolidated Statements of Stockholders’ Equity. As Originally Reported Adjustment As Revised As of and for the year ended December 31, 2017 Net income (loss) $ 163,052 $ (815 ) $ 162,237 Retained earnings 211,080 (815 ) 210,265 Foreign currency translation gain (loss) 22,094 40 22,134 Accumulated other comprehensive income (loss) (17,745 ) 40 (17,705 ) Total stockholders' equity 486,104 (775 ) 485,329 As of and for the year ended December 31, 2018 Additional paid-in capital $ 511,545 $ (2,890 ) $ 508,655 Net income (loss) $ (264,467 ) $ 1,480 $ (262,987 ) Accumulated deficit (62,046 ) 3,555 (58,491 ) Foreign currency translation gain (loss) (13,880 ) 271 (13,609 ) Accumulated other comprehensive income (loss) (31,625 ) 311 (31,314 ) Total stockholders' equity 418,295 976 419,271 The following table presents the effect of the correction of the misstatements on the Consolidated Statements of Cash Flows. Year Ended December 31, 2017 As Originally Reported Adjustment As Revised Net income (loss) $ 163,052 $ (815 ) $ 162,237 Changes in operating assets and liabilities, net of acquisitions: Inventories (10,278 ) 1,334 (8,944 ) Other (1,076 ) (519 ) (1,595 ) Year Ended December 31, 2018 As Originally Reported Adjustment As Revised Net income (loss) $ (264,467 ) $ 1,480 $ (262,987 ) Deferred income taxes (20,758 ) (1,644 ) (22,402 ) Changes in operating assets and liabilities, net of acquisitions: Inventories (16,872 ) 664 (16,208 ) Income taxes receivable and payable, net 40,946 (1,331 ) 39,615 Other (1,310 ) 831 (479 ) |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Nature of Business | 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 for the medical, aerospace and defense, electrical, automotive, and general industrial markets. As used in this Annual Report on Form 10-K (this “Annual Report”), the terms “ NN ,” the “Company,” “we,” “our,” or “us” refer to NN, Inc. , and its subsidiaries. We have 50 facilities in North America, Europe, South America, and China. |
Basis of Presentation | Basis of Presentation |
Principles of Consolidation | Principles of Consolidation Our consolidated financial statements include the accounts of NN, Inc. , and its wholly owned subsidiaries. We own a 49% interest in a joint venture which we account for using the equity method (see Note 11 ). All intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in accordance with U.S. GAAP requires management to use estimates and assumptions that affect the reported amounts of certain assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. |
Accounting Standards Recently Adopted | Accounting Standards Recently Adopted Leases. On January 1, 2019 , we adopted ASC 842, Leases , which superseded ASC 840, Leases . We adopted ASC 842 utilizing the modified retrospective transition approach; therefore, historical financial information and disclosures do not reflect the new standard and will continue to be presented under the previous lease accounting guidance. Under the modified retrospective transition method, the cumulative effect of the initial adoption adjustment of less than $0.1 million was recognized to the opening balance of accumulated deficit as of January 1, 2019 . As part of the adoption, we elected the package of practical expedients, the short-term lease exemption, and the practical expedient to not separate lease and non-lease components. We recorded lease-related assets and liabilities to our balance sheet for leases with terms greater than twelve months that were classified as operating leases and not previously recorded on our balance sheet. See Note 14 for the required disclosures related to ASC 842. Derivatives and Hedging . In August 2017 , the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , (“ASU 2017-12”). ASU 2017-12 provides new rules that expand the hedging strategies that qualify for hedge accounting. The new rules also allow additional time to complete hedge effectiveness testing and allow qualitative assessments subsequent to initial quantitative tests if there is a supportable expectation that the hedge will remain highly effective. We adopted the guidance on January 1, 2019 . We have applied the new rules to 2019 hedging activities as disclosed in Note 22 to these condensed consolidated financial statements. The new guidance has no effect on our historical financial statements. Effects of Tax Reform in Other Comprehensive Income. In February 2018 , the FASB issued guidance related to the impacts of the U.S. Tax Cuts and Jobs Act of 2017 (“Tax Act”). Under existing U.S. GAAP, the effects of changes in tax rates and laws on deferred tax balances are recorded as a component of income tax expense in the period in which the law was enacted. When deferred tax balances related to items originally recorded in accumulated other comprehensive income (“AOCI”) are adjusted, certain tax effects become stranded in AOCI. The FASB issued ASU 2018-2, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, that permits reclassification of certain income tax effects of the Tax Act from AOCI to retained earnings. The guidance also requires certain disclosures about stranded tax effects. The new guidance was effective for us on January 1, 2019 . We adopted the new guidance at the beginning of the period of adoption. The new guidance had no effect on our financial statements. |
Accounting Standards Not Yet Adopted | Accounting Standards Not Yet Adopted Fair Value Disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) , that modifies fair value disclosure requirements. The new guidance could impact us by streamlining disclosures of Level 3 fair value measurements. The modified disclosures are effective for us beginning in the first quarter of 2020 , with early adoption allowed. ASU 2018-13 changes disclosures only and does not impact our financial condition, results of operations, or cash flows. We are in the process of evaluating the effects of this guidance on our fair value disclosures. Internal-Use Software. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) (“ASU 2018-15”) , that provides guidance on a customer’s accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor. Under the new guidance, customers will apply the same criteria for capitalizing implementation costs as they would for an arrangement that has a software license. ASU 2018-15 is effective for us on January 1, 2020 , using either a prospective or retrospective approach and with early adoption permitted. We are in the process of evaluating the effects of this guidance on our financial statements, but we do not expect the adoption to have a material impact. Financial Instruments - Credit Losses . In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which modifies the measurement of expected credit losses on certain financial instruments and the timing of when such losses are recorded. In November 2019, the SEC issued SAB No. 119, codified in ASC Topic 326, Financial Instruments-Credit Losses , which provides guidance on accounting of credit losses. ASU 2016-13 is effective for us on January 1, 2020 , using a modified retrospective approach, with early adoption permitted. We are in the process of evaluating the effects of this guidance on our financial statements, but we do not expect the adoption to have a material impact. Income Taxes. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, (“ASU 2019-12”) as part of its initiative to reduce complexity in accounting standards. ASU 2019-12 removes certain exceptions and provides simplification to specific tax items to improve consistent application. This standard is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. Adoption methods vary based on the specific items impacted. We are currently evaluating the impact on our financial statements and related disclosures. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investments with original maturities of three months or less . |
Fair Value Measurements | Fair Value Measurements 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. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at their net realizable value. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowances are based on the number of days an individual receivable is past the invoice due date and on regular credit evaluations of our customers. In evaluating the credit worthiness of our customers, we consider numerous inputs including but not limited to the customers’ financial position, past payment history, relevant industry trends, cash flows, management capability, historical loss experience, and economic conditions and prospects. Allowances are established when customer accounts are at risk of being uncollectible. Accounts receivable are written off at the time a customer receivable is deemed uncollectible. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using standard costs, which approximates the average cost method. Our policy is to expense abnormal amounts of idle facility expense, freight, handling cost, and waste included in cost of products sold. In addition, we allocate fixed production overheads based on the normal production capacity of our facilities. Inventory valuations were developed using normalized production capacities for each of our manufacturing locations. The costs from excess capacity or under-utilization of fixed production overheads were expensed in the period incurred and are not included as a component of inventory. Inventories also include tools, molds, and dies in progress that we are producing and will ultimately sell to our customers. These inventories are also carried at the lower of cost or net realizable value. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Assets to be disposed of are stated at the lower of depreciated cost or fair market value less estimated selling costs. Expenditures for maintenance and repairs are charged to expense as incurred. Major renewals and betterments are capitalized. When a property item is retired, its cost and related accumulated depreciation are removed from the property accounts and any gain or loss is recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss) . We review the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Property, plant and equipment also includes tools, molds, and dies used in manufacturing. Depreciation is calculated based on historical cost using the straight-line method over the estimated useful lives of the depreciable assets. Estimated useful lives for buildings generally range from 15 to 40 years. Estimated useful lives for machinery and equipment generally range from 3 to 12 years. |
Goodwill and Other Indefinite Lived Intangible Assets | Goodwill and Other Indefinite Lived Intangible Assets Goodwill is tested for impairment on an annual basis in the fourth quarter and between annual tests if a triggering event occurs. The impairment analysis is performed at the reporting unit level. An impairment charge is calculated based on a reporting unit’s carrying amount in excess of its fair value (i.e., step 1 of the two-step impairment test). If the carrying value of the reporting unit including goodwill is less than fair value of the reporting unit, the goodwill is not considered impaired. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived tangible and intangible assets subject to depreciation or amortization are tested for recoverability when changes in circumstances indicate the carrying value of these assets may not be recoverable. A test for recoverability is also performed when management has committed to a plan to dispose of a reporting unit or asset group. Assets to be held and used are tested for recoverability when indications of impairment are evident. Recoverability of a long-lived tangible or intangible asset is evaluated by comparing its carrying value to the future estimated undiscounted cash flows expected to be generated by the asset or asset group. If the asset is not recoverable, then the asset is considered impaired and adjusted to fair value which is then depreciated or amortized over its remaining useful life. Assets to be disposed of are recorded at the lesser of carrying value or fair value less costs of disposal. |
Equity Method Investments | Equity Method Investments The Company’s equity method investment is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the investment to its estimated fair market value. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Provision has been made for income taxes on unremitted earnings of certain foreign subsidiaries as these earnings are not deemed to be permanently reinvested. We recognize income tax positions that meet the more likely than not threshold and accrue interest and potential penalties related to unrecognized income tax positions which are recorded as a component of the provision (benefit) for income taxes. |
Revenue Recognition | Revenue Recognition We recognize revenues 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. |
Share Based Compensation | Share Based Compensation The cost of stock options, restricted stock, and performance share units are recognized as compensation expense over the vesting periods based on the grant date fair value, net of expected forfeitures. We determine grant date fair value using the Black Scholes financial pricing model for stock options and a Monte Carlo simulation for performance share units that include a market condition for vesting because these awards are not traded in open markets. We determine grant date fair value using the closing price of our common stock on the date of grant for restricted stock and performance share units that include performance conditions for vesting. We recognize excess tax benefits in income tax expense prospectively beginning in 2017 . Excess tax benefits are presented in cash flows from operating activities in the statement of cash flows prospectively beginning in 2017 . Tax payments in respect of shares withheld for taxes are classified in cash flows from financing activities in the statement of cash flows retrospectively for all periods presented. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of our foreign subsidiaries are translated at current exchange rates. Revenue, costs, and expenses are translated at average rates prevailing during each reporting period. Translation adjustments arising from the translation of foreign subsidiary financial statements are reported as a component of other comprehensive income and accumulated other comprehensive income within stockholders’ equity. Transactions denominated in foreign currencies, including intercompany transactions, are initially recorded at the current exchange rate at the date of the transaction. The balances are adjusted to the current exchange rate as of each balance sheet date and as of the date when the transaction is consummated. Transaction gains or losses, excluding intercompany loan transactions, are expensed as incurred in either cost of sales or selling, general and administrative expense in the Consolidated Statements of Operations and Comprehensive Income (Loss) and were immaterial to the years ended December 31, 2019 , 2018 and 2017 . Transaction gains or losses on intercompany loan transactions are recognized as incurred in the “ Other (income) expense, net ” line in the Consolidated Statements of Operations and Comprehensive Income (Loss) . |
Net Income Per Common Share | Net Income (Loss) Per Common Share We are required to allocate earnings or losses for a reporting period to common stockholders and participating securities using the two-class method to compute earnings per share. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that otherwise would have been available to common stockholders. Participating securities may participate in undistributed earnings with common stock whether or not that participation is conditioned upon the occurrence of a specified event. Under the two-class method, our net income (loss) is reduced (or increased) by the amount that has been or will be distributed to our participating security holders. Preferred shares are participating securities that participate in earnings but do not participate in losses. Basic net income (loss) per common share is computed by dividing net income (loss) allocable to common shares by the weighted average number of common shares outstanding. Diluted net income (loss) per common share includes the effect of warrants, convertible preferred stock, stock options and the respective tax benefits unless inclusion would not be dilutive. |
Business Combinations | Business Combinations We allocate the total purchase price of tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the business combination date, with the excess purchase price recorded as goodwill. The purchase price allocation process requires us to use significant estimates and assumptions, including fair value estimates, as of the business combination date. Although we believe the assumptions and estimates we have made are reasonable and appropriate, they are based in part on historical experience and information obtained from management of the acquired company. Our assumptions and estimates are also partially based on valuation models that incorporate projections of expected future cash flows and operating plans and are inherently uncertain. Valuations are performed by management or third-party valuation specialists under management’s supervision. In determining the fair value of assets acquired and liabilities assumed in business combinations, as appropriate, we may use one of the following recognized valuation methods: the income approach (including discounted cash flows, relief from royalty and excess earnings model), the market approach, or the replacement cost approach. Examples of significant estimates used to value certain intangible assets acquired include but are not limited to: • sales volume, pricing, and future cash flows of the business overall; • future expected cash flows from customer relationships, and other identifiable intangible assets, including future price levels, rates of increase in revenue, and appropriate attrition rate; • the acquired company’s brand and competitive position, royalty rate quantum, as well as assumptions about the period of time the acquired brand will continue to benefit the combined company’s product portfolio; and • cost of capital, risk-adjusted discount rates, and income tax rates. Different assumptions regarding projected performance and other factors associated with the acquired assets may affect the amount recorded under each type of asset and liability. The valuations of property, plant and equipment, intangible assets, goodwill and deferred income tax liabilities depend heavily on assumptions. Subsequent assessment could result in future impairment charges. We refine these estimates over a measurement period not to exceed one year to reflect new information obtained surrounding facts and circumstances existing at the acquisition date. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Discontinued Operations | The following table presents the results of operations of the discontinued operations. Year Ended December 31, 2017 (1) Net sales $ 168,287 Cost of products sold (exclusive of depreciation and amortization shown separately below) 130,555 Selling, general and administrative expense 11,818 Depreciation and amortization 7,722 Restructuring and integration expense 429 Income from operations 17,763 Interest expense (181 ) Other income (expense), net (84 ) Income from discontinued operations before gain on disposal and provision for income taxes 17,498 Provision for income taxes on discontinued operations (7,461 ) Income from discontinued operations before gain on disposal 10,037 Gain on disposal of discontinued operations 213,503 Provision for income taxes on gain on disposal (85,852 ) Income from discontinued operations, net of tax $ 137,688 _________________________________ (1) Includes the results of operations of the PBC Business from January 1, 2017 to the sale completion date of August 17, 2017 . The following table presents the significant noncash items and cash paid for capital expenditures of discontinued operations for each period presented. Year Ended December 31, 2017 Depreciation and amortization $ 7,722 Acquisition of property, plant and equipment $ 7,316 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information | The provision for income taxes has also been adjusted for all periods, based upon the foregoing adjustments to historical results. Year Ended December 31, 2018 2017 Pro forma net sales $ 825,891 $ 760,772 Pro forma income (loss) from continuing operations $ (250,788 ) $ 2,412 Pro forma net income (loss) $ (250,788 ) $ 140,100 Basic income (loss) from continuing operations per share $ (7.92 ) $ 0.09 Diluted income (loss) from continuing operations per share $ (7.92 ) $ 0.09 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | The following tables present certain operations information by reportable segment. Life Sciences Mobile Solutions Power Solutions Corporate and Consolidations Total Year Ended December 31, 2019 Net sales $ 359,732 $ 297,749 $ 192,100 $ (2,130 ) (a) $ 847,451 Depreciation and amortization 46,905 27,146 15,301 2,494 91,846 Income (loss) from operations 28,157 9,553 13,881 (41,702 ) $ 9,889 Interest expense (57,155 ) Other (4,433 ) Loss before provision for income taxes and share of net income from joint venture $ (51,699 ) Share of net income from joint venture $ — $ 1,681 $ — $ — $ 1,681 Expenditures for long-lived assets 21,445 24,969 4,457 3,132 54,003 Total assets 811,526 373,256 310,545 46,657 (b) 1,541,984 Life Sciences Mobile Solutions Power Solutions Corporate and Consolidations Total Year Ended December 31, 2018 Net sales $ 248,173 $ 335,037 $ 189,778 $ (2,331 ) (a) $ 770,657 Depreciation and amortization 28,091 26,217 14,753 2,067 71,128 Goodwill impairment — 73,442 109,100 — 182,542 Income (loss) from operations 19,136 (55,079 ) (95,115 ) (48,806 ) $ (179,864 ) Interest expense (61,243 ) Other (20,903 ) Loss before benefit for income taxes and share of net income from joint venture $ (262,010 ) Share of net income from joint venture $ — $ (14,390 ) $ — $ — $ (14,390 ) Expenditures for long-lived assets 14,645 36,660 6,459 6,272 64,036 Total assets 802,770 354,542 297,947 45,643 (b) 1,500,902 Life Sciences Mobile Solutions Power Solutions Corporate and Consolidations Total Year Ended December 31, 2017 Net sales $ 98,329 $ 336,852 $ 186,602 $ (1,990 ) (a) $ 619,793 Depreciation and amortization 12,088 24,491 14,657 1,170 52,406 Income (loss) from operations 13,271 33,071 23,440 (38,002 ) $ 31,780 Interest expense (52,085 ) Other (39,902 ) Loss before benefit for income taxes and share of net income from joint venture $ (60,207 ) Share of net income from joint venture $ — $ 5,211 $ — $ — $ 5,211 Expenditures for long-lived assets — 24,056 5,443 6,907 36,406 Total assets 353,208 427,027 385,558 307,916 1,473,709 _______________________________ (a) Includes eliminations of intersegment transactions which occur during the ordinary course of business. (b) Total assets in Mobile Solutions includes $21.8 million and $20.4 million as of December 31, 2019 and 2018 , respectively, related to the investment in our 49% owned joint venture ( Note 11 ). The following table summarizes the net sales and income (loss) from operations from acquisitions in the Life Sciences and Power Solutions groups for the years ended December 31, 2018 and 2017 . Year Ended December 31, 2018 2017 Net sales Paragon Medical $ 116,998 $ — Other 42,636 6,682 Income (loss) from operations Paragon Medical $ 8,086 $ — Other 1,816 (458 ) |
Summary of Sales to External Customers and Long-Lived Tangible Assets by Geographical Region | The following table summarizes long-lived tangible assets by geographical region. Property, Plant, and Equipment, Net As of December 31, 2019 2018 United States $ 250,163 $ 235,975 Europe 54,829 50,143 Asia 43,128 42,657 Mexico 1,388 7,647 S. America 25,005 24,606 All foreign countries $ 124,350 $ 125,053 Total $ 374,513 $ 361,028 |
Accounts Receivable and Sales_2
Accounts Receivable and Sales Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Summary of Accounts Receivables | Accounts receivable, net are comprised of the following amounts: As of December 31, 2019 2018 Trade $ 132,910 $ 135,260 Less—allowance for doubtful accounts 1,352 1,839 Accounts receivable, net $ 131,558 $ 133,421 |
Summary of Activity in the Allowance for Doubtful Accounts | The following table presents changes in allowance for doubtful accounts. Year Ended December 31, 2019 2018 2017 Balance at beginning of year $ 1,839 $ 1,719 $ 1,069 Additions 449 754 648 Write-offs (924 ) (584 ) (101 ) Currency impact (12 ) (50 ) 103 Balance at end of year $ 1,352 $ 1,839 $ 1,719 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories are comprised of the following amounts: As of December 31, 2019 2018 Raw materials $ 49,135 $ 52,930 Work in process 43,456 40,888 Finished goods 26,131 27,107 Total inventories $ 118,722 $ 120,925 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment are comprised of the following amounts: As of December 31, 2019 2018 Property, plant and equipment Land and buildings $ 80,647 $ 69,455 Machinery and equipment 433,016 401,729 Construction in progress 38,829 35,122 Total 552,492 506,306 Less: Accumulated depreciation 177,979 145,278 Property, plant and equipment, net $ 374,513 $ 361,028 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The following table presents the gross carrying amount of goodwill and accumulated impairment charges as of December 31, 2019 , and 2018 . December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Impairment Charges Net Book Value Gross Carrying Amount Accumulated Impairment Charges Net Book Value Life Sciences $ 344,316 $ — $ 344,316 $ 344,947 $ — $ 344,947 Mobile Solutions 77,458 (77,458 ) — 77,650 (77,650 ) — Power Solutions 215,628 (120,849 ) 94,779 215,354 (120,849 ) 94,505 Total goodwill $ 637,402 $ (198,307 ) $ 439,095 $ 637,951 $ (198,499 ) $ 439,452 The following table presents changes in the carrying amount of goodwill for the years ended December 31, 2019 , and 2018 . Life Sciences Mobile Solutions Power Solutions Total Balance as of December 31, 2017 $ 177,784 $ 74,147 $ 202,681 $ 454,612 Currency impact and other (3,118 ) (705 ) (1,882 ) (5,705 ) Goodwill acquired in acquisitions 165,288 — 2,657 167,945 Impairments — (73,442 ) (109,100 ) (182,542 ) Measurement period adjustments 4,993 — 149 5,142 Balance as of December 31, 2018 344,947 — 94,505 439,452 Currency impact and other (631 ) — 274 (357 ) Balance as of December 31, 2019 $ 344,316 $ — $ 94,779 $ 439,095 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Carrying Amount of Intangible Assets by Segment and by Major Asset Class | The following table presents changes in the carrying amount of intangible assets, net. Life Sciences Mobile Solutions Power Solutions Total Balance as of December 31, 2017 $ 93,226 $ 39,446 $ 105,030 $ 237,702 Amortization (18,074 ) (3,540 ) (10,939 ) (32,553 ) Currency impacts and other — (14 ) — (14 ) Intangible assets acquired in acquisitions 169,213 — 1,900 171,113 Balance as of December 31, 2018 244,365 35,892 95,991 376,248 Amortization (32,525 ) (3,479 ) (10,994 ) (46,998 ) Other 7 3 — 10 Balance as of December 31, 2019 $ 211,847 $ 32,416 $ 84,997 $ 329,260 The following table shows the cost and accumulated amortization of our intangible assets as of December 31, 2019 and 2018 . December 31, 2019 December 31, 2018 Estimated Useful Life in Years Gross Carrying Value as of Acquisition Date Accumulated Amortization Net Carrying Value Gross Carrying Value as of Acquisition Date Accumulated Amortization Net Carrying Value Customer relationships 12 - 20 $ 428,830 $ (118,976 ) $ 309,854 $ 428,830 $ (75,581 ) $ 353,249 Trademark and trade name 8 - 30 25,100 (5,695 ) 19,405 25,100 (4,085 ) 21,015 Other 2 13 (12 ) 1 10,641 (8,657 ) 1,984 Total identified intangible assets $ 453,943 $ (124,683 ) $ 329,260 $ 464,571 $ (88,323 ) $ 376,248 |
Summary of Estimated Amortization Expense | The following table presents estimated future amortization expense for the next five years and thereafter. Year Ending December 31, 2020 $ 45,365 2021 41,415 2022 38,464 2023 36,625 2024 33,888 Thereafter 133,503 Total $ 329,260 |
Investment in Joint Venture (Ta
Investment in Joint Venture (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Activity Related to Investment in Joint Venture | The following table presents changes in our investment in the JV. Balance as of December 31, 2018 $ 20,364 Share of earnings 1,681 Foreign currency translation loss (290 ) Balance as of December 31, 2019 $ 21,755 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Loss from Continuing Operations Before Benefit for Income Taxes | oss from continuing operations before benefit for income taxes and share of net income from joint venture. Year Ended December 31, 2019 2018 2017 Loss before (provision) benefit for income taxes and share of net income from joint venture United States $ (69,866 ) $ (263,499 ) $ (71,603 ) Foreign 18,167 1,489 11,396 Total $ (51,699 ) $ (262,010 ) $ (60,207 ) |
Income Tax Benefit | otal income tax benefit recognized in each year. Year Ended December 31, 2019 2018 2017 Current taxes: U.S. Federal $ (6,805 ) $ 6,819 $ (47,916 ) State 871 1,103 (12,745 ) Foreign 5,770 3,086 4,310 Total current tax expense (benefit) (164 ) 11,008 (56,351 ) Deferred taxes: U.S. Federal $ (4,096 ) $ (17,773 ) $ (25,017 ) State (2,510 ) (780 ) 3,009 Deferred tax valuation allowance 4,612 (3,565 ) 710 Foreign (1,119 ) (2,303 ) (1,896 ) Total deferred tax expense (benefit) (3,113 ) (24,421 ) (23,194 ) Total income tax expense (benefit) $ (3,277 ) $ (13,413 ) $ (79,545 ) |
Reconciliation of Income Taxes Based on U.S. Federal Statutory Rate | reconciliation of income taxes based on the U.S. federal statutory income tax rate. Year Ended December 31, 2019 2018 2017 U.S federal statutory income tax rate 21.0 % 21.0 % 35.0 % Change in valuation allowance, exclusive of state 1.2 % (0.9 )% (1.2 )% Foreign tax credits, exclusive of tax reform — % — % (13.5 )% State taxes, net of federal taxes, exclusive of tax reform (8.0 )% 0.4 % 8.9 % Non-U.S. earnings taxed at different rates 1.0 % 1.3 % 1.6 % Non-deductible mergers and acquisitions costs — % (0.2 )% — % GILTI (0.8 )% (0.5 )% — % Goodwill impairment — % (14.1 )% — % Nondeductible asset loss (1.3 )% (0.1 )% (0.8 )% Research and development tax credit 3.1 % 0.3 % 0.3 % Change in uncertain tax positions 2.6 % 0.1 % 0.5 % Impact of tax reform: Toll charge, net of foreign tax credit — % 0.6 % (11.3 )% Remeasurement of deferred taxes pursuant to tax reform — % (0.9 )% 64.1 % Tax reform impact on divestiture of business segment — % — % 33.2 % Impact of 2019 Treasury regulations (11.5 )% — % — % Section 199 domestic production deduction — % — % 0.7 % Divestiture of business segment, exclusive of tax reform — % (0.9 )% 13.3 % Return to provision 1.3 % (0.8 )% — % Other adjustments, net (2.3 )% (0.2 )% 1.3 % Effective tax rate 6.3 % 5.1 % 132.1 % |
Principal Components of Deferred Tax Assets and Liabilities | The following table summarizes the principal components of the deferred tax assets and liabilities. As of December 31, 2019 2018 Deferred income tax liabilities: Tax in excess of book depreciation $ 44,834 $ 37,425 Intangible assets 73,405 80,623 Operating lease liabilities 17,527 — Other deferred tax liabilities 4,857 794 Total deferred income tax liabilities 140,623 118,842 Deferred income tax assets: Interest expense limitation 14,674 9,968 Goodwill 304 1,441 Inventories 3,466 2,745 Interest rate swap 2,839 — Pension/Personnel accruals 495 1,317 Operating lease right-of-use assets 19,313 — Net operating loss carry forwards 15,876 9,321 U.S. foreign tax credit carryforwards 3,360 5,345 R&D credit carryforwards 2,654 917 Non-U.S. credit carryforwards 3,313 4,130 Accruals and reserves 2,299 1,531 Other deferred tax assets 5,264 4,749 Deferred income tax assets before valuation allowance 73,857 41,464 Valuation allowance on deferred tax assets (19,033 ) (14,460 ) Total deferred income tax assets 54,824 27,004 Net deferred income tax liabilities $ 85,799 $ 91,838 |
Summary of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits, Excluding Interest and Penalties | reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties. Year Ended December 31, 2019 2018 2017 Balance at beginning of year $ 4,609 $ 5,655 $ 4,741 Additions for tax positions of prior years — 304 1,404 Settlements for tax positions of prior years (275 ) — — Reductions for tax positions of prior years (1,745 ) (1,350 ) (490 ) Balance at end of year $ 2,589 $ 4,609 $ 5,655 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The following table presents outstanding debt balances as of December 31, 2019 and 2018 . As of December 31, 2019 2018 Senior Secured Term Loan $ 526,313 $ 532,063 Incremental Term Loan 257,111 279,000 Senior Secured Revolver — 38,720 International lines of credit and other loans 9,823 9,810 Total principal 793,247 859,593 Less-current maturities of long-term debt 19,160 31,280 Principal, net of current portion 774,087 828,313 Less-unamortized debt issuance costs (1) 16,647 16,842 Long-term debt, net of current portion $ 757,440 $ 811,471 |
Aggregate Maturities of Long-Term Debt | The following table lists aggregate maturities of long-term debt for the next five years and thereafter. Year Ending December 31, Aggregate Maturities Principal Amounts 2020 $ 19,160 2021 18,777 2022 749,162 2023 1,274 2024 1,073 Thereafter 3,801 Total outstanding principal $ 793,247 |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The following table contains supplemental information related to leases for the year ended December 31, 2019 : Supplemental Cash Flows Information Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 273 Operating cash flows from operating leases 21,726 Financing cash flows from finance leases 3,390 Right-of-use assets obtained in exchange for new finance lease liabilities $ 10,571 Right-of-use assets obtained in exchange for new operating lease liabilities $ 8,508 As of December 31, 2019 , the weighted average remaining lease term and weighted-average discount rate for finance and operating leases was as follows: Operating Leases Finance Leases Weighted-average remaining lease term (years) 10.6 4.3 Weighted-average discount rate 6.3 % 3.0 % The following table presents components of lease expense for the year ended December 31, 2019 : Financial Statement Line Item Year Ended December 31, 2019 Lease cost: Finance lease cost Amortization of right-of-use assets Depreciation and amortization $ 1,416 Interest expense Interest expense 284 Operating lease cost Cost of sales and selling, general and administrative expense 13,684 Short-term lease cost (1) Cost of sales and selling, general and administrative expense 479 Variable lease cost (2) Cost of sales and selling, general and administrative expense 36 Total lease cost $ 15,899 _______________________________ (1) Excludes expenses related to leases with a lease term of one month or less. |
Assets And Liabilities, Lessee | The following table presents the lease-related assets and liabilities recorded on the balance sheet as of December 31, 2019 : Financial Statement Line Item December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 65,496 Finance lease assets Property, plant and equipment, net 18,415 Total lease assets $ 83,911 Liabilities Current liabilities Operating lease liabilities Current portion of operating lease liabilities $ 6,652 Finance lease liabilities Other current liabilities 3,669 Non-current liabilities Operating lease liabilities Operating lease liabilities, net of current portion 66,980 Finance lease liabilities Other non-current liabilities 12,037 Total lease liabilities $ 89,338 |
Lessee, Operating Lease, Liability, Maturity | The maturities of lease liabilities greater than twelve months as of December 31, 2019 , is as follows: Operating Leases Finance Leases 2020 $ 12,229 $ 4,099 2021 11,233 4,085 2022 10,941 3,867 2023 9,385 2,963 2024 9,150 1,477 Thereafter 56,274 272 Total future minimum lease payments 109,212 16,763 Less: imputed interest 35,580 1,057 Total lease liabilities $ 73,632 $ 15,706 |
Finance Lease, Liability, Maturity | The maturities of lease liabilities greater than twelve months as of December 31, 2019 , is as follows: Operating Leases Finance Leases 2020 $ 12,229 $ 4,099 2021 11,233 4,085 2022 10,941 3,867 2023 9,385 2,963 2024 9,150 1,477 Thereafter 56,274 272 Total future minimum lease payments 109,212 16,763 Less: imputed interest 35,580 1,057 Total lease liabilities $ 73,632 $ 15,706 |
Schedule of Future Minimum Rental Payments for Operating Leases | The following table presents the future minimum lease payments under operating leases with initial or non-cancelable lease terms in excess of one year prior to adoption of ASC 842 as reported in the 2018 Annual Report. Year Ending December 31, 2019 $ 13,337 2020 11,515 2021 10,557 2022 10,293 2023 8,752 Thereafter 53,945 Total minimum payments $ 108,399 |
Restructuring and Integration (
Restructuring and Integration (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring and Integration Charges and Reserve Activity | The following table presents restructuring and integration charges for the years ended December 31, 2019 , 2018 , and 2017 . Life Sciences Mobile Solutions Corporate and Consolidations Total Year Ended December 31, 2019 Severance and other employee costs $ — $ — $ — $ — Site closure and other associated costs — (12 ) — (12 ) Total $ — $ (12 ) $ — $ (12 ) Year Ended December 31, 2018 Severance and other employee costs $ 1,336 $ — $ 728 $ 2,064 Site closure and other associated costs — 63 — 63 Total $ 1,336 $ 63 $ 728 $ 2,127 Year Ended December 31, 2017 Severance and other employee costs $ — $ 17 $ — $ 17 Site closure and other associated costs — 369 — 369 Total $ — $ 386 $ — $ 386 The following tables presents restructuring and integration reserve activity for the years ended December 31, 2019 , 2018 , and 2017 . Reserve Balance as of December 31, 2018 Charges Non-cash Adjustments Cash Reductions Reserve Balance as of December 31, 2019 Severance and other employee costs $ 1,122 $ — $ — $ (645 ) $ 477 Site closure and other associated costs 24 (12 ) — (12 ) — Total $ 1,146 $ (12 ) $ — $ (657 ) $ 477 Reserve Balance as of December 31, 2017 Charges Non-cash Adjustments Cash Reductions Reserve Balance as of December 31, 2018 Severance and other employee costs $ — $ 2,064 $ — $ (942 ) $ 1,122 Site closure and other associated costs 1,099 63 (56 ) (1,082 ) 24 Total $ 1,099 $ 2,127 $ (56 ) $ (2,024 ) $ 1,146 Reserve Balance as of December 31, 2016 Charges Non-cash Adjustments Cash Reductions Reserve Balance as of December 31, 2017 Severance and other employee costs $ 1,000 $ 17 $ (164 ) $ (853 ) $ — Site closure and other associated costs 1,625 369 — (895 ) 1,099 Total $ 2,625 $ 386 $ (164 ) $ (1,748 ) $ 1,099 |
Series B Convertible Preferre_2
Series B Convertible Preferred Stock and Stockholders' Equity Series B Converitble Preferred Stock and Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Temporary Equity | The following table presents the change in the Series B Preferred carrying value during the year ended December 31, 2019 . Year Ended December 31, 2019 Beginning balance $ — Gross proceeds from issuance of shares 100,000 Relative fair value of Warrants issued (1,076 ) Recognition of bifurcated embedded derivative (2,295 ) Allocation of issuance costs to Preferred Stock (4,259 ) Accrual of in-kind dividends 590 Amortization of discount (deemed dividends) 52 Ending balance $ 93,012 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present net sales to external customers by reportable segment. Year Ended December 31, 2019 Life Sciences Mobile Solutions Power Solutions Intersegment Sales Eliminations Total United States $ 295,690 $ 162,445 $ 156,945 $ (2,130 ) $ 612,950 China 7,330 38,793 6,722 — 52,845 Mexico 373 18,815 13,489 — 32,677 Brazil 3 36,058 300 — 36,361 Germany 29,239 6,372 65 — 35,676 Switzerland 14,016 4,340 57 — 18,413 Other 13,081 30,926 14,522 — 58,529 Total net sales $ 359,732 $ 297,749 $ 192,100 $ (2,130 ) $ 847,451 Year Ended December 31, 2018 Life Sciences Mobile Solutions Power Solutions Intersegment Sales Eliminations Total United States $ 206,776 $ 187,178 $ 157,357 $ (2,331 ) $ 548,980 China 6,130 43,610 5,537 — 55,277 Mexico 191 27,053 12,254 — 39,498 Brazil 29 35,314 215 — 35,558 Germany 19,870 5,652 26 — 25,548 Switzerland 6,446 5,006 54 — 11,506 Other 8,731 31,224 14,335 — 54,290 Total net sales $ 248,173 335,037 189,778 (2,331 ) $ 770,657 Year Ended December 31, 2017 Life Sciences Mobile Solutions Power Solutions Intersegment Sales Eliminations Total United States $ 96,062 $ 190,828 $ 152,938 $ (1,990 ) $ 437,838 China 267 45,503 6,481 — 52,251 Mexico 78 26,639 14,220 — 40,937 Brazil — 35,425 185 — 35,610 Germany 35 5,502 11 — 5,548 Switzerland — 5,450 — — 5,450 Other 1,887 27,505 12,767 — 42,159 Total net sales $ 98,329 $ 336,852 $ 186,602 $ (1,990 ) $ 619,793 |
Contract with Customer, Asset and Liability | The following table provides information about contract liabilities from contracts with customers. Deferred Revenue Balance at January 1, 2019 $ 2,974 Balance at December 31, 2019 $ 4,172 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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. Year Ended December 31, 2019 2018 2017 Stock options $ 881 $ 678 $ 1,078 Restricted stock 1,897 1,630 1,968 Performance share units 1,155 2,076 2,450 Change in estimate of share-based award vesting (1) (1,111 ) (1,968 ) — Share-based compensation expense $ 2,822 $ 2,416 $ 5,496 |
Weighted Average Assumptions Relevant to Determining the Fair Value at the Dates of Grant and Stock Option Modification | The following table shows the weighted average assumptions relevant to determining the fair value of stock options granted in each year. 2019 2018 2017 Expected term 6 years 6 years 6 years Average risk-free interest rate 2.47 % 2.66 % 2.03 % Expected dividend yield 3.53 % 1.15 % 1.16 % Expected volatility 49.53 % 47.69 % 56.56 % Expected forfeiture rate 4.00 % 4.00 % 3.00 % |
Reconciliation of Option Activity | The following table summarizes stock option activity for the year ended December 31, 2019 . Number of Options (in thousands) Weighted- Average Exercise Price (per share) Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2019 771 $ 15.17 Granted 210 7.93 Exercised (5 ) 4.42 $ 7 Forfeited or expired (201 ) 11.96 Outstanding at December 31, 2019 775 $ 13.24 5.5 $ 291 (1) Exercisable at December 31, 2019 530 $ 14.23 4.0 $ 30 (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 December 31, 2019 , was greater than the exercise price of any individual option grant. |
Reconciliation of Restricted Stock Option Activity | The following table summarizes unvested restricted stock award activity for the year ended December 31, 2019 . Number of Unvested Restricted Shares (in thousands) Weighted Average Grant Date Fair Value Unvested at January 1, 2019 146 $ 22.07 Granted 339 7.74 Vested (172 ) 16.62 Forfeited (91 ) 9.98 Unvested at December 31, 2019 222 $ 9.33 |
Schedule of Performance Based Awards Goals with Respect to TSR and ROIC | The following table presents the goals with respect to TSR Awards and ROIC Awards granted in 2019 , 2018 , and 2017 . TSR Awards: Threshold Performance (50% of Shares) Target Performance (100% of Shares) Maximum Performance (150% of Shares) 2019 grants 35 50 75 2018 grants 35 50 75 2017 grants 35 50 75 ROIC Awards: Threshold Performance (35% of Shares) Target Performance (100% of Shares) Maximum Performance (150% of Shares) 2019 grants 4.7 % 5.8 % 7.0 % 2018 grants 15.5 % 18.0 % 19.5 % 2017 grants 15.0 % 17.5 % 20.0 % |
Schedule of Number of Awards Granted and Grant Date Fair Value of Each Award in Periods | The following table presents the number of awards granted and the grant date fair value of each award in the periods presented. TSR Awards ROIC Awards Award Year Number of Shares (in thousands) Grant Date Fair Value (per share) Number of Shares (in thousands) Grant Date Fair Value (per share) 2019 136 $ 9.28 174 $ 7.93 2018 55 $ 24.65 55 $ 24.55 2017 46 $ 29.84 53 $ 24.20 |
Summary of Status of Unvested PSU Awards | The following table summarizes changes in unvested PSUs during the year ended December 31, 2019 , and changes during the year then ended. Nonvested TSR Awards Nonvested ROIC Awards Number of Shares (in thousands) Weighted Average Grant Date Fair Value Number of Shares (in thousands) Weighted Average Grant Date Fair Value Nonvested at January 1, 2019 94 $ 26.84 100 $ 24.39 Granted 136 9.28 174 7.93 Forfeited (151 ) 16.54 (179 ) 14.21 Expired (14 ) 29.84 (16 ) 24.20 Nonvested at December 31, 2019 65 $ 13.27 79 $ 11.50 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of AOCI are as follows: Foreign Currency Translation Interest Rate Swap Taxes Accumulated Other Comprehensive Loss Balance at December 31, 2016 $ (30,596 ) $ — $ — $ (30,596 ) Amounts reclassified from AOCI (1) (9,243 ) — — (9,243 ) Current-period other comprehensive income (loss) activity 22,134 — — 22,134 Balance at December 31, 2017 (17,705 ) — — (17,705 ) Current-period other comprehensive income (loss) activity (13,609 ) — — (13,609 ) Balance at December 31, 2018 (31,314 ) — — (31,314 ) Amounts reclassified from AOCI (2) — 1,411 (327 ) 1,084 Current-period other comprehensive income (loss) activity (3,845 ) (13,645 ) 3,166 (14,324 ) Balance at December 31, 2019 $ (35,159 ) $ (12,234 ) $ 2,839 $ (44,554 ) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Net Income (Loss) Per Share | The following table summarizes the computation of basic and diluted net income (loss) per common share. Year Ended December 31, 2019 2018 2017 Numerator: Income (loss) from continuing operations $ (46,741 ) $ (262,987 ) $ 24,549 Income from discontinued operations, net of tax — — 137,688 Net income (loss) (46,741 ) (262,987 ) 162,237 Less: Preferred Stock cumulative dividends and deemed dividends (642 ) — — Numerator for basic and diluted net income (loss) per common share (1) $ (47,383 ) $ (262,987 ) $ 162,237 Denominator: Weighted average common shares outstanding 42,030 31,678 27,433 Effect of dilutive stock options — — 322 Diluted shares outstanding 42,030 31,678 27,755 Basic income (loss) from continuing operations per common share $ (1.13 ) $ (8.30 ) $ 0.89 Basic income from discontinued operations per common share — — 5.02 Basic net income (loss) per common share $ (1.13 ) $ (8.30 ) $ 5.91 Diluted income (loss) from continuing operations per common share $ (1.13 ) $ (8.30 ) $ 0.89 Diluted income from discontinued operations per common share — — 4.96 Diluted net income (loss) per common share $ (1.13 ) $ (8.30 ) $ 5.85 Cash dividends declared per common share $ 0.21 $ 0.28 $ 0.28 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table presents the number of potentially dilutive securities that were excluded from the calculation of diluted income (loss) from continuing operations per common share and diluted net income (loss) per common share because they had an anti-dilutive effect. Year Ended December 31, 2019 2018 2017 Options 577 428 400 Warrants 1,500 — — Preferred Stock, as-converted 12,976 — — 15,053 428 400 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Derivative Instruments | The following table shows the liabilities measured at fair value for the Preferred Stock derivative above as of December 31, 2019 . Fair Value Measurements as of December 31, 2019 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other current liabilities $ — $ — $ 60 Derivative liability - other non-current liabilities — — 2,235 Description $ — $ — $ 2,295 The following table presents the change in the Preferred Stock derivative during the year ended December 31, 2019. Year Ended December 31, 2019 Beginning balance $ — Issuances 2,295 Ending balance $ 2,295 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Notional Amount February 12, 2019 - December 30, 2020 $ 700,000 December 31, 2020 - December 30, 2021 466,667 December 31, 2021 - October 19, 2022 233,333 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements as of December 31, 2019 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Derivative liability - other current liabilities $ — $ 5,943 $ — Derivative liability - other non-current liabilities — 6,290 — Total $ — $ 12,233 $ — |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Quarterly Results of Operations | The following tables present the quarterly results of operations for the years ended December 31, 2019 and 2018 . 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 213,256 $ 221,666 $ 213,897 $ 198,632 Cost of sales (exclusive of depreciation and amortization) 162,187 164,099 161,074 154,279 Net income (loss) (19,518 ) (7,283 ) (5,855 ) (14,085 ) Comprehensive income (loss) (22,053 ) (15,742 ) (17,976 ) (4,210 ) Basic net income (loss) per common share $ (0.47 ) $ (0.17 ) $ (0.14 ) $ (0.35 ) Diluted net income (loss) per common share $ (0.47 ) $ (0.17 ) $ (0.14 ) $ (0.35 ) 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 168,487 $ 197,010 $ 205,683 $ 199,477 Cost of sales (exclusive of depreciation and amortization) 126,160 149,588 156,510 156,923 Net income (loss) (6,360 ) (25,317 ) (13,886 ) (217,424 ) Comprehensive income (loss) (890 ) (40,833 ) (18,134 ) (216,739 ) Basic net income (loss) per common share $ (0.23 ) $ (0.91 ) $ (0.48 ) $ (5.18 ) Diluted net income (loss) per common share $ (0.23 ) $ (0.91 ) $ (0.48 ) $ (5.18 ) As further described in Note 2 , during 2019 we identified misstatements in our previously issued financial statements which we are correcting through the revision of our previously issued financial statements. The effect of the revision on the 2019 and 2018 previously issued unaudited quarterly financial results is presented in the tables below. The revision of our 2019 quarterly financial statements will be effected in connection with the prospective issuance of 2020 quarterly filings on Form 10-Q. As Originally Reported Adjustment As Revised Third Quarter 2019 Net sales $ 213,897 $ — $ 213,897 Cost of sales (exclusive of depreciation and amortization) 160,816 258 161,074 Net income (loss) (5,597 ) (258 ) (5,855 ) Comprehensive income (loss) (17,988 ) 12 (17,976 ) Basic net income (loss) per common share $ (0.13 ) $ (0.01 ) $ (0.14 ) Diluted net income (loss) per common share $ (0.13 ) $ (0.01 ) $ (0.14 ) Second Quarter 2019 Net sales $ 221,666 $ — $ 221,666 Cost of sales (exclusive of depreciation and amortization) 163,513 586 164,099 Net income (loss) (6,697 ) (586 ) (7,283 ) Comprehensive income (loss) (15,093 ) (649 ) (15,742 ) Basic net income (loss) per common share $ (0.16 ) $ (0.01 ) $ (0.17 ) Diluted net income (loss) per common share $ (0.16 ) $ (0.01 ) $ (0.17 ) First Quarter 2019 Net sales $ 213,256 $ — $ 213,256 Cost of sales (exclusive of depreciation and amortization) 161,269 918 162,187 Net income (loss) (18,600 ) (918 ) (19,518 ) Comprehensive income (loss) (21,194 ) (859 ) (22,053 ) Basic net income (loss) per common share $ (0.44 ) $ (0.03 ) $ (0.47 ) Diluted net income (loss) per common share $ (0.44 ) $ (0.03 ) $ (0.47 ) As Originally Reported Adjustment As Revised Fourth Quarter 2018 Net sales $ 199,477 $ — $ 199,477 Cost of sales (exclusive of depreciation and amortization) 156,713 210 156,923 Net income (loss) (220,189 ) 2,765 (217,424 ) Comprehensive income (loss) (219,560 ) 2,821 (216,739 ) Basic net income (loss) per common share $ (5.25 ) $ 0.07 $ (5.18 ) Diluted net income (loss) per common share $ (5.25 ) $ 0.07 $ (5.18 ) Third Quarter 2018 Net sales $ 205,683 $ — $ 205,683 Cost of sales (exclusive of depreciation and amortization) 156,408 102 156,510 Net income (loss) (13,784 ) (102 ) (13,886 ) Comprehensive income (loss) (17,977 ) (157 ) (18,134 ) Basic net income (loss) per common share $ (0.48 ) $ — $ (0.48 ) Diluted net income (loss) per common share $ (0.48 ) $ — $ (0.48 ) Second Quarter 2018 Net sales $ 196,349 $ 661 $ 197,010 Cost of sales (exclusive of depreciation and amortization) 148,640 948 149,588 Net income (loss) (24,511 ) (806 ) (25,317 ) Comprehensive income (loss) (40,292 ) (541 ) (40,833 ) Basic net income (loss) per common share $ (0.89 ) $ (0.02 ) $ (0.91 ) Diluted net income (loss) per common share $ (0.89 ) $ (0.02 ) $ (0.91 ) First Quarter 2018 Net sales $ 169,148 $ (661 ) $ 168,487 Cost of sales (exclusive of depreciation and amortization) 126,444 (284 ) 126,160 Net income (loss) (5,983 ) (377 ) (6,360 ) Comprehensive income (loss) (518 ) (372 ) (890 ) Basic net income (loss) per common share $ (0.22 ) $ (0.01 ) $ (0.23 ) Diluted net income (loss) per common share $ (0.22 ) $ (0.01 ) $ (0.23 ) The following tables present the quarterly results of operations for the years ended December 31, 2019 and 2018 . 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 213,256 $ 221,666 $ 213,897 $ 198,632 Cost of sales (exclusive of depreciation and amortization) 162,187 164,099 161,074 154,279 Net income (loss) (19,518 ) (7,283 ) (5,855 ) (14,085 ) Comprehensive income (loss) (22,053 ) (15,742 ) (17,976 ) (4,210 ) Basic net income (loss) per common share $ (0.47 ) $ (0.17 ) $ (0.14 ) $ (0.35 ) Diluted net income (loss) per common share $ (0.47 ) $ (0.17 ) $ (0.14 ) $ (0.35 ) 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 168,487 $ 197,010 $ 205,683 $ 199,477 Cost of sales (exclusive of depreciation and amortization) 126,160 149,588 156,510 156,923 Net income (loss) (6,360 ) (25,317 ) (13,886 ) (217,424 ) Comprehensive income (loss) (890 ) (40,833 ) (18,134 ) (216,739 ) Basic net income (loss) per common share $ (0.23 ) $ (0.91 ) $ (0.48 ) $ (5.18 ) Diluted net income (loss) per common share $ (0.23 ) $ (0.91 ) $ (0.48 ) $ (5.18 ) |
Schedule of Error Corrections and Prior Period Adjustments | Year Ended December 31, 2018 As Originally Reported Adjustment As Revised Cost of sales (exclusive of depreciation and amortization) $ 588,205 $ 976 $ 589,181 Income (loss) from operations (178,888 ) (976 ) (179,864 ) Loss before (provision) benefit for income taxes and share of net income from joint venture (261,034 ) (976 ) (262,010 ) Income tax benefit (expense) 10,957 2,456 13,413 Income (loss) from continuing operations (264,467 ) 1,480 (262,987 ) Net income (loss) (264,467 ) 1,480 (262,987 ) Foreign currency translation gain (loss) (13,880 ) 271 (13,609 ) Comprehensive income (loss) (278,347 ) 1,751 (276,596 ) Basic net income (loss) per share $ (8.35 ) $ 0.05 $ (8.30 ) Diluted net income (loss) per share $ (8.35 ) $ 0.05 $ (8.30 ) The following table presents the effect of the correction of the misstatements on the Consolidated Balance Sheet as of December 31, 2018. As of December 31, 2018 As Originally Reported Adjustment As Revised Inventories $ 122,615 $ (1,690 ) $ 120,925 Income tax receivable 946 1,331 2,277 Other current assets 21,901 (309 ) 21,592 Total current assets 296,871 (668 ) 296,203 Total assets 1,501,570 (668 ) 1,500,902 Deferred tax liabilities 93,482 (1,644 ) 91,838 Total liabilities 1,083,275 (1,644 ) 1,081,631 Additional paid-in capital 511,545 (2,890 ) 508,655 Accumulated deficit (62,046 ) 3,555 (58,491 ) Accumulated other comprehensive income (loss) (31,625 ) 311 (31,314 ) Total stockholders' equity 418,295 976 419,271 Total liabilities and stockholders' equity 1,501,570 (668 ) 1,500,902 The following table presents the effect of the correction of the misstatements on the Consolidated Statements of Stockholders’ Equity. As Originally Reported Adjustment As Revised As of and for the year ended December 31, 2017 Net income (loss) $ 163,052 $ (815 ) $ 162,237 Retained earnings 211,080 (815 ) 210,265 Foreign currency translation gain (loss) 22,094 40 22,134 Accumulated other comprehensive income (loss) (17,745 ) 40 (17,705 ) Total stockholders' equity 486,104 (775 ) 485,329 As of and for the year ended December 31, 2018 Additional paid-in capital $ 511,545 $ (2,890 ) $ 508,655 Net income (loss) $ (264,467 ) $ 1,480 $ (262,987 ) Accumulated deficit (62,046 ) 3,555 (58,491 ) Foreign currency translation gain (loss) (13,880 ) 271 (13,609 ) Accumulated other comprehensive income (loss) (31,625 ) 311 (31,314 ) Total stockholders' equity 418,295 976 419,271 The following table presents the effect of the correction of the misstatements on the Consolidated Statements of Cash Flows. Year Ended December 31, 2017 As Originally Reported Adjustment As Revised Net income (loss) $ 163,052 $ (815 ) $ 162,237 Changes in operating assets and liabilities, net of acquisitions: Inventories (10,278 ) 1,334 (8,944 ) Other (1,076 ) (519 ) (1,595 ) Year Ended December 31, 2018 As Originally Reported Adjustment As Revised Net income (loss) $ (264,467 ) $ 1,480 $ (262,987 ) Deferred income taxes (20,758 ) (1,644 ) (22,402 ) Changes in operating assets and liabilities, net of acquisitions: Inventories (16,872 ) 664 (16,208 ) Income taxes receivable and payable, net 40,946 (1,331 ) 39,615 Other (1,310 ) 831 (479 ) As Originally Reported Adjustment As Revised Third Quarter 2019 Net sales $ 213,897 $ — $ 213,897 Cost of sales (exclusive of depreciation and amortization) 160,816 258 161,074 Net income (loss) (5,597 ) (258 ) (5,855 ) Comprehensive income (loss) (17,988 ) 12 (17,976 ) Basic net income (loss) per common share $ (0.13 ) $ (0.01 ) $ (0.14 ) Diluted net income (loss) per common share $ (0.13 ) $ (0.01 ) $ (0.14 ) Second Quarter 2019 Net sales $ 221,666 $ — $ 221,666 Cost of sales (exclusive of depreciation and amortization) 163,513 586 164,099 Net income (loss) (6,697 ) (586 ) (7,283 ) Comprehensive income (loss) (15,093 ) (649 ) (15,742 ) Basic net income (loss) per common share $ (0.16 ) $ (0.01 ) $ (0.17 ) Diluted net income (loss) per common share $ (0.16 ) $ (0.01 ) $ (0.17 ) First Quarter 2019 Net sales $ 213,256 $ — $ 213,256 Cost of sales (exclusive of depreciation and amortization) 161,269 918 162,187 Net income (loss) (18,600 ) (918 ) (19,518 ) Comprehensive income (loss) (21,194 ) (859 ) (22,053 ) Basic net income (loss) per common share $ (0.44 ) $ (0.03 ) $ (0.47 ) Diluted net income (loss) per common share $ (0.44 ) $ (0.03 ) $ (0.47 ) As Originally Reported Adjustment As Revised Fourth Quarter 2018 Net sales $ 199,477 $ — $ 199,477 Cost of sales (exclusive of depreciation and amortization) 156,713 210 156,923 Net income (loss) (220,189 ) 2,765 (217,424 ) Comprehensive income (loss) (219,560 ) 2,821 (216,739 ) Basic net income (loss) per common share $ (5.25 ) $ 0.07 $ (5.18 ) Diluted net income (loss) per common share $ (5.25 ) $ 0.07 $ (5.18 ) Third Quarter 2018 Net sales $ 205,683 $ — $ 205,683 Cost of sales (exclusive of depreciation and amortization) 156,408 102 156,510 Net income (loss) (13,784 ) (102 ) (13,886 ) Comprehensive income (loss) (17,977 ) (157 ) (18,134 ) Basic net income (loss) per common share $ (0.48 ) $ — $ (0.48 ) Diluted net income (loss) per common share $ (0.48 ) $ — $ (0.48 ) Second Quarter 2018 Net sales $ 196,349 $ 661 $ 197,010 Cost of sales (exclusive of depreciation and amortization) 148,640 948 149,588 Net income (loss) (24,511 ) (806 ) (25,317 ) Comprehensive income (loss) (40,292 ) (541 ) (40,833 ) Basic net income (loss) per common share $ (0.89 ) $ (0.02 ) $ (0.91 ) Diluted net income (loss) per common share $ (0.89 ) $ (0.02 ) $ (0.91 ) First Quarter 2018 Net sales $ 169,148 $ (661 ) $ 168,487 Cost of sales (exclusive of depreciation and amortization) 126,444 (284 ) 126,160 Net income (loss) (5,983 ) (377 ) (6,360 ) Comprehensive income (loss) (518 ) (372 ) (890 ) Basic net income (loss) per common share $ (0.22 ) $ (0.01 ) $ (0.23 ) Diluted net income (loss) per common share $ (0.22 ) $ (0.01 ) $ (0.23 ) |
Prior Periods' Financial Stat_2
Prior Periods' Financial Statement Revision Prior Periods' Financial Statement Revision (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | Year Ended December 31, 2018 As Originally Reported Adjustment As Revised Cost of sales (exclusive of depreciation and amortization) $ 588,205 $ 976 $ 589,181 Income (loss) from operations (178,888 ) (976 ) (179,864 ) Loss before (provision) benefit for income taxes and share of net income from joint venture (261,034 ) (976 ) (262,010 ) Income tax benefit (expense) 10,957 2,456 13,413 Income (loss) from continuing operations (264,467 ) 1,480 (262,987 ) Net income (loss) (264,467 ) 1,480 (262,987 ) Foreign currency translation gain (loss) (13,880 ) 271 (13,609 ) Comprehensive income (loss) (278,347 ) 1,751 (276,596 ) Basic net income (loss) per share $ (8.35 ) $ 0.05 $ (8.30 ) Diluted net income (loss) per share $ (8.35 ) $ 0.05 $ (8.30 ) The following table presents the effect of the correction of the misstatements on the Consolidated Balance Sheet as of December 31, 2018. As of December 31, 2018 As Originally Reported Adjustment As Revised Inventories $ 122,615 $ (1,690 ) $ 120,925 Income tax receivable 946 1,331 2,277 Other current assets 21,901 (309 ) 21,592 Total current assets 296,871 (668 ) 296,203 Total assets 1,501,570 (668 ) 1,500,902 Deferred tax liabilities 93,482 (1,644 ) 91,838 Total liabilities 1,083,275 (1,644 ) 1,081,631 Additional paid-in capital 511,545 (2,890 ) 508,655 Accumulated deficit (62,046 ) 3,555 (58,491 ) Accumulated other comprehensive income (loss) (31,625 ) 311 (31,314 ) Total stockholders' equity 418,295 976 419,271 Total liabilities and stockholders' equity 1,501,570 (668 ) 1,500,902 The following table presents the effect of the correction of the misstatements on the Consolidated Statements of Stockholders’ Equity. As Originally Reported Adjustment As Revised As of and for the year ended December 31, 2017 Net income (loss) $ 163,052 $ (815 ) $ 162,237 Retained earnings 211,080 (815 ) 210,265 Foreign currency translation gain (loss) 22,094 40 22,134 Accumulated other comprehensive income (loss) (17,745 ) 40 (17,705 ) Total stockholders' equity 486,104 (775 ) 485,329 As of and for the year ended December 31, 2018 Additional paid-in capital $ 511,545 $ (2,890 ) $ 508,655 Net income (loss) $ (264,467 ) $ 1,480 $ (262,987 ) Accumulated deficit (62,046 ) 3,555 (58,491 ) Foreign currency translation gain (loss) (13,880 ) 271 (13,609 ) Accumulated other comprehensive income (loss) (31,625 ) 311 (31,314 ) Total stockholders' equity 418,295 976 419,271 The following table presents the effect of the correction of the misstatements on the Consolidated Statements of Cash Flows. Year Ended December 31, 2017 As Originally Reported Adjustment As Revised Net income (loss) $ 163,052 $ (815 ) $ 162,237 Changes in operating assets and liabilities, net of acquisitions: Inventories (10,278 ) 1,334 (8,944 ) Other (1,076 ) (519 ) (1,595 ) Year Ended December 31, 2018 As Originally Reported Adjustment As Revised Net income (loss) $ (264,467 ) $ 1,480 $ (262,987 ) Deferred income taxes (20,758 ) (1,644 ) (22,402 ) Changes in operating assets and liabilities, net of acquisitions: Inventories (16,872 ) 664 (16,208 ) Income taxes receivable and payable, net 40,946 (1,331 ) 39,615 Other (1,310 ) 831 (479 ) As Originally Reported Adjustment As Revised Third Quarter 2019 Net sales $ 213,897 $ — $ 213,897 Cost of sales (exclusive of depreciation and amortization) 160,816 258 161,074 Net income (loss) (5,597 ) (258 ) (5,855 ) Comprehensive income (loss) (17,988 ) 12 (17,976 ) Basic net income (loss) per common share $ (0.13 ) $ (0.01 ) $ (0.14 ) Diluted net income (loss) per common share $ (0.13 ) $ (0.01 ) $ (0.14 ) Second Quarter 2019 Net sales $ 221,666 $ — $ 221,666 Cost of sales (exclusive of depreciation and amortization) 163,513 586 164,099 Net income (loss) (6,697 ) (586 ) (7,283 ) Comprehensive income (loss) (15,093 ) (649 ) (15,742 ) Basic net income (loss) per common share $ (0.16 ) $ (0.01 ) $ (0.17 ) Diluted net income (loss) per common share $ (0.16 ) $ (0.01 ) $ (0.17 ) First Quarter 2019 Net sales $ 213,256 $ — $ 213,256 Cost of sales (exclusive of depreciation and amortization) 161,269 918 162,187 Net income (loss) (18,600 ) (918 ) (19,518 ) Comprehensive income (loss) (21,194 ) (859 ) (22,053 ) Basic net income (loss) per common share $ (0.44 ) $ (0.03 ) $ (0.47 ) Diluted net income (loss) per common share $ (0.44 ) $ (0.03 ) $ (0.47 ) As Originally Reported Adjustment As Revised Fourth Quarter 2018 Net sales $ 199,477 $ — $ 199,477 Cost of sales (exclusive of depreciation and amortization) 156,713 210 156,923 Net income (loss) (220,189 ) 2,765 (217,424 ) Comprehensive income (loss) (219,560 ) 2,821 (216,739 ) Basic net income (loss) per common share $ (5.25 ) $ 0.07 $ (5.18 ) Diluted net income (loss) per common share $ (5.25 ) $ 0.07 $ (5.18 ) Third Quarter 2018 Net sales $ 205,683 $ — $ 205,683 Cost of sales (exclusive of depreciation and amortization) 156,408 102 156,510 Net income (loss) (13,784 ) (102 ) (13,886 ) Comprehensive income (loss) (17,977 ) (157 ) (18,134 ) Basic net income (loss) per common share $ (0.48 ) $ — $ (0.48 ) Diluted net income (loss) per common share $ (0.48 ) $ — $ (0.48 ) Second Quarter 2018 Net sales $ 196,349 $ 661 $ 197,010 Cost of sales (exclusive of depreciation and amortization) 148,640 948 149,588 Net income (loss) (24,511 ) (806 ) (25,317 ) Comprehensive income (loss) (40,292 ) (541 ) (40,833 ) Basic net income (loss) per common share $ (0.89 ) $ (0.02 ) $ (0.91 ) Diluted net income (loss) per common share $ (0.89 ) $ (0.02 ) $ (0.91 ) First Quarter 2018 Net sales $ 169,148 $ (661 ) $ 168,487 Cost of sales (exclusive of depreciation and amortization) 126,444 (284 ) 126,160 Net income (loss) (5,983 ) (377 ) (6,360 ) Comprehensive income (loss) (518 ) (372 ) (890 ) Basic net income (loss) per common share $ (0.22 ) $ (0.01 ) $ (0.23 ) Diluted net income (loss) per common share $ (0.22 ) $ (0.01 ) $ (0.23 ) |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Number of manufacturing facilities | 50 | |||
Maturity period of highly liquid investments | three months or less | |||
Goodwill impairment | $ 0 | $ 182,542 | $ 0 | |
Land and buildings | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 15 years | |||
Land and buildings | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 40 years | |||
Machinery and equipment | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 3 years | |||
Machinery and equipment | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 12 years | |||
Accounting Standards Update 2016-02 | ||||
Significant Accounting Policies [Line Items] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 100 | |||
Wuxi Weifu Autocam Precision Machinery Company, Ltd. | ||||
Significant Accounting Policies [Line Items] | ||||
Investment in joint venture | 49.00% |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 17, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of business | $ 0 | $ 838 | $ 371,436 | |
Precision Bearing Components Group | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on cumulative foreign currency translation | $ 9,300 | |||
Discontinued Operations, Disposed of by Sale | PBC Business | Precision Bearing Components Group | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of business | 387,600 | |||
Receivables | $ 800 | |||
Estimated after-tax gain on sale | $ 127,700 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Major Line Items Included in Results of Operations of Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income from discontinued operations, net of tax | $ 0 | $ 0 | $ 137,688 |
PBC Business | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 168,287 | ||
Cost of products sold (exclusive of depreciation and amortization shown separately below) | 130,555 | ||
Selling, general and administrative expense | 11,818 | ||
Depreciation and amortization | 7,722 | ||
Restructuring and integration expense | 429 | ||
Income from operations | 17,763 | ||
Interest expense | (181) | ||
Other income (expense), net | (84) | ||
Income from discontinued operations before gain on disposal and provision for income taxes | 17,498 | ||
Provision for income taxes on discontinued operations | (7,461) | ||
Income from discontinued operations before gain on disposal | 10,037 | ||
Gain on disposal of discontinued operations | 213,503 | ||
Provision for income taxes on gain on disposal | (85,852) | ||
Income from discontinued operations, net of tax | $ 137,688 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Significant Noncash Items and Cash Paid for Capital Expenditures of Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Discontinued Operation, Alternative Cash Flow Information [Abstract] | |||
Depreciation and amortization | $ 0 | $ 0 | $ 7,722 |
Acquisition of property, plant and equipment | $ 7,316 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 09, 2018 | May 07, 2018 | Feb. 22, 2018 | |
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Costs Expensed Not Considered Ongoing | $ 15,000 | |||||||||||||
Acquisition related costs | $ 0 | $ 5,871 | 344 | |||||||||||
Revenues | $ 198,632 | $ 213,897 | $ 221,666 | $ 213,256 | $ 199,477 | $ 205,683 | $ 197,010 | $ 168,487 | ||||||
Income (loss) from operations | $ 9,889 | (179,864) | 31,780 | |||||||||||
Paragon Medical | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisition percentage | 100.00% | |||||||||||||
Revenues | 116,998 | |||||||||||||
Income (loss) from operations | $ 8,086 | $ 0 | ||||||||||||
Bridgemedica, LLC | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisition percentage | 100.00% | |||||||||||||
Southern California Technical Arts, Inc. | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisition percentage | 100.00% |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Intangible assets subject to amortization | $ 171,113 | ||
Goodwill | 439,452 | $ 439,095 | $ 454,612 |
Measurement period adjustments | 5,142 | ||
Paragon Medical | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 161,800 |
Acquistions - Pro Forma Financi
Acquistions - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combination Segment Allocation [Line Items] | ||
Pro forma net sales | $ 760,772 | |
Pro forma income (loss) from continuing operations | $ (250,788) | 2,412 |
Pro forma net income (loss) | $ 140,100 | |
Basic income (loss) from continuing operations per share (in us dollars per share) | $ 0.09 | |
Diluted income (loss) from continuing operations per share (in us dollars per share) | $ 0.09 | |
Paragon Medical | ||
Business Combination Segment Allocation [Line Items] | ||
Pro forma net sales | 825,891 | |
Pro forma net income (loss) | $ (250,788) | |
Basic income (loss) from continuing operations per share (in us dollars per share) | $ (7.92) | |
Diluted income (loss) from continuing operations per share (in us dollars per share) | $ (7.92) |
Segment Information - Segment I
Segment Information - Segment Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 847,451,000 | $ 770,657,000 | $ 619,793,000 | |
Depreciation and amortization | 91,846,000 | 71,128,000 | 52,406,000 | |
Goodwill impairment | 0 | 182,542,000 | 0 | |
Income (loss) from operations | 9,889,000 | (179,864,000) | 31,780,000 | |
Interest expense | (57,155,000) | (61,243,000) | (52,085,000) | |
Other | (4,433,000) | (20,903,000) | (39,902,000) | |
Loss before benefit for income taxes and share of net income from joint venture | (51,699,000) | (262,010,000) | (60,207,000) | |
Share of net income (loss) from joint venture | 1,681,000 | (14,390,000) | 5,211,000 | |
Expenditures for long-lived assets | 54,003,000 | 64,036,000 | 36,406,000 | |
Total assets | $ 1,500,902,000 | 1,541,984,000 | 1,500,902,000 | 1,473,709,000 |
Life Sciences | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 359,732,000 | 248,173,000 | 98,329,000 | |
Goodwill impairment | 0 | 0 | ||
Life Sciences | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 359,732,000 | 248,173,000 | 98,329,000 | |
Depreciation and amortization | 46,905,000 | 28,091,000 | 12,088,000 | |
Goodwill impairment | 0 | |||
Income (loss) from operations | 28,157,000 | 19,136,000 | 13,271,000 | |
Share of net income (loss) from joint venture | 0 | |||
Expenditures for long-lived assets | 21,445,000 | 14,645,000 | 0 | |
Total assets | 802,770,000 | 811,526,000 | 802,770,000 | 353,208,000 |
Mobile Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 336,852,000 | |||
Goodwill impairment | 73,442,000 | |||
Mobile Solutions | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 297,749,000 | 335,037,000 | 336,852,000 | |
Depreciation and amortization | 27,146,000 | 26,217,000 | 24,491,000 | |
Goodwill impairment | 73,442,000 | |||
Income (loss) from operations | 9,553,000 | (55,079,000) | 33,071,000 | |
Share of net income (loss) from joint venture | 1,681,000 | (14,390,000) | 5,211,000 | |
Expenditures for long-lived assets | 24,969,000 | 36,660,000 | 24,056,000 | |
Total assets | 354,542,000 | 373,256,000 | 354,542,000 | 427,027,000 |
Power Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 186,602,000 | |||
Goodwill impairment | 109,100,000 | 109,100,000 | ||
Power Solutions | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 192,100,000 | 189,778,000 | 186,602,000 | |
Depreciation and amortization | 15,301,000 | 14,753,000 | 14,657,000 | |
Goodwill impairment | 109,100,000 | |||
Income (loss) from operations | 13,881,000 | (95,115,000) | 23,440,000 | |
Share of net income (loss) from joint venture | 0 | 0 | 0 | |
Expenditures for long-lived assets | 4,457,000 | 6,459,000 | 5,443,000 | |
Total assets | 297,947,000 | 310,545,000 | 297,947,000 | 385,558,000 |
Corporate And Consolidations | Corporate And Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (2,130,000) | (2,331,000) | (1,990,000) | |
Depreciation and amortization | 2,494,000 | 2,067,000 | 1,170,000 | |
Income (loss) from operations | (41,702,000) | (48,806,000) | (38,002,000) | |
Share of net income (loss) from joint venture | 0 | 0 | 0 | |
Expenditures for long-lived assets | 3,132,000 | 6,272,000 | 6,907,000 | |
Total assets | 45,643,000 | $ 46,657,000 | 45,643,000 | $ 307,916,000 |
Wuxi Weifu Autocam Precision Machinery Company, Ltd. | ||||
Segment Reporting Information [Line Items] | ||||
Investment in joint venture | 49.00% | |||
Wuxi Weifu Autocam Precision Machinery Company, Ltd. | Mobile Solutions | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | $ 20,400,000 | $ 21,800,000 | $ 20,400,000 |
Segment Information - Summary o
Segment Information - Summary of Net Sale and Income (Loss) from Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 198,632 | $ 213,897 | $ 221,666 | $ 213,256 | $ 199,477 | $ 205,683 | $ 197,010 | $ 168,487 | |||
Income (loss) from operations | $ 9,889 | $ (179,864) | $ 31,780 | ||||||||
Paragon Medical | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 116,998 | ||||||||||
Income (loss) from operations | 8,086 | 0 | |||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 42,636 | 6,682 | |||||||||
Income (loss) from operations | $ 1,816 | $ (458) |
Segment Information - Summary_2
Segment Information - Summary of Sales to External Customers and Long-Lived Tangible Assets by Geographical Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 374,513 | $ 361,028 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 250,163 | 235,975 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 54,829 | 50,143 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 43,128 | 42,657 |
Mexico | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 1,388 | 7,647 |
S. America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 25,005 | 24,606 |
All foreign countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 124,350 | $ 125,053 |
Accounts Receivable and Sales_3
Accounts Receivable and Sales Concentrations - Summary of Accounts Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||||
Trade | $ 132,910 | $ 135,260 | ||
Less—allowance for doubtful accounts | 1,352 | 1,839 | $ 1,719 | $ 1,069 |
Accounts receivable, net | $ 131,558 | $ 133,421 |
Accounts Receivable and Sales_4
Accounts Receivable and Sales Concentrations - Summary of Activity in the Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 1,839 | $ 1,719 | $ 1,069 |
Additions | 449 | 754 | 648 |
Write-offs | (924) | (584) | (101) |
Currency impact | 12 | 50 | (103) |
Balance at end of year | $ 1,352 | $ 1,839 | $ 1,719 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 49,135 | $ 52,930 |
Work in process | 43,456 | 40,888 |
Finished goods | 26,131 | 27,107 |
Total inventories | $ 118,722 | $ 120,925 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 552,492 | $ 506,306 |
Finance lease, right-of-use asset | 18,415 | |
Less: Accumulated depreciation | 177,979 | 145,278 |
Property, plant and equipment, net | 374,513 | 361,028 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 80,647 | 69,455 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 433,016 | 401,729 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 38,829 | $ 35,122 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Impairment charges | $ 600,000 | $ 5,200,000 | $ 0 |
Depreciation expense | $ 44,800,000 | $ 38,600,000 | $ 28,900,000 |
Goodwill - Changes in Carrying
Goodwill - Changes in Carrying Amount of Goodwill (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||||
Beginning Balance | $ 439,452,000 | $ 454,612,000 | ||
Currency impact and other | (357,000) | (5,705,000) | ||
Goodwill acquired in acquisitions | 167,945,000 | |||
Impairments | 0 | (182,542,000) | $ 0 | |
Measurement period adjustments | 5,142,000 | |||
Ending Balance | $ 439,452,000 | 439,095,000 | 439,452,000 | 454,612,000 |
Life Sciences | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 344,947,000 | 177,784,000 | ||
Currency impact and other | (631,000) | (3,118,000) | ||
Goodwill acquired in acquisitions | 165,288,000 | |||
Impairments | 0 | 0 | ||
Measurement period adjustments | 4,993,000 | |||
Ending Balance | 344,947,000 | 344,316,000 | 344,947,000 | 177,784,000 |
Mobile Solutions | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 0 | 74,147,000 | ||
Currency impact and other | 0 | (705,000) | ||
Goodwill acquired in acquisitions | 0 | |||
Impairments | (73,442,000) | |||
Measurement period adjustments | 0 | |||
Ending Balance | 0 | 0 | 0 | 74,147,000 |
Power Solutions | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 94,505,000 | 202,681,000 | ||
Currency impact and other | 274,000 | (1,882,000) | ||
Goodwill acquired in acquisitions | 2,657,000 | |||
Impairments | (109,100,000) | (109,100,000) | ||
Reduction in goodwill | 1,600,000 | |||
Measurement period adjustments | 149,000 | |||
Ending Balance | $ 94,505,000 | $ 94,779,000 | $ 94,505,000 | $ 202,681,000 |
Goodwill - Changes in Gross Car
Goodwill - Changes in Gross Carrying Amount of Goodwill and Accumulated Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill [Line Items] | |||
Gross Carrying Amount | $ 637,402 | $ 637,951 | |
Accumulated Impairment Charges | (198,307) | (198,499) | |
Goodwill | 439,095 | 439,452 | $ 454,612 |
Life Sciences | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 344,316 | 344,947 | |
Accumulated Impairment Charges | 0 | 0 | |
Goodwill | 344,316 | 344,947 | 177,784 |
Mobile Solutions | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 77,458 | 77,650 | |
Accumulated Impairment Charges | (77,458) | (77,650) | |
Goodwill | 0 | 0 | 74,147 |
Power Solutions | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 215,628 | 215,354 | |
Accumulated Impairment Charges | (120,849) | (120,849) | |
Goodwill | $ 94,779 | $ 94,505 | $ 202,681 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||||
Goodwill | $ 439,452,000 | $ 439,095,000 | $ 439,452,000 | $ 454,612,000 |
Goodwill impairment | 0 | 182,542,000 | 0 | |
Intangible assets, net | 376,248,000 | 329,260,000 | 376,248,000 | 237,702,000 |
Paragon Medical | ||||
Goodwill [Line Items] | ||||
Goodwill | 161,800,000 | 161,800,000 | ||
Other | ||||
Goodwill [Line Items] | ||||
Goodwill | 8,000,000 | 8,000,000 | ||
Southern California Technical Arts, Inc. | ||||
Goodwill [Line Items] | ||||
Goodwill | 2,800,000 | 2,800,000 | ||
Life Sciences | ||||
Goodwill [Line Items] | ||||
Goodwill | 344,947,000 | 344,316,000 | 344,947,000 | 177,784,000 |
Goodwill impairment | 0 | 0 | ||
Intangible assets, net | 244,365,000 | 211,847,000 | 244,365,000 | 93,226,000 |
Mobile Solutions | ||||
Goodwill [Line Items] | ||||
Goodwill | 0 | 0 | 0 | 74,147,000 |
Goodwill impairment | 73,442,000 | |||
Intangible assets, net | 35,892,000 | 32,416,000 | 35,892,000 | 39,446,000 |
Power Solutions | ||||
Goodwill [Line Items] | ||||
Goodwill | 94,505,000 | 94,779,000 | 94,505,000 | 202,681,000 |
Goodwill impairment | 109,100,000 | 109,100,000 | ||
Intangible assets, net | $ 95,991,000 | 84,997,000 | $ 95,991,000 | $ 105,030,000 |
Reduction in goodwill | $ 1,600,000 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Carrying Amount of Intangible Assets by Segment (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Beginning balance | $ 376,248 | $ 376,248 | $ 237,702 |
Amortization | (46,998) | (32,553) | |
Currency impacts and other | 10 | (14) | |
Intangible assets subject to amortization | 171,113 | ||
Ending balance | 329,260 | 376,248 | |
Life Sciences | |||
Finite-Lived Intangible Assets [Line Items] | |||
Beginning balance | 244,365 | 244,365 | 93,226 |
Amortization | (32,525) | (18,074) | |
Currency impacts and other | 7 | 0 | |
Intangible assets subject to amortization | 169,213 | ||
Ending balance | 211,847 | 244,365 | |
Mobile Solutions | |||
Finite-Lived Intangible Assets [Line Items] | |||
Beginning balance | 35,892 | 35,892 | 39,446 |
Amortization | (3,479) | (3,540) | |
Currency impacts and other | 3 | (14) | |
Intangible assets subject to amortization | 0 | ||
Ending balance | 32,416 | 35,892 | |
Power Solutions | |||
Finite-Lived Intangible Assets [Line Items] | |||
Beginning balance | 95,991 | 95,991 | 105,030 |
Amortization | (10,994) | 10,939 | |
Currency impacts and other | $ 0 | 0 | |
Intangible assets subject to amortization | 1,900 | ||
Ending balance | $ 84,997 | $ 95,991 |
Intangible Assets, Net - Summ_2
Intangible Assets, Net - Summary of Carrying Amount of Intangible Assets by Major Asset Class (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value as of Acquisition Date | $ 453,943 | $ 464,571 | |
Accumulated Amortization | (124,683) | (88,323) | |
Intangible assets, net | 329,260 | 376,248 | $ 237,702 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value as of Acquisition Date | 428,830 | 428,830 | |
Accumulated Amortization | (118,976) | (75,581) | |
Intangible assets, net | 309,854 | 353,249 | |
Trademark and trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value as of Acquisition Date | 25,100 | 25,100 | |
Accumulated Amortization | (5,695) | (4,085) | |
Intangible assets, net | 19,405 | 21,015 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value as of Acquisition Date | 13 | 10,641 | |
Accumulated Amortization | (12) | (8,657) | |
Intangible assets, net | $ 1 | $ 1,984 | |
Minimum | Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Useful Life in Years | 12 years | ||
Minimum | Trademark and trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Useful Life in Years | 8 years | ||
Minimum | Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Useful Life in Years | 2 years | ||
Maximum | Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Useful Life in Years | 20 years | ||
Maximum | Trademark and trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Useful Life in Years | 30 years |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Finite Lived Intangible Assets Future Amortization Expense Table (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2020 | $ 45,365 | ||
2021 | 41,415 | ||
2022 | 38,464 | ||
2023 | 36,625 | ||
2024 | 33,888 | ||
Thereafter | 133,503 | ||
Intangible assets, net | $ 329,260 | $ 376,248 | $ 237,702 |
Intangible Assets, Net Intangib
Intangible Assets, Net Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 |
Investment in Joint Venture - A
Investment in Joint Venture - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $ 847,451 | $ 770,657 | $ 619,793 | |
Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Impairment charge | $ 16,600 | 0 | ||
Amount due from joint venture | $ 100 | $ 200 | 100 | 100 |
Wuxi Weifu Autocam Precision Machinery Company, Ltd. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment in joint venture | 49.00% | |||
Product | Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $ 200 | $ 300 | $ 200 |
Investment in Joint Venture - S
Investment in Joint Venture - Summarized Activity Related to Investment in Joint Venture (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Beginning Balance | $ 20,364 | |||
Share of earnings | 1,681 | $ (14,390) | $ 5,211 | |
Ending Balance | $ 20,364 | 21,755 | 20,364 | |
Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Beginning Balance | 20,364 | |||
Share of earnings | 1,681 | |||
Foreign currency translation loss | (290) | |||
Impairment | (16,600) | 0 | ||
Ending Balance | $ 20,364 | $ 21,755 | $ 20,364 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | ||||
Net tax benefit | $ 5,900,000 | $ 800,000 | $ 51,800,000 | |
Federal corporate income tax rate | 21.00% | 21.00% | 35.00% | |
Effective tax rate on non deductible expense | 6.30% | 5.10% | 132.10% | |
Deferred tax asset valuation allowance change in amount net | $ 10,800,000 | $ 6,900,000 | $ 3,500,000 | |
Valuation allowance on deferred tax assets | (19,033,000) | (14,460,000) | (7,608,000) | |
Unrecognized tax benefits | 2,589,000 | 4,609,000 | 5,655,000 | $ 4,741,000 |
Amount of unrecognized tax benefits would, if recognized, impact effective tax rate | 3,600,000 | |||
Decrease in unrecognized income benefits and interest | 1,400,000 | |||
Operating loss carryforward, valuation allowance | 1,000,000 | |||
Tax credit carryforward, valuation allowance | 3,300,000 | |||
Impact of these tax holidays decreased foreign taxes | 0 | 0 | $ 800,000 | |
Benefit of the tax holidays on net income per share (diluted) | $ 0.03 | |||
Deferred tax assets, tax credit carryforwards, research | 2,654,000 | 917,000 | ||
Non-U.S. credit carryforwards | 3,313,000 | 4,130,000 | ||
Deferred tax liability. repatriation of the unremitted earnings | 2,300,000 | |||
Income tax examination, penalties and interest accured | 1,500,000 | $ 1,300,000 | $ 1,400,000 | |
State Net Operating Loss Carryforwards | ||||
Income Taxes [Line Items] | ||||
Deferred tax asset valuation allowance amount increase | 2,300,000 | |||
Foreign Net Operating Loss Carryforwards | ||||
Income Taxes [Line Items] | ||||
Deferred tax asset valuation allowance amount increase | $ 1,200,000 | |||
Foreign Tax Authority | ||||
Income Taxes [Line Items] | ||||
Deferred tax asset valuation allowance change in amount net | 900,000 | |||
NOL carryovers | $ 14,100,000 | |||
NOL carryovers expiration beginning year | 46023 | |||
Tax credits in foreign jurisdictions | $ 3,400,000 | |||
United States | ||||
Income Taxes [Line Items] | ||||
Deferred tax asset valuation allowance change in amount net | 1,500,000 | |||
Valuation allowance on deferred tax assets | (500,000) | |||
NOL carryovers | 1,500,000 | |||
Tax credits in foreign jurisdictions | 5,800,000 | |||
Deferred tax assets, tax credit carryforwards, research | 2,400,000 | |||
State and Local Jurisdiction | ||||
Income Taxes [Line Items] | ||||
Deferred tax asset valuation allowance change in amount net | 5,200,000 | |||
NOL carryovers | $ 225,400,000 | |||
NOL carryovers expiration beginning year | 47484 | |||
Tax credits in foreign jurisdictions | $ 200,000 |
Income Taxes - Loss from Contin
Income Taxes - Loss from Continuing Operations Before Benefit for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss before (provision) benefit for income taxes and share of net income from joint venture | |||
United States | $ (69,866) | $ (263,499) | $ (71,603) |
Foreign | 18,167 | 1,489 | 11,396 |
Loss before benefit for income taxes and share of net income from joint venture | $ (51,699) | $ (262,010) | $ (60,207) |
Income Taxes - Income Tax Benef
Income Taxes - Income Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current taxes: | |||
U.S. Federal | $ (6,805) | $ 6,819 | $ (47,916) |
State | 871 | 1,103 | (12,745) |
Foreign | 5,770 | 3,086 | 4,310 |
Total current tax expense (benefit) | (164) | 11,008 | (56,351) |
Deferred taxes: | |||
U.S. Federal | (4,096) | (17,773) | (25,017) |
State | (2,510) | (780) | 3,009 |
Deferred tax valuation allowance | 4,612 | (3,565) | 710 |
Foreign | (1,119) | (2,303) | (1,896) |
Total deferred tax expense (benefit) | (3,113) | (24,421) | (23,194) |
Total income tax expense (benefit) | $ (3,277) | $ (13,413) | $ (79,545) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes Based on U.S. Federal Statutory Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
Change in valuation allowance, exclusive of state | 1.20% | (0.90%) | (1.20%) |
Foreign tax credits, exclusive of tax reform | (0.00%) | (0.00%) | 13.50% |
State taxes, net of federal taxes, exclusive of tax reform | (8.00%) | 0.40% | 8.90% |
Non-U.S. earnings taxed at different rates | 1.00% | 1.30% | 1.60% |
Non-deductible mergers and acquisitions costs | 0.00% | (0.20%) | 0.00% |
GILTI | (0.80%) | (0.50%) | 0.00% |
Goodwill impairment | 0.00% | (14.10%) | 0.00% |
Nondeductible asset loss | (1.30%) | (0.10%) | (0.80%) |
Research and development tax credit | (3.10%) | (0.30%) | (0.30%) |
Change in uncertain tax positions | 2.60% | 0.10% | 0.50% |
Impact of tax reform: | |||
Toll charge, net of foreign tax credit | 0.00% | 0.60% | (11.30%) |
Remeasurement of deferred taxes pursuant to tax reform | 0.00% | (0.90%) | 64.10% |
Tax reform impact on divestiture of business segment | 0.00% | 0.00% | 33.20% |
Impact of 2019 Treasury regulations | (11.50%) | 0.00% | 0.00% |
Section 199 domestic production deduction | (0.00%) | (0.00%) | (0.70%) |
Divestiture of business segment, exclusive of tax reform | 0.00% | (0.90%) | 13.30% |
Return to provision | 1.30% | (0.80%) | 0.00% |
Other adjustments, net | (2.30%) | (0.20%) | 1.30% |
Effective tax rate | 6.30% | 5.10% | 132.10% |
Income Taxes - Principal Compon
Income Taxes - Principal Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred income tax liabilities: | |||
Tax in excess of book depreciation | $ 44,834 | $ 37,425 | |
Intangible assets | 73,405 | 80,623 | |
Operating lease liabilities | 17,527 | ||
Other deferred tax liabilities | 4,857 | 794 | |
Total deferred income tax liabilities | 140,623 | 118,842 | |
Deferred income tax assets: | |||
Interest expense limitation | 14,674 | 9,968 | |
Goodwill | 304 | 1,441 | |
Inventories | 3,466 | 2,745 | |
Interest rate swap | 2,839 | 0 | |
Pension/Personnel accruals | 495 | 1,317 | |
Operating lease right-of-use assets | 19,313 | ||
Net operating loss carry forwards | 15,876 | 9,321 | |
U.S. foreign tax credit carryforwards | 3,360 | 5,345 | |
R&D credit carryforwards | 2,654 | 917 | |
Non-U.S. credit carryforwards | 3,313 | 4,130 | |
Accruals and reserves | 2,299 | 1,531 | |
Other deferred tax assets | 5,264 | 4,749 | |
Deferred income tax assets before valuation allowance | 73,857 | 41,464 | |
Valuation allowance on deferred tax assets | (19,033) | (14,460) | $ (7,608) |
Total deferred income tax assets | 54,824 | 27,004 | |
Net deferred income tax liabilities | $ 85,799 | $ 91,838 |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity in Total Valuation Allowances (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance at beginning of year | $ 14,460 | $ 7,608 |
Balance at end of year | $ 19,033 | $ 14,460 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits, Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 4,609 | $ 5,655 | $ 4,741 |
Additions for tax positions of prior years | 0 | 304 | 1,404 |
Settlements for tax positions of prior years | (275) | 0 | 0 |
Reductions for tax positions of prior years | (1,745) | (1,350) | (490) |
Balance at end of year | $ 2,589 | $ 4,609 | $ 5,655 |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Payments of debt issuance costs | $ 10,800 | |
International lines of credit and other loans | 9,800 | |
Total | 793,247 | $ 859,593 |
Less current maturities of long-term debt | 19,160 | 31,280 |
Principal, net of current portion | 774,087 | 828,313 |
Less unamortized debt issuance costs | 16,647 | 16,842 |
Long-term debt, net of current portion | 757,440 | 811,471 |
Senior Secured Term Loan B | ||
Debt Instrument [Line Items] | ||
Loans Payable | 526,313 | 532,063 |
Incremental Term Loan | ||
Debt Instrument [Line Items] | ||
Loans Payable | 257,111 | 279,000 |
Senior Secured Revolving Facility | ||
Debt Instrument [Line Items] | ||
Payments of debt issuance costs | 3,000 | |
Loans Payable | 0 | 38,720 |
Foreign Line of Credit | ||
Debt Instrument [Line Items] | ||
International lines of credit and other loans | 9,823 | |
Less current maturities of long-term debt | $ 1,400 | |
China | Foreign Line of Credit | ||
Debt Instrument [Line Items] | ||
International lines of credit and other loans | $ 9,810 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Nov. 23, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 19, 2019 | Sep. 30, 2019 | Jun. 11, 2019 | Feb. 28, 2019 | May 07, 2018 |
Line of Credit Facility [Line Items] | |||||||||
Capitalized interest costs | $ 1,800,000 | $ 1,200,000 | $ 1,100,000 | ||||||
Payments of debt issuance costs | 10,800,000 | ||||||||
Unamortized debt issuance expense | 16,647,000 | 16,842,000 | |||||||
Loss on extinguishment of debt and write-off of debt issuance costs | 3,293,000 | 19,562,000 | $ 42,087,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 63,900,000 | ||||||||
Current maturities of long-term debt | $ 19,160,000 | 31,280,000 | |||||||
Senior Secured Term Loan B | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, face amount | $ 545,000,000 | ||||||||
Interest rate during period | 7.05% | ||||||||
Loans Payable | $ 526,313,000 | 532,063,000 | |||||||
Senior Secured Term Loan B | London Interbank Offered Rate (LIBOR) | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Decrease in basis spread on variable rate | 0.50% | ||||||||
Basis spread on variable rate | 3.75% | 5.25% | |||||||
Senior Secured Term Loan B | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate | 0.75% | ||||||||
Incremental Term Loan | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, face amount | $ 300,000,000 | ||||||||
Interest rate during period | 7.05% | ||||||||
Loans Payable | $ 257,111,000 | 279,000,000 | |||||||
Incremental Term Loan | London Interbank Offered Rate (LIBOR) | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Decrease in basis spread on variable rate | 0.50% | ||||||||
Basis spread on variable rate | 3.25% | 5.25% | |||||||
Second Lien Credit Agreement | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, face amount | $ 200,000,000 | ||||||||
Senior Secured Revolving Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit face amount | $ 110,000,000 | ||||||||
Payments of debt issuance costs | $ 3,000,000 | ||||||||
Loans Payable | $ 0 | $ 38,720,000 | |||||||
Commitment fee percentage | 0.50% | ||||||||
Available borrowing capacity | $ 75,000,000 | $ 100,000,000 | |||||||
Senior Secured Revolving Facility | London Interbank Offered Rate (LIBOR) | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 4.00% | ||||||||
Senior Secured Revolving Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 3.00% | ||||||||
Senior Secured Revolving Facility | London Interbank Offered Rate (LIBOR) | Maximum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 4.00% | ||||||||
Senior Secured Revolving Facility | Prime Rate | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 3.00% | ||||||||
Foreign Line of Credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt, weighted average interest rate | 3.43% | ||||||||
Weighted average remaining term | 9 years | ||||||||
International credit facilities | $ 9,800,000 | ||||||||
Current maturities of long-term debt | $ 1,400,000 | ||||||||
Interest Rate Swap | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Derivative, Notional Amount | $ 700,000,000 | ||||||||
Derivative, Fixed Interest Rate | 2.4575% |
Debt - Aggregate Maturities of
Debt - Aggregate Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 19,160 | |
2021 | 18,777 | |
2022 | 749,162 | |
2023 | 1,274 | |
2024 | 1,073 | |
Thereafter | 3,801 | |
Total | $ 793,247 | $ 859,593 |
Leases Leases - Narrative (Deta
Leases Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | |
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Lease Not Yet Commenced, Amount | $ 27.5 | ||||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 15 years | ||||
Rent expense | $ 12.4 | $ 7.6 | |||
Accounting Standards Update 2016-02 | |||||
Lessee, Lease, Description [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0.1 | ||||
Accounting Standards Update 2016-02 | Retained (deficit) earnings | |||||
Lessee, Lease, Description [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0.1 | ||||
Minimum | Equipment | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Finance Lease, Term of Contract | 12 months | ||||
Lessee, Operating Lease, Term of Contract | 3 years | ||||
Minimum | Manufacturing Facility | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Term of Contract | 2 years | ||||
Maximum | Equipment | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Finance Lease, Term of Contract | 7 years | ||||
Lessee, Operating Lease, Term of Contract | 7 years | ||||
Maximum | Manufacturing Facility | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Term of Contract | 20 years |
Leases Leases - Finance and Ope
Leases Leases - Finance and Operating Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finance lease cost | ||
Amortization of right-of-use assets | $ 1,416 | |
Interest expense | 284 | |
Operating lease cost | 13,684 | |
Short-term lease cost | 479 | |
Variable Lease, Cost | 36 | |
Total lease cost | 15,899 | |
Assets | ||
Operating lease, right-of-use asset | 65,496 | $ 0 |
Finance lease, right-of-use asset | 18,415 | |
Lease, Right-Of-Use Asset | 83,911 | |
Current liabilities: | ||
Operating lease liabilities | 6,652 | 0 |
Finance lease liabilities | 3,669 | |
Non-current liabilities: | ||
Operating lease liabilities | 66,980 | $ 0 |
Finance lease liabilities | 12,037 | |
Total lease liabilities | $ 89,338 |
Leases Leases - Supplemental Ca
Leases Leases - Supplemental Cash Flow Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Finance Lease, Interest Payment on Liability | $ 273 |
Operating cash flows from finance leases | 21,726 |
Financing cash flows from finance leases | 3,390 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 10,571 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 8,508 |
Leases Leases - Weighted Averag
Leases Leases - Weighted Average Remaining Lease Term and Discount Rate (Details) | Dec. 31, 2019 |
Weighted Average Remaining Lease Term | |
Operating Lease, Weighted Average Remaining Lease Term | 10 years 7 months |
Finance Lease, Weighted Average Remaining Lease Term | 4 years 4 months |
Weighted Average Discount Rate | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.30% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.00% |
Leases Leases - Future Minimum
Leases Leases - Future Minimum Lease Obligations After Adoption of 842 (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 12,229 |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 4,099 |
2021 | 11,233 |
2022 | 10,941 |
2023 | 9,385 |
2024 | 9,150 |
Thereafter | 56,274 |
Total future minimum lease payments | 109,212 |
Less: imputed interest | 35,580 |
Total lease liabilities | 73,632 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2021 | 4,085 |
2022 | 3,867 |
2023 | 2,963 |
2024 | 1,477 |
Thereafter | 272 |
Total future minimum lease payments | 16,763 |
Less: imputed interest | 1,057 |
Total lease liabilities | $ 15,706 |
Leases Leases - Future Minimu_2
Leases Leases - Future Minimum Lease Obligations Before Adoption of 842 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2020 | $ 13,337 |
2021 | 11,515 |
2022 | 10,557 |
2023 | 10,293 |
2024 | 8,752 |
Thereafter | 53,945 |
Total minimum payments | $ 108,399 |
Restructuring and Integration -
Restructuring and Integration - Summary of Restructuring and Integration Charges and Reserve Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Severance and other costs | $ 0 | $ 2,064 | $ 17 |
Site closure and other associated costs | (12) | 63 | 369 |
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 1,146 | 1,099 | 2,625 |
Charges | (12) | 2,127 | 386 |
Non-cash Adjustments | 0 | (56) | (164) |
Cash Reductions | (657) | (2,024) | (1,748) |
Reserve ending balance | 477 | 1,146 | 1,099 |
Severance and Other Employee Costs | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 1,122 | 0 | 1,000 |
Charges | 0 | 2,064 | 17 |
Non-cash Adjustments | 0 | 0 | (164) |
Cash Reductions | (645) | (942) | (853) |
Reserve ending balance | 477 | 1,122 | 0 |
Site Closure Costs | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 24 | 1,099 | 1,625 |
Charges | (12) | 63 | 369 |
Non-cash Adjustments | 0 | (56) | 0 |
Cash Reductions | (12) | (1,082) | (895) |
Reserve ending balance | 0 | 24 | 1,099 |
Operating Segments | Life Sciences | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and other costs | 0 | 1,336 | 0 |
Site closure and other associated costs | 0 | 0 | 0 |
Restructuring Reserve [Roll Forward] | |||
Charges | 0 | 1,336 | 0 |
Operating Segments | Mobile Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and other costs | 0 | 0 | 17 |
Site closure and other associated costs | (12) | 63 | 369 |
Restructuring Reserve [Roll Forward] | |||
Charges | (12) | 63 | 386 |
Corporate And Eliminations | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and other costs | 0 | ||
Site closure and other associated costs | 0 | ||
Restructuring Reserve [Roll Forward] | |||
Charges | $ 0 | ||
Corporate And Eliminations | Corporate And Consolidations | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and other costs | 0 | 728 | |
Site closure and other associated costs | 0 | 0 | |
Restructuring Reserve [Roll Forward] | |||
Charges | $ 0 | $ 728 |
Restructuring and Integration_2
Restructuring and Integration - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Severance and other costs | $ 0 | $ 2,064 | $ 17 |
Severance and restructuring cost | (12) | $ 2,127 | 386 |
Pay period for accrued restructuring and integration costs | 1 year 4 months 25 days | ||
Expected cost remaining | $ 300 | ||
Severance and Other Employee Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and restructuring cost | 0 | 2,064 | 17 |
Site Closure Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and restructuring cost | (12) | 63 | 369 |
Corporate And Eliminations | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and other costs | 0 | ||
Severance and restructuring cost | 0 | ||
Operating Segments | Life Sciences | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and other costs | 0 | 1,336 | 0 |
Severance and restructuring cost | 0 | 1,336 | 0 |
Operating Segments | Mobile Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and other costs | 0 | 0 | 17 |
Severance and restructuring cost | $ (12) | $ 63 | $ 386 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Nov. 01, 2019 | Sep. 18, 2018 | Dec. 31, 2019 | Sep. 30, 2019 |
Contingencies And Commitments [Line Items] | ||||
Amount accrued for estimation of loss | $ 0 | |||
Shares issued (in shares) | 14,375,000 | 14,400,000 | ||
Minimum | ||||
Contingencies And Commitments [Line Items] | ||||
Possible loss estimated | $ 0 | |||
Maximum | ||||
Contingencies And Commitments [Line Items] | ||||
Possible loss estimated | $ 6,000,000 |
Series B Convertible Preferre_3
Series B Convertible Preferred Stock and Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 11, 2019 | Nov. 01, 2019 | Sep. 18, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsidiary, Sale of Stock [Line Items] | ||||||
Class of warrant or right, number of securities called by warrants or rights (in shares) | 1,500,000 | |||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 12 | |||||
Proceeds from issuance of preferred stock | $ 95,741 | $ 0 | $ 0 | |||
Temporary equity, carrying amount | 93,012 | 0 | ||||
Number of shares of common stock sold (in shares) | 14,375,000 | 14,400,000 | ||||
Public offering price per share | $ 16 | |||||
Net proceeds to NN from the offering | $ 217,300 | |||||
Series B Convertible Preferred Stock | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Temporary equity, liquidation price per share (in dollars per share) | $ 1,000 | |||||
Proceeds from issuance of preferred stock | $ 95,700 | |||||
Temporary equity, dividend rate, percentage | 10.625% | |||||
Temporary equity, increase in dividend rate, percentage | 11.625% | |||||
Allocation of issuance costs to Preferred Stock | $ 4,259 | |||||
Temporary equity, carrying amount | 93,012 | $ 0 | ||||
Accrual of in-kind dividends | $ 590 | |||||
Series B Convertible Preferred Stock | Private Placement | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Sale of stock, number of shares issued in transaction | 100,000 | |||||
Temporary equity, par value (in dollars per share) | $ 0.01 | |||||
Sale of stock, price per share (in dollars per share) | $ 1,000 |
Series B Convertible Preferre_4
Series B Convertible Preferred Stock and Stockholders' Equity Series B Convertible Preferred Stock and Stockholders' Equty - Change in Preferred Stock Carrying Value (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning balance | $ 0 |
Ending balance | 93,012 |
Series B Convertible Preferred Stock | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning balance | 0 |
Accrual of in-kind dividends | 590 |
Gross proceeds from issuance of shares | 100,000 |
Relative fair value of Warrants issued | (1,076) |
Recognition of bifurcated embedded derivative | (2,295) |
Allocation of issuance costs to Preferred Stock | (4,259) |
Amortization of discount (deemed dividends) | 52 |
Ending balance | $ 93,012 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Summary of Sales to External Customer by Operating Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 847,451 | $ 770,657 | $ 619,793 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 612,950 | 548,980 | 437,838 |
China | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 52,845 | 55,277 | 52,251 |
Mexico | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 32,677 | 39,498 | 40,937 |
Brazil | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 36,361 | 35,558 | 35,610 |
Germany | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 35,676 | 25,548 | 5,548 |
Switzerland | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 18,413 | 11,506 | 5,450 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 58,529 | 54,290 | 42,159 |
Life Sciences | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 359,732 | 248,173 | 98,329 |
Life Sciences | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 295,690 | 96,062 | |
Life Sciences | China | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 7,330 | 267 | |
Life Sciences | Mexico | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 373 | 78 | |
Life Sciences | Brazil | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3 | 0 | |
Life Sciences | Germany | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 29,239 | 35 | |
Life Sciences | Switzerland | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 14,016 | 0 | |
Life Sciences | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 13,081 | 8,731 | 1,887 |
Mobile Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 336,852 | ||
Mobile Solutions | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 190,828 | ||
Mobile Solutions | China | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 45,503 | ||
Mobile Solutions | Mexico | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 26,639 | ||
Mobile Solutions | Brazil | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 35,425 | ||
Mobile Solutions | Germany | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 5,502 | ||
Mobile Solutions | Switzerland | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 5,450 | ||
Mobile Solutions | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 27,505 | ||
Power Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 186,602 | ||
Power Solutions | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 152,938 | ||
Power Solutions | China | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 6,481 | ||
Power Solutions | Mexico | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 14,220 | ||
Power Solutions | Brazil | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 185 | ||
Power Solutions | Germany | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 11 | ||
Power Solutions | Switzerland | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | ||
Power Solutions | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 12,767 | ||
Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | (1,990) | ||
Intersegment Eliminations | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | (1,990) | ||
Intersegment Eliminations | China | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | ||
Intersegment Eliminations | Mexico | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | ||
Intersegment Eliminations | Brazil | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | ||
Intersegment Eliminations | Germany | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | ||
Intersegment Eliminations | Switzerland | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | ||
Intersegment Eliminations | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | ||
Intersegment Eliminations | Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | (2,130) | (2,331) | |
Intersegment Eliminations | Intersegment Eliminations | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | (2,130) | (2,331) | |
Intersegment Eliminations | Intersegment Eliminations | China | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | |
Intersegment Eliminations | Intersegment Eliminations | Mexico | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | |
Intersegment Eliminations | Intersegment Eliminations | Brazil | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | |
Intersegment Eliminations | Intersegment Eliminations | Germany | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | |
Intersegment Eliminations | Intersegment Eliminations | Switzerland | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | |
Intersegment Eliminations | Intersegment Eliminations | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | |
Operating Segments | Life Sciences | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 359,732 | 248,173 | 98,329 |
Operating Segments | Life Sciences | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 206,776 | ||
Operating Segments | Life Sciences | China | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 6,130 | ||
Operating Segments | Life Sciences | Mexico | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 191 | ||
Operating Segments | Life Sciences | Brazil | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 29 | ||
Operating Segments | Life Sciences | Germany | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 19,870 | ||
Operating Segments | Life Sciences | Switzerland | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 6,446 | ||
Operating Segments | Mobile Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 297,749 | 335,037 | 336,852 |
Operating Segments | Mobile Solutions | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 162,445 | 187,178 | |
Operating Segments | Mobile Solutions | China | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 38,793 | 43,610 | |
Operating Segments | Mobile Solutions | Mexico | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 18,815 | 27,053 | |
Operating Segments | Mobile Solutions | Brazil | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 36,058 | 35,314 | |
Operating Segments | Mobile Solutions | Germany | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 6,372 | 5,652 | |
Operating Segments | Mobile Solutions | Switzerland | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 4,340 | 5,006 | |
Operating Segments | Mobile Solutions | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 30,926 | 31,224 | |
Operating Segments | Power Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 192,100 | 189,778 | $ 186,602 |
Operating Segments | Power Solutions | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 156,945 | 157,357 | |
Operating Segments | Power Solutions | China | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 6,722 | 5,537 | |
Operating Segments | Power Solutions | Mexico | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 13,489 | 12,254 | |
Operating Segments | Power Solutions | Brazil | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 300 | 215 | |
Operating Segments | Power Solutions | Germany | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 65 | 26 | |
Operating Segments | Power Solutions | Switzerland | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 57 | 54 | |
Operating Segments | Power Solutions | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 14,522 | $ 14,335 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers Contract liabilities from contracts with customers (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Deferred revenue, beginning balance | $ 2,974 |
Deferred revenue, ending balance | $ 4,172 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers Financial Statement Impact of Adopting ASC 606 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Net sales | $ 198,632 | $ 213,897 | $ 221,666 | $ 213,256 | $ 199,477 | $ 205,683 | $ 197,010 | $ 168,487 | |||
Income (loss) from operations | $ 9,889 | $ (179,864) | $ 31,780 | ||||||||
Inventories | $ 118,722 | $ 120,925 | $ 118,722 | $ 120,925 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Major Customer [Line Items] | |||||||||||
Amounts included in deferred revenue for performance obligations satisfied or partially satisfied | $ 3,000 | ||||||||||
Revenues | $ 198,632 | $ 213,897 | $ 221,666 | $ 213,256 | $ 199,477 | $ 205,683 | $ 197,010 | $ 168,487 | |||
Accounts receivable, net | 131,558 | 133,421 | 131,558 | $ 133,421 | |||||||
Major Customer | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenues | 93,100 | 0 | $ 0 | ||||||||
Accounts receivable, net | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Credit Concentration Risk | Major Customer | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Concentration Risk, Percentage | 10.00% | 0.00% | |||||||||
Sales Revenue, Net | Customer Concentration Risk | Major Customer | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Concentration Risk, Percentage | 11.00% | 10.00% | 0.00% |
Share-Based Compensation - Comp
Share-Based Compensation - Components of Share-Based Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 2,822 | $ 2,416 | $ 5,496 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 881 | 678 | 1,078 |
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 1,897 | 1,630 | 1,968 |
Performance share units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 1,155 | 2,076 | 2,450 |
Change in Estimate of Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ (1,111) | $ (1,968) | $ 0 |
Share-Based Compensation - Weig
Share-Based Compensation - Weighted Average Assumptions Relevant to Determining the Fair Value at the Dates of Grant and Stock Option Modification (Detail) - Stock options | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 6 years | 6 years | 6 years |
Average risk-free interest rate | 2.47% | 2.66% | 2.03% |
Expected dividend yield | 3.53% | 1.15% | 1.16% |
Expected volatility | 49.53% | 47.69% | 56.56% |
Expected forfeiture rate | 4.00% | 4.00% | 3.00% |
Share-Based Compensation - Reco
Share-Based Compensation - Reconciliation of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Beginning balance (in shares) | 771,000 | 771,000 | ||
Granted (in shares) | 210,400 | 210,000 | 57,800 | 125,700 |
Exercised (in shares) | (5,000) | |||
Forfeited (in shares) | (201,000) | |||
Ending balance (in shares) | 775,000 | 771,000 | ||
Exercisable (in shares) | 530,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Beginning balance (in usd per share) | $ 15.17 | $ 15.17 | ||
Granted (in usd per share) | 7.93 | |||
Exercised (in usd per share) | 4.42 | |||
Forfeited (in usd per share) | 11.96 | |||
Ending balance (in usd per share) | 13.24 | $ 15.17 | ||
Exercisable (in usd per share) | $ 14.23 | |||
Weighted-Average Remaining Contractual Term, Outstanding | 5 years 6 months | |||
Weighted- Average Remaining Contractual Term, Options exercisable | 4 years | |||
Aggregate Intrinsic Value, Exercised | $ 7 | $ 500 | $ 3,800 | |
Aggregate Intrinsic Value, Outstanding | 291 | |||
Aggregate Intrinsic Value, Options exercisable | $ 30 |
Share-Based Compensation - Re_2
Share-Based Compensation - Reconciliation of Restricted Stock Option Activity (Detail) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 146,000 | ||
Granted (in shares) | 339,498 | 86,516 | 85,393 |
Vested (in shares) | (172,000) | ||
Forfeited (in shares) | (91,000) | ||
Ending balance (in shares) | 222,000 | 146,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Beginning balance (in usd per share) | $ 22.07 | ||
Granted (in usd per share) | 7.74 | ||
Vested (in usd per share) | 16.62 | ||
Forfeited (in usd per share) | 9.98 | ||
Ending balance (in usd per share) | $ 9.33 | $ 22.07 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Performance Based Awards Goals with Respect to TSR and ROIC (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
TSR Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Threshold performance, percentage | 35.00% | 35.00% | 35.00% |
Target Performance, percentage | 50.00% | 50.00% | 50.00% |
Maximum Performance, percentage | 75.00% | 75.00% | 75.00% |
ROIC Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Threshold performance, percentage | 4.70% | 15.50% | 15.00% |
Target Performance, percentage | 5.80% | 18.00% | 17.50% |
Maximum Performance, percentage | 7.00% | 19.50% | 20.00% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Number of Awards Granted and Grand Date Fair Value (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Tax Assets Valuation Allowance [Line Items] | |||
Grant date fair value | $ 7.93 | ||
TSR Awards | |||
Deferred Tax Assets Valuation Allowance [Line Items] | |||
Number of shares (in shares) | 136 | 55 | 46 |
Grant date fair value | $ 9.28 | $ 24.65 | $ 29.84 |
ROIC Awards | |||
Deferred Tax Assets Valuation Allowance [Line Items] | |||
Number of shares (in shares) | 174 | 55 | 53 |
Grant date fair value | $ 7.93 | $ 24.55 | $ 24.20 |
Share-Based Compensation Share-
Share-Based Compensation Share-based Compensation - Summary of changes in unvested PSUs (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Deferred revenue, beginning balance | $ | $ 2,974 |
TSR Awards | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 94 |
Granted (in shares) | shares | 136 |
Forfeited (in shares) | shares | (151) |
Ending balance (in shares) | shares | 65 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Beginning balance (in usd per share) | $ / shares | $ 26.84 |
Granted (in usd per share) | $ / shares | 9.28 |
Forfeited (in usd per share) | $ / shares | 16.54 |
Ending balance (in usd per share) | $ / shares | $ 13.27 |
ROIC Awards | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 100 |
Granted (in shares) | shares | 174 |
Forfeited (in shares) | shares | (179) |
Ending balance (in shares) | shares | 79 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Beginning balance (in usd per share) | $ / shares | $ 24.39 |
Granted (in usd per share) | $ / shares | 7.93 |
Forfeited (in usd per share) | $ / shares | 14.21 |
Ending balance (in usd per share) | $ / shares | $ 11.50 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares authorized to issued as options (in shares) | 3,600,000 | |||
Share-based compensation expense | $ (2,822) | $ (2,416) | $ (5,496) | |
Tax benefit for share-based compensation cost | $ 100 | 700 | $ 1,600 | |
Unrecognized compensation costs related to unvested awards | $ 2,700 | |||
Unrecognized compensation costs, period for recognition | 2 years 1 month 6 days | |||
Term life of options | 10 years | |||
Stock awards granted vesting period | 3 years | 3 years | ||
Number of options granted | 210,400 | 210,000 | 57,800 | 125,700 |
Weighted average grant date fair value of the options granted | $ 2.77 | $ 10.60 | $ 11.84 | |
Cash proceeds from the exercise of options | $ 100 | $ 300 | $ 3,100 | |
Tax benefit recognized from stock option exercises | 100 | 100 | 200 | |
Total intrinsic value of options exercised | $ 7 | $ 500 | 3,800 | |
Selling, General and Administrative Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ (1,000) | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock awards granted vesting period | 3 years | |||
Stock units issued (in shares) | 339,498 | 86,516 | 85,393 | |
Fair value assumptions, exercise price (in dollars per share) | $ 7.74 | $ 24.55 | $ 24.29 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,900 | $ 1,800 | $ 2,100 | |
TSR Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock units issued (in shares) | 136,000 | |||
Percentage of shares issuable based on threshold performance | 50.00% | |||
Percentage of shares issuable based on target performance | 100.00% | |||
Percentage of shares issuable based on maximum performance | 150.00% | |||
Threshold performance, percentage | 35.00% | 35.00% | 35.00% | |
ROIC Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 800 | |||
Decrease in share-based compensation expense from change in vesting | $ 1,100 | $ 1,200 | ||
Stock units issued (in shares) | 174,000 | |||
Percentage of shares issuable based on threshold performance | 35.00% | |||
Percentage of shares issuable based on target performance | 100.00% | |||
Percentage of shares issuable based on maximum performance | 150.00% | |||
Threshold performance, percentage | 4.70% | 15.50% | 15.00% | |
Options awards vested | 0 | |||
Officers and Key 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 | 1 year | 1 year | |
Restatement Adjustment | ROIC Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends accrued for performance share units | $ (100) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 0 | $ 0 | $ 0 |
Amounts reclassified from AOCI, tax | (327) | 0 | |
Current-period other comprehensive income (loss) activity, net of tax | (13,240) | (13,609) | 12,891 |
Current-period other comprehensive income (loss) activity, tax | 3,166 | 0 | 0 |
Ending balance | 2,839 | 0 | 0 |
Accumulated Foreign Currency Adjustment Attributable to Parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (31,314) | (17,705) | (30,596) |
Amounts reclassified from AOCI, before tax | 0 | (9,243) | |
Current-period other comprehensive income (loss) activity, before tax | (3,845) | (13,609) | 22,134 |
Ending balance | (35,159) | (31,314) | (17,705) |
Accumulated Other Comprehensive Income (loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (31,314) | (17,705) | (30,596) |
Reclassification adjustment for discontinued operations | 1,084 | (9,243) | |
Current-period other comprehensive income (loss) activity, net of tax | (14,324) | (13,609) | 22,134 |
Ending balance | (44,554) | (31,314) | (17,705) |
Interest Rate Swap | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Amounts reclassified from AOCI, before tax | 0 | ||
Current-period other comprehensive income (loss) activity, before tax | 0 | ||
Ending balance | $ 0 | ||
Interest Rate Swap | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | ||
Amounts reclassified from AOCI, before tax | 1,411 | ||
Current-period other comprehensive income (loss) activity, before tax | (13,645) | 0 | |
Ending balance | $ (12,234) | $ 0 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 11, 2019 | |
Net Income Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earnings per share minimum price range | $ 8.54 | $ 4.42 | |
Anti-dilutive securities excluded from computation of earnings per share maximum price range one | $ 25.16 | $ 25.16 | |
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 12 | ||
Preferred Stock, Conversion Limit, Percent | 25.00% | ||
Preferred Stock, Period of Volume Weighted Average Price Per Common Share | 30 days | ||
Preferred Stock, Conversion Percentage of Volume Weighted Average Market Price Per Share, Percent | 90.00% |
Net Income (Loss) Per Share Net
Net Income (Loss) Per Share Net Income (Loss) Per Share - Summary of Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Income (loss) from continuing operations | $ (46,741) | $ (262,987) | $ 24,549 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 137,688 | ||||||||
Net income (loss) | (46,741) | (262,987) | 162,237 | ||||||||
Preferred Stock Dividends and Other Adjustments | (642) | ||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ (47,383) | $ (262,987) | $ 162,237 | ||||||||
Weighted average shares outstanding (in shares) | 42,030,000 | 31,678,000 | 27,433,000 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | 322,000 | ||||||||
Weighted average shares outstanding (in shares) | 42,030,000 | 31,678,000 | 27,755,000 | ||||||||
Income (loss) from continuing operations per share (in usd per share) | $ (1.13) | $ (8.30) | $ 0.89 | ||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 5.02 | ||||||||
Basic net income (loss) per common share (in usd per share) | $ (0.35) | $ (0.14) | $ (0.17) | $ (0.47) | $ (5.18) | $ (0.48) | $ (0.91) | $ (0.23) | (1.13) | (8.30) | 5.91 |
Income (loss) from continuing operations per share (in usd per share) | (1.13) | (8.30) | 0.89 | ||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 4.96 | ||||||||
Diluted net income (loss) per common share (in usd per share) | $ (0.35) | $ (0.14) | $ (0.17) | $ (0.47) | $ (5.18) | $ (0.48) | $ (0.91) | $ (0.23) | (1.13) | (8.30) | 5.85 |
Common Stock, Dividends, Per Share, Declared | $ 0.21 | $ 0.28 | $ 0.28 |
Net Income (Loss) Per Share N_2
Net Income (Loss) Per Share Net Income (Loss) Per Share - Number of potentially dilutive share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15,053 | 428 | 400 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 577 | 428 | 400 |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,500 | 0 | |
Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 12,976 | 0 | 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Liability Preferred Stock (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
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 | $ 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative liability - other current liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative liability - other non-current liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 0 | |
Significant Other Observable Inputs (Level 2) | Derivative liability - other current liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 0 | |
Significant Other Observable Inputs (Level 2) | Derivative liability - other non-current liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 2,295 | $ 0 |
Significant Unobservable Inputs (Level 3) | Derivative liability - other current liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 60 | |
Significant Unobservable Inputs (Level 3) | Derivative liability - other non-current liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | $ 2,235 |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value Measurements - Preferred Stock Rollforward (Details) - Significant Unobservable Inputs (Level 3) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Beginning balance | $ 0 |
Issuances | 2,295 |
Ending balance | $ 2,295 |
Fair Value Measurements Fair _3
Fair Value Measurements Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Line of credit, fair value disclosure | $ 9,800 | |||
International lines of credit and other loans | 9,800 | |||
Change in fair value of interest rate swap, net of tax | 10,479 | $ 0 | $ 0 | |
Interest Rate Swap | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Notional Amount | $ 700,000 | |||
Derivative, Fixed Interest Rate | 2.4575% | |||
Change in fair value of interest rate swap, net of tax | $ (9,400) |
Fair Value Measurements Fair _4
Fair Value Measurements Fair Value Measurements - Notional Amounts of the Interest Rate Swap (Details) | Dec. 31, 2019USD ($) |
February 12, 2019 to December 30, 2020 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Derivative, Notional Amount | $ 700,000 |
December 31, 2020 to December 30, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Derivative, Notional Amount | 466,667 |
December 31, 2021 to October 19, 2022 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Derivative, Notional Amount | $ 233,333 |
Fair Value Measurements Fair _5
Fair Value Measurements Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring $ in Thousands | Dec. 31, 2019USD ($) |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Derivative liability - other current liabilities | $ 0 |
Derivative liability - other non-current liabilities | 0 |
Total | 0 |
Significant Other Observable Inputs (Level 2) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Derivative liability - other current liabilities | 5,943 |
Derivative liability - other non-current liabilities | 6,290 |
Total | 12,233 |
Significant Unobservable Inputs (Level 3) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Derivative liability - other current liabilities | 0 |
Derivative liability - other non-current liabilities | 0 |
Total | $ 0 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) - Summary of Unaudited Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net sales | $ 198,632 | $ 213,897 | $ 221,666 | $ 213,256 | $ 199,477 | $ 205,683 | $ 197,010 | $ 168,487 | |||
Cost of sales (exclusive of depreciation and amortization) | 154,279 | 161,074 | 164,099 | 162,187 | 156,923 | 156,510 | 149,588 | 126,160 | $ 641,639 | $ 589,181 | $ 460,414 |
Income (loss) from continuing operations | (46,741) | (262,987) | 24,549 | ||||||||
Net income (loss) | (14,085) | (5,855) | (7,283) | (19,518) | (217,424) | (13,886) | (25,317) | (6,360) | |||
Comprehensive income (loss) | $ (4,210) | $ (17,976) | $ (15,742) | $ (22,053) | $ (216,739) | $ (18,134) | $ (40,833) | $ (890) | $ (59,981) | $ (276,596) | $ 175,128 |
Basic net income (loss) per common share (in usd per share) | $ (0.35) | $ (0.14) | $ (0.17) | $ (0.47) | $ (5.18) | $ (0.48) | $ (0.91) | $ (0.23) | $ (1.13) | $ (8.30) | $ 5.91 |
Diluted net income (loss) per common share (in usd per share) | $ (0.35) | $ (0.14) | $ (0.17) | $ (0.47) | $ (5.18) | $ (0.48) | $ (0.91) | $ (0.23) | $ (1.13) | $ (8.30) | $ 5.85 |
Previously Reported | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net sales | $ 213,897 | $ 221,666 | $ 213,256 | $ 199,477 | $ 205,683 | $ 196,349 | $ 169,148 | ||||
Cost of sales (exclusive of depreciation and amortization) | 160,816 | 163,513 | 161,269 | 156,713 | 156,408 | 148,640 | 126,444 | $ 588,205 | $ 459,080 | ||
Income (loss) from continuing operations | (264,467) | 25,364 | |||||||||
Net income (loss) | (5,597) | (6,697) | (18,600) | (220,189) | (13,784) | (24,511) | (5,983) | ||||
Comprehensive income (loss) | $ (17,988) | $ (15,093) | $ (21,194) | $ (219,560) | $ (17,977) | $ (40,292) | $ (518) | $ (278,347) | $ 175,903 | ||
Basic net income (loss) per common share (in usd per share) | $ (0.13) | $ (0.16) | $ (0.44) | $ (5.25) | $ (0.48) | $ (0.89) | $ (0.22) | $ (8.35) | $ 5.94 | ||
Diluted net income (loss) per common share (in usd per share) | $ (0.13) | $ (0.16) | $ (0.44) | $ (5.25) | $ (0.48) | $ (0.89) | $ (0.22) | $ (8.35) | $ 5.87 | ||
Restatement Adjustment | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 661 | $ (661) | ||||
Cost of sales (exclusive of depreciation and amortization) | 258 | 586 | 918 | 210 | 102 | 948 | (284) | $ 976 | $ 1,334 | ||
Income (loss) from continuing operations | 1,480 | (815) | |||||||||
Net income (loss) | (258) | (586) | (918) | 2,765 | (102) | (806) | (377) | ||||
Comprehensive income (loss) | $ 12 | $ (649) | $ (859) | $ 2,821 | $ (157) | $ (541) | $ (372) | $ 1,751 | $ (775) | ||
Basic net income (loss) per common share (in usd per share) | $ (0.01) | $ (0.01) | $ (0.03) | $ 0.07 | $ 0 | $ (0.02) | $ (0.01) | $ 0.05 | $ (0.03) | ||
Diluted net income (loss) per common share (in usd per share) | $ (0.01) | $ (0.01) | $ (0.03) | $ 0.07 | $ 0 | $ (0.02) | $ (0.01) | $ 0.05 | $ (0.02) | ||
Continuing Operations As Revised | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net sales | $ 213,897 | $ 221,666 | $ 213,256 | $ 199,477 | $ 205,683 | $ 197,010 | $ 168,487 | ||||
Cost of sales (exclusive of depreciation and amortization) | 161,074 | 164,099 | 162,187 | 156,923 | 156,510 | 149,588 | 126,160 | $ 589,181 | $ 460,414 | ||
Income (loss) from continuing operations | (262,987) | 24,549 | |||||||||
Net income (loss) | (5,855) | (7,283) | (19,518) | (217,424) | (13,886) | (25,317) | (6,360) | ||||
Comprehensive income (loss) | $ (17,976) | $ (15,742) | $ (22,053) | $ (216,739) | $ (18,134) | $ (40,833) | $ (890) | $ (276,596) | $ 175,128 | ||
Basic net income (loss) per common share (in usd per share) | $ (0.14) | $ (0.17) | $ (0.47) | $ (5.18) | $ (0.48) | $ (0.91) | $ (0.23) | $ (8.30) | $ 5.91 | ||
Diluted net income (loss) per common share (in usd per share) | $ (0.14) | $ (0.17) | $ (0.47) | $ (5.18) | $ (0.48) | $ (0.91) | $ (0.23) | $ (8.30) | $ 5.85 |
Prior Periods' Financial Stat_3
Prior Periods' Financial Statement Revision Prior Periods Financial Statement Revision - Schedule of Correction of Misstatements on Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Cost of sales (exclusive of depreciation and amortization) | $ 154,279 | $ 161,074 | $ 164,099 | $ 162,187 | $ 156,923 | $ 156,510 | $ 149,588 | $ 126,160 | $ 641,639 | $ 589,181 | $ 460,414 |
Income (loss) from operations | 9,889 | (179,864) | 31,780 | ||||||||
Loss before (provision) benefit for income taxes and share of net income from joint venture | (51,699) | (262,010) | (60,207) | ||||||||
Income tax benefit (expense) | (3,277) | (13,413) | (79,545) | ||||||||
Income (loss) from continuing operations | (46,741) | (262,987) | 24,549 | ||||||||
Net income (loss) | (46,741) | (262,987) | 162,237 | ||||||||
Foreign currency translation gain | (3,845) | (13,609) | 22,134 | ||||||||
Comprehensive income (loss) | $ (4,210) | $ (17,976) | $ (15,742) | $ (22,053) | $ (216,739) | $ (18,134) | $ (40,833) | $ (890) | $ (59,981) | $ (276,596) | $ 175,128 |
Basic net income (loss) per common share (in usd per share) | $ (0.35) | $ (0.14) | $ (0.17) | $ (0.47) | $ (5.18) | $ (0.48) | $ (0.91) | $ (0.23) | $ (1.13) | $ (8.30) | $ 5.91 |
Diluted net income (loss) per common share (in usd per share) | $ (0.35) | $ (0.14) | $ (0.17) | $ (0.47) | $ (5.18) | $ (0.48) | $ (0.91) | $ (0.23) | $ (1.13) | $ (8.30) | $ 5.85 |
Previously Reported | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Cost of sales (exclusive of depreciation and amortization) | $ 160,816 | $ 163,513 | $ 161,269 | $ 156,713 | $ 156,408 | $ 148,640 | $ 126,444 | $ 588,205 | $ 459,080 | ||
Income (loss) from operations | (178,888) | 33,114 | |||||||||
Loss before (provision) benefit for income taxes and share of net income from joint venture | (261,034) | (58,873) | |||||||||
Income tax benefit (expense) | 10,957 | 79,026 | |||||||||
Income (loss) from continuing operations | (264,467) | 25,364 | |||||||||
Net income (loss) | (264,467) | 163,052 | |||||||||
Foreign currency translation gain | (13,880) | 22,094 | |||||||||
Comprehensive income (loss) | $ (17,988) | $ (15,093) | $ (21,194) | $ (219,560) | $ (17,977) | $ (40,292) | $ (518) | $ (278,347) | $ 175,903 | ||
Basic net income (loss) per common share (in usd per share) | $ (0.13) | $ (0.16) | $ (0.44) | $ (5.25) | $ (0.48) | $ (0.89) | $ (0.22) | $ (8.35) | $ 5.94 | ||
Diluted net income (loss) per common share (in usd per share) | $ (0.13) | $ (0.16) | $ (0.44) | $ (5.25) | $ (0.48) | $ (0.89) | $ (0.22) | $ (8.35) | $ 5.87 | ||
Restatement Adjustment | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Cost of sales (exclusive of depreciation and amortization) | $ 258 | $ 586 | $ 918 | $ 210 | $ 102 | $ 948 | $ (284) | $ 976 | $ 1,334 | ||
Income (loss) from operations | (976) | (1,334) | |||||||||
Loss before (provision) benefit for income taxes and share of net income from joint venture | (976) | (1,334) | |||||||||
Income tax benefit (expense) | 2,456 | 519 | |||||||||
Income (loss) from continuing operations | 1,480 | (815) | |||||||||
Net income (loss) | 1,480 | (815) | |||||||||
Foreign currency translation gain | 271 | 40 | |||||||||
Comprehensive income (loss) | $ 12 | $ (649) | $ (859) | $ 2,821 | $ (157) | $ (541) | $ (372) | $ 1,751 | $ (775) | ||
Basic net income (loss) per common share (in usd per share) | $ (0.01) | $ (0.01) | $ (0.03) | $ 0.07 | $ 0 | $ (0.02) | $ (0.01) | $ 0.05 | $ (0.03) | ||
Diluted net income (loss) per common share (in usd per share) | $ (0.01) | $ (0.01) | $ (0.03) | $ 0.07 | $ 0 | $ (0.02) | $ (0.01) | $ 0.05 | $ (0.02) | ||
Continuing Operations As Revised | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Cost of sales (exclusive of depreciation and amortization) | $ 161,074 | $ 164,099 | $ 162,187 | $ 156,923 | $ 156,510 | $ 149,588 | $ 126,160 | $ 589,181 | $ 460,414 | ||
Income (loss) from operations | (179,864) | 31,780 | |||||||||
Loss before (provision) benefit for income taxes and share of net income from joint venture | (262,010) | (60,207) | |||||||||
Income tax benefit (expense) | 13,413 | 79,545 | |||||||||
Income (loss) from continuing operations | (262,987) | 24,549 | |||||||||
Net income (loss) | (262,987) | 162,237 | |||||||||
Foreign currency translation gain | (13,609) | 22,134 | |||||||||
Comprehensive income (loss) | $ (17,976) | $ (15,742) | $ (22,053) | $ (216,739) | $ (18,134) | $ (40,833) | $ (890) | $ (276,596) | $ 175,128 | ||
Basic net income (loss) per common share (in usd per share) | $ (0.14) | $ (0.17) | $ (0.47) | $ (5.18) | $ (0.48) | $ (0.91) | $ (0.23) | $ (8.30) | $ 5.91 | ||
Diluted net income (loss) per common share (in usd per share) | $ (0.14) | $ (0.17) | $ (0.47) | $ (5.18) | $ (0.48) | $ (0.91) | $ (0.23) | $ (8.30) | $ 5.85 |
Prior Periods' Financial Stat_4
Prior Periods' Financial Statement Revision Prior Periods' Financial Statement Revision - Schedule of Correction of Misstatements and Revision on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Inventories | $ 118,722 | $ 120,925 | ||
Income tax receivable | 5,973 | 2,277 | ||
Other current assets | 15,024 | 21,592 | ||
Total current assets | 302,980 | 296,203 | ||
Total assets | 1,541,984 | 1,500,902 | $ 1,473,709 | |
Liabilities | 1,095,695 | 1,081,631 | ||
Additional paid-in capital | 501,615 | 508,655 | ||
Accumulated deficit | (105,283) | (58,491) | ||
Accumulated other comprehensive loss | (44,554) | (31,314) | ||
Total stockholders' equity | 353,277 | 419,271 | 485,329 | $ 309,391 |
Total liabilities and stockholders' equity | $ 1,541,984 | 1,500,902 | ||
Previously Reported | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Inventories | 122,615 | |||
Income tax receivable | 946 | |||
Other current assets | 21,901 | |||
Total current assets | 296,871 | |||
Total assets | 1,501,570 | |||
Deferred tax liabilities | 93,482 | |||
Liabilities | 1,083,275 | |||
Additional paid-in capital | 511,545 | |||
Accumulated deficit | (62,046) | 211,080 | ||
Accumulated other comprehensive loss | (31,625) | (17,745) | ||
Total stockholders' equity | 418,295 | 486,104 | ||
Total liabilities and stockholders' equity | 1,501,570 | |||
Restatement Adjustment | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Inventories | (1,690) | |||
Income tax receivable | 1,331 | |||
Other current assets | (309) | |||
Total current assets | (668) | |||
Total assets | (668) | |||
Deferred tax liabilities | (1,644) | |||
Liabilities | (1,644) | |||
Additional paid-in capital | (2,890) | |||
Accumulated deficit | 3,555 | (815) | ||
Accumulated other comprehensive loss | 311 | 40 | ||
Total stockholders' equity | 976 | (775) | ||
Total liabilities and stockholders' equity | (668) | |||
Continuing Operations As Revised | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Inventories | 120,925 | |||
Income tax receivable | 2,277 | |||
Other current assets | 21,592 | |||
Total current assets | 296,203 | |||
Total assets | 1,500,902 | |||
Deferred tax liabilities | 91,838 | |||
Liabilities | 1,081,631 | |||
Additional paid-in capital | 508,655 | |||
Accumulated deficit | (58,491) | 210,265 | ||
Accumulated other comprehensive loss | (31,314) | (17,705) | ||
Total stockholders' equity | 419,271 | $ 485,329 | ||
Total liabilities and stockholders' equity | $ 1,500,902 |
Prior Periods' Financial Stat_5
Prior Periods' Financial Statement Revision Prior Periods' Financial Statement Revision - Schedule of Correction of Misstatements in Consolidated Statements of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Additional paid-in capital | $ 501,615 | $ 508,655 | ||
Net income (loss) | (46,741) | (262,987) | $ 162,237 | |
Accumulated deficit | (105,283) | (58,491) | ||
Foreign currency translation gain | (3,845) | (13,609) | 22,134 | |
Accumulated other comprehensive loss | (44,554) | (31,314) | ||
Total stockholders' equity | $ 353,277 | 419,271 | 485,329 | $ 309,391 |
Previously Reported | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Additional paid-in capital | 511,545 | |||
Net income (loss) | (264,467) | 163,052 | ||
Accumulated deficit | (62,046) | 211,080 | ||
Foreign currency translation gain | (13,880) | 22,094 | ||
Accumulated other comprehensive loss | (31,625) | (17,745) | ||
Total stockholders' equity | 418,295 | 486,104 | ||
Restatement Adjustment | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Additional paid-in capital | (2,890) | |||
Net income (loss) | 1,480 | (815) | ||
Accumulated deficit | 3,555 | (815) | ||
Foreign currency translation gain | 271 | 40 | ||
Accumulated other comprehensive loss | 311 | 40 | ||
Total stockholders' equity | 976 | (775) | ||
Continuing Operations As Revised | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Additional paid-in capital | 508,655 | |||
Net income (loss) | (262,987) | 162,237 | ||
Accumulated deficit | (58,491) | 210,265 | ||
Foreign currency translation gain | (13,609) | 22,134 | ||
Accumulated other comprehensive loss | (31,314) | (17,705) | ||
Total stockholders' equity | $ 419,271 | $ 485,329 |
Prior Periods' Financial Stat_6
Prior Periods' Financial Statement Revision Prior Periods' Financial Statement Revision - Schedule of Correction of Misstatements in Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income (loss) | $ (46,741) | $ (262,987) | $ 162,237 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Inventories | 1,426 | (16,208) | (8,944) |
Income taxes receivable and payable, net | $ 5,292 | (39,615) | 124,389 |
Previously Reported | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income (loss) | (264,467) | 163,052 | |
Deferred income taxes | (20,758) | ||
Changes in operating assets and liabilities, net of acquisitions: | |||
Inventories | (16,872) | (10,278) | |
Income taxes receivable and payable, net | (40,946) | ||
Other | (1,310) | (1,076) | |
Restatement Adjustment | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income (loss) | 1,480 | (815) | |
Deferred income taxes | (1,644) | ||
Changes in operating assets and liabilities, net of acquisitions: | |||
Inventories | 664 | 1,334 | |
Income taxes receivable and payable, net | 1,331 | ||
Other | 831 | (519) | |
Continuing Operations As Revised | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income (loss) | (262,987) | 162,237 | |
Deferred income taxes | (22,402) | ||
Changes in operating assets and liabilities, net of acquisitions: | |||
Inventories | (16,208) | (8,944) | |
Income taxes receivable and payable, net | (39,615) | ||
Other | $ (479) | $ (1,595) |
Uncategorized Items - nnbr-2019
Label | Element | Value |
Adjustments to Additional Paid in Capital, Adjustments to Performance Shares Vesting Estimates | nnbr_AdjustmentstoAdditionalPaidinCapitalAdjustmentstoPerformanceSharesVestingEstimates | $ 1,840,000 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 217,312,000 |
Retained Earnings [Member] | ||
Adjustments to Additional Paid in Capital, Adjustments to Performance Shares Vesting Estimates | nnbr_AdjustmentstoAdditionalPaidinCapitalAdjustmentstoPerformanceSharesVestingEstimates | (50,000) |
Additional Paid-in Capital [Member] | ||
Adjustments to Additional Paid in Capital, Adjustments to Performance Shares Vesting Estimates | nnbr_AdjustmentstoAdditionalPaidinCapitalAdjustmentstoPerformanceSharesVestingEstimates | 1,890,000 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 217,168,000 |
Common Stock [Member] | ||
Stock Issued During Period, Shares, New Issues | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 14,375,000 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 144,000 |