Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | TPI Composites, Inc. | ||
Entity Central Index Key | 0001455684 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-37839 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-1590775 | ||
Entity Address, Address Line One | 8501 N. Scottsdale Rd. | ||
Entity Address, Address Line Two | Gainey Center II, Suite 100 | ||
Entity Address, City or Town | Scottsdale | ||
Entity Address, State or Province | AZ | ||
Entity Address, Postal Zip Code | 85253 | ||
City Area Code | 480 | ||
Local Phone Number | 305-8910 | ||
Entity Common Stock, Shares Outstanding | 42,210,245 | ||
Entity Public Float | $ 456 | ||
Title of 12(b) Security | Common Stock, par value $0.01 | ||
Trading symbol | TPIC | ||
Security Exchange Name | NASDAQ | ||
Documents Incorporated by Reference | Portions of the Registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders, scheduled to be held on May 24, 2023, are incorporated by reference into Part III of this Report. | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Phoenix, AZ | ||
Auditor Firm ID | 185 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 133,546 | $ 216,236 |
Restricted cash | 9,854 | 10,053 |
Accounts receivable | 184,809 | 152,992 |
Contract assets | 215,939 | 161,030 |
Prepaid expenses | 29,119 | 14,552 |
Other current assets | 26,052 | 22,017 |
Inventories | 10,661 | 10,152 |
Current assets of discontinued operations | 35,182 | 73,239 |
Total current assets | 645,162 | 660,271 |
Property, plant and equipment, net | 136,841 | 142,613 |
Operating lease right of use assets | 152,312 | 129,203 |
Goodwill | 2,807 | 2,807 |
Intangible assets and deferred costs, net | 3,262 | 2,872 |
Other noncurrent assets | 21,792 | 23,608 |
Noncurrent assets of discontinued operations | 0 | 46,327 |
Total assets | 962,176 | 1,007,701 |
Current liabilities: | ||
Accounts payable and accrued expenses | 280,499 | 283,536 |
Accrued warranty | 22,347 | 42,020 |
Current maturities of long-term debt | 59,975 | 66,438 |
Current operating lease liabilities | 22,220 | 22,275 |
Contract liabilities | 17,100 | 1,274 |
Current liabilities of discontinued operations | 54,440 | 53,567 |
Total current liabilities | 456,581 | 469,110 |
Long-term debt, net of current maturities | 1,198 | 8,208 |
Noncurrent operating lease liabilities | 133,363 | 136,613 |
Other noncurrent liabilities | 10,670 | 10,615 |
Noncurrent liabilities of discontinued operations | 0 | 10,229 |
Total liabilities | 601,812 | 634,775 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity: | ||
Common shares, $0.01 par value, 100,000 shares authorized, 42,370 shares issued and 42,045 shares outstanding at December 30, 2022 and 100,000 shares authorized, 37,418 shares issued and 37,180 shares outstanding at December 31, 2021 | 424 | 374 |
Paid-in capital | 407,570 | 451,440 |
Accumulated other comprehensive loss | (15,387) | (54,006) |
Accumulated deficit | (334,569) | (269,264) |
Treasury stock, at cost, 325 shares at December 31, 2022 and 238 shares at December 31, 2021 | (7,551) | (6,592) |
Total stockholders’ equity | 50,487 | 121,952 |
Total liabilities and stockholders' equity | 962,176 | 1,007,701 |
Series A Preferred Stock [Member] | ||
Mezzanine equity: | ||
Series A Preferred Stock, $0.01 par value, 400 shares authorized; 350 shares issued and outstanding at December 31, 2022 and 2021 liquidation preference of $475,735 at December 31, 2022 and $473,227 at December 31, 2021 | $ 309,877 | $ 250,974 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 400,000 | 400,000 |
Preferred Stock, Shares Issued | 350,000 | 350,000 |
Preferred Stock, Shares Outstanding | 350,000 | 350,000 |
liquidation preference | $ 475,735,000 | $ 473,227,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 42,370,000 | 37,418,000 |
Common stock, shares outstanding | 42,044,000 | 37,180,000 |
Treasury stock, shares | 325,000 | 238,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 1,522,741 | $ 1,472,386 | $ 1,143,054 |
Cost of sales | 1,482,428 | 1,459,155 | 1,116,967 |
Startup and transition costs | 25,668 | 50,832 | 42,313 |
Total cost of goods sold | 1,508,096 | 1,509,987 | 1,159,280 |
Gross profit (loss) | 14,645 | (37,601) | (16,226) |
General and administrative expenses | 32,349 | 29,246 | 33,496 |
Loss on sale of assets and asset impairments | 9,842 | 12,436 | 5,746 |
Restructuring charges, net | 263 | 12,543 | 205 |
Income (loss) from discontinued operations | (27,809) | (91,826) | (55,673) |
Other income (expense): | |||
Interest expense, net | (5,029) | (13,644) | (10,377) |
Foreign currency income | 4,571 | (21,970) | (14,231) |
Miscellaneous income | 2,330 | 1,372 | 2,298 |
Total other income (expense) | 1,872 | (34,242) | (22,310) |
Income (loss) before income taxes | (25,937) | (126,068) | (77,983) |
Income tax benefit (provision) | (29,613) | (29,826) | (7,414) |
Net loss from continuing operations | (55,550) | (155,894) | (85,397) |
Preferred stock dividends and accretion | (58,903) | (6,040) | 0 |
Net loss from continuing operations attributable to common stockholders | (114,453) | (161,934) | (85,397) |
Net income (loss) from discontinued operations | (9,755) | (3,654) | 66,370 |
Net loss attributable to common stockholders | $ (124,208) | $ (165,588) | $ (19,027) |
Weighted-average common shares outstanding: | |||
Basic | 41,959 | 37,415 | 35,532 |
Diluted | 41,959 | 37,415 | 35,532 |
Net loss from continuing operations per common share: | |||
Basic | $ (2.73) | $ (4.33) | $ (2.40) |
Diluted | (2.73) | (4.33) | (2.40) |
Net income (loss) from discontinued operations per common share: | |||
Basic | (0.23) | (0.10) | 1.86 |
Diluted | (0.23) | (0.10) | 1.86 |
Net loss per common share: | |||
Basic | (2.96) | (4.43) | (0.54) |
Diluted | $ (2.96) | $ (4.43) | $ (0.54) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss from continuing operations attributable to common stockholders | $ (114,453) | $ (161,934) | $ (85,397) |
Net income (loss) from discontinued operations | (9,755) | (3,654) | 66,370 |
Net loss attributable to common stockholders | (124,208) | (165,588) | (19,027) |
Other comprehensive loss: | |||
Foreign currency translation adjustments | 37,685 | (18,419) | (8,099) |
Unrealized gain (loss) on hedging derivatives, net of taxes of $0, $633 and (200) for the years ended December 31, 2022, 2021 and 2020 | 934 | (2,597) | (1,279) |
Comprehensive Income Net Of Tax Including Portions Attributable To Noncontrolling Interest, Total | $ (85,589) | $ (186,604) | $ (28,405) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Tax on hedging derivatives | $ 0 | $ 633 | $ (200) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUTIY AND STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Series A Preferred Stock [Member] | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Treasury Stock, at Cost [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] |
Beginning balance at Dec. 31, 2019 | $ 205,050 | $ 353 | $ 322,906 | $ (23,612) | $ (90,689) | $ (3,908) | ||
Beginning balance, shares at Dec. 31, 2019 | 35,326 | |||||||
Net loss from continuing operations | (19,027) | |||||||
Net loss | (19,027) | (19,027) | ||||||
Other comprehensive loss | (9,378) | (9,378) | ||||||
Common stock repurchased for treasury | (2,191) | (2,191) | ||||||
Issuances under share-based compensation plan | 16,584 | $ 15 | 16,569 | |||||
Issuances under share-based compensation plan, shares | 1,445 | |||||||
Share-based compensation expense | 9,997 | 9,997 | ||||||
Ending balance at Dec. 31, 2020 | 201,035 | $ 368 | 349,472 | (32,990) | (109,716) | (6,099) | ||
Ending balance, shares at Dec. 31, 2020 | 36,771 | |||||||
Net loss from continuing operations | (159,548) | |||||||
Net loss | (159,548) | (159,548) | ||||||
Preferred stock dividends | 4,114 | $ 4,114 | 4,114 | |||||
Other comprehensive loss | (21,016) | (21,016) | ||||||
Common stock repurchased for treasury | (493) | (493) | ||||||
Issuances under share-based compensation plan | 5,245 | $ 6 | 5,239 | |||||
Issuances under share-based compensation plan, shares | 647 | |||||||
Share-based compensation expense | 8,414 | 8,414 | ||||||
Issuance of Series A Preferred Stock, net, Shares | 350 | |||||||
Issuance of Series A Preferred Stock, net | $ 244,934 | |||||||
Issuance of warrants to purchase common stock | 94,355 | 94,355 | ||||||
Temporary Equity, Accretion to Redemption Value | 1,926 | $ 1,926 | ||||||
Accretion of Series A Preferred Stock | (1,926) | |||||||
Ending balance at Dec. 31, 2021 | $ 250,974 | |||||||
Ending balance at Dec. 31, 2021 | 121,952 | $ 374 | 451,440 | (54,006) | (269,264) | (6,592) | ||
Ending balance, shares at Dec. 31, 2021 | 350 | 37,418 | ||||||
Net loss from continuing operations | (65,305) | |||||||
Net loss | (65,305) | (65,305) | ||||||
Preferred stock dividends | 40,589 | $ 40,589 | 40,589 | |||||
Other comprehensive loss | 38,619 | 38,619 | ||||||
Common stock repurchased for treasury | (959) | (959) | ||||||
Issuances under share-based compensation plan | 3 | $ 3 | ||||||
Issuances under share-based compensation plan, shares | 287 | |||||||
Share-based compensation expense | 15,080 | 15,080 | ||||||
Issuance of common stock from the exercise of warrants | $ 47 | (47) | ||||||
Issuance of common stock from the exercise of warrants (In Shares) | 4,664 | |||||||
Temporary Equity, Accretion to Redemption Value | 18,314 | |||||||
Accretion of Series A Preferred Stock | (18,314) | (18,314) | ||||||
Ending balance at Dec. 31, 2022 | $ 309,877 | |||||||
Ending balance at Dec. 31, 2022 | $ 50,487 | $ 424 | $ 407,570 | $ (15,387) | $ (334,569) | $ (7,551) | ||
Ending balance, shares at Dec. 31, 2022 | 350 | 42,369 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net loss | $ (65,305) | $ (159,548) | $ (19,027) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 45,480 | 52,593 | 49,667 |
Loss on sale of assets and asset impairments | 27,372 | 13,110 | 7,748 |
Share-based compensation expense | 15,080 | 8,407 | 10,352 |
Amortization of debt issuance costs | 0 | 1,051 | 351 |
Deferred income taxes | 11,484 | 2,126 | (7,982) |
Changes in assets and liabilities: | |||
Accounts receivable | (42,030) | (34,715) | 42,986 |
Contract assets and liabilities | (10,331) | 23,983 | (56,150) |
Operating lease right of use assets and operating lease liabilities | (4,727) | 8,771 | 15,036 |
Inventories | (639) | (1,018) | (4,276) |
Prepaid expenses | (9,254) | 9,683 | (19,916) |
Other current assets | (3,125) | 4,699 | 1,491 |
Other noncurrent assets | 4,873 | 11,612 | 734 |
Accounts payable and accrued expenses | (11,418) | 45,755 | 10,298 |
Accrued warranty | (19,673) | (8,832) | 3,213 |
Other noncurrent liabilities | (59) | (3,202) | 3,045 |
Net cash used in operating activities | (62,272) | (25,525) | 37,570 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (18,832) | (37,119) | (65,666) |
Net cash used in investing activities | (18,832) | (37,119) | (65,666) |
Cash flows from financing activities: | |||
Proceeds from revolving and term loans | 0 | 18,109 | 80,000 |
Repayments of revolving and term loans | (8,109) | (181,154) | (21,260) |
Proceeds from the issuance of Series A Preferred Stock and warrants to purchase common stock | 0 | 350,000 | |
Equity issuance costs | 0 | (10,711) | |
Net repayments of accounts receivable financing | 0 | (3,805) | |
Proceeds from working capital loans | 43,992 | 10,269 | |
Repayments of working capital loans | (39,015) | ||
Principal repayments of finance leases | (5,100) | (5,750) | (6,116) |
Net proceeds from (repayments of) other debt | (5,456) | 13,438 | 26,875 |
Debt issuance costs | 0 | (730) | |
Proceeds from exercise of stock options and common stock warrants | 50 | 5,211 | 15,839 |
Repurchase of common stock including shares withheld in lieu of income taxes | (959) | (493) | (2,191) |
Net cash provided by (used in) financing activities | (14,597) | 198,919 | 88,612 |
Impact of foreign exchange rates on cash, cash equivalents and restricted cash | (3,448) | (14,253) | (2,069) |
Net change in cash, cash equivalents and restricted cash | (99,149) | 122,022 | 58,447 |
Cash, cash equivalents and restricted cash, beginning of year | 252,218 | 130,196 | 71,749 |
Cash, cash equivalents and restricted cash, end of year | 153,069 | 252,218 | 130,196 |
Supplemental cash flow information: | |||
Cash paid for interest | 5,727 | 13,360 | 9,853 |
Cash paid for income taxes, net of refunds | 30,818 | 25,268 | 20,965 |
Noncash investing and financing activities: | |||
Right of use assets obtained in exchange for new operating lease liabilities | 27,435 | 13,232 | 61,455 |
Property, plant, and equipment obtained in exchange for new finance lease liabilities | 215 | 1,817 | 163 |
Accrued capital expenditures in accounts payable | 2,429 | 2,504 | 7,556 |
Paid-in-kind preferred stock dividends and accretion | 58,903 | 6,040 | 0 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | |||
Cash and cash equivalents | 216,236 | 82,463 | 60,580 |
Cash and cash equivalents | 133,546 | 216,236 | 82,463 |
Restricted cash | 10,053 | 29 | 26 |
Restricted cash | 9,854 | 10,053 | 29 |
Restricted cash included within other noncurrent assets | 0 | 0 | 475 |
Restricted cash included within other noncurrent assets | 0 | 0 | 0 |
Cash and cash equivalents of discontinued operations | 25,929 | 47,394 | 9,702 |
Cash and cash equivalents of discontinued operations | 9,669 | 25,929 | 47,394 |
Restricted cash of discontinued operations | 0 | 310 | 966 |
Restricted cash of discontinued operations | 0 | 0 | 310 |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | 252,218 | 130,196 | 71,749 |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ 153,069 | $ 252,218 | $ 130,196 |
Summary of Operations and Summa
Summary of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Operations and Significant Accounting Policies | Note 1. Summary of Operations and Summary of Significant Accounting Policies (a) Description of Business TPI Composites, Inc. is the holding company that conducts substantially all of its business operations through its direct and indirect subsidiaries (collectively, the Company or we). The Company was founded in 1968 and has been producing composite wind blades since 2001. The Company is incorporated in Delaware, headquartered in Scottsdale, Arizona and has expanded its continuing operations global footprint to include domestic facilities in Newton, Iowa; Warren, Rhode Island and Santa Teresa, New Mexico and international facilities in Juárez, Mexico; Matamoros, Mexico; Izmir, Türkiye; Chennai, India; Kolding, Denmark; Berlin, Germany and Madrid, Spain. In December 2022, the Company committed to a restructuring plan to rebalance our organization and optimize our global manufacturing footprint. In connection with this plan, we ceased production at our Yangzhou, China manufacturing facility as of December 31, 2022 and plan to shut down our business operations in China. Our business operations in China comprised the entirety of our Asia reporting segment. This shut down will have a meaningful effect on our global manufacturing footprint and consolidated financial results. Accordingly, the historical results of our Asia reporting segment have been presented as discontinued operations in our Consolidated Statements of Operations and Consolidated Balance Sheets. Our China operations represented a geographic operating segment that included (1) the manufacturing of wind blades at our facilities in Dafeng, China and Yangzhou, China, (2) the manufacturing of precision molding and assembly systems at our Taicang Port, China facility and (3) wind blade inspection and repair services. The following discussion reflects continuing operations only, unless otherwise indicated. For further information regarding our discontinued operations, refer to Note 2 – Discontinued Operations. (b) Functional Currency Change from Turkish Lira to Euro for the Company’s Turkish operations. Effective January 1, 2022, the functional currency for our operations in Türkiye changed from the Turkish Lira to the Euro. Nonmonetary assets and liabilities were remeasured into Euros at the rate in effect on the date of the asset's or liability’s inception and then translated into reporting currency based on the current exchange rate. The monetary assets and liabilities were remeasured into Euros at the rate in effect on the date of change and then translated into reporting currency based on the current exchange rate. The difference between the historical basis of nonmonetary assets and liabilities and the new basis of $ 44.9 million (increase in net assets) was recorded in the currency translation adjustment account. The amount recorded in the currency translation adjustment account for prior periods was not reversed upon the change in functional currency. The majority of the initial impact of the functional currency change was to property, plant and equipment and operating lease right of use assets with an offset to the currency translation adjustment account. While the change of the functional currency was based on a factual assessment, the determination of the date of the change required management’s judgement given the evolution in the primary economic and business environment in which we operate. When we established our Turkish operations in 2012 and 2013, the Turkish government had a goal of significantly increasing renewable energy generation and utilization within Türkiye by year 2023. During 2014 to 2017, wind energy generated and utilized in Türkiye increased and management observed that progress was being made towards the Turkish government's goal. In 2018 and 2019, the Turkish government introduced tenders to spur domestic renewable energy generation and utilization in Türkiye. However, as of year-end 2020, Turkish domestic renewable energy generated and utilized was significantly less than originally forecasted by the Turkish government. As of 2021, there were no significant wind turbine installations under the tenders awarded by the Turkish government in 2018 and 2019. Based on recent and anticipated annual domestic renewable energy demand it is unlikely for the local energy generation to reach the Turkish government's goals for 2023. Additionally, in recent years sales to the eurozone have increased and the Company is focused on meeting the export demands of the region. Based on the analysis of the domestic renewable energy demand through 2021 and anticipated future demand, management concluded that Turkish domestic sales will not grow as previously envisioned and most of the future growth will continue to be predominately export sales to the eurozone, which are primarily denominated in Euros. Management re-evaluated the relevant indicators established in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 830, "Foreign Currency Matters", to determine the functional currency of our Turkish operations. Such indicators include i) cash flow, ii) sales price, iii) sales market, iv) expense, v) financing and vi) intercompany transactions and arrangements. At the time of the assessment adopted on January 1, 2022, (i) approximately 80 % of our sales in Türkiye were denominated in Euros and the rest were in USD, (ii) a majority of expenses were denominated in Euros, (iii) all debt and lease obligations were denominated in Euros, (iv) a majority of the cash balances were denominated in Euros and (v) a majority of the intercompany balances were denominated in Euros. When considering all relevant facts together along with managements’ long-term plan for our Türkiye operations, management concluded that the Euro best reflects the currency of the primary economic environment in which we currently operate. As a result, the Company adopted the Euro as the functional currency of our Turkish operations effective January 1, 2022 on a prospective basis. (c) Basis of Presentation The accompanying consolidated financial statements include the accounts of TPI Composites, Inc. and all majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. (d) Revenue Recognition The majority of our revenue is generated from supply agreements associated with manufacturing of wind blades and related services. We account for a supply agreement when it has the approval from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance and the collectability of consideration is probable. To determine the proper revenue recognition method for each supply agreement, we evaluate whether the original contract should be accounted for as one or more performance obligations. This evaluation requires judgment and the decisions reached could change the amount of revenue and gross profit recorded in a given period. As most of our contracts contain multiple performance obligations, we allocate the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. Our manufacturing services are customer specific and involve production of items that cannot be sold to other customers due to the customers’ protected IP; therefore, we allocate the total transaction price under our contracts with multiple performance obligations using the contractually stated prices, as these prices represent the relative standalone selling price based on an expected cost plus margin model. Revenue is primarily recognized over time as we have an enforceable right to payment upon termination and we may not use or sell the product to fulfill other customers’ contracts. In addition, the customer does not have return or refund rights for items produced that conform to the specifications included in the contract. Because control transfers over time, revenue is recognized based on the extent of progress towards the completion of the performance obligation. We use the cost-to-cost input measure of progress for our contracts as this method provides the best representation of the production progress towards satisfaction of the performance obligation as the materials are distinct to the product being manufactured because of customer specifications provided for in the contract, the costs incurred are proportional to the progress towards completion of the product, and the products do not involve significant pre-fabricated component parts. Under the cost-to-cost method, progress and the related revenue recognition is determined by a ratio of direct costs incurred to date in fulfillment of the performance obligation to the total estimated direct costs required to complete the performance obligation. Determining the revenue to be recognized for services performed under our supply agreements involves judgments and estimates relating to the total consideration to be received and the expected direct costs to complete the performance obligation. As such, revenue recognized reflects our estimates of future contract volumes and the direct costs to complete the performance obligation. The judgments and estimates relating to the total consideration to be received include the amount of variable consideration as our contracts typically provide the customer with a range of production output options from guaranteed minimum volume obligations to the production capacity of the facility, and customers will provide periodic non-cancellable commitments for the number of wind blades to be produced over the term of the agreement. The total consideration also includes payments expected to be received associated with wind blade model transitions, and payments expected to be received or paid in the form of liquidated damages, for missed production deadlines which are paid over a negotiated timeline. We use historical experience, customer commitments and forecasted future production based on the capacity of the plant to estimate the total revenue to be received to complete the performance obligation. In addition, the amount of consideration per unit produced may vary based on the costs of production of the wind blades as we may be able to change the price per unit based on changes in the cost of production. Further, some of our contracts provide opportunities for us to share in labor and material cost savings as well as absorb some additional costs as an incentive for more efficient production, both of which impact the margin realized on the contract and ultimately the total amount of revenue to be recognized. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information available to us at the time of the estimate and may materially change as additional information becomes known. Our contracts may be modified to account for changes in specifications of products and changing requirements. If the contract modifications are for goods or services that are not distinct from the existing contract, they are accounted for as if they were part of the original contract. The effect of a contract modification on the transaction price and the measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. If contract modifications are for goods and services that are distinct from the existing contract and increases the amount of consideration reflecting the standalone sale price of the additional goods or services, then the contract modification is accounted for as a separate contract and is evaluated for one or more performance obligations. Each reporting period, we evaluate the progress towards satisfaction of each performance obligation based on any contract modifications that have occurred, costs incurred to date, and an estimate of the expected future consideration and costs to be incurred to complete the performance obligation. Based on this analysis, any changes in estimates of total consideration to be received and direct costs to complete the performance obligation are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on the percentage of completion of the performance obligation. Wind blade pricing is based on annual commitments of volume as established in our supply agreements and orders less than committed volume may result in a higher price per wind blade to our customers. Orders in excess of annual commitments may result in discounts to our customers from the contracted price for the committed volume. Our customers typically provide periodic purchase orders with the price per wind blade given the current cost of the bill of materials, labor requirements and volume desired. We record an allowance for expected utilization of early payment discounts which are reported as a reduction of the total consideration to be received. Precision molding and assembly systems included in a customer’s contract are based upon the specific engineering requirements and design determined by the customer and are specific to the wind blade design and function desired. From the customer’s engineering specifications, a job cost estimate is developed along with a production plan, and the desired margin is applied based on the location the work is to be performed and complexity of the customer’s design. Precision molding and assembly systems are generally built to produce wind blades which may be manufactured by us in production runs specified in the customer contract. Contract assets primarily relate to our rights to consideration for work completed but not billed at the reporting date on supply agreements. The contract assets are transferred to accounts receivable when the rights become unconditional, which generally occurs when customers are invoiced upon the determination that a product conforms to the contract specifications and invoices are due based on each customer’s negotiated payment terms, which, range from 5 to 95 days. We apply the practical expedient that allows us to exclude payment terms under one year from the transfer of a promised good or service from consideration of a significant financing component in its contracts. With regards to the production of precision molding and assembly systems, our contracts generally call for progress payments to be made in advance of production. Generally, payment is made at certain percentage of completion milestones with the final payment due upon delivery to the manufacturing facility. These progress payments are recorded within contract liabilities as current liabilities in the consolidated balance sheets and are reduced as we record revenue over time. We evaluate indications that a customer may not be able to meet the obligations under our supply agreements to determine if an account receivable or contract asset may be impaired. Our customers may request, in situations where they do not have space available to receive products or do not want to take possession of products immediately for other reasons, that their finished products be stored by us in one of our facilities. Most of our contracts provide for a limited number of wind blades to be stored during the period of the contract with any additional wind blades stored subject to additional storage fees, which are included in wind blade sales. Revenue related to field service inspection and repair services, non-recurring engineering and freight services provided under our supply agreements is recognized at a point in time following the transfer of control of the promised services to the customer. Customers usually pay the carrier directly for the cost of shipping associated with items produced. When we pay the shipping cost, we apply the practical expedient that allows us to account for shipping and handling as fulfillment costs and include the revenue in the associated performance obligation and the costs are included in cost of goods sold. Taxes assessed by a governmental authority that are both imposed on and concurrent with specific revenue-producing transactions, that are collected by us from a customer, are excluded from revenue. (e) Cost of Goods Sold Cost of goods sold includes the costs we incur at our production facilities to make products saleable on both products invoiced during the period as well as products in progress towards the satisfaction of the related performance obligations for which we have an enforceable right to payment upon termination and we may not use or sell the product to fulfill other customers’ contracts. All costs incurred at our production facilities, as well as the allocated portion to our production facilities of costs incurred at our corporate headquarters and our research facilities, are directly or indirectly related to the manufacturing of products or services and are presented in cost of goods sold. Cost of goods sold includes such items as raw materials, direct and indirect labor and facilities costs, including purchasing and receiving costs, plant management, inspection costs, production process improvement activities, product engineering and internal transfer costs. In addition, all depreciation associated with assets used in the production of our products is also included in cost of goods sold. Direct labor costs consist of salaries, benefits and other personnel related costs for associates engaged in the manufacturing of our products and services. Startup and transition costs are primarily unallocated fixed overhead costs and underutilized direct labor costs incurred during the period production facilities are transitioning wind blade models and ramping up manufacturing. All direct labor costs, excluding non-productive labor costs, are included in the measure of progress towards completion of the relevant performance obligation when determining revenue to be recognized during the period. The cost of sales for the initial products from a new model manufacturing line is generally higher than when the line is operating at optimal production volume levels due to inefficiencies during ramp-up related to labor hours per blade, cycle times per blade and raw material usage. Additionally, these costs as a percentage of net sales are generally higher during the period in which a facility is ramping up to full production capacity due to underutilization of the facility. Manufacturing overhead at each of our facilities includes virtually all indirect costs (including share-based compensation costs) incurred at the plants, including engineering, finance, information technology, human resources and plant management. (f) General and Administrative Expenses General and administrative expenses primarily relate to the unallocated portion of costs incurred at our corporate headquarters and our research facilities and include salaries, benefits and other personnel related costs for associates engaged in research and development, engineering, finance, internal audit, information technology, human resources, business development, global operational excellence, global supply chain, in-house legal and executive management. Other costs include outside legal and accounting fees, risk management (insurance), share-based compensation and certain other administrative and global resources costs. The unallocated research and development expenses incurred at our Warren, Rhode Island location as well as at our Kolding, Denmark advanced engineering center and our Berlin, Germany engineering center are also included in general and administrative expenses. For the years ended December 31, 2022, 2021 and 2020 , total research and development expenses totaled $ 1.1 million, $ 1.0 million and $ 1.0 million, respectively. (g) Loss on Sale of Assets and Asset Impairments For the years ended December 31, 2022, 2021 and 2020, the losses on the sale of certain receivables, on a non-recourse basis under supply chain financing arrangements with our customers, to financial institutions, as well as the losses on the sale of other assets at our corporate and manufacturing facilities and asset impairment charges totaled $ 9.8 million, $ 12.4 million and $ 5.7 million, respectively. (h) Restructuring Charges, Net Restructuring charges primarily consist of associate severance, one-time termination benefits and ongoing benefits related to the reduction of our workforce and other costs associated with exit activities, which may include costs related to leased facilities to be abandoned and facility and associate relocation costs. The determination of when we accrue for involuntary termination benefits under restructuring plans depends on whether the termination benefits are provided under an ongoing benefit arrangement or under a one-time benefit arrangement. Ongoing benefit arrangements are recognized over the service period or when termination becomes reasonably probable, and one-time benefit arrangements are recognized in the period the arrangement is approved and formally communicated to associates. If applicable, we record such costs into operating expense over the terminated associate’s future service period beyond any minimum retention period. Restructuring charges that have been incurred but not yet paid are recorded in accrued expenses in the accompanying consolidated balance sheets. For the years ended December 31, 2022, 2021 and 2020, restructuring charges, net totaled $ 0.3 million, $ 12.5 million and $ 0.2 million, respectively. These charges primarily related to severance benefits to terminated associates as a result of the temporary shutdown of our Newton, Iowa manufacturing facility and the stop of production in one of our Juarez, Mexico facilities. (i) Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less. The carrying value of cash and cash equivalents approximates fair value. As of December 31, 2022 and 2021, our discontinued operations collectively had unrestricted cash totaling $ 9.7 million and $ 25.9 million, respectively. The Chinese government imposes certain restrictions on transferring cash out of China. The local governments in other countries in which we operate impose no such restrictions on transferring cash out of the respective country. As of December 31, 2022 and 2021 , we had $ 9.9 million and $ 10.0 million, respectively of cash held as collateral for various instruments, primarily for letters of guarantee used for customs clearance related to our India location, that were previously collateralized with our senior secured credit facility. These amounts are reported as restricted cash in our consolidated balance sheets. (j) Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. We follow the allowance method of recognizing uncollectible accounts receivable, which recognizes bad debt expense based on a review of the individual accounts outstanding and prior history of uncollectible accounts receivable. Credit is extended based on evaluation of each of our customer’s financial condition and is generally unsecured. Accounts receivable are generally due within 30 days and are stated net of an allowance for doubtful accounts in the consolidated balance sheets. Accounts are considered past due if outstanding longer than contractual payment terms. We record an allowance based on consideration of a number of factors, including the length of time trade accounts are past due, previous loss history, the creditworthiness of individual customers, economic conditions affecting specific customer industries, and economic conditions in general. We charge-off accounts receivable after all reasonable collection efforts have been exhausted. We credit payments subsequently received on such receivables to bad debt expense in the period payment is received. We record delinquent finance charges on outstanding accounts receivables only if they are collected. We wrote off no receivables during 2022, 2021, or 2020, and do not have any off-balance-sheet credit exposure related to our customers. See Note 5, Accounts Receivable. (k) Inventories Inventories represent materials purchased that are not restricted to fulfillment of a specific contract and are measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Cost is determined using the first-in, first-out method for such raw materials. Write-downs to reduce the carrying cost of obsolete, slow-moving, and unusable inventory to net realizable value are recognized in cost of goods sold. The effect of these write-downs establishes a new cost basis in the related inventory, which is not subsequently written up. (l) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation and amortization of property, plant, and equipment is calculated on the straight-line method over the estimated useful lives of the assets. See Note 7, Property, Plant and Equipment, Net. Estimated Machinery and equipment 7 to 10 years Buildings 20 years Leasehold improvements 5 to 10 years, or the term Office equipment and software 3 to 5 years Furniture 3 to 5 years Vehicles 5 years (m) Recoverability of Long-Lived Assets We review property, plant and equipment and other long-lived assets in order to assess recoverability based on expected future undiscounted cash flows whenever events or circumstances indicate that the carrying value may not be recoverable. If the sum of the expected future net cash flows is less than the carrying value, an impairment loss is recognized. The impairment loss is measured as the amount by which the carrying value exceeds the fair value of the asset. (n) Discontinued Operations We classify long-lived assets or disposal groups to be sold as held for sale in the period in which all of the following criteria are met: (1) management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; (2) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal groups; (3) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; (4) the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the asset or disposal group beyond one year; (5) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We initially measure a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the date of sale. We assess the fair value of a long-lived asset or disposal group less any costs to sell each reporting period it remains classified as held for sale and report any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, we also cease depreciation. All assets and liabilities meeting the held for sale criteria were reported in discontinued operations in our consolidated balance sheets as of December 31, 2022. In determining whether a group of assets disposed (or to be disposed) of should be presented as a discontinued operation, the Company makes a determination of whether the criteria for held-for-sale classification is met and whether the disposition represents a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. If these determinations can be made affirmatively, the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) are aggregated for separate presentation apart from continuing operating results of the Company in the consolidated financial statements. As of December 31, 2022, we met the criteria to classify the disposal of our business operations in China as discontinued operations. See Note 2, Discontinued Operations. (o) Goodwill, Intangible Assets and Deferred Costs, Net Goodwill, which is entirely in the U.S. segment, is evaluated for impairment annually on October 31 and whenever events or circumstances make it likely that impairment may have occurred. In determining whether impairment has occurred, we compare the fair value of the related reporting unit (calculated using the discounted cash flow method) to its carrying value. If the carrying value exceeds the fair value, impairment is recognized for the difference. We may first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. We performed our annual goodwill impairment test during 2022 and determined that it is more-likely-than-not that its fair value exceeds its carrying amount. Our patents, licenses, trademarks and development tools were acquired in business acquisitions and provide contractual or legal rights, or other future benefits that could be separately identified. Our valuation of identified intangible assets was based upon discounted cash flow estimates that require significant management judgment with respect to revenue and expense growth rates, changes in working capital, and the selection and use of the appropriate discount rate. The intangible assets are amortized over their estimated useful life. Intangible assets with indefinite lives are evaluated at least annually for impairment or whenever events or circumstances make it likely that impairment may have occurred. In addition, we recognize an asset for deferred costs incurred to fulfill a contract when such costs meet certain criteria. These deferred costs are amortized over their estimated useful life. See Note 3, Net Sales for a further discussion of those deferred costs. See Note 8, Intangible Assets and Deferred Costs, Net. (p) Mezzanine Equity We have issued Series A Preferred Stock that we have determined is a financial instrument with both equity and debt characteristics and is classified as mezzanine equity in our consolidated financial statements. The instrument was initially recognized at fair value net of issuance costs. We reassess whether the instrument is currently redeemable or probable to become redeemable in the future as of each reporting date, in which, if the instrument meets either criterion, we will accrete the carrying value to the estimated maximum redemption value based on the effective interest method over the remaining period to the expected redemption date. To assess classification, we review all features of the instrument, including all mandatory and optional redemption features that may be substantive. All financial instruments that are classified as mezzanine equity are evaluated for embedded derivative features by evaluating each feature against the nature of the host instrument ( |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 2. Discontinued Operations In December 2022, the Company committed to a restructuring plan to rebalance our organization and optimize our global manufacturing footprint. Changing economic and geopolitical factors, including increased logistics costs and tariffs imposed on components of wind turbines from China, including wind blades, has had an adverse impact on demand for our wind blades manufactured in our Chinese facilities. In connection with our restructuring plan, we ceased production at our Yangzhou, China manufacturing facility as of December 31, 2022 and plan to shut down our business operations in China in the next 12 months. Our business operations in China comprised the entirety of our Asia reporting segment. This shut down will have a meaningful effect on our global manufacturing footprint and consolidated financial results. Accordingly, the historical results of our Asia reporting segment have been presented as discontinued operations in our Consolidated Statements of Operations and Consolidated Balance Sheets. The following table presents the carrying amounts of major classes of assets and liabilities that were included in discontinued operations: December 31, 2022 2021 (In thousands) Cash and cash equivalents $ 9,669 $ 25,929 Accounts receivable 2,716 4,812 Contract assets — 27,293 Prepaid expenses 1,877 4,728 Inventories 1,501 1,381 Property, plant and equipment, net 17,678 33,917 Operating lease right of use assets — 7,989 Deferred tax assets — 10,266 Other classes of assets that are not major 1,741 3,251 Total assets of discontinued operations $ 35,182 $ 119,566 Accounts payable and accrued expenses $ 26,942 $ 45,016 Accrued restructuring 17,764 8,145 Operating lease liabilities 9,524 10,272 Other classes of liabilities that are not major 210 363 Total liabilities of discontinued operations $ 54,440 $ 63,796 The following table presents the components of net income (loss) from discontinued operations: Year Ended December 31, 2022 2021 2020 (In thousands) Net sales $ 235,588 $ 260,197 $ 527,083 Cost of sales 200,701 254,176 444,465 Startup and transition costs 7,994 — 2,293 Total cost of goods sold 208,695 254,176 446,758 Gross profit 26,893 6,021 80,325 Loss on sale of assets and asset impairments 17,530 674 2,002 Restructuring charges, net 20,175 11,219 3,884 Income (loss) from discontinued operations ( 10,812 ) ( 5,872 ) 74,439 Other income (expense): Interest income (expense), net 147 22 ( 22 ) Foreign currency income (loss) 5,627 ( 1,701 ) ( 5,755 ) Miscellaneous income (loss) 1,477 831 1,578 Total other income (expense) 7,251 ( 848 ) ( 4,199 ) Income (loss) before income taxes ( 3,561 ) ( 6,720 ) 70,240 Income tax benefit (provision) ( 6,194 ) 3,066 ( 3,870 ) Net income (loss) from discontinued operations $ ( 9,755 ) $ ( 3,654 ) $ 66,370 The following table presents summarized cash flows from discontinued operations: Year Ended December 31, 2022 2021 2020 (in thousands) Net cash provided by (used) in operating activities from discontinued operations $ ( 12,676 ) $ ( 19,469 ) $ 51,428 Net cash used in investing activities from discontinued operations ( 2,101 ) ( 2,583 ) ( 13,135 ) Additional non-cash items related to operating activities from discontinued operations: Depreciation and amortization 6,708 14,987 15,692 Share-based compensation expense 621 593 876 The following is a summary of our restructuring liability activity related to discontinued operations for the periods presented: Severance Other Total (in thousands) Balance at December 31, 2019 $ 316 $ 253 $ 569 Restructuring charges, net 3,884 — 3,884 Payments ( 1,000 ) ( 253 ) ( 1,253 ) Balance at December 31, 2020 3,200 — 3,200 Restructuring charges, net 10,485 734 11,219 Payments ( 5,540 ) ( 734 ) ( 6,274 ) Balance at December 31, 2021 8,145 — 8,145 Restructuring charges, net 17,548 2,627 20,175 Payments ( 9,936 ) ( 620 ) ( 10,556 ) Balance at December 31, 2022 $ 15,757 $ 2,007 $ 17,764 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Note 3. Net Sales The following tables represents the disaggregation of our net sales by product for each of our reportable segments: Year Ended December 31, 2022 U.S. Mexico EMEA India Total (in thousands) Wind blade sales $ — $ 628,607 $ 555,166 $ 217,425 $ 1,401,198 Precision molding and — 2,938 — — 2,938 Automotive sales 44,002 — — — 44,002 Field service, inspection and 44,168 4,238 6,507 2 54,915 Other sales 1,000 10,832 7,319 537 19,688 Total net sales $ 89,170 $ 646,615 $ 568,992 $ 217,964 $ 1,522,741 Year Ended December 31, 2021 U.S. Mexico EMEA India Total (in thousands) Wind blade sales $ 130,455 $ 567,721 $ 472,059 $ 199,817 $ 1,370,052 Precision molding and — 18,297 — — 18,297 Automotive sales 37,312 — — — 37,312 Field service, inspection and 24,525 2,835 5,332 33 32,725 Other sales 47 8,745 4,829 379 14,000 Total net sales $ 192,339 $ 597,598 $ 482,220 $ 200,229 $ 1,472,386 Year Ended December 31, 2020 U.S. Mexico EMEA India Total (in thousands) Wind blade sales $ 135,415 $ 472,994 $ 368,907 $ 91,649 $ 1,068,965 Precision molding and — 14,939 — — 14,939 Automotive sales 36,196 — — — 36,196 Field service, inspection and 12,128 — 2,160 16 14,304 Other sales 549 5,559 2,478 64 8,650 Total net sales $ 184,288 $ 493,492 $ 373,545 $ 91,729 $ 1,143,054 In addition, most of our net sales are made directly to our customers, primarily large multi-national wind turbine manufacturers, under our supply agreements. For further information regarding our reportable segments, refer to Note 22, Segment Reporting . Contract Assets and Liabilities Contract assets consist of the amount of revenue recognized over time for performance obligations in production where control has transferred to the customer, but the contract does not yet allow for the customer to be billed. Typically, customers are billed when the product finishes production and meets the technical specifications contained in the contract. The time it takes to produce a single wind blade is typically between 5 to 7 days . The time it takes to produce a mold is typically between 3 to 6 months. The majority of the contract asset balance relates to materials procured based on customer specifications. The contract assets are recorded as current assets in the consolidated balance sheets. Contract liabilities consist of advance payments in excess of revenue earned. These amounts primarily represent progress payments received as precision molding and assembly systems are being manufactured. The contract liabilities are recorded as current liabilities in the consolidated balance sheets and are reduced as we record revenue over time. These contract assets and liabilities are reported on the consolidated balance sheets net on a contract-by-contract basis at the end of each reporting period, as demonstrated in the table below. Contract assets and contract liabilities as of December 31 consisted of the following: 2022 2021 $ Change (in thousands) Gross contract assets $ 231,487 $ 169,366 $ 62,121 Less: reclassification from contract liabilities ( 15,548 ) ( 8,336 ) ( 7,212 ) Contract assets $ 215,939 $ 161,030 $ 54,909 2022 2021 $ Change (in thousands) Gross contract liabilities $ 32,648 $ 9,610 $ 23,038 Less: reclassification to contract assets ( 15,548 ) ( 8,336 ) ( 7,212 ) Contract liabilities $ 17,100 $ 1,274 $ 15,826 Contract assets increased by $ 54.9 million from December 31, 2021 to December 31, 2022 primarily due to incremental unbilled production during the year ended December 31, 2022. Contracts liabilities increased by $ 15.8 million from December 31, 2021 to December 31, 2022 due to the amounts billed to customers exceeding the revenue earned related to wind blades being produced during the year ended December 31, 2022. For the years ended December 31, 2022, 2021 and 2020 , we recognized revenue of $ 1.3 million, $ 0.6 million and $ 3.0 million, respectiv ely, related to precision molding and assembly systems and wind blades, which was included in the corresponding contract liability balance at the beginning of the period. Performance Obligations Remaining performance obligations represent the transaction price for which work has not been performed and excludes any unexercised contract options. As discussed in Note 1, Summary of Operations and Summary of Significant Accounting Policies – (d) Revenue Recognition , the transaction price includes estimated variable consideration as determined based on the estimated production output within the range of the contractual guaranteed minimum volume obligations and production capacity. As of December 31, 2022, the aggregate amount of the transaction price allocated to the remaining performance obligations to be satisfied in future periods was approximately $ 1.6 billion. We estimate that we will recognize the remaining performance obligations as revenue as follows: $ % of Total (in thousands) Year Ending December 31, 2023 $ 1,218,468 76.0 % 2024 294,347 18.3 2025 91,940 5.7 Total remaining performance obligations $ 1,604,755 100.0 % For the year ended December 31, 2022, net revenue recognized from our performance obligations satisfied in previous periods increased by $ 8.5 million. The current year increase primarily relates to changes in certain of our estimated total contract values and related direct costs to complete the performance obligations. Pre-Production Investments We recognize an asset for deferred costs incurred to fulfill a contract when those costs meet all of the following criteria: (a) the costs relate directly to a contract or to an anticipated contract that we can specifically identify; (b) the costs generate or enhance our resources that will be used in satisfying performance obligations in the future; and, (c) the costs are expected to be recovered. We capitalize the costs related to training our workforce to execute the manufacturing services and other facility set-up costs related to preparing for production of a specific contract. We factor these costs into our estimated cost analysis for the overall contract. Costs capitalized are amortized over the number of units produced during the contract term. As of December 31, 2022, the cost and accumulated amortization of such assets totaled $ 8.5 million and $ 6.0 million, respectively. As of December 31, 2021, the cost and accumulated amortization of such assets totaled $ 6.8 million and $ 4.9 million, respectively. These amounts are included in intangible assets and deferred costs, net in the consolidated balance sheet. See Note 8, Intangible Assets and Deferred Costs, Net . In applying the practical expedient as permitted under FASB ASU 2014-09, Revenue from Contracts with Customers (Topic 606), we recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less. These costs are included in cost of goods sold. |
Significant Risks and Uncertain
Significant Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Significant Risks and Uncertainties | Note 4. Significant Risks and Uncertainties Our revenues and receivables are earned from a small number of customers. As such, our production levels are dependent on these customers’ orders. See Note 21, Concentration of Customers . The after-effects of the COVID-19 pandemic, the current geopolitical situation, and economic environment, including with respect to inflation, continue to evolve and affect supply chain performance and underlying assumptions in various ways – specifically with volatility in commodity, energy, and logistics costs. We expect the prices of resin, carbon fiber, fiberglass and other raw materials to remain elevated in the near term compared to pre-pandemic levels. We also expect logistics costs to remain elevated from pre-pandemic levels. However, we have seen prices stabilize and logistics costs have come down over 2022. In 2023, we believe our supply chain costs will be flat to slightly down compared to 2022. If the prices for these raw materials and logistics costs revert back to the levels we experienced in 2021 and 2022, such elevated price levels could have a material impact on our results of operations. In January 2024, we will be required to start to pay dividends quarterly in cash to the Series A Preferred Stockholders. See Note 15, Mezzanine Equity , for further discussion of our Series A Preferred Stock. In August 2022, the U.S. Congress passed the Inflation Reduction Act of 2022 (IRA) which effectively extended the PTC until the later of 2032 or when greenhouse gas emissions have been reduced by 75 % compared to 2022. In addition, a new advanced manufacturing production tax credit (AMPC) was created that can be claimed for the domestic production and sale of clean energy components, such as wind turbine blades. In May 2022, the EU announced the REPowerEU plan which seeks to rapidly reduce the EU's dependence on fossil fuels by 2027. Furthermore, the EU introduced the Green Deal Industrial Plan that is expected to further accelerate the expansion of renewable energy and green technologies including easing state aid rules to enable higher subsidies. A key component of the Green Deal Industrial Plan is the Net-Zero Industry Act to simplify regulations, speed up permits and promote cross-border projects to accelerate climate neutrality. Although we are encouraged by the passing of the IRA and the expected long-term incentive certainty that the IRA provides in the U.S. market, the wind industry is waiting on guidance from the Internal Revenue Service (IRS) and U.S. Treasury Department, among others, to define and clarify the implementation of this complex legislation. We maintain our U.S. cash in bank deposit and money market accounts that, at times, exceed U.S. federally insured limits. U.S. bank accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) in an amount up to $ 250,000 during 2022 and 2021. U.S money market accounts are not guaranteed by the FDIC. As of December 31, 2022 and 2021, we had $ 124.4 million and $ 165.3 million, of cash in bank deposit and money market accounts in high quality U.S. banks, which was in excess of FDIC limits. We have not experienced losses in any such accounts. As of December 31, 2022 and 2021 , we had $ 9.9 million and $ 10.0 million, respectively of cash held as collateral for various instruments, primarily for letters of guarantee used for customs clearance related to our India location, that were previously collateralized with our senior secured credit facility. These amounts are reported as restricted cash in our consolidated balance sheets. We also maintain cash in bank deposit accounts outside the U.S. with no insurance. As of December 31, 2022, this included $ 2.4 million in Türkiye, $ 4.7 million in India, $ 1.4 million in Mexico and $ 0.7 million in other countries. As of December 31, 2021 , this included $ 42.6 million in Türkiye, $ 5.7 million in India, $ 2.1 million in Mexico and $ 0.5 million in other countries. We have not experienced losses in these accounts. In addition, at December 31, 2022 and 2021, we had unrestricted cash and cash equivalents related to our discontinued operations of $ 9.7 million and $ 25.9 million, respectively. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Accounts Receivable | Note 5. Accounts Receivable Accounts receivable as of December 31 consisted of the following: 2022 2021 (in thousands) Trade accounts receivable $ 181,322 $ 149,784 Other accounts receivable 3,487 3,208 Total accounts receivable $ 184,809 $ 152,992 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Note 6. Other Current Assets Other current assets as of December 31 consisted of the following: 2022 2021 (in thousands) Refundable value-added tax $ 25,331 $ 19,191 Deposits 586 1,238 Other current assets 135 1,588 Total current assets $ 26,052 $ 22,017 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 7. Property, Plant and Equipment, Net Property, plant and equipment, net as of December 31 consisted of the following: 2022 2021 (in thousands) Machinery and equipment $ 199,406 $ 167,063 Leasehold improvements 63,423 45,426 Office equipment and software 41,114 36,506 Furniture 22,249 13,746 Vehicles 872 613 Construction in progress 5,575 8,644 Total property, plant and equipment, gross 332,639 271,998 Accumulated depreciation ( 195,798 ) ( 129,385 ) Total property, plant and equipment, net $ 136,841 $ 142,613 Total depreciation for the years ended December 31, 2022, 2021 and 2020 was $ 37.5 million, $ 34.5 million and $ 33.5 million, respectively. |
Intangible Assets and Deferred
Intangible Assets and Deferred Costs, Net | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Deferred Costs, Net | Note 8. Intangible Assets and Deferred Costs, Net Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2022, consisted of the following: Estimated Cost Accumulated Net (in thousands) Pre-production investments (1) Various $ 8,480 $ ( 6,045 ) $ 2,435 Patents 10 years 107 ( 37 ) 70 Acquired development tools 10 years 934 ( 327 ) 607 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 9,671 $ ( 6,409 ) $ 3,262 Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2021, consisted of the following: Estimated Cost Accumulated Net (in thousands) Pre-production investments (1) Various $ 6,809 $ ( 4,915 ) $ 1,894 Patents 10 years 113 ( 28 ) 85 Acquired development tools 10 years 991 ( 248 ) 743 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 8,063 $ ( 5,191 ) $ 2,872 (1) See Note 3, Net Sales, for a further discussion of these pre-production investments. During the years ended December 31, 2022, 2021 and 2020, we recorded amortization expense for the intangible assets and deferred costs of $ 1.3 million, $ 3.1 million and $ 0.5 million, respectively. |
Other Noncurrent Assets
Other Noncurrent Assets | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets, Noncurrent [Abstract] | |
Other Noncurrent Assets | Note 9. Other Noncurrent Assets Other noncurrent assets as of December 31 consisted of the following: 2022 2021 (in thousands) Deferred tax assets $ 9,555 $ 10,812 Deposits 9,362 10,336 Other 2,875 2,460 Total other noncurrent assets $ 21,792 $ 23,608 |
Accrued Warranty
Accrued Warranty | 12 Months Ended |
Dec. 31, 2022 | |
Product Warranties Disclosures [Abstract] | |
Accrued Warranty | Note 10. Accrued Warranty Warranty accrual as of December 31 consisted of the following: 2022 2021 2020 (in thousands) Warranty accrual at beginning of year $ 42,020 $ 50,852 $ 47,639 Accrual during the year 13,598 20,650 20,029 Cost of warranty services provided during the year ( 36,227 ) ( 23,174 ) ( 29,890 ) Changes in estimate for pre-existing warranties, 2,956 ( 6,308 ) 13,074 Warranty accrual at end of year $ 22,347 $ 42,020 $ 50,852 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 11. Share-Based Compensation The share-based compensation expense recognized in the consolidated statements of operations for the years ended December 31 was as follows: 2022 2021 2020 (in thousands) Cost of goods sold $ 2,701 $ 1,943 $ 1,103 General and administrative expenses 11,758 5,871 8,373 Total share-based compensation expense $ 14,459 $ 7,814 $ 9,476 The share-based compensation expense recognized by award type for the years ended December 31 was as follows: 2022 2021 2020 (in thousands) RSUs $ 11,030 $ 5,221 $ 4,212 Stock options 889 1,118 3,206 PSUs 2,540 1,475 2,058 Total share-based compensation expense $ 14,459 $ 7,814 $ 9,476 Included in total share-based compensation expense for the year ended December 31, 2020 is $ 1.7 million of compensation expense associated with the modification of an associate and two non-employee awards during the period. The modifications primarily provided for the extension of the post termination exercise period of outstanding stock options, resulting in a one-time charge in the year ended December 31, 2020. The summary of activity for our incentive plans, including discontinued operations, is as follows: Stock Options RSUs PSUs Shares Shares Weighted- Options Units Weighted- Units Weighted- Balance as of December 31, 2019 6,621,512 2,594,228 $ 14.29 1,697,272 354,427 $ 24.99 491,718 $ 19.00 Increase in shares authorized 1,407,228 — — — — — — Granted ( 1,044,491 ) 261,181 28.49 461,732 22.43 321,578 11.13 Exercised/vested — ( 1,195,405 ) 13.25 ( 117,683 ) 22.81 ( 131,924 ) 12.53 Forfeited/cancelled 221,289 ( 160,418 ) 20.40 ( 30,022 ) 25.06 ( 30,849 ) 19.02 Balance as of December 31, 2020 7,205,538 1,499,586 16.94 959,233 668,454 23.60 650,523 16.42 Granted ( 312,173 ) 5,000 24.76 168,993 49.21 138,180 43.97 Exercised/vested — ( 371,971 ) 14.01 ( 135,621 ) 22.39 ( 139,924 ) 15.19 Forfeited/cancelled 469,827 ( 134,489 ) 26.12 ( 65,220 ) 31.86 ( 270,118 ) 23.99 Balance as of December 31, 2021 7,363,192 998,126 16.84 779,149 636,606 29.81 378,661 21.53 Granted ( 1,328,995 ) 254,465 17.05 876,492 16.40 198,038 12.13 Exercised/vested — — — ( 137,695 ) 31.28 ( 149,733 ) 7.43 Forfeited/cancelled 280,816 ( 71,620 ) 25.54 ( 81,696 ) 23.76 ( 127,500 ) 18.47 Balance as of December 31, 2022 6,315,013 1,180,971 $ 16.36 804,473 1,293,707 $ 20.95 299,466 $ 23.67 The balance of PSUs outstanding as of December 31, 2022, includes 168,570 units with market conditions related to achieving certain stock price hurdles during the relevant performance periods, and 130,896 units with other non-market performance conditions. The fair value of RSUs and PSUs, based on the share price on the date of vesting, which vested during the years ended December 31, 2022, 2021 and 2020 was $ 3.3 million, $ 9.0 million and $ 10.4 million, respectively. In addition, during 2022, 2021 and 2020 , we repurchased 86,976 shares, 31,310 shares and 61,920 shares for $ 1.0 million, $ 0.5 million and $ 2.2 million, respectively, related to tax withholding requirements on vested RSU and PSU awards. The following table summarizes the outstanding and exercisable stock option awards, including discontinued operations, as of December 31, 2022: Options Outstanding Options Exercisable Range of Exercise Prices: Shares Weighted- Weighted- Shares Weighted- $ 10.87 495,460 2.4 $ 10.87 495,460 $ 10.87 $ 11.00 to $ 17.06 112,416 6.4 14.92 55,738 16.16 $ 18.00 to $ 18.70 205,671 6.6 18.02 5,671 18.70 $ 18.77 to $ 29.56 367,424 7.0 23.27 247,604 22.81 $ 10.87 to $ 29.56 1,180,971 5.0 $ 16.36 804,473 $ 14.97 The following table contains additional information pertaining to stock options, including discontinued operations, for the years ended December 31: 2022 2021 2020 (in thousands) Total intrinsic value of stock options outstanding $ — $ 2,032 $ 53,741 Total intrinsic value of stock options exercisable — 2,032 38,367 Cash received from the exercise of stock options — 5,211 15,839 Intrinsic fair value of stock options vested 4,761 4,641 4,669 As of December 31, 2022 , the unamortized cost of the outstanding RSUs and PSUs was $ 8.5 million and $ 2.1 million, respectively, which we expect to recognize in the consolidated financial statements over weighted-average periods of approximately 1.4 years and 1.5 years, respectively. Additionally, the total unrecognized cost related to non-vested stock option awards was $ 1.9 million, which we expect to recognize in the consolidated financial statements over a weighted-average period of approximately 2.1 years. The fair value of the stock options granted during the years ended December 31 were calculated using the Black-Scholes option pricing model with the following assumptions: 2022 2021 2020 Weighted-average fair value $ 8.05 $ 13.27 $ 13.11 Expected volatility 66.4 % 55.9 % 48.5 % Expected life 5.0 years 6.3 years 6.1 years Risk-free interest rate 3.5 % 1.4 % 0.4 % Dividend yield 0.0 % 0.0 % 0.0 % |
Long-Term Debt, Net of Debt Iss
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | Note 12. Long-Term Debt, Net of Current Maturities Long-term debt, net of current maturities, as of December 31 consisted of the following: 2022 2021 (in thousands) Unsecured financing—EMEA $ 43,556 $ 48,444 Secured and unsecured working capital—India 15,246 10,269 Unsecured term loan—India — 8,109 Equipment finance leases—Mexico 1,909 5,821 Equipment finance leases—EMEA 443 1,884 Other equipment finance leases 19 119 Total debt—principal 61,173 74,646 Less: Current maturities of long-term debt ( 59,975 ) ( 66,438 ) Long-term debt, net of current maturities $ 1,198 $ 8,208 The following table summarizes borrowings under these facilities as of December 31: 2022 2021 Credit Facilities Interest Rates Total Borrowing Capacity Outstanding Balance Total Borrowing Capacity Outstanding Balance (in thousands) Unsecured financing—EMEA 8.65 - 10.50 % $ 108,558 $ 43,556 $ 96,187 $ 48,444 Secured and unsecured working capital—India 6.50 - 7.37 % 15,261 15,246 10,356 10,269 Total credit facilities 123,819 58,802 106,543 58,713 Equipment financing and term debt Interest Rates Total Facility Outstanding Balance Total Facility Outstanding Balance Unsecured term loan—India 3.67 % — — 8,109 8,109 Equipment finance leases—Mexico 3.25 - 6.65 % 12,205 1,909 22,978 5,821 Equipment finance leases—EMEA 6.00 % 10,000 443 10,000 1,884 Other equipment finance leases 9.00 - 9.75 % 65 19 220 119 Total equipment financing and term debt 22,270 2,371 41,307 15,933 Total debt—principal $ 146,089 $ 61,173 $ 147,850 $ 74,646 U.S.: In November 2021, we used the net proceeds from the issuance and sale of the Series A Preferred Stock to repay all outstanding indebtedness under our senior revolving loan and letter of credit sub-facility (the Credit Agreement) and terminated our Credit Agreement. EMEA: In general, all of the credit agreements which the EMEA segment enters into have provisions which allow them to borrow in either U.S. dollars, Turkish Lira or Euro, regardless of the currency in which the agreement is denominated. In addition, none of the credit agreements have an expiration date, however each credit agreements’ limits are reviewed annually to establish available capacity, and every time we draw under one of the credit agreements a term is set for the respective draw's repayment. As of December 31, 2022 and 2021 , available capacity under the EMEA unsecured financing agreements was reduced by $ 3.4 million and $ 5.4 million, respectively, for outstanding letters of credit. In addition to the total borrowing capacity above, as of December 31, 2022 and 2021 , the various EMEA general credit agreements provided for additional financing up to approximately $ 5.2 million and $ 14.9 million related to letters of credit and other non-cash items, of which approximately $ 0.1 million and $ 0.1 million were outstanding as of the end of each year, respectively. Interest on the letters of credit and other non-cash items accrue at fixed rates of between 0.35 % and 6.95 % and are generally payable quarterly until the letters of credit are closed. Due to the short-term nature of the unsecured financings in the EMEA segment, we estimate that fair-value approximates the face value of the notes. Mexico: In September 2021, we entered into a sale-lease agreement with a leasing company for the initial lease of up to $ 7.5 million of machinery and equipment at our Matamoros, Mexico facility. The lease includes an implied effective interest rate of 4.1 % annually and requires monthly payments during the 48-month term. The amount outstanding under this agreement as of December 31, 2022 was $ 1.2 million. India: In May 2021, we entered into a three-year unsecured term loan with an Indian financial institution to provide up to 600.0 million Indian rupee (approximately $ 7.2 million as of December 31, 2022 ) of unsecured financing. Interest on the term loan accrues at a fixed rate of 3.67 % and is payable in quarterly installments starting in May 2022. The term loan was fully repaid in August 2022. Subsequently in August 2022, we increased the borrowing capacity of unsecured financing to be used for working capital under our existing general credit agreement with the same Indian financial institution from 400.0 million Indian Rupee (approximately $ 4.8 million as of December 31, 2022) to 850.0 million Indian Rupee (approximately $ 10.3 million as of December 31, 2022). Each borrowing on the working capital loan accrues interest at a fixed rate and is payable at the end of the term when the loan is repaid. The balance outstanding as of December 31, 2022 was $ 10.3 million and interest rates ranging from 6.50 % to 6.80 %. In October 2022, we borrowed a total of $ 5.0 million in unsecured financing under our existing general credit agreement to be used for working capital. Interest on the working capital loan accrues at fixed rates ranging from 7.35 % to 7.37 % and is payable at the end of October 2023. The average interest rate on our short-term borrowings as of December 31, 2022 and 2021 was approximately 8.96 % and 3.74 %, respectively. The future aggregate annual principal maturities of debt as of December 31, 2022 are as follows: Year Ending December 31, (in thousands) 2023 $ 59,975 2024 819 2025 372 2026 7 Total debt—principal $ 61,173 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 13. Leases We have operating and finance leases for our manufacturing facilities, warehouses, offices, automobiles and certain of our machinery and equipment. Our leases have remaining lease terms of between one and 13 years , some of which may include options to extend the leases up to five years . The components of lease cost for the years ended December 31 were as follows: 2022 2021 (in thousands) Total operating lease cost $ 39,680 $ 34,955 Finance lease cost Amortization of assets under finance leases $ 4,165 $ 3,662 Interest on finance leases 300 637 Total finance lease cost $ 4,465 $ 4,299 Total lease liabilities as of December 31 were as follows: 2022 2021 (in thousands) Operating Leases Operating lease right of use assets $ 152,312 $ 129,203 Current operating lease liabilities $ 22,220 $ 22,275 Noncurrent operating lease liabilities 133,363 136,613 Total operating lease liabilities $ 155,583 $ 158,888 Finance Leases Property, plant and equipment, gross $ 35,948 $ 26,405 Less: accumulated depreciation ( 24,272 ) ( 13,782 ) Total property, plant and equipment, net $ 11,676 $ 12,623 Current maturities of long-term debt $ 1,174 $ 5,435 Long-term debt, net of debt issuance costs and current maturities 1,197 2,389 Total finance lease liabilities $ 2,371 $ 7,824 F uture minimum lease payments under noncancelable leases as of December 31, 2022 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, 2023 $ 33,986 $ 1,313 2024 31,474 790 2025 30,912 437 2026 29,783 10 2027 25,556 — Thereafter 50,786 — Total future minimum lease payments 202,497 2,550 Less: interest ( 46,914 ) ( 179 ) Total lease liabilities $ 155,583 $ 2,371 Supplemental cash flow information related to leases for the years ended December 31 was as follows: 2022 2021 (in thousands) Cash paid for amounts included in the Operating cash flows from operating leases $ 38,542 $ 33,299 Operating cash flows from finance leases 300 637 Financing cash flows from finance leases 5,100 5,750 Right of use assets obtained in exchange Operating leases 25,131 13,232 Finance leases 215 1,817 Other information related to leases as of December 31 was as follows: 2022 2021 Weighted-Average Remaining Lease Term Operating leases 6.4 6.7 Finance leases 2.1 1.9 Weighted-Average Discount Rate: Operating leases 8.3 % 8.2 % Finance leases 6.4 % 5.8 % As of December 31, 2022 , we have an additional lease related to office space totaling approximately $ 1.3 million which has not yet commenced, but which we expect will commence in the first quarter of 2023 with an initial term of seven years. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 14. Financial Instruments Foreign Exchange Forward Contracts We use foreign exchange forward contracts to mitigate our exposure to fluctuations in exchange rates between the functional currencies of our subsidiaries and the other currencies in which they transact. We do not use such forward contracts for speculative or trading purposes. Mexican Peso All of our remaining outstanding foreign exchange forward contracts (excluding those with call options) expired during the year ended December 31, 2021. All of our remaining outstanding foreign exchange call option contracts expired during the year ended December 31, 2022. With regards to our foreign exchange call option contracts, for the years ended December 31, 2022, 2021 and 2020, $ 1.5 million, $ 2.9 million and $ 0.2 million of premium amortization was recorded through cost of sales within our consolidated statements of operations, respectively. As of December 31, 2022, and 2021 the notional values associated with our foreign exchange call option contracts qualifying as cash flow hedges were zero and 0.4 billion Mexican Pesos (approximately $ 20.2 million), respectively. Chinese Renminbi All of our remaining outstanding foreign exchange forward contracts, for which hedge accounting does not apply, expired during the year ended December 31, 2022. With regards to our foreign exchange forward contracts, for the years ended December 31, 2022, 2021 and 2020, $ 0.1 million, $ 2.2 million and $ 1.8 million in gains were recorded through foreign currency loss within our consolidated statements of operations, respectively. India Rupee In November 2020, we entered into a monthly foreign exchange forward contract to hedge our exposure to exchange rate fluctuations on certain balance sheet amounts recorded on our India entities that are not the entities' functional currency. Hedge accounting does not apply to the foreign exchange forward contracts, all of which expired during the year ended December 31, 2021. For the year ended December 31, 2021 , $ 0.7 million in gains were recorded through foreign currency loss within our consolidated statements of operations. Beginning June 2021, we entered into a monthly foreign exchange call option contract to hedge the same exposure. Hedge accounting does not apply to the foreign exchange call option contract, which expired during the year ended December 31, 2022. For the years ended December 31, 2022 and 2021, $ 0.2 million and $ 2.8 million in gains were recorded through foreign currency loss within our consolidated statements of operations, respectively. Additionally, with regards to our foreign exchange call option contract, for the year ended December 31, 2022, and 2021 $ 1.0 million and $ 0.7 million of premium amortization was recorded as losses through foreign currency loss within our consolidated statements of operations, respectively. All of our derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. For a detailed discussion of the fair value hierarchy, refer to the discussion in Note 1, Summary of Operations and Summary of Significant Accounting Policies – Fair Value of Financial Instruments. The fair values and location of financial instruments in our consolidated balance sheets as of December 31, were as follows: Consolidated Balance Financial Instrument Sheet Line Item 2022 2021 (in thousands) Foreign exchange forward contracts Other current assets $ — $ 1,580 Foreign exchange forward contracts Accounts payable and accrued — 1,052 The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our consolidated statements of operations: Comprehensive Income Consolidated Statement of (Loss) Component Operations Line Item 2022 2021 2020 (in thousands) Foreign exchange forward Cost of sales $ ( 2,078 ) $ ( 3,037 ) $ 996 |
Mezzanine Equity
Mezzanine Equity | 12 Months Ended |
Dec. 31, 2022 | |
Mezzanine Equity | |
Mezzanine Equity | Note 15. Mezzanine Equity On November 22, 2021 (“Series A Preferred Stock Closing Date”), we issued 350,000 shares of our preferred stock, at a price of $ 1,000 per share, for aggregate gross proceeds of $ 350.0 million. We designated this preferred stock as Series A Preferred Stock (our "Series A Preferred Stock") and warrants to purchase an aggregate of 4,666,667 share of our Common Stock (the “Warrants”) at an exercise price of $ 0.01 per share. Our Series A Preferred Stock is classified as mezzanine equity in our consolidated financial statements as redemption has been deemed probable. We have determined there are embedded features that require recognition as a compound derivative liability (“Compound Derivative”). We allocated the gross proceeds of $ 350.0 million first to the standalone fair value of the compound derivative, which as of the Series A Preferred Stock Closing Date and December 31, 2021 was $ 0.0 million, with the remaining proceeds allocated to the Series A Preferred Stock and Warrants based on the relative fair value of each instrument, resulting in $ 252.7 million being allocated to the Series A Preferred Stock, and $ 97.3 million being allocated to the Warrants. We incurred $ 10.7 million in issuance costs associated with the Series A Preferred Stock. These costs are allocated to the Series A Preferred Stock, and the Warrants consistent with the allocation of proceeds. As of December 31, 2022 , the carrying value of our Series A Preferred Stock, net of issuance costs, is $ 310 million, and holders have earned unpaid dividends in the amount of $ 44.7 million. We expect these dividends will be paid in kind for the first two years following the Series A Preferred Stock Closing Date. If the Series A Preferred Stock was redeemed in full as of December 31, 2022 , the redemption amount would be $ 475.7 million. This redemption value includes (i) the par value of all currently outstanding Series A Preferred Shares, (ii) accrued paid-in-kind (PIK) dividends, (iii) remaining cash dividends through the third anniversary, and (iv) the applicable redemption premium of 102 %. Dividends —The holders of our Series A Preferred Stock are entitled to dividends. The dividend rate is 11.0 % per annum and compounds on a quarterly basis. The dividend rate will increase by 2.0 % per annum: (i) on the fifth anniversary date of the Series A Preferred Stock Closing Date and on each anniversary thereafter, (ii) to the extent that the we fail to pay any dividend that is required to be paid in cash, (iii) if we are in material breach of its covenants under the Series A Preferred Stock Purchase Agreement and related exhibits, or if we experience a bankruptcy or insolvency event, or if certain other events of noncompliance occur, (iv) in the event we fail to maintain a specified fixed charge dividend coverage ratio, and (v) in respect of any Series A Preferred Stock issued as curative equity in accordance with the Investor Rights Agreement; provided that in no event shall the dividend rate exceed 20.0 %. On or prior to the second anniversary of the Series A Preferred Stock Closing Date, we may pay dividends either in cash or “in kind”. Following the second anniversary of the Series A Preferred Stock Closing Date, dividends shall be payable only in cash. Voting Rights — The holders of Series A Preferred Stock do not have any voting rights or rights to convert such preferred shares into shares of Common Stock. We must obtain the prior written consent of the holders of a majority of the outstanding shares of Series A Preferred Stock for, among other things: (i) amending our organizational documents to the extent such amendment has an adverse effect on the holders of the Series A Preferred Stock, (ii) effecting any change of control, liquidation event or merger or consolidation of us unless the entirety of the applicable Series A Preferred Stock price is paid with respect to all the then issued and outstanding Series A Preferred Stock, (iii) increasing or decreasing the number of authorized shares of Series A Preferred Stock, (iv) making certain material acquisitions or dispositions or entering into joint ventures or similar transactions, (v) incurring indebtedness except for indebtedness incurred under its existing loan facilities and agreements so long as the total amount of such indebtedness does not exceed $ 80.0 million, (vi) committing to any capital expenditures or agreements to construct or acquire new manufacturing facilities, and (vii) certain other specified actions, such as entering into single capital expenditure projects greater than $ 10.0 million and/or annual total capital expenditures greater than $ 30.0 million. Redemption — We will have the right to redeem all or any portion of the Series A Preferred Stock at any time by paying the applicable redemption price; provided, however, that no optional redemption will be permitted that would result in less than 10 % of the shares of Series A Preferred Stock remaining outstanding following such redemption unless all remaining shares of Series A Preferred Stock are redeemed. The holders of the Series A Preferred Stock will have the option to require us to redeem any portion of the Series A Preferred Stock at any time after the fifth anniversary of the Series A Preferred Stock Closing Date or an event of noncompliance occurs. We shall be required to redeem all of the outstanding shares of Series A Preferred Stock automatically upon the occurrence of (i) a change of control or a liquidation event, or (ii) any insolvency event. Upon consummation of any such mandatory redemption, we shall pay to the holders from whom such shares were redeemed an amount that would equal the applicable redemption price effective as of the date of the event. The redemption price includes a redemption premium, which varies based on the date of redemption. Upon redemption prior to the third anniversary of the Series A Preferred Stock Closing Date, the Company is required to pay all dividends that would have otherwise accrued from the date of redemption through the third anniversary of the Series A Preferred Stock Closing Date. Liquidation Rights —Upon our liquidation, dissolution, or winding up, holders of our Series A Preferred Stock will be entitled to receive cash out of our assets prior to holders of the common stock. Financial Covenants —We must maintain cash on hand of $ 50.0 million in the U.S., and beginning December 31, 2023, and quarterly thereafter, compliance with a fixed charge-dividend coverage ratio of 1.10 to 1.00. Warrants —In August 2022, the Series A Preferred Stockholders exercised the outstanding, fully vested warrants at a price of $ 0.01 per share to purchase an aggregate of 4,666,667 shares of common stock on a cashless basis, resulting in the net issuance to the Series A Preferred Stockholders of an aggregate of 4,664,155 shares of common stock. Compound Derivative — Certain features embedded with the Series A Preferred Stock are required to be bifurcated as derivative instruments. The compound derivative instrument is recorded at fair value and marked-to-market each reporting period with changes in fair value being reflected in earnings. As of December 31, 2022 , the compound derivative had a value of $ 0.0 million. For the year ended December 31, 2022 , there were no mark-to-market adjustments recorded through earnings. |
Restructuring charges, net
Restructuring charges, net | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring charges, net | Note 16. Restructuring charges, net Restructuring charges, net for the years ended December 31 were as follows: Year Ended December 31, 2022 U.S. Mexico EMEA Total (in thousands) Severance $ 113 $ ( 794 ) $ 472 $ ( 209 ) Other restructuring costs 472 — — 472 Total restructuring charges, net $ 585 $ ( 794 ) $ 472 $ 263 Year Ended December 31, 2021 U.S. Mexico EMEA Total (in thousands) Severance $ 4,780 $ 6,629 $ 1,131 $ 12,540 Other restructuring costs 3 — — 3 Total restructuring charges, net $ 4,783 $ 6,629 $ 1,131 $ 12,543 Year Ended December 31, 2020 U.S. Mexico EMEA Total (in thousands) Severance $ — $ — $ — $ — Other restructuring costs 205 — — 205 Total restructuring charges, net $ 205 $ — $ — $ 205 The following is a summary of our restructuring liability activity for the periods presented: U.S. Mexico EMEA Total (in thousands) Balance at December 31, 2019 $ — $ — $ — $ — Restructuring charges, net 205 — — 205 Payments ( 205 ) — — ( 205 ) Balance at December 31, 2020 — — — — Restructuring charges, net 4,783 6,629 1,131 12,543 Payments ( 2,145 ) ( 4,468 ) ( 1,131 ) ( 7,744 ) Balance at December 31, 2021 2,638 2,161 — 4,799 Restructuring charges, net 585 ( 794 ) 472 263 Payments ( 2,766 ) ( 1,367 ) ( 442 ) ( 4,575 ) Balance at December 31, 2022 $ 457 $ — $ 30 $ 487 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17. Commitments and Contingencies Legal Proceedings From time to time, we may be involved in disputes or litigation relating to claims arising out of its operations. In January 2021, we received a complaint that was filed by the administrator for the Senvion Gmbh (Senvion) insolvency estate in German insolvency court. The complaint asserts voidance against us in the aggregate amount of $ 13.3 million. The alleged voidance claims relate to payments that Senvion made to us for wind blades that we produced prior to Senvion filing for insolvency protection. We filed a response to these alleged voidance claims in August 2021 and filed a supplemental response in April 2022. We believe we have meritorious defenses to the alleged voidance claims. Due to the early stage of this claim, we have determined that the ultimate outcome cannot be estimated at this time. From time to time, we are party to various lawsuits, claims, and other legal proceedings that arise in the ordinary course of business, some of which are covered by insurance. Upon resolution of any pending legal matters, we may incur charges in excess of presently established reserves. Our management does not believe that any such charges would, individually or in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows. Insurance/Self-Insurance We use a combination of insurance and self-insurance for a number of risks, including claims related to our associate health care, workers’ compensation and general liability. Liabilities associated with these risks are estimated based on, among other things, historical claims experience, severity factors, and other actuarial assumptions. Our loss exposure related to self-insurance is limited by stop loss coverage on a per occurrence and aggregate basis. We regularly analyze our reserves for incurred but not reported claims, and for reported but not paid claims related to our self-funded insurance programs. While we believe our reserves are adequate, significant judgment is involved in assessing these reserves such as assessing historical paid claims, average lags between the claims’ incurred date, reported dates and paid dates, and the frequency and severity of claims. There may be differences between actual settlement amounts and recorded reserves and any resulting adjustments are included in expense once a probable amount is known. Dividend Restrictions Certain of our subsidiaries are limited in their ability to declare dividends without first meeting statutory restrictions of China, including retained earnings as determined under Chinese-statutory accounting requirements. Until 50 % ($16.1 million) of registered capital is contributed to a surplus reserve, our China discontinued operations can only pay dividends equal to 90 % of after-tax profits ( 10 % must be contributed to the surplus reserve). Once the surplus reserve fund requirement is met, our China discontinued operations can pay dividends equal to 100 % of after-tax profit assuming other conditions are met. As of December 31, 2022 , the amount of the surplus reserve fund was $ 1.5 million. In July 2021, one of our subsidiaries in China paid a dividend of approximately $ 19.5 million, net of withholding taxes, to our subsidiary in Switzerland. In November 2022, one of our subsidiaries in China made a return of capital of approximately $ 18.0 million, to our subsidiary in Switzerland. In December 2022, our subsidiaries in China paid dividends of approximately $ 3.9 million, net of withholding taxes, to our subsidiaries in the U.S. and Switzerland. We plan to shut down our business operations in China in the next 12 months. After all assets and liabilities related to our discontinued operations have been disposed of and/or sold, and after all legal and Chinese-statutory requirements have been met, our subsidiaries in China may distribute any remaining shareholders’ equity, including retained earnings, to our subsidiary in Switzerland. Collective Bargaining Agreements Certain of our associates in Türkiye and Matamoros, Mexico are covered by collective bargaining agreements. Our collective bargaining agreement with our associates in Türkiye was in effect through the end of 2022. We are in the process of negotiating an amendment to this agreement for 2023. We have separate collective bargaining agreements for each of our Matamoros, Mexico manufacturing facilities. We amended a collective bargaining agreement at one of our Matamoros, Mexico manufacturing facilities to adjust the salaries and bonuses payable to our associates for calendar year 2022, and this collective bargaining agreement is in effect through March 2023. We have a collective bargaining agreement for our other facility in Matamoros, Mexico that we took over from Nordex, which is in effect through April 2023. Escheat Audit In November 2020, we were notified by the state of Delaware that they intend to examine our books and records to determine compliance with Delaware escheat laws. Since that date, additional states have joined with Delaware in the audit process and additional states may join in the audit process. The audit is conducted by an outside firm on behalf of the states and covers the period from 2005 to 2019. We believe that the audits may take several years to complete. Due to the preliminary stage of this audit, we have determined that the ultimate outcome cannot be reasonably estimated at this time. Any claims or liabilities resulting from these audits could have a material impact on our financial condition, results of operations and cash flows. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 18. Income Taxes Total income taxes for the years ended December 31, 2022, 2021 and 2020 were allocated as follows: 2022 2021 2020 (in thousands) Income tax provision from continuing operations $ ( 29,613 ) $ ( 29,826 ) $ ( 7,414 ) Income tax (provision) benefit from ( 6,194 ) 3,066 ( 3,870 ) Total income tax provision $ ( 35,807 ) $ ( 26,760 ) $ ( 11,284 ) Geographic sources of income (loss) before income taxes from continuing operations are as follows for the years ended December 31: 2022 2021 2020 (in thousands) U.S. $ ( 123,795 ) $ ( 153,273 ) $ ( 49,096 ) Türkiye 60,301 ( 8,551 ) ( 26,566 ) Mexico 14,034 10,297 8,509 India 24,639 26,453 ( 13,810 ) Other ( 1,116 ) ( 994 ) 2,980 Total loss before income taxes $ ( 25,937 ) $ ( 126,068 ) $ ( 77,983 ) Tax Legislation In August 2022, the U.S. enacted the Inflation Reduction Act of 2022 (IRA), which, among other things, introduced a 15 % minimum tax based on adjusted financial statement income of certain large corporations with a three-year average adjusted financial statement income in excess of $ 1 billion, a 1 % excise tax on the fair market value of stock repurchases by covered corporations and several tax incentives to promote clean energy. The provisions of the IRA will be effective for periods beginning after December 31, 2022. The Company is continuing to evaluate the IRA and its potential impact on future periods. At this time, the Company does not expect the minimum tax or excise tax provisions of the IRA to have a material impact on its consolidated financial statements. The Tax Cuts and Jobs Act (Tax Reform) enacted a new minimum tax on U.S. companies’ foreign operations called global intangible low tax income (GILTI). The GILTI provisions require us to include in our U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. We have made a policy election to account for any ongoing impacts of GILTI tax in the period in which it is incurred. The Internal Revenue Service published final regulations in July 2020 to address the application of the high-tax exclusion from GILTI under the Tax Reform allowing us to make an annual election to exclude GILTI of our foreign subsidiaries with an effective tax rate greater than 90 % of the U.S. corporate rate. During the year ended December 31, 2020, we recognized $ 10.6 million of tax benefits as a result of this change in legislation. We do not provide deferred taxes related to U.S. GAAP basis in excess of outside tax basis in the investment in our foreign subsidiaries to the extent such amounts relate to indefinitely reinvested earnings and profits of such foreign subsidiaries. As of December 31, 2022 , our undistributed earnings from continuing operations of certain of our foreign subsidiaries amounted to approximately $ 162.7 million, and we consider those earnings reinvested indefinitely. The income tax provision includes U.S. federal, state, and local taxes, Türkiye, Mexico and India taxes currently payable and those deferred because of temporary differences between the financial statement and the tax bases of assets and liabilities. The components of the income tax provision (benefit) for the years ended December 31 are as follows: 2022 2021 2020 (in thousands) Current: U.S. federal $ — $ ( 630 ) $ — U.S. state and local taxes ( 1,316 ) ( 23 ) 32 Foreign 26,800 22,048 15,935 Total current 25,484 21,395 15,967 Deferred: U.S. federal — 3,869 ( 2,271 ) U.S. state and local taxes — 2,374 ( 1,385 ) Foreign 4,129 2,188 ( 4,897 ) Total deferred 4,129 8,431 ( 8,553 ) Total income tax provision $ 29,613 $ 29,826 $ 7,414 The following is a reconciliation from the U.S. statutory income tax rate to our effective income tax rate for the years ended December 31: 2022 2021 2020 U.S. statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign rate differential 22.3 ( 13.5 ) ( 17.9 ) Foreign permanent differences ( 31.2 ) — ( 1.8 ) Tax rate change ( 0.6 ) 0.1 ( 0.7 ) Withholding taxes ( 25.8 ) ( 4.6 ) ( 2.0 ) GILTI income ( 3.2 ) ( 6.6 ) 13.7 Unrecognized tax benefits ( 15.5 ) ( 1.7 ) ( 8.0 ) Share-based compensation ( 5.9 ) ( 0.5 ) 0.6 Valuation allowance ( 104.2 ) ( 22.8 ) ( 15.1 ) State taxes 9.5 1.0 1.4 Deferred tax adjustments 7.7 ( 0.9 ) — State incentive credits 5.1 — — Foreign currency / inflationary adjustments 10.2 3.8 0.6 Other ( 3.6 ) 1.0 ( 1.3 ) Effective income tax rate ( 114.2 )% ( 23.7 )% ( 9.5 )% T he following is a summary of the components of deferred tax assets and liabilities, included in other noncurrent assets and other noncurrent liabilities, respectively, in the consolidated balance sheets as of December 31: 2022 2021 2020 (in thousands) Deferred tax assets: Net operating loss and credit carry forwards $ 51,180 $ 40,028 $ 30,790 Deferred revenue — 1,504 — Non-deductible accruals ( 520 ) 3,572 8,519 Equity compensation 4,468 2,892 3,298 Lease liabilities 26,244 24,043 20,202 Non-deductible interest 5,976 5,618 3,302 Tax credits 1,931 1,931 1,931 Other 18,325 9,472 5,967 Gross deferred tax assets 107,604 89,060 74,009 Valuation allowance ( 58,908 ) ( 38,262 ) ( 11,616 ) Total deferred tax assets 48,696 50,798 62,393 Deferred tax liabilities: Deferred revenue ( 3,848 ) ( 2,155 ) ( 3,446 ) Depreciation ( 12,779 ) ( 16,453 ) ( 24,413 ) Lease assets ( 25,398 ) ( 23,357 ) ( 19,691 ) Other ( 2,385 ) ( 3,326 ) 35 Total deferred tax liabilities ( 44,410 ) ( 45,291 ) ( 47,515 ) Net deferred tax assets $ 4,286 $ 5,507 $ 14,878 The deferred tax valuation allowance as of December 31 consisted of the following: 2022 2021 2020 (in thousands) Valuation allowance at beginning of year $ ( 38,262 ) $ ( 11,616 ) $ ( 11,281 ) Benefits obtained (costs accumulated) ( 20,646 ) ( 26,646 ) ( 335 ) Valuation allowance at end of year $ ( 58,908 ) $ ( 38,262 ) $ ( 11,616 ) The valuation allowance at December 31, 2022 primarily relates to the U.S. federal and state deferred tax assets and certain foreign net operating losses (NOLs) that we believe do not meet the more-likely-than-not criteria for recording the related benefits. During the years ended December 31, 2022, 2021, and 2020, we recognized tax expense of $ 20.6 million, $ 26.6 million, and $ 0.3 million, respectively, due to the establishment of a valuation allowance in Spain in 2022 and in the U.S. in 2021. During the years ended December 31, 2022, 2021, and 2020, we recognized tax expense of $ 12.6 million, $ 1.9 million, and $ 0.1 million, respectively, for the establishment of a valuation allowance on our discontinued operations in China. During 2020, we recognized $ 0.6 million tax benefits from the release of valuation allowance against deferred tax assets in India and changes to realizability of certain attributes in the U.S. As of December 31, 2022, we have U.S. federal and state NOL carryforwards of $ 230.9 million and $ 264.3 million, respectively, with foreign NOL carryforwards of approximately $ 2.7 million and foreign tax credits of approximately $ 1.9 million available to offset future U.S. and India taxable income. A portion of the U.S. federal and all state NOL carryforwards expire in varying amounts through 2039 with most of the U.S. federal NOLs having indefinite lives. We also have foreign tax credits that expire in 2026 and foreign NOL carryforwards that expire in varying amounts through 2028 . The utilization of our NOLs is subject to an annual limitation under Section 382 of the Internal Revenue Code due to changes in ownership. Based on our analysis, we do not believe such limitation will impact our realization of the NOL carryforwards . We recognize the impact of a tax position in the financial statements if that position is more-likely-than-not to be sustained on audit, based on the technical merits of the position. We disclose all unrecognized tax benefits, which include the reserves recorded for uncertain tax positions on filed tax returns and the unrecognized portion of affirmative claims. Included in the balance of unrecognized tax benefits from continuing operations as of December 31, 2022 are $ 13.4 million, of tax benefits that, if recognized, would reduce our annual effective rate. We do not anticipate any decreases to unrecognized tax benefits in the coming year. Our policy is to recognize any interest and penalties related to our tax positions as a component of our income tax provision or benefit. There was no material estimated interest or penalties to accrue in 2022, 2021, or 2020 related to the unrecognized tax benefits. The following is a reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December 31: 2022 2021 2020 (in thousands) Unrecognized tax benefits at beginning of year $ 9,020 $ 6,629 $ — Increases related to prior year tax positions — — 4,361 Increases related to current year tax positions 4,418 2,391 2,268 Unrecognized tax benefits at end of year $ 13,438 $ 9,020 $ 6,629 We operate in and file income tax returns in various jurisdictions where we have continuing operations including Mexico, Türkiye, India, U.S., Denmark, Germany, Spain, United Kingdom and Switzerland, which are subject to examination by tax authorities. In the U.S., the federal tax returns for 2019 through 2021 remain open to examination. For U.S. state and local taxes as well as in non-U.S. jurisdictions, the statute of limitations generally varies between three and ten years . However, to the extent allowable by law, the tax authorities may have a right to examine and make adjustment to prior periods when amended returns have been filed, or when NOLs or tax credits were generated and carried forward for subsequent utilization. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Note 19. Net Income (Loss) Per Common Share The following table sets forth the computation of basic and diluted net income (loss) per common share: 2022 2021 2020 (in thousands, except per share data) Numerator: Net loss from continuing operations $ ( 55,550 ) $ ( 155,894 ) $ ( 85,397 ) Preferred stock dividends and accretion ( 58,903 ) ( 6,040 ) — Net loss from continuing operations attributable to common stockholders ( 114,453 ) ( 161,934 ) ( 85,397 ) Net income (loss) from discontinued operations $ ( 9,755 ) $ ( 3,654 ) $ 66,370 Net loss attributable to common stockholders $ ( 124,208 ) $ ( 165,588 ) $ ( 19,027 ) Denominator: Basic weighted-average shares outstanding 41,959 37,415 35,532 Effect of dilutive awards — — — Diluted weighted-average shares outstanding 41,959 37,415 35,532 Loss from continuing operations per common share: Basic $ ( 2.73 ) $ ( 4.33 ) $ ( 2.40 ) Diluted $ ( 2.73 ) $ ( 4.33 ) $ ( 2.40 ) Income (loss) from discontinued operations per common share: Basic $ ( 0.23 ) $ ( 0.10 ) $ 1.86 Diluted $ ( 0.23 ) $ ( 0.10 ) $ 1.86 Loss per common share: Basic $ ( 2.96 ) $ ( 4.43 ) $ ( 0.54 ) Diluted $ ( 2.96 ) $ ( 4.43 ) $ ( 0.54 ) Dilutive shares excluded from the calculation 606 1,569 1,674 Anti-dilutive share-based compensation awards 199 1 17 In August 2022, the holders of our outstanding, fully vested warrants, exercised the warrants at a price of $ 0.01 per share to purchase an aggregate of 4,666,667 shares of common stock on a cashless basis, resulting in the net issuance to the holders of an aggregate of 4,664,155 shares of common stock. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders Equity | Note 20. Stockholders’ Equity Accumulated Other Comprehensive Loss The following table presents the changes in accumulated other comprehensive loss (AOCL) by component for the years ended December 31, 2022, 2021 and 2020: Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2019 $ ( 22,012 ) $ ( 2,145 ) $ 545 $ ( 23,612 ) Other comprehensive loss before reclassifications ( 8,099 ) ( 1,698 ) ( 777 ) ( 10,574 ) Amounts reclassified from AOCL — — 996 996 Net tax effect — 400 ( 200 ) 200 Net current period other comprehensive income (loss) ( 8,099 ) ( 1,298 ) 19 ( 9,378 ) Balance at December 31, 2020 ( 30,111 ) ( 3,443 ) 564 ( 32,990 ) Other comprehensive income (loss) before reclassifications ( 18,419 ) 4,414 ( 3,341 ) ( 17,346 ) Amounts reclassified from AOCL — — ( 3,037 ) ( 3,037 ) Net tax effect — ( 971 ) 338 ( 633 ) Net current period other comprehensive income (loss) ( 18,419 ) 3,443 ( 6,040 ) ( 21,016 ) Balance at December 31, 2021 ( 48,530 ) — ( 5,476 ) ( 54,006 ) Other comprehensive income (loss) before reclassifications 37,685 — 3,012 40,697 Amounts reclassified from AOCL — — ( 2,078 ) ( 2,078 ) Net tax effect — — — — Net current period other comprehensive income 37,685 — 934 38,619 Balance at December 31, 2022 $ ( 10,845 ) $ — $ ( 4,542 ) $ ( 15,387 ) |
Concentration of Customers
Concentration of Customers | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentration of Customers | Note 21. Concentration of Customers Revenues from certain customers (in thousands) in excess of 10 percent of total consolidated Company revenues for the years ended December 31 are as follows: 2022 2021 2020 Customer Revenues % of Total Revenues % of Total Revenues % of Total (in thousands) (in thousands) (in thousands) Customer 1—Vestas $ 551,306 36.2 % $ 455,217 30.9 % $ 346,940 30.4 % Customer 2—GE 316,788 20.8 427,053 29.0 391,439 34.2 Customer 3—Nordex 496,999 32.6 374,076 25.4 212,951 18.6 Trade accounts receivable from certain customers in excess of 10 percent of total consolidated Company trade accounts receivable as of December 31 are as follows: 2022 2021 Customer % of Total % of Total Customer 3—Nordex 65.2 % 63.4 % Customer 5—ENERCON 10.9 % 15.2 % |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 22. Segment Reporting FASB ASC Topic 280, Segment Reporting , establishes standards for the manner in which companies report financial information about operating segments, products, services, geographic areas and major customers. In managing our business, management focuses on growing our revenues and earnings in select geographic areas serving primarily the wind energy market. We have continuing operations in the United States, Mexico, Türkiye and India. The Company’s reportable segments are (1) the United States (U.S.), (2) Mexico, (3) Europe, the Middle East and Africa (EMEA) and (4) India. These reportable segments are reflective of how the Company’s chief operating decision maker reviews operating results for the purposes of allocating resources and assessing performance. As further described below, our operating segments are defined geographically as the U.S., Mexico, EMEA and India. Our U.S. and India segments operate in the U.S. dollar. Our Mexico segment operates in its local currency and includes a U.S. parent company that operates in the U.S. dollar. Our EMEA segment operates in the Euro, effective January 1, 2022. Prior to this, our EMEA segment operated in the Turkish Lira. We divide our business operations into four geographic operating segments as follows: Our U.S. segment includes (1) the manufacturing of wind blades at our Newton, Iowa facility, in which production was temporarily shutdown at the end of the fourth quarter of 2021, (2) the manufacturing of precision molding and assembly systems used for our automotive business at our Warren, Rhode Island facility, (3) the manufacturing of composite solutions for the automotive industry, which we also conduct at our Warren, Rhode Island facility, (4) wind blade inspection and repair services, (5) our advanced engineering center in Kolding, Denmark, which provides technical and engineering resources to our manufacturing facilities, (6) our engineering center in Berlin, Germany and ( 7 ) our corporate headquarters, the costs of which are included in general and administrative expenses. Our Mexico segment includes (1) the manufacturing of wind blades at our three facilities in Juárez, Mexico and two facilities in Matamoros, Mexico, (2) the manufacturing of precision molding and assembly systems and composite solutions for the automotive industry at our fourth Juárez, Mexico facility and ( 3 ) wind blade inspection and repair services. Our EMEA segment includes (1) the manufacturing of wind blades at our two facilities in Izmir, Türkiye and wind blade inspection and repair services, (2) our wind blade inspection and repair service facility in Madrid, Spain and (3) wind blade inspection and repair services in the United Kingdom. Our India segment manufactures wind blades from our manufacturing facility in Chennai, India . The following tables set forth certain information regarding each of our segments as of or for the years ended December 31: 2022 2021 2020 (in thousands) Net sales by segment: U.S. $ 89,170 $ 192,339 $ 184,288 Mexico 646,615 597,598 493,492 EMEA 568,992 482,220 373,545 India 217,964 200,229 91,729 Total net sales $ 1,522,741 $ 1,472,386 $ 1,143,054 Net sales by geographic location: United States $ 89,170 $ 192,339 $ 184,288 Mexico 646,615 597,598 493,492 Türkiye 568,992 482,220 373,545 India 217,964 200,229 91,729 Total net sales $ 1,522,741 $ 1,472,386 $ 1,143,054 Depreciation and amortization: U.S. $ 7,002 $ 8,269 $ 7,193 Mexico 17,161 17,047 18,587 EMEA 8,919 5,814 6,217 India 5,690 6,476 1,978 Total depreciation and amortization $ 38,772 $ 37,606 $ 33,975 Income (loss) from continuing operations: U.S. $ ( 46,387 ) $ ( 45,899 ) $ ( 50,214 ) Mexico ( 76,096 ) ( 84,691 ) ( 11,958 ) EMEA 77,195 39,609 23,331 India 17,479 ( 845 ) ( 16,832 ) Total loss from continuing operations $ ( 27,809 ) $ ( 91,826 ) $ ( 55,673 ) Capital expenditures: U.S. $ 6,233 $ 9,422 $ 6,949 Mexico 2,084 10,659 15,624 EMEA 4,110 2,103 10,887 India 4,304 12,352 19,071 Total capital expenditures $ 16,731 $ 34,536 $ 52,531 Tangible long-lived assets: U.S. $ 23,076 $ 25,522 Mexico 56,495 71,208 EMEA (Türkiye) 27,005 14,413 India 30,265 31,470 Total tangible long-lived assets $ 136,841 $ 142,613 Total assets: U.S. $ 187,014 $ 259,998 Mexico 325,614 266,936 EMEA (Türkiye) 231,337 192,737 India 183,029 168,464 Total assets from continuing operations $ 926,994 $ 888,135 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Note 23. Selected Quarterly Financial Data (Unaudited) The following tables set forth certain unaudited financial information for each quarter of 2022 and 2021 related to our continuing and discontinued operations. The unaudited quarterly information includes all normal recurring adjustments that, in the opinion of management, are necessary for the fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of the results for any future period. The unaudited quarterly results are as follows: Results from Continuing Operations First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 343,525 $ 392,502 $ 384,438 $ 402,276 Cost of sales 332,421 386,218 380,729 383,060 Startup and transition costs 10,077 7,519 4,821 3,251 Total cost of goods sold 342,498 393,737 385,550 386,311 Gross profit (loss) 1,027 ( 1,235 ) ( 1,112 ) 15,965 General and administrative expenses 7,860 6,688 8,030 9,771 Loss on sale of assets and asset impairments 908 2,265 2,969 3,700 Restructuring charges, net 457 ( 658 ) ( 189 ) 653 Income (loss) from continuing operations ( 8,198 ) ( 9,530 ) ( 11,922 ) 1,841 Other income (expense): Interest expense, net ( 707 ) ( 955 ) ( 1,210 ) ( 2,157 ) Foreign currency income (loss) 403 5,696 8,207 ( 9,735 ) Miscellaneous income (expense) 54 ( 48 ) 991 1,333 Total other income (expense) ( 250 ) 4,693 7,988 ( 10,559 ) Loss from continuing operations before income taxes ( 8,448 ) ( 4,837 ) ( 3,934 ) ( 8,718 ) Income tax provision ( 2,944 ) ( 5,882 ) ( 2,852 ) ( 17,935 ) Net loss from continuing operations ( 11,392 ) ( 10,719 ) ( 6,786 ) ( 26,653 ) Preferred stock dividends and accretion ( 14,132 ) ( 14,550 ) ( 14,976 ) ( 15,245 ) Net loss from continuing operations attributable $ ( 25,524 ) $ ( 25,269 ) $ ( 21,762 ) $ ( 41,898 ) Net loss from continuing operations per common share (1) : Basic $ ( 0.61 ) $ ( 0.60 ) $ ( 0.52 ) $ ( 1.00 ) Diluted $ ( 0.61 ) $ ( 0.60 ) $ ( 0.52 ) $ ( 1.00 ) Results from Continuing Operations First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 327,778 $ 367,699 $ 427,730 $ 349,179 Cost of sales 311,184 362,257 418,426 367,288 Startup and transition costs 14,354 10,099 14,541 11,838 Total cost of goods sold 325,538 372,356 432,967 379,126 Gross profit (loss) 2,240 ( 4,657 ) ( 5,237 ) ( 29,947 ) General and administrative expenses 8,922 6,712 8,185 5,427 Loss on sale of assets and asset impairments 1,088 1,265 7,117 2,966 Restructuring charges, net — 3 1,083 11,457 Loss from continuing operations ( 7,770 ) ( 12,637 ) ( 21,622 ) ( 49,797 ) Other income (expense): Interest expense, net ( 2,706 ) ( 2,702 ) ( 2,669 ) ( 5,567 ) Foreign currency income (loss) ( 4,345 ) ( 5,024 ) 3,678 ( 16,279 ) Miscellaneous income 385 503 185 299 Total other income (expense) ( 6,666 ) ( 7,223 ) 1,194 ( 21,547 ) Loss from continuing operations before income taxes ( 14,436 ) ( 19,860 ) ( 20,428 ) ( 71,344 ) Income tax benefit (provision) 9,476 ( 26,553 ) ( 7,852 ) ( 4,897 ) Net loss from continuing operations ( 4,960 ) ( 46,413 ) ( 28,280 ) ( 76,241 ) Preferred stock dividends and accretion — — — ( 6,040 ) Net loss from continuing operations attributable $ ( 4,960 ) $ ( 46,413 ) $ ( 28,280 ) $ ( 82,281 ) Net loss from continuing operations per common share(1): Basic $ ( 0.14 ) $ ( 1.26 ) $ ( 0.76 ) $ ( 2.10 ) Diluted $ ( 0.14 ) $ ( 1.26 ) $ ( 0.76 ) $ ( 2.10 ) Results from Discontinued Operations First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 41,345 $ 59,866 $ 74,833 $ 59,544 Cost of sales 38,533 54,880 65,049 42,239 Startup and transition costs 5,466 2,528 — — Total cost of goods sold (2) 43,999 57,408 65,049 42,239 Gross profit (loss) ( 2,654 ) 2,458 9,784 17,305 Loss on sale of assets and asset impairments 51 298 602 16,579 Restructuring charges, net 1,936 668 102 17,469 Income (loss) from discontinued operations ( 4,641 ) 1,492 9,080 ( 16,743 ) Other income (expense): Interest income (expense), net ( 62 ) 42 61 106 Foreign currency income (loss) ( 193 ) 4,190 3,155 ( 1,525 ) Miscellaneous income (expense) 488 357 282 350 Total other income (expense) 233 4,589 3,498 ( 1,069 ) Income (loss) from discontinued operations ( 4,408 ) 6,081 12,578 ( 17,812 ) Income tax provision — ( 872 ) ( 7,259 ) 1,937 Net income (loss) from discontinued operations $ ( 4,408 ) $ 5,209 $ 5,319 $ ( 15,875 ) Net income (loss) from discontinued operations (1) : Basic $ ( 0.10 ) $ 0.12 $ 0.13 $ ( 0.38 ) Diluted $ ( 0.10 ) $ 0.12 $ 0.13 $ ( 0.38 ) Results from Discontinued Operations First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 76,902 $ 91,142 $ 51,869 $ 40,284 Cost of sales 71,872 78,159 53,762 50,383 Startup and transition costs — — — — Total cost of goods sold(2) 71,872 78,159 53,762 50,383 Gross profit (loss) 5,030 12,983 ( 1,893 ) ( 10,099 ) Loss on sale of assets and asset impairments 209 186 133 146 Restructuring charges, net 258 2,193 339 8,429 Income (loss) from discontinued operations 4,563 10,604 ( 2,365 ) ( 18,674 ) Other income (expense): Interest income, net 2 11 7 2 Foreign currency income (loss) 618 ( 1,480 ) 280 ( 1,119 ) Miscellaneous income (expense) 354 ( 182 ) 77 582 Total other income (expense) 974 ( 1,651 ) 364 ( 535 ) Income (loss) from discontinued operations 5,537 8,953 ( 2,001 ) ( 19,209 ) Income tax benefit (provision) ( 2,374 ) ( 2,337 ) ( 396 ) 8,173 Net income (loss) from discontinued operations $ 3,163 $ 6,616 $ ( 2,397 ) $ ( 11,036 ) Net income (loss) from discontinued operations (1) : Basic $ 0.09 $ 0.18 $ ( 0.07 ) $ ( 0.29 ) Diluted $ 0.09 $ 0.18 $ ( 0.07 ) $ ( 0.29 ) (1) The sum of the quarterly net income (loss) per common share amounts may not equal the annual net income (loss) per common share amount due to relative changes in the weighted-average number of shares used in the share computations. Other amounts may not equal the annual total due to rounding between periods. (2) Included in cost of sales related to our discontinued operations for the three months ended March 31, June 30, September 30, and December 31, 2022 was depreciation and amortization expense of $ 2.0 million, $ 1.8 million, $ 1.1 million, and $ 1.9 million, respectively. In addition, included in cost of sales related to our discontinued operations for the three months ended March 31, June 30, September 30, and December 31, 2022 was share based compensation expense of $ 0.2 million, $ 0.1 million, $ 0.1 million, $ 0.2 million, respectively. (3) Included in cost of sales related to our discontinued operations for the three months ended March 31, June 30, September 30, and December 31, 2021 was depreciation and amortization expense of $ 3.0 million, $ 3.7 million, $ 3.9 million, and $ 4.5 million, respectively. In addition, included in cost of sales related to our discontinued operations for the three months ended March 31, June 30, September 30, and December 31, 2021 was share based compensation expense of $ 0.1 million, $ 0.2 million, $ 0.2 million, $ 0.1 million, respectively. |
Summary of Operations and Sum_2
Summary of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Description of Business | (a) Description of Business TPI Composites, Inc. is the holding company that conducts substantially all of its business operations through its direct and indirect subsidiaries (collectively, the Company or we). The Company was founded in 1968 and has been producing composite wind blades since 2001. The Company is incorporated in Delaware, headquartered in Scottsdale, Arizona and has expanded its continuing operations global footprint to include domestic facilities in Newton, Iowa; Warren, Rhode Island and Santa Teresa, New Mexico and international facilities in Juárez, Mexico; Matamoros, Mexico; Izmir, Türkiye; Chennai, India; Kolding, Denmark; Berlin, Germany and Madrid, Spain. In December 2022, the Company committed to a restructuring plan to rebalance our organization and optimize our global manufacturing footprint. In connection with this plan, we ceased production at our Yangzhou, China manufacturing facility as of December 31, 2022 and plan to shut down our business operations in China. Our business operations in China comprised the entirety of our Asia reporting segment. This shut down will have a meaningful effect on our global manufacturing footprint and consolidated financial results. Accordingly, the historical results of our Asia reporting segment have been presented as discontinued operations in our Consolidated Statements of Operations and Consolidated Balance Sheets. Our China operations represented a geographic operating segment that included (1) the manufacturing of wind blades at our facilities in Dafeng, China and Yangzhou, China, (2) the manufacturing of precision molding and assembly systems at our Taicang Port, China facility and (3) wind blade inspection and repair services. The following discussion reflects continuing operations only, unless otherwise indicated. For further information regarding our discontinued operations, refer to Note 2 – Discontinued Operations. |
Functional Currency Change from Turkish Lira to Euro for the Company's Turkish operations. | (b) Functional Currency Change from Turkish Lira to Euro for the Company’s Turkish operations. Effective January 1, 2022, the functional currency for our operations in Türkiye changed from the Turkish Lira to the Euro. Nonmonetary assets and liabilities were remeasured into Euros at the rate in effect on the date of the asset's or liability’s inception and then translated into reporting currency based on the current exchange rate. The monetary assets and liabilities were remeasured into Euros at the rate in effect on the date of change and then translated into reporting currency based on the current exchange rate. The difference between the historical basis of nonmonetary assets and liabilities and the new basis of $ 44.9 million (increase in net assets) was recorded in the currency translation adjustment account. The amount recorded in the currency translation adjustment account for prior periods was not reversed upon the change in functional currency. The majority of the initial impact of the functional currency change was to property, plant and equipment and operating lease right of use assets with an offset to the currency translation adjustment account. While the change of the functional currency was based on a factual assessment, the determination of the date of the change required management’s judgement given the evolution in the primary economic and business environment in which we operate. When we established our Turkish operations in 2012 and 2013, the Turkish government had a goal of significantly increasing renewable energy generation and utilization within Türkiye by year 2023. During 2014 to 2017, wind energy generated and utilized in Türkiye increased and management observed that progress was being made towards the Turkish government's goal. In 2018 and 2019, the Turkish government introduced tenders to spur domestic renewable energy generation and utilization in Türkiye. However, as of year-end 2020, Turkish domestic renewable energy generated and utilized was significantly less than originally forecasted by the Turkish government. As of 2021, there were no significant wind turbine installations under the tenders awarded by the Turkish government in 2018 and 2019. Based on recent and anticipated annual domestic renewable energy demand it is unlikely for the local energy generation to reach the Turkish government's goals for 2023. Additionally, in recent years sales to the eurozone have increased and the Company is focused on meeting the export demands of the region. Based on the analysis of the domestic renewable energy demand through 2021 and anticipated future demand, management concluded that Turkish domestic sales will not grow as previously envisioned and most of the future growth will continue to be predominately export sales to the eurozone, which are primarily denominated in Euros. Management re-evaluated the relevant indicators established in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 830, "Foreign Currency Matters", to determine the functional currency of our Turkish operations. Such indicators include i) cash flow, ii) sales price, iii) sales market, iv) expense, v) financing and vi) intercompany transactions and arrangements. At the time of the assessment adopted on January 1, 2022, (i) approximately 80 % of our sales in Türkiye were denominated in Euros and the rest were in USD, (ii) a majority of expenses were denominated in Euros, (iii) all debt and lease obligations were denominated in Euros, (iv) a majority of the cash balances were denominated in Euros and (v) a majority of the intercompany balances were denominated in Euros. When considering all relevant facts together along with managements’ long-term plan for our Türkiye operations, management concluded that the Euro best reflects the currency of the primary economic environment in which we currently operate. As a result, the Company adopted the Euro as the functional currency of our Turkish operations effective January 1, 2022 on a prospective basis. |
Basis of Presentation | (c) Basis of Presentation The accompanying consolidated financial statements include the accounts of TPI Composites, Inc. and all majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. |
Revenue Recognition | (d) Revenue Recognition The majority of our revenue is generated from supply agreements associated with manufacturing of wind blades and related services. We account for a supply agreement when it has the approval from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance and the collectability of consideration is probable. To determine the proper revenue recognition method for each supply agreement, we evaluate whether the original contract should be accounted for as one or more performance obligations. This evaluation requires judgment and the decisions reached could change the amount of revenue and gross profit recorded in a given period. As most of our contracts contain multiple performance obligations, we allocate the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. Our manufacturing services are customer specific and involve production of items that cannot be sold to other customers due to the customers’ protected IP; therefore, we allocate the total transaction price under our contracts with multiple performance obligations using the contractually stated prices, as these prices represent the relative standalone selling price based on an expected cost plus margin model. Revenue is primarily recognized over time as we have an enforceable right to payment upon termination and we may not use or sell the product to fulfill other customers’ contracts. In addition, the customer does not have return or refund rights for items produced that conform to the specifications included in the contract. Because control transfers over time, revenue is recognized based on the extent of progress towards the completion of the performance obligation. We use the cost-to-cost input measure of progress for our contracts as this method provides the best representation of the production progress towards satisfaction of the performance obligation as the materials are distinct to the product being manufactured because of customer specifications provided for in the contract, the costs incurred are proportional to the progress towards completion of the product, and the products do not involve significant pre-fabricated component parts. Under the cost-to-cost method, progress and the related revenue recognition is determined by a ratio of direct costs incurred to date in fulfillment of the performance obligation to the total estimated direct costs required to complete the performance obligation. Determining the revenue to be recognized for services performed under our supply agreements involves judgments and estimates relating to the total consideration to be received and the expected direct costs to complete the performance obligation. As such, revenue recognized reflects our estimates of future contract volumes and the direct costs to complete the performance obligation. The judgments and estimates relating to the total consideration to be received include the amount of variable consideration as our contracts typically provide the customer with a range of production output options from guaranteed minimum volume obligations to the production capacity of the facility, and customers will provide periodic non-cancellable commitments for the number of wind blades to be produced over the term of the agreement. The total consideration also includes payments expected to be received associated with wind blade model transitions, and payments expected to be received or paid in the form of liquidated damages, for missed production deadlines which are paid over a negotiated timeline. We use historical experience, customer commitments and forecasted future production based on the capacity of the plant to estimate the total revenue to be received to complete the performance obligation. In addition, the amount of consideration per unit produced may vary based on the costs of production of the wind blades as we may be able to change the price per unit based on changes in the cost of production. Further, some of our contracts provide opportunities for us to share in labor and material cost savings as well as absorb some additional costs as an incentive for more efficient production, both of which impact the margin realized on the contract and ultimately the total amount of revenue to be recognized. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information available to us at the time of the estimate and may materially change as additional information becomes known. Our contracts may be modified to account for changes in specifications of products and changing requirements. If the contract modifications are for goods or services that are not distinct from the existing contract, they are accounted for as if they were part of the original contract. The effect of a contract modification on the transaction price and the measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. If contract modifications are for goods and services that are distinct from the existing contract and increases the amount of consideration reflecting the standalone sale price of the additional goods or services, then the contract modification is accounted for as a separate contract and is evaluated for one or more performance obligations. Each reporting period, we evaluate the progress towards satisfaction of each performance obligation based on any contract modifications that have occurred, costs incurred to date, and an estimate of the expected future consideration and costs to be incurred to complete the performance obligation. Based on this analysis, any changes in estimates of total consideration to be received and direct costs to complete the performance obligation are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on the percentage of completion of the performance obligation. Wind blade pricing is based on annual commitments of volume as established in our supply agreements and orders less than committed volume may result in a higher price per wind blade to our customers. Orders in excess of annual commitments may result in discounts to our customers from the contracted price for the committed volume. Our customers typically provide periodic purchase orders with the price per wind blade given the current cost of the bill of materials, labor requirements and volume desired. We record an allowance for expected utilization of early payment discounts which are reported as a reduction of the total consideration to be received. Precision molding and assembly systems included in a customer’s contract are based upon the specific engineering requirements and design determined by the customer and are specific to the wind blade design and function desired. From the customer’s engineering specifications, a job cost estimate is developed along with a production plan, and the desired margin is applied based on the location the work is to be performed and complexity of the customer’s design. Precision molding and assembly systems are generally built to produce wind blades which may be manufactured by us in production runs specified in the customer contract. Contract assets primarily relate to our rights to consideration for work completed but not billed at the reporting date on supply agreements. The contract assets are transferred to accounts receivable when the rights become unconditional, which generally occurs when customers are invoiced upon the determination that a product conforms to the contract specifications and invoices are due based on each customer’s negotiated payment terms, which, range from 5 to 95 days. We apply the practical expedient that allows us to exclude payment terms under one year from the transfer of a promised good or service from consideration of a significant financing component in its contracts. With regards to the production of precision molding and assembly systems, our contracts generally call for progress payments to be made in advance of production. Generally, payment is made at certain percentage of completion milestones with the final payment due upon delivery to the manufacturing facility. These progress payments are recorded within contract liabilities as current liabilities in the consolidated balance sheets and are reduced as we record revenue over time. We evaluate indications that a customer may not be able to meet the obligations under our supply agreements to determine if an account receivable or contract asset may be impaired. Our customers may request, in situations where they do not have space available to receive products or do not want to take possession of products immediately for other reasons, that their finished products be stored by us in one of our facilities. Most of our contracts provide for a limited number of wind blades to be stored during the period of the contract with any additional wind blades stored subject to additional storage fees, which are included in wind blade sales. Revenue related to field service inspection and repair services, non-recurring engineering and freight services provided under our supply agreements is recognized at a point in time following the transfer of control of the promised services to the customer. Customers usually pay the carrier directly for the cost of shipping associated with items produced. When we pay the shipping cost, we apply the practical expedient that allows us to account for shipping and handling as fulfillment costs and include the revenue in the associated performance obligation and the costs are included in cost of goods sold. Taxes assessed by a governmental authority that are both imposed on and concurrent with specific revenue-producing transactions, that are collected by us from a customer, are excluded from revenue. |
Cost of Goods Sold | (e) Cost of Goods Sold Cost of goods sold includes the costs we incur at our production facilities to make products saleable on both products invoiced during the period as well as products in progress towards the satisfaction of the related performance obligations for which we have an enforceable right to payment upon termination and we may not use or sell the product to fulfill other customers’ contracts. All costs incurred at our production facilities, as well as the allocated portion to our production facilities of costs incurred at our corporate headquarters and our research facilities, are directly or indirectly related to the manufacturing of products or services and are presented in cost of goods sold. Cost of goods sold includes such items as raw materials, direct and indirect labor and facilities costs, including purchasing and receiving costs, plant management, inspection costs, production process improvement activities, product engineering and internal transfer costs. In addition, all depreciation associated with assets used in the production of our products is also included in cost of goods sold. Direct labor costs consist of salaries, benefits and other personnel related costs for associates engaged in the manufacturing of our products and services. Startup and transition costs are primarily unallocated fixed overhead costs and underutilized direct labor costs incurred during the period production facilities are transitioning wind blade models and ramping up manufacturing. All direct labor costs, excluding non-productive labor costs, are included in the measure of progress towards completion of the relevant performance obligation when determining revenue to be recognized during the period. The cost of sales for the initial products from a new model manufacturing line is generally higher than when the line is operating at optimal production volume levels due to inefficiencies during ramp-up related to labor hours per blade, cycle times per blade and raw material usage. Additionally, these costs as a percentage of net sales are generally higher during the period in which a facility is ramping up to full production capacity due to underutilization of the facility. Manufacturing overhead at each of our facilities includes virtually all indirect costs (including share-based compensation costs) incurred at the plants, including engineering, finance, information technology, human resources and plant management. |
General and Administrative Expenses | (f) General and Administrative Expenses General and administrative expenses primarily relate to the unallocated portion of costs incurred at our corporate headquarters and our research facilities and include salaries, benefits and other personnel related costs for associates engaged in research and development, engineering, finance, internal audit, information technology, human resources, business development, global operational excellence, global supply chain, in-house legal and executive management. Other costs include outside legal and accounting fees, risk management (insurance), share-based compensation and certain other administrative and global resources costs. The unallocated research and development expenses incurred at our Warren, Rhode Island location as well as at our Kolding, Denmark advanced engineering center and our Berlin, Germany engineering center are also included in general and administrative expenses. For the years ended December 31, 2022, 2021 and 2020 , total research and development expenses totaled $ 1.1 million, $ 1.0 million and $ 1.0 million, respectively. |
Loss on Sale of Assets and Asset Impairments | (g) Loss on Sale of Assets and Asset Impairments For the years ended December 31, 2022, 2021 and 2020, the losses on the sale of certain receivables, on a non-recourse basis under supply chain financing arrangements with our customers, to financial institutions, as well as the losses on the sale of other assets at our corporate and manufacturing facilities and asset impairment charges totaled $ 9.8 million, $ 12.4 million and $ 5.7 million, respectively. |
Restructuring charges, net | (h) Restructuring Charges, Net Restructuring charges primarily consist of associate severance, one-time termination benefits and ongoing benefits related to the reduction of our workforce and other costs associated with exit activities, which may include costs related to leased facilities to be abandoned and facility and associate relocation costs. The determination of when we accrue for involuntary termination benefits under restructuring plans depends on whether the termination benefits are provided under an ongoing benefit arrangement or under a one-time benefit arrangement. Ongoing benefit arrangements are recognized over the service period or when termination becomes reasonably probable, and one-time benefit arrangements are recognized in the period the arrangement is approved and formally communicated to associates. If applicable, we record such costs into operating expense over the terminated associate’s future service period beyond any minimum retention period. Restructuring charges that have been incurred but not yet paid are recorded in accrued expenses in the accompanying consolidated balance sheets. For the years ended December 31, 2022, 2021 and 2020, restructuring charges, net totaled $ 0.3 million, $ 12.5 million and $ 0.2 million, respectively. These charges primarily related to severance benefits to terminated associates as a result of the temporary shutdown of our Newton, Iowa manufacturing facility and the stop of production in one of our Juarez, Mexico facilities. |
Cash and Cash Equivalents and Restricted Cash | (i) Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less. The carrying value of cash and cash equivalents approximates fair value. As of December 31, 2022 and 2021, our discontinued operations collectively had unrestricted cash totaling $ 9.7 million and $ 25.9 million, respectively. The Chinese government imposes certain restrictions on transferring cash out of China. The local governments in other countries in which we operate impose no such restrictions on transferring cash out of the respective country. As of December 31, 2022 and 2021 , we had $ 9.9 million and $ 10.0 million, respectively of cash held as collateral for various instruments, primarily for letters of guarantee used for customs clearance related to our India location, that were previously collateralized with our senior secured credit facility. These amounts are reported as restricted cash in our consolidated balance sheets. |
Accounts Receivable | (j) Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. We follow the allowance method of recognizing uncollectible accounts receivable, which recognizes bad debt expense based on a review of the individual accounts outstanding and prior history of uncollectible accounts receivable. Credit is extended based on evaluation of each of our customer’s financial condition and is generally unsecured. Accounts receivable are generally due within 30 days and are stated net of an allowance for doubtful accounts in the consolidated balance sheets. Accounts are considered past due if outstanding longer than contractual payment terms. We record an allowance based on consideration of a number of factors, including the length of time trade accounts are past due, previous loss history, the creditworthiness of individual customers, economic conditions affecting specific customer industries, and economic conditions in general. We charge-off accounts receivable after all reasonable collection efforts have been exhausted. We credit payments subsequently received on such receivables to bad debt expense in the period payment is received. We record delinquent finance charges on outstanding accounts receivables only if they are collected. We wrote off no receivables during 2022, 2021, or 2020, and do not have any off-balance-sheet credit exposure related to our customers. See Note 5, Accounts Receivable. |
Inventories | (k) Inventories Inventories represent materials purchased that are not restricted to fulfillment of a specific contract and are measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Cost is determined using the first-in, first-out method for such raw materials. Write-downs to reduce the carrying cost of obsolete, slow-moving, and unusable inventory to net realizable value are recognized in cost of goods sold. The effect of these write-downs establishes a new cost basis in the related inventory, which is not subsequently written up. |
Property, Plant and Equipment | (l) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation and amortization of property, plant, and equipment is calculated on the straight-line method over the estimated useful lives of the assets. See Note 7, Property, Plant and Equipment, Net. Estimated Machinery and equipment 7 to 10 years Buildings 20 years Leasehold improvements 5 to 10 years, or the term Office equipment and software 3 to 5 years Furniture 3 to 5 years Vehicles 5 years |
Recoverability of Long-Lived Assets | (m) Recoverability of Long-Lived Assets We review property, plant and equipment and other long-lived assets in order to assess recoverability based on expected future undiscounted cash flows whenever events or circumstances indicate that the carrying value may not be recoverable. If the sum of the expected future net cash flows is less than the carrying value, an impairment loss is recognized. The impairment loss is measured as the amount by which the carrying value exceeds the fair value of the asset. |
Discontinued Operations | (n) Discontinued Operations We classify long-lived assets or disposal groups to be sold as held for sale in the period in which all of the following criteria are met: (1) management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; (2) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal groups; (3) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; (4) the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the asset or disposal group beyond one year; (5) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We initially measure a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the date of sale. We assess the fair value of a long-lived asset or disposal group less any costs to sell each reporting period it remains classified as held for sale and report any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, we also cease depreciation. All assets and liabilities meeting the held for sale criteria were reported in discontinued operations in our consolidated balance sheets as of December 31, 2022. In determining whether a group of assets disposed (or to be disposed) of should be presented as a discontinued operation, the Company makes a determination of whether the criteria for held-for-sale classification is met and whether the disposition represents a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. If these determinations can be made affirmatively, the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) are aggregated for separate presentation apart from continuing operating results of the Company in the consolidated financial statements. As of December 31, 2022, we met the criteria to classify the disposal of our business operations in China as discontinued operations. See Note 2, Discontinued Operations. |
Goodwill, Intangible Assets and Deferred Costs, Net | (o) Goodwill, Intangible Assets and Deferred Costs, Net Goodwill, which is entirely in the U.S. segment, is evaluated for impairment annually on October 31 and whenever events or circumstances make it likely that impairment may have occurred. In determining whether impairment has occurred, we compare the fair value of the related reporting unit (calculated using the discounted cash flow method) to its carrying value. If the carrying value exceeds the fair value, impairment is recognized for the difference. We may first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. We performed our annual goodwill impairment test during 2022 and determined that it is more-likely-than-not that its fair value exceeds its carrying amount. Our patents, licenses, trademarks and development tools were acquired in business acquisitions and provide contractual or legal rights, or other future benefits that could be separately identified. Our valuation of identified intangible assets was based upon discounted cash flow estimates that require significant management judgment with respect to revenue and expense growth rates, changes in working capital, and the selection and use of the appropriate discount rate. The intangible assets are amortized over their estimated useful life. Intangible assets with indefinite lives are evaluated at least annually for impairment or whenever events or circumstances make it likely that impairment may have occurred. In addition, we recognize an asset for deferred costs incurred to fulfill a contract when such costs meet certain criteria. These deferred costs are amortized over their estimated useful life. See Note 3, Net Sales for a further discussion of those deferred costs. See Note 8, Intangible Assets and Deferred Costs, Net. |
Mezzanine Equity | (p) Mezzanine Equity We have issued Series A Preferred Stock that we have determined is a financial instrument with both equity and debt characteristics and is classified as mezzanine equity in our consolidated financial statements. The instrument was initially recognized at fair value net of issuance costs. We reassess whether the instrument is currently redeemable or probable to become redeemable in the future as of each reporting date, in which, if the instrument meets either criterion, we will accrete the carrying value to the estimated maximum redemption value based on the effective interest method over the remaining period to the expected redemption date. To assess classification, we review all features of the instrument, including all mandatory and optional redemption features that may be substantive. All financial instruments that are classified as mezzanine equity are evaluated for embedded derivative features by evaluating each feature against the nature of the host instrument (e.g. more equity-like or debt-like). Features identified as freestanding instruments or bifurcated embedded derivatives that are material are recognized separately as a derivative asset or liability in the consolidated financial statements. We have evaluated our Series A Preferred Stock and determined that its nature is that of a debt host and embedded derivatives exist that require bifurcation on our balance sheet. Mezzanine equity is presented net of related issuance costs and discounts resulting from bifurcated instruments and embedded features issued in conjunction with the host. See Note 15, Mezzanine Equity . |
Warranty Expense | (q) Warranty Expense We provide a limited warranty for our mold, wind blade, and automotive products, including materials and workmanship, with terms and conditions that vary depending on the product sold, generally for periods that range from two to five years . Warranty expense is recorded based upon estimates of future repairs using a probability-based methodology that considers previous warranty claims, identified quality issues and industry practices. Once the warranty period has expired, any remaining unused warranty accrual for the specific products is generally reversed against the current year warranty expense amount, provided that the warranty accrual for other products whose warranty period has not yet expired is sufficient to cover the estimated cost of future repairs for those other products. See Note 10, Accrued Warranty . |
Treasury Stock | (r) Treasury Stock Common stock purchased for treasury is recorded at historical cost. Transactions in treasury shares relate to shares withheld in lieu of income taxes associated with share-based compensation plans and are recorded at weighted-average cost. |
Foreign Currency Translation and Income and Losses | (s) Foreign Currency Translation and Income and Losses Foreign currency-denominated assets and liabilities are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates. Results of operations of our foreign subsidiaries are translated at the average exchange rates during the respective periods. Translation adjustments are reported in accumulated other comprehensive loss in our consolidated balance sheets. Currency translation adjustments for the years ended December 31, 2022, 2021 and 2020 amounted to other comprehensive losses of $ ( 37.7 ) million, $ 18.4 million and $ 8.1 million, respectively. Our reporting currency is the U.S. dollar. However, we have non-U.S. operating subsidiaries in our U.S., Mexico, Türkiye, India operations and our China discontinued operations. • The U.S. parent companies of our Mexico operations and China discontinued operations, which are wholly-owned subsidiaries of TPI Composites, Inc., maintain their books and records in their functional currency, the US. dollar. • Our Mexico operations maintain their books and records through multiple legal entities that are denominated in the local Mexican currency, the Peso, which are remeasured to their U.S. dollar functional currency. • Our Türkiye operations maintain their books and records in their functional currency, the Euro. • Our China discontinued operations maintain their books and records in their functional currency, the local Chinese currency, the Renminbi. • Our Chennai, India operations maintain their books and records in their functional currency, the U.S. dollar. • Our Kolding, Denmark operation, which is an indirect, wholly-owned subsidiary of TPI Composites, Inc., maintains its books and records in their functional currency, the local Danish currency, the Krone. • Our Berlin, Germany operation, which is an indirect, wholly-owned subsidiary of TPI Composites, Inc., maintains its books and records in their functional currency, the Euro. Foreign currency transaction gains and losses are reported in foreign currency loss, net in our consolidated statements of operations. |
Share-Based Compensation | (t) Share-Based Compensation Our incentive compensation plan provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units (RSUs), restricted stock awards, unrestricted stock awards, cash-based awards, performance-based restricted stock units (PSUs), and dividend equivalent rights to certain of our associates, non-employee directors and consultants. The term of stock options may not exceed ten years from the date of grant. Incentive stock options and non-qualified stock options are granted at an exercise price that is not to be less than 100 % of the fair market value of our common stock on the date of grant, as determined by the Compensation Committee of our board of directors. Stock options become vested and exercisable at such times and under such conditions as determined by the Compensation Committee on the date of grant. We use the Black Scholes valuation model, unless the awards are subject to market conditions, in which case we utilize a binomial-lattice model (i.e., Monte Carlo simulation model), to determine the fair value of stock options. The Monte Carlo simulation model utilizes multiple input variables to determine the share-based compensation expense. For grants with market conditions made during the year ended December 31, 2022 , we utilized a weighted-average volatility of 73.9 %, a 0 % dividend yield and a weighted-average risk-free interest rate of 1.8 %. The volatility was based on the most recent comparable period for our peer group and us. The stock price projection for us and the components of our peer group assumes a 0 % dividend yield. This is mathematically equivalent to reinvesting dividends in the issuing entity over the performance period. The risk-free interest rate is equal to the yield, as of the measurement date, of the zero-coupon U.S. Treasury bill that is commensurate with the remaining performance measurement period. The determination of the grant date fair value using an option-pricing model and simulation model requires judgment as well as assumptions regarding a number of other complex and subjective variables. These variables include our closing market price at the grant date as well as the following assumptions: Expected Volatility . The expected volatility assumption reflects an average of our historical volatility and the volatilities of publicly traded peer group companies with a period equal to the expected life of the options. Expected Life (years) . We use the simplified method to estimate the expected term of stock options. The simplified method for estimating expected term is to use the mid-point between the vesting term and the contractual term of the option. We elected to use the simplified method because we did not have historical exercise data to estimate the expected term due to the limited time period our common stock has been publicly traded. Risk-Free Interest Rate . The risk-free interest rate assumption is based upon the U.S. constant maturity treasury rates as the risk-free rate interpolated between the years commensurate with the expected life of the options. Dividend Yield . The dividend yield assumption is zero since we do not expect to declare or pay dividends in the foreseeable future. Forfeitures. Share-based compensation expense is reversed when the service-based award is forfeited. Expected Vesting Period . We amortize the share-based compensation expense over the requisite service period. Share-based compensation expense related to RSUs and PSUs are expensed over the vesting period using the straight-line method for our associates and our board of directors. The RSUs and PSUs do not have voting rights. We calculate the fair value of our share-based awards on the date of grant for our associates and directors. |
Leases | (u) Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right of use (ROU) assets, current operating lease liabilities, and noncurrent operating lease liabilities in the consolidated balance sheets. Finance leases are included in property, plant and equipment, current maturities of long-term debt, and long-term debt, net of debt issuance costs and current maturities in the consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Variable payments are not included in ROU assets or lease liabilities and can vary from period to period based on asset usage or our proportionate share of common costs. The implicit rate within our leases is generally not determinable and, therefore, the incremental borrowing rate at lease commencement is utilized to determine the present value of lease payments. We estimate our incremental borrowing rate based on third-party lender quotes to obtain secured debt in a like currency for a similar asset over a timeframe similar to the term of the lease. The ROU asset also includes any lease prepayments made and any initial direct costs incurred and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have elected not to recognize ROU assets or lease liabilities for leases with a term of 12 months or less. We have lease agreements with lease and non-lease components. We have elected to apply the practical expedient to account for these components as a single lease component for all classes of underlying assets. See Note 13, Leases. |
Income Taxes | (v) Income Taxes Income taxes are accounted for under the asset and liability method in accordance with FASB ASC Topic 740, Income Taxes . Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are projected to be recovered or settled. Realization of deferred tax assets is dependent on our ability to generate sufficient taxable income of an appropriate character in future periods. A valuation allowance is established if it is determined to be more-likely-than-not that a deferred tax asset will not be realized. See Note 18, Income Taxes. |
Use of Estimates | (w) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, realizability of intangible assets, deferred costs and deferred tax assets, standalone selling prices and future contract volumes and the direct costs to complete the performance obligation for revenue recognition, fair value of stock options, performance-based restricted stock units and warrants, features related to our Series A Preferred Stock , warranty reserves and other contingencies. |
Fair Value of Financial Instruments | (x) Fair Value of Financial Instruments FASB ASC Topic 820, Fair Value Measurements , defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820 also specifies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value is follows: Level 1: Quoted prices in active markets for identical assets or liabilities; Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amounts of our cash and cash equivalents, trade accounts receivable, income taxes receivable, accounts payable and accrued expenses and income taxes payable approximate fair value because of the short-term nature of these financial instruments. The carrying amount of our short-term unsecured loans approximates fair value due to their short-term nature and the loans carry a current market rate of interest, a Level 2 input. The carrying value of our long-term debt approximates fair value based on its variable rate index or based upon market interest rates available to us for debt of similar risk and maturities, both of which are Level 2 inputs. Since our derivative assets and liabilities are not traded on an exchange, we value them using standard industry valuation models. As applicable, these models project future cash flows and discount the amounts to a present value using market-based observable inputs, including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies. These inputs are observable in active markets over the contract term of the derivative instruments we hold, including the compound derivative associated with our Series A Preferred Stock and accordingly, we classify the valuation techniques as Level 2. See Note 15, Mezzanine Equity. |
Earnings Per Share | (y) Earnings Per Share We calculate basic earnings per share for both continuing and discontinued operations, by dividing net income from continuing operations, and net income from discontinued operations, respectively, after deducting dividends on and accretion of preferred stock, by the average number of common shares outstanding during the period, which includes unissued common shares associated with vested equity awards for which little or no consideration is required prior to issuance, net of any treasury shares. We calculate diluted earnings per share for both continuing and discontinued operations in a similar manner after consideration of the potential dilutive effect of common stock equivalents on the average number of common shares outstanding during the period. Common stock equivalents include warrants, stock options, restricted stock awards and units, and performance share awards and units. Common stock equivalents are calculated based upon the treasury stock method using an average market price of common shares during the period. Dilution is not considered when a net loss from continuing operations is reported. Common stock equivalents that have an antidilutive effect are excluded from the computation of diluted earnings per share. See Note 19, Net Income (Loss) Per Share . |
Recently Issued Accounting Pronouncements | (z) Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements Supplier Finance Programs In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50), which requires the disclosure of the key terms of outstanding supplier finance programs and a roll forward of the related obligations. The new standard does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The ASU becomes effective January 1, 2023, except for the roll forward requirement, which becomes effective January 1, 2024. Upon adoption, we may be required to include additional disclosures to the extent we have material supplier finance program obligations. We are currently evaluating the impact this guidance may have on our consolidated financial statements and related disclosures. There have been no other recent accounting pronouncements or changes in accounting pronouncements during the current year that are of significance, or potential significance, to us. |
Summary of Operations and Sum_3
Summary of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property, Plant and Equipment | Property, plant and equipment are stated at cost. Depreciation and amortization of property, plant, and equipment is calculated on the straight-line method over the estimated useful lives of the assets. See Note 7, Property, Plant and Equipment, Net. Estimated Machinery and equipment 7 to 10 years Buildings 20 years Leasehold improvements 5 to 10 years, or the term Office equipment and software 3 to 5 years Furniture 3 to 5 years Vehicles 5 years |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of discontinued major classes of assets and liabilities | The following table presents the carrying amounts of major classes of assets and liabilities that were included in discontinued operations: December 31, 2022 2021 (In thousands) Cash and cash equivalents $ 9,669 $ 25,929 Accounts receivable 2,716 4,812 Contract assets — 27,293 Prepaid expenses 1,877 4,728 Inventories 1,501 1,381 Property, plant and equipment, net 17,678 33,917 Operating lease right of use assets — 7,989 Deferred tax assets — 10,266 Other classes of assets that are not major 1,741 3,251 Total assets of discontinued operations $ 35,182 $ 119,566 Accounts payable and accrued expenses $ 26,942 $ 45,016 Accrued restructuring 17,764 8,145 Operating lease liabilities 9,524 10,272 Other classes of liabilities that are not major 210 363 Total liabilities of discontinued operations $ 54,440 $ 63,796 |
Schedule Of discontinued operations income statement | The following table presents the components of net income (loss) from discontinued operations: Year Ended December 31, 2022 2021 2020 (In thousands) Net sales $ 235,588 $ 260,197 $ 527,083 Cost of sales 200,701 254,176 444,465 Startup and transition costs 7,994 — 2,293 Total cost of goods sold 208,695 254,176 446,758 Gross profit 26,893 6,021 80,325 Loss on sale of assets and asset impairments 17,530 674 2,002 Restructuring charges, net 20,175 11,219 3,884 Income (loss) from discontinued operations ( 10,812 ) ( 5,872 ) 74,439 Other income (expense): Interest income (expense), net 147 22 ( 22 ) Foreign currency income (loss) 5,627 ( 1,701 ) ( 5,755 ) Miscellaneous income (loss) 1,477 831 1,578 Total other income (expense) 7,251 ( 848 ) ( 4,199 ) Income (loss) before income taxes ( 3,561 ) ( 6,720 ) 70,240 Income tax benefit (provision) ( 6,194 ) 3,066 ( 3,870 ) Net income (loss) from discontinued operations $ ( 9,755 ) $ ( 3,654 ) $ 66,370 |
Summarized of cash flows from discontinued operations | The following table presents summarized cash flows from discontinued operations: Year Ended December 31, 2022 2021 2020 (in thousands) Net cash provided by (used) in operating activities from discontinued operations $ ( 12,676 ) $ ( 19,469 ) $ 51,428 Net cash used in investing activities from discontinued operations ( 2,101 ) ( 2,583 ) ( 13,135 ) Additional non-cash items related to operating activities from discontinued operations: Depreciation and amortization 6,708 14,987 15,692 Share-based compensation expense 621 593 876 The following is a summary of our restructuring liability activity related to discontinued operations for the periods presented: Severance Other Total (in thousands) Balance at December 31, 2019 $ 316 $ 253 $ 569 Restructuring charges, net 3,884 — 3,884 Payments ( 1,000 ) ( 253 ) ( 1,253 ) Balance at December 31, 2020 3,200 — 3,200 Restructuring charges, net 10,485 734 11,219 Payments ( 5,540 ) ( 734 ) ( 6,274 ) Balance at December 31, 2021 8,145 — 8,145 Restructuring charges, net 17,548 2,627 20,175 Payments ( 9,936 ) ( 620 ) ( 10,556 ) Balance at December 31, 2022 $ 15,757 $ 2,007 $ 17,764 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Net Sales Revenue by Product for Each of Reportable Segments | The following tables represents the disaggregation of our net sales by product for each of our reportable segments: Year Ended December 31, 2022 U.S. Mexico EMEA India Total (in thousands) Wind blade sales $ — $ 628,607 $ 555,166 $ 217,425 $ 1,401,198 Precision molding and — 2,938 — — 2,938 Automotive sales 44,002 — — — 44,002 Field service, inspection and 44,168 4,238 6,507 2 54,915 Other sales 1,000 10,832 7,319 537 19,688 Total net sales $ 89,170 $ 646,615 $ 568,992 $ 217,964 $ 1,522,741 Year Ended December 31, 2021 U.S. Mexico EMEA India Total (in thousands) Wind blade sales $ 130,455 $ 567,721 $ 472,059 $ 199,817 $ 1,370,052 Precision molding and — 18,297 — — 18,297 Automotive sales 37,312 — — — 37,312 Field service, inspection and 24,525 2,835 5,332 33 32,725 Other sales 47 8,745 4,829 379 14,000 Total net sales $ 192,339 $ 597,598 $ 482,220 $ 200,229 $ 1,472,386 Year Ended December 31, 2020 U.S. Mexico EMEA India Total (in thousands) Wind blade sales $ 135,415 $ 472,994 $ 368,907 $ 91,649 $ 1,068,965 Precision molding and — 14,939 — — 14,939 Automotive sales 36,196 — — — 36,196 Field service, inspection and 12,128 — 2,160 16 14,304 Other sales 549 5,559 2,478 64 8,650 Total net sales $ 184,288 $ 493,492 $ 373,545 $ 91,729 $ 1,143,054 |
Summary of Contract Assets and Contract Liabilities | Contract assets and contract liabilities as of December 31 consisted of the following: 2022 2021 $ Change (in thousands) Gross contract assets $ 231,487 $ 169,366 $ 62,121 Less: reclassification from contract liabilities ( 15,548 ) ( 8,336 ) ( 7,212 ) Contract assets $ 215,939 $ 161,030 $ 54,909 2022 2021 $ Change (in thousands) Gross contract liabilities $ 32,648 $ 9,610 $ 23,038 Less: reclassification to contract assets ( 15,548 ) ( 8,336 ) ( 7,212 ) Contract liabilities $ 17,100 $ 1,274 $ 15,826 |
Schedule of Estimate to Recognize Remaining Performance Obligations as Revenue | We estimate that we will recognize the remaining performance obligations as revenue as follows: $ % of Total (in thousands) Year Ending December 31, 2023 $ 1,218,468 76.0 % 2024 294,347 18.3 2025 91,940 5.7 Total remaining performance obligations $ 1,604,755 100.0 % |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Accounts receivable as of December 31 consisted of the following: 2022 2021 (in thousands) Trade accounts receivable $ 181,322 $ 149,784 Other accounts receivable 3,487 3,208 Total accounts receivable $ 184,809 $ 152,992 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets as of December 31 consisted of the following: 2022 2021 (in thousands) Refundable value-added tax $ 25,331 $ 19,191 Deposits 586 1,238 Other current assets 135 1,588 Total current assets $ 26,052 $ 22,017 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Plant and Equipment Net | Property, plant and equipment, net as of December 31 consisted of the following: 2022 2021 (in thousands) Machinery and equipment $ 199,406 $ 167,063 Leasehold improvements 63,423 45,426 Office equipment and software 41,114 36,506 Furniture 22,249 13,746 Vehicles 872 613 Construction in progress 5,575 8,644 Total property, plant and equipment, gross 332,639 271,998 Accumulated depreciation ( 195,798 ) ( 129,385 ) Total property, plant and equipment, net $ 136,841 $ 142,613 |
Intangible Assets and Deferre_2
Intangible Assets and Deferred Costs, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Values and Estimated Useful Lives of Intangible Assets and Deferred Costs | Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2022, consisted of the following: Estimated Cost Accumulated Net (in thousands) Pre-production investments (1) Various $ 8,480 $ ( 6,045 ) $ 2,435 Patents 10 years 107 ( 37 ) 70 Acquired development tools 10 years 934 ( 327 ) 607 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 9,671 $ ( 6,409 ) $ 3,262 Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2021, consisted of the following: Estimated Cost Accumulated Net (in thousands) Pre-production investments (1) Various $ 6,809 $ ( 4,915 ) $ 1,894 Patents 10 years 113 ( 28 ) 85 Acquired development tools 10 years 991 ( 248 ) 743 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 8,063 $ ( 5,191 ) $ 2,872 (1) See Note 3, Net Sales, for a further discussion of these pre-production investments. |
Other Noncurrent Assets (Tables
Other Noncurrent Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of Other Noncurrent Assets | Other noncurrent assets as of December 31 consisted of the following: 2022 2021 (in thousands) Deferred tax assets $ 9,555 $ 10,812 Deposits 9,362 10,336 Other 2,875 2,460 Total other noncurrent assets $ 21,792 $ 23,608 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Warranty Accrual | Warranty accrual as of December 31 consisted of the following: 2022 2021 2020 (in thousands) Warranty accrual at beginning of year $ 42,020 $ 50,852 $ 47,639 Accrual during the year 13,598 20,650 20,029 Cost of warranty services provided during the year ( 36,227 ) ( 23,174 ) ( 29,890 ) Changes in estimate for pre-existing warranties, 2,956 ( 6,308 ) 13,074 Warranty accrual at end of year $ 22,347 $ 42,020 $ 50,852 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Expense Recognized in Consolidated Statements of Operations | The share-based compensation expense recognized in the consolidated statements of operations for the years ended December 31 was as follows: 2022 2021 2020 (in thousands) Cost of goods sold $ 2,701 $ 1,943 $ 1,103 General and administrative expenses 11,758 5,871 8,373 Total share-based compensation expense $ 14,459 $ 7,814 $ 9,476 |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The share-based compensation expense recognized by award type for the years ended December 31 was as follows: 2022 2021 2020 (in thousands) RSUs $ 11,030 $ 5,221 $ 4,212 Stock options 889 1,118 3,206 PSUs 2,540 1,475 2,058 Total share-based compensation expense $ 14,459 $ 7,814 $ 9,476 |
Summary of Activity for Incentive Plans | The summary of activity for our incentive plans, including discontinued operations, is as follows: Stock Options RSUs PSUs Shares Shares Weighted- Options Units Weighted- Units Weighted- Balance as of December 31, 2019 6,621,512 2,594,228 $ 14.29 1,697,272 354,427 $ 24.99 491,718 $ 19.00 Increase in shares authorized 1,407,228 — — — — — — Granted ( 1,044,491 ) 261,181 28.49 461,732 22.43 321,578 11.13 Exercised/vested — ( 1,195,405 ) 13.25 ( 117,683 ) 22.81 ( 131,924 ) 12.53 Forfeited/cancelled 221,289 ( 160,418 ) 20.40 ( 30,022 ) 25.06 ( 30,849 ) 19.02 Balance as of December 31, 2020 7,205,538 1,499,586 16.94 959,233 668,454 23.60 650,523 16.42 Granted ( 312,173 ) 5,000 24.76 168,993 49.21 138,180 43.97 Exercised/vested — ( 371,971 ) 14.01 ( 135,621 ) 22.39 ( 139,924 ) 15.19 Forfeited/cancelled 469,827 ( 134,489 ) 26.12 ( 65,220 ) 31.86 ( 270,118 ) 23.99 Balance as of December 31, 2021 7,363,192 998,126 16.84 779,149 636,606 29.81 378,661 21.53 Granted ( 1,328,995 ) 254,465 17.05 876,492 16.40 198,038 12.13 Exercised/vested — — — ( 137,695 ) 31.28 ( 149,733 ) 7.43 Forfeited/cancelled 280,816 ( 71,620 ) 25.54 ( 81,696 ) 23.76 ( 127,500 ) 18.47 Balance as of December 31, 2022 6,315,013 1,180,971 $ 16.36 804,473 1,293,707 $ 20.95 299,466 $ 23.67 |
Summary of Outstanding and Exercisable Stock Option Awards | The following table summarizes the outstanding and exercisable stock option awards, including discontinued operations, as of December 31, 2022: Options Outstanding Options Exercisable Range of Exercise Prices: Shares Weighted- Weighted- Shares Weighted- $ 10.87 495,460 2.4 $ 10.87 495,460 $ 10.87 $ 11.00 to $ 17.06 112,416 6.4 14.92 55,738 16.16 $ 18.00 to $ 18.70 205,671 6.6 18.02 5,671 18.70 $ 18.77 to $ 29.56 367,424 7.0 23.27 247,604 22.81 $ 10.87 to $ 29.56 1,180,971 5.0 $ 16.36 804,473 $ 14.97 |
Additional Information Pertaining to Stock Options | The following table contains additional information pertaining to stock options, including discontinued operations, for the years ended December 31: 2022 2021 2020 (in thousands) Total intrinsic value of stock options outstanding $ — $ 2,032 $ 53,741 Total intrinsic value of stock options exercisable — 2,032 38,367 Cash received from the exercise of stock options — 5,211 15,839 Intrinsic fair value of stock options vested 4,761 4,641 4,669 |
Assumptions Used to Calculate Fair Value of Stock Options Granted under Black-Scholes Option Pricing Model | The fair value of the stock options granted during the years ended December 31 were calculated using the Black-Scholes option pricing model with the following assumptions: 2022 2021 2020 Weighted-average fair value $ 8.05 $ 13.27 $ 13.11 Expected volatility 66.4 % 55.9 % 48.5 % Expected life 5.0 years 6.3 years 6.1 years Risk-free interest rate 3.5 % 1.4 % 0.4 % Dividend yield 0.0 % 0.0 % 0.0 % |
Long-Term Debt, Net of Debt I_2
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | Long-term debt, net of current maturities, as of December 31 consisted of the following: 2022 2021 (in thousands) Unsecured financing—EMEA $ 43,556 $ 48,444 Secured and unsecured working capital—India 15,246 10,269 Unsecured term loan—India — 8,109 Equipment finance leases—Mexico 1,909 5,821 Equipment finance leases—EMEA 443 1,884 Other equipment finance leases 19 119 Total debt—principal 61,173 74,646 Less: Current maturities of long-term debt ( 59,975 ) ( 66,438 ) Long-term debt, net of current maturities $ 1,198 $ 8,208 |
Summary of Borrowings | The following table summarizes borrowings under these facilities as of December 31: 2022 2021 Credit Facilities Interest Rates Total Borrowing Capacity Outstanding Balance Total Borrowing Capacity Outstanding Balance (in thousands) Unsecured financing—EMEA 8.65 - 10.50 % $ 108,558 $ 43,556 $ 96,187 $ 48,444 Secured and unsecured working capital—India 6.50 - 7.37 % 15,261 15,246 10,356 10,269 Total credit facilities 123,819 58,802 106,543 58,713 Equipment financing and term debt Interest Rates Total Facility Outstanding Balance Total Facility Outstanding Balance Unsecured term loan—India 3.67 % — — 8,109 8,109 Equipment finance leases—Mexico 3.25 - 6.65 % 12,205 1,909 22,978 5,821 Equipment finance leases—EMEA 6.00 % 10,000 443 10,000 1,884 Other equipment finance leases 9.00 - 9.75 % 65 19 220 119 Total equipment financing and term debt 22,270 2,371 41,307 15,933 Total debt—principal $ 146,089 $ 61,173 $ 147,850 $ 74,646 |
Schedule of Future Aggregate Annual Principal Maturities of Debt | The future aggregate annual principal maturities of debt as of December 31, 2022 are as follows: Year Ending December 31, (in thousands) 2023 $ 59,975 2024 819 2025 372 2026 7 Total debt—principal $ 61,173 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost for the years ended December 31 were as follows: 2022 2021 (in thousands) Total operating lease cost $ 39,680 $ 34,955 Finance lease cost Amortization of assets under finance leases $ 4,165 $ 3,662 Interest on finance leases 300 637 Total finance lease cost $ 4,465 $ 4,299 |
Schedule of Lease Assets and Liabilities | Total lease liabilities as of December 31 were as follows: 2022 2021 (in thousands) Operating Leases Operating lease right of use assets $ 152,312 $ 129,203 Current operating lease liabilities $ 22,220 $ 22,275 Noncurrent operating lease liabilities 133,363 136,613 Total operating lease liabilities $ 155,583 $ 158,888 Finance Leases Property, plant and equipment, gross $ 35,948 $ 26,405 Less: accumulated depreciation ( 24,272 ) ( 13,782 ) Total property, plant and equipment, net $ 11,676 $ 12,623 Current maturities of long-term debt $ 1,174 $ 5,435 Long-term debt, net of debt issuance costs and current maturities 1,197 2,389 Total finance lease liabilities $ 2,371 $ 7,824 |
Schedule of Future Minimum Lease Payments under Noncancelable Leases | uture minimum lease payments under noncancelable leases as of December 31, 2022 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, 2023 $ 33,986 $ 1,313 2024 31,474 790 2025 30,912 437 2026 29,783 10 2027 25,556 — Thereafter 50,786 — Total future minimum lease payments 202,497 2,550 Less: interest ( 46,914 ) ( 179 ) Total lease liabilities $ 155,583 $ 2,371 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the years ended December 31 was as follows: 2022 2021 (in thousands) Cash paid for amounts included in the Operating cash flows from operating leases $ 38,542 $ 33,299 Operating cash flows from finance leases 300 637 Financing cash flows from finance leases 5,100 5,750 Right of use assets obtained in exchange Operating leases 25,131 13,232 Finance leases 215 1,817 |
Other Information Related to Leases | Other information related to leases as of December 31 was as follows: 2022 2021 Weighted-Average Remaining Lease Term Operating leases 6.4 6.7 Finance leases 2.1 1.9 Weighted-Average Discount Rate: Operating leases 8.3 % 8.2 % Finance leases 6.4 % 5.8 % |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values and Location of Financial Instruments | The fair values and location of financial instruments in our consolidated balance sheets as of December 31, were as follows: Consolidated Balance Financial Instrument Sheet Line Item 2022 2021 (in thousands) Foreign exchange forward contracts Other current assets $ — $ 1,580 Foreign exchange forward contracts Accounts payable and accrued — 1,052 |
Schedule of Pretax Amounts Reclassified From Accumulated Other Comprehensive Loss | The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our consolidated statements of operations: Comprehensive Income Consolidated Statement of (Loss) Component Operations Line Item 2022 2021 2020 (in thousands) Foreign exchange forward Cost of sales $ ( 2,078 ) $ ( 3,037 ) $ 996 |
Restructuring charges, net (Tab
Restructuring charges, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges, Net | Restructuring charges, net for the years ended December 31 were as follows: Year Ended December 31, 2022 U.S. Mexico EMEA Total (in thousands) Severance $ 113 $ ( 794 ) $ 472 $ ( 209 ) Other restructuring costs 472 — — 472 Total restructuring charges, net $ 585 $ ( 794 ) $ 472 $ 263 Year Ended December 31, 2021 U.S. Mexico EMEA Total (in thousands) Severance $ 4,780 $ 6,629 $ 1,131 $ 12,540 Other restructuring costs 3 — — 3 Total restructuring charges, net $ 4,783 $ 6,629 $ 1,131 $ 12,543 Year Ended December 31, 2020 U.S. Mexico EMEA Total (in thousands) Severance $ — $ — $ — $ — Other restructuring costs 205 — — 205 Total restructuring charges, net $ 205 $ — $ — $ 205 |
Summary of Restructuring Liability | The following is a summary of our restructuring liability activity for the periods presented: U.S. Mexico EMEA Total (in thousands) Balance at December 31, 2019 $ — $ — $ — $ — Restructuring charges, net 205 — — 205 Payments ( 205 ) — — ( 205 ) Balance at December 31, 2020 — — — — Restructuring charges, net 4,783 6,629 1,131 12,543 Payments ( 2,145 ) ( 4,468 ) ( 1,131 ) ( 7,744 ) Balance at December 31, 2021 2,638 2,161 — 4,799 Restructuring charges, net 585 ( 794 ) 472 263 Payments ( 2,766 ) ( 1,367 ) ( 442 ) ( 4,575 ) Balance at December 31, 2022 $ 457 $ — $ 30 $ 487 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | Total income taxes for the years ended December 31, 2022, 2021 and 2020 were allocated as follows: 2022 2021 2020 (in thousands) Income tax provision from continuing operations $ ( 29,613 ) $ ( 29,826 ) $ ( 7,414 ) Income tax (provision) benefit from ( 6,194 ) 3,066 ( 3,870 ) Total income tax provision $ ( 35,807 ) $ ( 26,760 ) $ ( 11,284 ) |
Components of Income (Loss) Before Income Taxes | Geographic sources of income (loss) before income taxes from continuing operations are as follows for the years ended December 31: 2022 2021 2020 (in thousands) U.S. $ ( 123,795 ) $ ( 153,273 ) $ ( 49,096 ) Türkiye 60,301 ( 8,551 ) ( 26,566 ) Mexico 14,034 10,297 8,509 India 24,639 26,453 ( 13,810 ) Other ( 1,116 ) ( 994 ) 2,980 Total loss before income taxes $ ( 25,937 ) $ ( 126,068 ) $ ( 77,983 ) |
Components of Income Tax Provision (Benefit) | The components of the income tax provision (benefit) for the years ended December 31 are as follows: 2022 2021 2020 (in thousands) Current: U.S. federal $ — $ ( 630 ) $ — U.S. state and local taxes ( 1,316 ) ( 23 ) 32 Foreign 26,800 22,048 15,935 Total current 25,484 21,395 15,967 Deferred: U.S. federal — 3,869 ( 2,271 ) U.S. state and local taxes — 2,374 ( 1,385 ) Foreign 4,129 2,188 ( 4,897 ) Total deferred 4,129 8,431 ( 8,553 ) Total income tax provision $ 29,613 $ 29,826 $ 7,414 |
Reconciliation from U.S. Statutory Income Tax Rate to Our Effective Income Tax Rate | The following is a reconciliation from the U.S. statutory income tax rate to our effective income tax rate for the years ended December 31: 2022 2021 2020 U.S. statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign rate differential 22.3 ( 13.5 ) ( 17.9 ) Foreign permanent differences ( 31.2 ) — ( 1.8 ) Tax rate change ( 0.6 ) 0.1 ( 0.7 ) Withholding taxes ( 25.8 ) ( 4.6 ) ( 2.0 ) GILTI income ( 3.2 ) ( 6.6 ) 13.7 Unrecognized tax benefits ( 15.5 ) ( 1.7 ) ( 8.0 ) Share-based compensation ( 5.9 ) ( 0.5 ) 0.6 Valuation allowance ( 104.2 ) ( 22.8 ) ( 15.1 ) State taxes 9.5 1.0 1.4 Deferred tax adjustments 7.7 ( 0.9 ) — State incentive credits 5.1 — — Foreign currency / inflationary adjustments 10.2 3.8 0.6 Other ( 3.6 ) 1.0 ( 1.3 ) Effective income tax rate ( 114.2 )% ( 23.7 )% ( 9.5 )% |
Summary of Components of Deferred Tax Assets and Liabilities | he following is a summary of the components of deferred tax assets and liabilities, included in other noncurrent assets and other noncurrent liabilities, respectively, in the consolidated balance sheets as of December 31: 2022 2021 2020 (in thousands) Deferred tax assets: Net operating loss and credit carry forwards $ 51,180 $ 40,028 $ 30,790 Deferred revenue — 1,504 — Non-deductible accruals ( 520 ) 3,572 8,519 Equity compensation 4,468 2,892 3,298 Lease liabilities 26,244 24,043 20,202 Non-deductible interest 5,976 5,618 3,302 Tax credits 1,931 1,931 1,931 Other 18,325 9,472 5,967 Gross deferred tax assets 107,604 89,060 74,009 Valuation allowance ( 58,908 ) ( 38,262 ) ( 11,616 ) Total deferred tax assets 48,696 50,798 62,393 Deferred tax liabilities: Deferred revenue ( 3,848 ) ( 2,155 ) ( 3,446 ) Depreciation ( 12,779 ) ( 16,453 ) ( 24,413 ) Lease assets ( 25,398 ) ( 23,357 ) ( 19,691 ) Other ( 2,385 ) ( 3,326 ) 35 Total deferred tax liabilities ( 44,410 ) ( 45,291 ) ( 47,515 ) Net deferred tax assets $ 4,286 $ 5,507 $ 14,878 |
Schedule of Deferred Tax Valuation Allowance | The deferred tax valuation allowance as of December 31 consisted of the following: 2022 2021 2020 (in thousands) Valuation allowance at beginning of year $ ( 38,262 ) $ ( 11,616 ) $ ( 11,281 ) Benefits obtained (costs accumulated) ( 20,646 ) ( 26,646 ) ( 335 ) Valuation allowance at end of year $ ( 58,908 ) $ ( 38,262 ) $ ( 11,616 ) |
Schedule of Reconciliation of Unrecognized Tax Benefits | The following is a reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December 31: 2022 2021 2020 (in thousands) Unrecognized tax benefits at beginning of year $ 9,020 $ 6,629 $ — Increases related to prior year tax positions — — 4,361 Increases related to current year tax positions 4,418 2,391 2,268 Unrecognized tax benefits at end of year $ 13,438 $ 9,020 $ 6,629 |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) per Common Share | The following table sets forth the computation of basic and diluted net income (loss) per common share: 2022 2021 2020 (in thousands, except per share data) Numerator: Net loss from continuing operations $ ( 55,550 ) $ ( 155,894 ) $ ( 85,397 ) Preferred stock dividends and accretion ( 58,903 ) ( 6,040 ) — Net loss from continuing operations attributable to common stockholders ( 114,453 ) ( 161,934 ) ( 85,397 ) Net income (loss) from discontinued operations $ ( 9,755 ) $ ( 3,654 ) $ 66,370 Net loss attributable to common stockholders $ ( 124,208 ) $ ( 165,588 ) $ ( 19,027 ) Denominator: Basic weighted-average shares outstanding 41,959 37,415 35,532 Effect of dilutive awards — — — Diluted weighted-average shares outstanding 41,959 37,415 35,532 Loss from continuing operations per common share: Basic $ ( 2.73 ) $ ( 4.33 ) $ ( 2.40 ) Diluted $ ( 2.73 ) $ ( 4.33 ) $ ( 2.40 ) Income (loss) from discontinued operations per common share: Basic $ ( 0.23 ) $ ( 0.10 ) $ 1.86 Diluted $ ( 0.23 ) $ ( 0.10 ) $ 1.86 Loss per common share: Basic $ ( 2.96 ) $ ( 4.43 ) $ ( 0.54 ) Diluted $ ( 2.96 ) $ ( 4.43 ) $ ( 0.54 ) Dilutive shares excluded from the calculation 606 1,569 1,674 Anti-dilutive share-based compensation awards 199 1 17 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following table presents the changes in accumulated other comprehensive loss (AOCL) by component for the years ended December 31, 2022, 2021 and 2020: Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2019 $ ( 22,012 ) $ ( 2,145 ) $ 545 $ ( 23,612 ) Other comprehensive loss before reclassifications ( 8,099 ) ( 1,698 ) ( 777 ) ( 10,574 ) Amounts reclassified from AOCL — — 996 996 Net tax effect — 400 ( 200 ) 200 Net current period other comprehensive income (loss) ( 8,099 ) ( 1,298 ) 19 ( 9,378 ) Balance at December 31, 2020 ( 30,111 ) ( 3,443 ) 564 ( 32,990 ) Other comprehensive income (loss) before reclassifications ( 18,419 ) 4,414 ( 3,341 ) ( 17,346 ) Amounts reclassified from AOCL — — ( 3,037 ) ( 3,037 ) Net tax effect — ( 971 ) 338 ( 633 ) Net current period other comprehensive income (loss) ( 18,419 ) 3,443 ( 6,040 ) ( 21,016 ) Balance at December 31, 2021 ( 48,530 ) — ( 5,476 ) ( 54,006 ) Other comprehensive income (loss) before reclassifications 37,685 — 3,012 40,697 Amounts reclassified from AOCL — — ( 2,078 ) ( 2,078 ) Net tax effect — — — — Net current period other comprehensive income 37,685 — 934 38,619 Balance at December 31, 2022 $ ( 10,845 ) $ — $ ( 4,542 ) $ ( 15,387 ) |
Concentration of Customers (Tab
Concentration of Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenues from Customers | Revenues from certain customers (in thousands) in excess of 10 percent of total consolidated Company revenues for the years ended December 31 are as follows: 2022 2021 2020 Customer Revenues % of Total Revenues % of Total Revenues % of Total (in thousands) (in thousands) (in thousands) Customer 1—Vestas $ 551,306 36.2 % $ 455,217 30.9 % $ 346,940 30.4 % Customer 2—GE 316,788 20.8 427,053 29.0 391,439 34.2 Customer 3—Nordex 496,999 32.6 374,076 25.4 212,951 18.6 |
Schedule of Trade Accounts Receivable from Certain Customers | Trade accounts receivable from certain customers in excess of 10 percent of total consolidated Company trade accounts receivable as of December 31 are as follows: 2022 2021 Customer % of Total % of Total Customer 3—Nordex 65.2 % 63.4 % Customer 5—ENERCON 10.9 % 15.2 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables set forth certain information regarding each of our segments as of or for the years ended December 31: 2022 2021 2020 (in thousands) Net sales by segment: U.S. $ 89,170 $ 192,339 $ 184,288 Mexico 646,615 597,598 493,492 EMEA 568,992 482,220 373,545 India 217,964 200,229 91,729 Total net sales $ 1,522,741 $ 1,472,386 $ 1,143,054 Net sales by geographic location: United States $ 89,170 $ 192,339 $ 184,288 Mexico 646,615 597,598 493,492 Türkiye 568,992 482,220 373,545 India 217,964 200,229 91,729 Total net sales $ 1,522,741 $ 1,472,386 $ 1,143,054 Depreciation and amortization: U.S. $ 7,002 $ 8,269 $ 7,193 Mexico 17,161 17,047 18,587 EMEA 8,919 5,814 6,217 India 5,690 6,476 1,978 Total depreciation and amortization $ 38,772 $ 37,606 $ 33,975 Income (loss) from continuing operations: U.S. $ ( 46,387 ) $ ( 45,899 ) $ ( 50,214 ) Mexico ( 76,096 ) ( 84,691 ) ( 11,958 ) EMEA 77,195 39,609 23,331 India 17,479 ( 845 ) ( 16,832 ) Total loss from continuing operations $ ( 27,809 ) $ ( 91,826 ) $ ( 55,673 ) Capital expenditures: U.S. $ 6,233 $ 9,422 $ 6,949 Mexico 2,084 10,659 15,624 EMEA 4,110 2,103 10,887 India 4,304 12,352 19,071 Total capital expenditures $ 16,731 $ 34,536 $ 52,531 Tangible long-lived assets: U.S. $ 23,076 $ 25,522 Mexico 56,495 71,208 EMEA (Türkiye) 27,005 14,413 India 30,265 31,470 Total tangible long-lived assets $ 136,841 $ 142,613 Total assets: U.S. $ 187,014 $ 259,998 Mexico 325,614 266,936 EMEA (Türkiye) 231,337 192,737 India 183,029 168,464 Total assets from continuing operations $ 926,994 $ 888,135 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | The unaudited quarterly results are as follows: Results from Continuing Operations First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 343,525 $ 392,502 $ 384,438 $ 402,276 Cost of sales 332,421 386,218 380,729 383,060 Startup and transition costs 10,077 7,519 4,821 3,251 Total cost of goods sold 342,498 393,737 385,550 386,311 Gross profit (loss) 1,027 ( 1,235 ) ( 1,112 ) 15,965 General and administrative expenses 7,860 6,688 8,030 9,771 Loss on sale of assets and asset impairments 908 2,265 2,969 3,700 Restructuring charges, net 457 ( 658 ) ( 189 ) 653 Income (loss) from continuing operations ( 8,198 ) ( 9,530 ) ( 11,922 ) 1,841 Other income (expense): Interest expense, net ( 707 ) ( 955 ) ( 1,210 ) ( 2,157 ) Foreign currency income (loss) 403 5,696 8,207 ( 9,735 ) Miscellaneous income (expense) 54 ( 48 ) 991 1,333 Total other income (expense) ( 250 ) 4,693 7,988 ( 10,559 ) Loss from continuing operations before income taxes ( 8,448 ) ( 4,837 ) ( 3,934 ) ( 8,718 ) Income tax provision ( 2,944 ) ( 5,882 ) ( 2,852 ) ( 17,935 ) Net loss from continuing operations ( 11,392 ) ( 10,719 ) ( 6,786 ) ( 26,653 ) Preferred stock dividends and accretion ( 14,132 ) ( 14,550 ) ( 14,976 ) ( 15,245 ) Net loss from continuing operations attributable $ ( 25,524 ) $ ( 25,269 ) $ ( 21,762 ) $ ( 41,898 ) Net loss from continuing operations per common share (1) : Basic $ ( 0.61 ) $ ( 0.60 ) $ ( 0.52 ) $ ( 1.00 ) Diluted $ ( 0.61 ) $ ( 0.60 ) $ ( 0.52 ) $ ( 1.00 ) Results from Continuing Operations First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 327,778 $ 367,699 $ 427,730 $ 349,179 Cost of sales 311,184 362,257 418,426 367,288 Startup and transition costs 14,354 10,099 14,541 11,838 Total cost of goods sold 325,538 372,356 432,967 379,126 Gross profit (loss) 2,240 ( 4,657 ) ( 5,237 ) ( 29,947 ) General and administrative expenses 8,922 6,712 8,185 5,427 Loss on sale of assets and asset impairments 1,088 1,265 7,117 2,966 Restructuring charges, net — 3 1,083 11,457 Loss from continuing operations ( 7,770 ) ( 12,637 ) ( 21,622 ) ( 49,797 ) Other income (expense): Interest expense, net ( 2,706 ) ( 2,702 ) ( 2,669 ) ( 5,567 ) Foreign currency income (loss) ( 4,345 ) ( 5,024 ) 3,678 ( 16,279 ) Miscellaneous income 385 503 185 299 Total other income (expense) ( 6,666 ) ( 7,223 ) 1,194 ( 21,547 ) Loss from continuing operations before income taxes ( 14,436 ) ( 19,860 ) ( 20,428 ) ( 71,344 ) Income tax benefit (provision) 9,476 ( 26,553 ) ( 7,852 ) ( 4,897 ) Net loss from continuing operations ( 4,960 ) ( 46,413 ) ( 28,280 ) ( 76,241 ) Preferred stock dividends and accretion — — — ( 6,040 ) Net loss from continuing operations attributable $ ( 4,960 ) $ ( 46,413 ) $ ( 28,280 ) $ ( 82,281 ) Net loss from continuing operations per common share(1): Basic $ ( 0.14 ) $ ( 1.26 ) $ ( 0.76 ) $ ( 2.10 ) Diluted $ ( 0.14 ) $ ( 1.26 ) $ ( 0.76 ) $ ( 2.10 ) Results from Discontinued Operations First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 41,345 $ 59,866 $ 74,833 $ 59,544 Cost of sales 38,533 54,880 65,049 42,239 Startup and transition costs 5,466 2,528 — — Total cost of goods sold (2) 43,999 57,408 65,049 42,239 Gross profit (loss) ( 2,654 ) 2,458 9,784 17,305 Loss on sale of assets and asset impairments 51 298 602 16,579 Restructuring charges, net 1,936 668 102 17,469 Income (loss) from discontinued operations ( 4,641 ) 1,492 9,080 ( 16,743 ) Other income (expense): Interest income (expense), net ( 62 ) 42 61 106 Foreign currency income (loss) ( 193 ) 4,190 3,155 ( 1,525 ) Miscellaneous income (expense) 488 357 282 350 Total other income (expense) 233 4,589 3,498 ( 1,069 ) Income (loss) from discontinued operations ( 4,408 ) 6,081 12,578 ( 17,812 ) Income tax provision — ( 872 ) ( 7,259 ) 1,937 Net income (loss) from discontinued operations $ ( 4,408 ) $ 5,209 $ 5,319 $ ( 15,875 ) Net income (loss) from discontinued operations (1) : Basic $ ( 0.10 ) $ 0.12 $ 0.13 $ ( 0.38 ) Diluted $ ( 0.10 ) $ 0.12 $ 0.13 $ ( 0.38 ) Results from Discontinued Operations First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 76,902 $ 91,142 $ 51,869 $ 40,284 Cost of sales 71,872 78,159 53,762 50,383 Startup and transition costs — — — — Total cost of goods sold(2) 71,872 78,159 53,762 50,383 Gross profit (loss) 5,030 12,983 ( 1,893 ) ( 10,099 ) Loss on sale of assets and asset impairments 209 186 133 146 Restructuring charges, net 258 2,193 339 8,429 Income (loss) from discontinued operations 4,563 10,604 ( 2,365 ) ( 18,674 ) Other income (expense): Interest income, net 2 11 7 2 Foreign currency income (loss) 618 ( 1,480 ) 280 ( 1,119 ) Miscellaneous income (expense) 354 ( 182 ) 77 582 Total other income (expense) 974 ( 1,651 ) 364 ( 535 ) Income (loss) from discontinued operations 5,537 8,953 ( 2,001 ) ( 19,209 ) Income tax benefit (provision) ( 2,374 ) ( 2,337 ) ( 396 ) 8,173 Net income (loss) from discontinued operations $ 3,163 $ 6,616 $ ( 2,397 ) $ ( 11,036 ) Net income (loss) from discontinued operations (1) : Basic $ 0.09 $ 0.18 $ ( 0.07 ) $ ( 0.29 ) Diluted $ 0.09 $ 0.18 $ ( 0.07 ) $ ( 0.29 ) (1) The sum of the quarterly net income (loss) per common share amounts may not equal the annual net income (loss) per common share amount due to relative changes in the weighted-average number of shares used in the share computations. Other amounts may not equal the annual total due to rounding between periods. (2) Included in cost of sales related to our discontinued operations for the three months ended March 31, June 30, September 30, and December 31, 2022 was depreciation and amortization expense of $ 2.0 million, $ 1.8 million, $ 1.1 million, and $ 1.9 million, respectively. In addition, included in cost of sales related to our discontinued operations for the three months ended March 31, June 30, September 30, and December 31, 2022 was share based compensation expense of $ 0.2 million, $ 0.1 million, $ 0.1 million, $ 0.2 million, respectively. (3) Included in cost of sales related to our discontinued operations for the three months ended March 31, June 30, September 30, and December 31, 2021 was depreciation and amortization expense of $ 3.0 million, $ 3.7 million, $ 3.9 million, and $ 4.5 million, respectively. In addition, included in cost of sales related to our discontinued operations for the three months ended March 31, June 30, September 30, and December 31, 2021 was share based compensation expense of $ 0.1 million, $ 0.2 million, $ 0.2 million, $ 0.1 million, respectively. |
Summary of Operations and Sum_4
Summary of Operations and Summary of Significant Accounting Policies - Revenue Recognition - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Revenue recognition, description of payment terms | The contract assets are transferred to accounts receivable when the rights become unconditional, which generally occurs when customers are invoiced upon the determination that a product conforms to the contract specifications and invoices are due based on each customer’s negotiated payment terms, which, range from 5 to 95 days. |
Summary of Operations and Sum_5
Summary of Operations and Summary of Significant Accounting Policies - General and Administrative Expenses - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
General and Administrative Expenses [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Research and development expense | $ 1.1 | $ 1 | $ 1 |
Functional Currency Change from
Functional Currency Change from Turkish Lira to Euro for the Company's Turkish operations. (Additional Information) (Details) - Turkish [Member] $ in Millions | Jan. 01, 2022 USD ($) |
Increase (Decrease) in translation adjustment functional to reporting currency, net of tax | $ 44.9 |
Sales In Currency | 80% |
Summary of Operations and Sum_6
Summary of Operations and Summary of Significant Accounting Policies - Loss on Sale of Assets and Asset Impairments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Loss on sale of assets and asset impairments | $ 27,372 | $ 13,110 | $ 7,748 | ||||||||
Continuing Operations | |||||||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Loss on sale of assets and asset impairments | $ 3,700 | $ 2,969 | $ 2,265 | $ 908 | $ 2,966 | $ 7,117 | $ 1,265 | $ 1,088 | $ 9,800 | $ 12,400 | $ 5,700 |
Summary of Operations and Sum_7
Summary of Operations and Summary of Significant Accounting Policies - Restructuring charges, net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Restructuring charges, net | $ 263 | $ 12,543 | $ 205 |
Summary of Operations and Sum_8
Summary of Operations and Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Cash in short-term deposits in interest bearing accounts | $ 9,854 | $ 10,053 |
China [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Unrestricted Cash | 9,700 | 25,900 |
India [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Unrestricted Cash | 4,700 | 5,700 |
Cash-collateralized letter of credit, non current | $ 9,900 | $ 10,000 |
Summary of Operations and Sum_9
Summary of Operations and Summary of Significant Accounting Policies - Accounts Receivable - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Accounts receivables, written off | $ 0 | $ 0 | $ 0 |
Summary of Operations and Su_10
Summary of Operations and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 7 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 10 years | |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 5 years | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 10 years | 10 years |
Office Equipment and Software [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 3 years | |
Office Equipment and Software [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 5 years | |
Furniture [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 3 years | |
Furniture [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 5 years | |
Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful lives | 5 years |
Summary of Operations and Su_11
Summary of Operations and Summary of Significant Accounting Policies - Warranty Expense - Additional Information (Detail) - Mold, Wind Blade, and Transportation Products [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Minimum [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Limited warranty period | 2 years |
Maximum [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Limited warranty period | 5 years |
Summary of Operations and Su_12
Summary of Operations and Summary of Significant Accounting Policies - Foreign Currency Translation Adjustments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Foreign currency translation adjustments | $ (37,685) | $ 18,419 | $ 8,099 |
Summary of Operations and Su_13
Summary of Operations and Summary of Significant Accounting Policies - Share-Based Compensation - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Expected dividend yield | 0% | |
Monte Carlo Simulation Model [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Expected volatility rate | 73.90% | |
Expected dividend yield | 0% | |
Expected risk free interest rate | 1.80% | |
2015 Stock Option and Incentive Plan [Member] | Minimum [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Percentage of common stock fair market value on incentive stock options and non-qualified stock options granted at exercise price | 100% | |
2015 Stock Option and Incentive Plan [Member] | Maximum [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Stock options expiration term | 10 years |
Summary of Operations and Su_14
Summary of Operations and Summary of Significant Accounting Policies - Leases - Additional Information (Detail) | Dec. 31, 2021 |
Accounting Standard Codification (ASC) Topic 842 [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Summary of Operations and Su_15
Summary of Operations and Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements - Additional Information (Detail) | Dec. 31, 2021 |
Accounting Standards Update 2016-13 [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, immaterial effect | true |
Accounting Standards Update 2019-12 [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, immaterial effect | true |
Summary of Operations and Su_16
Summary of Operations and Summary of Significant Accounting Policies - Assets Held for Sale (Additional Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, net | $ 136,841 | $ 142,613 |
Discontinued Operations - Sched
Discontinued Operations - Schedule Of discontinued major classes of assets and liabilities (Details) - Discontinued Operations - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | $ 9,669 | $ 25,929 |
Accounts receivable | 2,716 | 4,812 |
Contract assets | 0 | 27,293 |
Prepaid expenses | 1,877 | 4,728 |
Other classes of assets that are not major | 1,741 | 3,251 |
Inventories | 1,501 | 1,381 |
Property, plant and equipment, net | 17,678 | 33,917 |
Operating lease right of use assets | 0 | 7,989 |
Deferred tax assets | 0 | 10,266 |
Total assets from discontinued operations | 35,182 | 119,566 |
Accounts payable and accrued expenses | 26,942 | 45,016 |
Accrued restructuring | 17,764 | 8,145 |
Operating lease liabilities | 9,524 | 10,272 |
Other classes of liabilities that are not major | 210 | 363 |
Total liabilities of discontinued operations | $ 54,440 | $ 63,796 |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule Of Components Of Net Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | $ 1,522,741 | $ 1,472,386 | $ 1,143,054 | ||||||||
Cost of sales | 1,482,428 | 1,459,155 | 1,116,967 | ||||||||
Startup and transition costs | 25,668 | 50,832 | 42,313 | ||||||||
Total cost of goods sold | 1,508,096 | 1,509,987 | 1,159,280 | ||||||||
Gross profit (loss) | 14,645 | (37,601) | (16,226) | ||||||||
General and administrative expenses | 32,349 | 29,246 | 33,496 | ||||||||
Loss on sale of assets and asset impairments | 27,372 | 13,110 | 7,748 | ||||||||
Restructuring charges, net | 263 | 12,543 | 205 | ||||||||
Income (loss) from discontinued operations | (27,809) | (91,826) | (55,673) | ||||||||
Other income (expense): | |||||||||||
Interest income (expense), net | 5,029 | 13,644 | 10,377 | ||||||||
Foreign currency income (loss) | 4,571 | (21,970) | (14,231) | ||||||||
Total other income (expense) | 1,872 | (34,242) | (22,310) | ||||||||
Miscellaneous income | (2,330) | (1,372) | (2,298) | ||||||||
Income (loss) before income taxes | (25,937) | (126,068) | (77,983) | ||||||||
Income tax expense benefit | 29,613 | 29,826 | 7,414 | ||||||||
Net income (loss) from discontinued operations | (9,755) | (3,654) | 66,370 | ||||||||
Discontinued Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 235,588 | 260,197 | 527,083 | ||||||||
Cost of sales | $ 42,239 | $ 65,049 | $ 54,880 | $ 38,533 | $ 50,383 | $ 53,762 | $ 78,159 | $ 71,872 | 200,701 | 254,176 | 444,465 |
Startup and transition costs | 7,994 | 0 | 2,293 | ||||||||
Total cost of goods sold | 42,239 | 65,049 | 57,408 | 43,999 | 50,383 | 53,762 | 78,159 | 71,872 | 208,695 | 254,176 | 446,758 |
Gross profit (loss) | 17,305 | 9,784 | 2,458 | (2,654) | (10,099) | (1,893) | 12,983 | 5,030 | 26,893 | 6,021 | 80,325 |
Loss on sale of assets and asset impairments | 16,579 | 602 | 298 | 51 | 146 | 133 | 186 | 209 | 17,530 | 674 | 2,002 |
Restructuring charges, net | 17,469 | 102 | 668 | 1,936 | 8,429 | 339 | 2,193 | 258 | 20,175 | 11,219 | 3,884 |
Income (loss) from discontinued operations | (10,812) | (5,872) | 74,439 | ||||||||
Other income (expense): | |||||||||||
Interest Income (Expense), Net | 106 | 61 | 42 | (62) | 2 | 7 | 11 | 2 | 147 | 22 | (22) |
Foreign currency income (loss) | (1,525) | 3,155 | 4,190 | (193) | (1,119) | 280 | (1,480) | 618 | 5,627 | (1,701) | (5,755) |
Miscellaneous income (loss) | 1,477 | 831 | 1,578 | ||||||||
Total other income (expense) | (1,069) | 3,498 | 4,589 | 233 | (535) | 364 | (1,651) | 974 | 7,251 | (848) | (4,199) |
Income (loss) before income taxes | (3,561) | (6,720) | 70,240 | ||||||||
Income tax expense benefit | 1,937 | (7,259) | (872) | 0 | 8,173 | (396) | (2,337) | (2,374) | (6,194) | 3,066 | (3,870) |
Net income (loss) from discontinued operations | $ (15,875) | $ 5,319 | $ 5,209 | $ (4,408) | $ (11,036) | $ (2,397) | $ 6,616 | $ 3,163 | $ (9,755) | $ (3,654) | $ 66,370 |
Discontinued Operations - Sch_3
Discontinued Operations - Schedule of Discontinued Operations Cash Flow Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Additional non-cash items related to operating activites from discontinued operations: | |||
Share-based compensation expense | $ 15,080 | $ 8,407 | $ 10,352 |
Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net cash provided by (used) in operating activities from discontinued operations | (12,676) | (19,469) | 51,428 |
Net cash used in investing activities from discontinued operations | (2,101) | (2,583) | (13,135) |
Additional non-cash items related to operating activites from discontinued operations: | |||
Depreciation and amortization | 6,708 | 14,987 | 15,692 |
Share-based compensation expense | $ 621 | $ 593 | $ 876 |
Discontinued Operations - Sch_4
Discontinued Operations - Schedule of Restructuring Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | $ 4,799 | $ 0 | $ 0 |
Restructuring charges, net | 472 | 3 | 205 |
Payments | (4,575) | (7,744) | (205) |
Restructuring Liability, Ending Balance | 487 | 4,799 | 0 |
Discontinued Operations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | 8,145 | 3,200 | 569 |
Restructuring charges, net | 20,175 | 11,219 | 3,884 |
Payments | (10,556) | (6,274) | (1,253) |
Restructuring Liability, Ending Balance | 17,764 | 8,145 | 3,200 |
Employee Severance [Member] | Discontinued Operations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | 8,145 | 3,200 | 316 |
Restructuring charges, net | 17,548 | 10,485 | 3,884 |
Payments | (9,936) | (5,540) | (1,000) |
Restructuring Liability, Ending Balance | 15,757 | 8,145 | 3,200 |
Other Restructuring [Member] | Discontinued Operations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | 0 | 0 | 253 |
Restructuring charges, net | 2,627 | 734 | 0 |
Payments | (620) | (734) | (253) |
Restructuring Liability, Ending Balance | $ 2,007 | $ 0 | $ 0 |
Net Sales - Summary of Disaggre
Net Sales - Summary of Disaggregation of Net Sales Revenue by Product for Each of Reportable Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 1,522,741 | $ 1,472,386 | $ 1,143,054 |
U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 89,170 | 192,339 | 184,288 |
Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 646,615 | 597,598 | 493,492 |
EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 568,992 | 482,220 | 373,545 |
India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 217,964 | 200,229 | 91,729 |
Wind Blades [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 1,401,198 | 1,370,052 | 1,068,965 |
Wind Blades [Member] | U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 130,455 | 135,415 |
Wind Blades [Member] | Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 628,607 | 567,721 | 472,994 |
Wind Blades [Member] | EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 555,166 | 472,059 | 368,907 |
Wind Blades [Member] | India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 217,425 | 199,817 | 91,649 |
Precision Molding and Assembly Systems [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 2,938 | 18,297 | 14,939 |
Precision Molding and Assembly Systems [Member] | U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Precision Molding and Assembly Systems [Member] | Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 2,938 | 18,297 | 14,939 |
Precision Molding and Assembly Systems [Member] | EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Precision Molding and Assembly Systems [Member] | India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Automotive [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 44,002 | 37,312 | 36,196 |
Automotive [Member] | U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 44,002 | 37,312 | 36,196 |
Automotive [Member] | Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Automotive [Member] | EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Automotive [Member] | India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 19,688 | 14,000 | 8,650 |
Other [Member] | U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 1,000 | 47 | 549 |
Other [Member] | Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 10,832 | 8,745 | 5,559 |
Other [Member] | EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 7,319 | 4,829 | 2,478 |
Other [Member] | India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 537 | 379 | 64 |
Field Services Inspection and Repair Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 54,915 | 32,725 | 14,304 |
Field Services Inspection and Repair Services [Member] | U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 44,168 | 24,525 | 12,128 |
Field Services Inspection and Repair Services [Member] | Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 4,238 | 2,835 | 0 |
Field Services Inspection and Repair Services [Member] | EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 6,507 | 5,332 | 2,160 |
Field Services Inspection and Repair Services [Member] | India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 2 | $ 33 | $ 16 |
Net Sales - Additional Informat
Net Sales - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contracts with Customers | |||
Increase (Decrease) in contracts assets | $ 54,909 | ||
Increase (Decrease) in contracts liabilities | 15,826 | ||
Transaction price allocated to remaining performance obligations to be satisfied in future periods | 1,604,755 | ||
Net revenue recognized from performance obligations satisfied in previous periods,increase (decrease) amount | 8,500 | ||
Revenue, practical expedient, incremental cost of obtaining contract | true | ||
Intangible Assets and Deferred Costs, Net [Member] | |||
Revenue from Contracts with Customers | |||
Capitalized contract cost | 8,500 | $ 6,800 | |
Capitalized contract cost, accumulated amortization | 6,000 | 4,900 | |
Precision Molding And Assembly Systems And Wind Blades [Member] | |||
Revenue from Contracts with Customers | |||
Contract liability revenue recognized | $ 1,300 | $ 600 | $ 3,000 |
Minimum [Member] | |||
Revenue from Contracts with Customers | |||
Production hours of single blade | 5 days | ||
Production time of mold | 3 months | ||
Maximum [Member] | |||
Revenue from Contracts with Customers | |||
Production hours of single blade | 7 days | ||
Production time of mold | 6 months |
Net Sales - Summary of Contract
Net Sales - Summary of Contract Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Gross contract assets | $ 231,487 | $ 169,366 |
Less: reclassification from contract liabilities | (15,548) | (8,336) |
Contract assets | 215,939 | $ 161,030 |
Gross contract assets, Change | 62,121 | |
Less: reclassification from contract liabilities, Change | (7,212) | |
Contract assets, Change | $ 54,909 |
Net Sales - Summary of Contra_2
Net Sales - Summary of Contract Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Gross contract liabilities | $ 32,648 | $ 9,610 |
Less: reclassification to contract assets | (15,548) | (8,336) |
Contract liabilities | 17,100 | $ 1,274 |
Gross contract liabilities, Change | 23,038 | |
Less: reclassification to contract assets, Change | (7,212) | |
Contract liabilities, Change | $ 15,826 |
Net Sales - Schedule of Estimat
Net Sales - Schedule of Estimate to Recognize Remaining Performance Obligations as Revenue (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 1,604,755 |
Percentage of Total remaining performance obligations | 100% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 1,218,468 |
Percentage of Total remaining performance obligations | 76% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 294,347 |
Percentage of Total remaining performance obligations | 18.30% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 91,940 |
Percentage of Total remaining performance obligations | 5.70% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Net Sales - Schedule of Estim_2
Net Sales - Schedule of Estimate to Recognize Remaining Performance Obligations as Revenue (Detail1) $ in Thousands | Dec. 31, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 1,604,755 |
Percentage of Total remaining performance obligations | 100% |
Significant Risks and Uncerta_2
Significant Risks and Uncertainties - Additional Information (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Concentration Risk [Line Items] | ||||
Reduced production tax credit | 75% | |||
Cash in short-term deposits in interest bearing accounts | $ 9,854,000 | $ 10,053,000 | ||
Cash and cash equivalents | 133,546,000 | 216,236,000 | $ 82,463,000 | $ 60,580,000 |
U.S. [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank deposit and money market accounts | 124,400,000 | 165,300,000 | ||
Turkey [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank deposit and money market accounts | 2,400,000 | 42,600,000 | ||
China [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank deposit and money market accounts | 9,700,000 | 25,900,000 | ||
India [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank deposit and money market accounts | 4,700,000 | 5,700,000 | ||
Restricted cash | 9,900,000 | 10,000,000 | ||
Mexico [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank deposit and money market accounts | 1,400,000 | 2,100,000 | ||
Other Countries [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank deposit and money market accounts | 700,000 | 500,000 | ||
Discontinued Operations | Unrestricted Cash [Member] | Other Countries [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash and cash equivalents | 9,700,000 | 25,900,000 | ||
Maximum [Member] | U.S. [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash deposit insured amount | $ 250,000 | $ 250,000 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 184,809 | $ 152,992 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 181,322 | 149,784 |
Other Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 3,487 | $ 3,208 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Refundable value-added tax | $ 25,331 | $ 19,191 |
Deposits | 586 | 1,238 |
Other current assets | 135 | 1,588 |
Total current assets | $ 26,052 | $ 22,017 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property Plant and Equipment Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 332,639 | $ 271,998 |
Accumulated depreciation | (195,798) | (129,385) |
Total property, plant and equipment, net | 136,841 | 142,613 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 199,406 | 167,063 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 63,423 | 45,426 |
Office Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 41,114 | 36,506 |
Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 22,249 | 13,746 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 872 | 613 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 5,575 | $ 8,644 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Total depreciation expense | $ 37.5 | $ 34.5 | $ 33.5 |
Intangible Assets and Deferre_3
Intangible Assets and Deferred Costs, Net - Schedule of Carrying Values and Estimated Useful Lives of Intangible Assets and Deferred Costs - (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Cost | $ 9,671 | $ 8,063 |
Total intangible assets and deferred costs, Accumulated Amortization | (6,409) | (5,191) |
Total intangible assets and deferred costs, Net | 3,262 | 2,872 |
Trademarks [Member] | ||
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Cost | 150 | 150 |
Total intangible assets and deferred costs, Net | 150 | 150 |
Pre-Production Investments [Member] | ||
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Cost | 8,480 | 6,809 |
Total intangible assets and deferred costs, Accumulated Amortization | (6,045) | (4,915) |
Total intangible assets and deferred costs, Net | $ 2,435 | $ 1,894 |
Patents [Member] | ||
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Estimated Useful Life | 10 years | 10 years |
Total intangible assets and deferred costs, Cost | $ 107 | $ 113 |
Total intangible assets and deferred costs, Accumulated Amortization | (37) | (28) |
Total intangible assets and deferred costs, Net | $ 70 | $ 85 |
Acquired Development Tools [Member] | ||
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Estimated Useful Life | 10 years | 10 years |
Total intangible assets and deferred costs, Cost | $ 934 | $ 991 |
Total intangible assets and deferred costs, Accumulated Amortization | (327) | (248) |
Total intangible assets and deferred costs, Net | $ 607 | $ 743 |
Intangible Assets and Deferre_4
Intangible Assets and Deferred Costs, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense of intangible assets and deferred costs | $ 1.3 | $ 3.1 | $ 0.5 |
Other Noncurrent Assets - Sched
Other Noncurrent Assets - Schedule of Other Noncurrent Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Assets, Noncurrent [Abstract] | ||
Deferred tax assets | $ 9,555 | $ 10,812 |
Deposits | 9,362 | 10,336 |
Other | 2,875 | 2,460 |
Total other noncurrent assets | $ 21,792 | $ 23,608 |
Accrued Warranty - Schedule of
Accrued Warranty - Schedule of Warranty Accrual (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | |||
Warranty accrual at beginning of year | $ 42,020 | $ 50,852 | $ 47,639 |
Accrual during the year | 13,598 | 20,650 | 20,029 |
Cost of warranty services provided during the year | (36,227) | (23,174) | (29,890) |
Changes in estimate for pre-existing warranties, including expirations during the period | (2,956) | (6,308) | 13,074 |
Warranty accrual at end of year | $ 22,347 | $ 42,020 | $ 50,852 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share-based Compensation Expense Recognized in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 14,459 | $ 7,814 | $ 9,476 |
Cost of Goods Sold [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 2,701 | 1,943 | 1,103 |
General and Administrative Expenses [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 11,758 | $ 5,871 | $ 8,373 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Share-based Compensation Arrangements by Share-based Payment Award (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 14,459 | $ 7,814 | $ 9,476 |
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 11,030 | 5,221 | 4,212 |
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 889 | 1,118 | 3,206 |
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 2,540 | $ 1,475 | $ 2,058 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 14,459 | $ 7,814 | $ 9,476 |
Modification of Employee and Non-Employee Awards Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | 1,700 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | 11,030 | 5,221 | 4,212 |
Unamortized amount of share-based compensation expense | $ 8,500 | ||
Unrecognized cost expects to recognize, weighted-average period | 1 year 4 months 24 days | ||
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 2,540 | 1,475 | 2,058 |
Balance Outstanding | 168,570 | ||
Unamortized amount of share-based compensation expense | $ 2,100 | ||
Unrecognized cost expects to recognize, weighted-average period | 1 year 6 months | ||
Non-market performance shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Balance Outstanding | 130,896 | ||
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 889 | 1,118 | 3,206 |
Unrecognized cost expects to recognize, weighted-average period | 2 years 1 month 6 days | ||
Total unrecognized cost related to non-vested stock option awards | $ 1,900 | ||
Restricted Stock Units and Performance Stock Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Fair value of awards vested during period | $ 3,300 | $ 9,000 | $ 10,400 |
Shares repurchased for awards | 86,976 | 31,310 | 61,920 |
Shares repurchased for tax withholding requirements, value | $ 1,000 | $ 500 | $ 2,200 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Activity for Incentive Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock Options, Shares Available for Grant, Beginning balance | 7,363,192 | 7,205,538 | 6,621,512 |
Stock Options, Shares Available for Grant, Increase in shares authorized | 1,407,228 | ||
Stock Options, Shares Available for Grant, Granted | 1,328,995 | (312,173) | (1,044,491) |
Stock Options, Shares Available for Grant, Exercised/vested | 0 | 0 | 0 |
Stock Options, Shares Available for Grant, Forfeited/cancelled | (280,816) | 469,827 | 221,289 |
Stock Options, Shares Available for Grant, Ending balance | 6,315,013 | 7,363,192 | 7,205,538 |
Stock Options, Shares, Beginning balance | 998,126 | 1,499,586 | 2,594,228 |
Stock Options, Shares, Increase in shares authorized | 0 | ||
Stock Options, Shares, Granted | 254,465 | 5,000 | 261,181 |
Stock Options, Shares, Exercised/vested | 0 | (371,971) | (1,195,405) |
Stock Options, Shares, Forfeited/cancelled | (71,620) | (134,489) | (160,418) |
Stock Options, Shares, Ending balance | 1,180,971 | 998,126 | 1,499,586 |
Stock Options, Weighted-Average Exercise Price, Beginning balance | $ 16.84 | $ 16.94 | $ 14.29 |
Stock Options, Weighted-Average Exercise Price, Increase in shares authorized | 0 | ||
Stock Options, Weighted-Average Exercise Price, Granted | 17.05 | 24.76 | 28.49 |
Stock Options, Weighted-Average Exercise Price, Exercised/vested | 0 | 14.01 | 13.25 |
Stock Options, Weighted-Average Exercise Price, Forfeited/cancelled | 25.54 | 26.12 | 20.40 |
Stock Options, Weighted-Average Exercise Price, Ending balance | $ 16.36 | $ 16.84 | $ 16.94 |
Stock Options, Options Exercisable, Beginning balance | 779,149 | 959,233 | 1,697,272 |
Stock Options, Options Exercisable, Ending balance | 804,473 | 779,149 | 959,233 |
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares, Beginning balance | 636,606 | 668,454 | 354,427 |
Shares, Increase in shares authorized | 0 | ||
Shares, Granted | 876,492 | 168,993 | 461,732 |
Shares, Exercised/vested | (137,695) | (135,621) | (117,683) |
Shares, Forfeited/cancelled | (81,696) | (65,220) | (30,022) |
Shares, Ending balance | 1,293,707 | 636,606 | 668,454 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 29.81 | $ 23.60 | $ 24.99 |
Weighted-Average Grant Date Fair Value, Increase in shares authorized | 0 | ||
Weighted-Average Grant Date Fair Value, Granted | 16.40 | 49.21 | 22.43 |
Weighted-Average Grant Date Fair Value, Exercised/vested | 31.28 | 22.39 | 22.81 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | 23.76 | 31.86 | 25.06 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 20.95 | $ 29.81 | $ 23.60 |
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares, Beginning balance | 378,661 | 650,523 | 491,718 |
Shares, Increase in shares authorized | 0 | ||
Shares, Granted | 198,038 | 138,180 | 321,578 |
Shares, Exercised/vested | (149,733) | (139,924) | (131,924) |
Shares, Forfeited/cancelled | (127,500) | (270,118) | (30,849) |
Shares, Ending balance | 299,466 | 378,661 | 650,523 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 21.53 | $ 16.42 | $ 19 |
Weighted-Average Grant Date Fair Value, Increase in shares authorized | 0 | ||
Weighted-Average Grant Date Fair Value, Granted | 12.13 | 43.97 | 11.13 |
Weighted-Average Grant Date Fair Value, Exercised/vested | 7.43 | 15.19 | 12.53 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | 18.47 | 23.99 | 19.02 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 23.67 | $ 21.53 | $ 16.42 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Outstanding and Exercisable Stock Option Awards (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Range One [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Minimum | $ 10.87 | |
Options Outstanding, Shares | 495,460 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 2 years 4 months 24 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 10.87 | |
Options Exercisable, Shares | 495,460 | |
Options Exercisable, Weighted-Average Exercise Price | $ 10.87 | |
Range Two [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Minimum | 11 | $ 11 |
Range of Exercise Prices, Maximum | $ 17.06 | 17.06 |
Options Outstanding, Shares | 112,416 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 4 months 24 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 14.92 | |
Options Exercisable, Shares | 55,738 | |
Options Exercisable, Weighted-Average Exercise Price | $ 16.16 | |
Range Three [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Minimum | 18 | |
Range of Exercise Prices, Maximum | $ 18.70 | |
Options Outstanding, Shares | 205,671 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 7 months 6 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 18.02 | |
Options Exercisable, Shares | 5,671 | |
Options Exercisable, Weighted-Average Exercise Price | $ 18.70 | |
Range Four [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Minimum | 18.77 | 18.77 |
Range of Exercise Prices, Maximum | $ 29.56 | 29.56 |
Options Outstanding, Shares | 367,424 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 7 years | |
Options Outstanding, Weighted-Average Exercise Price | $ 23.27 | |
Options Exercisable, Shares | 247,604 | |
Options Exercisable, Weighted-Average Exercise Price | $ 22.81 | |
Range Five [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Minimum | 10.87 | 10.87 |
Range of Exercise Prices, Maximum | $ 29.56 | $ 29.56 |
Options Outstanding, Shares | 1,180,971 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 5 years | |
Options Outstanding, Weighted-Average Exercise Price | $ 16.36 | |
Options Exercisable, Shares | 804,473 | |
Options Exercisable, Weighted-Average Exercise Price | $ 14.97 |
Share-Based Compensation - (Det
Share-Based Compensation - (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Total intrinsic value of stock options outstanding | $ 0 | $ 2,032 | $ 53,741 |
Total intrinsic value of stock options exercisable | 0 | 2,032 | 38,367 |
Cash received from the exercise of stock options | 50 | 5,211 | 15,839 |
Cash Received From the Exercise Of Stock Options | 0 | 5,211 | 15,839 |
Intrinsic fair value of stock options vested | $ 4,761 | $ 4,641 | $ 4,669 |
Share-Based Compensation - Assu
Share-Based Compensation - Assumptions Used to Calculate Fair Value of Stock Options Granted under Black-Scholes Option Pricing Model (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0% | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average fair value | $ 8.05 | $ 13.27 | $ 13.11 |
Expected volatility | 66.40% | 55.90% | 48.50% |
Expected life | 5 years | 6 years 3 months 18 days | 6 years 1 month 6 days |
Risk-free interest rate | 3.50% | 1.40% | 0.40% |
Dividend yield | 0% | 0% | 0% |
Long-Term Debt, Net of Debt I_3
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Schedule of Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total long-term debt | ||
Total long-term debt | $ 61,173 | $ 74,646 |
Less: Current maturities of long-term debt | (59,975) | (66,438) |
Long-term debt, net of debt issuance costs and current maturities | 1,198 | 8,208 |
Unsecured Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 43,556 | 48,444 |
Secured And Unsecured Working Capital [Member] | India [Member] | ||
Total long-term debt | ||
Total long-term debt | 15,246 | 10,269 |
Unsecured Term Loan [Member] | India [Member] | ||
Total long-term debt | ||
Total long-term debt | 0 | 8,109 |
Equipment Finance Leases [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 443 | 1,884 |
Equipment Finance Leases [Member] | Mexico [Member] | ||
Total long-term debt | ||
Total long-term debt | 1,909 | 5,821 |
Other Equipment Finance Leases [Member] | ||
Total long-term debt | ||
Total long-term debt | 19 | 119 |
Other Equipment Finance Leases [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | $ 19 | $ 119 |
Long-Term Debt, Net of Current
Long-Term Debt, Net of Current Maturities - Summarizes borrowings under these facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | $ 146,089 | $ 147,850 |
Debt instrument, amount outstanding | 61,173 | 74,646 |
Other Equipment Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | 65 | |
Debt instrument, amount outstanding | 19 | 119 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, amount outstanding | 58,802 | 58,713 |
Debt instrument, current borrowing capacity | 123,819 | 106,543 |
Equipment Financing and Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | 22,270 | 41,307 |
Debt instrument, amount outstanding | $ 2,371 | 15,933 |
Maximum [Member] | Other Equipment Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 9.75% | |
Minimum [Member] | Other Equipment Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 9% | |
EMEA [Member] | Unsecured Financing [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, amount outstanding | $ 43,556 | 48,444 |
Debt instrument, current borrowing capacity | 108,558 | 96,187 |
EMEA [Member] | Equipment Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | 10,000 | 10,000 |
Debt instrument, amount outstanding | 443 | 1,884 |
EMEA [Member] | Other Equipment Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | 220 | |
Debt instrument, amount outstanding | $ 19 | 119 |
EMEA [Member] | Maximum [Member] | Unsecured Financing [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 10.50% | |
EMEA [Member] | Minimum [Member] | Unsecured Financing [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 8.65% | |
Mexico [Member] | Equipment Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 6% | |
Debt instrument, maximum borrowing capacity | $ 12,205 | 22,978 |
Debt instrument, amount outstanding | $ 1,909 | 5,821 |
Mexico [Member] | Maximum [Member] | Equipment Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 6.65% | |
Mexico [Member] | Minimum [Member] | Equipment Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 3.25% | |
India [Member] | Secured And Unsecured Working Capital [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, amount outstanding | $ 15,246 | 10,269 |
Debt instrument, current borrowing capacity | $ 15,261 | 10,356 |
India [Member] | Unsecured Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 3.67% | |
Debt instrument, maximum borrowing capacity | 8,109 | |
Debt instrument, amount outstanding | $ 0 | $ 8,109 |
India [Member] | Maximum [Member] | Secured And Unsecured Working Capital [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 7.37% | |
India [Member] | Minimum [Member] | Secured And Unsecured Working Capital [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rates | 6.50% |
Long-Term Debt, Net of Debt I_4
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Senior Revolving Loan (U.S) - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Credit facility, amount | $ 146,089 | $ 147,850 |
Debt instrument, amount outstanding | $ 61,173 | $ 74,646 |
Long-Term Debt, Net of Debt I_5
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Accounts Receivable, Secured and Unsecured Financing (EMEA) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Credit facility, amount | $ 146,089 | $ 147,850 |
EMEA [Member] | Letters of Credit and Other Non-cash Items [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding amount | $ 100 | $ 100 |
EMEA [Member] | Letters of Credit and Other Non-cash Items [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 0.35% | |
EMEA [Member] | Letters of Credit and Other Non-cash Items [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 6.95% | |
EMEA [Member] | Unsecured Financing [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 8.65% | |
EMEA [Member] | Unsecured Financing [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 10.50% | |
EMEA [Member] | Unsecured Financing [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Increase (decrease) in line of credit facility, | $ 3,400 | $ 5,400 |
EMEA [Member] | Financial Institution One [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, amount | $ 5,200 | $ 14,900 |
Long-Term Debt, Net of Debt I_6
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Accounts Receivable, Secured and Unsecured Financing (Asia) - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Credit facility, amount | $ 146,089 | $ 147,850 |
Long-Term Debt, Net of Debt I_7
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities- Equipment Leases and Other Arrangements (Mexico) - Additional Information (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Debt Instrument [Line Items] | |||
Initial amount of lease agreement | $ 2,371,000 | $ 7,824,000 | |
Debt instrument, amount outstanding | 61,173,000 | $ 74,646,000 | |
Mexico [Member] | Sale-lease Agreement, September 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Initial amount of lease agreement | $ 7,500 | ||
Effective interest rate of lease agreement | 4.10% | ||
Lease agreement period | 48 months | ||
Debt instrument, amount outstanding | $ 1,200,000 |
Long-Term Debt, Net of Debt I_8
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Accounts Receivable, Secured and Unsecured Financing (India) - Additional Information (Detail) $ in Thousands, ₨ in Millions | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Aug. 31, 2022 INR (₨) | Dec. 31, 2021 USD ($) | May 31, 2021 INR (₨) | |
Debt Instrument [Line Items] | |||||
Credit facility, amount | $ 146,089 | $ 147,850 | |||
Debt instrument, amount outstanding | $ 61,173 | $ 74,646 | |||
India [Member] | |||||
Debt Instrument [Line Items] | |||||
Average interest rate on short-term borrowings | 8.96% | 3.74% | |||
India [Member] | Unsecured Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount | $ 8,109 | ||||
Debt instrument, amount outstanding | $ 0 | 8,109 | |||
India [Member] | Working Capital [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, amount outstanding | 15,246 | $ 10,269 | |||
India [Member] | Financial Institution One [Member] | Unsecured Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount | $ 7,200 | ||||
Debt instrument, interest rate | 3.67% | ||||
India [Member] | Financial Institution Two [Member] | Unsecured Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, amount outstanding | $ 10,300 | ||||
India [Member] | Financial Institution Three [Member] | Unsecured Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount | $ 5,000 | ||||
Maximum [Member] | India [Member] | Financial Institution One [Member] | Unsecured Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount | ₨ | ₨ 600 | ||||
Maximum [Member] | India [Member] | Financial Institution Two [Member] | Unsecured Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate | 6.80% | ||||
Maximum [Member] | India [Member] | Financial Institution Two [Member] | Secured Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount | $ 10,300 | ₨ 850 | |||
Maximum [Member] | India [Member] | Financial Institution Three [Member] | Unsecured Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate | 7.37% | ||||
Minimum [Member] | India [Member] | Financial Institution Two [Member] | Unsecured Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate | 6.50% | ||||
Minimum [Member] | India [Member] | Financial Institution Two [Member] | Secured Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount | $ 4,800 | ₨ 400 | |||
Minimum [Member] | India [Member] | Financial Institution Three [Member] | Unsecured Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate | 7.35% |
Long-Term Debt, Net of Debt I_9
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Schedule of Future Aggregate Annual Principal Maturities of Debt (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Long-Term Debt, Fiscal Year Maturity [Abstract] | |
2023 | $ 59,975 |
2024 | 819 |
2025 | 372 |
2026 | 7 |
Total debt - principal | $ 61,173 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee Lease Description [Line Items] | ||
Lessee, operating lease, existence of option to extend [true false] | true | |
Lessee, finance lease, option to extend | include options to extend the leases up to five years | |
Lessee, finance lease, existence of option to extend [true false] | true | |
Lessee, leases not yet commenced, description | As of December 31, 2022, we have an additional lease related to office space totaling approximately $1.3 million which has not yet commenced, but which we expect will commence in the first quarter of 2023 with an initial term of seven years. | |
Additional lease payment for office space | $ 1,313 | |
Additional lease payment for office space | $ 1,300 | |
Minimum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating and Finance leases, remaining lease terms | 1 year | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating and Finance leases, remaining lease terms | 13 years | |
Lessee, lease options to extend lease term | 5 years |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Total operating lease cost | $ 39,680 | $ 34,955 |
Finance lease cost | ||
Amortization of assets under finance leases | 4,165 | 3,662 |
Interest on finance leases | 300 | 637 |
Total finance lease cost | $ 4,465 | $ 4,299 |
Leases - Schedule of Lease Liab
Leases - Schedule of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease right of use assets | $ 152,312 | $ 129,203 |
Current operating lease liabilities | 22,220 | 22,275 |
Noncurrent operating lease liabilities | 133,363 | 136,613 |
Total operating lease liabilities | 155,583 | 158,888 |
Property, plant and equipment, gross | 35,948 | 26,405 |
Less: accumulated depreciation | (24,272) | (13,782) |
Total property, plant and equipment, net | $ 11,676 | $ 12,623 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Current maturities of long-term debt | $ 1,174 | $ 5,435 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation, Current | Long-Term Debt and Lease Obligation, Current |
Long-term debt, net of debt issuance costs and current maturities | $ 1,197 | $ 2,389 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation | Long-Term Debt and Lease Obligation |
Total finance lease liabilities | $ 2,371 | $ 7,824 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Noncancelable Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases Abstract | ||
2023 | $ 33,986 | |
2024 | 31,474 | |
2025 | 30,912 | |
2026 | 29,783 | |
2027 | 25,556 | |
Thereafter | 50,786 | |
Total future minimum lease payments | 202,497 | |
Less: interest | (46,914) | |
Total lease liabilities | 155,583 | $ 158,888 |
Finance Leases Abstract | ||
2023 | 1,313 | |
2024 | 790 | |
2025 | 437 | |
2026 | 10 | |
2027 | 0 | |
Thereafter | 0 | |
Total future minimum lease payments | 2,550 | |
Less: interest | (179) | |
Total lease liabilities | $ 2,371 | $ 7,824 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 38,542 | $ 33,299 | |
Operating cash flows from finance leases | 300 | 637 | |
Financing cash flows from finance leases | 5,100 | 5,750 | $ 6,116 |
Right of use assets obtained in exchange for new lease obligations: | |||
Operating leases | 27,435 | 13,232 | 61,455 |
Finance leases | 215 | 1,817 | $ 163 |
Continuing Operations [Member] | |||
Right of use assets obtained in exchange for new lease obligations: | |||
Operating leases | $ 25,131 | $ 13,232 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Weighted-Average Remaining Lease Term (In Years): | ||
Operating leases | 6 years 4 months 24 days | 6 years 8 months 12 days |
Finance leases | 2 years 1 month 6 days | 1 year 10 months 24 days |
Weighted-Average Discount Rate: | ||
Operating leases | 8.30% | 8.20% |
Finance leases | 6.40% | 5.80% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Millions, $ in Billions | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | |
Derivative [Line Items] | |||||
Premium amortization | $ 1.5 | $ 2.9 | $ 0.2 | ||
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | 0.1 | 2.2 | $ 1.8 | ||
Foreign Currency Transaction Gain (Loss), Unrealized | 1 | $ 0.7 | |||
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] | Foreign Currency Transaction Gain (Loss), before Tax | ||||
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Foreign Currency Transaction Gain (Loss), before Tax | ||||
Foreign Exchange Call Option [Member] | Contracts to Hedge in Mexican Peso [Member] | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 20.2 | $ 0 | $ 0.4 | ||
Foreign Exchange Forward Contract [Member] | Contracts To Hedge In India Rupee [Member] | |||||
Derivative [Line Items] | |||||
Derivative Loss On Derivative | $ 0.2 | 2.8 | |||
Gain on hedge recorded to other comprehensive income (loss) | $ 0.7 |
Financial Instruments - Fair Va
Financial Instruments - Fair Values and Location of Financial Instruments (Detail) - Foreign Exchange Forward Contract [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative assets, fair value | $ 0 | $ 1,580 |
Accounts Payable and Accrued Expenses [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 0 | $ 1,052 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Pretax Amounts Reclassified From Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | $ 1,482,428 | $ 1,459,155 | $ 1,116,967 |
Foreign Exchange Forward Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | $ (2,078) | $ 3,037 | $ 996 |
Mezzanine Equity (Additional In
Mezzanine Equity (Additional Information) (Details) | 1 Months Ended | 12 Months Ended | ||||
Nov. 22, 2021 USD ($) $ / shares shares | Aug. 31, 2022 $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) | Dec. 31, 2023 | |
Gross proceeds | $ 0 | $ 350,000,000 | ||||
Fair value of warrants | 94,355,000 | |||||
Unpaid dividends | $ 58,903,000 | $ 6,040,000 | $ 0 | |||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | ||||
Minimum Cash In Hand Requirement | $ 50,000,000 | |||||
Fixed Charge Dividend Coverage Ratio Quarterly Compliance | 1.10 | |||||
Common Stock, Shares, Issued | shares | 42,370,000 | 37,418,000 | ||||
Derivative [Member] | ||||||
Changes in fair value of derivative | $ 0 | $ 0 | ||||
Series A Preferred Stock [Member] | ||||||
Preferred Stock, Shares Issued | shares | 350,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 1 | |||||
Gross proceeds | $ 350,000,000 | |||||
Fair value instrument | 252,700,000 | |||||
Fair value of warrants | 97,300,000 | |||||
Issuance costs | 10,700,000 | |||||
Carrying value of preferred stock | 310,000,000 | |||||
Unpaid dividends | $ 44,700,000 | |||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $ 4,666,667 | |||||
Common stock shares issued upon exercised of warrants | shares | 4,666,667 | |||||
Common stock, par value | $ / shares | $ 0.01 | |||||
Preferred Stock, Dividend Rate, Percentage | 11% | |||||
Annual Dividend Rate Percentage Increase | 2% | |||||
Dividend rate limit | 20% | |||||
Convertible Preferred Stock Non redeemable Or Redeemable Issuer Option Value, Percentage | 10% | |||||
Indebtedness maximum limit | $ 80,000,000 | |||||
Maximum Single Capital Expenditure Allowed Without Consent | 10,000,000 | |||||
Maximum Annual Capital Expenditure Allowed Without Consent | 30,000,000 | |||||
Preferred stock redemption amount | $ 475,700,000 | |||||
Percentage of preferred stock redemption premium | 102% | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | |||||
New stock issued during the period. common shares | shares | 4,664,155 |
Restructuring charges, net - Sc
Restructuring charges, net - Schedule of Restructuring Charges, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Severance Costs | $ (209) | $ 12,540 | $ 0 |
Other Restructuring Costs | 472 | 3 | 205 |
Total restructuring charges, net | 263 | 12,543 | 205 |
UNITED STATES | |||
Severance Costs | 113 | 4,780 | 0 |
Other Restructuring Costs | 472 | 3 | 205 |
Total restructuring charges, net | 585 | 4,783 | 205 |
MEXICO | |||
Severance Costs | (794) | 6,629 | 0 |
Other Restructuring Costs | 0 | 0 | 0 |
Total restructuring charges, net | (794) | 6,629 | 0 |
EMEA [Member] | |||
Severance Costs | 472 | 1,131 | 0 |
Other Restructuring Costs | 0 | 0 | 0 |
Total restructuring charges, net | $ 472 | $ 1,131 | $ 0 |
Restructuring charges, net - Su
Restructuring charges, net - Summary of Restructuring Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | $ 4,799 | $ 0 | $ 0 |
Restructuring charges, net | 263 | 12,543 | 205 |
Payments | (4,575) | (7,744) | (205) |
Restructuring Liability, Ending Balance | 487 | 4,799 | 0 |
UNITED STATES | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | 2,638 | 0 | 0 |
Restructuring charges, net | 585 | 4,783 | 205 |
Payments | (2,766) | (2,145) | (205) |
Restructuring Liability, Ending Balance | 457 | 2,638 | 0 |
MEXICO | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | 2,161 | 0 | 0 |
Restructuring charges, net | (794) | 6,629 | 0 |
Payments | (1,367) | (4,468) | 0 |
Restructuring Liability, Ending Balance | 0 | 2,161 | 0 |
EMEA [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | 0 | 0 | 0 |
Restructuring charges, net | 472 | 1,131 | 0 |
Payments | (442) | (1,131) | 0 |
Restructuring Liability, Ending Balance | $ 30 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2022 | Jul. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies [Line Items] | |||||
Operating leases rental expense | $ 39,680,000 | $ 34,955,000 | |||
Complaint Asserts Voidance | $ 13,300,000 | ||||
Surplus reserve fund | $ 1,500 | ||||
China [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Maximum percentage of registered capital contributed to surplus reserve | 50% | ||||
Percentage of dividends payment after tax profits | 90% | ||||
Percentage of dividend contributed to surplus reserve | 10% | ||||
Percentage of dividends payment after tax profits upon fulfillment of requirement | 100% | ||||
Payments of dividends | $ 19,500,000 | $ 3,900,000 | |||
Return of capital | $ 18,000,000 |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income tax provision (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Line Items] | |||
Income tax provision from continuing operations | $ (29,613) | $ (29,826) | $ (7,414) |
Income tax (provision) benefit from discontinued operations | (6,194) | 3,066 | (3,870) |
Total income tax provision | $ (35,807) | $ (26,760) | $ (11,284) |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | $ (25,937) | $ (126,068) | $ (77,983) |
United States [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | (123,795) | (153,273) | (49,096) |
Turkey [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | 60,301 | (8,551) | (26,566) |
Mexico [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | 14,034 | 10,297 | 8,509 |
India [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | 24,639 | 26,453 | (13,810) |
Other [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | $ (1,116) | $ (994) | $ 2,980 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||||
Minimum tax rate based on adjusted financial statement income | 15% | ||||
Minimum tax rate adjusted period | 3 years | ||||
Income statement balance to be adjsuted | $ 1,000,000 | ||||
Excise tax | 1% | ||||
Effective tax rate, percent | (114.20%) | (23.70%) | (9.50%) | ||
Undistributed earnings of foreign subsidiaries | $ 162,700 | ||||
Income tax expense benefit | 29,613 | $ 29,826 | $ 7,414 | ||
Change in Valuation Allowance | 20,600 | 26,600 | 300 | ||
Unrecognized tax benefits | $ 13,438 | 9,020 | 6,629 | $ 0 | |
Income tax examinations, description | We operate in and file income tax returns in various jurisdictions where we have continuing operations including Mexico, Türkiye, India, U.S., Denmark, Germany, Spain, United Kingdom and Switzerland, which are subject to examination by tax authorities. In the U.S., the federal tax returns for 2019 through 2021 remain open to examination. | ||||
State [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net operating loss carryforward | $ 264,300 | ||||
Net operating loss carryforwards expiration year | 2039 | ||||
U.S. Federal [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax asset, valuation allowance | $ 600 | ||||
Net operating loss carryforward | 230,900 | ||||
Foreign [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net operating loss carryforward | $ 2,700 | ||||
Net operating loss carryforwards expiration year | 2028 | ||||
Tax credit carryforwards | $ 1,900 | ||||
Tax credits carryforward expiration year | 2026 | ||||
China [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Discontinued operation, income tax expenses benefit | $ 12,600 | $ 1,900 | 100 | ||
Minimum [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax examination period | 2019 | ||||
Tax jurisdictions on statute of limitations tenure | 3 years | ||||
Maximum [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax examination period | 2021 | ||||
Tax jurisdictions on statute of limitations tenure | 10 years | ||||
Internal Revenue Service (IRS) [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Impact of change in legislation tax reform | $ 10,600 | ||||
Internal Revenue Service (IRS) [Member] | Minimum [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Effective tax rate, percent | 90% |
Income Taxes - Components of _2
Income Taxes - Components of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||||||||||
U.S. federal | $ 0 | $ (630) | $ 0 | ||||||||
U.S. state and local taxes | (1,316) | (23) | 32 | ||||||||
Foreign | 26,800 | 22,048 | 15,935 | ||||||||
Total current | 25,484 | 21,395 | 15,967 | ||||||||
Deferred: | |||||||||||
U.S. federal | 0 | 3,869 | (2,271) | ||||||||
U.S. state and local taxes | 0 | 2,374 | (1,385) | ||||||||
Foreign | 4,129 | 2,188 | (4,897) | ||||||||
Total deferred | 11,484 | 2,126 | (7,982) | ||||||||
Total income tax provision (benefit) | 29,613 | 29,826 | 7,414 | ||||||||
Continuing Operations [Member] | |||||||||||
Deferred: | |||||||||||
Total deferred | $ 4,129 | $ 8,431 | $ (8,553) | ||||||||
Total income tax provision (benefit) | $ (17,935) | $ (2,852) | $ (5,882) | $ (2,944) | $ (4,897) | $ (7,852) | $ (26,553) | $ 9,476 |
Income Taxes - Reconciliation f
Income Taxes - Reconciliation from U.S. Statutory Income Tax Rate to Our Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
United States statutory income tax rate | 21% | 21% | 21% |
Foreign rate differential | 22.30% | (13.50%) | (17.90%) |
Foreign permanent differences | (31.20%) | 0% | (1.80%) |
Tax rate change | (0.60%) | 0.10% | (0.70%) |
Withholding taxes | (25.80%) | (4.60%) | (2.00%) |
GILTI income | (3.20%) | (6.60%) | 13.70% |
Unrecognized tax benefits | (15.50%) | (1.70%) | (8.00%) |
Share-based compensation | (5.90%) | (0.50%) | 0.60% |
Valuation allowance | (104.20%) | (22.80%) | (15.10%) |
State taxes | 9.50% | 1% | 1.40% |
Deferred tax adjustments | 7.70% | (0.90%) | 0% |
State incentive credits | 5.10% | 0% | 0% |
Foreign currency / inflationary adjustments | 10.20% | 3.80% | 0.60% |
Other | (3.60%) | 1% | (1.30%) |
Effective income tax rate | (114.20%) | (23.70%) | (9.50%) |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||||
Net operating loss and credit carry forwards | $ 51,180 | $ 40,028 | $ 30,790 | |
Deferred revenue | 0 | 1,504 | 0 | |
Non-deductible accruals | (520) | 3,572 | 8,519 | |
Equity compensation | 4,468 | 2,892 | 3,298 | |
Lease liabilities | 26,244 | 24,043 | 20,202 | |
Non-deductible interest | 5,976 | 5,618 | 3,302 | |
Tax credits | 1,931 | 1,931 | 1,931 | |
Other | 18,325 | 9,472 | 5,967 | |
Gross deferred tax assets | 107,604 | 89,060 | 74,009 | |
Valuation allowance | (58,908) | (38,262) | (11,616) | $ (11,281) |
Total deferred tax assets | 48,696 | 50,798 | 62,393 | |
Deferred tax liabilities: | ||||
Deferred revenue | (3,848) | (2,155) | (3,446) | |
Depreciation | (12,779) | (16,453) | (24,413) | |
Lease assets | (25,398) | (23,357) | (19,691) | |
Other | (2,385) | (3,326) | 35 | |
Total deferred tax liabilities | (44,410) | (45,291) | (47,515) | |
Net deferred tax assets | $ 4,286 | $ 5,507 | $ 14,878 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Valuation allowance at beginning of year | $ (38,262) | $ (11,616) | $ (11,281) |
Benefits obtained (costs accumulated) | (20,646) | (26,646) | (335) |
Valuation allowance at end of year | $ (58,908) | $ (38,262) | $ (11,616) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at beginning of year | $ 9,020 | $ 6,629 | $ 0 |
Increases related to prior year tax positions | 0 | 0 | 4,361 |
Increases related to current year tax positions | 4,418 | 2,391 | 2,268 |
Unrecognized tax benefits at end of year | $ 13,438 | $ 9,020 | $ 6,629 |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share - Computation of Basic and Diluted Net Income (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net loss from continuing operations | $ (55,550) | $ (155,894) | $ (85,397) |
Preferred stock dividends and accretion | (58,903) | (6,040) | 0 |
Net loss from continuing operations attributable to common stockholders | (114,453) | (161,934) | (85,397) |
Net income (loss) from discontinued operations | (9,755) | (3,654) | 66,370 |
Net loss attributable to common stockholders | $ (124,208) | $ (165,588) | $ (19,027) |
Basic weighted-average shares outstanding | 41,959 | 37,415 | 35,532 |
Effect of dilutive awards | 0 | 0 | 0 |
Diluted weighted-average shares outstanding | 41,959 | 37,415 | 35,532 |
Basic earnings (loss) from continuing operations per common share | $ (2.73) | $ (4.33) | $ (2.40) |
Diluted earnings (Loss) from continuing operations per common share | (2.73) | (4.33) | (2.40) |
Basic Earnings (Loss) from discontinued operations per common share | (0.23) | (0.10) | 1.86 |
Diluted Earnings (Loss) from discontinued operations per common share | (0.23) | (0.10) | 1.86 |
Basic net income (loss) per common share | (2.96) | (4.43) | (0.54) |
Diluted net income (loss) per common share | $ (2.96) | $ (4.43) | $ (0.54) |
Dilutive shares excluded from the calculation due to net losses in the period | 606 | 1,569 | 1,674 |
Anti-dilutive share-based compensation awards that would be excluded from the calculation if income was reported in the period | 199 | 1 | 17 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share - Additional Information (Detail) - Warrant [Member] | 1 Months Ended |
Aug. 31, 2022 $ / shares shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 |
Warrants to purchase shares of common stock | 4,666,667 |
Stock Issued During Period, Shares, New Issues | 4,664,155 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ 121,952 | $ 201,035 | $ 205,050 |
Net current period other comprehensive income (loss) | 38,619 | (21,016) | (9,378) |
Ending balance | 50,487 | 121,952 | 201,035 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (48,530) | (30,111) | (22,012) |
Other comprehensive income (loss) before reclassifications | 37,685 | (18,419) | (8,099) |
Amounts reclassified from AOCL | 0 | 0 | 0 |
Net tax effect | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | 37,685 | (18,419) | (8,099) |
Ending balance | (10,845) | (48,530) | (30,111) |
Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | 0 | (3,443) | (2,145) |
Other comprehensive income (loss) before reclassifications | 0 | 4,414 | (1,698) |
Amounts reclassified from AOCL | 0 | 0 | 0 |
Net tax effect | 0 | (971) | 400 |
Net current period other comprehensive income (loss) | 0 | 3,443 | (1,298) |
Ending balance | 0 | 0 | (3,443) |
Foreign Exchange Forward Contract [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (5,476) | 564 | 545 |
Other comprehensive income (loss) before reclassifications | 3,012 | (3,341) | (777) |
Amounts reclassified from AOCL | (2,078) | (3,037) | 996 |
Net tax effect | 0 | 338 | (200) |
Net current period other comprehensive income (loss) | 934 | (6,040) | 19 |
Ending balance | (4,542) | (5,476) | 564 |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (54,006) | (32,990) | (23,612) |
Other comprehensive income (loss) before reclassifications | 40,697 | (17,346) | (10,574) |
Amounts reclassified from AOCL | (2,078) | (3,037) | 996 |
Net tax effect | 0 | (633) | 200 |
Net current period other comprehensive income (loss) | 38,619 | (21,016) | (9,378) |
Ending balance | $ (15,387) | $ (54,006) | $ (32,990) |
Concentration of Customers - Ad
Concentration of Customers - Additional Information (Detail) - Customer Concentration Risk [Member] - Minimum [Member] | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sales Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Customer risk percentage | 10% | 10% | 10% |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Customer risk percentage | 10% | 10% |
Concentration of Customers - Sc
Concentration of Customers - Schedule of Revenues from Customers (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | |||
Revenue | $ 1,522,741 | $ 1,472,386 | $ 1,143,054 |
Sales Revenues [Member] | Customer 1 - Vestas [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 551,306 | $ 455,217 | $ 346,940 |
Percentage of Total | 36.20% | 30.90% | 30.40% |
Sales Revenues [Member] | Customer 2 - GE [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 316,788 | $ 427,053 | $ 391,439 |
Percentage of Total | 20.80% | 29% | 34.20% |
Sales Revenues [Member] | Customer 3 - Nordex [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 496,999 | $ 374,076 | $ 212,951 |
Percentage of Total | 32.60% | 25.40% | 18.60% |
Concentration of Customers - _2
Concentration of Customers - Schedule of Trade Accounts Receivable from Certain Customers (Detail) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Customer 3 - Nordex [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 65.20% | 63.40% |
Customer 5 - Enercon [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 10.90% | 15.20% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 Facility | |
U.S. [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 5 |
Mexico [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 6 |
EMEA [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 3 |
India [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 1 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 1,522,741 | $ 1,472,386 | $ 1,143,054 |
Total depreciation and amortization | 38,772 | 37,606 | 33,975 |
Total loss from continuing operations | (27,809) | (91,826) | (55,673) |
Total capital expenditures | 18,832 | 37,119 | 65,666 |
Total tangible long-lived assets | 136,841 | 142,613 | |
Total assets | 962,176 | 1,007,701 | |
United States Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 89,170 | 192,339 | 184,288 |
Total depreciation and amortization | 7,002 | 8,269 | 7,193 |
Total loss from continuing operations | (46,387) | (45,899) | (50,214) |
Total tangible long-lived assets | 23,076 | 25,522 | |
Total assets | 187,014 | 259,998 | |
Mexico Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 646,615 | 597,598 | 493,492 |
Total depreciation and amortization | 17,161 | 17,047 | 18,587 |
Total loss from continuing operations | (76,096) | (84,691) | (11,958) |
Total tangible long-lived assets | 56,495 | 71,208 | |
Total assets | 325,614 | 266,936 | |
EMEA Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 568,992 | 482,220 | 373,545 |
Total depreciation and amortization | 8,919 | 5,814 | 6,217 |
Total loss from continuing operations | 77,195 | 39,609 | 23,331 |
Total capital expenditures | 4,110 | 2,103 | 10,887 |
Total tangible long-lived assets | 27,005 | 14,413 | |
Total assets | 231,337 | 192,737 | |
India Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 217,964 | 200,229 | 91,729 |
Total depreciation and amortization | 5,690 | 6,476 | 1,978 |
Total loss from continuing operations | 17,479 | (845) | (16,832) |
Total capital expenditures | 4,304 | 12,352 | 19,071 |
Total tangible long-lived assets | 30,265 | 31,470 | |
Total assets | 183,029 | 168,464 | |
Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 16,731 | 34,536 | 52,531 |
Total assets | 926,994 | 888,135 | |
Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Net sales | 235,588 | 260,197 | 527,083 |
Total loss from continuing operations | (10,812) | (5,872) | 74,439 |
U.S. [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 89,170 | 192,339 | 184,288 |
Total capital expenditures | 6,233 | 9,422 | 6,949 |
Mexico [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 646,615 | 597,598 | 493,492 |
Total capital expenditures | 2,084 | 10,659 | 15,624 |
Turkey [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 568,992 | 482,220 | 373,545 |
India [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 217,964 | $ 200,229 | $ 91,729 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Information [Line Items] | |||||||||||
Cost of sales | $ 1,482,428 | $ 1,459,155 | $ 1,116,967 | ||||||||
Total cost of goods sold | 1,508,096 | 1,509,987 | 1,159,280 | ||||||||
Gross profit (loss) | 14,645 | (37,601) | (16,226) | ||||||||
General and administrative expenses | 32,349 | 29,246 | 33,496 | ||||||||
Loss on sale of assets and asset impairments | 27,372 | 13,110 | 7,748 | ||||||||
Restructuring charges, net | 263 | 12,543 | 205 | ||||||||
Foreign currency income | 4,571 | (21,970) | (14,231) | ||||||||
Total other income (expense) | 1,872 | (34,242) | (22,310) | ||||||||
Income tax provision | 29,613 | 29,826 | 7,414 | ||||||||
Loss from continuing operations before income taxes | (25,937) | (126,068) | (77,983) | ||||||||
Net loss from continuing operations | (114,453) | (161,934) | (85,397) | ||||||||
Net loss from continuing operations attributable to common stockholders | (124,208) | (165,588) | (19,027) | ||||||||
Net income (loss) from discontinued operations | $ (9,755) | $ (3,654) | $ 66,370 | ||||||||
Basic net income (loss) from discontinued operations per common share | $ (0.23) | $ (0.10) | $ 1.86 | ||||||||
Basic earnings (loss) from continuing operations per common share | (2.73) | (4.33) | (2.40) | ||||||||
Diluted earnings (Loss) from continuing operations per common share | $ (2.73) | $ (4.33) | $ (2.40) | ||||||||
Continuing Operations [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Net sales | $ 402,276 | $ 384,438 | $ 392,502 | $ 343,525 | $ 349,179 | $ 427,730 | $ 367,699 | $ 327,778 | |||
Cost of sales | 383,060 | 380,729 | 386,218 | 332,421 | 367,288 | 418,426 | 362,257 | 311,184 | |||
Startup and transition costs | 3,251 | 4,821 | 7,519 | 10,077 | 11,838 | 14,541 | 10,099 | 14,354 | $ 3,251 | $ 11,838 | |
Total cost of goods sold | 386,311 | 385,550 | 393,737 | 342,498 | 379,126 | 432,967 | 372,356 | 325,538 | |||
Gross profit (loss) | 15,965 | (1,112) | (1,235) | 1,027 | (29,947) | (5,237) | (4,657) | 2,240 | |||
General and administrative expenses | 9,771 | 8,030 | 6,688 | 7,860 | 5,427 | 8,185 | 6,712 | 8,922 | |||
Loss on sale of assets and asset impairments | 3,700 | 2,969 | 2,265 | 908 | 2,966 | 7,117 | 1,265 | 1,088 | 9,800 | 12,400 | $ 5,700 |
Restructuring charges, net | 653 | (189) | (658) | 457 | 11,457 | 1,083 | 3 | 0 | |||
Income (loss) from continuing operations | 1,841 | (11,922) | (9,530) | (8,198) | (49,797) | (21,622) | (12,637) | (7,770) | |||
Interest expense, net | (2,157) | (1,210) | (955) | (707) | (5,567) | (2,669) | (2,702) | (2,706) | |||
Foreign currency income | (9,735) | 8,207 | 5,696 | 403 | (16,279) | 3,678 | (5,024) | (4,345) | |||
Miscellaneous income | 1,333 | 991 | (48) | 54 | 299 | 185 | 503 | 385 | |||
Total other income (expense) | (10,559) | 7,988 | 4,693 | (250) | (21,547) | 1,194 | (7,223) | (6,666) | |||
Income tax provision | (17,935) | (2,852) | (5,882) | (2,944) | (4,897) | (7,852) | (26,553) | 9,476 | |||
Loss from continuing operations before income taxes | (8,718) | (3,934) | (4,837) | (8,448) | (71,344) | (20,428) | (19,860) | (14,436) | |||
Net loss from continuing operations | (26,653) | (6,786) | (10,719) | (11,392) | (76,241) | (28,280) | (46,413) | (4,960) | |||
Preferred stock dividends and accretion | (15,245) | (14,976) | (14,550) | (14,132) | (6,040) | 0 | 0 | 0 | |||
Net loss from continuing operations attributable to common stockholders | $ (41,898) | $ (21,762) | $ (25,269) | $ (25,524) | $ (82,281) | $ (28,280) | $ (46,413) | $ (4,960) | |||
Basic earnings (loss) from continuing operations per common share | $ (1) | $ (0.52) | $ (0.60) | $ (0.61) | $ (2.10) | $ (0.76) | $ (1.26) | $ (0.14) | |||
Diluted earnings (Loss) from continuing operations per common share | $ (1) | $ (0.52) | $ (0.60) | $ (0.61) | $ (2.10) | $ (0.76) | $ (1.26) | $ (0.14) | |||
Discontinued Operations [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Net sales | $ 59,544 | $ 74,833 | $ 59,866 | $ 41,345 | $ 40,284 | $ 51,869 | $ 91,142 | $ 76,902 | |||
Cost of sales | 42,239 | 65,049 | 54,880 | 38,533 | 50,383 | 53,762 | 78,159 | 71,872 | 200,701 | 254,176 | 444,465 |
Startup and transition costs | 0 | 0 | 2,528 | 5,466 | 0 | 0 | 0 | 0 | 0 | 0 | |
Total cost of goods sold | 42,239 | 65,049 | 57,408 | 43,999 | 50,383 | 53,762 | 78,159 | 71,872 | 208,695 | 254,176 | 446,758 |
Gross profit (loss) | 17,305 | 9,784 | 2,458 | (2,654) | (10,099) | (1,893) | 12,983 | 5,030 | 26,893 | 6,021 | 80,325 |
Loss on sale of assets and asset impairments | 16,579 | 602 | 298 | 51 | 146 | 133 | 186 | 209 | 17,530 | 674 | 2,002 |
Restructuring charges, net | 17,469 | 102 | 668 | 1,936 | 8,429 | 339 | 2,193 | 258 | 20,175 | 11,219 | 3,884 |
Income (loss) from discontinued operations | (16,743) | 9,080 | 1,492 | (4,641) | (18,674) | (2,365) | 10,604 | 4,563 | |||
Interest expense, net | 106 | 61 | 42 | (62) | 2 | 7 | 11 | 2 | 147 | 22 | (22) |
Foreign currency income | (1,525) | 3,155 | 4,190 | (193) | (1,119) | 280 | (1,480) | 618 | 5,627 | (1,701) | (5,755) |
Miscellaneous income | 350 | 282 | 357 | 488 | 582 | 77 | (182) | 354 | |||
Total other income (expense) | (1,069) | 3,498 | 4,589 | 233 | (535) | 364 | (1,651) | 974 | 7,251 | (848) | (4,199) |
Income tax provision | 1,937 | (7,259) | (872) | 0 | 8,173 | (396) | (2,337) | (2,374) | (6,194) | 3,066 | (3,870) |
Loss from continuing operations before income taxes | (3,561) | (6,720) | 70,240 | ||||||||
Income (loss) from discontinued operations before income taxes | (17,812) | 12,578 | 6,081 | (4,408) | (19,209) | (2,001) | 8,953 | 5,537 | |||
Net income (loss) from discontinued operations | $ (15,875) | $ 5,319 | $ 5,209 | $ (4,408) | $ (11,036) | $ (2,397) | $ 6,616 | $ 3,163 | $ (9,755) | $ (3,654) | $ 66,370 |
Basic net income (loss) from discontinued operations per common share | $ (0.38) | $ 0.13 | $ 0.12 | $ (0.10) | $ (0.29) | $ (0.07) | $ 0.18 | $ 0.09 | |||
Diluted net income (loss) from discontinued operations per common share | $ (0.38) | $ 0.13 | $ 0.12 | $ (0.10) | $ (0.29) | $ (0.07) | $ 0.18 | $ 0.09 |
Selected Quarterly Financial _4
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Information [Line Items] | |||||||||||
Depreciation And Amortization Expense | $ 45,480 | $ 52,593 | $ 49,667 | ||||||||
Discontinued Operations [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Depreciation And Amortization Expense | $ 1,900 | $ 1,100 | $ 1,800 | $ 2,000 | $ 4,500 | $ 3,900 | $ 3,700 | $ 3,000 | |||
Share Based Compensation Expense | $ 200 | $ 100 | $ 100 | $ 200 | $ 100 | $ 200 | $ 200 | $ 100 |