Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
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 | 9200 E. Pima Center Parkway | ||
Entity Address, Address Line Two | Suite 250 | ||
Entity Address, City or Town | Scottsdale | ||
Entity Address, State or Province | AZ | ||
Entity Address, Postal Zip Code | 85258 | ||
City Area Code | 480 | ||
Local Phone Number | 305-8910 | ||
Entity Common Stock, Shares Outstanding | 47,240,579 | ||
Entity Public Float | $ 435 | ||
Title of 12(b) Security | Common Stock, par value $0.01 | ||
Trading symbol | TPIC | ||
Security Exchange Name | NASDAQ | ||
Documents Incorporated by Reference | Portions of the Registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders, scheduled to be held on May 29, 2024, are incorporated by reference into Part III of this Report. | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Phoenix, AZ | ||
Auditor Firm ID | 185 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 161,059 | $ 133,546 |
Restricted cash | 10,838 | 9,854 |
Accounts receivable | 138,029 | 184,809 |
Contract assets | 112,237 | 215,939 |
Prepaid expenses | 17,621 | 29,119 |
Other current assets | 34,564 | 26,052 |
Inventories | 9,420 | 10,661 |
Assets held for sale | 17,787 | 0 |
Current assets of discontinued operations | 1,520 | 35,182 |
Total current assets | 503,075 | 645,162 |
Property, plant and equipment, net | 128,808 | 136,841 |
Operating lease right of use assets | 136,124 | 152,312 |
Goodwill | 2,807 | 2,807 |
Intangible assets and deferred costs, net | 2,442 | 3,262 |
Other noncurrent assets | 30,824 | 21,792 |
Total assets | 804,080 | 962,176 |
Current liabilities: | ||
Accounts payable and accrued expenses | 227,723 | 280,499 |
Accrued warranty | 37,483 | 22,347 |
Current maturities of long-term debt | 70,465 | 59,975 |
Current operating lease liabilities | 22,017 | 22,220 |
Contract liabilities | 24,021 | 17,100 |
Liabilities held for sale | 1,897 | 0 |
Current liabilities of discontinued operations | 2,815 | 54,440 |
Total current liabilities | 386,421 | 456,581 |
Long-term debt, net of current maturities | 414,728 | 1,198 |
Noncurrent operating lease liabilities | 117,133 | 133,363 |
Other noncurrent liabilities | 8,102 | 10,670 |
Total liabilities | 926,384 | 601,812 |
Commitments and contingencies (Note 17) | ||
Stockholders’ equity: | ||
Common shares, $0.01 par value, 100,000 shares authorized, 46,991 shares issued and 46,471 shares outstanding at December 31, 2023 and 100,000 shares authorized, 42,370 shares issued and 42,044 shares outstanding at December 31, 2022 | 470 | 424 |
Paid-in capital | 431,335 | 407,570 |
Accumulated other comprehensive loss | (7,627) | (15,387) |
Accumulated deficit | (536,348) | (334,569) |
Treasury stock, at cost, 520 shares at December 31, 2023 and 325 shares at December 31, 2022 | (10,134) | (7,551) |
Total stockholders' (deficit) equity | (122,304) | 50,487 |
Total liabilities, mezzanine equity and stockholders' equity | 804,080 | 962,176 |
Series A Preferred Stock [Member] | ||
Mezzanine equity: | ||
Series A Preferred Stock, $0.01 par value, 400 shares authorized, 0 and 350 shares issued and outstanding at December 30, 2023 and 2022 respectively; liquidation preference of $475,735 at December 31 202 Stockholders equity | $ 0 | $ 309,877 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
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 | 0 | 350,000 |
Preferred Stock, Shares Outstanding | 0 | 350,000 |
liquidation preference | $ 475,735,000 | |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 46,990,000 | 42,369,000 |
Common stock, shares outstanding | 46,471,000 | 42,044,000 |
Treasury Stock Shares | 519,000 | 325,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 1,455,183 | $ 1,522,741 | $ 1,472,386 |
Cost of sales | 1,520,974 | 1,482,428 | 1,459,155 |
Startup and transition costs | 21,757 | 25,668 | 50,832 |
Total cost of goods sold | 1,542,731 | 1,508,096 | 1,509,987 |
Gross profit (loss) | (87,548) | 14,645 | (37,601) |
General and administrative expenses | 49,133 | 32,349 | 29,246 |
Loss on sale of assets and asset impairments | 21,862 | 9,842 | 12,436 |
Restructuring charges, net | 5,050 | 263 | 12,543 |
Loss from continuing operations | (163,593) | (27,809) | (91,826) |
Other income (expense): | |||
Interest expense, net | (12,112) | (5,029) | (13,644) |
Foreign currency income (loss) | (5,162) | 4,571 | (21,970) |
Miscellaneous income | 1,976 | 2,330 | 1,372 |
Total other income (expense) | (15,298) | 1,872 | (34,242) |
Loss from continuing operations before income taxes | (178,891) | (25,937) | (126,068) |
Income tax provision | (17,562) | (29,613) | (29,826) |
Net loss from continuing operations | (196,453) | (55,550) | (155,894) |
Preferred stock dividends and accretion | (58,453) | (58,903) | (6,040) |
Gain on extinguishment of Series A Preferred Stock | 82,620 | 0 | 0 |
Net loss from continuing operations attributable to common stockholders | (172,286) | (114,453) | (161,934) |
Net loss from discontinued operations | (5,326) | (9,755) | (3,654) |
Net loss attributable to common stockholders | $ (177,612) | $ (124,208) | $ (165,588) |
Weighted-average common shares outstanding: | |||
Basic | 42,671 | 41,959 | 37,415 |
Diluted | 42,671 | 41,959 | 37,415 |
Net loss from continuing operations per common share: | |||
Basic | $ (4.04) | $ (2.73) | $ (4.33) |
Diluted | (4.04) | (2.73) | (4.33) |
Net loss from discontinued operations per common share: | |||
Basic | (0.12) | (0.23) | (0.1) |
Diluted | (0.12) | (0.23) | (0.1) |
Net loss per common share: | |||
Basic | (4.16) | (2.96) | (4.43) |
Diluted | $ (4.16) | $ (2.96) | $ (4.43) |
Series A Preferred Stock [Member] | |||
Other income (expense): | |||
Gain on extinguishment of Series A Preferred Stock | $ 82,620 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss from continuing operations attributable to common stockholders | $ (172,286) | $ (114,453) | $ (161,934) |
Net loss from discontinued operations | (5,326) | (9,755) | (3,654) |
Net loss attributable to common stockholders | (177,612) | (124,208) | (165,588) |
Other comprehensive loss: | |||
Foreign currency translation adjustments | 2,317 | 37,685 | (18,419) |
Reclassification of foreign currency translation adjustments from disposition and exit of business activities, net of tax of $0 | 901 | 0 | 0 |
Unrealized gain (loss) on hedging derivatives, net of taxes of $0, $0 and $633 for the years ended December 31, 2023, 2022 and 2021 | 2,304 | 934 | (2,597) |
Reclassification of loss on hedging derivatives, net of taxes of $0 for each of the presented periods | 2,238 | 0 | 0 |
Comprehensive loss | $ (169,852) | $ (85,589) | $ (186,604) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Reclassification of foreign currency translation adjustments from disposition and exit of business activities, net of tax of $0 | $ 0 | $ 0 | $ 0 |
Unrealized gain (loss) on hedging derivatives, net of taxes of $0, $0 and $633 for the years ended December 31, 2023, 2022 and 2021 | 0 | 0 | 633 |
Reclassification of loss on hedging derivatives, net of taxes of $0 for each of the presented periods | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUTIY AND STOCKHOLDERS' (DEFICIT) 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, Common [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] |
Beginning balance at Dec. 31, 2020 | $ 201,035 | $ 368 | $ 349,472 | $ (32,990) | $ (109,716) | $ (6,099) | ||
Beginning 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 | |||||||
Accretion of Series A Preferred Stock | (1,926) | (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 | ||||||
Net loss from continuing operations | (201,779) | |||||||
Net loss | (201,779) | (201,779) | ||||||
Preferred stock dividends | (41,507) | $ (41,507) | (41,507) | |||||
Other comprehensive loss | 7,760 | 7,760 | ||||||
Common stock repurchased for treasury | (2,583) | (2,583) | ||||||
Issuances under share-based compensation plan | 7 | $ 7 | ||||||
Issuances under share-based compensation plan, shares | 721 | |||||||
Share-based compensation expense | 9,881 | 9,881 | ||||||
Temporary Equity, Accretion to Redemption Value | 16,946 | |||||||
Accretion of Series A Preferred Stock | (16,946) | (16,946) | ||||||
Cost of the Capped Call Transactions | (18,590) | (18,590) | ||||||
Extinguishment of Series A Preferred Stock, Value | 90,966 | $ (368,330) | $ 39 | 90,927 | ||||
Extinguishment of Series A Preferred Stock, Shares | (350) | 3,900 | ||||||
Ending balance at Dec. 31, 2023 | $ 0 | |||||||
Ending balance at Dec. 31, 2023 | $ (122,304) | $ 470 | $ 431,335 | $ (7,627) | $ (536,348) | $ (10,134) | ||
Ending balance, shares at Dec. 31, 2023 | 0 | 46,990 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (201,779) | $ (65,305) | $ (159,548) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 38,869 | 45,480 | 52,593 |
Provision for credit losses | 23,323 | 0 | 0 |
Loss on sale of assets and asset impairments | 23,332 | 27,372 | 13,110 |
Share-based compensation expense | 9,881 | 15,080 | 8,407 |
Amortization of debt issuance costs and debt discount | 2,151 | 0 | 1,051 |
Paid in kind interest | 2,041 | 0 | 0 |
Deferred income taxes | (11,806) | 11,484 | 2,126 |
Changes in assets and liabilities: | |||
Accounts receivable | 17,540 | (42,030) | (34,715) |
Contract assets and liabilities | 98,255 | (10,331) | 23,983 |
Operating lease right of use assets and operating lease liabilities | (9,769) | (4,727) | 8,771 |
Inventories | 1,871 | (639) | (1,018) |
Prepaid expenses | 13,003 | (9,254) | 9,683 |
Other current assets | (8,283) | (3,125) | 4,699 |
Other noncurrent assets | 980 | 4,873 | 11,612 |
Accounts payable and accrued expenses | (97,700) | (11,418) | 45,755 |
Accrued warranty | 15,136 | (19,673) | (8,832) |
Other noncurrent liabilities | 1,983 | (59) | (3,202) |
Net cash used in operating activities | (80,972) | (62,272) | (25,525) |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (36,137) | (18,832) | (37,119) |
Proceeds from sale of business | 12,836 | 0 | 0 |
Net cash used in investing activities | (23,301) | (18,832) | (37,119) |
Cash flows from financing activities: | |||
Proceeds from issuance of convertible notes | 132,500 | 0 | 0 |
Purchase of capped calls | (18,590) | 0 | 0 |
Payments of debt issuance costs | (5,962) | 0 | 0 |
Proceeds from revolving and term loans | 0 | 0 | 18,109 |
Repayments of revolving and term loans | 0 | (8,109) | (181,154) |
Proceeds from working capital loans | 46,329 | 43,992 | 10,269 |
Repayments of working capital loans | (47,673) | (39,015) | 0 |
Principal repayments of finance leases | (1,300) | (5,100) | (5,750) |
Net proceeds from (repayments of) other debt | 19,273 | (5,456) | 13,438 |
Proceeds from exercise of stock options and common stock warrants | 0 | 50 | 5,211 |
Repurchase of common stock including shares withheld in lieu of income taxes | (2,583) | (959) | (493) |
Proceeds from the issuance of Series A Preferred Stock and warrants to purchase common stock | 0 | 0 | 350,000 |
Equity issuance costs | 0 | 0 | (10,711) |
Net cash provided by (used in) financing activities | 121,994 | (14,597) | 198,919 |
Impact of foreign exchange rates on cash, cash equivalents and restricted cash | 2,023 | (3,448) | (14,253) |
Net change in cash, cash equivalents and restricted cash | 19,744 | (99,149) | (122,022) |
Cash, cash equivalents and restricted cash, beginning of year | 153,069 | 252,218 | 130,196 |
Cash, cash equivalents and restricted cash, end of year | 172,813 | 153,069 | 252,218 |
Supplemental cash flow information: | |||
Cash paid for interest | 9,650 | 5,727 | 13,360 |
Cash paid for income taxes, net of refunds | 23,115 | 30,818 | 25,268 |
Noncash investing and financing activities: | |||
Right of use assets obtained in exchange for new operating lease liabilities | 8,077 | 27,435 | 13,232 |
Property, plant, and equipment obtained in exchange for new finance lease liabilities | 796 | 215 | 1,817 |
Accrued capital expenditures in accounts payable | 5,861 | 2,429 | 2,504 |
Paid-in-kind preferred stock dividends and accretion | 58,453 | 58,903 | 6,040 |
Issuance of Common Stock to extinguish Of Preferred Stock | 8,346 | 0 | 0 |
Issuance of debt, net of debt discount, to extinguish Series A Preferred Stock | 274,712 | 0 | 0 |
Accrued transaction costs in accounts payable to extinguish Series A Preferred Stock | 1,499 | 0 | 0 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | |||
Cash and cash equivalents | 133,546 | 216,236 | 82,463 |
Cash and cash equivalents | 161,059 | 133,546 | 216,236 |
Restricted cash | 9,854 | 10,053 | 29 |
Restricted cash | 10,838 | 9,854 | 10,053 |
Cash and cash equivalents of discontinued operations | 9,669 | 25,929 | 47,394 |
Cash and cash equivalents of discontinued operations | 916 | 9,669 | 25,929 |
Restricted cash of discontinued operations | 0 | 0 | 310 |
Restricted cash of discontinued operations | 0 | 0 | 0 |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | 153,069 | 252,218 | 130,196 |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ 172,813 | $ 153,069 | $ 252,218 |
Summary of Operations and Summa
Summary of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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 a global footprint that includes domestic facilities in Newton, Iowa; Des Moines, 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, we 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, 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 are in the final stages of shutting down our business operations in China. Our business operations in China comprised the entirety of our Asia reporting segment. This shut down has had 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) 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. (c) 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. (d) 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. (e) 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, 2023, 2022 and 2021 , total research and development expenses totaled $ 1.4 million, $ 1.1 million and $ 1.0 million, respectively. (f) Loss on Sale of Assets and Asset Impairments For the years ended December 31, 2023, 2022 and 2021, 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 $ 21.9 million, $ 9.8 million and $ 12.4 million, respectively. (g) 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, 2023, 2022 and 2021, restructuring charges, net totaled $ 5.1 million, $ 0.3 million and $ 12.5 million, respectively. These charges primarily related to severance benefits to terminated associates as a result of the reorganization of our operations in Türkiye, temporary shutdown of our Newton, Iowa manufacturing facility and the stop of production in one of our Juarez, Mexico facilities. (h) 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, 2023 and 2022, our discontinued operations collectively had unrestricted cash totaling $ 0.9 million and $ 9.7 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, 2023 and 2022 , we had $ 10.8 million and $ 9.9 million, respectively of cash held as collateral for various instruments, primarily for letters of guarantee related to our India, corporate, and Mexico locations. These amounts are reported as restricted cash in our consolidated balance sheets. (i) 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 $ 10.5 million of receivables during 2023 primarily due to a write off of $ 8.1 million in accounts receivables due to Proterra's bankruptcy filing. We wrote off no receivables during 2022, or 2021. We do not have any off-balance-sheet credit exposure related to our customers. See Note 5, Accounts Receivable. (j) 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. (k) 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 (l) 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. (m) Assets Held for Sale 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 cease depreciation and report long-lived assets and/or the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale, respectively, in our consolidated balance sheets. As of December 31, 2023, we met the criteria to classify $ 17.8 million of assets and $ 1.9 million of liabilities as held for sale associated with our automotive business. The assets held for sale relate to $ 14.2 million of property, plant and equipment, net, $ 2.4 million of accounts receivables, and $ 1.2 million of other current assets. The liabilities held for sale relate to $ 1.9 million of other current liabilities. These amounts have been reclassified to assets held for sale and liabilities held for sale, respectively, in the accompanying consolidated balance sheets. We are in the process of exploring strategic alternatives to ensure our automotive business is sufficiently funded to execute on its growth strategies as we intend to prioritize capital for growth in the wind blade business in the near term. We expect to complete this process no later than June 30, 2024, which could result in a material impairment of the business's assets. Accordingly, the Company determined a triggering event had occurred and performed an analysis to evaluate if any impairment exists in the assets held for sale associated with our automotive business. The Company concluded that there were no indicators of impairment and that the carrying values of the long-lived assets equates to their fair values as of December 31, 2023. (n) Discontinued Operations 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, 2023, and 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 2023 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 issued Series A Preferred Stock that we 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 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. On December 14, 2023, we entered into a new Credit Agreement and Guaranty (the "Credit Agreement") with Oaktree Fund Administration, LLC, as administrative agent and an affiliate of the holders of our Series A Preferred Stock, which, among other things, included a new senior secured term loan (the "Term Loan") in exchange, together with the issuance of an aggregate of 3,899,903 shares of Common Stock, on a cashless basis, for all Series A Preferred stock and $ 86.0 million of accrued and unpaid dividends. See Note 12, Debt, and Note 15, Mezzanine Equity . (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 . (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. (s) F |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 2. Discontinued Operations In December 2022, we 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, had an adverse impact on demand and profitability 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 are in the final stages of shutting down our business operations in China. Our business operations in China comprised the entirety of our Asia reporting segment. This shut down has had 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. During the year ended December 31, 2023, we completed the sale of our Taicang, China operations and received net proceeds of $ 12.8 million, resulting in a net gain on the sale of $ 0.4 million. The following table presents the carrying amounts of major classes of assets and liabilities that were included in discontinued operations: December 31, 2023 2022 (In thousands) Cash and cash equivalents $ 916 $ 9,669 Accounts receivable 198 2,716 Prepaid expenses 388 1,877 Inventories 17 1,501 Property, plant and equipment, net — 17,678 Other classes of assets that are not major 1 1,741 Total assets of discontinued operations $ 1,520 $ 35,182 Accounts payable and accrued expenses $ 1,632 $ 26,942 Accrued restructuring 1,183 17,764 Operating lease liabilities — 9,524 Other classes of liabilities that are not major — 210 Total liabilities of discontinued operations $ 2,815 $ 54,440 The following table presents the components of net loss from discontinued operations: Year Ended December 31, 2023 2022 2021 (In thousands) Net sales $ 2,948 $ 235,588 $ 260,197 Cost of sales 8,906 200,701 254,176 Startup and transition costs — 7,994 — Total cost of goods sold 8,906 208,695 254,176 Gross profit ( 5,958 ) 26,893 6,021 Loss on sale of assets and asset impairments 1,470 17,530 674 Restructuring charges, net ( 756 ) 20,175 11,219 Loss from discontinued operations ( 6,672 ) ( 10,812 ) ( 5,872 ) Other income (expense): Interest income, net 49 147 22 Foreign currency income (loss) ( 519 ) 5,627 ( 1,701 ) Miscellaneous income 1,612 1,477 831 Total other income (expense) 1,142 7,251 ( 848 ) Loss before income taxes ( 5,530 ) ( 3,561 ) ( 6,720 ) Income tax benefit (provision) 204 ( 6,194 ) 3,066 Net loss from discontinued operations $ ( 5,326 ) $ ( 9,755 ) $ ( 3,654 ) The following table presents summarized cash flows from discontinued operations: Year Ended December 31, 2023 2022 2021 (in thousands) Net cash used in operating activities $ ( 8,579 ) $ ( 12,676 ) $ ( 19,469 ) Net cash used in investing activities ( 185 ) ( 2,101 ) ( 2,583 ) Additional non-cash items related to operating Depreciation and amortization — 6,708 14,987 Share-based compensation expense ( 34 ) 621 593 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, 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 Restructuring charges, net ( 1,981 ) 1,225 ( 756 ) Payments ( 13,459 ) ( 2,366 ) ( 15,825 ) Balance at December 31, 2023 $ 317 $ 866 $ 1,183 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 U.S. Mexico EMEA India Total (in thousands) Wind blade, tooling and other $ — $ 587,628 $ 565,627 $ 241,061 $ 1,394,316 Automotive sales 22,775 — — — 22,775 Field service, inspection and 28,325 1,911 7,856 — 38,092 Total net sales $ 51,100 $ 589,539 $ 573,483 $ 241,061 $ 1,455,183 Year Ended December 31, 2022 U.S. Mexico EMEA India Total (in thousands) Wind blade, tooling and other $ 1,000 $ 642,377 $ 562,485 $ 217,962 $ 1,423,824 Automotive sales 44,002 — — — 44,002 Field service, inspection and 44,168 4,238 6,507 2 54,915 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, tooling and other $ 130,502 $ 594,763 $ 476,888 $ 200,196 $ 1,402,349 Automotive sales 37,312 — — — 37,312 Field service, inspection and 24,525 2,835 5,332 33 32,725 Total net sales $ 192,339 $ 597,598 $ 482,220 $ 200,229 $ 1,472,386 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: 2023 2022 $ Change (in thousands) Gross contract assets $ 121,483 $ 231,487 $ ( 110,004 ) Less: reclassification from contract liabilities ( 9,246 ) ( 15,548 ) 6,302 Contract assets $ 112,237 $ 215,939 $ ( 103,702 ) 2023 2022 $ Change (in thousands) Gross contract liabilities $ 33,267 $ 32,648 $ 619 Less: reclassification to contract assets ( 9,246 ) ( 15,548 ) 6,302 Contract liabilities $ 24,021 $ 17,100 $ 6,921 Contract assets decreased by $ 103.7 million from December 31, 2022 to December 31, 2023 primarily due to a reduction in our unbilled production during the year ended December 31, 2023, a decrease in customer specific blade material purchases driven by working capital improvement initiatives and a $ 12.8 million impairment of contract assets associated with our bus body supply agreement with Proterra, Inc. (Proterra), one of our customers in our automotive business line that filed for bankruptcy. Contract liabilities, net of the amounts reclassed to contract assets, increased by $ 6.9 million from December 31, 2022 to December 31, 2023 due to the amounts billed to customers exceeding the revenue earned exceeding the amounts billed to customers related to wind blades produced during the year ended December 31, 2023. For the years ended December 31, 2023, 2022 and 2021 , we recognized revenue of $ 17.1 million, $ 1.3 million and $ 0.6 million, respectiv ely, related to customer advances, 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, 2023, the aggregate amount of the transaction price allocated to the remaining performance obligations to be satisfied in future periods was approximately $ 1.4 billion. We estimate that we will recognize the remaining performance obligations as revenue as follows: $ % of Total (in thousands) Year Ending December 31, 2024 $ 1,098,908 77.1 % 2025 326,893 22.9 Total remaining performance obligations $ 1,425,801 100.0 % For the year ended December 31, 2023, net revenue recognized from our performance obligations satisfied in previous periods decreased by $ 30.7 million. The current year decrease 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, 2023, the cost and accumulated amortization of such assets totaled $ 9.0 million and $ 7.3 million, respectively. As of December 31, 2022, the cost and accumulated amortization of such assets totaled $ 8.5 million and $ 6.0 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, 2023 | |
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 . There have been numerous government initiatives over the past few years aimed at expanding the use of renewable energy, including the Inflation Reduction Act (IRA) in the U.S, and several policy initiatives in the European Union (EU) that are expected to accelerate the expansion of renewable energy and green technologies, simplify regulations, speed up permitting and promote cross-border projects to accelerate climate neutrality. Despite these favorable long-term policy trends, we expect reduced demand in the near term while the wind industry awaits clarity on the implementation guidance related to key components of the IRA, clarity around more robust policies in the EU, and industry headwinds caused by rising interest rates and inflation. 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 2023 and 2022. U.S. money market accounts are not guaranteed by the FDIC. As of December 31, 2023 and 2022, we had $ 116.0 million and $ 124.4 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, 2023 and 2022 , we had $ 10.8 million and $ 9.9 million, respectively of cash held as collateral for various instruments, primarily for letters of guarantee related to our India, corporate, and Mexico locations. These amounts are reported as restricted cash in our consolidated balance sheets. We also maintain cash in bank deposit accounts outside the U.S. that are not subject to FDIC limits. As of December 31, 2023, this included $ 40.6 million in Türkiye, $ 1.9 million in India, $ 1.2 million in Mexico and $ 1.3 million in other countries. 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. We have not experienced losses in these accounts. In addition, at December 31, 2023 and 2022, we had unrestricted cash and cash equivalents related to our discontinued operations of $ 0.9 million and $ 9.7 million, respectively. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable | Note 5. Accounts Receivable Accounts receivable as of December 31 consisted of the following: 2023 2022 (in thousands) Trade accounts receivable $ 129,312 $ 181,322 Other accounts receivable 8,717 3,487 Total accounts receivable $ 138,029 $ 184,809 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 (in thousands) Refundable value-added tax $ 33,691 $ 25,331 Deposits 597 586 Other current assets 276 135 Total current assets $ 34,564 $ 26,052 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 (in thousands) Machinery and equipment $ 190,866 $ 199,406 Leasehold improvements 60,635 63,423 Office equipment and software 41,801 41,114 Furniture 22,163 22,249 Vehicles 1,925 872 Construction in progress 24,676 5,575 Idle assets 2,116 — Total property, plant and equipment, gross 344,182 332,639 Accumulated depreciation ( 215,374 ) ( 195,798 ) Total property, plant and equipment, net $ 128,808 $ 136,841 Total depreciation for the years ended December 31, 2023, 2022 and 2021 was $ 37.0 million, $ 37.5 million and $ 34.5 million, respectively. |
Intangible Assets and Deferred
Intangible Assets and Deferred Costs, Net | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, consisted of the following: Estimated Cost Accumulated Net (in thousands) Pre-production investments (1) Various $ 8,968 $ ( 7,267 ) $ 1,701 Patents 10 years 110 ( 50 ) 60 Acquired development tools 10 years 966 ( 435 ) 531 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 10,194 $ ( 7,752 ) $ 2,442 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 (1) See Note 3, Net Sales, for a further discussion of these pre-production investments. During the years ended December 31, 2023, 2022 and 2021, we recorded amortization expense for the intangible assets and deferred costs of $ 1.9 million, $ 1.3 million and $ 3.1 million, respectively. |
Other Noncurrent Assets
Other Noncurrent Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent [Abstract] | |
Other Noncurrent Assets | Note 9. Other Noncurrent Assets Other noncurrent assets as of December 31 consisted of the following: 2023 2022 (in thousands) Deferred tax assets $ 18,357 $ 9,555 Deposits 10,488 9,362 Other 1,979 2,875 Total other noncurrent assets $ 30,824 $ 21,792 |
Accrued Warranty
Accrued Warranty | 12 Months Ended |
Dec. 31, 2023 | |
Product Warranties Disclosures [Abstract] | |
Accrued Warranty | Note 10. Accrued Warranty Warranty accrual as of December 31 consisted of the following: 2023 2022 2021 (in thousands) Warranty accrual at beginning of year $ 22,347 $ 42,020 $ 50,852 Accrual during the year 12,131 13,598 20,650 Cost of warranty services provided during the year ( 48,402 ) ( 36,227 ) ( 23,174 ) Changes in estimate for pre-existing warranties, 51,407 2,956 ( 6,308 ) Warranty accrual at end of year $ 37,483 $ 22,347 $ 42,020 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 11. Share-Based Compensation The share-based compensation expense for the years ended December 31 was as follows: 2023 2022 2021 (in thousands) Cost of goods sold $ 2,671 $ 2,701 $ 1,943 General and administrative expenses 7,245 11,758 5,871 Total share-based compensation expense $ 9,916 $ 14,459 $ 7,814 The share-based compensation expense recognized by award type for the years ended December 31 was as follows: 2023 2022 2021 (in thousands) RSUs $ 9,605 $ 11,030 $ 5,221 Stock options 996 889 1,118 PSUs ( 685 ) 2,540 1,475 Total share-based compensation expense $ 9,916 $ 14,459 $ 7,814 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, 2020 6,162,713 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 6,320,367 998,126 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 ( 82,324 ) 23.76 ( 127,500 ) 18.47 Balance as of December 31, 2022 5,272,188 1,180,971 16.36 804,473 1,293,079 20.95 299,466 23.67 Granted ( 1,332,975 ) 75,487 6.78 1,044,440 9.58 213,048 14.71 Exercised/vested — — — ( 675,752 ) 19.65 ( 44,803 ) 13.49 Forfeited/cancelled 348,315 ( 43,955 ) 25.81 ( 145,390 ) 18.02 ( 158,970 ) 34.23 Balance as of December 31, 2023 4,287,528 1,212,503 $ 15.42 885,855 1,516,377 $ 13.98 308,741 $ 13.53 The balance of PSUs outstanding as of December 31, 2023 , includes 89,813 units with market conditions related to achieving certain stock price hurdles during the relevant performance periods 106,558 units with market conditions that vest upon achievement of certain cumulative total shareholder return targets during the relevant performance periods, and 112,370 units with other non-market performance conditions related to the achievement of annual financial performance targets during the relevant performance periods. Additionally, the balance of RSUs outstanding as of December 31, 2023 , includes 330,556 units of time-based awards with a guaranteed award value that vest over a two-year period with 50% on the first and second anniversary of the grant date, respectively, and additional shares may be issued on the second anniversary of the grant date to maintain the guaranteed award value. 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, 2023, 2022 and 2021 was $ 9.8 million, $ 3.3 million and $ 9.0 million, respectively. In addition, during 2023, 2022 and 2021 , we repurchased 193,938 shares, 86,976 shares and 31,310 shares for $ 2.6 million, $ 1.0 million and $ 0.5 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, 2023: Options Outstanding Options Exercisable Range of Exercise Prices: Shares Weighted- Weighted- Shares Weighted- $ 10.87 554,921 2.3 $ 10.23 495,460 $ 10.87 $ 11.00 to $ 17.06 119,487 5.7 15.06 74,575 15.70 $ 18.00 to $ 18.70 205,671 5.6 18.02 5,671 18.70 $ 18.77 to $ 29.56 332,424 6.0 22.61 310,149 22.23 $ 10.87 to $ 29.56 1,212,503 4.2 $ 15.42 885,855 $ 15.31 The following table contains additional information pertaining to stock options, including discontinued operations, for the years ended December 31: 2023 2022 2021 (in thousands) Total intrinsic value of stock options outstanding $ — $ — $ 2,032 Total intrinsic value of stock options exercisable — — 2,032 Cash received from the exercise of stock options — — 5,211 Fair value of stock options vested 5,332 4,761 4,641 As of December 31, 2023 , the unamortized cost of the outstanding RSUs and PSUs was $ 7.1 million and $ 1.8 million, respectively, which we expect to recognize in the consolidated financial statements over weighted-average periods of approximately 1.5 years and 1.9 years, respectively. Additionally, the total unrecognized cost related to non-vested stock option awards was $ 1.0 million, which we expect to recognize in the consolidated financial statements over a weighted-average period of approximately 1.6 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: 2023 2022 2021 Weighted-average fair value $ 4.41 $ 8.05 $ 13.27 Expected volatility 69.3 % 66.4 % 55.9 % Expected life 6.3 years 5.0 years 6.3 years Risk-free interest rate 4.1 % 3.5 % 1.4 % Dividend yield 0.0 % 0.0 % 0.0 % |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 12. Debt Long-term debt, net of current maturities, as of December 31 consisted of the following: 2023 2022 (in thousands) 11 % Senior secured term loan—U.S. (1) $ 395,041 $ — 5.25 % Convertible senior unsecured notes—U.S. 132,500 — Unsecured financing—EMEA 62,891 43,556 Secured and unsecured working capital—India 13,902 15,246 Equipment finance leases—Mexico 1,098 1,909 Equipment finance leases—EMEA 623 443 Other equipment finance leases 85 19 Total debt—principal 606,140 61,173 Less: Debt issuance costs ( 4,023 ) — Less: Debt discount (2) ( 116,924 ) — Total debt, net of debt issuance costs 485,193 61,173 Less: Current maturities of long-term debt ( 70,465 ) ( 59,975 ) Long-term debt, net of current maturities $ 414,728 $ 1,198 (1) Includes principal balance of $ 393.0 million and $ 2.0 million of paid in kind interest. (2) Unamortized debt discount of $ 116.9 million is related to our senior secured term loan. The following table summarizes borrowings under these facilities as of December 31: 2023 2022 Credit facilities Interest Rates Total Borrowing Capacity Outstanding Balance Total Borrowing Capacity Outstanding Balance (in thousands) Unsecured financing—EMEA 8.29 - 10.38 % $ 111,271 $ 62,891 $ 108,558 $ 43,556 Secured and unsecured working capital—India 6.51 - 8.47 % 29,037 13,902 15,261 15,246 Total credit facilities $ 140,308 $ 76,793 $ 123,819 $ 58,802 Term debt and equipment financing Interest Rates Total Facility Outstanding Balance Total Facility Outstanding Balance 11 % Senior secured term loan—U.S. 11.00 % $ 395,041 $ 395,041 $ — $ — 5.25 % Convertible senior unsecured notes—U.S. 5.25 % 132,500 132,500 — — Equipment finance leases—Mexico 4.00 - 5.36 % 1,098 1,098 12,205 1,909 Equipment finance leases—EMEA 5.50 - 6.00 % 10,000 623 10,000 443 Other equipment finance leases 9.38 % 85 85 65 19 Total term debt and equipment financing 538,724 529,347 22,270 2,371 Total debt—principal $ 679,032 $ 606,140 $ 146,089 $ 61,173 U.S.: 11% Senior secured term loan On December 14, 2023, the Company entered into the Credit Agreement with Oaktree Power Opportunities Fund V Holdings L.P., Opps TPIC Holdings, LLC, and Oaktree Phoenix Investment Fund, L.P., which are funds managed by Oaktree Capital Management, L.P. (collectively, the "Purchasers"). The Credit Agreement exchanged $ 350.0 million of the Company’s Series A Preferred Stock, along with $ 86.0 million of accrued paid-in-kind dividends, for the $ 393.0 million Term Loan and the issuance of 3,899,903 shares of Common Stock (the "Exchange"). Borrowings under the Term Loan will bear interest at a rate per annum of 11.0 %, provided that the interest rate shall be automatically increased to 15.0 % per annum from and after the funding of any additional term loans. The Company has the ability to pay in kind all interest payments through December 31, 2025, subject to certain exceptions set forth in the Credit Agreement. In addition, the Company can pay in kind 50% of the interest payments from January 1, 2026, through the maturity date of the Term Loan on March 31, 2027, subject to certain exceptions set forth in the Credit Agreement. If the Company elects to pay in cash any interest payments that could have been paid in kind, such interest payments can be reduced by 2.0 %, resulting in a stated interest rate of 9.0 % for such portion of interest. Interest payments will be paid quarterly on January 15, April 15, July 15, and October 15 of each year. In addition, up to $ 50.0 million aggregate principal amount of commitments for additional term loans to be extended at any time up to approximately one year from the execution date, subject to the terms and conditions set forth in the Credit Agreement. Obligations under the Credit Agreement and the other Loan Documents (as defined in the Credit Agreement) are guaranteed by all of the Company's U.S. wholly owned subsidiaries, and certain foreign subsidiaries (together with the Company, the "Loan parties"), and are secured by first priority security interests in substantially all assets of the Loan parties, including intellectual property. The affirmative and negative covenants are customary for credit agreements of this nature. The Credit Agreement limits the amount of indebtedness, a cash on hand balance requirement of $ 40.0 million through September 30, 2024 and $ 50.0 million thereafter in the U.S., an individual limit of $ 10.0 million for any single capital expenditure project, an annual total capital expenditure limit of $ 30.0 million, and a limit of $ 37.5 million on acquisitions and $ 25.0 million on investments. We are in compliance with all requirements as of December 31, 2023. The Credit Agreement contains certain events of default, the occurrence and continuation of which would entitle the purchasers of the Term Loan to cause the Company’s indebtedness under the Credit Agreement to become immediately due and payable, and to exercise remedies against the Loan Parties and the collateral securing the Term Loan, including cash. Under the Credit Agreement, an event of default will occur if, among other things, the Company fails to make payments under the Credit Agreement as and when due (subject in certain cases to specified grace periods), the Company or its subsidiaries breach any of the covenants under the Credit Agreement (subject to specified cure periods with respect to certain breaches), a Change of Control (as defined in the Credit Agreement) occurs, the Company, its subsidiaries or their respective assets become subject to certain legal proceedings, such as bankruptcy proceedings, the Company and/or its subsidiaries are unable to pay their debts as they become due or default on contracts with third parties which would permit the holder of indebtedness in excess of a certain threshold to accelerate the maturity of such indebtedness or that could cause a material adverse change. We had determined the event of default redemption features were embedded derivatives that required bifurcation and recognition as a derivative liability (“Event of Default Derivative”). The Event of Default 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 both the issuance date and December 31, 2023, the Event of Default Derivative was valued at zero. For the year ended December 31, 2023, there were no mark-to-market adjustments recorded through earnings. We accounted for the issuance of the Notes as a single liability measured at its fair value, as the only embedded feature requiring bifurcation and recognition as a derivative (the Event of Default Derivative) had no value at issuance. The Term Loan is required to be recorded at fair value as a result of the Exchange. As of the date of the Exchange, the fair value of the Term Loan was $ 274.7 million and is included in long-term debt, net of current maturities on the consolidated balance sheet as of December 31, 2023, representing a $ 118.3 million discount on the Term Loan. The consideration transferred associated with the Exchange is made up of (i) the fair value of the Term Loan, (ii) fair value of Common Stock issued and (iii) of costs incurred to execute the Exchange (the “Exchange Consideration Transferred”). At the time of the Exchange, the carrying value of the Series A Preferred Stock, net of issuance costs, was $ 368.3 million ("Extinguishment Carrying Value"). We incurred direct costs of $ 2.7 million ("Transaction Costs") in relation to the extinguishment which, in accordance with ASC 260, Earnings Per Share , ("Earnings Per Share") were included in the measurement of consideration transferred. The difference between the Exchange Consideration Transferred and the Extinguishment Carrying Value resulted in a gain on extinguishment of $ 82.6 million as included in paid-in capital on the consolidated balance sheet as of December 31, 2023. The components of the gain on extinguishment of Series A Preferred Stock for the year ended December 31, 2023 were as follows (in $ thousands): Series A Preferred Stock par value $ 350,000 Series A Preferred Stock paid in kind dividends 86,210 Series A Preferred Stock accreted redemption premium 1,482 Series A Preferred Stock unamortized ( 69,362 ) Extinguishment Carrying Value 368,330 11 % Senior secured term loan—U.S. 393,000 Debt discount ( 118,288 ) Fair value of Common Stock 8,346 Transaction costs 2,652 Fair value of Exchange Consideration Transferred 285,710 Gain on extinguishment of Series A Preferred Stock $ 82,620 Convertible Senior Notes: Convertible Notes and Indenture In March 2023, we issued and sold an aggregate of $ 132.5 million principal amount of convertible senior unsecured notes due 2028 (the Notes) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act). The Notes consisted of a $ 115.0 million initial placement and an option to purchase an additional $ 17.5 million aggregate principal amount of the Notes, which was fully exercised. The net proceeds from the issuance of the Notes was $ 109.1 million, net of $ 4.8 million in debt issuance costs and $ 18.6 million in cash used to purchase the capped call transactions discussed below. The debt issuance costs are amortized to interest expense over the term of the Notes. The Notes were issued pursuant to an Indenture, dated March 3, 2023 (the Indenture), between the Company and U.S. Bank Trust Company, National Association, as trustee. The Indenture includes customary covenants and sets forth certain events of default after which the Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company after which the Notes become automatically due and payable. The Notes do not contain any specific financial covenants. The Notes bear interest at a rate of 5.25 % per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2023. The Notes will mature on March 15, 2028, unless earlier converted, redeemed, or repurchased. The Notes are convertible into cash, shares of the Company’s common stock, par value $ 0.01 per share (the Common Stock) or a combination of cash and shares of Common Stock, at the Company’s election, at an initial conversion rate of 66.5425 shares of Common Stock per $ 1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $ 15.03 per share of Common Stock. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the Indenture. Before September 15, 2027, noteholders will have the right to convert all or any portion of their Notes, in multiples of $ 1,000 principal amounts, only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on June 30, 2023, if the last reported sale price of our Common Stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter, is greater than or equal to 130 % of the applicable conversion price of the Notes on each such trading day; • during the five-business day period immediately after any five consecutive trading day period (the "measurement period") in which the trading price per $ 1,000 principal amount of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Common Stock and the applicable conversion rate of the Notes on such trading day; • if we call such Notes for redemption, at any time prior to the close of business on the second • or upon on the occurrence of specified corporate events. On or after September 15, 2027 , the Notes or any portion of the Notes are convertible at the option of the noteholders at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. The Company may not redeem the Notes prior to March 20, 2026. The Company may redeem for cash all or any portion of the Notes, at its option, on or after March 20, 2026 and prior to the 51st scheduled trading day immediately preceding the maturity date, if the last reported sale price of the Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Notes, which means that the Company is not required to redeem or retire the Notes periodically. We accounted for the issuance of the Notes as a single liability measured at its amortized cost, as no other embedded features require bifurcation and recognition as derivatives. In connection with the issuance and sale of the Notes, the Series A Preferred Stockholders agreed to waive compliance with all covenants under the Certificate of Designations which set forth the terms of the Series A Preferred Stock with respect to the Company’s sale and issuance of the Notes and the Company’s planned capital expenditures and incurrence of additional indebtedness of up to $ 17.0 million to acquire wind turbines that will provide renewable energy for our manufacturing facilities in Türkiye. Capped Call Transactions On February 28, 2023, in connection with the pricing of the Notes, the Company entered into privately negotiated capped call transactions (the Base Capped Call Transactions) with certain initial purchasers of the Notes or their respective affiliates and certain other financial institutions (the Option Counterparties). On March 1, 2023, in connection with the initial purchasers’ exercise of their option to purchase additional Notes, the Company entered into additional privately negotiated capped call transactions with the Option Counterparties (the Additional Capped Call Transactions, and with the Base Capped Call Transactions, the Capped Call Transactions). The Capped Call Transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of the Common Stock that underlie the Notes. The Capped Call Transactions are expected generally to reduce or offset the potential dilution to the Common Stock upon conversion of any Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. The initial cap price of the Capped Call Transactions was $ 23.12 per share, which represents a premium of 100 % over the reported sale price of the Common Stock on The Nasdaq Global Market of $ 11.56 per share on February 28, 2023, and is subject to certain adjustments under the terms of the capped call transactions. The cost of the Capped Call Transactions was $ 18.6 million and was recorded as a reduction to our additional paid-in-capital in our consolidated balance sheets. The Capped Call Transactions will not be remeasured as long as they continue to meet the conditions for equity classification. As of December 31, 2023, the Capped Call Transactions were out-of-the-money. 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. In April 2023, we entered into a credit agreement with a Turkish financial institution to provide up to 10.0 million Euro (approximately $ 11.0 million as of December 31, 2023) of unsecured financing, letters of credit and other non-cash items. As of December 31, 2023 , we borrowed 10.6 million Euro against this credit facility. Interest on each borrowing accrues at a fixed rate in effect at the time of each borrowing and is payable monthly until the borrowing is repaid. As of December 31, 2023 , there was 9.9 million Euro (approximately $ 11.0 million) outstanding under this credit agreement, and a weighted average interest rate on outstanding borrowings of 9.0 %. As of December 31, 2023 and 2022, available capacity under the EMEA unsecured financing agreements was reduced by $ 5.3 million and $ 3.4 million, respectively, for outstanding letters of credit. 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, 2023 was $ 0.8 million. India: In June 2023, we entered into a working capital facility with an Indian financial institution to provide up to 1.25 billion Indian rupee (approximately $ 15.0 million as of December 31, 2023) of unsecured financing. During the year ended December 31, 2023 , we borrowed and repaid 1.15 billion Indian rupee (approximately $ 14.2 million) against this credit facility, and subsequently borrowed 1.03 billion Indian rupee (approximately $ 12.4 million). Interest on the unsecured borrowing accrues at a fixed rate in effect at the time of each borrowing and is payable monthly until the borrowing is repaid. As of December 31, 2023 , there was 1.03 billion Indian rupee (approximately $ 12.4 million) outstanding under this credit facility, and a weighted average interest rate on outstanding borrowings of 7.24 %. The future aggregate annual principal maturities of debt as of December 31, 2023 are as follows: Year Ending December 31, (in thousands) 2024 $ 70,465 2025 8,127 2026 7 2027 395,041 2028 132,500 Total debt—principal $ 606,140 The average interest rate on our short-term borrowings as of December 31, 2023 and 2022 was approximately 9.07 % and 8.96 %, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
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 ten years , some of which may include options to extend the leases up to ten years . The components of lease cost for the years ended December 31 were as follows: 2023 2022 (in thousands) Total operating lease cost $ 39,624 $ 39,680 Finance lease cost Amortization of assets under finance leases $ 4,037 $ 4,165 Interest on finance leases 139 300 Total finance lease cost $ 4,176 $ 4,465 Total lease liabilities as of December 31 were as follows: 2023 2022 (in thousands) Operating Leases Operating lease right of use assets $ 136,124 $ 152,312 Current operating lease liabilities $ 22,017 $ 22,220 Noncurrent operating lease liabilities 117,133 133,363 Total operating lease liabilities $ 139,150 $ 155,583 Finance Leases Property, plant and equipment, gross $ 37,044 $ 35,948 Less: accumulated depreciation ( 29,316 ) ( 24,272 ) Total property, plant and equipment, net $ 7,728 $ 11,676 Current maturities of long-term debt $ 1,035 $ 1,174 Long-term debt, net of debt issuance costs 771 1,197 Total finance lease liabilities $ 1,806 $ 2,371 F uture minimum lease payments under noncancelable leases as of December 31, 2023 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, 2024 $ 33,078 $ 1,222 2025 32,702 800 2026 31,149 35 2027 26,427 19 2028 19,399 — Thereafter 34,942 — Total future minimum lease payments 177,697 2,076 Less: interest ( 38,547 ) ( 270 ) Total lease liabilities $ 139,150 $ 1,806 Supplemental cash flow information related to leases for the years ended December 31 was as follows: 2023 2022 (in thousands) Cash paid for amounts included in the Operating cash flows from operating leases $ 38,155 $ 38,542 Operating cash flows from finance leases 139 300 Financing cash flows from finance leases 1,300 5,100 Right of use assets obtained in exchange Operating leases 8,077 25,131 Finance leases 796 215 Other information related to leases as of December 31 was as follows: 2023 2022 Weighted-Average Remaining Lease Term Operating leases 5.8 6.4 Finance leases 1.7 2.1 Weighted-Average Discount Rate: Operating leases 8.4 % 8.3 % Finance leases 17.3 % 6.4 % |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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 In May 2023, we purchased a series of call option contracts to mitigate cash flow variability associated with forecasted expenses in the Mexican Peso against changes in the U.S. Dollar to Mexican Peso exchange rate. A premium obligation of $ 3.2 million was incurred at hedge initiation, with payment deferred until December 2023. The premium was amortized against our earnings on a straight-line basis over a period of seven months, the period including the expiry dates of the purchased call option contracts, through cost of sales within our consolidated statements of operations. These foreign exchange call option contracts qualified for accounting as cash flow hedges in accordance with Accounting Standards Codification Topic 815, Derivatives and Hedging, and we designated them as such. With regards to our foreign exchange call option contracts, for the years ended December 31, 2023, 2022 and 2021, $ 3.2 million, $ 1.5 million and $ 2.9 million of premium amortization was recorded through cost of sales 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. As of December 31, 2023 and 2022, we had no outstanding foreign exchange call option contracts. 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 2023 2022 2021 (in thousands) Foreign exchange forward Cost of sales $ ( 2,304 ) $ ( 2,078 ) $ ( 3,037 ) |
Mezzanine Equity
Mezzanine Equity | 12 Months Ended |
Dec. 31, 2023 | |
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"). In connection with the transaction, we also issued 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 was classified as mezzanine equity in our consolidated financial statements as redemption has been deemed probable. We had determined there were embedded features that required recognition as a compound derivative liability (“Compound Derivative”). As of December 31, 2022, the Compound Derivative was valued at zero. 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. On December 14, 2023, we extinguished all 350,000 shares of the outstanding Series A Preferred Stock and $ 86.0 million of accrued and unpaid dividends thereon in exchange for the issuance of the $ 393.0 million Term Loan and 3,899,903 shares of Common Stock as part of the Exchange. See Note 12, Debt and Note 20, Stockholders’ Equity . |
Restructuring charges, net
Restructuring charges, net | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 U.S. Mexico EMEA Total (in thousands) Severance $ 310 $ 675 $ 4,090 $ 5,075 Other restructuring costs ( 25 ) — — ( 25 ) Total restructuring charges, net $ 285 $ 675 $ 4,090 $ 5,050 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 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, 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 Restructuring charges, net 285 675 4,090 5,050 Payments ( 742 ) ( 675 ) ( 3,932 ) ( 5,349 ) Balance at December 31, 2023 $ — $ — $ 188 $ 188 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
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 current 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. 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 is in effect through December 2024. We have separate collective bargaining agreements for each of our Matamoros, Mexico manufacturing facilities. Our collective bargaining agreement at one of our Matamoros, Mexico manufacturing facilities is in effect through March 2025 and our collective bargaining agreement for our other facility in Matamoros, Mexico that we took over from Nordex is in effect through April 2025. 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, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 18. Income Taxes Total income taxes for the years ended December 31, 2023, 2022 and 2021 were allocated as follows: 2023 2022 2021 (in thousands) Income tax provision from continuing operations $ ( 17,562 ) $ ( 29,613 ) $ ( 29,826 ) Income tax (provision) benefit from 204 ( 6,194 ) 3,066 Total income tax provision $ ( 17,358 ) $ ( 35,807 ) $ ( 26,760 ) Geographic sources of income (loss) before income taxes from continuing operations are as follows for the years ended December 31: 2023 2022 2021 (in thousands) U.S. $ ( 224,458 ) $ ( 123,795 ) $ ( 153,273 ) Türkiye 3,887 60,301 ( 8,551 ) Mexico 21,614 14,034 10,297 India 11,496 24,639 26,453 Other 8,570 ( 1,116 ) ( 994 ) Total loss before income taxes $ ( 178,891 ) $ ( 25,937 ) $ ( 126,068 ) 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 does not expect the minimum tax or excise tax provisions of the IRA to have a material impact on its consolidated financial statements. 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, 2023 , our undistributed earnings from continuing operations of certain of our foreign subsidiaries amounted to approximately $ 163.9 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: 2023 2022 2021 (in thousands) Current: U.S. federal $ — $ — $ ( 630 ) U.S. state and local taxes 692 ( 1,316 ) ( 23 ) Foreign 28,676 26,800 22,048 Total current 29,368 25,484 21,395 Deferred: U.S. federal — — 3,869 U.S. state and local taxes — — 2,374 Foreign ( 11,806 ) 4,129 2,188 Total deferred ( 11,806 ) 4,129 8,431 Total income tax provision $ 17,562 $ 29,613 $ 29,826 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: 2023 2022 2021 U.S. statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign rate differential ( 0.9 ) 22.3 ( 13.5 ) Foreign permanent differences 0.7 ( 31.2 ) — Tax rate change — ( 0.6 ) 0.1 Withholding taxes ( 3.8 ) ( 25.8 ) ( 4.6 ) GILTI income ( 0.2 ) ( 3.2 ) ( 6.6 ) Unrecognized tax benefits — ( 15.5 ) ( 1.7 ) Share-based compensation ( 0.4 ) ( 5.9 ) ( 0.5 ) Valuation allowance ( 24.5 ) ( 104.2 ) ( 22.8 ) State taxes 0.8 9.5 1.0 Deferred tax adjustments ( 2.4 ) 7.7 ( 0.9 ) State incentive credits ( 0.4 ) 5.1 — Foreign currency / inflationary adjustments 0.3 10.2 3.8 Other — ( 3.6 ) 1.0 Effective income tax rate ( 9.8 )% ( 114.2 )% ( 23.7 )% The 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: 2023 2022 2021 (in thousands) Deferred tax assets: Net operating loss and credit carry forwards $ 86,460 $ 51,180 $ 40,028 Deferred revenue — — 1,504 Non-deductible accruals 8,079 ( 520 ) 3,572 Equity compensation 3,845 4,468 2,892 Lease liabilities 23,949 26,244 24,043 Non-deductible interest 7,823 5,976 5,618 Tax credits 1,931 1,931 1,931 Other 26,752 18,325 9,472 Gross deferred tax assets 158,839 107,604 89,060 Valuation allowance ( 105,914 ) ( 58,908 ) ( 38,262 ) Total deferred tax assets 52,925 48,696 50,798 Deferred tax liabilities: Deferred revenue ( 3,602 ) ( 3,848 ) ( 2,155 ) Depreciation ( 9,458 ) ( 12,779 ) ( 16,453 ) Lease assets ( 22,264 ) ( 25,398 ) ( 23,357 ) Other 249 ( 2,385 ) ( 3,326 ) Total deferred tax liabilities ( 35,075 ) ( 44,410 ) ( 45,291 ) Net deferred tax assets $ 17,850 $ 4,286 $ 5,507 The deferred tax valuation allowance as of December 31 consisted of the following: 2023 2022 2021 (in thousands) Valuation allowance at beginning of year $ ( 58,908 ) $ ( 38,262 ) $ ( 11,616 ) Benefits obtained (costs accumulated) ( 47,006 ) ( 20,646 ) ( 26,646 ) Valuation allowance at end of year $ ( 105,914 ) $ ( 58,908 ) $ ( 38,262 ) The valuation allowance at December 31, 2023 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, 2023, 2022, and 2021, we recognized tax expense of $ 47.0 million, $ 20.6 million, and $ 26.6 million, respectively, due to changes in the valuation allowance in Switzerland, Spain and the U.S.. During the years ended December 31, 2023, 2022, and 2021, we recognized tax (benefit) expense of $( 13.1 ) million, $ 12.6 million, and $ 1.9 million, respectively, for the establishment of a valuation allowance on our discontinued operations in China. As of December 31, 2023, we have U.S. federal and state NOL carryforwards of $ 392.7 million and $ 317.0 million, respectively, with foreign NOL carryforwards of approximately $ 4.7 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 2043 with most of the U.S. federal and some of the state NOLs having indefinite lives. We also have foreign tax credits that expire in 2026 and foreign NOL carryforwards that expire in varying amounts through 2031 . 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, 2023 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 2023, 2022, or 2021 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: 2023 2022 2021 (in thousands) Unrecognized tax benefits at beginning of year $ 13,438 $ 9,020 $ 6,629 Increases related to prior year tax positions — — — Increases related to current year tax positions — 4,418 2,391 Unrecognized tax benefits at end of year $ 13,438 $ 13,438 $ 9,020 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, France and Switzerland, which are subject to examination by tax authorities. In the U.S., the federal tax returns for 2020 through 2022 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. Pillar Two legislation, commonly referred to as the global minimum tax, has been enacted or substantively enacted in certain jurisdictions where the Company operates. The legislation will be effective for the financial year beginning January 1, 2024. The Company is in scope of the enacted or substantively enacted legislation and has performed an assessment of the potential exposure to Pillar Two income taxes under the safe harbor. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements for the constituent entities. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Company operates are above 15 %. However, there are a limited number of jurisdictions where the transitional safe harbor relief does not apply and the Pillar Two effective tax rate is close to 15 %. We do not expect a material exposure to Pillar Two income taxes in those jurisdictions. |
Net Loss Per Common Share
Net Loss Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | Note 19. Net Loss Per Common Share The following table sets forth the computation of basic and diluted net loss per common share: 2023 2022 2021 (in thousands, except per share data) Numerator: Net loss from continuing operations $ ( 196,453 ) $ ( 55,550 ) $ ( 155,894 ) Preferred stock dividends and accretion ( 58,453 ) ( 58,903 ) ( 6,040 ) Gain on extinguishment 82,620 — — Net loss from continuing operations ( 172,286 ) ( 114,453 ) ( 161,934 ) Net loss from discontinued operations $ ( 5,326 ) $ ( 9,755 ) $ ( 3,654 ) Net loss attributable to common stockholders $ ( 177,612 ) $ ( 124,208 ) $ ( 165,588 ) Denominator: Basic weighted-average shares outstanding 42,671 41,959 37,415 Effect of dilutive awards — — — Diluted weighted-average shares outstanding 42,671 41,959 37,415 Loss from continuing operations per common share: Basic $ ( 4.04 ) $ ( 2.73 ) $ ( 4.33 ) Diluted $ ( 4.04 ) $ ( 2.73 ) $ ( 4.33 ) Loss from discontinued operations per common share: Basic $ ( 0.12 ) $ ( 0.23 ) $ ( 0.10 ) Diluted $ ( 0.12 ) $ ( 0.23 ) $ ( 0.10 ) Loss per common share: Basic $ ( 4.16 ) $ ( 2.96 ) $ ( 4.43 ) Diluted $ ( 4.16 ) $ ( 2.96 ) $ ( 4.43 ) Dilutive shares excluded from the calculation 169 606 1,569 Anti-dilutive share-based compensation awards 264 199 1 |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders Equity | Note 20. Stockholders’ Equity Common Stock Purchase Agreement On December 14, 2023, we entered into a Common Stock Purchase Agreement with the Purchasers as part of the Exchange (see Note 12, Debt ). Pursuant to the agreement, an aggregate of $ 43.0 million of accrued and unpaid dividends on the shares of Series A Preferred Stock was extinguished in exchange for the issuance 3,899,903 shares of Common Stock. Accumulated Other Comprehensive Loss The following table presents the changes in accumulated other comprehensive loss (AOCL) by component for the years ended December 31, 2023, 2022 and 2021: Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2020 $ ( 30,111 ) $ ( 3,443 ) $ 564 $ ( 32,990 ) Other comprehensive income (loss) ( 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 ( 18,419 ) 3,443 ( 6,040 ) ( 21,016 ) Balance at December 31, 2021 ( 48,530 ) — ( 5,476 ) ( 54,006 ) Other comprehensive income 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 ) Other comprehensive income 2,317 — 2,304 4,621 Amounts reclassified from AOCL 901 — 2,238 3,139 Net tax effect — — — — Net current period other comprehensive income 3,218 — 4,542 7,760 Balance at December 31, 2023 $ ( 7,627 ) $ — $ — $ ( 7,627 ) |
Concentration of Customers
Concentration of Customers | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 2021 Customer Revenues % of Total Revenues % of Total Revenues % of Total (in thousands) (in thousands) (in thousands) Vestas $ 520,353 35.8 % $ 551,306 36.2 % $ 455,217 30.9 % Nordex 440,833 30.3 496,999 32.6 374,076 25.4 GE 357,750 24.6 316,788 20.8 427,053 29.0 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: 2023 2022 Customer % of Total % of Total Nordex 61.4 % 65.2 % ENERCON 17.6 % 10.9 % GE 11.5 % 9.1 % |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
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 in Türkiye, (2) our wind blade inspection and repair service facility in Madrid, Spain, (3) wind blade inspection and repair services in the United Kingdom, and (4) wind blade inspection and repair services in France. 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: 2023 2022 2021 (in thousands) Net sales by segment: U.S. $ 51,100 $ 89,170 $ 192,339 Mexico 589,539 646,615 597,598 EMEA 573,483 568,992 482,220 India 241,061 217,964 200,229 Total net sales $ 1,455,183 $ 1,522,741 $ 1,472,386 Net sales by geographic location: United States $ 51,100 $ 89,170 $ 192,339 Mexico 589,539 646,615 597,598 Türkiye 566,617 566,155 480,992 Spain 6,866 2,837 1,228 India 241,061 217,964 200,229 Total net sales $ 1,455,183 $ 1,522,741 $ 1,472,386 Depreciation and amortization: U.S. $ 6,347 $ 7,002 $ 8,269 Mexico 17,353 17,161 17,047 EMEA 9,305 8,919 5,814 India 5,864 5,690 6,476 Total depreciation and amortization $ 38,869 $ 38,772 $ 37,606 Income (loss) from continuing operations: U.S. $ ( 47,909 ) $ ( 46,387 ) $ ( 45,899 ) Mexico ( 174,009 ) ( 76,096 ) ( 84,691 ) EMEA 33,571 77,195 39,609 India 24,754 17,479 ( 845 ) Total loss from continuing operations $ ( 163,593 ) $ ( 27,809 ) $ ( 91,826 ) Capital expenditures: U.S. $ 6,928 $ 6,233 $ 9,422 Mexico 6,698 2,084 10,659 EMEA 21,570 4,110 2,103 India 756 4,304 12,352 Total capital expenditures $ 35,952 $ 16,731 $ 34,536 Tangible long-lived assets: U.S. $ 10,660 $ 23,076 Mexico 49,921 56,495 EMEA (Türkiye) 40,435 27,005 India 27,792 30,265 Total tangible long-lived assets $ 128,808 $ 136,841 Total assets: U.S. $ 130,545 $ 187,014 Mexico 258,268 325,614 EMEA (Türkiye) 236,859 231,337 India 176,888 183,029 Total assets from continuing operations $ 802,560 $ 926,994 |
Summary of Operations and Sum_2
Summary of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 a global footprint that includes domestic facilities in Newton, Iowa; Des Moines, 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, we 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, 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 are in the final stages of shutting down our business operations in China. Our business operations in China comprised the entirety of our Asia reporting segment. This shut down has had 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. |
Basis of Presentation | (b) 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 | (c) 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 | (d) 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 | (e) 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, 2023, 2022 and 2021 , total research and development expenses totaled $ 1.4 million, $ 1.1 million and $ 1.0 million, respectively. |
Loss on Sale of Assets and Asset Impairments | (f) Loss on Sale of Assets and Asset Impairments For the years ended December 31, 2023, 2022 and 2021, 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 $ 21.9 million, $ 9.8 million and $ 12.4 million, respectively. |
Restructuring charges, net | (g) 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, 2023, 2022 and 2021, restructuring charges, net totaled $ 5.1 million, $ 0.3 million and $ 12.5 million, respectively. These charges primarily related to severance benefits to terminated associates as a result of the reorganization of our operations in Türkiye, 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 | (h) 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, 2023 and 2022, our discontinued operations collectively had unrestricted cash totaling $ 0.9 million and $ 9.7 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, 2023 and 2022 , we had $ 10.8 million and $ 9.9 million, respectively of cash held as collateral for various instruments, primarily for letters of guarantee related to our India, corporate, and Mexico locations. These amounts are reported as restricted cash in our consolidated balance sheets. |
Accounts Receivable | (i) 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 $ 10.5 million of receivables during 2023 primarily due to a write off of $ 8.1 million in accounts receivables due to Proterra's bankruptcy filing. We wrote off no receivables during 2022, or 2021. We do not have any off-balance-sheet credit exposure related to our customers. See Note 5, Accounts Receivable. |
Inventories | (j) 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 | (k) 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 | (l) 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. |
Assets Held for Sale | (m) Assets Held for Sale 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 cease depreciation and report long-lived assets and/or the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale, respectively, in our consolidated balance sheets. As of December 31, 2023, we met the criteria to classify $ 17.8 million of assets and $ 1.9 million of liabilities as held for sale associated with our automotive business. The assets held for sale relate to $ 14.2 million of property, plant and equipment, net, $ 2.4 million of accounts receivables, and $ 1.2 million of other current assets. The liabilities held for sale relate to $ 1.9 million of other current liabilities. These amounts have been reclassified to assets held for sale and liabilities held for sale, respectively, in the accompanying consolidated balance sheets. We are in the process of exploring strategic alternatives to ensure our automotive business is sufficiently funded to execute on its growth strategies as we intend to prioritize capital for growth in the wind blade business in the near term. We expect to complete this process no later than June 30, 2024, which could result in a material impairment of the business's assets. Accordingly, the Company determined a triggering event had occurred and performed an analysis to evaluate if any impairment exists in the assets held for sale associated with our automotive business. The Company concluded that there were no indicators of impairment and that the carrying values of the long-lived assets equates to their fair values as of December 31, 2023. |
Discontinued Operations | (n) Discontinued Operations 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, 2023, and 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 2023 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 issued Series A Preferred Stock that we 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 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. On December 14, 2023, we entered into a new Credit Agreement and Guaranty (the "Credit Agreement") with Oaktree Fund Administration, LLC, as administrative agent and an affiliate of the holders of our Series A Preferred Stock, which, among other things, included a new senior secured term loan (the "Term Loan") in exchange, together with the issuance of an aggregate of 3,899,903 shares of Common Stock, on a cashless basis, for all Series A Preferred stock and $ 86.0 million of accrued and unpaid dividends. See Note 12, Debt, and 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, 2023, 2022 and 2021 amounted to other comprehensive income (losses) of $ ( 2.3 ) million, $( 37.7 ) million and $ 18.4 million, respectively. Our reporting currency is the U.S. dollar. However, we have non-U.S. operating subsidiaries in our U.S., Mexico, EMEA, and India segments, 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 U.S. 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. • Our Madrid, Spain 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. For performance stock units that are subject to market conditions, we utilize a Monte Carlo simulation model to determine the fair value. 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, 2023, we utilized an expected volatility assumption of 77.64 %, a 0 % dividend yield and a risk-free interest rate of 4.0 %. The volatility was based on the most recent comparable period for our peer group and us. The risk-free interest rate is equal to the yield, as of the measurement date, of the U.S. Treasury bill that is commensurate with the remaining performance measurement period. We currently do not pay a dividend. 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 Accounting Standards Codification ("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, our new Term Loan, warranty reserves and other contingencies. |
Fair Value of Financial Instruments | (x) Fair Value of Financial Instruments 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 Term Loan issued on December 14, 2023 was recorded at fair value resulting in an original issuance discount on the Term Loan (see Note 12, Debt ). The fair value of the Term Loan was estimated using the discounted cash flow method under the income approach, where the contractual cash flows were discounted to present value using a synthetic credit risk adjusted discount rate based on market rates for similar publicly traded debt, all of which represent Level 2 inputs. The carrying value of the Term Loan approximates fair value as of December 31, 2023, due to the short period between issuance date and year end. The carrying value of our other long-term debt approximates fair value based upon market interest rates available to us for debt of similar risk and maturities, which is a Level 2 input. 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 Event of Default Derivative associated with our Term Loan, and accordingly, we classify the valuation techniques as Level 2. See Note 12, Debt. |
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 . ASC Topic 260, Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock , provides guidance on the accounting for extinguishments (redemptions) of equity-classified preferred stock. It requires the gain or loss on extinguishment of equity-classified preferred stock to be included in the net income per common stockholder used to calculate earnings per share (similar to the treatment of dividends paid on preferred stock). The difference between (1) the fair value of the consideration transferred to the holders of the preferred stock and (2) the carrying amount of the preferred stock (net of issuance costs) is subtracted from (or added to) net income to arrive at income available to common stockholders in the calculation of earnings per share. Accordingly, any excess fair value of the consideration transferred over the carrying amount of the preferred stock is charged against retained earnings, or additional paid-in capital if there are insufficient retained earnings. We applied this guidance to the accounting treatment of the Series A Preferred Stock Exchange described in Note 12, Debt . |
Debt Discounts and Issuance Cost | (z) Debt Discounts Debt discounts on our long-term debt are recorded as a direct deduction from the carrying amount of such debt on the consolidated balance sheets. All debt discounts are amortized using the effective interest method over the term of the debt. Debt discount amortization expense is recorded as part of interest expense in the consolidated statements of operations. |
Recently Issued Accounting Pronouncements | (aa) 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. We adopted this standard on January 1, 2023, except for the roll forward requirement, which becomes effective January 1, 2024. The new standard did not have a material impact on our consolidated financial statements. 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, 2023 | |
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, 2023 | |
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, 2023 2022 (In thousands) Cash and cash equivalents $ 916 $ 9,669 Accounts receivable 198 2,716 Prepaid expenses 388 1,877 Inventories 17 1,501 Property, plant and equipment, net — 17,678 Other classes of assets that are not major 1 1,741 Total assets of discontinued operations $ 1,520 $ 35,182 Accounts payable and accrued expenses $ 1,632 $ 26,942 Accrued restructuring 1,183 17,764 Operating lease liabilities — 9,524 Other classes of liabilities that are not major — 210 Total liabilities of discontinued operations $ 2,815 $ 54,440 |
Schedule Of discontinued operations income statement | The following table presents the components of net loss from discontinued operations: Year Ended December 31, 2023 2022 2021 (In thousands) Net sales $ 2,948 $ 235,588 $ 260,197 Cost of sales 8,906 200,701 254,176 Startup and transition costs — 7,994 — Total cost of goods sold 8,906 208,695 254,176 Gross profit ( 5,958 ) 26,893 6,021 Loss on sale of assets and asset impairments 1,470 17,530 674 Restructuring charges, net ( 756 ) 20,175 11,219 Loss from discontinued operations ( 6,672 ) ( 10,812 ) ( 5,872 ) Other income (expense): Interest income, net 49 147 22 Foreign currency income (loss) ( 519 ) 5,627 ( 1,701 ) Miscellaneous income 1,612 1,477 831 Total other income (expense) 1,142 7,251 ( 848 ) Loss before income taxes ( 5,530 ) ( 3,561 ) ( 6,720 ) Income tax benefit (provision) 204 ( 6,194 ) 3,066 Net loss from discontinued operations $ ( 5,326 ) $ ( 9,755 ) $ ( 3,654 ) |
Summarized of cash flows from discontinued operations | The following table presents summarized cash flows from discontinued operations: Year Ended December 31, 2023 2022 2021 (in thousands) Net cash used in operating activities $ ( 8,579 ) $ ( 12,676 ) $ ( 19,469 ) Net cash used in investing activities ( 185 ) ( 2,101 ) ( 2,583 ) Additional non-cash items related to operating Depreciation and amortization — 6,708 14,987 Share-based compensation expense ( 34 ) 621 593 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, 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 Restructuring charges, net ( 1,981 ) 1,225 ( 756 ) Payments ( 13,459 ) ( 2,366 ) ( 15,825 ) Balance at December 31, 2023 $ 317 $ 866 $ 1,183 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 U.S. Mexico EMEA India Total (in thousands) Wind blade, tooling and other $ — $ 587,628 $ 565,627 $ 241,061 $ 1,394,316 Automotive sales 22,775 — — — 22,775 Field service, inspection and 28,325 1,911 7,856 — 38,092 Total net sales $ 51,100 $ 589,539 $ 573,483 $ 241,061 $ 1,455,183 Year Ended December 31, 2022 U.S. Mexico EMEA India Total (in thousands) Wind blade, tooling and other $ 1,000 $ 642,377 $ 562,485 $ 217,962 $ 1,423,824 Automotive sales 44,002 — — — 44,002 Field service, inspection and 44,168 4,238 6,507 2 54,915 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, tooling and other $ 130,502 $ 594,763 $ 476,888 $ 200,196 $ 1,402,349 Automotive sales 37,312 — — — 37,312 Field service, inspection and 24,525 2,835 5,332 33 32,725 Total net sales $ 192,339 $ 597,598 $ 482,220 $ 200,229 $ 1,472,386 |
Summary of Contract Assets and Contract Liabilities | Contract assets and contract liabilities as of December 31 consisted of the following: 2023 2022 $ Change (in thousands) Gross contract assets $ 121,483 $ 231,487 $ ( 110,004 ) Less: reclassification from contract liabilities ( 9,246 ) ( 15,548 ) 6,302 Contract assets $ 112,237 $ 215,939 $ ( 103,702 ) 2023 2022 $ Change (in thousands) Gross contract liabilities $ 33,267 $ 32,648 $ 619 Less: reclassification to contract assets ( 9,246 ) ( 15,548 ) 6,302 Contract liabilities $ 24,021 $ 17,100 $ 6,921 |
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, 2024 $ 1,098,908 77.1 % 2025 326,893 22.9 Total remaining performance obligations $ 1,425,801 100.0 % |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Accounts receivable as of December 31 consisted of the following: 2023 2022 (in thousands) Trade accounts receivable $ 129,312 $ 181,322 Other accounts receivable 8,717 3,487 Total accounts receivable $ 138,029 $ 184,809 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 (in thousands) Refundable value-added tax $ 33,691 $ 25,331 Deposits 597 586 Other current assets 276 135 Total current assets $ 34,564 $ 26,052 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 (in thousands) Machinery and equipment $ 190,866 $ 199,406 Leasehold improvements 60,635 63,423 Office equipment and software 41,801 41,114 Furniture 22,163 22,249 Vehicles 1,925 872 Construction in progress 24,676 5,575 Idle assets 2,116 — Total property, plant and equipment, gross 344,182 332,639 Accumulated depreciation ( 215,374 ) ( 195,798 ) Total property, plant and equipment, net $ 128,808 $ 136,841 |
Intangible Assets and Deferre_2
Intangible Assets and Deferred Costs, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, consisted of the following: Estimated Cost Accumulated Net (in thousands) Pre-production investments (1) Various $ 8,968 $ ( 7,267 ) $ 1,701 Patents 10 years 110 ( 50 ) 60 Acquired development tools 10 years 966 ( 435 ) 531 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 10,194 $ ( 7,752 ) $ 2,442 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 (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, 2023 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of Other Noncurrent Assets | Other noncurrent assets as of December 31 consisted of the following: 2023 2022 (in thousands) Deferred tax assets $ 18,357 $ 9,555 Deposits 10,488 9,362 Other 1,979 2,875 Total other noncurrent assets $ 30,824 $ 21,792 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Warranty Accrual | Warranty accrual as of December 31 consisted of the following: 2023 2022 2021 (in thousands) Warranty accrual at beginning of year $ 22,347 $ 42,020 $ 50,852 Accrual during the year 12,131 13,598 20,650 Cost of warranty services provided during the year ( 48,402 ) ( 36,227 ) ( 23,174 ) Changes in estimate for pre-existing warranties, 51,407 2,956 ( 6,308 ) Warranty accrual at end of year $ 37,483 $ 22,347 $ 42,020 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Expense Recognized in Consolidated Statements of Operations | The share-based compensation expense for the years ended December 31 was as follows: 2023 2022 2021 (in thousands) Cost of goods sold $ 2,671 $ 2,701 $ 1,943 General and administrative expenses 7,245 11,758 5,871 Total share-based compensation expense $ 9,916 $ 14,459 $ 7,814 |
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: 2023 2022 2021 (in thousands) RSUs $ 9,605 $ 11,030 $ 5,221 Stock options 996 889 1,118 PSUs ( 685 ) 2,540 1,475 Total share-based compensation expense $ 9,916 $ 14,459 $ 7,814 |
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, 2020 6,162,713 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 6,320,367 998,126 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 ( 82,324 ) 23.76 ( 127,500 ) 18.47 Balance as of December 31, 2022 5,272,188 1,180,971 16.36 804,473 1,293,079 20.95 299,466 23.67 Granted ( 1,332,975 ) 75,487 6.78 1,044,440 9.58 213,048 14.71 Exercised/vested — — — ( 675,752 ) 19.65 ( 44,803 ) 13.49 Forfeited/cancelled 348,315 ( 43,955 ) 25.81 ( 145,390 ) 18.02 ( 158,970 ) 34.23 Balance as of December 31, 2023 4,287,528 1,212,503 $ 15.42 885,855 1,516,377 $ 13.98 308,741 $ 13.53 |
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, 2023: Options Outstanding Options Exercisable Range of Exercise Prices: Shares Weighted- Weighted- Shares Weighted- $ 10.87 554,921 2.3 $ 10.23 495,460 $ 10.87 $ 11.00 to $ 17.06 119,487 5.7 15.06 74,575 15.70 $ 18.00 to $ 18.70 205,671 5.6 18.02 5,671 18.70 $ 18.77 to $ 29.56 332,424 6.0 22.61 310,149 22.23 $ 10.87 to $ 29.56 1,212,503 4.2 $ 15.42 885,855 $ 15.31 |
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: 2023 2022 2021 (in thousands) Total intrinsic value of stock options outstanding $ — $ — $ 2,032 Total intrinsic value of stock options exercisable — — 2,032 Cash received from the exercise of stock options — — 5,211 Fair value of stock options vested 5,332 4,761 4,641 |
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: 2023 2022 2021 Weighted-average fair value $ 4.41 $ 8.05 $ 13.27 Expected volatility 69.3 % 66.4 % 55.9 % Expected life 6.3 years 5.0 years 6.3 years Risk-free interest rate 4.1 % 3.5 % 1.4 % Dividend yield 0.0 % 0.0 % 0.0 % |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 (in thousands) 11 % Senior secured term loan—U.S. (1) $ 395,041 $ — 5.25 % Convertible senior unsecured notes—U.S. 132,500 — Unsecured financing—EMEA 62,891 43,556 Secured and unsecured working capital—India 13,902 15,246 Equipment finance leases—Mexico 1,098 1,909 Equipment finance leases—EMEA 623 443 Other equipment finance leases 85 19 Total debt—principal 606,140 61,173 Less: Debt issuance costs ( 4,023 ) — Less: Debt discount (2) ( 116,924 ) — Total debt, net of debt issuance costs 485,193 61,173 Less: Current maturities of long-term debt ( 70,465 ) ( 59,975 ) Long-term debt, net of current maturities $ 414,728 $ 1,198 (1) Includes principal balance of $ 393.0 million and $ 2.0 million of paid in kind interest. (2) Unamortized debt discount of $ 116.9 million is related to our senior secured term loan. |
Summary of Borrowings | The following table summarizes borrowings under these facilities as of December 31: 2023 2022 Credit facilities Interest Rates Total Borrowing Capacity Outstanding Balance Total Borrowing Capacity Outstanding Balance (in thousands) Unsecured financing—EMEA 8.29 - 10.38 % $ 111,271 $ 62,891 $ 108,558 $ 43,556 Secured and unsecured working capital—India 6.51 - 8.47 % 29,037 13,902 15,261 15,246 Total credit facilities $ 140,308 $ 76,793 $ 123,819 $ 58,802 Term debt and equipment financing Interest Rates Total Facility Outstanding Balance Total Facility Outstanding Balance 11 % Senior secured term loan—U.S. 11.00 % $ 395,041 $ 395,041 $ — $ — 5.25 % Convertible senior unsecured notes—U.S. 5.25 % 132,500 132,500 — — Equipment finance leases—Mexico 4.00 - 5.36 % 1,098 1,098 12,205 1,909 Equipment finance leases—EMEA 5.50 - 6.00 % 10,000 623 10,000 443 Other equipment finance leases 9.38 % 85 85 65 19 Total term debt and equipment financing 538,724 529,347 22,270 2,371 Total debt—principal $ 679,032 $ 606,140 $ 146,089 $ 61,173 |
Schedule of Future Aggregate Annual Principal Maturities of Debt | The future aggregate annual principal maturities of debt as of December 31, 2023 are as follows: Year Ending December 31, (in thousands) 2024 $ 70,465 2025 8,127 2026 7 2027 395,041 2028 132,500 Total debt—principal $ 606,140 The average interest rate on our short-term borrowings as of December 31, 2023 and 2022 was approximately 9.07 % and 8.96 %, respectively. |
Schedule of Gain on Extinguishment of Series A Preferred Stock | The components of the gain on extinguishment of Series A Preferred Stock for the year ended December 31, 2023 were as follows (in $ thousands): Series A Preferred Stock par value $ 350,000 Series A Preferred Stock paid in kind dividends 86,210 Series A Preferred Stock accreted redemption premium 1,482 Series A Preferred Stock unamortized ( 69,362 ) Extinguishment Carrying Value 368,330 11 % Senior secured term loan—U.S. 393,000 Debt discount ( 118,288 ) Fair value of Common Stock 8,346 Transaction costs 2,652 Fair value of Exchange Consideration Transferred 285,710 Gain on extinguishment of Series A Preferred Stock $ 82,620 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost for the years ended December 31 were as follows: 2023 2022 (in thousands) Total operating lease cost $ 39,624 $ 39,680 Finance lease cost Amortization of assets under finance leases $ 4,037 $ 4,165 Interest on finance leases 139 300 Total finance lease cost $ 4,176 $ 4,465 |
Schedule of Lease Assets and Liabilities | Total lease liabilities as of December 31 were as follows: 2023 2022 (in thousands) Operating Leases Operating lease right of use assets $ 136,124 $ 152,312 Current operating lease liabilities $ 22,017 $ 22,220 Noncurrent operating lease liabilities 117,133 133,363 Total operating lease liabilities $ 139,150 $ 155,583 Finance Leases Property, plant and equipment, gross $ 37,044 $ 35,948 Less: accumulated depreciation ( 29,316 ) ( 24,272 ) Total property, plant and equipment, net $ 7,728 $ 11,676 Current maturities of long-term debt $ 1,035 $ 1,174 Long-term debt, net of debt issuance costs 771 1,197 Total finance lease liabilities $ 1,806 $ 2,371 |
Schedule of Future Minimum Lease Payments under Noncancelable Leases | uture minimum lease payments under noncancelable leases as of December 31, 2023 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, 2024 $ 33,078 $ 1,222 2025 32,702 800 2026 31,149 35 2027 26,427 19 2028 19,399 — Thereafter 34,942 — Total future minimum lease payments 177,697 2,076 Less: interest ( 38,547 ) ( 270 ) Total lease liabilities $ 139,150 $ 1,806 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the years ended December 31 was as follows: 2023 2022 (in thousands) Cash paid for amounts included in the Operating cash flows from operating leases $ 38,155 $ 38,542 Operating cash flows from finance leases 139 300 Financing cash flows from finance leases 1,300 5,100 Right of use assets obtained in exchange Operating leases 8,077 25,131 Finance leases 796 215 |
Other Information Related to Leases | Other information related to leases as of December 31 was as follows: 2023 2022 Weighted-Average Remaining Lease Term Operating leases 5.8 6.4 Finance leases 1.7 2.1 Weighted-Average Discount Rate: Operating leases 8.4 % 8.3 % Finance leases 17.3 % 6.4 % |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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 2023 2022 2021 (in thousands) Foreign exchange forward Cost of sales $ ( 2,304 ) $ ( 2,078 ) $ ( 3,037 ) |
Restructuring charges, net (Tab
Restructuring charges, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 U.S. Mexico EMEA Total (in thousands) Severance $ 310 $ 675 $ 4,090 $ 5,075 Other restructuring costs ( 25 ) — — ( 25 ) Total restructuring charges, net $ 285 $ 675 $ 4,090 $ 5,050 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 |
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, 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 Restructuring charges, net 285 675 4,090 5,050 Payments ( 742 ) ( 675 ) ( 3,932 ) ( 5,349 ) Balance at December 31, 2023 $ — $ — $ 188 $ 188 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | Total income taxes for the years ended December 31, 2023, 2022 and 2021 were allocated as follows: 2023 2022 2021 (in thousands) Income tax provision from continuing operations $ ( 17,562 ) $ ( 29,613 ) $ ( 29,826 ) Income tax (provision) benefit from 204 ( 6,194 ) 3,066 Total income tax provision $ ( 17,358 ) $ ( 35,807 ) $ ( 26,760 ) |
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: 2023 2022 2021 (in thousands) U.S. $ ( 224,458 ) $ ( 123,795 ) $ ( 153,273 ) Türkiye 3,887 60,301 ( 8,551 ) Mexico 21,614 14,034 10,297 India 11,496 24,639 26,453 Other 8,570 ( 1,116 ) ( 994 ) Total loss before income taxes $ ( 178,891 ) $ ( 25,937 ) $ ( 126,068 ) |
Components of Income Tax Provision (Benefit) | The components of the income tax provision (benefit) for the years ended December 31 are as follows: 2023 2022 2021 (in thousands) Current: U.S. federal $ — $ — $ ( 630 ) U.S. state and local taxes 692 ( 1,316 ) ( 23 ) Foreign 28,676 26,800 22,048 Total current 29,368 25,484 21,395 Deferred: U.S. federal — — 3,869 U.S. state and local taxes — — 2,374 Foreign ( 11,806 ) 4,129 2,188 Total deferred ( 11,806 ) 4,129 8,431 Total income tax provision $ 17,562 $ 29,613 $ 29,826 |
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: 2023 2022 2021 U.S. statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign rate differential ( 0.9 ) 22.3 ( 13.5 ) Foreign permanent differences 0.7 ( 31.2 ) — Tax rate change — ( 0.6 ) 0.1 Withholding taxes ( 3.8 ) ( 25.8 ) ( 4.6 ) GILTI income ( 0.2 ) ( 3.2 ) ( 6.6 ) Unrecognized tax benefits — ( 15.5 ) ( 1.7 ) Share-based compensation ( 0.4 ) ( 5.9 ) ( 0.5 ) Valuation allowance ( 24.5 ) ( 104.2 ) ( 22.8 ) State taxes 0.8 9.5 1.0 Deferred tax adjustments ( 2.4 ) 7.7 ( 0.9 ) State incentive credits ( 0.4 ) 5.1 — Foreign currency / inflationary adjustments 0.3 10.2 3.8 Other — ( 3.6 ) 1.0 Effective income tax rate ( 9.8 )% ( 114.2 )% ( 23.7 )% |
Summary of Components of Deferred Tax Assets and Liabilities | The 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: 2023 2022 2021 (in thousands) Deferred tax assets: Net operating loss and credit carry forwards $ 86,460 $ 51,180 $ 40,028 Deferred revenue — — 1,504 Non-deductible accruals 8,079 ( 520 ) 3,572 Equity compensation 3,845 4,468 2,892 Lease liabilities 23,949 26,244 24,043 Non-deductible interest 7,823 5,976 5,618 Tax credits 1,931 1,931 1,931 Other 26,752 18,325 9,472 Gross deferred tax assets 158,839 107,604 89,060 Valuation allowance ( 105,914 ) ( 58,908 ) ( 38,262 ) Total deferred tax assets 52,925 48,696 50,798 Deferred tax liabilities: Deferred revenue ( 3,602 ) ( 3,848 ) ( 2,155 ) Depreciation ( 9,458 ) ( 12,779 ) ( 16,453 ) Lease assets ( 22,264 ) ( 25,398 ) ( 23,357 ) Other 249 ( 2,385 ) ( 3,326 ) Total deferred tax liabilities ( 35,075 ) ( 44,410 ) ( 45,291 ) Net deferred tax assets $ 17,850 $ 4,286 $ 5,507 |
Schedule of Deferred Tax Valuation Allowance | The deferred tax valuation allowance as of December 31 consisted of the following: 2023 2022 2021 (in thousands) Valuation allowance at beginning of year $ ( 58,908 ) $ ( 38,262 ) $ ( 11,616 ) Benefits obtained (costs accumulated) ( 47,006 ) ( 20,646 ) ( 26,646 ) Valuation allowance at end of year $ ( 105,914 ) $ ( 58,908 ) $ ( 38,262 ) |
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: 2023 2022 2021 (in thousands) Unrecognized tax benefits at beginning of year $ 13,438 $ 9,020 $ 6,629 Increases related to prior year tax positions — — — Increases related to current year tax positions — 4,418 2,391 Unrecognized tax benefits at end of year $ 13,438 $ 13,438 $ 9,020 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 loss per common share: 2023 2022 2021 (in thousands, except per share data) Numerator: Net loss from continuing operations $ ( 196,453 ) $ ( 55,550 ) $ ( 155,894 ) Preferred stock dividends and accretion ( 58,453 ) ( 58,903 ) ( 6,040 ) Gain on extinguishment 82,620 — — Net loss from continuing operations ( 172,286 ) ( 114,453 ) ( 161,934 ) Net loss from discontinued operations $ ( 5,326 ) $ ( 9,755 ) $ ( 3,654 ) Net loss attributable to common stockholders $ ( 177,612 ) $ ( 124,208 ) $ ( 165,588 ) Denominator: Basic weighted-average shares outstanding 42,671 41,959 37,415 Effect of dilutive awards — — — Diluted weighted-average shares outstanding 42,671 41,959 37,415 Loss from continuing operations per common share: Basic $ ( 4.04 ) $ ( 2.73 ) $ ( 4.33 ) Diluted $ ( 4.04 ) $ ( 2.73 ) $ ( 4.33 ) Loss from discontinued operations per common share: Basic $ ( 0.12 ) $ ( 0.23 ) $ ( 0.10 ) Diluted $ ( 0.12 ) $ ( 0.23 ) $ ( 0.10 ) Loss per common share: Basic $ ( 4.16 ) $ ( 2.96 ) $ ( 4.43 ) Diluted $ ( 4.16 ) $ ( 2.96 ) $ ( 4.43 ) Dilutive shares excluded from the calculation 169 606 1,569 Anti-dilutive share-based compensation awards 264 199 1 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021: Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2020 $ ( 30,111 ) $ ( 3,443 ) $ 564 $ ( 32,990 ) Other comprehensive income (loss) ( 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 ( 18,419 ) 3,443 ( 6,040 ) ( 21,016 ) Balance at December 31, 2021 ( 48,530 ) — ( 5,476 ) ( 54,006 ) Other comprehensive income 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 ) Other comprehensive income 2,317 — 2,304 4,621 Amounts reclassified from AOCL 901 — 2,238 3,139 Net tax effect — — — — Net current period other comprehensive income 3,218 — 4,542 7,760 Balance at December 31, 2023 $ ( 7,627 ) $ — $ — $ ( 7,627 ) |
Concentration of Customers (Tab
Concentration of Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 2021 Customer Revenues % of Total Revenues % of Total Revenues % of Total (in thousands) (in thousands) (in thousands) Vestas $ 520,353 35.8 % $ 551,306 36.2 % $ 455,217 30.9 % Nordex 440,833 30.3 496,999 32.6 374,076 25.4 GE 357,750 24.6 316,788 20.8 427,053 29.0 |
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: 2023 2022 Customer % of Total % of Total Nordex 61.4 % 65.2 % ENERCON 17.6 % 10.9 % GE 11.5 % 9.1 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 2021 (in thousands) Net sales by segment: U.S. $ 51,100 $ 89,170 $ 192,339 Mexico 589,539 646,615 597,598 EMEA 573,483 568,992 482,220 India 241,061 217,964 200,229 Total net sales $ 1,455,183 $ 1,522,741 $ 1,472,386 Net sales by geographic location: United States $ 51,100 $ 89,170 $ 192,339 Mexico 589,539 646,615 597,598 Türkiye 566,617 566,155 480,992 Spain 6,866 2,837 1,228 India 241,061 217,964 200,229 Total net sales $ 1,455,183 $ 1,522,741 $ 1,472,386 Depreciation and amortization: U.S. $ 6,347 $ 7,002 $ 8,269 Mexico 17,353 17,161 17,047 EMEA 9,305 8,919 5,814 India 5,864 5,690 6,476 Total depreciation and amortization $ 38,869 $ 38,772 $ 37,606 Income (loss) from continuing operations: U.S. $ ( 47,909 ) $ ( 46,387 ) $ ( 45,899 ) Mexico ( 174,009 ) ( 76,096 ) ( 84,691 ) EMEA 33,571 77,195 39,609 India 24,754 17,479 ( 845 ) Total loss from continuing operations $ ( 163,593 ) $ ( 27,809 ) $ ( 91,826 ) Capital expenditures: U.S. $ 6,928 $ 6,233 $ 9,422 Mexico 6,698 2,084 10,659 EMEA 21,570 4,110 2,103 India 756 4,304 12,352 Total capital expenditures $ 35,952 $ 16,731 $ 34,536 Tangible long-lived assets: U.S. $ 10,660 $ 23,076 Mexico 49,921 56,495 EMEA (Türkiye) 40,435 27,005 India 27,792 30,265 Total tangible long-lived assets $ 128,808 $ 136,841 Total assets: U.S. $ 130,545 $ 187,014 Mexico 258,268 325,614 EMEA (Türkiye) 236,859 231,337 India 176,888 183,029 Total assets from continuing operations $ 802,560 $ 926,994 |
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, 2023 | |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
General and Administrative Expenses [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Research and development expense | $ 1.4 | $ 1.1 | $ 1 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Loss on sale of assets and asset impairments | $ 23,332 | $ 27,372 | $ 13,110 |
Continuing Operations | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Loss on sale of assets and asset impairments | $ (21,900) | $ (9,800) | $ (12,400) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Restructuring charges, net | $ 5,050 | $ 263 | $ 12,543 |
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, 2023 | Dec. 31, 2022 |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Cash in short-term deposits in interest bearing accounts | $ 10,838 | $ 9,854 |
China [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Unrestricted Cash | 900 | 9,700 |
India [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Unrestricted Cash | 1,900 | 4,700 |
Cash-collateralized letter of credit, non current | $ 10,800 | $ 9,900 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Accounts receivables, written off | $ 10,500,000 | $ 0 | $ 0 |
Accounts Receivable | $ 8,100,000 |
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) | Dec. 31, 2023 |
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 |
Leasehold Improvements [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 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 - Assets Held for Sale (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Liabilities held for sale | $ 1,897 | $ 0 |
Accounts Receivable [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Assets held for sale | 2,400 | |
Other Current Assets [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Assets held for sale | 1,200 | |
Property, Plant and Equipment [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Assets held for sale | 14,200 | |
Automotive Business | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Assets held for sale | 17,800 | |
Liabilities held for sale | $ 1,900 |
Summary of Operations and Su_12
Summary of Operations and Summary of Significant Accounting Policies - Mezzanine Equity - Additional Information (Detail) (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 14, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Common stock, shares issued | 46,990,000 | 42,369,000 | |
Common Stock [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Common stock, shares issued | 3,899,903 | ||
Series A Preferred Stock [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Common stock, shares issued | 3,899,903 | ||
Accrued paid-in-kind dividends | $ 86,000 | $ 86,210 |
Summary of Operations and Su_13
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, 2023 | |
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_14
Summary of Operations and Summary of Significant Accounting Policies - Foreign Currency Translation Adjustments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Foreign currency translation adjustments | $ (2,317) | $ (37,685) | $ 18,419 |
Summary of Operations and Su_15
Summary of Operations and Summary of Significant Accounting Policies - Share-Based Compensation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
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 | 77.64% |
Expected dividend yield | 0% |
Expected risk free interest rate | 4% |
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_16
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_17
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 |
Discontinued Operations - Sched
Discontinued Operations - Schedule Of discontinued major classes of assets and liabilities (Details) - Discontinued Operations - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | $ 916 | $ 9,669 |
Accounts receivable | 198 | 2,716 |
Prepaid expenses | 388 | 1,877 |
Inventories | 17 | 1,501 |
Property, plant and equipment, net | 0 | 17,678 |
Other classes of assets that are not major | 1 | 1,741 |
Total assets from discontinued operations | 1,520 | 35,182 |
Accounts payable and accrued expenses | 1,632 | 26,942 |
Accrued restructuring | 1,183 | 17,764 |
Operating lease liabilities | 0 | 9,524 |
Other classes of liabilities that are not major | 0 | 210 |
Total liabilities of discontinued operations | $ 2,815 | $ 54,440 |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule Of Components Of Net Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | $ 1,455,183 | $ 1,522,741 | $ 1,472,386 |
Cost of sales | 1,520,974 | 1,482,428 | 1,459,155 |
Startup and transition costs | 21,757 | 25,668 | 50,832 |
Total cost of goods sold | 1,542,731 | 1,508,096 | 1,509,987 |
Gross profit (loss) | (87,548) | 14,645 | (37,601) |
General and administrative expenses | 49,133 | 32,349 | 29,246 |
Loss on sale of assets and asset impairments | 23,332 | 27,372 | 13,110 |
Restructuring charges, net | 5,050 | 263 | 12,543 |
Loss from continuing operations | (163,593) | (27,809) | (91,826) |
Other income (expense): | |||
Foreign currency income (loss) | (5,162) | 4,571 | (21,970) |
Total other income (expense) | (15,298) | 1,872 | (34,242) |
Miscellaneous income | (1,976) | (2,330) | (1,372) |
Loss from continuing operations before income taxes | (178,891) | (25,937) | (126,068) |
Income tax benefit (provision) | 17,562 | 29,613 | 29,826 |
Net loss from discontinued operations | (5,326) | (9,755) | (3,654) |
Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 2,948 | 235,588 | 260,197 |
Cost of sales | 8,906 | 200,701 | 254,176 |
Startup and transition costs | 0 | 7,994 | 0 |
Total cost of goods sold | 8,906 | 208,695 | 254,176 |
Gross profit (loss) | (5,958) | 26,893 | 6,021 |
Loss on sale of assets and asset impairments | 1,470 | 17,530 | 674 |
Restructuring charges, net | (756) | 20,175 | 11,219 |
Loss from continuing operations | (6,672) | (10,812) | (5,872) |
Other income (expense): | |||
Interest Income (Expense), Net | 49 | 147 | 22 |
Foreign currency income (loss) | (519) | 5,627 | (1,701) |
Miscellaneous income | 1,612 | 1,477 | 831 |
Total other income (expense) | 1,142 | 7,251 | (848) |
Loss from continuing operations before income taxes | (5,530) | (3,561) | (6,720) |
Income tax benefit (provision) | 204 | (6,194) | 3,066 |
Net loss from discontinued operations | $ (5,326) | $ (9,755) | $ (3,654) |
Discontinued Operations - Sch_3
Discontinued Operations - Schedule of Discontinued Operations Cash Flow Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional non-cash items related to operating activites from discontinued operations: | |||
Share-based compensation expense | $ 9,881 | $ 15,080 | $ 8,407 |
Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net cash used in operating activities from discontinued operations | (8,579) | (12,676) | (19,469) |
Net cash used in investing activities from discontinued operations | (185) | (2,101) | (2,583) |
Additional non-cash items related to operating activites from discontinued operations: | |||
Depreciation and amortization | 0 | 6,708 | 14,987 |
Share-based compensation expense | $ (34) | $ 621 | $ 593 |
Discontinued Operations (Additi
Discontinued Operations (Additional Information) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Proceeds from sale of Taicanng, China | $ 12.8 |
Net gain | $ 0.4 |
Discontinued Operations - Sch_4
Discontinued Operations - Schedule of Restructuring Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | $ 487 | $ 4,799 | $ 0 |
Restructuring charges, net | (25) | 472 | 3 |
Payments | (5,349) | (4,575) | (7,744) |
Restructuring Liability, Ending Balance | 188 | 487 | 4,799 |
Discontinued Operations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | 17,764 | 8,145 | 3,200 |
Restructuring charges, net | (756) | 20,175 | 11,219 |
Payments | (15,825) | (10,556) | (6,274) |
Restructuring Liability, Ending Balance | 1,183 | 17,764 | 8,145 |
Employee Severance [Member] | Discontinued Operations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | 15,757 | 8,145 | 3,200 |
Restructuring charges, net | (1,981) | 17,548 | 10,485 |
Payments | (13,459) | (9,936) | (5,540) |
Restructuring Liability, Ending Balance | 317 | 15,757 | 8,145 |
Other Restructuring [Member] | Discontinued Operations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | 2,007 | 0 | 0 |
Restructuring charges, net | 1,225 | 2,627 | 734 |
Payments | (2,366) | (620) | (734) |
Restructuring Liability, Ending Balance | $ 866 | $ 2,007 | $ 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 1,455,183 | $ 1,522,741 | $ 1,472,386 |
U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 51,100 | 89,170 | 192,339 |
Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 589,539 | 646,615 | 597,598 |
EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 573,483 | 568,992 | 482,220 |
India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 241,061 | 217,964 | 200,229 |
Wind Blade, Tooling and Other Wind [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 1,394,316 | 1,423,824 | 1,402,349 |
Wind Blade, Tooling and Other Wind [Member] | U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 1,000 | 130,502 |
Wind Blade, Tooling and Other Wind [Member] | Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 587,628 | 642,377 | 594,763 |
Wind Blade, Tooling and Other Wind [Member] | EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 565,627 | 562,485 | 476,888 |
Wind Blade, Tooling and Other Wind [Member] | India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 241,061 | 217,962 | 200,196 |
Automotive [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 22,775 | 44,002 | 37,312 |
Automotive [Member] | U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 22,775 | 44,002 | 37,312 |
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 |
Field Services Inspection and Repair Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 38,092 | 54,915 | 32,725 |
Field Services Inspection and Repair Services [Member] | U.S. Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 28,325 | 44,168 | 24,525 |
Field Services Inspection and Repair Services [Member] | Mexico Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 1,911 | 4,238 | 2,835 |
Field Services Inspection and Repair Services [Member] | EMEA Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 7,856 | 6,507 | 5,332 |
Field Services Inspection and Repair Services [Member] | India Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 0 | $ 2 | $ 33 |
Net Sales - Additional Informat
Net Sales - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contracts with Customers | |||
Increase (Decrease) in contracts assets | $ (103,702) | ||
Increase (Decrease) in contracts liabilities | 6,921 | ||
Transaction price allocated to remaining performance obligations to be satisfied in future periods | 1,425,801 | ||
Net revenue recognized from performance obligations satisfied in previous periods,increase (decrease) amount | 30,700 | ||
Revenue, practical expedient, incremental cost of obtaining contract | true | ||
Impairment Of Contract Assets | 12,800 | ||
Intangible Assets and Deferred Costs, Net [Member] | |||
Revenue from Contracts with Customers | |||
Capitalized contract cost | 9,000 | $ 8,500 | |
Capitalized contract cost, accumulated amortization | 7,300 | 6,000 | |
Precision Molding And Assembly Systems And Wind Blades [Member] | |||
Revenue from Contracts with Customers | |||
Contract liability revenue recognized | $ 17,100 | $ 1,300 | $ 600 |
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, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Gross contract assets | $ 121,483 | $ 231,487 |
Less: reclassification from contract liabilities | 9,246 | 15,548 |
Contract assets | 112,237 | $ 215,939 |
Gross contract assets, Change | (110,004) | |
Less: reclassification from contract liabilities, Change | (6,302) | |
Contract assets, Change | $ (103,702) |
Net Sales - Summary of Contra_2
Net Sales - Summary of Contract Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Gross contract liabilities | $ 33,267 | $ 32,648 |
Less: reclassification to contract assets | 9,246 | 15,548 |
Contract liabilities | 24,021 | $ 17,100 |
Gross contract liabilities, Change | 619 | |
Less: reclassification to contract assets, Change | (6,302) | |
Contract liabilities, Change | $ 6,921 |
Net Sales - Schedule of Estimat
Net Sales - Schedule of Estimate to Recognize Remaining Performance Obligations as Revenue (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 1,425,801 |
Percentage of Total remaining performance obligations | 100% |
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 | $ 1,098,908 |
Percentage of Total remaining performance obligations | 77.10% |
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 | $ 326,893 |
Percentage of Total remaining performance obligations | 22.90% |
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, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 1,425,801 |
Percentage of Total remaining performance obligations | 100% |
Significant Risks and Uncerta_2
Significant Risks and Uncertainties - Additional Information (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Concentration Risk [Line Items] | ||||
Cash in short-term deposits in interest bearing accounts | $ 10,838,000 | $ 9,854,000 | ||
Cash and cash equivalents | 161,059,000 | 133,546,000 | $ 216,236,000 | $ 82,463,000 |
U.S. [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank deposit and money market accounts | 116,000,000 | 124,400,000 | ||
Turkey [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank deposit and money market accounts | 40,600,000 | 2,400,000 | ||
China [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank deposit and money market accounts | 900,000 | 9,700,000 | ||
India [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank deposit and money market accounts | 1,900,000 | 4,700,000 | ||
Restricted cash | 10,800,000 | 9,900,000 | ||
Mexico [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank deposit and money market accounts | 1,200,000 | 1,400,000 | ||
Other Countries [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank deposit and money market accounts | 1,300,000 | 700,000 | ||
Discontinued Operations | Unrestricted Cash [Member] | Other Countries [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash and cash equivalents | 900,000 | 9,700,000 | ||
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, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 138,029 | $ 184,809 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 129,312 | 181,322 |
Other Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 8,717 | $ 3,487 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Refundable value-added tax | $ 33,691 | $ 25,331 |
Deposits | 597 | 586 |
Other current assets | 276 | 135 |
Total current assets | $ 34,564 | $ 26,052 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property Plant and Equipment Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 344,182 | $ 332,639 |
Accumulated depreciation | (215,374) | (195,798) |
Total property, plant and equipment, net | 128,808 | 136,841 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 190,866 | 199,406 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 60,635 | 63,423 |
Office Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 41,801 | 41,114 |
Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 22,163 | 22,249 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,925 | 872 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 24,676 | 5,575 |
Idle Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,116 | $ 0 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Total depreciation expense | $ 37 | $ 37.5 | $ 34.5 |
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 | Dec. 31, 2023 | Dec. 31, 2022 | |
Intangible Assets and Deferred Costs [Line Items] | |||
Total intangible assets and deferred costs, Cost | $ 10,194 | $ 9,671 | |
Total intangible assets and deferred costs, Accumulated Amortization | (7,752) | (6,409) | |
Total intangible assets and deferred costs, Net | 2,442 | 3,262 | |
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 | [1] | 8,968 | 8,480 |
Total intangible assets and deferred costs, Accumulated Amortization | [1] | (7,267) | (6,045) |
Total intangible assets and deferred costs, Net | [1] | $ 1,701 | $ 2,435 |
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 | $ 110 | $ 107 | |
Total intangible assets and deferred costs, Accumulated Amortization | (50) | (37) | |
Total intangible assets and deferred costs, Net | $ 60 | $ 70 | |
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 | $ 966 | $ 934 | |
Total intangible assets and deferred costs, Accumulated Amortization | (435) | (327) | |
Total intangible assets and deferred costs, Net | $ 531 | $ 607 | |
[1] See Note 3, Net Sales, for a further discussion of these pre-production investments. |
Intangible Assets and Deferre_4
Intangible Assets and Deferred Costs, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense of intangible assets and deferred costs | $ 1.9 | $ 1.3 | $ 3.1 |
Other Noncurrent Assets - Sched
Other Noncurrent Assets - Schedule of Other Noncurrent Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets, Noncurrent [Abstract] | ||
Deferred tax assets | $ 18,357 | $ 9,555 |
Deposits | 10,488 | 9,362 |
Other | 1,979 | 2,875 |
Total other noncurrent assets | $ 30,824 | $ 21,792 |
Accrued Warranty - Schedule of
Accrued Warranty - Schedule of Warranty Accrual (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product Warranties Disclosures [Abstract] | |||
Warranty accrual at beginning of year | $ 22,347 | $ 42,020 | $ 50,852 |
Accrual during the year | 12,131 | 13,598 | 20,650 |
Cost of warranty services provided during the year | (48,402) | (36,227) | (23,174) |
Changes in estimate for pre-existing warranties, including expirations during the period | 51,407 | 2,956 | (6,308) |
Warranty accrual at end of year | $ 37,483 | $ 22,347 | $ 42,020 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 9,916 | $ 14,459 | $ 7,814 |
Cost of Goods Sold [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 2,671 | 2,701 | 1,943 |
General and Administrative Expenses [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 7,245 | $ 11,758 | $ 5,871 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 9,916 | $ 14,459 | $ 7,814 |
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 9,605 | 11,030 | 5,221 |
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 996 | 889 | 1,118 |
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ (685) | $ 2,540 | $ 1,475 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Balance Outstanding | 330,556 | ||
Unamortized amount of share-based compensation expense | $ 7.1 | ||
Unrecognized cost expects to recognize, weighted-average period | 1 year 6 months | ||
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Balance Outstanding | 89,813 | ||
Unamortized amount of share-based compensation expense | $ 1.8 | ||
Unrecognized cost expects to recognize, weighted-average period | 1 year 10 months 24 days | ||
Non-market performance shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Balance Outstanding | 112,370 | ||
Market Performances Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Balance Outstanding | 106,558 | ||
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized cost expects to recognize, weighted-average period | 1 year 7 months 6 days | ||
Total unrecognized cost related to non-vested stock option awards | $ 1 | ||
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 | $ 9.8 | $ 3.3 | $ 9 |
Shares repurchased for awards | 193,938 | 86,976 | 31,310 |
Shares repurchased for tax withholding requirements, value | $ 2.6 | $ 1 | $ 0.5 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Activity for Incentive Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares, Beginning balance | 1,293,079 | 636,606 | 668,454 |
Shares, Granted | 1,044,440 | 876,492 | 168,993 |
Shares, Exercised/vested | (675,752) | (137,695) | (135,621) |
Shares, Forfeited/cancelled | (145,390) | (82,324) | (65,220) |
Shares, Ending balance | 1,516,377 | 1,293,079 | 636,606 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 20.95 | $ 29.81 | $ 23.6 |
Weighted-Average Grant Date Fair Value, Granted | 9.58 | 16.4 | 49.21 |
Weighted-Average Grant Date Fair Value, Exercised/vested | 19.65 | 31.28 | 22.39 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | 18.02 | 23.76 | 31.86 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 13.98 | $ 20.95 | $ 29.81 |
Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock Options, Shares Available for Grant, Beginning balance | 5,272,188 | 6,320,367 | 6,162,713 |
Stock Options, Shares Available for Grant, Granted | (1,332,975) | (1,328,995) | (312,173) |
Stock Options, Shares Available for Grant, Exercised/vested | 0 | 0 | 0 |
Stock Options, Shares Available for Grant, Forfeited/cancelled | (348,315) | (280,816) | (469,827) |
Stock Options, Shares Available for Grant, Ending balance | 4,287,528 | 5,272,188 | 6,320,367 |
Stock Options, Shares, Beginning balance | 1,180,971 | 998,126 | 1,499,586 |
Stock Options, Shares, Granted | 75,487 | 254,465 | 5,000 |
Stock Options, Shares, Exercised/vested | 0 | 0 | (371,971) |
Stock Options, Shares, Forfeited/cancelled | (43,955) | (71,620) | (134,489) |
Stock Options, Shares, Ending balance | 1,212,503 | 1,180,971 | 998,126 |
Stock Options, Weighted-Average Exercise Price, Beginning balance | $ 16.36 | $ 16.84 | $ 16.94 |
Stock Options, Weighted-Average Exercise Price, Granted | 6.78 | 17.05 | 24.76 |
Stock Options, Weighted-Average Exercise Price, Exercised/vested | 0 | 0 | 14.01 |
Stock Options, Weighted-Average Exercise Price, Forfeited/cancelled | 25.81 | 25.54 | 26.12 |
Stock Options, Weighted-Average Exercise Price, Ending balance | $ 15.42 | $ 16.36 | $ 16.84 |
Stock Options, Options Exercisable, Beginning balance | 804,473 | 779,149 | 959,233 |
Stock Options, Options Exercisable, Ending balance | 885,855 | 804,473 | 779,149 |
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares, Beginning balance | 299,466 | 378,661 | 650,523 |
Shares, Granted | 213,048 | 198,038 | 138,180 |
Shares, Exercised/vested | (44,803) | (149,733) | (139,924) |
Shares, Forfeited/cancelled | (158,970) | (127,500) | (270,118) |
Shares, Ending balance | 308,741 | 299,466 | 378,661 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 23.67 | $ 21.53 | $ 16.42 |
Weighted-Average Grant Date Fair Value, Granted | 14.71 | 12.13 | 43.97 |
Weighted-Average Grant Date Fair Value, Exercised/vested | 13.49 | 7.43 | 15.19 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | 34.23 | 18.47 | 23.99 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 13.53 | $ 23.67 | $ 21.53 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Outstanding and Exercisable Stock Option Awards (Detail) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
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 | shares | 554,921 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 2 years 3 months 18 days |
Options Outstanding, Weighted-Average Exercise Price | $ 10.23 |
Options Exercisable, Shares | 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 |
Range of Exercise Prices, Maximum | $ 17.06 |
Options Outstanding, Shares | shares | 119,487 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 5 years 8 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 15.06 |
Options Exercisable, Shares | shares | 74,575 |
Options Exercisable, Weighted-Average Exercise Price | $ 15.70 |
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 | $ 18.7 |
Options Outstanding, Shares | shares | 205,671 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 5 years 7 months 6 days |
Options Outstanding, Weighted-Average Exercise Price | $ 18.02 |
Options Exercisable, Shares | 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 |
Range of Exercise Prices, Maximum | $ 29.56 |
Options Outstanding, Shares | shares | 332,424 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years |
Options Outstanding, Weighted-Average Exercise Price | $ 22.61 |
Options Exercisable, Shares | shares | 310,149 |
Options Exercisable, Weighted-Average Exercise Price | $ 22.23 |
Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | 10.87 |
Range of Exercise Prices, Maximum | $ 29.56 |
Options Outstanding, Shares | shares | 1,212,503 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 4 years 2 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 15.42 |
Options Exercisable, Shares | shares | 885,855 |
Options Exercisable, Weighted-Average Exercise Price | $ 15.31 |
Share-Based Compensation - Ad_2
Share-Based Compensation - Additional Information Pertaining to Stock Options (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Total intrinsic value of stock options outstanding | $ 0 | $ 0 | $ 2,032 |
Total intrinsic value of stock options exercisable | 0 | 0 | 2,032 |
Cash Received From the Exercise Of Stock Options | 0 | 0 | 5,211 |
Fair value of stock options vested | $ 5,332 | $ 4,761 | $ 4,641 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | $ 4.41 | $ 8.05 | $ 13.27 |
Expected volatility | 69.30% | 66.40% | 55.90% |
Expected life | 6 years 3 months 18 days | 5 years | 6 years 3 months 18 days |
Risk-free interest rate | 4.10% | 3.50% | 1.40% |
Dividend yield | 0% | 0% | 0% |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Total long-term debt | |||
Total debt - principal | $ 606,140 | $ 61,173 | |
Less: Debt issuance costs | (4,023) | 0 | |
Less: Debt discount | [1] | (116,924) | 0 |
Total debt, net of debt issuance costs and debt discount | 485,193 | 61,173 | |
Less: Current maturities of long-term debt | (70,465) | (59,975) | |
Long-term debt, net of debt issuance costs and current maturities | 414,728 | 1,198 | |
U.S. [Member] | |||
Total long-term debt | |||
Less: Debt discount | (118,288) | ||
Senior Secured Term Loan [Member] | |||
Total long-term debt | |||
Less: Debt discount | (116,900) | ||
Senior Secured Term Loan [Member] | U.S. [Member] | |||
Total long-term debt | |||
Total debt - principal | [2] | 395,041 | 0 |
Convertible Senior Unsecured Notes [Member] | U.S. [Member] | |||
Total long-term debt | |||
Total debt - principal | 132,500 | 0 | |
Unsecured Financing [Member] | EMEA [Member] | |||
Total long-term debt | |||
Total debt - principal | 62,891 | 43,556 | |
Secured And Unsecured Working Capital [Member] | India [Member] | |||
Total long-term debt | |||
Total debt - principal | 13,902 | 15,246 | |
Equipment Finance Leases [Member] | EMEA [Member] | |||
Total long-term debt | |||
Total debt - principal | 623 | 443 | |
Equipment Finance Leases [Member] | Mexico [Member] | |||
Total long-term debt | |||
Total debt - principal | 1,098 | 1,909 | |
Other Equipment Finance Leases [Member] | |||
Total long-term debt | |||
Total debt - principal | 85 | 19 | |
Other Equipment Finance Leases [Member] | EMEA [Member] | |||
Total long-term debt | |||
Total debt - principal | $ 85 | $ 19 | |
[1] Unamortized debt discount of $ 116.9 million is related to our senior secured term loan. Includes principal balance of $ 393.0 million and $ 2.0 million of paid in kind interest. |
Debt - Schedule of Long-Term _2
Debt - Schedule of Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Debt Instrument [Line Items] | ||||
Convertible senior unsecured notes | 5.25% | |||
Unamortized debt discount | [1] | $ 116,924 | $ 0 | |
Paid in kind interest | $ 2,041 | $ 0 | $ 0 | |
Senior Secured Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rates | 11% | |||
Debt Instrument, Issued, Principal | $ 393,000 | |||
Unamortized debt discount | 116,900 | |||
Paid in kind interest | $ 2,000 | |||
Convertible Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rates | 5.25% | |||
[1] Unamortized debt discount of $ 116.9 million is related to our senior secured term loan. |
Debt - Summary of Borrowings (D
Debt - Summary of Borrowings (Details) $ in Thousands, ₨ in Millions | Mar. 31, 2027 | Dec. 31, 2023 USD ($) | Dec. 31, 2023 INR (₨) | Dec. 14, 2023 | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | $ 679,032 | $ 146,089 | ||||
Debt instrument, amount outstanding | $ 606,140 | 61,173 | ||||
Senior Secured Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rates | 11% | 11% | ||||
Convertible Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rates | 5.25% | 5.25% | ||||
Other Equipment Finance Leases [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, amount outstanding | $ 85 | 19 | ||||
Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, amount outstanding | 76,793 | 58,802 | ||||
Debt instrument, current borrowing capacity | 140,308 | 123,819 | ||||
Equipment Financing and Term Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | 538,724 | 22,270 | ||||
Debt instrument, amount outstanding | $ 529,347 | 2,371 | ||||
U.S. [Member] | Senior Secured Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rates | 9% | 11% | 11% | 11% | ||
Debt instrument, maximum borrowing capacity | $ 395,041 | 0 | ||||
Debt instrument, amount outstanding | [1] | $ 395,041 | 0 | |||
U.S. [Member] | Convertible Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rates | 5.25% | 5.25% | ||||
Debt instrument, maximum borrowing capacity | $ 132,500 | 0 | ||||
Debt instrument, amount outstanding | 132,500 | 0 | ||||
EMEA [Member] | Unsecured Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, amount outstanding | 62,891 | 43,556 | ||||
Debt instrument, current borrowing capacity | 111,271 | 108,558 | ||||
EMEA [Member] | Equipment Finance Leases [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | 10,000 | 10,000 | ||||
Debt instrument, amount outstanding | $ 623 | 443 | ||||
EMEA [Member] | Other Equipment Finance Leases [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rates | 9.38% | 9.38% | ||||
Debt instrument, maximum borrowing capacity | $ 85 | 65 | ||||
Debt instrument, amount outstanding | $ 85 | 19 | ||||
EMEA [Member] | Maximum [Member] | Unsecured Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rates | 10.38% | 10.38% | ||||
EMEA [Member] | Maximum [Member] | Equipment Finance Leases [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rates | 6% | 6% | ||||
EMEA [Member] | Minimum [Member] | Unsecured Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rates | 8.29% | 8.29% | ||||
EMEA [Member] | Minimum [Member] | Equipment Finance Leases [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rates | 5.50% | 5.50% | ||||
Mexico [Member] | Equipment Finance Leases [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | $ 1,098 | 12,205 | ||||
Debt instrument, amount outstanding | $ 1,098 | 1,909 | ||||
Mexico [Member] | Maximum [Member] | Equipment Finance Leases [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rates | 5.36% | 5.36% | ||||
Mexico [Member] | Minimum [Member] | Equipment Finance Leases [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rates | 4% | 4% | ||||
India [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, current borrowing capacity | $ 15,000 | ₨ 1,250 | ||||
India [Member] | Secured And Unsecured Working Capital [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, amount outstanding | 13,902 | 15,246 | ||||
Debt instrument, current borrowing capacity | $ 29,037 | $ 15,261 | ||||
India [Member] | Maximum [Member] | Secured And Unsecured Working Capital [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rates | 8.47% | 8.47% | ||||
India [Member] | Minimum [Member] | Secured And Unsecured Working Capital [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rates | 6.51% | 6.51% | ||||
[1] Includes principal balance of $ 393.0 million and $ 2.0 million of paid in kind interest. |
Debt - Summary of Borrowings (P
Debt - Summary of Borrowings (Parenthetical) (Details) | Dec. 31, 2023 |
Debt Instrument [Line Items] | |
Convertible senior unsecured notes | 5.25% |
Senior Secured Term Loan [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 11% |
Convertible Senior Unsecured Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.25% |
Debt - Senior Revolving Loan (U
Debt - Senior Revolving Loan (U.S) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | 15 Months Ended | ||
Dec. 14, 2023 | Dec. 31, 2023 | Mar. 31, 2027 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Credit facility, amount | $ 679,032 | $ 146,089 | ||
Common stock, shares issued | 46,990,000 | 42,369,000 | ||
Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan covenant, limited amount of capital expenditure | $ 10,000 | |||
Loan covenant, limited amount of annual capital expenditure | 30,000 | |||
Loan covenant, limited amount on acquisitions | 37,500 | |||
Loan covenant, limited amount on investments | 25,000 | |||
Credit Agreement [Member] | December 14th 2023 through September 30th 2024 | ||||
Debt Instrument [Line Items] | ||||
Loan covenant, required cash on hand | 40,000 | |||
Credit Agreement [Member] | September 30th 2024 through March 31st 2027 | ||||
Debt Instrument [Line Items] | ||||
Loan covenant, required cash on hand | 50,000 | |||
U.S. [Member] | ||||
Debt Instrument [Line Items] | ||||
Payment for stock extinguishment cost | $ 2,652 | |||
Series A Preferred Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Accrued paid-in-kind dividends | $ 86,000 | 86,210 | ||
Common stock, shares issued | 3,899,903 | |||
Series A Preferred Stock [Member] | U.S. [Member] | ||||
Debt Instrument [Line Items] | ||||
Gain on extinguishment of Series A Preferred Stock | $ 82,620 | |||
Common Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Common stock, shares issued | 3,899,903 | |||
Senior Secured Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Common stock, shares issued | 3,899,903 | |||
Debt instrument, interest per annum | 11% | |||
Aggregate principal amount of commitments | $ 393,000 | |||
Senior Secured Term Loan [Member] | U.S. [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, amount | $ 395,041 | $ 0 | ||
Debt instrument, interest per annum | 11% | 11% | 9% | |
Aggregate principal amount of commitments | $ 50,000 | |||
Long-term debt, fair value | $ 274,700 | |||
Discount on term loan | 118,300 | |||
Debt instrument, interest rate, increase (decrease) | 15% | |||
Senior Secured Term Loan [Member] | Series A Preferred Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Payment for stock extinguishment cost | 2,700 | |||
Senior Secured Term Loan [Member] | Series A Preferred Stock [Member] | U.S. [Member] | ||||
Debt Instrument [Line Items] | ||||
Preferred stock, value issued | $ 350,000 | $ 368,300 | ||
Accrued paid-in-kind dividends | 86,000 | |||
Credit facility, amount | $ 393,000 | |||
Senior Secured Term Loan [Member] | Common Stock [Member] | U.S. [Member] | ||||
Debt Instrument [Line Items] | ||||
Common stock, shares issued | 3,899,903 | |||
Senior Secured Term Loan [Member] | Forecast [Member] | U.S. [Member] | ||||
Debt Instrument [Line Items] | ||||
Reduction in paid-in-kind interest rate | 2% |
Debt (Convertible Senior Unsecu
Debt (Convertible Senior Unsecured Notes) - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Feb. 28, 2023 $ / shares | Dec. 31, 2023 USD ($) Days $ / shares | Dec. 31, 2022 USD ($) $ / shares | |
Debt Instrument [Line Items] | ||||
Debt issuance costs | $ 4,023 | $ 0 | ||
Common stock, par value | $ / shares | $ / shares | $ 0.01 | $ 0.01 | ||
Waiver to Incur Additional Indebtedness | $ 17,000 | |||
Cost of the Capped Call Transactions | (18,590) | |||
Capped Call Transactions [Member] | ||||
Debt Instrument [Line Items] | ||||
Cap price of the Capped Call Transactions per share | $ / shares | $ 11.56 | |||
Cost of the Capped Call Transactions | $ 18,600 | |||
Common Stock [Member] | Capped Call Transactions [Member] | ||||
Debt Instrument [Line Items] | ||||
Initial conversion price of the Notes represents a premium percentage | 100% | |||
Cap price of the Capped Call Transactions per share | $ / shares | $ 23.12 | |||
Senior Secured Note Due Twenty Twenty Eight [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount of convertible senior unsecured notes | $ 132,500 | |||
Debt instrument additional face amount | 17,500 | |||
Net proceeds from issuance of the Notes net of issuance cost | 109,100 | |||
Debt issuance costs | 4,800 | |||
Cash used to purchase the capped call transactions | 18,600 | |||
Debt Instrument, Description | The Notes bear interest at a rate of 5.25% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2023. The Notes will mature on March 15, 2028, unless earlier converted, redeemed, or repurchased. | |||
Debt instrument, interest per annum | 5.25% | |||
Common stock, par value | $ / shares | $ / shares | $ 0.01 | |||
Initial conversion rate per share | 66.5425% | |||
Debt Instrument Convertible Principle Amount Used in Conversion Rate | $ 1,000 | |||
Notes conversion features | Before September 15, 2027, noteholders will have the right to convert all or any portion of their Notes, in multiples of $1,000 principal amounts, only under the following circumstances:•during any calendar quarter commencing after the calendar quarter ending on June 30, 2023, if the last reported sale price of our Common Stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter, is greater than or equal to 130% of the applicable conversion price of the Notes on each such trading day;•during the five-business day period immediately after any five consecutive trading day period (the "measurement period") in which the trading price per $1,000 principal amount of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Common Stock and the applicable conversion rate of the Notes on such trading day;•if we call such Notes for redemption, at any time prior to the close of business on the secondscheduled trading day immediately preceding the redemption date;•or upon on the occurrence of specified corporate events. | |||
Notes conversion period | Sep. 15, 2027 | |||
Senior Secured Note Due Twenty Twenty Eight [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes trading days period | Days | Days | 20 | |||
Initial conversion price of the Notes represents a premium percentage | 130% | |||
Senior Secured Note Due Twenty Twenty Eight [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes trading days period | Days | Days | 30 | |||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | Days | 30 | |||
Senior Secured Note Due Twenty Twenty Eight [Member] | Private Placement And Over Allotment [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount of convertible senior unsecured notes | $ 115,000 | |||
Senior Secured Note Due Twenty Twenty Eight [Member] | Common Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Convertible Principle Amount Used in Conversion Rate | $ 1,000 | |||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 15.03 |
Debt - Accounts Receivable, Sec
Debt - Accounts Receivable, Secured and Unsecured Financing (EMEA) - Additional Information (Detail) $ in Thousands, € in Millions, ₨ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 INR (₨) | Apr. 30, 2023 EUR (€) | |
Unsecured Financing [Member] | Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, current borrowing capacity | $ 11,000 | € 10 | |||
Borrowed amount | € | € 10.6 | ||||
Outstanding amount | $ 11,000 | € 9.9 | |||
Debt weighted average interest rate | 9% | 9% | 9% | ||
Line of credit facility, decrease, net | $ 5,300 | $ 3,400 | |||
EMEA [Member] | Unsecured Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, current borrowing capacity | 111,271 | $ 108,558 | |||
INDIA | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, current borrowing capacity | 15,000 | ₨ 1,250 | |||
Outstanding amount | $ 12,400 | ₨ 1,030 | |||
Debt weighted average interest rate | 7.24% | 7.24% | 7.24% |
Debt - Equipment Leases and Oth
Debt - Equipment Leases and Other Arrangements (Mexico) - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Debt Instrument [Line Items] | ||||
Initial amount of lease agreement | $ 1,806 | $ 2,371 | ||
Debt instrument, amount outstanding | 606,140 | $ 61,173 | ||
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 | $ 800 |
Debt - Accounts Receivable, S_2
Debt - Accounts Receivable, Secured and Unsecured Financing (India) - Additional Information (Detail) $ in Thousands, ₨ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 INR (₨) | Dec. 31, 2023 INR (₨) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
Average interest rate on short-term borrowings | 9.07% | 9.07% | 8.96% | |
India [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, current borrowing capacity | $ 15,000 | ₨ 1,250 | ||
Outstanding amount | 12,400 | ₨ 1,030 | ||
Repayments of lines of credit | 14,200 | ₨ 1,150 | ||
Proceeds from lines of credit | $ 12,400 | ₨ 1,030 | ||
Debt weighted average interest rate | 7.24% | 7.24% | ||
India [Member] | Working Capital [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, current borrowing capacity | $ 29,037 | $ 15,261 |
Debt - Gain on Extinguishment o
Debt - Gain on Extinguishment of Series A Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 14, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | ||||
Less: Debt discount | [1] | $ (116,924) | $ 0 | |
Fair value of Common Stock | 470 | $ 424 | ||
UNITED STATES | ||||
Debt Instrument [Line Items] | ||||
Senior secured term loan (U.S.) | 393,000 | |||
Less: Debt discount | (118,288) | |||
Fair value of Common Stock | 8,346 | |||
Transaction costs | 2,652 | |||
Fair value of Exchange Consideration Transferred | $ 285,710 | |||
Series A Preferred Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Series A Preferred Stock par value | $ 350,000 | |||
Series A Preferred Stock paid in kind dividends | $ 86,000 | $ 86,210 | ||
Series A Preferred Stock accreted redemption premium | 1,482 | |||
Series A Preferred Stock unamortized discount and issuance costs | (69,362) | |||
Extinguishment Carrying Value | 368,330 | |||
Senior secured term loan (U.S.) | $ 393,000 | |||
Series A Preferred Stock [Member] | UNITED STATES | ||||
Debt Instrument [Line Items] | ||||
Gain on extinguishment of Series A Preferred Stock | $ 82,620 | |||
[1] Unamortized debt discount of $ 116.9 million is related to our senior secured term loan. |
Debt - Gain on Extinguishment_2
Debt - Gain on Extinguishment of Series A Preferred Stock (Parenthetical) (Details) - Senior Secured Term Loan [Member] | Mar. 31, 2027 | Dec. 31, 2023 | Dec. 14, 2023 |
Debt Instrument [Line Items] | |||
Debt instrument, interest per annum | 11% | ||
U.S. [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest per annum | 9% | 11% | 11% |
Debt - Schedule of Future Aggre
Debt - Schedule of Future Aggregate Annual Principal Maturities of Debt (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Long-Term Debt, Fiscal Year Maturity [Abstract] | |
2024 | $ 70,465 |
2025 | 8,127 |
2026 | 7 |
2027 | 395,041 |
2028 | 132,500 |
Total debt - principal | $ 606,140 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | 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 ten years | |
Lessee, finance lease, existence of option to extend [true false] | true | |
Additional lease payment for office space | $ 1,222 | |
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 | 10 years | |
Lessee, lease options to extend lease term | 10 years |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Total operating lease cost | $ 39,624 | $ 39,680 |
Finance lease cost | ||
Amortization of assets under finance leases | 4,037 | 4,165 |
Interest on finance leases | 139 | 300 |
Total finance lease cost | $ 4,176 | $ 4,465 |
Leases - Schedule of Lease Liab
Leases - Schedule of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right of use assets | $ 136,124 | $ 152,312 |
Current operating lease liabilities | 22,017 | 22,220 |
Noncurrent operating lease liabilities | 117,133 | 133,363 |
Total operating lease liabilities | 139,150 | 155,583 |
Property, plant and equipment, gross | 37,044 | 35,948 |
Less: accumulated depreciation | (29,316) | (24,272) |
Total property, plant and equipment, net | $ 7,728 | $ 11,676 |
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 | $ 1,035 | $ 1,174 |
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 | $ 771 | $ 1,197 |
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 | $ 1,806 | $ 2,371 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Noncancelable Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases Abstract | ||
2024 | $ 33,078 | |
2025 | 32,702 | |
2026 | 31,149 | |
2027 | 26,427 | |
2028 | 19,399 | |
Thereafter | 34,942 | |
Total future minimum lease payments | 177,697 | |
Less: interest | (38,547) | |
Total lease liabilities | 139,150 | $ 155,583 |
Finance Leases Abstract | ||
2024 | 1,222 | |
2025 | 800 | |
2026 | 35 | |
2027 | 19 | |
2028 | 0 | |
Thereafter | 0 | |
Total future minimum lease payments | 2,076 | |
Less: interest | (270) | |
Total lease liabilities | $ 1,806 | $ 2,371 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 38,155 | $ 38,542 | |
Operating cash flows from finance leases | 139 | 300 | |
Financing cash flows from finance leases | 1,300 | 5,100 | $ 5,750 |
Right of use assets obtained in exchange for new lease obligations: | |||
Operating leases | 8,077 | 27,435 | 13,232 |
Finance leases | 796 | 215 | $ 1,817 |
Continuing Operations [Member] | |||
Right of use assets obtained in exchange for new lease obligations: | |||
Operating leases | $ 8,077 | $ 25,131 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Weighted-Average Remaining Lease Term (In Years): | ||
Operating leases | 5 years 9 months 18 days | 6 years 4 months 24 days |
Finance leases | 1 year 8 months 12 days | 2 years 1 month 6 days |
Weighted-Average Discount Rate: | ||
Operating leases | 8.40% | 8.30% |
Finance leases | 17.30% | 6.40% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - Contracts to Hedge in Mexican Peso [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Hedged Asset, Fair Value Hedge | $ 3,200 | ||
Foreign Exchange Call Option [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative notional amount | 0 | $ 0 | |
Premium amortization | $ 3,200 | $ 1,500 | $ 2,900 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Pretax Amounts Reclassified From Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | $ 1,520,974 | $ 1,482,428 | $ 1,459,155 |
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 | $ (2,304) | $ (2,078) | $ (3,037) |
Mezzanine Equity (Additional In
Mezzanine Equity (Additional Information) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 14, 2023 | Nov. 22, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gross proceeds | $ 0 | $ 0 | $ 350,000,000 | ||
Fair value of warrants | 94,355,000 | ||||
Common stock, par value | $ 0.01 | $ 0.01 | |||
Common Stock, Shares, Issued | 46,990,000 | 42,369,000 | |||
Credit facility, amount | $ 679,032,000 | $ 146,089,000 | |||
Senior Secured Term Loan [Member] | |||||
Common Stock, Shares, Issued | 3,899,903 | ||||
Derivative [Member] | |||||
Changes in fair value of derivative | $ 0 | ||||
Series A Preferred Stock [Member] | |||||
Preferred Stock, Shares Issued | 350,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | ||||
Gross proceeds | $ 350,000,000 | ||||
Fair value instrument | 252,700,000 | ||||
Fair value of warrants | 97,300,000 | ||||
Issuance costs | 10,700,000 | ||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $ 4,666,667 | ||||
Common stock, par value | $ 0.01 | ||||
Common Stock, Shares, Issued | 3,899,903 | ||||
Preferred stock extinguished | 350,000 | ||||
Accrued paid-in-kind dividends | $ 86,000,000 | $ 86,210,000 | |||
Senior secured term loan (U.S.) | $ 393,000,000 |
Restructuring charges, net - Sc
Restructuring charges, net - Schedule of Restructuring Charges, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Severance Costs | $ 5,075 | $ (209) | $ 12,540 |
Other Restructuring Costs | (25) | 472 | 3 |
Total restructuring charges, net | 5,050 | 263 | 12,543 |
UNITED STATES | |||
Severance Costs | 310 | 113 | 4,780 |
Other Restructuring Costs | (25) | 472 | 3 |
Total restructuring charges, net | 285 | 585 | 4,783 |
MEXICO | |||
Severance Costs | 675 | (794) | 6,629 |
Other Restructuring Costs | 0 | 0 | 0 |
Total restructuring charges, net | 675 | (794) | 6,629 |
EMEA [Member] | |||
Severance Costs | 4,090 | 472 | 1,131 |
Other Restructuring Costs | 0 | 0 | 0 |
Total restructuring charges, net | $ 4,090 | $ 472 | $ 1,131 |
Restructuring charges, net - Su
Restructuring charges, net - Summary of Restructuring Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | $ 487 | $ 4,799 | $ 0 |
Restructuring charges, net | 5,050 | 263 | 12,543 |
Payments | (5,349) | (4,575) | (7,744) |
Restructuring Liability, Ending Balance | 188 | 487 | 4,799 |
UNITED STATES | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | 457 | 2,638 | 0 |
Restructuring charges, net | 285 | 585 | 4,783 |
Payments | (742) | (2,766) | (2,145) |
Restructuring Liability, Ending Balance | 0 | 457 | 2,638 |
MEXICO | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | 0 | 2,161 | 0 |
Restructuring charges, net | 675 | (794) | 6,629 |
Payments | (675) | (1,367) | (4,468) |
Restructuring Liability, Ending Balance | 0 | 0 | 2,161 |
EMEA [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Liability, Beginning Balance | 30 | 0 | 0 |
Restructuring charges, net | 4,090 | 472 | 1,131 |
Payments | (3,932) | (442) | (1,131) |
Restructuring Liability, Ending Balance | $ 188 | $ 30 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies [Line Items] | |||
Operating leases rental expense | $ 39,624 | $ 39,680 | |
Complaint Asserts Voidance | $ 13,300 | ||
Proceeds from sale of Taicanng, China | $ 12,800 |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income tax provision (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Line Items] | |||
Income tax provision from continuing operations | $ (17,562) | $ (29,613) | $ (29,826) |
Income tax (provision) benefit from discontinued operations | 204 | (6,194) | 3,066 |
Total income tax provision | $ (17,358) | $ (35,807) | $ (26,760) |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | $ (178,891) | $ (25,937) | $ (126,068) |
United States [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | (224,458) | (123,795) | (153,273) |
Turkey [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | 3,887 | 60,301 | (8,551) |
Mexico [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | 21,614 | 14,034 | 10,297 |
India [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | 11,496 | 24,639 | 26,453 |
Other [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | $ 8,570 | $ (1,116) | $ (994) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | (9.80%) | (114.20%) | (23.70%) | ||
Undistributed earnings of foreign subsidiaries | $ 163,900 | ||||
Income tax benefit (provision) | 17,562 | $ 29,613 | $ 29,826 | ||
Change in Valuation Allowance | 47,000 | 20,600 | 26,600 | ||
Unrecognized tax benefits | $ 13,438 | 13,438 | 9,020 | $ 6,629 | |
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, France and Switzerland, which are subject to examination by tax authorities. In the U.S., the federal tax returns for 2020 through 2022 remain open to examination. | ||||
Effective Income Tax Rate Above | 15% | ||||
Effective Income Tax Rate Close | 15% | ||||
State [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net operating loss carryforward | $ 317,000 | ||||
Net operating loss carryforwards expiration year | 2043 | ||||
U.S. Federal [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net operating loss carryforward | $ 392,700 | ||||
Foreign [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net operating loss carryforward | $ 4,700 | ||||
Net operating loss carryforwards expiration year | 2031 | ||||
Tax credit carryforwards | $ 1,900 | ||||
Tax credits carryforward expiration year | 2026 | ||||
China [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Discontinued operation, income tax expenses benefit | $ (13,100) | $ 12,600 | $ 1,900 | ||
Minimum [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax examination period | 2020 | ||||
Tax jurisdictions on statute of limitations tenure | 3 years | ||||
Maximum [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax examination period | 2022 | ||||
Tax jurisdictions on statute of limitations tenure | 10 years |
Income Taxes - Components of _2
Income Taxes - Components of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
U.S. federal | $ 0 | $ 0 | $ (630) |
U.S. state and local taxes | 692 | (1,316) | (23) |
Foreign | 28,676 | 26,800 | 22,048 |
Total current | 29,368 | 25,484 | 21,395 |
Deferred: | |||
U.S. federal | 0 | 0 | 3,869 |
U.S. state and local taxes | 0 | 0 | 2,374 |
Foreign | (11,806) | 4,129 | 2,188 |
Total deferred | (11,806) | 11,484 | 2,126 |
Total income tax provision (benefit) | 17,562 | 29,613 | 29,826 |
Continuing Operations [Member] | |||
Deferred: | |||
Total deferred | $ (11,806) | $ 4,129 | $ 8,431 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory income tax rate | 21% | 21% | 21% |
Foreign rate differential | (0.90%) | 22.30% | (13.50%) |
Foreign permanent differences | 0.70% | (31.20%) | 0% |
Tax rate change | 0% | (0.60%) | 0.10% |
Withholding taxes | (3.80%) | (25.80%) | (4.60%) |
GILTI income | (0.20%) | (3.20%) | (6.60%) |
Unrecognized tax benefits | 0% | 15.50% | 1.70% |
Share-based compensation | (0.40%) | (5.90%) | (0.50%) |
Valuation allowance | (24.50%) | (104.20%) | (22.80%) |
State taxes | 0.80% | 9.50% | 1% |
Deferred tax adjustments | (2.40%) | 7.70% | (0.90%) |
State incentive credits | (0.40%) | 5.10% | 0% |
Foreign currency / inflationary adjustments | 0.30% | 10.20% | 3.80% |
Other | 0% | (3.60%) | 1% |
Effective income tax rate | (9.80%) | (114.20%) | (23.70%) |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||||
Net operating loss and credit carry forwards | $ 86,460 | $ 51,180 | $ 40,028 | |
Deferred revenue | 0 | 0 | 1,504 | |
Non-deductible accruals | 8,079 | (520) | 3,572 | |
Equity compensation | 3,845 | 4,468 | 2,892 | |
Lease liabilities | 23,949 | 26,244 | 24,043 | |
Non-deductible interest | 7,823 | 5,976 | 5,618 | |
Tax credits | 1,931 | 1,931 | 1,931 | |
Other | 26,752 | 18,325 | 9,472 | |
Gross deferred tax assets | 158,839 | 107,604 | 89,060 | |
Valuation allowance | (105,914) | (58,908) | (38,262) | $ (11,616) |
Total deferred tax assets | 52,925 | 48,696 | 50,798 | |
Deferred tax liabilities: | ||||
Deferred revenue | (3,602) | (3,848) | (2,155) | |
Depreciation | (9,458) | (12,779) | (16,453) | |
Lease assets | (22,264) | (25,398) | (23,357) | |
Other | 249 | (2,385) | (3,326) | |
Total deferred tax liabilities | (35,075) | (44,410) | (45,291) | |
Net deferred tax assets | $ 17,850 | $ 4,286 | $ 5,507 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Valuation allowance at beginning of year | $ (58,908) | $ (38,262) | $ (11,616) |
Benefits obtained (costs accumulated) | (47,006) | (20,646) | (26,646) |
Valuation allowance at end of year | $ (105,914) | $ (58,908) | $ (38,262) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at beginning of year | $ 13,438 | $ 9,020 | $ 6,629 |
Increases related to prior year tax positions | 0 | 0 | 0 |
Increases related to current year tax positions | 0 | 4,418 | 2,391 |
Unrecognized tax benefits at end of year | $ 13,438 | $ 13,438 | $ 9,020 |
Net Loss Per Common Share - Com
Net 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net loss from continuing operations | $ (196,453) | $ (55,550) | $ (155,894) |
Preferred stock dividends and accretion | (58,453) | (58,903) | (6,040) |
Gain on extinguishment of Series A Preferred Stock | 82,620 | 0 | 0 |
Net loss from continuing operations attributable to common stockholders | (172,286) | (114,453) | (161,934) |
Net loss from discontinued operations | (5,326) | (9,755) | (3,654) |
Net loss attributable to common stockholders | $ (177,612) | $ (124,208) | $ (165,588) |
Basic weighted-average shares outstanding | 42,671 | 41,959 | 37,415 |
Effect of dilutive awards | 0 | 0 | 0 |
Diluted weighted-average shares outstanding | 42,671 | 41,959 | 37,415 |
Basic loss from continuing operations per common share | $ (4.04) | $ (2.73) | $ (4.33) |
Diluted loss from continuing operations per common share | (4.04) | (2.73) | (4.33) |
Basic loss from discontinued operations per common share | (0.12) | (0.23) | (0.1) |
Diluted loss from discontinued operations per common share | (0.12) | (0.23) | (0.1) |
Basic loss per common share | (4.16) | (2.96) | (4.43) |
Diluted loss per common share | $ (4.16) | $ (2.96) | $ (4.43) |
Dilutive shares excluded from the calculation due to net losses in the period | 169 | 606 | 1,569 |
Anti-dilutive share-based compensation awards that would be excluded from the calculation if income was reported in the period | 264 | 199 | 1 |
Series A Preferred Stock [Member] | |||
Gain on extinguishment of Series A Preferred Stock | $ 82,620 | $ 0 | $ 0 |
Stockholders Equity (Additional
Stockholders Equity (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 14, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||
Unpaid dividends | $ 58,453 | $ 58,903 | $ 6,040 | |
Issuance of Common Stock to extinguish Of Preferred Stock | $ 8,346 | $ 0 | $ 0 | |
Common stock, shares issued | 46,990,000 | 42,369,000 | ||
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Unpaid dividends | $ 43,000 | |||
Common stock, shares issued | 3,899,903 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ 50,487 | $ 121,952 | $ 201,035 |
Net current period other comprehensive income (loss) | 7,760 | 38,619 | (21,016) |
Ending balance | (122,304) | 50,487 | 121,952 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (10,845) | (48,530) | (30,111) |
Other comprehensive income (loss) before reclassifications | 2,317 | 37,685 | (18,419) |
Amounts reclassified from AOCL | (901) | 0 | 0 |
Net tax effect | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | 3,218 | 37,685 | (18,419) |
Ending balance | (7,627) | (10,845) | (48,530) |
Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | 0 | 0 | (3,443) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 4,414 |
Amounts reclassified from AOCL | 0 | 0 | 0 |
Net tax effect | 0 | 0 | (971) |
Net current period other comprehensive income (loss) | 0 | 0 | 3,443 |
Ending balance | 0 | 0 | 0 |
Foreign Exchange Forward Contract [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (4,542) | (5,476) | 564 |
Other comprehensive income (loss) before reclassifications | 2,304 | 3,012 | (3,341) |
Amounts reclassified from AOCL | (2,238) | 2,078 | 3,037 |
Net tax effect | 0 | 0 | 338 |
Net current period other comprehensive income (loss) | 4,542 | 934 | (6,040) |
Ending balance | 0 | (4,542) | (5,476) |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (15,387) | (54,006) | (32,990) |
Other comprehensive income (loss) before reclassifications | 4,621 | 40,697 | (17,346) |
Amounts reclassified from AOCL | (3,139) | 2,078 | 3,037 |
Net tax effect | 0 | 0 | (633) |
Net current period other comprehensive income (loss) | 7,760 | 38,619 | (21,016) |
Ending balance | $ (7,627) | $ (15,387) | $ (54,006) |
Concentration of Customers - Ad
Concentration of Customers - Additional Information (Detail) - Customer Concentration Risk [Member] - Minimum [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | |||
Revenue | $ 1,455,183 | $ 1,522,741 | $ 1,472,386 |
Sales Revenues [Member] | Vestas [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 520,353 | $ 551,306 | $ 455,217 |
Percentage of Total | 35.80% | 36.20% | 30.90% |
Sales Revenues [Member] | Nordex [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 440,833 | $ 496,999 | $ 374,076 |
Percentage of Total | 30.30% | 32.60% | 25.40% |
Sales Revenues [Member] | GE [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 357,750 | $ 316,788 | $ 427,053 |
Percentage of Total | 24.60% | 20.80% | 29% |
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, 2023 | Dec. 31, 2022 | |
Nordex [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 61.40% | 65.20% |
Enercon [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 17.60% | 10.90% |
GE [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 11.50% | 9.10% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 Facility | |
U.S. [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 6 |
Mexico [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 7 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 1,455,183 | $ 1,522,741 | $ 1,472,386 |
Total depreciation and amortization | 38,869 | 38,772 | 37,606 |
Total loss from continuing operations | (163,593) | (27,809) | (91,826) |
Total capital expenditures | 36,137 | 18,832 | 37,119 |
Total tangible long-lived assets | 128,808 | 136,841 | |
Total assets | 804,080 | 962,176 | |
U.S. Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 51,100 | 89,170 | 192,339 |
Total depreciation and amortization | 6,347 | 7,002 | 8,269 |
Total loss from continuing operations | (47,909) | (46,387) | (45,899) |
Total capital expenditures | 6,928 | 6,233 | 9,422 |
Total tangible long-lived assets | 10,660 | 23,076 | |
Total assets | 130,545 | 187,014 | |
Mexico Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 589,539 | 646,615 | 597,598 |
Total depreciation and amortization | 17,353 | 17,161 | 17,047 |
Total loss from continuing operations | (174,009) | (76,096) | (84,691) |
Total capital expenditures | 6,698 | 2,084 | 10,659 |
Total tangible long-lived assets | 49,921 | 56,495 | |
Total assets | 258,268 | 325,614 | |
EMEA Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 573,483 | 568,992 | 482,220 |
Total depreciation and amortization | 9,305 | 8,919 | 5,814 |
Total loss from continuing operations | 33,571 | 77,195 | 39,609 |
Total capital expenditures | 21,570 | 4,110 | 2,103 |
Total tangible long-lived assets | 40,435 | 27,005 | |
Total assets | 236,859 | 231,337 | |
India Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 241,061 | 217,964 | 200,229 |
Total depreciation and amortization | 5,864 | 5,690 | 6,476 |
Total loss from continuing operations | 24,754 | 17,479 | (845) |
Total capital expenditures | 756 | 4,304 | 12,352 |
Total tangible long-lived assets | 27,792 | 30,265 | |
Total assets | 176,888 | 183,029 | |
Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 35,952 | 16,731 | 34,536 |
Total assets | 802,560 | 926,994 | |
Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,948 | 235,588 | 260,197 |
Total loss from continuing operations | (6,672) | (10,812) | (5,872) |
U.S. [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 51,100 | 89,170 | 192,339 |
Mexico [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 589,539 | 646,615 | 597,598 |
Spain [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 6,866 | 2,837 | 1,228 |
Turkey [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 566,617 | 566,155 | 480,992 |
India [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 241,061 | $ 217,964 | $ 200,229 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information [Line Items] | |||
Cost of sales | $ 1,520,974 | $ 1,482,428 | $ 1,459,155 |
Total cost of goods sold | 1,542,731 | 1,508,096 | 1,509,987 |
Gross profit (loss) | (87,548) | 14,645 | (37,601) |
General and administrative expenses | 49,133 | 32,349 | 29,246 |
Loss on sale of assets and asset impairments | 23,332 | 27,372 | 13,110 |
Restructuring charges, net | 5,050 | 263 | 12,543 |
Foreign currency income (loss) | (5,162) | 4,571 | (21,970) |
Total other income (expense) | (15,298) | 1,872 | (34,242) |
Income tax provision | 17,562 | 29,613 | 29,826 |
Loss before income taxes | (178,891) | (25,937) | (126,068) |
Net loss from continuing operations | (172,286) | (114,453) | (161,934) |
Net loss from continuing operations attributable to common stockholders | (177,612) | (124,208) | (165,588) |
Net loss from discontinued operations | $ (5,326) | $ (9,755) | $ (3,654) |
Basic net income (loss) from discontinued operations per common share | $ (0.12) | $ (0.23) | $ (0.1) |
Basic loss from continuing operations per common share | (4.04) | (2.73) | (4.33) |
Diluted loss from continuing operations per common share | $ (4.04) | $ (2.73) | $ (4.33) |
Continuing Operations [Member] | |||
Quarterly Financial Information [Line Items] | |||
Loss on sale of assets and asset impairments | $ (21,900) | $ (9,800) | $ (12,400) |
Discontinued Operations [Member] | |||
Quarterly Financial Information [Line Items] | |||
Cost of sales | 8,906 | 200,701 | 254,176 |
Total cost of goods sold | 8,906 | 208,695 | 254,176 |
Gross profit (loss) | (5,958) | 26,893 | 6,021 |
Loss on sale of assets and asset impairments | 1,470 | 17,530 | 674 |
Restructuring charges, net | (756) | 20,175 | 11,219 |
Interest expense, net | 49 | 147 | 22 |
Foreign currency income (loss) | (519) | 5,627 | (1,701) |
Total other income (expense) | 1,142 | 7,251 | (848) |
Income tax provision | 204 | (6,194) | 3,066 |
Loss before income taxes | (5,530) | (3,561) | (6,720) |
Net loss from discontinued operations | $ (5,326) | $ (9,755) | $ (3,654) |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information [Line Items] | |||
Depreciation And Amortization Expense | $ 38,869 | $ 45,480 | $ 52,593 |